Full text of H.6 Money Stock Measures : May 25, 1995

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

' - % r p T -

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

For r e l e a s e at 4:30 p.m. Eastern T i m e

Billions of dollars
Date

MAY 25, 1 9 9 5

M1

1

M22

M33

L4

DEBT5

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

1067 ..2
1 0 7 6 . .3
1 0 8 5 . ,2
1 0 9 5 .. 1
1 1 0 4 . ,7
1113 .,5
1 1 2 2 .. 4
1128 ..6

3530
3540
3543
3549
3559
3564
3576
3583

.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
5105
5099
5112
5110
5118
5131
5150

.7
.0
.8
.4
.4
.9
.7
.3

11949.0
12007.2
12064.0
12122.0
12175.1
12211.5
12268.4
12335.3

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

1132 ..5
1137 ..0
1 1 4 1 .. 1
1142 .-8
1143 .,5
1147 .,0
1152 .,2
1 1 5 0 . ,8
1 1 5 1 . ,0
1148,,1
1 1 4 7 . .5
1147 ..8

3589
3586
3597
3605
3608
3605
3616
3614
3613
3609
3610
3615

.1
.2
.4
.4
.5
.3
.2
.2
.3
.0
.3
.1

4245
4232
4240
4250
4251
4256
4273
4272
4278
4284
4291
4304

.9
.0
.6
.8
.4
.6
.8
.7
.4
.9
.4
.5

5165 .4
5162 .6
5165 .5
5 1 8 1 .2
5188 .4
5185 . 1
5208 .4
5208 . 1
5 2 1 1 .9
5 2 3 1 .6
5 2 4 4 .9
5 2 9 4 , .0

12391.2
12444.1
12498.1
12546.3
12591.6
12641.4
12681.1
12738.5
12800.0
12856.5
12919.2
12965.0

1995-JAN.
FEB.
MAR.
APR.

1 1 4 8 . ,8
1147 .. 1
1147 ..9
1149 , 7

3 6 2 6 , .9
3622 .7
3 6 3 0 .3
3642 .9

4327
4335
4356
4377

,.7
.8
.8
,.9

5 3 2 7 , .0
5 3 7 5 , .8
5 4 2 6 , .0 p

13021.9
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
3 5 4 1 , .6
3542 ,.3
3 5 4 8 , .4
3 5 6 1 , ,3
3 5 8 4 . .2
3 6 0 6 .. 1

4 1 9 1 , .3
4 1 9 8 , .6
4 1 9 5 , .7
4 2 0 0 ,. 1
4 2 0 1 , .9
4217 ,.2
4 2 4 6 , .7
4 2 6 6 , .3

5 0 7 8 . .9
5 0 9 3 ..4
5 0 8 7 . .3
5101. 3
5 0 9 2 . ,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

3 5 9 5 . ,6
3573 ..3
3 5 9 6 .. 1
3622 ..6
3 5 9 5 . ,6
3 6 0 0 . .4
3 6 1 5 . .0
3606 .,7
3 6 0 2 . .7
3 6 0 6 .. 1
3 6 1 8 . .6
3 6 3 8 . .6

4 2 5 4 . .8
4 2 2 1 . .8
4 2 3 8 ,.2
4 2 6 4 . .2
4 2 4 0 . ,5
4 2 5 0 . .2
4267 ..5
4 2 6 6 ..3
4 2 6 6 . .0
4 2 8 0 ., 1
4 3 0 5 . ,8
4 3 3 0 . .6

5187 . 1
5 1 5 5 . .5
5 1 6 5 . .9
5 1 9 3 ., 1
5 1 6 8 . .2
5 1 7 3 . ,8
5 1 9 6 . ,0
5 1 9 6 . ,9
5 1 9 2 . ,8
5222. 9
5267. 0
5331. 7

12383.7
12417.3
12458.6
12489.4
12 5 2 3 . 8
12594.4
12640.7
12690.3
12756.3
12 8 1 6 . 0
12890.3
12956.8

1995-JAN.
FEB.
MAR.
APR o

1158.
1134.
1138.
1158.

