Full text of H.6 Money Stock Measures : May 23, 1991

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FEDERAL RESERVE statistical release
H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MAY 23, 1991

Billions of dollars
V.
Date

Ml 3

M2 2

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.
4783.
4807.
4826.
4834.
4851.
4869.
4889.

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
3324..5
3324..7
3330..0

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.2
4103..3
4109..0
4109..5
4110..0
4114..1

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
843.0
842.1

3333.0
3357.0
3378.1
3385.2

4126.9
4164.2
4174.1
4174.8

4979.4
5013.8
5019.0 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

3071.3
3099.5
3133.2
3147.6
3158.1
3180.8
3206.7
3236.6

3950.0
3978.4
4006.8
4016.6
4016.8
4025.2
4048.4
4067.0

4749.5
4777.1
4800.3
4823.7
4833.5
4848.8
4874.9
4907.4

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.
4893.
4912.
4930.
4888.
4914.
4919.
4933.
4956.
4951.
4962.
4979.

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
835.0
852.8

3343.3
3347.8
3377.3
3398.8

4133.0
4152.3
4173.4
4183.9

4995.3
5004.3
5017.2 p

10474.8
10505.7
10530.8 p

9403.
9457,
9506.
9570.
9629.
9689.
9751.
9790.

Not seasonally adjusted

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




9358,
9414.
9460.
9516,
9578.
9648.
9719.
9775.

H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt 1

3 Months from JAN. 1991 TO APR. 1991

7.5

6.3

4.6

4.8

6 Months from OCT. 1990 TO APR. 1991

5.1

3.7

3.2

5.1

12 Months from APR. 1990 TO APR. 1991

4.3

3.2

2.3

6.1

FEB. 11, 1991 (13 weeks previous)

7.8

5.6

4.9

NOV. 12, 1990 (26 weeks previous)

5.3

3.5

3.2

MAY

14, 1990 (52 weeks previous)

4.6

3.3

2.3

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 1991, and March 1990 to March 1991, respectively.

Thirteen weeks ending MAY 13, 1991
from thirteen weeks ending:

Footnotes to Table 1
1.

2.

3.

4.
5.

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 B .
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 (NOW) 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 foreign 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-average 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 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjus ted
Ml

Period ending

13-week
average

4-week
average

1991-FEB. 18
25

827.8
828.7

834.7
836.1

M3

M2
13-week
average

4-week
average

838.8
836.0

3335.6
3338.2

3350.1
3355.1

week
average

week
average

13-week
average

4-week
average

3359.2
3360.7

4127.7
4132.1

4155.7
4161.7

4168.2
4168.6

week
average

MAR.

4
11
18
25

829.9
831.2
832.3
833.6

837.3
838.1
838.4
840.5

837.8
839.7
840.0
844.3

3341.3
3344.8
3348.5
3352.7

3360.2
3364.8
3369.7
3375.8

3366.6
3372.6
3378.7
3385.3

4136.8
4141.7
4146.4
4151.1

4167.8
4171.3
4174.1
4175.5

4171.5
4176.9
4179.2
. 4174.4

APR.

1
8
15
22
29

835.5
836.8
838.5
839.7
840.4

844.0
844.6
845.6
844.8
841.8

851.9
842.0
844.0
841.1
840.0

3356.5
3361.2
3366.1
3370.1
3372.9

3379.8
3383.6
3386.5
3386.7
3385.5

3382.4
3388.0
3390.4
3386.1
3377.3

4155.0
4159.6
4165.4
4169.2
4170.5

4174.1
4173.2
4175.4
4176.5
4175.5

4166.0
4173.0
4188.1
4178.9
4162.1

MAY

6p
13p

841.7
842.8

843.7
845.6

849.8
851.6

3376.5
3379.8

3386.5
3388.3

3392.2
3397.6

4172.6
4173.8

4175.7
4173.3

4173.5
4178.6

Not seasonally adjusted
Ml

Period em ding

13-week
average

4-week
average

1991-FEB. 18
25

834.3
833.7

821.5
822.9

M3

M2
13-week
average

4-week
average

824.1
814.1

3341.9
3343.7

3339.1
3345.1

week
average

week
average

13-week
average

4-week
average

3348.1
3343.7

4132.3
4134.7

4142.6
4149.1

4154.3
4146.4

week
average

MAR.

4
11
18
25

834.4
834.2
833.5
832.0

824.7
827.0
829.2
832.0

831.8
838.0
832.7
825.3

3346.8
3349.3
3351.9
3354.4

3352.0
3359.1
3366.9
3373.8

3366.4
3378.1
3379.3
3371.3

4139.3
4143.1
4147.0
4150.4

4156.9
4162.2
4168.4
4172.8

4168.5
4179.4
4179.1
4164.1

APR.

