Full text of H.6 Money Stock Measures : November 10, 1994

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ZofcovA-

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

For release at 4:30 p.m. Eastern Time

Billions of dollars

Date

NOVEMBER"! 0,1994

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1992-NOV.
DEC.

1016.6
1024.8

3510.5
3509.0

4194.1
4183.1

5065.4
5057.2

11648.3
11699.1

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
3533.7
3536.1
3544.4
3548.1
3560.4
3568.0

4162.7
4156.7
4155.7
4163.3
4188.9
4189.1
4188.4
4188.4
4197.7
4205.4
4219.1
4232.1

5040.3
5036.3
5037.6
5055.7
5089.5
5090.8
5087.6
5096.5
5089.7
5100.4
5113.9
5134.5

11734.2
11767.8
11820.8
11884.2
11945.7
12001.5
12056.7
12115.0
12167.9
12203.7
12257.7
12325.6

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

1133.5
1138.5
1142.3
1141.1
1142.8
1146.3
1153.1
1151.1
1152.0
1148.7

3573.2
3569.4
3583.5
3592.2
3596.3
3589.3
3603.5
3597.4
3595.9
3592.5

4236.6
4210.6
4219.5
4230.0
4229.1
4229.1
4250.5
4242.9
4247.2
4259.5

5154.8
5143.7
5144.5
5164.8
5165.6
5157.3
5188.2
5179.4
5170.1 p

12369.8
12419.8
12488.4
12545.8
12598.7
12635.0
12660.7
12722.6
12779.3 p

1992-NOV.
DEC.

1022.4
1046.7

3517.4
3527.6

4203.6
4198.3

5083.6
5087.7

11638.6
11701.9

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
1111.8
1129.6
1153.8

3508.3
3484.2
3495.8
3515.2
3507.3
3524.4
3530.0
3529.1
3534.0
3546.1
3569.1
3590.6

4163.3
4150.1
4158.4
4178.5
4179.9
4185.4
4181.4
4185.2
4186.9
4199.9
4230.7
4251.5

5054.0
5030.9
5043.7
5065.1
5067.5
5080.3
5073.0
5086.3
5077.6
5092.8
5135.1
5169.4

11719.9
11729.8
11777.5
11829.1
11880.8
11956.3
12013.6
12066.8
12127.9
12167.1
12236.1
12321.3

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

1142.8
1124.6
1131.9
1153.1
1132.8
1142.5
1151.0
1144.1
1146.1
1147.5

3579.8
3557.3
3581.9
3609.6
3581.6
3585.2
3599.8
3589.7
3585.5
3590.9

4237.4
4201.3
4219.5
4245.7
4220.1
4225.7
4243.5
4238.9
4236.5
4254.1

5169.1
5135.4
5148.4
5174.0
5142.4
5146.8
5173.5
5168.7
5158.0 p

12364.7
12393.9
12447.4
12486.7
12529.2
12588.4
12620.4
12674.4
12735.6 p

Not seasonally adjusted

F o o t n o t e s a p p e a r on t h e following p a g e
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
M1

M2

M3

DEBT1

3 Months f r o m JULY 1 9 9 4 t o OCT. 1994

-1.5

-1.2

0.8

4.6

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

1.3

0.0

1.4

4.7

12 Months f r o m OCT. 1993 TO OCT. V 94

3.2

1.3

1.3

5.0

0.8

—0.2

1.2

T h i r t e e n w e e k s e n d i n g OCTOBER 3 1 , 1994
from t h i r t e e n weeks e n d i n g :
AUG.
1 , 1 9 9 4 (13 w e e k s p r e v i o u s )

1.

MAY

2,

1994

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

1.7

0.7

1.4

NOV.