3 6 3 3 . .4
3 6 0 9 . ,0
3 6 2 8 . ,3
3659 <.3

4 3 3 7 . .4
4 3 2 4 . .5
4 3 5 2 . ,6
4 3 8 9 «,7

5350. 1
5367. 5
5425, 4 p

12996.6
13043.9
13106.6 P

5
2
0
7

Footnotes a p p e a r on the following p a g e
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 f r o m JAN. 1 9 9 5 TO APR. 1995

0.3

1.8

4.6

5.9

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

0.3

1.9

4.3

5.5

12 Months f r o m APR. 1994 TO APR. 1995

0,6

1.0

3 .0

5.3

-0.4

1.7

4.9

T h i r t e e n w e e k s e n d i n g MAY 1 5 , 1 9 9 5
from t h i r t e e n weeks e n d i n g :
FEB. 1 3 , 1995 (13 w e e k s p r e v i o u s )

1.

NOV. 1 4 ,

1994

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

-0.3

1.4

4.0

MAY

1994

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

0.5

1.0

2.9

16,

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.

Footnotes 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 c o m m e r c i a l b a n k s other than t h o s e d u e to depository institutions, the U.S. government, and foreign b a n k s and official institutions, l e s s c a s h items in 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 R s i s s u e d by all depository institutions and overnight Eurodollars i s s u e d to U.S. residents by foreign b r a n c h e s of
U.S. 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 a c c o u n t s ) , 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 RRs-—in 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 g e n e r a l 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 Keogh 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 c o m m e r c i a l b a n k s , 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 +
a h
u m
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
C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $ 1 0 0 , 0 0 0 or more) and term RP liabilities i s s u e d by all depository institutions, term Eurodollars held
by U.S. residents at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking 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 the estimated amount of overnight R R s and Eurodollars held by institution-only m o n e y market mutual f u n d s . 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 t h e 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 t h e d o m e s t i c nonfinancial s e c t o r s — the 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 t h e 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). N o n f e d e r a l 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). The 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 . 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

1148.3
1148.1

week
average

1147.4
1147.2

1145.5
1146.2

3621.2
3621.6

3623.4
3623.1

3619.8
3621.6

4317.7
4321.6

4332 . 5
4335.6

4331.9
4346.0

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

3621.6
3622.5
3624.3
3625.9

3620.4
3621.0
3625.4
3630.1

3617.4
3625.2
3637.4
3640.2

4325.0
4328.7
4332 .9
4337.7

4338.1
4342.6
4350.1
4356.7

4342.6
4349.9
4361.7
4372.4

APR.

3
10
17
24

1148.2
1148.2
1148.1
1148.1

1148.2
1148.9
1148.7
1148.6

1144.7
1150.2
1150.0
1149.6

3626.9
3628.2
3628.8
3630.2

3634.0
3637.8
3637.5
3639.2

3633.0
3640.7
3635.9
3647.1

4341.2
4345.4
4349.1
4353.2

4360.0
4364.5
4368.5
4372 .2

4355.8
4368.2
4377.6
4387.1

MAY

1
8p
15p

1148.3
1147.8
1147.5

1149.8
1148.2
1146.5

1149.4
1143.7
1143.4

3632.4
3634.0
3636.2

3643.8
3645.9
3650.0

3651.3
3649.1
3652.4

4357.7
4362.5
4367.7

4381.4
4388.2
4393.6

4392.8
4395.4
4399.2

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

1158.3
1156.2

1134.2
1134.1

1129.7
1121.9

3628.5
3627.6

3607.4
3609.0

3604.5
3596.9

4328
4330,

4321.1
4324.2

4318.0
4323.0

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

3626.2
3625.6
3625.6
3624.9

3609.3
3614.0
3620.7
3626.7

3622 .7
3631.9
3631.4
3620.7

4332,
4333,
4335.
4337.

