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' p f GOy> FEDERAL RESERVE statistical release H.6(508) For release at 4:30 PM EST October 3, 1991 Special Notice The format of the H.6 release will be changed beginning with this release. The change is necessary because, on September 17, 1991, depository institutions began reporting to the Federal Reserve only their combined savings deposits and money market deposit accounts (MMDAs), rather than reporting them separately, owing to changes in the deposits reports (FR 2900). Accordingly, savings deposits and MMDAs will no longer be shown separately on the H.6 release; instead, these items will be combined and shown only as "savings deposits.n Otherwise, the format of the H.6 will remain unchanged. Prior to this week, savings deposits and MMDAs were seasonally adjusted separately, using monthly and weekly seasonal factors published February 7, 1991. Through the week of September 16, the two seasonally adjusted components were added to obtain the seasonally adjusted combined series. Beginning the week of September 23, because data will no longer be available for savings deposits and MMDAs separately, it is necessary to estimate seasonal factors for the combined series for the September 1991 though March 1992 period. To ensure consistency of the seasonally adjusted combined series before and after the week of September 16, the new seasonal factors for the combined series have been derived from the seasonal factors for the separate savings and MMDA deposits series published February 7, 1991. Separate seasonal factors have been derived for banks and thrifts, as shown below. The new seasonal factors are equal to the inverse of the weighted average of the inverses of the seasonal factors for savings deposits and MMDAs, where the weights are defined as the ratio of each component to the sum of the components during the month of August. Monthly Seasonal Factors for Bank and Thrift Savings Deposits 1991—Sept. Oct. Nov. Dec. 1992—Jan. Feb. Mar. .99748 .99933 1.00373 1.00289 1.00255 .99982 1.00368 .99786 1.00063 1.00160 .99819 .99840 .99646 1.00216 Weekly Seasonal Factors for Bank and Thrift Savings Deposits Bank 1991—Sept . 2 9 16 23 30 Oct. 7 14 21 28 Nov. 4 11 18 25 Dec. 2 9 16 23 30 1992—Jan. 6 13 20 27 Feb. 3 10 17 24 Mar. 2 9 16 23 30 Apr. 6 1. Savings plus MMDAs. Thrift .99762 1.00158 1.00018 .99453 .99358 .99930 1.00102 .99929 .99713 1.00061 1.00472 1.00483 1.00325 1.00397 1.00650 1.00472 1.00008 .99939 1.00684 1.00703 1.00234 .99753 .99745 1.00068 1.00026 .99928 1.00016 1.00414 1.00420 1.00303 1.00337 1.01068 .99761 1.00119 .99981 .99532 .99519 1.00220 1.00269 1.00049 .99737 1.00003 1.00329 1.00252 1.00053 1.00069 1.00266 .99984 .99489 .99402 1.00283 1.00225 .99799 .99365 .99407 .99751 .99695 .99563 .99693 1.00172 1.00238 1.00174 1.00292 1.01168 \osoov* FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. •••f^Tf:-- H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES OCTOBER Billions of dollars Date M1 J M2* M3 J 3, 1991 DEBT Seasonally adjusted 1989-SEP. OCT. NOV. DEC. 781.8 787.9 788.9 793.6 3162.8 3183.0 3203.4 3223.1 4018.0 4027.5 4041.1 4055.2 4834.5 4851.7 4869.4 4889.9 9629.1 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 .6 3233. .0 3255. .6 3269. .9 3279. 3282.8 3290.6 3295.5 3309.7 3321.8 3324.7 3324.0 3328.2 4061 4073 4077 4082 4082 4085.8 4089.0 4103 4109 4109 4108 4111 4895. 4902. 4914. 4920. 4903. 4922. 4926. 4934. 4955. 4955, 4960, 4965.8 9833. 9896. 9968. 10024. 10066. 10122. 10182. 10251. 10306. 