Full text of H.6 Money Stock Measures : May 16, 1991

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FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
H.6 (508)
[Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MAY 16, 1991

Billions of dollars
Date

Ml 3

M22

M33

DEBT

Seasonally adjusted
1989-MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

776.8
774.3
779.3
779.9
781.8
787.9
788.9
793.6

3089 .4
3105 .0
3129 .4
3147 .3
3162.8
3183.0
3203.4
3223.1

3966.8
3982.8
4004.9
4012.4
4018.0
4027.5
4041.1
4055.2

4762.9
4783.4
4807.4
4826.1
4834.5
4851.7
4869.4
4889.9

9403.6
9457.9
9506.9
9570.7
9629.1
9689.0
9751.7
9790.4

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3295..4
3309..5
3321..5
324..5
324..7
3330..0

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.2
4103
4109
4109
4110
4114

4895.3
4902.9
4914.6
4920.5
4903.2
4922.8
4926.9
4935.4
4957.5
4955.8
4958.0
4961.3

9833.5
9895.4
9965.8
10023.3
10066.6
10122.2
10182.7
10254.3
10312.8
10352.8
10405.9
10448.5

1991-JAN.
FEB.
MAR.
APR. p

826.7
836.4
842.9
842.0

3333.0
3357.1
3378.1
3385.3

4126.8
4164.1
4173.7
4174.2

4979.3
5013.6
5018.7 p

10485.1
10537.0
10574.2 p

1989-MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

767.2
773.9
781.9
777.8
778.9
784.5
791.4
811.9

3071.
3099.
3133.
3147.
3158.
3180.8
3206.
3236.

3950.0
3978.4
4006.8
4016.6
4016.8
4025.2
4048.
4067.0

4749.5
4777.1
4800.3
4823.7
4833.5
4848.8
4874.9
4907.4

9358.0
9414.0
9460.2
9516.6
9578.3
9648.5
9719.2
9775.9

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

802.4
788.3
796.2
818.0
797.3
810.8
812.9
814.5
818.9
817.6
826.1
844.3

3244.5
3245.6
3267.7
3292.8
3262.8
3284.1
3298.6
3310.2
3316.8
3321.8
3328.3
3344.0

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108
4107
4106
4117
4126

4911.5
4893.9
4912.2
4930.3
4888.6
4914.1
4919.2
4933.6
4956.0
4951.6
4962.7
4979.6

9821.8
9862.6
9921.8
9977.5
10020.4
10078.3
10139.5
10205.2
10263.5
10313.4
10376.7
10435.9

1991-JAN.
FEB.
MAR.
APR. p

833.2
823.4
834.9
852.7

3343.3
3347.8
3377.4
3398.8

4132.9
4152.1
4173.0
4183.3

4995.2
5004.2
5016.8 p

10474.8
10505.7
10530.8 p

f

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt1

3 Months from JAN. 1991 TO APR. 1991

7.4

6.3

4.6

4.8

6 Months from OCT. 1990 TO APR. 1991

5.1

3.7

3.1

5.1

12 Months from APR. 1990 TO APR. 1991

4.2

3.2

2.2

6.1

Thirteen weeks ending MAY 6, 1991
from thirteen weeks ending:

FEB.

4, 1991 (13 weeks previous)

7.8

5.5

5.2

NOV.

5, 1990 (26 weeks previous)

5.2

3.4

3.1

7, 1990 (52 weeks previous)

4.5

3.2

2.3

MAY
1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
December 1990 to March 1991, September 1990 to March "
. . . 1990
1991, and. March
to March 1991, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions*
(2) travelers checks of nonbank issuers * (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NON) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits — including retail RPs — in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. residents at foreiqn branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-averaqe form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

1991-FEB. 11
18
25

826.6
827.8
828.7

831.5
834.7
836.1

M2
week
average

13-week
average

4-week
average

836.4
838.7
835.9

3332.9
3335.6
3338.2

3344.1
3350.1
3355.2

M3
week
average

13-week
average

4-week
average

3354.5
3359.2
3360.8

4123.0
4127.6
4132.0

4145.9
4155.6
4161.5

4162.8
4168.0
4168.4

week
average

MAR.

