Full text of H.6 Money Stock Measures : March 30, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

For r e l e a s e at 4:30 p.m. Eastern Time
MARCH 3 0 , 1 9 9 5

Billions of dollars
Date

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1993-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC .

1038.7
1047 .7
1067 . 2
1076.3
1085.2
1095.1
1104.7
1113.5
1122.4
1128.6

3504.1
3507 . 8
3530.6
3540.2
3543 . 6
3549.3
3559.1
3564.4
3576.7
3583 .6

4166.9
4174.1
4202.0
4204.6
4202.3
4205.5
4214.2
4222.7
4234.4
4242.5

5049.5
5062.4
5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

11830.1
11889.7
11949.0
12007.2
12064.0
12122.0
12175.1
12211.5
12268.4
12335.3

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.1
1147.5
1147.8

3589.1
3586.1
3597 . 4
3605.3
3608 . 4
3605.1
3616.0
3614.1
3613.2
3608.9
3609.9
3614.2

4246.0
4232.1
4240.8
4250.9
4251.5
4256.6
4273.7
4272.7
4278.7
4284.8
4291.0
4303.2

5165.6
5163.0
5165.9
5181.4
5188.7
5185.5
5208.5
5207.9
5211.9
5236.0
5251.1
5293.6

12391.2
12444.1
12498.1
12546.3
12591.6
12641.4
12681.1
12738.5
12800.0
12856.5
12919.2
12965.0

1995-JAN.
FEB.

1148.8
1147.1

3626 .2
3621.7

4326.2
4334.5

5311.2 p

13025.1 p

Not seasonally adjusted
1993-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1030 . 8
1057.7
1057 . 2
1072 . 2
1083 . 6
1088 .6
1099 . 3
1112.1
1129 . 5
1153 .7

3505.3
3525.2
3517.8
3535.4
3541.6
3542.3
3548.4
3561.3
3584.2
3606.1

4167.9
4187.9
4191.3
4198.6
4195.7
4200 . 1
4201.9
4217 . 2
4246 .7
4266 .3

5053 . 3
5074.5
5078.9
5093.4
5087.3
5101.3
5092.6
5110.2
5151.2
5184.9

11788.0
11836.5
11886.5
11962.4
12020.5
12072.7
12134.3
12173.1
12241.3
12327.4

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1142 .3
1124.2
1131.4
1152 .7
1132.5
1142 . 3
1150.9
1143.9
1146.1
1147 . 3
1155.3
1173.5

3595.6
3573.3
3596.1
3622.6
3595.5
3600.3
3614.8
3606.6
3602.6
3605.9
3618.2
3637.7

4254.9
4221.9
4238.3
4264.3
4240.5
4250.2
4267 . 4
4266 . 2
4266.3
4280.0
4305.4
4329.3

5187.3
5155.9
5166.3
5193.4
5168.5
5174.1
5196.1
5196.7
5192.7
5227.2
5273.2
5331.3

12383 .7
12417.3
12458.6
12489.4
12523.8
12594.4
12640.7
12690.3
12756.3
12816.0
12890.3
12956.8

1995-JAN.
FEB.

1158.5
1134.2

3 632 «7
3608.0

4335.8
4323 .2

5334.1 p

12999.9 p

Footnotes appear on the following p a g e
p

preliminary




Page 2
H6(508)
Table 2

MONEY STOCK * UD DEET
Percent chance at season-

-r-

~ ?*-M1

M2

M3

DEBT

3 Months f r o m NOV. 1994 TO FEB. 1595

-0.1

1.3

4.1

5.2

6 Months from AUG, 1994 TO FEB. 1995

-G.5

0.4

2.9

5.4

12 Months f r o m FEB. 1994 TO FEB. 1995

0.9

1.0

2.4

5.1

1.4

3.9

0.6

2.8

1

2

T h i r t e e n w e e k s e n d i n g MARCH 2 0 , 1995
from t h i r t e e n weeks e n d i n g :
DEC. 1 9 , 1994 (13 w e e k s p r e v i o u s )

l.

SEP. 1 9 ,

1994

(26 w e e k s p r e v i o u s }

-u.s

MAR. 2 1 ,

1994

(52 w e e k s p r e v i o u s )

1.1

•0

*2

Growth rates for debt are based on periods o e : — : and ending one month earlier than for the monetary aggregates, namely, October 1 9 9 4 to January 1995, July 1994 to January 1995,
and January 1 9 9 4 to January 1995. r e s p ^ v ^ v .
—

Footnotes to I able 1 :
i.

2

3.

