Full text of H.6 Money Stock Measures : September 5, 1991
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SJ&E&& FEDERAL RESERVE statistical rel<£as® H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES SEPTEMBER Billions of dollars Date Ml 1 M2 2 M3 J L« 5, 1991 DEBT Seasonally adjusted 1989-AUG. SEP. OCT. NOV. DEC. 779.9 781.8 787.9 788.9 793.6 3147.3 3162.8 3183.0 3203.4 3223.1 4012, 4018. 4027, 4041, 4055 4826.1 4834.5 4851.7 4869.4 4889.9 9570.7 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 4061.4 4073.1 4077.2 4082.7 4082.7 4085.8 4089.0 4103.3 4109.0 4109.4 4108.9 4111.8 4895. 4902. 4914. 4920. 4903. 4922, 4926. 4934, 4955. 4955, 4960 4965.8 9833.8 9897.1 9969..5 10026..6 10070..4 10128..4 10188..7 10257..3 10312..4 10349..5 10399..5 10436..1 1991-JAN. FEB. MAR. APR. MAY JUNE JULY 826.7 836.4 843.0 842.1 851.6 858.4 859.7 3331.8 3355.2 3375..9 3384..3 3397..2 3402..1 3391..0 4124 4160 4169 4171 4174 4167 4149 4982. 5009, 5008. 4972, 4949, 4979.6 p 10467.8 10525.9 10563 9 10576 2 10621 6 10671 6 p 1989-AUG. SEP. OCT. NOV. DEC. 777.8 778.9 784.5 791.4 811.9 3147.6 3158.1 3180.8 3206.7 3236.6 4016.6 4016.8 4025.2 4048.4 4067.0 4823.7 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 3245 3267 3292.8 3262.8 3284 3298 3310 3317 3322 3327 3342 4067.8 4061.5 4075.8 4090.8 4064.3 4080.8 4091 4108. 4107. 4106. 4116. 4123.8 4911. 4893. 4912. 4930. 4888. 4914. 4918. 4932. 4954. 4950. 4964. 4984. 9822.2 9864.3 9925.6 9980.8 10024.1 10084..6 10145..5 10208..2 10263..1 10310..0 10370..0 10423..3 1991-JAN. FEB. MAR. APR. MAY JUNE JULY 833.2 823.4 835.0 852.8 841.6 857.7 861.9 3342, 3345. 3375. 3397, 3376. 3395. 3394. 4130.8 4148.5 4168.3 4180.5 4155.4 4162.2 4152.8 4998, 4999. 5006. 4983, 4934. 4970. 10455.7 10490.8 10518.6 10531 10576 10628.8 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. 9516.6 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 3 Months from APR. 1991 TO JULY 1991 8.4 0.8 -2.1 4.1 6 Months from JAN. 1991 TO JULY 1991 8.0 3.6 1.2 4.5 12 Months from JULY 1990 to JULY 1991 6.0 2.9 1.5 5.4 27, 1991 (13 weeks previous) 7.4 1.2 -1.5 FEB. 25, 1991 (26 weeks previous) 7.8 3.5 1.3 5.9 3.0 1.6 Thirteen weeks ending AUGUST 26, 1991 from thirteen weeks ending: MAY AUG. 27, 1990 (52 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1991 to June 1991, December 1990 to June 1991, and June 1990 to June 1991, respectively. Footnotes to Table 1 1. 2. 3. 4. 5. 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 (NOW) 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 0CDs ? 