Full text of H.6 Money Stock Measures : November 17, 1994

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••ofGOW-V

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
NOVEMBER 17,1994

Billions of dollars

Date

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
1151.0
1152.0
1148.5

3573.2
3569.4
3583.5
3592.2
3596.3
3589.3
3603.5
3597.4
3596.0
3592.5

4236.6
4210.6
4219.5
4230.0
4229.1
4229.1
4250.5
4242.9
4247.2
4259.3

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

Not seasonally adjusted
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
1144.0
1146.1
1147.4

3579.8
3557.3
3581.9
3609.6
3581.6
3585.2
3599.8
3589.7
3585.5
3590.8

4237.4
4201.3
4219.5
4245.7
4220.1
4225.7
4243.5
4238.9
4236.5
4253.9

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

Footnotes appear on the following page
p

preliminary




H.6 (508)
Table 2

Page 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 M o n t h s f r o m JULY 1994 t o OCT. 1994

—1.6

-1.2

0.8

4.6

6 M o n t h s f r o m APR. 1994 TO OCT. 1994

1.3

0.0

1.4

4.7

12 M o n t h s f r o m OCT. 1 9 9 3 TO OCT. 1994

3.2

1.3

1.3

5.0

T h i r t e e n w e e k s e n d i n g NOVEMBER 7 , 1994
f r o m t h i r t e e n weeks e n d i n g :
AUG. 8 , 1994 (13 w e e k s p r e v i o u s )

0.6

i
o
w

M1

1.3

MAY

9,

1994

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

1.5

0.6

1.5

NOV.

8,

1993

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

3.9

1.4

1.2

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1994 to September 1994, March 1994 to September 1994
and September 1993 to September 1994, respectively.
Footnotes to Table 1 :
1.

2.

3

'

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at al 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 (AIS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated bv
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 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 worrawide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
/?da\ 1i J
L i?)'i a
balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IHA) 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-M1 component as a whole and then adding this result to seasonally adjusted M1.
? ° ? f ' l t s ° ' M 2 p l u s jarge-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held
resi
, n ^ s a* f° r e ign 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 tnen 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
r
J
mutual fund holdings of these assets.
Debt. The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors —the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
L u* 5 ^ nave been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the
debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES

Billions of dollars
Seasonally adjusted

Period ending

M3

M2

M1
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. 15
22
29

1148.6
1149.4
1150.2

1152.6
1151.5
1150.4

1147.6
1153.3
1153.5

3596.9
3596.8
3597.0

3601.3
3599.6
3597.3

3597.6
3601.5
3598.8

4239.0
4240.0
4241.1

4248.2
4245.2
4242.7

4240.0
4248.4
4245.5

SEP.

5
12
19
26

1150.9
1151.4
1151.4
1151.9

1152.2
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
3596.4
3596.2

3595.6
3596.6
3594.4
3598.2

4242.1
4243.1
4244.4
4246.3

4243.9
4245.3
4244.7
4246.5

4241.7
4245.7
4245.9
4252.6

OCT.

3
10
17
24
31p

1152.3
1152.2
1151.9
1151.3
1150.2

1151.6
1150.8
1150.4
1149.3
1147.7

1150.7
1148.3
1148.4
1149.6
1144.4

3598.9
3598.4
3597.9
3596.8
3595.0

3595.9
3594.8
3595.2
3594.2
3591.6

3594.5
3592.1
3595.8
3594.3
3584.2

4247.3
4248.2
4248.9
4249.1
4249.6

4248.2
4250.6
4254.0
4256.7
4259.8

4248.6
4255.4
4259.4
4263.2
4261.3

NOV.

7p

1149.9

1146.4

1143.0

3594.5

3589.8

3585.0

4251.4

4261.2

4260.9

Not seasonally adjusted
1994-AUO. 15
22
29

1144.2
1145.6
1146.0

1146.2
1147.5
1143.6

1151.6
1138.2
1127.8

3591.2
3592.2
3592.1

3593.5
3595.3
3590.0

3603.6
3586.1
3568.1

4234.4
4236.1
4236.5

4242.1
4243.9
4239.7

4251.0
4236.1
4220.8

SEP.

