View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

•$2g&i:

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MAY 30, 1991

Billions of dollars
Date

M1 J

M2*

M3 J

DEBT

Seasonally adjusted
1989-MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

776.8
774.3
779.3
779.9
781.8
787.9
788.9
793.6

3089.
.4
.0
3105.
.4
3129.
.3
3147.
3162.8
3183.0
3203.4
3223.1

3966.8
3982.8
4004.
4012.
4018.
4027.
4041.
4055.

4762.9
4783.4
4807.4
4826.1
4834.
.5
4851.
.7
.4
4869.
.9
4889.

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

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
.4
3295.
.5
3309.
.5
3321.
.5
3324.
.6
3324.
3329.9

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.2
.3
4103.
.0
4109.
.5
4109.
.9
4109.
.0
4114.

4895.3
4902.9
4914.6
4920.5
4903.2
4922.8
4926.8
4935.4
4957.5
4955.8
4957.9
4961.1

9833.5
9895.4
9965.8
10023.3
10066.6
10122.2
10182.7
10254.3
10312.8
10352.8
10405.9
10448.5

1991-JAN.
FEB.
MAR.
APR.

826.7
836.4
843.0
842.2

3332.5
3356.1
3376.6
3383.8

4126.2
4162.5
4171.2
4171.7

4978.7
5012.1
5016.0 p

10485.1
10537.0
10574.2 p

Not seasonally adjusted
1989-MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

767.2
773.9
781.9
777.8
778.9
784.5
791.4
811.9

3071.
3099.
3133.
3147.
3158.
3180.8
3206
3236.

3950.0
3978.4
4006.8
4016.6
4016.8
4025.2
4048.4
4067.0

4749.5
4777.1
4800.3
4823.7
4833.5
4848.8
4874.9
4907.4

9358.0
9414.0
9460.2
9516.6
9578.3
9648.5
9719.2
9775.9

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

802.4
788.3
796.2
818.0
797.3
810.8
812.9
814.5
818.9
817.6
826.1
844.3

3244.5
3245.6
3267.7
3292.8
3262.8
3284.1
3298.6
3310.2
3316.8
3321.8
3328.3
3343.9

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108.3
4107.2
4106
4117
4126.1

4911.5
4893.9
4912.2
4930.3
4888.6
4914.1
4919.2
4933.5
4956.0
4951.6
4962.6
4979.5

9821.8
9862.6
9921.8
9977.5
10020.4
10078.3
10139.5
10205.2
10263.5
10313.4
10376.7
10435.9

1991-JAN.
FEB.
MAR.
APR.

833.2
823.4
835.0
852.9

3342.8
3346.8
3375.8
3397.4

4132.3
4150.6
4170.5
4180.8

4994.6
5002.7
5014.1 p

10474.8
10505.7
10530.8 p

Footnotes appear on the following
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt 3

3 Months from JAN. 1991 TO APR. 1991

7.5

6.2

4.4

4.8

6 Months from OCT. 1990 TO APR. 1991

5.1

3.6

3.0

5.1

12 Months from APR. 1990 TO APR. 1991

4.3

3.2

2.2

6.1

Thirteen weeks ending MAY 20, 1991
from thirteen weeks ending:

FEB. 18, 1991 (13 weeks previous)

7.8

5.5

4.3

NOV. 19, 1990 (26 weeks previous)

5.5

3.6

3.0

MAY

21, 1990 (52 weeks previous)

4.7

3.2

2.2

1.

Growth rates for debt are based on periods beginning; and ending one month earlier than for the monetary aggregates, namely,
December 1990 to March 1991, September 1990 to March 1991, and March 1990 to March 1991, respectively.

1.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions*
(2) travelers checks of nonbank issuers\ (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits — including retail RPs—in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. resident's at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of. overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quartet—end
basis and include discontinuities.

Footnotes to Table 1

2.

3.

4.
5.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES

B i l l i o n s of d o l l a r s

Sea;
sonally adjusted
Ml

Period ending

13-week
average

1991-FEB. 25

4-week
average

M3

M2
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

828.7

836.1

836.0

3337.7

3354.2

3359.6

4131.3

4160.1

4166.5

MAR.