4328.0
4335.4
4345.0
4351.9

4343.7
4357.0
4356.2
4350.8

APR.

3
10
17
24

1143.4
1141.8
1142.0
1142.5

1137.8
1144.5
1153.6
1160.1

1145.6
1171.0
1174.2
1149.6

3624.6
3625.4
3627.1
3629.2

3632.7
3645.1
3655.4
3661.8

3646.9
3681.4
3672.5
3646.2

4339.9
4343 .5
4347.7
4351.7

4356.4
4367.8
4381.7
4389.4

4361.4
4402.7
4411.7
4381.8

MAY

1
8p
15p

1143.7
1143.4
1143.5

1158.1
1151.4
1142.5

1137.4
1144.2
1138.6

3632.5
3634.4
3637.0

3658.4
3649.4
3643.0

3633.3
3645.6
3646.8

4356.4
4361.2
4366.4

4391.8
4389.0
4384.7

4370.8
4391.5
4394.5

Note: S p e c i a l caution s h o u l d b e t a k e n in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y 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

Demand deposits 3

At commercial
banks 4
303 . 0

At thrift
institutions5

Total

In M26

In M3 only 7

111.7

414.7

2455.0

658.9

1993-DEC.

322 . 1

7.9

383.9

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

656.8
645.8
643.2

APR.
MAY
JUNE

334,
337.
340.

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
2465.0
2458.3

645.4
643.0
651.3

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388 ,
386,
386,

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
382
382

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2460.9
2462.8
2467.2

675.9
681.1
689.4

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

2478.1
2475.6
2482.4

700.8
713.1
726.5

APR.

365.7

9.2

381.2

289.6

104.0

393.6

2493.2

735.0

363.4
364.1

8.8
9.0

385.2
384.1

289.5
289.2

103.9
103.6

393.5
392.9

2486.6
2490.2

724.3
732.2

Week encjj-nq
1995-MAR. 20
27

1.
2.
3.

Travelers checks 2

APR.

3
10
17
24

364.0
364.4
365.3
366.6

379.5
382.9
383 .2
379.8

288.9
290.7
289.7
289.2

103.3
103.1
102.6
104.7

392.2
393.8
392.4
393.9

2488.3
2490.5
2486.0
2497.5

722.8
727.5
741.6
740.0

MAY

1
8p
15p

367.4
367.1
368.3

379.
378,
380,

288.0
285.0
283 . 8

105.8
104.0
102.1

393.8
389.0
385.9

2501.9
2505.4
2509.1

741.5
746.4
746.8

9.2

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 amount 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 a n d official
institutions, l e s s c a s h i t e m s in the p r o c e s s of collection a n d Federal R e s e r v e float.
4. C o n s i s t s of NOW a n d A T S b a l a n c e s at commercial b a n k s , U . S . b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of NOW and 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.
6.
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 .
7.
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 a n d
Eurodollars held by institution-only m o n e y market mutual f u n d s . This s u m is s e a s o n a l l y adjusted a s a w h o l e .

p
preliminary
e
estimated


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
308.9

779.5
775.0
772.0

462.3
464.6
467 . 4

307.9
306.2
305.5

1201.2
1192.6
1183.7

469.9
476.0
481.2

405,
398 ,
391,

1171.0
1157.8
1144.2

744.1
734.2
723.3

385.6
377.6
371.6

716.0

Small-denomination time deposits2

Savings deposits 1

1215.7

commercial
banks
468.6

At
thrift
institutions
316.5

429.8
429.1
430.5

1221,
1221,
1222 ,

465.7
464.5
463.1

788,
784
780 ,

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.

Date
1993-DEC.

commercial
banks
785.8

At
thrift
institutions
429 . 8

1994-JAN.
FEB.
MAR.

