Full text of H.6 Money Stock Measures : May 23, 1996

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat430pjn. Eastern Time

Billions of dollars

Date

MAY 23,1996

Mr

M22

M33

DEBT5

Seasonally adjusted
1994-MAY
JUNB
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1144.4
1146.1
1151.4
1150.0
1150.4
1148.9
1148.7
1148.7

3511.6
3500.6
3508.0
3504.1
3503.8
3503.9
3506.8
3509.4

4260.6
4258.8
4277.8
4276.5
4285.0
4293.8
4304.7
4319.7

5212.0
5205.9
5230.4
5240.3
5243.0
5261.9
5281.4
5303.7

12801.4
12843.7
12864.3
12926.4
12986.6
13036.8
13111.2
13153.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.2
1147.8
1148.7
1151.2
1146.2
1144.5
1145.4
1143.8
1140.2
1131.8
1129.0
1124.9

3514.2
3514.1
3519.1
3529.2
3543.5
3574.0
3592.8
3612.7
3625.8
3632.8
3643.6
3660.3

4342.4
4352.5
4369.8
4391.8
4420.0
4458.4
4486.3
4513.8
4534.2
4549.1
4559.8
4573.7

5330.1
5361.5
5396.2
5429.0
5456.3
5495.4
5544.7
5580.6
5626.8
5653.4
5659.3
5684.4

13202.3
13280.9
13344.1
13421.6
13522.1
13580.9
13616.3
13669.2
13709.4
13758.7
13829.7
13871.3

1996-JAN.
FEB.
MAR.
APR. p

1119.2
1117.3
1126.6
1123.7

3675.0
3690.3
3724.5
3728.3

4602.3
4640.0
4680.8
4686.1

5704.0
5724.4
5782.4 p

13903.2
13966.8
14047.0 p

Not seasonally adjusted
1994-MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1132.3
1141.9
1150.6
1143.9
1146.5
1147.8
1155.9
1174.2

3498.4
3498.6
3511.6
3502.9
3498.8
3500.5
3513.5
3529.8

4247.2
4256.5
4276.6
4277.2
4278.4
4292.9
4317.6
4341.5

5193.3
5198.4
5225.1
5237.5
5229.1
5253.5
5296.0
5333.2

12732.4
12788.3
12814.8
12874.8
12945.3
13000.7
13085.0
13145.8

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.5
1140.6
1145.2
1138.5
1137.3
1131.0
1136.5
1150.7

3517.2
3495.9
3512.7
3543.6
3530.0
3572.4
3598.3
3613.9
3622.2
3628.8
3649.2
3679.9

4346.9
4334.5
4361.6
4399.2
4406.0
4456.4
4487.0
4517.2
4528.9
4549.0
4572.7
4594.8

5342.8
5350.6
5397.7
5436.6
5437.8
5487.7
5540.9
5581.0
5611.9
5643.0
5672.6
5714.0

13178.6
13232.6
13303.7
13360.2
13432.5
13513.8
13558.8
13605.5
13662.3
13717.5
13793.2
13858.0

1996-JAN.
FEB.
MAR.
APR. p

1128.1
1103.6
1115.9
1130.0

3676.7
3670.8
3717.2
3741.2

4606.9
4621.1
4670.7
4691.0

5717.4
5713.5
5783.3 p

13897.6
13950.0
14019.1 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6(508)
Table 2

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

M1

M2

M3

DEBT1

3 Months from JAN. 1996 TO APR. 1996

1.6

5.8

7.3

5.1

6 Months from OCT. 1995 TO APR. 1996

-1.4

5.3

6.0

4.9

12 Months from APR. 1995 TO APR. 1996

-2.4

5.6

6.7

5.3

Thirteen weeks ending MAY 13, 1996
from thirteen weeks ending:
FEB. 12/ 1996 (13 weeks previous)

0.2

5.9

7.9

NOV. 13, 1995 (26 weeks previous)

-2.3

5.1

6.1

MAY

-2.3

5.6

6.8

15, 1995 (52 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1995 to March 1996, September 1995 to March 1?96,
and March 1995 to March 1996, respectively.
*
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 Jssuers; (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 (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in retail money market mutual funds (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds (money funas with minimum initial investments of $50,000 or more), RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign
branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government,
money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP
liabilities, and Eurodollars, each seasonally adjusted separately, and 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: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors —the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the
debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week on the Economic Bulletin Board of the
U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information on
how to access the Commerce bulletin board, call (202) 482-1986 or toll-free (800) STAT-USA (800-782-8872).




