Full text of H.6 Money Stock Measures : September 13, 1990
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FEDERAL RESERVE statistical rejea ;-?f<xr^> H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES SEPTEMBER 13, 1990 Billions of dollars Date M1 J M2 2 M3 J DEBT Seasonally adjusted 1988-SEP. OCT. NOV. DEC. 784.8 785.1 786.0 787.5 3041.1 3048.8 3064.1 3072.4 3867.2 3883.8 3903.5 3918.4 4592.9 4613.7 4644.1 4676.0 8868.3 8927.9 9000.8 9062.0 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 785.8 786.7 785.5 782.1 776.2 773.7 779.1 780.4 782.9 788.1 789.4 794.8 3073.6 3078.1 3086.9 3089.4 3085.3 3101.6 3127.0 3146. 3163. 3181. 3201. 3221. 3926 3936 3956 3965 3965 3985.0 4007.6 4013.0 4013.6 4018.2 4031.1 4044.6 4683. 4702. 4736. 4762. 4761. 4784, 4810. 4825. 4832. 4841. 4858. 4881.8 9115. 9179. 9238. 9295. 9358. 9414.9 9465.6 9529.1 9585.2 9654.8 9732.4 9777.6 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. p 794.8 801.4 804.8 807.3 805.4 809.4 809.2 816.3 3231.4 3256.1 3271.5 3277.9 3271.8 3279.0 3283.9 3302.1 4049.3 4065.2 4069.8 4073.7 4065.9 4069.5 4072.8 4089.2 4885.4 4896.8 4916 4 4928 4 4900 4 4925 4 4944 9 P 1988-SEP. OCT. NOV. DEC. 781.1 782.2 788.3 804.5 3034.3 3046.7 3067.2 3085.2 3864.5 3884.1 3912.4 3932.5 4588.6 4613.5 4652.2 4692.7 8830.5 8894.4 8969.0 9047.3 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 793.5 773.0 775.9 791.6 767.7 774.4 782.3 778.1 779.1 785.0 791.7 812.1 3085.5 3065.8 3080,7 3100.2 3071.2 3099.1 3132.8 3146.5 3156.6 3179.3 3204.8 3234.5 3935..5 3925..7 3954..4 3971..1 3950..7 3978..5 4005.8 4012.7 4010. 4018. 4040. 4058. 4701.3 4696.9 4733.8 4764.9 4750. 4777. 4799. 4819. 4827. 4842. 4867. 4899. 9099.9 9143.7 9197.5 9253.9 9315.7 9375.8 9424.9 9486. 9550. 9623. 9700. 9762. 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. p 802.3 788.0 795.7 817.3 796.4 810.0 812.2 814.1 3243.1 3244.0 3266.3 3289.1 3256.8 3276.1 3289.6 3302.1 4058.3 4053.8 4068.5 4080. 4050. 4063. 4071. 4089. 4904.3 4892.1 4914.3 4931.8 4888.0 4916.8 4932 5 p 9824.8 9886.4 9947 1 9997 1 10043 7 10104 4 10166 0 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. 9813.8 9856.2 9908 5 9958 1 10001 9 10064 1 10120 2 P H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 M3 Debt 1 1990 to AUG. 1990 5.4 3.7 2.3 6.8 6 Months from FEB. 1990 TO AUG. 1990 3.7 2.8 1.2 6.9 12 Months from AUG. 1989 TO AUG. 1990 4.6 4.9 1.9 7.4 3.2 2.0 0.9 3 Months from MAY Thirteen weeks ending SEPTEMBER 3, 1990 from thirteen weeks ending: JUNE 4, 1990 (13 weeks previous) WAR. 5, 1990 (26 weeks previous) 3.6 3.2 1.2 •SEP. 4, 1989 (52 weeks previous) 4.4 5.2 1.9 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1990 to July 1990, January 1990 to July 1990, and July 1989 to July 1990, 