791.3
792.7
791.5

APR.
MAY
JUNE

Tl995-MAR™20
27

1.
2.
3.
4.

p

Institutiononly money
market funds

Large-denomination time deposits 3
At
thrift
institutions
61.6

198.1

commercial
banks 4
271.2

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

770.1
770.8
772.9

370.5
373.5
370.7

183.1
177.5
177.9

268,

272 ,
274,

61.8
60.4
61.0

329.8
332.4
335.0

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

487.7
494.0
502.4

311.3
315.8
317.3

799.0
809 . 8
819.8

379.5
383.3
389.0

180.8
180.5
180.8

289.3
293 . 8
298.3

63.7
63.9
64.3

353.0
357.7
362.7

1129.8
1111.9
1094.9

512.4
524.0
537.6

322.9
331.4
340.7

835.3
855.3
878.2

392.1
391.5
390.9

186.3
180.4
189.0

296.9
303.8
308.3

66.1
67.6
69.5

363.0
371.4
377.8

366.4

1082.4

547.9

348.9

896.8

396.0

192.9

308.4

70.6

379.0

723.5
721.8

371.9
370.7

1095.3
1092.5

538.3
540.1

341.1
342.6

879.4
882.7

389.9
392.9

188.7
193.6

309.4
308.7

69.5
69.9

378.9
378.6

Total

Total

Total
332.7

APR.

3
10
17
24

716.0
716.7
718.2
716.0

368.1
366.2
366.2
366.5

1084.1
1082.9
1084.4
1082.5

543.1
545.5
547.8
549.5

344.5
346.7
348.8
350.5

887.6
892.2
896.6
900.0

394.2
396.0
395.6
396.7

191.8
192.3
193.1
193.6

303.7
306.0
308.6
312.3

70.8
70.3
71,0
70.4

374.6
376.3
379.6
382.7

MAY

1
8P
15p

712.6
715.5
715.7

365.9
365.1
364.1

1078.6
1080.6
1079.8

551.1
553.4
555.2

351.6
352.9
354.3

902.8
906.3
909.5

396.8
400.1
401.4

193.1
192.2
192.2

313.9
313.8
316.1

70.5
69.8
70.0

384.3
383.6
386.1

S a v i n g s d e p o s i t s include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




m o n e y market deposit a c c o u n t s .
«
. ,.
,
x ,
deposits—including 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 Keogh a c c o u n t b a l a n c e s at commercial b a n k s
from small time d e p o s i t s .
,
. . . .
, .....
L
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.
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 , and foreign b a n k s and

Page 6

H.6 (508)
Table 4-continued

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

Savings bonds

Short-term Treasury
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 .
3402,
3416.

9155.7
9189.2
9225.1

JULY
AUG.
SEP.

177 ,
178
179,

353 ,
357,
350,

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,
179,
180,

351,
358,
372 ,

11.8
11.0
10.2

404.2
404 . 0
426.5

3469.6
3494.1
3497.4

9386,
9425,
9467,

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

1993-DEC.

171.5

1994-JAN.
FEB.
MAR.

172.5
173.2
173.9

APR.
MAY
JUNE

1995-JAN.
FEB.
MAR.

1.

Debt components 4

Non-M3 Components of L

Date

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 Banks, m o n e y
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by a c c e p t i n g banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, and m o n e y market mutual funds.
Total commercial paper l e s s commercial paper held by m o n e y market mutual funds.
Debt data are on a monthly a v e r a g e b a s i s , derived by 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

4.
5.
6.

Demand
deposits 3

Other checkable deposits
At commercial
banks 4

At thrift

Nontransactions components
Total

In M26

Overnight

Overnight
Eurodollaars*

In M3 only7

1993-DEC.

324 . 8

7 .6

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 . 2
648 . 5
642 . 1

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
377 .7
382 . 3

306 . 4
298 . 1
299 . 5

115 . 0
111 .6
1 1 1 .7

421 .4
409 .7
4 1 1 .2

2469 . 9
2463 . 1
2458 . 1

641 .6
644 . 9
649 . 8

77 . 6
78 . 5
80 . 7

21.3
24.1
26.2

JULY
AUG.
SEP.

