Financial and Business Statistics
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
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
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
Monetary or credit aggregate
Q1 Q2 Q3(r)
Reserves of depository
institutions(2)
1 Total -1.2 -6.6 -15.4
2 Required 1.0 -5.6 -15.0
3 Nonborrowed -1.3 -6.7 -17.1
4 Monetary base(3) 8.7 9.6 9.2
Concepts of money and debt(4)
5 M1 1.9 2.1 -1.8
6 M2 7.5 6.0 5.2
7 M3 8.2 6.0 4.9
8 Debt 6.7 7.0(r) 6.1
Nontransaction components
9 In M2(5) 9.3 7.3 7.5
10 In M3 only(6) 10.1 5.9 4.0
Time and savings deposits
Commercial banks
11 Savings including MMDAs 14.0 10.7 10.6
12 Small time(7) -5.2 -2.0 2.1
13 Large time(8,9) .5 -.9 .2
Thrift institutions
14 Savings, including MMDAs 14.2 14.5 13.3
15 Small time(7) -6.7(r) -6.3 -3.2
16 Large time(8) 8.0 -4.4 1.2
Money market mutual funds
17 Retail 18.7 11.2 8.0
18 Institution-only 19.8 14.1 9.3
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 17.4 -1.2(r) 9.1
20 Eurodollars(10) -1.3 21.7 -9.7
Debt components(4)
21 Federal -3.1 -2.3 -.3
22 Nonfederal 9.6 9.7 8.0
1999 1999(r)
Monetary or credit aggregate
Q4(r) Oct. Nov. Dec.
Reserves of depository
institutions(2)
1 Total -7.9 -33.3 7.5 9.4
2 Required -9.4 -33.0 2.2 10.4
3 Nonborrowed -7.5 -32.0 8.9 7.0
4 Monetary base(3) 20.0 16.4 25.6 44.2
Concepts of money and debt(4)
5 M1 4.9 5.6 9.0 15.6
6 M2 5.0 4.2 4.9 7.3
7 M3 9.7 9.2 14.4 16.8
8 Debt 6.4 6.4 4.7 6.8
Nontransaction components
9 In M2(5) 5.0 3.8 3.7 4.6
10 In M3 only(6) 22.8 22.9 39.9 41.9
Time and savings deposits
Commercial banks
11 Savings including MMDAs 4.2 3.7 -.7 -3.1
12 Small time(7) 6.8 6.6 9.0 8.2
13 Large time(8,9) 36.9 50.2 52.7 47.8
Thrift institutions
14 Savings, including MMDAs -3.3 -6.1 -4.5 -8.0
15 Small time(7) 5.0 4.2 8.3 6.4
16 Large time(8) 6.3 .0 20.1 5.3
Money market mutual funds
17 Retail 9.4 7.1 9.2 20.2
18 Institution-only 21.4 22.9 29.9 31.0
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 12.8 -.4 31.0 49.3
20 Eurodollars(10) 9.1 -11.6 61.4 65.8
Debt components(4)
21 Federal -4.4 -5.8 -7.7 .8
22 Nonfederal 9.4 9.8 8.1 8.4
2000
Monetary or credit aggregate
Jan.(r) Feb.
Reserves of depository
institutions(2)
1 Total 47.0 -46.3
2 Required 27.2 -22.0
3 Nonborrowed 45.8 -39.2
4 Monetary base(3) 1.3 -38.1
Concepts of money and debt(4)
5 M1 -3.1 -17.0
6 M2 5.9 2.2
7 M3 8.1 4.2
8 Debt 6.0 n.a.
Nontransaction components
9 In M2(5) 8.8 8.2
10 In M3 only(6) 13.7 9.2
Time and savings deposits
Commercial banks
11 Savings including MMDAs 2.1 12.4
12 Small time(7) 7.4 9.2
13 Large time(8,9) 6.3 19.0
Thrift institutions
14 Savings, including MMDAs -3.7 7.2
15 Small time(7) 8.2 2.2
16 Large time(8) 36.8 7.6
Money market mutual funds
17 Retail 26.9 4.1
18 Institution-only 31.8 -11.5
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) -20.4 47.4
20 Eurodollars(10) 29.5 -21.2
Debt components(4)
21 Federal -4.4 n.a.
22 Nonfederal 8.8 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,
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 (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 1999 2000
Dec. Jan. Feb.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 595,909 582,309 556,692
U.S. government
securities(2)
2 Bought outright--System
account(3) 492,467 491,902 501,923
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 180 158
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 68,012 53,099 19,991
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 160 315 40
9 Seasonal credit 69 30 44
10 Special Liquidity
Facility credit 74 48 17
11 Extended credit 0 0 0
12 Float 761 1,344 679
13 Other Federal Reserve
assets 34,186 35,392 33,840
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,652 6,200 6,200
16 Treasury currency
outstanding 27,928 28,177 28,314
ABSORBING RESERVE FUNDS
17 Currency in circulation 601,159 587,982 565,424
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 110 121 148
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 8,250 8,148 5,259
21 Foreign 136 93 92
22 Service-related balances
and adjustments 7,513 7,676(r) 7,415
23 Other 248 361 244
24 Other Federal Reserve
liabilities and capital 18,505 18,240 18,684
25 Reserve balances with Federal
Reserve Banks(5) 5,616 5,114 4,987
Average of daily figures for
week ending on date indicated
Factor 2000
Jan. 12 Jan. 19 Jan. 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 589,581 571,877 565,741
U.S. government
securities(2)
2 Bought outright--System
account(3) 484,695 494,824 497,578
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 181 179
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 67,421 40,754 28,821
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 856 242 117
9 Seasonal credit 31 28 27
10 Special Liquidity
Facility credit 127 16 17
11 Extended credit 0 0 0
12 Float 1,032 403 3,365
13 Other Federal Reserve
assets 35,238 35,430 35,637
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,146 28,192 28,237
ABSORBING RESERVE FUNDS
17 Currency in circulation 599,272 581,666 571,880
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 121 122 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,326 5,390 7,205
21 Foreign 74 101 83
22 Service-related balances
and adjustments 7,967 7,473 7,771
23 Other 191 250 237
24 Other Federal Reserve
liabilities and capital 18,188 18,446 18,491
25 Reserve balances with Federal
Reserve Banks(5) 3,835 3,870 5,434
Average of daily figures for
week ending on date indicated
Factor 2000
Feb. 2 Feb. 9 Feb. 16
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 558,370 555,751 557,686
U.S. government
securities(2)
2 Bought outright--System
account(3) 500,503 501,838 502,470
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 175 175 150
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 21,143 18,419 19,826
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 82 41 27
9 Seasonal credit 24 29 44
10 Special Liquidity
Facility credit 33 17 19
11 Extended credit 0 0 0
12 Float 976 201 667
13 Other Federal Reserve
assets 35,434 35,030 34,483
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,282 28,296 28,310
ABSORBING RESERVE FUNDS
17 Currency in circulation 566,817 565,669 565,704
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 126 131 146
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 6,131 5,259 5,306
21 Foreign 146 91 88
22 Service-related balances
and adjustments 7,230 7,872 7,895
23 Other 248 249 237
24 Other Federal Reserve
liabilities and capital 18,344 18,469 18,795
25 Reserve balances with Federal
Reserve Banks(5) 4,859 3,556 5,074
Average
of daily
figures for
week ending on End-of-month
date indicated figures
Factor 2000 1999 2000
Feb. 23 Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 557,049 653,561 561,444
U.S. government
securities(2)
2 Bought outright--System
account(3) 502,193 477,963 500,228
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 150 181 175
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 21,041 140,640 23,105
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 42 140 86
9 Seasonal credit 52 47 21
10 Special Liquidity
Facility credit 15 47 22
11 Extended credit 0 0 0
12 Float 1,010 -237 2,986
13 Other Federal Reserve
assets 32,546 34,781 34,820
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,324 28,013 28,282
ABSORBING RESERVE FUNDS
17 Currency in circulation 565,747 628,359 566,568
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 162 109 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,334 28,402 6,119
21 Foreign 81 71 82
22 Service-related balances
and adjustments 6,960 7,867 7,230
23 Other 238 1,261 265
24 Other Federal Reserve
liabilities and capital 18,823 17,256 18,101
25 Reserve balances with Federal
Reserve Banks(5) 5,278 15,498 8,484
End-of-month
figures Wednesday figures
Factor 2000 2000
Feb. Jan. 12 Jan. 19
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 558,483 585,632 568,808
U.S. government
securities(2)
2 Bought outright--System
account(3) 500,771 485,719 496,110
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 150 181 181
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 24,768 62,895 34,610
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 29 946 127
9 Seasonal credit 64 32 32
10 Special Liquidity
Facility credit 16 22 13
11 Extended credit 0 0 0
12 Float 339 365 2,335
13 Other Federal Reserve
assets 32,347 35,472 35,401
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,338 28,146 28,192
ABSORBING RESERVE FUNDS
17 Currency in circulation 564,593 589,928 577,837
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 162 121 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,004 5,454 3,716
21 Foreign 129 110 80
22 Service-related balances
and adjustments 6,917 7,967 7,473
23 Other 243 229 256
24 Other Federal Reserve
liabilities and capital 18,785 18,019 18,187
25 Reserve balances with Federal
Reserve Banks(5) 8,237 9,200 6,574
Wednesday figures
Factor 2000
Jan. 26 Feb. 2 Feb. 9
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 571,162 554,775 563,385
U.S. government
securities(2)
2 Bought outright--System
account(3) 499,138 501,078 502,331
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 175 175 175
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 25,105 19,110 25,280
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 154 77 37
9 Seasonal credit 23 27 41
10 Special Liquidity
Facility credit 21 23 17
11 Extended credit 0 0 0
12 Float 10,713 -629 242
13 Other Federal Reserve
assets 35,832 34,914 35,262
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency outstanding 28,237 28,282 28,296
ABSORBING RESERVE FUNDS
17 Currency in circulation 569,593 566,771 566,967
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 125 129 143
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 8,780 4,896 4,860
21 Foreign 81 143 81
22 Service-related balances
and adjustments 7,771 7,231 7,872
23 Other 237 266 247
24 Other Federal Reserve
liabilities and capital 18,363 17,802 18,487
25 Reserve balances with Federal
Reserve Banks(5) 11,697 3,069 10,273
Wednesday figures
Factor 2000
Feb. 16 Feb. 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding
U.S. government 557,308 560,717
securities(2)
2 Bought outright--System
account(3)
3 Held under repurchase 502,699 500,423
agreements
Federal agency obligations 0 0
4 Bought outright
5 Held under repurchase 150 150
agreements
6 Repurchase agreements-- 0 0
triparty(4)
7 Acceptances 21,505 24,255
Loans to depository 0 0
institutions
8 Adjustment credit
9 Seasonal credit 19 48
10 Special Liquidity 49 53
Facility credit
11 Extended credit 18 16
12 Float 0 0
13 Other Federal Reserve 482 2,998
assets
14 Gold stock 32,385 32,775
15 Special drawing rights 11,048 11,048
certificate account
16 Treasury currency 6,200 6,200
outstanding 28,310 28,324
ABSORBING RESERVE FUNDS
17 Currency in circulation 566,545 566,033
18 Reverse repurchase
agreements--triparty(4) 0 0
19 Treasury cash holdings 162 162
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 4,775 4,818
21 Foreign 108 107
22 Service-related balances
and adjustments 7,895 6,960
23 Other 256 238
24 Other Federal Reserve
liabilities and capital 18,548 18,609
25 Reserve balances with Federal
Reserve Banks(5) 4,578 9,362
(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 9,021 5,260
2 Total vault cash(3) 44,742 44,293 60,499
3 Applied vault cash(4) 37,255 35,997 36,384
4 Surplus vault cash(5) 7,486 8,296 24,116
5 Total reserves(6) 47,920 45,018 41,643
6 Required reserves 46,235 43,435 40,332
7 Excess reserve balances at
Reserve Banks(7) 1,685 1,583 1,311
8 Total borrowing at Reserve Banks 324 117 320
9 Adjustment 245 101 179
10 Seasonal 79 15 67
11 Special Liquidity Facility(8) ... ... 74
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 1999
Aug. Sept. Oct.
1 Reserve balances with Reserve
Banks(2) 7,802 7,698 6,768
2 Total vault cash(3) 44,603 44,447 47,030
3 Applied vault cash(4) 34,069 34,089 33,933
4 Surplus vault cash(5) 10,533 10,359 13,096
5 Total reserves(6) 41,871 41,787 40,702
6 Required reserves 40,742 40,590 39,549
7 Excess reserve balances at
Reserve Banks(7) 1,129 1,197 1,153
8 Total borrowing at Reserve Banks 344 338 281
9 Adjustment 72 56 52
10 Seasonal 271 282 221
11 Special Liquidity Facility(8) ... 0 8
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 1999 2000
Nov. Dec. Jan.(r)
1 Reserve balances with Reserve
Banks(2) 6,285 5,260 5,207
2 Total vault cash(3) 50,754 60,499 73,898
3 Applied vault cash(4) 34,660 36,384 39,097
4 Surplus vault cash(5) 16,094 24,116 34,802
5 Total reserves(6) 40,944 41,643 44,304
6 Required reserves 39,610 40,332 42,279
7 Excess reserve balances at
Reserve Banks(7) 1,334 1,311 2,025
8 Total borrowing at Reserve Banks 236 320 374
9 Adjustment 157 179 296
10 Seasonal 71 67 31
11 Special Liquidity Facility(8) 7 74 46
12 Extended credit(9) 0 0 0
Prorated Biweekly averages
monthly of daily figures
averages of for two week period
biweekly ending on dates
averages indicated
Reserve classification 2000 1999
Feb. Nov. 3
1 Reserve balances with Reserve
Banks(2) 5,072 6,721
2 Total vault cash(3) 63,745 47,593
3 Applied vault cash(4) 37,015 34,014
4 Surplus vault cash(5) 26,731 13,579
5 Total reserves(6) 42,087 40,735
6 Required reserves 40,971 39,742
7 Excess reserve balances at
Reserve Banks(7) 1,116 993
8 Total borrowing at Reserve Banks 108 246
9 Adjustment 45 72
10 Seasonal 44 153
11 Special Liquidity Facility(8) 19 22
12 Extended credit(9) 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 1999
Nov. 17 Dec. 1 Dec. 15
1 Reserve balances with Reserve
Banks(2) 6,524 5,927 5,434
2 Total vault cash(3) 49,519 52,813 56,693
3 Applied vault cash(4) 34,046 35,470 35,346
4 Surplus vault cash(5) 15,474 17,343 21,347
5 Total reserves(6) 40,569 41,397 40,780
6 Required reserves 39,196 40,027 39,682
7 Excess reserve balances at
Reserve Banks(7) 1,373 1,370 1,098
8 Total borrowing at Reserve Banks 329 133 181
9 Adjustment 263 64 94
10 Seasonal 62 62 61
11 Special Liquidity Facility(8) 5 7 27
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 1999 2000
Dec. 29 Jan. 12 Jan. 26(r)
1 Reserve balances with Reserve
Banks(2) 4,888 6,308 4,644
2 Total vault cash(3) 63,663 68,851 75,759
3 Applied vault cash(4) 37,329 37,491 40,031
4 Surplus vault cash(5) 26,334 31,360 35,728
5 Total reserves(6) 42,217 43,799 44,675
6 Required reserves 40,956 40,674 43,278
7 Excess reserve balances at
Reserve Banks(7) 1,261 3,125 1,396
8 Total borrowing at Reserve Banks 425 657 224
9 Adjustment 222 530 180
10 Seasonal 79 38 28
11 Special Liquidity Facility(8) 124 90 17
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 2000
Feb. 9(r) Feb. 23 Mar. 8
1 Reserve balances with Reserve
Banks(2) 4,145 5,172 6,233
2 Total vault cash(3) 80,804 58,780 49,745
3 Applied vault cash(4) 40,334 36,271 33,772
4 Surplus vault cash(5) 40,470 22,509 15,973
5 Total reserves(6) 44,479 41,443 40,005
6 Required reserves 43,333 40,260 39,090
7 Excess reserve balances at
Reserve Banks(7) 1,146 1,183 915
8 Total borrowing at Reserve Banks 114 100 119
9 Adjustment 62 35 44
10 Seasonal 27 48 61
11 Special Liquidity Facility(8) 25 17 15
12 Extended credit(9) 0 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
Adjustment credit(1)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 5.50 3/21/00 5.25
New York 5.50 3/21/00 5.25
Philadelphia 5.50 3/21/00 5.25
Cleveland 5.50 3/21/00 5.25
Richmond 5.50 3/21/00 5.25
Atlanta 5.50 3/21/00 5.25
Chicago 5.50 3/21/00 5.25
St. Louis 5.50 3/22/00 5.25
Minneapolis 5.50 3/21/00 5.25
Kansas City 5.50 3/21/00 5.25
Dallas 5.50 3/23/00 5.25
San Francisco 5.50 3/22/00 5.25
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 6.15 4/6/00 59.95
New York 6.15 4/6/00 59.95
Philadelphia 6.15 4/6/00 59.95
Cleveland 6.15 4/6/00 59.95
Richmond 6.15 4/6/00 59.95
Atlanta 6.15 4/6/00 59.95
Chicago 6.15 4/6/00 59.95
St. Louis 6.15 4/6/00 59.95
Minneapolis 6.15 4/6/00 59.95
Kansas City 6.15 4/6/00 59.95
Dallas 6.15 4/6/00 59.95
San Francisco 6.15 4/6/00 59.95
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 6.65 4/6/00 6.45
New York 6.65 4/6/00 6.45
Philadelphia 6.65 4/6/00 6.45
Cleveland 6.65 4/6/00 6.45
Richmond 6.65 4/6/00 6.45
Atlanta 6.65 4/6/00 6.45
Chicago 6.65 4/6/00 6.45
St. Louis 6.65 4/6/00 6.45
Minneapolis 6.65 4/6/00 6.45
Kansas City 6.65 4/6/00 6.45
Dallas 6.65 4/6/00 6.45
San Francisco 6.65 4/6/00 6.45
Current and previous levels
Special Liquidity Facility credit(4)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 7.50 3/21/00 7.25
New York 7.50 3/21/00 7.25
Philadelphia 7.50 3/21/00 7.25
Cleveland 7.50 3/21/00 7.25
Richmond 7.50 3/21/00 7.25
Atlanta 7.50 3/21/00 7.25
Chicago 7.50 3/21/00 7.25
St. Louis 7.50 3/21/00 7.25
Minneapolis 7.50 3/21/00 7.25
Kansas City 7.50 3/21/00 7.25
Dallas 7.50 3/21/00 7.25
San Francisco 7.50 3/21/00 7.25
Range of rates for adjustment
credit in recent years(5)
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
20 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
In effect Apr. 7, 2000 5.50 5.50
(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.) Available in the period between October 1, 1999, and April 7,
2000, to help depository institutions in sound financial condition
meet unusual needs for funds in the period around the century date
change. The interest rate on loans from the special facility is the
Federal Open Market Committee's intended federal funds rate plus
150 basis points.
(5.) 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 of Effective date
deposits
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 hills
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 hills 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.
Treasury securities 41,022 19,835 5,999
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 agency
obligations -500 7,703 -10,859
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 triparty
obligations 0 0 140,640
42 Total net change in System Open
Market Account 40,522 27,538 135,780
1999
Type of transaction
and maturity
July Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 42,037 37,052 42,643
4 For new hills 42,037 37,052 42,643
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 951 429 960
7 Gross sales 0 0 0
8 Maturity shifts 3,279 7,669 3,468
9 Exchanges -368 -10,798 -2,125
10 Redemptions 41 0 0
One to five years
11 Gross purchases 0 1,272 0
12 Gross sales 0 0 0
13 Maturity shifts -3,279 -4,751 -3,468
14 Exchanges 0 8,433 2,125
Five to ten years
15 Gross purchases 0 447 0
16 Gross sales 0 0 0
17 Maturity shifts 0 -2,918 0
18 Exchanges 373 1,290 0
More than ten years
19 Gross purchases 0 1,075 0
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 1,075 0
All maturities
23 Gross purchases 951 3,223 960
24 Gross sales 0 0 0
25 Redemptions 41 0 0
Matched transactions
26 Gross purchases 347,067 374,032 348,014
27 Gross sales 346,747 373,159 350,151
Repurchase agreements
28 Gross purchases 27,707 23,097 29,369
29 Gross sales 33,612 23,717 24,337
30 Net change in U.S.
Treasury securities -4,675 3,476 3,855
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 10 11 0
Repurchase agreements
34 Gross purchases 46,941 61,968 53,224
35 Gross sales 48,840 56,053 47,963
36 Net change in federal agency
obligations -1,909 5,904 5,261
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 0
40 Gross sales 0 0 0
41 Net change in triparty
obligations 0 0 0
42 Total net change in System Open
Market Account -6,584 9,380 9,116
1999
Type of transaction
and maturity
Oct. Nov.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 35,844 36,882
4 For new hills 35,844 36,882
5 Redemptions 0 0
Others within one year
6 Gross purchases 0 964
7 Gross sales 0 0
8 Maturity shifts 3,831 6,675
9 Exchanges -368 -10,150
10 Redemptions 170 0
One to five years
11 Gross purchases 0 1,014
12 Gross sales 0 0
13 Maturity shifts -3,831 -3,685
14 Exchanges 0 8,015
Five to ten years
15 Gross purchases 0 0
16 Gross sales 0 0
17 Maturity shifts 0 -2,273
18 Exchanges 0 2,135
More than ten years
19 Gross purchases 0 925
20 Gross sales 0 0
21 Maturity shifts 0 -717
22 Exchanges 374 0
All maturities
23 Gross purchases 0 2,903
24 Gross sales 0 0
25 Redemptions 170 0
Matched transactions
26 Gross purchases 332,708 317,537
27 Gross sales 330,856 318,294
Repurchase agreements
28 Gross purchases 100 0
29 Gross sales 7,707 0
30 Net change in U.S.
Treasury securities -5,924 2,146
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 50 7
Repurchase agreements
34 Gross purchases 9,636 0
35 Gross sales 24,092 0
36 Net change in federal agency
obligations -14,506 -7
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 68,061 81,350
40 Gross sales 45,501 54,470
41 Net change in triparty
obligations 22,560 26,880
42 Total net change in System Open
Market Account 2,130 29,019
1999
Type of transaction
and maturity
Dec. Jan.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 42,468 37,029
4 For new hills 42,468 37,029
5 Redemptions 0 0
Others within one year
6 Gross purchases 1,450 0
7 Gross sales 0 0
8 Maturity shifts 3,936 3,566
9 Exchanges -2,175 -4,360
10 Redemptions 0 390
One to five years
11 Gross purchases 3,514 160
12 Gross sales 0 0
13 Maturity shifts -3,936 -3,566
14 Exchanges 2,175 4,045
Five to ten years
15 Gross purchases 581 809
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 316
More than ten years
19 Gross purchases 1,257 1,069
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 6,802 2,038
24 Gross sales 0 0
25 Redemptions 0 390
Matched transactions
26 Gross purchases 488,845 492,277
27 Gross sales 510,605 471,663
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S.
