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.•^O^GOV^

FEDERAL RESERVE statistical release
••f*4LRE^V

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

SEPTEMBER 19, 1991

Billions of dollars
Date

M1 J

M2 Z

M3 3

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

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
4073
4077
4082
4082
4085.8
4089.0
4103
4109
4109
4108
4111.8

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. p

826.7
836.4
843.0
842.1
851.6
858.4
859.7
866.2

3331.8
3355.2
3375.
3384.
3397.
3402.
3391.
3391.

4124.
4160.
4169.
4171.
4173.
4167.
4148.
4143.

4982. 2
5009. 0
5008. 1
4975. 2
4953. 9
4978. 5
4982. 5 p

10462.8
10513.7
10546.8
10559.7
10603.1
10648.6
10693.6

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 .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
4091.3
4108.2
4107.2
4106.5
4116.0
4123.8

4911.
4893.
4912.
4930.
4888.
4914.
4918.
4932,
4954.
4950.
4964.
4984,

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

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

833.2
823.4
835.0
852.8
841.6
857.7
861.9
864.2

3342.
3345.
3375.
3397.
3376.
3395.
3394.
3392.

4130.8
4148.5
4168..3
4180..5
4155..1
4161..7
4151..1
4148..4

4998.3
4999.5
5006.3
4986.6
4938.8
4968.9
4975 5 p

10451.2
10480.3
10502.8
10514.5
10556.9
10605.1
10652.2 p

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




9578.3
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 1

1991 to AUG. 1991

6.9

-0.7

-2.9

5.1

6 Months from FEB. 1991 TO AUG. 1991

7.1

2.1

-0.8

6.1

2.5

1.0

3 Months from MAY

12 Months from AUG. 1990 TO AUG. 1991

5.0

Thirteen weeks ending SEPTEMBER 9, 1991
from thirteen weeks ending:

JUNE 10, 1991 (13 weeks previous)

7.3

0.5

-2.1

MAR. 11, 1991 (26 weeks previous)

7.6

3.0

0.5

SEP. 10, 1990 (52 weeks previous)

6.0

2.8

1.3

1.

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.

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 snare 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—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 foreian branches of U.S. banks worldwide
and at all banking offices in the United Kinqdom 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-averaqe 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 quartei—end
basis and include discontinuities.

Footnotes to Table 1

2.

3.

4.
5.




H.6 ( 5 0 8 )
T ab le 3

MONEY STOCK MEASURES

Billions of dollars

Seasonally adjusted

Period en<ding

13-week
average

4-week
average

1991-JUNE 17
24

848.9
850.0

854.7
856.4

M3

M2

Ml
13-week
average

4-week
average

860.3
858.4

3392.0
3393.3

3400.6
3400.7

week
average

week
average

13-week
average

4-week
average

3408.4
3400.2

4171.9
4171.4

4172.7
4169.4

4177.4
4163.5

week
average

JULY

1
8
15
22
29

850.8
851.9
853.0
854.4
856.3

859.2
859.3
858.6
859.0
859.6

861.8
856.7
857.5
859.9
864.4

3394.8
3395.4
3395.8
3396.1
3397.0

3403.3
3400.8
3397.3
3394.4
3391.5

3400.5
3394.1
3394.4
3388.7
3388.7

4170.8
4169.4
4167.0
4164.8
4163.8

4167.0
4161.5
4155.6
4151.2
4149.3

4153.2
4151.9
4153.6
4146.2
4145.5

AUG.

5
12
19
26

857.7
858.5
859.4
860.8

862.4
863.7
864.9
866.2

867.7
862.8
864.6
869.8

3396.8
3396.0
3395.3
3395.1

3390.7
3389.0
3389.6
3391.8

3390.8
3387.9
3390.9
3397.5

4161.4
4158.8
4156.3
4154.1

4146.3
4143.5
4143.0
4144.0

4140.0
4142.1
4144.5
4149.5

862.1
862.9

866.1
867.1

867.1
866.7

3394.9
3393.9

3391.0
3391.7

3387.8
3390.4

4152.3
4149.5

4143.5
4142.4

4138.0
4137.5

SEP.

