Full text of H.6 Money Stock Measures : November 7, 1991

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURE

NOVEMBER

Billions of dollars
Date

Ml'

M2 2

M3 3

7, 1991

DEBT

Seasonally adjusted
1989-OCT.
NOV.
DEC.

787.9
788.9
793.6

3183.0
3203.4
3223.1

4027.5
4041.1
4055.2

4851.7
4869.4
4889.9

9689.0
9751.7
9790.4

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

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

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3295.5
3309.7
3321.8
3324.7
3324.0
3328.2

4061..4
4073..1
4077..2
4082..7
4082..7
4085.8
4089.0
4103.3
4109.0
4109.4
4108.9
4111.8

4895.3
4903.0
4914.8
4920.8
4903.5
4923.1
4926.7
4934.5
4955.8
4955.5
4960.9
4967.2

9833
9896
9968
10024
10066
10122
10182
10251
10306
10344.8
10396.6
10434.0

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.

826.7
836.4
843.0
842.1
851.6
858.4
859.6
866.3
870.3

3331.8
3355.2
3375.9
3384.3
3397.2
3402.1
3391.8
3392.6
3392.3

4124.7
4160.5
4169.0
4171..3
4173..9
4166..9
4149..4
4146.8
4139.4

4983.
5010.
5010.
4977.
4956.
4980.
4984.
4977.3 p

10462.8
10513.7
10546.8
10559.7
10603.1
10648.6
10688.6
10738.9 p

Not seasonally adjusted
1989-OCT.
NOV.
DEC.

784.5
791.4
811.9

3180.8
3206.7
3236.6

4025.2
4048.4
4067.0

4848.8
4874.9
4907.4

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

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

3244..5
3245..6
3267..7
3292.8
3262.8
3284..1
3298..6
3310..4
3317..1
3322..1
3327..7
3342..3

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091
4108.
4107,
4106.
4116.
4123.8

4911.
4894.
4912.
4930.
4888.
4914.
4919.
4932.
4954.
4951.
4965,
4985.8

9822.
9863.
9924.
9978.
10019.
10078.
10139.
10202.
10257.
10305.
10367.
10421.

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.

833.2
823.4
835.0
852.8
841.5
857.6
861.9
864.2
867.3

3342,
3345.
3375.
3397.
3376.
3395.
3395.
3393.
3387.

4130.8
4148.5
4168
4180
4155
4161
4152
4151
4137

4999.
5001.
5008.
4988.
4941.
4970.
4977.
4975.8 p

10451.2
10480.3
10502.8
10514.5
10556.9
10605.1
10647.2
10691.4 p

Footnotes appear on the following page,
p—indicates preliminary data.




9648.5
9719.2
9775.9

H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt

3 Months from JUNE 1991 to SEP. 1991

5.5

-1.2

-2.6

5.1

6 Months from MAR. 1991 TO SEP. 1991

6.5

1.0

-1.4

5.9

2.1

0.7

12 Months from SEP. 1990 TO SEP. 1991

4<8

Thirteen weeks ending OCTOBER 28, 1991
from thirteen weeks ending:

JULY 29, 1991 (13 weeks previous)

7.2

-0.3

-2.0

APR. 29, 1991 (26 weeks previous)

7.4

1.4

-1.1

OCT. 29, 1990 (52 weeks previous)

6.3

2.3

0.9

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
May 1991 to August 1991, February 1991 to August 1991, and August 1990 to August 1991, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions *
(2) travelers checks of nonbank issuers * (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NON) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide, savings deposits (including money market deposit accounts),
small-denomination time deposits (time deposits — including retail RPs — in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml

Period eniding

13-week
average

4-week
average

M3

M2
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1991-AUG.

5
12
19
26

857.6
858.5
859.4
860.8

862.4
863.7
864.8
866.2

867.7
862.7
864.6
869.8

3397.1
3396.4
3395.7
3395.7

3391.6
3390.2
3390.8
3393.0

3392.1
3389.2
3392.1
3398.6

4161.9
4159.6
4157.3
4155.4

4148.3
4146.2
4146.3
4147.4

4143.2
4145.9
4148.0
4152.6

SEP.

