Financial and Business Statistics - Illustration
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSA Farm Service Agency
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GDP Gross domestic product
GNMA Government National Mortgage Association
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-back securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-back securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing fight
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies, (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations
of the Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES
Percent annual rate of change, seasonally adjusted(1)
1999 2000
Monetary or credit aggregate
Q3 Q4 Q1
Reserves of depository
institutions(2)
1 Total -16.1 -3.4 1.8
2 Required -16.0 -4.5 .0
3 Nonborrowed -17.9 -3.0 2.4
4 Monetary base(3) 9.0 20.4 4.3
Concepts of money and debt(4)
5 M1 -1.8 4.8 .5
6 M2 5.3 5.1 6.0
7 M3 5.0 10.3(r) 10.7(r)
8 Debt 6.2 6.4 6.0(r)
Nontransaction components
9 In M2(5) 7.6 5.3 7.8
10 In M3 only(6) 4.4(r) 24.5(r) 23.0(r)
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 10.6 4.2 3.6
12 Small time(7) 2.1 7.0 9.1
13 Large times(8, 9) 38.6 22.6
Thrift institutions
14 Savings, including MMDAs 13.3 -3.3 -1.4
15 Small time(7) -3.2 5.0 6.4
16 Large times 1.6 6.0 18.2
Money market mutual funds
17 Retail 8.2 10.5 18.7
18 Institution-only 9.3 21.4 23.5
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 10.9(r) 16.7(r) 20.8(r)
20 Eurodollars(10) -9.7 13.3 29.2
Debt components(4)
21 Federal -.3 -4.3 -4.4
22 Nonfederal 8.0 9.4 8.8(r)
2000 2000
Monetary or credit aggregate
Q2(r) Mar. Apr.(r)
Reserves of depository
institutions(2)
1 Total -9.5 -34.1 13.8
2 Required -6.2 -37.8 16.0
3 Nonborrowed -11.1 -36.2 10.2
4 Monetary base(3) -3.3 -4.5 3.1
Concepts of money and debt(4)
5 M1 -1.4 7.1 4.7
6 M2 6.1 9.5(r) 10.4
7 M3 8.1 13.6(r) 8.7
8 Debt 5.3 6.9(r) 5.5
Nontransaction components
9 In M2(5) 8.5 10.2 12.1
10 In M3 only(6) 13.0 23.9(r) 4.6
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 8.0 6.5 14.8
12 Small time(7) 15.1 10.4 18.3
13 Large times(8, 9) 20.3 13.7 37.9
Thrift institutions
14 Savings, including MMDAs 1.7 7.2 -8.0
15 Small time(7) 3.3 3.7 -1.8
16 Large times -.6 1.3 -5.0
Money market mutual funds
17 Retail 9.7 19.7 19.1
18 Institution-only 13.8 45.1 -1.3
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 10.3 -9.6(r) -12.8
20 Eurodollars(10) -3.2 65.0 -51.1
Debt components(4)
21 Federal -7.6 3.1 -5.5
22 Nonfederal 8.7 7.9(r) 8.4
2000
Monetary or credit aggregate
May(r) June(r) July
Reserves of depository
institutions(2)
1 Total 12.8 -40.4 8.9
2 Required 18.7 -46.4 9.4
3 Nonborrowed 11.1 -44.2 6.2
4 Monetary base(3) 2.7 3.1 3.4
Concepts of money and debt(4)
5 M1 -11.8 -2.7 1.0
6 M2 -.8 3.3 3.4
7 M3 4.1 7.3 9.5
8 Debt 3.8 5.1 n.a.
Nontransaction components
9 In M2(5) 2.6 5.0 4.0
10 In M3 only(6) 16.4 17.2 24.5
Time and savings deposits
Commercial banks
11 Savings, including MMDAs -2.5 6.1 9.0
12 Small time(7) 13.8 20.5 10.8
13 Large times(8, 9) 8.5 18.6 17.6
Thrift institutions
14 Savings, including MMDAs 10.4 -2.6 -.8
15 Small time(7) 7.8 9.6 12.8
16 Large times -12.7 24.3 26.4
Money market mutual funds
17 Retail -3.9 -5.8 -9.3
18 Institution-only 17.3 15.5 51.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 33.1 32.9 10.2
20 Eurodollars(10) 24.9 -17.0 -23.4
Debt components(4)
21 Federal -18.6 -9.0 n.a.
22 Nonfederal 9.5 8.6 n.a.
(1.) Unless otherwise noted, rates of change are calculated from
average amounts outstanding during preceding month or quarter.
(2.) Figures incorporate adjustments for discontinuities, or "breaks,"
associated with regulatory changes in reserve requirements. (See
also table 1.20.)
(3.) The seasonally adjusted, break-adjusted monetary base consists
of (1) seasonally adjusted, break-adjusted total reserves (line 1),
plus (2) the seasonally adjusted currency component of the money stock,
plus (3) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all weekly reporters
whose vault cash exceeds their required reserves) the seasonally
adjusted, break-adjusted difference between current vault cash and the
amount applied to satisfy current reserve requirements.
(4.) Composition of the money stock measures and debt is as follows:
MI: (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
owed 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 MI is computed by summing currency,
travelers checks, demand deposits, and OCDs, each seasonally adjusted
separately.
M2:M1 plus (1) savings (including MMDAs), (2) small-denomination time
deposits (time deposits--including retail RPs--in amounts of less
than $100,000), and (3) balances in retail money market mutual funds.
Excludes individual retirement accounts (IRAs) and Keogh balances at
depository institutions and money market funds. Seasonally adjusted
M2 is calculated by summing savings deposits, small-denomination time
deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
M3:M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more), (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions,
and (4) Eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices
in the United Kingdom and Canada. Excludes amounts held by depository
institutions, the U.S. government, money market funds, and foreign
banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP
liabilities, and Eurodollars, each seasonally adjusted separately,
and adding this result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government,
not including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(5.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances, each seasonally
adjusted separately.
(6.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) Eurodollars (overnight and term) of U.S.
addressees, each seasonally adjusted separately.
(7.) Small 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 thrift institutions are subtracted from small
time deposits.
(8.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(9.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and
foreign banks and official institutions.
(10.) Includes both overnight and term.
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)
Millions of dollars
Average of
daily figures
Factor 2000
May June July
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 558,972 558,662 559,982
U.S. government securities(2)
2 Bought outright
--System account(3) 507,413 507,018 506,116
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 140 140 140
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements
--triparty(4) 17,303 16,905 17,642
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 99 87 64
9 Seasonal credit 280 389 513
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 404 788 469
13 Other Federal Reserve assets 33,333 33,334 35,038
14 Gold stock 11,048 11,047 11,046
15 Special drawing rights
certificate account 5,200 4,667 4,200
16 Treasury currency outstanding 29,589 29,898(r) 30,007
ABSORBING RESERVE FUNDS
17 Currency in circulation 566,062 568,485(r) 570,637
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 198 87 85
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 7,060 6,232 5,172
21 Foreign 95 85 120
22 Service-related
balances
and adjustments 6,836 6,893 6,784
23 Other 250 234 233
24 Other Federal Reserve
liabilities 16,265 15,627 15,652
and capital
25 Reserve balances with
Federal
Reserve Banks(5) 8,045 6,631 6,553
End-of-month figures
May June July
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 566,932 566,538 560,828
U.S. government securities(2)
2 Bought outright
--System account(3) 506,744 504,950 506,103
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 140 140 140
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements
--triparty(4) 26,395 26,930 17,490
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 88 54 45
9 Seasonal credit 344 458 584
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 840 -12 1,348
13 Other Federal Reserve assets 32,381 34,019 35,119
14 Gold stock 11,048 11,046 11,046
15 Special drawing rights
certificate account 5,200 4,200 4,200
16 Treasury currency outstanding 29,671 29,979(r) 30,035
ABSORBING RESERVE FUNDS
17 Currency in circulation 570,521(r) 571,115(r) 568,558
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 140 76 118
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 5,445 6,208 5,392
21 Foreign 110 105 76
22 Service-related
balances
and adjustments 6,746 7,064(r) 6,553
23 Other 226 203 228
24 Other Federal Reserve
liabilities
and capital 15,271 15,719 15,331
25 Reserve balances with
Federal
Reserve Banks(5) 14,390 11,274(r) 9,853
Average of daily figures for
week ending on date indicated
Factor 2000
June 14 June 21
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 557,301 558,947
U.S. government securities(2)
2 Bought outright
--System account(3) 507,528 508,074
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 140 140
5 Held under repurchase
agreements 0 0
6 Repurchase agreements
--triparty(4) 15,541 15,563
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 27 46
9 Seasonal credit 352 395
10 Special Liquidity
Facility credit 0 0
11 Extended credit 0 0
12 Float 648 1,168
13 Other Federal Reserve assets 33,065 33,561
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 5,200 4,200
16 Treasury currency outstanding 29,874(r) 29.909(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 568,501(r) 567,780(r)
18 Reverse repurchase
agreements--
triparty(4) 0 0
19 Treasury cash holdings 81 68
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 5,232 7,943
21 Foreign 82 83
22 Service-related
balances
and adjustments 6,661 6,918
23 Other 237 251
24 Other Federal Reserve
liabilities 15,636 15,571
and capital
25 Reserve balances with
Federal
Reserve Banks(5) 6,994 5,490
Wednesday figures
June 14 June 21
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 560,360 566,210
U.S. government securities(2)
2 Bought outright
--System account(3) 507,396 508,531
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 140 140
5 Held under repurchase
agreements 0 0
6 Repurchase agreements
--triparty(4) 18,110 20,970
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 79 129
9 Seasonal credit 378 454
10 Special Liquidity
Facility credit 0 0
11 Extended credit 0 0
12 Float 1,031 2,203
13 Other Federal Reserve assets 33,226 33,783
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 5,200 4,200
16 Treasury currency outstanding 29,874(r) 29,909(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 569,176(r) 568,453(r)
18 Reverse repurchase
agreements--
triparty(4) 0 0
19 Treasury cash holdings 68 68
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 5,024 13,668
21 Foreign 107 86
22 Service-related
balances
and adjustments 6,661 6,918
23 Other 247 238
24 Other Federal Reserve
liabilities
and capital 15,339 15,254
25 Reserve balances with
Federal
Reserve Banks(5) 9,861 6,684(r)
Average of daily figures for
week ending on date indicated
Factor 2000
June 28 July 5 July 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 559,537 564,930 560,513
U.S. government securities(2)
2 Bought outright
--System account(3) 506,611 505,045 505,802
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 140 140 140
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements
--triparty(4) 17,478 25,048 18,979
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 40 59 175
9 Seasonal credit 461 460 484
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 819 34 364
13 Other Federal Reserve assets 33,988 34,145 34,568
14 Gold stock 11,047 11,046 11,046
15 Special drawing rights
certificate account 4,200 4,200 4,200
16 Treasury currency outstanding 29,944(r) 29,979 29,993
ABSORBING RESERVE FUNDS
17 Currency in circulation 567,585(r) 572,093 573,263
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 69 74 67
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 6,983 6,159 4,981
21 Foreign 89 183 95
22 Service-related
balances
and adjustments 6,853 7,064 6,887
23 Other 198 228 236
24 Other Federal Reserve
liabilities 15,621 15,709 15,811
and capital
25 Reserve balances with
Federal
Reserve Banks(5) 7,329(r) 8,646 4,412
Wednesday figures
June 28 July 5 July 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 566,875 563,043 563,140
U.S. government securities(2)
2 Bought outright
--System account(3) 507,884 505,180 506,743
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 140 140 140
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements
--triparty(4) 22,975 23,245 20,020
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 50 74 263
9 Seasonal credit 476 460 497
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 1,140 -373 567
13 Other Federal Reserve assets 34,210 34,317 34,910
14 Gold stock 11,047 11,046 11,046
15 Special drawing rights
certificate account 4,200 4,200 4,200
16 Treasury currency outstanding 29,944(r) 29,979 29,993
ABSORBING RESERVE FUNDS
17 Currency in circulation 569,854(r) 574,686 572,852
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 76 64 87
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 6,613 5,358 5,020
21 Foreign 117 116 93
22 Service-related
balances
and adjustments 6,853 7,064 6,887
23 Other 191 241 265
24 Other Federal Reserve
liabilities
and capital 15,313 15,359 15,293
25 Reserve balances with
Federal
Reserve Banks(5) 13,050 5,380 7,882
Average of daily figures for
week ending on date indicated
Factor 2000
July 19 July 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 558,305 558,298
U.S. government securities(2)
2 Bought outright
--System account(3) 507,047 506,293
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 140 140
5 Held under repurchase
agreements 0 0
6 Repurchase agreements
--triparty(4) 14,873 15,237
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 31 12
9 Seasonal credit 505 549
10 Special Liquidity
Facility credit 0 0
11 Extended credit 0 0
12 Float 589 482
13 Other Federal Reserve assets 35,119 35,585
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 4,200 4,200
16 Treasury currency outstanding 30,007 30,021
ABSORBING RESERVE FUNDS
17 Currency in circulation 570,343 568,633
18 Reverse repurchase
agreements--
triparty(4) 0 0
19 Treasury cash holdings 69 102
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 5,333 4,633
21 Foreign 98 111
22 Service-related
balances
and adjustments 6,595 6,837
23 Other 249 217
24 Other Federal Reserve
liabilities 15,339 15,792
and capital
25 Reserve balances with
Federal
Reserve Banks(5) 5,532 7,240
Wednesday figures
July 19 July 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 557,890 561,822
U.S. government securities(2)
2 Bought outright
--System account(3) 507,093 507,830
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 140 140
5 Held under repurchase
agreements 0 0
6 Repurchase agreements
--triparty(4) 14,010 16,955
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 101 12
9 Seasonal credit 536 556
10 Special Liquidity
Facility credit 0 0
11 Extended credit 0 0
12 Float 719 533
13 Other Federal Reserve assets 35,292 35,796
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 4,200 4,200
16 Treasury currency outstanding 30,007 30,021
ABSORBING RESERVE FUNDS
17 Currency in circulation 570,247 569,375
18 Reverse repurchase
agreements--
triparty(4) 0 0
19 Treasury cash holdings 99 118
Deposits, other than
reserve balances,
with Federal
Reserve Banks
20 Treasury 5,922 5,134
21 Foreign 148 94
22 Service-related
balances
and adjustments 6,595 6,837
23 Other 225 221
24 Other Federal Reserve
liabilities
and capital 14,966 15,436
25 Reserve balances with
Federal
Reserve Banks(5) 4,941 9,873
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2.
(2.) Includes securities loaned--fully guaranteed by U.S. government
securities pledged with Federal Reserve Banks--and excludes securities
sold and scheduled to be bought back under matched sale-purchase
transactions.
(3.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
(4.) Cash value of agreements arranged through third-party custodial
banks. These agreements are collateralized by U.S. government and
federal agency securities.
(5.) Excludes required clearing balances and adjustments to compensate
for float.
1.12 RESERVES AND BORROWINGS Depository Institutions(1)
Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1997 1998 1999
Dec. Dec. Dec.
1 Reserve balances with
Reserve Banks(2) 10,664 9,026 5,263
2 Total vault cash(4) 44,742 44,294 60,630
3 Applied vault cash(4) 37,255 36,183 36,392
4 Surplus vault cash(5) 7,486 8,111 24,238
5 Total reserves(6) 47,919 45,209 41,655
6 Required reserves 46,235 43,695 40,347
7 Excess reserve balances
at Reserve Banks(7) 1,685 1,514 1,308
8 Total borrowing at
Reserve Banks 324 117 320
9 Adjustment 245 101 179
10 Seasonal 79 15 67
11 Special Liquidity
Facility(8) 0 0 74
12 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
2000
Apr. 5 Apr. 19 May 3
1 Reserve balances with
Reserve Banks(2) 7,186 6,715 7,491
2 Total vault cash(4) 48,613 47,144 44,592
3 Applied vault cash(4) 33,330 32,885 34,378
4 Surplus vault cash(5) 15,283 14,259 10,214
5 Total reserves(6) 40,516 39,600 41,869
6 Required reserves 38,883 38,516 40,849
7 Excess reserve balances
at Reserve Banks(7) 1,632 1,083 1,019
8 Total borrowing at
Reserve Banks 189 368 276
9 Adjustment 104 264 120
10 Seasonal 85 104 156
11 Special Liquidity
Facility(8) 0 0 ...
12 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 2000
Jan. Feb. Mar.
1 Reserve balances with
Reserve Banks(2) 5,169 5,078 6,515
2 Total vault cash(4) 74,015 63,764 48,946
3 Applied vault cash(4) 39,063 37,017 33,227
4 Surplus vault cash(5) 34,952 26,747 15,719
5 Total reserves(6) 44,232 42,095 39,742
6 Required reserves 42,207 40,982 38,533
7 Excess reserve balances
at Reserve Banks(7) 2,025 1,113 1,209
8 Total borrowing at
Reserve Banks 374 108 179
9 Adjustment 296 45 101
10 Seasonal 31 44 71
11 Special Liquidity
Facility(8) 46 19 7
12 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
May 17 May 31 June 14
1 Reserve balances with
Reserve Banks(2) 7,614 7,743 6,502
2 Total vault cash(4) 44,114 45,158 43,847
3 Applied vault cash(4) 33,227 34,459 32,183
4 Surplus vault cash(5) 10,887 10,699 11,664
5 Total reserves(6) 40,841 42,202 38,685
6 Required reserves 39,929 41,194 37,707
7 Excess reserve balances
at Reserve Banks(7) 912 1,008 978
8 Total borrowing at
Reserve Banks 303 440 472
9 Adjustment 65 100 134
10 Seasonal 238 340 339
11 Special Liquidity
Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 2000
Apr. May
1 Reserve balances with
Reserve Banks(2) 7,078 7,660
2 Total vault cash(4) 46,453 44,632
3 Applied vault cash(4) 33,507 33,895
4 Surplus vault cash(5) 12,946 10,737
5 Total reserves(6) 40,584 41,555
6 Required reserves 39,433 40,589
7 Excess reserve balances
at Reserve Banks(7) 1,152 966
8 Total borrowing at
Reserve Banks 304 362
9 Adjustment 184 86
10 Seasonal 120 276
11 Special Liquidity
Facility(8) 0 0
12 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
June 28 July 12
1 Reserve balances with
Reserve Banks(2) 6,420 6,530(r)
2 Total vault cash(4) 45,105 45,782
3 Applied vault cash(4) 33,332 32,747(r)
4 Surplus vault cash(5) 11,773 13,035
5 Total reserves(6) 39,752 39,277(r)
6 Required reserves 38,473(r) 38,042(r)
7 Excess reserve balances
at Reserve Banks(7) 1,279(r) 1,235(r)
8 Total borrowing at
Reserve Banks 471 589
9 Adjustment 43 117
10 Seasonal 428 472
11 Special Liquidity
Facility(8) ... ...
12 Extended credit(9) 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 2000
June July
1 Reserve balances with
Reserve Banks(2) 6,465(r) 6,577
2 Total vault cash(4) 44,563 45,473
3 Applied vault cash(4) 32,757 33,090
4 Surplus vault cash(5) 11,806 12,383
5 Total reserves(6) 39,222 39,667
6 Required reserves 38,087(r) 38,542
7 Excess reserve balances
at Reserve Banks(7) 1,136(r) 1,125
8 Total borrowing at
Reserve Banks 479 570
9 Adjustment 90 60
10 Seasonal 389 510
11 Special Liquidity
Facility(8) 0 0
12 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
July 26 Aug. 3
1 Reserve balances with
Reserve Banks(2) 6,390 7,212
2 Total vault cash(4) 44,916 46,292
3 Applied vault cash(4) 33,188 33,643
4 Surplus vault cash(5) 11,729 12,650
5 Total reserves(6) 39,578 40,855
6 Required reserves 38,550 39,722
7 Excess reserve balances
at Reserve Banks(7) 1,027 1,133
8 Total borrowing at
Reserve Banks 549 581
9 Adjustment 22 27
10 Seasonal 527 555
11 Special Liquidity
Facility(8) ... ...
12 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front cover.
Data are not break-adjusted or seasonally adjusted.
(2.) Excludes required clearing balances and adjustments to compensate
for float and includes other off-balance-sheet "as-of" adjustments.
(3.) Vault cash eligible to satisfy reserve requirements. It includes
only vault cash held by those banks and thrift institutions that are
not exempt from reserve requirements. Dates refer to the maintenance
periods in which the vault cash can be used to satisfy reserve
requirements.
(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonbound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current reserve
requirements.
(5.) Total vault cash (line 2) less applied vault cash (line 3).
(6.) Reserve balances with Federal Reserve Banks (line 1) plus applied
vault cash (line 3).
(7.) Total reserves (line 5) less required reserves (line 6).
(8.) Borrowing at the discount window under the terms and conditions
established for the Century Date Change Special Liquidity Facility in
effect from October 1, 1999 through April 7, 2000.
(9.) Consists of borrowing at the discount window under the terms and
conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures.
Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Federal Reserve Adjustment credit(1)
Bank
On Effective date Previous rate
9/1/00
Boston 6.00 5/16/00 5.50
New York 6.00 5/19/00 5.50
Philadelphia 6.00 5/18/00 5.50
Cleveland 6.00 5/16/00 5.50
Richmond 6.00 5/16/00 5.50
Atlanta 6.00 5/17/00 5.50
Chicago 6.00 5/17/00 5.50
St. Louis 6.00 5/18/00 5.50
Minneapolis 6.00 5/18/00 5.50
Kansas City 6.00 5/17/00 5.50
Dallas 6.00 5/17/00 5.50
San Francisco 6.00 5/16/00 5.50
Current and previous levels
Federal Reserve Seasonal credit(2)
Bank
On Effective date Previous rate
9/1/00
Boston 6.55 8/10/00 6.60
New York 6.55 8/10/00 6.60
Philadelphia 6.55 8/10/00 6.60
Cleveland 6.55 8/10/00 6.60
Richmond 6.55 8/10/00 6.60
Atlanta 6.55 8/10/00 6.60
Chicago 6.55 8/10/00 6.60
St. Louis 6.55 8/10/00 6.60
Minneapolis 6.55 8/10/00 6.60
Kansas City 6.55 8/10/00 6.60
Dallas 6.55 8/10/00 6.60
San Francisco 6.55 8/10/00 6.60
Current and previous levels
Federal Reserve Extended credit(3)
Bank
On Effective date Previous rate
9/1/00
Boston 7.05 8/10/00 7.10
New York 7.05 8/10/00 7.10
Philadelphia 7.05 8/10/00 7.10
Cleveland 7.05 8/10/00 7.10
Richmond 7.05 8/10/00 7.10
Atlanta 7.05 8/10/00 7.10
Chicago 7.05 8/10/00 7.10
St. Louis 7.05 8/10/00 7.10
Minneapolis 7.05 8/10/00 7.10
Kansas City 7.05 8/10/00 7.10
Dallas 7.05 8/10/00 7.10
San Francisco 7.05 8/10/00 7.10
Range of rates for adjustment credit in recent years(4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec, 31, 1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept.22 8 8
Oct. 16 8-8.5 8.5
22 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept.19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept.26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
1982--Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept.13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999--Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000--Feb. 2 5.00-5.25 5.25
4 5.25 5.25
Mar. 21 5.25-5.50 5.50
23 5.50 5.50
May 16 5.50-6.00 5.50
19 6.00 6.00
In effect Sept. 1, 200 6.00 6.00
(1.) Available on a short-term basis to help depository institutions
meet temporary needs for funds that cannot be met through reasonable
alternative sources. The highest rate established for loans to
depository institutions may be charged on adjustment credit loans of
unusual size that result from a major operating problem at the
borrower's facility.
(2.) Available to help relatively small depository institutions meet
regular seasonal needs for funds that arise from a clear pattern of
intrayearly movements in their deposits and loans and that cannot be
met through special industry lenders. The discount rate on seasonal
credit takes into account rates charged by market sources of funds
and ordinarily is reestablished on the first business day of each
two-week reserve maintenance period; however, it is never less than
the discount rate applicable to adjustment credit.
(3.) May be made available to depository institutions when similar
assistance is not reasonably available from other sources, including
special industry lenders. Such credit may be provided when exceptional
circumstances (including sustained deposit drains, impaired access to
money market funds, or sudden deterioration in loan repayment
performance) or practices involve only a particular institution, or
to meet the needs of institutions experiencing difficulties adjusting
to changing market conditions over a longer period (particularly at
times of deposit disintermediation). The discount rate applicable to
adjustment credit ordinarily is charged on extended-credit loans
outstanding less than thirty days; however, at the discretion of the
Federal Reserve Bank, this time period may be shortened. Beyond this
initial period, a flexible rate somewhat above rates charged on market
sources of funds is charged. The rate ordinarily is reestablished on
the first business day of each two-week reserve maintenance period,
but it is never less than the discount rate applicable to adjustment
credit plus 50 basis points.
(4.) For earlier data, see the following publications of the Board of
Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970;
and the Annual Statistical Digest, 1970-1979.
In 1980 and 1981, the Federal Reserve applied a surcharge to
short-term adjustment-credit borrowings by institutions with deposits
of $500 million or more that had borrowed in successive weeks or in
more than four weeks in a calendar quarter. A 3 percent surcharge was
in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2
percent was reimposed on Nov. 17, 1980; the surcharge was subsequently
raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981.
The surcharge was reduced to 3 percent effective Sept. 22, 1981, and
to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula
for applying the surcharge was changed from a calendar quarter to
a moving thirteen-week period. The surcharge was eliminated on
Nov. 17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage Effective
of deposits date
Net transaction accounts(2)
1 $0 million-$44.3 million(3) 3 12/30/99
2 More than $44.3 million(4) 10 12/30/99
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with
Federal Reserve Banks or vault cash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly, on a
pass-through basis, with certain approved institutions. For previous
reserve requirements, see earlier editions of the Annual Report or the
Federal Reserve Bulletin. Under the Monetary Control Act of 1980,
depository institutions include commercial banks, savings banks,
savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.
(2.) Transaction accounts include all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or telephone
or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit
no more than six preauthorized, automatic, or other transfers per
month (of which no more than three may be by check, draft, debit card,
or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
(3.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change in
transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance
period beginning December 30, 1999, for depository institutions that
report weekly, and with the period beginning January 20, 2000, for
institutions that report quarterly, the amount was decreased from
$46.5 million to $44.3 million.
Under the Garn--St Germain Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a zero
percent reserve requirement each year for the succeeding calendar year
by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual
basis as of June 30. No corresponding adjustment is made in the event
of a decrease. The exemption applies only to accounts that would be
subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 30, 1999, for depository
institutions that report weekly, and with the period beginning January
20, 2000, for institutions that report quarterly, the exemption was
raised from $4.9 million to $5.0 million.
(4.) The reserve requirement was reduced from 12 percent to 10 percent
on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16,
1992, for institutions that report quarterly.
(5.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1 1/2
years was reduced from 3 percent to 1 1/2 percent for the maintenance
period that began Dec. 13, 1990, and to zero for the maintenance
period that began Dec. 27, 1990. For institutions that report
quarterly, the reserve requirement on nonpersonal time deposits with
an original maturity of less than 1 1/2 years was reduced from 3
percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an original
maturity of 1 1/2 years or more has been zero since Oct. 6, 1983.
(6.) The reserve requirement on Eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as
the reserve requirement on nonpersonal time deposits with an original
maturity of less than 1 1/2 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1997 1998 1999
and maturity
U.S. TREASURY SECURITIES(2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 9,147 3,550 0
2 Gross sales 0 0 0
3 Exchanges 435,907 450,835 464,218
4 For new bills 435,907 450,835 464,218
5 Redemptions 0 2,000 0
Others within one year
6 Gross purchases 5,549 6,297 11,895
7 Gross sales 0 0 0
8 Maturity shifts 41,716 46,062 50,590
9 Exchanges -27,499 -49,434 -53,315
10 Redemptions 1,996 2,676 1,429
One to five years
11 Gross purchases 20,080 12,901 19,731
12 Gross sales 0 0 0
13 Maturity shifts -37,987 -37,777 -44,032
14 Exchanges 20,274 37,154 42,604
Five to ten years
15 Gross purchases 3,449 2,294 4,303
16 Gross sales 0 0 0
17 Maturity shifts -1,954 -5,908 -5,841
18 Exchanges 5,215 7,439 7,583
More than ten years
19 Gross purchases 5,897 4,884 9,428
20 Gross sales 0 0 0
21 Maturity shifts -1,775 -2,377 -717
22 Exchanges 2,360 4,842 3,139
All maturities
23 Gross purchases 44,122 29,926 45,357
24 Gross sales 0 0 0
25 Redemptions 1,996 4,676 1,429
Matched transactions
26 Gross purchases 3,577,954 4,395,430 4,395,998
27 Gross sales 3,580,274 4,399,330 4,414,253
Repurchase agreements
28 Gross purchases 810,485 512,671 281,599
29 Gross sales 809,268 514,186 301,273
30 Net change in U.S. 41,022 19,835 5,999
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 25 0
33 Redemptions 1,540 322 157
Repurchase agreements
34 Gross purchases 160,409 284,316 360,069
35 Gross sales 159,369 276,266 370,772
36 Net change in federal -500 7,703 -10,859
agency obligations
Reverse repurchase agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 304,989
40 Gross sales 0 0 164,349
41 Net change in 0 0 140,640
triparty obligations
42 Total net change in System 40,522 27,538 135,780
Open Market Account
Type of transaction 1999 2000
and maturity Dec. Jan. Feb.
U.S. TREASURY SECURITIES(2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 42,468 37,029 38,607
4 For new bills 42,468 37,029 38,607
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 1,450 0 0
7 Gross sales 0 0 0
8 Maturity shifts 3,936 3,566 6,877
9 Exchanges -2,175 -4,360 -6,688
10 Redemptions 0 390 0
One to five years
11 Gross purchases 3,514 160 0
12 Gross sales 0 0 0
13 Maturity shifts -3,936 -3,566 -5,210
14 Exchanges 2,175 4,045 4,348
Five to ten years
15 Gross purchases 581 809 0
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -949
18 Exchanges 0 316 1,170
More than ten years
19 Gross purchases 1,257 1,069 0
20 Gross sales 0 0 0
21 Maturity shifts 0 0 -717
22 Exchanges 0 0 1,170
All maturities
23 Gross purchases 6,802 2,038 0
24 Gross sales 0 0 0
25 Redemptions 0 390 0
Matched transactions
26 Gross purchases 488,845 492,277 340,127
27 Gross sales 510,605 471,663 339,585
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S. -14,959 22,262 542
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 6 25
Repurchase agreements
34 Gross purchases 0 0 0
35 Gross sales 0 0 0
36 Net change in federal 0 -6 -25
agency obligations
Reverse repurchase agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 155,578 61,345 82,998
40 Gross sales 64,378 178,880 81,335
41 Net change in 91,200 -117,535 1,663
triparty obligations
42 Total net change in System 76,241 -95,279 2,180
Open Market Account
Type of transaction 2000
and maturity Mar. Apr.
U.S. TREASURY SECURITIES(2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 0 2,294
2 Gross sales 0 0
3 Exchanges 48,459 37,141
4 For new bills 48,459 37,141
5 Redemptions 198 779
Others within one year
6 Gross purchases 0 0
7 Gross sales 0 0
8 Maturity shifts 5,034 0
9 Exchanges -3,515 0
10 Redemptions 0 568
One to five years
11 Gross purchases 740 1,723
12 Gross sales 0 0
13 Maturity shifts -5,034 0
14 Exchanges 3,515 0
Five to ten years
15 Gross purchases 489 930
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 0
More than ten years
19 Gross purchases 330 0
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 1,559 4,947
24 Gross sales 0 0
25 Redemptions 198 1,347
Matched transactions
26 Gross purchases 401,404 336,103
27 Gross sales 401,841 334,751
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S. 923 4,952
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 10
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal 0 -10
agency obligations
Reverse repurchase agreement
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 61,230 79,585
40 Gross sales 62,253 78,425
41 Net change in -1,023 1,160
triparty obligations
42 Total net change in System -100 6,102
Open Market Account
Type of transaction 2000
and maturity May June
U.S. TREASURY SECURITIES(2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 36,386 44,008
4 For new bills 36,386 44,008
5 Redemptions 2,297 4,188
Others within one year
6 Gross purchases 164 1,875
7 Gross sales 0 0
8 Maturity shifts 13,063 4,672,255
9 Exchanges -12,633 3,108,900
10 Redemptions 0 0
One to five years
11 Gross purchases 890 706
12 Gross sales 0 0
13 Maturity shifts -10,334 4,672,255
14 Exchanges 10,063 3,108,900
Five to ten years
15 Gross purchases 0 0
16 Gross sales 0 0
17 Maturity shifts -1,552 0
18 Exchanges 2,570 0
More than ten years
19 Gross purchases 528 1,151
20 Gross sales 0 0
21 Maturity shifts -1,177 0
22 Exchanges 0 0
All maturities
23 Gross purchases 1,582 3,732
24 Gross sales 0 0
25 Redemptions 2,297 4,188
Matched transactions
26 Gross purchases 357,355 368,396
27 Gross sales 356,640 369,739
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S. -1 -1,800
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 0
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal 0 0
agency obligations
Reverse repurchase agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 107,375 70,850
40 Gross sales 105,885 70,315
41 Net change in 1,490 535
triparty obligations
42 Total net change in System 1,489 -1,265
Open Market Account
(1.) Sales, redemptions, and negative figures reduce holdings of the
System Open Market Account; all other figures increase such holdings.
(2.) Transactions exclude changes in compensation for the effects of
inflation on the principal of inflation-indexed securities.
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements(1)
Millions of dollars
Wednesday
Account 2000
June 28 July 5 July 12
Consolidated condition statement
ASSETS
1 Gold certificate account 11,047 11,046 11,046
2 Special drawing rights
certificate account 4,200 4,200 4,200
3 Coin 679 667 660
Loans
4 To depository institutions 526 535 761
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements
--triparty(2) 22,975 23,245 20,020
Federal agency
obligations(3)
8 Bought outright 140 140 140
9 Held under repurchase
agreements 0 0 0
10 Total U.S. Treasury
securities(3) 507,884 505,180 506,743
11 Bought outright(4) 507,884 505,180 506,743
12 Bills 195,726 193,022 193,846
13 Notes 226,138 226,139 226,382
14 Bonds 86,020 86,020 86,515
15 Held under repurchase
agreements 0 0 0
16 Total loans and
securities 531,525 529,100 527,664
17 Items in process
of collection 7,924 6,269 8,000
18 Bank premises 1,402 1,410 1,411
Other assets
19 Denominated in
foreign currencies(5) 15,266 15,553 15,559
20 All other(6) 17,516 17,342 17,898
21 Total assets 589,559 585,587 586,438
LIABILITIES
22 Federal Reserve notes 540,664 545,439 543,605
23 Reverse repurchase
agreements
--triparty(2) 0 0 0
24 Total deposits 26,630 18,786 20,244
25 Depository institutions 19,709 13,071 14,866
26 U.S. Treasury--General
account 6,613 5,358 5,020
27 Foreign--Official accounts 117 116 93
28 Other 191 241 265
29 Deferred credit items 6,952 6,004 7,295
30 Other liabilities
and accrued
dividends(7) 4,811 4,604 4,758
31 Total liabilities 579,057 574,832 575,903
CAPITAL ACCOUNTS
32 Capital paid in 6,865 6,866 6,870
33 Surplus 2,679 2,679 2,679
34 Other capital accounts 958 1,210 986
35 Total liabilities and
capital accounts 589,559 585,587 586,438
MEMO
36 Marketable U.S. Treasury
securities held
in custody
for foreign and n.a. n.a. n.a.
international
accounts
Federal Reserve note statement
37 Federal Reserve notes 773,885 773,010 771,875
outstanding
(issued to Banks)
38 LESS: Held by Federal 233,221 227,571 228,269
Reserve Banks
39 Federal Reserve 540,664 545,439 543,605
notes, net
Collateral held against
notes, net
40 Gold certificate account 11,047 11,046 11,046
41 Special drawing rights 4,200 4,200 4,200
certificate account
42 Other eligible assets 0 1,627 1,456
43 U.S. Treasury and 525,417 528,565 526,903
agency securities
44 Total collateral 540,664 545,439 543,605
Wednesday
Account 2000
July 19 July 26
Consolidated condition statement
ASSETS
1 Gold certificate account 11,046 11,046
2 Special drawing rights
certificate account 4,200 4,200
3 Coin 688 715
Loans
4 To depository institutions 637 568
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty Obligations
7 Repurchase agreements
--triparty(2) 14,010 16,955
Federal agency
obligations(3)
8 Bought outright 140 140
9 Held under repurchase
agreements 0 0
10 Total U.S. Treasury
securities(3) 507,093 507,830
11 Bought outright(4) 507,093 507,830
12 Bills 192,174 191,626
13 Notes 227,613 228,869
14 Bonds 87,305 87,335
15 Held under repurchase
agreements 0 0
16 Total loans and
securities 521,879 525,493
17 Items in process
of collection 8,004 7,390
18 Bank premises 1,413 1,413
Other assets
19 Denominated in
foreign currencies(5) 15,564 15,569
20 All other(6) 18,314 18,812
21 Total assets 581,108 584,640
LIABILITIES
22 Federal Reserve notes 541,028 540,188
23 Reverse repurchase
agreements
--triparty(2) 0 0
24 Total deposits 17,945 22,201
25 Depository institutions 11,649 16,752
26 U.S. Treasury--General
account 5,922 5,134
27 Foreign--Official accounts 148 94
28 Other 225 221
29 Deferred credit items 7,170 6,815
30 Other liabilities
and accrued
dividends(7) 4,433 4,888
31 Total liabilities 570,575 574,092
CAPITAL ACCOUNTS
32 Capital paid in 6,877 6,880
33 Surplus 2,679 2,679
34 Other capital accounts 977 988
35 Total liabilities and
capital accounts 581,108 584,640
MEMO
36 Marketable U.S. Treasury
securities held
in custody
for foreign and n.a. n.a.
international
accounts
Federal Reserve note statement
37 Federal Reserve notes 771,075 770,457
outstanding
(issued to Banks)
38 LESS: Held by Federal 230,047 230,269
Reserve Banks
Federal Reserve 541,028 540,188
notes, net
Collateral held against
notes, net
40 Gold certificate account 11,046 11,046
41 Special drawing rights 4,200 4,200
certificate account
42 Other eligible assets 4,539 17
43 U.S. Treasury and 521,243 524,925
agency securities
44 Total collateral 541,028 540,188
End of month
Account 2000
May 31 June 30 July 31
Consolidated condition statement
ASSETS
1 Gold certificate account 11,048 11,046 11,046
2 Special drawing rights
certificate account 5,200 4,200 4,200
3 Coin 599 699 754
Loans
4 To depository institutions 431 512 628
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements
--triparty(2) 26,395 26,930 17,490
Federal agency
obligations(3)
8 Bought outright 140 140 140
9 Held under repurchase
agreements 0 0 0
10 Total U.S. Treasury
securities(3) 506,744 504,950 506,103
11 Bought outright(4) 506,744 504,950 506,103
12 Bills 198,323 192,792 190,265
13 Notes 223,631 226,138 228,503
14 Bonds 84,791 86,020 87,335
15 Held under repurchase
agreements 0 0 0
16 Total loans and
securities 533,710 532,532 524,361
17 Items in process
of collection 11,985 5,545 3,414
18 Bank premises 1,400 1,409 1,418
Other assets
19 Denominated in
foreign currencies(5) 15,246 15,550 15,092
20 All other(6) 15,707 17,056 18,600
21 Total assets 594,896 588,037 578,886
LIABILITIES
22 Federal Reserve notes 541,590 541,912 539,396
23 Reverse repurchase
agreements
--triparty(2) 0 0 0
24 Total deposits 27,416 25,028 22,006
25 Depository institutions 21,634 18,513 16,309
26 U.S. Treasury--General
account 5,445 6,208 5,392
27 Foreign--Official accounts 110 105 76
28 Other 226 203 228
29 Deferred credit items 10,619 5,379 2,154
30 Other liabilities
and accrued
dividends(7) 4,752 4,781 4,839
31 Total liabilities 584,377 577,099 568,394
CAPITAL ACCOUNTS
32 Capital paid in 6,781 6,865 6,881
33 Surplus 2,679 2,679 2,615
34 Other capital accounts 1,058 1,395 995
35 Total liabilities and
capital accounts 594,896 588,037 578,886
MEMO
36 Marketable U.S. Treasury
securities held
in custody
for foreign and n.a. n.a. n.a.
international
accounts
Federal Reserve note statement
37 Federal Reserve notes 777,900 773,550 769,994
outstanding
(issued to Banks)
38 LESS: Held by Federal 236,310 231,639 230,598
Reserve Banks
Federal Reserve 541,590 541,912 539,396
notes, net
Collateral held against
notes, net
40 Gold certificate account 11,048 11,046 11,046
41 Special drawing rights 5,200 4,200 4,200
certificate account
42 Other eligible assets 0 0 417
43 U.S. Treasury and 525,342 526,665 523,733
agency securities
44 Total collateral 541,590 541,912 539,396
(1.) Some of the data in this table also appear in the Board's H.4.1
(503) weekly statistical release. For ordering address, see inside
front cover.
(2.) Cash value of agreements arranged through third-party custodial
banks.
(3.) Face value of the securities.
(4.) Includes securities loaned--fully guaranteed by U.S. Treasury
securities pledged with Federal Reserve Banks--and includes
compensation that adjusts for the effects of inflation on the
principal of inflation-indexed securities. Excludes securities sold
and scheduled to be bought back under matched sale-purchase
transactions.
(5.) Valued monthly at market exchange rates.
(6.) Includes special investment account at the Federal Reserve Bank
of Chicago in Treasury bills maturing within ninety days.
