Full text of H.6 Money Stock Measures : May 18, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

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

Billions of dollars

Date

MAY 18, 1 9 9 5

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1993-MAY
JUNE
JULY
AUG.
SEP.
OCT.

NOV.
DEC.

1994-JAN.
FEB.

MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.

NOV.
DEC.

1995-JAN.
FEB.

MAR.
APR. p

1067.2
1076.3
1085.2
1095.1
1104.7
1113.5
1122 . 4
1128.6

3530
3540
3543
3549
3559
3564
3576
3583

1132.5
1137.0
1141.1
1142.8
1143 .5
1147 . 0
1152.2
1150.8
1151.0
1148.1
1147.5
1147.8
1148.8
1147.1
1147.9
1149.7

.6
.2
.6
.3
.1
.4
.7
.6

4202
4204
4202
4205
4214
4222
4234
4242

.0
.6
.3
.5
.2
.7
.4
.5

5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

11949 . 0
12007 .2
12064 .0
12122 .0
12175 . 1
12211 .5
1 2 2 6 8 .4
1 2 3 3 5 , .3

3589 . 1
3 5 8 6 , ,2
3 5 9 7 . .4
3 6 0 5 . .3
3608 . 4
3 6 0 5 , .2
3 6 1 6 . .2
3 6 1 4 , .2
3 6 1 3 . .3
3 6 0 9 . ,0
3 6 1 0 . .3
3 6 1 5 . .0

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

5165.5
5162.8
5165.7
5181.3
5188.5
5185.1
5208.4
5208.1
5211.9
5231.6
5244.9
5293.9

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

3 6 2 6 . ,5
3 6 2 2 . .3
3 6 3 0 ,. 1
3642 ,.6

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

5326.6
5375.1
5425.5 p

1 3 0 2 1 . ,9
13096. 8
13154. 9 p

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

1057.2
1072.2
1083.6
1088 . 6
1099.3
1112 . 1
1129.5
1153.7

3517.8
3535.4
3541.6
3542.3
3548.4
3561.3
3584.2
3606.1

4191.3
4198.6
4195.7
4200.1
4201.9
4217.2
4246.7
4266.3

5078.9
5093.4
5087.3
5101.3
5092.6
5110.2
5151.2
5184.9

11886.5
11962.4
12020.5
12072.7
12134.3
12173.1
12241.3
12327.4

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

1142.3
1124.2
1131.4
1152.7
1132.5
1142.3
1150.9
1143.9
1146.1
1147.3
1155.3
1173.5

3595.6
3573.3
3596.1
3622.6
3595.6
3600.3
3615.0
3606.7
3602.7
3606.1
3618.6
3638.5

4254.9
4221.9
4238.3
4264.3
4240.5
4250.2
4267.5
4266.3
4266.0
4280.1
4305.8
4330.5

5187.2
5155.6
5166.1
5193.3
5168.3
5173.8
5196.0
5196.9
5192.8
5222.9
5267.0
5331.6

12383.7
12417.3
12458.6
12489.4
12523.8
12594.4
12640.7
12690.3
12756.3
12816.0
12890.3
12956.8

1995-JAN.
FEB.
MAR.
APR. p

1158.5
1134.2
1138.0
1158.7

3633.0
3608.6
3628.1
3658.9

4337.0
4323.9
4352.1
4390.3

5349.7
5366.9
5424.9 p

12996.6
13043.9
13106.6 p

Footnotes a p p e a r on t h e following p a g e
p

preliminary




Table 2

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

M2

M3

DEBT1

3 Months f r o m JAN. 1 9 9 5 TO APR. 19 95

0.3

1. 8

4.7

5.9

6 Months f r o m OCT. 1994 TO APR. 1995

0.3

1.9

4.4

5.5

12 M o n t h s f r o m APR. 1994 TO APR. 1995

0.6

1.0

3.0

5.3

-0.2

1.6

4.7

T h i r t e e n w e e k s e n d i n g MAY 8 , 1995
from t h i r t e e n weeks e n d i n g :
FEB•
6/ 1 9 9 5 (13 w e e k s p r e v i o u s )

1.

NOV.

