Full text of H.6 Money Stock Measures : March 3, 1994

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

* of

cow-

FEDERAL RESERVE statistical release
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars
Date

MARCH

M22

M1

M33

L4

3, 1 9 9 4

DEBT5

Seasonally adjusted
0
9
6
7
8
1
4
8
7
6
1

1992-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

927. 3
937. 8
943 . 7
952. 7
954. 7
964. 2
976. 1
989. 2
1004. 2
1016 . 6
1024 . 8

3483. 6
3486. 3
3481. 9
3482 . 1
3477 . 8
3480. 7
3489. 4
3496. 6
3507. 5
3510. 5
3509 . 0

4203. 0
4203. 1
4190. 7
4189. 9
4183. 7
4186. 0
4196. 7
4200. 4
4196. 9
4194. 1
4183 . 0

5014. 4
5028. 6
5025. 4
5021. 7
5026. 9
5026 . 6
5041. 0
5056. 7
5058. 5
5065. 3
5057 . 1

11235.
11284.
11335.
11381.
11434.
11494.
11553.
11597.
11625.
11665.
11721.

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1033 . 0
1 0 3 5 .. 4
1 0 4 0 .,2
1 0 4 7 .. 1
1 0 6 7 ..7
1 0 7 6 . .6
1 0 8 6 . .8
1 0 9 5 . .3
1 1 0 5 .. 1
1 1 1 3 .. 4
1122 . 4
1 1 2 8 ..5

3502 . 8
3494 . 2
3494. 8
3498. 0
3521. 9
3528. 7
3534. 0
3537 . 0
3545. 4
3 5 4 7 ..3
3 5 5 8 .. 8
3 5 6 6 .. 0

4162. 4
4 1 5 6 .. 0
4 1 5 4 . ,6
4 1 6 2 ..0
4 1 8 7 . .7
4 1 8 8 . .0
4 1 8 7 . .5
4 1 8 8 . .0
4 1 9 7 ..3
4 2 0 3 . .2
4 2 1 6 .. 1
4 2 2 8 . .5

5040 . 9
5037 . 6
5 0 3 8 . .6
5 0 5 5 . .9
5 0 8 8 .,7
5 0 8 9 ..3
5 0 8 5 . .5
5 0 9 5 . .3
5 0 8 8 . .2
5 0 9 5 . .9
5 1 0 7 ..5
5 1 3 1 . .0 P

11757. 8
11781. 6
11821. 3
11867. 4
11912. 7
1 1 9 7 6 .. 1
12033. 4
12088. 3
12141. 9
1 2 1 7 7 . .4
12239. 5
1 2 3 1 6 . .8 P

19 9 4 - J A N .

1133 . 6

3 5 7 2 ..9

4 2 3 2 ..7

Not seasonally adjusted
1992-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT .
NOV.
DEC.

9 1 6 .. 1
9 3 0 .. 6
9 5 4 .. 7
943 . 9
952 . 0
962 .9
971 . 0
983 . 6
1001 . 8
1022 . 4
1046 .7

3 4 7 5 . .2
3489 . 4
3 4 9 8 .. 9
3467 . 4
3 4 7 3 .. 4
3 4 7 8 .. 1
3 4 8 4 .. 1
3 4 8 6 . .7
3 5 0 4 ,. 6
3517 . 4
3527 . 6

4 1 9 8 ..3
4 2 0 8 .. 2
4 2 0 5 .. 2
4 1 8 0 ..2
4 1 7 9 .. 8
4 1 8 0 ..3
4195 . 5
4 1 9 0 .. 0
4190 .5
4203 . 6
4198 .2

5 0 1 1 .. 4
5 0 3 6 .. 5
5 0 3 5 .. 2
5 0 0 1 .. 1
5 0 1 6 ..7
5 0 1 2 ..9
5032 . 9
5045 .2
5050 .3
5083 .6
5087 .6

1 1 2 0 8 .. 1
1 1 2 5 6 ,. 9
1 1 3 0 6 .. 9
1 1 3 4 8 .. 5
11399 .9
1 1 4 5 1 .. 8
11512 .5
1 1 5 6 4 .7
11598 .9
1 1 6 5 6 .. 8
11722 .0

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1041
1023
1031
1058
1058
1073
1084
1088
1099
1111
1129
1153

.0
.0
. 6
.7
.1
.2
.6
.8
.1
.8
. 6
.9

3 5 0 8 .. 3
3484 .2
3495 . 8
3515 .2
3507 .3
3524 .4
3530 .3
3529 .9
3535 .0
3545 .3
3567 .5
3588 .6

4162
4149
4157
4177
4178
4184
4180
4184
4186
4197
4227
4247

5054 .6
5032 .2
5044 .8
5 0 6 5 .. 3
5066 .6
5078 .7
5070 .9
5085 . 1
5076 . 1
5088 .4
5128 .7
5166 .0 P

1 1 7 4 4 .2
11756 .5
1 1 7 9 7 .. 6
1 1 8 4 0 .2
1 1 8 8 1 .7
11942 .7
11994 . 1
1 2 0 5 1 .7
12110 .2
12150 .4
12229 .8
12317 .3 P

1994-JAN.