4
11
18
25

829.9
831.2
832.2
833.5

837.2
838.0
838.3
840.4

837.7
839.6
839.9
844.2

3341.3
3344.8
3348.5
3352.8

3360.3
3364.8
3369.7
3375.9

3366.7
3372.6
3378.8
3385.3

4136.7
4141.6
4146.3
4150.9

4167.6
4171.0
4173.8
4175.1

4171.2
4176.5
4178.9
4173.9

APR.

1
8
15
22
29p

835.4
836.7
838.4
839.6
840.3

843.9
844.5
845.5
844.7
841.7

851.8
841.9
843.9
841.0
839.9

3356.5
3361.3
3366.2
3370.1
3373.0

3379.8
3383.7
3386.6
3386.8
3385.5

3382.5
3388.0
3390.5
3386.2
3377.4

4154.8
4159.3
4165.1
4168.8
4170.1

4173.7
4172.7
4174.9
4176.0
4175.0

4165.4
4172.5
4187.6
4178.3
4161.4

6p

841.6

843.6

849.6

3376.5

3386.7

3392.6

4172.1

4175.1

4173.0

MAY

Not seasonally adjusted
M2

Ml

Period ending

13-week
average

4-week
average

1991-FEB. 11
18
25

834.6
834.2
833.7

822.2
821.4
822.8

week
average

13-week
average

4-week
average

828.6
824.0
814.0

3340.7
3342.0
3343.7

3337.3
3339.2
3345.2

M3
13-week
average

4-week
average

week
average

3349.7
3348.2
3343.7

4129.4
4132.2
4134.7

4137.9
4142.5
4149.0

4158.3
4154.1
4146.2

week
average

MAR.

4
11
18
25

834.4
834.2
833.5
831.9

824.6
826.9
829.1
831.9

831.7
837.9
832.6
825.2

3346.8
3349.3
3351.9
3354.5

3352.0
3359.2
3366.9
3373.9

3366.5
3378.2
3379.3
3371.4

4139.2
4142.9
4146.8
4150.2

4156.7
4161.9
4168.1
4172.5

4168.3
4179.1
4178.8
4163.7

APR.

1
8
15
22
29p

831.1
830.9
832.7
834.8
836.5

834.8
840.7
848.9
856.2
853.0

843.3
861.6
865.3
854.6
830.4

3357.1
3361.3
3366.3
3370.6
3373.9

3378.2
3389.0
3399.3
3405.6
3400.0

3384.0
3421.2
3420.6
3396.6
3361.6

4153.3
4158.2
4163.6
4167.0
4168.7

4172.7
4178.9
4187.2
4191.2
4184.6

4169.1
4204.0
4212.1
4179.5
4142.7

6p

838.3

849.6

848.1

3377.0

3389.6

3379.4

4170.4

4173.5

4159.6

MAY

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



H.6 (508)
Table 4

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

Other checkable deposits
Currency1

Travelers
checks2

Demand
deposits3

At
commercial
banks4

Total

In M 2 6

In M3
only7

General purpose
and broker/dealer
money market funds

1989-DEC.

222.2

7.4

278.7

197.6

87.6

285.2

2429.5

832.1

313.6

1990-JAN.
FEB.
MAR.

i
224.5
226.6
228.4

7.5
7.6
7.6

277.6
279.4
278.9

198.3
199.6
201.3

87.4
87.9
88.6

285.8
287.5
289.8

2438.2
2453.9
2465.0

827.8
818.2
807.6

318.4
324.2
325.9

APR.
MAY
JUNE

230.3
231.9
233.7

278.1
275.8
276.3

202.
203.
205.

88.
88.
88.

291.
292.
293.

2472.
2475.
2479.

802.8
799.9
795.2

327.0
325.3
327.5

JULY
AUG.
SEP.

235.7
238.4
241.5

275.
278.
279.

203.
204.
205.

87.
87.
87.

291.
292.
293.

2484.
2493.
2499.

793.8
793.9
787.5

329.2
335.8
339.3

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

277.
277.
276.

205.
207.
208.8

85.8
85.7
85.0

291.8
292.8
293.8

2503.
2501.
2504.

785.
785.
784.