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, a n d t h e 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 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 overnments 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. F H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjus ted Ml Period en<Jing 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-JUNE 3 10 17 24 846.1 847.4 848.9 850.0 851.7 852.9 854.7 856.4 850.5 856.4 860.3 858.4 3387.0 3389.6 3392.0 3393.3 3397.3 3398.7 3400.6 3400.7 3390.1 3403.9 3408.4 3400.2 4171.5 4171.8 4172.1 4171.7 4173.5 4173.1 4173.2 4169.9 4162.9 4174.5 4178.0 4164.2 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 3396.0 3397.0 3403.3 3400.8 3397.3 3394.3 3391.3 3400.5 3394.0 3394.3 3388.5 3388.5 4171.1 4169.8 4167.6 4165.5 4164.6 4167.7 4162.4 4156.7 4152.6 4151.0 4153.9 4153.3 4155.2 4148.0 4147.6 AUG. 5 12 19p 26p 857.7 858.5 859.4 860.8 862.4 863.7 864.9 866.3 867.7 862.8 864.6 869.9 3396.8 3396.0 3395.2 3395.0 3390.5 3388.8 3389.5 3391.7 3390.6 3387.7 3391.0 3397.4 4162.4 4159.9 4157.6 4155.6 4148.3 4145.6 4145.3 4146.4 4142.4 4144.3 4147.0 4151.9 Not seasonally adjusted M2 Ml Period en<ding 13-week average 4-week average week average 13-week average 4-week average M3 week average 13-week average 4-week average week average 1991-JUNE 3 10 17 24 843.6 845.8 848.1 849.5 841.6 847.2 852.3 855.9 850.1 867.1 863.0 843.5 3383.9 3386.5 3388.6 3389.2 3377.6 3384.9 3391.0 3393.9 3384.5 3408.9 3405.2 3376.8 4167.8 4168.4 4168.7 4167.4 4156.0 4161.5 4166.3 4165.3 4158.6 4182.4 4177.6 4142.5 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 3388.7 3395.8 3397.3 3398.0 3400.2 3395.0 3392.1 3415.1 3408.0 3385.6 3371.2 4165.7 4163.6 4160.3 4157.9 4157.3 4161.6 4159.1 4156.5 4157.2 4154.1 4143.8 4172.6 4167.0 4145.2 4131.6 AUG. 5 12 19p 26p 855.3 857.2 858.9 860.7 860.2 860.6 863.1 864.7 872.5 868.9 864.8 852.4 3390.0 3391.5 3392.6 3393.9 3390.5 3388.2 3390.5 3393.2 3397.0 3398.8 3395.1 3381.9 4156.7 4156.6 4156.3 4156.0 4148.6 4146.7 4148.8 4151.7 4150.6 4159.2 4153.8 4143.2 Note: S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are h i g h l y v o l a t i l e and subject t o 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 Nontransact ions component s Other checkable deposits At commercial banks 4 At thrift institutions5 General purpose and broker/dealer money market funds Total In M 2 6 In M3 only7 88.6 289.8 2465.0 807.6 325.9 202.9 203.6 205.5 88.9 88.3 88.2 291.7 292.0 293.7 2472.2 2475.3 2479.1 802.8 799.9 795.2 327. 325, 327, 275.6 278.0 279.1 203.9 204.4 205.7 87.7 87.7 87.3 291.7 292.1 293.0 2484.7 2493.2 2500.0 793.6 793.6 787.2 329.2 335.8 339.3 8.3 8.4 8.4 277.1 277.2 276.9 205.9 207.1 208.8 85.8 85.7 85.0 291.8 292.8 293.8 2503.5 2500.7 2502.8 784.6 784.9 783.5 341, 341, 345. 251.6 255.1 256.7 8.4 8.2 8.1 272.9 276.1 277.1 209.2 211.4 214.4 84.7 85.5 86.6 293.9 296.9 301.0 2505.1 2518.8 2532.9 792.9 805.3 793.1 353, 358. 363. APR. MAY JUNE 256.6 256.8 257.6 7.9 8.0 7.8 275.8 278.7 281.0 215.2 220.1 223.4 86.7 88.0 88.6 301.9 308.1 312.0 2542.2 2545.5 2543.7 787.1 777.0 765.6 364. 365. 