Page3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

M1
Period emding

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

1996-FEB.

19
26

1121.4
1120.4

1115.9
1116.6

1114.5
1117.8

3669.5
3673.4

3680.8
3687.7

3690.9
3698.7

4594.8
4601.9

4619.7
4635.3

4641.2
4655.4

MAR.

4
11
18
25

1120.6
1120.6
1121.3
1121.5

1119.3
1121.7
1125.7
1128.0

1130.3
1124.1
1130.6
1126.8

3678.5
3683.5
3689.1
3693.6

3697.9
3707.2
3717.0
3722.6

3719.1
3719.9
3730.2
3721.1

4609.8
4618.3
4627.4
4635.3

4651.4
4662.3
4673.8
4679.3

4674.9
4677.8
4687.1
4677.3

APR.

1
8
15
22
29

1121.8
1122,0
1122.2
1122.8
1122.7

1127.4
1127.7
1126.3
1125.9
1122.1

1128.0
1125.4
1124.9
1125.1
1113.1

3698.3
3703.0
3706.8
3710.8
3713.5

3724.3
3728.2
3730.3
3732.1
3727.1

3726.0
3735.5
3738.7
3728.1
3706.0

4643.0
4649.7
4654.9
4661.0
4667.2

4680.1
4682.9
4683.5
4685.5
4684.3

4678.0
4689.2
4689.6
4685.3
4673.2

MAY

6P
13p

1122.9
1123.0

1121.6
1119.1

1123.1
1115.1

3716.9
3719.9

3723.8
3719.6

3722.3
3722.1

4673.8
4678.8

4686.2
4688.6

4696.8
4698.9

Not seasonally adjusted
1996-FEB.

19
26

1131.5
1128.7

1102.5
1103.2

1100.6
1093.2

3673.2
3674.9

3659.7
3668.1

3670.8
3666.2

4601.0
4605.3

4601.9
4616.8

4621.0
4624.8

MAR.

4
11
18
25

1127.0
1124.7
1122.8
1119.3

1105.0
1108.3
1112.8
1115.4

1121.4
1117.8
1118.7
1103.8

3678.1
3680.9
3684.4
3686.5

3678.7
3690.3
3703.4
3712.4

3707.1
3717.0
3723.2
3702.3

4610.7
4616.6
4623.3
4628.8

4632.5
4644.4
4658.7
4667.1

4659.5
4672.4
4678.0
4658.5

APR.

1
8
15
22
29

1116.0
1114.4
1114.6
1115.8
1116.5

1115.7
1121.7
1128.5
1135.3
1129.5

1122.3
1141.9
1145.9
1131.0
1099.0

3689.4
3694.1
3699.4
3704.8
3708o7

3717.1
3730.5
3743.3
3751.9
3741.5

3725.9
3770.4
3774.7
3736.5
3684.2

4634.3
4640.9
4646.6
4653.2
4659.3

4670.3
4681.3
4691.0
4697.7
4690.8

4672.1
4716.4
4717.0
4685.1
4644.5

MAY

6p
13P

1117.0
1117.1

1124.0
1114.2

1120.1
1106.5

3712.6
3715,9

3727.7
3712.4

3715.2
3713.8

4665.8
4670.6

4682.2
4674.6

4682.0
4686.9

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

preliminary data.




Page 4
H„6(508)
Table 4

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

Other checkable deposits
Currency1

Date

e

At thrift
institutions5

Total

lnM2 6

382.4

295.9

107.0

402.9

2360.7

810 c 3

In M3 only7

354.9

1995 -JAN.
FEB.
MAR.