2p
9p

Not seasonally adjusted
M2

Ml

Period en<ding

13-week
average

4-week
average

1991-JUNE 17
24

848.1
849.5

852.3
855.9

week
average

13-week
average

4-week
average

863.0
843.5

3388.6
3389.2

3391.0
3393.9

M3
week
average

13-week
average

4-week
average

week
average

3405.2
3376.8

4168.5
4167.2

4165.8
4164.8

4177.0
4141.9

JULY

1
8
15
22
29

850.7
852.1
852.3
852.3
853.5

858.1
861.3
862.4
865.2
862.0

858.6
880.0
867.3
854.7
846.1

3389.9
3389.5
3388.7
3387.9
3388.8

3395.8
3397.3
3398.0
3400.3
3395.1

3392.1
3415.1
3408.1
3385.7
3371.3

4165.5
4163.2
4159.8
4157.2
4156.4

4161.0
4158.3
4155.4
4155.8
4152.4

4143.1
4171.2
4165.4
4143.3
4129.5

AUG.

5
12
19
26

855.3
857.2
858.9
860.7

860.2
860.6
863.1
864.7

872.5
869.0
864.8
852.3

3390.1
3391.5
3392.6
3393.9

3390.6
3388.3
3390.6
3393.3

3397.2
3399.0
3395.0
3382.0

4155.7
4155.5
4154.9
4154.5

4146.6
4144.5
4146.5
4149.3

4148.2
4157.0
4151.3
4140.8

861.5
862.8

861.8
865.4

861.0
883.3

3393.8
3393.7

3389.7
3392.1

3382.9
3408.3

4153.1
4151.3

4147.1
4147.5

4139.4
4158.4

SEP.

2p
9p

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
B i l l i o n s of dollars> seasonally

adjusted
Nontransact ions
component s

Other checkable d e p o s i t s

Currency1

Date

T r a v e l e r2 s
checks

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

Genleral purpose
and b roke r/dea1er
money' market funds

1990-APR.
MAY
JUNE

230.
231.
233.

278.1
275.8
276.3

202.
203.
205.

88.
88,
88.

291.
292.
293.

2472.2
2475.3
2479.1

802.8
799.9
795.2

327.0
325.3
327.5

JULY
AUG.
SEP.

235.
238.
241.

275.
278,
279.

203.
204.
205.

87.
87.
87.

291,
292.
293.

2484.7
2493.2
2500.0

793.6
793.6
787.2

329.2
335.8
339.3

OCT.
NOV.
DEC.

243.
245.
246.

277.
277.
276.

205.
207.
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

341.6
341.9
345.4

1991-JAN.
FEB.
MAR.

251.
255.
256.

272.
276.
277.

209,
211,
214,

84.
85.
86.

293.
296.
301.

2505.1
2518.8
2532.9

792.9
805.3
793.1

353.9
358.2
363.6

APR.
MAY
JUNE

256.6
256.8
257.6

275.8
278,
281,

215.
220.
223.

86.
88.
88.

301.
308.
312.

2542.2
2545.5
2543.7

787.0
776.7
765.0

364.2
365.1
364.3

JULY
AUG. p

258.
260.

279.
279.

225.
229.

88.
88.

314.1
317.9

2531.5
2524.9

757.1
752.1

359.4
352.8

Meek ending
1991-JULY 15
22
29
AUG.

SEP.

5
12
19
26
2p
9p

1.
2.

258.1
259.0
260.4

7
7
6

278.
278,
280.

224.6
226.0
227.1

88.
88.
89.

312.8
314.3
316.3

2536.
2528.
2524.

759.
757.
756.

360.9
359.6
356.6

260.2
259.9
260.7
261.6

7
7
7
7

282.
278.
278.
281.

