Full text of H.6 Money Stock Measures : May 26, 1994
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• * qV GOyj FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES For release at 4 30 p.m. Eastern Time Billions of dollars Date MAY 26. 1994 M11 M22 M33 L4 DEBT5 Seasonally adjusted 1992-MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 952.7 954.7 964.2 976.1 989.2 1004.2 1016.6 1024.8 3482.1 3477.8 3480.7 3489.4 3496.6 3507.5 3510.5 3509.0 4189.9 4183.7 4186.0 4196.7 4200.4 4196.9 4194.1 4183.0 5021.7 5026.9 5026.6 5041.0 5056.7 5058.5 5065.3 5057.1 1993-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1033.0 1035.4 1040.2 1047.1 1067.7 1076.6 1086.8 1095.3 1105.1 1113.4 1122.4 1128.4 3502.8 3494.2 3494.8 3498.0 3521.9 3528.7 3533.6 3535.7 3543.6 3545.1 3556.2 3563.1. 4162.4 4156.0 4154.6 4162.0 4187.6 4187 . 8 4186.8 4186.5 4195.2 4200.6 4212.9 4225.1 5040.0 5035.5 5036.4 5053.8 5086.8 5087.3 5083.6 5092.4 5085.5 5093.3 5104.1 5122.6 11758.5 11782.3 11822.2 11869.0 11914.9 11979.7 12037.7 12092 .8 12145.7 12179.3 12237.4 12309.6 1994-JAN. FEB. ' MAR. APR. 1133.5 1138.6 1142.4 1141.3 3569.0 3564.7 3579.2 3588.0 4229.9 4202.9 4211.6 4222 . 0 5143.7 5134.3 5141.3 p 12354.4 12400.2 12460.6 p 11381.9 11435.0 11494.3 11553.6 11598.1 11626.0 11665.9 11721.5 Not seasonally adjusted 1992-MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 943.9 952.0 962.9 971.0 983 . 6 1001.8 1022.4 1046.7 3467.4 3473 . 4 3478.1 3484.1 3486.7 3504.6 3517.4 3527.6 4180.2 4179.8 4180.3 4195.5 4190.0 4190.5 4203 . 6 4198.2 5001.1 5016.7 5012.9 5032.9 5045.2 5050.3 5083.6 5087.6 11348.7 11400.0 11452.0 11512.6 11564.9 11599.4 11658.2 11723.3 1993-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1041.0 1023.0 1031.6 1058.7 1058.1 1073.2 1084.6 1088.8 1099.1 1129.6 1153.8 3508.3 3484.2 3495.8 3515.2 3507.3 3524.4 3529.8 3528.6 3533.2 3543.1 3564.9 3585.7 4162.9 4149.4 4157.3 4177.2 4178.6 4184.1 4179.9 4183.2 4184.4 4195.1 4224.5 4244.5 5053.6 5030.2 5042.5 5063.2 5064.8 5076.7 5069.0 5082.3 5073.4 5085.8 5125.2 5157.3 11745.0 11757.3 11798.6 11841.7 11883.9 11946.2 11997.8 12053.9 12112.2 12149.3 12224.3 12309.6 1994-JAN. FEB. MAR. APR. 1142.8 1124.7 1131.9 1153.3 3575.7 3552.6 3577.6 3605.3 4230.8 4193.7 4211.5 4237 .7 5157.9 5126.0 5145.2 12340.0 12374.0 12437.3 1111.8 Footnotes appear on the following p a g e p preliminary p p # # # # # * • • % % Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M2 M3 DEBT 3 Months f r o m JAN. 1994 TO A P R . 1994 2.8 2.1 -0.7 4.9 6 Months f r o m OCT. 1 9 9 3 TO APR. 19 9 4 5.0 2.4 1.0 5.2 12 M o n t h s f r o m APR. 1 9 9 3 TO APR. 19 9 4 9 .0 2.6 1.4 5.4 3.9 1.9 -0.9 T h i r t e e n w e e k s e n d i n g MAY 1 6 , 1 9 9 4 from t h i r t e e n weeks ending: FEB. 1 4 , 1 9 9 4 ( 1 3 w e e k s p r e v i o u s ) 1 M1 NOV. 15, 1993 (26 weeks previous) 5.9 2.1 0.7 MAY 17, 1993 (52 weeks previous) 9.1 2.3 1.2 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1993 