7,

1994

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

-0.3

1.2

3.8

MAY

9,

1994

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

0.6

1.0

2.8

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1994 to March 1995, September 1994 to March 1995,
and March 1 9 9 4 to March 1 9 9 5 , 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 o u t s i d e the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank i s s u e r s ; (3) d e m a n d
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. 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; and (4) other c h e c k a b l e d e p o s i t s (OCDs), 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 d e p o s i t o r institutions and overnight Eurodollars i s s u e d to U.S. r e s i d e n t s by foreign b r a n c h e s of
U.S. banks worldwide, 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 accounts), small-denomination time d e p o s i t s (time d e p o s i t s — i n c l u d i n g 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 and t a x - e x e m p t general p u r p o s e and broker/dealer m o n e y market mutual funds. E x c l u d e s individual retirement a c c o u n t
(IRA) and K e o g h b a l a n c e s at depository institutions and m o n e y market funds. Also e x c l u d e s all b a l a n c e s held by U.S. commercial banks, m o n e y market f u n d s (general
purpose 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 nent 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 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. r e s i d e n t s at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking o f f i c e s in the United Kingdom and C a n a d a , and b a l a n c e s in both 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 estimated amount of overnight R P s and Eurodollars held 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 bankers 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: The debt a g g r e g a t e is the outstanding credit market debt of the d o m e s t i c nonfinancial s e c t o r s — t h e federal sector (U.S. g o v e r n m e n t , not including g o v e r n m e n t s p o n s o r e d enterprises or federally related mortgage pools) and the nonfederal s e c t o r s (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of m o r t g a g e s , tax-exempt and corporate b o n d s , c o n s u m e r credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal R e s e r v e Board's flow of f u n d s a c c o u n t s , are break-adjusted (that is, discontinuities in
the data h a v e b e e n s m o o t h e d into the s e r i e s ) and m o n t h - a v e r a g e d (that is, the data h a v e b e e n derived by averaging adjacent month-end levels). T h e presentation of the
debt data in this r e l e a s e differ, therefore, from the quarterly flow of f u n d s statistics contained in the Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
levels of credit market debt are m e a s u r e d on a quarter-end b a s i s and contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending
1 9 9 5 - F E B . 13
20
27

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

1148.6
1148.3
1148.1

1148.3
1147.4
1147.2

1146.8
1145.5
1146.2

3620.5
3620.9
3621.3

3625.1
3623.0
3622.8

3622.5
3619.5
3621.3

4314.5
4317.4
4321.3

4332.4
4331.8
4335.0

4331.1
4331.2
4345.4

MAR.

6
13
20
27

1147.8
1147.7
1147 . 9
1148.2

1146.4
1146.5
1147.9
1148.8

1147.2
1147.2
1150.8
1150.0

3621.3
3622.2
3624.0
3625.6

3620.1
3620.7
3625.2
3629.9

3617.1
3625.0
3637.3
3640.1

4324.6
4328.3
4332.5
4337.2

4337.4
4342.0
4349.5
4356.1

4342.0
4349.3
4361.1
4371.8

APR.

3
10
17
24

1148.2
1148.2
1148.1
1148.1

1148.2
1148.9
1148.7
1148.7

1144.7
1150.2
1150.0
1149.7

3626.6
3627.9
3628.5
3629.9

3633.9
3637.8
3637.4
3639.1

3633.2
3640.5
3635.7
3646.9

4340.7
4344.9
4348.6
4352.7

4359.5
4364.1
4368.2
4372.0

4355.7
4367.9
4377.3
4386.9

1148.3
1147.7

1149.8
1148.0

1149.4
1142.9

3632.1
3633.7

3643.5
3645.5

3650.9
3648.4

4357.3
4362.0

4381.1
4387.7

4392.4
4394.3

MAY

IP
8p

Not seasonally adjusted
1 9 9 5 - F E B . 13
20
27

1160.1
1158.3
1156.2

1137.5
1134.2
1134.1

1137.4
1129.7
1121.9

3629.7
3628.2
3627.3

3610.3
3606.9
3608.6

3612,
3604,
3596,

4327.5
4328.3
4330.1

4323.3
4320.4
4323.5

4326.6
4317.3
4322.3

MAR.

6
13
20
27

1154.4
1152 . 4
1149.8
1146.3

1134.3
1136.0
1138.0
1138.5

1148.2
1144.3
1137.6
1123.7

3625.9
3625.3
3625.2
3624.6

3609.1
3613.8
3620.5
3626.5

3622.
3631.
3631.
3620.