1
8
15
22
29

831.1
831.0
832.8
834.9
836.6

834.9
840.8
849.0
856.4
853.1

843.4
861.8
865.5
854.7
830.5

3357.1
3361.2
3366.3
3370.6
3373.8

3378.2
3388.9
3399.2
3405.5
3399.9

3384.0
3421.1
3420.5
3396.5
3361.5

4153.5
4158.5
4163.9
4167.3
4169.1

4173.1
4179.4
4187.8
4191.8
4185.2

4169.7
4204.5
4212.7
4180.2
4143.5

MAY

6p
13p

838.4
839.6

849.8
844.6

848.3
844.9

3376.9
3379.2

3389.4
3379.1

3379.0
3379.5

4170.8
4171.2

4174.1
4161.6

4160.0
4162.7

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
Nontransact ions
components

Other checkable deposits

At

At
Total

In M2

6

In M3
cnly7

General purpose
and broker/dealer
money market funds

Date

Currency

Travelers
checks2

1989-DEC.

222.2

7.4

278.7

197.6

87.6

285.2

2429.5

832.1

313.6

1990-JAN.
FEB.
MAR.

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,
2453.
2465,

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.
325,
327,

JULY
AUG.
SEP.

235.7
238.4
241.5

275.6
278.0
279.1

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

277,
277.
276.

205.
207.
208.8

85.8
85.7
85.0

291.8
292.8
293.8

2503,
2501,
2504,

785.0
785.3
784.1

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
277.1

209.2
211.4
214.4

84.7
85.5
86.6

293.9
296.9
301.0

2506.3
2520.6
2535.1

793.9
807.2
796.0

356.3
360.5
365.9

256.6

7.9

275.7

215.2

86.7

301.9

2543.1

789.6

366.8

1

APR. P

Demand
deposits3

commercial
banks4

thrift
institutions5

Neek ending
1991 -MAR. 18
25
APR. 1
8
15
22
29

256.2
256.9

275.9
277.2

213.7
214.8

86.1
87.4

299.8
302.2

2538.8
2541.0

800.
789.

366.
367.

257.9
255.9
256.2
256.6
257.5

283.1
277.3
277.8
274.2
272.7

215.6
214.6
215.7
214.8
215.3

87.2
86.2
86.4
87.7
86.8

302.8
300.8
302.1
302.5
302.1

2530,
2545,
2546.
2544.
2537.

783.
785.
797.
792.
784.8

366.
367.
366.
366.
366.

MAY

256.5
256.3

279.8
279.9

218.
219.

87.0
88.1

305.6
307.5

2542.
2545.

781.3
781.0

366.
368.

6p
13p

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.
•.-..J.I_
A
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 N0H 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 overniqht 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 ( 5 0 8 )
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
'
A
At
*
thrift
commercial institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits 1

Money market deposit accounts

At
At
cotnmercia,1
thrift
institutions
banks

Total

A
At
*
thrift
commercial institutions
banks

Total

Larce-denomination time deposits 3
At
£t
commc rcial
thrift
5
barks
institutions

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

3°6.8
397.5
3°7.7

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

3°8.7
3*5.8
3°0.9

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
121.1

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

377.7
383.2
388.9

127.5
128.3
130.3

505.2
511.5
519.2

201.4
203.2
205.8

210.6
212.2
214.7

412.0
415.4
420.5

601.6
605.6
607.8

561.4
556.5
549.7

1163.0
1162.1
1157.5

393.9
401.1
399.9

118.0
114.9
111.6

511.9
516.0
511.5

393.7

132.9

526.6

208.8

218.4

427.2

604.4

544.5

1148.8

397.6

108.8

506.4

390.0
390.0

130.
130,

520.
520,

205.
206.

214.
215.

420.
421.

608.5
607.8

550.1
548.2

1158.
1156.

401.8
398.7

111.7
110.7

513.5
509.5

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

1
8
15
22
29

390.5
391.9
394.6
393.8
394.5

131,
132.
132.
133.
133.

521.
523.
527.
526.
528.

207.0
207.8
208.5
209.2
209.9

215.8
217.3
218.1
218.8
219.2

422.8
425.2
426.6
428.0
429.1

605,
605,
604,
604,
603,

546.8
546.8
545.7
543.9
542.1

1152.
1152.
1150.
1147.
1145.

395.
397.
397.
398.
397.