357
359,
362,

383.3
383.5
382.9

294.2
292.0
290.4

105.6
104.8
104.3

399.8
396.8
394.8

2365.0
2366.3
2370.4

828,2
838,4
850,8

APR.
MAY
JUNE

365,
367,
367

382.1
382.1
386.5

290.9
283.5
277.0

104.2
103.9
105.0

395.1
387.4
382.0

2378,
2397,
2429.

862.6
876.6
884.4

JULY
AUG.
SEP.

367.3
368.5
369.5

8.8

388,
389.
389,

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2447,
2468.
2485,

893.5
901.2
908.4

OCT.
NOV.
DECo

370.8
371.6
373.2

8.8
8.9
8.9

388,
388,
389.8

258.1
254.1
245.6

105.9
106.3
107.4

364.1
360.4
353.0

2501.0
2514.6
2535.4

916.3
916.2
913.4

1996 -JAN.
FEB.
MAR.

373.6
373.3
375.2

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.6
107.4
109.4

343.2
337.8
335.4

2555.8
2573.0
2597.8

927.3
949.6
956.4

375.9

8.9

406.3

225.4

107.2

332.6

2604.6

957.9

375.2
375.8

8.9
8.9

410.1
406.0

226.9
228.0

109.5
108.2

336.3
336.2

2599.6
2594.3

957.0
956.2

405.7
408.0
408.4
406.2
399.5

227.9
225.0
225.0
227.5
221.7

109.6
107.2
107.5
106.7
106.4

337.5
332.2
332.5
334.2
328.1

2598.0
2610.1
2613.7
2603.0
2592.9

952.0
953.7
951.0
957.2
967.2

410.3
405.8

219.0
217.2

109.2
106.8

328.1
324.1

2599.2
2607.1

974.5
976.8

P

Week e n d i n a
1 9 9 6 -MAR. 1 8
25

4.
5.
6.
7.

8.5

At commercial
banks4

1 9 9 4 -DEC.

APR.

1.
2.
3.

Travelers checks2 Demand deposits3

APR.

1
8
15
22
29

375.9
376.3
375.1
375.8
376.7

8.9
8.9
8.9
8.9
8.8

MAY

6p
13P

375.9
376.3

8.8
8.9

e

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.
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.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date
1994-DEC

At
commercial
banks
751.9

At
thrift
institutions
397.0

1995-JAN.
FEB.
MAR.

743.8
734.8
725.2

APR.
MAY
JUNE

3.
4.
5.
6.

Large-denomination time deposits5

Retail
money
funds*

Institutional
money4
funds

823.7

388.1

183.7

commercial
banks6
298.7

Tt

1148.9

At
commercial
banks
505.4

At
thrift
institutions
318.2

390.9
383.2
377.3

1134.7
1118.0
1102.5

516.0
526.9
538.7

323 .1
330,.6
339,.0

839.1
857.5
877.7

391.2
390.8
390.2

189.3
188.4
195.0

297.4
303.9
308.4

67 c 9
69o2

718.8
719.8
729.3

372.4
369.7
367.7

1091.2
1089.5
1097.0

546.9
554.3
561.1

346,.5
351,.8
352,.6

893.4
906.1
913.7

393.3
401.6
418.8

199.4
203.7
213.2

309.9
314.1
316.7

70*4
70.9

JULY
AUO.
SEP.

731,
739,
746,

365,
362,
362,

1096,
1101,
1108,

566.5
569.8
571.7

352,.9
353 .9
355 .3

919.4
923.7
927.0

431.7
443.6
450.3

218.6
218.5
221.7

321.3
323.4
326.8

72,
73.

393.9
396.7
400.5

OCT.
NOV.
DEC

753
760
775,

362,
360,
359,

1116,
1120,
1134.

573.2
575.4
576.2

356 .6
358,.4
359 .5

929.8
933.8
935.7

455.0
460.1
465.1

223.7
224.8
227.2

335.4
340.7
342.4

74,
74,
75,

409.8
415.5
417.5

1996-JAN.
FEB.
MAR.

793,
804,
821.

358,
360,
362.

