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

* f^AL

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

6

For r e l e a s e at 4 : 3 0 p.m. Eastern T i m e

Billions of dollars
Date

*

NOVEMBER24,1995

M11

M22

DEBT5

M33
Seasonally adjusted

1993-NOV.
DEC.

1122.4
1128.6

3576.7
3583.6

4234.2
4242.3

5128.5
5145.7

12276.1
12341.5

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

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.2
1147.6
1148.0

3589.1
3586.2
3597.5
3605.4
3608.4
3605.2
3616.8
3615.0
3614.1
3610.2
3611.9
3616.9

4245.7
4231.8
4240.4
4250.5
4251.2
4256.2
4274.3
4273.9
4280.1
4286.5
4292.0
4304.1

5157.4
5160.5
5171.7
5180.5
5195.8
5192.0
5217.2
5226.7
5224.7
5237.6
5248.7
5269.9

12384.3
12434.7
12499.9
12557.5
12613.3
12652.5
12679.5
12744.9
12804.1
12852.3
12920.7
12961.0

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

1149.0
1147.3
1147.9
1149.7
1143.0
1143.9
1144.9
1143.4
1139.7
1129.9

3628.9
3624.7
3632.4
3645.6
3662.3
3698.6
3717.7
3743 .4
3757 .0
3754.8

4327.1
4336.8
4360.1
4383.0
4412.4
4459.5
4490.7
4519.8
4535.9
4548.5

5295.3
5335.2
5378.3
5405.5
5434.0
5471.6
5524.3
5560.7
5602.2

13013.9
13092.6
13152.0
13223.4
13317.2
13375.9
13415.0
13456.9
13492.0

p

Not seasonally adjusted
1993-NOV.
DEC.

1129.5
1153.7

3584.2
3606.1

4246.5
4266.1

5147.9
5180.2

12249.0
12333.6

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

1142.3
1124.2
1131.4
1152.7
1132.5
1142
1150
1144
1146
1147
1155.4
1173.7

3595.6
3573.3
3596.2
3622.6
3595.6
3600.4
3615.6
3607.5
3603.6
3607.2
3620.2
3640.5

4254.7
4221.6
4238.0
4264.0
4240.2
4249.8
4268.0
4267.4
4267.6
4281.6
4306.4
4330.2

5179.0
5153.4
5172.2
5192.4
5175.5
5180.4
5204.7
5215.3
5205.3
5228.6
5270.8
5307.5

12376.8
12408.0
12460.7
12499.3
12540.8
12597.3
12631.2
12692.7
12760.3
12813.5
12892.8
12953.1

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

1158.
1134.
1138.
1158.
1132.
1139.3
1143.9
1137.0
1135.7
1129.4

3635.4
3610.9
3630.4
3662.0
3649.9
3694.1
3717.1
3736.4
3746.8
3751.8

4336.7
4325.5
4355.9
4394.7
4402.1
4453.2
4483.9
4513.5
4523.4
4543.9

5317.9
5327.0
5377.5
5415.6
5413.4
5460.0
5510.8
5549.7
5580.9

12988.7
13039.9
13104.2
13155.2
13224.8
13310.1
13360.1
13395.1
13445.9

Footnotes appear on the following p a g e
p

preliminary




p

p

Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Months

f r o m JULY 1 9 9 5 t o OCT.

1995

-5.2

4.0

5.1

3.5

6 Months

f r o m APR.

1 9 9 5 TO OCT.

1995

-3.4

6.0

7.6

5.2

12 M o n t h s

f r o m OCT.

1 9 9 4 TO OCT.

1995

-1.6

4.0

6.1

5.4

T h i r t e e n w e e k s e n d i n g NOVEMBER 1 3 , 1 9 9 5
from t h i r t e e n weeks ending:
AUG. 1 4 , 1 9 9 5 ( 1 3 w e e k s p r e v i o u s )

-3.1

5.3

6.1

MAY

1995

(26 weeks p r e v i o u s )

-2.2

6.4

7.7

NOV.