364. JULY 258.9 7.7 279.0 225.6 88.5 314.1 2531.3 759.0 359.4 Date Currency 1 Travelers checks 2 Demand deposits3 1990-MAR. 228. 4 7.6 278.9 201.3 APR. MAY JUNE 230.3 231.9 233.7 7.7 7.8 7.8 278.1 275.8 276.3 JULY AUG. SEP. 235.7 238.4 241.5 7.8 8.0 8.2 OCT. NOV. DEC. 243.9 245.0 246.4 1991-JAN. FEB. MAR. Neek ending 1991-JULY AUG. 1 8 15 22 29 258, 257. 258. 259, 260. 280, 278, 278, 278, 280, 225. 224. 224. 226. 227. 89, 88, 88. 88, 89, 315.2 312.5 312.8 314.3 316.3 2538, 2537, 2536. 2528. 2524. 753, 759, 761, 759, 759, 362. 361. 360. 359, 356. 5 12 19p 26p 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. 2522.8 2524.9 2526.4 2527.5 751.8 756.6 756.0 754.5 353.8 353.8 352.2 353.1 1. 2. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions> the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreiqn 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 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 commercial thrift banks institutions Date Total Small-denomination time deposits 2 Savings deposits 1 Money market deposit accounts At commerciail . thrift banks institutions Total At At commercial thrift banks institutions Total Large-denomination time deposits 3 At~ At commercial thrift banks 4 institutions Total 1990-MAR. 360.9 134.8 495.7 192.1 218.2 410.2 540.7 609.3 1149.9 399.2 150.1 549.3 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 408.0 139.2 547.2 217.6 225.2 442.8 600.9 517.7 1118.7 393.6 97.7 491.3 1 8 15 22 29 404.7 407.0 409.1 407.8 408.3 138.1 138.8 139.6 139.4 139.1 542.8 545.9 548.7 547.2 547.4 216. 216. 217. 217. 218. 224, 225, 225, 225, 225, 440.3 441.4 442.4 443.2 444.3 600. 600. 600. 601. 602. 524. 522, 519. 516, 513, 1124, 1122, 1119. 1117, 1115.8 391, 393, 395. 392, 393, 99. 99. 98. 97. 96, 491.0 493.3 493.4 489.8 489.6 5 12 19p 26p 408.6 410.4 410.6 410.5 138. 138. 138. 137. 547. 548. 548, 548. 219. 220. 220. 221. 226, 226, 226, 227, 445.8 446.7 447.6 448.7 603. 604. 605. 605. 510.1 507.0 504.8 503.7 1113. 1111. 1110, 1109. 393.3 391.8 390.4 389.5 95, 94, 93, 92, 488, 486, 484 482, Neek ending 1991-JULY AUG. 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 Non-M3 Components of L Institutiononly money market funds Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Debt components* Commercial paper 3 Federal debt Non-Federal debt 1990-MAR. 105.2 119.2 336.9 37.2 344.1 2316.1 7653.5 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 7696.0 7725.3 7754.2 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 7787.1 7817.8 7850.5 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 7875.6 7892.2 7901.8 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 2556.3 2588.6 2599.7 7911.4 7937.4 7964.2 APR. MAY JUNE 145.6 146.2 143.3 130.1 131.4 132.5 p 302.6 292.0 321.2 p 30.7 28.8 27.6 p 337.6 322.7 330.6 p 2590.8 2613.1 2645.5 p 7985.4 8008.5 8026.1 p JULY 141.8 Neek ending 1991-JULY 1 8 15 29 140, 141, 143, 142, 141. 