344 .7
345 .7
347 . 0

8 .8
8 .9
8 .8

387 . 3
383 . 1
384 .7

298 . 4
297.2
297 .4

111 .6
109 . 0
108 . 3

410 . 0
406 .2
405 . 6

2464 . 1
2462 . 8
2456 .6

652 . 5
659 . 6
663 . 3

80 . 5
82 . 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
3 0 0 , .6

107 . 4
107 . 1
107 .0

4 0 1 .4
403 . 1
407 .6

2458 .8
2463 .4
2465 . 1

674 . 0
687 . 1
692 .0

83 . 5
83 . 0
84 .2

30.3
30.1
32.5

1995-JAN.
FEB.
MAR.

3 5 5 , .9
3 5 7 ,. 1
3 6 1 . .4

8,. 1
8., 1
8,.4

388 .7
3 7 4 , .9
3 7 4 , ,0

3 0 1 , ,3
292 .,3
2 9 1 ., 1

104 .4
1 0 1 , .8
103 ,. 1

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

2 4 7 5 .0
2 4 7 4 .8
2 4 9 0 ,.2

7 0 4 . .0
7 1 5 .. 6
7 2 4 . .3

87, .0
86, . 1
86, . 8

36.4
31.6
30.7

APR.

3 6 5 , ,5

8.,8

382 ..0

296. 6

105.7

402 .,4

2 5 0 0 , .6

7 3 0 . ,4

8 4 . ,7

30.1

362 . 1
361. 5

8. 5
8. 6

373 , 9
366. 0

290. 4
286. 9

102 ,.7
100. 6

393 ..1
387 . 5

2 4 9 3 ..8
2 4 9 7 ,, 1

724. 8
730. 1

8 9 . ,8
89. 5

30.1
32.0

378.
386.
390.
374.

7
9
9
8

291. 0
300 . 4
301. 1
297 . 4

104. 5
108. 3
107 . 2
103 . 8

395.
408.
408.
401.

5
8
3
1

2 5 0 1 . ,3
2510. 4
2498. 3
2496. 5

714.
721.
739.
735.

5
3
2
6

88. 3
86. 5
79. 5
84 . 5

33.3
29.6
26.8
30.7

374. 2
374. 1
376. 4

286. 5
286. 8
282 . 3

103 . 1
105. 7
102 . 8

389. 6
392 . 5
385. 1

2495. 9
2501. 4
2508. 2

737. 6
745. 8
747. 7

87. 4
83 . 8
86. 5

32 . 6
28.3
28.3

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

2.
3.

Travelers
checks 2

APR.

3
10
17
24

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

8.
8.
8.
8.

MAY

1
8p
15p

364. 8
368. 8
368. 2

8. 8
8. 9 e
8. 9 e

8
8
8
8

v
• iif-T", J.\
^
wi i vi m e vauuo ui ucpuouui y iiiouiuuuMo.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank 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 items 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 commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time
ueposiis.
S u m of large time d e p o s i t s , term R P s and Eurodollars of U . S . residents, m o n e y market fund b a l a n c e s (institution-only), l e s s t h e e s t i m a t e d a m o u n t of overnight
R P s and
y
Eurodollars held by institution-only m o n e y market mutual funds.

8.
continuin9 contract R P s issued b
broker/dea'erJemi9ht ^
V a " depository institutions to other than depository institutions and money 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 purpose 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

1 2 1 3 .2

At
commercial
banks
468.2

At
thrift
institutions
316.2

784.4

General
purpose and
broker/
dealer
money
market funds
358.3

427 ,
426,
430.8

1213.5
1214.9
1222.7

466.2
464.6
462.9

314,
310,
308.8

780.2
775.2
771.6

791.1
785.3
782.3

432
430
428

1223.4
1215 . 9
1210.4

461.8
463.7
467.0

307,
305,
305,

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,
1161.
1142 ,

.