1,

1993

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

4.1

1.5

1.2

Growth rates for debt are based on periods beginning and en<
and September 1993 to September 1994, 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 o u t s i d e t h e U.S. Treasury, Federal R e s e r v e Banks, and t h e 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 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 t ^ f e r
s e r v i c e (ATS) a c c o u n t s at depository institutions, creait 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
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.
.,
, ,
. M
^
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 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 d u d i n g retail R P s — i n a m o u n t s of
l e s s than $ 1 0 0 000), 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. c o m m e r c i a l 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. government. 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 Consists3o7M^pfus large-denomin^
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 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. g o v e r n m e n t , 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 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 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 p a p e r 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
D e b t f T h ^ d e b t ' ^ 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 — t h e federal s e c t o r (U.S. government, 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 ) a n d 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
^
" r
-x. b
i u s i:n e s s e s , and
— i farms).
x\ Nonfederali debt
r i c or n s \i s t s4 of m
mr*r+m,ontcv.flYflmnt
anH corporate
cnmnrato b
hnnrls
credit, bank loans.
corporate
and nonfarm
noncorporate
o r t g a g e s , t a x - e x e m p t and
o n d s , crnnsumer
o n s u m e r credit'
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 iin
i,
t-A- h
u-.rL
HpmvaH by
hv averaging
avAraoma adjacent
a d i a c e n t month-end
month-end levels).
levels). T
Th
h ee presentation
presentation of
ot the
the
data
ave £
b e e 'n s m o o t h e d into the series) and m o n t h - a v e r a g e d /that
(that ic
is, tha
t h e Hats
data havo
have hoon
b e e n derived
tl
efore, from t h e 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
debt data in this r e l e a s e differ, therefore,
,
. . .
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 contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1994-AUG.

8
15
22
29

1148.3
1148.6
1149.4
1150.2

1153 .7
1152.6
1151.5
1150.4

1147.0
1147.6
1153.4
1153.5

3596.9
3596.9
3596.8
3597.0

3602 . 5
3601.3
3599.6
3597.3

3591.1
3597.6
3601.5
3598.8

4238.0
4239.0
4240.1
4241.1

4250.7
4248.2
4245.3
4242 .8

4237.0
4240.0
4248.5
4245.5

SEP.

5
12
19
26

1151.0
1151.4
1151.4
1151.9

1152.3
1153.2
1152.4
1152 .6

1154.5
1151.5
1150.2
1154.1

3597.3
3597.9
3598.4
3599.0

3598.4
3598.1
3596.3
3596.2

3595.5
3596.6
3594.4
3598.2

4242 . 1
4243 . 1
4244.4
4246.3

4243.9
4245.3
4244.7
4246.5

4241.7
4245.6
4245.9
4252.6

OCT.

3
10
17
24p
31p

1152.3
1152.2
1151.9
1151.3
1150.3

1151.6
1150.9
1150.4
1149.4
1147.8

1150.7
1148.4
1148.5
1149.8
1144.5

3598.9
3598.4
3597.9
3596.8
3595.0

3595.9
3594.8
3595.2
3594.2
3591.7

3594.5
3592.2
3595.9
3594.3
3584.4

4247.3
4248.2
4248.9
4249.2
4249.7

4248.2
4250.6
4254.0
4256.8
4260.1

4248.6
4255.4
4259.4
4263.6
4261.8

Not seasonally adjusted
1994-AUG.

8
15
22
29

1143.2
1144.2
1145.6
1146.1

1146.4
1146.3
1147.5
1143.6

1156.8
1151.6
1138.3
1127.8

3590.2
3591.2
3592.2
3592.1

3593.5
3593.5
3595.3
3590.1

3602.3
3603.6
3586.2
3568.2

4232.3
4234.4
4236.1
4236.5

4241,
4242,
4243 .
4239,

4250.7
4251.0
4236.1
4220.8

SEP.