1142 . 9

3579 . 6

4233 . 6

Footnotes appear on the following page
p

preliminary




.9
.4
.3
.3
.7
.3
.6
.7
.4
.7
.7
.9

Page 2

H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

1994

7 .,3

2 ,.9

2 ..8

5 .8

JAN.

1994

8 .. 6

2 ..2

2 . .2

5 .7

19 9 3 TO J A N .

19 94

9 ,.7

2 .0

1 . .7

5 .1

T h i r t e e n w e e k s e n d i n g FEBRUARY 2 1 , 1 9 9 4
f r o m t h i r t e e n weeks e n d i n g :
NOV. 2 2 , 1 9 9 3 ( 1 3 w e e k s p r e v i o u s )

7 ,. 5

2 ,.3

2 .1

3 Months

f r o m OCT.

6 Months

f r o m JULY 1 9 9 3

12 M o n t h s

1.

f r o m JAN.

19 93 TO J A N .
to

AUG.

23,

19 93

(26 weeks p r e v i o u s )

8.8

2 .0

1 , .7

FEB.

22,

19 93

(52 weeks p r e v i o u s )

1 0 .. 0

1 .9

1 . .3

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1993 to December 1993, June 1993 to December 1993,
and December 1992 to December 1993, respectively.
_
,

Footnotes to Table 1 :
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process
of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS)
accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency,
travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of U.S.
banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less than
$100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and
Keogh balances at depository institutions and money market funds. Also excludes all balances held by U . S . commercial banks, money market funds (general purpose and
broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-M1 component as a whole and
then adding tnis result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held by
U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions.
Also subtracted is the estimated amount of overnight RPs and turoaollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting
its non-M2 component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private
debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived
by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases 2.7 and Z.1. In those releases,
published levels of credit market debt are measured on a quarter-end basis and include discontinuities.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES

Billions of dollars
Seasonally adjusted
M3

M2

M1
Period ending

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1993-NOV.

29

1113 .4

1122.4

1125.2

3550.3

3559.0

3560.8

4205.2

4216.3

4219.2

DEC.

6
13
20
27

1115.2
1117.0
1118.7

1123.9
1125.0
1126.6

1120.6

1128.1

1126.1
1126.5
1128.7
1131.1

3551.8
3553.4
3554.9
3556.5

3560.4
3561.9
3564.2
3565.5

3562.5
3567.1
3566.3
3566.1

4207.5
4209.9
4212.2
4214.6

4218.3
4221.4
4224.6
4227.4

4220.8
4230.0
4228.3
4230.5

3
17
24
31

1122.2
1123.8
1125.3
1127.0
1128.3

1129.1
1130.1
1131.2
1132.5
1134.1

1130.0
1130.5
1133.3
1136.3
1136.1

3558.2
3560.0
3562.4
3564.6
3566.2

3567.1
3567.8
3570.6
3573.0
3573.4

3568.7
3570.2
3577.5
3575.5
3570.3

4217.1
4219.7
4222.5
4224.5
4226.1

4230.6
4231.5
4234.1
4234.5
4232.7

4233.7
4233.3
4238.8
4232.3
4226.3

7
14p
21p

1129.5
1130.9
1132 . 1

1135.4
1136.9
1137.5

1135.8
1139.2
1139.0

3567.1
3568.1
3568.7

3573.2
3572.3
3569.5

3569.5
3573.7
3564.3

4226.2
4225.7
4224.2

4228.0
4220.9
4211.9

4214.5
4210.3
4196.4

1994-JAN.

10

FEB.

Not seasonally adjusted
1993-NOV.

29

1113.0

1129.1

1124.9

3548.7

3567.0

3553.4

4203.3

4227.6

4220.9

DEC.