2
9
16
23
30

862.1
862.9
863.6
864.6
865.6

866.0
867.2
868.4
868.7
870.7

867.0
867.2
869.6
870.8
875.1

3395.6
3394.7
3393.7
3393.2
3392.3

3392.2
3393.0
3393.9
3392.6
3392.5

3388.9
3392.2
3396.0
3393.1
3388.6

4153.8
4151.2
4148.8
4146.8
4145.3

4146.8
4145.4
4144.9
4141.2
4139.3

4140.7
4140.4
4145.8
4137.9
4133.1

OCT.

7
14
21p
28p

867.1
868.3
870.1
871.6

872.9
873.8
876.8
878.9

876.1
873.0
882.8
883.8

3392.3
3392.6
3393.9
3394.7

3393.1
3393.7
3397.2
3400.2

3394.8
3398.2
3407.2
3400.6

4144.4
4143.5
4143.6
4143.4

4139.1
4138.3
4141.1
4144.3

4139.6
4142.4
4149.4
4145.7

Not seasonally adjusted
Ml

Period en ding

13-week
average

4-week
average

M3

M2
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1991-AUG.

5
12
19
26

855.3
857.2
858.9
860.7

860.1
860.5
863.1
864.6

872.4
868.9
864.8
852.3

3390.3
3391.9
3393.1
3394.5

3391.6
3389.5
3391.9
3394.5

3398.5
3400.2
3396.2
3383.1

4156.2
4156.2
4156.0
4155.8

4148.6
4147.3
4149.8
4152.8

4151.4
4160.9
4154.8
4144.0

SEP.

2
9
16
23
30

861.5
862.8
863.7
864.7
864.3

861.7
865.4
868.1
868.9
867.3

860.9
883.7
875.5
855.4
854.4

3394.4
3394.5
3394.2
3393.8
3391.8

3390.9
3393.4
3394.6
3391.7
3387.0

3384.0
3410.2
3401.2
3371.2
3365.2

4154.6
4153.0
4151.3
4149.5
4147.1

4150.5
4150.6
4150.7
4144.0
4136.2

4142.1
4161.4
4155.2
4117.2
4111.0

OCT.

7
14
21p
28p

864.6
865.5
867.2
868.5

867.2
868.1
873.5
875.7

883.5
879.1
877.0
863.2

3391.0
3390.8
3391.9
3392.4

3385.7
3387.1
3394.3
3397.9

3405.2
3406.6
3400.2
3379.5

4145.4
4144.3
4143.8
4143.3

4133.1
4132.4
4137.8
4141.3

4149.1
4152.2
4138.7
4125.2

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—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

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

Other checkable deposits

Date

Currency

1

Travelers
checks2

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only7

1990-MAY
JUNE

231.9
233.7

7.8
7.8

275.8
276.3

203.
205.

88.
88.

292.
293.

2475.3
2479.1

799.9
795.2

JULY
AUG.
SEP.

235.7
238.4
241.5

7.8
8.0
8.2

275.6
278.0
279.1

203.
204.
205.

81.
87.
87.

291.
292.
293.

2484.7
2493.2
2500.0

793.6
793.6
787.2

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

277.1
277.2
276.9

205.
207.
208.8

85.8
85.1
85.0

291.8
292.8
293.8

2503.5
2500.7
2502.8

784.6
784.9
783.5

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

8.4
8.2
8.1

272.9
276.1
277.1

209.2
211.4
214.4

84.
85.
86.

293.
296.
301.

2505.1
2518.8
2532.9

792.9
805.3
793.1

APR.
MAY
JUNE

256.6
256.8
257.6

7.9
8.0
7.8

275.8
278.7
281.0

215,
220.
223.

86.7
88.0
88.5

301.9
308.
312.0

2542.2
2545.5
2543.7

787.0
776.7
764.8

JULY
AUG.
SEP.

258.9
260.8
262.4

7.7
1.1

7.8

278.9
279.9
279.4

225.
229.
232.

88.5
88.5
88.4

314.1
318.0
320.8

2532.2
2526.3
2521.9

757.5
754.2
747.1

2
9
16
23
30

261.7
261.1
262.0
262.8
263.7

7.7
7.7
7.8
7.8
7.9

279.
279.
279.
278.
280.

230.6
231.7
231.9
232.2
233.6

87.8
87.6
88.0
89.1
89.5

318.4
319.3
320.0
321.3
323.1

2522.0
2525.0
2526.4
2522.3
2513.6

751.8
748.2
749.8
744.9
744.5

7
14
Zip
28p

263.1
263.9
264.5
265.7

282.
279.
285.
283.

