Full text of H.6 Money Stock Measures : May 12, 1994
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•tfGOw*' 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 M A Y 12, 1 9 9 4 M1 ' M22 M33 i; L4 DEBT5 .9 .7 .0 .7 .4 .9 .1 .0 5021.7 5026.9 5026.6 5041.0 5056.7 5058.5 5065.3 5057.1 11381 .9 11435 .0 11494 .3 11553 .6 11598 . 1 11626 .0 11665 .9 11721 .5 Seasonally adjusted 1992-MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 952 .7 954 .7 964 .2 976 . 1 989 . 2 1004 .2 1016 . 6 1024.. 8 3482 3477 3480 3489 3496 3507 3510 3509 1993-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1033 . 0 1035,.4 1 0 4 0 ..2 1 0 4 7 ,. 1 1 0 6 7 ..7 1076.. 6 1 0 8 6 ,. 8 1095..3 1105..1 1113..4 1122..4 1 1 2 8 . .4 3502 .8 3494 .2 3494 .8 3 4 9 8 ,.0 3 5 2 1 . .9 3 5 2 8 .7 3533 .6 3 5 3 5 . .7 3 5 4 3 .. 6 3 5 4 5 ,. 1 3 5 5 6 . .2 3 5 6 3 .. 1 4162 .4 4156 .0 4154 .6 4162 .0 4187 .6 4 1 8 7 ,. 8 4186,.8 4186..5 4195..2 4 2 0 0 .. 6 4 2 1 2 . .9 4 2 2 4 . .8 5040.0 5035.5 5036.4 5053.8 5086.8 5087.3 5083.6 5092.4 5085.5 5093.3 5104.1 5122.3 11758 .5 11782 .3 11822 .2 11869 .0 1 1 9 1 4 .9 1 1 9 7 9 .7 1 2 0 3 7 .7 12092 .8 1 2 1 4 5 .7 1 2 1 7 9 , .3 1 2 2 3 7 ..4 1 2 3 0 9 . .6 19 9 4 - J A N . FEB. MAR. APR. P 1 1 3 3 . .5 1 1 3 8 . .6 1 1 4 2 . .4 1 1 4 1 . .3 3 5 6 9 . .0 3 5 6 4 . .7 3 5 7 9 . .4 3 5 8 7 ..8 4 2 2 8 . .9 4 2 0 1 . .9 4 2 1 0 . .6 4 2 2 0 . .0 5142.7 5133.3 5140.4 p 1 2 3 5 4 . .4 1 2 4 0 0 . .2 1 2 4 6 0 . .6 p .1 .8 .7 .4 .6 .5 .5 .0 4189 4183 4186 4196 4200 4196 4194 4183 Not seasonally adjusted 1992-MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 9 4 3 . .9 9 5 2 . .0 962.. 9 971.. 0 9 8 3 .. 6 1001. 8 1022 . 4 1046. 7 3 4 6 7 . .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 3 5 1 7 . .4 3 5 2 7 . .6 4 1 8 0 . .2 4 1 7 9 . .8 4 1 8 0 . .3 4 1 9 5 . .5 4 1 9 0 . .0 4 1 9 0 . .5 4203. 6 4 1 9 8 . .2 5001.1 5016.7 5012.9 5032.9 5045.2 5050.3 5083.6 5087.6 1 1 3 4 8 . .7 1 1 4 0 0 . .0 1 1 4 5 2 . .0 1 1 5 1 2 . .6 1 1 5 6 4 . .9 1 1 5 9 9 . .4 1 1 6 5 8 . .2 1 1 7 2 3 . .3 1993-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1041. 0 1023. 0 1031. 6 1058. 7 1058. 1 1073. 2 1084. 6 1088. 8 1099 . 1 1111. 8 1129 . 6 1153. 8 3 5 0 8 . .3 3 4 8 4 . .2 3 4 9 5 . .8 3 5 1 5 . .2 3 5 0 7 . ,3 3524. 4 3529. 8 3528. 6 3533 . 2 3543. 1 3564. 9 3585. 7 4 1 6 2 .,9 4 1 4 9 ..4 4 1 5 7 . .3 4177. 2 4178., 6 4184. 1 4179. 9 4183. 2 4184. 4 4195. 1 4224. 5 4244. 2 5053.6 5030.2 5042.5 5063.2 5064.8 5076.7 5069.0 5082.3 5073.4 5085.8 5125.2 5157.0 1 1 7 4 5 . .0 1 1 7 5 7 . .3 1 1 7 9 8 . .6 1 1 8 4 1 . ,7 11883. 9 11946. 2 11997. 8 12053. 9 12112. 2 12149. 3 12224. 3 12309. 6 1994-JAN. FEB. MAR. APR. P 1142. 1124. 1131. 1153. 3575. 3552. 3577. 3605. 4229. 4192. 4210. 4235. 5156.9 5125.0 5144.2 p 12340. 0 12374. 0 12437. 3 P Footnotes appear on the following p a g e p preliminary 8 7 9 3 7 6 7 1 . 8 7 5 6 Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M2 M3 DEBT' 1 9 9 4 TO APR. 19 94 2 ..8 2 .. 1 - 0 . .8 4, .9 6 M o n t h s f r o m OCT. 1 9 9 3 TO APR. 1994 5 .,0 2 . .4 0 . .9 5, .2 12 M o n t h s f r o m APR. 19 9 3 TO APR. 1994 9 ..0 2 . .6 1 . .4 5 .4 4, . 5 1, .7 - 1 ..1 3 M o n t h s f r o m JAN. T h i r t e e n w e e k s e n d i n g MAY 2 , 1 9 9 4 from t h i r t e e n weeks ending: JAN. 3 1 , 1 9 9 4 ( 1 3 w e e k s p r e v i o u s ) 1. M1 NOV. 1, 1993 (26 weeks p r e v i o u s ) 6. . 