Treasury securities -14,959 22,262
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 6
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal agency
obligations 0 -6
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 155,578 61,345
40 Gross sales 64,378 178,880
41 Net change in triparty
obligations 91,200 -117,535
42 Total net change in System Open
Market Account 76,241 -95,279
(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
Jan. 26 Feb. 2 Feb. 9
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200 6,200
3 Coin 325 351 389
Loans
4 To depository institutions 198 127 95
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 25,105 19,110 25,280
Federal agency obligations(3)
8 Bought outright 175 175 175
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 499,138 501,078 502,331
11 Bought outright(4) 499,138 501,078 502,331
12 Bills 197,111 197,981 199,234
13 Notes 219,012 219,013 219,013
14 Bonds 83,015 84,084 84,084
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 524,617 520,490 527,881
17 Items in process of collection 17,122 7,756 7,649
18 Bank premises 1,366 1,365 1,374
Other assets
19 Denominated in foreign currencies(5) 16,155 15,500 15,504
20 All other(6) 18,307 18,023 18,369
21 Total assets 595,140 580,733 588,414
LIABILITIES
22 Federal Reserve notes 541,807 538,969 539,203
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 28,592 16,116 23,243
25 Depository institutions 19,494 10,812 18,055
26 U.S. Treasury--General account 8,780 4,896 4,860
27 Foreign--Official accounts 81 143 81
28 Other 237 266 247
29 Deferred credit items 6,379 7,845 7,481
30 Other liabilities and
accrued dividends 4,465 4,410 4,715
31 Total liabilities 581,243 567,341 574,642
CAPITAL ACCOUNTS
32 Capital paid in 6,648 6,650 6,664
33 Surplus 6,432 6,325 6,364
34 Other capital accounts 818 417 744
35 Total liabilities and
capital accounts 595,140 580,733 588,414
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 811,652 807,687 805,873
38 LESS: Held by Federal
Reserve Banks 269,846 268,717 266,670
39 Federal Reserve notes, net 541,807 538,969 539,203
Collateral held against notes, net
40 Gold certificate account 11,048 11,048 11,048
41 Special drawing rights 6,200 6,200 6,200
certificate account
42 Other eligible assets 140 1,358 0
43 U.S. Treasury and agency securities 524,418 520,363 521,955
44 Total collateral 541,807 538,969 539,203
Wednesday
Account 2000
Feb. 16 Feb. 23
Consolidated conditions
statement
ASSETS
1 Gold certificate account 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200
3 Coin 408 425
Loans
4 To depository institutions 86 117
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 21,505 24,255
Federal agency obligations(3)
8 Bought outright 150 150
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 502,699 500,423
11 Bought outright(4) 502,699 500,423
12 Bills 199,601 197,326
13 Notes 217,843 217,843
14 Bonds 85,254 85,254
15 Held under repurchase agreements 0 0
16 Total loans and securities 524,440 524,945
17 Items in process of collection 7,965 13,285
18 Bank premises 1,375 1,375
Other assets
19 Denominated in foreign currencies(5) 15,508 15,513
20 All other(6) 15,479 15,874
21 Total assets 582,423 588,665
LIABILITIES
22 Federal Reserve notes 538,804 538,296
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 17,632 21,703
25 Depository institutions 12,493 16,539
26 U.S. Treasury--General account 4,775 4,818
27 Foreign--Official accounts 108 107
28 Other 256 238
29 Deferred credit items 7,439 10,056
30 Other liabilities and
accrued dividends 4,716 4,689
31 Total liabilities 568,591 574,744
CAPITAL ACCOUNTS
32 Capital paid in 6,678 6,697
33 Surplus 6,404 6,431
34 Other capital accounts 751 792
35 Total liabilities and
capital accounts 582,423 588,665
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 804,031 801,624
38 LESS: Held by Federal
Reserve Banks 265,227 263,327
39 Federal Reserve notes, net 538,804 538,296
Collateral held against notes, net
40 Gold certificate account 11,048 11,048
41 Special drawing rights 6,200 6,200
certificate account
42 Other eligible assets 0 0
43 U.S. Treasury and agency securities 521,556 521,048
44 Total collateral 538,804 538,296
End of month
Account 1999 2000
Dec. 31 Jan. 31 Feb. 29
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200 6,200
3 Coin 207 357 422
Loans
4 To depository institutions 233 130 109
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 140,640 23,105 24,768
Federal agency obligations(3)
8 Bought outright 181 175 150
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 477,963 500,228 500,771
11 Bought outright(4) 477,963 500,228 500,771
12 Bills 176,517 197,131 197,674
13 Notes 218,467 219,013 217,843
14 Bonds 82,978 84,084 85,254
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 619,017 523,638 525,798
17 Items in process of collection 6,524 4,511 9,642
18 Bank premises 1,365 1,365 1,380
Other assets
19 Denominated in foreign currencies(5) 16,140 15,528 15,234
20 All other(6) 17,294 17,949 15,633
21 Total assets 677,795 580,597 585,357
LIABILITIES
22 Federal Reserve notes 600,662 538,768 536,839
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 53,760 21,789 20,548
25 Depository institutions 24,027 15,322 15,173
26 U.S. Treasury--General account 28,402 6,119 5,004
27 Foreign--Official accounts 71 82 129
28 Other 1,261 265 243
29 Deferred credit items 6,117 1,939 9,186
30 Other liabilities and
accrued dividends 4,392 4,461 4,683
31 Total liabilities 664,931 566,957 571,256
CAPITAL ACCOUNTS
32 Capital paid in 6,432 6,650 6,699
33 Surplus 6,432 6,314 6,404
34 Other capital accounts 0 676 999
35 Total liabilities and
capital accounts 677,795 580,597 585,357
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 821,959 809,367 799,674
38 LESS: Held by Federal
Reserve Banks 221,297 270,599 262,835
39 Federal Reserve notes, net 600,662 538,768 536,839
Collateral held against notes, net
40 Gold certificate account 11,048 11,048 11,048
41 Special drawing rights 6,200 6,200 6,200
certificate account
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 583,414 521,520 519,590
44 Total collateral 600,662 538,768 536,839
(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 maturity 2000
Jan. 26 Feb. 2 Feb. 9
1 Total loans 198 127 95
2 Within fifteen days(1) 175 79 54
3. Sixteen days to ninety days 23 48 41
4. 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities(2) 499,138 501,078 502,331
6 Within fifteen days(1) 16,070 20,579 15,184
7 Sixteen days to ninety days 100,111 101,043 102,705
8 Ninety-one days to one year 141,636 136,588 141,573
9 One year to five years 124,330 124,808 124,808
10 Five years to ten years 50,720 50,720 50,720
11 More than ten years 66,271 67,340 67,340
12 Total federal agency obligations 175 175 175
13 Within fifteen days(1) 25 25 25
14 Sixteen days to ninety days 10 10 10
15 Ninety-one days to one year 10 10 10
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 0 0 0
Wednesday
Type of holding and maturity 2000
Feb. 16 Feb. 23
1 Total loans 86 117
2 Within fifteen days(1) 71 99
3. Sixteen days to ninety days 15 18
4. 91 days to 1 year 0 0
5 Total U.S. Treasury securities(2) 502,699 500,423
6 Within fifteen days(1) 16,535 14,512
7 Sixteen days to ninety days 102,973 102,796
8 Ninety-one days to one year 139,878 139,803
9 One year to five years 124,578 124,578
10 Five years to ten years 50,941 50,941
11 More than ten years 67,793 67,793
12 Total federal agency obligations 150 150
13 Within fifteen days(1) 0 0
14 Sixteen days to ninety days 10 10
15 Ninety-one days to one year 10 10
16 One year to five years 10 10
17 Five years to ten years 120 120
18 More than ten years 0 0
End of month
Type of holding and maturity 2000
Dec. 31 Jan. 31 Feb. 29
1 Total loans 233 130 109
2 Within fifteen days(1) 207 101 81
3. Sixteen days to ninety days 20 29 28
4. 91 days to 1 year 7 0 0
5 Total U.S. Treasury securities(2) 477,963 500,228 500,771
6 Within fifteen days(1) 4,632 20,547 13,372
7 Sixteen days to ninety days 91,919 100,224 106,030
8 Ninety-one days to one year 139,866 136,588 138,688
9 One year to five years 124,169 124,808 123,947
10 Five years to ten years 51,107 50,720 50,941
11 More than ten years 66,270 67,340 67,793
12 Total federal agency obligations 181 175 150
13 Within fifteen days(1) 0 25 0
14 Sixteen days to ninety days 31 10 10
15 Ninety-one days to one year 20 10 10
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 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
Item 1996 1997 1998 1999
Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 50.16 46.86 44.90 41.52
2 Nonborrowed reserves(4) 50.01 46.54 44.79 41.20
3 Nonborrowed reserves plus
extended credit(5) 50.01 46.54 44.79 41.20
4 Required reserves 48.75 45.18 43.32 40.21
5 Monetary base(6) 451.61 479.16 512.59 590.65(r)
Not seasonally adjusted
6 Total reserves(7) 51.45 48.01 45.12 41.72
7 Nonborrowed reserves 51.30 47.69 45.00 41.40
8 Nonborrowed reserves plus
extended credit(5) 51.30 47.69 45.00 41.40
9 Required reserves(8) 50.04 46.33 43.54 40.41
10 Monetary base(9) 456.63 484.98 518.28 600.46(r)
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 51.17 47.92 45.02 41.64
12 Nonborrowed reserves 51.02 47.60 44.90 41.32
13 Nonborrowed reserves plus
extended credit(5) 51.02 47.60 44.90 41.32
14 Required reserves 49.76 46.24 43.44 40.33
15 Monetary base(12) 463.40 491.79 525.06 607.93(r)
16 Excess reserves(13) 1.42 1.69 1.58 1.31
17 Borrowings from the
Federal Reserve .16 .32 .12 .32
1999
Item
July Aug. Sept. Oct.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.98 42.07 42.11 40.94
2 Nonborrowed reserves(4) 41.67 41.72 41.77 40.66
3 Nonborrowed reserves plus
extended credit(5) 41.67 41.72 41.77 40.66
4 Required reserves 40.90 40.94 40.92 39.79
5 Monetary base(6) 541.25 544.63 550.22 557.75(r)
Not seasonally adjusted
6 Total reserves(7) 41.85 41.92 41.85 40.77
7 Nonborrowed reserves 41.54 41.58 41.51 40.49
8 Nonborrowed reserves plus
extended credit(5) 41.54 41.58 41.51 40.49
9 Required reserves(8) 40.77 40.79 40.65 39.62
10 Monetary base(9) 540.98 543.87 548.13 555.51
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.80 41.87 41.79 40.70
12 Nonborrowed reserves 41.49 41.53 41.45 40.42
13 Nonborrowed reserves plus
extended credit(5) 41.49 41.53 41.45 40.42
14 Required reserves 40.73 40.74 40.59 39.55
15 Monetary base(12) 548.07 550.86 555.19 562.64
16 Excess reserves(13) 1.08 1.13 1.20 1.15
17 Borrowings from the
Federal Reserve .31 .34 .34 .28
1999 2000
Item
Nov. Dec. Jan.(r) Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.20 41.52 43.15 41.48
2 Nonborrowed reserves(4) 40.96 41.20 42.77 41.38
3 Nonborrowed reserves plus
extended credit(5) 40.96 41.20 42.77 41.38
4 Required reserves 39.86 40.21 41.12 40.37
5 Monetary base(6) 569.66(r) 590.65(r) 591.30 572.51
Not seasonally adjusted
6 Total reserves(7) 41.02 41.72 44.29 42.10
7 Nonborrowed reserves 40.78 41.40 43.92 41.99
8 Nonborrowed reserves plus
extended credit(5) 40.78 41.40 43.92 41.99
9 Required reserves(8) 39.68 40.41 42.27 40.98
10 Monetary base(9) 571.89 600.46(r) 597.03 571.68
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 40.94 41.64 44.30 42.09
12 Nonborrowed reserves 40.71 41.32 43.93 41.98
13 Nonborrowed reserves plus
extended credit(5) 40.71 41.32 43.93 41.98
14 Required reserves 39.61 40.33 42.28 40.97
15 Monetary base(12) 579.02 607.93(r) 604.76 579.02
16 Excess reserves(13) 1.33 1.31 2.03 1.12
17 Borrowings from the
Federal Reserve .24 .32 .37 .11
(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 1.10.)
(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
Item 1996 1997 1998
Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,081.1 1,073.9 1,097.4
2 M2 3,822.9 4,040.8 4,397.0
3 M3 4,952.4 5,402.2 5,996.9(r)
4 Debt 14,446.5(r) 15,209.2(r) 16,230.9(r)
M1 components
5 Currency(3) 394.3 424.8 459.5
6 Travelers checks(4) 8.3 8.1 8.2
7 Demand deposits(5) 402.3 395.3 379.3
8 Other checkable
deposits(6) 276.1 245.8 250.3
Nontransaction
components
9 In M2(7) 2,741.8 2,966.9 3,299.6
10 In M3 only(8) 1,129.5 1,361.3 1,599.9
Commercial banks
11 Savings deposits,
including MMDAs 904.0 1,020.5 1,184.8
12 Small time deposits(9) 593.3 625.4 626.1
13 Large time
deposits(10,11) 413.9 488.3 539.3
Thrift institutions
14 Savings deposits,
including MMDAs 366.6 376.6 413.8
15 Small time deposits(9) 353.6 342.8 325.6
16 Large time deposits(10) 78.3 85.6 88.9
Money market mutual
funds
17 Retail 524.4 601.7 749.4
18 Institution-only 312.0 380.8 518.4
Repurchase agreements
and Eurodollars
19 Repurchase 210.7 256.0 300.8(r)
agreements(12)
20 Eurodollars(12) 114.6 150.7 152.6
Debt components
21 Federal debt 3,781.3 3,800.3 3,750.8
22 Nonfederal debt 10,665.2(r) 11,408.9(r) 12,480.1(r)
Not seasonally adjusted
Measures(2)
23 M1 1,105.1 1,097.7 1,121.3
24 M2 3,845.1 4,063.9 4,422.2
25 M3 4,973.4 5,426.1 6,026.5
26 Debt 14,443.3(r) 15,206.3(r) 16,227.8(r)
M1 components
27 Currency(3) 397.9 428.9 464.1
28 Travelers checks(4) 8.6 8.3 8.4
29 Demand deposits(5) 419.9 412.4 395.9
30 Other checkable
deposits(6) 278.8 248.2 252.8
Nontransaction
components
31 In M2(7) 2,740.0 2,966.3 3,300.9
32 In M3 only(8) 1,128.2 1,362.2 1,604.3
Commercial banks
33 Savings deposits,
including MMDAs 903.3 1,020.4 1,186.0
34 Small time deposits(9) 592.7 625.3 626.5
35 Large time
deposits(10,11) 413.2 487.2 537.8
Thrift institutions
36 Savings deposits,
including MMDAs 366.3 376.5 414.2
37 Small time deposits(9) 353.2 342.8 325.8
38 Large time deposits(10) 78.1 85.4 88.6
Money market
mutual funds
39 Retail 524.3 601.3 748.3
40 Institution-only 315.6 386.7 527.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 205.7 250.5 295.4(r)
42 Eurodollars(12) 115.7 152.3 154.5
Debt components
43 Federal debt 3,787.9 3,805.8 3,754.9
44 Nonfederal debt 10,655.4(r) 11,400.5(r) 12,472.9(r)
1999(r)
Item 1999(r)
Dec.
Nov. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,123.8 1,109.4 1,123.8
2 M2 4,652.2 4,624.2 4,652.2
3 M3 6,467.3 6,378.0 6,467.3
4 Debt 17,314.9 17,217.5 17,314.9
M1 components
5 Currency(3) 515.6 504.3 515.6
6 Travelers checks(4) 8.3 8.2 8.3
7 Demand deposits(5) 355.9 355.7 355.9
8 Other checkable
deposits(6) 244.0 241.2 244.0
Nontransaction
components
9 In M2(7) 3,528.4 3,514.9 3,528.4
10 In M3 only(8) 1,815.1 1,753.8 1,815.1
Commercial banks
11 Savings deposits,
including MMDAs 1,285.8 1,289.1 1,285.8
12 Small time deposits(9) 634.5 630.2 634.5
13 Large time
deposits(10,11) 610.5 587.1 610.5
Thrift institutions
14 Savings deposits,
including MMDAs 448.7 451.7 448.7
15 Small time deposits(9) 320.6 318.9 320.6
16 Large time deposits(10) 91.4 91.0 91.4
Money market mutual
funds
17 Retail 838.9 825.0 838.9
18 Institution-only 607.4 592.1 607.4
Repurchase agreements
and Eurodollars
19 Repurchase 334.7 321.5 334.7
agreements(12)
20 Eurodollars(12) 171.1 162.2 171.1
Debt components
21 Federal debt 3,658.9 3,656.5 3,658.9
22 Nonfederal debt 13,656.0 13,561.0 13,656.0
Not seasonally adjusted
Measures(2)
23 M1 1,148.3 1,112.8 1,148.3
24 M2 4,680.5 4,626.6 4,680.5
25 M3 6,502.3 6,389.6 6,502.3
26 Debt 17,313.0 17,192.2 17,313.0
M1 components
27 Currency(3) 521.3 505.2 521.3
28 Travelers checks(4) 8.4 8.3 8.4
29 Demand deposits(5) 371.9 359.0 371.9
30 Other checkable
deposits(6) 246.7 240.4 246.7
Nontransaction
components
31 In M2(7) 3,532.2 3,513.7 3,532.2
32 In M3 only(8) 1,821.9 1,763.1 1,821.9
Commercial banks
33 Savings deposits,
including MMDAs 1,288.6 1,288.8 1,288.6
34 Small time deposits(9) 635.3 631.7 635.3
35 Large time
deposits(10,11) 608.6 590.1 608.6
Thrift institutions
36 Savings deposits,
including MMDAs 449.7 451.6 449.7
37 Small time deposits(9) 321.0 319.7 321.0
38 Large time deposits(10) 91.1 91.4 91.1
Money market
mutual funds
39 Retail 837.5 822.0 837.5
40 Institution-only 618.9 595.1 618.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 330.0 324.1 330.0
42 Eurodollars(12) 173.2 162.4 173.2
Debt components
43 Federal debt 3,662.5 3,641.4 3,662.5
44 Nonfederal debt 13,650.5 13,550.8 13,650.5
2000
Item
Jan.(r) Feb.
Seasonally adjusted
Measures(2)
1 M1 1,120.9 1,105.0
2 M2 4,675.2 4,683.7
3 M3 6,511.0 6,533.6
4 Debt 17,401.7 n.a.
M1 components
5 Currency(3) 524.3 518.2
6 Travelers checks(4) 8.2 8.1
7 Demand deposits(5) 345.4 338.1
8 Other checkable
deposits(6) 243.0 240.6
Nontransaction
components
9 In M2(7) 3,554.4 3,578.7
10 In M3 only(8) 1,835.8 1,849.9
Commercial banks
11 Savings deposits,
including MMDAs 1,288.1 1,301.4
12 Small time deposits(9) 638.4 643.3
13 Large time
deposits(10,11) 613.7 623.4
Thrift institutions
14 Savings deposits,
including MMDAs 447.3 450.0
15 Small time deposits(9) 322.8 323.4
16 Large time deposits(10) 94.2 94.8
Money market mutual
funds
17 Retail 857.7 860.6
18 Institution-only 623.5 617.5
Repurchase agreements
and Eurodollars
19 Repurchase 329.0 342.0
agreements(12)