5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and t h e vaults of depository institutions; (2) travelers c h e c k s of nonbank i s s u e r s ; (3) d e m a n d
deposits at all commercial banks othe- t'ra~ " r o s e due tc depository institutions, the U.S. g o v e r n m e n t , and foreign b a n k s and official institutions, l e s s c a s h items in t h e
p r o c e s s of collection and Federal R e s e r v e f'cat: and (4) other checkable d e o o s i t s (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer
s e r v i c e (ATS) a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d d e p o s i t s at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by
s u m m i n a currency, travelers checks, demand deposits, and O C D s . each s e a s o n a l l y adjusted separately.
.
. .
, ,
. ^ , r _ .ae ,
Consists of M1 plus overniaht (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars i s s u e d to U . S . r e s i d e n t s by foreign b r a n c h e s of
U.S. banks worldwide, savfnas deoosits (including m o n e y market deoosit a c c o u n t s ) , small-denomination time d e p o s i t s (time deposits—including retail R P s — i n a m o u n t s OT
less than $ 1 0 0 , 0 0 0 ) , and balances in both taxable and t a x - e x e m p t general p u r p o s e and broker/dealer m o n e y market mutual f u n d s . E x c l u d e s individual retirement a c c o u n t
(IRA) and K e o g h b a l a n c e s at depository institutions and money market funds. Also e x c l u d e s all b a l a n c e s held by U.S. commercial b a n k s , m o n e y market f u n d s (general
p u r p o s e and broker/dealer), foreign governments and commercial banks, and t h e U . S . g o v e r n m e n t . S e a s o n a l l y adjusted M2 is c o m p u t e d by adjusting its non-Mi c o m p o Consists^o7M26phjnsdlarge-den'om^
amounts of $ 1 0 0 , 0 0 0 or more) and term RP liabilities i s s u e d by all depository institutions, term Eurodollars held
by U.S. r e s i d e n t s at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking o f f i c e s in the United Kingdom and C a n a d a , and b a l a n c e s in both t a x a b l e and t a x - e x e m p t
institution-only m o n e y market mutual funds. E x c l u d e s a m o u n t s held by depository institutions, the U . S . government, m o n e y market funds, and foreign b a n k s and official
•
ai
i
x i
*i
*:
—
• Do
c11r^rUlIore holrl h\/ inctitiitinn.nnlv mnnov market mutual funds. S e a s o n a V adlUSteO Mo IS
public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper ana oanKers a c c e p i a n c e s , net 01 m o n e y market
mutual fund holdings of t h e s e a s s e t s .
. ,
.
Debt: T h e debt a g g r e g a t e is the outstanding credit market debt of t h e d o m e s t i c nonfinancial s e c t o r s — t h e federal s e c t o r (U.S. g o v e r n m e n t , not including g o v e r n m e n t s p o n s o r e d enterprises or federally related mortgage pools) and t h e nonfederal s e c t o r s (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of m o r t g a g e s , tax-exempt and corporate b o n d s , c o n s u m e r credit, bank l o a n s ,
commercial paper, and other loans. T h e data, which are derived from t h e Federal R e s e r v e Board's flow of f u n d s a c c o u n t s , are break-adjusted (that is, discontinuities in
t h e data h a v e b e e n s m o o t h e d into the s e r i e s ) and m o n t h - a v e r a g e d (that is, the data h a v e b e e n derived by averaging adjacent month-end levels). T h e presentation of t h e
debt data in this r e l e a s e differ, therefore, from the quarterly flow of f u n d s statistics contained in the Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
l e v e l s of credit market debt are m e a s u r e d on a ouarter-end b a s i s and contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1994-DEC. 26

1148.0

1148.3

1146.6

3611.1

3615.1

3618.5

4292.0

4303 . 1

4308.8

1995-JAN.

2
9
16
23
30

1147.7
1147.7
1147.9
1148.1
1148.1

1147 . 1
1147.2
1148.3
1148.9
1149.4

1145.2
1149.6
1151.7
1149.2
1147.1

3611.6
3612.6
3613.9
3615.4
3616.8

3615.8
3618.4
3622 .3
3624 .6
3625.4

3619.0
3623.0
3628 . 5
3627.9
3622.0

4294.2
4296.5
4299 . 8
4303.3
4306 . 8

4306.2
4308.9
4314.6
4320.5
4326.1

4309.6
4311.7
4328.1
4332 .7
4331.7

FEB.

6
13
20
27

1148.4
1148.6
1148.3
1148.1

1149.6
1148.4
1147.5
1147.2

1150.4
1146.8
1145.5
1146.2

3618
3619
3620,
3620,

3626 .4
3624 .7
3622.4
3622.1

3627 . 1
3621.7
3618.8
3620.8

4310.1
4313.4
4316.3
4320.2

4330.8
4331.3
4330.8
4334.2

4330.6
4330 . 1
4330.7
4345.3

MAR.