1151
1164
1183

578.4
576.5
572.4

357,. 1
357,.4
354 .7

935.5
933.8
927.2

468.6
474.7
487.6

230.6
243.9
248.3

340.6
346.2
354.2

76,
76,
75,

416,
422,
429,

827.3

366.3

1193.6

568.2

354.1

922.3

488.7

245.6

356.9

75.6

432.5

Week e n d i n a
1996-MAR. 18
25

820.9
817.0

362.2
362.7

1183.2
1179.7

572.1
571.8

354.8
354.0

926.9
925.9

489.5
488.7

247.6
246.2

354.4
356.0

75,
75,

429.
431.

APR.

1
8
15
22
29

820.2
829.6
830.6
827.4
822.5

363.5
366.2
366.3
366.3
366.6

1183.7
1195.9
1197.0
1193.7
1189.2

571.1
570.1
568.6
567.4
566.4

354.0
354.4
354.2
354.0
353.8

925.1
924.6
922.9
921.4
920.2

489.2
489.7
493.9
487.9
483.5

246.4
246.7
246.9
245.4
242.4

356.0
355.2
354.0
356.2
361.7

75.9
76.1
75.8
75.2
75.2

431.9
431.3
429.9
431.5
436.9

MAY

6p
13p

827.2
828.9

368.1
368.0

1195.3
1196.9

566.0
565.3

353.6
353.2

919.5
918.4

484.4
491.7

244.9
242.5

360.2
360.3

75.4
75.1

435.6
435.3

APR. P

1.
2.

Small-denomination time deposits2
Total

Total

At
thrift
institutions
64,8

66.8

71,1

73 <

Total
363.5

364.2
371.8
377.6
381.0
384.5
387.6

Savings deposits include money market deposit accounts.
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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.

 p
preliminary


Page 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Date

RPs

1

Eurodollars2

1994-DEC.

ISO. &

62.3

IOT73

Short-term
Treasury
securities 3
357.3

1995-JAN.
FEB.
MAR.

187.4
191.9
191.1

87.3
86.4
87.2

180.5
180.5
180.7

APR.
MAY
JUNE

192.1
197.2
191.7

90.1
91.1
91.8

JULY
AUG.
SEP.

188.
192,
192,

OCT.
NOV.
DEC.

Savings bonds

1996-JAN.
FEB.
MAR.
APR. p
1996-MAR. 18
25

Bankers
acceptances 4

Commercial paper5

Debt components 6
Federal debt

Non-Federal debt

IT72

402.4

3497.6

555575

387.3
400.2
411.1

13.6
13.5
13.7

406.3
414.9
420.9

3504.5
3535.2
3556.4

9697.8
9745.7
9787.7

181.2
181.7
182.4

412.0
405.5
414.7

13.4
12.0
11.0

430.6
437.0
428.9

3558.6
3576.9
3602.6

9863.0
9945.2
9978.2

92.6
93.1
93.7

183.0
183.5
183.9

434.3
437.5
457.2

12.1
12.4
12.8

429.0
433.3
438.6

3615.5
3621.4
3623.8

10000.8
10047.8
10085.6

190,
185,
177,

92.9
90.7
91.2

184.2
184.5
184.8

466.2
465.3
476.9

13.4
12.6
11.9

440.5
437.1
437.1

3632.6
3645.8
3644.6

10126.1
10183.9
10226.7

184.4
186.2
184.1

95.8
97.1
94.3

185.0
185.0
185.2 p

467.7
446.9
461.6 p

11.7
10.2
10.0 p

437.2
442.3
444.8 p

3633.0
3651.4
3691.2 p

10270.2
10315.4
10355.8 p

183.4

96.4

186.2
185.6

93.5
93.4

APR.

1
8
15
22
29

178.7
180.1
180.7
184.5
187.4

95.0
95.5
93.4
95.8
100.4

MAY

6p
13p

194.8
199.7

99.2
99.2

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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

preliminary




Page 7
H.6(508)
Tables

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

357.5

8.1

400.1

300.6

107.9

408.4

2355.6

811.7

1995-JAN.
FEB.
MAR.