5 12 19p 26p 139, 143, 146 147 ZZ AUG. 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. Net of bankers acceptances neld 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. 2. 00 w Q) soja XI- 1tn HI Q O Z < U) KLJJ </> CO < Q - j 5 g N. J L . 0) en 0.2, >-3> u,» 2W •H U. 2 ^ ^ #v oc V)l t' Z > o UJ"U ZH- o° o-S 2.2 OS o« 1 W c 0 o c flj 0) •H W -H-H £§ at a 1- E -H 0 C 0 o z (A •H •H w 0 a 0) 0) X i-H X flj ^ 0 0) X 0 L 0) X •H o <rr^c\j Iflxl-^ ONOCSJ fHwin vt>±>* •H>±li1 stCsJO IflvON W M O Wharo vOsOLf) uimo stCMV^ fOONvO vOCOiH r>.i>.r>. >±co^ \*N*ND OvOiH coo co \r\ vt m m K) . • . . . • • roKiro r^iHin W M M mro* csjroro tAtArA COCSJtf O Q N O rHfHCSI OiHCsJ K l CSJ CSJ Hlfilfl f^N-ON rHrHiH csjr^ro csjiHcr jxiinst COiHCsJ COsOCSJ iflifitfi r^rvcsj \D 0 s » • O sO OCsJOhO <±r-4 rs.vO st CSJOsOhO mmmifi roroK»ro rs-csirHco ininminm whaMroro sl-rvrHsOst CsJMMst rHiHrHiH is. C M V 1 f>. CSJ csjK>rs.m mminifi cOHo<r iHrHrHrHrH i>-rostrocsj r-i mmininm K»iHK>OCSJ • CsJ soin»s.»o ic\ ^.tn^^so^t , r^rs-r^rs. I O O C 0 rH Ul>OtilvO MlflOOU) JO Kl \1" h0 CSJ lOiHrs.C>iH mLninmNO rs. i>. i^. r>-r>. H N t N ^ O tf m co• m r>. Ki Or-JiniHCO CSJinfs.CSJ mcoroin ^•crocr o j CSJ ro CSJ Lnminm CSJ CSJ CSJ CSJ o* mmmmtn CSJ CSJ CSJ CSJ CSJ KC^CO CSJ in . • • CsJ iHrH^- r^r^rv CON-sO • • • CsJ• CO. 1^-. COcsJrA COCsJO OCSJsl- comrH cooo^ r^cor^ strHCO tnsoo r-i • • • Cor>.so • • • K>• UrHrH tnmvo tors, ON sOOlT) sOsOin rHi-liH msom rHrHiH rororo sO 3\-H CLi. 0) 1 • QJ.* 1 » - * Kl *ro a> * O cor^i/i OlflN i>.is.r>. CSJN.O (Jv <js 0 s • • • ocsjro . .. ^•NDSO COr-tsO sO sO sO \£> sO \ 0 O^OON CO^fH CO CO CO rs-cois- comKi inmco m CO 0 s 0 s vtsl-vt inmis. \twKi ifliAin O^CMil iHiHrHiH CSJCSJCSJ N t ^ O COCTKlCMn O H H O O hrtKirOtOKl mmm CSJCSJCSJ ooo^ mm>± CSJCSJCSJ N-vt«H M iH rH CSJCSJCSJ rHiHfv »ororo H-J-O H O H o^cor^rH rororOKi COIS-MO C^ff'H f>»s1-iH ChChO . . • . . • • iHCTCSJ CSJCSJM CSJCSJCSJ COiHfN. CO 0 s 0 s CSJCSJCSJ oco«> OrHCOrs-sl" OOSfs.00 0 s CO CO CO r-i CO CSJ C M S . sO ^•cM-n co cr co coco CsJsOiH CO rocoo co coco 1 > OJ "H L C flj OJ E C iOJ •H 0 0) O C 0 -P 3 -H •H • - P O O * (fl • M C 0 -H m ^: L w 0 a W H (U *«- 3 E 3 -H "D C W C (J 3 QJTJ E "U CJ -H > OJflJOJ E E C W o "D E C •H.H -H-f (Dfll EX r-i OJ *H W-P TJ W 0 C W -H {0 OJ -H D OJ C "H OJ j£ L. (0 > L 0 •H •H •H ^H (rt 0) » C ~ >H > E a 3 -P *H -H (A X "H -H flj L * 0 (A • Q. OJ C 0 £ i- > C-H L >^H C 0 (0 0 flJ C «H C flJ CO) 0 > i - < - H - H (fl"DXQ'-« wo 0 a > L 0 -H 'H > X -0 QJ 3 (fl (rt •H -H o o </> 0 -H-H 1 3 H - - H -T3 C •H 0 W C 0 - H Q ) < - H flJ-H -^ > H-H 0 "D M C C 0 OJ . H X - H "H 3 -P -H -H W a c j ^ : trtfljo X -H "^ i OJ "0 OJUJ-HZI-H >tt Z W J- - O - H C O r H C (0 * « H •H flj flj ^ w -H t. (/) L. O OJ * - H OJ W 0 " D W'H^H 0) W Jxi 0 • a a > L. O -H -H W O -H c O «H - HflJC OJX • DTD^ MO Q) C-n C 0 " 0 " D - P 30Q>flJ<-CC " D - H L E X 3 3 <rt - H O 0) H - H - C 0) 0*+-"OT3 O (/) Q) C-HiH-H OC -ox "Di-flJ a\-« Q)U- C 0 0) C OJ TJ flJ a " D flJ X OrHH--o ro OJ (TJ-H o WX CO £ H O C - H O flj O (A C OJ * (OH-.H w •HW -HI3 0) •HH • H OJ -H > W (T! C i•rt|- X O O C -H C 0) OL 3 >rH OJ OJ-H c ^ .