6
13p
2 Op

1147.9
1147.7
1148.0

1146.4
1146.5
1147.9

1147.2
1147.1
1151.1

3620.8
3621.8
3 623.7

3619.7
3620.7
3625.6

3617.6
3 625.5
3 638.3

4323.8
4327.6
4332.0

4337 ,
4342,
4350.7

4343.4
4350.7
4363 .2

Not seasonally adjusted
1994-DEC.

26

1156.4

1170.7

1170.3

3617.6

3634.6

3627 . 9

4300.9

4327 . 0

4321.1

1995-JAN.

2
9
16
23
30

1159.4
1162.0
1163.0
1163.7
1162.8

1173.5
1178.9
1179.1
1172.3
1157.2

1182 . 4
1192 . 5
1171.2
1143.0
1122.1

3621.7
3625 . 3
3627 . 5
3629.6
3629.9

3637 . 1
3644.8
3649.6
3647 . 1
3631.9

3650.2
3670.1
3650.0
3617.9
3589.5

4306.7
4311.4
4316.3
4320.8
4323 . 8

4329.7
4334.2
4340.7
4342.4
4336.6

4332.0
4354.0
4355.8
4327.7
4308.9

FEB.

6
13
20
27

1161.8
1160.1
1158.3
1156.2

1146.0
1137.5
1134.2
1134.1

1147.5
1137.4
1129.7
1121.9

3630.0
3629.1
3627.6
3626.8

3619.4
3609.9
3606.3
3608.0

3620
3612 ,
3603 ,
3596,

4325.5
4326.4
4327 . 3
4329.0

4329.6
4322.1
4319.4
4322.7

4326.1
4325.7
4316.8
4322.3

MAR.

6
13p
2 Op

1154.4
1152.4
1149.9

1134.3
1136.1
1138.1

1148.3
1144.3
1137.9

3625.4
3624.9
3625.0

3608.7
3613.7
3620.9

3623 ,
3632 ,
3632.

4330.8
4332.5
4334.6

4327.3
4335.4
4345.6

4344.5
4357.8
4357.7

Note: Special caution should b e taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y 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
Nontransactions components

Other checkable deposits
Currency1

Date

Travelers checks 2

Demand deposits3

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1993-OCT.
NOV.
DEC.

317 .7
319.7
322 . 1

7 ,.8
7 ,.9
7, .9

377 ..6
382 .,2
383 ,. 9

2 9 9 . ,5
3 0 1 . ,3
303 .,0

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

4 1 0 . ,5
412 ..6
4 1 4 . ,7

2450.9
2454.3
2455.0

658.3
657.6
658.9

1994-JAN.
FEB.
MAR.

325.4
328 . 9
332 .0

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

3 8 6 ..9
388 ,.6
3 8 8 , .6

3 0 0 . ,3
299 ..0
2 9 9 . .7

112 .,0
112 .,6
112 ..8

412 .,3
4 1 1 . .6
412 .>5

2456.6
2449.1
2456.3

656.9
645.9
643.4

APR.
MAY
JUNE

334.5
337.3
340 . 0

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

388 ,. 1
3 8 5 , .6
3 8 6 ,.3

299..1
300 ..5
3 0 1 . .0

112 .,9
112 .,0
1 1 1 . ,5

412 ..0
412 ..4
412 ..5

2462.5
2464.9
2458.1

645.6
643.1
651.4

JULY
AUG.
SEP.

342.8
345.1
347 .2

8, .3
8 ,.3
8 ..4

388 ,.0
3 8 6 ,.6
3 8 6 ,.5

3 0 1 . .7
3 0 1 . .0
3 0 0 . .0

I l l , .4
109 ,.7
1 0 8 , .9

413 ,. 1
410 ,.8
408 ,.9

2463.8
2463.3
2462.2

657 . 7
658.6
665.5

OCT.
NOV.
DEC.

350.0
353 . 0
354.5

8, . 3
8 .,4
8 ,.4

3 8 4 ,.4
3 8 2 ,.3
382 ,.0

298 .0
297 ,.7
297 ,.6

107 ,.5
106.. 1
1 0 5 . .3

405,. 4
403 ,.8
402 ,.9

2460.8
2462.4
2466.3

675.9
681.1
689.1

1995-JAN.
FEB.

357.7
358 . 8

8, .4
8, .4

383 ..5
3 8 4 ,. 1

295 .1
2 9 1 , .8

104 ..2
103 ,.9

399 . 2
395 .7

2477.4
2474.6

700.0
712.8

358.5
359.5

8 .4
,
8, .4

383 .0
383 .5

295 .3
292 ,.3

103 ,.9
103 ,. 4

399 .2
395 . 6

2478.7
2475.0

704.8
709.7

398
396
395
393

.2
.1
.3
.7

2476.7
2475.0
2473.3
2474.6

703 . 5
708.4
711.9
724.6

395 .7
392 . 8
393 . 3

2470.4
2478.4
2487.2

725.8
725.2
724.9

Week e n d i n a
1 9 9 5 - J A N . 23
30

.0
.2
.8
.7

FEB.