1.

15,
14,

1994

(52 weeks p r e v i o u s )

-1.2

4.0

6.0

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1995 to September 1995, March 1995 to September 1995,
and September 1994 to September 1995, respectively.

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank issuers; (3) demand
deposits at all commercial banks other than t h o s e d u e to depository institutions, the U.S. government, and foreign banks 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 Reserve float; and (4) other c h e c k a b l e 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 M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, e a c h seasonally adjusted separately.
Consists of M1 plus overnight (and continuing contract) R P s issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of
U.S. banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
l e s s than $100,000), and b a l a n c e s 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-M1 component a s a whole and then adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $ 1 0 0 , 0 0 0 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and b a l a n c e s 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 R P s and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is
obtained by adjusting its non-M2 component a s a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. s a v i n g s bonds, short-term Treasury securities, commercial paper and bankers a c c e p t a n c e s , net of money market
mutual fund holdings of t h e s e a s s e t s .
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — t h e federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of mortgages, tax-exempt and corporate bonds, c o n s u m e r credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal R e s e r v e Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
the data have b e e n 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 R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
levels of credit market debt are 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

1995-AUG.

21
28

1144.0
1144.2

1145.5
1144.0

1145.2
1143.4

3712.3
3718.2

3737.5
3743.3

3748.7
3749.9

4479.8
4487.7

4515.1
4519.4

4520.0
4527.9

SEP.

4
11
18
25

1144.0
1143.9
1143.5
1143.1

1143.4
1143.2
1141.9
1141.2

1142.0
1142.3
1139.8
1140.6

3723.5
3728.1
3732.4
3736.5

3747.8
3751.6
3754.0
3756.3

3753.9
3753.9
3758.4
3758.8

4494.9
4500.8
4506.2
4511.6

4523.1
4527.9
4531.9
4533.9

4532.2
4531.6
4535.9
4536.0

OCT.

2
9
16
23
30

1142.3
1141.1
1140.3
1139.3
1137 .7

1138.7
1135.3
1133.0
1130.2
1129.4

1132.2
1128.4
1130.8
1129.2
1129.0

3740.5
3743.6
3747.0
3749.4
3751.7

3757.1
3756.5
3755.9
3754.5
3754.2

3757.4
3751.4
3755.9
3753.4
3756.1

4517.2
4522.6
4527.7
4531.7
4534.7

4536.7
4539.8
4543.4
4547.0
4548.6

4543.4
4543.7
4550.3
4550.5
4549.7

NOV.

6p
13p

1136.5
1134.9

1129
1127

1129.1
1121.8

3753.3
3754.5

3755.4
3755.0

3756.2
3754.1

4537.0
4539.7

4549.6
4548.8

4547.9
4547.0

Not seasonally adjusted
1995-AUG.

21
28

1140.2
1140.3

1141.1
1137.8

1135.8
1118.8

3708.9
3714.5

3733.2
3736.8

3740.3
3721.4

4474.2
4481.6

4510.2
4513.8

4511.9
4503.0

SEP.

4
11
18
25

1139.6
1140.2
1140.2
1139.9

1135.4
1138.5
1139.5
1138.4

1143.1
1156.3
1139.9
1114.2

3718.8
3723.5
3727.8
3731.4

3738.7
3745.9
3748.7
3748.1

3751.6
3770.4
3751.2
3719.1

4487.6
4493.5
4498.9
4504.0

4515.0
4523.4
4527.8
4525.3

4528.9
4549.6
4529.6
4493.0

OCT.

2
9
16
23
30

1138.0
1136.2
1135.8
1135.4
1134.0

1133 .0
1129.0
1129.2
1130.9
1129.0

1121.6
1140.3
1140.8
1120.8
1114.0

3734,
3736,
3740,
3742,
3744,

3744.7
3743.4
3747.5
3752.9
3751.6

3738.2
3765.0
3767.8
3740.7
3732.9

4508.3
4513.4
4518.8
4523.6
4526.7

4521.0
4522.1
4529.1
4540.4
4544.8

4511.8
4553.9
4557.6
4538.3
4529.4

NOV.