4
11
18
25

829.9
831.2
832.3
833.6

837.3
838.1
838.4
840.5

837.8
839.7
840.0
844.3

3340.8
3344.1
3347.7
3351.8

3359.2
3363.6
3368.4
3374.4

3365.4
3371.2
3377.3
3383.7

4135.9
4140.6
4145.1
4149.5

4166.0
4169.0
4171.5
4172.7

4169.0
4174.1
4176.3
4171.3

APR.

1
8
15
22
29

835.5
836.8
838.5
839.7
840.4

844.0
844.6
845.6
844.8
841.8

851.9
842.0
844.0
841.1
840.0

3355.5
3360.1
3365.0
3368.8
3371.6

3378.3
3382.1
3384.9
3385.1
3383.9

3380.8
3386.4
3388.8
3384.4
3375.9

4153.2
4157.6
4163.2
4166.8
4168.0

4171.1
4170.1
4172.2
4173.3
4172.4

4162.8
4169.8
4184.8
4175.7
4159.1

MAY

6
13p
20p

841.7
842.8
843.9

843.8
845.6
848.6

849.9
851.5
852.8

3375.1
3378.3
3381.4

3385.1
3386.7
3390.1

3391.2
3395.4
3397.7

4169.9
4170.9
4171.6

4172.7
4170.1
4170.0

4171.0
4174.6
4175.2

Not seasonally adjusted

Period ending

13-week
average

4-week
average

1991-FEB. 25

833.7

822.9

M3

M2

Ml
13-week
average

4-week
average

814.1

3343.2

3344.2

week
average

week
average

13-week
average

4-week
average

week
average

3342.5

4134.0

4147.6

4144.3

MAR.

4
11
18
25

834.4
834.2
833.5
832.0

824.7
827.0
829.2
832.0

831.8
838.0
832.7
825.3

3346.2
3348.6
3351.1
3353.6

3350.9
3357.9
3365.6
3372.4

3365.2
3376.8
3377.8
3369.8

4138.4
4141.9
4145.6
4148.8

4155.0
4159.9
4165.8
4170.0

4166.0
4176.6
4176.2
4161.0

APR.

1
8
15
22
29

831.1
831.0
832.8
834.9
836.6

834.9
840.8
849.0
856.4
853.1

843.4
861.8
865.5
854.7
830.5

3356.1
3360.1
3365.1
3369.3
3372.5

3376.7
3387.4
3397.6
3403.9
3398.4

3382.3
3419.5
3418.9
3394.9
3360.1

4151.7
4156.5
4161.7
4164.9
4166.5

4170.1
4176.3
4184.6
4188.5
4182.0

4166.5
4201.3
4209.4
4176.9
4140.4

MAY

6
13p
20p

838.4
839.6
841.0

849.8
844.6
841.6

848.4
844.8
842.6

3375.5
3377.7
3380.0

3388.0
3377.6
3373.1

3378.0
3377.3
3377.1

4168.1
4168.3
4168.5

4171.1
4158.4
4153.2

4157.5
4158.7
4156.1

Note: S p e c i a l caution should be taken in i n t e r p r e t i n g week-to-week changes i n money supply data, which are highly volatile and subject to
revision.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

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

Other checkable deposits

Currency*

Travelers
checks2

Demand
deposits3

At
commercial
nerc
banks*

1989-DEC.

222.2

7.4

278.7

197.6

1990-JAN.
FEB.
MAR.

224.5
226.6
228.4

7.5
7.6
7.6

277.6
279.4
278.9

APR.
MAY
JUNE

230.3
231.9
233.7

7.7
7.«8
7.8

JULY
AUG.
SEP.

Total

In M 2

6

In M3
only7

General purpose
and broker/dealer
money market funds

87.6

285.2

2429.5

832.1

313.6

198.3
199.6
201.3

87.
87.
88.

285.8
287.5
289.8

2438.2
2453.9
2465.0

827.8
818.2
807.6

318.
324.
325,

278.1
275.8
276.3

202,
203.
205.

88.
88,
88.

291.7
292.0
293.7

2472.
2475.
2479.

802.8
799.9
795.2

327.
325.
327.

235.7
238.4
241.5

275.
278.
279.

203.
204.
205.

87.
87.
87.

291.7
292.1
293.0

2484.
2493.
2499.

793.8
793.9
787.5

329.2
335.8
339.3

OCT.
NOV.
DEC.

243.9
245.0
246.4

277.
277.
276,

205.9
207.1
208.8

85.8
85.7
85.0

291.8
292.8
293.8

2503.
2501.
2504.