(7.) Includes exchange-translation account reflecting the monthly
revaluation at market exchange rates of foreign exchange commitments.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security
Holding
Millions of dollars
Wednesday
Type of holding and 2000
maturity
June 28 July 5 July 12 July 19
1 Total loans 526 535 761 637
2 Within fifteen days(1) 481 175 399 610
3 Sixteen days to ninety
days 45 359 362 27
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(2) 507,884 505,180 506,743 507,093
6 Within fifteen days(1) 17,350 13,016 13,805 20,814
7 Sixteen days to ninety
days 107,056 109,813 109,879 107,367
8 Ninety-one days to one
year 135,157 135,592 135,562 129,393
9 One year to five years 126,231 124,668 125,406 126,927
10 Five years to ten years 53,437 53,438 53,439 53,493
11 More than ten years 68,652 68,652 68,653 69,152
12 Total federal agency
obligations 140 140 140 140
13 Within fifteen days(1) 0 0 0 0
14 Sixteen days to ninety
days 10 10 10 10
15 Ninety-one days to one
year 0 0 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 120 120 120 120
18 More than ten years 0 0 0 0
End of month
Type of holding and 2000
maturity
July 26 May 31 June 30 July 31
1 Total loans 569 440 512 577
2 Within fifteen days(1) 515 402 307 371
3 Sixteen days to ninety
days 54 38 206 206
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(2) 507,830 506,744 504,949 506,103
6 Within fifteen days(1) 18,709 15,491 1,038 13,568
7 Sixteen days to ninety
days 107,688 105,584 118,287 108,730
8 Ninety-one days to one
year 131,913 139,209 138,867 136,104
9 One year to five years 126,927 125,525 124,668 125,108
10 Five years to ten years 53,440 53,435 53,438 53,440
11 More than ten years 69,153 67,500 68,652 69,153
12 Total federal agency
obligations 140 140 140 140
13 Within fifteen days(1) 0 0 0 0
14 Sixteen days to ninety
days 10 0 10 10
15 Ninety-one days to one
year 0 10 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 120 120 120 120
18 More than ten years 0 0 0 0
(1.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of the
agreements.
(2.) Includes compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures
1996 1997 1998 1999
Item
Dec. Dec. Dec. Dec.
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 50.17 46.87 45.19 41.74
2 Nonborrowed reserves(4) 50.02 46.54 45.07 41.42
3 Nonborrowed reserves 50.02 46.54 45.07 41.42
plus extended
credit(5)
4 Required reserves 48.76 45.18 43.68 40.43
5 Monetary base(6) 451.62 479.17 512.75 591.19
Not seasonally adjusted
6 Total reserves(7) 51.45 48.01 45.31 41.89
7 Nonborrowed reserves 51.30 47.69 45.19 41.57
8 Nonborrowed reserves 51.30 47.69 45.19 41.57
plus extended
credit(5)
9 Required reserves(8) 50.04 46.33 43.80 40.58
10 Monetary base(9) 456.63 484.98 518.27 600.63
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 51.17 47.92 45.21 41.66
12 Nonborrowed reserves 51.02 47.60 45.09 41.33
13 Nonborrowed reserves
plus extended
credit(5) 51.02 47.60 45.09 41.33
14 Required reserves 49.76 46.24 43.70 40.35
15 Monetary base(12) 463.40 491.79 525.06 607.93
16 Excess reserves(13) 1.42 1.69 1.51 1.31
17 Borrowings from the
Federal Reserve .16 .32 .12 .32
Item 1999 2000
Dec. Jan. Feb. Mar.
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 41.74 43.11 41.64 40.45
2 Nonborrowed reserves(4) 41.42 42.74 41.53 40.27
3 Nonborrowed reserves
plus extended 41.42 42.74 41.53 40.27
credit(5)
4 Required reserves 40.43 41.09 40.52 39.24
5 Monetary base(6) 591.19 591.97 573.50 571.37
Not seasonally adjusted
6 Total reserves(7) 41.89 44.23 42.10 39.75
7 Nonborrowed reserves 41.57 43.86 41.99 39.58
8 Nonborrowed reserves
plus extended
credit(5) 41.57 43.86 41.99 39.58
9 Required reserves(8) 40.58 42.20 40.99 38.55
10 Monetary base(9) 600.63 596.90 571.87 570.24
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.66 44.23 42.10 39.74
12 Nonborrowed reserves 41.33 43.86 41.99 39.56
13 Nonborrowed reserves
plus extended
credit(5) 41.33 43.86 41.99 39.56
14 Required reserves 40.35 42.20 40.98 38.53
15 Monetary base(12) 607.93 604.63 579.22 577.12
16 Excess reserves(13) 1.31 2.03 1.11 1.21
17 Borrowings from the
Federal Reserve .32 .37 .11 .18
Item 2000
Apr. May June July
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 40.92 41.35 39.96 40.26
2 Nonborrowed reserves(4) 40.62 40.99 39.48 39.69
3 Nonborrowed reserves
plus extended
credit(5) 40.62 40.99 39.48 39.69
4 Required reserves 39.77 40.39 38.83 39.13
5 Monetary base(6) 572.87(r) 574.14(r) 575.64(r) 577.28
Not seasonally adjusted
6 Total reserves(7) 40.60 41.58 39.25 39.70
7 Nonborrowed reserves 40.30 41.21 38.77 39.13
8 Nonborrowed reserves
plus extended
credit(5) 40.30 41.21 38.77 39.13
9 Required reserves(8) 39.45 40.61 38.11 38.57
10 Monetary base(9) 571.51(r) 573.25(r) 574.56(r) 577.04
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 40.58 41.56 39.22 39.67
12 Nonborrowed reserves 40.28 41.19 38.74 39.10
13 Nonborrowed reserves
plus extended
credit(5) 40.28 41.19 38.74 39.10
14 Required reserves 39.43 40.59 38.09 38.54
15 Monetary base(12) 578.33(r) 580.08(r) 581.44(r) 583.83
16 Excess reserves(13) 1.15 .97 1.14 1.13
17 Borrowings from the
Federal Reserve .30 .36 .48 .57
(1.) Latest monthly and biweekly figures are available from the Board's
H.3 (502) weekly statistical release Historical data starting in 1959
and estimates of the effect on required reserves of changes in reserve
requirements are available from the Money and Reserves Projections
Section, Division of Monetary Affairs, Board of Governors of the
Federal Reserve System, Washington, DC 20551.
(2.) Figures reflect adjustments for discontinuities, or "breaks,"
associated with regulatory changes in reserve requirements.
(See also table 110).
(3.) Seasonally adjusted, break-adjusted total reserves equal
seasonally adjusted, break-adjusted required reserves (line 4) plus
excess reserves (line 16).
(4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal
seasonally adjusted, break-adjusted total reserves (line 1) less
total borrowings of depository institutions from the Federal Reserve
(line 17).
(5.) Extended credit consists of borrowing at the discount window under
the terms and conditions established for the extended credit program
to help depository institutions deal with sustained liquidity
pressures. Because there is not the same need to repay such
borrowing promptly as with traditional short-term adjustment
credit, the money market effect of extended credit is similar to that
of nonborrowed reserves.
(6.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted, break-adjusted total reserves (line 1), plus
(2) the seasonally adjusted currency component of the money stock,
plus (3) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all those weekly
reporters whose vault cash exceeds their required reserves) the
seasonally adjusted, break-adjusted difference between current vault
cash and the amount applied to satisfy current reserve requirements.
(7.) Break-adjusted total reserves equal break-adjusted required
reserves (line 9) plus excess reserves (line 16).
(8.) To adjust required reserves for discontinuities that are due to
regulatory changes in reserve requirements, a multiplicative procedure
is used to estimate what required reserves would have been in past
periods had current reserve requirements been in effect. Break-adjusted
required reserves include required reserves against transactions
deposits and nonpersonal time and savings deposits (but not reservable
nondeposit liabilities).
(9.) The break-adjusted monetary base equals (1) break-adjusted total
reserves (line 6), plus (2) the (unadjusted) currency component of
the money stock, plus (3) (for all quarterly reporters on the "Report
of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required
reserves) the break-adjusted difference between current vault cash
and the amount applied to satisfy current reserve requirements.
(10.) Reflects actual reserve requirements, including those on
nondeposit liabilities, with no adjustments to eliminate the effects
of discontinuities associated with regulatory changes in reserve
requirements.
(11.) Reserve balances with Federal Reserve Banks plus vault cash
used to satisfy reserve requirements.
(12.) The monetary base, not break-adjusted and not seasonally
adjusted, consists of (1) total reserves (line 11), plus (2) required
clearing balances and adjustments to compensate for float at Federal
Reserve Banks, plus (3) the currency component of the money stock,
plus (4) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all those weekly
reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to
satisfy current reserve requirements Since February 1984, currency
and vault cash figures have been measured over the computation
periods ending on Mondays.
(13.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).
1.21 MONEY STOCK AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures
1996 1997 1998 1999
Item
Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,081.1 1,073.9 1,097.4 1,122.9
2 M2 3,822.9 4,041.9 4,396.8 4,655.4
3 M3 4,952.4 5,403.2 5,996.7 6,482.5(r)
4 Debt 14,443.9 15,234.7 16,282.9 17,381.5(r)
M1 components
5 Currency(3) 394.3 424.8 459.5 515.5
6 Travelers checks(4) 8.3 8.1 8.2 8.3
7 Demand deposits(5) 402.3 395.3 379.3 355.2
8 Other checkable
deposits(6) 276.1 245.8 250.3 244.0
Nontransaction
components
9 In M2(7) 2,741.8 2,967.9 3,299.4 3,532.5
10 In M3 only(8) 1,129.5 1,361.3 1,599.9 1,827.1(r)
Commercial banks
11 Savings deposits,
including MMDAs 904.0 1,020.5 1,184.8 1,285.7
12 Small time
deposits(9) 593.3 625.4 626.1 634.7
13 Large time
deposits(10, 11) 413.9 488.3 539.3 614.4
Thrift institutions
14 Savings deposits,
including MMDAs 366.6 376.6 413.8 448.7
15 Small time
deposits(9) 353.6 342.8 325.6 320.5
16 Large time
deposits(10) 78.3 85.6 88.9 91.5
Money market
mutual funds
17 Retail 524.4 602.8 749.2 842.9
18 Institution-only 312.0 380.8 518.4 607.4
Repurchase agreements
and Eurodollars
19 Repurchase
agreements(12) 210.7 256.0 300.8 340.3(r)
20 Eurodollars(12) 114.6 150.7 152.6 173.5
Debt components
21 Federal debt 3,781.3 3,800.3 3,750.8 3,659.5
22 Nonfederal debt 10,662.6 11,434.4 12,532.1 13,722.0(r)
Not seasonally adjusted
Measures(2)
23 M1 1,105.1 1,097.7 1,121.3 1,147.4
24 M2 3,845.2 4,065.0 4,422.0 4,683.7
25 M3 4,973.4 5,427.2 6,026.3 6,517.5(r)
26 Debt 14,440.5 15,231.8 16,279.8 17,380.6(r)
M1 components
27 Currency(3) 397.9 428.9 464.1 521.2
28 Travelers checks(4) 8.6 8.3 8.4 8.4
29 Demand deposits(5) 419.9 412.4 395.9 371.2
30 Other checkable
deposits(6) 278.8 248.2 252.8 246.7
Nontransaction
components
31 In M2(7) 2,740.0 2,967.4 3,300.7 3,536.3
32 In M3 only(8) 1,128.2 1,362.2 1,604.3 1,833.8(r)
Commercial banks
33 Savings deposits,
including MMDAs 903.3 1,020.4 1,186.0 1,288.5
34 Small time
deposits(9) 592.7 625.3 626.5 635.5
35 Large time
deposits(10, 11) 413.2 487.2 537.8 612.6
Thrift institutions
36 Savings deposits,
including MMDAs 366.3 376.5 414.2 449.7
37 Small time
deposits(9) 353.2 342.8 325.8 321.0
38 Large time
deposits(10) 78.1 85.4 88.6 91.2
Money market
mutual funds
39 Retail 524.3 602.3 748.1 841.6
40 Institution-only 315.6 386.7 527.9 618.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 205.7 250.5 295.4 335.5(r)
42 Eurodollars(12) 115.7 152.3 154.5 175.6
Debt components
43 Federal debt 3,787.9 3,805.8 3,754.9 3,663.1
44 Nonfederal debt 10,652.5 11,426.0 12,524.8 13,717.5(r)
2000
Item Apr.(r) May(r) June(r) July
Seasonally adjusted
Measures(2)
1 M1 1,116.7 1,105.7 1,103.2 1,104.1
2 M2 4,769.2 4,766.0 4,779.0 4,792.4
3 M3 6,668.7 6,691.3 6,731.8 6,785.1
4 Debt 17,720.6 17,777.0 17,852.5 n.a.
M1 components
5 Currency(3) 518.7 520.4 522.4 523.7
6 Travelers checks(4) 8.2 8.3 8.8 9.3
7 Demand deposits(5) 342.0 334.8 331.1 332.0
8 Other checkable
deposits(6) 247.9 242.3 240.9 239.1
Nontransaction
components
9 In M2(7) 3,652.5 3,660.4 3,675.8 3,688.2
10 In M3 only(8) 1,899.4 1,925.3 1,952.9 1,992.8
Commercial banks
11 Savings deposits,
including MMDAs 1,325.3 1,322.5 1,329.2 1,339.2
12 Small time
deposits(9) 659.9 667.5 678.9 685.0
13 Large time
deposits(10, 11) 647.4 652.0 662.1 671.8
Thrift institutions
14 Savings deposits,
including MMDAs 449.3 453.2 452.2 451.9
15 Small time
deposits(9) 324.2 326.3 328.9 332.4
16 Large time
deposits(10) 94.7 93.7 95.6 97.7
Money market
mutual funds
17 Retail 893.8 890.9 886.6 879.7
18 Institution-only 640.0 649.2 657.6 686.0
Repurchase agreements
and Eurodollars
19 Repurchase
agreements(12) 344.1 353.6 363.3 366.4
20 Eurodollars(12) 173.2 176.8 174.3 170.9
Debt components
21 Federal debt 3,602.3 3,546.5 3,520.0 n.a.
22 Nonfederal debt 14,118.3 14,230.5 14,332.5 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,125.5 1,099.5 1,100.8 1,102.9
24 M2 4,814.8 4,737.9 4,759.6 4,776.7
25 M3 6,712.6 6,669.6 6,708.4 6,745.4
26 Debt 17,692.6 17,730.3 17,803.2 n.a.
M1 components
27 Currency(3) 519.0 520.0 521.9 523.8
28 Travelers checks(4) 8.3 8.4 8.7 8.9
29 Demand deposits(5) 344.6 329.6 329.1 332.8
30 Other checkable
deposits(6) 253.5 241.6 241.1 237.4
Nontransaction
components
31 In M2(7) 3,689.3 3,638.4 3,658.8 3,673.7
32 In M3 only(8) 1,897.8 1,931.6 1,948.8 1,968.7
Commercial banks
33 Savings deposits,
including MMDAs 1,341.6 1,317.7 1,330.1 1,341.0
34 Small time
deposits(9) 660.6 665.2 674.7 682.7
35 Large time
deposits(10, 11) 647.2 656.6 663.7 672.5
Thrift institutions
36 Savings deposits,
including MMDAs 454.8 451.5 452.5 452.5
37 Small time
deposits(9) 324.5 325.2 326.8 331.2
38 Large time
deposits(10) 94.7 94.4 95.8 97.8
Money market
mutual funds
39 Retail 907.8 878.8 874.6 866.2
40 Institution-only 640.2 644.5 650.3 665.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 342.7 357.8 364.5 363.6
42 Eurodollars(12) 173.1 178.3 174.5 168.9
Debt components
43 Federal debt 3,597.2 3,514.0 3,475.5 n.a.
44 Nonfederal debt 14,095.4 14,216.4 14,327.7 n.a.
(1.) Latest monthly and weekly figures are available from the Board's
H.6 (508) weekly statistical release. Historical data starting in 1959
are available from the Money and Reserves Projections Section, Division
of Monetary Affairs, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
(2.) Composition of the money stock measures and debt is as follows:
M1: (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
owed 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 M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.
M2: M1 plus (1) savings deposits (including MMDAs), (2)
small-denomination time deposits (time deposits--including retail
RPs--in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market
funds. Seasonally adjusted M2 is calculated by summing savings deposits,
small-denomination time deposits, and retail money fund balances,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) Eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and Eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government,
not including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and
vaults of depository institutions.
(4.) Outstanding amount of U.S. dollar-denominated travelers checks
of nonbank issuers. Travelers checks issued by depository institutions
are included in demand deposits.
(5.) Demand deposits at commercial banks and foreign-related
institutions other than those owed 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.
(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.
(7.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.
(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by
depository institutions, and (4) Eurodollars (overnight and term) of
U.S. addressees.
(9.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small
time deposits.
(10.) Large time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
(11.) Large time deposits at commercial banks less those held by
money market funds, depository institutions, the U.S. government, and
foreign banks and official institutions.
(12.) Includes both overnight and term.
126. COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1999 2000
July(r) Jan.(r) Feb.(r) Mar.(r)
Seasonally adjusted
Assets
1 Bank credit 4,563.7 4,792.3 4,839.2 4,889.6
2 Securities in bank credit 1,232.5 1,267.8 1,269.6 1,280.5
3 U.S. government
securities 815.3 812.7 815.2 815.7
4 Other securities 417.2 455.1 454.4 464.8
5 Loans and leases in bank
credit(2) 3,331.1 3,524.5 3,569.6 3,609.1
6 Commercial and
industrial 964.9 1,009.9 1,022.4 1,031.0
7 Real estate 1,373.9 1,492.9 1,515.1 1,537.4
8 Revolving home equity 99.1 104.4 106.4 108.9
9 Other 1,274.7 1,388.5 1,408.7 1,428.5
10 Consumer 482.0 495.7 500.0 502.8
11 Security(3) 123.5 143.4 143.0 143.3
12 Other loans and leases 386.9 382.6 389.1 394.7
13 Interbank loans 222.6 222.5 228.2 223.5
14 Cash assets(4) 259.9 282.8 279.9 272.1
15 Other assets(5) 348.7 380.4 366.3 336.0
16 Total assets(6) 5,336.4 5,618.8 5,654.5 5,691.9
Liabilities
17 Deposits 3,396.9 3,540.4 3,558.6 3,575.7
18 Transaction 644.7 626.7 625.4 626.3
19 Nontransaction 2,752.2 2,913.6 2,933.3 2,949.4
20 Large time 727.7 841.0 844.8 851.3
21 Other 2,024.5 2,072.7 2,088.5 2,098.1
22 Borrowings 1,023.6 1,133.9 1,136.0 1,157.7
23 From banks in the U.S. 335.8 360.3 368.7 377.5
24 From others 687.8 773.6 767.3 780.2
25 Net due to related foreign
offices 215.4 229.8 234.1 233.5
26 Other liabilities 274.5 290.4 298.4 293.8
27 Total liabilities 4,910.5 5,194.5 5,227.1 5,260.6
28 Residual (assets less
liabilities)(7) 426.0 424.3 427.4 431.2
Not seasonally adjusted
Assets
29 Bank credit 4,535.5 4,816.5 4,841.9 4,883.5
30 Securities in bank credit 1,217.5 1,276.3 1,273.7 1,281.9
31 U.S. government
securities 807.1 814.4 819.2 822.7
32 Other securities 410.4 461.8 454.5 459.2
33 Loans and leases in bank
credit(2) 3,318.1 3,540.2 3,568.2 3,601.5
34 Commercial and
industrial 960.5 1,007.4 1,023.1 1,034.9
35 Real estate 1,371.0 1,496.9 1,512.0 1,532.6
36 Revolving home equity 99.2 104.7 106.1 107.8
37 Other 1,271.8 1,392.2 1,405.9 1,424.7
38 Consumer 478.2 502.9 502.0 501.2
39 Credit cards and
related plans n.a. n.a. n.a. n.a.
40 Other n.a. n.a. n.a. n.a.
41 Security(3) 120.4 147.5 144.5 142.3
42 Other loans and leases 388.0 385.5 386.6 390.6
43 Interbank loans 218.6 223.4 229.6 229.0
44 Cash assets(4) 251.2 296.9 280.5 263.7
45 Other assets(5) 348.8 378.9 368.5 369.4
46 Total assets(6) 5,295.9 5,656.7 5,661.5 5,686.2
Liabilities
47 Deposits
48 Transaction 3,375.1 3,553.6 3,557.5 3,579.5
49 Nontransaction 637.9 638.2 618.4 619.2
50 Large time 2,737.2 2,915.4 2,939.1 2,960.3
51 Other 715.0 852.0 857.4 859.7
52 Borrowings 2,022.3 2,063.4 2,081.7 2,100.6
53 From banks in the U.S. 1,011.2 1,152.5 1,140.2 1,153.3
54 From others 331.8 364.2 370.3 377.4
55 Net due to related foreign
offices 679.4 788.3 769.9 775.9
56 Other liabilities 209.2 233.4 248.5 237.0
272.8 291.9 300.8 294.5
57 Total liabilities 4,868.3 5,231.4 5,246.9 5,264.3
58 Residual (assets less
liabilities)(7) 427.6 425.3 414.6 421.9
Monthly averages
Account 2000
Apr.(r) May(r) June(r) July
Seasonally adjusted
Assets
1 Bank credit 4,932.2 4,998.0 5,026.4 5,062.2
2 Securities in bank credit 1.288.8 1,306.6 1,301.8 1,308.3
3 U.S. government
securities 814.4 815.5 817.1 819.5
4 Other securities 474.5 491.1 484.7 488.8
5 Loans and leases in bank
credit(2) 3,643.4 3,691.3 3,724.6 3,753.9
6 Commercial and
industrial 1,039.2 1,059.0 1,067.3 1,074.0
7 Real estate 1,554.6 1,577.7 1,593.2 1,607.7
8 Revolving home equity 112.6 115.1 115.7 117.0
9 Other 1,442.0 1,462.6 1,477.6 1,490.7
10 Consumer 507.2 510.4 516.3 517.2
11 Security(3) 144.0 145.0 149.7 151.8
12 Other loans and leases 398.4 399.3 398.0 403.2
13 Interbank loans 221.9 227.2 227.8 240.0
14 Cash assets(4) 281.3 274.3 269.1 269.9
15 Other assets(5) 368.2 377.5 380.0 399.6
16 Total assets(6) 5,743.8 5,816.6 5,842.8 5,910.1
Liabilities
17 Deposits 3,626.1 3,631.6 3,658.8 3,716.9
18 Transaction 626.1 629.7 617.2 613.2
19 Nontransaction 3,000.0 3,001.9 3,041.5 3,103.7
20 Large time 872.1 877.9 894.7 915.4
21 Other 2,127.9 2,124.0 2,146.8 2,188.2
22 Borrowings 1,186.8 1,200.8 1,201.4 1,219.1
23 From banks in the U.S. 377.4 383.8 375.3 386.5
24 From others 809.4 817.0 826.1 832.6
25 Net due to related foreign
offices 223.9 249.8 259.5 261.2
26 Other liabilities 294.1 317.8 307.5 299.7
27 Total liabilities 5,330.9 5,400.0 5,427.2 5,496.8
28 Residual (assets less
liabilities)(7) 412.8 416.7 415.6 413.3
Not seasonally adjusted
Assets
29 Bank credit 4,932.7 4,989.9 5,010.5 5,034.6
30 Securities in bank credit 1,290.8 1,304.3 1,291.6 1,291.2
31 U.S. government
securities 823.0 820.9 816.4 811.1
32 Other securities 467.8 483.4 475.2 480.1
33 Loans and leases in bank
credit(2) 3,641.9 3,685.6 3,718.9 3,743.4
34 Commercial and
industrial 1,046.3 1,061.9 1,066.7 1,069.2
35 Real estate 1,550.1 1,575.1 1,589.9 1,604.0
36 Revolving home equity 111.8 114.7 115.7 117.1
37 Other 1,438.4 1,460.4 1,474.2 1,486.9
38 Consumer 506.1 510.0 515.3 517.2
39 Credit cards and
related plans n.a. n.a. n.a. 195.8
40 Other n.a. n.a. n.a. 321.4
41 Security(3) 144.6 143.4 149.6 148.8
42 Other loans and leases 394.8 395.1 397.5 404.1
43 Interbank loans 228.2 226.9 227.3 236.0
44 Cash assets(4) 278.5 272.1 265.2 260.6
45 Other assets(5) 371.6 380.5 381.4 399.0
46 Total assets(6) 5,751.5 5,809.1 5,823.9 5,868.6
Liabilities
47 Deposits
48 Transaction 3,644.1 3,616.9 3,646.9 3,692.4
49 Nontransaction 634.7 620.4 616.2 606.8
50 Large time 3,009.4 2,996.6 3,030.7 3,085.6
51 Other 871.6 874.1 883.9 898.8
52 Borrowings 2,137.7 2,122.5 2,146.8 2,186.8
53 From banks in the U.S. 1,185.8 1,210.2 1,204.3 1,205.9
54 From others 378.9 384.4 376.1 383.4
55 Net due to related foreign
offices 806.9 825.8 828.1 822.5
56 Other liabilities 213.3 250.2 250.1 252.7
292.8 316.3 305.7 297.2
57 Total liabilities 5,336.1 5,393.6 5,406.9 5,448.3
58 Residual (assets less
liabilities)(7) 415.5 415.5 417.0 420.3
Wednesday figures
Account 2000
July 5 July 12 July 19 July 26
Seasonally adjusted
Assets
1 Bank credit 5,041.9 5,041.1 5,065.3 5,074.3
2 Securities in bank credit 1,300.3 1,297.2 1,307.6 1,314.6
3 U.S. government
securities 823.8 818.3 819.1 817.6
4 Other securities 476.5 478.9 488.5 496.9
5 Loans and leases in bank
credit(2) 3,741.5 3,743.9 3,757.7 3,759.8
6 Commercial and
industrial 1,067.9 1,073.1 1,072.9 1,076.7
7 Real estate 1,601.7 1,605.8 1,609.7 1,607.5
8 Revolving home equity 116.9 116.5 116.7 117.3
9 Other 1,484.8 1,489.3 1,492.9 1,490.2
10 Consumer 516.0 514.8 517.8 518.4
11 Security(3) 154.2 150.0 156.6 149.2
12 Other loans and leases 401.9 400.2 400.7 408.0
13 Interbank loans 239.1 236.6 237.1 251.5
14 Cash assets(4) 274.4 270.4 262.3 274.6
15 Other assets(5) 389.7 396.5 403.7 407.7
16 Total assets(6) 5,884.2 5,883.0 5,906.7 5,946.3
Liabilities
17 Deposits 3,719.9 3,695.8 3,704.6 3,732.2
18 Transaction 617.7 602.8 609.7 636.5
19 Nontransaction 3,102.3 3,093.1 3,094.9 3,095.7
20 Large time 906.1 903.6 918.3 923.3
21 Other 2,196.2 2,189.4 2,176.6 2,172.4
22 Borrowings 1,211.3 1,204.1 1,230.1 1,232.6
23 From banks in the U.S. 389.2 379.7 382.9 393.6
24 From others 822.1 824.3 847.2 839.0
25 Net due to related foreign
offices 260.8 279.5 253.3 240.4
26 Other liabilities 296.4 290.6 301.2 304.2
27 Total liabilities 5,488.5 5,470.0 5,489.3 5,509.4
28 Residual (assets less
liabilities)(7) 395.7 413.0 417.3 436.9
Not seasonally adjusted
Assets
29 Bank credit 5,029.3 5,013.5 5,034.8 5,035.0
30 Securities in bank credit 1,286.3 1,280.5 1,288.3 1,295.6
31 U.S. government
securities 818.7 810.8 809.4 807.2
32 Other securities 467.6 469.7 479.0 488.4
33 Loans and leases in bank
credit(2) 3,743.0 3,733.1 3,746.5 3,739.4
34 Commercial and
industrial 1,069.3 1,068.1 1,068.8 1,068.0
35 Real estate 1,597.6 1,603.1 1,064.8 1,603.1
36 Revolving home equity 116.7 116.7 116.8 117.5
37 Other 1,480.9 1,486.4 1,488.0 1,485.6
38 Consumer 516.0 514.8 517.8 518.4
39 Credit cards and
related plans 195.1 194.3 196.8 196.3
40 Other 320.9 320.5 321.0 322.1
41 Security(3) 151.7 146.7 153.6 145.2
42 Other loans and leases 408.4 400.3 401.5 404.8
43 Interbank loans 247.3 233.5 232.5 237.9
44 Cash assets(4) 286.7 259.2 249.1 251.5
45 Other assets(5) 397.3 395.9 399.7 401.4
46 Total assets(6) 5,899.7 5,840.6 5,854.6 5,864.3
Liabilities
47 Deposits
48 Transaction 3,736.3 3,674.4 3,673.6 3,673.9
49 Nontransaction 645.9 594.7 597.4 606.5
50 Large time 3,090.4 3,079.7 3,076.2 3,067.4
51 Other 886.5 888.2 901.7 907.2
52 Borrowings 2,203.9 2,191.5 2,174.4 2,160.2
53 From banks in the U.S. 1,202.3 1,189.2 1,220.1 1,219.7
54 From others 388.7 376.4 379.8 389.5
55 Net due to related foreign
offices 813.5 812.7 840.3 830.2
56 Other liabilities 243.4 264.2 242.4 252.3
293.3 288.2 298.3 302.3
57 Total liabilities 5,475.3 5,146.0 5,434.4 5,448.2
58 Residual (assets less
liabilities)(7) 424.4 424.6 420.2 416.1
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 2000
July(r) Jan.(r) Feb.(r) Mar.(r)
Seasonally adjusted
Assets
1 Bank credit 4,036.2 4,244.2 4,298.9 4,346.3
2 Securities in bank credit 1,038.7 1,066.6 1,077.4 1,085.1
3 U.S. government
securities 728.9 731.6 739.3 737.6
4 Other securities 309.8 335.0 338.2 347.4
5 Loans and leases in bank
credit(2) 2,997.5 3,177.6 3,221.4 3,261.2
6 Commercial and
industrial 770.4 815.2 826.7 834.6
7 Real estate 1,355.4 1,475.5 1,497.4 1,519.4
8 Revolving home equity 991.0 104.4 106.4 108.9
9 Other 1,256.3 1,371.1 1,391.1 1,410.5
10 Consumer 482.0 495.7 5,000.0 502.8
11 Security(3) 70.8 76.6 76.2 76.8
12 Other loans and leases 318.9 314.6 321.1 327.6
13 Interbank loans 194.7 193.6 195.5 194.9
14 Cash assets(4) 222.3 230.6 229.2 224.4
15 Other assets(5) 315.7 341.7 328.0 326.8
16 Total assets(6) 4,710.8 4,951.2 4,992.8 5,033.5
Liabilities
17 Deposits 3,084.0 3,161.4 3,181.5 3,197.7
18 Transaction 633.9 616.0 614.4 615.2
19 Nontransaction 2,450.1 2,545.4 2,567.1 2,582.5
20 Large time 427.9 474.7 480.2 487.3
21 Other 2,022.1 2,070.7 2,086.9 2,095.2
22 Borrowings 848.8 954.6 960.6 980.5
23 From banks in the U.S. 311.5 340.6 350.3 357.7
24 From others 537.2 614.0 610.3 622.8
25 Net due to related foreign
offices 144.7 194.2 207.1 213.2
26 Other liabilities 211.5 220.0 225.7 222.6
27 Total liabilities 4,288.9 4,530.1 4,574.9 4,614.0
28 Residual (assets less
liabilities)(7) 421.9 421.1 417.8 419.4
Not seasonally adjusted
Assets
29 Bank credit 4,016.4 4,260.6 4,297.4 4,341.5
30 Securities in bank credit 1,028.7 1,071.2 1,080.2 1,089.4
31 U.S. government
securities 721.6 732.8 743.1 744.8
32 Other securities 307.1 338.4 337.2 344.6
33 Loans and leases in bank
credit(2) 2,987.7 3,189.4 3,217.1 3,252.1
34 Commercial and
industrial 768.2 811.3 824.9 836.9
35 Real estate 1,352.7 1,479.3 1,494.0 1,514.4
36 Revolving home equity 99.2 104.7 106.1 107.8
37 Other 1,253.5 1,374.6 1,388.0 1,406.6
38 Consumer 478.2 502.9 502.0 501.2
39 Credit cards and
related plans n.a. n.a. n.a. n.a.
40 Other n.a. n.a. n.a. n.a.
41 Security(3) 68.0 80.3 77.9 75.5
42 Other loans and leases 320.6 315.7 318.3 324.0
43 Interbank loans 190.8 194.4 196.9 200.5
44 Cash assets(4) 214.9 242.5 230.4 217.1
45 Other assets(5) 317.3 338.8 328.3 328.9
46 Total assets(6) 4,681.3 4,977.7 4,994.2 5,028.9
Liabilities
47 Deposits 3,068.4 3,167.8 3,173.3 3,195.4
48 Transaction 627.1 627.3 607.5 608.3
49 Nontransaction 2,441.3 2,540.5 2,565.8 2,587.0
50 Large time 421.3 480.3 486.8 488.9
51 Other 2,020.0 2,060.2 2,079.0 2,098.1
52 Borrowings 836.3 973.2 964.9 976.2
53 From banks in the U.S. 307.5 344.5 351.9 357.7
54 From others 528.8 628.7 613.0 618.5
55 Net due to related foreign
offices 139.9 195.5 219.1 216.2
56 Other liabilities 211.1 219.8 226.1 223.0
57 Total liabilities 4,258.7 4,556.2 4,583.4 4,610.8
58 Residual (assets less
liabilities)(7) 425.6 421.5 410.8 418.1
Monthly averages
Account 2000
Apr.(r) May(r) June(r) July
Seasonally adjusted
Assets
1 Bank credit 4,365.3 4,417.6 4,453.4 4,489.1
2 Securities in bank credit 1,087.1 1,098.8 1,099.2 1,105.9
3 U.S. government
securities 734.7 735.9 738.2 739.9
4 Other securities 352.4 363.0 361.0 366.1
5 Loans and leases in bank
credit(2) 3,278.1 3,318.7 3,354.2 3,383.1
6 Commercial and
industrial 840.0 853.9 862.1 870.4
7 Real estate 1,536.3 1,559.1 1,574.4 1,589.0
8 Revolving home equity 112.6 115.1 115.7 117.0
9 Other 1,423.7 1,444.0 1,458.7 1,472.0
10 Consumer 507.2 510.4 516.3 517.2
11 Security(3) 66.1 64.0 68.7 70.3
12 Other loans and leases 328.6 331.3 332.8 336.3
13 Interbank loans 192.5 195.4 199.1 213.8
14 Cash assets(4) 233.9 230.3 224.5 224.6
15 Other assets(5) 328.1 336.3 336.4 356.7
16 Total assets(6) 5,060.4 5,119.7 5,153.3 5,222.8
Liabilities
17 Deposits 3,238.6 3,249.5 3,276.3 3,330.1
18 Transaction 615.2 618.5 605.8 601.8
19 Nontransaction 2,623.4 2,631.0 2,670.5 2,728.2
20 Large time 498.5 509.6 524.6 542.6
21 Other 2,124.9 2,121.4 2,145.6 2,185.7
22 Borrowings 987.1 996.4 996.1 1,013.6
23 From banks in the U.S. 356.5 365.9 356.3 365.7
24 From others 630.6 630.5 639.8 647.9
25 Net due to related foreign
offices 208.6 228.7 240.1 243.5
26 Other liabilities 220.8 237.9 234.6 229.5
27 Total liabilities 4,655.1 4,712.4 4,747.1 4,816.6
28 Residual (assets less
liabilities)(7) 405.3 407.3 406.2 406.2
Not seasonally adjusted
Assets
29 Bank credit 4,372.0 4,417.8 4,447.0 4,471.8
30 Securities in bank credit 1,092.6 1,099.5 1,094.8 1,095.5
31 U.S. government
securities 742.7 740.2 737.5 732.4
32 Other securities 350.0 359.2 357.3 363.0
33 Loans and leases in bank
credit(2) 3,279.3 3,318.3 3,352.2 3,376.4
34 Commercial and
industrial 848.8 861.0 864.7 868.0
35 Real estate 1,532.0 1,556.6 1,571.1 1,585.5
36 Revolving home equity 111.8 114.7 115.7 117.1
37 Other 1,420.2 1,441.9 1,455.4 1,468.4
38 Consumer 506.1 510.0 515.3 517.2
39 Credit cards and
related plans n.a. n.a. n.a. 198.8
40 Other n.a. n.a. n.a. 321.4
41 Security(3) 66.6 62.6 68.2 67.6
42 Other loans and leases 325.9 328.0 332.8 338.0
43 Interbank loans 198.8 195.1 198.6 209.8
44 Cash assets(4) 233.2 229.4 221.4 217.0
45 Other assets(5) 332.3 340.0 340.2 357.9
46 Total assets(6) 5,077.1 5,122.3 5,146.9 5,195.4
Liabilities
47 Deposits 3,255.5 3,234.0 3,268.7 3,314.3
48 Transaction 624.2 609.6 605.1 595.5
49 Nontransaction 2,631.3 2,624.4 2,663.6 2,718.8
50 Large time 496.0 504.3 519.2 534.4
51 Other 2,135.3 2,120.0 2,144.4 2,184.4
52 Borrowings 986.2 1,005.8 999.1 1,000.4
53 From banks in the U.S. 358.0 366.5 357.2 362.6
54 From others 328.2 639.3 641.9 637.8
55 Net due to related foreign
offices 202.5 233.3 232.0 235.9
56 Other liabilities 221.4 237.9 234.4 228.7
57 Total liabilities 4,665.7 4,711.0 4,734.1 4,779.3
58 Residual (assets less
liabilities)(7) 411.5 411.3 412.7 416.1
Wednesday figures
Account 2000
July 5 July 12 July 19 July 26
Seasonally adjusted
Assets
1 Bank credit 4,470.0 4,470.4 4,490.4 4,504.2
2 Securities in bank credit 1,100.0 1,098.9 1,106.4 1,111.2
3 U.S. government
securities 743.9 739.8 741.0 737.4
4 Other securities 356.1 359.2 365.4 373.9
5 Loans and leases in bank
credit(2) 3,370.1 3,371.4 3,384.1 3,393.0
6 Commercial and
industrial 865.1 869.4 869.4 873.7
7 Real estate 1,582.8 1,587.0 1,591.0 1,589.1
8 Revolving home equity 116.9 116.5 116.7 117.3
9 Other 1,465.9 1,470.5 1,474.2 1,471.7
10 Consumer 516.0 514.8 517.8 518.4
11 Security(3) 69.9 66.8 72.2 71.2
12 Other loans and leases 336.3 333.5 333.7 340.6
13 Interbank loans 211.3 209.2 211.7 221.9
14 Cash assets(4) 229.6 225.5 218.9 228.9
15 Other assets(5) 344.3 354.5 360.4 365.2
16 Total assets(6) 5,194.7 5,198.4 5,220.1 5,258.6
Liabilities
17 Deposits 3,335.2 3,317.4 3,314.9 3,340.8
18 Transaction 605.5 591.6 598.0 625.3
19 Nontransaction 2,729.7 2,725.8 2,716.9 2,715.4
20 Large time 535.8 539.1 542.9 545.5
21 Other 2,193.9 2,186.7 2,174.0 2,169.9
22 Borrowings 997.8 1,002.4 1,024.6 1,024.7
23 From banks in the U.S. 362.9 359.9 365.5 369.5
24 From others 635.0 642.5 659.2 655.2
25 Net due to related foreign
offices 242.0 252.6 239.9 234.0
26 Other liabilities 225.5 221.5 230.1 235.1
27 Total liabilities 4,800.6 4,793.9 4,809.5 4,834.6
28 Residual (assets less
liabilities)(7) 394.1 404.5 410.6 424.1
Not seasonally adjusted
Assets
29 Bank credit 4,466.2 4,454.2 4,470.2 4,476.2
30 Securities in bank credit 1,092.0 1,089.3 1,094.2 1,098.4
31 U.S. government
securities 738.9 733.5 732.0 728.1
32 Other securities 353.1 355.9 362.1 370.3
33 Loans and leases in bank
credit(2) 3,374.2 3,364.9 3,376.0 3,377.9
34 Commercial and
industrial 869.0 867.3 867.2 867.6
35 Real estate 1,578.9 1,584.4 1,586.3 1,584.9
36 Revolving home equity 116.7 116.7 116.8 117.5
37 Other 1,462.2 1,467.8 1,469.5 1,467.4
38 Consumer 516.0 514.8 517.8 518.4
39 Credit cards and
related plans 195.1 194.3 196.8 196.3
40 Other 320.9 320.5 321.0 322.1
41 Security(3) 67.4 64.2 69.4 67.8
42 Other loans and leases 342.9 334.2 335.2 339.1
43 Interbank loans 219.4 206.1 207.1 208.2
44 Cash assets(4) 243.0 216.0 207.6 207.7
45 Other assets(5) 354.7 355.6 358.6 361.0
46 Total assets(6) 5,222.6 5,170.9 5,182.1 5,191.9
Liabilities
47 Deposits 3,362.8 3,304.4 3,292.3 3,289.7
48 Transaction 633.5 583.7 585.9 595.5
49 Nontransaction 2,729.3 2,720.7 2,706.4 2,694.2
50 Large time 527.8 531.6 534.4 536.4
51 Other 2,201.5 2,189.1 2,172.0 2,157.7
52 Borrowings 988.8 987.5 1,014.6 1,011.8
53 From banks in the U.S. 362.4 356.6 362.4 365.4
54 From others 626.4 630.9 652.3 646.3
55 Net due to related foreign
offices 226.5 238.0 230.3 244.0
56 Other liabilities 224.5 220.7 229.1 234.5
57 Total liabilities 4,802.6 4,750.5 4,766.4 4,780.0
58 Residual (assets less
liabilities)(7) 420.1 420.3 415.7 411.9
C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 2000
July(r) Jan.(r) Feb.(r) Mar.(r)
Seasonally adjusted
Assets
1 Bank credit 2,263.9 2,368.4 2,393.5 2,420.0
2 Securities in bank credit 532.3 550.6 555.8 563.6
3 U.S. government
securities 356.8 355.8 356.9 356.5
4 Trading account 22.0 20.5 21.5 20.5
5 Investment account 334.8 335.3 335.3 336.0
6 Other securities 175.6 194.8 199.0 207.2
7 Trading account 73.3 81.5 85.9 91.1
8 Investment account 102.3 113.3 113.1 116.1
9 State and local
government 23.3 24.4 24.5 24.7
10 Other 79.0 89.0 88.6 91.4
11 Loans and leases in bank
credit(2) 1,731.6 1,817.8 1,837.6 1,856.3
12 Commercial and
industrial 530.8 554.9 562.1 565.1
13 Bankers acceptances .9 1.0 1.0 1.0
14 Other 529.9 553.9 561.2 564.1
15 Real estate 681.2 747.5 751.2 759.3
16 Revolving home equity 64.0 66.4 67.6 69.2
17 Other 617.2 681.1 683.6 690.2
18 Consumer 218.8 217.9 220.9 222.6
19 Security(3) 64.7 70.1 69.6 70.2
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 47.9 49.8 47.0 48.9
21 Other 16.8 20.3 22.6 21.4
22 State and local
government 11.3 11.9 12.0 12.2
23 Agricultural 7.8 9.1 9.3 9.3
24 Federal funds sold to
and repurchase
agreements with others 9.9 11.8 13.3 14.5
25 All other loans 96.0 76.8 81.7 85.6
26 Lease-financing
receivables 111.2 117.8 117.5 117.4
27 Interbank loans 129.4 130.7 132.3 133.0
28 Federal funds sold to and
repurchase agreements
with commercial banks 77.7 58.7 65.8 68.8
29 Other 51.6 72.0 663.0 64.2
30 Cash assets(4) 141.7 147.7 148.8 145.7
31 Other assets(5) 223.0 236.5 222.1 219.8
32 Total assets(6) 2,722.9 2,848.6 2,862.3 2,884.0
Liabilities
33 Deposits 1,584.8 1,591.2 1,598.7 1,603.6
34 Transaction 332.0 313.5 312.0 311.5
35 Nontransaction 1,252.7 1,277.7 1,286.7 1,292.1
36 Large time 208.6 231.5 231.8 235.2
37 Other 1,044.1 1,046.2 1,054.9 1,057.0
38 Borrowings 566.4 631.0 629.1 638.8
39 From banks in the U.S. 166.4 187.4 191.8 193.4
40 From others 399.9 443.6 437.3 445.3
41 Net due to related foreign
offices 140.4 189.1 201.9 207.8
42 Other liabilities 157.3 162.1 165.7 164.5
43 Total liabilities 2,448.8 2,573.4 2,595.4 2,614.7
44 Residual (assets less
liabilities)(7) 274.1 275.2 266.9 269.3
Not seasonally adjusted
Assets
45 Bank credit 2,243.4 2,391.2 2,404.8 2,421.4
46 Securities in bank credit 523.1 556.9 561.9 567.0
47 U.S. government
securities 349.7 358.5 363.2 362.3
48 Trading account 20.4 21.1 22.5 21.4
49 Investment account 329.3 337.4 340.6 340.9
50 Mortgage-backed
securities 212.6 217.1 221.2 222.1
51 Other 116.7 120.2 119.4 118.9
52 One year or less 22.9 23.4 27.2 29.0
53 One to five years 55.9 57.3 54.4 52.6
54 More than five
years 38.0 39.5 37.8 37.3
55 Other securities 173.4 198.4 198.8 204.6
56 Trading account 73.3 81.5 85.9 91.1
57 Investment account 100.1 116.9 112.9 113.6
58 State and local
government 22.8 24.6 24.7 24.8
59 Other 77.3 92.3 88.2 88.8
60 Loans and leases in bank
credit(2) 1,720.3 1,834.3 1,842.8 1,854.4
61 Commercial and
industrial 528.6 551.9 561.5 567.4
62 Bankers acceptances .9 1.0 1.0 1.0
63 Other 527.7 550.9 560.5 566.4
64 Real estate 677.5 753.7 752.5 757.6
65 Revolving home equity 64.2 66.8 67.4 68.4
66 Other 371.6 420.3 416.1 418.1
67 Commercial 241.6 266.6 269.0 271.2
68 Consumer 215.9 224.4 223.9 222.8
69 Credit cards and
related plans n.a. n.a. n.a. n.a.