234.1
233.4
235.8
236.3

88,
88.
89.
90.

322.4
321.6
325.4
326.9

2518.7
2525.2
2524.4
2516.8

744.8
744.2
742.1
745.1

Heek ending
1991-SEP.

OCT.

1.
2.

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.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of 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. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
At
commerciail
thrift
institutions
banks

Date

Large-denomination time deposits 3

Small-denomination time deposits2

Total

At .
At
commercial
thrift
banks
institutions

Total

General purpose
and broker/dealer
money market funds

Institutiononly money
market funds

At .
At
commercial
thrift
4
banks
institutions

Total

1990-MAY
JUNE

558.9
563.6

352.9
350.4

911.8
914.1

553.4
563.8

600.2
590.8

1153.5
1154.6

325.3
327.5

107.6
108.1

397.5
397.7

143.0
140.3

540.5
538.0

JULY
AUG.
SEP.

567.0
570.6
572.6

349.1
348.1
347.0

916.1
918.6
919.6

571.6
574.9
579.4

585.2
583.4
580.7

1156.8
1158.3
1160.1

329.2
335.8
339.3

109.8
114.0
116.2

398.7
395.8
390.9

136.4
133.4
131.0

535.0
529.2
521.9

OCT.
NOV.
DEC.

574.3
575.6
577.7

343.9
342.3
339.0

918.2
917.8
916.7

588.1
589.5
598.1

573.3
572.3
566.1

1161.4
1161.8
1164.2

341.6
341.9
345.4

119.6
120.5
125.7

386.8
387.4
386.1

128.3
125.1
121.1

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

579.1
586.4
594.7

338.0
340.5
344.9

917.1
926.9
939.7

601.6
605.5
607.8

562.3
557.1
550.5

1163.9
1162.7
1158.3

353.9
358.2
363.6

130.1
139.3
142.0

394.0
401.1
399.9

118.0
114.9
111.6

511.9
516.0
511.5

APR.
MAY
JUNE

602.6
611.3
619.6

351.2
357.9
361.4

953.8
969.2
981.0

604.1
601.2
601.7

546.1
539.3
527.4

1150.2
1140.5
1129.1

364.$
365.1
364.3

145.6
146.2
143.3

398.5
399.3
397.9

108.8
104.6
100.9

507.3
503.9
498.8

JULY
AUG.
SEP.

625.6
631.0
635.9

364.4
365.2
366.8

990.0
996.2
1002.7

600.9
604.8
604.8

517.7
505.5
497.5

1118.6
1110.3
1102.3

359.4
352.8
349.2

141.8
144.8
149.3

393.4
390.7
385.4

97.7
93.8
90.3

491.1
484.5
475.7

2
9
16
23
30

632.6
634.6
636.2
636.6
636.7

365.6
366.3
366.8
367.3
367.1

998.2
1000.9
1003.0
1003.9
1003.8

604.8
605.0
605.1
605.0
603.9

502.6
501.0
498.5
495.8
493.6

1107.
1106.
1103.
1100.
1097.

351.
350.
350.
348.
346,

147.0
145.3
150.9
149.0
152.7

389.3
386.4
386.9
383.9
383.6

92.5
92.3
90.8
88.8
88.8

481.8
478.7
477.7
472.7
472.3

7
14
21p
28p

640.7
643.2
643.8
646.1

367.
369.
369.
370,

1008.3
1012.2
1013.6
1016.8

603.5
602.3
601.8
599.1

490.
489.
488.
486.

1094.
1092.
1090.
1085.

347,
348.
349.
347.8

153.6
158.0
153.4
156.7

383.0
378.8
377.9
378.4

88.5
87.3
86.4
85.6

471.5
466.0
464.3
463.9

Neek ending
1991-SEP.

OCT.

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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and fc
foreign banks and
official institutions,
-indicates preliminary data.




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

1990-MAY
JUNE

120.7
121.4

315.7
332.0

35.4
34.7

JULY
AUG.
SEP.

122.2
123.0
123.8

334.3
329.0
332.2

OCT.
NOV.
DEC.

124.5
125.2
126.0

1991-JAN.
FEB.
MAR.