10344.8 10396.6 10434.0 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. 826.7 836.4 843.0 842.1 851.6 858.4 859.6 866.3 3331.8 3355.2 3375 3384 3397 3402 3391 3392 4124. 4160. 4169. 4171. 4173. 4166. 4149. 4145. 4982.2 5009.0 5008.1 4975.2 4953.9 4978.2 4983.8 p 10462.8 10513.7 10546.8 10559.7 10603.1 10648.6 10689.7 Not seasonally adjusted 1989-SEP. OCT. NOV. DEC. 778.9 784.5 791.4 811.9 3158.1 3180.8 3206.7 3236.6 4016.8 4025.2 4048.4 4067.0 4833.5 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 3298 3310 3317 3322 3327 3342 4067.8 4061.5 4075.8 4090.8 4064.3 4080.8 4091.3 4108.2 4107.2 4106.5 4116.0 4123.8 4911. 4893. 4912. 4930. 4888. 4914. 4918. 4932. 4954. 4950. 4964. 4984. 10257.1 10305.3 10367.1 10421.2 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. 833.2 823.4 835.0 852.8 841.5 857.6 861.9 864.2 3342 3345 3375 3397 3376 3395 3395 3392.8 4130.8 4148.5 4168. .3 4180. .5 4155. .1 4161. .4 .3 4152. .1 4150. 4998.3 4999.5 5006.3 4986.5 4938.8 4968.6 4976.7 10451.2 10480.3 10502.8 10514.5 10556.9 10605.1 10648.4 p Footnotes appear on the following page, p—indicates preliminary data. 9578.3 9648.5 9719.2 9775.9 9822 9863 9924 9978 10019 10078 10139 LOZOZ.i) H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 M3 Debt 1 1991 to AUG. 1991 6.9 -0.6 -2.8 4.9 6 Months from FEB. 1991 TO AUG. 1991 7.1 2.2 -0.7 4.3 12 Months from AUG. 1990 TO AUG. 1991 6.1 2.5 1.0 5.0 6.9 -0.1 -2.5 MAR. 25, 1991 (26 weeks previous) 7.4 2.5 -0.1 SEP. 24, 1990 (52 weeks previous) 6.0 2.6 1.1 3 Months from MAY Thirteen weeks ending SEPTEMBER 23, 1991 from thirteen weeks ending: JUNE 24, 1991 (13 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1991 to July 1991, January 1991 to July 1991, and July 1990 to July 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 (OCOs), 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 quartet—end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Ml Period em 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-JULY 1 8 15 22 29 850.8 851.9 852. 9 854. 4 856.3 859.2 859.3 858.6 859.0 859.6 861.7 856.7 857.5 859.9 864.4 3394.8 3395.4 3395.8 3396.2 3397.3 3403.3 3400.9 3397.5 3394.9 3392.2 3400.5 3394.4 3395.0 3389.6 3389.9 4170.7 4169.3 4167.0 4164.9 4164.0 4166.8 4161.2 4155.4 4151.6 4150.5 4152.4 4151.7 4154.3 4147.8 4148.0 AUG. 5 12 19 26 857.6 858.5 859.4 860.8 862.4 863.7 864.9 866.2 867.7 862.8 864.6 869.8 3397.2 3396.5 3395.7 3395.6 3391.7 3390.2 3390.7 3392.6 3392.2 3388.9 3391.6 3397.8 4161.9 4159.5 4157.1 4155.0 4148.3 4145.9 4145.4 4146.0 4143.2 4144.4 4146.1 4150.2 SEP. 2 9 16p 23p 862.1 862.9 863.6 864.6 866.1 867.1 868.4 868.6 867.0 867.1 869.5 870.7 3395.4 3394.4 3393.5 3392.9 3391.5 3392.2 3393.2 3391.9 3387.8 3391.5 3395.7 3392.7 4153.1 4150.3 4147.7 4145.6 4144.6 4142.9 4142.2 4138.8 4137.8 4137.3 4143.5 4136.7 Not seasonally adjusted Ml Period em 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-JULY 1 8 15 22 29 850.7 852.1 852.2 852.3 853.5 858.1 861.3 862.3 865.1 862.0 858.6 879.9 867.3 854.7 846.1 3389.9 3389.5 3388.7 3388.1 3389.0 3395.8 3397.4 3398.3 3400.7 3395.8 3392.1 3415.4 3408.7 3386.6 3372.6 4165.4 4163.1 4159.8 4157.3 4156.7 4160.7 4158.0 4155.3 4156.1 4153.5 4142.3 4171.0 4166.1 4144.9 4132.0 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 3390.4 3392.0 3393.1 3394.4 3391.6 3389.5 3391.7 3394.2 3398.6 3400.0 3395.7 3382.3 4156.2 4156.2 4155.8 4155.4 4148.6 4146.9 4148.9 4151.3 4151.4 4159.4 4152.9 4141.6 SEP. 2 9 16p 23p 861.5 862.8 863.7 864.6 861.7 865.4 868.1 868.8 860.9 883.7 875.4 855.3 3394.3 3394.3 3394.0 3393.6 3390.2 3392.6 3393.9 3391.1 3382.9 3409.5 3400.9 3370.9 4153.9 4152.1 4150.3 4148.3 4148.3 4148.0 4147.9 4141.5 4139.1 4158.2 4152.8 4116.0 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 Travelers checks 2 Demand deposi ts3 7.7 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 88.9 88.3 88.2 291.7 292.0 293.7 2472.2 2475.3 2479.1 802.8 799.9 795.2 203.9 204.4 205.7 87.7 87.7 87.3 291.7 292.1 293.0 2484.7 2493.2 2500.0 793.6 793.6 787.2 276.) 