717.8

367.4

1085.2

mi

si:; is;::

Small-denomination time deposits 2

Savings deposits 1
Date
1993-DEC.

commercial
banks
784.3

At
thrift
institutions
429.0

1994-JAN.
FEB.
MAR.

786.3
788.2
791.9

APR.
MAY
JUNE

™
APR

"1

Total

Institutiononly money
market funds

Large-denomination time deposits 3
At
thrift
institutions
61.5

200 . 0

At
commercial
banks 4
270.8

361.6
364.1
370.3

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
317.1

800.0
809.3
819.1

373.9
379.9
387 . 1

178,
182 ,
183 ,

289.9
295.2
298.0

63.8
64.2
64.3

353.7
359.5
362.3

547.3

348.5

895.8

:i::

::::

s:i

Total

332.3

E EB E B B B E S
? SB
404.8

191.3

306.2

70.1

376.4

-

st:

I! li; :i i i !; i i i I i
B B Si S
I
E E £ 5
Ii: S B

2:

l S d O T o m ° n a ? b M i m 2 d T ^ l s - L d u d ^ r e t a T ' R p T - a r e t h o s e i s s u e d in a m o u n t s ot 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 -

l

S j E E E B E E B
B
b a n k s and official institutions.

p

preliminary




Total

E

E

S

E

S

^

a"d foreign

P a 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

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-DEC.

71.6

26.0

97 . 6

46.5

171.4

1994-JAN.
FEB.
MAR.

67.0
64.8
68.3

26.5
27.3
27.0

93.5
92.1
95.4

45.5
47.9
46.2

172.6
173.7
174.6

APR.
MAY
JUNE

71,
69,
72,

27.4
28.8
30.3

98.8
97.8
102.4

46.5
47.7
50.3

JULY
AUG.
SEP.

71.0
68.4
68.4

32.0
32.8
33.4

103
101,
101,

OCT.
NOV.
DEC.

67.2
67.5
67.7

34.7
35.4
37.5

1995-JAN.
FEB.
MAR.

70.2
73.1
72.3

APR.
weefc 9fl4iB<ar
1995-MAR. 20
27

1.
2.

Debt components 6

Non-M3 Components of L
Savings bonds

Short-term
Treasury
secunties 3
342.6

Bankers
acceptances 4

Commercial
paper6

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

39.0
39.7
40.2

109.1
112.8
112.5

54.9
57.7
58.8

180.6
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

74.7

41.0

115.7

60.5

72.1
73.9

40.4
40.8

112.5
114.7

58.2
59.7

APR.

3
10
17
24

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,
58.
62,
60.

MAY

1
8p
15p

74.3
79.4
78.4

41.8
42.4
42.2

116.1
121.9
120.6

60.7
61.4
61.5

4.
5.
6.

Term R P s are t h o s e with original maturities greater than o n e day, excluding continuing contracts and retail R P s .
Term Eurodollars are t h o s e with original maturities greater than o n e day. C o n s i s t s of t h o s e i s s u e d to U.S. 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 and 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 d e p o s i t o r y institutions, Federal R e s e r v e B a n k s m o n e v
7
market mutual f u n d s , 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 B a n k s , a n d m o n e y market mutual f u n d s
Total c o m m e r c i a l 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 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 end-of-month levels, a n d h a v e b e e n adjusted to r e m o v e discontinuities.

p

preliminary

3.




Page 10

H.6 (508)
Table 6

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

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

1.6

due to
foreign
banks and
official
institutions
10, ,9

5,.2

6,,7

16.2

8,,5
8,. 4
8,. 1

1.6
1.5
1.6

l l , ,3
11, .9
12, . 5

5,,8
4,,2
4,,3

7. , 3
6,.3
5,.2

APR.
MAY
JUNE

8..6
8,. 1
8.,2

1.5
1.5
1.5

12 .9
13, .0
13, , 1

7,, 1
4,.2
5,.3

JULY
AUG.
SEP.