Commercial
paper3

Federal
debt

Non-Federal
debt

349.1
349.1

2345.1

7721.0

2374.2

77^8.2

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7780.5
7811.5
7844.5

330.3
333.8
335.4

32.6
34.0
34.7

358.8
359.0
359.4

2473.9
2507.3
2534.3

7870.9
7889.3
7899.7

126.7
127.8
128.9

333.2
331.4
327.8

36.0
35.2
32.4

363.2
355.9
352.0

2555.8
2586.3
2598.0

7907.1
7927.4
7948.9

APR.
MAY
JUNE

130.1
131.4
132.5

307.6
299.6
327.0

30.7
28.8
27.7

337.6
322.7
326.4

2591.0
2613.7
2646.1

7968.7
7989.4
8002.6

JULY
AUG.

133.5
134.4 p

337.6
336.5 p

27.8
27.0 p

336.2
332.5 p

2672.1
2708.0 p

8016.5
8030.9 p

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




H.6 ( 5 0 8 )
Table 5

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

Other checkable deposits
At
thrift
institutions5

Total

In M2 6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

200.9
204.0

88.2
88.7

289.1
292.7

2465.5
2473.3

801.5
796.7

66.7
66.9

16.5
15.5

277.3
276.8
278.2

201.4
201.8
203.9

88.2
87.6
87.1

289.7
289.4
291.1

2485.8
2495.9
2498.1

792.6
797.8
790.1

68.2
67.7
65.3

15.8
15.2
16.4

8.4
8.0
7.8

278.0
280.5
289.9

203.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.5
2501.6
2498.0

784.4
788.3
781.6

66.4
60.9
55.3

17.5
17.3
19.4

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.0
270.1

213.7
211.4
215.7

84.2
83.5
85.9

297.9
294.9
301.5

2508.8
2522.5
2540.1

788.8
802.6
793.2

52.3
51.9
49.6

19.7
19.1
20.5

APR.
MAY
JUNE

256.0
257.4
259.1

7.5
7.8
8.1

277.6
271.5
279.6

222.4
217.1
221.8

89.3
87.8
89.0

311.7
304.9
310.8

2545.1
2535.1
2537.4

782.6
778.5
766.3

50.8
52.1
53.2

20.0
17.6
16.1

JULY
AUG.
SEP.

260.8
262.0
261.8

8.5
8.6
8.3

280.6
278.7
278.5

222.8
226.6
230.3

89.1
88.4
88.3

311.9
315.0
318.7

2533.3
2529.1
2520.0

757.1
758.6
749.8

52.3
54.5
53.9

14.3
15.1
14.5

Date

Currency *

Travelers
checks 2

Demand
deposits3

1990-MAY
JUNE

231.8
234.9

7.5
8.1

268.9
275.2

JULY
AUG.
SEP.

237.3
239.4
241.0

8.6
8.9
8.8

OCT.
NOV.
DEC.

242.8
245.7
249.6

1991-JAN.
FEB.
MAR.

commercial
banks 4

Neek ending
1991-SEP.

OCT.

2
9
16
23
30

261.3
263.2
262.0
261.1
260.3

276,
284,
282,
272,
275,

227,
236,
233,
227.
224.

87,
91,
89,
86,
85,

314.9
327.8
322.6
313.6
310.4

2523.1
2526.5
2525.6
2515.8
2510.9

758,
751,
754,
746
745.8

52.2
54.6
54.3
53.3
53.9

16.
14.
14.
14.
14.

7
14
21p
28p

263.9
264.1
263.2
262.4

286,
285.
284.
277.

234.
232.
232,
228.8

90.7
89.1
88.8
86.5

324,
321,
320,
315.

2521,
2527,
2523,
2516.

743.
745.
738.
745.

56.
57,
56.
54.

15.0
14.8
15.3
16.6

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 foreian-related institutions other than those due to depository institutions the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NON 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).
e—indicates estimated data,
p—indicates preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Small-denomination time deposits2

Savings deposits 1
At
At
commercisil . thrift
banks
institutions

Date

Total

At
A*
thrift
commercial institutions
banks

Total

Large-denomination time deposits3
At
General purpose InstitutionA*
thrift
and broker/dealer only money
money market funds market funds commercial
institutions
banks 4

Total

1990-MAY
JUNE

555.9
562.8

352.2
351.1

908.2
913.9

552.9
563.9

599.6
590.9

1152.4
1154.8

321.7
322.2

106.8
106.2

397.1
397.2

142.8
140.1

539.9
537.2

JULY
AUG.
SEP.