20 Eurodollars(12) 175.3 172.2
Debt components
21 Federal debt 3,645.6 n.a.
22 Nonfederal debt 13,756.1 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,127.6 1,096.5
24 M2 4,685.8 4,681.8
25 M3 6,527.4 6,553.0
26 Debt 17,382.9 n.a.
M1 components
27 Currency(3) 523.1 517.2
28 Travelers checks(4) 8.4 8.3
29 Demand deposits(5) 350.1 331.7
30 Other checkable
deposits(6) 246.0 239.3
Nontransaction
components
31 In M2(7) 3,558.2 3,585.3
32 In M3 only(8) 1,841.6 1,871.2
Commercial banks
33 Savings deposits,
including MMDAs 1,286.3 1,294.0
34 Small time deposits(9) 640.0 645.8
35 Large time
deposits(10,11) 604.9 619.0
Thrift institutions
36 Savings deposits,
including MMDAs 446.7 447.4
37 Small time deposits(9) 323.6 324.7
38 Large time deposits(10) 92.9 94.1
Money market
mutual funds
39 Retail 861.5 873.4
40 Institution-only 638.2 640.6
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 329.2 343.9
42 Eurodollars(12) 176.5 173.6
Debt components
43 Federal debt 3,638.4 n.a.
44 Nonfederal debt 13,744.5 n.a.
NOTES TO TABLE 1.21
(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 tenn.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 4,520.0 4,583.3 4,607.7
2 Securities in bank credit 1,204.7 1,242.9 1,247.1
3 U.S. government securities 793.3 820.2 817.8
4 Other securities 411.4 422.7 429.3
5 Loans and leases in bank credit(2) 3,315.3 3,340.4 3,360.6
6 Commercial and industrial 950.6 972.3 980.3
7 Real estate 1,348.0 1,380.2 1,396.5
8 Revolving home equity 102.7 99.6 99.4
9 Other 1,245.2 1,280.6 1,297.1
10 Consumer 498.3 479.3 480.2
11 Security(3) 139.0 122.4 116.2
12 Other loans and leases 379.4 386.2 387.5
13 Interbank loans 227.9 215.1 208.2
14 Cash assets(4) 254.6 253.8 264.0
15 Other assets(5) 355.8 343.8 354.0
16 Total assets(6) 5,300.0 5,337.3 5,374.7
Liabilities
17 Deposits 3,378.7 3,384.4 3,394.3
18 Transaction 655.7 635.9 634.0
19 Nontransaction 2,723.0 2,748.4 2,760.3
20 Large time 732.2 718.0 727.7
21 Other 1,990.8 2,030.5 2,032.5
22 Borrowings 994.6 1,028.0 1,047.1
23 From banks in the U.S. 314.1 336.4 340.4
24 From others 680.5 691.6 706.7
25 Net due to related foreign offices 206.6 222.5 218.3
26 Other liabilities 294.3 279.0 282.0
27 Total liabilities 4,874.2 4,913.9 4,941.6
28 Residual (assets less liabilities)(7) 425.9 423.4 433.0
Not seasonally adjusted
Assets
29 Bank credit 4,517.5 4,562.3 4,597.8
30 Securities in bank credit 1,210.1 1,230.0 1,235.9
31 U.S. government securities 797.5 808.4 807.6
32 Other securities 412.6 421.6 428.3
33 Loans and leases in bank credit(2) 3,307.4 3,332.3 3,361.9
34 Commercial and industrial 952.1 963.6 976.4
35 Real estate 1,342.2 1,382.8 1,400.1
36 Revolving home equity 102.3 99.8 100.2
37 Other 1,239.9 1,283.0 1,300.0
38 Consumer 498.1 480.4 483.1
39 Security(3) 138.6 118.7 112.8
40 Other loans and leases 376.3 386.7 389.4
41 Interbank loans 227.7 207.4 204.7
42 Cash assets(4) 255.7 243.4 261.3
43 Other assets(5) 352.5 346.6 356.0
44 Total assets(6) 5,295.2 5,300.7 5,360.3
Liabilities
45 Deposits 3,355.7 3,370.5 3,392.9
46 Transaction 650.8 619.6 628.2
47 Nontransaction 2,704.9 2,750.8 2,764.7
48 Large time 732.9 715.3 729.2
49 Other 1,972.0 2,035.5 2,035.5
50 Borrowings 997.3 1,004.6 1,042.0
51 From banks in the U.S. 314.4 329.3 336.7
52 From others 682.8 675.2 705.3
53 Net due to related foreign offices 216.2 217.4 214.3
54 Other liabilities 296.7 278.9 280.9
55 Total liabilities 4,865.9 4,871.4 4,930.1
56 Residual (assets less liabilities)(7) 429.3 429.3 430.2
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 107.3 96.5 98.5
58 Revaluation losses on off-balance-
sheet items(8) 106.2 98.7 97.2
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 4,639.5 4,702.8 4,781.4
2 Securities in bank credit 1,256.2 1,250.3 1,268.6
3 U.S. government securities 813.8 799.0 803.7
4 Other securities 442.4 451.3 464.9
5 Loans and leases in bank credit(2) 3,383.3 3,452.5 3,512.8
6 Commercial and industrial 986.0 1,004.2 1,006.9
7 Real estate 1,420.5 1,434.5 1,472.0
8 Revolving home equity 100.3 101.8 107.3
9 Other 1,320.2 1,332.6 1,364.7
10 Consumer 478.7 482.2 492.6
11 Security(3) 111.2 134.1 155.6
12 Other loans and leases 386.9 397.5 385.7
13 Interbank loans 222.6 219.1 223.7
14 Cash assets(4) 270.1 276.2 290.5
15 Other assets(5) 358.2 366.2 372.3
16 Total assets(6) 5,431.3 5,504.9 5,608.0
Liabilities
17 Deposits 3,434.8 3,482.2 3,533.3
18 Transaction 630.4 623.3 630.2
19 Nontransaction 2,804.5 2,859.0 2,903.1
20 Large time 766.0 806.3 836.7
21 Other 2,038.4 2,052.6 2,066.5
22 Borrowings 1,045.2 1,061.6 1,123.6
23 From banks in the U.S. 347.6 349.2 346.2
24 From others 697.6 712.3 777.4
25 Net due to related foreign offices 219.8 226.2 221.5
26 Other liabilities 291.5 297.1 298.8
27 Total liabilities 4,991.3 5,067.0 5,177.3
28 Residual (assets less liabilities)(7) 439.9 437.9 430.7
Not seasonally adjusted
Assets
29 Bank credit 4,643.9 4,716.8 4,797.7
30 Securities in bank credit 1,252.7 1,256.8 1,272.6
31 U.S. government securities 808.2 801.2 805.0
32 Other securities 444.5 455.6 467.7
33 Loans and leases in bank credit(2) 3,391.3 3,460.1 3,525.1
34 Commercial and industrial 987.0 1,004.2 1,005.9
35 Real estate 1,424.2 1,439.2 1,474.5
36 Revolving home equity 101.0 102.7 107.7
37 Other 1,323.2 1,336.5 1,366.8
38 Consumer 479.4 482.5 497.5
39 Security(3) 112.0 135.5 157.8
40 Other loans and leases 388.6 398.7 389.4
41 Interbank loans 219.2 225.9 230.3
42 Cash assets(4) 270.4 283.5 307.2
43 Other assets(5) 355.6 364.7 373.1
44 Total assets(6) 5,430.0 5,531.4 5,648.5
Liabilities
45 Deposits 3,437.4 3,508.6 3,565.6
46 Transaction 622.2 632.9 662.7
47 Nontransaction 2,815.2 2,875.7 2,902.9
48 Large time 767.6 811.5 842.5
49 Other 2,047.6 2,064.2 2,060.4
50 Borrowings 1,048.4 1,068.7 1,125.8
51 From banks in the U.S. 345.3 353.5 352.3
52 From others 703.2 715.2 773.5
53 Net due to related foreign offices 221.5 227.9 227.2
54 Other liabilities 290.0 297.2 299.6
55 Total liabilities 4,997.3 5,102.5 5,218.2
56 Residual (assets less liabilities)(7) 432.7 428.9 430.3
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 100.1 99.9 103.9
58 Revaluation losses on off-balance-
sheet items(8) 97.8 98.9 102.3
Wed-
Monthly nesday
averages figures
Account 2000 2000
Jan.(r) Feb. Feb. 2
Seasonally adjusted
Assets
1 Bank credit 4,788.5 4,810.1 4,800.4
2 Securities in bank credit 1,260.1 1,251.0 1,253.5
3 U.S. government securities 805.2 800.7 804.5
4 Other securities 454.9 450.3 449.1
5 Loans and leases in bank credit(2) 3,528.4 3,559.2 3,546.9
6 Commercial and industrial 1,008.9 1,022.3 1,018.2
7 Real estate 1,489.3 1,504.2 1,493.5
8 Revolving home equity 110.7 112.6 111.8
9 Other 1,378.6 1,391.6 1,381.7
10 Consumer 499.2 503.9 502.6
11 Security(3) 147.1 144.6 146.7
12 Other loans and leases 384.0 384.2 385.9
13 Interbank loans 220.7 235.5 226.1
14 Cash assets(4) 283.3 280.9 270.8
15 Other assets(5) 387.3 395.0 387.9
16 Total assets(6) 5,620.6 5,662.4 5,626.0
Liabilities
17 Deposits 3,547.2 3,572.9 3,561.1
18 Transaction 621.5 621.2 610.7
19 Nontransaction 2,925.7 2,951.6 2,950.4
20 Large time 847.4 853.4 851.7
21 Other 2,078.2 2,098.2 2,098.7
22 Borrowings 1,130.5 1,129.5 1,129.0
23 From banks in the U.S. 358.6 367.5 359.2
24 From others 771.9 762.0 769.7
25 Net due to related foreign offices 227.9 233.0 219.1
26 Other liabilities 284.4 290.3 297.1
27 Total liabilities 5,189.9 5,225.7 5,206.2
28 Residual (assets less liabilities)(7) 430.6 436.7 419.7
Not seasonally adjusted
Assets
29 Bank credit 4,798.7 4,806.2 4,809.3
30 Securities in bank credit 1,265.1 1,257.6 1,262.2
31 U.S. government securities 806.5 805.9 809.2
32 Other securities 458.6 451.6 452.9
33 Loans and leases in bank credit(2) 3,533.6 3,548.6 3,547.1
34 Commercial and industrial 1,007.0 1,022.4 1,017.9
35 Real estate 1,488.7 1,497.7 1,490.2
36 Revolving home equity 110.7 112.0 111.6
37 Other 1,378.0 1,385.7 1,378.6
38 Consumer 505.0 503.5 506.2
39 Security(3) 147.0 143.5 146.9
40 Other loans and leases 386.0 381.4 386.0
41 Interbank loans 222.1 235.0 226.7
42 Cash assets(4) 296.8 281.5 271.8
43 Other assets(5) 379.2 391.3 386.6
44 Total assets(6) 5,637.8 5,654.9 5,635.4
Liabilities
45 Deposits 3,544.8 3,548.3 3,541.9
46 Transaction 635.6 615.3 612.0
47 Nontransaction 2,909.3 2,933.0 2,929.9
48 Large time 845.3 854.2 849.3
49 Other 2,064.0 2,078.9 2,080.7
50 Borrowings 1,147.8 1,130.5 1,149.9
51 From banks in the U.S. 363.9 367.7 363.9
52 From others 783.8 762.9 786.0
53 Net due to related foreign offices 230.8 245.7 219.7
54 Other liabilities 285.3 293.0 298.9
55 Total liabilities 5,208.7 5,217.5 5,210.4
56 Residual (assets less liabilities)(7) 429.1 437.5 425.0
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 100.6 104.1 104.8
58 Revaluation losses on off-balance-
sheet items(8) 99.3 104.1 105.7
Wednesday figures
Account 2000
Feb. 9 Feb. 16 Feb. 23
Seasonally adjusted
Assets
1 Bank credit 4,792.8 4,801.9 4,818.5
2 Securities in bank credit 1,245.2 1,248.6 1,256.2
3 U.S. government securities 796.7 797.2 803.0
4 Other securities 448.5 451.4 453.2
5 Loans and leases in bank credit(2) 3,547.5 3,553.3 3,562.3
6 Commercial and industrial 1,018.2 1,022.9 1,024.9
7 Real estate 1,498.2 1,502.3 1,506.7
8 Revolving home equity 112.1 112.3 112.9
9 Other 1,386.1 1,390.0 1,393.7
10 Consumer 503.1 503.6 504.3
11 Security(3) 143.4 141.4 143.5
12 Other loans and leases 384.5 383.0 382.9
13 Interbank loans 232.2 235.4 239.6
14 Cash assets(4) 289.5 260.4 285.7
15 Other assets(5) 389.5 389.9 406.0
16 Total assets(6) 5,645.0 5,628.4 5,690.7
Liabilities
17 Deposits 3,561.0 3,558.6 3,575.3
18 Transaction 614.8 607.2 638.8
19 Nontransaction 2,946.2 2,951.4 2,936.6
20 Large time 847.7 858.6 851.3
21 Other 2,098.5 2,092.8 2,085.3
22 Borrowings 1,124.9 1,108.7 1,144.6
23 From banks in the U.S. 364.8 367.1 369.2
24 From others 760.2 741.6 775.4
25 Net due to related foreign offices 234.7 240.1 222.1
26 Other liabilities 291.4 295.0 291.9
27 Total liabilities 5,212.0 5,202.4 5,233.9
28 Residual (assets less liabilities)(7) 433.0 426.0 456.7
Not seasonally adjusted
Assets
29 Bank credit 4,790.9 4,799.1 4,802.3
30 Securities in bank credit 1,253.6 1,254.9 1,259.6
31 U.S. government securities 802.7 802.2 807.1
32 Other securities 450.9 452.8 452.5
33 Loans and leases in bank credit(2) 3,537.3 3,544.2 3,542.7
34 Commercial and industrial 1,016.5 1,023.3 1,023.6
35 Real estate 1,495.9 1,496.9 1,496.0
36 Revolving home equity 111.7 111.8 112.2
37 Other 1,384.1 1,385.1 1,383.8
38 Consumer 504.0 503.5 503.2
39 Security(3) 139.8 139.5 141.5
40 Other loans and leases 381.1 381.0 378.4
41 Interbank loans 230.9 236.7 234.4
42 Cash assets(4) 273.5 270.2 295.1
43 Other assets(5) 384.0 386.9 400.0
44 Total assets(6) 5,620.5 5,633.9 5,672.8
Liabilities
45 Deposits 3,528.2 3,541.6 3,541.1
46 Transaction 596.8 610.7 629.7
47 Nontransaction 2,931.5 2,930.8 2,911.5
48 Large time 848.1 857.7 852.2
49 Other 2,083.4 2,073.1 2,059.2
50 Borrowings 1,124.3 1,114.5 1,142.0
51 From banks in the U.S. 363.8 368.7 368.6
52 From others 760.5 745.7 773.3
53 Net due to related foreign offices 244.1 250.1 248.4
54 Other liabilities 294.4 297.5 294.4
55 Total liabilities 5,191.0 5,203.7 5,225.9
56 Residual (assets less liabilities)(7) 429.5 430.3 446.9
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 102.7 107.1 104.8
58 Revaluation losses on off-balance-
sheet items(8) 103.1 107.3 104.9
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 3,955.8 4,059.6 4,088.7
2 Securities in bank credit 1,002.6 1,052.9 1,057.7
3 U.S. government securities 708.5 736.2 736.1
4 Other securities 294.0 316.7 321.5
5 Loans and leases in bank credit(2) 2,953.2 3,006.6 3,031.1
6 Commercial and industrial 739.7 776.9 783.2
7 Real estate 1,327.2 1,362.7 1,379.0
8 Revolving home equity 102.7 99.6 99.4
9 Other 1,224.5 1,263.1 1,279.6
10 Consumer 498.3 479.3 480.2
11 Security(3) 79.3 67.5 64.8
12 Other loans and leases 308.7 320.3 323.9
13 Interbank loans 196.5 189.4 185.3
14 Cash assets(4) 220.0 214.3 221.6
15 Other assets(5) 318.4 314.8 324.7
16 Total assets(6) 4,632.5 4,719.6 4,761.3
Liabilities
17 Deposits 3,056.3 3,075.4 3,083.5
18 Transaction 643.8 624.9 623.2
19 Nontransaction 2,412.5 2,450.4 2,460.3
20 Large time 423.1 423.9 433.0
21 Other 1,989.4 2,026.5 2,027.4
22 Borrowings 811.9 853.5 875.9
23 From banks in the U.S. 296.0 312.9 315.3
24 From others 515.9 540.6 560.6
25 Net due to related foreign offices 117.3 150.4 152.1
26 Other liabilities 224.2 217.5 217.6
27 Total liabilities 4,209.7 4,296.8 4,329.1
28 Residual (assets less liabilities)(7) 422.8 422.8 432.2
Not seasonally adjusted
Assets
29 Bank credit 3,949.7 4,042.2 4,079.7
30 Securities in bank credit 1,006.4 1,041.3 1,047.2
31 U.S. government securities 712.4 725.4 726.9
32 Other securities 294.0 315.9 320.3
33 Loans and leases in bank credit(2) 2,943.3 3,000.9 3,032.5
34 Commercial and industrial 739.3 770.0 779.6
35 Real estate 1,321.1 1,365.4 1,382.6
36 Revolving home equity 102.3 99.8 100.2
37 Other 1,218.7 1,265.6 1,282.5
38 Consumer 498.1 480.4 483.1
39 Security(3) 79.3 63.7 61.2
40 Other loans and leases 305.4 321.5 325.9
41 Interbank loans 196.2 181.7 181.7
42 Cash assets(4) 221.7 204.3 219.1
43 Other assets(5) 313.9 317.0 326.3
44 Total assets(6) 4,623.7 4,686.5 4,747.8
Liabilities
45 Deposits 3,034.6 3,064.1 3,082.5
46 Transaction 639.2 608.7 616.8
47 Nontransaction 2,395.4 2,455.3 2,465.7
48 Large time 425.6 422.1 432.5
49 Other 1,969.8 2,033.2 2,033.2
50 Borrowings 814.5 830.0 870.8
51 From banks in the U.S. 296.4 305.8 311.6
52 From others 518.2 524.2 559.2
53 Net due to related foreign offices 123.4 147.5 149.8
54 Other liabilities 225.0 217.3 216.9
55 Total liabilities 4,197.6 4,258.9 4,320.0
56 Residual (assets less liabilities)(7) 426.1 427.7 427.8
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 64.9 58.4 60.1
58 Revaluation losses on off-balance-
sheet items(8) 65.4 62.5 59.8
59 Mortgage-backed securities(9) 342.1 343.7 346.5
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 4,109.8 4,154.6 4,225.5
2 Securities in bank credit 1,060.9 1,051.4 1,062.0
3 U.S. government securities 731.4 719.5 722.1
4 Other securities 329.5 331.9 339.9
5 Loans and leases in bank credit(2) 3,048.9 3,103.3 3,163.6
6 Commercial and industrial 787.2 804.2 812.3
7 Real estate 1,403.1 1,417.5 1,455.2
8 Revolving home equity 100.3 101.8 107.3
9 Other 1,302.8 1,315.7 1,347.9
10 Consumer 478.7 482.2 492.6
11 Security(3) 56.2 68.8 88.6
12 Other loans and leases 323.6 330.5 315.0
13 Interbank loans 197.1 193.9 195.4
14 Cash assets(4) 225.2 225.2 235.2
15 Other assets(5) 326.6 331.7 335.1
16 Total assets(6) 4,799.8 4,846.3 4,931.6
Liabilities
17 Deposits 3,106.0 3,124.0 3,155.4
18 Transaction 619.7 612.7 619.4
19 Nontransaction 2,486.2 2,511.3 2,535.9
20 Large time 449.7 460.6 470.3
21 Other 2,036.6 2,050.7 2,065.6
22 Borrowings 868.2 874.8 942.0
23 From banks in the U.S. 325.7 323.2 321.7
24 From others 542.5 551.6 620.3
25 Net due to related foreign offices 166.3 182.2 182.5
26 Other liabilities 226.1 230.2 228.8
27 Total liabilities 4,366.5 4,411.3 4,508.6
28 Residual (assets less liabilities)(7) 433.3 435.0 423.0
Not seasonally adjusted
Assets
29 Bank credit 4,110.3 4,165.6 4,238.6
30 Securities in bank credit 1,054.7 1,054.7 1,066.9
31 U.S. government securities 725.8 721.3 723.1
32 Other securities 328.9 333.4 343.9
33 Loans and leases in bank credit(2) 3,055.6 3,110.9 3,171.7
34 Commercial and industrial 787.2 803.0 808.6
35 Real estate 1,406.6 1,422.1 1,457.6
36 Revolving home equity 101.0 102.7 107.7
37 Other 1,305.6 1,319.4 1,349.9
38 Consumer 479.4 482.5 497.5
39 Security(3) 57.4 71.0 90.3
40 Other loans and leases 325.0 332.3 317.7
41 Interbank loans 193.7 200.7 202.1
42 Cash assets(4) 224.9 231.6 249.5
43 Other assets(5) 324.1 330.0 334.5
44 Total assets(6) 4,794.2 4,868.7 4,965.1
Liabilities
45 Deposits 3,108.5 3,151.0 3,183.4
46 Transaction 611.5 622.5 651.6
47 Nontransaction 2,496.9 2,528.5 2,531.7
48 Large time 451.7 466.6 473.6
49 Other 2,045.3 2,061.9 2,058.1
50 Borrowings 871.5 882.0 944.1
51 From banks in the U.S. 323.4 327.6 327.7
52 From others 548.1 554.4 616.4
53 Net due to related foreign offices 166.2 181.2 183.0
54 Other liabilities 225.2 229.5 228.1
55 Total liabilities 4,371.3 4,443.7 4,538.6
56 Residual (assets less liabilities)(7) 422.8 425.0 426.5
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 60.9 59.8 64.5
58 Revaluation losses on off-balance-
sheet items(8) 60.0 59.8 63.9
59 Mortgage-backed securities(9) 346.6 348.1 347.7
Wed-
Monthly nesday
averages figures
2000 2000
Account Jan.(r) Feb. Feb. 2
Seasonally adjusted
Assets
1 Bank credit 4,241.6 4,272.8 4,259.4
2 Securities in bank credit 1,061.5 1,064.2 1,061.0
3 U.S. government securities 726.1 727.6 727.4
4 Other securities 335.4 336.6 333.6
5 Loans and leases in bank credit(2) 3,180.1 3,208.6 3,198.4
6 Commercial and industrial 814.6 825.1 822.8
7 Real estate 1,472.2 1,486.9 1,476.1
8 Revolving home equity 110.7 112.6 111.8
9 Other 1,361.6 1,374.4 1,364.3
10 Consumer 499.2 503.9 502.6
11 Security(3) 80.2 77.8 80.1
12 Other loans and leases 313.9 314.8 316.7
13 Interbank loans 191.4 202.2 193.7
14 Cash assets(4) 229.5 229.0 221.5
15 Other assets(5) 348.1 356.5 348.4
16 Total assets(6) 4,951.6 5,001.7 4,964.1
Liabilities
17 Deposits 3,161.1 3,188.7 3,176.4
18 Transaction 611.1 610.6 599.8
19 Nontransaction 2,550.0 2,578.1 2,576.6
20 Large time 473.1 481.3 478.9
21 Other 2,076.9 2,096.8 2,097.7
22 Borrowings 948.9 951.9 946.2
23 From banks in the U.S. 336.6 347.0 336.6
24 From others 612.3 604.9 609.7
25 Net due to related foreign offices 194.4 209.4 193.9
26 Other liabilities 215.1 219.4 223.9
27 Total liabilities 4,519.4 4,569.3 4,540.5
28 Residual (assets less liabilities)(7) 432.1 432.4 423.6
Not seasonally adjusted
Assets
29 Bank credit 4,248.3 4,265.6 4,263.2
30 Securities in bank credit 1,065.9 1,069.1 1,067.2
31 U.S. government securities 727.6 732.4 732.0
32 Other securities 338.3 336.8 335.2
33 Loans and leases in bank credit(2) 3,182.3 3,196.5 3,195.9
34 Commercial and industrial 811.0 823.7 821.5
35 Real estate 1,471.5 1,480.1 1,472.6
36 Revolving home equity 110.7 112.0 111.6
37 Other 1,360.8 1,368.1 1,361.0
38 Consumer 505.0 503.5 506.2
39 Security(3) 80.1 77.3 80.1
40 Other loans and leases 314.8 311.8 315.6
41 Interbank loans 192.7 201.7 194.3
42 Cash assets(4) 242.3 230.8 222.8
43 Other assets(5) 339.7 351.8 346.6
44 Total assets(6) 4,964.3 4,991.2 4,968.2
Liabilities
45 Deposits 3,162.0 3,165.4 3,160.6
46 Transaction 625.1 604.8 601.1
47 Nontransaction 2,536.8 2,560.5 2,559.5
48 Large time 475.1 483.9 481.1
49 Other 2,061.7 2,076.6 2,078.4
50 Borrowings 966.1 952.9 967.2
51 From banks in the U.S. 341.9 347.2 341.2
52 From others 624.2 605.8 626.0
53 Net due to related foreign offices 195.4 219.1 194.7
54 Other liabilities 215.8 220.4 224.8
55 Total liabilities 4,539.3 4,557.8 4,547.3
56 Residual (assets less liabilities)(7) 425.0 433.4 420.9
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 62.7 64.8 63.6
58 Revaluation losses on off-balance-
sheet items(8) 61.8 64.3 63.9
59 Mortgage-backed securities(9) 347.7 347.6 345.5
Wednesday figures
Account 2000
Feb. 9 Feb. 16 Feb. 23
Seasonally adjusted
Assets
1 Bank credit 4,256.6 4,269.5 4,283.2
2 Securities in bank credit 1,057.6 1,064.7 1,070.9
3 U.S. government securities 722.1 725.4 731.5
4 Other securities 335.5 339.3 339.4