6p
13p

1133.2
1132.5

1129.6
1127.9

1142.6
1134.0

3746,
3749,

3752.8
3753.2

3769.9
3769.1

4529.9
4534.1

4547.7
4551.1

4565,
4571,

N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n in i n t e r p r e t i n g w e e k - t o - w e e k c h a n g e s in m o n e y s u p p l y d a t a , w h i c h a r e h i g h l y v o l a t i l e a n d s u b j e c t t o r e v i s i o n ,
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

1994-JUNE

340.0

8.2

386.3

301.0

111.5

412.5

2458.2

651.0

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388,
386,
386,

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2464.6
2464.1
2463.1

657.5
658.9
665.9

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384,
382 ,
382,

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2462,
2464,
2468,

676.2
680.1
687.1

1995-JAN.
FEB.
MAR.

357.7
358.8
362.5

8.4
8.4

8.8

383.6
384.1
383.3

295.1
291.8
289.3

104.2
104.1
104.0

399.3
395.9
393.3

2479.9
2477.4
2484.5

698.2
712.2
727.7

APR.
MAY
JUNE

365.7
368.1
367.4

9.2
9.2
9.0

381.2
380.6
386.8

289.6
281.9
276.3

103.9
103
104,

393.6
385.0
380.7

2495,
2519,
2554

737.3
750.1
761.0

JULY
AUG.
SEP.

367.1
368.3
369.1

8.9
8.9

8.8

389.5
390.0
389.7

275.7
272.1

266.8

103,
104,
105,

379.4
376.2
372.0

2572,
2600,
2617,

773.0
776.4
779.0

OCT.

370.5

8.7

387.2

258.9

104.5

363.4

2624.9

793.7

368.9
369.3

8.8
8.8

389.3
394.3

268.3
264.2

104.4
104.0

372.7
368.3

2618.6
2618.2

777.6
777.2

8.7
8.7
8.7

387.9
387.8
387.1
387.0
385.8

259.4
257.6

23
30

370.1
369.7
370.3
370.7
371.4

259.4
258.5

106.2
104.6
104.5
103.4
104.6

365.6
362.2
364.7
362.8
363.1

2625
2623
2625
2624
2627

786.0
792.2
794.4
797.1
793.6

6p
13p

370.5
370.4

8.8

387.4
384.9

257 .2
254.0

105.2
103.7

362.4
357.7

2627.1
2632.3

791.7
792.9

Week e n d i n g
1 9 9 5 - S E P . 18
25
OCT.

2
9

16

NOV.

1.
2.
3.

8.8
8.8
8.8

e

260.1

Currency outside U.S. Treasury, Federal R e s e r v e Banks and the 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 issued by depository institutions are included in d e m a n d deposits.
Demand deposits at commercial banks and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. government and foreign banks 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.
4. Consists of NOW and ATS b a l a n c e s at commercial banks, U.S. branches and a g e n c i e s of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS b a l a n c e s at thrifts, credit union share draft balances, and demand deposits at thrifts.
6. Sum of overnight R P s 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 a s a whole.
7. Sum of large time deposits, term R P s and Eurodollars of U.S. residents, money market fund balances (institution-only), l e s s the estimated amount of overnight R P s and
Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted a s a whole.

e
estimated
p
preliminary


Page 5
H.6 (508)
Table4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits2

Savings deposits1
Date

General
purpose and
broker/
dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits3
At
thrift
institutions
61.0

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1994-JUNE

780 .0

426 .8

1206.8

467 .4

305.5

772 .9

370.7

177 . 9

274.0

JULY
AUG.
SEP.

778.0
775.7
772 .8

423.2
417.0
410.9

1201.2
1192.6
1183.7

470.0
476.1
481.2

306.6
306.8
308.3

776.5
782.8
789.6

376 .
377.
377 .