5
12
19
26

1146.2
1146.8
1147.2
1147.5

1144
1146
1148,
1147 ,

1158.6
1160.7
1147.7
1124.1

3591.4
3591.8
3592.2
3592.3

3588.8
3589.9
3589.8
3587.1

3597
3608 ,
3585,
3557,

4236.3
4237.0
4238.3
4239.8

4237.8
4240.0
4240.6
4238 .3

4243 . 3
4259.8
4238.6
4211.4

OCT.

3
10
17
24p
31p

1146.5
1145.9
1146.3
1146.4
1145.7

1143.8
1143.4
1146.0
1148.6
1146.6

1142.7
1159.1
1157.9
1134.6
1134.6

3590.8
3589.9
3590.2
3589.9
3588.6

3583.0
3582.8
3588.2
3592.8
3590.5

3580.6
3607.2
3607.3
3576.2
3571.3

4239.4
4240.0
4241.4
4242.6
4243.1

4234.2
4235.8
4242.7
4251.2
4255.5

4227.0
4266.2
4266.2
4245.2
4244.4

Note: Special caution should 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

Travelers checks2

Demand deposits3

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1993-JUNE

307.2

8.0

362.2

292.4

106.8

399.2

2452.1

660.4

JULY
AUG.
SEP.

309.7
312.4
315.4

7.9
7.8
7.8

366.4
370.9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.9
2440.8
2439.3

654.6
652.3
653.3

OCT.
NOV.
DEC.

317.6
319.5
321.4

7.8
7.9
7.9

378.4
383.2
384.8

299.1
300.8
302.6

110.4
111.0
111.7

409.5
411.8
414.3

2434.7
2438.0
2439.6

657.3
658.6
664.1

1994-JAN.
FEB.
MAR.

325.2
329.2
332 . 4

388.3
390.3
390.0

300.4
299.2
300.0

111.6
112.0
112.0

412.0
411.2
411.9

2439.6
2430.9
2441.2

663.4
641.1
636.1

APR.
MAY
JUNE

334.8
337.6
340.3

8.1
8.1
8.1

388.9
385.8
386.5

298.3
300.8
301.3

111.0
110.5
110.1

409.3
411.2
411.4

2451.1
2453.5
2443.0

637.8
632.8
639.8

JULY
AUG.
SEP.

343 ,
345
347.3

8.2
8.3
8.4

389.1
387.5
388.0

302 . 4
301.1
300.1

110.1
108.7
108.1

412.5
409.8
408.2

2450.4
2446.4
2443.9

647.0
645.5
651.3

OCT. p

349.9

8.4

385.9

297.4

107.0

404.4

2443.9

667.0

347.0
346.4
346.9
348.1

8.4
8.4
8.4
8.4

389.2
388 . 8
387.1
389.5

301.0
300.3
301.2
299.3

108
107
106
108.8

409.9
408.0
407.8
408.0

2441 ,
2445,
2444,
2444,

646.1
649.1
651.5
654.4

348.1
348.5
349.2
350.4
352.3

8.4
8.5
8.5
8.5
8.5

386.8
386 . 8
387.3
386.5
381.7

297 . 8
298.1
296.7
296.6
297.3

109,
106,
106,
108,
104.8

407.4
404.6
403.6
404.5
402.1

2443.8
2443.8
2447.4
2444.5
2439.9

654.0
663.3
663.5
669.3
677.4

Week e n d i n g
1994-SEP.
5
12
19
26
OCT.

3
10
17
24p
31p

1.
2.
3.