111.1
110.5
109.6
108.2
106.8

506.2
507.5
507.6
506.6
504.5

MAY

6p
13p

397.0
399.9

135.
136.

532.
536,

210.
210.

220.5
222.1

430,
433,

602.9
601.5

540.8
539.2

1143.
1140.

397.
397.

106.2
105.5

503.3
502.5

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 ( 5 0 8 )
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
paper3

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
352.5 p

2555.9
2586.6
2598.6 p

7929.2
7950.4
7975.7 p

APR. P

145.6

Meek ending
1991-MAR. 18
25

143.2
142.4

APR.

1
8
15
22
29

141.2
140.7
148.6
146.6
146.9

MAY

6p
13p

145.5
148.5

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.
3.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
4.
discontinuities,
P- •indicates preliminary data.






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H.6 (508)
Table 5-continued

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

At
At
commercial
thrift
institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits1

Money market deposit accounts

At
A*
thrift
commercial
banksi institutions

Total

At m
At
commercial m thrift
banks
institutions

Total

Large-denomination time deposits 3
At u
At
commercial _ thrift
banks*
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
216.0

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.

380.6
384.7
391.1

128.4
128.8
131.0

509.0
513.5
522.1

199.9
201.5
205.8

209.0
210.4
214.7

408.9
411.9
420.5

602.1
606.1
607.4

561.8
557.1
549.4

1163.9
1163.2
1156.8

392.3
399.6
399.4

117.5
114.5
111.5

509.8
514.2
510.9

393.9

133.0

526.9

209.5

219.0

428.5

604.4

544.5

1149.0

395.4

108.1

503.6

392.5
391.6

131.2
131.2

523.6
522.8

205.7
206.4

214.7
215.2

420.4
421.6

607.6
607.0

549.3
547.5

1156.9
1154.5

401.0
398.8

111.5
110.7

512.5
509.6

APR. P
Meek ending
1991-MAR. 18
25
APR.

1
8
15
22
29

392.4
395.9
397.8
392.5
389.9

131.9
133.4
133.7
132.5
132.3

524.3
529.3
531.5
525.0
522.2

208.0
210.2
209.8
208.8
209.0

216.8
219.8
219.6
218.5
218.3

424.8
430.0
429.4
427.3
427.3

606.3
605.7
604.7
604.1
603.3

547.2
547.1
545.6
543.9
542.0

1153.5
1152.8
1150.3
1148.0
1145.3

395.1
396.1
395.7
395.1
394.9

111.1
110.2
109.0
107.3
106.1

506.2
506.3
504.7
502.4
500.9

MAY

6p
13p

392.1
395.8

133.6
134.6

525.6
530.5

210.3
211.6

220.7
222.8

431.0
434.3

602.7
601.3

540.7
539.0

1143.5
1140.3

394.9
396.2

105.6
105.3

500.5
501.5

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
time deposits.
commercial banks and thrifts are subtracted from small ti
Large-denomination time deposits are those issued in amounts of $100>000 or more, excluding
Large-denomination 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 1
InstitutionAt
At
only money commercial
thrift
market funds
banks
institutions

Date

Debt components 6

Non-M3 Components of L

Total

Term
^
Eurodollars*-

Savings
bonds

Short-term
Treasury
securities3'

Bankers
acceptances

Commercial
paper 5

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
352.1 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

144.4
143.9

45.4
44.8

39,
39,

84.8
84.1

72.9
70.3

APR. p
Week ending
1991-MAR. 18
25
APR.

1
8
15
22
29

142.8
140.6
147.7
143.6
145.0

45.6
44.8
46.1
45.3
46.0

36.
38,
38,
37,
37.

82.3
83.1
84.2
82.8
83.4

69.8
67.9
70.6
69.7
67.8

MAY

6p
13p

142.8
146.7

46,
45,

37.
38.

83.
84.

67.0
65.5

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 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.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted
Demand deposits
at banks due to
Foreign
Foreign
commercial
official
banks
institutions

Date

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

Demand
deposits at
commercial
banks

Balance
at
Note balances
Total
Federal at depository
cash
Reserve institutions
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercial
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

3.2
3.2
3.2

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

8.3
7.7

1.5
1.6

3.2
3.3

8.6
3.1

4.5
6.2

19.0
24.2

32.1
33.6

1.3
1.3

APR. p
Meek ending
1991-MAR. 18
25
APR.

1
8
15
22
29

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
3.4
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

MAY

6p
13p

8.8
8.2

1.5
1.4

3.3
3.3

4.6
3.1

7.0
5.1

30.9
17.5

42.5
25.7

1.5
1.5

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