341.8
343.0
347.7

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

8.4
8.2
8.1

272.9
276.2
277.2

209.2
211.4
214.5

84,
85,
86,

293.9
296.8
300.9

2506.3
2520.7
2535.2

793.
806.
795.

356.3
360.5
365.9

256.6

7.9

275.7

215.3

86.5

301.8

2543.3

788.9

366.8

256.0
256.3
256.9

275.
275.
277.

213.5
213.8
214.9

86.2
85.8
87.1

299.
299.
302.

2533.
2538.
2541.

803.
800.
788,

364.8
366.3
367.1

1
8
15
22
29p

257.9
255.9
256.2
256.6
257.6

283.1
277.3
277.8
274.3
272.7

215.7
214.8
215.9
214.9
215.4

86.
85,
86,
87.
86.

302.
300.
302.
302.
302.

2530.
2546.
2546.
2545.
2537.

782.
784.
797.
792.
784.

366.
367.
366.
366.
366.

6p

256.5

279.6

218.7

86.9

305.6

2543.0

780.5

366.9

Date

APR. P

At
thrift
institutions5

Week endiing
1991-MAR. 11
18
25
APR.

MAY

1.
2.

8.0

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e--indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Table 4-continued

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

At
At
thrift
commercial
institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits 1

Money market deposit accounts

At
At
commerciail _ thrift
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At
At
thrift
commercial
institutions
banks 4

Total

1989-DEC.

353.0

133.1

486.1

187.7

216.4

404.1

531.4

614.5

1145.9

401.9

161.6

563.5

1990-JAN.
FEB.
MAR.

355.3
358.1
360.9

132.8
133.8
134.8

488.2
491.8
495.7

189.6
191.4
192.1

216.4
217.3
218.2

406.0
408.7
410.2

532.8
536.9
540.7

613.7
609.9
609.3

1146.5
1146.8
1149.9

401.1
400.4
399.2

158.9
154.5
150.1

560.0
554.9
549.3

APR.
MAY
JUNE

364.4
366.1
369.6

134.9
134.3
132.6

499.3
500.5
502.3

192.3
192.7
194.0

219.1
218.6
217.8

411.5
411.3
411.8

544.4
553.4
563.8

607.8
600.2
590.8

1152.2
1153.5
1154.6

396.8
397.5
397.7

146.9
143.0
140.3

543.7
540.5
538.0

JULY
AUG.
SEP.

371.8
374.7
376.1

131.6
131.2
131.3

503.4
505.9
507.4

195.2
195.9
196.5

217.5
216.8
215.8

412.7
412.7
412.3

571.6
574.9
579.4

585.2
583.4
580.7

1156.8
1158.3
1160.1

398.7
395.8
390.9

136.4
133.4
131.0

535.0
529.2
521.9

OCT.
NOV.
DEC.

376.7
377.4
378.4

130.0
129.4
127.6

506.7
506.8
505.9

197.7
198.2
199.4

213.9
212.9
211.4

411.5
411.1
410.8

588.1
589.5
598.1

573.3
572.3
566.1

1161.4
1161.8
1164.2

386.8
387.4
386.1

128.3
125.1
121.0

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

377.6
383.1
388.8

127.4
128.3
130.2

505.1
511.4
518.9

201.4
203.3
205.9

210.6
212.3
214.8

412.0
415.5
420.8

601.7
605.7
608.0

561.4
556.5
549.7

1163.1
1162.2
1157.7

393.8
400.9
399.7

118.0
114.9
111.6

511.7
515.8
511.2

393.5

132.8

526.3

208.9

218.5

427.5

604.6

544.4

1149.0

397.4

108.7

506.0

387.2
389.8
389.8

129.
130.
130.

516.8
520.1
520.3

204.9
205.8
206.5

214.0
214.8
215.4

418,
420,
421,

608.
608.
608.

551.8
550
548.

1160.
1158.
1156.

401.
401.
398.

112,
111,
110,

513.
513.
509.

1
8
15
22
29p

390.4
391.7
394.4
393.6
394.3

131.1
131.9
132.4
132.8
133.7

521.4
523.6
526.9
526.4
528.0

207.1
208.0
208.6
209.3
210.0

216,
217,
218,
219,
219,

423,
425,
426.
428.
429.