227.9
228.5
229.8
230.5

89.
88,
87.
89.

317.
317,
317,
319.

2523.
2525,
2526.
2527,

749.
754.
753.
752.

353.8
353.8
352.2
353.1

261.7
261.0

7
7 e

279.2
278.8

230.6
231.8

87.8
87.4

318.
319.

2520.8
2523.7

750.
747.

351.1
350.4

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), 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 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.




.6 (508)
able 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
ill ions of dollars, seasonally adjusted

At
At
commercial
thrift
institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits 1

Money market deposit accounts

At
At
commercial
thrift
banks
institutions

Total

At
At
thrift
commercial
institutions
banks

Total

Large-denomination time deposits 3
At
At
commercial
thrift
4
banks
institutions

Total

L990-APR.
MAY
JUNE

364.4
366.1
369.6

134.9
134.3
132.6

499.3
500.5
502.3

192.3
192.7
194.0

219.1
218.6
217.8

411.5
411.3
411.8

544.4
553.4
563.8

607.8
600.2
590.8

1152.2
1153.5
1154.6

396.8
397.5
397.7

146.9
143.0
140.3

543.7
540.5
538.0

JULY
AUG.
SEP.

371.8
374.7
376.1

131.6
131.2
131.3

503.4
505.9
507.4

195.2
195.9
196.5

217.5
216.8
215.8

412.7
412.7
412.3

571.6
574.9
579.4

585.2
583.4
580.7

1156.8
1158.3
1160.1

398.7
395.8
390.9

136.4
133.4
131.0

535.0
529.2
521.9

OCT.
NOV.
DEC.

376.7
377.4
378.4

130.0
129.4
127.6

506.7
506.8
505.9

197.7
198.2
199.4

213.9
212.9
211.4

411.5
411.1
410.8

588.1
589.5
598.1

573.3
572.3
566.1

1161.4
1161.8
1164.2

386.8
387.4
386.1

128.3
125.1
121.1

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

377.7
383.2
388.9

127.5
128.3
130.3

505.2
511.5
519.2

201.4
203.2
205.8

210.6
212.1
214.7

412.0
415.4
420.5

601.6
605.5
607.8

562.3
557.1
550.5

1163.9
1162.7
1158.3

394.0
401.1
399.9

118.0
114.9
111.6

511.9
516.0
511.5

APR.
MAY
JUNE

393.8
399.9
404.5

132.8
136.2
137.6

526.6
536.1
542.1

208.9
211.4
215.1

218.4
221.7
223.8

427.2
433.1
438.9

604.1
601.2
601.7

546.1
539.3
527.4

1150.2
1140.5
1129.1

398.5
399.3
398.0

108.8
104.6
100.9

507.3
503.9
498.9

JULY
AUG. P

408.0
410.2

139.2
138.2

547.2
548.4

217.6
220.7

225.2
227.0

442.8
447.7

600.9
604.8

517.7
505.5

1118.7
1110.3

393.5
390.5

97.7
93.8

491.2
484.4

409.1
407.8
408.3

139.6
139.4
139.1

548.7
547.2
547.4

217.1
217.9
218.7

225.3
225.3
225.6

442.4
443.2
444.3

600.1
600.9
602.1

519.5
516.4
513.7

1119.6
1117.3
1115.8

394.8
392.4
393.4

98.5
97.2
96.0

493.3
489.6
489.4

408.6
410.4
410.6
410.6

138.7
138.3
138.3
137.8

547.3
548.7
548.9
548.4

219.3
220.0
220.7
221.6

226.5
226.6
226.9
227.1

445.8
446.7
447.6
448.8

603.1
604.6
605.5
605.4

510.1
507.0
504.8
503.7

1113.2
1111.7
1110.3
1109.1

393.0
391.5
390.1
389.2

95.6
94.6
93.7
92.9

488.6
486.1
483.9
482.1

410.7
412.5

137.7
137.8

548.4
550.2

221.9
222.1

227.8
228.3

449.7
450.4

604.8
605.1

502.5
501.0

1107.2
1106.1

389.2
386.2

92.5
92.3

481.7
478.5

Week ending
1991-JULY 15
22
29
AUG.