6
13
20
27

1116.0
1118.8
1128.8

1133.3
1135.9
1143.8
1151.3

1150.0
1147.9
1152.2
1155.1

3552.2
3555.0
3559.0
3564.4

3572.5
3576.1
3582.7
3587.5

3595.7
3596.4
3585.2
3572.8

4207.3
4211.2
4215.5
4221.7

4232.6
4238.8
4244.9
4248.8

4250.1
4264.0
4244.5
4236.6

17
24
31

1133.8
1137.9
1140.4
1142.5
1142.3

1157.3
1162.9
1162.6
1154.6
1138.8

1174.0
1170.3
1150.8
1123.3
1110.6

3568.9
3573.1
3576.3
3578.9
3578.8

3589.0
3592.8
3595.3
3591.8
3576.2

3601.7
3611.6
3595.0
3558.9
3539.1

4226.3
4230.6
4234.5
4236.5
4236.6

4247.6
4247.3
4249.8
4243.6
4231.3

4245.2
4262.7
4254.5
4211.9
4196.0

7
14p
21p

1142.4
1141.7
1141.6

1129 6
1123.9
1123.2

1133.8
1127.8
1120.6

3578.3
3576.9
3576.2

3565.0
3557.3
3554.9

3567.0
3564.1
3549.3

4235.1
4232.6
4229.7

4218.4
4206.2
4198.9

4211.0
4205.9
4182.6

1994-JAN.

3

10

FEB.

1122.7

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4
H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Date

Travelers checks2

Demand deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1992-SEP.

2 8 5 . .5

8 ., 1

328. 0

266.5

101. 1

367 . 6

2507. 4

703.8

OCT.
NOV.
DEC.

2 8 7 . .5
2 8 9 . .5
2 9 2 . .2

8 . .2
8 ., 1
8 .. 1

334. 3
337. 5
339 . 6

271.7
278.2
280.8

102. 4
103 . 2
104. 1

3 7 4 .. 1
3 8 1 . .4
3 8 4 . .9

2503. 3
2493 . 9
2484. 3

689.5
683 . 5
674.0

1993-JAN.
FEB.
MAR.

2 9 4 . .5
2 9 7 . .0
2 9 9 . .3

8 . .0
8 . .0
8 ..0

3 4 1 . ,9
3 4 2 . .7
3 4 4 . .3

283.5
283.8
284.9

1 0 5 . .0
103 ..9
1 0 3 . .6

3 8 8 . .6
387 ..7
3 8 8 ..5

2 4 6 9 . ,8
2 4 5 8 . .8
2 4 5 4 . .7

659.6
661.8
659.8

APR.
HAY
JUNE

3 0 1 . .8
3 0 4 ..4
3 0 7 . .2

8 .1
8 .1
8 .. 0

3 4 9 ..0
3 5 8 . .8
3 6 2 ..2

284.2
290.3
292 .4

1 0 4 .. 1
1 0 6 .. 1
1 0 6 . .8

3 8 8 . .2
3 9 6 . .4
3 9 9 . .2

2 4 5 0 . .9
2 4 5 4 .. 1
2 4 5 2 .. 1

664.0
665.9
659.3

JULY
AUG.
SEP.

3 0 9 . .7
3 1 2 . .4
3 1 5 ..4

7 ..9
7 .8
7 .8

3 6 6 . .4
3 7 0 . .9
3 7 5 . .4

294.8
295.9
297.8

1 0 8 ..0
1 0 8 . .3
1 0 8 ..8

4 0 2 ..8
4 0 4 , .2
4 0 6 , .6

2 4 4 7 . .2
2 4 4 1 . .7
2 4 4 0 . .3

653.5
651.0
651.8

OCT.
NOV.
DEC.

3 1 7 ..6
3 1 9 . .5
3 2 1 ..4

7 .8
7 ,.9
7 ..9

378 . 4
3 8 3 ..2
3 8 4 . .9

299.1
300.8
302.5

1 1 0 ,. 4
1 1 1 .0
1 1 1 .7

409 ,.5
4 1 1 .8
4 1 4 .3

2 4 3 3 , .9
2 4 3 6 .. 4
2 4 3 7 ,. 5

655.9
657.3
662.5

1994-JAN.

3 2 5 . .3

7 ,.9

3 8 8 . .5

300.4

1 1 1 .6

412 . 0

2439 .3

659.7

3 2 1 ..5

7 ,.9

3 8 7 ,. 1

303.1

1 1 1 .5

414 .6

2435 .0

664.4

3
10
17
24
31

3 2 2 ,. 5
3 2 3 , .7
3 2 5 .. 0
3 2 6 ,. 0
3 2 7 ,. 6

7
7
7
7
7

385
384
390
390
390

.6
.9
.0
.2
.3

302.4
303.7
298.1
299.6
297.6

111
110
112
112
112

2438
2439
2444
2439
2434

.7
.6
.2
.2
.2

665.0
663.1
<561.3
656.8
656.0

7
14p
2lp

3 2 8 ,.3
328 .5
329 .3

7 .9 e
7 .9 e
7 .9 e

388 .3
392 .2
390 .4

298.6
298.3
300.0

112 .7
112 .2
1 1 1 .4

2433 .7
2434 .6
2425 .3

645.1
636.6
632 . 0

WeeH e n 4 i p q
1 9 9 3 - D E C . 27
199 4 - J A N .