606.
605.
605.
604.
603.

546.8
546.8
545.6
543.8
542.1

1152.
1152.
1150.
1148.
1145.

394.9
396.8
397.7
398.1
397.2

111.
110.
109.
108.
106,

506.
507.
507.
506.
503.

6p

397.0

135.1

532.1

210.3

220.7

431.0

603.1

540.7

1143.8

396.8

106.0

502.8

APR. p
Neek ending
1991-MAR. 11
18
25
APR.

MAY

1.
2.

Savings deposits exclude MMDAs.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities,
4.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
-indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components4

Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper 3

Federal
debt

Non-Federal

debt

1989-DEC.

101.9

117.5

327.4

40.7

349.2

2268.1

7522.3

1990-JAN.
FEB.
MAR.

102.5
103.4
105.2

117.9
118.4
119.2

330.7
327.3
336.9

40.3
38.5
37.2

345.0
345.6
344.1

2275.8
2291.6
2316.1

7557.6
7603.8
7649.7

APR.
MAY
JUNE

106.9
107.6
108.1

119.9
120.7
121.4

329.9
315.4
331.7

36.0
35.4
34.7

351.9
349.1
349.1

2330.6
2345.1
2374.2

7692.7
7721.6
7748.0

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

334.3
329.8
333.8

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7781.1
7814.8
7850.9

OCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0

330.4
329.8
327.1

32.6
34.0
34.7

358.8
359.0
359.4

2473.4
2505.4
2532.8

7879.4
7900.5
7915.7

1991-JAN.
FEB.
MAR.

130.1
139.3
142.0

126.7
127.8
128.9 p

326.4
330.5
331.0 p

36.0
35.2
32.5 p

363.4
356.1
352.6 p

2555.9
2586.6
2598.6 p

7929.2
7950.4
7975.7 p

APR. P

145.6

Neek endii*»g
1991-MAR. 11
18
25
APR.

MAY

141.4
143.2
142.4

1
8
15
22
29p

141.2
140.7
148.6
146.6
146.9

6p

145.5

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




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of

dollars>

not

seasonally

adjusted

Other checkable

At
Travelers
Demand 3 commercial
2
Currency checks deposits
banks*
1

Date

deposits

At
thrift
institutions5

Nontransactions
components

Total

In M2

6

In M3
only7

Overnight
RPs*

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1989-DEC.

225.3

6.9

291.5

200.2

88.0

288.2

2424.7

830.4

63.1

14.3

313.5

1990-JAN.
FEB.
MAR.

223.0
224.4
227.1

7.0
7.2
7.3

282.8
271.3
271.6

202.6
199.7
202.4

87.0
85.8
87.8

289.6
285.5
290.1

2442.1
2457.2
2471.5

823.3
816.0
808.1

64.6
67.5
67.0

16.9
14.9
14.9

318.5
327.8
331.6

APR.
MAY
JUNE

229.6
231.8
234.9

7.3
7.5
8.1

280.0
268.9
275.2

209.6
200.9
204.0

91.5
88.2
88.7

301.1
289.1
292.7

2474.8
2465.5
2473.3

798.0
801.5
796.7

64.3
66.7
66.9

15.1
16.5
15.5

330.
321.
322.

JULY
AUG.
SEP.

237.3
239.4
241.0

8.6
8.9
8.8

277.3
276.8
278.2

201.4
201.8
203.9

88.2
87.6
87.1

289.7
289.4
291.1

2485.7
2495.7
2497.8

792.9
798.1
790.4

68.2
67.5
65.0

15.8
15.2
16.4

325.0
334.6
339.2

OCT.
NOV.
DEC.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

203.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.2
2502.2
2499.8

784.8
788.8
782.2

66.0
60.4
54.7

17.5
17.3
19.4

341.3
344.5
347.8

1991-JAN.
FEB.
MAR.