5 Loans and leases in bank credit(2) 3,199.0 3,204.9 3,212.3
6 Commercial and industrial 822.3 826.7 826.7
7 Real estate 1,481.1 1,485.1 1,489.3
8 Revolving home equity 112.1 112.3 112.9
9 Other 1,368.9 1,372.8 1,376.4
10 Consumer 503.1 503.6 504.3
11 Security(3) 77.9 75.9 79.1
12 Other loans and leases 314.7 313.6 312.9
13 Interbank loans 200.2 198.5 205.6
14 Cash assets(4) 238.0 208.6 232.8
15 Other assets(5) 350.9 351.7 367.2
16 Total assets(6) 4,987.0 4,969.4 5,030.0
Liabilities
17 Deposits 3,178.9 3,172.1 3,192.0
18 Transaction 603.8 596.6 628.2
19 Nontransaction 2,575.0 2,575.5 2,563.8
20 Large time 477.6 483.8 480.4
21 Other 2,097.4 2,091.7 2,083.4
22 Borrowings 947.7 935.7 968.3
23 From banks in the U.S. 344.1 347.0 349.3
24 From others 603.7 588.7 619.0
25 Net due to related foreign offices 207.6 213.9 202.8
26 Other liabilities 221.1 224.1 221.2
27 Total liabilities 4,555.2 4,545.8 4,584.3
28 Residual (assets less liabilities)(7) 431.7 423.5 445.7
Not seasonally adjusted
Assets
29 Bank credit 4,251.0 4,263.3 4,267.1
30 Securities in bank credit 1,063.7 1,069.4 1,074.3
31 U.S. government securities 727.4 730.1 735.2
32 Other securities 336.3 339.2 339.1
33 Loans and leases in bank credit(2) 3,187.3 3,194.0 3,192.8
34 Commercial and industrial 819.3 824.5 824.2
35 Real estate 1,478.4 1,479.4 1,478.3
36 Revolving home equity 111.7 111.8 112.2
37 Other 1,366.6 1,367.5 1,366.1
38 Consumer 504.0 503.5 503.2
39 Security(3) 75.0 75.2 78.1
40 Other loans and leases 310.6 311.3 309.0
41 Interbank loans 198.8 199.7 200.5
42 Cash assets(4) 222.9 219.2 243.7
43 Other assets(5) 344.1 347.9 360.6
44 Total assets(6) 4,958.2 4,971.4 5,013.2
Liabilities
45 Deposits 3,148.2 3,158.1 3,158.2
46 Transaction 586.2 600.3 619.2
47 Nontransaction 2,561.9 2,557.9 2,539.0
48 Large time 480.8 487.1 482.0
49 Other 2,081.1 2,070.8 2,056.9
50 Borrowings 947.1 941.4 965.6
51 From banks in the U.S. 343.1 348.7 348.7
52 From others 604.0 592.8 616.9
53 Net due to related foreign offices 215.2 220.5 224.1
54 Other liabilities 222.3 225.0 222.2
55 Total liabilities 4,532.8 4,545.1 4,570.1
56 Residual (assets less liabilities)(7) 425.4 426.4 443.1
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 63.6 67.9 66.3
58 Revaluation losses on off-balance-
sheet items(8) 63.3 67.7 66.0
59 Mortgage-backed securities(9) 344.9 345.7 349.9
C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 2,482.9 2,509.8 2,525.6
2 Securities in bank credit 571.8 597.9 601.0
3 U.S. government securities 387.7 399.4 397.7
4 Trading account 17.9 23.3 20.9
5 Investment account 369.8 376.2 376.8
6 Other securities 184.2 198.5 203.3
7 Trading account 87.5 77.5 78.1
8 Investment account 96.7 121.0 125.2
9 State and local government 24.7 25.7 25.7
10 Other 72.0 95.3 99.5
11 Loans and leases in bank credit(2) 1,911.1 1,911.9 1,924.6
12 Commercial and industrial 548.9 573.4 576.8
13 Bankers acceptances 1.2 1.1 1.2
14 Other 547.8 572.3 575.6
15 Real estate 739.7 738.4 749.7
16 Revolving home equity 74.0 69.4 69.2
17 Other 665.7 669.0 680.6
18 Consumer 308.8 284.8 282.8
19 Security(3) 74.0 62.6 59.8
20 Federal funds sold to and
repurchase agreements
with broker-dealers 58.0 45.4 42.2
21 Other 16.1 17.2 17.6
22 State and local government 11.6 12.2 12.3
23 Agricultural 9.2 8.9 9.2
24 Federal funds sold to and
repurchase agreements
with others 12.8 7.9 11.2
25 All other loans 92.5 100.4 98.0
26 Lease-financing receivables 113.5 123.4 124.7
27 Interbank loans 135.7 138.4 136.5
28 Federal funds sold to and
repurchase agreements with
commercial banks 84.9 86.7 83.8
29 Other 50.9 51.7 52.7
30 Cash assets(4) 152.9 143.5 150.2
31 Other assets(5) 248.7 236.5 246.7
32 Total assets(6) 2,981.2 2,989.5 3,020.0
Liabilities
33 Deposits 1,725.4 1,709.7 1,715.8
34 Transaction 365.2 342.8 343.7
35 Nontransaction 1,360.2 1,366.9 1,372.0
36 Large time 233.8 227.7 235.5
37 Other 1,126.4 1,139.2 1,136.5
38 Borrowings 640.2 653.8 671.4
39 From banks in the U.S. 216.3 220.2 222.3
40 From others 423.9 433.7 449.0
41 Net due to related foreign offices 114.1 147.0 148.7
42 Other liabilities 195.5 184.9 183.9
43 Total liabilities 2,675.1 2,695.4 2,719.8
44 Residual (assets less liabilities)(7) 306.1 294.1 300.3
Not seasonally adjusted
Assets
45 Bank credit 2,487.6 2,490.3 2,513.4
46 Securities in bank credit 577.9 587.9 592.8
47 U.S. government securities 393.1 390.4 390.3
48 Trading account 18.6 22.2 20.7
49 Investment account 374.5 368.3 369.6
50 Mortgage-backed securities 258.2 243.1 246.3
51 Other 116.3 125.2 123.3
52 One year or less 26.6 25.2 24.8
53 One to five years 48.6 59.9 59.1
54 More than five years 41.1 40.0 39.4
55 Other securities 184.8 197.4 202.6
56 Trading account 87.5 77.5 78.1
57 Investment account 97.3 120.0 124.5
58 State and local government 24.8 25.4 25.6
59 Other 72.5 94.6 98.9
60 Loans and leases in bank credit(2) 1,909.7 1,902.5 1,920.6
61 Commercial and industrial 548.9 567.6 574.3
62 Bankers acceptances 1.2 1.1 1.2
63 Other 547.7 566.6 573.2
64 Real estate 738.4 739.0 750.0
65 Revolving home equity 73.7 69.7 69.6
66 Other 408.8 408.4 413.3
67 Commercial 255.9 260.9 267.1
68 Consumer 309.2 285.3 284.7
69 Security(3) 74.1 58.8 56.3
70 Federal funds sold to and
repurchase agreements
with broker-dealers 58.5 41.9 38.9
71 Other 15.6 16.9 17.4
72 State and local government 11.7 12.3 12.4
73 Agricultural 8.8 9.1 9.5
74 Federal funds sold to and
repurchase agreements
with others 12.8 7.9 11.2
75 All other loans 91.1 99.6 98.6
76 Lease-financing receivables 114.8 122.8 123.5
77 Interbank loans 135.5 133.3 134.2
78 Federal funds sold to and
repurchase agreements
with commercial banks 85.5 81.8 81.9
79 Other 50.1 51.5 52.3
80 Cash assets(4) 153.6 136.7 149.0
81 Other assets(5) 245.6 238.0 248.0
82 Total assets(6) 2,983.4 2,959.3 3,005.3
Liabilities
83 Deposits 1,721.2 1,699.8 1,711.8
84 Transaction 362.3 333.5 340.3
85 Nontransaction 1,358.9 1,366.3 1,371.4
86 Large time 236.2 225.9 235.1
87 Other 1,122.7 1,140.4 1,136.4
88 Borrowings 645.4 630.3 663.6
89 From banks in the U.S. 217.8 213.8 218.2
90 From nonbanks in the U.S. 427.6 416.5 445.5
91 Net due to related foreign offices 120.2 144.0 146.4
92 Other liabilities 195.5 184.9 183.9
93 Total liabilities 2,682.3 2,659.0 2,705.6
94 Residual (assets less liabilities)(7) 301.1 300.3 299.7
MEMO
95 Revaluation gains on off-balance-
sheet items(8) 64.9 58.4 60.1
96 Revaluation losses on off-balance-
sheet items(8) 65.4 62.5 59.8
97 Mortgage-backed securities(9) 286.6 278.6 281.0
98 Pass-through securities 191.4 186.8 185.4
99 CMOs, REMICs, and other
mortgage-backed securities 95.2 91.7 95.6
100 Net unrealized gains (losses) on
available-for-sale securities(10) 2.3 -4.2 -4.9
101 Offshore credit to U.S. residents(11) 38.9 32.2 27.8
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 2,524.6 2,566.1 2,625.8
2 Securities in bank credit 601.9 598.0 610.8
3 U.S. government securities 391.6 385.6 392.1
4 Trading account 20.0 18.0 19.4
5 Investment account 371.6 367.6 372.7
6 Other securities 210.3 212.4 218.7
7 Trading account 81.7 82.4 87.1
8 Investment account 128.5 129.9 131.7
9 State and local government 25.8 26.4 26.4
10 Other 102.7 103.5 105.3
11 Loans and leases in bank credit(2) 1,922.7 1,968.1 2,015.0
12 Commercial and industrial 574.6 589.5 595.8
13 Bankers acceptances 1.1 1.1 1.1
14 Other 573.5 588.4 594.7
15 Real estate 760.6 769.1 800.8
16 Revolving home equity 69.2 70.6 75.5
17 Other 691.3 698.5 725.3
18 Consumer 281.6 285.5 291.1
19 Security(3) 51.3 63.3 83.2
20 Federal funds sold to and
repurchase agreements
with broker-dealers 34.2 45.2 63.4
21 Other 17.0 18.1 19.8
22 State and local government 12.3 12.2 12.1
23 Agricultural 9.6 9.6 9.6
24 Federal funds sold to and
repurchase agreements
with others 10.0 12.3 11.8
25 All other loans 95.6 97.5 80.5
26 Lease-financing receivables 127.0 129.2 130.1
27 Interbank loans 149.9 141.6 141.8
28 Federal funds sold to and
repurchase agreements with
commercial banks 92.4 73.8 70.9
29 Other 57.6 67.8 70.9
30 Cash assets(4) 154.3 153.2 159.8
31 Other assets(5) 244.4 250.3 252.6
32 Total assets(6) 3,034.2 3,072.1 3,140.6
Liabilities
33 Deposits 1,716.7 1,724.4 1,738.3
34 Transaction 340.1 335.7 343.5
35 Nontransaction 1,376.6 1,388.7 1,394.9
36 Large time 245.7 252.7 260.4
37 Other 1,131.0 1,136.0 1,134.4
38 Borrowings 667.5 675.5 735.9
39 From banks in the U.S. 238.7 238.4 237.6
40 From others 428.8 437.1 498.3
41 Net due to related foreign offices 162.0 177.7 178.0
42 Other liabilities 191.1 195.5 193.7
43 Total liabilities 2,737.3 2,773.0 2,845.9
44 Residual (assets less liabilities)(7) 296.9 299.0 294.7
Not seasonally adjusted
Assets
45 Bank credit 2,526.3 2,580.0 2,640.8
46 Securities in bank credit 598.8 603.5 615.9
47 U.S. government securities 389.0 389.7 393.0
48 Trading account 20.8 19.9 20.0
49 Investment account 368.2 369.7 373.0
50 Mortgage-backed securities 244.3 244.7 244.5
51 Other 123.8 125.0 128.5
52 One year or less 25.6 23.9 25.2
53 One to five years 59.9 60.6 61.6
54 More than five years 38.3 40.4 41.7
55 Other securities 209.8 213.9 222.9
56 Trading account 81.7 82.4 87.1
57 Investment account 128.1 131.5 135.8
58 State and local government 25.9 26.6 26.6
59 Other 102.2 104.9 109.2
60 Loans and leases in bank credit(2) 1,927.5 1,976.5 2,024.9
61 Commercial and industrial 576.1 589.8 593.1
62 Bankers acceptances 1.1 1.1 1.1
63 Other 575.0 588.7 592.0
64 Real estate 762.6 773.2 805.1
65 Revolving home equity 69.8 71.2 75.7
66 Other 419.7 426.0 450.3
67 Commercial 273.1 276.1 279.1
68 Consumer 281.6 285.3 294.2
69 Security(3) 52.4 65.5 84.9
70 Federal funds sold to and
repurchase agreements
with broker-dealers 35.3 47.5 64.6
71 Other 17.1 18.0 20.2
72 State and local government 12.4 12.3 12.2
73 Agricultural 9.8 9.6 9.6
74 Federal funds sold to and
repurchase agreements
with others 10.0 12.3 11.8
75 All other loans 96.6 100.7 84.5
76 Lease-financing receivables 126.1 127.8 129.5
77 Interbank loans 145.4 142.3 144.4
78 Federal funds sold to and
repurchase agreements
with commercial banks 88.6 76.6 74.6
79 Other 56.7 65.6 69.8
80 Cash assets(4) 154.8 157.4 170.5
81 Other assets(5) 241.8 246.9 252.0
82 Total assets(6) 3,029.4 3,087.4 3,168.4
Liabilities
83 Deposits 1,715.4 1,738.7 1,761.7
84 Transaction 334.9 341.8 365.2
85 Nontransaction 1,380.4 1,396.9 1,396.5
86 Large time 247.7 258.7 263.7
87 Other 1,132.7 1,138.1 1,132.8
88 Borrowings 667.9 680.4 736.1
89 From banks in the U.S. 234.5 240.9 241.6
90 From nonbanks in the U.S. 433.4 439.5 494.4
91 Net due to related foreign offices 161.9 176.7 178.6
92 Other liabilities 191.1 195.5 193.7
93 Total liabilities 2,736.3 2,791.3 2,870.1
94 Residual (assets less liabilities)(7) 293.1 296.1 298.4
MEMO
95 Revaluation gains on off-balance-
sheet items(8) 60.9 59.8 64.5
96 Revaluation losses on off-balance-
sheet items(8) 60.0 59.8 63.9
97 Mortgage-backed securities(9) 279.4 282.1 282.1
98 Pass-through securities 184.8 187.9 188.8
99 CMOs, REMICs, and other
mortgage-backed securities 94.6 94.2 93.2
100 Net unrealized gains (losses) on
available-for-sale securities(10) -5.6 -5.8 -6.0
101 Offshore credit to U.S. residents(11) 26.7 24.8 24.0
Wed-
Monthly nesday
averages figures
Account 2000 2000
Jan.(r) Feb. Feb.2
Seasonally adjusted
Assets
1 Bank credit 2,626.4 2,640.7 2,640.5
2 Securities in bank credit 607.2 605.8 606.0
3 U.S. government securities 391.7 388.5 391.7
4 Trading account 21.4 22.3 25.1
5 Investment account 370.3 366.1 366.7
6 Other securities 215.5 217.4 214.3
7 Trading account 81.8 86.2 84.3
8 Investment account 133.7 131.2 130.1
9 State and local government 26.7 26.9 26.8
10 Other 107.0 104.3 103.3
11 Loans and leases in bank credit(2) 2,019.2 2,034.9 2,034.4
12 Commercial and industrial 595.2 603.3 601.9
13 Bankers acceptances 1.1 1.0 1.0
14 Other 594.2 602.3 600.9
15 Real estate 811.3 817.0 812.3
16 Revolving home equity 78.2 79.5 79.1
17 Other 733.2 737.5 733.2
18 Consumer 294.9 298.8 299.6
19 Security(3) 75.0 72.5 74.9
20 Federal funds sold to and
repurchase agreements
with broker-dealers 53.9 49.1 52.0
21 Other 21.1 23.4 23.0
22 State and local government 12.3 12.4 12.3
23 Agricultural 9.8 10.1 10.0
24 Federal funds sold to and
repurchase agreements
with others 11.2 11.3 11.0
25 All other loans 79.3 79.7 82.0
26 Lease-financing receivables 130.1 129.8 130.4
27 Interbank loans 138.9 146.8 140.0
28 Federal funds sold to and
repurchase agreements with
commercial banks 66.0 73.2 64.8
29 Other 72.8 73.6 75.2
30 Cash assets(4) 160.5 160.9 153.4
31 Other assets(5) 261.2 272.2 263.7
32 Total assets(6) 3,148.5 3,182.5 3,159.3
Liabilities
33 Deposits 1,734.0 1,744.5 1,743.1
34 Transaction 337.2 335.0 328.2
35 Nontransaction 1,396.8 1,409.6 1,414.8
36 Large time 261.7 265.9 265.9
37 Other 1,135.0 1,143.6 1,149.0
38 Borrowings 735.7 735.6 734.7
39 From banks in the U.S. 250.6 260.4 251.1
40 From others 485.1 475.3 483.6
41 Net due to related foreign offices 189.3 204.1 188.6
42 Other liabilities 181.5 183.6 188.7
43 Total liabilities 2,840.5 2,867.9 2,855.0
44 Residual (assets less liabilities)(7) 307.9 314.6 304.3
Not seasonally adjusted
Assets
45 Bank credit 2,640.0 2,645.0 2,653.2
46 Securities in bank credit 612.1 612.8 614.0
47 U.S. government securities 393.7 394.7 397.8
48 Trading account 21.7 23.2 25.6
49 Investment account 372.0 371.6 372.2
50 Mortgage-backed securities 242.8 243.2 240.0
51 Other 129.2 128.4 132.2
52 One year or less 26.1 30.3 28.9
53 One to five years 61.2 58.0 61.6
54 More than five years 41.9 40.1 41.7
55 Other securities 218.5 218.0 216.2
56 Trading account 81.8 86.2 84.3
57 Investment account 136.7 131.9 131.9
58 State and local government 26.9 27.0 26.9
59 Other 109.7 104.9 105.0
60 Loans and leases in bank credit(2) 2,027.8 2,032.2 2,039.2
61 Commercial and industrial 592.5 602.3 601.2
62 Bankers acceptances 1.1 1.0 1.0
63 Other 591.4 601.3 600.2
64 Real estate 814.6 815.4 813.1
65 Revolving home equity 78.2 79.1 78.8
66 Other 453.5 451.7 450.7
67 Commercial 282.9 284.6 283.6
68 Consumer 300.0 299.3 302.8
69 Security(3) 74.9 72.0 74.9
70 Federal funds sold to and
repurchase agreements
with broker-dealers 54.5 49.6 53.3
71 Other 20.4 22.5 21.6
72 State and local government 12.3 12.4 12.3
73 Agricultural 9.8 9.7 9.7
74 Federal funds sold to and
repurchase agreements
with others 11.2 11.3 11.0
75 All other loans 80.5 78.6 82.2
76 Lease-financing receivables 132.1 131.2 132.0
77 Interbank loans 140.3 146.6 141.1
78 Federal funds sold to and
repurchase agreements
with commercial banks 68.9 74.0 68.6
79 Other 71.3 72.6 72.5
80 Cash assets(4) 170.2 161.5 153.9
81 Other assets(5) 256.3 269.1 263.2
82 Total assets(6) 3,168.7 3,184.2 3,173.3
Liabilities
83 Deposits 1,743.1 1,738.7 1,740.6
84 Transaction 347.2 330.9 329.3
85 Nontransaction 1,395.9 1,407.8 1,411.3
86 Large time 263.8 268.5 268.0
87 Other 1,132.2 1,139.3 1,143.2
88 Borrowings 752.8 739.8 755.1
89 From banks in the U.S. 255.2 261.8 255.4
90 From nonbanks in the U.S. 497.6 478.0 499.7
91 Net due to related foreign offices 190.4 213.9 189.4
92 Other liabilities 181.5 183.6 188.7
93 Total liabilities 2,867.7 2,876.0 2,873.8
94 Residual (assets less liabilities)(7) 300.9 308.3 299.4
MEMO
95 Revaluation gains on off-balance-
sheet items(8) 62.7 64.8 63.6
96 Revaluation losses on off-balance-
sheet items(8) 61.8 64.3 63.9
97 Mortgage-backed securities(9) 279.8 278.4 277.3
98 Pass-through securities 187.9 190.3 189.0
99 CMOs, REMICs, and other
mortgage-backed securities 92.0 88.2 88.3
100 Net unrealized gains (losses) on
available-for-sale securities(10) -7.4 -7.8 -8.1
101 Offshore credit to U.S. residents(11) 23.2 23.6 23.5
Wednesday figures
Account 2000
Feb. 9 Feb. 16 Feb. 23
Seasonally adjusted
Assets
1 Bank credit 2,633.1 2,637.7 2,647.0
2 Securities in bank credit 600.9 607.2 611.0
3 U.S. government securities 384.6 386.8 391.3
4 Trading account 21.7 22.9 23.0
5 Investment account 362.9 363.9 368.3
6 Other securities 216.4 220.4 219.7
7 Trading account 86.0 88.7 87.9
8 Investment account 130.4 131.7 131.8
9 State and local government 27.0 27.0 26.8
10 Other 103.4 104.7 105.0
11 Loans and leases in bank credit(2) 2,032.1 2,030.5 2,035.9
12 Commercial and industrial 601.6 604.8 604.3
13 Bankers acceptances 1.0 1.0 1.0
14 Other 600.5 603.8 603.3
15 Real estate 814.6 815.6 817.6
16 Revolving home equity 79.3 79.3 79.7
17 Other 735.3 736.3 737.9
18 Consumer 299.9 297.8 298.5
19 Security(3) 72.5 70.6 73.9
20 Federal funds sold to and
repurchase agreements
with broker-dealers 48.4 46.6 51.0
21 Other 24.1 24.0 22.9
22 State and local government 12.3 12.4 12.4
23 Agricultural 10.0 10.0 10.1
24 Federal funds sold to and
repurchase agreements
with others 11.1 10.8 11.6
25 All other loans 79.7 78.5 78.1
26 Lease-financing receivables 130.3 130.0 129.4
27 Interbank loans 144.7 142.3 150.2
28 Federal funds sold to and
repurchase agreements with
commercial banks 70.9 68.8 75.3
29 Other 73.8 73.6 74.9
30 Cash assets(4) 169.8 144.4 162.7
31 Other assets(5) 266.3 269.1 282.4
32 Total assets(6) 3,175.9 3,155.4 3,204.1
Liabilities
33 Deposits 1,741.4 1,732.2 1,741.7
34 Transaction 332.3 324.2 344.6
35 Nontransaction 1,409.1 1,408.0 1,397.1
36 Large time 263.5 268.1 264.3
37 Other 1,145.6 1,139.8 1,132.9
38 Borrowings 734.1 723.1 749.9
39 From banks in the U.S. 259.6 261.5 263.5
40 From others 474.5 461.6 486.4
41 Net due to related foreign offices 202.5 209.0 197.3
42 Other liabilities 185.3 187.4 184.9
43 Total liabilities 2,863.3 2,851.6 2,873.7
44 Residual (assets less liabilities)(7) 312.6 303.8 330.4
Not seasonally adjusted
Assets
45 Bank credit 2,637.8 2,643.7 2,643.5
46 Securities in bank credit 608.4 614.3 616.9
47 U.S. government securities 390.8 393.4 396.8
48 Trading account 21.7 23.9 23.5
49 Investment account 369.1 369.5 373.2
50 Mortgage-backed securities 240.7 241.6 245.7
51 Other 128.4 127.9 127.6
52 One year or less 29.4 29.6 30.2
53 One to five years 58.8 58.0 57.6
54 More than five years 40.2 40.4 39.8
55 Other securities 217.7 221.0 220.1
56 Trading account 86.0 88.7 87.9
57 Investment account 131.7 132.3 132.1
58 State and local government 27.1 27.1 26.9
59 Other 104.6 105.2 105.2
60 Loans and leases in bank credit(2) 2,029.4 2,029.4 2,026.6
61 Commercial and industrial 599.3 603.3 602.2
62 Bankers acceptances 1.0 1.0 1.0
63 Other 598.2 602.3 601.2
64 Real estate 816.8 815.3 812.2
65 Revolving home equity 79.0 78.9 79.1
66 Other 453.7 451.8 448.3
67 Commercial 284.1 284.6 284.8
68 Consumer 301.2 298.5 298.4
69 Security(3) 69.6 69.9 72.9
70 Federal funds sold to and
repurchase agreements
with broker-dealers 47.5 47.2 50.5
71 Other 22.2 22.7 22.4
72 State and local government 12.3 12.4 12.4
73 Agricultural 9.7 9.7 9.7
74 Federal funds sold to and
repurchase agreements
with others 11.1 10.8 11.6
75 All other loans 77.5 78.0 76.4
76 Lease-financing receivables 131.8 131.5 130.8
77 Interbank loans 142.9 144.1 147.8
78 Federal funds sold to and
repurchase agreements
with commercial banks 71.1 71.0 73.3
79 Other 71.8 73.0 74.5
80 Cash assets(4) 157.0 152.4 171.0
81 Other assets(5) 262.2 266.5 276.9
82 Total assets(6) 3,161.9 3,168.7 3,201.4
Liabilities
83 Deposits 1,728.5 1,734.9 1,729.5
84 Transaction 318.4 328.0 339.1
85 Nontransaction 1,410.1 1,406.9 1,390.4
86 Large time 266.7 271.4 266.0
87 Other 1,143.4 1,135.6 1,124.4
88 Borrowings 737.3 730.5 750.2
89 From banks in the U.S. 260.2 263.9 263.9