178.7
177.4
176.3

276.4
280.1
285.1

62.0
61.9
63.1

338.4
342.0
348.2

OCT.
NOV.
DEC.

765.4
759 .2
752.3

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.8
494.1
502 . 6

311.9
316.7
318.3

799 .7
810.8
820.9

379 ,
383 ,
389 ,

180.8
180.5
180.8

289.4
292.9
296.6

64.2
64.5
64.9

353.6
357.4
361.4

1995-JAN.
FEB.
MAR.

744.1
734.2
723.3

385.6
377.6
371.6

1129.8
1111.9
1094.9

512.7
524.2
537.8

323.9
332.3
341.7

836 . 5
856 . 5
879.5

392.1
391.5
390.9

186.3
180.4
189.0

295.2
303.1
308.5

66.7
68.1
70.1

361.9
371.2
378.6

APR.
MAY
JUNE

716.0
717.2
728.1

366.4
364.2
363 . 0

1082 .
1081.
1091.

548.1
556.2
562.4

350.4
356.5
357 . 3

898.5
912.7
919.7

396.0
405.4
426.2

192.9
194.8
205.6

309.0
315.1
318.5

71.2
70.4
70.8

380.2
385.5
389.3

JULY
AUG.
SEP.

730.7
739.5
746.7

360.7
358.6
358 . 5

1091.
1098 .
1105.2

567.1
569.7
570.6

357.4
358.0
358.7

924.5
927.7
929.3

442.0
455.9
462.6

212.4
210.8
213.5

323.7
325.2
328.0

72 . 6
73.2
73.7

396.3
398.4
401.7

OCT. p

753.7

358.5

1112.2

571.3

359.5

930.7

466.4

215.8

339.7

74.8

414.6

ffeefr efid^qq

Total

commercial
banks4

Total
335.0

1995-SEP.

p

358.6
359.4

1106.0
1107.2

570.7
571.1

358.8
358.6

929.5
929.7

462.5
462.1

213.9
213.5

326.
328.

73.6
73.7

400.2
402.3

2
9
16
23
30

751.0
756.7
753 .4
752 .3
752.6

359.2
358.6
358.5
358.7
358.2

1110.2
1115.3
1112.0
1111.0
1110.8

570.8
570.7
571.1
571.5
571.8

358.6
358.6
359.2
359.8
360.4

929.4
929.3
930.2
931.3
932.3

464.0
464.8
466.2
467.2
467.6

213.9
216.5
216.2
218.1
213.3

334.6
338.0
339.7
341.2
340.9

74.5
74.4
75,0
75.0
75.0

409.0
412.4
414.7
416.2
415.9

NOV.

3.
4.

747.3
747 .8

OCT.

1.
2.

18
25

6p
13p

757.0
761.5

357.3
356.5

1114.3
1117.9

572.2
573.3

360.5
360.2

932.7
933.6

469.2
470.9

214.8
213.3

343.8
344.8

75.2
75.1

419.0
419.9

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 amounts 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 banks l e s s t h o s e held by m o n e y market mutual funds, 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
Debt components4

Non-M3 Components of L

Date
Savings bonds

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1994-JUNE

176.7

357.1

14.9

387 . 0

3416.3

9236.2

JULY
AUG.
SEP.

177.7
178.5
179.1

360.8
365.0
360.5

13 . 2
13.8
14.8

391.1
395.4
390.2

3419.3
3436.6
3453.8

9260.2
9308.3
9350.2

OCT.
NOV.
DEC.

179.5
179.9
180.3

358,
361,
370 ,

13 ,
13 ,
14.