to March 1994, September 1993 to March 1994, and March 1 9 9 3 to March 1 9 9 4 , 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 outside 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. government, 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; 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 s e r v i c e (ATS) a c c o u n t s at depository institutions, credit union share 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 s u m m i n g 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 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. b a n k s worldwide, s a v i n g s d e p o s i t s (including m o n e y market deposit accounts), small-denomination time d e p o s i t s (time deposits—including 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 tax-exempt 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 account (IRA) and Keog'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 p u r p o s e 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 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 M1. C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in amounts 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. banks worldwide and at all banking offices in the United Kingdom and C a n a d a , and b a l a n c e s in both t a x a b l e 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 a n d official institutions. Also subtracted is the e s t i m a t e d 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 bonds, snort-term Treasury securities, commercial paper and b a n k e r s 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 of d o m e s t i c nonfinancial s e c t o r s c o n s i s t s of outstanding credit market debt of the U.S. government, state and local g o v e r n m e n t s and private nonfinancial s e c t o r s . Private debt c o n s i s t s of corporate b o n d s , m o r t g a g e s , c o n s u m e r credit (including bank loans), other bank loans, commercial paper, b a n k e r s a c c e p t a n c e s and other debt instruments. The data are derived from the Federal R e s e r v e Board's flow of funds a c c o u n t s . All data on debt of d o m e s t i c nonfinancial s e c t o r s are p r e s e n t e d in m o n t h - a v e r a g e form, derived by averaging adjacent month-end levels. T h e s e data h a v e also b e e n adjusted to r e m o v e statistical discontinuities that may arise in the underlying flow of f u n d s statistics. T h e presentation of debt data in this r e l e a s e differs, therefore, from the quarterly flow of funds 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 l e v e l s of credit market debt are m e a s u r e d on a quarter-end b a s i s and include discontinuities. Page 3 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period ending 1994-FEB. MAR. APR. MAY M2 M3 13-week average 4-week average, week average 13-week average 4-week average week average 13-week average 21 28 1132.0 1133.2 