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 issuersj (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, money market deposit accounts (MMDAs), savings and small-denomination time deposits (time deposits—incuding 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 ot 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 (508) Table 5 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjusted Period ending 15-week average 4-week average 1990-JUNE 11 18 25 806.1 806.4 806.7 806.5 806.5 807.9 M5 M2 Ml 15-week average 4-week average 807.5 807.2 809.2 5274.5 5274.9 5275.2 5271.4 5275.1 5276.5 week average 15-week average 4-week average average 5275.5 5279.5 5280.5 4069.5 4069.5 4069.2 4065.6 4066.5 4068.4 4071.6 4069.X 4068.0 average JULY 2 9 16 25 50 807.5 807.8 807.5 807.7 807.9 810.4 811.1 811.2 810.8 808.6 817.7 810.5 807.7 807.5 809.0 5276.4 5277.0 5277.5 5277.6 5278.1 5280.9 5285.6 5285.5 5285.4 5285.5 5288.1 5286.4 5286.2 5280.7 5280.0 4069.7 4069.7 4068.7 4068.7 4069.4 4070.4 4071.5 4071.9 4072.9 4072.6 4075.0 4075.9 4070.5 4072.5 4071.7 AUG. 6 15 20 27p 808.5 809.4 810.5 811.2 809.5 811.2 815.8 815.5 815.0 815.1 818.2 815.6 5279.2 5281.2 5285.7 5286.6 5284.4 5287.5 5295.6 5299.5 5290.8 5298.4 5505.1 5505.7 4070.2 4071.4 4075.2 4075.7 4074.0 4077.4 4081.6 4086.7 4081.5 4085.9 4089.1 4092.4 SEP. 5p 812.1 817.2 820.0 5290.1 5505.9 5516.4 4078.6 4092.2 4105.4 Not seasonally adjusted Ml Period ending 15-week average 4-week average 1990-JUNE 11 18 25 805.1 806.4 807.1 802.5 806.4 809.2 M5 M2 week average 15-week average 4-week average 816.8 811.2 796.1 5272.4 5275.4 5275.6 5264.8 5270.2 5274.5 week average week average 15-week average 4-week average 5282.6 5278.0 5260.7 4066.5 4066.4 4065.2 4058.5 4062.0 4065.4 4075.0 4064.7 4044.6 JULY 2 9 16 25 50 808.1 808.4 807.4 806.2 806.1 809.6 812.5 815.9 815.4 811.0 814.4 827.5 817.4 802.1 797.1 5275.9 5275.8 5275.6 5275.1 5274.0 5276.4 5282.0 5287.2 5291.7 5288.6 5284.1 5505.0 5299.1 5278.6 5271.7 4064.2 4062.8 4060.9 4060.6 4061.6 4062.0 4064.5 4067.5 4072.5 4071.1 4065.6 4085.2 4075.6 4064.7 4058.9 AUG. 6 15 20 27p 807.5 809.0 810.6 811.8 809.5 810.1 815.7 814.6 820.6 820.4 816.8 800.7 5276.8 5280.4 5284.5 5287.8 5287.6 5289.8 5296.9 5501.4 5501.0 5507.8 5506.9 5289.9 4064.2 4067.2 4070.2 4075.4 4071.9 4076.4 4082.8 4088.4 4088.5 4095.5 4090.5 4081.5 SEP. 5p 812.1 815.5 816.2 5290.5 5505.9 5511.0 4075.8 4091.5 4100.0 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 d o l l a r s , seasonally adjusted Other checkable Currency1 Date Travelers checks2 Demand deposits3 commercial banks4 Nontransact ions component s deposits At thrift institutions5 Total In M2 6 In M3 only7 General purpose and broker/dealer money market funds 1989-APR. MAY JUNE 215.7 216.6 217.2 281. 