785.0
785.3
784.1

341.8
343.0
347.7

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

8.4
8.2
8.1

272.9
276.2
277.1

209.2
211.4
214.4

84.7
85.5
86.6

293.9
296.9
301.0

2505.8
2519.6
2533.6

793.7
806.5
794.6

356.3
360.5
365.9

APR.

256.6

7.9

275.8

215.2

86.8

302.0

2541.7

787.9

366.8

256.9

8.1

Date

At
thrift
institutions5

Meek ending*
1991-MAR. 25

277.2

214.8

87.4

302.2

2539.4

787.6

367.1

APR.

1
8
15
22
29

257.9
255.9
256.2
256.6
257.5

283.1
277.3
277.8
274.2
272.7

215.6
214.7
215.7
214.8
215.3

87.
86.
86.
87.
86.8

302.8
300.8
302.1
302.5
302.1

2528.9
2544.3
2544.8
2543.3
2535.9

781.
783.
796.
791.
783.

366.5
367.4
366.9
366.7
366.2

MAY

6
13p
20p

256.5
256.3
256.8

279.8
280.1
279.4

218.
219.
220.

87.
87.
88.

305.
307.
308.

2541.3
2543.8
2544.9

779.8
779.2
777.5

366.
368.
368.

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreiqn-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data,
p—indicates preliminary data.




CLO r - r - 0 t/)C/)



H-I-"

H'H-«

www
•Niinrv)

M M M
WWW
(TCMJ1

uivoo

C H-

rf-H-

-*

•x

O
O

M

Q)
3
Q.

{ft •

*•(/>

3 f0

0) M>

CTH-

H«

3 H-

(Q H<

H-0

(D 0)

3
-KQ
0
-7 - h

Q.H.

3 7?

V)
v 0"
£tf
JU 3

*-0
H-3
0 0)
3 M>

H-0)
r*-rtC H.

.+•3

3 ro
w -J

H'^-

3

•J
<
H.

H-0)
0 r+-

H-

r+-

0)

0)
3
0
C
O
V)

M

CT
0)

rh

3

c

0)
0
0
0

0
(0
3"

r
o

7Z

3
CL

a)

>

pa

M

M«
H-«

>

o
o
o

o ro

<> CL
/

U 7T

ro o

O"
CLO

V

•</>

T
0)
3

C 3"
3 0
CLW

w ro

r»-

ro
w
w

H-«

-Ki-»-

0) 3
H<Q

H-CL
C H.

c c

0

r¥{ft

7=r
ro ro
^•x
0
3 H*

3

c

0)
3
0

3

H"

c
ro
CL

• (ft

"J *

3
0
3 T
0) (D

<

ro

3
0 0
3 -J

< o
o

cro

CLOW in

0 <>
/
3"</>W (0
ro M H .
HOrfH-

3 3 -J
r+-r*-(0 (0
3"W
Q.H0
w oro3 "
ro -h"o o

1
ro 3
{ft 0 r t - 1
W C H'Q>

|_.0) H - W

H--0

crro 3 0)
Q) Q .
W !-••
M
3
TTM. 3
I f l 3 0

C 0 r+-

HIO

0) V) - h i
T ro

H'M'

T I 0 O 3
0
am

ro w

r+-0

ro ro rv> ro ro
OOOOO
vo^oavi-si

w-Niroso%i

rv) rv) rv> i v ro
COO^-NJ W M

^

r o r o r o r o r o ro
h* *-»*-*¥-> *-» >-•
sococo-Niixi i n

Uicoro

ro
O
<r

M
W
O

o

0N

inro^

tjiUiUi
o o o
rorow

OOO
^vno>
UiMro

www
\0 \Q \Q
•sJ-Njvl
vOHN

OsOvO

W-P-P
COOW

w w ^
•NlsOH*
•siwo

o
vi

^S

<r

ro
»-•

c>
r

H
o

ino^o^inr* **

i n i n i n Ui tfi i n
o o o o o
o
^ O ^ V I ^ J O N so

OOOH"H«
O^COSOOM
coroo^vjii- 1

w w w w w
w
s^ \0 \„0 \0 sQ \Q
^ J CO VI->4 VJ1 CO
N l ^ s O O M >4

o^vo^ro-Ni

UTviororo

^^^4>*>
&
rOW^JKTON C
O
roso-NiCoco ro

o o o o o
w^^uiin

^N

o o o
O H M

QS 0N
0V

rooo^roO)