6
13
20
27

359.2
358.4
358 . 8
358.8

8, .4
8 .4
8..4
8, .5

384
383
383
385

.5
.9
.0
.1

293 ,.3
292 ..9
2 9 1 . .5
290 . 1

105
103
103
103

MAR.

6
13p
2 Op

359.6
361.8
363 . 3

8, .5
8 .5 e
8.5 e

383 .5
3 8 4 .0
3 8 6 .0

289 .4
289 .7
289 .6

106 .2
103 . 1
103 . 8

1.
2.
3.

Currency o u t s i d e U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding a m o u n t of U.S. dollar-denominated travelers c h e c k s of n o n b a n k issuers. Travelers c h e c k s issued by depository institutions are included in d e m a n d deposits.
Demand d e p o s i t s at c o m m e r c i a l banks and foreign-related institutions other than those due to depository institutions, the U.S. g o v e r n m e n t and foreign banks and official
institutions, less c a s h items in the process of collection and Federal Reserve float.
4.
Consists of N O W and A T S balances at c o m m e r c i a l banks, U.S. b r a n c h e s and agencies of foreign banks, ana Edge Act corporations.
5.
Consists of N O W and A T S balances at thrifts, credit union share draft balances, and d e m a n d deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund b a l a n c e s (general purpose and broker/dealer), savings deposits (including m o n e y market deposit accounts)
and small t i m e deposits. This sum is seasonally adjusted as a w h o l e .
7.
Sum of large t i m e deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the e s t i m a t e d a m o u n t of overnight RPs and
Eurodollars held by institution-only money market mutual funds. This s u m is seasonally adjusted as a whole.


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

p

preliminary

Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date

General
purpose and
broker/
dealer
money

Institutiononly money
market funds

At
commercial

At
thrift

Total

At
commercial

At
thrift

1993-OCT,
NOV.
DEC.

778.1
782.4
785.8

429.8
429.0
429.8

1207 . 9
1211 .5
1215 .7

473 . 2
469 ,6
468 .6

322 .6
320 .7
316 . 5

795 . 8
790 .3
785 . 1

355 . 2
358 .2
360 . 1

1994-JAN.
FEB.
MAR.

791.3
792.7
791.5

429.8
429.1
430.5

1221 . 1
1221 .9
1222 . 0

465 .7
464 . 5
463 . 1

313 .8
310 . 5
308 . 9

779 . 5
775 . 0
772 . 0

APR.
MAY
JUNE

788.9
784.6
780.0

431.1
430.2
426.8

1220 . 0
1214 . 8
1206 . 8

462 .3
464 , 6
467 . 4

307 . 9
306 . 2
305 . 5

JULY
AUG.
SEP.

778.0
775.7
772.8

423.2
417.0
410.9

1201 .2
1192 . 6
1183 .7

469 . 9
476 . 0
481 .2

OCT.
NOV.
DEC.

765,4
759.2
752 . 3

405.6
398.4
391.6

1171 , 0
1157 .6
1143 ,.9

1995-JAN.
FEB.

744.2
734.4

385.3
377.3

743.5
741.5

Week e n d i n g
1 9 9 5 - J A N . 23
30

1
2.

Small-denomination time deposits2

196 . 3
196 . 4
198 . 1

commercial
cantIS"
272 . 8
270 . 2
271 .2

At
thrift
institutions
63.5
63.2
61.6

361 .2
359 . 5
361 . 9

194 . 6
182 . 1
183 . 8

273 . 4
270 . 1
268 . 8

61.7
61.7
61.4

335.1
331.8
330.3

770 . 1
770 .8
772 . 9

370 . 5
373 . 5
370 .7

183 . 1
177 . 5
177 . 9

268 . 0
272 . 0
274 . 0

61.8
60.4
61.0

329.8
332.4
335.0

306 . 1
306 . 2
307 . 8

776 . 0
782 . 2
789 . 0

376 . 1
377 . 0
377 . 4

178 .7
177 . 4
176 . 3

276 . 3
279 . 8
284 . 6

61.9
61.7
62.7

338.2
341.5
347.3

487 .7
494 . 0
502 .4

3 1 1 .3
315 .8
317 .2

799 .0
809 .8
819, > 6

379 .5
383 .3
389 .0

180 . 8
180 .5
180 .8

289 .3
293 . 8
297 .9

63.7
63.9
64.3

353.0
357.7
362.3

1 1 2 9 , .5
1 1 1 1 , -8

512 ,6
524, .3

322 , 4
3 3 0 . .7

8 3 5 , ,0
8 5 5 . ,0

3 9 2 , .2
3 9 1 , .8

1 8 6 , .3
180,, 4

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

66.1
67.6

362.1
371.0

384.8
382.9

1128. 3
1124. 4

514, 6
517 , 0

323. 5
325. 4

838. 1
842. 4

392. 5
392 . 2

185. 9
186. 7

297. 5
299. 4

66.1
66.7

363.6
366.1

519.
521.
525.
529.