* 3 3 0) OJ L - H - f "O WflJ3 - H O E E-H C a o ro </) O(A O > • t- (A O i- H OJ •H 3 M O L > L E flJ 10) E O X * - H -H </> > T H 0 </> M - O J C C O c o j M f l j D x u o a -H a r o - H c - p OJ w o,'H w OJ c a L. ifi OJrtJ QJ "O.* 0) Q) flJr-i^H C X O flJflJ M- flJ - H 0 " O X 1OX O L C Q) W O c •HC ^H O X OJ i - ~ T J E 0) C 3»f- • - • - H X ' D - H ID 0) flJO-H O WW> "O > D C C Q I O ) fl)^«H - H (A - H . H OJ i . O i- C r H (A GJ.* -H 1_fljC O flJ O X O - H < / > X X flJ • I 1<A E </>^C/) C > - H 0) C O ) - flJ • O X X "D O - H - H C O ZSl'D"* (/) C .H . o -H"D flj (A -O D-H"OH- D O D L OJX C C O-H 3 -H«A O WQ) - H M * : J 3 ^ • H flj flj W 4 - W-*-* W - H CO) iH O ^ - H t . </>-H flj > 0) C - H - HfljC 0) CO flj L. M AJT3 Q j i H . H (A ' " O ii M X QJ^'-H C L ^ - H t-"D CO) L. L O > t t 1_2 OVH^H O E flJTJX O"0 flJ O -HI-HI-H a ^ - H ^ I_*D orairs-rs-so^- OJ-H > Or^-KliHO^ • • « • roi-itxi L. <A O (A > 3 r H flj CJ 0 O C 1 - - H OJixi OJ 1 - - D 2 r-i CSJ CSJ CSJ CSJ CSJ CSJ CSJ CSJ ^•0^lf|0,« sO sO s O v O CSJCsJCSJCsJ •—i OJ C 3 O X flJ i- O^. C Q) O T 3 < < ro aOi-HpH ^uivois. co flj ^ -H"0 D>H-H OJ a 1 1 i 1 • H«H U O - H Q flJOOCOCO flJU E H w T J T J C C 3 3 C O J C 0 0 3 3 E 0 3 W (/) OTJ O C H O l i t LTJ flJ flJ"DXQ."0-H OJJ-X CT3 > D-HTJ-H x - H Q) flJ tC c a C CflJ(rt flJ flJ OJ OlC C C "0 flJ OJ 3 flJ ^ -H E - H L OJ O)0J OJ C T J O E W C 3 T Z X - H C 0) D > H I/I-H-H • H £ QJ-H flJOO 0>H L > w f l ) 0 ( V E a o L aE-H o fljTJ-Hxzz-H •H (fl C OJ > W O I-'HrH 3 0 ) C O CH-M- L D)OH-"DH- 3 - H 0) o c - H a o j o o OJ L. o c aw L •H oj'H > re**- 3 > QJ a >TJT3T3 G) W (A 0«H 0 (AS-X»-» O C 0) L-H-H -H flj M (A C flJTJTJ O W M"+-4--H (A^HTJ «- OJ 0) OJ-H 3 C**-"*"* O O C'H flj Q) QJ-H-H J- <Ai-H flj WW 3W33CflJflJ J--HOET3CCEEOC-HW0JOO •H- a w 0) oj . - p Q . H oj fljuj (A c 0J00-H L H - X X ••'(D'DLO)^ J- • </> 0)HTJ-H C 3 X O flJ h D O E O W < / ) C M ( f l r a a o L «-H aE i - » -roOOL C X OJ flj i- C flJ-H O - H »s flj O flJ OJ 0) -r< <A (A^-l D ) « - X • "UT3 ( A - H - H - K 1_Q.^-I C X ""* OJ i J ^ w flj flj A J Q : o * H . L. U- L. C C »H TJ 3 T 3 0 0 OJ flj flj-rt W (A^H E O C C - H ^^ X OJ 0) O s- i-»H fljD flJ >»H r H o OTJ OJ 3 - H O 1-0 i-i flJ C C O - H U J C 0 ) 4 - T J O </> O N 3 T 3 • flJ-H Q d L (A (A-H O - S r H 3 * " 0 O O «- flj O -H E ' H 0 " 0 CLV) "O-H E L. E C <A O QJ.* M- o 0)H- c X - H \ vtroromo CSJ CSJ CSJ CSJ roo^ocsj r^vOsoin CSI CsJ CsJ CSJ CSJ aa IflCSJO^vO rHrHCSJ • iHCOlTlCNJO^ iHCNJCsJ >J < •H •-I E CJ OJ i tfl-¥> 0) flj N. CSJ CSJ CSJ CSJ CSJ Kicrtfvocsj coco co rs. rs. CsJ CsJ CsJ CsJ Noun-sO CSJ O CO CO is-CO i s . N-rHO^ l^.f>.