SEP.

5
12
19
26
2p
9p

1.
2.

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.
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 components*

Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper 3

Federal
debt

Non-Federal
debt

1990-APR.
MAY
JUNE

106.9
107.6
108.1

119.9
120.7
121.4

329.9
315.4
331.7

36.0
35.4
34.7

351.9
349.1
349.1

2330.6
2345.1
2374.2

7693.8
7721.0
7748.2

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

333.9
328.6
331.9

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7780.5
7811.5
7844.5

OCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0

329.9
332.8
333.9

32.6
34.0
34.7

358.8
359.0
359.4

2473.9
2507.3
2534.3

7870.9
7889.3
7899.7

1991-JAN.
FEB.
MAR.

130.1
139.3
142.0

126.7
127.8
128.9

331.7
329.6
325.7

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

145.6
146.2
143.3

130.1
131.4
132.5

305.5
297.2
324.9

30.7
28.8
27.6

337.6
322.7
326.4

2591.0
2613.7
2646.1

7968.7
7989.4
8002.6

JULY
AUG. P

141.8
144.8

133.5 p

336.8 p

27.7 p

336.2 p

2672.1 p

8021.5 p

Neek ending
1991-JULY 15
22
29

143.2
142.1
141.5

5
12
19
26

139.3
143.6
146.4
147.0

AUG.

SEP.

2p
9p

147.0
145.3

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.
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,
•indicates
preliminary data.
p-




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Other checkable deposiits

Nontransactions
components

Total

In M 2 6

In M3
only 7

Overnight
RPs*

Overnight
Eurodollars9

Genteral purpose
and broker/dealer
money' market funds

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

330.9
321.7
322.2

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

325.0
334.6
339.2

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

341.1
343.4
345.5

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

354.2
362.3
370.0

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
766.6

50.8
52.1
53.2

20.0
17.6
16.1

368.5
360.5
358.0

260.8
261.9

8.5
8.6

280.7
278.7

222.8
226.6

89.1
88.3

311.9
314.9

2532.5
2527.8

756.7
756.4

52.3
54.6

13.5
13.8

354.5
351.6

15
22
29

261.1
260.5
259.6

8.5
8.5
8.6

284.3
276.5
272.0

223.7
221.4
219.4

89.8
87.7
86.4

313.5
309.1
305.8

2540.8
2531.0
2525.2

757.3
757.6
758.2

53.4
50.9
52.4

14.1
13.6
12.4

356.
356.
353.

5
12
19
26

262.1
263.0
262.0
260.7

8.7
8.7
8.6
8.6

283.4
279.8
280.5
272.9

227.4
227.7
226.0
224.2

90.9
89.8
87.6
86.0

318.2
317.5
313.7
310.2

2524.8
2530.0
2530.2
2529.6

751.0
758.0
756.3
758.9

53.0
53.3
57.1
56.1

12.7
13.3
13.2
14.9

350.
352.
350.
353.

261.3
263.1

8.5
8.4 e

276.3
284.1

227.2
236.4

87.7
91.3

314.9
327.7

2521.9
2525.1

756.5
750.0

52.5
54.8

14.7
12.7

350.
349.

Travelers
Demand
checks 2 deposits3

At
commercial
banks 4

Date

Currency 1

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. p

At
thrift
institutions5

M-'-sK ending
199i

AUG.

SEP.

2p
9p

Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions,
Outstanding amount of U.S. <dollar-denominated
"
travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions> the U.
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), 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.
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.