rororororo
soox^Uiro

Qs Q\ 0S

inrooo

www
wroo

owo^

ro

WCOMW05

rororo
rororo
N H O

^oroincoo

rv>rv>ro
Ml-'H-'
M O O

Hsow

(0 0 " 3
3 3-Q) C
3 O 0 CL

0

M M M M M
W W W W W
W W N N H

.pcooNvoln

WWWWIM
VO \ 0 SO NO N0

O sO v j ^ W ^ H O

O r+--j H«

rhl

0) 0) </> 1

H - H - - 7 «-»-•
10 (/) ro w

Q) • 3 3 , 4 - 3 C
r+(0 (0 3"(0 Q .
0)
1
(0
CLCL H'CL
ro ro -SCO Z
"D"D * - " 0 Z
O O W 0 O
(/) W
W >
H ' M - 0) H - W

Q_Y>

3 H-r+- an-o

3 C *"*" W H'W
0
0> rHO 0
1 H 0 3 ! U 3 ( D
3
X
< 0

H ' r 4 - r + r 4 - 7TH-H-

H-r+O 3 1 1 3 ( 1 )
3 H-Q) Q) 3 W H -

•PVIW
C3 sO sO

rv>rv>H*
NoroinCOM

73

>

^vOvO

rororo

Coro^

ro

^

O

w

ON

in

CO

O
CO

M

ON

•>4

w
sO

vO

-P>
CO

H»
M

in

•P

4>

in

'•&

-P

o
>
o

w

0

s

ON

sOONM

H M M

inoso

M O N M

ininin

Q N N O O

H^CO

H M M
H M M

N O M V O

sOOvO
sOH*W

W ^ W

U1HO

•sirow

*->*-**-*
i n ON ON

*-*}-**-»

viin^

ininin
- p i n ON

CO ON ON

o o o1
-gim-

0

s

^^^

ro •-•»-•
oinro
in^o

-sjroON

^roo

NO SO

-P-P-P
y^v-*Y-»

Co C o i n

Hi H ' M
inoN-sj

rororo

m^oro

ONinin

vO

•PsO-P

viinvN

ininin

row

sOCOvl

Minn

inmin
OMM
•Niroin

\-H-*\J*

rororo
Minco

soroo

ininin
rorow
Mvoin

O ^ ^ N

www
M W O N

y^y^v^

oinco

ON-NION

www

MWCO

oin>4

coow

W^4N

ininin

W O s O

O W O N

y-ty^y-i
• P ^ ^

viinco

www

sO sO ^ 0
v j v l ON

inlnm
^ wro
o^inro

o^inin
ocoo-

V-**-**-

y^y^y^
M M M

Coroco

oo->j

s O O O

i n ON ON

v-*>-^>-»
1

vi-Pro

owin

CO CO CO

ininin

4>S£)ON

ww^
co^^

ininin

cowin

y-*y~»y~i
i-H-jy-*

^ - P ^

COONM

ONin^

M^CO

h-'}-»\-'

rororo
y->^y~i
"NlCOsO

*

N

^

IMsOO

vO^O

ininin
^inoN

in i n in
o-pco
Hinvo

y-ty^y-*

ro4>M

w^^
s O O O
s O O M

socoin

^^^

sO 0 s 0 s

y-'Y-'y^
Y-ty-jy-'

WvO-M

O O M
sOvO W

ON ON ON

•sIsOCO

ooNro

-PWW

ininin

ro-vio

M O O
OCOON

^

row-P

CO-NION

y~*y-iy~t

rororo

M ^ O N

O v j W

s04^M

^O vX> ^O

www

roMso

s© sO CO

inMCo
uicoro

^ ^ 4 >
sOvOCO

CO CO CD

www
-pwro

y-*y~*y-»

sOHW

ocoin

WWW
ON i n i n

33C0Z

4>roro

sO sO sQ

WU1W

•NJ^I-^

ininin

CO CO CO

roco-P

Hi H ' M
Htt~'i-'
s
ON 0
ON
4 > M M

M W W

ON

ininin

QN V I V |

M U 1 M

sOCOCO
COsOCO

ininin

W->I->I

ror^T^

at-**-*
0>Min

y^h^i-*

O O s O

roOsO

inin^

ONWsO

O O O

ro-P-P

www
Y-»V^}-»