1
8
2
2

326. 8
329. 3
332 . 0
333 . 3

845. 9
851. 1
857 . 2
862. 5

392. 1
392 . 9
390.7
392 . 3

180.
178.
178.
183.

298.
300.
304.
308.

8
8
4
7

67.0
67.1
67.7
68.3

365.8
367.9
372.1
377.0

532. 7
536. 7
539. 3

336. 2
338. 4
340. 1

869. 0
875. 1
879. 5

387 . 6
391. 6
390. 4

183. 5
188. 0
188. 7

308. 7
307. 6
309. 5

68.9
69.2
69.5

377.7
376.7
379.1

FEB.

6
13
20
27

738.3
736.4
734.1
730.5

380.6
378.0
376.6
375.2

1118.
1114.
1110.
1105.

MAR.

6
13p
2 Op

727.7
725.9
723.9

373.7
371.9
371.6

1101. 3
1097. 8
1095. 5

Cowir^rs
arrtihriffcTa^

I«~l, ,,

Large-denomination time deposits 3

9
5
6
7

Total

3
5
9
5

Total
336.3
333.5
332.7

««««„ — i
R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA and K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s

3.
4.

Large-denomination time d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities
p o s i t s at
omcial institutions 011 t l m 6
commercial b a n k s l e s s t h o s e held by m o n e y market mutual f u n d s , depository institutions, U . S . g o v e r n m e n t , and foreign b a n k s and

p

preliminary




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

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

Savings bonds
1993-OCT.

Short-term Treasury
securities1
328.1
328.4
334.2

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

16.2
15.5
14.9

381.8
382 . 6
387.1

3269.7
3295.5
3328.0

8941.8
8972 . 9
9007.3

L3C.

170.1
170.9
171.5

1994-JAN.
FEB.
MAR.

172.5
173.2
173.9

340.9
341.7
344.9

14.8
14.9
15.5

391.4
401.2
390.8

3338.3
3355.1
3379.6

9052.9
9089.0
9118.5

APR.
MAY
JUNE

174.8
175.7
176.7

354.7
357.3
348.8

14.0
11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.3

9155.7
9189.2
9225.1

JULY
AUG.
SEP.

177.7
178.5
179.1

353.4
357.7
350.4

10.9
11.4
11.9

392 . 8
387.7
391.7

3419.3
3436.8
3454.1

9261.7
9301.7
9345.8

OCT.
NOV.
DEC.

179.5
179.9
180.3

355.7
365.2
373.6

11.7
10.9
10.1

404.2
404.0
426.5

3469.6
3494.1
3497.4

9386.9
9425.1
9467.6

180.5

366.1

9.7

428.6

3504.7

9520.5

NOV.

1995-JAN. p

1.

Debt components4

Non-M3 Components of L

Date

2.
3.
4.

C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e B a n k s , m o n e y
market mutual funds, and foreign entities.
Net of b a n k e r s a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, and m o n e y market mutual f u n d s .
Total commercial paper l e s s commercial paper held by m o n e y market mutual funds.
Debt data are on a monthly a v e r a g e b a s i s , derived by a v e r a g i n g adjacent end-of-month levels, and have b e e n adjusted to r e m o v e discontinuities.

p

preliminary




Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, riot seasonally adjusted
Currency1

Date

1.
2.
3.

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions^

Total

In M26

Overnight

Overnight
Eurodollars®

In M3 only 7

1993-OCT.
NOV.
DEC.

317 ,3
319.8
324 >8

8.0
7.7
7.6

380.5
390.2
401.8

295.6
299.6
306.2

110.7
112.3
113.2

406.4
411.9
419.4

2449.2
2454.6
2452.4

655.9
662.5
660.2

72.3
73.2
74.4

21.6
21.7
22.1

1994-JAN.
FEB.
MAR.