4331.7
4333.2
4335.1
4337.2

4327.3
4334.8
4344.4
4351.3

4343.1
4356.4
4355.6
4350.2

APR.

3
10
17
24

1143 .4
1141.8
1142 . 0
1142 . 5

1137.8
1144.5
1153.6
1160.2

1145.6
1171.0
1174.2
1149.8

3624.3
3625.1
3626.8
3629.0

3632,
3645.
3655 ,
3661.

3647.1
3681.2
3672.2
3646.0

4339.3
4343.0
4347.1
4351.2

4355.9
4367.4
4381.3
4389.2

4361.2
4402.4
4411.4
4381.6

1143.7
1143.4

1158.1
1151.2

1137.4
1143.5

3632.3
3634.2

3658,
3649.

3632.9
3645.0

4355.9
4360.7

4391.5
4388.5

4370.5
4390.4

MAY

IP
8p

N o t e . S p e c i a l caution should b e taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4

H.6 (508)
Table 4

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

Date

At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only 7

7.9

383.9

303.0

111.7

414.7

2455.0

658.9

1994-JAN.
FEB.
MAR.

325.4
328.9
332.0

8.0
8.0
8.0

386.9
388.6
388.6

300.3
299.0
299.7

112.0
112.6
112.8

412.3
411.6
412.5

2456.7
2449.1
2456.3

656.9
645.9
643.3

APR.
MAY
JUNE

334.5
337.3
340.0

8.1
8.1

8.2

388.1
385.6
386.3

299.1
300.5
301.0

112.9
112.0
111.5

412.0
412.4
412.5

2462.6
2464.9
2458.2

645.6
643.1
651.4

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388.0
386.6
386.5

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2464.0
2463.4
2462.3

657.6
658.5
665.1

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.4
382.3
382.0

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2460.9
2462.8
2467.1

675.9
681.1
689.5

1995-JAN.
FEB.
MAR.

357.7
358.8
362.5

8.4
8.4
8.8

383.4
384.0
383.2

295.1
291.8
289.3

104.2
104.1
104.0

399.3
395.9
393.3

2477.7
2475.2
2482.2

700.9
712.8
726.1

APR.

365.7

9.2

381.2

289.6

104.0

393.6

2492.9

736.0

361.8
363.4
364.1

8.6
8.8
9.0

383.8
385.2
384.1

289.7
289.5
289.2

103.3
103.9
103.6

393.0
393.5
392.9

2477.9
2486.4
2490.1

724.3
723.9
731.7

364.0
364.4
365.3
366.6

9.1
9.1
9.2
9.2

379.5
382.9
383.2
380.0

288.9
290.7
289.7
289.2

103.3
103.1
102.6
104.7

392.2
393.8
392.4
393.9

2488
2490
2485
2497

722.5
727.4
741.6
740.0

367.4
367.1

9.2
9.2

379.0
377.7

288.0
284.9

105.8
104.0

393.8
388.9

2501.5
2505.5

741.5
745.9

MAY

7.

Nontransactions components

Other checkable deposits

322.1

APR.

4.
5.
6.

Demand deposits 3

1993-DEC.

Week e n d i n g
1995-MAR. 13
20
27

1.
2.
3.

Travelers checks 2

3
10
17
24
IP
8p

Currency o u t s i d e U.S. Treasury, Federal R e s e r v e B a n k s and t h e vaults of depository institutions.
Outstanding a m o u n t of U . S . dollar-denominated travelers c h e c k s of n o n b a n k i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at c o m m e r c i a l b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U . S . g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h i t e m s in t h e 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 A T S b a l a n c e s at c o m m e r c i a l 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 NOW and A T S 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 ( g e n e r a l 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 . r e s i d e n t s , m o n e y market fund b a l a n c e s (institution-only), l e s s t h e e s t i m a t e d a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual f u n d 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 .

