Full text of H.6 Money Stock Measures : May 12, 1994

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

•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