324.0
327.3
330.6

7.7
7.7
7.8

392.0
379.5
379.6

306.6
299.6
301.6

112.1
110.3
112.0

418.6
409.8
413 . 5

2453.4
2449.1
2464.7

659.3
648.7
642.2

75.9
73.7
77.0

22.1
21.2
23.0

APR.
MAY
JUNE

334.3
337.2
340.5

7.8
7.9
8.3

389.2
377 .7
382.3

306.4
298.1
299.5

115.0
111.6
111.7

421.4
409.7
411.2

2469.9
2463.0
2458.0

641.7
645.0
649.9

77.6
78.4
80.6

21.3
24.1
26.2

JULY
AUG.
SEP.

344.7
345.7
347.0

8.8
8.9
8.8

387.3
383.1
384.7

298.4
297.2
297.4

111.6
109.0
108.3

410.0
406.2
405.6

2463.9
2462.6
2456.5

652.6
659.6
663.7

80.3
81.9
83.7

29.1
28.9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.5
8.2
8.1

387.8
390.7
400.1

294.1
296.0
300.6

107.4
107.1
107 . 0

401.4
403 . 1
407.6

2458.6
2462.9
2464.2

674.0
687.2
591.6

83.4
82.9
84.1

30.2
29.9
32.2

1995-JAN.
FEB.

355.9
357 . 1

8.1
8.1

388.8
375.0

301.3
292.4

104.3
101.6

405.7
394.0

2474.2
2473.8

703.2
715.2

87.1
85.5

36.0
31.5

Weefc e g d j n g
1 9 9 5 - J A N . 23
30

355.2
354.3

8.1
8.1

378.5
371.5

298.8
289.2

102.4
98.9

401.2
388.2

2474.9
2467.4

709.8
719.4

84.7
84.0

36.7
35.0

FEB.

6
13
20
27

357 . 1
357 . 4
357.5
356 . 0

8.1
8.1
8.1
8.1

379.8
375.9
373.1
371.1

297
294
290
287

104
102,
100
99,

402.4
396.1
391.0
386.7

2472.7
2474.7
2473.8
2474.2

706.0
713.6
713.3
726.3

87.8
85.3
85.9
83.5

32.1
30.7
31.3
32.2

MAR.

6
13p
2 Op

359.4
361.7
362 . 1

8.2
8.2
8.2

379.4
377.6
374.7

296,
293 ,
290.4

105,
103 ,
102.

401.4
396.8
393.0

2474
2488
2494

721.5
725.5
725.4

83,
83,
89,

29.0
30.5
30.4

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and t h e vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at c o m m e r c i a l b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U . S . g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in t h e p r o c e s s of collection and Federal R e s e r v e float.
4.
C o n s i s t s of N O W and A T S b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of N O W and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s 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.
7.
S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the e s t i m a t e d a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual funds.
8.
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).

9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and m o n e y market mutual funds (general purpose and broker/dealer).


Page 8

H.6 (508)
Table 5 - continued

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

1207.8
1214.5
1213.2

At .
commercial
banks
473.9
469.3
468 .2

At
thrift
institutions
323.0
320.5
316.2

796.9
789.9
784.4

General
PurhP°seand
broker/
dealer
money
market funds
350.6
355.4
358.3

427.1
426.7
430.8

1213.5
1214.9
1222.7

466.2
464.6
462.9

314.1
310.6
308 .8

780.2
775.2
771.6

791.1
785.3
782.3

432.3
430.6
428.1

1223.4
1215.9
1210.4

461.8
463.7
467.0

307 . 5
305.5
305.2

JULY
AUG.
SEP.

780.0
777.0
772.7

424.3
417.7
410 .8

1204,
1194,
1183 .

470.5
476.5
481.7

OCT.
NOV.
DEC.

765.5
761.4
751.1

405.7
399.5
390.9

1171,
1160 <
1142 <

1995-JAN.
FEB.

739.6
730.0

382 .9
375.0

Week e n d i n g
1 9 9 5 - J A N . 23
30

736.7
731.9

FEB.

6
13
20
27

MAR.

6
13p
2 Op

Savings deposits 1
Date

1.
2.
3.
4.
p

1993-OCT.
NOV.
DEC.

At
commercial
banks
778.0
784.4
784.3

At
thrift
institutions
429.8
430.1
429.0

1994-JAN.
FEB.
MAR.