399 .9
401.4
401.3

3469
3493
3497

9383.0
9426.8
9463.7

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

371.4
389.9
401.9

13.4
13.4
14.1

402 . 8
414.7
421.7

3504.7
3535.8
3557.5

9509.2
9556.8
9594.5

APR.
MAY
JUNE

180.9
181.6
182.3

396
383 ,
390

13 ,
12 ,

430.8
443.8
427.5

3559,
3577 ,
3602,

9663 .9
9740.2
9774.0

JULY
AUG.
SEP. p

183.0
183.7
184.1

410.8
410,
431,

428 ,
435
437.8

3614
3620
3622,

9800.6
9836.9
9869.9

11,
11.8
12 . 2
12 . 9

2.
3.
4.

Consists of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e Banks, money
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal R eserv e Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper l e s s 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

1.




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

Ovemicjht

Overnight
Eurodollars®

In M3 only7

1994-JUNE

340.5

8.3

382 . 3

299.5

111.7

411.2

2458.1

649.5

80.7

26.2

JULY
AUG.
SEP.

344.7
345.7
347.0

8.8

387.3
383.1
384.7

298.4
297.2
297.4

111,
109,
108,

410.0
406.2
405.6

2464.7
2463.5
2457.4

652.4
659.9
664.1

80,

29

82 ,

84,

28
28

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.5

387.9
390.8
400.3

294.1
296.0
300.6

107 ,
107 ,
107 ,

401.4
403.1
407.6

2459.9
2464.8
2466.8

674.4
686.2
689.7

83.8
83.4
84.7

30,
30.
32 .

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1

388 . 9
375.0
374.1

301.3
292.3
291.1

104.4
101.8
103.0

405.7
394.1
394.2

2476.8
2476.6
2492.3

701.3
714.6
725.5

87 . 6

36.3
31.6
30.7

APR.
MAY
JUNE

365.5
367.9
368.2

8.8

382 . 0
372.8
382 . 6

296,
279,
274,

105.7
102.7
104.4

402.3
382.4
379.3

2503.4
2517.9
2554.8

732,
752 ,
759,

85.8

8.9
9.2

JULY
AUG.
SEP.

369.0
369.0
369.2

9.5
9.5
9.3

388.7
386.5
388.1

272.8
268.7
264 . 6

104,
103 .
104.6

376.8
372 . 0
369.1

2573.2
2599.4

85

2611.1

766.8
777.1
776.6

88,

29.
31,
32,

OCT.

369.9

8.9

390.7

255.5

104.4

359.9

2622 .4

792 .0

86.9

32.2

18
25

368.7
367.7

9.3
9.2

389.8
380.7

267.7
255.9

104.4
100.6

372.1
356.6

2611.2
2604.9

778.5
773.9

86.5
86.3

32.1
32.2

2

9.1
9.0
9.0
8.9

388,
394,
397 ,
386,
383 ,

252.9
257.6
258.3
254.2
251.7

103.5
107.4
105.7
102.2
101.5

356
365,
364,
356,
353 ,

2616.6
2624.7
2627.1
2619.9
2618.9

773.6
788.9
789.8
797.5
796.6

90.2
84

23
30

367.9
372.2
370.4
369.3
368.3

87

35.4
31.5
31.9
32.5
32.4

6p
13p

371.4
371.8

395,
394,

258.7
253 .9

108.0
105.4

366.7
359.2

2627 .4
2635.1

795.5

86.9
84.4

29.1
28.9

8.9

8.8
8.2
8.1

8.4

Weefr encUpq
1995-SEP.

OCT.

9

16

NOV.

1.
2.
3.

8.8
8.8
8.7

802.1

86.8
87.6

86.8
88.0
86

88
86

30,
29.
29,

Currency o u t s i d e U.S. Treasury, Federal R e s e r v e Banks and the 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 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 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.
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.
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 funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and m o n e y market mutual funds (general purpose and
broker/dealer).
Digitized 9. FRASER 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).
for Issued


Page 8

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Date

Small-denomination time deposits2

General
purpose and
broker/
dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits3

commercial
banks

At
thrift
institutions

Total

1210.4

467 . 0

305.2

772.2

368.7

172.5

275.3

61.3

336.6

424,
417 ,
410.8

1204 ,
1194 ,
1183 ,

470.5
476.6
481.8

306.9
307.1
308.7

777 . 5
783.7
790.5

373 .4
374.2
371.3

173 . 8
176.2
172.6

275.4
281.4
286.2

61.8
62.2
63.3

337.1
343.6
349.6

765.5
761.4
751.1

405.7
399.7
391.2

1171,
1161.
1142 .