8,,3
7, ,7
8,, 1

1.5
1.5
1.5

13, .4
14, .0
14, ,6

OCT.
NOV.
DEC.

8.,0
8,.2
8,,4

1.6
1.8
1.6

1995-JAN.
FEB.
MAR.

8, 2
7. ,8
7, ,9

APR.

Date

Foreign
commercial
banks

Foreign
official
institutions

1993-DEC.

9,>1

1994-JAN.
FEB.
MAR.

Week s a d i n g
1995-MAR. 20
27

e
p

Time and
savings

Note
balances at
depository
institutions

IRA and Keogh Accounts
Time and

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
108.5 e

58.3
59.4
59.7

309.7 e
311.0 e
311.4 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. 7
144. 6
145. 6

108.4 e
108.5 e
108.6 e

59.7 e
59.9 e
60.1 e

311.8 e
313.1 e
314.2 e

7. 6

1.6

14, ,8

5,.5

6,,2

12.4

24. , 1

2. 5

146. 3

109.0 e

60.3 e

315.6 e

7. 9
8. 0

1.6
1.5

14, .9
14. .9

4,,5
2.,8

6., 1
4. .6

8.7
9.8

19. .2
17. 2

2. 3
2. 3

commercial
banks

APR.

3
10
17
24

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
2 4 . ,7

2.
2.
2.
2.

MAY

1
8p
15p

8. 3
7. 9
8. 4

1.6
1.5
1.5

14. 8
14. 8
14. 8

5. 6
3. 0
3. 2

8., 1
6. 9
5. 5

27.9
29.3
19.9

41. 6
39. 2
28. 6

2. 6
2. 5
2. 5

estimated
preliminary




At
money
market
funds

dJ&SSW

Total
cash
balance

3
6
6
5

At
thrift
institutions

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
March 31,1995 and April 30,1995
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories

Mar. 31

Apr. 30

NOW Accounts

292,811

287,068

713,440

699,196

Personal

564,086

Nonpersonal

149,354

Savings Deposits

2

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

Change
(percent)

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

Mar. 31

Apr. 30

-1.96

2.00

2.00

0

3.14
N.A.

3.15

551,193

-2.00
-2.29

N.A.

1
N.A.

148,002

-0.90

N.A.

N.A.

N.A.

31,623

31,702

0.25

4.24

4.28

4

95,583

94,556

-1.07

4.97

4.95

-2

183 days to 1 year

176,657

179,579

1.65

5.60

5.60

0

1 to 2-Vz year

183,275

190,197

3.78

6.12

6.05

-7

194,722

193,324

-0.72

6.45

6.36

-9

145,959

146,649

0.47

N.A.

N.A.

N.A.

92 to 182 days

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

3

BIF-insured Savings Banks 4
Amount Outstanding ($mil.)
Liability Categories

Change
(percent)

Average Rate Paid (%)

Apr. 30

11,218

11,006

-1.89

1.99

2.02

3

68.595
65,692

67.349
64,445

-1.82
-1.90

2.94
N.A.

2.95
N.A.

1
N.A.

2,902

2,904

0.05

N.A.

N.A.

N.A.

1.943

1.864

-4.08

4.21

4.20

-1

92 to 182 days

11,707

11,420

-2.46

5.37

5.36

-1

183 days to 1 year

20.277

20.547

1.33

5.94

5.89

-5

1 to 2-'/z year

22,648

23,350

3.10

6.32

6.23

-9

22,446

22,934

2.17

6.68

6.59

-9

20,221

20,420

0.98

N.A.

N.A.

N.A.

NOW Accounts
Savings Deposits
Personal

2

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

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

3

Mar. 31

Apr. 30

Change
(b. p.)

Mar. 31

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.