.6 (508)
e 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1

Money market deposit accounts
At
A*
thrift
c:ommercial
institutions
banks

Date

Total

At
At
thrift
commercia,1
institutions
banks

Small-denomination time deposits 2

Total

A
At
*
thrift
commercial institutions
banks

Total

Large-denomination time deposits 3
At .
At
commercial
thrift
banks 4
institutions

Total

1990-APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.4
407.3

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

L991-JAN.
FEB.
MAR.

380.6
384.7
391.1

128.4
128.8
131.0

509.0
513.5
522.1

199.9
201.5
205.8

209.0
210.4
214.7

408.9
411.8
420.5

602.1
606.1
607.4

562.7
557.7
550.1

1164.7
1163.8
1157.5

392.3
399.7
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.
MAY
JUNE

394.0
395.8
401.9

132.9
134.9
136.7

526.9
530.7
538.6

209.5
211.9
216.5

219.0
222.2
225.2

428.5
434.2
441.7

604.2
601.0
602.1

546.2
539.1
527.7

1150.3
1140.0
1129.8

396.3
398.9
397.5

108.2
104.5
100.8

504.4
503.4
498.3

JULY
AUG. P

404.8
408.8

138.0
137.7

542.8
546.5

219.7
221.3

227.5
227.6

447.2
448.9

602.8
605.9

519.3
506.5

1122.1
1112.4

392.2
391.5

97.4
94.1

489.7
485.6

406.4
404.3
404.4

138.6
138.2
137.8

545.0
542.5
542.2

219.9
220.0
219.7

228.2
227.4
226.6

448.0
447.4
446.4

602.1
602.7
603.4

521.3
517.9
514.9

1123.4
1120.6
1118.3

393.2
391.5
393.3

98.1
97.0
96.0

491.3
488.5
489.3

406.1
409.1
409.5
409.0

137.8
137.9
138.0
137.3

543.9
547.0
547.5
546.3

220.7
221.5
' 221.5
221.4

227.9
228.2
227.7
226.9

448.6
449.7
449.3
448.3

604.7
606.2
606.7
606.1

511.5
508.4
505.8
504.3

1116.1
1114.6
1112.5
1110.4

392.2
392.2
391.0
391.3

95.4
94.7
93.9
93.4

487.6
487.0
484.9
484.7

409.7
413.4

137.4
138.0

547.1
551.4

221.3
222.3

227.3
228.4

448.6
450.7

605.3
605.3

503.0
501.1

1108.3
1106.4

391.0
387.5

92.9
92.6

483.9
480.1

•Jeek ending
L991-JULY 15
22
29
AUG.

SEP.

5
12
19
26
2p
9p

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




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjustea
Term RPs 1
At
Institutiononly money commercial
thrift
imarket funds
banks
institutions

Date

Debt components 6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
accep tances *

Commercial
paper 5

Federal
debt

Non-Federal
debt

1990-APR.
MAY
JUNE

105.9
106.8
106.2

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.

108.3
113.1
113.4

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.

117.1
121.2
127.0

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.

134.8
144.0
143.9

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

144.1
145.2
141.0

47.8
47.6
48.0

33.3
32.2
29.4

81.1
79.8
77.3

68.2
65.4
65.0

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. P

139.7
143.9

49.2
48.6

29.3
29.7

78.5
78.3

64.5
63.6

133.6 p

326.6 p

27.8 p

336.4 p

2657.9 p

7994.3 p

139.9
141.4
141.3

49.6
49.4
49.2

29.0
29.5
29.6

78.5
78.9
78.9

63.5
64.5
64.5

138.5
143.0
144.8
146.6

48.0
48.2
47.9
49.5

29.4
29.9
29.9
30.1

77.3
78.1
77.8
79.7

63.0
64.9
63.6
62.8

145.3
142.8

49.9
47.9

28.6
30.3

78.5
78.2

63.2
63.1

Week ending
1991-JULY 15
22
29
AUG.

SEP.