355.8
357.0
361.3

8.1
8.1
8.4

388.7
374.7
374.0

301.3
292.3
291.1

105.1
102.6
103.9

406.4
394.9
395.1

2358.2
2361.2
2374.0

829.7
838.6
848.8

APR.
MAY
JUNE

365.5
367.9
368.2

8.8
8.9
9.2

382.1
373.1
382.8

296.6
279.8
274.8

106.8
103.8
105.5

403.4
383.6
380.3

2383.8
2396.5
2431.9

855.6
876.1
884.0

JULY
AUG.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2453.1
2475.4
2484.9

888.7
903.3
906.7

OCTc
NOV.
DEC,

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361.0
360.3
358.1

2497.7
2512.7
2529.2

920.3
923.5
914.8

1996-JANc
FEB.
MAR

371.7
370.8
374.3

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.4

106.6
105.5
109.2

348.9
336.0
335.5

2548.7
2567.2
2601.3

930.2
950.3
953.5

375.8

8.6

406.1

229.8

109.7

339.5

2611.2

949.8

374.4
373.9

8.6
8.7

400.5
389.2

226.6
225.4

108.7
106.6

335.3
332.0

2604.5
2598.5

954.8
956.2

402.5
410.7
415.7
404.6
391.7

227.3
231.6
233.7
233.5
219.5

109.6
112.6
111.5
109.4
105.3

336.9
344.2
345.1
342.9
324.8

2603.5
2628.5
2628.8
2605.5
2585.2

946.2
946.0
942.4
948.6
960.3

404.8
397.6

219.4
215.5

110.6
107.2

329.9
322.7

2595.1
2607.3

966.8
973.1

p

Week ending
1996-MAR. 18
25

4.
5.
6.
7c

Demand
deposits3

1994-DEC.

APR.

1.
2.
3.

Travelers
checks2

APR.

1
8
15
22
29

374.2
378.3
376.4
374.9
373.9

8.7
8.7
8.7
8.6
8.6

MAY

6p
13p

376.8
377.5

8.6
8.7

e

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,
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.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.
estimated




p

preliminary

Page 8
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

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds3

1148.5

502.5

316.4

818.9

388.2

389.0
380.9
376.6

1129.2
1111.2
1100.4

514.3
526.1
539.5

322.0
330.0
339.5

836.3
856.1
879.0

718.4
718.4
730.9

372.1
369.0
368.5

1090.5
1087.4
1099.4

548.4
555.9
562.9

347.4
352.8
353.7

JULY
AUG.
SEP.

733.3
741.5
748.0

365.9
363.6
363.0

1099.2
1105.1
1111.0

568.7
571.2
571.9

OCT.
NOV.
DEC.

755.4
763.4
775.0

362.9
361.7
359.5

1118.3
1125.1
1134.5

1996-JAN.
FEB.
MAR.

789.4
798.9
818.9

356.9
358.1
361.2

826.4

Date

3.
4.
5.
6.

Total

185.5

298.5

64.8

363.2

392.7
393.9
394.6

195.3
193.4
195.6

295.1
302.4
306.9

66.3
67.6
68.9

361.4
370.0
375.8

895.9
908.8
916.5

397.5
400.3
416.0

197.1
202.0
208.8

307.7
316.2
317.5

70.6
70.9
71.1

378.3
387.1
388.6

354.3
354.7
355.4

923.0
925.9
927.3

430.9
444.4
446.6

215.9
218.4
218.1

319.9
324.3
327.5

72.4
73.5
73.9

392.2
397.8
401.4

572.6
572.6
572.3

356.2
356.7
357.0

928.8
929.3
929.3

450.6
458.3
465.4

221.8
227.1
229.4

337.8
343.6
342.3

74.9
75.4
75.0

412.7
419.0
417.4

1146.3
1157.0
1180.1

576.1
575.5
573.6

355.7
356.8
355.5

931.7
932.2
929.1

470.. 6
478.0
492.1

238.2
249.6
248.7

337.9
344.7
352.6

75.4
75.8
75.2

413.2
420.5
427.8

365.9

1192.3

570.1

355.3

925,4

493.5

242.8

354.1

75.0

429.2

819.6
814.2

361.7
361.5

1181.3
1175.7

573.2
573.3

355.6
355.0

928.8
928.3

494.3
494.5

248.3
247.5

353.1
354.7

75.0
74.8

428.1
429.5

1994-DEC.

396.9

1995-JAN.
FEB.
MAR.