FEB.

1.
2.
3.

Currency1

,. 9
,. 9
,. 9
.9
.9

.6
.2
.3
.6
.6

414
413
410
412
410

.0
.9
.4
.2
.2

4 1 1 .2
410 .5
411 .4

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and
small time deposits. This sum is seasonally adjusted as a whole.
7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.

http://fraser.stlouisfed.org/
p
preliminary
e
estimated
Federal Reserve Bank of St. Louis

Page 5
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits2

Savings deposits1

307.8

377.7

209.6
208.5
201.5

301.0
296.1
292.8

69.9
68.5
67.5

371.0
364.6
360.3

350.3
345.3
345.9

196.6
198.0
197.7

285.7
284.1
279.8

67.5
66.0
65.1

353 .2
350.1
344.8

839 . 4
832.4
823 .9

345.9
348.5
347.5

196.3
198.0
194.7

283.6
283.7
281.1

65.3
64.7
64.4

348.9
348.3
345.5

331.8
328.9
325.8

814.8
807 . 5
801.2

346.6
345.5
345.0

192.6
190.1
190.8

277.6
278.0
276.8

64.5
63 . 9
63.8

342.1
341.9
340.6

472.4
469.5
468.6

322.8
320.3
316.1

795.2
789.8
784.6

344.8
347.8
349.9

194.3
194.8
197.0

278.2
276.3
277.5

63 . 7
63.5
61.7

341.9
339 .7
339 .2

1220.3

465.6

314.0

779.6

348.9

192.7

279.6

61.9

341.5

431.8

1216.8

468.0

315.4

783.4

349 . 4

196.3

276.3

61.2

337 .5

784.2
788.2
794.5
790.4
789.5

431.0
429.2
430.7
430.6
430.2

1215.2
1217.4
1225.2
1221.1
1219.7

467.0
466.4
465.6
464.7
464.9

314.5
314.4
314.4
314.0
312.9

781.6
780.8
780.0
778.8
777.9

351.1
351.5
349 .3
348.5
345.5

198.7
192.7
192.3
191.5
192.0

278.4
279.9
281.4
281.2
276.9

61.5

339 .9
341.5
343.2
343 .2
339.2

790.9
793.1
790.1

429 .3
429.3
430.0

1220.2
1222.5
1220.0

465.0
464.2
463 .9

312
311
311.1

777.1
775.6
775.0

344. f
344. b
343.3

185.1
17 5 . 2
175.4

274.6
275.2
273.5

62.1

Total

At
commercial
banks

At
thrift
institutions

1992-SEP.

737.1

423.2

1160. 3

527.2

383.8

911. 0

354.5

218.7

OCT.
NOV.
DEC.

745.7
751.1
754.6

425.4
427.8
429 . 0

1171. 1
1178. 9
1183. 6

520.7
513.4
508.7

375.5
368.8
361.8

896. 2
882. 2
870. 5

356.4
353 . 7
352.0

1993-JAN.
FEB.
MAR.

754.1
757.2
757.2

429.8
426.5
425.3

1183.8
1183.7
1182.4

504.2
504.8
501.7

356.7
349 . 0
345.1

860 . 8
853 . 8
846.8

APR.
MAY
JUNE

759.5
766.7
771.0

426.0
428.4
429 . 4

1185.5
1195.1
1200.4

496.6
491.9
487.5

342 .8
340.5
336.3

JULY
AUG.
SEP.

771.7
775.4
778.0

430.4
430.5
430.4

1202.1
1205.9
1208.4

483.0
478.6
475.4

OCT.
NOV.
DEC.

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

1994-JAN.

790.1

430.2

Week; e p f l i n g
1 9 9 3 - D E C . 27

785.0

3
10
17
24
31
7
14p

2 lp

3
4.

Total

At
thrift
institutions

FEB.

Large-denomination time deposits3
At
thrift
institutions

At
commercial
banks

1994-JAN.

1.
2.

Institutiononly money
market funds

o\
vo

Date

General
purpose and
broker/dealer
money
market funds

Total

At
commercial
banks4

61.6
61.8
62.0
62.2

61.6
61.3

336.6
336.8
334.7

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official
institutions.

p
preliminary



Page 6

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Date
Savings bonds

1.

Short-term Treasury
securities1

Bankers acceptances2

Debt components4
Commercial paper3

Federal debt

Non-Federal debt

1992-SEP.

149.7

324.0

20.7

361.9

3012.9

8584.9

OCT.
NOV.
DEC.