279. 276. 191.4 188.5 188.7 86, 84, 84, 277.9 272.8 273.0 2307.3 2309.1 2327.9 875.7 880.3 883.3 257.8 261.2 268.3 JULY AUG. SEP. 217.8 218.6 219.3 279.6 278.5 278.1 189.8 191.1 192.4 84, 85. 86, 274. 276, 278, 2348.0 2366.5 2380.6 880.6 866.1 850.0 277.7 287.8 295.9 OCT. NOV. DEC. 220.0 220.4 221.9 280.0 278.8 279.7 194.2 195.9 197.9 86. 86, 87.8 280.8 282.8 285.7 2393.8 2411.8 2426.8 836.3 830.0 823.0 302, 309, 312, 1990-JAN. FEB. MAR. 224.6 226.6 228.4 277. 280, 279. 198, 199, 201, 87, 87, 88, 285.4 287.0 289.5 2436.6 2454.7 2466.7 817.9 809.1 798.3 318.6 325.3 325.9 APR. MAY JUNE 230.1 231.6 233.4 277.8 274.5 274.5 202.8 203 205, 89, 88, 88, 291.8 291.5 293.8 2470.6 2466.4 2469.5 795.8 794.1 790.6 325.8 320.4 321.9 JULY AUG. P 235.4 238.4 274.8 277.9 204, 204, 87, 87, 291.3 292.0 2474.8 2485.8 788.9 787.1 325.1 333.8 9 16 23 30 234.0 234.9 235.9 236.9 275.8 274.0 274.0 274.3 205, 203, 203, 202, 87, 87, 86, 87, 292, 291, 289, 290, 2476.2 2478.4 2473.2 2471.0 789, 784. 791, 791, 323, 325, 324, 326, AUG. 6 13 20 27p 236.5 237.1 238.3 240.0 276, 278. 280. 276, 204, 204, 204, 203.8 87, 87. 87. 87. 292, 292. 291, 291. 2477.8 2483.3 2486.9 2488.1 790. 785, 784. 788, 326. 332, 333, 338.4 SEP. 3p 240.2 278.4 205.8 87.5 293.3 2496.4 786.9 339.0 Week ending 1990-JULY 8.2 Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions Outstanding amount of U.S. dollai—denominated travelers checks check: 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 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), MMDAs and savings 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 Savings deposits1 Money ms»rket deposit accounts At At <commercial thrift banks institutions Date Total At At thrift commerciail institutions banks Small-denomination time deposits2 Total At commercial thrift banks institutions Total Large-denomination time deposits 3 At At commercial thrift 4 banks institutions Total 1989-APR. MAY JUNE 337.0 331.7 331.0 136.2 131.5 130.0 473.2 463.1 460.9 185.8 183.1 182.3 226.2 222.3 221.1 412.0 405.4 403.4 486.3 497.3 501.8 597.8 605.7 612.2 1084.1 1103.0 1114.0 392.2 395.7 397.1 176.1 177.4 177.8 568.3 573.1 574.9 JULY AUG. SEP. 333.9 337.9 340.8 130.1 130.4 131.0 463.9 468.2 471.9 183.0 183.9 184.9 220.3 220.0 220.6 403.3 404.0 405.5 505.8 510.4 513.3 616.6 619.6 619.2 1122.4 1130.0 1132.6 398.7 397.8 397.2 176,0 172.7 168.4 574.7 570.5 565.6 OCT. NOV. DEC, 343.7 348.5 351.5 131.6 132.3 132.2 475.3 480.8 483.7 185.9 187.3 188.5 220.3 220.5 220.5 406.1 407.9 409.0 519.7 524.4 528.6 616.2 614.1 613.7 1135.9 1138.5 1142.3 398.8 401.5 401.5 163.8 159.5 156.8 562.7 561.0 558.3 1990-JAN. FEB. MAR, 352.4 356.0 359.1 132.5 133.4 135,8 485.0 489.4 494.9 189.8 191.8 193.4 220.4 221.8 