M M M
W W W

&¥->&

ON 0 ON
vOON-P

•

w ws w

m

C»T3
Z<70

S=2>

wrooN

- P ^ ^

f^OsQ

Mrow

rororo
y-*}-1^

^ro->i

NOCO->I

O O O

M M M

•M

sOCO>4

mwH

rororo

rolnro

ininin
ooo

InoNON

©N^O

ininin

rorow
HjvOO

wroro
OCO->4

\-»>^y^

MvlCO

O N ^ M

CO v i ON
^4>^J

vjvlvl

*g%j«4

wwin

»-•
Co

i>

www

www

h'h-'y^

MH«O
sOMin

(/>>(-

mCC
•ocor

. r •• <

0 < l

e z o
won

M M M

soro>4

www
Coco>g
CDWvI

>m>

»CPZ

ro

sO

ro
o
c
o

Ov

in
ro
o>

SO

ro

M
W

VI

W
vO
IN

•o
70

>

in

W

ON

in

ON

M

M
ON

NO

*-*

o

•P

o

in

-P

M
M

in

4>

ON
M

-p

in
w
M

M

o
•p

•p

-p

ON

M

ro

VI

VJ

CO

M

M

ON

CO

•p

M

w
w

M

O

w
in
w

a
m
o

I

ro

0)

<

i 3

ro

3

2
0

>

H«

0>

H
0

w

0
3

C

H-r4-

w
r+-r+M.3"
r+-T >

3

H«

M

0»

W 0

0
0
CT3
0) 3
3 (0 >

0)

0

-t

l/>

0
3

H«»4-

r»--J

M-3-

<-t-^+-

3
V)

H*

h-«

0
0
3
CT3
0) (0 >
3 "J H7TO
to M .
HI

0)

H
0

0
3

M-rK

r+-T >

H-3"

3

0)
M

W M-

3 -J H7TO

o»ro>

0
0
3
CT3

M»

H
0

(A

0
3

ro

^

M»

3

04

0
co

°"0

(0

M»

3

H*

3
0)
r+»

M«

ro
3
o
3

1

0)
"J
(Q
C
O

I—

to

ro
"o
o
to

ro

3

M«

3

0)
r+0
H»

3

3

ro

CL

H*
H>

0)

W

•o
0

CL

{ft

3
to

<

0)

to

! o>
10
o
0
c
3

! M*

i (ft
°

*•*•
H-T
H-T >
CL
C H T + - 1 ">

3
(ft

M-

M

a)

a) r >
o
pro

0
3
0*3

C
O

0)

a

1

1

S'2
S-o

^

in

m
09
H

z
o
o

>

H
C/)

en
m

>

o

mmm

C

0

JT

7s

o

S.O

*-"-

0)

o 2

So

0) - y
W

ro T I

•s

fH
3W

(0 ^
in
^o
i co

H*

CTON

M . i ; 0) .

fO
of dol

M ' M - CTH-O

roi-«
owa*
•D"0

z
>
-<

CO
NO

NO

o
1
Z-nC
>m>

ONEN

H W

"D
3 3 0) 3 Q.
"J H - 0 0 M»0 ©
(0 3 3 3
3"0

r4-0 (D(3(D H - 3
C H . i j -J ! ?Q
D
to a) C L Q . 0 ac/>
H'CO C H ' ( 0
O

H-K2) & 0 3 9
0 -fri-J 1 3 H ) <
0) H < Q I Q 3 M H -

vO
M
1
Z"HC

CL

ro

continu

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

Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper 3

Federal
debt

Non-Federal
debt

1989-DEC.

101.9

117.5

327.4

40,7

349.2

2268.1

7522.3

1990-JAN.
FEB.
MAR.

102.5
103.4
105.2

117.9
118.4
119.2

330.7
327.3
336.9

40.3
38.5
37.2

345.0
345.6
344.1

2275.8
2291.6
2316.1

7557.6
7603.8
7649.7

APR.
MAY
JUNE

106.9
107.6
108.1

119,
120.
121.

329.9
315.4
331.7

36,
35,
34,

351.
349.
349.

2330.
2345.
2374.

7692,
7721.
7748.

JULY
AUG.
SEP.