5
12
19
26

1146.1
1146.8
1147.2
1147.4

1144,
1146,
1148,
1147.8

1158.6
1160.7
1147.7
1124.1

3591.3
3591.8
3592.1
3592.3

3588.7
3589.8
3589.8
3587.1

3597.1
3608.0
3585.9
3557.5

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
24
31p

1146.5
1145.8
1146.3
1146.4
1145.7

1143.8
1143.4
1145.9
1148.5
1146.4

1142.7
1159.0
1157.8
1134.4
1134.4

3590.8
3589.9
3590.1
3589.9
3588.5

3583.0
3582.8
3588.1
3592.8
3590.5

3580.6
3607.2
3607.2
3576.2
3571.2

4239.4
4240.0
4241.4
4242.6
4243.1

4234.2
4235.8
4242.7
4251.1
4255.3

4227.0
4266.2
4266.2
4244.8
4243.9

NOV.

7p

1145.8

1146.4

1158.8

3588.6

3589.6

3603.7

4245.1

4258.2

4277.8

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4

H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

Travelers checks2

Demand deposits3

Other checkable deposits

Nontransactions components

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,
108,
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,
111,
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

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

298.3
300.8
301.3

111.0

8.1

388.9
385.8
386.5

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.

343.2
345.4
347.3

8.2
8.3
8.4

389.1
387 . 5
388.1

302.4
301.1
300.1

110.1
108.7
108.1

412.5
409.8
408.2

2450.4
2446.4
2444.0

647.0
645.5
651.3

OCT.

349.9

8.4

385.9

297.4

106.9

404.3

2443.9

666.8

346.4
346.9
348.1

8.4
8.4
8.4

388.8
387.1
389.5

300.3
301.2
299.3

107.6
106.7
108.8

408.0
407.9
408.0

2445.1
2444.3
2444.1

649.1
651.5
654.4

Week e n d i n g
1 9 9 4 - S E P . 12
19
26

8.1

112.0
112.0

OCT.

4.
5.
6.
7.

348.1
348.5
349.2
350.4
352.3

8.4
8.4
8.4
8.3
8.3

386.8
386.8
387.3
386.5
381.7

297.8
298.1
296.7
296.6
297.3

109.5
106.5
106.9
107.9
104.7

407.4
404.6
403.6
404.5
402.0

2443.8
2443.8
2447.4
2444.7
2439.9

654.0
663.3
663.5
668.9
677.1

NOV.

1.
2.
3.

3
10
17
24
31p
7p

352.2

8.3 e

380.3

297.1

105.1

402.2

2442.0

675.9

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts)
and small time deposits. This sum is seasonally adjusted as a whole.
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
estimated



p

preliminary

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

472.4
469.5
468.5

322 . 5
3 2 1 .2
317 .2

1220,. 3
1220,. 9
1 2 2 1 , ,9

465.5
463.9
462.6

432.5
431.7
428.0

1 2 2 0 , ,7
1 2 1 5 , >9
1 2 0 7 , .2

777.8
776.0
773.7

424.7
418.7
412.9

765.9

Savings deposits1
Date

Small-denomination time deposits2

1200 ,.4

At . ,
commercial
banks
487.5

At
thrift
institutions
336 . 3

430.4
430.5
430.4

1202,. 1
1 2 0 5 , .9
1208,, 4

483.0
478.6
475.4

778.4
782 . 4
785.3

430.4
429.5
430.2

1 2 0 8 , .8
1211,, 9
1215,, 5

1994-JAN.
FEB.
MAR.

790.1
791.1
790.2

430.2
429.8
431.7

APR.
MAY
JUNE

788.2
784.2
779.2

JULY
AUG.
SEP.
OCT. p

At
commercial
banks
771.0

At
thrift
institutions
429.4

JULY
AUG.
SEP.

771.7
775.4
778.0

OCT.
NOV.
DEC.