221.2 410.2 413.6 414.6 531.4 534.7 537.2 611.6 607.9 609.2 1143.0 1142.6 1146.4 401.6 399.9 396.9 152,9 150.2 147.3 554.5 550.1 544.1 APR. MAY JUNE 362.3 365.3 368.2 136.6 134.7 133.0 498.8 500.0 501.2 193.8 193.5 195.0 222.0 221.5 220.8 415.8 415.0 415.8 541.4 550.8 559.3 606.3 598.2 587.8 1147.7 1149.0 1147.1 395.2 397.0 397.8 143.0 138.2 134.9 538.2 535.2 532.6 JULY AUG. P 370.9 374.7 131.6 131.0 502,4 505.7 195.6 195.8 220.7 220.5 416.3 416.3 568.3 571.5 580.1 578.2 1148.5 1149.7 399.9 397.4 130.8 127.6 530.7 525.0 9 16 23 30 369.9 371.8 371.1 370.8 131.9 132.0 131.4 131.0 501.8 503.8 502.5 501.8 196.2 195.2 195.3 195.4 220.7 220.9 220.5 220.5 416.9 416.1 415.9 415.8 567.2 568.1 569.1 569.4 580,3 579.9 579.7 580.0 1147.5 1148.0 1148.9 1149.4 400.9 401.9 400.5 398.2 131.8 131.1 130.4 129.7 532.7 533.0 530.9 527.9 AUG. 6 13 20 27p 372.3 373.7 376.3 375.3 130.7 130.8 130.8 131.3 503.0 504.6 507.1 506.6 195.6 195.7 195.9 195.9 220.7 221.0 220.8 219.8 416.3 416.7 416.7 415.7 570.2 570.8 572.0 572.6 579.9 579.5 577.2 577.0 1150.1 1150.3 1149.2 1149.5 398.1 397.7 398.2 396.7 129.3 128,4 127.0 126.6 527.5 526.0 525.2 523.3 SEP. 3p 375.8 131.5 507.3 196.2 219.9 416.1 571.8 577.2 1149.0 395.3 126.7 522.0 Week ending 1990-JULY Savings deposits exclude MMDAs. 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. foreign banks and Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and TC official institutions -indicates preliminary data H.6 (508) Table ^-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components^ Non-M3 Components of L Institutiononly money market funds Date Savings bonds Short-term Treasury securities * Bankers acceptances2 Commercial paper3 debt Non-Federal debt Federal 1989-APR. MAY JUNE 88.3 92.1 96.3 112.2 112.8 113.6 285.1 293.4 295.2 41.5 41.2 41.2 358.2 348.8 349.4 2168.8 2176.4 2184.2 7126.6 7181.8 7230.7 JULY AUG. SEP. 99.0 101.4 101.6 114.3 115.0 115.7 297.2 300.3 311.5 41.9 42.6 41.0 349. 354. 350. 2184. 2200, 2220, 7281, 7328. 7364. OCT. NOV. DEC. 101.1 101.1 102.3 116,2 116.8 117.5 317.6 318.8 330.6 40.0 40.5 41.2 350. 351. 347, 2238, 2258. 2265. 7416. 7473, 7511, 1990-JAN. FEB. MAR. 103.2 103.7 105.4 117.7 118.2 119.1 334.3 330.4 347.8 40.7 38.3 37.0 343. 344. 342. 2275.9 2297.3 2325.9 7548.9 7589.1 7621.2 APR, MAY JUNE 106.8 107.3 107.3 119.9 120.7 121.5 341.5 328.9 346.9 35.7 35.2 33.9 357, 349. 353. 2340.9 2353.8 2380.2 7656, 7690. 