e foreFRASER
stimated
Digitized


p

preliminary

Page 5

H.6 (508)
Table 4 - continued

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

785.1

General
purpose and
broker/
dealer
money
market funds
360.1

313.8
310.5
3##.9

779-5
775
772.0

361.2
359,5
361.9

194.6
182.1
183.8

273.4
270.1
268.8

61.7
61.7
61.4

335.1
331.8
330.3

462.3
464.6
467.4

307.9
306.2
305.5

770.1
770.8
772.9

370.5
373.5
370.7

183.1
177 . 5
177.9

268,0
272.0
274.0

61.8
60.4
61.0

329.8
332.4
335.0

1201.2
1192.6
1183.7

469.9
476.0
481.2

306.1
306.2
307.8

776.0
782.2
789.0

376.1
377.0
377.4

178.7
177.4
176.3

276.3
279.8
284.6

61.9
61.7
62.7

338.2
341.5
347.3

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.7
494.0
502.4

311.3
315.8
317.2

799.0
809.8
819.7

379.5
383.3
389.0

180.8
180.5
180.8

289.3
293.8
298.4

63.7
63.9
64.3

353.0
357.7
362.7

744.1
734.2
723.3

385.6
377.6
371.6

1129.8
1111.9
1094.9

512.4
524.0
537.6

322.5
330.7
339.9

835.0
854.7
877.5

392.2
391.8
391.4

186.3
180.4
189.0

296.9
303.5
307.9

66.1
67.6
69.5

363.0
371.1
377.4

716.0

366.4

1082.4

547.9

348.1

895.9

396.6

192.9

309.4

70.6

379.9

725.6
723.5
721.8

372.2
371.9
370.7

1097.8
1095.3
1092.5

535.9
538.4
540.2

338.5
340.3
341.8

874.4
878.7
882.0

391.6
390.4
393.4

188.0
188.7
193.6

307.1
309.0
308.3

69.1
69.5
69.9

376.2
378.5
378.2

716.0
716.7
718.2
716.0

368.1
366.2
366.2
366.5

1084.1
1082.9
1084.4
1082.5

543.2
545.6
547.8
549.4

343.8
345.9
348.0
349.7

887.0
891.5
895.8
899.2

394.8
396.5
396.1
397.2

191.8
192.3
193.1
193.6

303.3
305.9
308.6
312.3

70.8
70.3
71.0
70.4

374.1
376.2
379.6
382.7

712.6
715.5

365.9
365.1

1078.6
1080.6

551.1
553.4

350.8
352.1

901.9
905.5

397.3
400.6

193.1
192.2

313.9
313.8

70.5
69.8

384.3
383.6

Savings deposits 1
Date
1993-DEC.

At
commercial
banks
785.8

At
thrift
institutions
429.8

1994-JAH.
FEB.
MAR.

791-3
792."7
791.5

APR.
MAY
JUNE

1215.7

commercial
banks
468.6

At
thrift
institutions
316.5

429.8
429.1
430-5

1321.1
1221.9
1222.0

465.7
464.5
463,1

788.9
784.6
780.0

431.1
430.2
426.8

1220.0
1214.8
1206.8

JULY
AUG.
SEP.

778.0
775.7
772.8

423.2
417.0
410.9

OCT.
NOV.
DEC.

765.4
759.2
752.3

1995-JAN.
FEB.
MAR.
APR. p
Week e n d i n a
1995-MAR. 13
20
27
APR.

MAY

1.
2.
3.
4.
p

Small-denomination time deposits 2

3
10
17
24
lp
8p

Total

Total

Institutiononly money
market funds

Large-denomination time deposits 3

198.1

At
commercial
banks 4
271.2

At
thrift
institutions
61.6

Total
332.7

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
Small-denomination time 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 than $ 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
and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time 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 more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual f u n d s , depository institutions, U . S . g o v e r n m e n t , a n d foreign b a n k s and
official institutions.
preliminary




Page 6

H.6 (508)
Table 4 - continued

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

Savings bonds

1.

Debtcomponents 4

Non-M3 Components of L

Date
1993-DEC.

171.5

1994-JAN.
FEB.
MAR.

172.5
173.2
173.9

APR.
MAY
JUNE

Short-term T reasury
securities 1
334.2

Bankers acceptances 2

Commercial paper 3

Federal debt

Non-Federal debt

14.9

387.1

3328.0

9007.3

340.8
341.4
344.7

14.8
14.9
15.5

391.4
401.2
390.8

3338.3
3355.1
3379.6

9052.9
9089.0
9118.5

174.8
175.7
176.7

354.6
357.1
348.4

14.0
11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.3

9155.7
9189.2
9225.1

JULY
AUG.
SEP.