90 From nonbanks in the U.S. 477.1 466.7 486.3
91 Net due to related foreign offices 210.1 215.6 218.6
92 Other liabilities 185.3 187.4 184.9
93 Total liabilities 2,861.3 2,868.5 2,883.2
94 Residual (assets less liabilities)(7) 300.6 300.3 318.2
MEMO
95 Revaluation gains on off-balance-
sheet items(8) 63.6 67.9 66.3
96 Revaluation losses on off-balance-
sheet items(8) 63.3 67.7 66.0
97 Mortgage-backed securities(9) 276.2 276.9 280.4
98 Pass-through securities 187.8 188.8 192.4
99 CMOs, REMICs, and other
mortgage-backed securities 88.4 88.2 88.0
100 Net unrealized gains (losses) on
available-for-sale securities(10) -7.8 -7.9 -7.8
101 Offshore credit to U.S. residents(11) 23.2 23.8 23.9
D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 1,472.8 1,549.8 1,563.1
2 Securities in bank credit 430.7 455.0 456.7
3 U.S. government securities 320.9 336.8 338.5
4 Other securities 109.9 118.2 118.2
5 Loans and leases in bank credit(2) 1,042.1 1,094.7 1,106.4
6 Commercial and industrial 190.8 203.6 206.4
7 Real estate 587.5 624.3 629.3
8 Revolving home equity 28.7 30.2 30.3
9 Other 558.7 594.1 599.0
10 Consumer 189.5 194.5 197.4
11 Security(3) 5.3 4.9 4.9
12 Other loans and leases 69.1 67.4 68.4
13 Interbank loans 60.7 50.9 48.7
14 Cash assets(4) 67.1 70.8 71.4
15 Other assets(5) 69.6 78.3 78.0
16 Total assets(6) 1,651.4 1,730.1 1,741.3
Liabilities
17 Deposits 1,331.0 1,365.7 1,367.7
18 Transaction 278.7 282.2 279.4
19 Nontransaction 1,052.3 1,083.5 1,088.3
20 Large time 189.3 196.2 197.4
21 Other 863.0 887.3 890.9
22 Borrowings 171.7 199.7 204.5
23 From banks in the U.S. 79.7 92.7 93.0
24 From others 92.0 106.9 111.6
25 Net due to related foreign offices 3.2 3.5 3.4
26 Other liabilities 28.7 32.6 33.7
27 Total liabilities 1,534.6 1,601.4 1,609.3
28 Residual (assets less liabilities)(7) 116.8 128.7 132.0
Not seasonally adjusted
Assets
29 Bank credit 1,462.1 1,551.9 1,566.3
30 Securities in bank credit 428.5 453.4 454.3
31 U.S. government securities 319.3 335.0 336.6
32 Other securities 109.2 118.4 117.7
33 Loans and leases in bank credit(2) 1,033.6 1,098.5 1,112.0
34 Commercial and industrial 190.4 202.3 205.3
35 Real estate 582.7 626.4 632.7
36 Revolving home equity 28.6 30.1 30.5
37 Other 554.0 596.3 602.1
38 Consumer 188.9 195.1 198.5
39 Security(3) 5.3 4.9 4.9
40 Other loans and leases 66.3 69.7 70.6
41 Interbank loans 60.7 48.4 47.5
42 Cash assets(4) 68.1 67.6 70.1
43 Other assets(5) 68.4 79.0 78.4
44 Total assets(6) 1,640.3 1,727.2 1,742.4
Liabilities
45 Deposits 1,313.4 1,364.3 1,370.8
46 Transaction 276.9 275.3 276.5
47 Nontransaction 1,036.5 1,089.0 1,094.3
48 Large time 189.3 196.2 197.4
49 Other 847.2 892.8 896.8
50 Borrowings 169.1 199.7 207.2
51 From banks in the U.S. 78.5 92.0 93.4
52 From others 90.6 107.7 113.7
53 Net due to related foreign offices 3.2 3.5 3.4
54 Other liabilities 29.5 32.4 33.0
55 Total liabilities 1,515.3 1,599.8 1,614.4
56 Residual (assets less liabilities)(7) 125.0 127.4 128.1
MEMO
57 Mortgage-backed securities(9) 55.6 65.1 65.5
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 1,585.2 1,588.6 1,599.8
2 Securities in bank credit 459.0 453.4 451.2
3 U.S. government securities 339.8 333.9 330.0
4 Other securities 119.3 119.5 121.2
5 Loans and leases in bank credit(2) 1,126.2 1,135.2 1,148.6
6 Commercial and industrial 212.6 214.7 216.5
7 Real estate 642.5 648.4 654.4
8 Revolving home equity 31.0 31.3 31.8
9 Other 611.5 617.2 622.6
10 Consumer 197.2 196.7 201.5
11 Security(3) 5.0 5.5 5.4
12 Other loans and leases 69.0 69.8 70.9
13 Interbank loans 47.2 52.3 53.6
14 Cash assets(4) 70.9 72.0 75.4
15 Other assets(5) 82.2 81.4 82.6
16 Total assets(6) 1,765.7 1,774.2 1,791.0
Liabilities
17 Deposits 1,389.3 1,399.6 1,417.0
18 Transaction 279.7 277.0 276.0
19 Nontransaction 1,109.6 1,122.6 1,141.1
20 Large time 204.0 207.9 209.9
21 Other 905.6 914.7 931.1
22 Borrowings 200.7 199.3 206.1
23 From banks in the U.S. 87.0 84.9 84.1
24 From others 113.8 114.4 122.0
25 Net due to related foreign offices 4.3 4.5 4.5
26 Other liabilities 35.0 34.7 35.1
27 Total liabilities 1,629.3 1,638.2 1,662.6
28 Residual (assets less liabilities)(7) 136.4 136.0 128.3
Not seasonally adjusted
Assets
29 Bank credit 1,584.0 1,585.5 1,597.8
30 Securities in bank credit 455.9 451.2 451.0
31 U.S. government securities 336.8 331.6 330.1
32 Other securities 119.1 119.6 120.9
33 Loans and leases in bank credit(2) 1,128.1 1,134.4 1,146.8
34 Commercial and industrial 211.1 213.2 215.5
35 Real estate 644.0 648.9 652.6
36 Revolving home equity 31.2 31.6 32.0
37 Other 612.7 617.4 620.5
38 Consumer 197.8 197.2 203.2
39 Security(3) 5.0 5.5 5.4
40 Other loans and leases 70.2 69.6 70.1
41 Interbank loans 48.3 58.4 57.7
42 Cash assets(4) 70.1 74.2 79.0
43 Other assets(5) 82.2 83.1 82.5
44 Total assets(6) 1,764.8 1,781.3 1,796.7
Liabilities
45 Deposits 1,393.1 1,412.3 1,421.6
46 Transaction 276.6 280.7 286.4
47 Nontransaction 1,116.5 1,131.6 1,135.2
48 Large time 204.0 207.9 209.9
49 Other 912.5 923.7 925.3
50 Borrowings 203.6 201.6 208.0
51 From banks in the U.S. 88.9 86.6 86.1
52 From others 114.7 115.0 121.9
53 Net due to related foreign offices 4.3 4.5 4.5
54 Other liabilities 34.1 34.0 34.4
55 Total liabilities 1,635.0 1,652.4 1,668.6
56 Residual (assets less liabilities)(7) 129.7 128.9 128.1
MEMO
57 Mortgage-backed securities(9) 67.3 66.0 65.6
Wed-
Monthly nesday
averages figures
Account 2000 2000
Jan.(r) Feb. Feb. 2
Seasonally adjusted
Assets
1 Bank credit 1,615.3 1,632.0 1,618.9
2 Securities in bank credit 454.3 458.4 455.0
3 U.S. government securities 334.4 339.1 335.7
4 Other securities 119.9 119.3 119.3
5 Loans and leases in bank credit(2) 1,161.0 1,173.7 1,164.0
6 Commercial and industrial 219.3 221.8 220.9
7 Real estate 660.9 669.9 663.8
8 Revolving home equity 32.5 33.1 32.7
9 Other 628.4 636.9 631.1
10 Consumer 204.3 205.1 203.0
11 Security(3) 5.2 5.3 5.2
12 Other loans and leases 71.2 71.5 71.1
13 Interbank loans 52.5 55.4 53.7
14 Cash assets(4) 69.0 68.2 68.1
15 Other assets(5) 86.9 84.2 84.7
16 Total assets(6) 1,803.1 1,819.1 1,804.8
Liabilities
17 Deposits 1,427.1 1,444.2 1,433.3
18 Transaction 273.9 275.6 271.5
19 Nontransaction 1,153.2 1,168.6 1,161.8
20 Large time 211.4 215.4 213.1
21 Other 941.8 953.2 948.7
22 Borrowings 213.2 216.2 211.6
23 From banks in the U.S. 85.9 86.6 85.5
24 From others 127.2 129.6 126.1
25 Net due to related foreign offices 5.1 5.2 5.3
26 Other liabilities 33.6 35.8 35.2
27 Total liabilities 1,678.9 1,701.4 1,685.4
28 Residual (assets less liabilities)(7) 124.2 117.7 119.3
Not seasonally adjusted
Assets
29 Bank credit 1,608.3 1,620.6 1,610.0
30 Securities in bank credit 453.8 456.3 453.2
31 U.S. government securities 334.0 337.6 334.2
32 Other securities 119.8 118.7 119.0
33 Loans and leases in bank credit(2) 1,154.5 1,164.3 1,156.7
34 Commercial and industrial 218.5 221.4 220.3
35 Real estate 656.8 664.8 659.5
36 Revolving home equity 32.5 33.0 32.7
37 Other 624.4 631.8 626.8
38 Consumer 205.0 204.2 203.4
39 Security(3) 5.2 5.3 5.2
40 Other loans and leases 69.0 68.6 68.4
41 Interbank loans 52.4 55.1 53.2
42 Cash assets(4) 72.1 69.2 68.9
43 Other assets(5) 83.4 82.7 83.4
44 Total assets(6) 1,795.6 1,807.0 1,794.9
Liabilities
45 Deposits 1,418.9 1,426.6 1,420.0
46 Transaction 277.9 274.0 271.8
47 Nontransaction 1,140.9 1,152.7 1,148.2
48 Large time 211.4 215.4 213.1
49 Other 929.6 937.3 935.2
50 Borrowings 213.4 213.2 212.1
51 From banks in the U.S. 86.7 85.4 85.8
52 From others 126.7 127.8 126.2
53 Net due to related foreign offices 5.1 5.2 5.3
54 Other liabilities 34.2 36.8 36.1
55 Total liabilities 1,671.5 1,681.8 1,673.5
56 Residual (assets less liabilities)(7) 124.1 125.2 121.4
MEMO
57 Mortgage-backed securities(9) 67.8 69.2 68.2
Wednesday figures
Account 2000
Feb. 9 Feb. 16 Feb. 23
Seasonally adjusted
Assets
1 Bank credit 1,623.6 1,631.8 1,636.2
2 Securities in bank credit 456.7 457.5 459.9
3 U.S. government securities 337.5 338.6 340.2
4 Other securities 119.2 118.9 119.7
5 Loans and leases in bank credit(2) 1,166.9 1,174.3 1,176.4
6 Commercial and industrial 220.7 221.9 222.4
7 Real estate 666.5 669.5 671.7
8 Revolving home equity 32.8 33.0 33.3
9 Other 633.6 636.5 638.4
10 Consumer 203.3 205.8 205.9
11 Security(3) 5.3 5.3 5.2
12 Other loans and leases 71.2 71.9 71.2
13 Interbank loans 55.5 56.1 55.4
14 Cash assets(4) 68.2 64.2 70.1
15 Other assets(5) 84.6 82.6 84.9
16 Total assets(6) 1,811.1 1,814.0 1,825.9
Liabilities
17 Deposits 1,437.4 1,439.9 1,450.2
18 Transaction 271.5 272.4 283.6
19 Nontransaction 1,165.9 1,167.6 1,166.6
20 Large time 214.1 215.7 216.1
21 Other 951.8 951.9 950.6
22 Borrowings 213.6 212.6 218.4
23 From banks in the U.S. 84.5 85.6 85.8
24 From others 129.2 127.1 132.6
25 Net due to related foreign offices 5.1 4.9 5.5
26 Other liabilities 35.8 36.7 36.4
27 Total liabilities 1,691.9 1,694.3 1,710.6
28 Residual (assets less liabilities)(7) 119.2 119.7 115.3
Not seasonally adjusted
Assets
29 Bank credit 1,613.1 1,619.6 1,623.6
30 Securities in bank credit 455.3 455.0 457.4
31 U.S. government securities 336.6 336.8 338.5
32 Other securities 118.6 118.3 119.0
33 Loans and leases in bank credit(2) 1,157.9 1,164.6 1,166.2
34 Commercial and industrial 220.0 221.3 222.0
35 Real estate 661.6 664.1 666.1
36 Revolving home equity 32.8 32.9 33.1
37 Other 628.8 631.2 633.0
38 Consumer 202.8 205.0 204.8
39 Security(3) 5.3 5.3 5.2
40 Other loans and leases 68.1 68.9 68.1
41 Interbank loans 55.9 55.6 52.6
42 Cash assets(4) 65.9 66.8 72.6
43 Other assets(5) 81.9 81.4 83.7
44 Total assets(6) 1,796.3 1,802.7 1,811.8
Liabilities
45 Deposits 1,419.7 1,423.2 1,428.7
46 Transaction 267.9 272.2 280.1
47 Nontransaction 1,151.8 1,151.0 1,148.6
48 Large time 214.1 215.7 216.1
49 Other 937.7 935.3 932.5
50 Borrowings 209.7 210.9 215.4
51 From banks in the U.S. 82.9 84.8 84.8
52 From others 126.9 126.1 130.7
53 Net due to related foreign offices 5.1 4.9 5.5
54 Other liabilities 37.0 37.6 37.3
55 Total liabilities 1,671.5 1,676.6 1,686.9
56 Residual (assets less liabilities)(7) 124.8 126.1 124.9
MEMO
57 Mortgage-backed securities(9) 68.7 68.8 69.4
E. Foreign-related institutions
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 564.2 523.8 519.0
2 Securities in bank credit 202.1 190.0 189.4
3 U.S. government securities 84.7 84.0 81.6
4 Other securities 117.4 106.0 107.8
5 Loans and leases in bank credit(2) 362.1 333.8 329.6
6 Commercial and industrial 210.9 195.3 197.1
7 Real estate 20.8 17.5 17.5
8 Security(3) 59.6 55.0 51.4
9 Other loans and leases 70.7 66.0 63.6
10 Interbank loans 31.5 25.7 22.9
11 Cash assets(4) 34.7 39.5 42.4
12 Other assets(5) 37.4 29.0 29.3
13 Total assets(6) 667.5 617.7 613.4
Liabilities
14 Deposits 322.4 309.0 310.8
15 Transaction 11.8 11.0 10.8
16 Nontransaction 310.5 298.0 299.9
17 Borrowings 182.7 174.6 171.2
18 From banks in the U.S. 18.1 23.5 25.1
19 From others 164.7 151.0 146.1
20 Net due to related foreign offices 89.3 72.0 66.1
21 Other liabilities 70.1 61.5 64.4
22 Total liabilities 664.5 617.1 612.5
23 Residual (assets less liabilities)(7) 3.0 .6 .8
Not seasonally adjusted
Assets
24 Bank credit 567.8 520.0 518.1
25 Securities in bank credit 203.7 188.7 188.7
26 U.S. government securities 85.1 83.0 80.7
27 Trading account 20.0 16.5 14.9
28 Investment account 65.1 66.5 65.9
29 Other securities 118.6 105.7 108.0
30 Trading account 70.8 64.9 69.3
31 Investment account 47.8 40.9 38.7
32 Loans and leases in bank credit(2) 364.1 331.3 329.4
33 Commercial and industrial 212.8 193.6 196.7
34 Real estate 21.2 17.4 17.5
35 Security(3) 59.3 55.0 51.6
36 Other loans and leases 70.9 65.2 63.6
37 Interbank loans 31.5 25.7 22.9
38 Cash assets(4) 34.0 39.1 42.1
39 Other assets(5) 38.5 29.6 29.7
40 Total assets(6) 671.5 614.2 612.6
Liabilities
41 Deposits 321.1 306.4 310.3
42 Transaction 11.6 10.9 11.3
43 Nontransaction 309.5 295.5 299.0
44 Borrowings 182.7 174.6 171.2
45 From banks in the U.S. 18.1 23.5 25.1
46 From others 164.7 151.0 146.1
47 Net due to related foreign offices 92.8 69.9 64.6
48 Other liabilities 71.7 61.7 64.0
49 Total liabilities 668.4 612.5 610.1
50 Residual (assets less
liabilities)(7) 3.2 1.7 2.4
MEMO
51 Revaluation gains on off-balance-
sheet items(8) 42.4 38.1 38.4
52 Revaluation losses on off-balance-
sheet items(8) 40.7 36.3 37.4
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 529.7 548.2 555.9
2 Securities in bank credit 195.3 198.9 206.6
3 U.S. government securities 82.4 79.5 81.6
4 Other securities 112.8 119.4 125.0
5 Loans and leases in bank credit(2) 334.4 349.2 349.2
6 Commercial and industrial 198.8 199.9 194.6
7 Real estate 17.4 17.0 16.9
8 Security(3) 54.9 65.3 67.0
9 Other loans and leases 63.3 67.0 70.7
10 Interbank loans 25.5 25.2 28.3
11 Cash assets(4) 44.9 51.1 55.4
12 Other assets(5) 31.6 34.5 37.2
13 Total assets(6) 631.4 658.7 676.4
Liabilities
14 Deposits 328.9 358.2 377.9
15 Transaction 10.6 10.5 10.7
16 Nontransaction 318.2 347.7 367.2
17 Borrowings 176.9 186.8 181.7
18 From banks in the U.S. 21.9 26.0 24.5
19 From others 155.1 160.8 157.2
20 Net due to related foreign offices 53.5 44.0 39.0
21 Other liabilities 65.5 66.8 70.1
22 Total liabilities 624.8 655.8 668.7
23 Residual (assets less liabilities)(7) 6.6 2.9 7.7
Not seasonally adjusted
Assets
24 Bank credit 533.6 551.3 559.1
25 Securities in bank credit 197.9 202.0 205.7
26 U.S. government securities 82.4 79.9 81.9
27 Trading account 14.3 8.5 6.7
28 Investment account 68.0 71.5 75.2
29 Other securities 115.6 122.1 123.8
30 Trading account 69.3 80.7 80.6
31 Investment account 46.2 41.5 43.2
32 Loans and leases in bank credit(2) 335.7 349.2 353.3
33 Commercial and industrial 199.9 201.2 197.3
34 Real estate 17.6 17.1 16.9
35 Security(3) 54.6 64.5 67.5
36 Other loans and leases 63.6 66.4 71.6
37 Interbank loans 25.5 25.2 28.3
38 Cash assets(4) 45.5 51.8 57.7
39 Other assets(5) 31.5 34.6 38.7
40 Total assets(6) 635.8 662.7 683.4
Liabilities
41 Deposits 328.9 357.7 382.3
42 Transaction 10.6 10.4 11.1
43 Nontransaction 318.3 347.2 371.2
44 Borrowings 176.9 186.8 181.7
45 From banks in the U.S. 21.9 26.0 24.5
46 From others 155.1 160.8 157.2
47 Net due to related foreign offices 55.3 46.7 44.2
48 Other liabilities 64.8 67.7 71.5
49 Total liabilities 626.0 658.8 679.6
50 Residual (assets less
liabilities)(7) 9.8 3.9 3.8
MEMO
51 Revaluation gains on off-balance-
sheet items(8) 39.2 40.1 39.4
52 Revaluation losses on off-balance-
sheet items(8) 37.8 39.1 38.4
Monthly Wed-
averages nesday
figures
Account 2000 2000
Jan.(r) Feb. Feb. 2
Seasonally adjusted
Assets
1 Bank credit 546.9 537.4 541.0
2 Securities in bank credit 198.6 186.8 192.5
3 U.S. government securities 79.2 73.1 77.1
4 Other securities 119.5 113.7 115.4
5 Loans and leases in bank credit(2) 348.3 350.6 348.5
6 Commercial and industrial 194.3 197.1 195.4
7 Real estate 17.0 17.3 17.4
8 Security(3) 66.9 66.7 66.6
9 Other loans and leases 70.0 69.5 69.2
10 Interbank loans 29.4 33.3 32.4
11 Cash assets(4) 53.8 51.8 49.3
12 Other assets(5) 39.2 38.5 39.4
13 Total assets(6) 669.0 660.7 661.9
Liabilities
14 Deposits 386.1 384.2 384.7
15 Transaction 10.4 10.7 10.9
16 Nontransaction 375.7 373.5 373.8
17 Borrowings 181.6 177.6 182.7
18 From banks in the U.S. 22.1 20.5 22.6
19 From others 159.6 157.1 160.1
20 Net due to related foreign offices 33.5 23.7 25.2
21 Other liabilities 69.3 71.0 73.2
22 Total liabilities 670.5 656.4 665.8
23 Residual (assets less liabilities)(7) -1.5 4.3 -3.9
Not seasonally adjusted
Assets
24 Bank credit 550.4 540.5 546.1
25 Securities in bank credit 199.1 188.4 195.0
26 U.S. government securities 78.9 73.5 77.3
27 Trading account 7.5 7.3 9.3
28 Investment account 71.4 66.3 68.0
29 Other securities 120.3 114.9 117.7
30 Trading account 76.0 73.1 73.8
31 Investment account 44.3 41.8 43.9
32 Loans and leases in bank credit(2) 351.3 352.1 351.2
33 Commercial and industrial 196.0 198.7 196.4
34 Real estate 17.2 17.6 17.6
35 Security(3) 66.9 66.2 66.8
36 Other loans and leases 71.2 69.6 70.4
37 Interbank loans 29.4 33.3 32.4
38 Cash assets(4) 54.5 50.7 49.0
39 Other assets(5) 39.5 39.5 40.0
40 Total assets(6) 673.5 663.7 667.2
Liabilities
41 Deposits 382.9 383.0 381.3
42 Transaction 10.4 10.5 10.8
43 Nontransaction 372.4 372.5 370.5
44 Borrowings 181.6 177.6 182.7
45 From banks in the U.S. 22.1 20.5 22.6
46 From others 159.6 157.1 160.1
47 Net due to related foreign offices 35.3 26.5 25.0
48 Other liabilities 69.5 72.6 74.1
49 Total liabilities 669.4 659.7 663.1
50 Residual (assets less
liabilities)(7) 4.1 4.0 4.1
MEMO
51 Revaluation gains on off-balance-
sheet items(8) 38.0 39.4 41.1
52 Revaluation losses on off-balance-
sheet items(8) 37.5 39.8 41.8
Wednesday figures
Account 2000
Feb. 9 Feb. 16 Feb. 23
Seasonally adjusted
Assets
1 Bank credit 536.1 532.3 535.3
2 Securities in bank credit 187.6 183.9 185.3
3 U.S. government securities 74.7 71.8 71.5
4 Other securities 113.0 112.1 113.8
5 Loans and leases in bank credit(2) 348.5 348.4 350.0
6 Commercial and industrial 196.0 196.3 198.2
7 Real estate 17.2 17.2 17.3
8 Security(3) 65.5 65.5 64.4
9 Other loans and leases 69.8 69.4 70.1
10 Interbank loans 32.0 37.0 33.9
11 Cash assets(4) 51.5 51.8 53.0
12 Other assets(5) 38.7 38.2 38.8
13 Total assets(6) 658.1 659.0 660.7
Liabilities
14 Deposits 382.1 386.5 383.4
15 Transaction 11.0 10.6 10.6
16 Nontransaction 371.2 375.9 372.8
17 Borrowings 177.2 173.0 176.4
18 From banks in the U.S. 20.7 20.1 19.9
19 From others 156.5 153.0 156.4
20 Net due to related foreign offices 27.1 26.2 19.4
21 Other liabilities 70.4 70.8 70.6
22 Total liabilities 656.8 656.6 649.7
23 Residual (assets less liabilities)(7) 1.3 2.5 11.0
Not seasonally adjusted
Assets
24 Bank credit 540.0 535.8 535.2
25 Securities in bank credit 189.9 185.6 185.3
26 U.S. government securities 75.3 72.0 71.9
27 Trading account 7.8 6.3 6.6
28 Investment account 67.5 65.8 65.3
29 Other securities 114.6 113.5 113.4
30 Trading account 72.6 71.9 72.1
31 Investment account 42.0 41.6 41.3
32 Loans and leases in bank credit(2) 350.0 350.2 349.9
33 Commercial and industrial 197.2 198.7 199.4
34 Real estate 17.5 17.5 17.7
35 Security(3) 64.8 64.3 63.4
36 Other loans and leases 70.5 69.7 69.4
37 Interbank loans 32.0 37.0 33.9
38 Cash assets(4) 50.6 51.0 51.4
39 Other assets(5) 40.0 39.0 39.4
40 Total assets(6) 662.3 662.5 659.6
Liabilities
41 Deposits 380.1 383.4 383.0
42 Transaction 10.5 10.5 10.5
43 Nontransaction 369.5 372.9 372.5
44 Borrowings 177.2 173.0 176.4
45 From banks in the U.S. 20.7 20.1 19.9
46 From others 156.5 153.0 156.4
47 Net due to related foreign offices 28.9 29.6 24.3
48 Other liabilities 72.1 72.6 72.2
49 Total liabilities 658.2 658.6 655.8
50 Residual (assets less
liabilities)(7) 4.1 3.9 3.9
MEMO
51 Revaluation gains on off-balance-
sheet items(8) 39.1 39.2 38.5
52 Revaluation losses on off-balance-
sheet items(8) 39.8 39.6 38.9
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 1999
December
Item
1998 1999 Aug.
1 All issuers 1,163,303 1,403,023 1,257,658
Financial companies(1)
2 Dealer-placed paper, total(2) 614,142 786,643 710,320
3 Directly placed paper, total(3) 322,030 337,240 290,228
4 Nonfinancial companies(4) 227,132 279,140 257,110
1999
Item
Sept. Oct. Nov.
1 All issuers 1,274,726 1,321,163 1,369,100
Financial companies(1)
2 Dealer-placed paper, total(2) 718,380 751,245 802,194
3 Directly placed paper, total(3) 293,381 296,998 299,777
4 Nonfinancial companies(4) 262,965 272,920 267,128
1999 2000
Item
Dec. Jan.