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and t h e vaults of depository institutions.
.
. , , , . ,
, .
..
v
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 commercial 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 items in the p r o c e s s of collection and Federal R e s e r v e float.
4.
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.
5.
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.
.
..
. x
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 (general 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 .
. . .
, x ,
, ,
, #
. . . DD
A,
7.
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 the e s t i m a t e d a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual funds. This s u m is s e a s o n a l l y adjusted a s a whole.

p
preliminary
e
estimated
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

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

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

823.9

General
purpose and
broker/
dealer
money
market funds
347.5

331.5
328.0
324.6

814.5
806.6
800.0

346.6
345.5
345.0

192,
190,
190.8

277.4
277.8
276.6

64.5
63.9
63.8

341.8
341.6
340.4

472.4
469.5
468.5

322.5
321.2
317.2

795.0
790.7
785.7

344.4
347.0
348.8

194.3
194.8
197.0

277 ,
275.
277,

63.7
63.5
61.8

341.6
339.4
339.0

1220.3
1220.9
1221.9

465.5
463.9
462.6

314.1
310.6
308.6

779.5
774.5
771.2

347.8
343.7
348.4

192.7
176.9
177.4

279.7
274.7
271.1

62.1
61.8
61.1

341.8
336.5
332.2

432.5
431.7
428.0

1220.7
1215.9
1207.2

461.6
464.0
466.6

307
305
303.8

768.6
769.1
770.4

361.5
365.1
359.3

177.
169.
169.

270.6
274.9
274.9

61.5
60.1
60.4

332.1
335.0
335.3

777 . 8
776.0
773 .7

424.7
418.7
412.9

1202.5
1194.8
1186.6

468.8
474.8
479.5

303.8
303.0
303.6

772.6
777.7
783.1

363 . 5
362.9
362.3

170.
169.
167.

276.5
279.8
284.8

61,
60
62

337.7
340.7
346.9

765.9

407.4

1173.3

486.3

307.0

793.3

365.0

175.3

292.0

63.3

355.2

776.
776.
773 .
772 .

414.9
413.2
412.8
412.3

1191.0
1189.2
1186.4
1184.3

477.3
478.3
479.7
481.2

302.8
303.6
303.6
303.7

780.1
781.9
783.3
784.9

358.
362.
364
363,

165.3
164.0
168.0
169.0

281.
283.
284.
288.

61.4
61.6
62.0
62.7

342.6
345.2
346.5
350.8

768.5
768.2
767.3
765.3
761.6

410.8
408.2
407.6
407.3
405.2

1179.3
1176.4
1174.8
1172.6
1166.8

481.8
484.1
486.1
487.6
489.2

304.1
305.1
306.7
308.1
309.4

786.0
789.2
792.8
795.7
798.6

363,
365
365
364,
365.8

176.2
175.8
177.1
172.4
175.6

284.9
289.6
291.2
294.7
295.4

62.9
62.6
63.2
63.5
63.9

347.8
352.3
354.4
358.2
359.3

Small-denomination time deposits2

Savings deposits1
Date

1200.4

commercial
banks
487 . 5

At
thrift
institutions
336.3

430.4
430.5
430.4

1202.1
1205.9
1208.4

483.0
478.6
475.4

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

1994-JAN.
FEB.
MAR.

790.1
791 . 1
79C . 2

430.2
429.8
431.7

APR.
MAY
JUNE

788.2
784.2
779.2

JULY
AUG.
SEP.
OCT.

commercial
banks
771.0

At
thrift
institutions
429.4

JULY
AUG.
SEP.

771.7
775.4
778.0

OCT.
NOV.
DEC.

1993-JUNE

Week e n d i n g
1994-SEP.
5
12
19
26
OCT.

1.
2.
3.
4.
p

3
10
17
24p
31p

Total

Total

Institutiononly money
market funds

Large-denomination time deposits3

194.7

commercial
banks4
280.9

At
thrift
institutions
64.4

Total
345.3

S a v i n g s d e p o s i t s include m o n e y market deposit a c c o u n t s .
Small-denomination time 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
and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time 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.
Large-denomination time 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
official institutions.
preliminary




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

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

Savings bonds

1.

Debt components4

Non-M3 Components of L

Date

Short-term Treasury
securities1
346.5

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

18.5

370.9

3210.2

8791.3

344.3
343.8
328.0

17.4
16.5
16.4

370.4
379.5
378.4

3227.3
3248.5
3267.5

8829.4
8866.4
8900.4

170.1
170.8
171.7

323.7
324.6
329.3

16.4
15.3
14.6

384.7
384.1
386.8

3269.4
3294.6
3327.4

8934.3
8963.1
8998.1

1994-JAN.
FEB.
MAR.