7724, JULY AUG. P 108.9 114.0 122.4 p 358.6 p 31.6 p 359.6 p 2405.7 p 7760.3 p Heek ending 1990-JULY AUG. SEP, 9 16 23 30 108.0 107.9 109.8 109.9 6 13 20 27p 111.1 113.2 115.4 114.9 3p 115.5 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 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposi ts Date Currency 1 Demand Travelers checks 2 deposits 3 At commercial banks 4 At thrift institutions5 Nontransactions components Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1989-APR. MAY JUNE 215.1 216.6 218.4 7.0 7.1 7.5 283.3 273.6 276.7 197.6 186.2 187.0 88.7 84.1 84.8 286.3 270.3 271.8 2308.5 2303.5 2324.7 870,9 879.6 879.4 64.1 63.2 65.0 14.4 14.6 14.6 260.7 260.7 266.8 JULY AUG. SEP. 219.7 219.2 218.6 8.1 8.1 7.7 281.8 277.1 276.3 187.4 188.7 190.7 85.3 85.0 85.9 272.7 273.7 276.5 2350.4 2368.5 2377.5 873.1 866.2 854.0 64.2 63.2 59.6 16.8 15.2 15.5 275.6 286.8 294.9 OCT. NOV. DEC. 218.9 221.0 225.3 7.3 7.0 6.9 280.7 281.5 291.6 191.6 194.9 200.3 86.5 87.2 88.1 278.1 282.1 288.4 2394.3 2413.1 2422.4 838.9 836.1 824.2 61.6 62.2 63.1 14.1 13.2 14.3 301.3 309.7 312.2 1990-JAN. FEB. MAR. 222.9 224.2 227.0 7.0 7.2 7.3 283.0 271.4 271.6 202.5 199.5 202.2 87.0 85.7 87.6 289.4 285.2 289.7 2440.8 2456.0 2470.6 815.2 809.8 802.1 64.6 67.5 67.0 17.3 15.3 15.4 317.4 326.9 330.4 APR. MAY JUNE 229.5 231.7 234.8 7.3 7.5 8.1 279.8 268.5 274.8 209.4 200.7 203.7 91.3 88.0 88.6 300.7 288.7 292.3 2471.8 2460.4 2466.2 791.3 793.4 787.1 64.3 66.7 66.9 15.5 17.2 15.7 329.4 319.6 319.8 JULY AUG. P 237.1 239.2 8.6 8.9 277.0 276.6 201.3 201.8 88.0 87.6 289.4 289.4 2477.4 2488.0 782.3 787.2 68.3 67.9 15.7 14.9 322.3 332.8 9 16 23 30 238.7 237.3 236.8 236.1 8.5 8.6 8.7 8.8 283.2 280.5 271.6 269.5 206.2 202.0 198.9 197.3 90.9 89.1 86.2 85.4 297.1 291.1 285.1 282.7 2477.5 2481.6 2476.5 2474.6 780.1 776.5 786.1 787.2 68.4 69.3 68.7 67.2 16.7 16.0 15.0 14.8 318.8 322.9 322.8 325.0 AUG. 6 13 20 27p 239.1 239.8 239.5 238.5 8.9 8.9 8.9 9.0 278.2 280.3 279.9 269.3 204.2 203.1 201.4 199.0 90.2 88.4 87.1 85.0 294.3 291.5 288.5 283.9 2480.5 2487.4 2490.1 2489.3 787.3 785.7 783.4 791.4 69.0 65.9 68.8 67.0 14.0 15.6 15.0 14.2 325.1 331.1 332.8 338.2 SEP. 3p 240.4 9.0 275.7 203.6 87.6 291.1 2494.8 789.0 69.9 15.6 337.9 Week ending 1990-JULY 1. 2. Currency outside U.S. Treasui ury, Federal Reserve Banks and the vaults of depository institut ions, Outstanding amount of U.S. d< dollai—denominated travelers checks of nonbank issuers. Traveler rs 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 NON 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), MMDAs and savings 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 worloV^ide 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 At <commercial At thrift institutions Total Small-denomination time deposits2 Savings deposits3 Money msirket deposit accounts At At commerciail , thrift banks institutions At A* thrift commercial institutions banks Large-denomination time deposits 3 At At commercial thrift 4 banks institutions Date banks 1989-APR. MAY JUNE 337.2 328.0 329.0 135.6 130.7 129.6 472.8 458.8 458.6 186.3 