488.4
493.8
502.2

312,
316,
318,

800.7
810.4
820.2

373 ,
379,
387 ,

178,
182 ,
183 .

290.0
294.4
296.3

64.3
64.8
64.8

354.3
359.1
361.1

1995-JAN.
FEB.
MAR.

739.5
729.8
723.4

383 .2
375.3
371.6

1122 .7
1105.1
1095.0

513.1
524 . 4
537.6

324.2
332.4
341.6

837.3
856.8
879.2

392.8
396.3
399.8

192.4
188.8
190.8

293.8
301.6
306.4

66.4
67.8
69.7

360.2
369.4
376.1

APR.
MAY
JUNE

717.8
717.8
730.2

367.4
364.4
364 . 0

1085.2
1082.3
1094.3

547.5
555.1
562.0

350.0
355.8
357.0

897
910 ,
919 .

404.8
407 .9
423 .9

191.3
193.8
199.2

306.8
317.6
320.0

70.7
70.9
71.1

377.6
388.5
391.1

JULY
AUG.
SEP.

732.6
740.8
746.8

361.6
359.3
358.6

1094.2
1100.1
1105.4

567.8
570 . 3
571.1

357.9
358.3
359.0

925
928
930 ,

438 .
452 .
454.9

206,
209 ,
209 ,

322
326
329.2

72 ,
73,
74,

394.6
400.2
403.2

OCT. p

753.9

358 . 6

1112.4

571.9

359.9

931.8

459.1

212.9

340.6

75.0

415.6

Week; e n d i n g
1 9 9 5 - S E P . 18
25

747.7
744.6

358.8
357.8

1106.5
1102 .4

571.0
571.3

359.0
358 . 7

930.0
930.0

456.0
454.1

210.3
207 .8

328.1
329.0

74.0
73.8

402.0
402.8

OCT.

2
9
16
23
30

748.3
759.3
755.9
751.2
749.9

357.9
359.8
359.7
358.1
357 . 0

1106 ,
1119 ,
1115 ,
1109 ,
1106.8

571.6
572.3
572.0
571.8
571.6

359 . 1
359.6
359.7
360 . 0
360.3

930.8
931.9
931.8
931.8
931.9

454.1
458.0
459,5
459.8
460.3

206
211
211
215
213.8

334
339,
340 ,
342 ,
342 ,

74.3
74.7
75.1
75.1
75.3

408.3
414.0
415.3
417.1
417.3

NOV.

6p
13p

759.3
765.2

358 ,
358 ,

1117.7
1123.4

572 .
573 .

360.4
360.1

932.4
933.3

461.2
465.1

215,
216,

345,
346 .

75,
75,

421.1
422.5

428.1

780.0
777.0
772.7

OCT.
NOV.
DEC.

p

782.3

JULY
AUG.
SEP.

3.
4.

At
thrift
institutions

1994-JUNE

1.
2.

At .
commercial
banks

Total

At
commercial
banks4

At
thrift
institutions

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 account b a l a n c e s at c o m m e r cial 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 funds, 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




Total

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

Debt components6

Non-M3 Components of L
Total

Term
Eurodollars2

Savings bonds

ort-term
reasury 3
Tr
securities

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1994-JUNE

71.8

30.3

102.1

50.3

176.9

354.0

14.5

385.2

3394.5

9202.8

JULY
AUG.
SEP.

70.8
68.2
68.3

32.0
32.8
33.4

102.8
101.0
101.7

51.0
51.2
52.1

177.4
177.9
178.4

358.4
366.9
353.4

13.1
13.5
14.4

387.8
389.6
391.5

3393.9
3418.3
3438.3

9237.3
9274.4
9322.0

OCT.
NOV.
DEC.