1 All issuers 1,403,023 1,407,789
Financial companies(1)
2 Dealer-placed paper, total(2) 786,643 821,870
3 Directly placed paper, total(3) 337,240 299,595
4 Nonfinancial companies(4) 279,140 286,319
(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 all 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 1998 1999
1 Total amount of reporting banks'
acceptances in existence 25,832 25,774 14,363 10,094
2 Amount of other banks' eligible
acceptances held by
reporting banks 709 736 523 461
3 Amount of own eligible
acceptances
held by reporting
banks (included in item 1) 7,770 6,862 4,884 4,261
4 Amount of eligible acceptances
representing
goods stored in, or shipped
between, foreign countries
(included in item 1) 9,361 10,467 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
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
(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
1999
Item 1997 1998 1999
Nov.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.46 5.35 4.97 5.42
2 Discount window borrowing(2,4) 5.00 4.92 4.62 4.86
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.57 5.40 5.09 5.37
4 2-month 5.57 5.38 5.14 5.82
5 3-month 5.56 5.34 5.18 5.81
Financial
6 1-month 5.59 5.42 5.11 5.38
7 2-month 5.59 5.40 5.16 5.85
8 3-month 5.60 5.37 5.22 5.85
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 placed
(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 5.94
16 6-month 5.57 5.30 5.30 5.83
Certificates of deposit, secondary
market(3,10)
17 1-month 5.54 5.49 5.19 5.50
18 3-month 5.62 5.47 5.33 6.00
19 6-month 5.73 5.44 5.46 5.97
20 Eurodollar deposits, 3-month(3,11) 5.61 5.45 5.31 5.97
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.06 4.78 4.64 5.07
22 6-month 5.18 4.83 4.75 5.20
23 1-year 5.32 4.80 4.81 5.24
Auction high(3,5,12)
24 3-month 5.07 4.81 4.66 5.07
25 6-month 5.18 4.85 4.76 5.17
26 1-year 5.36 4.85 4.78 5.17
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.63 5.05 5.08 5.55
28 2-year 5.99 5.13 5.43 5.86
29 3-year 6.10 5.14 5.49 5.92
30 5-year 6.22 5.15 5.55 5.97
31 7-year 6.33 5.28 5.79 6.17
32 10-year 6.35 5.26 5.65 6.03
33 20-year 6.69 5.72 6.20 6.48
34 30-year 6.61 5.58 5.87 6.15
Composite
35 More than 10 years (long-term) 6.67 5.69 6.14 6.42
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.32 4.93 5.28 5.77
37 Baa 5.50 5.14 5.70 6.23
38 Bond Buyer series(15) 5.52 5.09 5.43 5.86
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.54 6.87 7.45 7.73
Rating group
40 Aaa 7.27 6.53 7.05 7.36
41 Aa 7.48 6.80 7.36 7.62
42 A 7.54 6.93 7.53 7.79
43 Baa 7.87 7.22 7.88 8.15
MEMO
Dividend-price ratio(17)
44 Common stocks 1.77 1.49 1.25 1.21
1999 2000
Item
Dec. Jan. Feb.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.45 5.73
2 Discount window borrowing(2,4) 5.00 5.00 5.24
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.97 5.59 5.76
4 2-month 5.91 5.67 5.81
5 3-month 5.87 5.74 5.87
Financial
6 1-month 6.02 5.62 5.78
7 2-month 5.95 5.72 5.84
8 3-month 5.93 5.81 5.90
Commercial paper (historical)(3,5,7)
9 1-month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6-month n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 6.00 5.88 5.94
16 6-month 5.94 5.99 6.11
Certificates of deposit, secondary
market(3,10)
17 1-month 6.34 5.74 5.83
18 3-month 6.05 5.95 6.01
19 6-month 6.07 6.15 6.26
20 Eurodollar deposits, 3-month(3,11) 6.06 5.94 6.02
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.20 5.32 5.55
22 6-month 5.44 5.50 5.72
23 1-year 5.51 5.75 5.84
Auction high(3,5,12)
24 3-month 5.23 5.34 5.57
25 6-month 5.43 5.52 5.75
26 1-year 5.35 5.65 5.91
US TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.84 6.12 6.22
28 2-year 6.10 6.44 6.61
29 3-year 6.14 6.49 6.65
30 5-year 6.19 6.58 6.68
31 7-year 6.38 6.70 6.72
32 10-year 6.28 6.66 6.52
33 20-year 6.69 6.86 6.54
34 30-year 6.35 6.63 6.23
Composite
35 More than 10 years (long-term) 6.63 6.81 6.49
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.82 5.91 5.88
37 Baa 6.25 6.38 6.35
38 Bond Buyer series(15) 5.95 6.08 6.00
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.87 8.06 7.96
Rating group
40 Aaa 7.55 7.78 7.68
41 Aa 7.78 7.96 7.82
42 A 7.96 8.15 8.02
43 Baa 8.19 8.33 8.29
MEMO
Dividend-price ratio(17)
44 Common stocks 1.18 1.18(r) 1.21
2000, week ending
Item
Jan. 28 Feb. 4 Feb. 11
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.43 5.66 5.71
2 Discount window borrowing(2,4) 5.00 5.04 5.25
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.64 5.77 5.75
4 2-month 5.71 5.80 5.80
5 3-month 5.79 5.85 5.86
Financial
6 1-month 5.65 5.79 5.77
7 2-month 5.74 5.82 5.84
8 3-month 5.82 5.88 5.88
Commercial paper (historical)(3,5,7)
9 1-month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6-month n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.87 5.94 5.93
16 6-month 5.98 6.05 6.10
Certificates of deposit, secondary
market(3,10)
17 1-month 5.78 5.85 5.82
18 3-month 5.94 6.01 6.01
19 6-month 6.15 6.24 6.25
20 Eurodollar deposits, 3-month(3,11) 5.94 6.03 6.01
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.41 5.50 5.49
22 6-month 5.55 5.66 5.72
23 1-year 5.78 5.86 5.83
Auction high(3,5,12)
24 3-month 5.39 5.56 5.55
25 6-month 5.52 5.71 5.77
26 1-year n.a. 5.91 n.a.
US TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 6.17 6.24 6.20
28 2-year 6.48 6.61 6.68
29 3-year 6.54 6.63 6.74
30 5-year 6.63 6.66 6.76
31 7-year 6.72 6.70 6.80
32 10-year 6.68 6.58 6.62
33 20-year 6.77 6.61 6.60
34 30-year 6.57 6.33 6.30
Composite
35 More than 10 years (long-term) 6.73 6.56 6.56
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.92 5.89 5.93
37 Baa 6.39 6.37 6.39
38 Bond Buyer series(15) 6.08 6.05 6.02
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.99 7.92 7.98
Rating group
40 Aaa 7.73 7.65 7.69
41 Aa 7.86 7.78 7.84
42 A 8.08 8.02 8.08
43 Baa 8.29 8.22 8.30
MEMO
Dividend-price ratio(17)
44 Common stocks 1.20 1.19 1.19
2000, week ending
Item
Feb. 18 Feb. 25
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.75 5.72
2 Discount window borrowing(2,4) 5.25 5.25
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.75 5.76
4 2-month 5.80 5.83
5 3-month 5.86 5.88
Financial
6 1-month 5.77 5.77
7 2-month 5.84 5.87
8 3-month 5.90 5.92
Commercial paper (historical)(3,5,7)
9 1-month n.a. n.a.
10 3-month n.a. n.a.
11 6-month n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a.
13 3-month n.a. n.a.
14 6-month n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.94 5.96
16 6-month 6.11 6.15
Certificates of deposit, secondary
market(3,10)
17 1-month 5.82 5.82
18 3-month 6.00 6.02
19 6-month 6.25 6.28
20 Eurodollar deposits, 3-month(3,11) 6.00 6.02
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.55 5.62
22 6-month 5.74 5.74
23 1-year 5.85 5.84
Auction high(3,5,12)
24 3-month 5.51 5.64
25 6-month 5.76 5.77
26 1-year n.a. n.a.
US TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 6.23 6.22
28 2-year 6.65 6.54
29 3-year 6.71 6.57
30 5-year 6.74 6.59
31 7-year 6.76 6.63
32 10-year 6.55 6.38
33 20-year 6.55 6.44
34 30-year 6.23 6.13
Composite
35 More than 10 years (long-term) 6.50 6.39
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.85 5.83
37 Baa 6.34 6.31
38 Bond Buyer series(15) 5.98 5.94
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.99 7.96
Rating group
40 Aaa 7.70 7.68
41 Aa 7.84 7.82
42 A 8.09 8.04
43 Baa 8.32 8.29
MEMO
Dividend-price ratio(17)
44 Common stocks 1.21 1.24
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 daily 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.) Daily 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 prices (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 balances)
10 Margin credit at broker-dealers(3) 126,090 140,980
Free credit balances at brokers(4)
11 Margin accounts(5) 31,410 40,250
12 Cash accounts 52,160 62,450
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
June
Prices and trading
volume (averages of
daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec 31, 1965 = 50) 619.52 629.53
2 Industrial 775.29 783.96
3 Transportation 491.62 520.66
4 Utility 284.82 241.36
5 Finance 530.97 546.43
6 Standard & Poor's Corporation
(1941-43 = 10)(1) 1,327.33 1,322.55
7 American Stock Exchange
(Aug. 31, 1973 = 50)(2) 770.90 772.01
Volume of trading (thousands of shares)
8 New York Stock Exchange 799,554 723,025
9 American Stock Exchange 32,629 28,806
Customer financing
(millions of dollars,
end-of-period balances)
10 Margin credit at broker-dealers(3) 228,530 176,930
Free credit balances at brokers(4)
11 Margin accounts(5) 55,130 42,865
12 Cash accounts 79,070 64,100
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
1999
Indicator
July Aug.
Prices and trading
volume (averages of
daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec 31, 1965 = 50) 648.83 621.03
2 Industrial 809.33 778.82
3 Transportation 528.72 492.13
4 Utility 250.50 241.84
5 Finance 557.92 521.59
6 Standard & Poor's Corporation
(1941-43 = 10)(1) 1,380.99 1,327.49
7 American Stock Exchange
(Aug. 31, 1973 = 50)(2) 803.75 781.33
Volume of trading (thousands of shares)
8 New York Stock Exchange 721,294 709,569
9 American Stock Exchange 25,754 27,795
Customer financing
(millions of dollars,
end-of-period balances)
10 Margin credit at broker-dealers(3) 178,360 176,390
Free credit balances at brokers(4)
11 Margin accounts(5) 44,330 44,230
12 Cash accounts 60,000 62,600
Margin requirements
(percent of market value
and effective date)(6)
May 6, 1970
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65
1999
Indicator
Sept. Oct.
Prices and trading
volume (averages of
daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec 31, 1965 = 50) 607.87 599.04
2 Industrial 769.47 753.94
3 Transportation 462.33 450.13
4 Utility 237.71 285.16
5 Finance 493.37 490.92
6 Standard & Poor's Corporation
(1941-43 = 10)(1) 1,318.17 1.300.01
7 American Stock Exchange
(Aug. 31, 1973 = 50)(2) 788.74 786.96
Volume of trading (thousands of shares)
8 New York Stock Exchange 772,627 882,422
9 American Stock Exchange 32,540 35,762
Customer financing
(millions of dollars,
end-of-period balances)
10 Margin credit at broker-dealers(3) 179,316 182,272
Free credit balances at brokers(4)
11 Margin accounts(5) 47,125 51,040
12 Cash accounts 62,810 61,085
Margin requirements
(percent of market value
and effective date)(6)
Dec. 6, 1971
13 Margin stocks 55
14 Convertible bonds 50
15 Short sales 55
1999
Indicator
Nov. Dec.
Prices and trading
volume (averages of
daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec 31, 1965 = 50) 634.22 638.17
2 Industrial 791.41 808.28
3 Transportation 474.78 461.04
4 Utility 502.58 511.78
5 Finance 539.20 510.99
6 Standard & Poor's Corporation
(1941-43 = 10)(1) 1,390.99 1,428.68
7 American Stock Exchange
(Aug. 31, 1973 = 50)(2) 819.60 838.24
Volume of trading (thousands of shares)
8 New York Stock Exchange 866,281 884,141
9 American Stock Exchange 33,330 41,076
Customer financing
(millions of dollars,
end-of-period balances)
10 Margin credit at broker-dealers(3) 206,280 228,530
Free credit balances at brokers(4)
11 Margin accounts(5) 49,480 55,130
12 Cash accounts 68,200 79,070
Margin requirements
(percent of market value
and effective date)(6)
Nov. 24, 1972
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65
2000
Indicator
Jan. Feb.
Prices and trading
volume (averages of
daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec 31, 1965 = 50) 634.07 606.03
2 Industrial 814.73 767.08
3 Transportation 456.35 398.69
4 Utility 485.82 482.30
5 Finance 495.23 471.65
6 Standard & Poor's Corporation
(1941-43 = 10)(1) 1,425.59 1,388.88
7 American Stock Exchange
(Aug. 31, 1973 = 50)(2) 878.73 910.00
Volume of trading (thousands of shares)
8 New York Stock Exchange 1,058,021 1,032,791
9 American Stock Exchange 47,530 51,134
Customer financing
(millions of dollars,
end-of-period balances)
10 Margin credit at broker-dealers(3) 243,490 265,210
Free credit balances at brokers(4)
11 Margin accounts(5) 57,800 56,470
12 Cash accounts 75,760 79,700
Margin requirements
(percent of market value
and effective date)(6)
Jan. 3, 1974
13 Margin stocks 50
14 Convertible bonds 50
15 Short sales 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 rules 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 -88,304
11 Operating cash (decrease, or
increase (-)) 604 4,743 -17,580
12 Other(2) -16,832 -22,778 -18,530
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 1999
Sept. Oct. Nov.
U.S. budget(1)
1 Receipts, total 200,413 121,035 121,375
2 On-budget 161,321 89,009 86,909
3 Off-budget 39,092 32,026 34,466
4 Outlays, total 142,369 147,691 148,407
5 On-budget 107,250 119,495 116,387
6 Off-budget 35,119 28,196 32,020
7 Surplus or deficit (-), total 58,044 -26,656 -27,031
8 On-budget 54,071 -30,486 -29,478
9 Off-budget 3,973 3,830 2,446
Source of financing (total)
10 Borrowing from the public -47,718 5,754 6,132
11 Operating cash (decrease, or
increase (-)) -20,069 8,891 41,488
12 Other(2) 9,743 12,011 -20,589
MEMO
13 Treasury operating balance
(level, end of period) 56,458 47,567 6,079
14 Federal Reserve Banks 6,641 4,527 5,025
15 Tax and loan accounts 49,817 43,040 1,054
Calendar year
Type of account or operation 1999 2000
Dec. Jan. Feb.
U.S. budget(1)
1 Receipts, total 201,196 189,478 108,675
2 On-budget 162,772 143,838 71,090
3 Off-budget 38,424 45,640 37,585
4 Outlays, total 168,114 127,326 150,409
5 On-budget 165,504 97,451 118,340
6 Off-budget 2,611 29,875 32,069
7 Surplus or deficit (-), total 33,081 62,152 -41,734
8 On-budget -2,732 46,387 -47,250
9 Off-budget 35,813 15,765 5,516
Source of financing (total)
10 Borrowing from the public 35,749 -83,985 17,131
11 Operating cash (decrease, or
increase (-)) -77,248 20,592 40,773
12 Other(2) 8,418 1,241 -16,170
MEMO
13 Treasury operating balance
(level, end of period) 83,327 62,735 21,962
14 Federal Reserve Banks 28,402 6,119 5,004
15 Tax and loan accounts 54,925 56,615 16,958
(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
H1
RECEIPTS
1 All sources 1,721,798 1,827,454 922,630
2 Individual income taxes,
net 828,586 879,480 447,514
3 Withheld 646,483 693,940 316,309
4 Nonwithheld 281,527 308,185 219,136
5 Refunds 99,476 122,706 87,989
Corporation income taxes
6 Gross receipts 213,008 216,324 109,353
7 Refunds 24,593 31,645 14,220
8 Social insurance taxes
and contributions,
net 571,831 611,833 312,713
9 Employment taxes and
contributions(2) 540,014 580,880 293,520
10 Unemployment insurance 27,484 26,480 17,080
11 Other net receipts(3) 4,333 4,473 2,112
12 Excise taxes 57,673 70,414 29,922
13 Customs deposits 18,297 18,336 8,546
14 Estate and gift taxes 24,076 27,782 12,971
15 Miscellaneous receipts(4) 32,658 34,929 15,829
OUTLAYS
16 All types 1,652,552 1,702,940(r) 815,884
17 National defense 268,456 274,873 129,351
18 International affairs 13,109 15,243 4,610
19 General science, space,
and technology 18,219 18,125 9,426
20 Energy 1,270 912 957
21 Natural resources and
environment 22,396 23,970(r) 10,051
22 Agriculture 12,206 23,011 2,387
23 Commerce and housing
credit 1,014 2,649(r) -2,483
24 Transportation 40,332 42,531 16,196
25 Community and regional
development 9,720 11,870 4,863
26 Education, training,
employment, and social
services 54,919 56,402 25,928
27 Health 131,440 141,079 65,053
28 Social security and
Medicare 572,047 580,488 286,305
29 Income security 233,202 237,707 125,196
30 Veterans benefits and
services 41,781 43,212 19,615
31 Administration of justice 22,832 25,924 11,287
32 General government 13,444 15,771(r) 6,139
33 Net interest(5) 243,359 229,735 122,345
34 Undistributed offsetting
receipts(6) -47,194 -40,445 -21,340
Calendar year
Source or type 1998 1999
H2 H1 H2
RECEIPTS
1 All sources 825,057 966,045 892,266(r)
2 Individual income taxes,
net 392,332 481,527 425,451
3 Withheld 339,144 351,068 372,012
4 Nonwithheld 65,204 240,278 68,302
5 Refunds 12,032 109,467 14,841
Corporation income taxes
6 Gross receipts 104,163 106,861 110,111
7 Refunds 14,250 17,092 13,996
8 Social insurance taxes
and contributions,
net 268,466 324,831 292,551
9 Employment taxes and
contributions(2) 256,142 306,235 280,059
10 Unemployment insurance 10,121 16,378 10,173
11 Other net receipts(3) 2,202 2,216 2,319
12 Excise taxes 33,366 31,015 34,262(r)
13 Customs deposits 9,838 8,440 10,287
14 Estate and gift taxes 12,359 14,915 14,001
15 Miscellaneous receipts(4) 18,735 15,140 19,569(r)
OUTLAYS
16 All types 877,414 817,227(r) 882,794(r)
17 National defense 140,196 134,414 149,820
18 International affairs 8,297 6,879 8,530
19 General science, space,
and technology 10,142 9,319 10,089
20 Energy 699 797 -90
21 Natural resources and
environment 12,671 10,351 12,100(r)
22 Agriculture 16,757 9,803 20,887
23 Commerce and housing
credit 4,046 -1,629 7,353(r)
24 Transportation 20,836 17,082 22,971
25 Community and regional
development 6,972 5,368 7,135
26 Education, training,
employment, and social
services 27,762 29,003 27,532
27 Health 67,838 69,320 74,490
28 Social security and
Medicare 316,809 261,146 295,030
29 Income security 109,481 126,552 113,504
30 Veterans benefits and
services 22,750 20,105 23,412
31 Administration of justice 12,041 13,149 13,459
32 General government 9,136 6,641(r) 7,006(r)
33 Net interest(5) 116,954 116,655 112,420
34 Undistributed offsetting
receipts(6) -25,793 -17,724 -22,850
Calendar year
Source or type 1999 2000
Dec. Jan. Feb.
RECEIPTS
1 All sources 201,196 189,478 108,675
2 Individual income taxes,
net 94,535 111,306 45,731
3 Withheld 88,311 65,922 65,868
4 Nonwithheld 7,373 46,556 3,730
5 Refunds 1,149 1,173 23,875
Corporation income taxes
6 Gross receipts 46,486 7,135 4,903
7 Refunds 1,540 1,800 3,126
8 Social insurance taxes
and contributions,
net 48,421 60,484 50,514
9 Employment taxes and
contributions(2) 47,742 58,819 47,859
10 Unemployment insurance 266 1,319 2,280
11 Other net receipts(3) 412 346 376
12 Excise taxes 5,709 5,316 5,076
13 Customs deposits 1,612 1,457 1,212
14 Estate and gift taxes 2,575 2,116 1,768
15 Miscellaneous receipts(4) 3,398 3,464 2,597
OUTLAYS
16 All types 168,114 127,326 150,409
17 National defense 31,261 17,581 22,136
18 International affairs 3,527 1,404 1,366
19 General science, space,
and technology 1,853 1,229 1,569
20 Energy 32 94 -238
21 Natural resources and
environment 2,350 1,490 1,779
22 Agriculture 4,362 4,213 1,896
23 Commerce and housing
credit -696 -1,336 -1,685
24 Transportation 3,858 3,112 2,909
25 Community and regional
development 1,300 270 -23
26 Education, training,
employment, and social
services 5,593 4,788 5,385
27 Health 13,462 11,575 11,567
28 Social security and
Medicare 52,720 45,336 49,858
29 Income security 23,747 16,565 32,110
30 Veterans benefits and
services 5,320 1,991 3,741
31 Administration of justice 2,163 2,224 2,147
32 General government 1,974 490 38
33 Net interest(5) 18,328 19,428 18,884
34 Undistributed offsetting
receipts(6) -3,040 -3,129 -3,030
(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 shelf, 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 U.S. Government, Fiscal Year 2001; monthly and half-year
totals: U.S. Department of the Treasury, Monthly Treasury Statement
of Receipts and Outlays of the U.S. Government.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1997 1998
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,536 5,573 5,578
2 Public debt securities 5,502 5,542 5,548
3 Held by public 3,847 3,872 3,790
4 Held by agencies 1,656 1,670 1,758
5 Agency securities 34 31 30
6 Held by public 27 26 26
7 Held by agencies 7 5 4
8 Debt subject to statutory limit 5,417 5,457 5,460
9 Public debt securities 5,416 5,456 5,460
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998 1999
Item
Sept. 30 Dec. 31 Mar. 31
1 Federal debt outstanding 5,556 5,643 5,681
2 Public debt securities 5,526 5,614 5,652
3 Held by public 3,761 3,787 3,795
4 Held by agencies 1,766 1,827 1,857
5 Agency securities 29 29 29
6 Held by public 26 29 28
7 Held by agencies 4 1 1
8 Debt subject to statutory limit 5,440 5,530 5,566
9 Public debt securities 5,439 5,530 5,566
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1999
Item
June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,668 5,685 29
2 Public debt securities 5,639 5,656 5,776
3 Held by public 3,685 3,667 3,716(r)
4 Held by agencies 1,954 1,989 2,061(r)
5 Agency securities 29 29 29
6 Held by public 28 28 28(r)
7 Held by agencies 1 1 1(r)
8 Debt subject to statutory limit 5,552 5,568 5,687
9 Public debt securities 5,552 5,568 5,687
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 50.6
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(r)
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) 665.9 527.9 439.6
1999
Type and holder 1999
Q1 Q2
1 Total gross public debt 5,776.1 5,651.6 5,638.8
By type
2 Interest-bearing 5,766.1 5,643.1 5,629.5
3 Marketable 3,281.0 3,361.3 3,248.5
4 Bills 737.1 725.5 647.8
5 Notes 1,784.5 1,912.0 1,868.5
6 Bonds 643.7 632.5 632.5
7 Inflation-indexed notes
and bonds(1) 68.2 59.2 59.9
8 Nonmarketable(2) 2,485.1 2,281.8 2,381.0
9 State and local
government series 165.7 167.5 172.6
10 Foreign issues(3) 31.3 33.5 30.9
11 Government 31.3 33.5 30.9
12 Public .0 .0 .0
13 Savings bonds and notes 179.4 180.6 180.0
14 Government account
series(4) 2,078.7 1,870.2 1,967.5
15 Non-interest-bearing 10.0 8.5 9.3
By holder(5)
16 U.S. Treasury and other
federal agencies
and trust funds 2,060.6 1,857.1 1,953.6
17 Federal Reserve Banks 477.7 464.5 493.8
18 Private investors 3,234.2 3,327.6 3,199.3
19 Depository institutions n.a. 246.5(r) 240.6(r)
20 Mutual funds n.a. 351.8(r) 335.4(r)
21 Insurance companies n.a. 143.8 142.5(r)
22 State and local
treasuries(6) n.a. 272.5 279.1
Individuals
23 Savings bonds 186.5 186.6 186.6
24 Pension funds n.a. 438.3(r) 449.1(r)
25 Private n.a. 220.0 226.6
26 State and Local n.a. 218.3(r) 222.5(r)
27 Foreign and
international(7) 1,268.7 1,272.1 1,258.6
28 Other miscellaneous
investors(6,8) n.a. 416.6 307.4(r)
1999
Type and holder
Q3 Q4
1 Total gross public debt 5,656.3 5,776.1
By type
2 Interest-bearing 5,647.2 5,766.1
3 Marketable 3,233.0 3,281.0
4 Bills 653.2 737.1
5 Notes 1,828.8 1,784.5
6 Bonds 643.7 643.7
7 Inflation-indexed notes
and bonds(1) 67.6 68.2
8 Nonmarketable(2) 2,414.2 2,485.1
9 State and local
government series 168.1 165.7
10 Foreign issues(3) 31.0 31.3
11 Government 31.0 31.3
12 Public .0 .0
13 Savings bonds and notes 180.0 179.4
14 Government account
series(4) 2,005.2 2,078.7
15 Non-interest-bearing 9.0 10.0
By holder(5)
16 U.S. Treasury and other
federal agencies
and trust funds 1,989.1 2,060.6
17 Federal Reserve Banks 496.5 477.7
18 Private investors 3,175.6 3,234.2
19 Depository institutions 240.6 n.a.
20 Mutual funds 332.6 n.a.
21 Insurance companies 138.2 n.a.
22 State and local
treasuries(6) 271.6 n.a.