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.1
270.1

213.7
211.5
215.8

84.2
83.3
85.7

297.9
294.8
301.4

2510.1
2524.5
2542.4

789.6
804.3
795.7

52.0
52.0
50.1

19.7
19.1
20.5

356.6
364.7
372.5

256.0

7.5

277.6

222.6

89.1

311.6

2546.1

784.5

50.7

19.8

371.2

11
18
25

256.2
255.4
254.8

7.8
7.8
7.8

270.2
269.7
264.8

217.2
214.7
213.5

86.5
85.0
84.2

303.7
299.7
297.8

2540.3
2546.7
2546.2

800.9
799.4
792.3

50.1
50.9
51.3

20.1
21.6
21.4

371,
373,
374.

1
8
15
22
29p

255.3
257.7
256.7
255.7
254.4

7.8
7.6
7.5
7.4
7.3

277.8
281.1
284.1
276.7
267.9

215.9
224.2
226.6
225.5
215.1

86.5
91.0
90.5
89.3
85.7

302.4
315.2
317.0
314.9
300.8

2540.8
2559.6
2555.3
2542.0
2531.2

785.1
782.8
791.5
782.9
781.1

46.6
54.1
50.4
49.9
49.2

18.8
19.9
19.6
20.1
20.0

372.
373.
373,
371.
366,

6p

257.3

7.6

274.0

219.0

90.1

309.1

2531.3

780.2

50.5

17.2

363.1

APR. P
Meek

ending

1991-MAR.

APR.

MAY

1.
2.

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions* less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOW and ATS balances at commercial banks* U.S. branches and agencies of foreign banks* and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars* money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits* term RPs and Eurodollars of U.S. residents* money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-onlyraoneymarket 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 money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table 5-continued

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

At
At
commercial
thrift
banks
institutions

Date

Total

Small-denomination time deposits 2

Savings deposits 1

Money market deposit accounts

At
A*
thrift
commerciail
banks
institutions

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At m
At
commercial
thrift
banks 4
institutions

Total

1989-DEC.

356.5

133.7

490.2

186.4

214.2

400.6

529.2

613.8

1143.0

400.4

162.6

562.9

1990-JAN.
FEB.
MAR.

357.8
359.2
362.8

133.8
134.2
135.5

491.5
493.4
498.3

188.1
189.7
191.9

214.7
215.4
218.0

402.9
405.1
410.0

533.4
537.8
540.6

614.4
610.8
609.2

1147.8
1148.6
1149.7

399.5
399.2
399.1

158.3
154.1
150.0

557.8
553.3
549.1

APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.4
407.3

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

1991-JAN.
FEB.
MAR.

380.5
384.6
390.9

128.4
128.8
130.9

508.9
513.3
521.8

199.9
201.6
205.9

209.0
210.5
214.8

409.0
412.0
420.7

602.1
606.3
607.6

561.8
557.0
549.3

1163.9
1163.3
1156.9

392.2
399.5
399.2

117.5
114.5
111.4

509.6
513.9
510.6

393.7

132.8

526.6

209.6

219.2

428.7

604.7

544.4

1149.1

395.1

108.1

503.2

390.1
392.3
391.5

130,
131,
131,

520.
523.
522.

204.7
205.8
206.5

213.8
214.9
215.3

418,
420
421.9

608.2
607.8
607.2

551,
549,
547.

1159.
1157.
1154.

401.0
400.8
398.6

111.8
111.4
110.7

512.
512.
509.

1
8
15
22
29p

392.3
395.7
397.7
392.3
389.7

131.
133.
133.
132.
132.

524.
529.
531.
524.
521.

208.
210.
209.
208.
209.

217.
220.
219.
218.
218.

425.1
430.3
429.7
427.6
427.6

606,
605.
604.9
604,
603

547,
547.
545.
543.
542.

1153.
1153.
1150.
1148.
1145.

394.9
395.9
395.5
394.8
394.4

111
110,
108,
107,
106

505.
506.
504.
502.
500.

6p

392.0

133.4

525.5

210.5

220.9

431.4

603.0

540.6

1143.6

394.6

105.5

500.1

APR. p
Neek ending
1991-MAR. 11
18
25
APR.

MAY

1.
2.

Savings deposits exclude MMDAs.
Small-denomination time deposits — including retail RPs--are those issued in amounts of less than $100>000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p--indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs *
At
InstitutionAt
thrift
only money commercial
banks
institutions
funds

i
market

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3'

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1989-DEC.