67,
67,
67.8

34.8
35.6
37.7

101.9
103.1
105.6

52.7
54.5
52.4

179.0
179.7

180.2

350.6
365.8
379.2

13.3
13.6
14.4

404.2
405.3
403.6

3448.5
3485.2
3499.0

9364.9
9407.6
9454.1

1995-JAN.
FEB.
MAR.

70.2
73.2
72.6

39.2
40.1
40.8

109.4
113.4
113.4

53.1
56.3
58.3

180.6
180.8
181.2

376.0
391.4
406.2

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9489.7
9514.9
9553.1

APR.
MAY
JUNE

74,
78,
76,

41.8
43.2
42.9

116.5
121.7
119.9

59.9

61.0
62.2

181.7
182.1
182.4

394.8
382.4
387.9

13.7

430.8
434.7
425.5

3544.1
3552.6
3579.3

9611.1
9672.2
9730.8

JULY
AUG.
SEP.

72,
74,
71.8

43,
44,
44,

115.5
118.3
116.4

63.0
62.4

182.8
183.0
183 3 P

408,
412,
422,

11,

424.4
428.7
439.2 p

3588.8
3602.2
3606.8 p

9771.3
9792.9
9839.1 p

OCT. p

72.5

43.9

116.4

60.1

73.7
71.0

45.0
44.4

118.7
115.5

61.1

2

68.1

9
23
30

72.6
71.8
73.9
73.5

44,
43,
43,
43,
44,

6p
13p

68.4
72.6

45,
44,

Week e n d i n g
1 9 9 5 - S E P . 18
25
OCT.

16

NOV.

1.
2.

112.4

116.2
115.4
117.4

118.1
113.4

116.8

61.1

12.1
11.0

11,

12.6

p

60.5

59.4
60.1
60.1
60.2
60.3
58.9
58.9

4.
5.
6.

Term RPs are t h o s e with original maturities greater than o n e day, excluding continuing contracts and retail RPs.
Term Eurodollars are t h o s e with original maturities greater than o n e day. Consists of t h o s e 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 t h o s e held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e Banks, money
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper l e s s commercial paper held by money market mutual funds.
Debt data are on a monthly a v e r a g e basis, derived by averaging adjacent end-of-month levels, and have b e e n adjusted to remove discontinuities.

p

preliminary

3.




Page 10
H.6 (508)
Table 6

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

Time and
savings
deposits
due to
foreign
banks and
official
institutions

IRA and Keogh Accounts

U.S. government deposits

.A

Time and
savings
deposits at
commercial
banks

At
commercial
banks

29.6

2.9

142.3

111.5

56.8

310.6

21.5
19.0

28.8

2.7
2.9
2.5

142.6
142.6
142.7

110.7
109.7
108.7

55.9
56.1
56.8

309.2
308.4
308.1

12.1

22.0

2.2

6.2

18.9
25.3

1.9
1.3

142.7
142.9
143.3

108.1

9.8
13.4

58.3
59.4
59.7

309.1
310.2
310.5

4.9
3.3
3.4

7.0
5.9
5.2

20.0
21.1
10.1

31.9
30.3

143.7
144.6
145.6

107.5
107.7
107.7

59.7
59.9

18.8

2.3
2.4

310.9
312.2
313.3

5.5
3.1
4.5

6.2
5.7
7.9

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.6
2.6

146.4
146.8
147.8

107.6
107.4
107.2

60.3
60.5

1.6

12.3
12.3
12.3

8.4
7.5
7.5

1.5
1.5
1.7

12.3
12.3
12.3

3.4

6.6
5.3

6.8

27.7
13.6
17.8

37.6
21.7
30.6

2.8

2.8
6.0

2.8

148.9
149.1
149.4

107.2
107.0
107.5

8.2

1.6

12.3

3.1

5.3

11.4

19.8

2.8

150.0

108.0

7.4
7.6

1.7

12.3
12.3

13.4
3.6

7.1
9.2

13.2
35.4

33.7
48.2

2.8
2.8

7.4
8.3

1.7

12.3
12.3
12.3
12.3
12.3

3.8
3.9
2.7
2.7

7.5
5.6
4.7
5.3
5.1

28.6
12.2
10.0

39.9

9

2.8
2.8
2.8
2.8

12.3
12.3

3.3
2.5

5.2
5.9

7.1
3.2

Note
balances at
depository
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