566.3
570.0
571.2

350.4
348.3
346.4

916.7
918.2
917.6

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

325.0
334.6
339.2

108.3
113.1
113.4

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

574.0
577.5
579.3

344.2
342.7
338.3

918.2
920.2
917.6

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

341.1
343.4
345.5

117.1
121.2
127.0

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

1991-JAN.
FEB.
MAR.

580.5
586.2
596.9

337.4
339.2
345.6

917.9
925.4
942.5

602.1
606.1
607.4

562.7
557.7
550.1

1164.7
1163.8
1157.5

354.2
362.3
370.0

134.8
144.0
143.9

392.3
399.7
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.
MAY
JUNE

603.5
607.8
618.3

351.9
357.1
362.0

955.4
964.9
980.3

604.2
601.0
602.1

546.2
539.1
527.7

1150.3
1140.0
1129.8

368.5
360.5
358.0

144.1
145.2
141.0

396.3
398.9
397.4

108.2
104.5
100.8

504.4
503.4
498.2

JULY
AUG.
SEP.

624.5
630.2
634.3

365.5
365.3
366.0

990.0
995.5
1000.3

602.8
606.0
604.6

519.3
506.4
497.4

1122.1
1112.4
1102.0

354.5
351.6
349.3

139.7
143.9
145.9

392.2
391.6
387.2

97.4
94.1
90.7

489.6
485.7
477.9

2
9
16
23
30

631.1
635.6
636.3
633.1
632.6

364,
366,
366,
365,
365,

995.8
1002,
1003,
998,
997.

605.
605.
604.
604.
604.

503,
501,
498,
495.
493.

1108.
1106.
1102.
1099.
1097.

350.7
349.1
350.8
350.1
346.6

145.3
142.8
147.5
145.3
148.0

391.
387.
388.
386.
385.

92.9
92.6
91.1
89.3
89.2

484.
480.
479.
475.
474.

7
14
21p
28p

640.3
643.8
643.3
644.3

368,
370,
370.
369,

1008.6
1013.8
1013.3
1014.0

604.
602.
601.
598.

491.6
490.0
487.8
485.3

1096.
1092.
1089.
1083.

345.
348,
348,
348.

148.5
154.8
150.5
155.0

385.
381.
379.
381.

89.0
87.8
86.8
86.2

474.
469.
466.
467.

Meek ending
1991-SEP.

OCT.

1.
2.

Savings deposits include money market deposit accounts
deposits--includinq retail RPs
Small-denomination time deposits—including
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
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and fc
foreign banks and
official institutions
p- -indicates preliminary data




H.6 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
At
At
ccommercial
thrift
banks
institutions

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3;

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-Federal
debt

1990-MAY
JUNE

50.1
53.4

49.2
48.8

99.3
102.2

67.1
64.4

120.9
121.6

310.8
321.7

35.2
34.9

357.6
355.4

2339.7
2363.0

7680.2
7715.5

JULY
AUG.
SEP.

53.5
55.7
52.0

46.7
46.1
46.0

100.2
101.8
98.0

65.1
68.3
70.0

122.2
122.8
123.5

324.2
324.4
334.6

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.2
7779.6
7812.6

OCT.
NOV.
DEC.

51.0
52.8
48.2

44.2
42.4
41.4

95.2
95.2
89.6

70.2
70.0
71.4

124.2
125.0
125.8

334.8
339.9
345.4

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7846.0
7868.3
7889.1

1991-JAN.
FEB.
MAR.

47.3
47.8
46.9

40.3
38.2
35.4

87.5
86.0
82.3

71.9
72.6
71.1

126.8
127.9
129.1

340.7
332.6
327.8

36.1
34.3
31.5

365.5
358.0
351.6

2557.7
2590.6
2602.8

7893.5
7889.7
7900.1

APR.
MAY
JUNE

47.8
47.6
48.0

33.3
32.2
29.4

81.1
. 79.8
77.3

68.2
65.4
64.8

130.4
131.6
132.7

306.3
295.0
316.5

30.1
28.7
27.8

341.4
330.8
332.3

2592.9
2609.1
2635.3

7921.5
7947.9
7969.8

JULY
AUG.
SEP.