177.7
178.5
179.1

353.2
357.7
350.7

10.9
11.4
11.9

392.8
387.7
391.7

3419.3
3436.8
3454.1

9261.7
9301.7
9345.8

OCT.
NOV.
DEC.

179.5
179.9
180.3

351.1
358.6
372.6

11.8
11.0
10.2

404.2
404.0
426.5

3469.6
3494.1
3497.4

9386.9
9425.1
9467.6

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

380.3
404.0
424.5

9.8
9.9
10.4

428.6
445.7
453.9

3504.7
3535.8
3557.5

9517.2
9561.0
9597.4

2.
3.
4.

C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e B a n k s , m o n e y
market mutual funds, and foreign entities.
Net of 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 B a n k s , foreign official institutions, Federal H o m e Loan Banks, and m o n e y market mutual f u n d s .
Total commercial p a p e r l e s s commercial p a p e r held by m o n e y market mutual f u n d s .
Debt data are on a monthly a v e r a g e b a s i s , derived by a v e r a g i n g a d j a c e n t 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
Currency1

Date

At thrift

Nontransactions components
Total

In M26

In M3 only 7

Overnight
RPs*

Overnight
lars"
Eurodolfa

401 .8

306 . 2

113 . 2

419 . 4

2452 . 4

660.2

74.4

22.1

1994-JAN.
FEB.
MAR.

324.0
327 . 3
330.6

7 .7
7.7
7 .8

392 . 0
379 . 5
379 . 6

306 . 6
299 . 6
301 .6

112 . 1
110 . 3
112 . 0

418 . 6
409 . 8
413 . 5

2453 . 4
2449 . 1
2464 .7

659.3
648.6
642.2

75 . 9
73 . 7
77 . 0

22.1
21.2
23.0

APR.
MAY
JUNE

334.3
337.2
340.5

7 .8
7,.9
8,.3

389 .2
3 7 7 , .7
382, .3

306 .4
2 9 8 ,. 1
2 9 9 , .5

115 . 0
1 1 1 .6
111, .7

421 .4
409 .7
4 1 1 .2

2469 .9
2 4 6 3 , .0
2 4 5 8 , .0

641.7
645.0
649.9

77 . 6
78 . 4
80 . 6

21.3
24.1
26.2

JULY
AUG.
SEP.

344.7
345.7
347.0

8.,8
8..9
8. 8

3 8 7 . ,3
383 ., 1
384. 7

2 9 8 . ,4
297.2
297. 4

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

4 1 0 , .0
406.2
4 0 5 . ,6

2 4 6 4 ., 1
2462. 8
2456. 6

652.5
659.6
663.3

80, . 5
8 2 , .0
83 .,7

29.1
28 . 9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357 . 6

8. 5
8. 2
8.1

387. 8
390. 7
400. 1

294. 1
296. 0
300. 6

107. 4
107. 1
107. 0

401. 4
403 . 1
407. 6

2458. 8
2463. 3
2465. 0

674.0
687.2
692.0

83 . 5
83 . 0
84. 2

30 . 3
30.1
32.5

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1
8.4

388.7
374.9
374.0

301.3
292.3
291.1

104.4
101.8
103.1

405.7
394.1
394.2

2474.5
2474.4
2490.1

704.1
715.3
724.0

87.0
86.1
86.8

36.1
31.6
30.8

365.5

8.8

382.0

296.6

105.8

402 . 4

2500.3

731.4

84.7

30.2

361.7
362 . 1
361 .5

8 .3
8 .5
8.6

377.4
373 . 9
366 . 0

293 .3
290 . 4
286 .9

103.7
102.7
100.6

397 . 0
393.1
387 . 5

2487 . 4
2493 .6
2496 .9

724.7
724.4
729.7

83 . 2
89 . 8
89 . 5

30.3
30.1
32.0

362 .7
366 , 6
3 6 6 , ,3
364 ,,9

8.8
8,,8
8,,8
8.,8

378 .7
386 .9
3 9 0 , .9
3 7 5 , .0

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

104.5
108.3
107.2
103.7

395 . 5
408 . 8
408 .3
4 0 1 ,. 1

2501,.5
2 5 1 0 , ,2
2 4 9 8 , .0
2 4 9 6 . .2

714.1
721.2
739.2
735.7

88, . 3
86, . 5
7 9 ,. 5
8 4 , ,5

33.6
29.6
26.8
30.7

3 6 4 . ,8
368. 7

8. ,8
8. 9 e

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

286. 5
286. 8

103.0
105.7

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

2495. 5
2501. 5

737.6
745.4

87 .,4
83 . 8

32 . 6
28.7

3
10
17
24

MAY

8.