109.8
114.0
116.2

122,
123.
123.8

334.3
329.8
333.8

33.
32.
31.8

348.
347.
359.

2401,
2439,
2461,

7781.1
7814.8
7850.9

OCT.
NOV.
DEC.

119.6
120.5
125.7

124
125
126

330.4
329.8
327.1

32.
34.
34.

358.8
359.0
359.4

2473,
2505.
2532.8

7879.
7900.
7915.

1991-JAN.
FEB.
MAR.

130.1
139.3
142.0

126.7
127.8
128.9

326.4
330.5
331.0 p

36.0
35.2
32.5 p

363.4
356.1
352.4 p

2555.9
2586.6
2598.6 p

7929.2
7950.4
7975.7 p

APR.

145.6

Heek ending
1991-MAR. 25

142.4

APR.

1
8
15
22
29

141.2
140.7
148.6
146.6
146.9

MAY

6
13p
20p

145.5
148.5
146.1

1.

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.
2.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and
money market mutual funds.
3.
Total commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Other checkable deposits
Travelers Demand 3
checks 2 deposits

At
commercial
banks*

At
thrift
institutions5

Nontransactions
components
Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

Total

In M2 6

In M3
only7

88.0

288.2

2424.7

830.4

63.1

14.3

313.5

202.6
199.7
202.4

87.0
85.8
87.8

289.6
285.5
290.1

2442.1
2457.2
2471.5

823.3
816.0
808.1

64.6
67.5
67.0

16.9
14.9
14.9

318.5
327.8
331.6

280.0
268.9
275.2

209.6
200.9
204.0

91.5
88.2
88.7

301.1
289.1
292.7

2474.8
2465.5
2473.3

798.0
801.5
796.7

64.3
66.7
66.9

15.1
16.5
15.5

330.
321,
322.

8.6
8.9
8.8

277.3
276.8
278.2

201.4
201.8
203.9

88.2
87.6
87.1

289.7
289.4
291.1

2485.7
2495.7
2497.8

792.9
798.1
790.4

68.2
67.5
65.0

15.8
15.2
16.4

325.
334.
339.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

203.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.2
2502.2
2499.6

784.8
788.8
782.2

66.0
60.3
54.6

17.5
17.3
19.4

341.
344,
347.8

1991-JAN.
FEB.
MAR.

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.1
270.1

213.7
211.4
215.7

84.2
83.5
85.9

297.9
294.9
301.6

2509.5
2523.4
2540.8

789.5
803.8
794.7

51.5
51.0
48.6

19.7
19.1
20.5

356.6
364.7
372.5

APR.

256.0

7.5

277.6

222.4

89.4

311.8

2544.5

783.4

49.0

19.9

371.2

Date

Currency 1

1989-DEC.

225.3

6.9

291.5

200.2

1990-JAN.
FEB.
MAR.

223.0
224.4
227.1

7.0
7.2
7.3

282.8
271.3
271.6

APR.
MAY
JUNE

229.6
231.8
234.9

7.3
7.5
8.1

JULY
AUG.
SEP.

237.3
239.4
241.0

OCT.
NOV.
DEC.

Week

ending

1991-MAR.

25

254.8

7.8

264.8

213.4

84.5

297.9

2544.5

791.3

49.7

21.4

374.5

APR.

1
8
15
22
29

255.3
257.7
256.6
255.6
254.4

7.8
7.6
7.5
7.4
7.3

277.8
281.1
284.1
276.6
267.9

215.8
224.1
226.4
225.4
215.0

86.8
91.3
90.7
89.6
85.9

302.5
315.3
317.2
315.0
300.9

2539.0
2557.8
2553.4
2540.2
2529.5

784.1
781.8
790.5
782.0
780.4

44.9
52.3
48.6
48.2
47.5

18.9
20.0
19.7
20.2
20.1

372,
373,
373,
371,
366,

MAY

6
13p
20p

257.3
257.7
257.1

7.6
7.7
7.7

274.2
273.5
273.6

218.9
217.8
216.7

90.3
88.2
87.4

309.2
306.0
304.2

2529.7
2532.5
2534.6

779.5
781.4
779.0

48.8
47.4
51.2

17.3
16.7
16.4

363.1
363.8
362.6

1.
2.

e
e

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Table 5-continued

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

At
At
thrift
commercial
institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits 1

Money market deposit accounts

At
At
l
thrift
commerciai
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At
At
commercial
thrift
4
banks
institutions

Total

1989-DEC.