172.7
173.4
174.1

339.0
341.5
345.6

14.9
15.3
15.7

391.6
403.0
389.6

3337.8
3354.5
3379.5

9031.9
9065.3
9108.9

APR.
MAY
JUNE

174.8
175.7
176.6

361.0
358.3
348.5

14.1
11.4
10.5

384.9
391.0
392.6

3390.6
3402.5
3416.3

9155.2
9196.2
9218.7

JULY
AUG.
SEP. p

177.5
178.4
179.0

356.7
359.9
341.0

10.7
11.2
11.9

392.7
387 . 0
391.0

3419.3
3436.6
3454.0

9241.4
9286.0
9325.4

1993-JUNE

165.9

JULY
AUG.
SEP.

167.1
168.2
169.2

OCT.
NOV.
DEC.

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 1 2 m o n t h s held by other than depository institutions, Federal R e s e r v e Banks, m o n e y
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 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 p a p e r 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 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

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

Overnight

Overnight
Eurodollars9

In M3 only 7

1993-JUNE

307 . 4

8.2

359.6

290.6

107 . 5

398.0

2451.2

661.0

64.8

13.7

JULY
AUG.
SEP.

311,
312,
314.8

8.4
8.4
8.2

365,
367,
373,

290,
292,
295

108.5
107.7
108.0

399.3
399.7
403.0

2445.3
2440.3
2434.9

651.4
656.1
652.9

67.7
67.5
70.7

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

8.0
7.7
7.6

381,
391,
402,

295
299
306.3

109.8
111.4
112.4

405.3
410.9
418.6

2434.3
2439.5
2436.8

653.8
661.5
660.9

72.3
73.2
74.5

17.2
17.4
17.8

1994-JAN.
FEB.
MAR.

324.0
327.1
330.7

7.7
7.7
7.8

393.1
380.6
380.6

306.8
299.6
301.6

111.2
109.5
111.3

417.9
409.1
412.9

2437.1
2432.7
2450.0

657.6
644.0
637.6

77.2
76.6
80.1

18.0
16.9
18.4

APR.
MAY
JUNE

334,
337 ,
340,

7.8
7.9
8.3

390.2
378.8
383 . 4

306.3
298.1
299.4

114.3
110.7
110.7

420.6
408.7
410.1

2456.5
2448.9
2442.7

636.1
638.5
640.5

80.3
80.8
82.9

19,
21,

JULY
AUG.
SEP.

344,
345,
347,

8.8
8.9
8.8

388.4
384.2
385.7

298,
297,
297 ,

110.6
108.0
107.3

408.9
405.2
404.5

2448.8
2445.7
2439.4

643.7
649.2
651.0

84,
85,
87,

25,
24,
24.3

OCT. p

349.6

8.6

389.0

294.0

106.4

400.3

2443.4

663.2

88.9

26.6

348.2
347.7
346.5
345.8

8.9
8.9
8.8
8.8

389.9
391.5
386.4
376.1

301.5
302.7
298.9
290.0

110.0
109.9
107.0
103.4

411.5
412.6
405.9
393.4

2438.5
2447.3
2438.2
2433.4

646.2
651.7
652.7
653.9

85.5
88.7
86.4
87.9

24.6
23.4
23.4
24.4

346.7
351.1
349.6
349.2
349.0

8.7
8.7
8.6
8.6
8.5

388.8
392.0
396.9
381.7
383.3

292.1
298.3
295.6
291.1
289.8

106.5
109.0
107.3
104.2
104.0

398.6
407.3
402.9
395.2
393.7

2437.9
2448.2
2449.4
2441.6
2436.7

646,
659,
659,
669,
673,

90.1
89.2
89.6
89.2
87.0

27.2
26.5
27.9
26.4
25.4

Weefr e n d i n g
1994-SEP.
5
12
19
26
OCT.