49.2
48.9
48.5

29.3
29.7
28.9

78.5
78.6
77.4

65.0
65.4
63.4

133.6
134.3 p

327.3
331.8 p

27.9
27.1 p

336.4
330.6 p

2657.9
2691.4 p

7989.3
8000.0 p

2
9
16
23
30

50.2
48.1
48.5
48.5
48.2

28.6
30.3
30.1
28.8
26.7

78.8
78.4
78.6
77.3
75.0

64.8
64.2
63.5
62.7
62.8

7
14
21p
28p

47.3
48.2
48.2
50.4

27.7
27.4
27.1
27.5

75.0
75.7
75.3
77.9

60.8
61.3
61.1
60.4

Neek ending
1991-SEP.

OCT.

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
5.
market mutual funds.
6.
Total commercial paper less commercial paper held by money market mutual funds.
p--indicates
preliminary
data. average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
Debt data
are on a monthly




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

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

Date

IRA and Keogh Accounts

U.S. government depos• its

Time and savings
deposits due to
foreign banks
Foreign
Foreign
and official
official
(
commercial
institutions
institutions
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
deposits
At
At
at commercial commercia 1 _ thrift
banks
banks
institutions

At
money
market
funds

Total

1990-MAY
JUNE

9.4
9.1

1.7
1.5

3.4
3.3

3.4
5.5

5.1
5.0

21.8
15.4

30.3
25.9

1.3
1.2

117.7
119.5

133.8
133.6

34.2
34.3

285.8
287.4

JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

3.4
3.8
5.1

5.4
5.4
6.4

11.9
19.7
25.9

20.6
28.9
37.5

1.3
1.4
1.2

121.1
122.6
124.4

133.5
133.1
132.5

34.4
35.2
36.9

289.0
291.0
293.8

OCT.
NOV.
DEC.

9.0
8.9
8.8

1.5
1.4
1.4

3.6
3.3
3.2

3.5
3.7
5.0

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

1.4
1.4
1.4

126.8
128.6
130.3

132.0
131.5
130.7

37.9
39.2
40.7

296.7
299.3
301.7

1991-JAN.
FEB.
MAR.

9.2
8.2
8.1

1.5
1.5
1.4

3.2
3.2
3.2

4.9
4.2
5.1

' 7.8
11.5
6.8

24.5
35.1
23.3

37.2

50.8
35.1

1.3
1.3
1.3

132.1
133.6
135.3

130.3
130.3
130.3

41.5
42.1
42.8 e

303.9
306.0
308.4 e

APR.
MAY
JUNE

8.6
8.3
7.7

1.4
1.4
1.4

3.3
3.3
3.3

5.3
3.6
5.0

4.7
5.6
6.3

15.0
16.2
18.6

25.1
25.4
29.9

1.3
1.5
1.6

137.3
138.9
140.3

129.9 e
129.2 e
127.8 e

43.6 e
44.0 e
44.5 e

310.8 e
312.1 e
312.5 e

JULY
AUG.
SEP.

8.2
8.2
8.2

1.4
1.4
1.4

3.2
3.2
3.2

3.7
3.6
5.2

6.6
5.8
7.8

17.1
13.5
21.7

27.3
22.9
34.7

1.6
1.5
1.6

141.8
143.1
144.1

126.4 e
125.3 e
124.6 e

44.8 e
45.1 e
45.5 e

313.0 e
313.5 e
314.2 e

2
9
16
23
30

7.9
8.5
7.9
8.2
8.3

1.4
1.4
1.3
1.3
1.3

3.2
3.2
3.2
3.2
3.2

3.6
4.5
7.7
5.0
3.8

6.1
5.7
6.2
11.2
8.6

13.0
9.7
11.6
33.3
34.6

22.7
19.9
25.5
49.4
47.0

1.5
1.5
1.5
1.6
1.6

7
14
21p
28p

8.0
8.0
8.5
7.9

1.4
1.2
1.4
1.4

3.2
3.2
3.2
3.2

3.8
3.2
4.4
3.2

6.0
4.3
6.3
5.5

23.5
19.5
23.4
31.6

33.3
27.1
34.2
40.3

1.5
1.6
1.6
1.6

Week ending
1991-SEP.

OCT.

e—indicates estimated data,
p—indicates preliminary data.