740.2
730.3
723.9

APR.
MAY
JUNE

Weefr e f i d j ^ g
1996-MAR. 18
25

1.
2.

At
thrift
institutions

At
thrift
institutions

p

Large-denomination time deposits 5
At
commercial
banks 6

At
commercial
banks
751.6

APR.

Institutional
money
funds4

Total

APR.

1
8
15
22
29

819.3
835.8
834.0
822.9
814.1

363.1
368.9
367.8
364.3
362.9

1182.4
1204.7
1201.8
1187.3
1177.0

573.2
572.3
570.6
569.2
568.1

355.3
355.8
355.5
355.1
354.9

928.5
928.0
926.0
924.3
923.0

492.7
495.8
500.9
493.9
485.2

244.9
244.8
245.7
242.0
238.9

352.7
352.2
350.3
353.7
359.8

75.2
75.5
75.0
74.7
74.7

427.9
427.7
425.3
428.4
434.5

MAY

6p
13p

823.2
828.3

366.3
367.7

1189.6
1196.0

568.1
567.4

354.9
354.5

923.0
921.9

482.6
489.4

240.7
239.6

360.2
362.4

75.4
75.5

435.6
438.0

Savings deposits include money market deposit accounts.
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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.

p
preliminary



Page 9
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

1.

p

Eurodollars2
Savings bonds

Total

Short-term
Treasgry
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1994-DEC

139.8

39.8

179.6

83.4

180,2

393.6

14.4

403.6

3499.0

9646.8

1995-JAN.
FEB.
MAR.

144.4
146.3
146.0

41.4
42.6
43.4

185.8
188.9
189.4

87.2
86.4
88.0

180o6
180.8
181.2

390.6
406.0
420.7

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9679.6
9707.6
9752.€

APR.
MAY
JUNE

146.8
151.4
150.3

44.4
45.8
45.3

191.2
197.1
195.6

88.9
89.9
91.0

181.7
182 . 1
182.4

411.3
402.9
412.3

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9816.1
9879.9
9934.6

JULY
AUG.
SEP.

143.4
146.9
145.7

45.5
47.0
47.7

188.9
193.9
193.4

91.7
93.2
93.9

182,8
183.0
183.3

435.2
440.2
447.6

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9969.9
10003.3
10055.5

OCT.
NOV.
DEC.

145.2
139.1
131.1

46.7
46.0
45.0

191.9
185.1
176.1

93.9
92.3
92.0

183.8
184.3
184 8

450.7
462.9
484.3

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10107.4
10157.2
10212.1

1996-JAN.
FEBc
MAR.

138.5
138.6
137.3

44.6
44.8
45.0

183.1
183.5
182.3

95.6
96.7
94.7

185,1
185 4
185c7 p

471.8
453.7
472.7

12.2
10.6
10.1

441.3
442.7
444.0

3632.7
3650.5
3689,8

10264.9
10299.5
10329.3

135.7

47.1

182.8

95.0

APR. P

2.

At thrift
institutions

Debt components 6

Non-M3 Components of L

1996-MAR.

18
25

139.5
140.0

45.0
45.1

184.5
185.1

93.9
94.1

APR.

1
8
15
22
29

132.3
133.4
133.8
136.6
138.3

45.1
46.1
45.9
47.5
48.9

177.4
179.5
179.7
184.1
187.1

96.0
94.0
91.7
94.1
99.8

MAY

6P
13p

144.3
149.5

49.8
49.6

194.1
199.1

96.4
96.5

p

p

p

p

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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.
preliminary




p

Page 10
H.6(508)
Table 6

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

1994 -DEC.

Foreign
commercial
banks

Foreign
official
institutions

8.7

1.6

1995 -JAN.
FEB.
MAR.

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

25.3

1.3

143.3

20.0
21.1
10.1

31.8
30.3
18.8

1.2
2.3
2.4

143.7
144.6
145.6

12.8
13.8
14.8

12.
18.
19.

24,
27,
32.

2.6
2.5
2.5

27.
13.
17.8

37.
21.
30.