356.5

133.7

490.2

186.4

214.2

400.6

529.2

613.8

1143.0

400.4

162.6

562.9

1990-JAN.
FEB.
MAR.

357.8
359.2
362.8

133.8
134.2
135.5

491.5
493.4
498.3

188.1
189.7
191.9

214.7
215.4
218.0

402.9
405.1
410.0

533.4
537.8
540.6

614.4
610.8
609.2

1147.8
1148.6
1149.7

399.5
399.2
399.1

158.3
154.1
150.0

557.8
553.3
549.1

APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.4
407.3

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

1991-JAN.
FEB.
WAR.

380.6
384.7
391.1

128.4
128.8
131.0

509.0
513.5
522.1

199.9
201.5
205.8

209.0
210.4
214.7

408.9
411.9
420.5

602.1
606.1
607.4

561.8
557.1
549.4

1163.9
1163.2
1156.8

392.3
399.6
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.

394.0

133.0

526.9

209.5

219.0

428.5

604.4

544.6

1149.0

395.3

108.1

503.4

Week ending
391.6

131.2

522.8

206.4

215.2

421.6

607.0

547.5

1154.5

398.8

110.7

509.6

APR.

1
8
15
22
29

392.4
395.9
397.8
392.5
389.9

131.
133.
133.
132.
132,

524,
529,
531,
525,
522,

208.0
210.2
209.8
208.8
209.0

216.8
219.8
219.6
218.5
218.4

424.8
430.0
429.4
427.3
427.4

606.
605,
604,
604.
603.

547.2
547.1
545.6
543.9
542.2

1153.5
1152.8
1150.3
1148.0
1145.4

395.
396.
395.
395.
394.

111.
110.
109,
107.
106.

506.
506.
504.
502.
500.

MAY

6
13p
20p

392.1
395.8
396.7

133.
134.
135.

525
530,
531,

210,
211.
212.

220.8
222.0
222.7

431,
433.
434.

602,
601,
600,

540,
539,
537,

1143.
1140.
1137.

395.
396.
397.

105.
104,
104.

500.6
501.3
501.6

1991-MAR. 25

Savings deposits exclude MMDAs.
Small-denomination time deposits — including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
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, and foreign banks and
official institutions,
--indicates preliminary data.




H.6 (508)
Table 5^continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
At
InstitutionAt
only money commercial
thrift
banks
institutions
market funds

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury ^
securities"'

Bankers
acceptances

Commercial
paper5

Federal
debt

Non-Federal
debt

1989-DEC.

102.8

47.0

51.8

98.8

81.0

117.3

336.7

41.7

344.7

2265.9

7509.9

1990-JAN.
FEB.
MAR.

105.9
107.1
106.8

47.9
51.6
50.1

49.6
48.9
48.3

97.5
100.5
98.4

74.2
68.4
66.7

118.0
118.5
119.4

338.0
328.8
337.2

40.4
37.5
36.1

347.3
347.6
343.8

2277.5
2295.0
2319.2

7544.4
7567.6
7602.7

APR.
MAY
JUNE

105.9
106.8
106.2

49.5
50.1
53.4

48.7
49.2
48.9

98.2
99.3
102.2

65.3
67.1
64.4

120.2
120.9
121.6

328.6
310.6
321.4

35.3
35.2
34.9

355.4
357.6
355.4

2331.0
2339.7
2363.0

7646.6
7680.7
7715.3

JULY
AUG.
SEP.

108.3
113.1
113.4

53.5
55.5
51.7

47.0
46.5
46.6

100.5
102.0
98.3

65.1
68.3
70.0

122.2
122.8
123.5

324.2
325.1
336.2

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.7
7782.9
7819.0

OCT.
NOV.
DEC.

117.1
121.2
127.0

50.7
52.3
47.6

44.9
43.4
42.5

95.6
95.7
90.2

70.2
70.0
71.4

124.2
125.0
125.8

335.0
335.8
336.9

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7854.1
7877.9
7903.8

1991-JAN.
FEB.
MAR.