786.3
788.2
791.9

APR.
MAY
JUNE

Small-denomination time deposits 2
Total

Total

Institution0 nlv money
market funds

Large-denomination time deposits 3
At
thrift
institutions
63.6
63.5
61.5

193.0
198.0
200.0

commercial
banks 4
273.1
271.3
270.8

361.6
364.1
370.3

200.5
191.0
185.7

271.9
268.8
267.3

61.3
61.4
61.1

333.2
330.2
328.4

769.3
769.2
772.1

378.3
375.4
368.7

181.8
176.8
172.5

266.3
274.1
275.3

61.4
60.9
61.3

327.7
335.0
336.6

306
306,
308 ,

776,
783,
789 ,

373.4
374.2
371.3

173.8
176.2
172.6

275.3
281.1
285.7

61.7
61.9
62.9

337.0
343.1
348.7

488.3
493.7
502.0

311,
315,
316,

800.0
809.3
818.9

373.9
379 .9
387.1

178.1
182.5
183.1

289.9
295.2
297.6

63.8
64.2
64.3

353.7
359.4
361.9

1122.5
1105.0

513.1
524.5

322.7
330.8

835.8
855.2

392.9
396.7

192.4
188.8

294.6
301.9

65.8
67.2

360.4
369.2

381.3
378.0

1118.0
1109.8

514,
517 .

323 . 8
325.6

838.7
842.8

396.8
395.8

194.5
197.9

296.7
297 .7

65.9
66.3

362.6
364.0

733.2
733 .3
729.5
725.0

377.9
376.4
374.2
372.4

1111.1
1109.7
1103.8
1097.4

519
522 ,
525,
529.0

327 .
329
332
333 .

846 ,
851
857 ,
862 ,

395.1
397.2
395.4
398.9

189.2
188.7
186.4
191.0

297.3
299.8
302.8
306.8

66.6
66.8
67.3
67.9

363.9
366.6
370.1
374.7

725,
726,
723 ,

372.6
372.1
371.5

1098.1
1098.5
1095.1

532.7
536.6
539.0

336,
338,
339,

869,
874 .
878,

395 .3
401.1
400.5

188.0
191.6
190.7

306.8
306.2
307.5

68.5
68.8
69.1

375.4
375.0
376.6

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r cial b a n k s a n d thrifts a r e s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g f a c i l i t i e s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e h e l d by m o n e y market m u t u a l f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n
b a n k s a n d official institutions.
preliminary




Total
336.7
334.8
332.3

Page 9

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
Date

Atcommercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-OCT.
NOV.
DEC.

71.1
70.5
71.6

25.4
25.9
26.0

96.6
96.4
97.6

44.8
48.1
46.5

169.6
170.6
171.4

1994-JAN.
FEB.
MAR.

67.0
64.8
68.3

26 . 6
27.5
27.2

93.7
92.3
95.5

45.5
47 .9
46.2

172.6
173.7
174.6

APR.
MAY
JUNE

71.4
69.1
72.1

27.6
28.9
30.4

99.0
98.0
102.5

46.5
47.7
50.3

JULY
AUG.
SEP.

71.1
68.4
68.8

32
32
33 .

103 ,
101,

OCT.
NOV.
DEC.

67.2
67.5
67.7

34 ,
35 .
37.6

101,
102 ,

1995-JAN.
FEB.

70.4
73.3

Week e n d i n g
1 9 9 5 - J A N . 23
30

1.
2.
3.
4.
5.
6.

Debtcomponents 6

Non-M3 Components of L
Savings bonds

Short-term
Treasury
securities3
321.8
332.5
342.6

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8923.7
8954.3
8997.9

345.3
342.8
348.4

15.6
15.5
15.2

398.9
402.0
389.7

3333.0
3345.4
3374.4

9050.7
9071.9
9084.1

175.4
176.2
176.9

352.6
355.4
345.7

13.7
11.4
10.6

387.3
385.0
390.9

3376.8
3379.7
3394.5

9112.6
9144.1
9199.9

51.0
51.2
52.1

177.4
177.9
178.4

351.1
359.5
343.4

10.8
11.1
11.6

389.
382,
393,

3393.9
3418.5
3438.6

9246.8
9271.8
9317.7

105,

53.0
55.3
53.7

179.0
179.7
180.2

347.8
369.2
382.6

11.8
11.0
10.3

408.6
408.0
428.9

3448.8
3485.4
3499.0

9367.2
9404.9
9457.7

38 . 8
39.2

109.2
112.6

54.9
57 . 8

180.6 p

370.6 p

10.3 p

436.8 p

3499.0 p

9500.9 p

71.8
76.3

39.0
39.0

110.8
115.3

55.9
56.3

102 ,

FEB.

6
13
20
27

72 ,
74,
72 ,
74 .

38.9
39.1
39.4
39.4

111.2
113.6
111.8
113.6

55.4
57.8
58.1
59.4

MAR.