1137.4 1138.6 4-week average 1139.1 1140.6 week average 3565.1 3565.6 3564.9 3564.7 3559.9 3565.3 4221.3 4219.9 4209.9 4203 .0 4195.5 4196.9 7 14 21 28 1134.3 1135.5 1136 .6 1137.8 1139.8 1140.4 1141.5 1143.0 1140.4 1141.6 1143.3 1146.7 3566.7 3568.0 3569.6 3571.2 3567.1 3570.2 3576.1 3580.9 3574.1 3581.3 3583.7 3584.5 4218.7 4217.8 4217.3 4216.4 4200.9 4202 .6 4208.4 4212.9 4203.2 4214.6 4218.7 4215.0 4 11 18 25 1139 .2 1140.3 1140 .6 1140.6 1144.9 1145.4 1144.0 1141.4 1148 . 0 1143.7 1137.6 1136.4 3572.4 3574.6 3575.8 3576.6 3582.8 3586.3 3587.4 3586.9 3581.7 3595.1 3588.4 3582.4 4215.3 4214.9 4214.4 4213.5 4215.9 4218.5 4221.3 4221.8 4215.2 4224.9 4229.9 4217.2 2 9p 16p 1140.8 1141.3 1141.7 1139.0 1138.7 1140.2 1138.4 1142.5 1143.5 3577.8 3579.5 3581.2 3586.7 3584.9 3585.5 3580.8 3587.9 3590.8 4212.4 4212.7 4213.1 4220.8 4218.2 4214.3 4211.1 4214.4 4214.3 Not seasonally adjusted 1994-FBB. MAR. APR. MAY 21 28 1141.5 1140.9 1123.1 1124.7 1120.7 1116.7 3572.6 3572.0 3550.3 3552.6 3544.9 3544.0 4226.8 4224.0 4196.9 4193.7 4181.8 4181.6 7 14 21 28 1140.3 1139.5 1137.6 1134.8 1126.8 1129.0 1130.9 1131.5 1142.0 1136.6 1128.2 1119.0 3571.2 3570.9 3570.4 3569.9 3557.7 3565.0 3573.0 3577.8 3582.7 3588.5 3576.6 3563.5 4221.4 4218.8 4216.7 4213.8 4194.8 4200.6 4208.7 4212.3 4 11 18 25 4212.3 4226.8 4214.0 4195.9 1133.7 1133.4 1134.4 1135.2 1135.7 1143.1 1152.1 1155.7 1158.8 1166.4 1164.2 1133.5 3570.3 3572.5 3574.9 3576.5 3583.1 3594.9 3606.4 3609.4 3603.9 3635.7 3622.6 3575.5 4213.0 4213.5 4214.3 4214.3 4217.0 4226.7 4238.6 4241.9 2 9p 16p 1136.9 1137.9 1138.8 4231.2 4265.5 4261.6 4209.2 1149.3 1144.1 1138.0 1132.9 1145.7 1139.9 3579.0 3580.8 3582.7 3600.4 3588.0 3578.2 3567.7 3586.1 3583.5 4214.6 4215.2 4215.9 4233.6 4221.3 4208.9 4198.2 4216.2 4212.0 Note: Special 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 Demand deposits 3 Other checkable deposits At commercial banks 4 At thrift institutions5 Nontransactions components Total In M26 In M3 only7 8.1 339.6 280 .8 104.1 384.9 2484.3 674.0 8.0 I 8.0 8.0 341.9 342.7 344.3 283.5 283.8 284.9 105.0 103.9 103.6 388.6 387.7 388.5 2469.8 2458.8 2454.6 659.6 661.8 659.8 8.1 8.1 8.0 349 .0 358.8 362.2 284.2 290.3 292.4 104.1 106.1 106.8 388.2 396.4 399.2 2450.9 2454.1 2452.1 664.0 665.8 659.1 309.7 312.4 315.4 366.4 370.9 375.4 294.8 295.9 297.8 108.0 108.3 108.8 402.8 404.2 406.6 2446.8 2440.4 2438.5 653.3 650.8 651.6 OCT. NOV. DEC. 317 .6 319.5 321.4 378.4 383.2 384.8 299.1 300.8 302.6 110.4 111.0 2431.7 2433.8 2434.8 655.5 656.7 111.7 409.5 411.8 414.3 1994-JAN. FEB. MAR. 325 .2 329.2 332.4 7.9 7.9 8.0 388 .3 390.3 390.0 300.4 299.2 300.0 111.6 112.0 112 .0 412.0 411.2 411.9 2435.5 2426.2 2436.9 660.9 638.2 632.3 APR. 334.8 8.1 388 . 9 298.4 111.1 409.5 2446.6 634.0 19 9 2 - D E C . 