70 Other n.a. n.a. n.a. n.a.
71 Security(3) 61.9 73.8 71.4 69.0
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 45.0 54.2 49.6 47.3
73 Other 16.9 19.6 21.8 21.7
74 State and local
government 11.3 11.8 11.9 12.1
75 Agricultural 7.9 9.1 9.1 9.1
76 Federal funds sold to
and repurchase
agreements with others 9.9 11.8 13.3 14.5
77 All other loans 96.8 77.8 79.9 83.1
78 Lease-financing
receivables 110.5 120.0 119.4 118.9
79 Interbank loans 129.0 131.4 132.6 135.7
80 Federal funds sold to and
repurchase agreements
with commercial banks 76.8 60.2 65.4 70.8
81 Other 52.3 71.2 67.1 64.8
82 Cash assets(4) 135.5 158.2 150.4 140.3
83 Other assets(5) 223.2 235.6 223.4 221.9
84 Total assets(6) 2,696.1 2,882.0 2,876.8 2,884.9
Liabilities
85 Deposits 1,574.2 1,602.6 1,599.0 1,603.4
86 Transaction 327.9 323.2 308.5 306.9
87 Nontransaction 1,246.3 1,279.4 1,290.6 1,296.5
88 Large time 202.0 237.1 238.4 236.8
89 Other 1,044.3 1,042.3 1,052.2 1,059.6
90 Borrowings 552.5 651.2 637.7 640.7
91 From banks in the U.S. 161.1 191.9 196.1 197.1
92 From nonbanks in the U.S. 391.4 459.3 441.6 443.6
93 Net due to related foreign
offices 135.7 190.4 213.9 210.8
94 Other liabilities 157.3 162.1 165.7 164.5
95 Total liabilities 2,419.6 2,606.2 2,616.3 2,619.4
96 Residual (assets less
liabilities)(7) 276.4 275.7 260.4 265.4
Monthly averages
Account 2000
Apr.(r) May(r) June(r) July
Seasonally adjusted
Assets
1 Bank credit 2,434.0 2,470.7 2,484.4 2,494.5
2 Securities in bank credit 566.5 576.9 576.2 575.4
3 U.S. government
securities 355.0 356.8 359.7 360.6
4 Trading account 21.3 23.5 22.7 24.3
5 Investment account 333.7 333.3 337.0 336.3
6 Other securities 211.5 220.1 216.6 214.7
7 Trading account 92.9 101.2 98.0 96.6
8 Investment account 118.6 118.9 118.5 118.1
9 State and local
government 25.1 25.4 25.6 26.1
10 Other 93.5 93.5 92.9 92.0
11 Loans and leases in bank
credit(2) 1,867.5 1,893.8 1,908.1 1,919.2
12 Commercial and
industrial 568.0 578.8 582.7 584.2
13 Bankers acceptances 1.1 1.1 1.0 .9
14 Other 567.0 577.8 581.7 583.3
15 Real estate 774.4 787.5 793.2 801.0
16 Revolving home equity 72.2 73.9 74.3 75.2
17 Other 702.2 713.6 718.9 725.8
18 Consumer 225.8 226.7 227.4 226.8
19 Security(3) 59.3 57.8 62.1 63.2
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 38.2 38.9 43.9 44.6
21 Other 21.2 18.9 18.2 18.6
22 State and local
government 12.3 12.3 12.2 12.2
23 Agricultural 9.4 9.5 9.5 9.4
24 Federal funds sold to
and repurchase
agreements with others 13.5 13.2 13.5 12.8
25 All other loans 85.6 87.6 84.7 84.0
26 Lease-financing
receivables 119.0 120.4 122.8 125.5
27 Interbank loans 125.1 130.4 132.2 139.4
28 Federal funds sold to and
repurchase agreements
with commercial banks 66.6 71.6 70.6 73.2
29 Other 58.5 58.8 61.6 66.2
30 Cash assets(4) 154.3 148.9 145.1 143.4
31 Other assets(5) 218.9 222.8 224.2 245.4
32 Total assets(6) 2,897.8 2,938.1 2,951.5 2,987.9
Liabilities
33 Deposits 1,626.4 1,632.2 1,625.6 1,626.6
34 Transaction 310.1 313.9 306.6 300.7
35 Nontransaction 1,316.2 1,318.2 1,319.0 1,325.9
36 Large time 243.6 251.2 257.9 265.8
37 Other 1,072.6 1,067.0 1,061.0 1,060.0
38 Borrowings 647.8 649.2 654.1 676.5
39 From banks in the U.S. 197.1 202.3 196.2 204.5
40 From others 450.7 446.9 457.9 472.0
41 Net due to related foreign
offices 203.2 222.7 230.9 221.1
42 Other liabilities 163.4 177.2 176.3 179.9
43 Total liabilities 2,640.9 2,681.3 2,687.0 2,704.0
44 Residual (assets less
liabilities)(7) 256.9 256.9 264.5 283.8
Not seasonally adjusted
Assets
45 Bank credit 2,437.3 2,464.0 2,472.3 2,475.5
46 Securities in bank credit 567.6 573.7 569.9 565.8
47 U.S. government
securities 359.7 357.8 356.7 353.4
48 Trading account 21.5 22.0 22.5 22.6
49 Investment account 338.1 335.8 334.2 330.8
50 Mortgage-backed
securities 220.5 217.9 216.5 211.2
51 Other 117.6 117.9 117.6 119.6
52 One year or less 28.8 30.5 30.3 30.2
53 One to five years 51.5 51.6 52.3 53.2
54 More than five
years 37.4 35.8 35.0 36.2
55 Other securities 207.9 215.9 213.3 212.5
56 Trading account 92.9 101.2 98.0 96.6
57 Investment account 115.0 114.7 115.2 115.8
58 State and local
government 25.1 25.3 25.5 25.6
59 Other 89.8 89.3 89.7 90.3
60 Loans and leases in bank
credit(2) 1,869.8 1,890.3 1,902.3 1,909.7
61 Commercial and
industrial 574.7 583.3 583.3 581.9
62 Bankers acceptances 1.1 1.1 1.0 .9
63 Other 573.6 582.3 582.3 580.9
64 Real estate 771.5 784.7 789.0 796.4
65 Revolving home equity 71.5 73.6 74.4 75.4
66 Other 425.0 433.4 436.2 442.9
67 Commercial 275.0 277.7 278.3 278.0
68 Consumer 225.7 226.2 226.4 226.8
69 Credit cards and
related plans n.a. n.a. n.a. 72.2
70 Other n.a. n.a. n.a. 154.6
71 Security(3) 59.8 56.4 61.7 60.5
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 38.2 36.8 42.5 41.8
73 Other 21.7 19.6 19.1 18.7
74 State and local
government 12.2 12.2 12.1 12.1
75 Agricultural 9.2 9.4 9.5 9.6
76 Federal funds sold to
and repurchase
agreements with others 13.5 13.2 13.5 12.8
77 All other loans 83.4 84.5 84.3 84.8
78 Lease-financing
receivables 119.7 120.5 122.7 124.8
79 Interbank loans 129.9 133.8 135.0 139.5
80 Federal funds sold to and
repurchase agreements
with commercial banks 69.3 72.2 71.1 72.5
81 Other 60.6 61.5 63.8 67.0
82 Cash assets(4) 154.2 148.1 142.6 137.1
83 Other assets(5) 222.2 227.3 228.1 244.8
84 Total assets(6) 2,909.4 2,938.5 2,943.4 2,962.2
Liabilities
85 Deposits 1,636.1 1,617.4 1,620.7 1,616.0
86 Transaction 317.3 307.5 305.4 296.9
87 Nontransaction 1,318.8 1,309.9 1,315.3 1,319.1
88 Large time 241.2 245.9 252.5 257.7
89 Other 1,077.6 1,063.9 1,062.8 1,061.4
90 Borrowings 650.6 657.3 655.2 660.9
91 From banks in the U.S. 201.1 203.5 195.4 199.1
92 From nonbanks in the U.S. 449.5 453.8 459.8 461.9
93 Net due to related foreign
offices 197.2 227.3 222.9 213.5
94 Other liabilities 163.4 177.2 176.3 179.9
95 Total liabilities 2,647.3 2,679.2 2,675.1 2,670.4
96 Residual (assets less
liabilities)(7) 262.0 259.3 268.3 291.8
Wednesday figures
Account 2000
July 5 July 12 July 19 July 26
Seasonally adjusted
Assets
1 Bank credit 2,482.4 2,482.2 2,494.6 2,506.3
2 Securities in bank credit 571.8 569.4 574.6 580.4
3 U.S. government
securities 361.9 359.6 360.0 360.4
4 Trading account 23.9 21.6 23.2 26.1
5 Investment account 338.0 338.0 336.8 334.3
6 Other securities 209.9 209.8 214.6 220.0
7 Trading account 92.3 91.5 96.9 101.0
8 Investment account 117.6 118.3 117.7 119.0
9 State and local
government 26.1 26.2 26.3 26.0
10 Other 91.4 92.1 91.4 93.0
11 Loans and leases in bank
credit(2) 1,910.6 1,912.8 1,920.0 1,926.0
12 Commercial and
industrial 579.9 584.2 583.7 586.7
13 Bankers acceptances 1.0 .9 .9 .9
14 Other 578.9 583.3 582.8 585.8
15 Real estate 796.4 800.9 803.2 799.8
16 Revolving home equity 75.2 74.8 74.9 75.4
17 Other 721.2 726.0 728.3 724.5
18 Consumer 227.5 226.6 225.9 227.2
19 Security(3) 62.7 59.7 65.3 64.1
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 43.8 41.7 46.1 45.6
21 Other 18.9 18.0 19.2 18.5
22 State and local
government 12.2 12.1 12.1 12.4
23 Agricultural 9.4 9.4 9.4 9.5
24 Federal funds sold to
and repurchase
agreements with others 13.2 12.4 13.3 13.0
25 All other loans 85.7 82.5 81.3 86.9
26 Lease-financing
receivables 123.5 125.0 125.8 126.3
27 Interbank loans 141.0 136.6 138.1 143.2
28 Federal funds sold to and
repurchase agreements
with commercial banks 76.6 71.9 70.3 77.7
29 Other 64.4 64.6 67.9 65.5
30 Cash assets(4) 147.6 145.2 139.5 145.6
31 Other assets(5) 234.1 241.9 249.7 253.6
32 Total assets(6) 2,970.9 2,971.1 2,987.1 3,013.9
Liabilities
33 Deposits 1,642.0 1,623.6 1,616.1 1,627.1
34 Transaction 306.1 294.7 298.1 312.4
35 Nontransaction 1,335.9 1,328.9 1,317.9 1,314.7
36 Large time 263.0 263.8 265.2 267.3
37 Other 1,072.9 1,065.1 1,052.7 1,047.5
38 Borrowings 664.3 668.3 685.3 685.2
39 From banks in the U.S. 203.8 201.1 204.4 206.8
40 From others 460.5 467.2 480.9 478.4
41 Net due to related foreign
offices 220.3 227.2 218.2 212.9
42 Other liabilities 175.1 171.4 180.4 186.3
43 Total liabilities 2,701.7 2,690.5 2,700.0 2,711.5
44 Residual (assets less
liabilities)(7) 269.2 280.6 287.1 302.3
Not seasonally adjusted
Assets
45 Bank credit 2,477.2 2,463.2 2,473.3 2,476.3
46 Securities in bank credit 565.0 560.0 563.8 568.2
47 U.S. government
securities 357.3 352.7 351.6 351.1
48 Trading account 22.7 19.9 21.3 23.3
49 Investment account 334.6 332.8 330.3 327.8
50 Mortgage-backed
securities 217.1 215.6 210.6 206.3
51 Other 117.5 117.1 119.7 121.6
52 One year or less 30.3 29.4 30.2 30.3
53 One to five years 52.5 52.3 54.0 53.5
54 More than five
years 34.8 35.4 35.4 37.8
55 Other securities 207.7 207.3 212.2 217.1
56 Trading account 92.3 91.5 96.9 101.0
57 Investment account 115.4 115.8 115.4 116.2
58 State and local
government 25.4 25.6 25.7 25.6
59 Other 89.9 90.2 89.7 90.6
60 Loans and leases in bank
credit(2) 1,912.2 1,903.2 1,909.5 1,908.1
61 Commercial and
industrial 582.2 581.3 581.6 581.5
62 Bankers acceptances 1.0 .9 .9 .9
63 Other 581.2 580.4 580.6 580.6
64 Real estate 793.0 797.3 797.7 793.7
65 Revolving home equity 75.2 75.1 75.3 75.7
66 Other 441.1 444.7 444.1 439.2
67 Commercial 276.7 277.5 278.3 278.7
68 Consumer 227.5 226.6 225.9 227.2
69 Credit cards and
related plans 73.1 72.5 71.5 72.2
70 Other 154.4 154.1 154.4 154.9
71 Security(3) 60.2 57.1 62.5 60.7
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 40.8 39.0 43.6 42.1
73 Other 19.5 18.1 18.8 18.7
74 State and local
government 12.1 12.0 12.1 12.4
75 Agricultural 9.6 9.5 9.6 9.6
76 Federal funds sold to
and repurchase
agreements with others 13.2 12.4 13.3 13.0
77 All other loans 91.0 82.4 82.0 84.7
78 Lease-financing
receivables 123.4 124.5 124.9 125.2
79 Interbank loans 148.7 136.3 138.8 138.6
80 Federal funds sold to and
repurchase agreements
with commercial banks 82.2 70.8 69.7 73.1
81 Other 66.5 65.5 69.1 65.5
82 Cash assets(4) 155.0 137.6 131.1 129.8
83 Other assets(5) 238.5 241.9 248.3 249.4
84 Total assets(6) 2,985.2 2,944.4 2,956.8 2,959.5
Liabilities
85 Deposits 1,660.4 1,614.9 1,602.3 1,593.4
86 Transaction 323.6 289.3 291.7 294.2
87 Nontransaction 1,336.8 1,325.6 1,310.6 1,299.1
88 Large time 255.1 256.4 256.8 258.2
89 Other 1,081.7 1,069.2 1,053.8 1,040.9
90 Borrowings 654.0 652.6 673.0 666.8
91 From banks in the U.S. 201.2 196.2 199.0 198.8
92 From nonbanks in the U.S. 452.8 456.4 474.0 468.0
93 Net due to related foreign
offices 204.9 212.6 208.7 222.9
94 Other liabilities 175.1 171.4 180.4 186.3
95 Total liabilities 2,694.3 2,651.5 2,664.4 2,669.3
96 Residual (assets less
liabilities)(7) 290.9 292.9 292.4 290.2
D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 2000
July(r) Jan.(r) Feb.(r) Mar.(r)
Seasonally adjusted
Assets
1 Bank credit 1,772.3 1,875.8 1,905.4 1,926.3
2 Securities in bank credit 506.4 516.0 521.6 521.4
3 U.S. government
securities 372.1 375.8 382.4 381.2
4 Other securities 134.2 140.1 139.2 140.3
5 Loans and leases in bank
credit(2) 1,265.9 1,359.8 1,383.8 1,404.9
6 Commercial and
industrial 239.6 260.3 264.6 269.5
7 Real estate 674.2 728.0 746.2 760.1
8 Revolving home equity 35.1 38.0 38.8 39.7
9 Other 639.1 690.0 707.4 720.4
10 Consumer 263.2 277.8 279.1 280.2
11 Security(3) 6.1 6.5 6.5 6.5
12 Other loans and leases 82.8 87.2 87.4 88.6
13 Interbank loans 65.3 62.9 63.2 62.0
14 Cash assets(4) 80.5 82.9 80.4 78.8
15 Other assets(5) 92.7 105.2 105.9 107.1
16 Total assets(6) 1,987.9 2,102.6 2,130.5 2,149.5
Liabilities
17 Deposits 1,499.2 1,570.2 1,582.8 1,594.0
18 Transaction 301.8 302.5 302.5 303.7
19 Nontransaction 1,197.4 1,267.7 1,280.3 1,290.3
20 Large time 219.3 243.2 248.4 252.1
21 Other 978.1 1,024.5 1,031.9 1,038.2
22 Borrowings 282.4 323.6 331.5 341.8
23 From banks in the U.S. 145.1 153.2 158.5 164.3
24 From others 137.3 170.4 173.0 177.5
25 Net due to related foreign
offices 4.3 5.1 5.3 5.4
26 Other liabilities 54.3 57.9 60.0 58.2
27 Total liabilities 1,840.1 1,956.8 1,979.5 1,999.3
28 Residual (assets less
liabilities)(7) 147.7 145.8 150.9 150.2
Not seasonally adjusted
Assets
29 Bank credit 1,773.0 1,869.4 1,892.6 1,920.1
30 Securities in bank credit 505.6 514.2 518.3 522.5
31 U.S. government
securities 371.9 374.3 379.9 382.5
32 Other securities 133.7 140.0 138.4 140.0
33 Loans and leases in bank
credit(2) 1,267.4 1,355.1 1,374.3 1,397.7
34 Commercial and
industrial 239.6 259.4 263.4 269.6
35 Real estate 675.2 725.6 741.5 756.8
36 Revolving home equity 35.0 37.9 38.6 39.4
37 Other 640.3 687.7 702.9 717.4
38 Consumer 262.3 278.4 278.1 278.4
39 Credit cards and
related plans n.a. n.a. n.a. n.a.
40 Other n.a. n.a. n.a. n.a.
41 Security(3) 6.1 6.5 6.5 6.5
42 Other loans and leases 84.2 85.2 84.7 86.3
43 Interbank loans 61.8 63.0 64.3 64.8
44 Cash assets(4) 79.4 84.3 80.0 76.7
45 Other assets(5) 94.1 103.2 104.9 107.0
46 Total assets(6) 1,985.2 2,095.7 2,117.4 2,144.0
Liabilities
47 Deposits
48 Transaction 1,494.2 1,565.2 1,574.3 1,592.0
49 Nontransaction 299.2 304.1 299.0 301.4
50 Large time 1,195.0 1,261.1 1,275.2 1,290.6
51 Other 219.3 243.2 248.4 252.1
52 Borrowings 975.7 1,017.9 1,026.8 1,038.5
53 From banks in the U.S. 283.8 322.0 327.2 335.4
54 From others 146.4 152.6 155.8 160.6
55 Net due to related foreign
offices 137.4 169.4 171.4 174.8
56 Other liabilities 4.3 5.1 5.3 5.4
53.8 57.6 60.3 58.5
57 Total liabilities 1,836.1 1,950.0 1,967.1 1,991.3
58 Residual (assets less
liabilities)(7) 149.1 145.8 150.4 152.7
Monthly averages
Account 2000
Apr.(r) May(r) June(r) July
Seasonally adjusted
Assets
1 Bank credit 1,931.3 1,946.9 1,969.1 1,994.5
2 Securities in bank credit 520.6 521.9 522.9 530.5
3 U.S. government
securities 379.7 379.1 378.5 379.2
4 Other securities 140.9 142.8 144.4 151.3
5 Loans and leases in bank
credit(2) 1,410.7 1,425.0 1,446.1 1,464.0
6 Commercial and
industrial 271.9 275.1 279.4 286.1
7 Real estate 761.9 771.6 781.2 788.0
8 Revolving home equity 40.4 41.2 41.4 41.8
9 Other 721.5 730.4 739.8 746.2
10 Consumer 281.3 283.8 289.0 290.4
11 Security(3) 6.8 6.2 6.6 7.1
12 Other loans and leases 88.7 88.3 90.0 92.3
13 Interbank loans 67.4 64.9 66.9 74.4
14 Cash assets(4) 79.6 81.4 79.4 81.3
15 Other assets(5) 109.2 113.5 112.2 111.3
16 Total assets(6) 2,162.6 2,181.5 2,201.8 2,234.9
Liabilities
17 Deposits 1,612.2 1,617.3 1,650.7 1,703.5
18 Transaction 305.1 304.6 299.2 301.1
19 Nontransaction 1,307.2 1,312.7 1,351.5 1,402.4
20 Large time 254.8 258.4 266.7 276.7
21 Other 1,052.3 1,054.3 1,084.8 1,125.6
22 Borrowings 339.3 347.1 342.0 337.1
23 From banks in the U.S. 159.4 163.5 160.1 161.2
24 From others 179.9 183.6 182.0 175.9
25 Net due to related foreign
offices 5.3 6.0 9.1 22.4
26 Other liabilities 57.3 60.7 58.3 49.6
27 Total liabilities 2,014.2 2,031.2 2,060.1 2,112.6
28 Residual (assets less
liabilities)(7) 148.4 150.4 141.7 122.4
Not seasonally adjusted
Assets
29 Bank credit 1,934.6 1,953.8 1,974.7 1,996.3
30 Securities in bank credit 525.1 525.7 524.8 529.6
31 U.S. government
securities 383.0 382.4 380.8 379.0
32 Other securities 142.1 143.4 144.1 150.6
33 Loans and leases in bank
credit(2) 1,409.6 1,428.0 1,449.9 1,466.7
34 Commercial and
industrial 274.1 277.7 281.4 286.2
35 Real estate 760.5 771.9 782.2 789.1
36 Revolving home equity 403.0 41.1 41.3 41.6
37 Other 720.2 730.8 740.9 747.4
38 Consumer 280.4 283.8 288.9 290.4
39 Credit cards and
related plans n.a. n.a. n.a. 123.6
40 Other n.a. n.a. n.a. 166.8
41 Security(3) 6.8 6.2 6.6 n.a.
42 Other loans and leases 87.8 88.3 90.8 93.9
43 Interbank loans 69.0 61.3 63.7 70.3
44 Cash assets(4) 78.9 81.3 78.7 79.9
45 Other assets(5) 110.1 112.6 112.1 113.2
46 Total assets(6) 2,167.8 2,183.8 2,203.5 2,233.2
Liabilities
47 Deposits
48 Transaction 1,619.4 1,616.6 1,648.0 1,698.2
49 Nontransaction 306.9 302.1 299.7 298.5
50 Large time 1,312.5 1,314.5 1,348.3 1,399.7
51 Other 254.8 258.4 266.7 276.7
52 Borrowings 1,057.7 1,056.1 1,081.6 1,123.0
53 From banks in the U.S. 335.6 348.5 343.9 339.5
54 From others 156.9 162.9 161.8 163.5
55 Net due to related foreign
offices 178.7 185.5 182.1 176.0
56 Other liabilities 5.3 6.0 9.1 22.4
58.0 60.7 58.0 48.8
57 Total liabilities 2,018.3 2,031.8 2,059.1 2,108.9
58 Residual (assets less
liabilities)(7) 149.4 152.0 144.4 124.3
Wednesday figures
Account 2000
July 5 July 12 July 19 July 26
Seasonally adjusted
Assets
1 Bank credit 1,987.7 1,988.1 1,995.9 1,997.8
2 Securities in bank credit 528.2 529.5 531.8 530.9
3 U.S. government
securities 382.0 380.2 381.0 377.0
4 Other securities 146.2 149.3 150.8 153.9
5 Loans and leases in bank
credit(2) 1,459.5 1,458.6 1,464.1 1,467.0
6 Commercial and
industrial 285.1 285.2 285.7 287.0
7 Real estate 786.4 786.1 787.7 789.2
8 Revolving home equity 41.7 41.7 41.8 42.0
9 Other 744.7 744.4 745.9 747.3
10 Consumer 288.5 288.2 291.9 291.2
11 Security(3) 7.2 7.1 7.0 7.0
12 Other loans and leases 92.3 92.1 91.8 92.5
13 Interbank loans 70.2 72.7 73.6 78.7
14 Cash assets(4) 82.1 80.2 79.4 83.2
15 Other assets(5) 110.2 112.7 110.7 111.6
16 Total assets(6) 2,223.7 2,227.3 2,233.0 2,244.8
Liabilities
17 Deposits 1,693.2 1,693.7 1,698.8 1,713.7
18 Transaction 299.5 296.9 299.9 313.0
19 Nontransaction 1,393.8 1,396.9 1,398.9 1,400.7
20 Large time 272.7 275.2 277.6 278.2
21 Other 1,121.0 1,121.6 1,121.3 1,122.5
22 Borrowings 333.6 334.1 339.3 339.5
23 From banks in the U.S. 159.1 158.8 161.1 162.8
24 From others 174.5 175.3 178.2 176.7
25 Net due to related foreign
offices 21.7 25.4 21.7 21.1
26 Other liabilities 50.3 50.2 49.6 48.8
27 Total liabilities 2,098.8 2,103.4 2,109.4 2,123.0
28 Residual (assets less
liabilities)(7) 124.9 123.9 123.5 121.7
Not seasonally adjusted
Assets
29 Bank credit 1,988.9 1,991.1 1,996.9 1,999.9
30 Securities in bank credit 526.9 529.4 530.3 530.1
31 U.S. government
securities 381.6 380.8 380.5 377.0
32 Other securities 145.4 148.6 149.9 153.2
33 Loans and leases in bank
credit(2) 1,462.0 1,461.7 1,466.5 1,469.8
34 Commercial and
industrial 286.8 286.0 285.7 286.1
35 Real estate 785.9 787.1 788.6 791.2
36 Revolving home equity 41.4 41.5 41.5 41.8
37 Other 744.5 745.6 747.1 749.4
38 Consumer 288.5 288.2 291.9 291.2
39 Credit cards and
related plans 121.9 121.8 125.4 124.0
40 Other 166.6 166.4 166.5 167.2
41 Security(3) 7.2 7.1 7.0 7.0
42 Other loans and leases 93.6 93.3 93.4 94.2
43 Interbank loans 70.7 69.8 68.2 69.6
44 Cash assets(4) 88.0 78.3 76.5 77.9
45 Other assets(5) 116.2 113.7 110.3 111.5
46 Total assets(6) 2,237.5 2,226.5 2,225.3 2,232.4
Liabilities
47 Deposits
48 Transaction 1,702.4 1,689.5 1,690.0 1,696.4
49 Nontransaction 309.9 294.4 294.2 301.3
50 Large time 1,392.5 1,395.1 1,395.8 1,395.1
51 Other 272.7 275.2 277.6 278.2
52 Borrowings 1,119.8 1,119.9 1,118.2 1,116.8
53 From banks in the U.S. 334.8 334.9 341.7 345.0
54 From others 161.2 160.4 163.4 166.7
55 Net due to related foreign
offices 173.6 174.5 178.3 178.4
56 Other liabilities 21.7 25.4 21.7 21.1
49.3 49.3 48.7 48.2
57 Total liabilities 2,108.2 2,099.1 2,102.0 2,110.7
58 Residual (assets less
liabilities)(7) 129.2 127.4 123.3 121.7
E. Foreign-related institutions
Billions of dollars
Monthly averages
Account 1999 2000
July(r) Jan.(r) Feb.(r) Mar.(r)
Seasonally adjusted
Assets
1 Bank credit 527.5 548.1 540.3 543.3
2 Securities in bank credit 193.8 201.2 192.2 195.4
3 U.S. government
securities 86.4 81.1 76.0 78.1
4 Other securities 107.4 120.1 116.2 117.4
5 Loans and leases in bank
credit(2) 333.7 346.9 348.2 347.9
6 Commercial and
industrial 194.5 194.6 195.7 196.3
7 Real estate 18.4 17.4 17.7 18.0
8 Security(3) 52.7 66.8 66.8 66.5
9 Other loans and leases 68.0 68.0 68.0 67.1
10 Interbank loans 27.9 29.0 32.7 28.6
11 Cash assets(4) 37.6 52.2 50.7 47.6
12 Other assets(5) 33.0 38.7 38.4 39.2
13 Total assets(6) 625.6 667.6 661.8 658.4
Liabilities
14 Deposits 312.9 379.0 377.2 378.0
15 Transaction 10.8 10.8 11.0 11.1
16 Nontransaction 302.1 368.2 366.2 366.9
17 Borrowings 174.8 179.4 175.4 177.1
18 From banks in the U.S. 24.3 19.7 18.4 19.7
19 From others 150.6 159.6 156.9 157.4
20 Net due to related foreign
offices 70.8 35.6 27.0 20.3
21 Other liabilities 63.0 70.4 72.7 71.2
22 Total liabilities 621.5 664.4 652.2 646.6
23 Residual (assets less
liabilities)(7) 4.1 3.2 9.6 11.8
Not seasonally adjusted
Assets
24 Bank credit 519.2 555.9 544.6 541.9
25 Securities in bank credit 188.8 205.1 193.4 192.5
26 U.S. government
securities 85.5 81.7 76.1 77.9
27 Trading account 19.0 7.9 7.3 9.3
28 Investment account 66.5 73.8 68.8 68.6
29 Other securities 103.3 123.5 117.3 114.6
30 Trading account 60.8 78.2 74.0 71.3
31 Investment account 42.4 45.3 43.4 43.2
32 Loans and leases in bank
credit(2) 330.4 350.8 351.1 349.4
33 Commercial and
industrial 192.3 196.1 198.2 198.0
34 Real estate 18.2 17.6 18.0 18.1
35 Security(3) 52.4 67.2 66.6 66.8
36 Other loans and leases 67.4 69.8 68.4 66.6
37 Interbank loans 27.9 29.0 32.7 28.6
38 Cash assets(4) 36.3 54.3 50.1 46.6
39 Other assets(5) 31.5 40.1 40.2 40.5
40 Total assets(6) 614.6 679.0 667.3 657.3
Liabilities
41 Deposits 306.7 385.8 384.1 384.1
42 Transaction 10.7 10.9 10.9 10.9
43 Nontransaction 296.0 374.9 373.3 373.2
44 Borrowings 174.8 179.4 175.4 177.1
45 From banks in the U.S. 24.3 19.7 18.4 19.7
46 From others 150.6 159.6 156.9 157.4
47 Net due to related foreign
offices 69.3 37.9 29.3 20.8
48 Other liabilities 61.7 72.1 74.7 71.5
49 Total liabilities 612.5 675.2 663.5 653.6
50 Residual (assets less
liabilities)(7) 2.0 3.8 3.8 3.8
MEMO
Large domestically chartered
banks, adjusted for
mergers
51 Revaluation gains on off-
balance-sheet items(8) 54.2 62.4 64.5 65.7
52 Revaluation losses on off-
balance-sheet items(8) 56.2 61.7 64.2 64.0
53 Mortgage-backed securities(9) 242.5 252.0 251.3 252.6
54 Pass-through 167.5 174.8 174.4 175.9
55 CMO, REMIC, and other 75.0 77.3 76.9 76.7
56 Net unrealized gains
(losses) on available-
for-sale securities(10) -6.7 -13.2 -10.8 -9.6
57 Off-shore credit to U.S.
residents(11) 36.3 23.2 23.6 24.1
58 Securitized consumers
loans(12) n.a. n.a. n.a. n.a.
59 Credit cards and related
plans n.a. n.a. n.a. n.a.
60 Other n.a. n.a. n.a. n.a.
61 Securitized business n.a. n.a. n.a. n.a.
loans(12) Small domestically
chartered commercial
banks, adjusted for
mergers
62 Mortgage-backed securities(9) 207.2 201.6 204.6 206.4
63 Securitized consumer
loans(12) n.a. n.a. n.a. n.a.
64 Credit cards and related
plans n.a. n.a. n.a. n.a.
65 Other n.a. n.a. n.a. n.a.
Foreign-related institutions
66 Revaluation gains on off-
balance-sheet items(8) 37.5 39.8 40.1 39.2
67 Revaluation losses on off-
balance-sheet items(8) 36.2 39.1 40.1 38.3
68 Securitized business
loans(12) n.a. n.a. n.a. n.a.
Monthly averages
Account 2000
Apr.(r) May(r) June(r) July
Seasonally adjusted
Assets
1 Bank credit 566.9 580.4 573.0 573.2
2 Securities in bank credit 201.7 207.8 202.6 202.4
3 U.S. government
securities 79.6 79.7 78.9 79.7
4 Other securities 122.1 128.1 123.7 122.7
5 Loans and leases in bank
credit(2) 365.2 372.6 370.4 370.8
6 Commercial and
industrial 199.2 205.1 205.2 203.6
7 Real estate 18.3 18.6 18.9 18.7
8 Security(3) 78.0 81.0 81.0 81.5
9 Other loans and leases 69.7 68.0 65.3 66.9
10 Interbank loans 29.4 31.8 28.6 26.2
11 Cash assets(4) 47.4 43.9 44.6 45.2
12 Other assets(5) 40.0 41.1 43.5 43.0
13 Total assets(6) 683.4 696.9 689.5 687.3
Liabilities
14 Deposits 387.5 382.1 382.5 386.8
15 Transaction 10.9 11.2 11.4 11.4
16 Nontransaction 376.6 370.9 371.1 375.4
17 Borrowings 199.6 204.4 205.2 205.5
18 From banks in the U.S. 20.9 17.9 18.9 20.8
19 From others 178.7 186.5 186.3 184.7
20 Net due to related foreign
offices 15.4 21.1 19.5 17.7
21 Other liabilities 73.4 79.9 72.9 70.2
22 Total liabilities 675.9 687.6 680.1 680.2
23 Residual (assets less
liabilities)(7) 7.5 9.4 9.4 7.1
Not seasonally adjusted
Assets
24 Bank credit 560.7 572.1 563.6 562.8
25 Securities in bank credit 198.2 204.9 196.8 195.8
26 U.S. government
securities 80.3 80.7 78.9 78.7
27 Trading account 11.8 12.3 11.8 11.8
28 Investment account 68.6 68.4 67.1 66.8
29 Other securities 117.8 124.2 117.9 117.1
30 Trading account 73.9 80.5 75.0 74.3
31 Investment account 43.9 43.7 42.9 42.9
32 Loans and leases in bank
credit(2) 362.5 367.2 366.7 367.0
33 Commercial and
industrial 197.5 200.8 201.9 201.2
34 Real estate 18.2 18.5 18.7 18.5
35 Security(3) 78.0 80.8 81.3 81.3
36 Other loans and leases 68.9 67.1 64.7 66.1
37 Interbank loans 29.4 31.8 28.6 26.2
38 Cash assets(4) 45.3 42.8 43.9 43.6
39 Other assets(5) 39.3 40.5 41.3 41.0
40 Total assets(6) 674.4 686.9 677.0 673.2
Liabilities
41 Deposits 388.6 382.9 378.2 378.1
42 Transaction 10.5 10.7 11.1 11.3
43 Nontransaction 378.1 372.2 367.1 366.8
44 Borrowings 199.6 204.4 205.2 205.5
45 From banks in the U.S. 20.9 17.9 18.9 20.8
46 From others 178.7 186.5 186.3 184.7
47 Net due to related foreign
offices 10.7 17.0 18.1 16.8
48 Other liabilities 71.4 78.4 71.4 68.5
49 Total liabilities 670.4 682.7 672.8 668.9
50 Residual (assets less
liabilities)(7) 4.0 4.2 4.2 4.3
MEMO
Large domestically chartered
banks, adjusted for
mergers
51 Revaluation gains on off-
balance-sheet items(8) 65.1 72.4 66.2 62.6
52 Revaluation losses on off-
balance-sheet items(8) 65.0 72.9 66.4 62.4
53 Mortgage-backed securities(9) 254.4 251.5 248.9 241.4
54 Pass-through 178.8 177.2 176.9 172.4
55 CMO, REMIC, and other 75.6 74.4 72.0 68.9
56 Net unrealized gains
(losses) on available-
for-sale securities(10) -16.3 -16.5 -15.0 -10.8
57 Off-shore credit to U.S.
residents(11) 24.4 23.5 22.4 22.2
58 Securitized consumers
loans(12) n.a. n.a. n.a. n.a.
59 Credit cards and related
plans n.a. n.a. n.a. n.a.
60 Other n.a. n.a. n.a. n.a.
61 Securitized business n.a. n.a. n.a. n.a.
loans(12) Small domestically
chartered commercial
banks, adjusted for
mergers
62 Mortgage-backed securities(9) 207.6 207.0 205.7 205.1
63 Securitized consumer
loans(12) n.a. n.a. n.a. 220.9
64 Credit cards and related
plans n.a. n.a. n.a. 211.2
65 Other n.a. n.a. n.a. 9.7
Foreign-related institutions
66 Revaluation gains on off-
balance-sheet items(8) 39.2 44.6 38.6 35.7
67 Revaluation losses on off-
balance-sheet items(8) 38.6 44.5 38.0 35.7
68 Securitized business
loans(12) n.a. n.a. n.a. n.a.
Wednesday figures
Account 2000
July 5 July 12 July 19 July 26
Seasonally adjusted
Assets
1 Bank credit 571.8 570.7 574.8 570.1
2 Securities in bank credit 200.4 198.3 201.3 203.3
3 U.S. government
securities 79.9 78.5 78.1 80.2
4 Other securities 120.5 119.7 123.2 123.1
5 Loans and leases in bank
credit(2) 371.4 372.5 373.6 366.8
6 Commercial and
industrial 202.8 203.7 203.5 203.0
7 Real estate 18.9 18.8 18.7 18.4
8 Security(3) 84.3 83.2 84.4 78.0
9 Other loans and leases 65.5 66.7 67.0 67.3
10 Interbank loans 27.9 27.3 25.5 29.6
11 Cash assets(4) 44.7 44.9 43.4 45.8
12 Other assets(5) 45.4 42.0 43.2 42.5
13 Total assets(6) 689.5 684.7 686.6 687.7
Liabilities
14 Deposits 384.7 378.5 389.8 391.4
15 Transaction 12.2 11.2 11.7 11.1
16 Nontransaction 372.6 367.3 378.0 380.3
17 Borrowings 213.5 201.7 205.5 207.9
18 From banks in the U.S. 26.4 19.8 17.5 24.1
19 From others 187.1 181.8 188.0 183.8
20 Net due to related foreign
offices 18.7 26.9 13.4 6.3
21 Other liabilities 70.9 69.1 71.2 69.2
22 Total liabilities 687.9 676.1 679.8 674.8
23 Residual (assets less
liabilities)(7) 1.6 8.6 6.7 12.9
Not seasonally adjusted
Assets
24 Bank credit 563.1 559.3 564.7 558.8
25 Securities in bank credit 194.3 191.2 194.2 197.2
26 U.S. government
securities 79.8 77.3 77.4 79.1
27 Trading account 12.8 9.9 10.8 12.7
28 Investment account 67.0 67.4 66.5 66.3
29 Other securities 114.5 113.9 116.8 118.1
30 Trading account 71.9 71.4 74.2 74.8
31 Investment account 42.6 42.5 42.6 43.3
32 Loans and leases in bank
credit(2) 368.8 368.2 370.5 361.6
33 Commercial and
industrial 200.3 200.9 201.6 200.3
34 Real estate 18.7 18.6 18.5 18.2
35 Security(3) 84.3 82.5 84.1 77.4
36 Other loans and leases 65.5 66.2 66.3 65.6
37 Interbank loans 27.9 27.3 25.5 29.6
38 Cash assets(4) 43.7 43.2 41.5 43.8
39 Other assets(5) 42.7 40.2 41.1 40.4
40 Total assets(6) 677.0 669.8 672.4 672.4
Liabilities
41 Deposits 373.6 370.0 381.3 384.2
42 Transaction 12.4 11.0 11.6 10.9
43 Nontransaction 361.1 359.0 369.8 373.2
44 Borrowings 213.5 201.7 205.5 207.9
45 From banks in the U.S. 26.4 19.8 17.5 24.1
46 From others 187.1 181.8 188.0 183.8
47 Net due to related foreign
offices 16.8 26.2 12.0 8.3
48 Other liabilities 68.9 67.6 69.2 67.8
49 Total liabilities 672.7 665.3 668.0 668.2
50 Residual (assets less
liabilities)(7) 4.3 4.3 4.4 4.2
MEMO
Large domestically chartered
banks, adjusted for
mergers
51 Revaluation gains on off-
balance-sheet items(8) 58.8 59.8 63.3 65.4
52 Revaluation losses on off-
balance-sheet items(8) 58.2 59.3 62.9 65.1
53 Mortgage-backed securities(9) 246.7 245.8 240.1 237.1
54 Pass-through 176.8 175.9 171.5 169.0
55 CMO, REMIC, and other 69.9 70.0 68.6 68.2
56 Net unrealized gains
(losses) on available-
for-sale securities(10) -10.1 -10.2 -10.4 -11.6
57 Off-shore credit to U.S.
residents(11) 22.3 22.3 22.2 22.0
58 Securitized consumers
loans(12) n.a. 86.5 87.9 87.7
59 Credit cards and related
plans n.a. 71.4 72.9 72.9
60 Other n.a. 15.1 15.0 14.9
61 Securitized business n.a. n.a. n.a. n.a.
loans(12) Small domestically
chartered commercial
banks, adjusted for
mergers
62 Mortgage-backed securities(9) 205.5 206.3 203.8 204.6
63 Securitized consumer
loans(12) 219.5 219.9 220.6 222.3
64 Credit cards and related
plans 211.2 210.8 210.3 212.0
65 Other 8.3 9.1 10.3 10.3
Foreign-related institutions
66 Revaluation gains on off-
balance-sheet items(8) 34.8 35.0 36.7 34.5
67 Revaluation losses on off-
balance-sheet items(8) 34.6 35.1 36.8 34.7
68 Securitized business
loans(12) n.a. n.a. n.a. n.a.