152.1
154.6
156.6

324.1
326.6
332.5

20.6
20.3
20.6

364.8
369.7
364.3

3015.3
3033.4
3068.4

8610.4
8632.2
8652.7

1993-JAN.
FEB.
MAR.

158.7
160.8
162.4

338.2
341.4
340.5

20.6
20.0
19.4

361.0
359.4
361.7

3078.7
3090.8
3121.1

8679.1
8690.8
8700.1

APR.
MAY
JUNE

163.6
164.7
165.9

343.7
345.1
345.9

19.3
19.2
18.5

367.3
371.9
371.0

3149.0
3175.8
3208.1

8718.5
8736.9
8768.0

JULY
AUG.
SEP.

167.1
168.2
169.2

343.4
342.9
327.3

17.4
16.5
16.4

370.2
379.6
378.0

3227.6
3251.1
3270.4

8805.9
8837.3
8871.5

OCT.
NOV.
DEC. p

170.1
170.8
171.7

322.0
320.8
328.4

16.4
16.1
16.3

384.3
383.8
386.2

3266.3
3291.2
3327.6

8911.1
8948.3
8989.2

2.
3.
4.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks money market
mutual funds, and foreign entities.
'
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary




Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

4.
5.
6.
7.
8.
9.

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M2

In M3 only

6

Overnight RPs8

7

Overnight
Eurodollars9

1992-SEP.

284.6

8.5

325.9

264.1

100 .5

364 .6

2503.1

703 .3

63.1

17.7

OCT.
NOV.
DEC.

286.9
290.0
295.0

8.4
7.9
7.8

336.4
343.9
355.1

268.4
277.0
284.3

1 0 1 .7
103 .6
104 .6

370 . 1
380 .6
388 .9

2502.8
2494.9
2480.9

685 .9
686 .2
670 .5

62.1
60.0
59.3

19.9
20.9
21.3

1993-JAN.
FEB.
MAR.

293.5
295.3
297 .9

7.8
7.7
7.8

345.9
334.3
336.5

289.4
284.2
286.5

104 .4
1 0 1 .5
103 .0

393 .8
385 .7
389 .5

2467.3
2461.2
2464.1

654 .6
665 .2
6 6 1 .5

60.0
60.7
62.7

17.8
17.0
16.1

APR.
MAY
JUNE

301.3
304.4
307.4

7.8
7.9
8.2

350.5
352.0
359.6

291.9
287.6
290.6

107 .3
1 0 6 .2
107 .5

399 .2
393 .8
398 .0

2456.4
2449.2
2451.2

662 . 1
6 7 1 .4
659 .9

62.5
61.7
64.8

14.7
13.5
13.7

JULY
AUG.
SEP.

311.0
312.8
314.8

8.4
8.4
8.2

365.9
367.9
373.1

290.9
292.1
295.0

108 .5
1 0 7 .7
1 0 8 ..0

399 .3
399 .7
403 .0

2445.6
2441.1
2435.9

650 .3
654 .8
6 5 1 .4

67.7
67.4
70.4

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

8.0
7.7
7.6

381.2
391.2
402.7

295.6
299.5
306.2

1 0 9 ..8
1 1 1 ..4
1 1 2 ..4

405 .3
410 .9
418 .6

2433.5
2437.8
2434.7

652 .3
660 .2
6 5 9 ..3

70.8
71.7
72.5

17.2
17.4
17.8

1994-JAN.

324.0

7.7

393.3

306.8

1 1 1 .. 1

417 .9

2436.7

6 5 3 . .9

75.7

17 . 9

1993-DEC.

27

328.3

7.7

404.7

304.7

1 0 9 . .7

414 .4

2417.7

6 6 3 ..8

66.1

17.3

1994-JAN.

3
10
17
24
31

325.4
324.9
324.2
323.2
322.9

7.7
7.7
7.7
7.7
7.6

417.3
404.2
398.5
381.7
377.7

310.8
318.3
307.8
302.4
295.2

1 1 2 . .8
1 1 5 . .2
1 1 2 . .5
1 0 8 . .4
1 0 7 . .0

423
433
420
410
402

.6
.4
.4
.8
.2

2427.7
2441.3
2444.3
2435.6
2428.6

6 4 3 ..5
6 5 1 .. 1
6 5 9 ..4
6 5 3 ..0
6 5 6 . .9

75.9
74.9
74.4
76.4
77.2

18.8
18.1
17.2
17 . 4
18.4

7
14p
21p

327.4
327.4
328.0

7.6
7.7
7.7

383.2
383.8
378.7

303.2
299.3
298.4

1 1 2 . .4
1 0 9 . .6
1 0 7 . .9

415 .6
409 .0
4 0 6 .3

2433.2
2436.3
2428.7

6 4 4 ..0
6 4 1 . .7
6 3 3 . .3

75.6
75.5
73.8

16.7
15.6
15.5

FEB.