|>. • CSJCSJCSJ CO CO CO CO CD 0 ) 0 ) co coco co co .H csjrocsjo w^mwvo co co co IflCOiH • r^isieo CO CSJCSJCSJ "0 COKIr-IO^ UisOsOvOlil CO f^h-rv OstiH sO CSJ w cor^vo tfiinm -J > • * •o * . • vOh-O^ iHOOls. CSJCSJCSJ "crcsjifi stmii> UJ CD 3 I r-i O -3> H C ffl Z ^Q) D -) c O^iHiHLnsO stst>t cor>->o csjin<r CSJCSJCSJ . <z-> • • • a:>z Zcoa: <UJ< 0 . 0 i a: c csjr^iH CSJ r H CSJ N O H romi-i co co co CSJCSJCSJ CSJ CSJ CSJ CSJ CSJ • • • • > • C*• • • • CM^cr csjinc> xtrs-rHiH vtrom OOfs.>t\t CO CO CO CO CO CO CO strHCO mirjixi COCO CO r*.v*r>. cor^N. cr coco OOlfl s* iHCOCO vtCOO^ LHCSJN. KlCSJCsJ CO CO 0 s CSJ CSJ CSJ sl-itfro rs-sors. sttftf CSJ • f** sO<ro fHrHrO tAsOt-i O O r - l CSJ O Ui CsJ CsJ CsJ oirt<> CSJCSJCSJ r^-coo i>.vor^ 1H1H1H CSJCSJCSJ COOC^ CSJCSJCSJ roco<sj CSJCSJCSJ rococo o o o r>.r>-f>. l^-vOCO CSJCSJCSJ OO^CsJ CSJCSJCSJ CSJ sO CSJ CsJ CsJ ocom CONOIS. tf\ N N CO sOChCO • MstO r-i N. >0 CO Os l>.O^iH ^d-oco coeor^ r-i Is. CSJ CSJ CSJ CSJ o^os* o o o • co co °cr ' •"•' CSJ »-• *^ co CD co f-t ^ » sO •H • non i. i. E 1 i-«^ Q)_Q C > QJ-U 0) CD C C (D 0 E O)0) e* «H w X <• Hi-H Q)"U C^H i- 0 LU 3 as X D) -H .i-«o C W i-a > Q)Q£ a Kir- Z rH C C M 0 sD CSJ z c M <u f-H •+•» 0 K m (A C 0 • H (/) c -f-»'H H--H -H-H 3 < 1--H X - H -*-'-4-' (0 r-1 •MvT 0 W •H i_.* < 0) C E (D EX 0 0 M W TJ-H C>" flj W E 0 OJ a a o) "D W L-N Q) V) -H^ ft QJ 0 > 0) (OX i- 0 1- > CSJCSJCSJ l->CJ UOUJ O Z Q > - i o •a.'• • • • -><</> 3DUJ Kirovt frr-i& UJ CsJfOhO CsJ CsJ CSJ rs. • CSJ • a>z O Q . « < Z " 3 fH iH r-i O"" o a:• z<i CsJ $- 0 C 0) L 3 <J 0 •H (0 a rpose dealer funds -Pw roM c M'M• i o O M. H-Q) O HT < H. 3 (D 3 o- 8- (D 0 a. ft) 3 > a. ft) ft) 3 H- Q) 0"H- ft) ft) H . 3 3 (D O ^W (D O • W (Q H * 3 H- M.O "J - h (D ft) 3* ft) ft) 3 3 *Q.H3 </> » u- H-3 M-ft) H-HC H. H-0 M-3 O 0) 3 M O i/) a. > HM 7) * O (0 O <n> M O •o * • (DO cr ao * x 0) 3 3 0 Q_W W (0 a. w C (D c x (D (D H-X O 3 M C C H-CL C H. 0) 3 ;*- 3 O 0 3 1 (D < 3 O 3 T ft) 0 -J <• < o o CO •—OH-MG L O W V> WOIDT (0 -*TJ O OW 3 " </•</> (D © MM. zrw a* o W 0 H- I V) C M'ft) 3 3 "T H-H-(D (0 ro 3 M"Q H-Q) M W W 3ft)30 ^•H-3 CT(D 3 0) o) a . H< 3 (AH 0) W - h - J M»W T (0 C O H- -J (D (0 3 O OJO (D V) H - H . © 0*3 O H-0 O H-"J h3 3"Q) C 3 0 0 0. ft)ft)V) I H-T C H . I IfllA W > H ' H ' f i ) M'W «-»-rt--T H-« oomoo Q) • 3 3 H-3 C H- (D (D 3~(D a ft) -T (0 aQ.H>Q. (0 (0 -t>(0 2 "O"0 H-"0 2 Q.W H ' H » 0) H-0 O 0 -T H - 3 3 0) 3 (0 < O 3 X 3 H-H-Q.H-0 row-gcr> HNWvO U1NIU1.P.P 0>03NONO0> OOH09M 00 03 09© a - v j 03 0)^0 ^ SO N*«0 *SO ^D ^vO-M^ S W M W M O WWWIMU4 WIM-PUI \ 0 NO ^O ^O H H N N WWWW w^^%oUi Mrorororo OJOIMO^^J oro^^ a»<r->4ro t-*^t^t-» SONOWWO^ -P>->JM.PUl ^UlOOM W0»^U1 MMrororo UTsJMCTsO W>OW>J O O O M wrororoM OSO^ON^V o o o o o .p-pos-P .p.p.p.P OONOVOO) o o o o ^ 4 > ^ ^ ^ ^ s ^ s ^ ^ ^ O-^OOviW .P.P-P.P a^-prorooo <r> >J oo 00 ui O^-MOOS Cocoi\>s£> rororororo rorororors) NOOSOVO^VI M M M O rorororo rorororo rororororo h*™ i-* *-* *-> NU1OO0) JMJIOVO rorororo rorororo uiuiuiuiui rorouiro<r> o^-sisw ooroo^soin •POsoOo ITIITIITIITI WWWWW •^OOOOS0,> OlTIMM WWWW •M09-N|->l •P.pov^O i>w!!proW SONONOO^ C H ' H - W H«W 3 ooooo ^ ^ - p ^ ^ oooo roroM sorotfiOOM -< c c r- .P.P.P.P rOMM o^soroln •CD 0 > M sO sO M M»W H - H « C T H " 0 M - H - 3 3 0) 3 W 3 H-Q) Q) 3ft)H . "O 3 3ft)3 0 . -j H-0 0 M O (0 (0333 3-0 H-0 © (0 (0 M 3 (D H- I I -J I (Q V) ft) CLQ.0 Q.W Q) H < Q ( Q 3 h-H- 3 Q_0 r - r - o WOO M.-h£U 0) 0 3 Q) O -+.-J "J 3 to < i "O 3 (0 a. (D 3 Z (D (D 7T • >4^o 00 00 vO ^ ro w sO www sO sO vO UICO-NI SW*^ M-v|">J tnuiin iTiUia* o*>jro w-P-P vorooo sOOO M M O 0 0 W ^ O^sO intnui M^>4 O-P0B oouiro ^-n^y^ o o o >iooo^ sOvoro uivow ^ N I W www sO vO v0 ooow sOOO N H N W M (jiuiui row^ vis©<r in M NO ^t-*!-* MOro 0> Uio>vO o o o o o o N H * «>40^ro vjrout ^ ^ * . -P--P-.P* **wro roMO M-PQJ O H O ) roroo o ro ro ^. j> •vj Ui OOsO UIMNO roron* unjiln roMO rowvo O09-P wroro H0)0» M>j<r W W W sO0009 M ^ O " • . • 2-nC > m > 70&Z. rororo rororo roroM M M O uirovo <POvO H"MO <r>Mso M >o ro ro -si rororo UiUiUi wwro cooa- •sJsOsO www o^-Pro voa>o ^IMW O v £ vO MUl-P- m 2K70 O T J C 2 > ro ro ^ UI w 0> ^ O *» < C C I- o^s^j ooooo) UlUlUl uia^o^ MWUI MsOW O M M VJ17100 uiuiui w-Pro roww **OW uiixiui 0^>JsO www MsOM MUi^o >4">IW roo^>i SONONO www rororo MsOW <TsOsO 00 0 ) 0 0 www NDOO uiroM roooro w ro M w sO CD ^ UI h-^h^h* ^ ^ ^ wroos vo vo o OvO->J UHjia^ vOvO«P wroj> UlUlUl CMJT>I -Proro uiuiin rovoa^ uivmji ^ in o UI M so VO w >j so M w w ^ ^ xlvOO vO MOOO oro^ -P-P-P rOMO^ -g-Ni-P* NONOVO www Co-Pro ro ^ O rororo ro l-H-**-* M sOvO>o Co wwso inwro w-vio sOvOvO sOUlsO *^^^ vOOO ^ w o o soo^oo 0^<J> OSOM <Mnch Mwro 4>MW UlUlUl M0>rO sOUlW MUlO UiUlUl sO09 0> 0s o>0) "NlOvO 0 H W U 1 171 www ^-^a^ •>jro* O^ 0 0s 2 > /0 I o w ws ws w s t - 2 > 0 " 0 Z < » m • M ^ O » ^roro t-^t- *- -P-P-P 1 1 -P^Ui^i UTinUi W-POx S O N O M M ^ ^ ^ a>o^*> rororo \->h*i-^ UI-NINT) rouiro >jsoro rororo OMM soro.p O^O^-NI sowo WO>ON •NI-NIOJ Uiin^ OOsO Ul^sO M O O OsOUl sO09^ >JM>4 Uittiui www O O O OOOsO OUIH« UiWso **J "*J 0 w w ws C/)>Cm c c TJOr -< rowro ^ N 0 ) MNOUI 05>J**4 www OZO moo 0 < H sO o o H-X H-T > C H.H- ft) O CT3 ft) 3 3 (0 > 7T-J HW O o H-HH.3H-"7 > C M-H- 3 w O O 3 0"3 ft)ro> 3 ~$ H- H-HM.3" H--J > C H-H- 3 w ft) W M. 3 0T3 ft)ro> 3 T H7T0 H 0 H- 3 w >•»*• 0 3 v> r+-r+ M-ZT H-T > C >*>*• H--4> H» 0 0 3 CT3 ft) (0 > 3 "J H7TO W M' ft) M« ^* •u a. ro o 3 ro 3 ft) H" 3 0 3 ro i a. ro 1 (Q ro o Q. ro "O 3 (Q W c 3 fi) 0 0 0 H- H' Q. (D •o 0 W (D H- 3 ft) "7 < 2 0 3 (D CD z o a m > CO > en in m H c JO ro T T 5.0 •cO > a) m ro ^^, H- M • (0 ft) " 1 CL O 0"°^ 0 ^ Ul 3 - . ITIO W *^ I CO O w 0 M-O CO^N H