Individuals
23 Savings bonds 186.6(r) 186.5
24 Pension funds 444.9 n.a.
25 Private 228.3 n.a.
26 State and Local 216.6 n.a.
27 Foreign and
international(7) 1,281.3 1,268.7
28 Other miscellaneous
investors(6,8) 279.8 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
1999 2000
Item
Nov. Dec. Jan.
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 33,106(r) 32,152(r) 27,270
Coupon securities, by
maturity
2 Five years or less 100,720(r) 72,670(r) 104,587
3 More than five years 64,919(r) 42,039 68,628
4 Inflation-indexed 750 481 1,548
Federal agency
5 Discount notes 48,014(r) 44,153(r) 47,295
Coupon securities, by
maturity
6 One year or less 794(r) 792 1,496
7 More than one year,
but less than or equal
to five years 5,867(r) 4,356 8,147
8 More than five years 4,039(r) 2,886 7,269
9 Mortgage-backed 55,736 43,291 66,234
By type of counterparty
With interdealer broker
10 U.S. Treasury 104,228(r) 77,166(r) 102,847
11 Federal agency 4,651(r) 3,741(r) 6,092
12 Mortgage-backed 20,443 16,453 25,422
With other
13 U.S. Treasury 95,267(r) 70,174(r) 99,186
14 Federal agency 54,063(r) 48,447(r) 58,115
15 Mortgage-backed 35,294 26,838 40,812
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 3,292(r) 3,356(r) 3,687
18 More than five years 16,038(r) 12,095(r) 18,119
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 0 0 0
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 1,816(r) 1,045(r) 1,457
27 More than five years 4,759(r) 3,831(r) 5,536
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 0
33 Mortgage-backed 671 577(r) 647
1999-2000, week ending
Item
Dec. 29 Jan. 5 Jan. 12
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 34,003 30,830 28,132
Coupon securities, by
maturity
2 Five years or less 37,615 77,282 99,003
3 More than five years 16,996 41,462 64,020
4 Inflation-indexed 318 743 2,950
Federal agency
5 Discount notes 43,577 39,820 43,264
Coupon securities, by
maturity
6 One year or less 589 683 1,905
7 More than one year,
but less than or equal
to five years 2,071 4,500 10,158
8 More than five years 894 1,810 14,777
9 Mortgage-backed 10,951 41,333 96,924
By type of counterparty
With interdealer broker
10 U.S. Treasury 45,922 78,684 97,212
11 Federal agency 2,597 3,372 6,498
12 Mortgage-backed 3,223 15,946 32,779
With other
13 U.S. Treasury 43,008 71,633 96,893
14 Federal agency 44,533 43,442 63,604
15 Mortgage-backed 7,728 25,386 64,145
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 668 2,782 3,550
18 More than five years 4,105 11,224 16,249
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 0 0 0
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 456 1,105 1,676
27 More than five years 0 5,118 7,460
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 n.a. 0
32 More than five years 0 n.a. 0
33 Mortgage-backed 0 432 370
1999-2000, week 2000,
ending week
ending
Item
Jan. 19 Jan. 26 Feb. 2
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 26,516 23,388 29,997
Coupon securities, by
maturity
2 Five years or less 93,941 120,711 132,069
3 More than five years 65,701 76,617 95,038
4 Inflation-indexed 1,309 827 1,618
Federal agency
5 Discount notes 48,908 48,762 56,356
Coupon securities, by
maturity
6 One year or less 1,779 1,716 790
7 More than one year,
but less than or equal
to five years 7,655 9,228 7,461
8 More than five years 4,311 5,897 7,432
9 Mortgage-backed 74,707 46,093 59,435
By type of counterparty
With interdealer broker
10 U.S. Treasury 98,129 111,093 130,522
11 Federal agency 5,476 6,697 8,152
12 Mortgage-backed 28,794 20,734 24,832
With other
13 U.S. Treasury 89,337 110,452 128,200
14 Federal agency 57,177 58,906 63,887
15 Mortgage-backed 45,914 25,359 34,602
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills 0 n.a. 0
Coupon securities, by
maturity
17 Five years or less 2,921 3,222 6,875
18 More than five years 19,068 19,182 24,776
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 0 0 0
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 1,623 1,439 1,200
27 More than five years 3,941 4,987 6,323
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 0
33 Mortgage-backed 1,203 590 494
2000, week ending
Item
Feb. 9 Feb. 16 Feb. 23
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 25,658 28,301 36,030
Coupon securities, by
maturity
2 Five years or less 123,653 107,635 111,093
3 More than five years 117,810 82,512 65,400
4 Inflation-indexed 1,379 601 687
Federal agency
5 Discount notes 57,374 52,220 47,914
Coupon securities, by
maturity
6 One year or less 876 1,245 1,236
7 More than one year,
but less than or equal
to five years 7,940 11,369 7,153
8 More than five years 9,004 9,240 5,113
9 Mortgage-backed 103,218 66,634 50,841
By type of counterparty
With interdealer broker
10 U.S. Treasury 136,646 112,587 106,793
11 Federal agency 8,417 7,220 6,855
12 Mortgage-backed 36,862 28,271 22,804
With other
13 U.S. Treasury 131,854 106,461 106,417
14 Federal agency 66,776 66,854 54,560
15 Mortgage-backed 66,356 38,363 28,037
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills n.a. 0 0
Coupon securities, by
maturity
17 Five years or less 6,521 5,817 5,662
18 More than five years 26,651 16,193 20,458
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 0 0 0
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 1,480 1,145 1,847
27 More than five years 6,800 4,147 7,022
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 0
33 Mortgage-backed 931 404 948
(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
1999 2000
Item
Nov. Dec. Jan.
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 9,570(r) 21,385(r) 14,304
Coupon securities, by maturity
2 Five years or less -28,928(r) -24,622(r) -38,777
3 More than five years -23,251(r) -29,849(r) -32,995
4 Inflation-indexed 3,164 2,438 2,894
Federal agency
5 Discount notes 43,941 45,011 39,668
Coupon securities, by maturity
6 One year or less 6,272(r) 5,436 7,101
7 More than one year, but less
than or equal to five years 4,525(r) 1,910 7,172
8 More than five years 3,356(r) 2,706(r) 6,114
9 Mortgage-backed 23,743 25,603 21,183
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills
Coupon securities, by maturity n.a. 0 n.a.
11 Five years or less 4,327(r) 7,121(r) 11,986
12 More than five years 324 408 8,056
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 0 0 0
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 -475(r) - 1,855(r) -3,840
21 More than five years -359(r) 241(r) -1,465
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 175 n.a. 0
26 More than five years 29 n.a. n.a.
27 Mortgage-backed -272 1,260 2,215
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 288,146 260,169 281,382
29 Term 799,629 847,806 729,307
Securities borrowed
30 Overnight and continuing 239,510 224,527 240,177
31 Term 97,728 117,116 112,088
Securities received as pledge
32 Overnight and continuing 1,965 1,647 1,677
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 673,755 647,385 690,465
35 Term 715,763 761,776 619,703
Securities loaned
36 Overnight and continuing 9,049 8,843 9,344
37 Term 6,744 7,283 7,149
Securities pledged
38 Overnight and continuing 50,099 49,236 47,887
39 Term 6,745 10,713 10,985
Collateralized loans
40 Total 23,590 14,892 20,093
1999-2000, week ending
Item
Dec. 29 Jan. 5 Jan. 12
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 16,191 25,113 22,050
Coupon securities, by maturity
2 Five years or less -21,275 -34,261 -42,507
3 More than five years -31,002 -32,798 -32,520
4 Inflation-indexed 2,041 2,150 2,739
Federal agency
5 Discount notes 44,790 47,888 37,799
Coupon securities, by maturity
6 One year or less 5,043 5,179 6,271
7 More than one year, but less
than or equal to five years 114 1,824 6,276
8 More than five years 2,187 3,606 7,382
9 Mortgage-backed 26,331 23,834 24,008
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
11 Five years or less 6,865 10,084 13,989
12 More than five years 1,455 4,336 7,687
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 0 0 0
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 -2,483 -3,413 -4,289
21 More than five years 593 -2,202 -3,562
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. 0
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 1,360 2,043 1,804
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 237,547 264,786 273,333
29 Term 881,410 670,899 735,505
Securities borrowed
30 Overnight and continuing 220,331 217,192 225,106
31 Term 130,567 130,230 122,843
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 587,167 639,876 670,637
35 Term 823,824 581,011 626,160
Securities loaned
36 Overnight and continuing 9,012 7,970 8,711
37 Term 8,040 8,026 7,855
Securities pledged
38 Overnight and continuing 46,612 46,789 44,444
39 Term 13,866 14,118 13,837
Collateralized loans
40 Total 23,821 26,109 22,766
1999-2000, week ending
Item
Jan. 19 Jan. 26
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 11,137 8,118
Coupon securities, by maturity
2 Five years or less -43,659 -31,790
3 More than five years -33,589 -36,048
4 Inflation-indexed 3,303 2,626
Federal agency
5 Discount notes 38,342 41,467
Coupon securities, by maturity
6 One year or less 6,797 8,558
7 More than one year, but less
than or equal to five years 8,669 10,333
8 More than five years 7,414 5,808
9 Mortgage-backed 27,317 15,517
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 12,347 10,623
12 More than five years 10,229 10,737
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 0 0
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 -4,939 -3,192
21 More than five years -3,911 1,129
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 0 n.a.
26 More than five years n.a. n.a.
27 Mortgage-backed 2,498 2,188
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 286,065 284,404
29 Term 718,016 754,718
Securities borrowed
30 Overnight and continuing 245,091 248,722
31 Term 105,809 103,952
Securities received as pledge
32 Overnight and continuing n.a. 1,709
33 Term n.a. n.a.
Repurchase agreements
34 Overnight and continuing 708,930 707,884
35 Term 601,385 644,252
Securities loaned
36 Overnight and continuing 9,012 10,005
37 Term 6,544 6,633
Securities pledged
38 Overnight and continuing 50,609 48,243
39 Term 8,608 9,529
Collateralized loans
40 Total 17,113 19,539
2000, week ending
Item
Feb. 2 Feb. 9 Feb. 16
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 5,747 3,667 -2,846
Coupon securities, by maturity
2 Five years or less -41,018 -39,008 -40,533
3 More than five years -28,754 -21,045 -23,939
4 Inflation-indexed 3,659 3,131 3,049
Federal agency
5 Discount notes 33,400 41,209 35,515
Coupon securities, by maturity
6 One year or less 8,571 8,474 10,855
7 More than one year, but less
than or equal to five years 7,252 2,519 7,556
8 More than five years 5,453 3,162 4,627
9 Mortgage-backed 13,922 18,182 20,133
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
11 Five years or less 12,487 17,902 13,660
12 More than five years 5,497 1,658 -615
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 0 0 0
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 -3,009 -3,616 -3,870
21 More than five years 2,003 2,310 2,222
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 n.a. n.a. n.a.
27 Mortgage-backed 2,602 3,271 2,616
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 298,458 281,516 313,199
29 Term 759,268 823,767 652,298
Securities borrowed
30 Overnight and continuing 265,418 262,639 258,495
31 Term 99,073 102,979 101,040
Securities received as pledge
32 Overnight and continuing 1,632 n.a. n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 718,575 727,628 742,894
35 Term 640,630 682,425 517,879
Securities loaned
36 Overnight and continuing 11,143 11,513 9,980
37 Term 6,856 6,642 5,732
Securities pledged
38 Overnight and continuing 49,496 50,432 48,757
39 Term 9,223 7,750 8,255
Collateralized loans
40 Total 15,282 16,272 17,367
(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
Corporation(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
1999
Agency 1999
Aug. Sept.
1 Federal and federally 1,616,492 1,491,900 1,525,916
sponsored agencies
2 Federal agencies 26,376 26,107 26,384
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 126 109 114
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 26,101 26,378
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 1,590,116 1,465,793 1,499,532
11 Federal Home Loan Banks 529,005 458,320 481,639
12 Federal Home Loan Mortgage
Corporation 360,711 340,972 341,144
13 Federal National Mortgage
Association 547,619 517,200 524,880
14 Farm Credit Banks(8) 68,883 67,269 67,938
15 Student Loan Marketing
Association(9) 41,988 40,310 41,921
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation(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 39,341 43,116
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 7,270 7,125
26 Rural Electrification
Administration 14,085 13,969 13,885
27 Other 21,402 18,102 22,106
1999
Agency
Oct. Nov. Dec.
1 Federal and federally n.a. n.a. 1,616,492
sponsored agencies
28,218 28,218 26,376
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 126 126 126
Administration(4)
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 28,212 28,212 26,370
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) n.a. n.a. 1,590,116
11 Federal Home Loan Banks 489,401 502,842 529,005
12 Federal Home Loan Mortgage
Corporation 352,487 357,317 360,711
13 Federal National Mortgage
Association 527,403 540,364 547,619
14 Farm Credit Banks(8) 68,338 67,654 68,883
15 Student Loan Marketing
Association(9) 44,224 44,402 41,988
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation(11) 1,261 1,261 1,261
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing Bank 42,843(r) 42,843 42,152
debt(13)
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 6,775(r) 6,775 6,665
26 Rural Electrification
Administration 14,025(r) 14,025 14,085
27 Other 22,043(r) 22,043 21,402
(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
1999
Type of issue or issuer,
or use 1997 1998 1999
July
1 All issues, new and
refunding(1) 214,694 262,342 215,427 18,671
By type of issue
2 General obligation 69,934 87,015 73,308 6,206
3 Revenue 134,989 175,327 142,120 12,465
By type of issuer
4 State 18,237 23,506 16,376 2,194
5 Special district or
statutory
authority(2) 134,919 178,421 152,418 13,572
6 Municipality, county,
or township 70,558 60,173 46,634 2,906
7 Issues for new capital 135,519 160,568 161,065 12,172
By use of proceeds
8 Education 31,860 36,904 36,563 3,415
9 Transportation 13,951 19,926 17,394 1,264
10 Utilities and
conservation 12,219 21,037 15,098 535
11 Social welfare 27,794 n.a. n.a. n.a.
12 Industrial aid 6,667 8,594 9,099 850
13 Other purposes 35,095 42,450 47,896 2,729
1999
Type of issue or issuer,
or use
Aug. Sept. Oct. Nov.
1 All issues, new and
refunding(1) 15,746 18,433 17,497 17,428
By type of issue
2 General obligation 4,268 5,171 4,183 4,996
3 Revenue 11,478 13,262 13,314 12,433
By type of issuer
4 State 911 2,341 1,753 929
5 Special district or
statutory
authority(2) 11,578 13,449 12,186 12,613
6 Municipality, county,
or township 3,257 2,642 3,557 3,886
7 Issues for new capital 12,530 14,973 14,908 14,084
By use of proceeds
8 Education 2,842 2,885 2,049 2,732
9 Transportation 1,955 1,886 1,674 892
10 Utilities and
conservation 1,038 1,976 1,176 1,893
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 585 1,271 726 668
13 Other purposes 3,255 3,941 4,509 5,213
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
(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. Corporations
Millions of dollars
Type of issue, offering,
or issuer 1997 1998 1999(r)
1 All issues(1) 929,256 1,128,491 1,072,877
2 Bonds(2) 811,376 1,001,736 941,309
By type of offering
3 Sold in the United States 708,188 923,771 818,694
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 222,603 307,935 293,974
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
Type of issue, offering,
or issuer
June July Aug.
1 All issues(1) 96,608 96,608 83,466
2 Bonds(2) 88,338 83,546 75,708
By type of offering
3 Sold in the United States 79,031 69,451 63,383
4 Sold abroad 9,306 14,095 12,325
MEMO
5 Private placements, domestic 6,441 2,133 1,670
By industry group
6 Nonfinancial 24,531 25,526 22,704
7 Financial 63,807 58,020 53,005
8 Stocks(3) 8,270 13,062 7,758
By type of offering
9 Public 8,270 13,062 7,758
10 Private placement(4) 7,192 7,192 7,192
By industry group
11 Nonfinancial 6,436 11,589 6,379
12 Financial 1,834 1,473 1,379
1999
Type of issue, offering,
or issuer
Sept. Oct. Nov.
1 All issues(1) 82,414 58,613 85,016(r)
2 Bonds(2) 75,807 47,103 61,033
By type of offering
3 Sold in the United States 65,679 37,721 53,908
4 Sold abroad 10,128 9,382 7,125
MEMO
5 Private placements, domestic 1,640 1,632 1,237
By industry group
6 Nonfinancial 20,655 13,990 24,283
7 Financial 55,151 33,112 36,750
8 Stocks(3) 6,607 11,510 23,983(r)
By type of offering
9 Public 6,607 11,510 23,983(r)
10 Private placement(4) 7,192 7,192 7,192
By industry group
11 Nonfinancial 5,647 10,961 22,611(r)
12 Financial 960 549 1,372
1999 2000
Type of issue, offering,
or issuer
Dec.(r) Jan.
1 All issues(1) 50,815 55,550
2 Bonds(2) 42,487 44,220
By type of offering
3 Sold in the United States 36,499 30,784
4 Sold abroad 5,989 13,436
MEMO
5 Private placements, domestic 3,241 967
By industry group
6 Nonfinancial 14,625 14,599
7 Financial 27,863 29,620
8 Stocks(3) 8,328 11,330
By type of offering
9 Public 8,328 11,330
10 Private placement(4) 7,192 n.a.
By industry group
11 Nonfinancial 7,450 9,083
12 Financial 878 2,247
(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
July Aug.
1 Sales of own
shares(2) 1,461,430 1,791,894 140,926 132,991
2 Redemptions of
own shares 1,217,022 1,621,987 128,173 125,908
3 Net sales(3) 244,408 169,906 12,754 7,084
4 Assets(4) 4,173,531 5,233,191 4,585,131 4,548,784
5 Cash(5) 191,393 219,189 209,061 209,349
6 Other 3,982,138 5,014,002 4,376,070 4,339,435
Item 1999
Sept. Oct. Nov. Dec.
1 Sales of own
shares(2) 132,226 140,738 155,490 185,898
2 Redemptions of
own shares 126,207 124,052 143,688 178,855
3 Net sales(3) 6,019 16,686 11,801 7,042
4 Assets(4) 4,498,964 4,705,746 4,874,733 5,233,191
5 Cash(5) 209,709 225,762 214,751 219,189
6 Other 4,289,255 4,479,985 4,659,982 5,014,002
Item 2000
Jan.(r) Feb.
1 Sales of own
shares(2) 226,251 237,595
2 Redemptions of
own shares 204,380 197,214
3 Net sales(3) 21,871 40,381
4 Assets(4) 5,114,482 5,378,593
5 Cash(5) 222,729 233,181
6 Other 4,891,753 5,145,412
(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.
1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual
rates
1998
Account 1997 1998 1999
Q1
1 Profits with inventory valuation
and capital consumption
adjustment 837.9 846.1 n.a. 858.3
2 Profits before taxes 795.9 781.9 n.a. 788.9
3 Profits-tax liability 238.3 240.2 n.a. 239.9
4 Profits after taxes 557.6 541.7 n.a. 548.9
5 Dividends 333.7 348.6 364.7 346.5
6 Undistributed profits 223.9 193.1 n.a. 202.5
7 Inventory valuation 7.4 20.9 n.a. 29.5
8 Capital consumption adjustment 34.6 43.3 52.0 39.9
1998 1999
Account
Q2 Q3 Q4 Q1
1 Profits with inventory valuation
and capital consumption
adjustment 847.9 843.8 834.3 882.0
2 Profits before taxes 792.0 780.1 766.7 818.1
3 Profits-tax liability 241.1 244.3 235.6 248.0
4 Profits after taxes 550.9 535.8 531.0 570.1
5 Dividends 347.3 348.4 352.2 356.4
6 Undistributed profits 203.6 187.4 178.8 213.7
7 Inventory valuation 13.6 19.8 20.8 13.3
8 Capital consumption adjustment 42.4 43.9 46.9 50.6
1999
Account
Q2 Q3 Q4
1 Profits with inventory valuation
and capital consumption
adjustment 875.5 879.2 n.a.
2 Profits before taxes 835.8 853.8 n.a.
3 Profits-tax liability 254.4 259.4 n.a.
4 Profits after taxes 581.4 594.3 n.a.
5 Dividends 361.5 367.3 373.5
6 Undistributed profits 219.9 227.0 n.a.
7 Inventory valuation -13.6 -26.7 n.a.
8 Capital consumption adjustment 53.2 52.1 52.0(r)
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
1998
ASSETS 1997 1998 1999
Q2
1 Accounts receivable,
gross(2) 663.3 711.7 812.5 676.0
2 Consumer 256.8 261.8 279.8 251.3
3 Business 318.5 347.5 406.2 334.9
4 Real estate 87.9 102.3 126.5 89.9
5 LESS: Reserves for
unearned income 52.7 56.3 54.1 53.2
6 Reserves for losses 13.0 13.8 13.6 13.2
7 Accounts receivable, net 597.6 641.6 744.8 609.6
8 All other 312.4 337.9 388.1 340.1
9 Total assets 910.0 979.5 1,132.9 949.7
LIABILITIES AND CAPITAL
10 Bank loans 24.1 26.3 35.1 22.3
11 Commercial paper 201.5 231.5 223.9 225.9
Debt
12 Owed to parent 64.7 61.8 105.8 60.0
13 Not elsewhere classified 328.8 339.7 394.8 348.7
14 All other liabilities 189.6 203.2 228.9 188.9
15 Capital, surplus, and
undivided profits 101.3 117.0 144.5 103.9
16 Total liabilities and
capital 910.0 979.5 1,132.9 949.7
1998 1999
ASSETS
Q3 Q4 Q1 Q2
1 Accounts receivable,
gross(2) 687.6 711.7 733.8 756.5
2 Consumer 254.0 261.8 261.7 269.2
3 Business 335.1 347.5 362.8 373.7
4 Real estate 98.5 102.3 109.2 113.5
5 LESS: Reserves for
unearned income 52.4 56.3 52.9 53.4
6 Reserves for losses 13.2 13.8 13.4 13.4
7 Accounts receivable, net 622.0 641.6 667.6 689.7
8 All other 313.7 337.9 363.3 373.2
9 Total assets 935.7 979.5 1,030.8 1,062.9
LIABILITIES AND CAPITAL
10 Bank loans 24.9 26.3 24.8 25.1
11 Commercial paper 226.9 231.5 222.9 231.0
Debt
12 Owed to parent 58.3 61.8 64.6 65.4
13 Not elsewhere classified 337.6 339.7 366.7 383.1
14 All other liabilities 185.4 203.2 220.3 226.1
15 Capital, surplus, and
undivided profits 103.6 117.0 131.5 132.2
16 Total liabilities and
capital 936.6 979.5 1,030.8 1,062.9
1999
ASSETS
Q3 Q4
1 Accounts receivable,
gross(2) 776.3 812.5
2 Consumer 271.0 279.8
3 Business 383.0 406.2
4 Real estate 122.3 126.5
5 LESS: Reserves for
unearned income 54.0 54.1
6 Reserves for losses 13.6 13.6
7 Accounts receivable, net 708.6 744.8
8 All other 368.5 388.1
9 Total assets 1,077.2 1,132.9
LIABILITIES AND CAPITAL
10 Bank loans 27.0 35.1
11 Commercial paper 205.3 223.9
Debt
12 Owed to parent 84.5 105.8
13 Not elsewhere classified 396.2 394.8
14 All other liabilities 216.0 228.9
15 Capital, surplus, and
undivided profits 148.2 144.5
16 Total liabilities and
capital 1,077.2 1,132.9
(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.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)
Billions of dollars, amounts outstanding
Type of credit 1997 1998 1999(r)
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 3,309.0 356.1 388.8
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
1999
Type of credit
Aug. Sept. Oct.