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes
in the Board's H.8 statistical release, "Assets and Liabilities of
Commercial Banks in the United States." Table 1.27, "Assets and
Liabilities of Large Weekly Reporting Commercial Banks," and table
1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign
Banks," are no longer being published in the Bulletin. Instead,
abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data
are both merger-adjusted and break-adjusted. In addition, data from
large weekly reporting U.S. branches and agencies of foreign banks
have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are
break- adjusted.
The not-seasonally-adjusted data for all tables now contain additional
balance sheet items, which were available as of October 2, 1996.
(1.) Covers the following types of institutions in the fifty states
and the District of Columbia: domestically chartered commercial banks
that submit a weekly report of condition (large domestic); other
domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and agreement corporations
(foreign-related institutions). Excludes International Banking
Facilities. Data are Wednesday values or pro rata averages of
Wednesday values. Large domestic banks constitute a universe; data for
small domestic banks and foreign-related institutions are estimates
based on weekly samples and on quarter-end condition reports. Data are
adjusted for breaks caused by reclassifications of assets and
liabilities.
The data for large and small domestic, banks presented on pp. A17-19
are adjusted to remove the estimated effects of mergers between these
two groups. The adjustment for mergers changes past levels to make
them comparable with current levels. Estimated quantities of balance
sheet items acquired in mergers are removed from past data for the
bank group that contained the acquired bank and put into past data for
the group containing the acquiring bank. Balance sheet data for
acquired banks are obtained from Call Reports, and a ratio procedure
is used to adjust past levels.
(2.) Excludes federal funds sold to, reverse RPs with, and loans made
to commercial banks in the United States, all of which are included in
"Interbank loans."
(3.) Consists of reverse RPs with brokers and dealers and loans to
purchase and carry securities.
(4.) Includes vault cash, cash items in process of collection,
balances due from depository institutions, and balances due from
Federal Reserve Banks.
(5.) Excludes the due-from position with related foreign offices,
which is included in "Net due to related foreign offices."
(6.) Excludes unearned income, reserves for losses on loans and
leases, and reserves for transfer risk. Loans are reported gross of
these items.
(7.) This balancing item is not intended as a measure of equity
capital for use in capital adequacy analysis. On a seasonally adjusted
basis this item reflects any differences in the seasonal patterns
estimated for total assets and total liabilities.
(8.) Fair value of derivative contracts (interest rate, foreign
exchange rate, other commodity and equity contracts) in a gain/loss
position, as determined under FASB Interpretation No. 39.
(9.) Includes mortgage-backed securities issued by U.S. government
agencies, U.S. government-sponsored enterprises, and private entities.
(10.) Difference between fair value and historical cost for securities
classified as available- for-sale under FASB Statement No. 115. Data
are reported net of tax effects. Data shown are restated to include an
estimate of these tax effects.
(11.) Mainly commercial and industrial loans but also includes an
unknown amount of credit extended to other than nonfinancial
businesses.
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1995 1996 1997
1 All issuers 674,904 775,371 966,699
Financial companies(1)
2 Dealer-placed paper, total(2) 275,815 361,147 513,307
3 Directly placed paper, total(3) 210,829 229,662 252,536
4 Nonfinancial companies(4) 188,260 184,563 200,857
Year ending December 2000
Item
1998 1999 Jan.
1 All issuers 1,163,303 1,403,023 1,407,789
Financial companies(1)
2 Dealer-placed paper, total(2) 614,142 786,643 821,870
3 Directly placed paper, total(3) 322,030 337,240 299,599
4 Nonfinancial companies(4) 227,132 279,140 286,319
2000
Item
Feb. Mar. Apr.
1 All issuers 1,428,605 1,449,143 1,465,697
Financial companies(1)
2 Dealer-placed paper, total(2) 835,140 849,198 860,843
3 Directly placed paper, total(3) 298,603 302,885 294,328
4 Nonfinancial companies(4) 294,863 297,060 310,526
2000
Item
May June
1 All issuers 1,497,712 1,516,205
Financial companies(1)
2 Dealer-placed paper, total(2) 884,299 884,578
3 Directly placed paper, total(3) 302,305 300,718
4 Nonfinancial companies(4) 311,109 330,909
(1.) Institutions engaged primarily in commercial, savings, and
mortgage banking; sales, personal, and mortgage financing; factoring,
finance leasing, and other business lending; insurance underwriting;
and other investment activities.
(2.) Includes ail financial-company paper sold by dealers in the open
market.
(3.) As reported by financial companies that place their paper directly
with investors.
(4.) Includes public utilities and firms engaged primarily in such
activities as communications, construction, manufacturing, mining,
wholesale and retail trade, transportation, and services.
B. Bankers Dollar Acceptances(1)
Millions of dollars, not seasonally adjusted, year ending September(2)
Item 1996 1997
1 Total amount of reporting banks' acceptances in
existence 25,832 25,774
2 Amount of other banks' eligible acceptances held by
reporting banks 709 736
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 7,770 6,862
4 Amount of eligible acceptances representing goods
stored in, or shipped between, foreign countries
(included in item 1) 9,361 10,467
Item 1998 1999
1 Total amount of reporting banks' acceptances in
existence 14,363 10,094
2 Amount of other banks' eligible acceptances held by
reporting banks 523 461
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 4,884 4,261
4 Amount of eligible acceptances representing goods
stored in, or shipped between, foreign countries
(included in item 1) 5,413 3,498
(1.) Includes eligible, dollar-denominated bankers acceptances legally
payable in the United States. Eligible acceptances are those that are
eligible for discount by Federal Reserve Banks; that is, those
acceptances that meet the criteria of Paragraph 7 of Section 13 of the
Federal Reserve Act (12 U.S.C. [sections] 372).
(2.) Data on bankers dollar acceptances are gathered from approximately
55 institutions; includes U.S. chartered commercial banks (domestic and
foreign offices), U.S. branches and agencies of foreign banks, and Edge
and agreement corporations. The reporting group is revised every year.
1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)
Percent per year
Date of change Rate
1997--Jan. 1 8.25
Mar. 26 8.50
1998--Sept. 30 8.25
Oct. 16 8.00
Nov. 18 7.75
1999--July 1 8.00
Aug. 25 8.25
Nov. 17 8.50
2000--Feb. 3 8.75
Mar. 22 9.00
May 17 9.50
Period Average
rate
1997 8.44
1998 8.35
1999 8.00
1997--Jan. 8.25
Feb. 8.25
Mar. 8.30
Apr. 8.50
May 8.50
June 8.50
July 8.50
Aug. 8.50
Sept. 8.50
Oct. 8.50
Nov. 8.50
Dec. 8.50
1998--Jan. 8.50
Feb. 8.50
Mar. 8.50
Apr. 8.50
May 8.50
June 8.50
July 8.50
Aug. 8.50
Sept. 8.49
Oct. 8.12
Nov. 7.89
Dec. 7.75
1999--Jan. 7.75
Feb. 7.75
Mar. 7.75
Apr. 7.75
May 7.75
June 7.75
July 8.00
Aug. 8.06
Sept. 8.25
Oct. 8.25
Nov. 8.37
Dec. 8.50
2000--Jan. 8.50
Feb. 8.73
Mar. 8.83
Apr. 9.00
May 9.24
June 9.50
July 9.50
Aug. 9.50
(1.) The prime rate is one of several base rates that banks use to
price short-term business loans. The table shows the date on which a
new rate came to be the predominant one quoted by a majority of the
twenty-five largest banks by asset size, based on the most recent Call
Report. Data in this table also appear in the Board's H. 15 (519)
weekly and G.13 (415) monthly statistical releases. For ordering
address, see inside front cover.
1.35 INTEREST RATES Money and Capital Markets
Percent per year; figures are averages of business day data unless
otherwise noted
2000
Item 1997 1998 1999
Apr.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.46 5.35 4.97 6.02
2 Discount window
borrowing(2,4) 5.00 4.92 4.62 5.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.57 5.40 5.09 6.02
4 2-month 5.57 5.38 5.14 6.06
5 3-month 5.56 5.34 5.18 6.11
Financial
6 1-month 5.59 5.42 5.11 6.03
7 2-month 5.59 5.40 5.16 6.07
8 3-month 5.60 5.37 5.22 6.15
Commercial paper
(historical)(3,5,7)
9 1-month 5.54 n.a. n.a. n.a.
10 3-month 5.58 n.a. n.a. n.a.
11 6-month 5.62 n.a. n.a. n.a.
Finance paper, directly pla-
ced (historical)(3,5,8)
12 1-month 5.44 n.a. n.a. n.a.
13 3-month 5.48 n.a. n.a. n.a.
14 6-month 5.48 n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.54 5.39 5.24 6.19
16 6-month 5.57 5.30 5.30 6.32
Certificates of deposit,
secondary market(3,10)
17 1-month 5.54 5.49 5.19 6.10
18 3-month 5.62 5.47 5.33 6.28
19 6-month 5.73 5.44 5.46 6.50
20 Eurodollar deposits,
3-month(3,11) 5.61 5.45 5.31 6.25
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.06 4.78 4.64 5.66
22 6-month 5.18 4.83 4.75 5.81
23 1-year 5.32 4.80 4.81 5.80
Auction high(3,5,12)
24 3-month 5.07 4.81 4.66 5.67
25 6-month 5.18 4.85 4.76 5.82
26 1-year 5.36 4.85 4.78 n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.63 5.05 5.08 6.15
28 2-year 5.99 5.13 5.43 6.40
29 3-year 6.10 5.14 5.49 6.36
30 5-year 6.22 5.15 5.55 6.26
31 7-year 6.33 5.28 5.79 6.27
32 10-year 6.35 5.26 5.65 5.99
33 20-year 6.69 5.72 6.20 6.18
34 30-year 6.61 5.58 5.87 5.85
Composite
35 More than 10 years
(long-term) 6.67 5.69 6.14 6.14
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.32 4.93 5.28 5.60
37 Baa 5.50 5.14 5.70 6.18
38 Bond Buyer series(5) 5.52 5.09 5.43 5.75
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.54 6.87 7.45 7.98
Rating group
40 Aaa 7.27 6.53 7.05 7.64
41 Aa 7.48 6.80 7.36 7.82
42 A 7.54 6.93 7.53 8.07
43 Baa 7.87 7.22 7.88 8.40
MEMO
Dividend-price ratio(17)
44 Common stocks 1.77 1.49 1.25 1.14
2000,
week
2000 ending
Item
May June July June 30
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 6.27 6.53 6.54 6.53
2 Discount window
borrowing(2,4) 5.71 6.00 6.00 6.00
Commercial paper(3,5,6)
Nonfinancial
3 1-month 6.40 6.53 6.49 6.58
4 2-month 6.47 6.55 6.50 6.56
5 3-month 6.54 6.57 6.52 6.58
Financial
6 1-month 6.41 6.53 6.50 6.56
7 2-month 6.50 6.56 6.51 6.58
8 3-month 6.57 6.59 6.54 6.59
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly pla-
ced (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 6.60 6.63 n.a. 6.62
16 6-month 6.76 6.74 n.a. 6.71
Certificates of deposit,
secondary market(3,10)
17 1-month 6.49 6.60 6.57 6.63
18 3-month 6.71 6.73 6.67 6.73
19 6-month 6.94 6.91 6.86 6.92
20 Eurodollar deposits,
3-month(3,11) 6.70 6.73 6.67 6.71
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.79 5.69 5.96 5.67
22 6-month 6.10 5.97 6.00 5.95
23 1-year 5.94 5.83 5.75 5.79
Auction high(3,5,12)
24 3-month 5.92 5.74 n.a. 5.68
25 6-month 6.12 6.02 n.a. 5.96
26 1-year n.a. 6.00 n.a. n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 6.33 6.17 6.08 6.13
28 2-year 6.81 6.48 6.34 6.44
29 3-year 6.77 6.43 6.28 6.37
30 5-year 6.69 6.30 6.18 6.25
31 7-year 6.69 6.33 6.22 6.30
32 10-year 6.44 6.10 6.05 6.08
33 20-year 6.55 6.28 6.20 6.30
34 30-year 6.15 5.93 5.85 5.94
Composite
35 More than 10 years
(long-term) 6.49 6.23 n.a. 6.24
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.87 5.69 5.53 5.65
37 Baa 6.53 6.24 6.09 6.17
38 Bond Buyer series(5) 6.00 5.80 5.63 5.77
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 8.41 8.05 7.98 8.08
Rating group
40 Aaa 7.99 7.67 7.65 7.73
41 Aa 8.24 7.87 7.81 7.88
42 A 8.49 8.18 8.11 8.22
43 Baa 8.90 8.48 8.35 8.48
MEMO
Dividend-price ratio(17)
44 Common stocks 1.17 1.12 1.10 1.13
2000, week ending
Item
July 7 July 14 July 21 July 28
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 6.85 6.44 6.50 6.50
2 Discount window
borrowing(2,4) 6.00 6.00 6.00 6.00
Commercial paper(3,5,6)
Nonfinancial
3 1-month 6.52 6.49 6.49 6.47
4 2-month 6.52 6.50 6.49 6.48
5 3-month 6.53 6.51 6.52 6.51
Financial
6 1-month 6.53 6.50 6.49 6.49
7 2-month 6.53 6.50 6.51 6.50
8 3-month 6.55 6.53 6.53 6.53
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly pla-
ced (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month n.a. n.a. n.a. n.a.
16 6-month n.a. n.a. n.a. n.a.
Certificates of deposit,
secondary market(3,10)
17 1-month 6.58 6.56 6.57 6.57
18 3-month 6.69 6.66 6.67 6.66
19 6-month 6.89 6.84 6.88 6.83
20 Eurodollar deposits,
3-month(3,11) 6.69 6.66 6.68 6.66
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.82 5.96 5.98 6.01
22 6-month 5.94 5.99 6.03 6.02
23 1-year 5.74 5.76 5.77 5.73
Auction high(3,5,12)
24 3-month n.a. n.a. n.a. n.a.
25 6-month n.a. n.a. n.a. n.a.
26 1-year n.a. n.a. n.a. n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 6.08 6.09 6.11 6.06
28 2-year 6.31 6.34 6.40 6.31
29 3-year 6.25 6.28 6.34 6.25
30 5-year 6.13 6.18 6.24 6.16
31 7-year 6.20 6.23 6.28 6.19
32 10-year 6.01 6.06 6.10 6.04
33 20-year 6.23 6.22 6.23 6.13
34 30-year 5.88 5.87 5.87 5.80
Composite
35 More than 10 years
(long-term) n.a. n.a. n.a. n.a.
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.61 5.50 5.52 5.50
37 Baa 6.15 6.09 6.07 6.03
38 Bond Buyer series(5) 5.71 5.61 5.60 5.58
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 8.02 8.00 7.99 7.93
Rating group
40 Aaa 7.68 7.65 7.67 7.60
41 Aa 7.85 7.82 7.82 7.75
42 A 8.15 8.14 8.13 8.05
43 Baa 8.40 8.36 8.35 8.29
MEMO
Dividend-price ratio(17)
44 Common stocks 1.13 1.08 1.09 1.11
NOTE. Some of the data in this table also appear in the Board's H. 15
(519) weekly and G.13 (415) monthly statistical releases. For ordering
address, see inside front cover.
(1.) The daily effective federal funds rate is a weighted average of
rates on trades through New York brokers.
(2.) Weekly figures are averages of seven calendar days ending on
Wednesday of the current week; monthly figures include each calendar
day in the month,
(3.) Annualized using a 360-day year or bank interest.
(4.) Rate for the Federal Reserve Bank of New York.
(5.) Quoted on a discount basis.
(6.) Interest rates interpolated from data on certain commercial paper
trades settled by the Depository Trust Company. The trades represent
sales of commercial paper by dealers or direct issuers to investors
(that is, the offer side). See Board's Commercial Paper Web pages
(http://www.federalreserve.gov/releases/cp) for more information.
(7.) An average of offering rates on commercial paper for firms whose
bond rating is AA or the equivalent. Series ended August 29, 1997.
(8.) An average of offering rates on paper directly placed by finance
companies. Series ended August 29, 1997.
(9.) Representative closing yields for acceptances of the
highest-rated money center banks.
(10.) An average of dealer offering rates on nationally traded
certificates of deposit.
(11.) Bid rates for Eurodollar deposits collected around 9:30 a.m.
Eastern time. Data are for indication purposes only.
(12.) Auction date for dally data; weekly and monthly averages
computed on an issue-date basis. On or after October 28, 1998, data
are stop yields from uniform-price auctions. Before that, they are
weighted average yields from multiple-price auctions.
(13.) Yields on actively traded issues adjusted to constant
maturities. Source: U.S. Department of the Treasury.
(14.) General obligation bonds based on Thursday figures; Moody's
Investors Service.
(15.) State and local government general obligation bonds maturing in
twenty years are used in compiling this index. The twenty-bond index
has a rating roughly equivalent to Moodys' A1 rating. Based on
Thursday figures.
(16.) Dally figures from Moody' s Investors Service. Based on yields
to maturity on selected long-term bonds.
(17.) Standard & Poor's corporate series. Common stock ratio is based
on the 500 stocks in the price index.
1.36 STOCK MARKET Selected Statistics
Indicator 1997 1998
Prices and trading volume
(averages of daily figures)
Common stock pri-
ces (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 456.99 550.65
2 Industrial 574.97 684.35
3 Transportation 415.08 468.61
4 Utility 143.87 190.52
5 Finance 424.84 516.65
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 873.43 1,085.50
7 American Stock
Exchange
(Aug. 31,
1973 = 50)(2) 628.34 682.69
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 523,254 666,534
9 American Stock
Exchange 24,390 28,870
Customer financing
(millions of dollars,
end-of-period balance
10 Margin credit at
broker-
dealers(3) 1,361,600(r) 1,685,820(r)
Free credit
balances at
brokers(4)
11 Margin
accounts(5) 293,000(r) 1,405,180(r)
12 Cash accounts 517,030(r) 1,633,725(r)
Margin requirements
(percent of market value
and effective date)(6)
Mar. 11, 1968
13 Margin stocks 70
14 Convertible bonds 50
15 Short sales 70
1999
Indicator 1999
Nov.
Prices and trading volume
(averages of daily figures)
Common stock pri-
ces (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 619.52 634.22
2 Industrial 775.29 791.41
3 Transportation 491.62 474.78
4 Utility 284.82 502.58
5 Finance 530.97 539.20
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 1,327.33 1,390.99
7 American Stock
Exchange
(Aug. 31,
1973 = 50)(2) 770.90 819.60
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 799,554 866,281
9 American Stock
Exchange 32,629 33,330
Customer financing
(millions of dollars,
end-of-period balance
10 Margin credit at
broker-
dealers(3) 2,130,152(r) 206,280
Free credit
balances at
brokers(4)
11 Margin
accounts(5) 532,500(r) 49,480
12 Cash accounts 757,345(r) 68,200
Margin requirements
(percent of market value
and effective date)(6)
June 8, 1968
13 Margin stocks 80
14 Convertible bonds 60
15 Short sales 80
2000
Indicator
Dec. Jan. Feb. Mar.
Prices and trading volume (averages of daily
figures)
Common stock pri-
ces (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 638.17 634.07 606.03 622.28
2 Industrial 808.28 814.73 767.08 790.35
3 Transportation 461.04 456.35 398.69 384.39
4 Utility 511.78 485.82 482.30 509.59
5 Finance 510.99 495.23 471.65 491.29
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 1,428.68 1,425.59 1,388.88 1,442.21
7 American Stock
Exchange
(Aug. 31,
1973 = 50)(2) 838.24 878.73 910.00 1,014.03
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 884,141 1,058,021 1,032,791 1,124,097
9 American Stock
Exchange 41,076 47,530 51,134 59,449
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at
broker-
dealers(3) 228,530 243,490 265,210 278,530
Free credit
balances at
brokers(4)
11 Margin
accounts(5) 55,130 57,800 56,470 65,020
12 Cash accounts 79,070 75,760 79,700 85,530
Margin requirements (percent of
market value and effective date)(6)
May 6, 1970 Dec. 6, 1971
13 Margin stocks 65 55
14 Convertible bonds 50 50
15 Short sales 65 55
2000
Indicator
Apr. May June July
Prices and trading volume (averages of
daily figures)
Common stock pri-
ces (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 646.82 640.07 649.61 653.27
2 Industrial 822.76 814.75 819.54 825.28
3 Transportation 406.14 411.50 395.09 410.67
4 Utility 502.78 487.17 501.93 484.19
5 Finance 524.05 523.22 544.51 556.32
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 1,461.36 1,418.48 1,461.96 1,473.00
7 American Stock
Exchange
(Aug. 31,
1973 = 50)(2) 918.77 917.76 934.90 930.66
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 1,047,960 893,896 971,137 941,694
9 American Stock
Exchange 63,054 44,146 42,490 36,486
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at
broker-
dealers(3) 251,700 240,660 247,200 244,970
Free credit
balances at
brokers(4)
11 Margin
accounts(5) 65,930 66,170 64,970 71,730
12 Cash accounts 76,190 73,500 74,140 74,970
Margin requirements (percent of
market value and effective date)(6)
Nov. 24, 1972 Jan. 3, 1974
13 Margin stocks 65 50
14 Convertible bonds 50 50
15 Short sales 65 50
(1.) In July 1976 a financial group, composed of banks and insurance
companies, was added to the group of stocks on which the index is
based. The index is now based on 400 industrial stocks (formerly 425),
20 transportation (formerly 15 rail), 40 public utility (formerly 60),
and 40 financial.
(2.) On July 5, 1983, the American Stock Exchange rebased its index,
effectively cutting previous readings in half.
(3.) Since July 1983, under the revised Regulation T, margin credit at
broker-dealers has included credit extended against stocks,
convertible bonds, stocks acquired through the exercise of
subscription rights, corporate bonds, and government securities.
Separate reporting of data for margin stocks, convertible bonds, and
subscription issues was discontinued in April 1984.
(4.) Free credit balances are amounts in accounts with no unfulfilled
commitments to brokers and are subject to withdrawal by customers on
demand,
(5.) Series initiated in June 1984.
(6.) Margin requirements, stated in regulations adopted by the Board
of Governors pursuant to the Securities Exchange Act of 1934, limit
the amount of credit that can be used to purchase and carry "margin
securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are
the difference between the market value (100 percent) and the maximum
loan value of collateral as prescribed by the Board. Regulation T was
adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936;
Regulation G, effective Mar. 11, 1968; and Regulation X, effective
Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established
in Regulation T the initial margin required for writing options on
securities, setting it at 30 percent of the current market value of
the stock underlying the option. On Sept. 30, 1985, the Board changed
the required initial margin, allowing it to be the same as the option
maintenance margin required by the appropriate exchange or
self-regulatory organization; such maintenance margin roles must be
approved by the Securities and Exchange Commission.
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Type of account or operation
1997 1998 1999
U.S. budget(1)
1 Receipts, total 1,579,292 1,721,798 1,827,454
2 On-budget 1,187,302 1,305,999 1,382,986
3 Off-budget 391,990 415,799 444,468
4 Outlays, total 1,601,235 1,652,552 1,702,940
5 On-budget 1,290,609 1,335,948 1,382,262
6 Off-budget 310,626 316,604 320,778
7 Surplus or deficit (-), total -21,943 69,246 124,414
8 On-budget -103,307 -29,949 724
9 Off-budget 81,364 99,195 123,690
Source of financing (total)
10 Borrowing from the public 38,171 -51,211 -88,674
11 Operating cash (decrease, or
increase (-)) 604 4,743 -17,580
12 Other(2) -16,832 -22,778 -18,160
MEMO
13 Treasury operating balance
(level, end of period) 43,621 38,878 56,458
14 Federal Reserve Banks 7,692 4,952 6,641
15 Tax and loan accounts 35,930 33,926 49,817
Calendar year
Type of account or operation 2000
Feb. Mar. Apr.
U.S. budget(1)
1 Receipts, total 108,675 135,582 295,148
2 On-budget 71,090 94,586 244,662
3 Off-budget 37,585 40,996 50,486
4 Outlays, total 150,409 170,962 135,651
5 On-budget 118,340 137,864 105,742
6 Off-budget 32,069 33,099 29,909
7 Surplus or deficit (-), total -41,734 -35,380 159,497
8 On-budget -47,250 -43,278 138,920
9 Off-budget 5,516 7,897 20,577
Source of financing (total)
10 Borrowing from the public 17,131 39,746 -112,667
11 Operating cash (decrease, or
increase (-)) 40,773 -22,808 -47,787
12 Other(2) -16,170 18,442 957
MEMO
13 Treasury operating balance
(level, end of period) 21,962 44,770 92,557
14 Federal Reserve Banks 5,004 4,357 15,868
15 Tax and loan accounts 16,958 40,413 76,689
Calendar year
Type of account or operation 2000
May June July
U.S. budget(1)
1 Receipts, total 146,002 214,875 134,074
2 On-budget 107,469 168,319 97,681
3 Off-budget 38,533 46,556 36,393
4 Outlays, total 149,612 158,987 129,317
5 On-budget 114,829 152,308 99,708
6 Off-budget 34,783 6,679 29,609
7 Surplus or deficit (-), total -3,611 55,888 4,757
8 On-budget -7,360 16,011 -2,027
9 Off-budget 3,750 39,877 6,784
Source of financing (total)
10 Borrowing from the public -53,755 -23,131 -31,307
11 Operating cash (decrease, or
increase (-)) 69,470 -34,350 23,384
12 Other(2) -12,104 1,593 3,166
MEMO
13 Treasury operating balance
(level, end of period) 23,087 57,437 34,053
14 Federal Reserve Banks 5,445 6,208 5,392
15 Tax and loan accounts 17,642 51,229 28,661
(1.) Since 1990, off-budget items have been the social security trust
funds (federal old-age survivors insurance and federal disability
insurance) and the U.S. Postal Service.
(2.) Includes special drawing rights (SDRs); reserve position on the
U.S. quota in the International Monetary Fund (IMF); loans to the IMF;
other cash and monetary assets; accrued interest payable to the
public; allocations of SDRs; deposit funds; miscellaneous liability
(including checks outstanding) and asset accounts; seigniorage;
increment on gold; net gain or loss for U.S. currency valuation
adjustment; net gain or loss for IMF loan-valuation adjustment; and
profit on sale of gold.
SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly
Treasury Statement of Receipts and Outlays of the U.S. Government;
fiscal year totals: U.S. Office of Management and Budget, Budget of
the U.S. Government.
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Fiscal year Calendar
year
Source or type 1998
1998 1999
H2
RECEIPTS
1 All sources 1,721,798 1,827,454 825,057
2 Individual income taxes,
net 828,586 879,480 392,332
3 Withheld 646,483 693,940 339,144
4 Nonwithheld 281,527 308,185 65,204
5 Refunds 99,476 122,706 12,032
Corporation income taxes
6 Gross receipts 213,008 216,324 104,163
7 Refunds 24,593 31,645 14,250
8 Social insurance taxes and
contributions, net 571,831 611,833 268,466
9 Employment taxes and
contributions(2) 540,014 580,880 256,142
10 Unemployment insurance 27,484 26,480 10,121
11 Other net receipts(3) 4,333 4,473 2,202
12 Excise taxes 57,673 70,414 33,366
13 Customs deposits 18,297 18,336 9,838
14 Estate and gift taxes 24,076 27,782 12,359
15 Miscellaneous receipts(4) 32,658 34,929 18,735
OUTLAYS
16 All types 1,652,552 1,702,940 877,414
17 National defense 268,456 274,873 140,196
18 International affairs 13,109 15,243 8,297
19 General science, space,
and technology 18,219 18,125 10,142
20 Energy 1,270 912 699
21 Natural resources and
environment 22,396 23,970 12,671
22 Agriculture 12,206 23,011 16,757
23 Commerce and housing
credit 1,014 2,649 4,046
24 Transportation 40,332 42,531 20,836
25 Community and regional
development 9,720 11,870 6,972
26 Education, training,
employment, and social
services 54,919 56,402 27,762
27 Health 131,440 141,079 67,838
28 Social security and
Medicare 572,047 580,488 316,809
29 Income security 233,202 237,707 109,481
30 Veterans benefits and
services 41,781 43,212 22,750
31 Administration of justice 22,832 25,924 12,041
32 General government 13,444 15,771 9,136
33 Net interests 243,359 229,735 116,954
34 Undistributed offsetting
receipts(6) -47,194 -40,445 -25,793
Calendar year
Source or type 1999 2000
H1 H2 H1
RECEIPTS
1 All sources 966,045 892,266 1,089,760
2 Individual income taxes,
net 481,907 425,451 550,208
3 Withheld 351,068 372,012 388,526
4 Nonwithheld 240,278 68,302 281,103
5 Refunds 109,467 14,841 119,477
Corporation income taxes
6 Gross receipts 106,861 110,111 119,166
7 Refunds 17,092 13,996 13,781
8 Social insurance taxes and
contributions, net 324,831 292,551 353,514
9 Employment taxes and
contributions(2) 306,235 280,059 333,584
10 Unemployment insurance 16,378 10,173 17,562
11 Other net receipts(3) 2,216 2,319 2,368
12 Excise taxes 31,015 34,262 33,532
13 Customs deposits 8,440 10,287 9,218
14 Estate and gift taxes 14,915 14,001 15,073
15 Miscellaneous receipts(4) 15,140 19,569 22,831
OUTLAYS
16 All types 817,227 882,795 892,947(r)
17 National defense 134,414 149,820 143,476
18 International affairs 6,879 8,530 7,250
19 General science, space,
and technology 9,319 10,089 9,601
20 Energy 797 -90 -893
21 Natural resources and
environment 10,351 12,100 10,814
22 Agriculture 9,803 20,887 11,164
23 Commerce and housing
credit -1,629 7,353 -2,497
24 Transportation 17,082 22,972 21,054
25 Community and regional
development 5,368 7,135 5,050
26 Education, training,
employment, and social
services 29,003 27,532 31,234
27 Health 69,320 74,490 75,871
28 Social security and
Medicare 261,146 295,030 306,966
29 Income security 126,552 113,504 133,915
30 Veterans benefits and
services 20,105 23,412 23,174
31 Administration of justice 13,149 13,459 13,981
32 General government 6,641 7,006 6,198
33 Net interests 116,655 112,420 115,545
34 Undistributed offsetting
receipts(6) -17,724 -22,850 -19,346
Calendar year
Source or type 2000
May June July
RECEIPTS
1 All sources 146,002 214,875 134,074
2 Individual income taxes,
net 63,687 100,458 66,301
3 Withheld 65,946 59,516 64,474
4 Nonwithheld 23,349 44,161 4,066
5 Refunds 25,619 3,228 2,241
Corporation income taxes
6 Gross receipts 7,427 41,899 6,605
7 Refunds 1,654 1,366 1,592
8 Social insurance taxes and
contributions, net 60,394 60,771 49,650
9 Employment taxes and
contributions(2) 49,212 60,034 47,136
10 Unemployment insurance 10,778 311 2,145
11 Other net receipts(3) 403 426 369
12 Excise taxes 5,391 6,093 6,022
13 Customs deposits 1,598 1,767 1,781
14 Estate and gift taxes 2,480 2,087 1,872
15 Miscellaneous receipts(4) 6,678 3,165 3,435
OUTLAYS
16 All types 149,612 158,987(r) 129,317
17 National defense 23,640 29,637 19,542
18 International affairs 764 667 3,067
19 General science, space,
and technology 1,686 1,862 1,524
20 Energy -167 20 42
21 Natural resources and
environment 1,839 2,123 1,783
22 Agriculture 615 1,656 496
23 Commerce and housing
credit 1,063 -1,237 423
24 Transportation 3,892 4,224 3,781
25 Community and regional
development 1,047 974 814
26 Education, training,
employment, and social
services 5,143 4,766 3,874
27 Health 12,532 13,443 12,450
28 Social security and
Medicare 52,741 58,378 47,415
29 Income security 19,342 18,886 15,343
30 Veterans benefits and
services 4,028 5,268 1,910
31 Administration of justice 2,616 2,281 2,051
32 General government 1,201 1,517 960
33 Net interests 21,325 17,503 17,660
34 Undistributed offsetting
receipts(6) -3,697 -3,371 -3,818
(1.) Functional details do not sum to total outlays for calendar year
data because revisions to monthly totals have not been distributed
among functions. Fiscal year total for receipts and outlays do not
correspond to calendar year data because revisions from the Budget
have not been fully distributed across months,
(2.) Old-age, disability, and hospital insurance, and railroad
retirement accounts.
(3.) Federal employee retirement contributions and civil service
retirement and disability fund.
(4.) Deposits of earnings by Federal Reserve Banks and other
miscellaneous receipts.
(5.) Includes interest received by trust funds.
(6.) Rents and royalties for the outer continental shell U.S.
government contributions for employee retirement, and certain asset
sales.
SOURCE. Fiscal year totals: U.S. Office of Management and Budget,
Budget of the US. Government, Fiscal Year2001; monthly and half-year
totals: U.S. Department of the Treasury, Monthly Treasury Statement
of Receipts and Outlays of the US. Government.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1998
Item
June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,578 5,556 5,643
2 Public debt securities 5,548 5,526 5,614
3 Held by public 3,790 3,761 3,787
4 Held by agencies 1,758 1,766 1,827
5 Agency securities 30 29 29
6 Held by public 26 26 29
7 Held by agencies 4 4 1
8 Debt subject to statutory limit 5,460 5,440 5,530
9 Public debt securities 5,460 5,439 5,530
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1999
Item
Mar. 31 June 30 Sept. 30
1 Federal debt outstanding 5,681 5,668 5,685
2 Public debt securities 5,652 5,639 5,656
3 Held by public 3,795 3,685 3,667
4 Held by agencies 1,857 1,954 1,989
5 Agency securities 29 29 29
6 Held by public 28 28 28
7 Held by agencies 1 1 1
8 Debt subject to statutory limit 5,566 5,552 5,568
9 Public debt securities 5,566 5,552 5,568
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1999 2000
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,805 5,802 5,714
2 Public debt securities 5,776 5,773 5,686
3 Held by public 3,716 3,688 n.a.
4 Held by agencies 2,061 2,085 n.a.
5 Agency securities 29 28 28
6 Held by public 28 28 n.a.
7 Held by agencies 1 0 n.a.
8 Debt subject to statutory limit 5,687 5,687 5,601
9 Public debt securities 5,687 5,686 5,601
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
(1.) Consists of guaranteed debt of U.S. Treasury and other federal
agencies, specified participation certificates, notes to international
lending organizations, and District of Columbia stadium bonds.
SOURCE. U.S. Department of the Treasury, Monthly Statement of the
Public Debt of the United States and Treasury Bulletin.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder 1996 1997 1998
1 Total gross public debt 5,323.2 5,502.4 5,614.2
By type
2 Interest-bearing 5,317.2 5,494.9 5,605.4
3 Marketable 3,459.7 3,456.8 3,355.5
4 Bills 777.4 715.4 691.0
5 Notes 2,112.3 2,106.1 1,960.7
6 Bonds 555.0 587.3 621.2
7 Inflation-indexed
notes and
bonds(1) n.a. 33.0 67.6(r)
8 Nonmarketable(2) 1,857.5 2,038.1 2,249.9
9 State and local
government
series 101.3 124.1 165.3
10 Foreign issues(3) 37.4 36.2 34.3
11 Government 47.4 36.2 34.3
12 Public .0 .0 .0
13 Savings bonds and
notes 182.4 181.2 180.3
14 Government account
series(4) 1,505.9 1,666.7 1,840.0
15 Non-interest-bearing 6.0 7.5 8.8
By holder(5)
16 U.S. Treasury and other
federal agencies and
trust funds 1,497.2 1,655.7 1,826.8
17 Federal Reserve Banks 410.9 451.9 471.7
18 Private investors 3,431.2 3,414.6 3,334.0
19 Depository institutions 296.6 300.3 237.3
20 Mutual funds 315.8 321.5 343.2
21 Insurance companies 214.1 176.6 144.5
22 State and local
treasuries(6) 257.0 239.3 269.3
Individuals
23 Savings bonds 187.0 186.5 186.7
24 Pension funds 392.7 421.0 434.7
25 Private 189.2 204.1 218.1
26 State and Local 203.5 216.9 216.6
27 Foreign and
international(7) 1,102.1 1,241.6 1,278.7
28 Other miscellaneous
investors(6,8) 665.9 527.9 438.5(r)
1999
Type and holder 1999
Q3 Q4
1 Total gross public debt 5,776.1 5,656.3 5,776.1
By type
2 Interest-bearing 5,766.1 5,647.2 5,766.1
3 Marketable 3,281.0 3,233.0 3,281.0
4 Bills 737.1 653.2 737.1
5 Notes 1,784.5 1,828.8 1,784.5
6 Bonds 643.7 643.7 643.7
7 Inflation-indexed
notes and
bonds(1) 100.7(r) 92.4(r) 100.7(r)
8 Nonmarketable(2) 2,485.1 2,414.2 2,485.1
9 State and local
government 165.7 168.1 165.7
series
10 Foreign issues(3) 31.3 31.0 31.3
11 Government 31.3 31.0 31.3
12 Public .0 .0 .0
13 Savings bonds and
notes 179.4 180.0 179.4
14 Government account
series(4) 2,078.7 2,005.2 2,078.7
15 Non-interest-bearing 10.0 9.0 10.0
By holder(5)
16 U.S. Treasury and other
federal agencies and
trust funds 2,060.6 1,989.1 2,060.6
17 Federal Reserve Banks 477.7 496.5 477.7
18 Private investors 3,233.9 3,175.4 3,233.9
19 Depository institutions 246.3(r) 239.9(r) 246.3(r)
20 Mutual funds 349.5(r) 338.1(r) 349.5(r)
21 Insurance companies 140.0(r) 141.6(r) 140.0(r)
22 State and local
treasuries(6) 266.8 271.6 266.8
Individuals
23 Savings bonds 186.5 186.3(r) 186.5
24 Pension funds 445.5(r) 444.8 445.5(r)
25 Private 234.5(r) 228.3 234.5(r)
26 State and Local 211.0(r) 216.5 211.0(r)
27 Foreign and
international(7) 1,268.8 1,281.3 1,268.8
28 Other miscellaneous
investors(6,8) 330.5(r) 271.7(r) 330.5(r)
2000
Type and holder
Q1 Q2
1 Total gross public debt 5,773.4 5,685.9
By type
2 Interest-bearing 5,763.8 5,675.9
3 Marketable 3,261.2 3,070.7
4 Bills 753.3 629.9
5 Notes 1,732.6 1,679.1
6 Bonds 653.0 637.7
7 Inflation-indexed
notes and
bonds(1) 107.4(r) 109.0(r)
8 Nonmarketable(2) 2,502.6 2,605.2
9 State and local
government 161.9 160.4
series
10 Foreign issues(3) 28.8 27.7
11 Government 28.8 27.7
12 Public .0 .0
13 Savings bonds and
notes 178.6 177.7
14 Government account
series(4) 2,103.3 2,209.4
15 Non-interest-bearing 9.6 10.1
By holder(5)
16 U.S. Treasury and other
federal agencies and
trust funds 2,085.4 2,190.2
17 Federal Reserve Banks 501.7 505.0
18 Private investors 3,182.8 2,987.4
19 Depository institutions 234.9 n.a.
20 Mutual funds 343.7 n.a.
21 Insurance companies 138.7 n.a.
22 State and local
treasuries(6) 257.2 n.a.
Individuals
23 Savings bonds 185.3 184.7
24 Pension funds 432.3 n.a.
25 Private 230.8 n.a.
26 State and Local 201.5 n.a.
27 Foreign and
international(7) 1,274.0 1,248.9
28 Other miscellaneous
investors(6,8) 316.7 n.a.
(1.) The U.S. Treasury first issued inflation-indexed securities
during the first quarter of 1997.
(2.) Includes (not shown separately) securities issued to the Rural
Electrification Administration, depository bonds, retirement plan
bonds, and individual retirement bonds.
(3.) Nonmarketable series denominated in dollars, and series
denominated in foreign currency held by foreigners.
(4.) Held almost entirely by U.S. Treasury and other federal agencies
and trust funds.
(5.) Data for Federal Reserve Banks and U.S. government agencies and
trust funds are actual holdings; data for other groups are Treasury
estimates.
(6.) In March 1996, in a redefinition of series, fully defeased debt
backed by nonmarketable federal securities was removed from "Other
miscellaneous investors" and added to "State and local treasuries."
The data shown here have been revised accordingly.
(7.) Includes nonmarketable foreign series treasury securities and
treasury deposit funds. Excludes treasury securities held under
repurchase agreements in custody accounts at the Federal Reserve Bank
of New York.
(8.) Includes individuals, government-sponsored enterprises, brokers
and dealers, bank personal trusts and estates, corporate and
noncorporate businesses, and other investors.