102.8

47.0

51.8

98.8

81.0

117.3

336.7

41.7

344.7

2265.9

7509.9

1990-JAN.
FEB.
MAR.

105.9
107.1
106.8

47.9
51.6
50.1

49.6
48.9
48.3

97.5
100.5
98.4

74.2
68.4
66.7

118.0
118.5
119.4

338.0
328.8
337.2

40.4
37.5
36.1

347.3
347.6
343.8

2277.5
2295.0
2319.2

7544.4
7567.6
7602.7

APR.
MAY
JUNE

105.9
106.8
106.2

49.5
50.1
53.4

48.7
49.2
48.9

98.2
99.3
102.2

65.3
67.1
64.4

120.2
120.9
121.6

328.6
310.6
321.4

35.3
35.2
34.9

355.4
357.6
355.4

2331.0
2339.7
2363.0

7646.6
7680.7
7715.3

JULY
AUG.
SEP.

108.3
113.1
113.4

53.5
55.5
51.7

47.0
46.5
46.6

100.5
102.0
98.3

65.1
68.3
70.0

122.2
122.8
123.5

324.2
325.1
336.2

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.7
7782.9
7819.0

OCT.
NOV.
DEC.

117.1
121.2
127.0

50.7
52.3
47.6

44.9
43.4
42.5

95.6
95.7
90.2

70.2
70.0
71.4

124.2
125.0
125.8

335.0
335.8
336.9

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7854.1
7877.9
7903.8

1991-JAN.
FEB.
MAR.

134.8
144.0
143.9

46.4
46.5
45.2

42.1
41.0
39.2

88.5
87.6
84.4

72.0
73.0
71.9

126.8
127.9
129.1 p

333.8
331.7
331.0 p

36.1
34.3
31.5 p

365.7
358.2
352.2 p

2557.8
2591.0
2603.3 p

7917.1
7914.7
7927.5 p

144.1

45.6

37.8

83.4

69.0

143.7
144.4
143.9

45.5
45.4
44.8

40.4
39.5
39.3

85.9
84.8
84.1

73.4
72.9
70.3

1
8
15
22
29p

142.8
140.6
147.7
143.6
145.0

45.6
44.8
46.1
45.3
46.0

36.7
38.3
38.1
37.5
37.4

82.3
83.1
84.2
82.8
83.4

69.8
67.9
70.6
69.7
67.8

6p

142.8

46.0

37.9

83.9

66.9

APR. P
Neek ending
1991-MAR. 11
18
25
APR.

MAY

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




H.6 (508)
Table 6

MEMORANDUM ITEMS

10

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

Foreign
Foreign
official
<commercial
institutions
banks

Date

U.S. government depos;its
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
at commercial commercia 1 . thrift
banks
banks
institutions

At
money
market
funds

Total

1989-DEC.

9.5

1.6

3.3

5.2

4.8

14.4

24.5

1.3

108.7

133.3

29.9

271.8

1990-JAN.
FEB.
MAR.

9.7
9.0
9.0

1.6
1.6
1.6

3.4
3.4
3.4

4.4
3.5
3.6

6.0
6.2
5.3

18.8
18.5
13.1

29.1
28.2
22.0

1.3
1.3
1.3

110.3
111.9
113.3

133.9
133.9
133.9

31.4
33.0
33.6

275.7
278.9
280.8

APR.
MAY
JUNE

9.2
9.4
9.1

1.5
1.7
1.5

3.4
3.4
3.3

5.1
3.4
5.5

4.4
5.1
5.0

14.9
21.8
15.4

24.4
30.3
25.9

1.3
1.3
1.2

115.6
117.7
119.5

134.0
133.8
133.6

34.0
34.2
34.3

283.6
285.8
287.4

JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

3.4
3.8
5.1

5.4
5.4
6.4

11.9
19.7
25.9

20.6
28.9
37.5

1.3
1.4
1.2

121.1
122.6
124.4

133.5
133.1
132.5

34.4
35.2
36.9

289.0
291.0
293.8

OCT.
NOV.
DEC.