1993-JUNE

eafllng
1 9 9 4 - S B P . 12
19
26

Institutiononly money
market funds

Large-denomination time deposits3
At
thrift
institutions
64.4

194.7

commercial
banks4
280.9

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

795.0
790.7
785.7

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.1

63.7
63.5
61.8

341.6
339.4
339.0

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

461.6
464.0
466.6

307 .0
305 . 1
303 . 8

768.6
769.1
770.4

361.5
365.1
359.3

177.0
169.3
169.5

270.6
274.9
274.9

61.5
60.1
60.4

332.1
335.0
335.3

1 2 0 2 , ,5
1194,, 8
1 1 8 6 , .6

468.8
474.8
479.5

3 0 3 ,, 8
3 0 3 , .0
3 0 3 ,. 6

772.6
777.7
783.1

363.5
362.9
362.3

170.9
169.3
167.9

276.5
279.8
284.8

61.2
60.9
62.1

337.7
340.7
346.9

407.4

1173, 3

486.3

3 0 7 , .0

793.3

365.0

175.3

291.9

63.3

355.2

776.0
773.6
772.0

413.2
412.8
412.3

1189. 2
1186. 4
1184. 3

478.3
479.7
481.2

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

781.9
783.3
784.9

362.0
364.1
363.0

164.0
168.0
169.0

283.6
284.5
288.1

61.6
62.0
62.7

345.2
346.5
350.8

Total

Total

Total
345.3

OCT.

3.
4.
p

768.5
768.2
767.3
765.3
761.6

410.8
408.2
407.6
407.2
405.2

1179.
1176.
1174.
1172.
1166.

3
4
9
6
8

481.8
484.1
486.1
487.8
489.2

304.
305,
306.
308.
309.

1
1
7
1
4

786.0
789.3
792.8
795.9
798.6

363.5
365.3
365.1
364.6
365.8

176.2
175.8
177.1
172.4
175.6

284.9
289.6
291.2
294.4
295.4

62.9
62.6
63.2
63.4
63.9

347.8
352.3
354.4
357.8
359.3

NOV.

1.
2.

3
10
17
24
31p
7p

759.9

401.7

1161. 6

491.0

309. 7

800.7

366.6

177.1

296.6

63.5

360.1

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary




Page 6

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components4

Non-M3 Components of L

Date
1993-JUNE

165.9

Short-term T reasury
securities1
346.5

JULY
AUG.
SEP.

167.1
168.2
169.2

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

OCT.
NOV.
DEC.

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.

177.5
178.4
179.0

356.7
359.9
341.0

10.7

392.7
387.0
391.0

3419.3
3436.6
3454.0

9241.4
9286.0
9325.4

Savings bonds

1.

Bankers acceptances2
18.5

370.9

3210.2

8791.3

11.2
11.9

Commercial paper3

Federal debt

Non-Federal debt

2.
3.
4.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary




Page 7
H.6 (508)
Table 5

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

Date

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

Overnight

Overnight
Eurodollars*

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.

311.0
312.8
314.8

8.4
8.4

365.9
367.9
373.1

290.9
292.1
295.0

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

381.1
391.1
402.6

295.6
299.6
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
327.3
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

334.4
337.4
340.6

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

16.7
19.3
21.5

JULY
AUG.
SEP.

344.9
345.7
347.1

8.8
8.9
8.8

388.4
384.2
385.7

298.3
297.1
297.3

110.6
108.0
107.3

408.9
405.2
404 • 5

2448.8
2445.7
2439.4

643.7
649.2
651.0

84.0
85.9
87.6

25.2
24.6
24.3

OCT. p

349.6

8.5

389.0

294.0

106.4

400.3

2443.4

663.1

88.9

26.6

347.7
346.5
345.8

8.9
8.8

8.8

391.5
386.4
376.1

302.7
298.9
290.0

109.9
107.0
103.4

412.6
405.9
393.4

2447.3
2438.2
2433.4

651.7
652.7
653.9

88.7
86.4
87.9

23.4
23.4
24.4

292.1
298.3
295.6
291.1
289.9

106.5
109.0
107.3
104.1
103.9

398.6
407.3
402.9
395.2
393.7

2437.9
2448.2
2449.4
2441.8
2436.7

646.4
659.0
659.0

27,

672.8

90.1
89.2
89.6
89.2
87.0

299.1

108.6

407.8

2444.9

674.1

88.7

25.5

Week e n d i n g
1 9 9 4 - S E P . 12
19
26
OCT.