5 2 .1 0 ,. 8 MAY 3, 1993 (52 weeks p r e v i o u s ) 9 .5 2 .3 1 .3 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1993 to March 1994, September 1993 to March 1994, and March 1 9 9 3 to March 1 9 9 4 , respectively. F o o t n o t e s to Table 1: 1. 2. 3. 4. 5. C o n s i s t s of (1) currency outside the U.S. Treasury, Federal R e s e r v e B a n k s , and the vaults of depository institutions; (2) travelers c h e c k s of nonbank issuers; (3) d e m a n d d e p o s i t s at all commercial b a n k s other than t h o s e d u e to depository institutions, the U.S. government, 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; and (4) other c h e c k a b l e d e p o s i t s ( O C D s ) , consisting of negotiable order of withdrawal (NOW) and automatic transfer service (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 summing currency, travelers c h e c k s , d e m a n d d e p o s i t s , and O C D s , e a c h s e a s o n a l l y adjusted separately. C o n s i s t s of M1 plus overnight (and continuing contract) R P s i s s u e d by all depository institutions and overnight Eurodollars i s s u e d to U.S. residents by foreign b r a n c h e s of U.S. b a n k s worldwide, s a v i n g s d e p o s i t s (including m o n e y market deposit a c c o u n t s ) , small-denomination time deposits (time deposits—including retail R P s — i n a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 ) , and b a l a n c e s in both taxable a n d tax-exempt g e n e r a l p u r p o s e a n d broker/dealer m o n e y market mutual funds. E x c l u d e s individual retirement account (IRA) and Keogh b a l a n c e s at depository institutions and m o n e y market f u n a s . Also e x c l u d e s all b a l a n c e s held by U.S. commercial banks, m o n e y market f u n d s (general p u r p o s e and broker/dealer), foreign g o v e r n m e n t s and commercial banks, and the 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-M1 c o m p o n e n t a s a w h o l e and t h e n adding this result to s e a s o n a l l y adjusted M1. C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in a m o u n t s 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. residents at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking offices in the United Kingdom and C a n a d a , and b a l a n c e s in both taxable 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 institutions. Also subtracted is t h e e s t i m a t e d amount of overnight R P s and Eurodollars neld by institution-only m o n e y market mutual funds. S e a s o n a l l y adjusted M3 is obtained by adjusting its non-M2 c o m p o n e n t a s a w h o l e and then adding this result to s e a s o n a l l y adjusted M2. C o n s i s t s of M3 plus the nonbank public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper and b a n k e r s a c c e p t a n c e s , net of m o n e y market mutual fund holdings of t h e s e a s s e t s . Debt of d o m e s t i c nonfinancial s e c t o r s c o n s i s t s of outstanding credit market debt of the U.S. government, state and local g o v e r n m e n t s and private nonfinancial s e c t o r s . Private debt c o n s i s t s of corporate b o n d s , m o r t g a g e s , c o