1.
2.
3.

Travelers
checks2

3
10
17
24p
31p

16,

Currency o u t s i d e U.S. Treasury, Federal R e s e r v e Banks and t h e vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. 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.
4. C o n s i s t s of N O W 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.
5.
C o n s i s t s of N O W 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.
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
deposits.
7.
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
Eurodollars held by institution-only m o n e y market mutual f u n d s .
8.
Consists of overnight and continuing contract R P s issued by all depository institutions to other than depository institutions and m o n e y market mutual funds (general purpose and
broker/dealer).
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).
Digitized for9.FRASER


Page 8
H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Small-denomination time deposits2

Savings deposits1

At
thrift
institutions

487 . 1

336.0

823 . 0

345.2

1 9 1 , ,0

282 . 8

431.4
430.8
429.7

1205. 0
1 2 0 6 , ,9
1 2 0 6 , ,4

483, 9
4 7 9 , ,6
4 7 6 , ,7

332.2
328.7
325.4

816. 1
808. 3
802. 1

343.0
343.0
340.8

1 8 8 ,,6
190,,1
187,,5

277. 1
279. 5
277. 6

64.4
64.3
64.0

341.5
343.8
341.6

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

430.0
430.4
429.4

1 2 0 7 , .7
1214,. 4
1 2 1 3 ,,2

4 7 3 , ,3
4 6 8 , ,8
4 6 7 ,. 6

323.1
320.8
316.5

796. 4
789. 6
784. 1

340.7
345.0
347.2

189,.2
194 .0
195 .8

277, 6
2 7 6 , ,2
2 7 6 , ,0

63.7
63.6
61.6

341.3
339.8
337.6

1994-JAN.
FEB.
MAR.

786.1
787.7
791.3

428.0
427.9
432.3

1214.1
1215.6
1223.6

465.6
463.8
462.1

314.1
310.4
308.3

779.7
774.2
770.4

348.1
349.4
357.4

196.2
186.1
180.5

276.7
273.0
270.9

61.4
61 « 4
61.1

338.1
334.4
332.0

APR.
MAY
JUNE

790.6
784.8
781.9

433.8
432.1
429.5

1224.4
1216.9
1211.4

461.1
463 .0
466.2

306.7
304.4
303 .5

767.9
767.4
769.8

367 ,
364,
357

176.2
171.0
166.3

269.9
277.3
276.8

61 <
60<

331.2
337.8
337.6

JULY
AUG.
SEP.

779
776
772

425.7
419.0
412.2

1205.3
1195.6
1184.5

469.8
475.8
480 .9

304,
303,
304,

774.3
779.4
785.4

360
360
357

167.4
169.5
165.1

276.2

61,
61,

285.9

62

337.3
343.0
348.2

OCT. p

765.2

407.1

1172.2

487 .2

307.6

794.8

360.9

170.5

291.7

63.2

354.9

5
22
19
26

776.7
778.4
772.2
766.8

415.2
414.5
412.0
409.5

1191.9
1192.9
1184.2
1176.3

478.8
479.6
480.9
482.4

303.7
304.5
304.4
304.4

782.5
784.1
785.3
786.8

354.1
358.2
359.0
358.1

163.1
165.4
165.7
164.8

283.8
286.4
285.7
287.2

62.0
62.2
62.3
62.5

345.8
348.6
347.9
349.7

3
10
17
24p
31p

765.3
769.9
768.2
762.7
759.7

409.1
409.2
408.1
405.9
404.2

1174.3
1179.1
1176.2
1168.6
1164.0

483.7
486.1
487.1
488.0
489.1

305.3
306.4
307.3
308.3
309.3

789.1
792.5
794.4
796.3
798.3

357.1
360.8
361.2
361.1
362.1

166.7
169.3
170.5
171.2
172.7

284.2
290.4
290.7
294.0
295.0

62.8
62.8
63.1
63.3
63.8

347.0
353.3
353.8
357.3
358.9

1993-JUNE

7 7 3 ,,6

430.9

JULY
AUG.
SEP.