205.9 207.1 208.8 85.8 85.7 85.0 291.8 292.8 293.8 2503.5 2500.7 2502.8 784.6 784.9 783.5 8.4 8.2 8.1 272.9 276. i 277.1 209.2 211.4 214.4 84.7 85.5 86.6 293.9 296.9 301.0 2505.1 2518.8 2532.9 792.9 805.3 793.1 256.6 256.8 257.6 7.9 8.0 275.8 278.7 281.0 215.2 220.1 223.4 86.7 88.0 88.5 301.9 308.1 312.0 2542.2 2545.5 2543.7 787.0 776.7 764.8 258.9 260.8 7.7 7.7 279.0 279.9 225.6 229.5 88.5 88.5 314.1 318.0 2532.3 2525.7 757.5 753.0 260.4 7.6 280.0 227.1 89.2 316.3 2525.5 1 Date Currency 1990-APR. MAY JUNE 230.3 231.9 233.7 7.8 7.8 278.1 275.8 276.3 202.9 203.6 205.5 JULY AUG. SEP. 235.7 238.4 241.5 7.8 8.0 8.2 275. ^ 278.0 279.1 OCT. NOV. DEC. 243.9 245.0 246.4 8.3 8.4 8.4 277.1 1991-JAN. FEB. MAR. 251.6 255.1 256.7 APR. MAY JUNE JULY AUG. 7.a Z77.Z Neek ending 1991-JULY 29 AUG. 260.2 259.9 260.7 261.6 282. 278, 278. 281. 227.9 228.5 229.8 230.5 89, 88, 87, 89. 317. 317. 317. 319. 2524. 2526. 2527. 2527. SEP. 1. 2. 5 12 19 26 758.1 751.0 755.5 754.5 752.5 2 9 16p 23p 261.7 261.0 262.0 262.8 279. 279. 279. 279. 230.6 231.7 231.9 232.3 87.8 87.6 88.0 88.9 318. 319. 319. 321. 2520.8 2524.3 2526.3 2522.1 750.0 745.8 747.7 743.9 Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), 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 overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole. e—indicates estimated data. p--indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted At At 1 cotnmercia. _ thrift banks institutions Date Large-denomination time deposits 3 Small-denomination time deposits2 Savings deposits1 Total At At commercial thrift institutions banks Total General purpose and broker/dealer money market funds Institutiononly money market funds At~ At commercial thrift 4 banks institutions Total 1990-APR. MAY JUNE 556.7 558.9 563.6 354.0 352.9 350.4 910.7 911.8 914,1 544.4 553.4 563.8 607.8 600.2 590.8 1152.2 1153.5 1154.6 327.0 325.3 327.5 106.9 107.6 108.1 396.8 397.5 397.7 146.9 143.0 140.3 543.7 540.5 538.0 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 1129.2 364.2 365.1 364.3 145.6 146.2 143.3 398.5 399.3 397.9 108.8 104.6 100.9 507.3 503.9 498.8 JULY AUG. 625.6 631.0 364.4 365.2 990.0 996.2 600.9 604.8 517.7 505.5 1118.7 1110.3 359.4 352.8 141.8 144.8 393.4 390.5 97.7 93.8 491.1 484.4 Neek ending 1991-JULY 29 627.0 364.7 991.7 602.1 513.7 1115.8 356.6 141.5 393.3 96.0 489.4 AUG. 5 12 19 26 627.9 630.4 631.3 632.2 365. 365, 365. 365. 993. 995. 996. 997. 603. 604. 605. 605. 510.1 507.0 504.8 503.7 1113, 1111. 1110, 1109, 353.8 353.8 352.2 353.1 139. 143. 146, 147, 392. 391. 390. 389. 95. 94. 93. 92. 488. 486. 483. 482. SEP. 2 9 16p 23p 632.6 634.6 636.2 636.6 365. 366. 366. 366. 998.2 1000.9 1003.0 1003.5 604.8 605. 605. 604.8 502. 501, 498, 496, 1107. 1106. 1104. 1101. 351. 350. 350. 348. 147. 145. 150, 149, 389. 386. 386. 384. 92. 92. 90. 88. 481. 478. 477. 472. 1. 2. 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. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions. p--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 1990-APR. MAY JUNE 119.9 120.7 121.4 329.9 315.4 331.7 36.0 35.4 34.7 JULY AUG. SEP. 122.2 123.0 123.8 333.9 328.6 331.9 OCT. NOV. DEC. 124.5 125.2 126.0 1991-JAN. FEB. MAR. Banker; acceptam Commercial paper 3 Federal debt Non-Federal debt 351. 