1.
2.
3.

Travelers
checks2

e
e
e

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and broker/dealer).
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer).

Digitized efor FRASER
estimated


p

preliminary

Page 8

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Date

At
commercial
banks

At
thrift
institutions

1992-SBP.

735.9

422.6

OCT.
NOV.
DEC.

745.0
752.5
752.9

1993-JAN.
FEB.
MAR.

Small-denomination time deposits2

General
purpose and
broker/dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits3

At
commercial
banks

At
thrift
institutions

Total

1158.5

528.4

384.7

913.0

350.7

214.6

308.8

70.2

378.9

425.1
428.6
428.1

1170.1

521.6
512.7
507.8

376.1
368.3
361.2

897.7

1181.1
1181.1

869 . 0

353.0
351.9
350.2

204.3
207.4
200.4

300.7
296.4
291.7

69.9
68.6
67.2

370.6
365.0
358.9

750.2
754.0
758.5

427.5
424.7
42 6 . 0

1177.7
1178.7
1184.5

504.4
504.7
501.3

356.8
349.0
344.8

861.3
853.6
846.1

350.6
351.2
354.8

200.5
208.4

201.1

282.8
282.5
279 .7

66.8
65.7
65.0

349.6
348.2
344.8

APR.
MAY
JUNE

761.9
767.2
773.6

427.4
428.6
430.9

1189.3
1195.8
1204.5

496.1
490 .7
487 . 1

342.4
339.7
336.0

838.5
830.5
823.0

351.4
347 .7
345.2

195.6
199.7
191.0

282.8
285.9
283 . 0

65.1
65.2
64.8

347.8
351.1
347.8

JULY
AUG.
SEP.

773.6
776.0
776.7

431.4
430.8
429.7

1205.0
1206.9
1206.4

483 . 9
479 . 6
476.7

332.5
329 . 6
326.7

816.4
809.2
803.4

343.0
343.0
340.8

188.6
190.1
187.5

277.3
279 .8
277 . 8

64.4
64.3
64.0

341.8
344.0
341.8

OCT.
NOV.
DEC.

777.7
784.0
783.8

430.0
430.4
429.3

12 07 . 7
1214.4
1213 .2

473 . 3
468 .8
467 . 6

323.4
319.8
315.4

796.7
788.6
783.0

341.1
345.8
348.3

189.2
194.0
195.8

277 .9
276.6
276.4

63.7
63.5
61.4

341.6
340.1
337.8

1994-JAN.

786.1

428.0

1214.1

465.7

314.0

779.7

349.3

196.2

276.6

61.2

337.8

Total

881.1

At
commercial
banks4

At
thrift
institutions

Total

Week epfling
1993-DEC.

27

7 7 8 . .3

4 2 8 .. 1

1 2 0 6 ,. 4

4 6 6 , .8

3 1 4 ,.6

7 8 1 . .4

3 4 6 ..4

1 9 6 . .2

2 7 4 . .9

60 ,.8

3 3 5 , .7

1994-JAN.

3
10
17
24
31

7 7 9 . .4
7 8 8 . .7
7 9 2 . .3
7 8 4 ,. 1
7 8 1 , .3

4 2 8 . .3
4 2 9 . .5
4 2 9 ..4
4 2 7 . .2
4 2 5 . .7

12 07 ,.7
1 2 1 8 , .3
1 2 2 1 , .7
1 2 1 1 .. 4
1 2 0 6 .9

4 6 6 ,.8
4 6 6 , .8
4 6 5 ,.7
4 6 4 , .7
4 6 4 ,.8

3 1 4 , .4
3 1 4 , .6
3 1 4 , .5
3 1 4 ,.0
312 .9

7 8 1 . .2
7 8 1 , .4
7 8 0 ,.3
7 7 8 , .7
7 7 7 , .7

3 4 4 , .2
3 4 8 , .6
3 5 0 , .7
3 5 1 .7
3 4 8 , .3

189 ,. 4
189 ,.4
1 9 7 , .3
197 ,.7
2 0 3 ,.3

276
277
278
277
272

,.0
,.7
,.8
,.7
,.7

6 1 , .0
6 1 ,. 1
6 1 , .2
6 1 , .2
6 1 , .3

3 3 7 .. 0
3 3 8 . .9
3 4 0 .. 0
3 3 9 ..0
3 3 4 .. 0

7
14p
2 lp

7 8 7 ..9
7 9 1 .. 1
7 8 6 . .6

4 2 7 . .6
4 2 8 , .3
4 2 8 .. 1

1215 .5
1219 . 4
1214 .6

465 . 1
4 6 4 .2
4 63 .6

312 ,. 1
3 1 1 . .5
3 1 1 .0

7 7 7 , .2
7 7 5 , .6
7 7 4 , .6

3 4 8 , .2
3 5 0 .2
3 5 0 , .2

1 9 3 ,. 0
1 8 6 ,. 6
182 ..2

2 7 1 , .5
2 7 3 ,.6
2 7 2 ,.3

6 1 . .4
6 1 . .2
6 1 , .0

3 3 2 .. 9
3 3 4 .. 8
333 .
.3

FEB.