SOURCE. U.S. Treasury Department, data by type of security, Monthly
Statement of the Public Debt of the United States; data by holder,
Treasury Bulletin.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages
2000
Item
Apr. May June
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 27,907 23,171 20,474
Coupon securities, by maturity
2 Five years or less 114,115 116,145 102,265
3 More than five years 69,668 58,444 64,492
4 Inflation-indexed 1,201 837 955
Federal agency
5 Discount notes 58,111 66,305 49,638
Coupon securities, by maturity
6 One year or less 1,220 1,046 864
7 More than one year, but less than
or equal to five years 9,675 8,626 7,304
8 More than five years 8,295 6,923 9,031
9 Mortgage-backed 72,104 61,536 64,884
By type of counterparty
With interdealer broker
10 U.S. Treasury 108,736 98,961 92,504
11 Federal agency 9,029 8,007 8,398
12 Mortgage-backed 26,543 24,010 24,768
With other
13 U.S. Treasury 104,155 99,635 95,682
14 Federal agency 68,271 74,892 58,438
15 Mortgage-backed 45,561 37,525 40,116
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
17 Five years or less 2,667 4,870 3,549
18 More than five years 15,366 14,727 13,282
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 56 98 245
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,608 1,967 1,398
27 More than five years 4,256 4,460 3,185
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 0
32 More than five years 0 0 20
33 Mortgage-backed 686 1,078 1,306
2000, week ending
Item
May 31 June 7 June 14
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 29,554 28,693 17,118
Coupon securities, by maturity
2 Five years or less 100,865 122,618 92,777
3 More than five years 51,980 79,094 58,700
4 Inflation-indexed 670 1,249 1,033
Federal agency
5 Discount notes 60,053 55,481 44,941
Coupon securities, by maturity
6 One year or less 502 811 753
7 More than one year, but less than
or equal to five years 8,139 8,034 6,730
8 More than five years 4,907 11,899 7,464
9 Mortgage-backed 36,075 79,762 108,222
By type of counterparty
With interdealer broker
10 U.S. Treasury 88,357 115,729 83,721
11 Federal agency 6,338 9,902 8,435
12 Mortgage-backed 14,940 27,907 38,194
With other
13 U.S. Treasury 94,713 115,926 85,906
14 Federal agency 67,262 66,322 51,453
15 Mortgage-backed 21,135 51,855 70,029
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
17 Five years or less 5,916 6,220 3,160
18 More than five years 16,539 16,391 15,261
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 158 165 335
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,021 2,555 628
27 More than five years 4,329 4,312 2,481
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 0
32 More than five years 0 30 n.a.
33 Mortgage-backed 0 2,112 1,722
2000, week ending
Item
June 21 June 28 July 5
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 18,428 17,957 19,729
Coupon securities, by maturity
2 Five years or less 96,219 100,238 95,280
3 More than five years 62,753 61,828 53,472
4 Inflation-indexed 802 778 851
Federal agency
5 Discount notes 48,777 45,529 59,195
Coupon securities, by maturity
6 One year or less 805 1,176 637
7 More than one year, but less than
or equal to five years 8,390 6,033 7,381
8 More than five years 9,671 6,485 10,544
9 Mortgage-backed 49,885 35,406 30,534
By type of counterparty
With interdealer broker
10 U.S. Treasury 89,993 86,829 76,860
11 Federal agency 8,801 6,727 7,720
12 Mortgage-backed 21,238 15,746 14,738
With other
13 U.S. Treasury 88,209 93,972 92,472
14 Federal agency 58,843 52,496 70,037
15 Mortgage-backed 28,647 19,660 15,796
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. 0
Coupon securities, by maturity
17 Five years or less 3,267 1,793 2,939
18 More than five years 11,783 11,130 9,685
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 158 355 161
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,027 1,538 1,012
27 More than five years 3,362 3,027 2,077
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years n.a. n.a. n.a.
32 More than five years n.a. 13 14
33 Mortgage-backed 711 844 889
2000, week ending
Item
July 12 July 19 July 26
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 15,829 15,986 14,835
Coupon securities, by maturity
2 Five years or less 104,977 95,874 92,287
3 More than five years 55,910 56,204 57,284
4 Inflation-indexed 2,586 743 790
Federal agency
5 Discount notes 55,141 58,519 47,330
Coupon securities, by maturity
6 One year or less 1,910 1,099 1,368
7 More than one year, but less than
or equal to five years 9,802 7,806 5,838
8 More than five years 11,132 7,477 6,853
9 Mortgage-backed 114,891 78,571 37,100
By type of counterparty
With interdealer broker
10 U.S. Treasury 86,657 85,622 76,595
11 Federal agency 8,267 7,515 6,730
12 Mortgage-backed 32,479 23,708 17,862
With other
13 U.S. Treasury 92,646 83,186 88,601
14 Federal agency 69,718 67,387 54,661
15 Mortgage-backed 82,412 54,863 19,237
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
17 Five years or less 2,695 2,818 2,268
18 More than five years 7,963 8,976 8,978
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 53 43 27
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,478 1,308 1,032
27 More than five years 2,606 3,068 2,455
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 n.a.
32 More than five years n.a. n.a. 0
33 Mortgage-backed 942 494 1,078
(1.) Transactions are market purchases and sales of securities as
reported to the Federal Reserve Bank of New York by the U.S.
government securities dealers on its published list of primary
dealers. Monthly averages are based on the number of trading days in
the month. Transactions are assumed to be evenly distributed among the
trading days of the report week. Immediate, forward, and futures
transactions are reported at principal value, which does not include
accrued interest; options transactions are reported at the face value
of the underlying securities.
Dealers report cumulative transactions for each week ending Wednesday.
(2.) Outright transactions include immediate and forward transactions.
Immediate delivery refers to purchases or sales of securities (other
than mortgage-backed federal agency securities) for which delivery is
scheduled in five business days or less and "when-issued" securities
that settle on the issue date of offering. Transactions for immediate
delivery of mortgage-backed agency securities include purchases and
sales for which delivery is scheduled in thirty business days or less.
Stripped securities are reported at market value by maturity of coupon
or corpus.
Forward transactions are agreements made in the over-the-counter
market that specify delayed delivery. Forward contracts for U.S.
Treasury securities and federal agency debt securities are included
when the time to delivery is more than five business days. Forward
contracts for mortgage-backed agency securities are included when the
time to delivery is more than thirty business days.
(3.) Futures transactions are standardized agreements arranged on an
exchange. All futures transactions are included regardless of time to
delivery.
(4.) Options transactions are purchases or sales of put and call
options, whether arranged on an organized exchange or in the
over-the-counter market, and include options on futures contracts on
U.S. Treasury and federal agency securities.
NOTE. "n.a." indicates that data are not published because of
insufficient activity.
1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing(1)
Millions of dollars
2000
Item
Apr. May June
NET OUTRIGHT POSITIONS(3)
Positions(2)
By type of security
1 U.S. Treasury bills 6,568 -5,764 3,514
Coupon securities, by maturity
2 Five years or less -28,803 -42,941 -38,615
3 More than five years -18,591 -23,820 -21,306
4 Inflation-indexed 2,192 1,849 1,668
Federal agency
5 Discount notes 28,299 27,258 32,775
Coupon securities, by maturity
6 One year or less 15,284 12,658 10,016
7 More than one year, but less than
or equal to five years 894 2,883 1,925
8 More than five years 3,316 2,084 899
9 Mortgage-backed 27,631 21,502 23,442
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
11 Five years or less 13,480 17,318 12,969
12 More than five years -2,131 1,770 -165
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less than
or equal to five years 0 0 0
17 More than five years -40 -105 -740
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less 74 180 376
21 More than five years 6,471 2,496 400
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years 139 309 194
26 More than five years 70 477 522
27 Mortgage-backed 52 769 929
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 298,607 308,541 294,802
29 Term 792,459 791,514 850,521
Securities borrowed
30 Overnight and continuing 280,029 304,544 292,038
31 Term 112,178 108,141 112,854
Securities received as pledge
32 Overnight and continuing 1,890 1,748 n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 732,319 731,269 744,475
35 Term 6,682,363 671,847 746,986
Securities loaned
36 Overnight and continuing 7,750 8,408 7,698
37 Term 7,738 9,076 6,567
Securities pledged
38 Overnight and continuing 61,754 61,585 61,667
39 Term 7,132 5,403 4,249
Collateralized loans
40 Total 22,002 15,835 16,826
2000, week ending
Item
May 31 June 7 June 14
NET OUTRIGHT POSITIONS(3)
Positions(2)
By type of security
1 U.S. Treasury bills -3,103 5,307 3,773
Coupon securities, by maturity
2 Five years or less -39,154 -40,164 -39,185
3 More than five years -27,018 -21,941 -21,485
4 Inflation-indexed 1,573 1,328 1,646
Federal agency
5 Discount notes 30,094 31,351 31,654
Coupon securities, by maturity
6 One year or less 10,343 10,654 10,552
7 More than one year, but less than
or equal to five years 2,449 2,018 1,716
8 More than five years 1,472 2,136 381
9 Mortgage-backed 20,840 24,844 24,885
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 n.a. n.a.
Coupon securities, by maturity
11 Five years or less 14,711 13,622 13,504
12 More than five years 783 -770 -265
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less than
or equal to five years 0 0 0
17 More than five years -66 -371 -1,260
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less 39 -350 -170
21 More than five years 665 -96 -297
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years n.a. 194 n.a.
26 More than five years 762 690 688
27 Mortgage-backed -118 -336 1,267
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 311,880 295,654 307,653
29 Term 771,755 817,832 844,458
Securities borrowed
30 Overnight and continuing 299,999 300,138 294,085
31 Term 109,933 108,688 110,588
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 733,912 746,848 762,590
35 Term 646,751 695,212 727,831
Securities loaned
36 Overnight and continuing 8,887 8,203 8,274
37 Term 8,605 7,230 6,712
Securities pledged
38 Overnight and continuing 64,152 62,840 59,385
39 Term 3,955 4,614 4,434
Collateralized loans
40 Total 13,912 23,370 15,842
2000, week ending
Item
June 21 June 28 July 5
NET OUTRIGHT POSITIONS(3)
Positions(2)
By type of security
1 U.S. Treasury bills 3,051 2,010 3,215
Coupon securities, by maturity
2 Five years or less -39,720 -37,398 -31,591
3 More than five years -20,632 -20,887 -22,278
4 Inflation-indexed 1,817 1,856 1,754
Federal agency
5 Discount notes 35,903 31,901 33,800
Coupon securities, by maturity
6 One year or less 10,222 8,814 9,393
7 More than one year, but less than
or equal to five years 2,173 1,909 1,515
8 More than five years 1,211 310 -653
9 Mortgage-backed 20,938 22,612 25,149
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
11 Five years or less 11,838 13,096 12,321
12 More than five years -222 631 -277
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less than
or equal to five years 0 0 0
17 More than five years -1,314 -156 -244
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less 1,407 369 1,247
21 More than five years 347 1,164 2,081
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years n.a. n.a. n.a.
26 More than five years 700 123 129
27 Mortgage-backed 1,555 1,304 670
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 283,910 292,097 294,428
29 Term 856,451 913,474 745,067
Securities borrowed
30 Overnight and continuing 286,170 285,140 301,201
31 Term 117,529 116,242 107,146
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 734,882 734,872 739,951
35 Term 761,667 827,872 660,759
Securities loaned
36 Overnight and continuing 7,186 7,307 7,068
37 Term 6,106 6,180 6,712
Securities pledged
38 Overnight and continuing 61,708 61,747 65,123
39 Term 4,265 3,812 3,791
Collateralized loans
40 Total 13,551 15,433 13,702
2000, week ending
Item
July 12 July 19
NET OUTRIGHT POSITIONS(3)
Positions(2)
By type of security
1 U.S. Treasury bills 6,900 5,288
Coupon securities, by maturity
2 Five years or less -30,281 -33,718
3 More than five years -19,462 -21,825
4 Inflation-indexed 2,748 2,741
Federal agency
5 Discount notes 32,327 37,165
Coupon securities, by maturity
6 One year or less 12,198 13,907
7 More than one year, but less than
or equal to five years 3,013 4,088
8 More than five years 976 1,618
9 Mortgage-backed 20,088 17,784
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. n.a.
Coupon securities, by maturity
11 Five years or less 14,231 15,443
12 More than five years -1,619 1,569
13 Inflation-indexed 0 0
Federal agency
14 Discount notes 0 0
Coupon securities, by maturity
15 One year or less 0 0
16 More than one year, but less than
or equal to five years 0 0
17 More than five years -205 -303
18 Mortgage-backed 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0
Coupon securities, by maturity
20 Five years or less 1,896 697
21 More than five years 1,128 1,186
22 Inflation-indexed 0 0
Federal agency
23 Discount notes 0 0
Coupon securities, by maturity
24 One year or less 0 0
25 More than one year, but less than
or equal to five years n.a. n.a.
26 More than five years 422 144
27 Mortgage-backed 1,403 2,410
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 281,044 271,301
29 Term 791,805 838,997
Securities borrowed
30 Overnight and continuing 303,871 301,536
31 Term 110,267 116,920
Securities received as pledge
32 Overnight and continuing 2,468 2,376
33 Term n.a. n.a.
Repurchase agreements
34 Overnight and continuing 748,300 750,714
35 Term 701,653 754,442
Securities loaned
36 Overnight and continuing 6,638 7,372
37 Term 6,563 6,269
Securities pledged
38 Overnight and continuing 62,578 63,841
39 Term 4,312 4,533
Collateralized loans
40 Total 19,192 21,991
(1.) Data for positions and financing are obtained from reports
submitted to the Federal Reserve Bank of New York by the U.S.
government securities dealers on its published list of primary
dealers. Weekly figures are close-of-business Wednesday data.
Positions for calendar days of the report week are assumed to be
constant. Monthly averages are based on the number of calendar days in
the month.
(2.) Securities positions are reported at market value.
(3.) Net outright positions include immediate and forward positions.
Net immediate positions include securities purchased or sold (other
than mortgage-backed agency securities) that have been delivered or
are scheduled to be delivered in five business days or less and
"when-issued" securities that settle on the issue date of offering.
Net immediate positions for mortgage-backed agency securities include
securities purchased or sold that have been delivered or are scheduled
to be delivered in thirty business days or less.
Forward positions reflect agreements made in the over-the-counter
market that specify delayed delivery. Forward contracts for U.S.
Treasury securities and federal agency debt securities are included
when the time to delivery is more than five business days. Forward
contracts for mortgage-backed agency securities are included when the
time to delivery is more than thirty business days.
(4.) Futures positions reflect standardized agreements arranged on an
exchange. All futures positions are included regardless of time to
delivery.
(5.) Overnight financing refers to agreements made on one business day
that mature on the next business day; continuing contracts are
agreements that remain in effect for more than one business day but
have no specific maturity and can be terminated without advance notice
by either party; term agreements have a fixed maturity of more than
one business day. Financing data are reported in terms of actual funds
paid or received, including accrued interest.
NOTE. "n.a." indicates that data are not published because of
insufficient activity.
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
Agency 1996 1997 1998
1 Federal and federally
sponsored agencies 925,823 1,022,609 1,296,477
2 Federal agencies 29,380 27,792 26,502
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) 1,447 552 n.a.
5 Federal Housing
Administration(4) 84 102 205
6 Government National Mortgage
Association certificates
of participation(5) n.a. n.a. n.a.
7 Postal Service(6) n.a. n.a. n.a.
8 Tennessee Valley Authority 27,853 27,786 26,496
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 896,443 994,817 1,269,975
11 Federal Home Loan Banks 263,404 313,919 382,131
12 Federal Home Loan Mortgage
Corporation 156,980 169,200 287,396
13 Federal National Mortgage
Association 331,270 369,774 460,291
14 Farm Credit Banks(8) 60,053 63,517 63,488
15 Student Loan Marketing
Association(9) 44,763 37,717 35,399
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation1(11) 1,261 1,261 1,261
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 58,172 49,090 44,129
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) 1,431 552 n.a.
21 Postal Service(6) n.a. n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a. n.a.
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway
Association(6) n.a. n.a. n.a.
Other lending(14)
25 Farmers Home Administration 18,325 13,530 9,500
26 Rural Electrification
Administration 16,702 14,898 14,091
27 Other 21,714 20,110 20,538
2000
Agency 1999
Jan. Feb.
1 Federal and federally
sponsored agencies 1,616,492 1,620,814 1,635,828
2 Federal agencies 26,376 26,277 26,168
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 126 126 155
6 Government National Mortgage
Association certificates
of participation(5) n.a. n.a. n.a.
7 Postal Service(6) n.a. n.a. n.a.
8 Tennessee Valley Authority 26,370 26,271 26,162
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 1,590,116 1,594,537 1,609,660
11 Federal Home Loan Banks 529,005 522,692 527,835
12 Federal Home Loan Mortgage
Corporation 360,711 372,586 380,660
13 Federal National Mortgage
Association 547,619 544,360 547,100
14 Farm Credit Banks(8) 68,883 69,082 69,147
15 Student Loan Marketing
Association(9) 41,988 43,762 42,723
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation1(11) 1,261 1,261 1,261
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 42,152 40,753 40,182
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) n.a. n.a. n.a.
21 Postal Service(6) n.a. n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a. n.a.
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway
Association(6) n.a. n.a. n.a.
Other lending(14)
25 Farmers Home Administration 6,665 6,565 6,515
26 Rural Electrification
Administration 14,085 13,958 14,016
27 Other 21,402 20,230 19,651
2000
Agency
Mar. Apr. May
1 Federal and federally 1,644,276 n.a. 193,776
sponsored agencies
26,231 26,011 26,052
2 Federal agencies 6 6 6
3 Defense Department(1) n.a. n.a. n.a.
4 Export-Import Bank(2,3)
5 Federal Housing 168 173 184
Administration(4)
6 Government National Mortgage
Association certificates n.a. n.a. n.a.
of participation(5) n.a. n.a. n.a.
7 Postal Service(6) 26,225 26,005 26,046
8 Tennessee Valley Authority
9 United States Railway n.a. n.a. n.a.
Association(6)
1,618,045 164,298 167,726
10 Federally sponsored agencies(7) 535,284 541,673 557,506
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage 378,006 388,261 392,555
Corporation
13 Federal National Mortgage 557,543 561,700 571,800
Association 67,154 69,036 70,036
14 Farm Credit Banks(8)
15 Student Loan Marketing 38,089 40,119 43,144
Association(9) 8,170 8,170 8,170
16 Financing Corporation(10)
17 Farm Credit Financial
Assistance 1,261 1,261 1,261
Corporation1(11)
18 Resolution Funding 29,996 29,996 29,996
Corporation(12)
MEMO 39,306 38,700 39,102
19 Federal Financing Bank debt(13)
Lending to federal and federally
sponsored agencies n.a. n.a. n.a.
20 Export-Import Bank(3) n.a. n.a. n.a.
21 Postal Service(6)
22 Student Loan Marketing n.a. n.a. n.a.
Association n.a. n.a. n.a.
23 Tennessee Valley Authority
24 United States Railway n.a. n.a. n.a.
Association(6)
Other lending(14) 6,350 6,240 6,140
25 Farmers Home Administration
26 Rural Electrification 13,152 13,167 13,221
Administration 19,804 19,293 19,741
27 Other
(1.) Consists of mortgages assumed by the Defense Department between
1957 and 1963 under family housing and homeowners assistance programs.
(2.) Includes participation certificates reclassified as debt
beginning Oct. 1, 1976.
(3.) On-budget since Sept. 30, 1976.
(4.) Consists of debentures issued in payment of Federal Housing
Administration insurance claims. Once issued, these securities may be
sold privately on the securities market.
(5.) Certificates of participation issued before fiscal year 1969 by
the Government National Mortgage Association acting as trustee for the
Farmers Home Administration, the Department of Health, Education, and
Welfare, the Department of Housing and Urban Development, the Small
Business Administration, and the Veterans Administration.
(6.) Off-budget.
(7.) Includes outstanding noncontingent liabilities: notes, bonds, and
debentures. Includes Federal Agricultural Mortgage Corporation,
therefore details do not sum to total. Some data are estimated.
(8.) Excludes borrowing by the Farm Credit Financial Assistance
Corporation, which is shown on line 17.
(9.) Before late 1982, the association obtained financing through the
Federal Financing Bank (FFB). Borrowing excludes that obtained from
the FFB, which is shown on line 22.
(10.) The Financing Corporation, established in August 1987 to
recapitalize the Federal Savings and Loan Insurance Corporation,
undertook its first borrowing in October 1987.
(11.) The Farm Credit Financial Assistance Corporation, established
in January 1988 to provide assistance to the Farm Credit System,
undertook its first borrowing in July 1988.
(12.) The Resolution Funding Corporation, established by the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989, undertook
its first borrowing in October 1989.
(13.) The FFB, which began operations in 1974, is authorized to
purchase or sell obligations issued, sold, or guaranteed by other
federal agencies. Because FFB incurs debt solely for the purpose of
lending to other agencies, its debt is not included in the main
portion of the table to avoid double counting.
(14.) Includes FFB purchases of agency assets and guaranteed loans;
the latter are loans guaranteed by numerous agencies, with the
amounts guaranteed by any one agency generally being small. The
Farmers Home Administration entry consists exclusively of agency
assets, whereas the Rural Electrification Administration entry
consists of both agency assets and guaranteed loans.
1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments
Millions of dollars
Type of issue or issuer, 1997 1998 1999
or use
1 All issues, new and refunding(1) 214,694 262,342 215,427
By type of issue
2 General obligation 69,934 87,015 73,308
3 Revenue 134,989 175,327 142,120
By type of issuer
4 State 18,237 23,506 16,376
5 Special district or
statutory authority(2) 134,919 178,421 152,418
6 Municipality, county, or
township 70,558 60,173 46,634
7 Issues for new capital 135,519 160,568 161,065
By use of proceeds
8 Education 31,860 36,904 36,563
9 Transportation 13,951 19,926 17,394
10 Utilities and conservation 12,219 21,037 15,098
11 Social welfare 27,794 n.a. n.a.
12 Industrial aid 6,667 8,594 9,099
13 Other purposes 35,095 42,450 47,896
1999 2000
Type of issue or issuer,
or use
Dec. Jan. Feb.
1 All issues, new and refunding(1) 14,751 8,969 10,905
By type of issue
2 General obligation 3,715 3,454 4,473
3 Revenue 11,035 5,516 6,433
By type of issuer
4 State 834 863 1,730
5 Special district or
statutory authority(2) 10,640 5,784 7,414
6 Municipality, county, or
township 3,277 2,322 1,761
7 Issues for new capital 11,475 8,009 9,382
By use of proceeds
8 Education 3,095 2,189 2,548
9 Transportation 1,201 1,064 723
10 Utilities and conservation 1,008 588 115
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 707 89 647
13 Other purposes 3,141 2,885 2,804
2000
Type of issue or issuer,
or use
Mar. Apr. May
1 All issues, new and refunding(1) 16,780 14,233 14,136
By type of issue
2 General obligation 5,008 4,598 6,051
3 Revenue 11,773 9,635 8,086
By type of issuer
4 State 1,570 1,371 1,102
5 Special district or
statutory authority(2) 11,098 10,229 9,639
6 Municipality, county, or
township 4,112 2,633 3,396
7 Issues for new capital 13,508 12,029 12,481
By use of proceeds
8 Education 3,436 2,484 3,662
9 Transportation 2,723 768 1,778
10 Utilities and conservation 1,086 729 537
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 747 762 585
13 Other purposes 2,426 3,903 3,557
2000
Type of issue or issuer,
or use
June July
1 All issues, new and refunding(1) 20,208 12,827
By type of issue
2 General obligation 8,581 4,256
3 Revenue 11,628 8,572
By type of issuer
4 State 2,907 783
5 Special district or
statutory authority(2) 13,520 8,545
6 Municipality, county, or
township 3,782 3,500
7 Issues for new capital 16,987 11,297
By use of proceeds
8 Education 4,465 3,185
9 Transportation 1,093 1,947
10 Utilities and conservation 1,141 353
11 Social welfare n.a. n.a.
12 Industrial aid 1,150 632
13 Other purposes 5,776 2,543
(1.) Par amounts of long-term issues based on date of sale.
(2.) Includes school districts.
SOURCE. Securities Data Company beginning January 1990; Investment
Dealer's Digest before then.
1.46 NEW SECURITY ISSUES U.S. Corporation
Millions of dollars
Type of issue, offering, 1997 1998 1999
or issuer
1 All issues(1) 929,256 1,128,491 1,072,866
2 Bonds(2) 811,376 1,001,736 941,298
By type of offering
3 Sold in the United States 708,188 923,771 818,683
4 Sold abroad 103,188 77,965 122,615
MEMO
5 Private placements, domestic n.a. n.a. n.a.
By industry group
6 Nonfinancial 222,603 307,935 293,963
7 Financial 588,773 693,801 647,335
8 Stocks(3) 117,880 126,755 131,568
By type of offering
9 Public 117,880 126,755 131,568
10 Private placement(4) 55,450 78,850 86,300
By industry group
11 Nonfinancial 60,386 74,113 110,284
12 Financial 57,494 52,642 21,284
1999 2000
Type of issue, offering,
or issuer
Nov. Dec. Jan.
1 All issues(1) 85,016 50,805 55,714
2 Bonds(2) 61,033 42,477 44,220
By type of offering
3 Sold in the United States 53,908 36,488 30,784
4 Sold abroad 7,125 5,989 13,436
MEMO
5 Private placements, domestic 1,237 3,241 967
By industry group
6 Nonfinancial 24,283 14,614 14,599
7 Financial 36,750 27,863 29,620
8 Stocks(3) 23,983 8,328 11,494
By type of offering
9 Public 23,983 8,328 11,494
10 Private placement(4) 7,192 7,192 n.a.
By industry group
11 Nonfinancial 22,611 7,450 9,247
12 Financial 1,372 878 2,247
2000
Type of issue, offering,
or issuer
Feb. Mar. Apr.
1 All issues(1) 85,679 113,093 61,963
2 Bonds(2) 63,391 96,148 40,941
By type of offering
3 Sold in the United States 56,727 87,603 36,724
4 Sold abroad 6,664 8,545 4,217
MEMO
5 Private placements, domestic 65 0 228
By industry group
6 Nonfinancial 26,598 28,086 8,060
7 Financial 36,792 68,062 32,881
8 Stocks(3) 22,288 16,945 21,022
By type of offering
9 Public 22,288 16,945 21,022
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 21,796 15,679 16,763
12 Financial 492 1,266 4,259
2000
Type of issue, offering,
or issuer
May(r) June
1 All issues(1) 62,939 102,864
2 Bonds(2) 58,233 92,742
By type of offering
3 Sold in the United States 45,986 75,271
4 Sold abroad 12,247 17,471
MEMO
5 Private placements, domestic 3,694 3,391
By industry group
6 Nonfinancial 20,832 29,412
7 Financial 37,401 63,331
8 Stocks(3) 4,706 7,810
By type of offering
9 Public 4,706 7,810
10 Private placement(4) n.a. n.a.
By industry group
11 Nonfinancial 4,522 6,458
12 Financial 184 1,352
(1.) Figures represent gross proceeds of issues maturing in more than
one year; they are the principal amount or number of units calculated
by multiplying by the offering price. Figures exclude secondary
offerings, employee stock plans, investment companies other than
closed-end, intracorporate transactions, and Yankee bonds. Stock data
include ownership securities issued by limited partnerships.
(2.) Monthly data include 144(a) offerings.
(3.) Monthly data cover only public offerings.
(4.) Data are not available,
SOURCE. Securities Data Company and the Board of Governors of the
Federal Reserve System.
1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1)
Million of dollars
1999
Item 1998 1999
Dec.
1 Sales of own shares(2) 1,461,430 1,791,894 185,898
2 Redemptions of own shares 1,217,022 1,621,987 178,855
3 Net sales(3) 244,408 169,906 7,042
4 Assets(4) 4,173,531 5,233,191 5,233,191
5 Cash(5) 191,393 219,189 219,189
6 Other 3,982,138 5,014,002 5,014,002
2000
Item
Jan. Feb. Mar.
1 Sales of own shares(2) 226,251 237,861 269,118
2 Redemptions of own shares 204,380 197,423 243,194
3 Net sales(3) 21,871 40,438 25,924
4 Assets(4) 5,114,482 5,375,874 5,606,254
5 Cash(5) 222,729 231,480 221,623
6 Other 4,891,753 5,144,394 5,384,630
2000
Item
Apr. May
1 Sales of own shares(2) 202,248 172,718
2 Redemptions of own shares 176,671 162,984
3 Net sales(3) 25,577 9,735
4 Assets(4) 5,391,187 5,232,319
5 Cash(5) 254,819 260,426
6 Other 5,136,368 4,971,892
2000
Item
June(r) July
1 Sales of own shares(2) 181,866 167,644
2 Redemptions of own shares 161,462 151,960
3 Net sales(3) 20,404 15,685
4 Assets(4) 5,458,914 5,380,247
5 Cash(5) 259,241 257,125
6 Other 5,199,673 5,123,123
(1.) Data include stock, hybrid, and bond mutual funds and exclude
money market mutual funds.
(2.) Excludes reinvestment of net income dividends and capital gains
distributions and share issue of conversions from one fund to another
in the same group.
(3.) Excludes sales and redemptions resulting from transfers of
shares into or out of money market mutual funds within the same fund
family.
(4.) Market value at end of period, less current liabilities.
(5.) Includes all U.S. Treasury securities and other short-term debt
securities.
SOURCE. Investment Company Institute. Data based on reports of
membership, which comprises substantially all open-end investment
companies registered with the Securities and Exchange Commission. Data
reflect underwritings of newly formed companies after their
initial offering of securities.
CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted
annual rates
Account 1997(r) 1998(r) 1999(r)
1 Profits with inventory
valuation and capital 833.8 815.0 856.0
consumption adjustment
2 Profits before taxes 792.4 758.2 823.0
3 Profits-tax liability 237.2 244.6 255.9
4 Profits after taxes 555.2 513.6 567.1
5 Dividends 335.2 351.5 370.7
6 Undistributed profits 220.0 162.1 196.4
7 Inventory valuation 8.4 17.0 -9.1
8 Capital consumption adjustment 32.9 39.9 42.1
1998(r) 1999(r)
Account
Q3 Q4 Q1 Q2
1 Profits with inventory
valuation and capital 818.0 803.4 852.0 836.8
consumption adjustment
2 Profits before taxes 760.1 742.3 797.6 804.5
3 Profits-tax liability 249.0 239.4 247.8 250.8
4 Profits after taxes 511.1 502.9 549.9 553.7
5 Dividends 351.4 356.1 361.1 367.2
6 Undistributed profits 159.7 146.9 188.7 186.5
7 Inventory valuation 17.7 19.9 114.0 -8.9
8 Capital consumption adjustment 40.2 41.2 42.9 41.2
1999(r) 2000
Account
Q3 Q4 Q1(r) Q2
1 Profits with inventory
valuation and capital 842.0 893.2 936.3 964.0
consumption adjustment
2 Profits before taxes 819.0 870.7 920.7 942.2
3 Profits-tax liability 254.2 270.8 286.3 292.9
4 Profits after taxes 564.8 599.9 634.4 649.3
5 Dividends 373.9 380.6 387.3 393.0
6 Undistributed profits 190.9 219.3 247.1 256.3
7 Inventory valuation -19.7 -19.2 -25.0 -13.4
8 Capital consumption adjustment 42.7 41.6 40.6 35.2
SOURCE. U.S. Department of Commerce, Survey of Current Business.
1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1)
Billions of dollars, end of period; not seasonally adjusted
Account 1997 1998 1999
ASSETS
1 Accounts receivable, gross(2) 663.3 711.7 811.5
2 Consumer 256.8 261.8 .0
3 Business 318.5 347.5 n.a.
4 Real estate 87.9 102.3 126.5
5 LESS: Reserves for unearned income 52.7 56.3 53.5
6 Reserves for losses 13.0 13.8 13.5
7 Accounts receivable, net 597.6 641.6 744.6
8 All other 312.4 337.9 406.3
9 Total assets 910.0 979.5 1,150.9
LIABILITIES AND CAPITAL
10 Bank loans 24.1 26.3 35.1
11 Commercial paper 201.5 231.5 227.9
Debt
12 Owed to parent 64.7 61.8 123.8
13 Not elsewhere classified 328.8 339.7 397.0
14 All other liabilities 189.6 203.2 222.7
15 Capital, surplus, and
undivided profits 101.3 117.0 144.5
16 Total liabilities and capital 910.0 979.5 1,150.9
1998 1999
Account
Q4 Q1 Q2
ASSETS
1 Accounts receivable, gross(2) 711.7 733.8 756.5
2 Consumer 261.8 261.7 .0
3 Business 347.5 362.8 365.0
4 Real estate 102.3 109.2 113.3
5 LESS: Reserves for unearned income 56.3 52.9 53.4
6 Reserves for losses 13.8 13.4 13.4
7 Accounts receivable, net 641.6 667.6 689.7
8 All other 337.9 363.3 373.2
9 Total assets 979.5 1,030.8 1,062.9
LIABILITIES AND CAPITAL
10 Bank loans 26.3 24.8 25.1
11 Commercial paper 231.5 222.9 231.0
Debt
12 Owed to parent 61.8 64.6 65.4
13 Not elsewhere classified 339.7 366.7 383.1
14 All other liabilities 203.2 220.3 226.1
15 Capital, surplus, and
undivided profits 117.0 131.5 132.2
16 Total liabilities and capital 979.5 1,030.8 1,062.9
1999
Account
Q3 Q4
ASSETS
1 Accounts receivable, gross(2) 776.3 811.5
2 Consumer .0 .0
3 Business n.a. n.a.
4 Real estate 122.3 126.5
5 LESS: Reserves for unearned income 54.0 53.5
6 Reserves for losses 13.6 13.5
7 Accounts receivable, net 708.6 744.6
8 All other 368.5 406.3
9 Total assets 1,077.2 1,150.9
LIABILITIES AND CAPITAL
10 Bank loans 27.0 35.1
11 Commercial paper 205.3 227.9
Debt
12 Owed to parent 84.5 123.8
13 Not elsewhere classified 396.2 397.0
14 All other liabilities 216.0 222.7
15 Capital, surplus, and
undivided profits 148.2 144.5
16 Total liabilities and capital 1,077.2 1,150.9
2000
Account
Q1 Q2
ASSETS
1 Accounts receivable, gross(2) 848.7 653.9
2 Consumer .0 77.5
3 Business n.a. 443.7
4 Real estate 128.8 132.7
5 LESS: Reserves for unearned income 53.9 n.a.
6 Reserves for losses 14.0 n.a.
7 Accounts receivable, net 780.8 653.9
8 All other 412.5 n.a.
9 Total assets 1,193.3 653.9
LIABILITIES AND CAPITAL
10 Bank loans 30.7 n.a.
11 Commercial paper 229.7 n.a.
Debt
12 Owed to parent 145.2 n.a.
13 Not elsewhere classified 410.0 n.a.
14 All other liabilities 241.6 n.a.
15 Capital, surplus, and
undivided profits 136.2 n.a.
16 Total liabilities and capital 1,193.4 n.a.
(1.) Includes finance company subsidiaries of bank holding companies
but not of retailers and banks. Data are amounts carried on the
balance sheets of finance companies; securitized pools are not shown,
as they are not on the books.
(2.) Before deduction for unearned income and losses. Excludes pools
of securitized assets.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)
Billions of dollars, amounts outstanding
Type of credit 1997 1998 1999
Seasonally adjusted
1 Total 810.5 875.8 993.9
2 Consumer 327.9 352.8 385.3
3 Real estate 121.1 131.4 154.7
4 Business 361.5 391.6 453.9
Not Seasonally adjusted
5 Total 818.1 884.0 1,003.2
6 Consumer 330.9 356.1 388.8
7 Motor vehicles loans 87.0 103.1 114.7
8 Motor vehicle leases 96.8 93.3 98.3
9 Revolving(2) 38.6 32.3 33.8
10 Other(3) 34.4 33.1 33.1
Securitized assets(4)
11 Motor vehicle loans 44.3 54.8 71.1
12 Motor vehicle leases 10.8 12.7 9.7
13 Revolving .0 8.7 10.5
14 Other 19.0 18.1 17.7
15 Real estate 121.1 131.4 154.7
16 One- to four-family 59.0 75.7 88.3
17 Other 28.9 26.6 38.3
Securitized real estate
assets(4)
18 One- to four-family 33.0 29.0 28.0
19 Other .2 .1 .2
20 Business 366.1 396.5 459.6
21 Motor vehicles 63.5 79.6 87.8
22 Retail loans 25.6 28.1 33.2
23 Wholesale loans(5) 27.7 32.8 34.7
24 Leases 10.2 18.7 19.9
25 Equipment 203.9 198.0 221.9
26 Loans 51.5 50.4 52.2
27 Leases 152.3 147.6 169.7
28 Other business
receivables(6) 51.1 69.9 95.5
Securitized assets(4)
29 Motor vehicles 33.0 29.2 31.5
30 Retail loans 2.4 2.6 2.9
31 Wholesale loans 30.5 24.7 26.4
32 Leases .0 1.9 2.1
33 Equipment 10.7 13.0 14.6
34 Loans 4.2 6.6 7.9
35 Leases 6.5 6.4 6.7
36 Other business
receivables(6) 4.0 6.8 8.4
2000
Type of credit
Jan. Feb. Mar.
Seasonally adjusted
1 Total 1,022.4 1,032.2 1,054.1
2 Consumer 391.7 395.5 396.7
3 Real estate 159.1 162.3 167.9
4 Business 471.6 474.4 489.4
Not Seasonally adjusted
5 Total 1,022.4 1,031.9 1,057.0
6 Consumer 391.1 392.3 392.8
7 Motor vehicles loans 117.6 121.3 121.1
8 Motor vehicle leases 99.3 100.7 101.7
9 Revolving(2) 34.4 32.9 31.5
10 Other(3) 33.0 32.7 31.1
Securitized assets(4)
11 Motor vehicle loans 69.6 67.8 71.2
12 Motor vehicle leases 9.5 9.2 8.8
13 Revolving 10.4 10.4 10.3
14 Other 17.4 17.3 17.1
15 Real estate 159.1 162.3 167.9
16 One- to four-family 91.1 91.7 90.4
17 Other 38.6 38.4 38.4
Securitized real estate
assets(4)
18 One- to four-family 29.2 32.0 38.9
19 Other .2 .2 .2
20 Business 472.2 477.4 496.3
21 Motor vehicles 87.9 89.6 90.2
22 Retail loans 33.3 33.7 32.3
23 Wholesale loans(5) 34.6 35.8 37.9
24 Leases 20.1 20.1 19.9
25 Equipment 222.3 225.1 238.0
26 Loans 51.9 52.8 54.9
27 Leases 170.4 172.3 183.1
28 Other business
receivables(6) 99.6 101.4 106.4
Securitized assets(4)
29 Motor vehicles 31.5 31.0 31.5
30 Retail loans 2.9 2.8 3.2
31 Wholesale loans 26.5 26.1 25.9
32 Leases 2.1 2.1 2.4
33 Equipment 22.8 22.5 22.0
34 Loans 16.1 15.9 15.4
35 Leases 6.7 6.6 6.5
36 Other business
receivables(6) 8.1 7.7 8.3
2000
Type of credit
Apr. May June
Seasonally adjusted
1 Total 1,073.3(r) 1,088.7(r) 1,110.5
2 Consumer 398.0 400.7(r) 401.7
3 Real estate 173.1 178.4 185.6
4 Business 502.2(r) 509.5 523.1
Not Seasonally adjusted
5 Total 1,073.6(r) 1,088.5(r) 1,116.0
6 Consumer 394.4 399.4(r) 404.2
7 Motor vehicles loans 120.9 124.1(r) 125.7
8 Motor vehicle leases 102.8 104.1 103.9
9 Revolving(2) 31.9 31.6(r) 33.1
10 Other(3) 31.2 31.9(r) 31.8
Securitized assets(4)
11 Motor vehicle loans 72.1 71.9 74.1
12 Motor vehicle leases 8.5 8.2 7.9
13 Revolving 10.1 11.1 11.1
14 Other 16.8 16.5 16.6
15 Real estate 173.1 178.4 185.6
16 One- to four-family 93.6 97.3 97.2
17 Other 39.0 39.4 39.6
Securitized real estate
assets(4)
18 One- to four-family 40.2 41.5 48.6
19 Other .2 .2 .2
20 Business 506.1(r) 510.7 526.2
21 Motor vehicles 93.6 94.8 94.5
22 Retail loans 32.7 33.3 33.8
23 Wholesale loans(5) 38.9 39.5 38.4
24 Leases 22.0 22.0 22.3
25 Equipment 243.1 247.3 256.2
26 Loans 55.6 55.9 60.3
27 Leases 187.5 191.5 195.8
28 Other business
receivables(6) 107.4(r) 106.6 107.5
Securitized assets(4)
29 Motor vehicles 32.3 32.0 31.7
30 Retail loans 3.1 3.0 2.9
31 Wholesale loans 26.8 26.7 26.4
32 Leases 2.4 2.4 2.4
33 Equipment 21.7 21.5 29.7
34 Loans 15.2 15.0 15.2
35 Leases 6.5 6.5 14.6
36 Other business
receivables(6) 8.0 8.4 6.6
NOTE. This table has been revised to incorporate several changes
resulting from benchmarking of finance company receivables to the June
1996 Survey of Finance Companies. In that benchmark survey, and in the
monthly surveys that have followed, more detailed breakdowns have been
obtained for some components. In addition, previously unavailable data
on securitized real estate loans are now included in this table. The
new information has resulted in some reclassification of receivables
among the three major categories (consumer, real estate, and business)
and in discontinuities in some component series between May and June
1996.
Includes finance company subsidiaries of bank holding companies but
not of retailers and banks. Data in this table also appear in the
Board's G.20 (422) monthly statistical release. For ordering address,
see inside front cover.
(1.) Owned receivables are those carried on the balance sheet of the
institution. Managed receivables are outstanding balances of pools
upon which securities have been issued; these balances are no longer
carried on the balance sheets of the loan originator. Data are shown
before deductions for because of rounding.
(2.) Excludes revolving credit reported as held by depository
institutions that are subsidiaries of finance companies.
(3.) Includes personal cash loans, mobile home loans, and loans to
purchase other types of consumer goods such as appliances, apparel,
boats, and recreation vehicles.
(4.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets of
the loan originator.
(5.) Credit arising from transactions between manufacturers and
dealers, that is, floor plan financing.