n s u m e r credit (including bank loans), other bank loans, commercial paper, b a n k e r s a c c e p t a n c e s and other debt instruments. T h e d a t a 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 . All data on debt of d o m e s t i c nonfinancial s e c t o r s are p r e s e n t e d in m o n t h - a v e r a g e form, derived by averaging adjacent month-end levels. T h e s e data h a v e a l s o b e e n adjusted to r e m o v e statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt d a t a in this r e l e a s e differs, therefore, from t h e quarterly flow of funds 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 levels of credit market debt are m e a s u r e d on a quarter-end b a s i s and include 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-FEB. 7 14 21 28 1129.4 1130.7 1132.0 1133.2 1135.3 1136.7 1137.4 1138.6 1135.6 1139.0 1139.1 1140.6 3563.8 3564.6 3565.0 3565.6 3568.9 3567.7 3564.9 3564.7 3564.8 3568.9 3559.9 3565.2 4222.6 4222.1 4220.6 4219.1 4224.3 4217.3 4208.6 4201.9 4211.0 4206.9 4193.8 4196.0 MAR. 7 14 21 28 1134.3 1135.5 1136.6 1137.8 1139.8 1140.4 1141.5 1143.0 1140.4 1141.6 1143.3 1146.7 3566.7 3568.0 3569.6 3571.2 3567.1 3570.2 3576.2 3581.0 3574.2 3581.4 3583.8 3584.5 4217.9 4216.9 4216.4 4215.4 4199.7 4201.3 4207.3 4211.9 4202.0 4213.4 4217.8 4214.4 APR. 4 11 18 25p 1139.2 1140.3 1140.6 1140.6 1144.9 1145.4 1144.0 1141.4 1148.0 1143.7 1137.6 1136.4 3572.5 3574.7 3575.9 3576.8 3583.1 3586.6 3587.8 3587.4 3582.6 3595.3 3588.7 3582.9 4214.3 4213.8 4213.3 4212.3 4215.0 4217.6 4220.2 4220.5 4214.5 4223.7 4228.2 4215.6 2p 1140.8 1139.1 1138.7 3578.0 3587.1 3581.5 4211.2 4218.9 4208.0 3560 3552 3550 3552 .7 .7 .3 .6 3562.3 3559.3 3544.8 3543.9 4231.5 4229.0 4226.1 4223.3 4214.7 4202.7 4195.7 4192.7 4207.5 4202.5 4180.1 4180.7 MAY Not seasonally adjusted L-FEB. 7 14 28 1142.3 1141.5 1141.5 1140.9 1129 1123 1123 1124 .5 .8 .1 .7 1133.6 1127.7 1120.7 1116.7 3575 3573 3572 3572 MAR. 7 14 21 28 1140.3 1139.5 1137.6 1134.8 1126 1129 1130 1131 .8 .0 .9 .5 1142.0 1136.6 1128.2 1119.0 3 5 7 1 . .2 3 5 7 0 , .9 3 5 7 0 . .4 3 5 6 9 . .9 3 5 5 7 .7 3565 .0 3 5 7 3 ,.0 3 5 7 7 , .9 3582.8 3588.6 3576.7 3563.5 4220.6 4217.9 4215.7 4212.8 4193.6 4199.4 4207.6 4211.2 4211.0 4225.6 4213.1 4195.2 APR. 4 11 18 2 5p 1133.7 1133.4 1134.4 1135.2 1 1 3 5 , .7 1143..1 1152..1 1 1 5 5 . .7 1158.8 1166.4 1164.2 1133.5 3 5 7 0 , .4 3 5 7 2 , .5 3575. 0 3576. 6 3 5 8 3 . .4 3 5 9 5 . ,2 3606. 8 3609. 9 3604.8 3635.9 3622.9 3576.0 4212.0 4212.4 4213.2 4213.1 4216.1 4225.8 4237.5 4240.6 4230.4 4264.4 4259.9 4207.6 MAY 2p 1137.0 1149. 3 1133.2 3579 . 2 3600. 8 3568.4 4213.3 4231.8 4195.1 ¥ .0 .4 .5 .0 N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n 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 s u p p l y d a t a , w h i c h a r e highly volatile a n d s u b j e c t to revision, p preliminary d a t a . Page 4 H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Currency1 Date At commercial banks 4 Nontransactions components At thrift institutions5 Total In M26 In M3 only7 8.1 339.6 280.8 104.1 384.9 2484.3 674.0 1993-JAN. FEB. MAR. 294.5 297 .0 299 .3 8.0 8.0 8.0 341.9 342.7 344.3 283.5 283.8 284.9 105.0 103.9 103.6 388.6 387.7 388.5 2469.8 2458.8 2454.6 659.6 661.8 659.8 APR. MAY JUNE 301.8 304.4 307.2 8.1 