At commercial
banks 4

7 .6

APR.

7.

Other checkable deposits

324.8

Week e n d i n g
1995-MAR. 13
20
27

4.
5.
6.

Demand
deposits 3

1993-DEC.

APR. P

1.
2.
3.

T ravelers
checks 2

lp
8p

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and the vaults of depository institutions.

i n S o n t C s ' ^ ^ r i n

%

p m ^ s s %

ssa o! now jsi asss s %gs?£Sfz&

depositsOVemi9

3nd

I u rodo I la rs h eld
f

broker/dea |eO

Eur0d

°"arS'

m o n e y market fund

'

Act corporations

-

bZtdS'S'

balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time

?n ^ftu t i o rf-on ly* m o n e y market'mutual

0rn 9ht

-

~~

(institution-only), l e s s t h e e s t i m a t e d a m o u n t of overnight R P s and

continuing contract R P s issued by all depository institutions to other than depository institutions and m o n e y market mutual funds (general purpose and

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



Page 8
H 6(508)
Table 5 - continued

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

1213.2

commercial
banks
468.2

At
thrift
institutions
316.2

784.4

General
purpose and
broker/
dealer
money
market funds
358.3

427.1
426.7
430.8

1213.5
1214.9
1222.7

466.2
464.6
462.9

314.1
310.6
308.8

780.2
775.2
771.6

791.1
785.3
782.3

432.3
430.6
428.1

1223.4
1215.9
1210.4

461.8
463.7
467.0

307.5
305.5
305.2

JULY
AUG.
SEP.

780.0
777.0
772.7

424.3
417.7
410.8

1204.3
1194.6
1183.6

470.5
476.5
481.7

OCT.
NOV.
DEC.

765.5
761.4
751.1

405.7
399.7
391.2

1171.1
1161.0
1142.3

1995-JAN.
FEB.
MAR.

739.5
729.8
723.4

383.2
375.3
371.6

APR.

717.8

Savings deposits 1
Date

1.
2.
3.
4.
p

200.5
191.0
185.7

271.9
268.8
267.3

61.3
61.4
61.1

333.2
330.2
328.4

769.3
769.2
772.1

378.3
375.4
368.7

181.8
176.8
172.5

266.3
274.1
275.3

61.4
60.9
61.3

327.7
335.0
336.6

306.5
306.5
308.2

776.9
783.1
789.9

373.4
374.2
371.3

173.8
176.2
172.6

275.3
281.1
285.7

61.7
61.9
62.9

337.0
343.1
348.7

488.3
493.7
502.0

311.7
315.7
317.0

800.0
809.3
819.0

373.9
379.9
387.1

178.1
182.5
183.1

289.9
295.2
298.1

63.8
64.2
64.3

353.7
359.5
362.3

1122.7
1105.1
1094.9

512.9
524.1
537.4

322.8
330.8
339.8

835.7
855.0
877.2

392.9
396.7
400.3

192.4
188.8
190.8

295.6
302.0
305.8

65.8
67.2
69.1

361.3
369.2
374.9

367.3

1085.2

547.3

347.7

894.9

405.3

191.3

307.2

70.1

377.3

726.1
723.3
720.9

372.4
371.8
370.2

1098.5
1095.0
1091.1

535.8
538.1
539.9

338.4
340.0
341.6

874.2
878.1
881.5

401.1
400.5
402.8

191.6
190.7
193.4

305.7
307.0
305.8

68.8
69.0
69.3

374.5
376.0
375.2

720.7
725.8
722.0
712.4

370.5
370.8
368.1
364.7

1091.3
1096.6
1090.1
1077.0

543.1
545.3
547.2
548.4

343.6
345.8
347.6
349.1

886.7
891.1
894.8
897.5

401.7
406.4
406.8
406.5

189.3
190.5
193.2
191.0

300.3
303.6
305.7
310.4

70.1
69.7
70.3
70.0

370.4
373.3
376.1
380.4

708.6
715.8

363.9
365.2

1072.5
1080.9

550.3
552.5

350.3
351.4

900.6
903.9

402.5
404.2

191.4
191.0

313.1
314.7

70.3
70.0

383.4
384.7

786.3
788.2
791.9

APR.
MAY
JUNE

MAY

IP
8p

At
thrift
institutions
61.5

361.6
364.1
370.3

1994-JAN.
FEB.
MAR.