(6.) Includes loans on commercial accounts receivable, factored
commercial accounts, and receivable dealer capital; small loans used
primarily for business or farm purposes; and wholesale and lease
paper for mobile homes, campers, and travel trailers.
1.53 MORTGAGE MARKETS Mortgages on New Homes
Millions of dollars except as noted
Item 1997 1998 1999
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 180.1 195.2 210.7
2 Amount of loan (thousands of
dollars) 140.3 151.1 161.7
3 Loan-to-price ratio (percent) 80.4 80.0 78.7
4 Maturity (years) 28.2 28.4 28.8
5 Fees and charges (percent
of loan amount)(2) 1.02 .89 .77
Yield (percent per year)
6 Contract rate(1) 7.57 6.95 6.94
7 Effective rate1(1,3) 7.73 7.08 7.06
8 Contract rate (HUD series)(4) 7.76 7.00 7.45
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section
203)(5) 7.89 7.04 7.74
10 GNMA securities(6) 7.26 6.43 7.03
Activity in secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 316,678 414,515 523,941
12 FHA/VA insured 31,925 33,770 55,318
13 Conventional 284,753 380,745 468,623
14 Mortgage transactions
purchased (during
period) 70,465 188,448 195,210
Mortgage commitments
(during period)
15 Issued(7) 69,965 193,795 187,948
16 To sell(8) 1,298 1,880 5,900
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 164,421 255,010 324,443
18 FHA/VA insured 177 785 1,836
19 Conventional 164,244 254,225 322,607
Mortgage transactions
(during period)
20 Purchases 117,401 267,402 239,793
21 Sales 114,258 250,565 233,031
22 Mortgage commitments
contracted (during
period)(9) 120,089 281,899 228,432
2000
Item
Jan. Feb. Mar.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 223.7 216.9 226.0
2 Amount of loan (thousands of
dollars) 169.9 165.6 170.7
3 Loan-to-price ratio (percent) 77.9 78.4 77.7
4 Maturity (years) 29.1 29.1 29.0
5 Fees and charges (percent
of loan amount)(2) .75 .71 .68
Yield (percent per year)
6 Contract rate(1) 7.34 7.43 7.49
7 Effective rate1(1,3) 7.45 7.54 7.60
8 Contract rate (HUD series)(4) 8.21 8.20 8.19
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section
203)(5) 8.56 8.53 8.35
10 GNMA securities(6) 7.84 7.96 7.79
Activity in secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 527,977 535,096 538,751
12 FHA/VA insured 57,369 58,294 58,451
13 Conventional 470,608 476,802 480,300
14 Mortgage transactions
purchased (during
period) 9,035 11,484 8,801
Mortgage commitments
(during period)
15 Issued(7) 9,130 9,811 10,051
16 To sell(8) 1,287 612 1,954
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 325,914 328,598 336,338
18 FHA/VA insured 1,806 1,719 2,521
19 Conventional 324,108 326,879 333,817
Mortgage transactions
(during period)
20 Purchases 12,942 6,747 9,323
21 Sales 12,764 6,424 8,569
22 Mortgage commitments
contracted (during
period)(9) 8,341 7,156 10,122
2000
Item
Apr. May
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 224.2 232.2
2 Amount of loan (thousands of
dollars) 170.2 176.3
3 Loan-to-price ratio (percent) 77.9 78.0
4 Maturity (years) 29.1 29.2
5 Fees and charges (percent
of loan amount)(2) .68 .71
Yield (percent per year)
6 Contract rate(1) 7.52 7.44
7 Effective rate1(1,3) 7.63 7.55
8 Contract rate (HUD series)(4) 8.29 8.26
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section
203)(5) 8.33 8.58
10 GNMA securities(6) 7.64 8.06
Activity in
secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 539,181 545,803
12 FHA/VA insured 58,899 59,140
13 Conventional 480,282 486,663
14 Mortgage transactions
purchased (during
period) 6,257 12,872
Mortgage commitments
(during period)
15 Issued(7) 12,524 10,450
16 To sell(8) 1,340 1,594
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 339,207 347,370
18 FHA/VA insured 1,987 3,116
19 Conventional 337,220 344,254
Mortgage transactions
(during period)
20 Purchases 8,393 15,741
21 Sales 8,077 15,261
22 Mortgage commitments
contracted (during
period)(9) 8,750 13,807
2000
Item
June July
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 238.6 235.8
2 Amount of loan (thousands of
dollars) 178.3 178.3
3 Loan-to-price ratio (percent) 76.9 77.7
4 Maturity (years) 29.2 29.3
5 Fees and charges (percent
of loan amount)(2) .69 .66
Yield (percent per year)
6 Contract rate(1) 7.40 7.41
7 Effective rate1(1,3) 7.50 7.51
8 Contract rate (HUD series)(4) n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section
203)(5) n.a. n.a.
10 GNMA securities(6) 7.69 7.59
Activity in
secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 552,166 561,045
12 FHA/VA insured 59,703 60,397
13 Conventional 492,463 500,648
14 Mortgage transactions
purchased (during
period) 12,842 15,128
Mortgage commitments
(during period)
15 Issued(7) 11,825 16,660
16 To sell(8) 1,254 436
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 350,836 354,020
18 FHA/VA insured 2,892(r) 2,858
19 Conventional 347,944(r) 351,162
Mortgage transactions
(during period)
20 Purchases 12,271 10,912
21 Sales 11,806 10,539
22 Mortgage commitments
contracted (during
period)(9) 13,596 10,803
(1.) Weighted averages based on sample surveys of mortgages originated
by major institutional lender groups for purchase of newly built
homes; compiled by the Federal Housing Finance Board in cooperation
with the Federal Deposit Insurance Corporation.
(2.) Includes all fees, commissions, discounts, and "points" paid (by
the borrower or the seller) to obtain a loan.
(3.) Average effective interest rate on loans closed for purchase of
newly built homes, assuming prepayment at the end of ten years.
(4.) Average contract rate on new commitments for conventional first
mortgages; from U.S. Department of Housing and Urban Development
(HUD). Based on transactions on the first day of the subsequent
month,
(5.) Average gross yield on thirty-year, minimum-downpayment first
mortgages insured by the Federal Housing Administration (FHA) for
immediate delivery in the private secondary market. Based on
transactions on first day of subsequent month.
(6.) Average net yields to investors on fully modified pass-through
securities backed by mortgages and guaranteed by the Government
National Mortgage Association (GNMA), assuming prepayment in twelve
years on. pools of thirty-year mortgages insured by the Federal
Housing Administration or guaranteed by the Department of Veterans
Affairs.
(7.) Does not include standby commitments issued, but includes standby
commitments converted.
(8.) Includes participation loans as well as whole loans.
(9.) Includes conventional and government-underwritten loans. The
Federal Home Loan Mortgage Corporation's mortgage commitments and
mortgage transactions include activity under mortgage securities swap
programs, whereas the corresponding data for FNMA exclude swap
activity.
1.54 MORTGAGE DEBT OUTSTANDING(1)
Millions of dollars, end of period
Type of holder and property 1996 1997 1998
1 All holders 4,877,536 5,211,286 5,736,638
By type of property
2 One- to four-family residences 3,718,723 3,970,848 4,355,376
3 Multifamily residences 289,186 302,517 330,551
4 Nonfarm, nonresidential 782,493 847,623 954,205
5 Farm 87,134 90,299 96,506
By type of holder
6 Major financial institutions 1,981,886 2,083,981 2,194,813
7 Commercial banks(2) 1,145,389 1,245,315 1,337,217
8 One- to four-family 677,603 745,510 797,492
9 Multifamily 45,451 49,670 54,116
10 Nonfarm, nonresidential 397,452 423,148 456,574
11 Farm 24,883 26,986 29,035
12 Savings institutions(3) 628,335 631,826 643,957
13 One- to four-family 513,712 520,782 533,918
14 Multifamily 61,570 59,540 56,821
15 Nonfarm, nonresidential 52,723 51,150 52,801
16 Farm 331 354 417
17 Life insurance companies 208,162 206,840 213,640
18 One- to four-family 6,977 7,187 6,590
19 Multifamily 30,750 30,402 31,522
20 Nonfarm, nonresidential 160,315 158,779 164,004
21 Farm 10,120 10,472 11,524
22 Federal and related agencies 295,192 286,167 292,636
23 Government National Mortgage 2 8 7
Association
24 One- to four-family 2 8 7
25 Multifamily 0 0 0
26 Farmers Home Administration(4) 41,596 41,195 40,851
27 One- to four-family 17,303 17,253 16,895
28 Multifamily 11,685 11,720 11,739
29 Nonfarm, nonresidential 6,841 7,370 7,705
30 Farm 5,768 4,852 4,513
31 Federal Housing and Veterans' 6,244 3,821 3,674
Administrations
32 One- to four-family 3,524 1,767 1,849
33 Multifamily 2,719 2,054 1,825
34 Resolution Trust Corporation 0 0 0
35 One- to four-family 0 0 0
36 Multifamily 0 0 0
37 Nonfarm, nonresidential 0 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance 2,431 724 361
Corporation
40 One- to four-family 365 109 54
41 Multifamily 413 123 61
42 Nonfarm, nonresidential 1,653 492 245
43 Farm 0 0 0
44 Federal National Mortgage 168,813 161,308 157,675
Association
45 One- to four-family 155,008 149,831 147,594
46 Multifamily 13,805 11,477 10,081
47 Federal Land Banks 29,602 30,657 32,983
48 One- to four-family 1,742 1,804 1,941
49 Farm 27,860 28,853 31,042
50 Federal Home Loan Mortgage 46,504 48,454 57,085
Corporation
51 One- to four-family 41,758 42,629 49,106
52 Multifamily 4,746 5,825 7,979
53 Mortgage pools or trusts(5) 2,040,848 2,239,350 2,589,764
54 Government National Mortgage 506,246 536,879 537,446
Association
55 One- to four-family 494,064 523,225 522,498
56 Multifamily 12,182 13,654 14,948
57 Federal Home Loan Mortgage 554,260 579,385 646,459
Corporation
58 One- to four-family 551,513 576,846 643,465
59 Multifamily 2,747 2,539 2,994
60 Federal National Mortgage 650,780 709,582 834,518
Association
61 One- to four-family 633,210 687,981 804,205
62 Multifamily 17,570 21,601 30,313
63 Farmers Home Administration(4) 3 2 1
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 3 2 1
68 Private mortgage conduits 329,559 413,502 571,340
69 One- to four-family(6) 258,800 316,400 412,700
70 Multifamily 16,369 21,591 34,323
71 Nonfarm, nonresidential 54,390 75,511 124,317
72 Farm 0 0 0
73 Individuals and others(7) 559,609 601,788 659,425
74 One- to four-family 363,143 379,516 417,063
75 Multifamily 69,179 72,320 73,829
76 Nonfarm, nonresidential 109,119 131,173 148,559
77 Farm 18,169 18,779 19,974
1999
Type of holder and property
Q1 Q2 Q3
1 All holders 5,876,132 6,029,340 6,238,187
By type of property
2 One- to four-family residences 4,447,543 4,561,061 4,692,093
3 Multifamily residences 341,889 349,310 359,904
4 Nonfarm, nonresidential 989,302 1,019,331 1,084,794
5 Farm 97,398 99,638 101,396
By type of holder
6 Major financial institutions 2,202,218 2,242,431 2,321,356
7 Commercial banks(2) 1,336,733 1,361,365 1,418,819
8 One- to four-family 782,446 790,372 827,291
9 Multifamily 58,036 60,529 63,964
10 Nonfarm, nonresidential 466,738 479,929 496,246
11 Farm 29,513 30,536 31,320
12 Savings institutions(3) 646,510 656,518 676,346
13 One- to four-family 534,898 544,962 560,622
14 Multifamily 56,759 55,016 57,282
15 Nonfarm, nonresidential 54,417 56,096 57,983
16 Farm 435 443 459
17 Life insurance companies 218,975 224,548 226,190
18 One- to four-family 6,953 7,292 7,432
19 Multifamily 31,515 31,800 31,998
20 Nonfarm, nonresidential 168,795 173,495 174,571
21 Farm 11,712 11,961 12,189
22 Federal and related agencies 288,176 288,038 320,850
23 Government National Mortgage 6 8 8
Association
24 One- to four-family 6 8 8
25 Multifamily 0 0 0
26 Farmers Home Administration(4) 40,691 40,766 73,705
27 One- to four-family 16,777 16,653 16,583
28 Multifamily 11,731 11,735 11,745
29 Nonfarm, nonresidential 7,769 7,943 41,068
30 Farm 4,413 4,435 4,308
31 Federal Housing and Veterans' 3,538 3,490 3,889
Administrations
32 One- to four-family 1,713 1,623 2,013
33 Multifamily 1,825 1,867 1,876
34 Resolution Trust Corporation 0 0 0
35 One- to four-family 0 0 0
36 Multifamily 0 0 0
37 Nonfarm, nonresidential 0 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance 315 189 163
Corporation
40 One- to four-family 47 28 24
41 Multifamily 54 32 28
42 Nonfarm, nonresidential 214 129 111
43 Farm 0 0 0
44 Federal National Mortgage 157,185 155,637 153,172
Association
45 One- to four-family 147,063 145,033 142,982
46 Multifamily 10,122 10,604 10,190
47 Federal Land Banks 33,128 33,666 34,218
48 One- to four-family 1,949 1,981 2,013
49 Farm 31,179 31,685 32,205
50 Federal Home Loan Mortgage 53,313 54,282 55,695
Corporation
51 One- to four-family 44,140 43,574 44,010
52 Multifamily 9,173 10,708 11,685
53 Mortgage pools or trusts(5) 2,715,196 2,810,119 2,891,187
54 Government National Mortgage 543,280 553,196 569,038
Association
55 One- to four-family 527,886 537,287 552,670
56 Multifamily 15,395 15,909 16,368
57 Federal Home Loan Mortgage 687,179 718,085 738,581
Corporation
58 One- to four-family 684,240 714,844 735,088
59 Multifamily 2,939 3,241 3,493
60 Federal National Mortgage 881,815 911,435 938,484
Association
61 One- to four-family 849,513 877,863 903,531
62 Multifamily 32,302 33,572 34,953
63 Farmers Home Administration(4) 1 1 0
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 1 1 0
68 Private mortgage conduits 602,921 627,402 645,084
69 One- to four-family(6) 430,653 447,938 455,276
70 Multifamily 37,736 39,435 40,936
71 Nonfarm, nonresidential 134,532 140,029 148,873
72 Farm 0 0 0
73 Individuals and others(7) 670,542 688,753 704,794
74 One- to four-family 419,258 431,603 442,550
75 Multifamily 74,302 74,863 75,386
76 Nonfarm, nonresidential 156,836 161,711 165,943
77 Farm 20,145 20,577 20,916
1999 2000
Type of holder and property
Q4 Q1
1 All holders 6,387,651 6,503,518
By type of property
2 One- to four-family residences 4,788,204 4,862,061
3 Multifamily residences 373,514 382,602
4 Nonfarm, nonresidential 1,122,968 1,154,354
5 Farm 102,965 104,501
By type of holder
6 Major financial institutions 2,393,684 2,460,338
7 Commercial banks(2) 1,495,717 1,547,038
8 One- to four-family 879,676 904,710
9 Multifamily 67,591 72,431
10 Nonfarm, nonresidential 516,611 537,224
11 Farm 31,839 32,673
12 Savings institutions(3) 668,634 680,745
13 One- to four-family 549,072 560,046
14 Multifamily 59,138 57,759
15 Nonfarm, nonresidential 59,948 62,447
16 Farm 475 493
17 Life insurance companies 229,333 232,555
18 One- to four-family 5,935 6,137
19 Multifamily 32,592 32,983
20 Nonfarm, nonresidential 177,817 179,949
21 Farm 12,989 13,486
22 Federal and related agencies 320,105 318,240
23 Government National Mortgage 7 7
Association
24 One- to four-family 7 7
25 Multifamily 0 0
26 Farmers Home Administration(4) 73,871 72,899
27 One- to four-family 16,506 16,456
28 Multifamily 11,741 11,732
29 Nonfarm, nonresidential 41,355 40,509
30 Farm 4,268 4,202
31 Federal Housing and Veterans' 3,712 3,773
Administrations
32 One- to four-family 1,851 1,826
33 Multifamily 1,861 1,947
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance 152 98
Corporation
40 One- to four-family 23 15
41 Multifamily 26 17
42 Nonfarm, nonresidential 103 67
43 Farm 0 0
44 Federal National Mortgage 151,500 150,312
Association
45 One- to four-family 141,195 139,986
46 Multifamily 10,305 10,326
47 Federal Land Banks 34,187 34,142
48 One- to four-family 2,012 2,009
49 Farm 32,175 32,133
50 Federal Home Loan Mortgage 56,676 57,009
Corporation
51 One- to four-family 44,321 43,384
52 Multifamily 12,355 13,625
53 Mortgage pools or trusts(5) 2,954,836 3,000,462
54 Government National Mortgage 582,307 589,385
Association
55 One- to four-family 565,233 571,699
56 Multifamily 17,074 17,686
57 Federal Home Loan Mortgage 749,081 757,106
Corporation
58 One- to four-family 744,619 752,607
59 Multifamily 4,462 4,499
60 Federal National Mortgage 960,883 975,815
Association
61 One- to four-family 924,941 938,898
62 Multifamily 35,942 36,917
63 Farmers Home Administration(4) 0 0
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 0 0
68 Private mortgage conduits 662,565 678,156
69 One- to four-family(6) 462,600 471,390
70 Multifamily 42,628 43,835
71 Nonfarm, nonresidential 157,337 162,930
72 Farm 0 0
73 Individuals and others(7) 719,026 724,478
74 One- to four-family 450,213 452,891
75 Multifamily 77,799 78,846
76 Nonfarm, nonresidential 169,796 171,228
77 Farm 21,218 21,513
(1.) Multifamily debt refers to loans on structures of five or more
units.
(2.) Includes loans held by nondeposit trust companies but not loans
held by bank trust departments.
(3.) Includes savings banks and savings and loan associations.
(4.) FmHA-guaranteed securities sold to the Federal Financing Bank
were reallocated from FmHA mortgage pools to FmHA mortgage holdings in
1986:Q4 because of accounting changes by the Farmers Home
Administration.
(5.) Outstanding principal balances of mortgage-backed securities
insured or guaranteed by the agency indicated.
(6.) Includes securitized home equity loans.
(7.) Other holders include mortgage companies, real estate investment
trusts, state and local credit agencies, state and local retirement
funds, noninsured pension funds, credit unions, and finance companies.
SOURCE. Based on data from various institutional and government
sources. Separation of nonfarm mortgage debt by type of property, if
not reported directly, and interpolations and extrapolations, when
required for some quarters, are estimated in part by the Federal
Reserve. Line 69 from Inside Mortgage Securities and other sources.
1.55 CONSUMER CREDIT(1)
Millions of dollars, amounts outstanding, end of period
Holder and type of credit 1997 1998 1999
Seasonally adjusted
1 Total 1,234,461 1,301,023 1,393,657
2 Revolving 531,163 560,504 595,610
3 Nonrevolving(2) 703,297 740,519 798,047
Not seasonally adjusted
4 Total 1,264,103 1,331,742 1,426,151
By major holder
5 Commercial banks 512,563 508,932 499,758
6 Finance companies 160,022 168,491 181,573
7 Credit unions 152,362 155,406 167,921
8 Savings institutions 47,172 51,611 61,527
9 Nonfinancial business 78,927 74,877 80,311
10 Pools of securitized assets(3) 313,057 372,425 435,061
By major type of credit(4)
11 Revolving 555,858 586,528 623,245
12 Commercial banks 219,826 210,346 189,352
13 Finance companies 38,608 32,309 33,814
14 Credit unions 19,552 19,930 20,641
15 Savings institutions 11,441 12,450 15,838
16 Nonfinancial business 44,966 39,166 42,783
17 Pools of securitized assets(3) 221,465 272,327 320,817
18 Nonrevolving 708,245 745,214 802,906
19 Commercial banks 292,737 298,586 310,406
20 Finance companies 121,414 136,182 147,759
21 Credit unions 132,810 135,476 147,280
22 Savings institutions 35,731 39,161 45,689
23 Nonfinancial business 33,961 35,711 37,528
24 Pools of securitized assets(3) 91,592 100,098 114,244
2000
Holder and type of credit
Jan. Feb.
Seasonally adjusted
1 Total 1,409,387 1,418,756
2 Revolving 603,782 608,523
3 Nonrevolving(2) 805,605 810,233
Not seasonally adjusted
4 Total 1,419,258 1,413,585
By major holder
5 Commercial banks 498,589 499,148
6 Finance companies 184,887 186,896
7 Credit unions 168,109 168,209
8 Savings institutions 60,674 59,821
9 Nonfinancial business 76,048 73,509
10 Pools of securitized assets(3) 430,951 426,002
By major type of credit(4)
11 Revolving 614,528 609,387
12 Commercial banks 185,451 186,379
13 Finance companies 34,352 32,885
14 Credit unions 20,175 19,941
15 Savings institutions 15,551 15,263
16 Nonfinancial business 39,746 37,918
17 Pools of securitized assets(3) 319,253 317,001
18 Nonrevolving 804,730 804,198
19 Commercial banks 313,138 312,769
20 Finance companies 150,535 154,011
21 Credit unions 147,934 148,268
22 Savings institutions 45,123 44,558
23 Nonfinancial business 36,302 35,591
24 Pools of securitized assets(3) 111,698 109,001
2000
Holder and type of credit
Mar. Apr.
Seasonally adjusted
1 Total 1,429,431 1,438,656(r)
2 Revolving 615,510 622,460(r)
3 Nonrevolving(2) 813,921 816,197
Not seasonally adjusted
4 Total 1,416,228 1,426,448(r)
By major holder
5 Commercial banks 497,120 502,679
6 Finance companies 183,705 184,050
7 Credit unions 169,487 171,257
8 Savings institutions 58,968 59,472
9 Nonfinancial business 72,908 72,979
10 Pools of securitized assets(3) 434,040 436,011(r)
By major type of credit(4)
11 Revolving 609,086 615,588(r)
12 Commercial banks 184,901 188,691
13 Finance companies 31,456 31,928
14 Credit unions 19,764 19,929
15 Savings institutions 14,975 15,291
16 Nonfinancial business 37,430 37,418
17 Pools of securitized assets(3) 320,560 322,331(r)
18 Nonrevolving 807,142 810,860
19 Commercial banks 312,219 313,988
20 Finance companies 152,249 152,122
21 Credit unions 149,723 151,328
22 Savings institutions 43,993 44,181
23 Nonfinancial business 35,478 35,561
24 Pools of securitized assets(3) 113,480 113,680
2000
Holder and type of credit
May June(p)
Seasonally adjusted
1 Total 1,452,808 1,464,758
2 Revolving 628,798 632,463
3 Nonrevolving(2) 824,010 832,295
Not seasonally adjusted
4 Total 1,439,654 1,455,985
By major holder
5 Commercial banks 507,995 512,938
6 Finance companies 187,610 190,569
7 Credit unions 173,727 174,234
8 Savings institutions 59,976 60,480
9 Nonfinancial business 73,018 71,915
10 Pools of securitized assets(3) 437,328 445,849
By major type of credit(4)
11 Revolving 621,160 625,744
12 Commercial banks 192,351 192,537
13 Finance companies 31,628 33,062
14 Credit unions 20,025 20,650
15 Savings institutions 15,607 15,923
16 Nonfinancial business 37,393 36,252
17 Pools of securitized assets(3) 324,156 327,320
18 Nonrevolving 818,494 830,241
19 Commercial banks 315,644 320,401
20 Finance companies 155,982 157,507
21 Credit unions 153,702 153,584
22 Savings institutions 44,369 44,557
23 Nonfinancial business 35,625 35,663
24 Pools of securitized assets(3) 113,172 118,529
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals, excluding loans
secured by real estate. Data in this table also appear in the Board's
G.19 (421) monthly statistical release. For ordering address, see
inside front cover.
(2.) Comprises motor vehicle loans, mobile home loans, and all other
loans that are not included in revolving credit, such as loans for
education, boats, trailers, or vacations. These loans may be secured
or unsecured.
(3.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets
of the loan originator.
(4.) Totals include estimates for certain holders for which only
consumer credit totals are available.
1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
1999
Item 1997 1998 1999
Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.02 8.72 8.44 n.a.
2 24-month personal 13.90 13.74 13.39 n.a.
Credit card plan
3 All accounts 15.77 15.71 15.21 n.a.
4 Accounts assessed interest 15.57 15.59 14.81 n.a.
Auto finance companies
5 New car 7.12 6.30 6.66 7.32
6 Used car 13.27 12.64 12.60 13.28
OTHER TERMS(3)
Maturity (months)
7 New car 54.1 52.1 52.7 53.4
8 Used car 51.0 53.5 55.9 55.6
Loan-to-value ratio
9 New car 92 92 92 91
10 Used car 99 99 99 99
Amount financed (dollars)
11 New car 18,077 19,083 19,880 20,699
12 Used car 12,281 12,691 13,642 13,970
2000
Item
Jan. Feb. Mar. Apr.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.88 n.a. n.a.
2 24-month personal n.a. 13.76 n.a. n.a.
Credit card plan
3 All accounts n.a. 15.47 n.a. n.a.
4 Accounts assessed interest n.a. 14.32 n.a. n.a.
Auto finance companies
5 New car 7.18 7.34 6.76 6.38
6 Used car 12.95 13.27 13.45 13.52
OTHER TERMS(3)
Maturity (months)
7 New car 52.9 52.7 53.1 53.8
8 Used car 57.0 57.1 57.1 57.1
Loan-to-value ratio
9 New car 91 92 93 93
10 Used car 98 98 99 98
Amount financed (dollars)
11 New car 20,503 20,206 20,395 20,542
12 Used car 13,809 13,697 13,666 13,871
2000
Item
May June
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.21 n.a.
2 24-month personal 13.88 n.a.
Credit card plan
3 All accounts 15.39 n.a.
4 Accounts assessed interest 14.74 n.a.
Auto finance companies
5 New car 6.51 6.55
6 Used car 13.47 13.58
OTHER TERMS(3)
Maturity (months)
7 New car 53.5 53.4
8 Used car 57.1 n.a.
Loan-to-value ratio
9 New car 93 93
10 Used car 99 n.a.
Amount financed (dollars)
11 New car 20,621 20,494
12 Used car 14,132 n.a.
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals. Data in this table
also appear in the Board's G.19 (421) monthly statistical release. For
ordering address, see inside front cover.
(2.) Data are available for only the second month of each quarter.
(3.) At auto finance companies.
1.57 FUNDS RAISED IN U.S. CREDIT MARKETS(1)
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector 1994 1995
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 559.3(r) 711.3(r)
By sector and instrument
2 Federal government 155.9(r) 144.4
3 Treasury securities 155.7 142.9
4 Budget agency securities and mortgages .2 1.5
5 Nonfederal 403.4(r) 566.9(r)
By instrument
6 Commercial paper 21.4 18.1
7 Municipal securities and loans -35.9 -48.2
8 Corporate bonds 23.3 91.1
9 Bank loans n.e.c. 75.2 103.7
10 Other loans and advances 34.0 67.2
11 Mortgages 160.5(r) 196.0(r)
12 Home 183.2(r) 180.7(r)
13 Multifamily residential -3.6(r) 5.8(r)
14 Commercial -21.3(r) 7.9(r)
15 Farm 2.2 1.6
16 Consumer credit 124.9 138.9
By borrowing sector
17 Household 313.4(r) 348.8(r)
18 Nonfinancial business 136.3(r) 269.5(r)
19 Corporate 128.7(r) 236.1(r)
20 Nonfarm noncorporate 3.3 30.6
21 Farm 4.4 2.9
22 State and local government -46.2 -51.5
23 Foreign net borrowing in United States -13.9 78.5(r)
24 Commercial paper -26.1 13.5
25 Bonds 12.2 57.1(r)
26 Bank loans n.e.c. 1.4 8.5
27 Other loans and advances -1.4 -.5
28 Total domestic plus foreign 545.3(r) 789.8(r)
Financial sectors
29 Total net borrowing by
financial sectors 468.4 453.9
By instrument
30 Federal government-related 287.5 204.1
31 Government-sponsored enterprise
securities 176.9 105.9
32 Mortgage pool securities 115.4 98.2
33 Loans from U.S. government -4.8 .0
34 Private 180.9 249.8
35 Open market paper 40.5 42.7
36 Corporate bonds 121.8 195.9
37 Bank loans n.e.c. -13.7 2.5
38 Other loans and advances 22.6 3.4
39 Mortgages 9.8 5.3
By borrowing sector
40 Commercial banking 20.1 22.5
41 Savings institutions 12.8 2.6
42 Credit unions .2 -.1
43 Life insurance companies .3 -.1
44 Government-sponsored enterprises 172.1 105.9
45 Federally related mortgage pools 115.4 98.2
46 Issuers of asset-backed securities (ABSs) 76.5 142.4
47 Finance companies 48.6(r) 50.2
48 Mortgage companies -11.5 -2.2
49 Real estate investment trusts (REITs) 10.2 4.5
50 Brokers and dealers .5 -5.0
51 Funding corporations 23.1 34.9
All sectors
52 Total net borrowing, all sectors 1,013.8(r) 1,243.8(r)
53 Open market paper 35.7 74.3
54 U.S. government securities 448.1 348.5
55 Municipal securities -35.9 -48.2
56 Corporate and foreign bonds 157.3 344.1(r)
57 Bank loans n.e.c. 62.9 114.7
58 Other loans and advances 50.4 70.1
59 Mortgages 170.3(r) 201.3(r)
60 Consumer credit 124.9 138.9
Funds raised through
mutual funds and
corporate equities
61 Total net issues 113.4 131.5
62 Corporate equities 12.8 -16.0
63 Nonfinancial corporations -44.9 -58.3
64 Foreign shares purchased by U.S.
residents 48.1 50.4
65 Financial corporations 9.6 -8.1
66 Mutual fund shares 100.6 147.4
Transaction category or sector 1996 1997
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 731.4(r) 804.3(r)
By sector and instrument
2 Federal government 145.0 23.1
3 Treasury securities 146.6 23.2
4 Budget agency securities and mortgages -1.6 -.1
5 Nonfederal 586.3(r) 781.2(r)
By instrument
6 Commercial paper -.9 13.7
7 Municipal securities and loans 2.6 71.4
8 Corporate bonds 116.3 150.5
9 Bank loans n.e.c. 70.5 106.5
10 Other loans and advances 33.5 69.1
11 Mortgages 275.7(r) 317.5(r)
12 Home 242.5(r) 252.3(r)
13 Multifamily residential 9.4(r) 8.3(r)
14 Commercial 21.3(r) 53.7(r)
15 Farm 2.6 3.2
16 Consumer credit 88.8 52.5
By borrowing sector
17 Household 347.6(r) 333.4(r)
18 Nonfinancial business 245.5(r) 391.8(r)
19 Corporate 157.0(r) 270.6(r)
20 Nonfarm noncorporate 83.8 115.0
21 Farm 4.8 6.2
22 State and local government -6.8 56.1
23 Foreign net borrowing in United States 88.4(r) 71.8(r)
24 Commercial paper 11.3 3.7
25 Bonds 67.0(r) 61.4(r)
26 Bank loans n.e.c. 9.1 8.5
27 Other loans and advances 1.0 -1.8
28 Total domestic plus foreign 819.8(r) 876.1(r)
Financial sectors
29 Total net borrowing by
financial sectors 545.8 653.7
By instrument
30 Federal government-related 231.5 212.8
31 Government-sponsored enterprise
securities 90.4 98.4
32 Mortgage pool securities 141.1 114.5
33 Loans from U.S. government .0 .0
34 Private 314.4 440.9
35 Open market paper 92.2 166.7
36 Corporate bonds 173.8 210.5
37 Bank loans n.e.c. 12.6 13.2
38 Other loans and advances 27.9 35.6
39 Mortgages 7.9 14.9
By borrowing sector
40 Commercial banking 13.0 46.1
41 Savings institutions 25.5 19.7
42 Credit unions .1 .1
43 Life insurance companies 1.1 .2
44 Government-sponsored enterprises 90.4 98.4
45 Federally related mortgage pools 141.1 114.5
46 Issuers of asset-backed securities (ABSs) 150.8 202.2
47 Finance companies 45.9 48.7
48 Mortgage companies 4.1 -4.6
49 Real estate investment trusts (REITs) 11.9 39.6
50 Brokers and dealers -2.0 8.1
51 Funding corporations 64.1 80.7
All sectors
52 Total net borrowing, all sectors 1,365.6(r) 1,529.8(r)
53 Open market paper 102.6 184.1
54 U.S. government securities 376.5 235.9
55 Municipal securities 2.6 71.4
56 Corporate and foreign bonds 357.0(r) 422.4(r)
57 Bank loans n.e.c. 92.1 128.2
58 Other loans and advances 62.5 102.8
59 Mortgages 283.6(r) 332.4(r)
60 Consumer credit 88.8 52.5
Funds raised through
mutual funds and
corporate equities
61 Total net issues 231.9(r) 181.2(r)
62 Corporate equities -5.7(r) -83.9(r)
63 Nonfinancial corporations -69.5 -114.4
64 Foreign shares purchased by U.S.
residents 82.8(r) 57.6(r)
65 Financial corporations -19.0 -27.1
66 Mutual fund shares 237.6 265.1
1998
Transaction category or sector 1998
Q4(r)
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,042.9(r) 1,065.8
By sector and instrument
2 Federal government -52.6 -65.2
3 Treasury securities -54.6 -77.4
4 Budget agency securities and mortgages 2.0 12.2
5 Nonfederal 1,095.5(r) 1,131.0
By instrument
6 Commercial paper 24.4 -43.0
7 Municipal securities and loans 96.8 92.8
8 Corporate bonds 218.7 193.2
9 Bank loans n.e.c. 108.2 107.5
10 Other loans and advances 74.3 101.4
11 Mortgages 505.5(r) 609.2
12 Home 386.9(r) 444.1
13 Multifamily residential 20.3(r) 26.9
14 Commercial 92.0(r) 129.6
15 Farm 6.2 8.6
16 Consumer credit 67.6 69.9
By borrowing sector
17 Household 480.5(r) 526.7
18 Nonfinancial business 534.7(r) 527.4
19 Corporate 417.2(r) 404.9
20 Nonfarm noncorporate 109.8 115.3
21 Farm 7.7 7.2
22 State and local government 80.3 76.9
23 Foreign net borrowing in United States 43.3(r) -25.6
24 Commercial paper 7.8 -4.7
25 Bonds 34.8(r) -21.5
26 Bank loans n.e.c. 6.7 9.8
27 Other loans and advances -6.0 -9.1
28 Total domestic plus foreign 1,086.2(r) 1,040.2
Financial sectors
29 Total net borrowing by
financial sectors 1,073.9 1,295.7
By instrument
30 Federal government-related 470.9 677.6
31 Government-sponsored enterprise
securities 278.3 510.5
32 Mortgage pool securities 192.6 167.1
33 Loans from U.S. government .0 .0
34 Private 603.0 618.1
35 Open market paper 161.0 130.9
36 Corporate bonds 296.9 292.6
37 Bank loans n.e.c. 30.1 9.9
38 Other loans and advances 90.2 154.2
39 Mortgages 24.8 30.6
By borrowing sector
40 Commercial banking 72.9 65.3
41 Savings institutions 52.2 88.6
42 Credit unions .6 .4
43 Life insurance companies .7 1.8
44 Government-sponsored enterprises 278.3 510.5
45 Federally related mortgage pools 192.6 167.1
46 Issuers of asset-backed securities (ABSs) 321.4 340.1
47 Finance companies 43.0 6.8
48 Mortgage companies 1.6 3.0
49 Real estate investment trusts (REITs) 62.7 44.0
50 Brokers and dealers 7.2 12.4
51 Funding corporations 40.7 55.7
All sectors
52 Total net borrowing, all sectors 2,160.1(r) 2,335.9
53 Open market paper 193.1 83.2
54 U.S. government securities 418.3 612.4
55 Municipal securities 96.8 92.8
56 Corporate and foreign bonds 550.4(r) 464.3
57 Bank loans n.e.c. 145.0 127.1
58 Other loans and advances 158.5 246.4
59 Mortgages 530.3(r) 639.8
60 Consumer credit 67.6 69.9
Funds raised through
mutual funds and
corporate equities
61 Total net issues 100.0(r) 9.9
62 Corporate equities -174.6(r) -215.6
63 Nonfinancial corporations -267.0 -491.3
64 Foreign shares purchased by U.S.
residents 101.2(r) 330.2
65 Financial corporations -8.9 -54.5
66 Mutual fund shares 274.6 225.5
1999(r)
Transaction category or sector
Q1 Q2
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,278.3 939.4
By sector and instrument
2 Federal government -83.4 -98.5
3 Treasury securities -81.9 -99.1
4 Budget agency securities and mortgages -1.5 .6
5 Nonfederal 1,361.8 1,037.9
By instrument
6 Commercial paper 58.3 -2.6
7 Municipal securities and loans 92.1 56.8
8 Corporate bonds 274.0 287.6
9 Bank loans n.e.c. 86.0 24.0
10 Other loans and advances 148.0 2.3
11 Mortgages 572.8 608.4
12 Home 411.8 440.8
13 Multifamily residential 35.5 33.1
14 Commercial 122.0 125.6
15 Farm 3.6 9.0
16 Consumer credit 130.5 61.4
By borrowing sector
17 Household 554.6 520.7
18 Nonfinancial business 727.4 473.5
19 Corporate 626.3 372.0
20 Nonfarm noncorporate 96.2 99.8
21 Farm 4.9 1.7
22 State and local government 79.8 43.6
23 Foreign net borrowing in United States 30.7 -24.5
24 Commercial paper 18.0 -27.5
25 Bonds 15.4 .2
26 Bank loans n.e.c. .9 5.6
27 Other loans and advances -3.5 -2.8
28 Total domestic plus foreign 1,309.1 914.9
Financial sectors
29 Total net borrowing by
financial sectors 1,228.8 995.3
By instrument
30 Federal government-related 589.5 576.6
31 Government-sponsored enterprise
securities 193.0 304.7
32 Mortgage pool securities 396.6 271.9
33 Loans from U.S. government .0 .0
34 Private 639.2 418.8
35 Open market paper 78.7 57.3
36 Corporate bonds 473.8 254.8
37 Bank loans n.e.c. -6.7 11.0
38 Other loans and advances 73.3 107.9
39 Mortgages 20.1 -12.3
By borrowing sector
40 Commercial banking 46.1 61.5
41 Savings institutions 75.2 59.2
42 Credit unions 1.5 1.4
43 Life insurance companies 3.3 3.0
44 Government-sponsored enterprises 193.0 304.7
45 Federally related mortgage pools 396.6 271.9
46 Issuers of asset-backed securities (ABSs) 289.7 301.5
47 Finance companies 77.0 90.5
48 Mortgage companies -4.6 5.1
49 Real estate investment trusts (REITs) 25.6 -19.7
50 Brokers and dealers -31.1 -17.4
51 Funding corporations 156.5 -66.2
All sectors
52 Total net borrowing, all sectors 2,537.8 1,910.2
53 Open market paper 155.1 27.2
54 U.S. government securities 506.1 478.1
55 Municipal securities 92.1 56.8
56 Corporate and foreign bonds 763.1 542.6
57 Bank loans n.e.c. 80.1 40.6
58 Other loans and advances 217.8 107.5
59 Mortgages 593.0 596.2
60 Consumer credit 130.5 61.4
Funds raised through mutual funds and
corporate equities
61 Total net issues 154.2 178.5
62 Corporate equities -86.4 -33.9
63 Nonfinancial corporations -52.1 -338.4
64 Foreign shares purchased by U.S.
residents -19.8 284.4
65 Financial corporations -14.5 20.2
66 Mutual fund shares 240.6 212.4
1999(r)
Transaction category or sector
Q3 Q4
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,170.7 1,095.5
By sector and instrument
2 Federal government -71.4 -31.5
3 Treasury securities -71.5 -31.5
4 Budget agency securities and mortgages .0 .0
5 Nonfederal 1,242.2 1,126.9
By instrument
6 Commercial paper 49.8 44.0
7 Municipal securities and loans 71.3 52.5
8 Corporate bonds 202.8 155.2
9 Bank loans n.e.c. 112.3 108.6
10 Other loans and advances 79.2 55.4
11 Mortgages 650.7 601.7
12 Home 480.0 398.9
13 Multifamily residential 44.2 47.9
14 Commercial 119.4 152.4
15 Farm 7.0 2.5
16 Consumer credit 76.2 109.5
By borrowing sector
17 Household 588.5 509.6
18 Nonfinancial business 601.3 583.7
19 Corporate 467.2 455.4
20 Nonfarm noncorporate 125.5 122.7
21 Farm 8.5 5.6
22 State and local government 52.5 33.6
23 Foreign net borrowing in United States 77.3 17.6
24 Commercial paper 41.1 33.6
25 Bonds 44.0 -2.7
26 Bank loans n.e.c. -6.6 2.3
27 Other loans and advances -1.1 -15.5
28 Total domestic plus foreign 1,248.1 113.1
Financial sectors
29 Total net borrowing by
financial sectors 1,064.2 1,063.4
By instrument
30 Federal government-related 651.6 550.3
31 Government-sponsored enterprise
securities 407.1 367.9
32 Mortgage pool securities 244.5 182.4
33 Loans from U.S. government .0 .0
34 Private 412.6 513.0
35 Open market paper 89.9 479.0
36 Corporate bonds 179.5 -21.0
37 Bank loans n.e.c. -5.9 -55.6
38 Other loans and advances 139.8 107.5
39 Mortgages 9.4 3.2
By borrowing sector
40 Commercial banking 107.0 54.1
41 Savings institutions 51.9 5.8
42 Credit unions 2.8 3.3
43 Life insurance companies 1.1 -4.4
44 Government-sponsored enterprises 407.1 367.9
45 Federally related mortgage pools 244.5 182.4
46 Issuers of asset-backed securities (ABSs) 220.5 124.2
47 Finance companies -17.2 99.2
48 Mortgage companies -6.1 6.2
49 Real estate investment trusts (REITs) 7.9 11.3
50 Brokers and dealers 16.9 -37.3
51 Funding corporations 27.9 250.6
All sectors
52 Total net borrowing, all sectors 2,312.3 2,176.5
53 Open market paper 180.7 556.6
54 U.S. government securities 580.1 518.9
55 Municipal securities 71.3 52.5
56 Corporate and foreign bonds 426.3 131.5
57 Bank loans n.e.c. 99.8 55.2
58 Other loans and advances 217.9 147.3
59 Mortgages 660.0 604.9
60 Consumer credit 76.2 109.5
Funds raised through
mutual funds and
corporate equities
61 Total net issues 120.4 172.8
62 Corporate equities -7.0 .0
63 Nonfinancial corporations -128.4 -55.0
64 Foreign shares purchased by U.S.
residents 121.7 71.3
65 Financial corporations -.3 -16.3
66 Mutual fund shares 127.5 172.8
2000
Transaction category or sector
Q1(r) Q2
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 947.3 994.4
By sector and instrument
2 Federal government -215.5 -414.0
3 Treasury securities -213.5 -415.8
4 Budget agency securities and mortgages -2.1 1.8
5 Nonfederal 1,162.9 1,408.4
By instrument
6 Commercial paper 36.2 116.9
7 Municipal securities and loans 8.9 34.0
8 Corporate bonds 186.2 153.8
9 Bank loans n.e.c. 131.9 159.7
10 Other loans and advances 162.1 144.6
11 Mortgages 494.5 667.6
12 Home 346.2 500.6
13 Multifamily residential 31.5 36.6
14 Commercial 109.9 118.5
15 Farm 6.9 11.9
16 Consumer credit 143.1 131.8
By borrowing sector
17 Household 531.4 635.4
18 Nonfinancial business 627.7 747.9
19 Corporate 503.4 615.5
20 Nonfarm noncorporate 109.5 120.8
21 Farm 14.7 11.6
22 State and local government 3.8 25.0
23 Foreign net borrowing in United States 116.9 -10.5
24 Commercial paper 56.7 10.9
25 Bonds 45.7 -29.6
26 Bank loans n.e.c. 15.4 6.1
27 Other loans and advances -.9 2.0
28 Total domestic plus foreign 1,064.2 983.8
Financial sectors
29 Total net borrowing by
financial sectors 618.3 842.9
By instrument
30 Federal government-related 249.2 356.4
31 Government-sponsored enterprise
securities 104.9 234.8
32 Mortgage pool securities 144.3 121.6
33 Loans from U.S. government .0 .0
34 Private 369.2 486.5
35 Open market paper 130.9 77.4
36 Corporate bonds 166.5 268.1
37 Bank loans n.e.c. .3 8.8
38 Other loans and advances 64.4 122.3
39 Mortgages 7.0 10.0
By borrowing sector
40 Commercial banking 72.4 115.1
41 Savings institutions 40.6 56.3
42 Credit unions -2.9 .9
43 Life insurance companies -.7 -1.1
44 Government-sponsored enterprises 104.9 234.8
45 Federally related mortgage pools 144.3 121.6
46 Issuers of asset-backed securities (ABSs) 166.0 193.2
47 Finance companies 52.3 157.6
48 Mortgage companies -3.0 2.7
49 Real estate investment trusts (REITs) 11.5 9.8
50 Brokers and dealers 44.4 -.7
51 Funding corporations -11.4 -47.4
All sectors
52 Total net borrowing, all sectors 1,682.6 1,826.7
53 Open market paper 223.7 205.1
54 U.S. government securities 33.6 -57.6
55 Municipal securities 8.9 34.0
56 Corporate and foreign bonds 398.4 392.3
57 Bank loans n.e.c. 147.7 174.6
58 Other loans and advances 225.7 268.9
59 Mortgages 501.5 677.6
60 Consumer credit 143.1 131.8
Funds raised through
mutual funds and
corporate equities
61 Total net issues 414.3 125.4
62 Corporate equities 105.2 -123.0
63 Nonfinancial corporations 62.8 -248.0
64 Foreign shares purchased by U.S.
residents 63.3 135.0
65 Financial corporations -20.8 -10.0
66 Mutual fund shares 309.0 248.4
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly
statistical release, tables F.2 through F.4. For ordering address, see
inside front cover.