5.3
5.4
6.5

11.4

Note
balances at
depository
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

5.7

6.2

13.4

7.0
5.9
5.2

14,
13,
12,

APR.
MAY
JUNE

Total
cash
balance

At
S£n
. &"?
institutions
107.5

At

Total

money
market
iunds
59.7

310,5

107.6
107.8
107.9

60.9
63.3
66.2

312.1
315.8
319.6

146.4
146.8
147.8

107.9
107.8
107.7

68.5 e
69.0 e
69.2 e

322.7 e
323.5 e
324.7 e

2.8
2.9
2.8

148.9
149.1
149.4

107.7 e
107.5 e
108.0 e

69.4 e
69.6 e
69.8 e

326.0 e
326.2 e
327.2 e

14.6

19.8
16.5
27.1

2.8
1.6
1.1

150.0
151.2
152.1

108.5 e
108.3 e
108.2 e

70.0 e
70.3 e
70.8 e

328.5 e
329.8 e
331.1 e

JULY
AUG.
SEP.

1.5
1.4
1.6

14.
13.
12.

OCTc
NOV.
DEC.

1.5
1.6
1.5

12.
12.
12.

8.3
8.3
8.3

1.5
1.5
1.5

12.5
12.4
12.4

4.3
3.0
4.0

6.2
5.0
5.7

15.9
13.2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

152.7
154.1
155.9

107.7 e
107.2 e
107.1 e

71.3 e
71.8 e
72.3 e

331.6 e
333.0 e
335.2 e

8.0

1.5

12.4

5.7

7.2

11.6

24.5

3.1

158.7

106.9 e

72.6 e

338.2 e

8.0
8.7

1.5
1.5

12.4
12.4

7.3
2.6

6.7
5.6

5.6
20.2

19.6
28.4

1.3
1.2

12,

18,

21,
17.
20.
26.
32.

18.
11,

30,
20.

1996 -JAN.
FEBc
MAR.
APR. P
Week endina
1996 -MAR. 18
25
APR.

MAY

e
p

Time and
savings
deposits
due to
foreign
banksand
official
institutions
14.4

1
8
15
22
29

12,
12,
12,
12,
12,

6P
13p

12,
12,

estimated
preliminary




8.2

8.
8,

10,

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
March 31,1996 and April 30,1996
(not seasonally adjusted)
Insured Commercial B a n k s
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)
Change
(b. p.)

Mar. 31

Apr. 30

NOW Accounts

224,358

235,356

4.90

1.87

1.91

844,670
675,354
169,316

818,594
650,125
168,469

-3.09
-3.74

2.91
N.A.
N.A.

2.91
N.A.
N.A.

0
N.A.
N.A.

36,181

-1

-0.86
2.27

4.03
4.50
4.84

4.02

100,573
192,010
213,907
203,102

34,865
99,712
196,371
213,121
202,127

4.52
4.87

2

-0.37
-0.48

4.95
5.19

5.03
5.28

3
8
9

156,480

160,145

2.34

N.A.

N.A.

N.A.

Savings Deposits
Personal
Nonpersonal

2

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-l/2 years and over
All IRA/Keogh Plan deposits3

-0.50

-3.64

Mar. 31

Apr. 30

Liability Categories

4

BIF-insured Savings B a n k s 4
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)
Change
(b.p.)

Mar. 31

Apr. 30

12,106

12,148

0.34

1.83

1.86

3

70,571
67,269
3,302

71,979
68,453
3,526

2.00
1.76
6.77

2.86
N.A.
N.A.

2.85
N.A.
N.A.

-1
N.A.
N.A.

2,297

2,362

2.82

4.44

92 to 182 days
183 days to 1 year

14,212
27,991

14,975
29,372

5.37
4.93

4.39
4.77
4.91

1 to 2-V2 year
2-V2 years and over

26,788

0.30

5.16

23,506

26,868
23,731

4.93
5.24

5
1
2

0.96

5.25

5.33

21,373

21,308

-0.30

N.A.

N.A.

Liability Categories
NOW Accounts
Savings Deposits
Personal
Nonpersonal

2

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

All IRA/Keogh Plan deposits

3

Mar. 31

Apr. 30

4.78

8
8
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 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.



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Federal Reserve System
Washington, DC 20551-0001
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