292.2 19 9 3 - J A N . FEB. MAR. 294.5 297 .0 299.3 APR. MAY JUNE 301.8 304.4 307.2 JULY AUG. SEP. 1 662.0 1994-MAR. 21 28 332 .3 334.0 8.0 8.1 391.0 391.5 299.9 300.7 112 .0 112.4 411.9 413.1 2440.4 2437.8 635.0 630.5 APR. 4 11 18 25 333.7 334.0 334 .3 335.3 8 .1 8.1 301.7 298.5 297.4 296.5 110.7 8.1 8.1 393 .8 391.2 386.9 386.0 111.8 412.4 410.4 408.4 406.9 2433.7 2451.4 2450.7 2446.0 633.5 629.8 641.6 634.7 2 9p 16p 336.4 336.6 337.3 8.1 8.1 8.2 384.4 386.7 386.2 298.2 299.9 300.7 111.3 111.2 409.5 411.1 411.8 2442.4 2445.5 2447.3 630.2 626.5 623.5 MAY 1. Travelers checks 2 110.9 110.4 111.1 Currency outside U.S. Treasury, Federal R e s e r v e Banks and the vaults of depository institutions. 2. 3. 4. 5. 6. d'efto^its^ThTs s u ^ ' i s ^ ' a s o n a l l y ^ d j u ^ e d ^ s ^ w h o l e " 0 6 8 s z z , e a 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. 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 N O W and ATS b a l a n c e s at thrifts, credit union share 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 estimated p preliminary ^dr%::n7:3%% a n d s a v i n g s d e p o s i t s (including m o n e y m a * e , deposit a c c o u n t s ) and less ,he e s , i m a ™amoun,d rp * Page 5 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits1 Date At commercial banks At thrift institutions 19 9 2 - D E C . 754.6 429 .0 1183 .6 508.7 361.8 870.5 352.0 201.5 292 .8 67.5 360.3 1993-JAN. FEB. MAR. 754 .1 757.2 757 .2 429 .8 426.5 425.3 1183.8 1183.7 1182.4 504.2 504.8 501.7 356.7 349.0 345.1 860.8 853.8 846.8 350.3 345.3 345.9 196.6 198.0 197.7 285.7 284.1 279.8 67.5 65.1 353.2 350.1 344.8 APR. MAY JUNE 759 .5 766.7 771.0 426.0 428.4 429.4 1185.5 1195.1 1200.4 496.6 491.9 487.5 342 .8 340.5 336.3 839.4 832.4 823.9 345.9 348.5 347.5 196.3 198.0 194.7 283.6 283 .6 280.9 65.3 64.7 64.4 348.8 348.2 345.3 JULY AUG. SEP. 771.7 775.4 778 .0 430.4 430.5 430.4 1202.1 1205.9 1208.4 483.0 478.6 475.4 331.4 327 .6 324.0 814.4 806.2 799.4 346.6 345.5 345.0 192.6 190.1 190.8 277.4 277.8 276.6 64.5 63.9 63.8 341.8 341.6 340.4 OCT. NOV. DEC. 778.4 782 .4 785.3 430.4 429.5 430.2 1208.8 1211.9 1215.5 472.4 469 . 5 468.5 321.0 318.5 314.3 793.5 788.0 782.8 344.4 347.0 348.8 194.3 194.8 197.0 277 , 275, 277. 63 .7 63.5 341.6 339.4 339 .0 S3 B E - 788.3 ™ s 1220.7 432.4 i h S S S S £ S t a ^ S : , a i l R P S " preliminary 66.0 61.8 Total 61.2 306.0 767.8 ;s:i :::: 361.9 I i i 177.0 269.8 a r e , h 0 S 6 i S S U 6 d in a m 0 U n , S 0f l e s s , h a n $ 1 0 0 " ' 000 - A 331.0 sr: «•* I i ii i B B B E S E L a r g l - d l n o m i n a t l o n t , Z d e p o s i t s at c Z % c % n k l % T h o & W d b y % , 7 % m % 5 ^ instftutions. p At thrift institutions 461.8 S a v i n g s d e p o s i t s include m o n e y market deposit accounts. e At commercial banks 4 8 E i I; i 8 B E Total B E S E E E " ~i m i t Large-denomination time deposits 3 Total Week e n d i n g - Institutiononly money market funds At thrift institutions APR- 1. General purpose and broker/dealer money market funds At commercial banks ~S 2 Small-denomination tfrne deposits 2 E:i B — " 'RA and Keogh a c c o u n t b a