13.1

5.3

5.9

18.4

1.5
1.5
1.5

13.4
14.0
14.6

4.8
3.9
5.8

5.4
5.1

11.3

6.0

16.9

1.6
1.8
1.6

14.8
14.6
14.4

4.3
3.9
5.7

5.6
5.2

8.0
8.1

1.6
1.6
1.6

14.0
13.3
12.7

APR.
MAY
JUNE

7.7

1.6

8.1
8.1

1.5

JULY
AUG.
SEP.
OCT. p

Date

Foreign
commercial
banks

Foreign
official
institutions

1994-JUNE

8.2

1.5

JULY
AUG.
SEP.

8.3
7.7

OCT.
NOV.
DEC.

8.0

1995-JAN.
FEB.
MAR.

8.4

8.1
8.4
8.7

Week e n d i n g
1 9 9 5 - S B P . 18
25
OCT.

2

1.6
1.8

16

NOV.

e
p

8.1

23
30

8.9
7.9

1.5
1.4
1.5

6p
13p

8.2

1.4

7.5

estimated
preliminary




1.8

2.8

10.1

11.1
7.8

Total
cash
balance

20.6
18.7
19.0
15.7

1.2

2.9

2.7

15.6

2.8

11.6

1.4

institutions

107.9
107.6

Total

funds

60.1

60.6

314.2
314.6
315.7

e
e
e

60.7
60.7
60.7

316.8
316.8
317.6

e

60.7

e

318.7

e

H.6 (508)
Special Supplementary Table

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

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

Sept. 30

Oct. 31

NOW Accounts

253,174

258,097

744,839
584,239

Savings Deposits
Personal

Change
(percent)

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

Nonpersonal
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-Va year
2-'/z years and over
All IRA/Keogh Plan deposits3

Oct. 31

1.94

1.94

1.93

-1

746,419
586,044

0.21
0.31

3.14
N.A.

3.11
N.A.

-3
N.A.

160,600

2

Sept. 30

160,375

-0.14

N.A.

N.A.

N.A.

29,804

29,809

0.02

4.10

4.11

1

92,220
189,338

93,792
187,697

4.75
5.14

4.75
5.15

0
1

203,548
200,182

205,400
199,101

1.70
-0.87
0.91
-0.54

5.32
5.60

5.31
5.56

-1
-4

149,570

150,328

0.51

N.A.

N.A.

N.A.

BIF-insured Savings Banks4
Amount Outstanding ($mil.)
Liability Categories
Savings Deposits
Personal
Nonpersonal

2

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days

Oct. 31

11,408

NOW Accounts

Sept. 30

11,329

69,752
66,403
3,349

Change
(percent)

Change
(b. p.)

Sept. 30

Oct. 31

-0.69

1.98

1.97

-1

69,755
66,316
3,439

0.00
-0.13
2.70

2.96
N.A.
N.A.

2.97
N.A.
N.A.

1
N.A.
N.A.

1,739

1,779

2.28

4.29

4.34

11,258

11,298

5.08
5.35
5.51
5.74

5.07
5.32

5
-1

5.51
5.70

0
-4

N.A.

N.A.

N.A.

183 days to 1 year

24,837

25,184

1 to 2-V2 year
2-'/ 2 years and over

27,825
23,351

27,937
23,600

0.35
1.39
0.40
1.07

21,913

21,892

-0.10

All IRA/Keogh Plan deposits3

Average Rate Paid (%)

-3

N.A. -- data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.