3
10
17
24

Large-denomination time deposits 3

200.0

1993-DEC.

At
thrift
institutions
429.0

APR.

Institutiononly money
market funds

At
commercial
banks 4
270.8

commercial
banks
784.3

Wqeft ejyUftq
1995-MAR. 13
20
27

Small-denomination time deposits 2
Total

Total

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
Small-denomination time 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 than $ 1 0 0 , 0 0 0 . All IRA and K e o g h a c c o u n t b a l a n c e s at c o m m e r cial b a n k s and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time 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 held by m o n e y market mutual funds, depository institutions, U . S . g o v e r n m e n t , and foreign
b a n k s and official institutions.
preliminary




Total
332.3

Page 9

H 6(508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
Date

Non-M3 Components of L
Term
Eurodollars2

At commercial
banks

At thrift
institutions

Total

1993-DEC.

71.6

26.0

97.6

46.5

171.4

1994-JAN.
FEB.
MAR.

67.0
64.8
68.3

26.6
27.4
27.2

93.6
92.2
95.5

45.5
47.9
46.2

172.6
173.7
174.6

APR.
MAY
JUNE

71.4
69.1
72.1

27.5
28.9
30.4

98.9
98.0
102.5

46.5
47.7
50.3

JULY
AUG.
SEP.

71.0
68.4
68.4

32.0
32.8
33.4

103.0
101.2
101.9

OCT.
NOV.
DEC.

67.2
67.5
67.7

34.7
35.4
37.5

1995-JAN.

70.2

Savings bonds

Short-term
Treasury
securities 3
342.6

Bankers
acceptances 4

Debt components 6
Commercial
paper 6

Federal debt

Non-Federal
debt

15.3

389.3

3329.5

8997.9

345.2
342.5
348.2

15.6
15.5
15.2

398.9
402.0
389.7

3333.0
3345.4
3374.4

9050.7
9071.9
9084.1

175.4
176.2
176.9

352.5
355.2
345.3

13.7
11.4
10.6

387.3
385.0
390.9

3376.8
3379.7
3394.5

9112.6
9144.1
9199.9

51.0
51.2
52.1

177.4
177.9
178.4

350.8
359.6
343.8

10.8
11.1
11.7

389.5
382.0
393.0

3393.9
3418.5
3438.6

9246.8
9271.8
9317.7

101.9
102.9
105.2

53.0
55.3
53.8

179.0
179.7
180.2

343.3
362.4
381.6

11.9
11.1
10.4

408.6
408.0
428.9

3448.8
3485.4
3499.0

9367.2
9404.9
9457.7

3 9

39.0
-7
*0.2

109.1
112.8
112.5

54.9
57.7
58.8

ISO.6
180.8
181.2 p

385.0
405.5
428.9 p

10.3
10.3
10.2 p

436.8
446.3
452.5 p

3499.0
3525.0
3551.1 p

9497.6
9518.9
9555.5 p

PBBe

7 3 e l

MARe

7 2 , 3

APR. p

74.7

41.0

115.7

60.5

72.7
72.1
73.9

40.1
40.4
40.8

112.9
112.5
114.7

58.8
58.2
59.7

69.7
71.4
79.3
75.6

39.5
40.1
41.2
41.8

109.2
111.5
120.5
117.4

58.9
58.9
62.4
60.6

74.3
79.4

41.8
42.4

116.1
121.9

60.7
61.0

Week e n d i n g

1995-MAR. 13
20
27
APR.

MAY

1.
"

3
10
17
24
lp
*P

t
5,
6.