l a n c e s at commercial b a n k s a n d ' U t i P o s l l o r y institutions, U.S. g o v e r n m e n t , a n d foreign b a n k s a n d official Page 6 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components 4 Non-M3 Components of L Date Savings bonds Bankers acceptances 2 Commercial paper3 Federal debt Non-Federal debt 1992-DEC. 156 .6 332 .5 20.6 364.3 3068.4 8653.1 19 9 3 - J A N . FEB. MAR. 158.7 160.8 162.4 337 .3 339.3 338.4 20.6 20.0 19.4 361.0 359.4 361.5 3078.7 3090.8 3121.1 8679.8 8691.5 8701.1 APR. MAY JUNE 163 .6 164.7 165.9 341.8 343 .4 344.2 19.3 19.2 18.5 367.1 371.8 370.9 3149.0 3175.8 3208.1 8720.0 8739.1 8771.6 JULY AUG. SEP. 167 . 1 168 .2 169 .2 341.9 341.7 326.3 17.4 16.5 16.4 370.4 379.5 378.4 3227.8 3252.2 3271.3 8809.9 8840.7 8874.4 OCT. NOV. DEC. 170 .1 170.8 171.7 321.5 321.0 324.3 16.4 15.3 14.7 384.7 384.1 386.8 3266.4 3291.4 3327.9 8912.9 8946.0 8981.8 172 .7 173.4 174.1 334.6 339.7 340 . 0 15.0 15.3 15.5 391.6 403.0 400.1 3335.6 3349.3 3374.7 9018.8 9050.9 9086.0 199 4-JAN. FEB. MAR. p 1. Short-term Treasury securities' 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 accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal Home 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 basis, derived by averaging adjacent 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 Travelers checks 2 Demand deposits 3 Other checkable deposits Nontransactions components In M26 In M3 only7 355. 1 284 . 3 104. 6 388 . 9 2480. 9 670. 5 59. 3 21. 3 345. 9 334. 3 336. 5 289 . 4 284. 2 286 . 5 104. 4 101. 5 1 0 3 ., 0 3 9 3 .. 8 3 8 5 . .7 3 8 9 . .5 2467. 3 2461. 2 2 4 6 4 ..1 654. 6 665. 2 661. 5 60. 0 7 62. 7 295 . 0 7. 8 19 9 3 - J A N . FEB. MAR. 293 . 5 295 . 3 297 . 9 7 .8 7. 7 7 .8 o vo Total 19 9 2 - D E C . 17 . 8 17. 0 16. 1 APR. MAY JUNE 301. 3 304 . 4 307 . 4 7 ., 8 7 ., 9 8 .2 350 . 5 352 . 0 359 . 6 2 9 1 . .9 2 8 7 .. 6 2 9 0 .. 6 1 0 7 ..3 106. 2 1 0 7 .. 5 399 . 2 393 . 8 3 9 8 . .0 2456. 4 2 4 4 9 . .2 2 4 5 1 . ,2 6 6 2 ..1 671. 2 6 5 9 . ,7 62 . 5 61. 7 64. 8 1 4 . .7 1 3 . .5 1 3 . .7 JULY AUG. SEP. 311. 0 312 . 8 314.. 8 8 . 4 8 .4 8 . 2 3 6 5 ..9 3 6 7 ..9 373 . 1 290 .9 292 . 1 295 .0 1 0 8 . .5 1 0 7 .. 7 1 0 8 . .0 399 .3 399 .7 403 .0 2 4 4 5 ..2 2 4 3 9 ..8 2434..1 650..1 6 5 4 . .6 6 5 1 . .2 67 . 7 6 7 ., 4 7 0 . .4 13..5 1 4 ..7 14 .9 OCT. NOV. DEC. 3 1 7 .. 3 3 1 9 .. 8 3 2 4 . .9 8 .0 7 ,. 7 7 .6 381..1 391..1 402 .6 295 .6 299 .6 306 .3 1 0 9 . .8 1 1 1 ..4 112 . 4 4 0 5 .3 4 1 0 .9 418 .6 2431..3 2 4 3 5 .3 2432 .0 6 5 2 . .0 659 . 6 6 5 8 ..8 7 0 ..8 7 1 . .7 7 2 ..6 17 .2 17 .4 17 .8 199 4-JAN. FEB. MAR. 324 .0 327 .3 3 3 0 .7 7 .7 7 .7 7 .8 393 . 1 3 8 0 ,. 6 3 8 0 .7 306 .8 299 .6 3 0 1 .6 111.. 2 109 . 5 1 1 1 ..3 417 .9 409 .1 4 1 2 .9 2 4 3 2 ..9 2428 .0 2 4 4 5 .7 655 .1 641 .1 633 .9 75 .4 74 .2 77 .6 17 .9 16 .6 18 .0 APR. 334 .4 7 .8 390 .3 306 .4 114 .5 420 .8 2452 .0 632 .4 77 . 1 16 .0 7 . 