8.1 8.0 349.0 358.8 362.2 284.2 290.3 292.4 104.1 106.1 106.8 388.2 396.4 399.2 2450.9 2454.1 2452.1 664.0 665.8 659.1 JULY AUG. SEP. 309 .7 312.4 315.4 7.9 7.8 7.8 366.4 370.9 375.4 294.8 295.9 297.8 108.0 108.3 108.8 402.8 404.2 406.6 2446.8 2440.4 2438.5 653.3 650.8 651.6 OCT. NOV. DEC. 317 .6 319.5 321.4 7.8 7.9 7.9 378.4 383.2 384.8 299.1 300.8 302.6 110.4 111.0 111.7 409.5 411.8 414.3 2431.7 2433.8 2434.7 655.5 656.7 661.7 1994-JAN. FEB. MAR. 325.2 329.2 332.4 7.9 7.9 8.0 388.3 390.3 390.0 300.4 299.2 300.0 111.6 112.0 112.0 412.0 411.2 411.9 2435.5 2426.1 2437.0 659.9 637.2 631.2 334.8 8.1 388.9 298.3 111.1 409.4 2446.5 632.1 331.2 331.7 332.3 334.0 7.9 8.0 8.0 388.4 390.2 391.0 391.5 300.2 299.5 299.9 300.7 112.6 112.3 112.0 112.4 412.8 411.7 411.9 413.1 2433.8 2439.7 2440.5 2437.8 627.8 632.0 634.0 629.9 333.7 334.0 334.3 335.3 8.1 8.1 e 8.1 e 8.1 e 393.8 391.2 386.9 386.0 301.7 298.5 297.4 296.5 110.7 111.8 110.9 110.4 412.4 410.4 408.4 406.9 2434.6 2451.6 2451.0 2446.5 631.9 628.5 639.6 632.7 33 6 . 4 8.1 e 384.6 298.1 111.4 409.6 2442.8 626.4 APR. MAY 7. Other checkable deposits 292.2 1994-MAR. 4. 5. 6. Demand deposits 3 1992-DEC. APR. p 1. 2. 3. Travelers checks 2 2p 8.1 Currency outside U.S. Treasury, Federal R e s e r v e Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s issued 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 commercial 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 the p r o c e s s of collection and Federal R e s e r v e float. C o n s i s t s of NOW and ATS 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. 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. S u m of overnight R P s and Eurodollars, m o n e y market fund b a l a n c e s (general p u r p o s e and broker/dealer), s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s ) and small time d e p o s i t s . This s u m is s e a s o n a l l y adjusted a s a w h o l e . 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 amount of overnight R P s a n d Eurodollars held by institution-only m o n e y market mutual f u n d s . This s u m is s e a s o n a l l y adjusted a s a whole. e FRASER estimated Digitized for D preliminary Page 5 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits 1 Date 1992-DBC. At commercial banks 754.6 At thrift institutions 429.0 1993-JAN. FEB. MAR. 754.1 757 .2 757 .2 APR. MAY JUNE 352.0 201.5 1183.6 429.8 426.5 425.3 1183.8 1183.7 1182.4 504.2 504.8 501.7 356.7 349.0 345.1 860.8 853 . 8 846.8 350.3 345.3 345.9 196.6 19 8 . 0 197.7 285.7 284.1 279.8 67.5 66.0 65.1 353.2 350.1 344.8 759.5 766.7 771.0 426.0 428.4 429.4 1185.5 1195.1 1200.4 496.6 491.9 487.5 342.8 340.5 336.3 839.4 832.4 823.9 345.9 348.5 347.5 196.3 198.0 194.7 283.6 283.6 280.9 65.3 64.7 64.4 348.8 348.2 345.3 JULY AUG. SEP. 771.7 775.4 778.0 430.4 430.5 430.4 1202.1 1205.9 1208.4 483.0 478.6 475.4 331.4 327.6 324.0 814.4 806.2 799 .4 346.6 345.5 345.0 192.6 190.1 190.8 277.4 277.8 276.6 64.5 63.9 63.8 341.8 341.6 340.4 OCT. NOV. DEC. 778.4 782.4 785.3 430.4 429 . 