9.0
8.9
8.8

1.5
1.4
1.4

3.6
3.3
3.2

3.5
3.7
5.0

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

1.4
1.4
1.4

126.8
128.6
130.3

132.0
131.5
130.7

37.7
38.1 e
38.4 e

296.5
298.1 e
299.4 e

1991-JAN.
FEB.
MAR.

9.2
8.2
8.1

1.5
1.5
1.4

3.3
3.3
3.3

4.9
4.2
5.1

7.8
11.5
6.8

24.5
35.1
23.3

37.2
50.8
35.1

1.4
1.3
1.3

132.1
133.6
135.3

131.2
131.0
131.1 e

39.1 e
39.7 e
40.4 e

302.4 e
304.3 e
306.7 e

8.6

1.4

3.3

5.3

4.7

15.0

25.0

1.3

137.0

131.6 e

40.9 e

309.5 e

8.0
8.3
7.7

1.3
1.5
1.6

3.3
3.2
3.3

3.4
8.6
3.1

6.2
4.5
6.2

21.9
19.0
24.2

31.6
32.2
33.6

1.3
1.3
1.3

1
8
15
22
29p

8.5
9.5
8.0
8.6
8.2

1.3
1.3
1.4
1.4
1.5

3.3
3.3
3.2
3.2
3.3

4.4
3.5
6.5
6.3
5.1

8.7
4.9
4.0
5.2
3.9

21.8
10.7
2.5
17.5
26.2

34.9
19.0
13.0
29.1
35.1

1.3
1.3
1.3
1.3
1.3

6p

8.7

1.5

3.3

4.6

7.0

30.9

42.5

1.5

APR. P
Week ending
1991-MAR. 11
18
25
APR.

MAY

e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits
March 27,1991 and April 24,19911
(not seasonally adjusted)

Insured Commercial Banks
Average Rate Paid (%)
Amount Outstanding ($mil)
Change

(percent)

March 27

April 24

4.81

4.77

Change
(b.p.)

Liability Categories

March 27

April 24

NOW Accounts

211,599

214,689

1.46

Personal

275,976

274,524

-0.53

5.58

5.47

-11

Nonpersonal

113,263

113,962

0.62

5.58

5.47

-11

204,653

207,399

1.34

5.31

5.23

-8

55,077

54,536

-0.98

6.08

5.89

-19

Money market deposit accounts

Savings deposits
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:
7 to 91 days
92 to 182 days

171,981

170,159

-1.06

6.28

6.11

-17

183 days to 1 year

219.797

219,261

-0.24

6.53

6.39

-14

1 to 2-1/2 years

155,369

156,734

0.88

6.73

6.63

-10

140,419

141,308

0.63

7.04

6.95

-9

135,986

138,079

1.54

N.A.

N.A.

2-1/2 years and over
All IRA/Keogh Plan deposits

2

N.A.

FDIC-insured Savings Banks 3
Liability Categories
NOW Accounts

Amount Outstanding ($mil)
Change
March 27
April 24
(percent)

Average Rate Paid (%)
March 27

April 24

Change
(b.p.)

8,533

8.729

2.30

5.32

5.34

24,350

24.289

-0.25

6.08

5.95

-13

1.691

1.716

1.48

5.94

5.85

-9

40,517

41,067

1.36

5.60

5.60

0

6,361

6.355

-0.09

6.62

6.36

-26

92 to 182 days

26,145

26.226

0.31

6.69

6.56

-13

183 days to 1 year

38.690

38.316

-0.97

7.03

6.81

-22

1 to 2-1/2 years

25.607

25.643

0.14

7.22

7.05

-17

2-1/2 years and over

20.006

19.634

-1.86

7.57

7.49

-8

24.270

24.538

1.10

N.A.

N.A.

Money market deposit accounts
Personal
Nonpersonal
Savings deposits
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:
7 to 91 days

All IRA/Keogh Plan deposits 2

N.A.

N.A. — data are not available
NOTE: Data for earlier month may show revisions.
1.
Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 500 commercial banks and
80 savings banks. All rates are expressed as annual effective yields.
2.
Total IRA and Keogli Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3.
FDIC-insured savings banks include both mutual and federal savings banks.