8 7 .8 378 .4 374 .0 300 .6 297 .7 110 .6 108 .7 411 .2 406 .4 2448 .5 2444 .5 637 .3 632 .4 78 .6 77 .4 18 .5 18 .6 395 396 395 379 306 310 311 302 115 117 115 111 421 427 427 413 2445 2469 2458 2442 627 629 639 633 70 80 80 76 17 16 15 15 1994-MAR. 21 28 330 . 8 330 .8 APR. 4 11 18 25 333 335 334 333 MAY 2 9p 16p 333 . 9 337 .9 337 .2 .8 .3 .1 .4 7 7 7 7 I . 8 .8 . 8 .8 7 . 8 7 .8 e 7 .9 e \ r\ 8. 9. Overnight Eurodollars9 At thrift institutions5 .8 .0 .4 .1 3 8 1 .7 383 .4 384 .4 D r\ .1 .3 .0 .1 297 .8 302 .3 298 .8 .2 .0 .9 .1 1 1 1 .7 114 .3 111 .6 .2 .2 .0 .2 409 .5 416 .6 410 .4 .2 .3 .4 .0 2434 .8 2440 .4 2443 .6 Lz <-* rin/'J + k r\ 1 2. 3. 4. 5. 6. 7. Overnight RPs 8 At commercial banks4 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. branches and a g e n c i e s of foreign b a n k s and Edqe Act coroorations C o n s i s t s of N O W and ATS b a l a n c e s at thrifts, credit union share 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 by foreign Digitized forestimated FRASER preliminary .2 .8 .0 .7 630 .5 630 .1 628 .5 .1 .7 .4 .4 73 .8 73 .6 76 .2 .4 .2 .1 .5 16 . 4 15 .0 16 . 1 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' Date Institutiononly money market funds Large-denomination time deposits 3 At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total 1992-DEC. 752 .9 428.1 1181.1 507 . 8 361.2 869 .0 350.2 200.4 291.7 67.2 358.9 19 9 3 - J A N . FEB. MAR. 750 .2 754.0 758.5 427.5 424.7 426.0 1177.7 1178.7 1184.5 504.4 504.7 501.3 356.8 349 .0 344.8 861.3 853.6 846.1 350.6 351.2 354 .8 200.5 208.4 201.1 282.8 66.8 282.5 279.7 65.7 65.0 349 .6 348.2 344.8 APR. MAY JUNE 761.9 767 .2 773.6 427 .4 428 .6 430.9 1189 .3 1195.8 1204.5 496.1 490.7 487.1 342.4 339.7 336 .0 838.5 830.5 823.0 351.4 347.7 345.2 195.6 199.7 191.0 282.7 285.8 282.8 65.1 65.2 64.8 347.8 351.0 347.6 JULY AUG. SEP. 773 . 6 776. 0 776.7 431.4 430.8 429.7 1205.0 1206.9 1206.4 483 .9 479.6 476.7 332.1 328.3 324.9 816.0 807.9 801.5 343.0 343.0 340.8 188.6 190.1 187.5 277.1 279.5 277 .6 64.4 64.3 64.0 341.5 343 .8 341.6 OCT. NOV. DEC. 777.7 784.0 783 . 9 430.0 430.4 429.4 1207.7 1214.4 1213.2 473.3 468.8 467.6 321.6 318.1 313.6 794.9 786.9 781.2 340.7 345.0 347.2 189 .2 194.0 195.8 277.6 276.2 276.0 63 .7 63.6 61.6 341.3 339.8 337.6 1994-JAN. FEB. MAR. 786 . 1 7 8 7 ..7 7 9 1 . .3 428 427 432 .0 ,. 9 .2 1 2 1 4 ,. 1 1215 .6 1223 .6 465 . 6 463 . 8 462 . 1 3 1 1 .8 3 0 8 ,. 3 3 0 6 . .7 777 .3 772..1 7 6 8 . .9 348 .1 349 . 4 3 5 7 ,. 6 1 9 6 , .2 186..1 1 8 0 ,.5 276 .5 272 .3 269 .8 61..4 6 1 ..3 6 0 ,.9 337 .8 333 .6 3 3 0 .7 APR. 790 . 6 4 3 3 ..7 1 2 2 4 ,. 3 461.. 3 3 0 5 ,.7 767 .0 3 6 7 ,. 6 176 .2 269 .2 61..0 330 .2 432 .5 432 .4 1 2 2 3 ,. 4 1 2 2 1 ..6 462 . 1 461,. 9 306,.6 3 0 6 ,. 4 7 6 8 . .7 7 6 8 . .3 3 5 9 ,. 3 3 5 8 .6 184 .1 179 .7 270 .6 270 .0 6 0 ,. 8 6 0 ,. 8 331 . 4 3 3 0 .7 435 436 433 430 1231.. 1 1235.. 9 1 2 2 5 .7 1 2 1 3 ..7 461 . 6 4 6 1 ,.3 461 . 1 4 6 0 ,.9 306 .6 306 .3 305 .8 305..1 768 .2 7 6 7 . .6 7 6 6 ..9 7 6 6 . .0 3 5 8 ,. 