NOV.

8.2

3
10
17
24
31p

346.7
351.1
349.6
349.2
349.0

8.3

388.8
392.0
396.9
381.6
383 . 4

7p

353.3

8.3 e

389.5

1.
2.
3.

668.6

26,

27,
26,

25,

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW 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), savings deposits (including money market deposit accounts) 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).


Jl.U
Table 5 - continued

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

1204 »5

At
commercial
banks
487.1

At
. thrift
institutions
336.0

823.0

General
purpose and
broker/
dealer
money
market funds
345.2

431,4
430.8
429.7

1205 .0
1206 . 9
1206 .4

483.9
479.6
476.7

332.2
328.7
325.4

816.1
808.3
802.1

777.7
784.0
783.9

430.0
430.4
429.4

1207 .7
1214 . 4
1 2 1 3 .2

473.3
468.8
467.6

323.1
320.8
316.5

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

APR.
MAY
JUNE

790.6
784.8
781.9

433.8
432.1
429.5

1224.4
1216.9
1211.4

JULY
AUG.
SEP.

779.6
776.6
772.4

425.7
419.0
412.2

OCT.

765.2

Savings deposits1
Date

At
commercial
banks
773.6

At
thrift
institutions
430.9

JULY
AUG.
SEP.

773.6
776.0
776.7

OCT.
NOV.
DEC.

1993-JUNE

Weeh; e n d i n g
•SEP. 12
19
26

Small-denomination time deposits2

Institutiononly money
market funds

Large-denomination time deposits3

191.0

At .
commercial
banks4
282.8

At
thrift
institutions
64.8

347.6

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

796.4
789.6
784.1

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

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

461.1
463.0
466.2

306.7
304.4
303.5

767.9
767.4
769.8

367.2
364.5
357.1

176.2
171.0
166.3

269,
277,
276.8

60.6
60.8

61.3

331.2
337.8
337.6

1205.3
1195.6
1184.5

469.8
475.8
480.9

304.5
303.7
304.5

774.3
779.4
785.4

360.0
360.2
357.5

167.4
169.5
165.1

276.
281,
285.9

61.1
61.3
62.3

337.3
343.0
348.2

407.1

1172.2

487.2

307.6

794.8

360.9

170.5

291.7

63.2

354.9

778.4
772.2
766.8

414.5
412.0
409.5

1192.9
1184.2
1176.3

4 7 9 .6
4 8 0 .9
482 .4

3 0 4 , .5
3 0 4 ,, 4
3 0 4 ,. 4

784.1
785.3
786.8

358.2
359.0
358.1

165.4
165.7
164.8

286.4
285.7
287.2

62 .2
62 »3
62 . 5

348.6
347.9
349.6

Total

Total

Total

OCT.

3.
4.
p

765.3
769.9
768.2
762.8
759.7

409.1
409.2
408.1
405.9
404.3

1174.3
1179.1
1176.3
1168.6
1163.9

483
486
487
488
489

.7
.1
.1
.1
.0

3 0 5 , .3
3 0 6 , .4
3 0 7 ,. 3
3 0 8 ,, 3
3 0 9 ,. 3

789.1
792.5
794.4
796.4
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
293.6
295.0

62 . 8
62 . 8
63 . 1
63 . 3
63, . 8

347.0
353.3
353.8
356.9
358.9

NOV.

1.
2.

3
10
17
24
31p
7p

764.0

403.9

1167.9

4 9 0 .7

3 0 9 ,, 5

800.2

362 . 6

174.8

296.5

63 . 5

360.0

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




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

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

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 .0
71.2

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, . 5
69.7
70, .8

25 . 4
25 . 9
26 . 0

96 . 0
95 . 6
96 . 8

45 . 0
48 . 9
47 . 0

1994-JAN.
FEB.
MAR.

66, ,3
64, , 1
66.9

26 . 6
27 . 4
27 .2

92 .9
91 .5
94 . 1

APR.
MAY
JUNE

7 0 , ,3
68, ,0
7 0 , ,3

27.6
29 .0
30 . 5

JULY
AUG.
SEP.