Term R P s are t h o s e with original maturities greater than o n e d a y , excluding continuing c o n t r a c t s and retail R P s .
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 . r e s i d e n t s by foreign b r a n c h e s of U . S . b a n k s world-wide and by
all banking o f f i c e s in t h e United Kingdom and C a n a d a . E x c l u d e s t h o s e held by depository institutions a n d m o n e y market mutual f u n d s .
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 1 2 m o n t h s held by other than depository institutions, Federal R e s e r v e B a n k s m o n e y7
market mutual f u n d s , and foreign entities.
y®*
bankers a c c e p t a n c e s held by accepting banks, Federal R e s e r v e B a n k s , foreign official institutions, Federal H o m e Loan B a n k s , a n d m o n e y market mutual f u n d s
«otal commercial p a p e r l e s s c o m m e r c i a l paper held by m o n e y market mutual f u n d s .
Debt d a t a are on a monthly a v e r a g e b a s i s , derived by a v e r a g i n g adjacent e n d - o f - m o n t h l e v e l s , and h a v e b e e n adjusted to r e m o v e discontinuities.

p

preliminary

2




Page 10

H.6 (508)
Table 6

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

due to
foreign
banks and
official
institutions
10.9

U.S. government deposits
At
commercial
banks

28.1

2.6

144.2

114.6

49.8

308.6

25.2
27.9
15.7

38.3
38.4
25.1

2.1
2.6
2.4

143.9
143.6
142.6

114.0
113.4
112.9

48.6
48.6
51.8

306.5
305.6
307.3

5.6
5.9
5.9

20.8
24.3
18.4

33.5
34.4
29.6

2.1
3.1
2.9

142.2
142.2
142.3

112.6
112.2
111.5

54.8
56.4
56.8

309.6
310.9
310.6

4.8
3.9
5.8

5.4
5.1
6.0

11.3
10.1
16.9

21.5
19.0
28.8

2.7
2.9
2.5

142.6
142.6
142.7

111.2
110.2
109.2

55.9
56.1
56.8

309.6
308.9
308.6

14.9
15.0
15.0

4.3
3.9
5.7

5.6
5.2
6.2

12.1
9.8
13.4

22.0
18.9
25.3

2.2
2.0
1.3

142.7
142.9
143.3

108.7 e
108.7 e
108.6 e

58.3
59.4
59.7

309.7 e
311.0 e
311.5 e

1.6
1.6
1.6

15.0
14.9
14.9

4.9
3.3
3.4

7.0
5.9
5.2

20.0
21.1
10.1

31.9
30.3
18.8

1.2
2.2
2.3

143.%
144.6
145.5

108.8 e
109.2 e
109.3 e

59.6 e
59.6 e
59.6 e

312.0 e
313.4 e
314.4 e

7.6

1.6

14.8

5.4

6.2

12.4

24.0

2.5

146.3

109.7 e

59.8 e

315.8 e

7.7
7.9
8.0

1.5
1.6
1.5

14.9
14.9
14.9

2.9
4.5
2.8

5.3
6.1
4.6

7.9
8.7
9.8

16.1
19.2
17.2

2.2
2.3
2.3

8.0
7.2
7.4
7.4

1.7
1.5
1.7
1.6

14.9
14.9
14.9
14.8

3.6
3.3
7.3
6.2

5.0
5.1
5.7
6.7

10.8
7.5
5.4
11.9

19.4
15.9
18.4
24.8

2.3
2.6
2.6
2.5

8.3
7.9

1.6
1.6

14.8
14.8

5.6
3.0

8.1
6.9

27.9
29.3

41.6
39.2

2.6
2.5

Balance
at
Federal
Reserve

5.2

6.7

16.2

7.3
6.3
5.2

7.1
4.2
5.3

13.4
14.0
14.6

1.6
1.8
1.6

8.2
7.8
7.9

Foreign
official
institutions

1993-DEC.

9.1

1.6

1994-JAN.
FEB.
MAR.

8.5
8.4
8.1

1.6
1.5
1.6

11.3
11.9
12.5

5.8
4.2
4.3

APR.
MAY
JUNE

8.6
8.1
8.2

1.5
1.5
1.5

12.9
13.0
13.1

JULY
AUG.
SEP.

8.3
7.7
8.1

1.5
1.5
1.5

OCT.
NOV.
DEC.

8.0
8.2
8.4

1995-JAN.
FEB.
MAR.

Week eqd&M
1995-MAR. 13
20
27
APR.

MAY

3
10
17
24
lp
8p

estimated
preliminary




IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Foreign
commercial
banks

APR. p

e
p

Time and
savings

•*

Note
balances at
depository
institutions

Total
cash
balance

At
thrift
institutions

At
money
market
funds

Total