I # ft) • H V H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 InstitutionAt only money commercial thrift banks market funds institutions Date Debt components 6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury 1 securities3 Bankers acceptances4 Commercial paper 5 Federal debt Non-Federal debt 1990-MAR. 106.8 50.1 48.3 98.4 66.7 119.4 337.2 36.1 343.8 2319.2 7606.4 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 7649.9 7684.4 7721.5 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 7758.7 7785.8 7818.5 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 7850.7 7871.2 7891.2 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 2590.7 2602.8 7898.0 7900.1 7915.8 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 65.7 65.6 130.4 131.6 132.7 p 301.2 287.6 310.9 p 30.1 28.7 27.8 p 341.4 330.8 336.6 p 2593.0 2609.1 2635.3 p 7938.6 7967.6 7993.4 p JULY 139.7 49.4 29.2 78.6 65.4 1 8 15 22 29 136, 137. 139, 141. 141, 47, 49, 49, 49. 49, 27.8 29.2 29.0 29.5 29.5 74. 78. 78. 79. 79. 65. 66, 64. 65. 65. 5 12 19p 26p 138.5 143.0 144.8 146.6 48, 48, 48. 49, 29.3 29.8 29.8 29.9 77. 78, 78, 79.8 64, 65, 64, 63, Neek ending 1991-JULY AUG. 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. ~ -_x_ of* U.S. .. ~ Treasury ~ Sills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Consists bi 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. p—indicates preliminary data. M.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS 10 Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits Time and savings deposits due to Foreign Foreign foreign banks commercial official and official banks institutions institutions Date 1990-MAR. 9.0 1.6 3.4 Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance 5.3 13.1 22.0 4.4 5.1 5.0 14.9 21.8 15.4 IRA and Keogh Accounts Time and savings At deposits At thrift at commercial commercial banks banks institutions At money market funds Total 113.3 133.9 33.6 280.8 24.4 30.3 25.9 1.3 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 APR. MAY JUNE 3.4 3.4 3.3 3.6 5.1 3.4 5.5 JULY AUG. SEP. 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. 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. 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 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 1.6 137.3 138.9 140.3 129.9 129.2 127.8 43.6 e 44.0 e 44.5 e 310.8 e 312.1 e 312.5 e 141.8 126.4 e 44.8 e 312.9 e 8.8 JULY 8.2 1.4 3.2 3.7 6.6 17.1 27.3 1.6 31.5 16.8 13.8 15.8 18.5 22.0 12.9 10.9 11.0 44.9 28.2 23.7 25.7 27.6 32.1 22.7 20.3 19.3 1.6 1.6 1.6 1.6 1.6 Neek ending 1991-JULY 1 8 15 22 29 7.8 8.6 8.3 8.0 7.8 1.5 1.4 1.3 1.4 1.6 3.3 3.2 3.2 3.2 3.2 4.3 4.0 3.6 3.4 3.1 9.2 7.5 6.3 6.6 6.0 AUG. 5 12 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 3.1 4.2 3.0 5.5 6.6 5.3 5.3 26p e—indicates estimated data, p—indicates preliminary data. 1.5 1.5 1.5 1.5