5 430.2 1208.8 1211.9 1215.5 472.4 469.5 468.5 321.0 318.5 314.3 793.5 788.0 782.8 344.4 347.0 348.8 194.3 194.8 197.0 277.9 275.9 277.0 63.7 63.5 61.8 341.6 339.4 338.9 1994-JAN. FEB. MAR. 790.1 791.1 790.3 430.2 429.7 431.6 1220.3 1220.9 1221.9 465.5 463.9 462.5 311.7 308.4 307.0 777.2 772.4 769.5 347.8 343.7 348.6 192.7 176.9 177.4 279.1 273.4 271.4 62.0 61.7 60.9 341.1 335.1 332.4 787.9 432.3 1220.2 461.7 306.2 767.9 361.9 177.0 269.5 61.2 330.7 791.3 792.9 790.2 788.9 431.0 431.4 432.0 432.3 1222.2 1224.2 1222.2 1221.2 462.9 462.6 462.6 462.2 307.4 307.2 307.1 306.7 770.3 769.8 769.7 768.8 346.3 349.2 349.7 348.3 176.4 174.9 180.9 175.8 271.9 271.8 272.9 271.3 61.0 60.8 60.9 60.8 333.0 332.7 333.8 332.1 4 11 18 25p 790.3 789.8 789.5 784.9 432.8 431.8 432.6 432.0 1223.1 1221.6 1222.0 1217.0 461.3 461.4 461.5 461.5 306.5 306.6 306.4 305.9 767.7 768.0 767.9 767.4 351.1 360.2 364.0 366.4 181.8 175.0 183.2 173.4 264.2 267.8 269.4 272.8 61.2 61.2 61.3 61.2 325.4 329.0 330.7 334.0 2p 784.8 432.7 1217.6 462.9 305.8 768.7 363.8 172.4 271.4 61.0 332.4 APR. MAY p 870.5 At commercial banks 4 292.8 Large-denomination time deposits 3 At thrift institutions 361.8 Week e n d i n g 1994-MAR. 7 14 21 28 3. 4. Institutiononly money market funds At commercial banks 508.7 APR. p 1. 2. General purpose and broker/dealer money market funds Small-denomination time deposits 2 Total Total At thrift institutions 67.5 Total 360.3 S a v i n g s d e p o s i t s include m o n e y market deposit 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 c i a l 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 facilities. 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 b y m o n e y m a r k e t 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 Page 6 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components 4 Non-M3 Components of L Date 19 92-DEC. 156.6 Short-term Treasury securities1 332.5 19 93-JAN. FEB. MAR. 158.7 160.8 162.4 337 .3 339 .3 338.4 20.6 20.0 19.4 361.0 359 . 4 361.5 3078.7 3090.8 3121.1 8679.8 8691.5 8701.1 APR. MAY JUNE 163 .6 164.7 165.9 341.8 343.4 344.2 19.3 19.2 18.5 367.1 371.8 370.9 3149.0 3175.8 3208.1 8720.0 8739.1 8771.6 JULY AUG. SEP. 167.1 168.2 169.2 341.9 341.7 326.3 17.4 16.5 16.4 370.4 379 . 5 378.4 3227.8 3252.2 3271.3 8809.9 8840.7 8874.4 OCT . NOV. DEC. 170.1 170.8 171.7 321.5 321.0 324.3 16.4 15.3 14.7 384.7 384.1 386.8 3266.4 3291.4 3327.9 8912.9 8946.0 8981.8 172.7 173.4 174.1 334.6 339.7 340.0 15.0 15.3 15.5 391.6 403.0 400.1 3335.6 3349.3 3374.7 9018.8 9050.9 9086.0 Savings bonds 199 4-JAN. FEB. MAR. p Commercial paper3 Federal debt Non-Federal debt Bankers acceptances 2 20.6 364.3 3068.4 8653.1 1. 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 Banks, m o n e y market 2. 3. 4. Net of bankers a c c e p t a n c e s held by a c c e p t i n g 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 funds. 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 averaging adjacent end-of-month levels, and h a v e 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, not seasonally adjusted Travelers checks 2 Demand deposits 3 19 92-DEC. 295, .0 7,.8 355, .1 284. .3 104. .6 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. .4 101. .5 103. .0 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 JULY AUG. SEP. 311, .0 312 ,.8 314, .8 8,.4 8 ,.4 8,.2 365, .9 367, .9 373 ,.1 OCT. NOV. DEC. 317 ,.3 319 ,.8 324 ,.9 8,.0 7,.7 7, .6 199 4-JAN. FEB. MAR. 324, .0 327 ,.3 330 ,.7 APR. p Week endincr 199 4-MAR. 7 14 21 28 1. 2. 