Full text of H.6 Money Stock Measures : September 19, 1991
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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.