349. 349. 2330. 2345. 2374. 7693.8 7721.0 7748.2 33.0 32.3 31.8 348. 347. 359. 2401. 2439. 2461. 7780. 7811. 7844. 329.9 332.8 333.9 32.6 34.0 34.7 358.8 359.0 359.4 2473. 2507, 2534. 7870, 7889. 7899. 126.7 127.8 128.9 331.7 329.6 325.7 36.0 35.2 32.4 363. 355. 352. 2555.8 2586.3 2598.0 7907.1 7927.4 7948.9 APR. MAY JUNE 130.1 131.4 132.5 305.5 297.2 324.9 30.7 28.8 27.6 337. 322. 326. 2591. 2613. 2646. 7968. 7989. 8002. JULY 133.5 p 336.8 p 27.7 p 336.3 p 2672.1 p 8017.6 p 1. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions. Federal Reserve Banks, money market mutual funds, and foreign entities. 2. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 3. Total commercial paper less commercial paper held by money market mutual funds. 4. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Nontransactions components Other checkable deposits At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars 9 91.5 88.2 88.7 301.1 289.1 292.7 2474.8 2465.5 2473.3 798.0 801.5 796.7 64.3 66.7 66.9 15.1 16.5 15.5 201.4 201.8 203.9 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 16.4 278.0 280.5 289.9 203.0 206.0 211.5 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 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 20.5 256.0 257.4 259.1 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 16.1 260.8 262.0 8.5 8.6 280.7 278.7 222.8 226.6 89.1 88.4 311.9 315.0 2533.3 2528.6 757.1 757.3 52.3 54.6 14.3 14.4 259.6 8.6 272.0 219.4 86.4 305.8 2526.5 759.4 52.4 13.6 Date Currency 1 Travelers checks 2 Demand deposits3 1990-APR. MAY JUNE 229.6 231.8 234.9 7.3 7.5 8.1 280.0 268.9 275.2 209.6 200.9 204.0 JULY AUG. SEP. 237.3 239.4 241.0 8.6 8.9 8.8 277.3 276.8 278.2 OCT. NOV. DEC. 242.8 245.7 249.6 8.4 8.0 7.8 1991-JAN. FEB. MAR. 249.8 252.7 255.6 APR. MAY JUNE JULY AUG. Heek ending 1991-JULY 29 AUG. 262.1 263.0 262.0 260.7 8 .7 8 .7 8, .6 8, .6 283.4 279.8 280.5 272.9 227. 227, 226, 224. 90.9 89.8 87.6 86.0 318. 317. 313. 310. 2526. 2531. 2530. 2530. 752.8 759.4 757.2 759.3 53. 53. 57. 56. 14.1 14.3 13.8 15.1 SEP. 1. 2. 5 12 19 26 2 9 16p 23p 261.3 263.2 262.0 261.1 .5 8, 8, e .4 8, e .3 8. e .1 276.2 284.3 282.6 272.4 227. 236, 233. 227. 87, 91, 89, 86 314.9 327.8 322.6 313.6 2522.0 2525.8 2525.5 2515.6 756.3 748.8 751.9 745.1 52.5 54.8 54.6 53.6 14. 13. 13. 13. Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, lass cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), 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 b/ institution-only money market mutual funds. 8 Consists of overnight and continuing contract ^Ps issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and broker/deale • ). * 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 deposits1 At At commerciai l thrift banks institutions Date Total At At thrift commercial institutions banks Total Large-denomination time deposits 3 General purpose InstitutionAt At thrift and broker/dealer only money commercial banks 4 institutions money market funds market funds Total 1990-APR. MAY JUNE 557.5 555.9 562.8 354.8 352.2 351.1 912.3 908.2 913.9 544.4 552.9 563.9 607.8 599.6 590.9 1152.2 1152.4 1154.8 330.9 321.7 322.2 105.9 106.8 106.2 394.6 397.1 397.2 146.0 142.8 140.1 540.6 539.9 537.2 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 603.5 607.8 618.4 351.9 357.1 362.0 955.4 964.9 980.3 604.2 601.0 602.1 546.2 539.1 527.7 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. 