1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1)
Billions of dollars except as noted; quarterly data at seasonally
adjusted annual rates
Transaction category or sector 1994 1995 1996
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in
credit markets 1,013.8(r) 1,243.8(r) 1,365.6(r)
2 Domestic nonfederal
nonfinancial sectors 210.0(r) -61.3 (r) 80.5(r)
3 Household 246.8(r) 34.1(r) 128.7(r)
4 Nonfinancial corporate
business 17.7 -8.8 -10.2
5 Nonfarm noncorporate
business .6 4.7 -4.3
6 State and local
governments -55.0 -91.4 -33.7
7 Federal government -27.4 0.2 -7.4
8 Rest of the world 132.3 273.9 414.4
9 Financial sectors 698.8(r) 1,031.4(r) 878.1(r)
10 Monetary authority 31.5 12.7 12.3
11 Commercial banking 163.4 265.9 187.5
12 U.S.-chartered banks 148.1 186.5 119.6
13 Foreign banking offices
in United States 11.2 75.4 63.3
14 Bank holding companies 0.9 0.3 3.9
15 Banks in U.S.-affiliated
areas 3.3 4.2 0.7
16 Savings institutions 6.7 -7.6 19.9
17 Credit unions 28.1 16.2 25.5
18 Bank personal trusts and
estates 7.1 -8.3 -7.7
19 Life insurance companies 72.0 100.0 69.6
20 Other insurance companies 24.9 21.5 22.5
21 Private pension funds 45.0(r) 20.2(r) -5.8(r)
22 State and local government
retirement funds 30.9 33.6 37.3
23 Money market mutual funds 30.0 86.5 88.8
24 Mutual funds -7.1 52.5 48.9
25 Closed-end funds -3.7 10.5 4.7
26 Government-sponsored
enterprises 117.8 86.7 84.2
27 Federally related mortgage
pools 115.4 98.2 141.1
28 Asset-backed securities
issuers (ABSs) 69.4 120.6 120.5
29 Finance companies 48.3 49.9 18.4
30 Mortgage companies -24.0 -3.4 8.2
31 Real estate investment
trusts (REITs) 0.7 1.4 4.4
32 Brokers and dealers -44.2 90.1 -15.7
33 Funding corporations -12.1(r) -15.7(r) 13.6(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through
credit markets 1,013.8(r) 1,243.8(r) 1,365.6(r)
Other financial sources
35 Official foreign exchange -5.8 8.8 -6.3
36 Special drawing rights
certificates .0 2.2 0.5
37 Treasury currency 0.7 0.6 0.1
38 Foreign deposits 52.9 35.3 85.9
39 Net interbank transactions 89.8 10.0 -51.6
40 Checkable deposits and
currency -9.7 -12.8(r) 15.7(r)
41 Small time and savings
deposits -39.9 96.6 97.2
42 Large time deposits 19.6 65.6 114.0
43 Money market fund shares 40.5(r) 141.2(r) 145.4(r)
44 Security repurchase
agreements 78.2 110.5 41.4
45 Corporate equities 12.8 -16.0 -5.7(r)
46 Mutual fund shares 100.6 147.4 237.6
47 Trade payables 120.0 128.9 114.1(r)
48 Security credit 0.1 26.7 52.4
49 Life insurance reserves 35.5 45.8 44.5
50 Pension fund reserves 257.4(r) 171.0(r) 163.0(r)
51 Taxes payable 2.6 6.2 16.0
52 Investment in bank
personal trusts 17.8 4.0 -8.6
53 Noncorporate proprietors'
equity 43.1(r) 34.6(r) -3.4(r)
54 Miscellaneous 273.2(r) 489.4(r) 525.7(r)
55 Total financial sources 2,102.9(r) 2,739.7(r) 2,942.6(r)
Liabilities not identified
as assets (-)
56 Treasury currency 0.2 0.5 0.9
57 Foreign deposits 43.0 25.1 59.6
58 Net interbank liabilities -2.7 -3.1 -3.3
59 Security repurchase
agreements 73.5(r) 25.7(r) 4.1(r)
60 Taxes payable 16.6 21.1 22.9(r)
61 Miscellaneous -119.2(r) -180.9(r) -88.1(r)
Floats not included in
assets (-)
62 Federal government
checkable deposits -4.8 -6 0.5
63 Other checkable deposits -2.8 -3.8 -4.0
64 Trade credit 27.4 15.6 -21.2
65 Total identified to
sectors as assets 2,072.1(r) 2,846.6(r) 2,973.1(r)
Transaction category or sector 1997 1998 1998
Q4(r)
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in
credit markets 1,529.8(r) 2,160.1(r) 2,335.9
2 Domestic nonfederal
nonfinancial sectors 17.1(r) 131.8(r) -188.6
3 Household 31.8(r) -16.7(r) -375.6
4 Nonfinancial corporate
business -12.7 14.0 44.5
5 Nonfarm noncorporate
business -2.1 0.1 0.1
6 State and local
governments 0.1 134.5 142.4
7 Federal government 5.1 13.5 11.8
8 Rest of the world 311.3(r) 254.2(r) 388.6
9 Financial sectors 1,196.3(r) 1,760.6(r) 2,124.1
10 Monetary authority 38.3 21.1 23.5
11 Commercial banking 324.3 305.2 493.3
12 U.S.-chartered banks 274.9 312.0 507.6
13 Foreign banking offices
in United States 40.2 -11.9 -17.6
14 Bank holding companies 5.4 0.9 -7.4
15 Banks in U.S.-affiliated
areas 3.7 6.0 10.7
16 Savings institutions -4.7 36.3 111.0
17 Credit unions 16.8 19.0 20.4
18 Bank personal trusts and
estates -25.0 -12.8 -13.5
19 Life insurance companies 104.8 76.9 79.0
20 Other insurance companies 25.2 20.4 67.6
21 Private pension funds 19.5(r) 57.8(r) 108.3
22 State and local government
retirement funds 63.8 71.5(r) 51.4
23 Money market mutual funds 87.5 244.0 345.7
24 Mutual funds 80.9 124.8 106.3
25 Closed-end funds -2.9 4.5 4.5
26 Government-sponsored
enterprises 94.3 261.7(r) 415.2
27 Federally related mortgage
pools 114.5 192.6 167.1
28 Asset-backed securities
issuers (ABSs) 163.8 281.7 317.2
29 Finance companies 21.9 51.9 75.8
30 Mortgage companies -9.1 3.2 6.0
31 Real estate investment
trusts (REITs) 20.2 -5.1 -40.8
32 Brokers and dealers 14.9 6.8 -210.3
33 Funding corporations 47.4(r) -1.0(r) -3.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through
credit markets 1,529.8(r) 2,160.1(r) 2,335.9
Other financial sources
35 Official foreign exchange 0.7 6.6 8.6
36 Special drawing rights
certificates -0.5 .0 .0
37 Treasury currency .0 .0 -2.3
38 Foreign deposits 108.9(r) 2.0(r) -127.6
39 Net interbank transactions -19.7 -32.3 -115.2
40 Checkable deposits and
currency 41.2(r) 47.4(r) 53.2
41 Small time and savings
deposits 97.1 152.4 298.3
42 Large time deposits 122.5 92.1 83.6
43 Money market fund shares 155.9(r) 287.2(r) 289.4
44 Security repurchase
agreements 120.9 91.3 -207.7
45 Corporate equities -83.9(r) -174.6(r) -215.6
46 Mutual fund shares 265.1 274.6 225.5
47 Trade payables 131.2(r) 27.0(r) -35.7
48 Security credit 111.0 103.3 -19.3
49 Life insurance reserves 59.3 48.0(r) 68.9
50 Pension fund reserves 278.8(r) 248.7(r) 282.6
51 Taxes payable 15.6 11.8 8.0
52 Investment in bank
personal trusts -56.3 -48.0 -48.8
53 Noncorporate proprietors'
equity -43.7(r) -46.7(r) -16.3
54 Miscellaneous 499.6(r) 836.2(r) 530.5
55 Total financial sources 3,333.6(r) 4,086.9(r) 3,395.8
Liabilities not identified
as assets (-)
56 Treasury currency 0.6 0.7 -3.4
57 Foreign deposits 107.4(r) -6.4(r) -142.5
58 Net interbank liabilities -19.9 3.4 -38.7
59 Security repurchase
agreements 64.3(r) 61.4(r) -18.1
60 Taxes payable 27.9(r) 13.7(r) 12.8
61 Miscellaneous -82.0(r) -54.3(r) 54.1
Floats not included in
assets (-)
62 Federal government
checkable deposits -2.7 2.6 17.1
63 Other checkable deposits -3.9 -3.1 -1.8
64 Trade credit -29.4(r) -42.1(r) -32.2
65 Total identified to
sectors as assets 3,272.5(r) 4,112.5(r) 3,548.5
Transaction category or sector 1999(r)
Q1 Q2 Q3
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in
credit markets 2,537.8 1,910.2 2,312.3
2 Domestic nonfederal
nonfinancial sectors 507.8 380.4 268.7
3 Household 305.5 280.3 265.1
4 Nonfinancial corporate
business 67.0 17.8 45.2
5 Nonfarm noncorporate
business 2.8 1.2 0.8
6 State and local
governments 132.5 81 -42.4
7 Federal government 17.0 6.7 11.2
8 Rest of the world 256.9 61.6 385.3
9 Financial sectors 1,756.2 1,461.5 1,647.0
10 Monetary authority 64.5 59.8 20.6
11 Commercial banking 68.1 166.6 449.4
12 U.S.-chartered banks 131.5 259.4 421.9
13 Foreign banking offices
in United States -53.1 -102.5 33.2
14 Bank holding companies -6.0 0.4 -12.4
15 Banks in U.S.-affiliated
areas -4.4 9.2 6.6
16 Savings institutions 111.0 85.3 58.1
17 Credit unions 30.9 32.7 27.5
18 Bank personal trusts and
estates -7.6 -8.4 -8.6
19 Life insurance companies 78.4 68.2 36.8
20 Other insurance companies -19.7 26.7 -14.4
21 Private pension funds 57.5 86.6 32.0
22 State and local government
retirement funds 76.0 25.1 40.0
23 Money market mutual funds 215.7 -67.0 224.8
24 Mutual funds 97.4 117.2 -13.0
25 Closed-end funds 3.1 3.1 3.1
26 Government-sponsored
enterprises 189.1 251.5 280.7
27 Federally related mortgage
pools 396.6 271.9 244.5
28 Asset-backed securities
issuers (ABSs) 272.1 284.8 212.0
29 Finance companies 85.3 88.1 91.7
30 Mortgage companies -9.1 10.2 -12.1
31 Real estate investment
trusts (REITs) 1.7 -2.2 -2.7
32 Brokers and dealers 34.6 -119.7 -22.2
33 Funding corporations 10.5 81.1 -1.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through
credit markets 2,537.8 1,910.2 2,312.3
Other financial sources
35 Official foreign exchange -14.0 -5.4 -8.5
36 Special drawing rights
certificates -4.0 .0 -4.0
37 Treasury currency .0 2.1 2.0
38 Foreign deposits 113.7 110.1 69.4
39 Net interbank transactions 48.3 93.4 -33.5
40 Checkable deposits and
currency 63.6 37.5 139.3
41 Small time and savings
deposits -74.8 106.6 119.1
42 Large time deposits 18.0 42.4 102.7
43 Money market fund shares 221.3 115.3 174.3
44 Security repurchase
agreements 258.0 -26.1 135.9
45 Corporate equities -86.4 -33.9 -7.0
46 Mutual fund shares 240.6 212.4 127.5
47 Trade payables 121.7 253.3 216.9
48 Security credit -62.2 139.7 18.9
49 Life insurance reserves 55.4 42.1 48.1
50 Pension fund reserves 204.5 248.8 266.7
51 Taxes payable -2.1 42.5 -1.1
52 Investment in bank
personal trusts -32.0 -25.9 -34.3
53 Noncorporate proprietors'
equity -19.2 4.1 -71.2
54 Miscellaneous 398.5 1,393.1 499.2
55 Total financial sources 3,986.7 4,662.0 4,072.6
Liabilities not identified
as assets (-)
56 Treasury currency -1.5 0.6 0.2
57 Foreign deposits 49.3 96.1 26.4
58 Net interbank liabilities 49.7 -4.8 -7.0
59 Security repurchase
agreements 213.5 54.3 77.8
60 Taxes payable -9.1 20.1 1.5
61 Miscellaneous -533 -289.9 -466.9
Floats not included in
assets (-)
62 Federal government
checkable deposits -2.1 -27.0 8.6
63 Other checkable deposits -2.1 0.9 0.3
64 Trade credit 45.6 -18.1 60.4
65 Total identified to
sectors as assets 4,176.3 4,831.5 4,371.9
1999(r) 2000
Transaction category or sector
Q4 Q1(r) Q2
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in
credit markets 2,176.5 1,682.6 1,826.7
2 Domestic nonfederal
nonfinancial sectors 29.3 -104.3 263.4
3 Household 38.5 -172.9 180.7
4 Nonfinancial corporate
business -13.0 63.8 38.5
5 Nonfarm noncorporate
business 1.4 2.6 2.8
6 State and local
governments 2.4 2.3 41.4
7 Federal government -11.8 6.2 8.2
8 Rest of the world 138.7 334.9 185.6
9 Financial sectors 2,020.3 1,445.7 1369.5
10 Monetary authority -42.2 103.4 -3.9
11 Commercial banking 548.7 377.1 484.7
12 U.S.-chartered banks 457.7 409.2 505.8
13 Foreign banking offices
in United States 42.0 4.8 -29.9
14 Bank holding companies 42.6 -42.2 3.5
15 Banks in U.S.-affiliated
areas 6.3 5.4 5.4
16 Savings institutions 20.2 50.2 72.9
17 Credit unions 18.8 39.9 40.7
18 Bank personal trusts and
estates -9.1 -9.5 -9.9
19 Life insurance companies 30.7 57.2 54.1
20 Other insurance companies -9.4 -14.0 -13.6
21 Private pension funds 54.0 46.1 0.2
22 State and local government
retirement funds 58.2 55.3 17.1
23 Money market mutual funds 354.5 208.8 -156.2
24 Mutual funds -12.7 -80.8 55.0
25 Closed-end funds 3.1 3.1 3.1
26 Government-sponsored
enterprises 221.0 138.2 215.1
27 Federally related mortgage
pools 182.4 144.3 121.6
28 Asset-backed securities
issuers (ABSs) 94.4 145.3 158.7
29 Finance companies 114.4 132.9 145.5
30 Mortgage companies 12.3 -6.0 5.5
31 Real estate investment
trusts (REITs) -7.0 -16.3 -2.5
32 Brokers and dealers -15.9 106.9 33.8
33 Funding corporations 403.8 -36.3 147.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through
credit markets 2,176.5 1,682.6 1,826.7
Other financial sources
35 Official foreign exchange -7.0 1.5 -8.8
36 Special drawing rights
certificates -4.0 .0 -8.0
37 Treasury currency -4.1 2.2 -2.3
38 Foreign deposits 52.7 258.5 -1.1
39 Net interbank transactions -43.3 -75.8 202.0
40 Checkable deposits and
currency 365.2 -219.1 -61.1
41 Small time and savings
deposits 28.0 109.1 132.2
42 Large time deposits 359.4 149.2 108.5
43 Money market fund shares 485.5 241.0 48.2
44 Security repurchase
agreements 319.0 276.1 134.8
45 Corporate equities .0 105.2 -123.0
46 Mutual fund shares 172.8 309.0 248.4
47 Trade payables 137.0 213.7 213.2
48 Security credit 277.8 566.3 -138.6
49 Life insurance reserves 57.6 38.0 44.3
50 Pension fund reserves 294.6 258.0 240.8
51 Taxes payable 22.5 24.8 24.7
52 Investment in bank
personal trusts -32.3 -40.4 -41.0
53 Noncorporate proprietors'
equity -2.2 -27.4 -28.7
54 Miscellaneous 502.2 1,024.6 879.9
55 Total financial sources 5,157.9 4,897.2 3,691.2
Liabilities not identified
as assets (-)
56 Treasury currency -6.3 -1.8 -6.2
57 Foreign deposits 93.9 179.0 -67.2
58 Net interbank liabilities -23.7 24.4 -4.1
59 Security repurchase
agreements -217.3 550.0 -11.5
60 Taxes payable 0.7 10.0 0.3
61 Miscellaneous -71.3 -340.3 -250.2
Floats not included in
assets (-)
62 Federal government
checkable deposits -9.2 28.7 -2.6
63 Other checkable deposits .0 0.6 1.5
64 Trade credit 111.4 2.7 10.8
65 Total identified to
sectors as assets 5,281.1 4,443.9 4,021.1
(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables F.1 and F.5. For ordering
address, see inside front cover.
(2.) Excludes corporate equities and mutual fund shares.
1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING(1)
Billions of dollars, end of period
Transaction category or sector 1995 1996
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 13,712.9(r) 14,444.2(r)
By sector and instrument
2 Federal government 3,636.7 3,781.8
3 Treasury securities 3,608.5 3,755.1
4 Budget agency securities
and mortgages 28.2 26.6
5 Nonfederal 10,076.1(r) 10,662.5(r)
By instrument
6 Commercial paper 157.4 156.4
7 Municipal securities
and loans 1,293.5 1,296.0
8 Corporate bonds 1,344.1 1,460.4
9 Bank loans n.e.c. 863.6 934.1
l0 Other loans and advances 736.9 770.4
11 Mortgages 4,557.9(r) 4,833.6(r)
12 Home 3,510.5(r) 3,719.2(r)
13 Multifamily residential 265.5 278.6(r)
14 Commercial 697.3(r) 748.7(r)
15 Farm 84.6 87.1
16 Consumer credit 1,122.8 1,211.6
By borrowing sector
17 Household 4,782.9(r) 5,105.3(r)
18 Nonfinancial business 4,223.0(r) 4,493.7(r)
19 Corporate 2,925.5(r) 3,107.7(r)
20 Nonfarm noncorporate 1,152.4 1,236.1
21 Farm 145.1 149.9
22 State and local government 1,070.2 1,063.4
23 Foreign credit market debt
held in United States 453.7(r) 542.2(r)
24 Commercial paper 56.2 67.5
25 Bonds 299.4(r) 366.3(r)
26 Bank loans n.e.c. 34.6 43.7
27 Other loans and advances 63.6(r) 64.7(r)
28 Total credit market debt owed
by nonfinancial sectors,
domestic and foreign 14,166.5(r) 14,986.4(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 4,278.8 4,824.6
By instrument
30 Federal government-related 2,376.8 2,608.3
31 Government-sponsored
enterprise securities 806.5 896.9
32 Mortgage pool securities 1,570.3 1,711.4
33 Loans from U.S. government .0 .0
34 Private 1,901.9 2,216.3
35 Open market paper 486.9 579.1
36 Corporate bonds 1,204.7 1,378.4
37 Bankloans n.e.c. 51.4 64.0
38 Other loans and advances 135.0 162.9
39 Mortgages 24.1 31.9
By borrowing sector
40 Commercial banks 102.6 113.6
41 Bank holding companies 148.0 150.0
42 Savings institutions 115.0 140.5
43 Credit unions .4 .4
44 Life insurance companies .5 1.6
45 Government-sponsored
enterprises 806.5 896.9
46 Federally related
mortgage pools 1,570.3 1,711.4
47 Issuers of asset-backed
securities (ABSs) 712.5 863.3
48 Brokers and dealers 29.3 27.3
49 Finance companies 483.9 529.8
50 Mortgage companies 16.5 20.6
51 Real estate investment
trusts (REITs) 44.6 56.5
52 Funding corporations 248.6 312.7
All sectors
53 Total credit market debt,
domestic and foreign 18,445.3(r) 19,811.0(r)
54 Open market paper 700.4 803.0
55 U.S. government securities 6,013.6 6,390.0
56 Municipal securities 1,293.5 1,296.0
57 Corporate and foreign bonds 2,848.1(r) 3,205.1(r)
58 Bankloans n.e.c. 949.6 1,041.7
59 Other loans and advances 935.4(r) 998.0(r)
60 Mortgages 4,581.9(r) 4,865.5(r)
61 Consumer credit 1,122.8 1,211.6
Transaction category or sector 1997 1998
Nonfinancial sectors
Nonfinancial
1 Total credit market debt
owed by domestic
nonfinancial sectors 15,247.0(r) 16,289.9(r)
By sector and instrument
2 Federal government 3,804.9 3,752.2
3 Treasury securities 3,778.3 3,723.7
4 Budget agency securities
and mortgages 26.5 28.5
5 Nonfederal 10,076.1(r) 12,537.7(r)
By instrument
6 Commercial paper 168.6 193.0
7 Municipal securities
and loans 1,367.5 1,464.3
8 Corporate bonds 1,610.9 1,829.6
9 Bank loans n.e.c. 1,040.5 1,148.8
l0 Other loans and advances 839.5 913.8
11 Mortgages 5,151.1(r) 5,656.6(r)
12 Home 3,971.5(r) 4,358.4(r)
13 Multifamily residential 278.6(r) 307.3(r)
14 Commercial 802.3(r) 894.4(r)
15 Farm 90.3 96.5
16 Consumer credit 1,264.1 1,331.7
By borrowing sector
17 Household 5,442.8(r) 5,924.6(r)
18 Nonfinancial business 4,879.9(r) 5,413.3(r)
19 Corporate 3,372.7(r) 3,788.5(r)
20 Nonfarm noncorporate 1,351.1 1,460.9
21 Farm 156.1 163.8
22 State and local government 1,119.5 1,199.8
23 Foreign credit market debt
held in United States 608.0(r) 651.4(r)
24 Commercial paper 65.1 72.9
25 Bonds 427.7(r) 462.5(r)
26 Bank loans n.e.c. 52.1 58.9
27 Other loans and advances 63.0(r) 57.2(r)
28 Total credit market debt owed
by nonfinancial sectors,
domestic and foreign 15,855.0(r) 16,941.3(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 5,445.2 6,519.1
By instrument
30 Federal government-related 2,821.1 3.292.0
31 Government-sponsored
enterprise securities 995.3 1,273.6
32 Mortgage pool securities 1,825.8 2,018.4
33 Loans from U.S. government .0 .0
34 Private 2,624.1 3,227.1
35 Open market paper 745.7 906.7
36 Corporate bonds 1,555.9 1,852.8
37 Bankloans n.e.c. 77.2 107.2
38 Other loans and advances 198.5 288.7
39 Mortgages 46.8 71.6
By borrowing sector
40 Commercial banks 140.6 188.6
41 Bank holding companies 168.6 193.5
42 Savings institutions 160.3 212.4
43 Credit unions .6 1.1
44 Life insurance companies 1.8 2.5
45 Government-sponsored
enterprises 995.3 1,273.6
46 Federally related
mortgage pools 1,825.8 2,018.4
47 Issuers of asset-backed
securities (ABSs) 1,076.6 1,398.0
48 Brokers and dealers 35.3 42.5
49 Finance companies 554.5 597.5
50 Mortgage companies 16.0 17.7
51 Real estate investment
trusts (REITs) 96.1 158.8
52 Funding corporations 373.7 414.4
All sectors
53 Total credit market debt,
domestic and foreign 21,300.2(r) 23,460.4(r)
54 Open market paper 979.4 1,172.6
55 U.S. government securities 6,626.0 7,044.3
56 Municipal securities 1,367.5 1,464.3
57 Corporate and foreign bonds 3,594.5(r) 4,144.9(r)
58 Bankloans n.e.c. 1169.8 1,314.9
59 Other loans and advances 1,101.0(r) 1,259.6(r)
60 Mortgages 5,197.9(r) 5,728.2(r)
61 Consumer credit 1,264.1 1,331.7
Transaction category or sector 1998 1999
Q4 Q1
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 16,289.9(r) 16,605.6(r)
By sector and instrument
2 Federal government 3,752.2 3,759.7
3 Treasury securities 3,723.7 3,731.6
4 Budget agency securities
and mortgages 28.5 28.1
5 Nonfederal 12,537.7(r) 12,537.7(r)
By instrument
6 Commercial paper 193.0 223.9
7 Municipal securities
and loans 1,464.3 1,491.0
8 Corporate bonds 1,829.6 1,898.1
9 Bank loans n.e.c. 1,148.8 1,165.2
l0 Other loans and advances 913.8 957.4
11 Mortgages 5,656.6(r) 591.1(r)
12 Home 4,358.4(r) 4,451.2(r)
13 Multifamily residential 307.3(r) 316.4(r)
14 Commercial 894.4(r) 926.1(r)
15 Farm 96.5 97.4
16 Consumer credit 1,331.7 1,319.3
By borrowing sector
17 Household 5,924.6(r) 6,004.8(r)
18 Nonfinancial business 5,413.3(r) 5,617.9(r)
19 Corporate 3,788.5(r) 3,970.3(r)
20 Nonfarm noncorporate 1,460.9 1,485.2
21 Farm 163.8 162.4
22 State and local government 1,199.8 1,223.2
23 Foreign credit market debt
held in United States 651.4(r) 659.2(r)
24 Commercial paper 72.9 77.2
25 Bonds 462.5(r) 466.3(r)
26 Bank loans n.e.c. 58.9 59.1
27 Other loans and advances 57.2(r) 56.5(r)
28 Total credit market debt owed
by nonfinancial sectors,
domestic and foreign 16,941.3(r) 17,264.7(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 6,519.1 6,809.0
By instrument
30 Federal government-related 3.292.0 3,434.1
31 Government-sponsored
enterprise securities 1,273.6 1,321.8
32 Mortgage pool securities 2,018.4 2,112.3
33 Loans from U.S. government .0 .0
34 Private 3,227.1 3,374.9
35 Open market paper 906.7 926.4
36 Corporate bonds 1,852.8 1,968.6
37 Bankloans n.e.c. 107.2 104.1
38 Other loans and advances 288.7 299.1
39 Mortgages 71.6 76.6
By borrowing sector
40 Commercial banks 188.6 187.5
41 Bank holding companies 193.5 202.6
42 Savings institutions 212.4 226.9
43 Credit unions 1.1 1.5
44 Life insurance companies 2.5 3.3
45 Government-sponsored
enterprises 1,273.6 1,321.8
46 Federally related
mortgage pools 2,018.4 2,112.3
47 Issuers of asset-backed
securities (ABSs) 1,398.0 1,463.1
48 Brokers and dealers 42.5 34.8
49 Finance companies 597.5 614.4
50 Mortgage companies 17.7 16.5
51 Real estate investment
trusts (REITs) 158.8 165.2
52 Funding corporations 414.4 459.1
All sectors
53 Total credit market debt,
domestic and foreign 23,460.4(r) 24,073.7(r)
54 Open market paper 1,172.6 1,227.6
55 U.S. government securities 7,044.3 7,193.8
56 Municipal securities 1,464.3 1,491.0
57 Corporate and foreign bonds 4,144.9(r) 4,333.0(r)
58 Bankloans n.e.c. 1,314.9 1,328.3
59 Other loans and advances 1,259.6(r) 1,313.0(r)
60 Mortgages 5,728.2(r) 5,867.7(r)
61 Consumer credit 1,331.7 1,319.3
Transaction category or sector 1999
Q2 Q3
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 16,785.1(r) 17,105.5(r)
By sector and instrument
2 Federal government 3,651.7 3,632.7
3 Treasury securities 6,623.4 3,604.5
4 Budget agency securities
and mortgages 28.3 28.3
5 Nonfederal 12,133.4(r) 13,472.8(r)
By instrument
6 Commercial paper 232.4 239.3
7 Municipal securities
and loans 1,510.0 1,518.6
8 Corporate bonds 1,970.0 2,020.7
9 Bank loans n.e.c. 1,178.5 1,202.9
l0 Other loans and advances 956.0(r) 969.8(r)
11 Mortgages 5,946.2(r) 6,151.4(r)
12 Home 4,564.4(r) 4,694.1(r)
13 Multifamily residential 324.6(r) 335.7(r)
14 Commercial 957.5(r) 1,020.3(r)
15 Farm 99.6 101.4
16 Consumer credit 1,340.4 1,370.1
By borrowing sector
17 Household 6,147.2(r) 6,313.3(r)
18 Nonfinancial business 5,748.0(r) 5,917.1(r)
19 Corporate 4,071.6(r) 4,207.6(r)
20 Nonfarm noncorporate 1,510.2 1,540.9
21 Farm 166.1 168.6
22 State and local government 1,238.2 1,242.4
23 Foreign credit market debt
held in United States 652.7(r) 672.9(r)
24 Commercial paper 70.1 81.8
25 Bonds 466.4(r) 477.4(r)
26 Bank loans n.e.c. 60.5 58.8
27 Other loans and advances 55.8(r) 55.0(r)
28 Total credit market debt owed
by nonfinancial sectors,
domestic and foreign 17,437.8(r) 17,778.5(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 7,073.3 7,346.8(r)
By instrument
30 Federal government-related 3,580.7 3,745.9
31 Government-sponsored
enterprise securities 1,398.0 1,499.8
32 Mortgage pool securities 2,182.7 2,246.1
33 Loans from U.S. government .0 .0
34 Private 3,492.6 3,601.0(r)
35 Open market paper 940.9 963.4
36 Corporate bonds 2,042.8 2,091.1(r)
37 Bankloans n.e.c. 106.8 105.2
38 Other loans and advances 328.6 365.4
39 Mortgages 73.6 75.9
By borrowing sector
40 Commercial banks 202.7 224.2
41 Bank holding companies 205.5 211.8(r)
42 Savings institutions 241.6 255.4
43 Credit unions 1.8 2.5
44 Life insurance companies 4.0 4.3
45 Government-sponsored
enterprises 1,398.0 1,499.8
46 Federally related
mortgage pools 2,182.7 2,246.1
47 Issuers of asset-backed
securities (ABSs) 1,539.9 1,599.1
48 Brokers and dealers 30.4 34.6
49 Finance companies 639.2 628.5
50 Mortgage companies 17.8 16.3
51 Real estate investment
trusts (REITs) 160.3 162.2
52 Funding corporations 449.5 462.0
All sectors
53 Total credit market debt,
domestic and foreign 24,511.1(r) 25,125.3(r)
54 Open market paper 1,243.3 1,284.5
55 U.S. government securities 7,232.4 7,378.6
56 Municipal securities 1,510.0 1,518.6
57 Corporate and foreign bonds 4,479.2(r) 4,589.1(r)
58 Bankloans n.e.c. 1,345.7 1,366.9
59 Other loans and advances 1,340.3(r) 1,390.1(r)
60 Mortgages 6,019.8(r) 6,227.3(r)
61 Consumer credit 1,340.4 1,370.1
Transaction category or sector 1999 2000
Q4 Q1(r) Q2
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 17,445.6(r) 17,680.1 17,865.1
By sector and instrument
2 Federal government 3,681.0 3,653.5 3,464.0
3 Treasury securities 3,652.8 3,625.8 3,435.7
4 Budget agency securities
and mortgages 28.3 27.8 28.2
5 Nonfederal 13,764.5(r) 14,026.6 14,401.2
By instrument
6 Commercial paper 230.0 260.8 296.8
7 Municipal securities
and loans 1,532.5 1,539.2 1,551.6
8 Corporate bonds 2,059.5 2,106.0 2,144.5
9 Bank loans n.e.c. 1,231.5 1,259.1 1,306.4
l0 Other loans and advances 985.3(r) 1,032.4 1,066.2
11 Mortgages 6,299.4(r) 6,412.8 6,582.1
12 Home 4,791.3(r) 4,867.7 4,995.2
13 Multifamily residential 347.7(r) 355.5 364.7
14 Commercial 1,058.4(r) 1,085.8 1,115.5
15 Farm 102.0 103.7 106.7
16 Consumer credit 1,426.2 1,416.2 1,453.6
By borrowing sector
17 Household 6,469.1(r) 6,541.9 6,710.9
18 Nonfinancial business 6,043.3(r) 6,227.4 6,423.6
19 Corporate 4,302.2(r) 4,457.6 4,167.5
20 Nonfarm noncorporate 1,572.0 1,599.7 1,629.9
21 Farm 169.0(r) 170.1 176.1
22 State and local government 1,252.1(r) 1,257.3 1,266.7
23 Foreign credit market debt
held in United States 676.9(r) 704.6 698.9
24 Commercial paper 89.2 101.6 101.2
25 Bonds 476.7(r) 488.1 480.7
26 Bank loans n.e.c. 59.4 63.3 64.8
27 Other loans and advances 51.7(r) 51.7 52.1
28 Total credit market debt owed
by nonfinancial sectors,
domestic and foreign 18,122.5(r) 18,384.7 18,564.0
Financial sectors
29 Total credit market debt owed
by financial sectors 7,607.0 7,744.5 7,970.9
By instrument
30 Federal government-related 3,884.0 3,940.3 4,032.0
31 Government-sponsored
enterprise securities 1,591.7 1,618.0 1,676.7
32 Mortgage pool securities 2,293.3 2,322.3 2,355.4
33 Loans from U.S. government .0 .0 .0
34 Private 3,723.0 3,804.2 3,938.9
35 Open market paper 1,082.9 1,115.7 1,135.2
36 Corporate bonds 2.074.6 2,114.2 2,192.5
37 Bankloans n.e.c. 92.9 91.4 93.6
38 Other loans and advances 395.8 404.4 436.7
39 Mortgages 76.7 78.5 81.0
By borrowing sector
40 Commercial banks 230.0 242.2 265.9
41 Bank holding companies 219.3 221.4 229.3
42 Savings institutions 260.4 266.9 280.0
43 Credit unions 3.4 2.6 2.9
44 Life insurance companies 3.2 3.0 2.7
45 Government-sponsored
enterprises 1,591.7 1,618.0 1,676.7
46 Federally related
mortgage pools 2,293.3 2,322.3 2,355.4
47 Issuers of asset-backed
securities (ABSs) 1,623.0 1,665.8 1,716.0
48 Brokers and dealers 25.3 36.4 36.2
49 Finance companies 659.9 670.7 712.7
50 Mortgage companies 17.8 17.1 17.8
51 Real estate investment
trusts (REITs) 165.1 167.9 170.4
52 Funding corporations 506.6 510.1 505.1
All sectors
53 Total credit market debt,
domestic and foreign 25,795.5(r) 26,129.2 26,534.9
54 Open market paper 1,402.4 1,478.1 1,533.3
55 U.S. government securities 7,565.4 7,593.8 7,496.0
56 Municipal securities 1,532.5 1,539.2 1,551.6
57 Corporate and foreign bonds 4,610.8(r) 4,708.3 4,817.7
58 Bankloans n.e.c. 1,383.8 1,413.7 1,464.7
59 Other loans and advances 1,432.7(r) 1,488.5 1,555.0
60 Mortgages 6,376.1(r) 6,491.3 6,663.1
61 Consumer credit 1,426.2 1,416.2 1,453.6
(1.) Data in this table also appear in the Board's Z.1
(780) quarterly statistical release, tables L.2 through
L.4. For ordering address, see inside front cover.