183.7 183.5 226.6 222.7 222.7 412.9 406.4 406.2 486.3 496.0 502.5 597.4 603.8 611.0 1083.7 1099.8 1113.5 392.2 396.1 396.4 174.4 176.4 176.1 566.6 572.5 572.6 JULY AUG. SEP. 331.5 336.4 339.6 129.8 130.6 131.1 461.4 467.0 470.6 184.7 184.4 184.4 222.7 220.5 220.3 407.3 404.9 404.6 507.1 511.3 513.9 618.0 619.9 618.2 1125.1 1131.2 1132.1 396.5 398.4 398.6 174.2 172.0 168.8 570.7 570.4 567.4 OCT. NOV. DEC. 342.7 350.3 355.0 131.8 132.8 132.8 474.6 483.1 487.8 185.9 187.1 187.2 221.3 220.5 219.0 407.2 407,6 406.2 519.2 523.1 526.4 616.3 614.2 612.3 1135.5 1137.3 1138.8 399.9 401.9 399.8 165.5 161.7 158.3 565.4 563.6 558.1 1990-JAN. FEB. MAR. 356.3 357.7 360.8 132.9 133.3 136.1 489.3 491.1 496.9 189.0 190.5 193.2 218.8 219.5 220.9 407.7 410.0 414.1 530.8 535.2 538.3 613.7 610.1 608.5 1144.5 1145.3 1146.8 399.3 399.7 399.7 154.1 150.6 146.4 553.4 550.2 546.1 APR. MAY JUNE 362.4 361.0 365.8 135.9 133.8 132.5 498.3 494.8 498.2 194.2 194,0 196.1 222.4 221.8 222.3 416.6 415.9 418.4 541.7 549.7 560.4 606.0 596.5 586.8 1147.7 1146.2 1147.2 395.2 397.4 397.3 141.6 137.5 133.5 536.8 534.9 530.8 JULY AUG. P 368.1 372.9 131.2 131.2 499.3 504.1 197.3 196.3 223.0 221.0 420.3 417.3 569.9 572.5 581.6 578.6 1151.5 1151.1 397.7 398.0 129.4 127.0 527.1 525.0 9 16 23 30 367.8 369.4 367.9 367.6 131.7 131.7 131.0 130.5 499.5 501.1 498.9 498.2 198.6 197.3 197.0 196.3 224.3 224.0 222.6 221.4 422.9 421.3 419.5 417.6 569.0 569.5 570.5 570.9 582.4 581.5 581.0 580.9 1151.4 1151.0 1151.5 1151.7 398.1 398.2 398.4 397.5 130.2 129.6 129.1 128.6 528.3 527.8 527.5 526.0 AUG. 6 13 20 27p 370.2 372.2 374.5 373.4 131.0 131.2 130.9 131.2 501.1 503.5 505.4 504.6 196.7 196.7 196.4 195.9 222.1 222.3 221,3 219.3 418.8 418.9 417,7 415.1 571.5 572.0 572.8 573.3 580.9 580.2 577.6 576.9 1152.3 1152.3 1150.5 1150.1 397.0 397.7 398.8 398.8 128.1 127.5 126.6 126.3 525.2 525.3 525.4 525.1 SEP. 3p 374.8 131.7 506.4 195.7 219.5 415.2 572.8 577.0 1149.8 396.9 126.4 523.4 Total Total Total Heek ending 1990-JULY 1. 2. Savings deposits exclude MMDAs. Small-denomination time deposits--includinq 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 InstitutionAt only money commercial thrift market funds institutions banks Date Debt components 6 Non-M3 Components of L Total Savings bonds Short-term Treasury securities31 Bankers acceptances* 100.3 97.2 93.4 112.4 113.0 113.7 284.4 289.1 288.1 41.0 41.2 41.5 Term Eurodollars2 Federal debt Non-Federal debt 356.1 356.2 355.4 2155.1 2159.5 2165.1 7098.8 7156.2 7210.7 Commercial paper5 1989-APR. MAY JUNE 87.7 91.6 95.1 43.8 43.7 43.7 82.5 83.8 84.7 126.3 127.5 128.4 JULY AUG. SEP. 98.2 100.6 99.2 45.1 45.4 47.9 79.0 72.2 66.0 124.1 * 117.6 113.9 91.8 89.8 85.6 114.2 114.7 115.4 288.4 296.7 312.0 42.2 42,7 41.6 348.8 