4 368 .8 3 7 0 .2 3 7 0 . .5 175 176 180 174 263 267 268 272 61 61 61 61 324 328 329 333 . 5 .4 ..7 462 . 1 4 6 2 ,. 6 4 6 3 ,. 1 304 .8 3 0 4 ,.6 303 . 8 7 6 6 , .9 7 6 7 . .2 7 6 6 . .9 3 6 5 ..3 365..1 3 6 4 . .7 1 7 2 , .2 1 7 1 , .6 1 7 1 . .9 1994-MAR. 21 28 790 . 9 7 8 9 ,. 2 APR. 4 11 18 25 795 799 791 782 ,. . . . MAY 2 9p 16p 781 786 786 ., 5 .4 , 6 5 1 9 8 .6 .9 .9 .9 431,.0 4 3 3 ,. 0 4 3 3 ,. 1 1212 1219 1219 1. S a v i n g s d e p o s i t s include m o n e y market deposit accounts. 2 S - General purpose and broker/dealer money market funds s " " , h 0 S e iSSUed a m 0 U n , S 01 l e s s l h a " 1100 -000' A " IRA a "d .9 .6 ,. 8 .4 At commercial banks 4 .4 .0 .7 .7 274 .0 275,.0 2 7 6 , .0 At thrift institutions .2 .1 .0 .0 6 0 ,. 9 6 0 ,. 4 60,.3 b a l a n c e s a. c o m m a , t i a , 3. 4. Large-denomination time d e p o s i t s are t h o s e i s s u e d in amounts of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international bankina facilities Large-denomination time d e p o s i t s at commercial banks l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U.S. government, and foreign b a n k s and official institutions. ' p preliminary Total .5 .2 .7 .6 334 . 9 335 . 4 336 .3 Page 9 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted At commercial banks At thrift institutions Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances 4 Commercial paper5 19 9 2 - D E C . 61. 1 20. 0 81. 1 45. 6 156. 4 345. 3 21. 4 366. 3 3069. 8 8653 . 5 1993-JAN. FEB. MAR. 59 . 1 60 . 2 63 . 7 21. 0 22. 1 22. 3 80. 1 82 . 3 86. 0 43. 5 46. 7 49. 8 158. 6 161. 0 162. 9 343. 0 340. 5 3 4 1 . .9 21. 4 20. 2 18. 9 367. 7 359. 1 361. 6 3076. 2 3087. 3 3121. 4 8668 . 8 8670. 0 8677 . 2 APR. MAY JUNE 65 . 9 66 . 6 70. 2 22 . 9 23 . 2 22 . 6 88. 9 89 . 8 92 . 8 48 . 7 48. 7 45. 5 1 6 4 ..2 165..2 166..1 333.. 4 3 3 5 ..2 338.. 5 1 8 ..7 19.. 1 18..5 3 6 9 . .7 366. 7 3 6 9 .. 5 3142. 9 3161.,1 3 1 8 8 . .9 8698 . 8 8722 . 8 8 7 5 7 .. 4 JULY AUG. SEP. 7 2 ..7 7 1 . .9 71,.1 2 3 ..7 2 4 . .2 2 4 ..5 9 6 ..4 9 6 ..0 95 .6 4 1 . .9 44..1 4 5 ..2 167 . 0 167 .8 168 .7 337 . 4 340 .4 324 .2 17.. 4 16 . 3 15 . 9 367 . 3 374..6 380 .2 3201..8 3229..4 3251..9 8796..1 8824..4 8860..3 OCT. NOV. DEC. 70 .2 69 . 3 70 .3 24 .0 2 4 .7 25 .0 94 .2 94 .0 95 .3 4 4 ..9 48 .5 46 .4 169 .6 170 .6 171 .4 319 . 6 328 . 8 336 .8 16 . 3 15 . 7 15 . 3 385 .2 385 .6 389 .3 3249 .4 3287 .0 3329 .5 8899 . 9 8937 .3 8980 .1 199 4-JAN. FEB. MAR. 65 .8 63 . 4 66 .0 25 .5 25 .9 25 .1 91 .3 89 .3 91 .2 45 .4 48 . 1 47 . 5 172 .6 173 .7 174 .6 p 340 .0 341 .0 343 •8 p 15 . 7 15 . 6 15 . 1 p 398 .9 402 . 0 400 .2 p 3333 .0 3345 .4 3374 .4 9007 .0 9028 .7 9062 .8 APR. 68 . 1 25 . 1 93 .2 48 .3 21 28 65 .2 65 .7 25 .3 24 .8 90 .4 90 .5 48 .0 47 . 8 APR. 4 11 18 25 71 67 69 66 95 92 94 92 46 48 49 49 MAY 2 9p 16p 66 .7 65 . 6 62 .0 Date Week 1994-MAR. 1. 2. 3. 4. 5. 