7 7 3 ,,6
7 7 6 , ,0
7 7 6 , ,7

OCT.
NOV.
DEC.

Total

281.6

CO

1204. 5

vo

At . ,
commercial
banks4

Total

At
thrift
institutions

OCT.

p

Large-denomination time deposits3

At
thrift
institutions

commercial
banks

1994-SEP.

3.
4.

Institutiononly money
market funds

commercial
banks

Date

1.
2.

General
purpose and
broker/
dealer
money
market funds

60.8

Savings deposits include money market deposit accounts.
_
, ,,
,
. . .
.
r ,
All
Small-denomination time deposits—including retail RPs—are t h o s e issued in amounts of l e s s than $ 1 0 0 , 0 0 0 . All IRA and Keogh account b a l a n c e s at commercial banks and thrifts are subtracted from small time deposits.
,_,*•*
*•
,,
,.
, .....
L
Larqe-denomination time deposits are t h o s e issued in amounts of $ 1 0 0 , 0 0 0 or more, excluding t h o s e booked at international banking facilities.
Large-denomination time deposits at commercial banks l e s s t h o s e held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Total
347.6

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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-JUNE

70.2

23 . 9

94 . 1

45.5

166.1

JULY
AUG.
SEP.

72.7
72 ,
71,

25.0
25.6
26.0

97.8
97.6
97.3

41.9
44.1
45.2

167.0
167.8
168.7

OCT.
NOV.
DEC.

70 ,
69 ,
70.8

25.4
25.9
26.0

96.0
95.6
96.8

45
48
47.0

1994-JAN.
FEB.
MAR.

66.3
64.3
66.?

26.6
27.4
27.2

92.9
91.5
94.1

APR.
MAY
JUNE

70.3
68.0
70.3

27 ,
29 ,
30,

JULY
AUG.
SEP.

70.5
68.2
69.3

OCT. p

Date

Weefr e n d i n g
1994-SEP.
5
12
19
26
OCT.

1.
2.
3.
4.
5.
6.

3
10
17
24p
31p

Debtcomponents 6

Non-M3 Components of L
Savings bonds

Short-term
Treasury
securities3
340.7

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

18.5

369.5

3188.9

8767.4

339.9
342.4
326.0

17.4
16.3
15.9

367.3
374.6
380.2

3201.8
3229.4
3251.9

8811.8
8837.4
8876.0

169,
170
171.4

321.8
332.5
342.0

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8917.7
8949.1
8991.8

46.0
48.1
47.1

172.6
173.7
174.6

344.6
342.9
349.4

15.6
15.5
15.2

398.9
402.0
389.7

3333.0
3345.4
3374.4

9031.7
9048.6
9072.9

97 ,
96,
100.8

47.4
48.5
50.8

175.4
176.2
176.9

351.8
349.8
342.9

13.7
11.3
10.5

387,
385,
390,

3376.8
3379.7
3394.5

9109.9
9149.5
9193.9

31,
32 ,
32,

102 ,
100,
101,

51.6
51.2
50.9

177.4
177.9
178.4

352.4
358.8
338 5 P

10,

389,
382,
393,

3393.9
3418.4
3438.4 p

9226.5
9256.0
9297.2 p

68.4

33.2

101.6

51.4

68,

69 ,
69,
70,

31.9
32.2
32.4
32.5

100,
101.
102 ,
103,

51.9
50.8
51.2
51.3

66.8
67.2
66.4
70.8
69.9

32.3
33.0
33.3
33.4
33.3

99.1
100.2
99.7
104.3
103.2

48.8
50.7
50.4
51.7
54.0

11,

11.6 p

I erm 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 n 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 the United Kingdom and C a n a d a . Excludes 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 12 m o n t h s 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 B a n k s , and m o n e y market mutual f u n d s .
Total commercial paper l e s s commercial p a p e r 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 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 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