1.
2.
3.
4.

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial
banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks
and official institutions.

p
preliminary



Page 9
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted

Total

Term
Eurodollars2

Savings bonds

Short-term
Treasury.

Bankers
acceptances4

Commercial
paper5

19. 7

77. 8

49 . 4

149. 2

322. 6

20. 2

363. 2

2993. 9

8570. 8

59 . 8
61. 5
6 1 ., 1

20. 1
20. 3
20. 0

79. 9
81. 8
81. 1

48 . 1
47 . 2
45. 6

151. 8
154. 4
1 5 6 . ,4

3 2 3 . .0
3 3 4 . .4
3 4 5 . .3

20. 4
2 0 . ,8
2 1 . .4

3 6 4 . .7
3 7 0 ..4
3 6 6 . .3

2998. 1
3028. 3
3069. 8

8 6 0 0 . .8
8 6 2 8 . .5
8 6 5 2 ..2

1993-JAN.
FEB.
MAR.

59 .. 1
6 0 . .2
63 ..7

21. 0
22. 1
22. 3

80. 1
82. 3
86. 0

43 ..5
4 6 . .7
49 ..8

1 5 8 . .6
1 6 1 ..0
1 6 2 . .9

3 4 3 . .9
3 4 2 . .6
3 4 4 ..0

2 1 . .4
2 0 . .2
1 8 . .9

3 6 7 . .7
3 5 9 .. 1
3 6 1 ,.7

3 0 7 6 . .2
3 0 8 7 . .3
3 1 2 1 ..4

8 6 6 8 .. 1
8669.2
8 6 7 6 .. 2

APR.
MAY
JUNE

6 5 . .9
6 6 . .6
7 0 . .2

2 2 . ,9
2 3 . ,2
2 2 ..6

8 8 . .9
89 ..8
9 2 . .8

48 ..7
4 8 . .7
45 ..5

1 6 4 . .2
1 6 5 . .2
1 6 6 .. 1

3 3 5 . .2
3 3 6 .. 8
3 4 0 ,. 2

1 8 . .7
19 . 1
1 8 .. 5

3 6 9 .. 9
366 .8
3 59 ,. 7

3 1 4 2 . .9
3 1 6 1 .. 1
3 1 8 8 . .9

8 6 9 7 .. 3
8 7 2 0 .. 7
8 7 5 3 .. 8

JULY
AUG.
SEP.

7 2 ..7
7 1 . .9
7 1 .. 1

2 3 . .7
2 4 . .2
2 4 . .5

9 6 . .4
9 6 . .0
9 5 . .6

4 1 . .9
44 .. 1
4 5 . .2

1 6 7 .. 0
167 .8
168 .7

3 3 8 ,. 9
3 4 1 .. 6
325 .3

17 ,. 4
16 ,. 2
15 . 9

367 . 1
374 .7
379 . 8

3 2 0 1 ..8
3 2 2 9 ,. 4
3 2 5 1 .9

8792 . 4
8 8 2 2 ,. 3
8 8 5 8 ,. 2

OCT.
NOV.
DEC.

7 0 .2
69 ,. 4
7 0 .3

2 4 . .0
2 4 . .7
2 5 .. 0

9 4 . .3
9 4 .. 0
9 5 .. 4

45 . 0
48 ,.7
46 . 0

169 . 6
170 .6
171 .4 p

320 . 1
328 .5
341 .0 p

16 . 2
16 . 5
17 . 0 p

384 .7
385 .3
388 •7 p

3249 .4
3287 .0
3329 .5 p

8901 .0
8942 .8
8987 .8

1994-JAN.

65 . 5

2 5 ,. 2

9 0 .. 7

44 . 5

25 .3

100 . 1

47 . 2

Date

At commercial

At thrift

1992-SEP.

58. 1

OCT.
NOV.
DEC.

1993-DEC.

27

74 .9

199 4 - J A N .

3
10
17
24
31

66
66
66
64
64

FEB.

7

14p
21p
1.
2.
3.
4.
5.
6.