624.5 630.2 365.5 365.3 990.1 995.5 602.8 606.0 519.3 506.5 1122.1 1112.4 354.5 351.6 139.7 143.9 392.2 391.5 97.4 94.1 489.6 485.6 624.1 Neek ending 364.4 988.5 603.4 514.9 1118.3 353.6 96.0 489.2 5 12 19 26 626.7 630.6 631.1 630.4 365. 366, 365. 364. 992.5 996.7 996.8 994.6 604.7 606.2 606.7 606.2 511 508, 505.8 504.3 1116, 1114. 1112. 1110. 350 352, 350, 353, 141.3 138.5 143.0 144.8 146.6 393.2 AUG. 392, 392. 391, 391. 95. 94. 93. 93. 487. 487. 484. 484, SEP. 2 9 16p 23p 631.1 635.6 636.4 633.1 364.7 366.7 366.7 365.2 995.8 1002.3 1003.0 998.3 605.3 605.3 604.9 604.1 503. 501. 498. 495. 1108. 1106. 1103. 1099. 350.7 349.1 350.8 350.1 145.3 142.8 147.5 145.3 390. 387, 388. 386, 92. 92. 91. 88. 483.8 480.0 479.2 475.6 1991-JULY 29 1. 2. 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. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions. p--indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Term RPs 1 At At commercial thrift banks institutions Date Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury ^ securities" Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1990-APR. MAY JUNE 49.5 50.1 53.4 48.7 49.2 48.8 98.2 99.3 102.2 65.3 67.1 64.4 120.2 120.9 121.6 328.6 310.6 321.4 35.3 35.2 34.9 355.4 357.6 355.4 2331.0 2339.7 2363.0 7647.7 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 70.0 122.2 122.8 123.5 323.7 323.9 334.2 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 71.4 124.2 125.0 125.8 334.4 338.9 343.9 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 71.1 126.8 127.9 129.1 339.1 330.8 325.7 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 64.8 130.4 131.6 132.7 304.1 292.7 314.5 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. 49.2 48.6 29.3 29.7 78.5 78.3 65.0 64.5 133.6 p 326.6 p 27.8 p 336.5 p 2657.9 p 7990.5 p 49.2 29.6 78.9 65.8 Neek ending 1991-JULY 29 AUG. 5 12 19 26 48.0 48.2 47.9 49.5 29, 29, 29, 30, 77.3 78.1 77.8 79.7 64. 66. 64. 63. SEP. 2 9 16p 23p 49.9 47.9 48.3 48.4 28. 30. 30. 28. 78.5 78.2 78.4 77.3 63.1 62.0 61.8 61.4 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. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data are on a monthly average basis, deriv/ed by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks Foreign Foreign commercial and official official banks institutions institutions Date IRA and Keogh Accounts U.S. government deposits 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 commercial thrift banks banks institutions At money market funds Total 1990-APR. MAY JUNE 9.2 9.4 9.1 1.5 1.7 1.5 14.9 21.8 15.4 24, 30, 25, 115, 117, 119. 134.0 133.8 133.6 34. 34. 34. 283.6 285.8 287.4 JULY AUG. SEP. 9.0 9.2 9.4 1.5 1.8 1.9 11. 19. 25. 20, 28. 37, 121. 122. 124, 133. 133. 132. 34. 35. 36. 289. 291. 293. OCT. NOV. DEC. 9.0 8.9 8.8 1.5 1.4 1.4 17. 15. 18. 26.4 24.8 28.2 126.8 128.6 130.3 132. 131. 130. 37. 39. 40. 296. 299. 301. 1991-JAN. FEB. MAR. 9.2 8.2 8.1 1.5 1.5 1.4 7. 11. 6, 24. 35, 23. 37.2 50.8 35.1 132. 133. 135, 130. 130. 130. 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 4. 5. 6, 15. 16. 18. 25. 25. 29. 137. 138. 140. 129. 129. 127.8 e 43. 44. 44. 310.8 312.1 312.5 JULY AUG. 8.2 8.2 1.4 1.4 6, 5. 17. 13. 27. 22. 141.8 143.1 126, 125. 44.8 45.1 313 313, 7.8 1.6 6.0 18.5 27.6 Neek ending 1991-JULY 29 3.2 3.1 AUG. 5 12 19 26 8.2 8.5 8.2 8.0 1.3 1.3 1.4 1.4 5. 6. 5. 5. 22. 12. 10. 11. 32. 22. 20. 19. SEP. 2 9 16p 23p 7.9 8.5 7.9 8.2 1.4 1.4 1.3 1.3 6. 5. 6. 11. 13. 9. 11. 33. 22. 19. 25. 49. e—indicates estimated data, p—indicates preliminary data. 1.6