6
13p
2 Op

72.4
73.2
72.7

39.2
39.4
39.6

111.7
112.6
112 .2

58.7
58.9
58.3

T e r m RPs are t h o s e with original maturities greater than one day, excluding continuing contracts a n d retail RPs.
T e r m Eurodollars are those with original maturities greater than one day. Consists of t h o s e issued to U.S. residents by foreign branches of U.S. b a n k s w o r l d - w i d e and by
all banking offices in the United K i n g d o m and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and c o u p o n s with remaining maturities of less t h a n 12 m o n t h s held by other t h a n depository institutions, Federal R e s e r v e B a n k s , m o n e y
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal H o m e Loan Banks, a n d money m a r k e t m u t u a l f u n d s .
Total c o m m e r c i a l paper less c o m m e r c i a l paper held by money market mutual funds.
Debt data are on a monthly a v e r a g e basis, derived by averaging adjacent e n d - o f - m o n t h levels, a n d have been adjusted to r e m o v e discontinuities.

p FRASER
preliminary
Digitized for


Page 10

H.6 (508)
Table 6

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

U.S. government deposits

IRA and Keogh Accounts

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

4 .5
4 .1
5 .2

5 .9
5 .6
6 .7

12 .6
8 .8
16 .2

23.1
18.4
28.1

Time and
savings
deposits at
commercial
banks
2 .6
2 .7
2 .6

11 .3
11 .9
12 .5

5 .8
4 .2
4 .3

7 ,3
6,3
5 .2

25 .2
27 .9
15 .7

38.3
38.4
25.1

1.5
1.5
1.5

12, .9
13, .0
13. .1

7 .1
4 .2
5 .3

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

20 .8
24, . 3
18, .4

8,• 3
7,.7
8,.1

1.5
1.5
1.5

13, .4
14, .0
14, .6

4,.8
3,.9
5,.8

5,.4
5,. 1
6,. 0

OCT.
NOV.
DEC.

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

1.6
1.8
1.6

14, ,9
15, ,0
15, ,0

4,.3
3,.9
5.7

-JAN.
FEB.

8,,2
7. ,8

1.6
1.6

15. .0
14. .9

endinci
-JAN. 23
30

8. 4
8. 3

1.5
1.7

15.
15.

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions
10 .7
10 . 8
10 . 9

Foreign
commercial
banks

Foreign
official
institutions

\ -OCT.
NOV.
DEC.

8 .3
8 .2
9 .1

1.6
1.8
1.6

I-JAN.
FEB.
MAR.

8 .5
8 .4
8 .1

1.6
1.5
1.6

APR.
MAY
JUNE

8,.6
8,,1
8,.2

JULY
AUG.
SEP.

0
0

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

116 . 1
115 .3
114 .6

48 . 1
49 . 1
49, .8

309 .4
309 .0
308 .6

2 .1
2 .6
2 .4

143 . 9
143 .6
142 .6

114, .0
113, .4
112, .9

48, .6
48, .6
51, .8

306 .5
305 .6
307, .3

33.5
34.4
29.6

2.1
3 .1
2 .9

142, .2
142, ,2
142. .3

112, .6
112, ,2
111, .5

54, .8
56. . 4
56. .8

309, .6
310, .9
310, .6

11, .3
10, .1
16, .9

21.5
19.0
28.8

2,.7
2,.9
2,.5

142. .6
142, ,6
142, ,7

111, .2 e
110. ,2 e
109, ,2 e

55, , 9 e
56, ,1 e
56, ,8 e

309, .6 6
308, .9 e
308, .6 e

5,.6
5,. 2
6,,2

12, .1
9,.8
13, .4

22.0
18.9
25.3

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

142. ,7
142. ,9
143. ,3

108. .7 e
108. .7 e
108. ,6 e

58, ,3 e
59, > 4 e
59, ,7 e

309, .7 e
311, .0 e
311, .5 e

4. .9
3, ,3

7. .0
5..9

20, ,0
21. , 1

31.9
30.3

1 , .2
2. ,2

143. 7
144. 6

108, ,8 e
1 0 9 . ,1 e

59. 6 e
59. 6 e

312, ,0 e
313, 2 e

6. .3
3. 1

5. .9
7. 6

19. ,8
28. ,3

32.0
39.0

0. 8
2. .1

7.
5.
5.
5.

28.
19.
18.
19.

2
4
9
9

39.9
27.5
28.0
28.4

2.
2.
2.
2.

14. 4
7. 9
8. 7

23.2
16.1
19.2

2. 3
2. 2
2. 3

6
13
20
27

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

1.6
1.6
1.5
1.6

15. 0
15. 0
14. 9
14. 8

3.
2.
3.
3.

MAR.

6
13p
2 Op

7. 9
7. 7
7. 8

1.8
1.5
1.6

14. 8
14. 9
14. 9

3. 7
2. 9
4. 5




Total
cash
balance

145 . 2
144 . 6
144 . 2

FEB.

estimated
preliminary

Note
balances at
depository
institutions

8
8
4
2

8
2
7
2

5. 2
5. 3
6. 1

2
2
3
2