Debt components6

Non-M3 Components of L

Term RPs1

.6
.4
.2
.2
.7

6 1 .2
63 . 0
62 . 6

24
25
25
25
24

.8
.4
.5
.3
.9

25 . 0
25 . 1
25 . 1

91
91
91
89
89

.3
.9
.6
.5
.6

86 . 2
88 . 1
87 . 7

41
46
45
42
44

Federal debt

N on-Federal
debt

p

.8
.2
.4
.5
.9

47 . 1
47 . 2
46 . 4

Term RPs are those with original maturities greater than one day, excluding continuing contracts ana reian n r s .
, ,,^l_
.
,,
„
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks world-wide and by all
banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market
mutual funds, and foreign entities.
, .
.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
^ ..
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p
preliminary



Page 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Foreign
commercial
banks

Foreign
official
institutions

Time and
savings
deposits due
to foreign
banks and
official
institutions

1992-SEP.

8 .5

1 .7

7 .8

5 .4

10 . 6

23 .2

OCT.
NOV.
DEC.

8 .5
8 .4
9 .0

1 .7
1 .6
1 .6

8 .1
8 .9
9 .6

4 .1
4 .1
5 .2

5 .8
5 .5
6 .0

1993-JAN..
FEB.
MAR.

8 .7
8 .7
8 .3

1 .4
1 .5
1,.6

10 . 1
10 .3
10 .5

6 .1
4 .3
4..2

APR.
HAY
JUNE

7 .8
8 .3
8 .2

1..7
1..6
1,.6

10,.8
11.. 1
11..5

JULY
AUG.
SEP.

8,.5
8,. 1
8..5

1..7
1..6
1..5

OCT.
NOV.
DEC.

8..3
8..3
9..2

1994-JAN.

Date

Week e n a i o q :
1 9 9 3 - D E C . 27
1994-JAN.

FEB.

e
p

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

39 .2

2..5

147 .6

126..7

43.0

317.2

17 .7
12 .4
14 .3

27 .6
2 1 .9
25 .5

2..5
2..7
2..6

147 .6
147 .2
147 .2

126..2
125..6
124..9

44.6
46.2
45.4

318.4
318.9
317.4

7 .7
5 .9
5 .4

27 .0
25 .2
13 .2

40 .8
35 .4
22 .8

2..0
2..5
2..4

147 .2
146 .9
147 .7

123..7
122..6
121..2

44.6
45.6
45.6

315.6
315.1
314.4

5..8
4..2
5..4

6 .2
5 .8
8 .1

14 .5
16,. 1
21 .1

26,.5
26.. 1
34,.6

1..5
2..6
3..0

148 .0
146 .9
146 .5

119..8
119.. 1
118..5

45.1
46.0
46.7

313.0
312.0
311.7

11..5
11.. 1
10..8

4..2
3..8
5..5

6,.9
5 .7
9..3

21..4
20..0
23,.2

32..5
29..5
37..9

2..8
3.. 1
2..8

146 .4
146 . 1
145 .8

117. .7 e
116. .5 e
115. .6 e

47.3
47.4
47.5

311.4 e
309.9 e
308.8 e

1..6
1..8
1..6

10..6
10..6
10..6

4..5
4..0
5..2

5,.9
5..6
6..7

12..6
8..8
16..2

23.. 1
18..4
28.. 1

2..7
2..7
2..6

145,.2
144,.6
144..2

115. .8 e
116. .2 e
115. ,6 e

47.6 e
48.3 e
48.7 e

308.6 e
309.1 e
308.5 e

8..6

1..6

10..6

5.,7

7 ..3

25..2

38..3

2 ., 1

143..9

114. 2 e

49.0 e

307.1 e

10..9

1. 5

10..6

4..0

8.. 1

27..5

39.,6

2. 6

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

Total
cash
balance

3
10
17
24
31

8.-7
8..9
8.,6
8..7
8. 1

1.
1.
1.
1.
1.

8
7
6
7
5

10. 6
10.,6
10. 6
1 0 . ,6
10. 6

6..4
4..3
5.,5
7 . ,7
4. 7

9..5
4..7
4..9
8..0
10..8

32..6
20..7
22..8
20..4
34..0

48.,5
29..7
33.. 1
36.,0
49. 4

2.
0.
2.
2.
2.

7
14p
21p

8. 7
7. 6
8. 5

1. 6
1. 5
1. 5

10. 6
10. 6
10. 6

4. 7
3. 6
4. 4

9.,7
5..3
5..6

33..6
30.,8
23. 6

48. 0
39. 7
33. 5

2. 5
2. 6
2. 6

estimated
preliminary




3
9
5
5
5

At
thrift
institutions

At
money
market
funds

Total