6. Debt components 6 Non-M3 Components of L Term RPs1 .5 .5 .5 .5 24 24 25 25 .4 .8 .4 .7 24 .9 25 .9 26 .0 .9 .2 .9 .3 91 .6 91 .5 88 . 0 Federal debt p Non Federal debt p .6 .4 .3 .0 47 . 3 47 . 4 48 . 1 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. residents by foreign b r a n c h e s of U.S. b a n k s world-wide and by all banking offices in the United Kingdom and Canada. Excludes t h o s e held by depository institutions and m o n e y market mutual funds. 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 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 accepting 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 paiper 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 basis, derived by averaging adjacent end-of-month levels, and h a v e b e e n adjusted to remove discontinuities p preliminary 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 5.2 6.0 14 . 3 6.1 1.6 10.1 10.3 10.5 4.3 4.2 7.7 5.9 5.4 1.7 10.8 1.6 11.1 11.5 5.8 4.2 5.4 1.5 11.5 11.2 10.8 8.3 8.2 9.2 1.6 1.8 1.6 199 4-JAN, FEB. MAR. 8.5 8.3 7.9 1.6 APR. At commercial banks 25 .5 2.6 147..2 27 . 0 25 .2 13 . 2 40 . 8 35 . 4 22 . 8 2.0 2.5 2.4 6.2 5.8 8.1 14 . 5 16 . 1 21 .1 26 .5 26 . 1 34 .6 4.2 3.8 5.5 6.9 5.7 9.3 21 .4 20 .0 23 .2 10.7 10.8 10.9 4.5 4.0 5.2 5.9 5.6 6.7 1.6 11.0 11.0 11.0 5.7 4.2 4.3 8.4 1.6 11.0 7.8 7.9 1.7 11.0 1.8 11.0 1.5 1.5 1.7 1.4 11.0 25 8.3 9.4 7.9 8.0 11.0 11.0 11.0 2 9p 16p 8.1 8.3 8.1 1.8 11.0 1.4 1.5 11.0 Foreign commercial banks Foreign official institutions 19 9 2 - D E C . 9.0 1.6 1993-JAN. FEB. MAR. 8.7 8.7 8.3 1.4 1.5 APR. MAY JUNE 7.8 8.3 8.2 1.6 JULY AUG. SEP. 8.5 8.1 8.5 1.7 1.6 OCT. NOV. DEC, Week e n d i n g 1994-MAR. 21 28 APR. 4 11 18 MAY IRA and Keogh Accounts Time and savings deposits at commercial banks Date e p Time and savings deposits due to foreign banks and estimated preliminary 1.5 official institutions , ® ' 11.0 6 Note balances at depository institutions Total cash balance At thrift institutions A* 5 7unds Total 1 2 4 . ,9 45..4 317.4 147..2 1 4 6 . .9 1 4 7 . .7 123. 7 122. 6 121. 2 44..6 45..6 45..6 315.6 315.1 314.4 1.5 2.6 3.0 148..0 1 4 6 . .9 146..5 1 1 9 . .8 119..1 1 1 8 ..5 45..1 46,.0 4 6 , .7 313.0 312.0 311.7 32 . 5 29 . 5 37 . 9 2.8 3.1 2.8 146..4 146.. 1 145,.8 118..1 1 1 7 . .8 1 1 7 ..4 47..3 47 . 4 4 7 .. 5 311.8 311.2 310.7 12 . 6 8 .8 16, . 2 23.. 1 1 8 .. 4 28.. 1 2.6 2.7 2.6 145..2 144..6 144..2 1 1 7 ..6 e 118..0 e 117..5 e 4 8 .. 1 e 49.. 1 e 49..8 e 310.9 311.7 311.4 7.3 6.3 5.2 25 .2 2 7 . .9 1 5 . .7 3 8 . .3 3 8 . .4 25..1 2.1 2.5 2.4 1 4 3 . .9 1 4 3 ..6 1 4 2 ..6 1 1 6 ..6 e 116..1 e 1 1 5 ..5 e 5 0 .. 1 e 5 0 . .7 e 5 1 , .3 e 310.6 e 310.4 e 309.5 e 7.1 5.6 2 0 . .8 3 3 . .6 2.0 142..1 115,.0 e 52 . 3 e 309.4 e 5.8 3.4 5.7 4.6 1 9 . .6 2 0 . .0 31..1 2 8 . ,0 2.4 2.3 5.3 3.9 14.0 5.1 6.3 4.3 4.8 6.6 1 7 . .0 9. 2 10. 5 32. 1 28. 17. 29. 43. 6 4 3 8 1.9 1.0 1.0 3.3 6.3 3.6 4.5 6.5 7.2 6.3 38. 8 39. 4 15. 6 51. 6 50. 2 26. 4 3.2 3.1 3.1 e e e