3. Other checkable deposits Currency1 Date commercial ^AUhrift^ Nontransactions components Tota, Overnight RPs 8 . Overnight Eurodollars m M2* In M3 only' 388. .9 2 4 8 0 . .9 670. 5 59. 3 21.3 393. .8 385. .7 389. .5 2467 .,3 2 4 6 1 . ,2 2 4 6 4 . .1 654. 6 665. .2 661. ,5 60. 0 60. 7 62 .,7 17.8 17.0 16.1 107. .3 106. .2 107. .5 399 ,.2 393 ,.8 398 ,.0 2 4 5 6 . .4 2449 ..2 2 4 5 1 . .2 662 ..1 671. .2 659. .7 6 2 . .5 6 1 . .7 6 4 . .8 14.7 13.5 13.7 2 9 0 . .9 292 ..1 295, .0 108. .5 107. .7 108, .0 399 ,.3 399 ,.7 403 ,.0 2 4 4 5 . .2 2439 ..8 2 4 3 4 . .1 650. .1 654. .6 651. .2 67 ..7 6 7 . .4 7 0 . .4 13.5 14.7 14.9 381. .1 391, .1 402 ,.6 2 9 5 . .6 299 ..6 306. .3 109. .8 I l l , .4 112. .4 405, .3 410, .9 418, .6 2431. .3 2 4 3 5 . .3 2431. .9 652 ..0 659 ..6 658. .5 7 0 . .8 7 1 . .7 72 ..6 17.2 17.4 17.8 7 ..7 7 ..7 7. . 8 393, .1 380, .6 380, .7 306. .8 299. .6 301. .6 I l l , .2 109 ..5 I l l , .3 417 ,.9 409 . 1 412 ,.9 2 4 3 2 . .9 2427. .9 2445, .8 654. .1 640, . 1 632, .8 7 5 . .4 7 4 . .2 7 7 . .6 17.9 16.6 18.2 334, .4 7. .8 390 ,.3 306. .3 114, .4 420 .8 2451, .8 630, .5 77, .0 16.3 330, .5 330 ,.6 330 ..8 330, .8 7. .7 7..7 7 ,. 8 7 ..8 383 ..5 383, .9 378, .4 374, .0 306. .4 302 ..6 300 ,.6 297 ,.7 113, .9 111, .8 110, .6 108, .7 420 414 411 406 .3 .4 .2 .4 2440, .8 2452 .0 2448 .5 2444 .5 628 637 636 631 .2 .0 .4 .7 77 80 78 77 ,.5 .2 .5 .3 17.6 17.9 18.7 18.9 .2 .2 .0 .2 2446 2469 2458 2442 625 628 637 631 .6 .5 .0 .6 70 80 80 76 .9 .6 .4 .3 17.7 16.5 15.3 15.7 73 .2 16.9 . APR. 4 11 18 2 5p 333 ..8 335. .3 334. .1 333 ..4 7. . 8 7 ..8 e 7. .8 e 7. .8 e 395, .8 396, .0 395, .4 379, .1 306. .1 310, .3 311, .0 302 . 1 115 .2 117 .0 115, .9 111, . 1 421 427 427 413 MAY 2p 333 ..9 7 ..8 e 382 ..0 297 ..7 111, .9 409 .6 .0 .5 .7 .5 2435 .2 626 .7 Currency outside U.S. Treasury, Federal R e s e r v e Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. 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 commercial 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 a n d official institutions, l e s s c a s h items in the 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 NOW and ATS 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 NOW and ATS b a l a n c e s at thrifts, credit union share 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. S u m 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 amount of overnight R P s a n d 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 d e p o s i t o r institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign b r a n c h e s of U . S . b a n k s worldwide to U.S. residents other than depository institutions and m o n e y market mutual f u n d s (general p u r p o s e and broker/dealer). e estimated p preliminary Page8 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Small-denomination time deposits 2 Savings deposits 1 Date At thrift institutions 67.2 1181.1 869.0 350.2 200.4 At commercial banks 4 291.7 427.5 424.7 426.0 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 65.0 349.6 348.2 344.8 761.9 767.2 773.6 427.4 428.6 430.9 1189.3 1195.8 1204.5 496.1 490.7 487.1 342.4 339 . 