11.5

5 .4

8.1

21 . 1

1.7
1.6
1.5

11.5
11.2
10.8

4 .2
3 .8
5 .5

6.9
5.7
9.3

8.3
8.2
9.2

1.6
1.8
1.6

10.7
10.8
10.9

4 .5
4 .0
5 .2

1994-JAN.
FEB.
MAR *

8.6
8.4
8.1

1.6
1.5
1.6

11.3
11.9
12.5

APR.
MAY
JUNE

8.6
8.1
8.2

1.5
1.5
1.5

JULY
AUG.
SEP.

8.3
7.8
8.2

OCT. p

Date

Foreign
commercial
banks

Foreign
official
institutions

1993-JUNE

8.2

1.6

JULY
AUG.
SEP.

8.5
8.1
8.5

OCT.
NOV.
DEC.

Week endincr
1994-SEP.
5
12
19
26
OCT.

e
p

Time and
savings
deposits
due to
foreign
banksand
official

3
10
17
24p
3 lp

estimated
preliminary




Note
balances at
depository
institutions

IRA and Keogh Accounts

Total
cash
balance

Tim^and

At
thrift
institutions

At
money
market

d e p o s i t at
commercial

commercial
banks

34 . 6

3 .0

146 . 5

118 . 5

46 .7

311.7

21 . 4
20 . 0
23 . 2

32 . 5
29 . 5
37 . 9

2 .8
3 .1
2 .8

146 . 4
146 . 1
145 .8

118 . 0
117 .4
116 .9

47 . 3
47 . 4
47 . 5

311.7
310.9
310.2

5.9
5.6
6.7

12 . 6
8 .8
16 . 2

23 . 1
18 . 4
28 . 1

2 .6
2 .7
2 .6

145 .2
144, .6
144, . 2

116 . 1
115 .3
114, .6

48 . 1
49 . 1
49 .8

309.4
309.0
308.6

5 .7
4 .2
4,.3

7.3
6.3
5.2

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, .2 e
114, . 1 e
114, ,0 e

50 . 1 e
50 . 7 e
51 .5 e

308.3 e
308.3 e
308.2 e

12.9
13.0
13.1

7. . 1
4. .2
5,,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

114. ,0 e
114. ,0 e
113. 8 e

52, > 6 e
53, ,3 e
53. , 8 e

308.9 e
309.5 e
310.0 e

1.5
1.5
1.5

13.2
13.2
13.2

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. 8

113. 8 e
113. 8 e
113. 6 e

54. ,5 e
55. ,1 e
55. ,8 e

310.9 e
311.6 e
312.3 e

8.1

1.6

13.2

4. 2

5.6

12, ,3

22. ,0

2. ,2

143. 0

113. 6 e

56 <4 e

313.0 e

8.5
8.3
7.9
8.3

1.5
1.5
1.4
1.5

13.2
13.2
13.2
13.2

4.
4.
10.
4.

5
6
6
2

4.9
5.5
5.8
7.4

8.
3.
19.
29.

1
7
9
2

17.
13.
36.
40.

5
8
3
8

2.
2.
2.
2.

9
4
4
4

8.4
7.9
8.5
7.7
8.2

1.6
1.6
1.7
1.4
1.6

13.2
13.2
13.2
13.2
13.2

4.
3.
5.
3.
4.

7
5
4
6
0

6.4
5.7
4.9
5.1
6.2

24.
4.
5.
16.
18.

4
1
1
6
1

35.
13.
15.
25.
28.

5
4
4
3
3

2.
2.
2.
2.
2.

4
1
2
2
1

Total