1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES(1)
Billions of dollars except as noted, end of period
Transaction category or sector 1995 1996
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 18,445.3(r) 19,811.0(r)
2 Domestic nonfederal
nonfinancial sectors 2,905.5(r) 3,031.3(r)
3 Household 1,944.3(r) 2,118.3(r)
4 Nonfinancial corporate
business 280.4 270.2
5 Nonfarm noncorporate
business 42.3 38.0
6 State and local
governments 638.6 604.8
7 Federal government 207.5(r) 200.2(r)
8 Rest of the world 1,531.1 1,926.6
9 Financial sectors 13,801.1(r) 14,652.9(r)
10 Monetary authority 380.8 393.1
11 Commercial banking 3,520.1 3,707.7
12 U.S.-chartered banks 3,056.1 3,175.8
13 Foreign banking offices
in United States 412.6 475.8
14 Bank holding companies 18.0 22.0
15 Banks in U.S.-affiliated
areas 33.4 34.1
16 Savings institutions 913.3 933.2
17 Credit unions 263.0 288.5
18 Bank personal trusts and
estates 239.7 232.0
19 Life insurance companies 1,587.5 1,657.0
20 Other insurance companies 468.7 491.2
21 Private pension funds 633.1(r) 627.3(r)
22 State and local government
retirement funds 531.0 568.2
23 Money market mutual funds 545.5 634.3
24 Mutual funds 771.3 820.2
25 Closed-end funds 96.4 101.1
26 Government-sponsored
enterprises 750.0 807.9
27 Federally related
mortgage pools 1,570.3 1,711.4
28 Asset-backed securities
issuers (ABSs) 653.4 773.9
29 Finance companies 526.2 544.5
30 Mortgage companies 33.0 41.2
31 Real estate investment
trusts (REITs) 26.0 30.4
32 Brokers and dealers 183.4 167.7
33 Funding corporations 108.4(r) 122.0(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 18,445.3(r) 19,811.0(r)
Other liabilities
35 Official foreign exchange 63.7 53.7
36 Special drawing rights
certificates 10.2 9.7
37 Treasury currency 18.2 18.3
38 Foreign deposits 418.8 521.7(r)
39 Net interbank liabilities 290.7 240.8
40 Checkable deposits and
currency 1,229.1(r) 1,244.8(r)
41 Small time and savings
deposits 2,279.7 2,377.0
42 Large time deposits 476.9 590.9
43 Money market fund shares 741.3(r) 886.7(r)
44 Security repurchase
agreements 660.0 701.5
45 Mutual fund shares 1,852.8 2,342.4
46 Security credit 305.7 358.1
47 Life insurance reserves 566.2 610.6
48 Pension fund reserves 5,812.7(r) 6,548.4(r)
49 Trade payables 1,698.0 1,812.1(r)
50 Taxes payable 107.6 123.6
51 Investment in bank
personal trusts 803.0 871.7
52 Miscellaneous 5,838.0(r) 6,231.3(r)
53 Total liabilities 41,617.9(r) 45,354.2(r)
Financial assets not
included in
liabilities ( )
54 Gold and special drawing
rights 22.1 21.4
55 Corporate equities 8,495.7 10,255.8
56 Household equity in
noncorporate business 3,671.6(r) 3,876.6(r)
Liabilities not identified
as assets (-)
57 Treasury currency -5.8 -6.7
58 Foreign deposits 360.2 437.0(r)
59 Net interbank transactions -9.0 -10.6
60 Security repurchase
agreements 107.4(r) 111.5(r)
61 Taxes payable 62.4 76.7
62 Miscellaneous -1,167.5(r) -1,630.7(r)
Floats not included in
assets (-)
53 Federal government
checkable deposits 3.1 -1.6
54 Other checkable deposits 34.2 30.1
55 Trade credit 196.8(r) 174.6(r)
65 Total identified to
sectors assets 54,225.6(r) 60,327.7(r)
Transaction category or sector 1997 1998
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 21,300.2(r) 23,460.4(r)
2 Domestic nonfederal
nonfinancial sectors 3,004.7(r) 3,108.2(r)
3 Household 2,106.4(r) 2,061.4(r)
4 Nonfinancial corporate
business 257.5 271.5
5 Nonfarm noncorporate
business 35.9 35.9
6 State and local
governments 605.0 739.4
7 Federal government 205.5(r) 219.1(r)
8 Rest of the world 2,257.3(r) 2,539.8(r)
9 Financial sectors 15,832.7(r) 17,593.3(r)
10 Monetary authority 431.4 452.5
11 Commercial banking 4,031.9 4,335.7
12 U.S.-chartered banks 3,450.7 3,761.2
13 Foreign banking offices
in United States 516.1 504.2
14 Bank holding companies 27.4 26.5
15 Banks in U.S.-affiliated
areas 37.8 43.8
16 Savings institutions 928.5 964.8
17 Credit unions 305.3 324.2
18 Bank personal trusts and
estates 207.0 194.1
19 Life insurance companies 1,751.1 1,828.0
20 Other insurance companies 515.3 535.7
21 Private pension funds 646.8(r) 704.7(r)
22 State and local government
retirement funds 632.0 703.6(r)
23 Money market mutual funds 721.9 965.9
24 Mutual funds 901.1 1,025.9
25 Closed-end funds 98.3 102.8
26 Government-sponsored
enterprises 902.2 1,163.9(r)
27 Federally related
mortgage pools 1,825.8 2,018.4
28 Asset-backed securities
issuers (ABSs) 937.7 1,219.4
29 Finance companies 566.4 618.4
30 Mortgage companies 32.1 35.3
31 Real estate investment
trusts (REITs) 50.6 45.5
32 Brokers and dealers 182.6 189.4
33 Funding corporations 164.7(r) 165.2(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 21,300.2(r) 23,460.4(r)
Other liabilities
35 Official foreign exchange 48.9 60.1
36 Special drawing rights
certificates 9.2 9.2
37 Treasury currency 18.3 18.3
38 Foreign deposits 619.7(r) 639.0(r)
39 Net interbank liabilities 219.4 189.0
40 Checkable deposits and
currency 1,286.1(r) 1,333.4(r)
41 Small time and savings
deposits 2,474.1 2,626.5
42 Large time deposits 713.4 805.5
43 Money market fund shares 1,042.5(r) 1,329.7(r)
44 Security repurchase
agreements 822.4 913.7
45 Mutual fund shares 2,989.4 3,610.5
46 Security credit 469.1 572.3
47 Life insurance reserves 665.0 718.3
48 Pension fund reserves 7,817.1(r) 8,912.7(r)
49 Trade payables 1,943.3 1,970.3(r)
50 Taxes payable 139.2 151.0
51 Investment in bank
personal trusts 942.5 1,001.0
52 Miscellaneous 6,571.9(r) 7,133.9(r)
53 Total liabilities 50,091.7(r) 55,454.8(r)
Financial assets not
included in
liabilities ( )
54 Gold and special drawing
rights 21.1 21.6
55 Corporate equities 13,201.3(r) 15,427.8(r)
56 Household equity in
noncorporate business 4,151.1(r) 4,400.8(r)
Liabilities not identified
as assets (-)
57 Treasury currency -7.3 -8.0
58 Foreign deposits 538.3(r) 548.2(r)
59 Net interbank transactions -32.2 -27.0
60 Security repurchase
agreements 175.8(r) 237.2(r)
61 Taxes payable 92.3 101.5
62 Miscellaneous -1,996.0(r) -2,539.2(r)
Floats not included in
assets (-)
53 Federal government
checkable deposits -8.1 -3.9
54 Other checkable deposits 26.2 23.1
55 Trade credit 135.5(r) 94.5(r)
65 Total identified to
sectors assets 68,540.7(r) 76,878.6(r)
1998 1999
Transaction category or sector
Q4 Q1
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 3,460.4(r) 24,073.7(r)
2 Domestic nonfederal
nonfinancial sectors 3,108.2(r) 3,208.2(r)
3 Household 2,061.4(r) 2,133.5(r)
4 Nonfinancial corporate
business 271.5 266.1(r)
5 Nonfarm noncorporate
business 35.9 36.6
6 State and local
governments 739.4 772.1
7 Federal government 219.1(r) 223.3(r)
8 Rest of the world 2,539.8(r) 2,608.3(r)
9 Financial sectors 7,593.3(r) 18,033.8(r)
10 Monetary authority 452.5 466.0
11 Commercial banking 4,335.7 4,338.4
12 U.S.-chartered banks 3,761.2 3,782.9
13 Foreign banking offices
in United States 504.2 487.8
14 Bank holding companies 26.5 25.0
15 Banks in U.S.-affiliated
areas 43.8 42.7
16 Savings institutions 964.8 990.8
17 Credit unions 324.2 330.2
18 Bank personal trusts and
estates 194.1 192.2
19 Life insurance companies 1,828.0 1,853.5
20 Other insurance companies 535.7 530.8
21 Private pension funds 704.7(r) 719.0(r)
22 State and local government
retirement funds 703.6(r) 722.6(r)
23 Money market mutual funds 965.9 1,036.2
24 Mutual funds 1,025.9 1,050.8
25 Closed-end funds 102.8 103.6
26 Government-sponsored
enterprises 1,163.9(r) 1,203.1(r)
27 Federally related
mortgage pools 2,018.4 2,112.3
28 Asset-backed securities
issuers (ABSs) 1,219.4 1,280.1
29 Finance companies 618.4 639.9
30 Mortgage companies 35.3 33.0
31 Real estate investment
trusts (REITs) 45.5 45.9
32 Brokers and dealers 189.4 211.4
33 Funding corporations 165.2(r) 174.1(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 3,460.4(r) 24,073.7(r)
Other liabilities
35 Official foreign exchange 60.1 53.6
36 Special drawing rights
certificates 9.2 8.2
37 Treasury currency 18.3 18.3
38 Foreign deposits 639.0(r) 667.4(r)
39 Net interbank liabilities 189.0 182.0
40 Checkable deposits and
currency 1,333.4(r) 1,310.5(r)
41 Small time and savings
deposits 2,626.5 2,637.6
42 Large time deposits 805.5 804.3
43 Money market fund shares 1,329.7(r) 1,411.7(r)
44 Security repurchase
agreements 913.7 980.3
45 Mutual fund shares 3,610.5 3,758.1(r)
46 Security credit 572.3 552.7
47 Life insurance reserves 718.3 735.9(r)
48 Pension fund reserves 8,912.7(r) 9,064.9(r)
49 Trade payables 1,970.3(r) 1,973.9(r)
50 Taxes payable 151.0 158.2(r)
51 Investment in bank
personal trusts 1,001.0 1,012.5
52 Miscellaneous 7,133.9(r) 7,131.6(r)
53 Total liabilities 5,454.8(r) 56,535.3(r)
Financial assets not
included in
liabilities ( )
54 Gold and special drawing
rights 21.6 20.7
55 Corporate equities 5,427.8(r) 15,919.1(r)
56 Household equity in
noncorporate business 4,400.8(r) 4,460.5(r)
Liabilities not identified
as assets (-)
57 Treasury currency -8.0 -8.4
58 Foreign deposits 548.2(r) 560.5(r)
59 Net interbank transactions -27.0 -11.3
60 Security repurchase
agreements 237.2(r) 296.7(r)
61 Taxes payable 101.5 89.2(r)
62 Miscellaneous 2,539.2(r) -2,755.0(r)
Floats not included in
assets (-)
53 Federal government
checkable deposits -3.9 -7.2
54 Other checkable deposits 23.1 18.9
55 Trade credit 94.5(r) 56.3(r)
65 Total identified to
sectors assets 76,878.6(r) 78,696.0(r)
1999
Transaction category or sector
Q2 Q3(r) Q4(r)
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 24,511.1(r) 251,253.0 25,729.5
2 Domestic nonfederal
nonfinancial sectors 3,277.3(r) 3,343.4 3,474.9
3 Household 2,172.2(r) 2,235.9 2,353.9
4 Nonfinancial corporate
business 273.3(r) 288.4 300.7
5 Nonfarm noncorporate
business 36.9 37.1 37.5
6 State and local
governments 794.8 781.9 782.8
7 Federal government 225.0(r) 260.7 258.0
8 Rest of the world 2,621.3(r) 2,718.1 2,678.0
9 Financial sectors 18,387.5(r) 18,803.0 19,318.6
10 Monetary authority 485.1 489.3 478.1
11 Commercial banking 4,383.4 4,488.3 4,643.9
12 U.S.-chartered banks 3,847.6 3,944.3 4,078.9
13 Foreign banking offices
in United States 465.7 475.3 484.1
14 Bank holding companies 25.1 22.0 32.7
15 Banks in U.S.-affiliated
areas 45.0 46.7 48.3
16 Savings institutions 1,011.4 1,030.8 1,033.4
17 Credit unions 341.0 348.5 351.7
18 Bank personal trusts and
estates 190.1 188.0 185.7
19 Life insurance companies 1,869.6 1,880.4 1,886.0
20 Other insurance companies 537.5 533.9 531.6
21 Private pension funds 740.7(r) 748.7 762.2
22 State and local government
retirement funds 728.9(r) 738.9 753.4
23 Money market mutual funds 1,001.8 1,049.7 1,147.8
24 Mutual funds 1,083.7(r) 1,083.0 1,073.1
25 Closed-end funds 100.3 105.1 105.9
26 Government-sponsored
enterprises 1,268.4(r) 1,340.2 1,399.5
27 Federally related
mortgage pools 2,182.7 2,246.1 2,292.3
28 Asset-backed securities
issuers (ABSs) 1,352.7 1,409.8 1,435.3
29 Finance companies 660.9 678.2 713.3
30 Mortgage companies 35.6 32.5 35.6
31 Real estate investment
trusts (REITs) 45.3 44.7 42.9
32 Brokers and dealers 162.9 167.0 158.6
33 Funding corporations 201.4(r) 200.1 288.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 24,511.1(r) 25,125.3 25,729.5
Other liabilities
35 Official foreign exchange 50.9 52.1 50.1
36 Special drawing rights
certificates 8.2 7.2 6.2
37 Treasury currency 18.8 19.3 18.3
38 Foreign deposits 694.9(r) 712.3 725.8
39 Net interbank liabilities 207.1(r) 198.9 203.2
40 Checkable deposits and
currency 1,353.1(r) 1,353.8 1,484.8
41 Small time and savings
deposits 2,644.6 2,665.9 2,671.2
42 Large time deposits 809.0 837.5 936.1
43 Money market fund shares 1,393.5(r) 1,444.9 1,578.8
44 Security repurchase
agreements 970.8 999.3 1,085.4
45 Mutual fund shares 4,049.1 3,931.5 4,553.4
46 Security credit 589.3 593.2 665.9
47 Life insurance reserves 749.8 756.2 783.9
48 Pension fund reserves 9,479.5(r) 9,150.5 9,999.4
49 Trade payables 2,038.1(r) 2,098.4 2,152.6
50 Taxes payable 160.6(r) 165.3 166.4
51 Investment in bank
personal trusts 1,059.8 998.3 1,116.6
52 Miscellaneous 7,310.8(r) 7,318.7 7,638.2
53 Total liabilities 58,099.0(r) 58428.7 61565.7
Financial assets not
included in
liabilities ( )
54 Gold and special drawing
rights 20.8 21.3 21.4
55 Corporate equities 17,060.4(r) 16,214.9 19,576.3
56 Household equity in
noncorporate business 4,523.0(r) 4,582.8 4,643.5
Liabilities not identified
as assets (-)
57 Treasury currency -8.2 -8.2 -9.7
58 Foreign deposits 584.5(r) 591.1 614.9
59 Net interbank transactions -10.6 -13.2 -25.5
60 Security repurchase
agreements 308.2(r) 327.7 269.3
61 Taxes payable 110.3(r) 94.2 94.5
62 Miscellaneous -2,824.4(r) -3,133.2 -3,008.0
Floats not included in
assets (-)
53 Federal government
checkable deposits -12.4 -10.2 -9.9
54 Other checkable deposits 22.1 14.5 22.3
55 Trade credit 30.8(r) 44.7 141.7
65 Total identified to
sectors assets 81,502.8(r) 81,340.1 87,717.2
Transaction category or sector 2000
Q1(r) Q2
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 26,129.2 26,534.9
2 Domestic nonfederal
nonfinancial sectors 3,418.7 3,459.0
3 Household 2,304.6 2,319.1
4 Nonfinancial corporate
business 293.0 305.2
5 Nonfarm noncorporate
business 38.1 38.8
6 State and local
governments 782.9 795.1
7 Federal government 259.6 261.6
8 Rest of the world 2,765.9 2,809.7
9 Financial sectors 19,685.1 20,004.6
10 Monetary authority 501.9 505.1
11 Commercial banking 4,725.0 4,847.4
12 U.S.-chartered banks 4,171.3 4,295.4
13 Foreign banking offices
in United States 482.0 478.1
14 Bank holding companies 22.1 23.1
15 Banks in U.S.-affiliated
areas 49.6 51.1
16 Savings institutions 1,044.5 1,061.7
17 Credit unions 360.0 372.9
18 Bank personal trusts and
estates 183.3 180.1
19 Life insurance companies 1,901.5 1,913.9
20 Other insurance companies 528.0 524.4
21 Private pension funds 773.7 773.8
22 State and local government
retirement funds 767.2 771.5
23 Money market mutual funds 1,217.1 1,159.4
24 Mutual funds 1,053.0 1,070.9
25 Closed-end funds 106.7 107.4
26 Government-sponsored
enterprises 1,426.4 1,481.7
27 Federally related
mortgage pools 2,322.3 2,355.4
28 Asset-backed securities
issuers (ABSs) 1,463.9 1,505.4
29 Finance companies 747.0 782.2
30 Mortgage companies 34.1 35.5
31 Real estate investment
trusts (REITs) 38.8 38.2
32 Brokers and dealers 201.1 188.2
33 Funding corporations 289.6 328.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 26,129.2 26,534.9
Other liabilities
35 Official foreign exchange 49.4 46.5
36 Special drawing rights
certificates 6.2 4.2
37 Treasury currency 18.8 18.1
38 Foreign deposits 790.4 790.2
39 Net interbank liabilities 165.6 219.5
40 Checkable deposits and
currency 1,392.9 1,410.7
41 Small time and savings
deposits 2,729.2 2,740.5
42 Large time deposits 966.5 987.4
43 Money market fund shares 1,666.0 1,627.1
44 Security repurchase
agreements 1,155.8 1,186.2
45 Mutual fund shares 4,864.5 4,740.8
46 Security credit 803.7 770.8
47 Life insurance reserves 796.9 802.8
48 Pension fund reserves 10,227.4 10,139.0
49 Trade payables 2,179.6 2,233.3
50 Taxes payable 180.3 178.0
51 Investment in bank
personal trusts 1,135.2 1,085.0
52 Miscellaneous 7,851.6 8,059.6
53 Total liabilities 63,109.3 63,574.5
Financial assets not
included in
liabilities ( )
54 Gold and special drawing
rights 21.4 21.5
55 Corporate equities 20,231.8 19,298.5
56 Household equity in
noncorporate business 4,695.1 4,764.9
Liabilities not identified
as assets (-)
57 Treasury currency -10.2 -11.9
58 Foreign deposits 659.7 642.9
59 Net interbank transactions -13.9 -11.5
60 Security repurchase
agreements 413.4 408.8
61 Taxes payable 88.9 101.1
62 Miscellaneous -3,149.6 -3,169.7
Floats not included in
assets (-)
53 Federal government
checkable deposits -6.5 -5.2
54 Other checkable deposits 18.7 22.5
55 Trade credit 92.6 73.1
65 Total identified to
sectors assets 89,964.3 89,609.3
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly
statistical release, tables L.1 and L.5. For ordering address, see
inside front cover.
(2.) Excludes corporate equities and mutual fund shares.
2.10 NONFINANCIAL BUSINESS Selected Measures
Monthly data seasonally adjusted, and indexes 1992=100, except as noted
Measure 1997 1998 1999
1 Industrial production(1) 127.1 132.4 137.1
Market groupings
2 Products, total 119.6 123.7 126.5
3 Final, total 121.1 125.4 128.0
4 Consumer goods 115.1 116.2 116.9
5 Equipment 132.1 142.7 148.9
6 Intermediate 115.3 118.8 122.1
7 Materials 139.0 146.5 154.8
Industry groupings
8 Manufacturing 130.1 136.4 142.3
9 Capacity utilization,
manufacturing (percent)(2) 82.4 80.9 79.8
10 Construction contracts(3) 144.1 161.2(r) 177.3(r)
11 Nonagricultural employment,
total(4) 120.3 123.4 126.2
12 Goods-producing, total 101.2 102.7 102.3
13 Manufacturing, total 98.3 98.8 97.0
14 Manufacturing, production
workers 99.6 99.8 97.8
15 Service-producing 126.5 130.0 133.8
16 Personal income, total 175.1(r) 186.5(r) 196.6
17 Wages and salary 171.3 184.6(r) 196.9(r)
disbursements
18 Manufacturing 144.6 152.3(r) 157.4(r)
19 Disposable personal income(5) 172.5(r) 182.7(r) 191.9
20 Retail sales(5) 169.8 178.4 194.6(r)
Prices(6)
21 Consumer (1982-84=100) 160.5 163.0 166.6
22 Producer finished goods 131.8 130.7 133.0
(1982=100)
Measure 1999 2000
Nov. Dec. Jan.
1 Industrial production(1) 139.4 140.1 141.1
Market groupings
2 Products, total 128.0 128.5 129.7
3 Final, total 129.8 130.3 131.6
4 Consumer goods 117.6 118.1 118.8
5 Equipment 151.4 151.8 154.2
6 Intermediate 122.4 123.1 123.7
7 Materials 158.8 159.7 160.5
Industry groupings
8 Manufacturing 145.0 145.6 146.7
9 Capacity utilization,
manufacturing (percent)(2) 80.3 80.3 80.7
10 Construction contracts(3) 176.0(r) 175.0(r) 175.0(r)
11 Nonagricultural employment,
total(4) 127.3 127.5 127.9
12 Goods-producing, total 103.5 103.6 104.1
13 Manufacturing, total 97.3 97.3 97.4
14 Manufacturing, production
workers 98.1 98.1 98.2
15 Service-producing 134.9 135.2 135.5
16 Personal income, total 201.3 201.7(r) 203.3(r)
17 Wages and salary 201.4(r) 202.7(r) 204.3(r)
disbursements
18 Manufacturing 159.7(r) 159.8(r) 161.1(r)
19 Disposable personal income(5) 196.0(r) 196.1(r) 197.4(r)
20 Retail sales(5) 200.8 204.0 205.5
Prices(6)
21 Consumer (1982-84=100) 168.3 168.3 168.7
22 Producer finished goods 134.9 134.9 134.7
(1982=100)
Measure 2000
Feb. Mar. Apr.
1 Industrial production(1) 141.6 142.4 143.5
Market groupings
2 Products, total 130.1 130.3 131.0(r)
3 Final, total 131.8 132.0 132.8
4 Consumer goods 118.7 118.0 118.6
5 Equipment 155.0 156.9 158.1(r)
6 Intermediate 124.8 125.1 125.3(r)
7 Materials 161.2 163.1 165.0(r)
Industry groupings
8 Manufacturing 147.2 148.4 149.3
9 Capacity utilization,
manufacturing (percent)(2) 80.7 81.1 81.3
10 Construction contracts(3) 179.0(r) 192.0(r) 184.0(r)
11 Nonagricultural employment,
total(4) 128.0 128.5 128.9
12 Goods-producing, total 103.9 104.3 104.3
13 Manufacturing, total 97.2 97.3 97.3
14 Manufacturing, production
workers 98.0 97.9 98.0
15 Service-producing 135.7 136.2 136.8
16 Personal income, total 204.4(r) 206.0(r) 207.1(r)
17 Wages and salary 205.2(r) 206.4(r) 208.1(r)
disbursements
18 Manufacturing 161.6(r) 162.0(r) 163.5(r)
19 Disposable personal income(5) 198.3(r) 199.8(r) 200.7(r)
20 Retail sales(5) 208.3 209.3 208.3
Prices(6)
21 Consumer (1982-84=100) 169.7 171.1 171.2
22 Producer finished goods 136.0 136.8(r) 137.0
(1982=100)
Measure 2000
May(r) June July(p)
1 Industrial production(1) 144.4 144.8 145.3
Market groupings
2 Products, total 131.0 131.0 131.3
3 Final, total 133.0 133.2 133.6
4 Consumer goods 118.5 118.5 117.9
5 Equipment 158.9 159.4 161.9
6 Intermediate 124.8 124.2 124.3
7 Materials 167.6 168.7 169.6
Industry groupings
8 Manufacturing 150.2 150.7 151.6
9 Capacity utilization,
manufacturing (percent)(2) 81.4 81.4 81.6
10 Construction contracts(3) 171.0 178.0 172.0
11 Nonagricultural employment,
total(4) 129.1 129.1 129.0
12 Goods-producing, total 104.1 104.2 104.4
13 Manufacturing, total 97.3 97.3 97.6
14 Manufacturing, production
workers 97.9 97.9 98.3
15 Service-producing 137.0 137.1 136.9
16 Personal income, total 207.7 208.6 209.1
17 Wages and salary 208.1 209.4 210.5
disbursements
18 Manufacturing 162.6 163.8 164.7
19 Disposable personal income(5) 201.2 201.8 202.4
20 Retail sales(5) 208.5 209.4 211.0
Prices(6)
21 Consumer (1982-84=100) 171.3 172.3 172.6
22 Producer finished goods 137.5 138.4 138.3
(1982=100)
(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in November 1999. The recent annual
revision is described in an article in the March 2000 issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.
(2.) Ratio of index of production to index of capacity. Based on data
from the Federal Reserve, U.S. Department of Commerce, and other
sources.
(3.) Index of dollar value of total construction contracts, including
residential, nonresidential, and heavy engineering, from McGraw-Hill
Information Systems Company, F.W. Dodge Division.
(4.) Based on data from the U.S. Department of Labor, Employment and
Earnings. Series covers employees only, excluding personnel in the
armed forces.
(5.) Based on data from U.S. Department of Commerce, Survey of
Current Business.
(6.) Based on data not seasonally adjusted. Seasonally adjusted data
for changes in the price indexes can be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Monthly Labor Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5,
and indexes for series mentioned in notes 3 and 6, can also be found
in the Survey of Current Business.
2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
Category 1997 1998 1999
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 136,297 137,673 139,368
Employment
2 Nonagricultural
industries(3) 126,159 128,085 130,207
3 Agriculture 3,399 3,378 3,281
Unemployment
4 Number 6,739 6,210 5,880
5 Rate (percent of
civilian labor force) 4.9 4.5 4.2
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 122,690 125,826 128,616
7 Manufacturing 18,675 18,772 18,431
8 Mining 596 590 535
9 Contract construction 5,691 5,985 6,273
10 Transportation and
public utilities 6,408 6,600 6,792
11 Trade 28,614 29,127 29,792
12 Finance 7,109 7,407 7,632
13 Service 36,040 37,526 39,000
14 Government 19,557 19,819 20,161
Category 1999 2000
Dec. Jan. Feb.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 140,108 140,910 141,165
Employment
2 Nonagricultural industries(3) 131,141 131,850 131,954
3 Agriculture 3,279 3,371 3,408
Unemployment
4 Number 5,688 5,689 5,804
5 Rate (percent of civilian
labor force) 4.1 4.0 4.1
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 130,038 130,387 130,482
7 Manufacturing 18,479 18,495 18,473
8 Mining 530 530 533
9 Contract construction 6,552 6,652 6,618
10 Transportation and
public utilities 6,911 6,925 6,937
11 Trade 29,938 29,978 29,989
12 Finance 7,613 7,612 7,624
13 Service 39,707 39,844 39,914
14 Government 20,308 20,351 20,394
Category 2000
Mar. Apr. May(r)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 140,867 141,230 140,489
Employment
2 Nonagricultural industries(3) 131,801 132,351 131,417
3 Agriculture 3,359 3,355 3,298
Unemployment
4 Number 5,708 5,524 5,774
5 Rate (percent of civilian
labor force) 4.1 3.9 4.1
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 131,009 131,419 131,590
7 Manufacturing 18,476 18,492 18,479
8 Mining 536 539 539
9 Contract construction 6,726 6,694 6,666
10 Transportation and
public utilities 6,953 6,970 6,962
11 Trade 30,044(r) 30,252 30,112
12 Finance 7,621 7,610 7,600
13 Service 40,090 40,195 40,220
14 Government 20,547 20,667 21,012
Category 2000
June July(p)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 140,762 140,399
Employment
2 Nonagricultural industries(3) 131,858 131,450
3 Agriculture 3,321 3,299
Unemployment
4 Number 5,583 5,650
5 Rate (percent of civilian
labor force) 4.0 4.0
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 131,620 131,512
7 Manufacturing 18,492 18,538
8 Mining 539 540
9 Contract construction 6,668 6,674
10 Transportation and
public utilities 6,985 7,005
11 Trade 30,162 30,221
12 Finance 7,589 7,596
13 Service 40,385 40,384
14 Government 20,800 20,554
(1.) Beginning January 1994, reflects redesign of current population
survey and population controls from the 1990 census.
(2.) Persons sixteen years of age and older, including Resident Armed
Forces. Monthly figures are based on sample data collected during the
calendar week that contains the twelfth day; annual data are averages
of monthly figures. By definition, seasonality does not exist in
population figures.
(3.) Includes self-employed, unpaid family, and domestic service
workers.
(4.) Includes all full- and part-time employees who worked during,
or received pay for, the pay period that includes the twelfth day
of the month; excludes proprietors, self-employed persons, household
and unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted
data are available at this time.
SOURCE. Based on data from U.S. Department of Labor, Employment
and Earnings.
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION(1)
Seasonally adjusted
1999 2000
Series
Q3 Q4 Q1 Q2(r)
Output (1992=100)
1 Total industry 137.7 139.5 141.7 144.2
2 Manufacturing 142.5 144.9 147.4 150.1
3 Primary processing(3) 123.4 125.4 126.0 125.7
4 Advanced processing(4) 152.5 155.2 158.7 162.9
5 Durable goods 174.4 177.4 182.5 188.7
6 Lumber and products 120.5 120.6 121.3 119.0
7 Primary metals 128.7 130.9 132.4 133.3
8 Iron and steel 126.6 129.1 130.9 132.3
9 Nonferrous 131.2 133.3 134.3 134.4
10 Industrial machinery and
equipment 232.3 239.9 252.3 263.3
11 Electrical machinery 400.9 419.0 458.1 512.7
12 Motor vehicles and parts 153.3 154.7 155.2 157.9
13 Aerospace and miscellaneous
transportation equipment 93.8 89.9 88.0 86.6
14 Nondurable goods 111.5 113.4 113.7 113.3
15 Textile mill products 111.6 111.4 111.3 109.6
16 Paper and products 116.0 117.9 117.0 116.7
17 Chemicals and products 117.0 121.8 121.7 120.3
18 Plastics materials 124.2 132.3 134.0 131.6
19 Petroleum products 114.6 114.1 115.8 117.1
20 Mining 98.2 99.5 100.4 101.4
21 Utilities 118.4 113.2 113.6 115.8
22 Electric 120.8 116.5 115.5 118.5
1999 2000
Series
Q3 Q4 Q1 Q2
Capacity (percent of 1992 output)
1 Total industry 170.7 172.3 173.8 175.5
2 Manufacturing 178.7 180.6 182.4 184.4
3 Primary processing(3) 149.0 149.8 150.4 150.9
4 Advanced processing(4) 193.7 196.1 198.7 201.6
5 Durable goods 217.6 221.0 224.8 229.1
6 Lumber and products 147.4 148.4 149.0 149.1
7 Primary metals 149.3 150.1 150.7 151.5
8 Iron and steel 151.3 152.5 153.5 154.4
9 Nonferrous 147.0 147.2 147.5 148.0
10 Industrial machinery and
equipment 285.3 295.8 306.1 315.2
11 Electrical machinery 498.5 514.6 537.2 570.7
12 Motor vehicles and parts 184.9 185.0 185.7 186.7
13 Aerospace and miscellaneous
transportation equipment 126.2 125.8 125.2 124.5
14 Nondurable goods 139.9 140.3 140.5 140.6
15 Textile mill products 131.6 131.8 131.9 131.9
16 Paper and products 135.3 136.1 136.6 136.7
17 Chemicals and products 150.7 151.0 151.4 151.7
18 Plastics materials 138.4 139.6 140.8 141.9
19 Petroleum products 122.7 123.1 123.4 123.6
20 Mining 120.2 120.2 119.8 119.3
21 Utilities 127.8 128.2 128.6 129.0
22 Electric 125.6 126.1 126.6 127.1
1999 2000
Series
Q3 Q4 Q1 Q2(r)
Capacity utilization rate
(percent)(2)
1 Total industry 80.7 81.0 81.5 82.2
2 Manufacturing 79.7 80.3 80.8 81.4
3 Primary processing(3) 82.8 83.7 83.8 83.3
4 Advanced processing(4) 78.7 79.1 79.9 80.8
5 Durable goods 80.2 80.3 81.2 82.4
6 Lumber and products 81.7 81.2 81.4 79.8
7 Primary metals 86.2 87.2 87.9 88.0
8 Iron and steel 83.7 84.6 85.3 85.7
9 Nonferrous 89.3 90.5 91.0 90.8
10 Industrial machinery and
equipment 81.4 81.1 82.4 83.5
11 Electrical machinery 80.4 81.4 85.3 89.8
12 Motor vehicles and parts 82.9 83.6 83.6 84.6
13 Aerospace and miscellaneous
transportation equipment 74.3 71.5 70.3 69.5
14 Nondurable goods 79.7 80.9 80.9 80.6
15 Textile mill products 84.8 84.5 84.4 83.1
16 Paper and products 85.7 86.6 85.6 85.4
17 Chemicals and products 77.6 80.7 80.4 79.3
18 Plastics materials 89.7 94.8 95.2 92.8
19 Petroleum products 93.4 92.7 93.9 94.8
20 Mining 81.7 82.8 83.8 85.0
21 Utilities 92.7 88.3 88.3 89.8
22 Electric 96.2 92.4 91.2 93.2
1973 1975 Previous
cycle(5)
Series High low High low
Capacity utilization
rate (percent)(5)
1 Total industry 89.2 72.6 87.3 71.1
2 Manufacturing 88.5 70.5 86.9 69.0
3 Primary processing(3) 91.2 68.2 88.1 66.2
4 Advanced processing(4) 87.2 71.8 86.7 70.4
5 Durable goods 89.2 68.9 87.7 63.9
6 Lumber and products 88.7 61.2 87.9 60.8
7 Primary metals 100.2 65.9 94.2 45.1
8 Iron and steel 105.8 66.6 95.8 37.0
9 Nonferrous 90.8 59.8 91.1 60.1
10 Industrial machinery and
equipment 96.0 74.3 93.2 64.0
11 Electrical machinery 89.2 64.7 89.4 71.6
12 Motor vehicles and parts 93.4 51.3 95.0 45.5
13 Aerospace and miscellaneous
transportation equipment 78.4 67.6 81.9 66.6
14 Nondurable goods 87.8 71.7 87.5 76.4
15 Textile mill products 91.4 60.0 91.2 72.3
16 Paper and products 97.1 69.2 96.1 80.6
17 Chemicals and products 87.6 69.7 84.6 69.9
18 Plastics materials 102.0 50.6 90.9 63.4
19 Petroleum products 96.7 81.1 90.0 66.8
20 Mining 94.3 88.2 96.0 80.3
21 Utilities 96.2 82.9 89.1 75.9
22 Electric 99.0 82.7 88.2 78.9
Latest
cycle(6) 1999 2000
Series High low July Feb. Mar.
Capacity utilization
rate (percent)(2)
1 Total industry 85.4 78.1 80.7 81.5 81.7
2 Manufacturing 85.7 76.6 79.7 80.7 81.1
3 Primary processing(3) 88.9 77.7 82.9 83.7 83.7
4 Advanced processing(4) 84.2 76.1 78.6 79.7 80.2
5 Durable goods 84.6 73.1 80.3 80.9 81.6
6 Lumber and products 93.6 75.5 82.7 81.3 80.8
7 Primary metals 92.7 73.7 85.9 86.9 88.5
8 Iron and steel 95.2 71.8 83.7 84.1 86.4
9 Nonferrous 89.3 74.2 88.6 90.3 91.1
10 Industrial machinery and
equipment 85.4 72.3 81.5 82.5 83.0
11 Electrical machinery 84.0 75.0 80.9 84.9 86.9
12 Motor vehicles and parts 89.1 55.9 82.3 82.6 83.6
13 Aerospace and miscellaneous
transportation equipment 87.3 79.2 74.9 69.9 70.4
14 Nondurable goods 87.3 80.7 79.4 81.0 80.9
15 Textile mill products 90.4 77.7 85.3 84.0 84.6
16 Paper and products 93.5 85.0 85.2 85.3 85.9
17 Chemicals and products 86.2 79.3 76.9 80.8 80.0
18 Plastics materials 97.0 74.8 90.9 102.4 91.3
19 Petroleum products 88.5 85.1 93.9 93.7 96.1
20 Mining 88.0 87.0 81.3 83.5 84.7
21 Utilities 92.6 83.4 93.9 89.7 86.1
22 Electric 95.0 87.1 97.7 91.7 90.3
2000
Series Apr.(r) May(r) June July(p)
Capacity utilization
rate (percent)(2)
1 Total industry 82.0 82.3 82.2 82.3
2 Manufacturing 81.3 81.4 81.4 81.6
3 Primary processing(3) 83.8 83.3 83.0 83.2
4 Advanced processing(4) 80.5 80.9 81.0 81.2
5 Durable goods 82.1 82.5 82.5 82.5
6 Lumber and products 81.0 80.2 78.2 78.6
7 Primary metals 88.5 87.8 87.7 87.4
8 Iron and steel 86.1 85.4 85.6 84.8
9 Nonferrous 91.5 90.6 90.3 90.6
10 Industrial machinery and
equipment 83.4 83.5 83.6 84.0
11 Electrical machinery 88.7 90.2 90.6 91.4
12 Motor vehicles and parts 83.9 85.4 84.5 79.6
13 Aerospace and miscellaneous
transportation equipment 69.8 69.1 69.7 70.5
14 Nondurable goods 80.8 80.5 80.5 80.8
15 Textile mill products 84.4 82.5 82.3 82.3
16 Paper and products 86.2 84.9 85.2 85.2
17 Chemicals and products 79.3 79.3 79.4 79.5
18 Plastics materials 93.4 93.0 92.0 89.4
19 Petroleum products 94.8 95.6 93.9 94.8
20 Mining 84.7 84.7 85.6 87.2
21 Utilities 89.2 91.3 88.9 85.9
22 Electric 92.9 94.5 92.2 88.3
(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in November 1999. The recent annual
revision is described in an article in the March 2000 issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.
(2.) Capacity utilization is calculated as the ratio of
the Federal Reserve's seasonally adjusted index of industrial
production to the corresponding index of capacity.
(3.) Primary processing includes textiles; lumber; paper; industrial
chemicals; synthetic materials; fertilizer materials; petroleum
products; rubber and plastics; stone, clay, and glass; primary metals;
and fabricated metals. 4. Advanced processing includes foods; tobacco;
apparel; furniture and fixtures; printing and publishing; chemical
products such as drugs and toiletries; agricultural chemicals; leather
and products; machinery; transportation equipment; instruments; and
miscellaneous manufactures.
(5.) Monthly highs, 1978-80; monthly lows, 1982.
(6.) Monthly highs, 1988-89; monthly lows, 1990-91.
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value(1)
Group 1992
SIC pro- 1999
code por- avg.
tion
Index (1992=100)
MAJOR MARKETS
1 Total index 100.0 137.1
2 Products 60.5 126.5
3 Final products 46.3 128.0
4 Consumer goods, total 29.1 116.9
5 Durable consumer goods 6.1 152.6
6 Automotive products 2.6 144.7
7 Autos and trucks 1.7 151.8
8 Autos, consumer .9 102.6
9 Trucks, consumer .7 202.4
Auto parts and
10 allied goods .9 133.9
11 Other 3.5 158.6
12 Appliances,
televisions,
and air
conditioners 1.0 324.3
13 Carpeting and
furniture .8 121.7
14 Miscellaneous
home goods 1.6 114.7
15 Nondurable consumer goods 23.0 108.7
16 Foods and tobacco 10.3 107.3
17 Clothing 2.4 90.6
18 Chemical products 4.5 121.8
19 Paper products 2.9 102.3
20 Energy 2.9 114.0
21 Fuels .8 111.3
22 Residential utilities 2.1 115.0
23 Equipment 17.2 148.9
24 Business equipment 13.2 171.6
25 Information processing
and related 5.4 248.6
26 Computer and office
equipment 1.1 840.1
27 Industrial 4.0 135.3
28 Transit 2.5 126.9
29 Autos and trucks 1.2 131.4
30 Other 1.3 131.4
31 Defense and space equipment 3.3 74.4
32 Oil and gas well drilling .6 106.8
33 Manufactured homes .2 155.2
34 Intermediate products, total 14.2 122.1
35 Construction supplies 5.3 133.4
36 Business supplies 8.9 115.3
37 Materials 39.5 154.8
38 Durable goods materials 20.8 198.9
39 Durable consumer parts 4.0 150.7
40 Equipment parts 7.6 360.9
41 Other 9.2 131.3
42 Basic metal materials 3.1 121.8
43 Nondurable goods materials 8.9 114.6
44 Textile materials 1.1 101.0
45 Paper materials 1.8 117.0
46 Chemical materials 3.9 117.3
47 Other 2.1 113.5
48 Energy materials 9.7 101.7
49 Primary energy 6.3 99.2
50 Converted fuel materials 3.3 107.0
SPECIAL AGGREGATES
51 Total excluding autos and trucks 97.1 137.0
52 Total excluding motor vehicles
and parts 95.1 136.4
53 Total excluding computer
and office equipment 98.2 131.1
54 Consumer goods excluding autos
and trucks 27.4 115.0
55 Consumer goods excluding energy 26.2 117.3
56 Business equipment excluding
autos and trucks 12.0 176.2
57 Business equipment excluding
computer and
office equipment 12.1 143.8
58 Materials excluding energy 29.8 172.0
MAJOR INDUSTRIES
59 Total index ... 100.0 137.1
60 Manufacturing ... 85.4 142.3
61 Primary processing ... 26.5 123.3
62 Advanced processing ... 58.9 151.8
63 Durable goods ... 45.0 172.8
64 Lumber and products 24 2.0 121.6
65 Furniture and fixtures 25 1.4 125.5
66 Stone, clay, and glass
products 32 2.1 130.5
67 Primary metals 33 3.1 126.6
68 Iron and steel 331,2 1.7 123.2
69 Raw steel 331PT .1 113.3
70 Nonferrous 333-6,9 1.4 130.9
71 Fabricated metal products 34 5.0 128.7
72 Industrial machinery and
equipment 35 8.0 230.1
73 Computer and office
equipment 357 1.8 1,061.4
74 Electrical machinery 36 7.3 390.2
75 Transportation equipment 37 9.5 122.4
76 Motor vehicles and parts 371 4.9 151.0
77 Autos and light trucks 371PT 2.6 137.8
78 Aerospace and
miscellaneous
transportation
equipment 372-6,9 4.6 94.9
79 Instruments 38 5.4 116.5
80 Miscellaneous 39 1.3 124.7
81 Nondurable goods ... 40.4 111.8
82 Foods 20 9.4 110.1
83 Tobacco products 21 1.6 94.3
84 Textile mill products 22 1.8 110.9
85 Apparel products 23 2.2 90.7
86 Paper and products 26 3.6 116.2
87 Printing and publishing 27 6.7 104.4
88 Chemicals and products 28 9.9 117.5
89 Petroleum products 29 1.4 114.7
90 Rubber and plastic products 30 3.5 137.7
91 Leather and products 31 .3 69.8
92 Mining ... 6.9 98.0
93 Metal 10 .5 97.1
94 Coal 12 1.0 108.1
95 Oil and gas extraction 13 4.8 92.5
96 Stone and earth minerals 14 .6 124.4
97 Utilities ... 7.7 115.6
98 Electric 491,493PT 6.2 118.2
99 Gas 492,493PT 1.6 104.8
SPECIAL AGGREGATES
100 Manufacturing excluding motor
vehicles and parts ... 80.5 141.7
101 Manufacturing excluding
computer and office
equipment ... 83.6 135.3
102 Computers, communications
equipment, and
semiconductors ... 5.9 794.1
103 Manufacturing excluding
computers and
semiconductors ... 81.1 121.6
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors ... 79.5 119.3
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total ... 2,001.9 2,726.1
106 Final ... 1,552.1 2,101.6
107 Consumer goods ... 1,049.6 1,294.9
108 Equipment ... 502.5 808.3
109 Intermediate ... 449.9 623.3
1999
Group
July Aug. Sept.
Index (1992=100)
MAJOR MARKETS
1 Total index 137.4 137.7 138.1
2 Products 126.9 127.6 127.6
3 Final products 128.6 129.5 129.1
4 Consumer goods, total 116.8 117.6 117.1
5 Durable consumer goods 153.4 155.5 153.5
6 Automotive products 143.7 150.6 145.5
7 Autos and trucks 148.9 162.9 152.8
8 Autos, consumer 102.4 105.0 105.5
9 Trucks, consumer 197.2 221.6 201.9
Auto parts and
10 allied goods 135.3 132.8 134.4
11 Other 161.1 158.7 159.7
12 Appliances,
televisions,
and air
conditioners 329.9 319.0 326.3
13 Carpeting and
furniture 124.1 122.1 124.1
14 Miscellaneous
home goods 115.9 115.4 114.4
15 Nondurable consumer goods 108.3 108.9 108.7
16 Foods and tobacco 106.7 106.5 106.2
17 Clothing 89.2 90.1 89.9
18 Chemical products 119.4 122.7 120.9
19 Paper products 102.0 103.2 104.7
20 Energy 118.6 116.6 117.6
21 Fuels 111.1 110.0 112.0
22 Residential utilities 121.7 119.3 119.7
23 Equipment 149.3 150.5 150.2
24 Business equipment 172.6 173.9 173.7
25 Information processing
and related 253.8 259.9 261.3
26 Computer and office
equipment 851.9 892.8 926.9
27 Industr 