7 0 . ,5
6 8 . ,2
6 9 . ,3

OCT. p

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

169.6
1 7 0 ,. 6
1 7 1 , .4

321.8
332.5
342.0

16.3
15.7
15.3

385.2
385.6
389.3

3 2 4 9 ,. 4
3287.0
3329 .5

8917.7
8949.1
8991.8

46 .0
48 . 1
47 . 1

1 7 2 , ,6
1 7 3 , .7
1 7 4 , ,6

344.6
342.9
349.4

15.6
15.5
15.2

398.9
402.0
389.7

3 3 3 3 , .0
3 3 4 5 , .4
3 3 7 4 , .4

9031.7
9048.6
9072.9

97 .9
96 .9
100, .8

47 .4
48 . 5
50 .8

1 7 5 , .4
1 7 6 , ,2
1 7 6 , ,9

351.8
349.8
342.9

13.7
11.3
10.5

387.3
385.0
390.9

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

9109.9
9149.5
9193.9

3 1 .9
32.2
32 ,.3

1 0 2 , ,4
1 0 0 , .4
1 0 1 , ,6

51 . 6
51.2
50, .9

1 7 7 ,. 4
1 7 7 , ,9
1 7 8 . .4 p

352.4
358.8
338.5 p

10.7
11.0
11.6 p

389.5
382.0
393.0 p

3 3 9 3 , .9
3418,. 4
3438, 4 p

9226.5
9256.0
9297.2 p

68. 4

Weeit e M i m q
1 9 9 4 - S E P . 12
19
26

3 3 ,. 1

1 0 1 , ,5

51, .4

69. 7
69.9
70.5

3 2 . ,2
3 2 . ,4
3 2 . ,5

101. 9
1 0 2 . ,3
1 0 3 . ,0

5 0 . ,8
5 1 . .2
5 1 . ,3

OCT.

3
10
17
24
31p

66. 8
67. 2
66. 4
70. 8
69.9

32.
33.
33.
33.
32.

3
0
3
4
9

99. 1
100.2
99. 7
104. 3
102. 8

48. 8
50. 7
50, 4
51.7
54. 0

NOV.

1.
2.

Debt components 6

Non-M3 Components of L

7p

68. 9

33. 4

102. 3

53. 0

4.
5.
6.

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.

p

preliminary

3.




Page 10
H.6(508)
Table 6

MEMORANDUM ITEMS

Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

institutions

Time and
savings
deposits
due to
foreign
banksand
official

1993-JUNE

8. 2

1. 6

JULY
AUG.
SEP.

8. 5
8. , 1
8. 5

OCT.
NOV.
DEC.

Demand deposits
at banks due to

Note
balances at
depository
institutions

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

NOV.

e
p

Total
cash
balance

Time and
commercial
banks

34. 6

deposi^at
commercial
banks
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
2 8 .. 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
3 4 . ,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

2 1 . ,5
19. ,0
2 8 . ,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

12.1

21. > 9

143, ,0

113 . 6 e

56.4 e

313.0 e

8,,3
7, • 9
8,.3

1. 5
1. 4
1. 5

13, ,2
13, .2
13, . 2

4,.6
10, ,6
4,.2

5.5
5.8
7.4

3.7
19.9
29.2

13.,8
36. ,3
40. ,8

2.4
2.4
2.4

3
10
17
24
31P

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

1.

6
6
1. 7
1. ,4
1. 6

13, .2
13, .2
13, .2
13, .2
13, . 2

4 .7
3,. 5
5.4
3 .6
4 .0

6.4
5.7
4.9
5.1
6.2

24.4
4.1
5.1
16.6
17.5

35, ,5
13, . 4
15, .4
25, ,3
27, ,7

2.4
2.1
2.2
2.2
2.1

7p

8,. 1

1.,6

13, .2

4 .1

5.5

14.6

24, .2

2.2

Week e n d i n a
1 9 9 4 - S E P . 12
19
26
OCT.

s

to
to

Date

IRA and Keogh Accounts

U.S. government deposits

estimated
preliminary




1.

institutions

5

Total