7 336.0 838.5 830.5 823.0 351.4 347.7 345.2 195.6 199.7 191.0 282.7 285.8 282.8 65.1 65.2 64.8 347.8 351.0 347.6 JULY AUG. SEP. 773.6 776.0 776.7 431.4 430.8 429.7 1205.0 1206.9 1206.4 483.9 479.6 476.7 332.1 328.3 324.9 816.0 807.9 801.5 343.0 343.0 340.8 188.6 190.1 187.5 277.1 279.5 277.6 64.4 64.3 64.0 341.5 343.8 341.6 OCT. NOV. DEC. 777.7 784.0 783.9 430.0 430.4 429.4 1207.7 1214.4 1213.2 473.3 468.8 467.6 321.6 318.1 313.6 794.9 786.9 781.2 340.7 345.0 347.2 189.2 194.0 195.8 277.6 276.2 275.9 63.7 63.6 61.6 341.3 339.8 337.5 1994-JAN. FEB. MAR. 786,.1 7 8 7 . .7 7 9 1 . .3 4 2 8 . .0 4 2 7 . .9 4 3 2 . .2 1214..1 1 2 1 5 . .6 1 2 2 3 . .6 4 6 5 . .6 4 6 3 . .8 4 6 2 . .0 3 1 1 . .8 3 0 8 . .3 3 0 6 . .7 7 7 7 ..3 7 7 2 ..1 7 6 8 . .8 3 4 8 ..1 3 4 9 ..4 3 5 7 . .6 1 9 6 . .2 186..1 1 8 0 . .5 2 7 6 . ,1 2 7 1 . .8 2 7 1 . ,2 6 1 . .4 6 1 . .3 6 0 . .9 337.4 333.1 332.1 7 9 0 . .2 4 3 3 . .6 1 2 2 3 ..8 4 6 1 . .2 3 0 5 . .9 7 6 7 . .2 3 6 7 . .6 1 7 6 . .2 2 6 8 . .8 6 1 . .0 329.8 7 9 0 . .9 7 9 4 . .7 7 9 0 . .9 7 8 9 .2 4 3 0 . .8 432..4 4 3 2 . .5 432 .4 1 2 2 1 . .7 1227..1 1223..4 1221,.6 4 6 2 . .6 462..1 4 6 1 . .9 4 6 1 , .7 307..1 3 0 6 . .9 3 0 6 . .6 3 0 6 , .4 7 6 9 . .7 7 6 9 .0 768 .5 768 .1 3 5 4 . .3 3 5 7 ..8 3 5 9 . .3 3 5 8 .6 1 7 8 , .7 181,.5 184 .1 1 7 9 .7 2 7 1 . .6 272..1 2 7 2 . .2 2 7 1 , .2 6 1 . .0 6 0 . .9 6 0 . .8 6 0 , .8 332.6 333.0 333.0 331.9 4 11 18 25p 795..5 799.. 1 7 9 1 .9 782 .8 4 3 5 . .6 4 3 6 , .9 4 3 3 , .9 4 3 0 , .9 1231,.1 1 2 3 5 .9 1 2 2 5 .7 1 2 1 3 ,.7 461,.4 4 6 1 , .2 461..0 4 6 0 .9 3 0 6 , .6 306,.4 306 .1 305 .5 358 368 370 370 175 176 180 174 .9 .6 .8 .4 264,.1 267 .4 2 6 8 .2 2 7 1 .8 6 1 .2 61, . 1 61 .0 61 .0 325.3 328.5 329.2 332.7 2p 7 8 1 .6 4 3 0 , .9 1212 .5 462 .1 305 .3 172 .2 2 7 1 .0 60 .9 331.9 1992-DEC. 1993-JAN. FEB. MAR. 750.2 754.0 758.5 APR. MAY JUNE APR. MAY p Large-denomination time deposits 3 At thrift institutions 361.2 At thrift institutions 428.1 Week endincr 1994-MAR. 7 14 21 28 3. 4. Institutiononly money market funds At commercial banks 507.8 At commercial banks 752.9 APR. p 1. 2. General purpose and broker/dealer money market funds Total Total 768 767 * 767 766 .0 .6 .0 .3 767 .3 .4 .8 .2 .5 365 .3 S a v i n g s d e p o s i t s include m o n e y market deposit 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 c i a l 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 facilities. 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 b y m o n e y market mutual 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 358.9 Page 9 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Date At commercial banks At thrift institutions Total Term Eurodollars2 Savings bonds 19 92-DEC. 61.1 20.0 81.1 45.6 1993-JAN. FEB. MAR. 59.1 60.2 63.7 21.0 22.1 22.3 80.1 82.3 86.0 APR. MAY JUNE 65.9 66.6 70.2 22.9 23.2 22.6 JULY AUG. SEP. 72.7 71.9 71.1 OCT. NOV. DEC. 1994-JAN. FEB. MAR. APR. p Week e n d i n g 1994-MAR. 7 14 21 28 1. 2. 3. 4. 5. 6. Debt components 6 Non-M3 Components of L Term HPS' Bankers acceptances 4 Commercial paper5 156.4 Short-term Treasury securities3 345.3 21.4 366.3 3069.8 8653.5 43.5 46.7 49.8 158.6 161.0 162.9 343.0 340.5 341.9 21.4 20.2 18.9 367.7 359.1 361.6 3076.2 3087.3 3121.4 8668.8 8670.0 8677.2 88.9 89.8 92.8 48.7 48.7 45.5 164.2 165.2 166.1 333.4 335.2 338.5 18.7 19.1 18.5 369.7 366.7 369.5 3142.9 3161.1 3188.9 8698 . 8 8722.8 8757.4 23.7 24.2 24.5 96.4 96.0 95.6 41.9 44.1 45.2 167.0 167.8 168.7 337. 340. 324. 17 . 16 . 15. 