134.8
144.0
143.9

46.6
47.1
46.1

41.6
39.7
37.1

88.2
86.8
83.2

72.1
73.1
71.7

126.8
127.9
129.1 p

333.8
331.7
331.0 p

36.1
34.3
31.5 p

365.7
358.2
352.0 p

2557.8
2591.0
2603.3 p

7917.1
7914.7
7927.5 p

APR.

144.1

46.6

35.4

81.9

68.8

Neek ending
1991-MAR. 25

143.9

45.7

37.1

82.8

70.1

APR.

1
8
15
22
29

142.8
140.6
147.7
143.6
145.0

46.6
45.8
47.1
46.3
47.0

34.2
35.9
35.7
35.0
34.9

80.9
81.7
82.8
81.3
82.0

69.6
67.7
70.4
69.5
67.7

MAY

6
13p
20p

142.8
146.7
144.6

47.0
46.7
45.4

35.5
36.0
35.6

82.5
82.6
81.0

66.8
65.4
66.7

Term RPs are those with original maturities greater than one day> excluding continuing contracts and retail RPs.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions. Federal
Reserve Banks, money market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
-indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted
Demand deposits
at banks due to

U.S. government deposits

Time and savinqs
deposits due to
foreign banks
Foreign
Foreign
commercial
and official
official
institutions
banks
institutions

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savinqs
At
deposits
At
thrift
at commercial commercia 1
institutions
banks
banks

At
money
market
funds

Total

1989-DEC.

9.5

1.6

3.3

5.2

4.8

14.4

24.5

1.3

108.7

133.3

29.9

271.8

1990-JAN.
FEB.
MAR.

9.7
9.0
9.0

1.6
1.6
1.6

3.4
3.4
3.4

4.4
3.5
3.6

6.0
6.2
5.3

18.8
18.5
13.1

29.1
28.2
22.0

1.3
1.3
1.3

110.3
111.9
113.3

133.9
133.9
133.9

31.4
33.0
33.6

275.7
278.9
280.8

APR.
MAY
JUNE

9.2
9.4
9.1

1.5
1.7
1.5

3.4
3.4
3.3

5.1
3.4
5.5

4.4
5.1
5.0

14.9
21.8
15.4

24.4
30.3
25.9

1.3
1.3
1.2

115.6
117.7
119.5

134.0
133.8
133.6

34.0
34.2
34.3

283.6
285.8
287.4

JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

3.4
3.8
5.1

5.4
5.4
6.4

11.9
19.7
25.9

20.6
28.9
37.5

1.3
1.4
1.2

121.1
122.6
124.4

133.5
133.1
132.5

34.4
35.2
36.9

289.0
291.0
293.8

OCT.
NOV.
DEC.

9.0
8.9
8.8

1.5
1.4
1.4

3.6
3.3
3.2

3.5
3.7
5.0

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

1.4
1.4
1.4

126.8
128.6
130.3

132.0
131.5
130.7

37.7
38.1 e
38.4 e

296.5
298.1 e
299.4 e

1991-JAN.
FEB.
MAR.

9.2
8.2
8.1

1.5
1.5
1.4

3.2
3.2
3.2

4.9
4.2
5.1

7.8
11.5
6.8

24.5
35.1
23.3

37.2
50.8
35.1

1.4
1.3
1.3

132.1
133.6
135.3

131.2
131.0
131.1 e

39.1 e
39.7 e
40.4 e

302.4 e
304.3 e
306.7 e

APR.

8.6

1.4

3.3

5.3

4.7

15.0

25.1

1.3

137.0

131.6 e

40.9 e

309.5 e

7.7

1.6

3.3

3.1

6.2

24.2

33.6

1.3

21.8
10.7
2.5
17.5
26.2

34.9
19.0
13.0
29.1
35.1

1.3
1.3
1.3
1.3
1.3

30.9
17.5
6.7

42.5
25.7
16.0

1.5
1.5
1.5

Week ending
1991-MAR. 25
APR.

1
8
15
22
29

8.5
9.5
8.0
8.6
8.2

1.3
1.3
1.4
1.4
1.5

3.3
3.3
3.2
3.2
3.3

4.4
3.4
6.5
6.3
5.0

8.7
4.9
4.0
5.2
3.9

MAY

6
13p
20p

8.8
8.1
8.2

1.5
1.4
1.4

3.3
3.3
3.3

4.6
3.1
3.9

7.0
5.1
5.4

-indicates estimated data,
-indicates preliminary data.