5
12
19
26
2p
9p

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

Foreign
Foreign
<commercial official
banks
institutions

Date

U.S. government depoisits
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercia 1
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

3.4
3.4
3.3

5.1
3.4
5.5

4.4
5.1
5.0

14.9
21.8
15.4

24.4
30.3
25.9

1.3
1.3
1.2

115.6
117.7
119.5

134.0
133.8
133.6

34.0
34.2
34.3

283.6
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. P

8.2
8.2

1.4
1.4

3.2
3.2

3.7
3.6

6.6
5.8

17.1
13.5

27.3
22.9

1.6
1.5

141.8
143.1

126.4 e
125.3 e

44.8 e
45.1 e

313.0 e
313.5 e

8.3
8.0
7.8

1.3
1.4
1.6

3.2
3.2
3.2

3.6
3.4
3.1

6.3
6.6
6.0

13.8
15.8
18.5

23.7
25.7
27.6

1.6
1.6
1.6

8.2
8.5
8.2
8.0

1.3
1.3
1.4
1.4

3.2
3.2
3.2
3.2

4.5
3.2
4.2
3.0

5.5
6.6
5.3
5.3

22.0
12.9
10.9
11.2

32.1
22.7
20.3
19.5

1.5
1.5
1.5
1.5

7.9
8.6

1.4
1.5

3.2
3.2

3.6
4.5

6.1
5.7

13.0
9.7

22.7
19.9

1.5
1.5

Heek ending
1991-JULY 15
22
29
AUG.

SEP.

5
12
19
26
2p
9p

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




H.6 (508)
Special Supplementary 13ible

Monthly Survey of Selected Deposits
July 31,1991 and August 28,1991 1
(not seasonally adjusted)

Insured Commercial Banks
Average Rate Paid (%)
Amount Outstanding ($mil)
Change
Liability Categories

July 31

August 28

(percent)

July 31

August 28

Change
(b.p.)

NOW Accounts

221,658

222,156

0.22

4.58

4.53

-5

Money market deposit accounts
Personal

279.836

281,610

0.63

5.24

5.16

-8

121,502

123,585

1.71

5.22

5.14
5.04

-3

Nonpersonal

217,014

218,451

0.66

5.07

52,772

51,734

-1.97

5.60

5.42

-18

92 to 182 days

165.323

162,856

-1.49

5.82

5.61

-21

183 days to 1 year

215,081

216.477

0.65

6.10

5.86

-24

1 to 2-1/2 years

162,500

164.702

1.36

6.45

6.22

-23

151.352

154.196

1.88

6.96

6.79

-17

142,678

143.455

0.54

N.A.

N.A.

N.A

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

2-1/2 years and over
All IRA/Keogh Plan deposits

2

BIF-insured Savings Banks 3
Amount Outstanding ($mil)
Change
August 28
(percent)
July 31

Liability Categories
NOW Accounts

Average Rate Paid (%)
July 31

August 28

Change
(b.p.)

8,978

8,790

-2.09

5.27

5.22

24,004

23,941

-0.26

5.66

5.55

-11

1,759

1.764

0.28

5.62

5.49

-13

42.088

42.390

0.72

5.54

5.52

-2

5.611

5.429

-3.24

5.77

5.62

-15

92 to 182 days

24.286

23.905

-1.57

6.05

5.88

-17

183 days to 1 year

35.022

34.356

-1.90

6.39

6. IS

-21

1 to 2-112 years

25.295

25.052

-0.96

6.64

6.51

-13

2-1/2 years and over

19.047

19,060

0.07

7.38

7.23

-15

23.934

23.822

-0.47

N.A.

N.A.

N.A.

Money market deposit accounts
Personal
Nonpersonal
Savings deposits
Interest-bearing time deposits
with balances of less than
S 100.000 with original
maturities of:
7 to 91 days

All IRA/Keogh Plan deposits

2

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 500 commercial banks and
80 savings banks. All rates are expressed as annual effective yields.
2. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3.
BIF-insured savings banks include both mutual and federal savings banks.