353.1 348.0 2163.7 2179.6 2200.9 7261.2 7306.4 7349.7 OCT. NOV. DEC. 98.7 102.1 102,9 48.5 50.0 45.9 61.2 58.9 51.0 109.6 108.9 96.9 80.2 79.5 81.4 116.0 116.6 117.3 321.6 325.8 337.1 40.4 41.0 41.7 345.8 343.3 344.7 2222.6 2250.7 2264.1 7401.0 7449.9 7498.1 1990-JAN. FEB. MAR. 106.0 107.0 106.8 47.5 51.6 50.1 46.1 45.4 45.0 93.6 96.9 95.2 74.4 68.8 67.0 118.0 118.5 119.4 340.4 334.7 346.6 40.4 37.5 36.1 347.3 347.6 343.8 2275.6 2293.1 2317.3 7538.1 7563.1 7591.2 APR. MAY JUNE 105.8 106.7 106.1 49.6 50.1 53.4 45.2 45.7 45.4 94.8 95.8 98,7 65,9 67.6 64.8 120.2 120.9 121.6 340.5 324.1 338.2 35.3 35.2 34.2 355.4 357.6 359.6 2329.1 2337.8 2361.3 7629.0 7664.1 7702.9 JULY AUG. P 108.1 113.2 53.5 56.0 43.5 43.1 97.0 99.1 64.0 65.7 122.2 p 347.5 p 31.8 p 359.1 p 2385.1 p 7735.1^ 9 16 23 30 106.3 106.8 109.8 110.0 51.9 52.4 54.2 55.4 45.0 43.9 42.5 42.4 96.8 96.2 96.7 97.8 62.6 61.1 65.7 66.4 AUG. 6 13 20 27p 110.9 112.7 113.8 114.6 55.5 56.6 54.5 56.9 42.9 42.9 43.2 42.9 98.4 99.5 97.7 99.9 66.5 62.3 66.3 66.5 SEP. 3p 113.6 56.5 43.9 100.4 68.2 Heek ending 1990-JULY 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 franks, 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 (508) Table 6 MEMORANDUM ITEMS 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to Oate IRA and Keogh Accounts U.S. government deposits Time and savings deposits due to Foreign Foreign foreign banks commercial official and official banks ins t i tut ions institutions Demand deposits at commercial banks Balance at Federal Reserve 1989-APR. MAY JUNE 8.9 8.9 10.0 8, 14. 9, JULY AUG. SEP. 10.0 8.9 9.4 OCT. NOV. DEC. 9.9 9.4 9.7 1990-JAN. FEB. MAR. 9.8 9.1 9.0 APR. MAY JUNE JULY AUG. P Note balances at depository institutions Total cash balance Time and savings deposits, t commerci banks At money market funds Total 15, 31, 21, 29, 48, 35, 99.9 101.8 102.8 127.3 128.6 130.0 23.1 23.6 23.6 250.3 254.0 256.5 6. 5. 7, 19, 12 19.4 29, 21. 32, 104.1 105.3 106.0 131.2 131.4 132.2 24.7 24.6 26.4 260.0 261.5 264.6 5. 5. 4. 17.4 11.2 14.4 26. 19, 24, 107.3 108.0 108.7 132.5 132.3 133.3 27.1 27.5 28.0 266.9 267.6 270.0 16.8 18.5 13.1 29, 28. 22. 110.3 111.9 113.3 133.9 133.9 133.9 29.6 31.2 31.7 273.8 277.0 278.9 9.1 9.3 9.0 14.9 21.8 15.4 24.4 30, 25. 115.6 117.7 119.5 134.7 e 135.3 • 135.5 e 32.2 32.6 e 32.7 e 262.5 e 285.6 • 267.7 e 8.9 9.1 11.9 19.7 20. 26. 120.9 122.5 135.9 • 136.1 • 32.8 • 32.8 • 269.6 • 291.4 • 4.4 3.5 3.6 Neek ending 1990-JULY At At thrift commercial institutions banks 9 16 23 30 9.3 8.6 8.9 8.6 3.6 3.5 3.5 3.5 5, 6, 15. 16. 15, 14, 23. 24, AUG. 6 13 20 Z7p 9.7 8.0 9.3 9.4 3.5 3.5 3.5 3.5 11. 15, 22, 27, 23, 23, 31, 35, SEP. 3p 9.3 22.7 31.2 1.7 e—indicates estimated data, p—indicates preliminary data. 3.5 3.5 5.0 1.3