367.3 374.6 380.2 3201.8 3229.4 3251.9 8796.1 8824.4 8860.3 70.2 69.3 70.3 24.0 24.7 25.0 94.2 94.0 95.3 44.9 48,5 45.7 169.6 170.6 171.4 319.6 328 . 8 336.8 16.3 15.7 15.3 385.2 385.6 389.3 3249.4 3287.0 3329.5 8899 . 9 8937.3 8980.1 65.7 63.4 66.7 25.5 25.9 25.1 91.2 89.3 91.9 44.5 47.2 44.8 172.6 173.7 174.6 p 340 . 0 341.0 343.8 p 15.7 15.6 15.1 p 398.9 402 . 0 400.2 3333.0 3345.4 3374.4 p 9007.0 9028.7 9062.8 p 69.4 25.1 94.5 46.0 63.9 67.9 66.0 66.8 25.5 25.3 25.3 24.8 89.3 93.3 91.3 91.6 43.7 45.4 44.9 45.2 APR. 4 11 18 2 5p 72.1 68.8 70.8 67.8 24.4 24.8 25.4 25.7 96.5 93.5 96.2 93.6 44.4 46.1 47.0 46.7 MAY 2p 68.3 24.9 93.2 45.0 Federal debt Non-Federal debt Term R P s are t h o s e with original maturities greater than o n e day, excluding continuing contracts and retail R P s . Term Eurodollars are t h o s e with original maturities greater than o n e day. C o n s i s t s of t h o s e i s s u e d to U.S. residents by foreign b r a n c h e s of U.S. b a n k s world-wide and by all banking offices in the United Kingdom and Canada. Excludes t h o s e held by depository institutions and m o n e y market mutual funds. C o n s i s t s of U.S. Treasury bills and coupons 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 Banks, m o n e y market mutual funds, and foreign entities. Net of bankers 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 funds. 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 average basis, derived by averaging adjacent end-of-month levels, and have b e e n 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 Foreign commercial banks Foreign official institutions Time and savings deposits due to foreign banks and official institutions 1992-DEC. 9 .0 1 .6 9 .6 5 .2 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. MAY 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 11. .5 11. .2 10. .8 OCT. NOV. DEC. 8. .3 8. .2 9. 2 1. 6 1. 8 1. 6 1994-JAN. FEB. MAR. 5 3 9 At commercial banks 14 .3 25 .5 2 .6 147 .2 124 .9 45.4 317.4 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 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. .8 118. . 1 117. .8 117. ,4 47.3 47.4 47.5 311.8 311.2 310.7 10. .7 10. ,8 10. 9 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. .6 2. ,7 2. 6 145. .2 144. .6 144. 2 117. ,6 e 1 1 8 . ,0 e 117. 5 e 48.1 e 49.1 e 49.8 e 310.9 e 311.7 e 311.4 e 1..6 1..5 1..6 11, .0 11. .0 11. .0 5 .7 4..2 4..3 7, .3 6,.3 5,.2 25. .2 27. .9 15. .7 38. .3 38. .4 25. .1 2.. 1 2. .5 2. .4 143, .9 143, .6 142, .7 116. .6 e 116. . 1 e 115. .5 e 50. .1 e 50. .7 e 51. .3 e 310. .6 e 310. .4 e 309. .6 e 4 1..6 11. .0 7. . 1 5..6 21. .1 33. .8 2. .0 142. .2 114. .8 e 52. .3 e 309. .2 e 8.0 7.9 7.8 7.9 1.5 1.6 1.7 1.8 11.0 11.0 11.0 11.0 4.5 3.9 5.8 3.4 5.1 4.9 5.7 4.6 15.9 6.5 19.6 20.0 25.6 15.2 31.1 28.0 2.5 2.5 2.4 2.3 4 8-3 1.5 11.0 5.3 6.3 17.0 28.6 1.9 1 1 9.4 7.9 1.5 1.7 11.0 11.0 3.9 14.0 4.3 4.8 9.2 10.5 17.4 29.3 1.0 1.0 Week e n d i n g 1994-MAR. 7 1 4 2 1 2 8 1 8 e p ,«« = Time and savings deposits at commercial banks APR. p MAY IRA and Keogh Accounts Total cash balance Date APR- U.S. government deposits • Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions " 2 5 P 8 -0 1.4 11.0 5.1 6.6 32.1 43.8 3.3 2 P S.L 1.8 11.0 6.3 6.5 40.5 53.3 3.2 estimated preliminary • institutions funds Total