Seasonally adjusted
Total 967.4 972.8 980.6(r)
2 Consumer 380.8 381.9 384.0
3 Real estate 146.7 148.9 149.3
4 Business 439.9 442.0 447.2(r)
Not seasonally adjusted
5 Total 962.2 968.4 978.8(r)
6 Consumer 382.0 383.1 384.5
7 Motor vehicles loans 112.7 109.5 110.2
8 Motor vehicle leases 98.3 98.1 98.4
9 Revolving(2) 33.0 30.7 31.5
10 Other(3) 31.6 32.8 32.4
Securitized assets(4)
11 Motor vehicle loans 68.0 73.5 74.1
12 Motor vehicle leases 10.8 10.6 10.3
13 Revolving 9.4 10.2 10.1
14 Other 18.1 17.8 17.6
15 Real estate 146.7 148.9 149.3
16 One- to four-family 86.0 87.7 87.7
17 Other 33.7 34.6 35.1
Securitized real
estate assets(4)
18 One- to four-family 26.8 26.5 26.2
19 Other .2 .2 .2
20 Business 433.5 436.3 445.0(r)
21 Motor vehicles 78.6 80.3 84.3
22 Retail loans 33.3 34.5 34.9
23 Wholesale loans(5) 26.8 26.8 30.3
24 Leases 18.5 19.0 19.1
25 Equipment 210.5 208.0 212.8(r)
26 Loans 53.1 48.2 51.5(r)
27 Leases 157.4 159.8 161.3
28 Other business
receivables(6) 92.7 94.7 97.1
Securitized assets(4)
29 Motor vehicles 30.4 31.0 28.8
30 Retail loans 2.7 2.6 2.5
31 Wholesale loans 25.7 26.4 24.3
32 Leases 2.0 2.0 2.0
33 Equipment 13.5 14.6 14.3
34 Loans 6.9 7.7 7.6
35 Leases 6.6 6.9 6.8
36 Other business
receivables(6) 7.8 7.7 7.7
1999 2000
Type of credit
Nov. Dec. Jan.
Seasonally adjusted
1 Total 984.8(r) 993.9(r) 1,019.1
2 Consumer 385.2 385.3(r) 391.4
3 Real estate 152.7 154.7 158.9
4 Business 446.9(r) 453.9 468.9
Not seasonally adjusted
5 Total 986.3(r) 1,003.2(r) 1,019.1
6 Consumer 386.5 388.8(r) 390.8
7 Motor vehicles loans 111.6 114.7(r) 117.5
8 Motor vehicle leases 99.1 98.3 99.3
9 Revolving(2) 30.5 33.8(r) 33.9
10 Other(3) 33.2 33.1(r) 33.1
Securitized assets(4)
11 Motor vehicle loans 74.6 71.1 69.6
12 Motor vehicle leases 10.0 9.7 9.5
13 Revolving 10.2 10.5 10.4
14 Other 17.4 17.7 17.4
15 Real estate 152.7 154.7 158.9
16 One- to four-family 89.4 88.3 90.8
17 Other 37.1 38.3 38.6
Securitized real
estate assets(4)
18 One- to four-family 25.9 28.0 29.3
19 Other .2 .2 .2
20 Business 447.1(r) 459.6 469.5
21 Motor vehicles 85.4 87.8 88.1
22 Retail loans 33.7 33.2 33.5
23 Wholesale loans(5) 32.6 34.7 34.6
24 Leases 19.2 19.9 19.9
25 Equipment 211.2(r) 221.9 222.4
26 Loans 49.1 52.2 51.8
27 Leases 162.1(r) 169.7 170.5
28 Other business
receivables(6) 98.2 95.5 97.6
Securitized assets(4)
29 Motor vehicles 30.6 31.5 31.5
30 Retail loans 3.0 2.9 2.9
31 Wholesale loans 25.6 26.4 26.5
32 Leases 2.0 2.1 2.1
33 Equipment 14.0 14.6 21.8
34 Loans 7.4 7.9 15.1
35 Leases 6.6 6.7 6.7
36 Other business
receivables(6) 7.7 8.4 8.1
NOTE. This table has been revised to incorporate several changes
resulting from the 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 unearned income and losses. Components may not
sum to totals 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 rate(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 1,848
19 Conventional 164,244 254,225 322,595
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
1999
Item
Aug. Sept. Oct.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 213.8 210.3 214.4
2 Amount of loan (thousands of
dollars) 163.1 161.8 165.1
3 Loan-to-price ratio (percent) 78.3 78.8 79.0
4 Maturity (years) 28.5 29.1 29.1
5 Fees and charges (percent of
loan amount)(2) .68 .64 .71
Yield (percent per year)
6 Contract rate(1) 6.99 6.99 7.06
7 Effective rate(1,3) 7.09 7.09 7.17
8 Contract rate (HUD series)(4) 7.87 7.76 7.77
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.10 8.05 8.02
10 GNMA securities(6) 7.53 7.42 7.52
Activity in
secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 495,302 504,938 509,990
12 FHA/VA insured 47,846 49,456 50,639
13 Conventional 447,456 455,482 459,351
14 Mortgage transactions purchased
(during period) 21,094 15,200 10,057
Mortgage commitments (during
period)
15 Issued(7) 18,153 7,998 10,480
16 To sell(8) 478 609 1,710
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 306,214 315,968 318,682
18 FHA/VA insured 1,708 1,689 1,744
19 Conventional 304,506 314,279 316,938
Mortgage transactions (during
period)
20 Purchases 18,674 15,238 13,323
21 Sales 17,468 14,153 12,671
22 Mortgage commitments contracted
(during period)(9) 18,951 14,608 10,810
1999
Item
Nov. Dec.
Terms and yields in
primary and
secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 220.8 216.3
2 Amount of loan (thousands of
dollars) 167.0 167.2
3 Loan-to-price ratio (percent) 77.4 78.6
4 Maturity (years) 29.0 29.0
5 Fees and charges (percent of
loan amount)(2) .73 .71
Yield (percent per year)
6 Contract rate(1) 7.13 7.18
7 Effective rate(1,3) 7.24 7.28
8 Contract rate (HUD series)(4) 7.79 7.95
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.06 8.55
10 GNMA securities(6) 7.37 7.58
Activity in
secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 518,337 523,941
12 FHA/VA insured 52,632 55,318
13 Conventional 465,705 468,623
14 Mortgage transactions purchased
(during period) 14,683 11,416
Mortgage commitments (during
period)
15 Issued(7) 12,050 9,931
16 To sell(8) 381 1,592
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 323,027 324,443
18 FHA/VA insured 1,848 1,848
19 Conventional 321,179 322,595
Mortgage transactions (during
period)
20 Purchases 11,869 9,335
21 Sales 11,129 8,589
22 Mortgage commitments contracted
(during period)(9) 10,501 11,587
2000
Item
Jan. Feb.
Terms and yields in
primary and
secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 223.7 216.9
2 Amount of loan (thousands of
dollars) 169.9 165.6
3 Loan-to-price ratio (percent) 77.9 78.4
4 Maturity (years) 29.1 29.1
5 Fees and charges (percent of
loan amount)(2) .75 .71
Yield (percent per year)
6 Contract rate(1) 7.34 7.43
7 Effective rate(1,3) 7.45 7.54
8 Contract rate (HUD series)(4) 8.21 8.20
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.56 8.53
10 GNMA securities(6) 7.84 7.96
Activity in
secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings (end of
period)
11 Total 527,977 535,096
12 FHA/VA insured 57,369 58,294
13 Conventional 470,608 476,802
14 Mortgage transactions purchased
(during period) 9,035 11,484
Mortgage commitments (during
period)
15 Issued(7) 9,130 9,811
16 To sell(8) 1,287 612
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 325,914 328,598
18 FHA/VA insured 1,806 1,719
19 Conventional 324,108 326,879
Mortgage transactions (during
period)
20 Purchases 12,942(r) 6,747
21 Sales 12,764(r) 6,424
22 Mortgage commitments contracted
(during period)(9) 8,341 7,156
(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 1996 1997 1998
property
1 All holders 4,880,736(r) 5,184,691(r) 5,683,280(r)
By type of property
2 One- to four-family
residences 3,721,917 3,959,565 4,328,434
3 Multifamily residences 288,929(r) 301,516(r) 328,714(r)
4 Nonfarm, nonresidential 782,755(r) 833,311(r) 929,626(r)
5 Farm 87,134 90,299 96,506
By type of holder
6 Major financial
institutions 1,981,885 2,083,978 2,194,813(r)
7 Commercial banks(2) 1,145,389 1,245,315 1,337,217
8 One- to four-family 677,603 745,510 797,195(r)
9 Multifamily 45,451 49,670 52,871
10 Nonfarm,
nonresidential 397,452 423,148 458,115
11 Farm 24,883 26,986 29,035
12 Savings
institutions(3) 628,335 631,822 643,957
13 One- to four-family 513,712 520,672 533,792
14 Multifamily 61,570 59,543 56,825
15 Nonfarm,
nonresidential 52,723 51,252 52,923
16 Farm 331 354 417
17 Life insurance
companies 208,161 206,841 213,640
18 One- to four-family 6,977 7,187 6,590
19 Multifamily 30,750 30,402 31,522
20 Nonfarm,
nonresidential 160,314 158,780 164,004
21 Farm 10,120 10,472 11,524
22 Federal and related
agencies 295,192 286,167 292,636
23 Government National
Mortgage
Association 2 8 7
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'
Administrations 6,244 3,821 3,674
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
Corporation 2,431 724 361
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
Association 168,813 161,308 157,675
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
Corporation 46,504 48,454 57,085
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) 2,044,049(r) 2,240,928(r) 2,587,942(r)
54 Government National
Mortgage
Association 506,340 536,879 537,446
55 One- to four-family 494,158 523,225 522,498
56 Multifamily 12,182 13,654 14,948
57 Federal Home Loan
Mortgage
Corporation 554,260 579,385 646,459
58 One- to four-family 551,513 576,846 643,465
59 Multifamily 2,747 2,539 2,994
60 Federal National
Mortgage
Association 650,780 709,582 834,518
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 332,666(r) 415,080(r) 569,518(r)
69 One- to four-
family(6) 261,900 318,000 410,900
70 Multifamily 16,113(r) 20,278(r) 32,586(r)
71 Nonfarm,
nonresidential 54,654(r) 76,802(r) 126,033(r)
72 Farm 0 0 0
73 Individuals and
others(7) 559,609 573,619 607,888
74 One- to four-family 363,143 366,744 392,343
75 Multifamily 69,179 72,629 74,971
76 Nonfarm, nonresidential 109,119 115,467 120,600
77 Farm 18,169 18,779 19,974
1998 1999
Type of holder and
property
Q4 Q1 Q2
1 All holders 5,683,280(r) 5,819,743(r) 5,968,122(r)
By type of property
2 One- to four-family
residences 4,328,434 4,420,898(r) 4,533,031(r)
3 Multifamily residences 328,714(r) 339,266(r) 346,240(r)
4 Nonfarm, nonresidential 929,626(r) 962,175(r) 989,206(r)
5 Farm 96,506 97,404 99,644(r)
By type of holder
Major financial
institutions 2,194,813(r) 2,202,306(r) 2,242,525(r)
Commercial banks(2) 1,337,217 1,336,733(r) 1,361,365(r)
8 One- to four-family 797,195(r) 782,135(r) 790,043(r)
9 Multifamily 52,871 56,731(r) 59,151(r)
10 Nonfarm,
nonresidential 458,115 468,355(r) 481,635(r)
11 Farm 29,035 29,513(r) 30,536(r)
12 Savings
institutions(3) 643,957 646,510 656,518
13 One- to four-family 533,792 534,772 544,832
14 Multifamily 56,825 56,763 55,020
15 Nonfarm,
nonresidential 52,923 54,539 56,222
16 Farm 417 435 443
17 Life insurance
companies 213,640 219,063 224,642
18 One- to four-family 6,590 6,956 7,295
19 Multifamily 31,522 31,528 31,813
20 Nonfarm,
nonresidential 164,004 168,862 173,568
21 Farm 11,524 11,717 11,966
22 Federal and related
agencies 292,636 288,176(r) 288,038
23 Government National
Mortgage
Association 7 6 8
24 One- to four-family 7 6 8
25 Multifamily 0 0 0
26 Farmers Home
Administration(4) 40,851 40,691 40,766
27 One- to four-family 16,895 16,777 16,653
28 Multifamily 11,739 11,731 11,735
29 Nonfarm,
nonresidential 7,705 7,769 7,943
30 Farm 4,513 4,413 4,435
31 Federal Housing and
Veterans'
Administrations 3,674 3,538(r) 3,490
32 One- to four-family 1,849 1,713(r) 1,623
33 Multifamily 1,825 1,825 1,867
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
Corporation 361 315 189
40 One- to four-family 54 47 28
41 Multifamily 61 54 32
42 Nonfarm,
nonresidential 245 214 129
43 Farm 0 0 0
44 Federal National
Mortgage
Association 157,675 157,185 155,637
45 One- to four-family 147,594 147,063 145,033
46 Multifamily 10,081 10,122 10,604
47 Federal Land Banks 32,983 33,128 33,666
48 One- to four-family 1,941 1,949 1,981
49 Farm 31,042 31,179 31,685
50 Federal Home Loan
Mortgage
Corporation 57,085 53,313 54,282
51 One- to four-family 49,106 44,140 43,574
52 Multifamily 7,979 9,173 10,708
53 Mortgage pools or
trusts(5) 2,587,942(r) 2,715,181(r) 2,810,119(r)
54 Government National
Mortgage
Association 537,446 543,280 553,196(r)
55 One- to four-family 522,498 527,886 537,287(r)
56 Multifamily 14,948 15,395 15,909
57 Federal Home Loan
Mortgage
Corporation 646,459 687,179 718,085
58 One- to four-family 643,465 684,240 714,844
59 Multifamily 2,994 2,939 3,241
60 Federal National
Mortgage
Association 834,518 881,815 911,435
61 One- to four-family 804,205 849,513 877,863
62 Multifamily 30,313 32,302 33,572
63 Farmers Home
Administration(4) 1 1 1
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm,
nonresidential 0 0 0
67 Farm 1 1 1
68 Private mortgage
conduits 569,518(r) 602,906(r) 627,403(r)
69 One- to four-
family(6) 410,900 430,653 447,938
70 Multifamily 32,586(r) 35,455(r) 37,065(r)
71 Nonfarm,
nonresidential 126,033(r) 136,798(r) 142,400(r)
72 Farm 0 0 0
73 Individuals and
others(7) 607,888 614,081 627,440(r)
74 One- to four-family 392,343 393,047 404,028
75 Multifamily 74,971 75,249 75,524
76 Nonfarm, nonresidential 120,600 125,638 127,310
77 Farm 19,974 20,147 20,578(r)
1999
Type of holder and
property
Q3(r) Q4(p)
1 All holders 6,173,523 6,318,783
By type of property
2 One- to four-family
residences 4,663,148 4,759,962
3 Multifamily residences 357,423 370,381
4 Nonfarm, nonresidential 1,051,551 1,085,896
5 Farm 101,403 102,544
By type of holder
Major financial
institutions 2,321,448 2,393,404
Commercial banks(2) 1,418,819 1,495,717
8 One- to four-family 826,936 879,299
9 Multifamily 62,477 66,010
10 Nonfarm,
nonresidential 498,087 518,569
11 Farm 31,320 31,839
12 Savings
institutions(3) 676,346 668,634
13 One- to four-family 560,483 548,926
14 Multifamily 57,286 59,143
15 Nonfarm,
nonresidential 58,118 60,090
16 Farm 459 475
17 Life insurance
companies 226,282 229,053
18 One- to four-family 7,435 7,278
19 Multifamily 32,011 32,460
20 Nonfarm,
nonresidential 174,642 177,092
21 Farm 12,194 12,223
22 Federal and related
agencies 322,098 321,717
23 Government National
Mortgage
Association 8 7
24 One- to four-family 8 7
25 Multifamily 0 0
26 Farmers Home
Administration(4) 73,705 73,871
27 One- to four-family 16,583 16,506
28 Multifamily 11,745 11,741
29 Nonfarm,
nonresidential 41,068 41,355
30 Farm 4,308 4,268
31 Federal Housing and
Veterans'
Administrations 3,889 3,737
32 One- to four-family 2,013 1,862
33 Multifamily 1,876 1,876
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
Corporation 163 152
40 One- to four-family 24 23
41 Multifamily 28 26
42 Nonfarm,
nonresidential 111 103
43 Farm 0 0
44 Federal National
Mortgage
Association 154,420 152,633
45 One- to four-family 142,982 141,195
46 Multifamily 11,438 11,438
47 Federal Land Banks 34,218 34,640
48 One- to four-family 2,013 2,038
49 Farm 32,205 32,602
50 Federal Home Loan
Mortgage
Corporation 55,695 56,676
51 One- to four-family 44,010 44,321
52 Multifamily 11,685 12,355
53 Mortgage pools or
trusts(5) 2,891,145 2,954,654
54 Government National
Mortgage
Association 569,038 582,296
55 One- to four-family 552,670 565,222
56 Multifamily 16,368 17,074
57 Federal Home Loan
Mortgage
Corporation 738,581 749,081
58 One- to four-family 735,088 744,619
59 Multifamily 3,493 4,462
60 Federal National
Mortgage
Association 938,484 960,883
61 One- to four-family 903,531 924,941
62 Multifamily 34,953 35,942
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 645,041 662,394
69 One- to four-
family(6) 455,276 462,600
70 Multifamily 38,551 40,164
71 Nonfarm,
nonresidential 151,215 159,630
72 Farm 0 0
73 Individuals and
others(7) 638,833 649,008
74 One- to four-family 414,094 421,125
75 Multifamily 75,512 77,690
76 Nonfarm, nonresidential 128,311 129,057
77 Farm 20,917 21,137
(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(r)
Seasonally adjusted
1 Total 1,234,122 1,300,491 1,395,406
2 Revolving 531,295 560,653 595,964
3 Nonrevolving(2) 702,828 739,838 799,442
Not seasonally adjusted
4 Total 1,264,103 1,331,742 1,428,519
By major holder
5 Commercial banks 512,563 508,932 499,758
6 Finance companies 160,022 168,491 181,573
7 Credit unions 152,362 155,406 170,284
8 Savings institutions 47,172 51,611 61,527
9 Nonfinancial business 78,927 74,877 80,316
10 Pools of securitized assets(3) 313,057 372,425 435,061
By major type of credit(4)
11 Revolving 555,858 586,528 623,444
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 20,840
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 708,245 745,214 805,075
19 Commercial banks 292,737 298,586 310,406
20 Finance companies 121,414 136,182 147,759
21 Credit unions 132,810 135,476 149,444
22 Savings institutions 35,731 39,161 45,689
23 Nonfinancial business 33,961 35,711 37,533
24 Pools of securitized
assets(3) 91,592 100,098 114,244
1999
Holder and type of credit Aug. Sept. Oct.(r)
Seasonally adjusted
1 Total 1,363,184 1,366,575 1,371,887
2 Revolving 584,523 584,512 584,845
3 Nonrevolving(2) 778,661 782,063 787,041
Not seasonally adjusted
4 Total 1,364,404 1,370,079 1,376,998
By major holder
5 Commercial banks 476,561 472,524 474,042
6 Finance companies 177,331 172,956 174,081
7 Credit unions 162,412 164,055 165,912
8 Savings institutions 59,091 60,055 60,544
9 Nonfinancial business 68,896 67,456 67,965
10 Pools of securitized assets(3) 420,113 433,033 434,454
By major type of credit(4)
11 Revolving 580,691 581,361 583,612
12 Commercial banks 170,272 168,882 167,469
13 Finance companies 33,014 30,731 31,453
14 Credit unions 19,335 19,489 19,452
15 Savings institutions 13,233 13,461 14,254
16 Nonfinancial business 35,421 34,156 34,534
17 Pools of securitized
assets(3) 309,416 314,642 316,450
18 Nonrevolving 783,713 788,718 793,386
19 Commercial banks 306,289 303,642 306,573
20 Finance companies 144,317 142,225 142,628
21 Credit unions 143,077 144,566 146,460
22 Savings institutions 45,858 46,594 46,290
23 Nonfinancial business 33,475 33,300 33,431
24 Pools of securitized
assets(3) 110,697 118,391 118,004
1999 2000
Holder and type of credit Nov.(r) Dec.(r) Jan.
Seasonally adjusted
1 Total 1,385,037 1,395,406 1,412,361
2 Revolving 589,803 595,964 603,455
3 Nonrevolving(2) 795,233 799,442 808,906
Not seasonally adjusted
4 Total 1,391,686 1,428,519 1,421,679
By major holder
5 Commercial banks 480,763 499,758 498,137
6 Finance companies 175,296 181,573 184,553
7 Credit unions 167,887 170,284 170,168
8 Savings institutions 61,035 61,527 62,019
9 Nonfinancial business 70,289 80,316 76,041
10 Pools of securitized assets(3) 436,416 435,061 430,761
By major type of credit(4)
11 Revolving 592,179 623,444 614,056
12 Commercial banks 172,345 189,352 184,353
13 Finance companies 30,512 33,814 33,938
14 Credit unions 19,739 20,840 20,325
15 Savings institutions 15,046 15,838 16,631
16 Nonfinancial business 36,002 42,783 39,746
17 Pools of securitized
assets(3) 318,535 320,817 319,063
18 Nonrevolving 799,507 805,075 807,623
19 Commercial banks 308,418 310,406 313,784
20 Finance companies 144,784 147,759 150,615
21 Credit unions 148,148 149,444 149,843
22 Savings institutions 45,989 45,689 45,388
23 Nonfinancial business 34,287 37,533 36,295
24 Pools of securitized
assets(3) 117,881 114,244 111,698
(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.) 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
Item 1997 1998 1999
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.02 8.72 8.44
2 24-month personal 13.90 13.74 13.39
Credit card plan
3 All accounts 15.77 15.71 15.21
4 Accounts assessed interest 15.57 15.59 14.81
Auto finance companies
5 New car 7.12 6.30 6.66
6 Used car 13.27 12.64 12.60
OTHER TERMS(3)
Maturity (months)
7 New car 54.1 52.1 52.7
8 Used car 51.0 53.5 55.9
Loan-to-value ratio
9 New car 92 92 92
10 Used car 99 99 99
Amount financed (dollars)
11 New car 18,077 19,083 19,880
12 Used car 12,281 12,691 13,642
1999
Item
July Aug. Sept.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.44 n.a.
2 24-month personal n.a. 13.38 n.a.
Credit card plan
3 All accounts n.a. 15.08 n.a.
4 Accounts assessed interest n.a. 14.79 n.a.
Auto finance companies
5 New car 6.68 6.28 6.47
6 Used car 12.67 12.96 13.13
OTHER TERMS(3)
Maturity (months)
7 New car 52.0 51.7 52.1
8 Used car 56.1 55.8 55.9
Loan-to-value ratio
9 New car 92 92 92
10 Used car 99 100 100
Amount financed (dollars)
11 New car 19,873 20,012 20,154
12 Used car 13,609 13,374 13,449
1999
Item
Oct. Nov.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.66
2 24-month personal n.a. 13.52
Credit card plan
3 All accounts n.a. 15.13
4 Accounts assessed interest n.a. 14.77
Auto finance companies
5 New car 7.07 7.44
6 Used car 13.28 13.27
OTHER TERMS(3)
Maturity (months)
7 New car 53.2 53.9
8 Used car 55.8 55.8
Loan-to-value ratio
9 New car 92 91
10 Used car 100 99
Amount financed (dollars)
11 New car 20,335 20,517
12 Used car 13,613 13,777
1999 2000
Item
Dec. Jan.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. n.a.
2 24-month personal n.a. n.a.
Credit card plan
3 All accounts n.a. n.a.
4 Accounts assessed interest n.a. n.a.
Auto finance companies
5 New car 7.32 7.18
6 Used car 13.28 12.95
OTHER TERMS(3)
Maturity (months)
7 New car 53.4 52.9
8 Used car 55.6 56.8
Loan-to-value ratio
9 New car 91 91
10 Used car 99 98
Amount financed (dollars)
11 New car 20,699 20,503
12 Used car 13,970 13,906
(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 1996
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial
sectors 568.0(r) 712.0(r) 735.6(r)
By sector and instrument
2 Federal government 155.8 144.4 145.0
3 Treasury securities 155.7 142.9 146.6
4 Budget agency
securities and
mortgages .2 1.5 -1.6
5 Nonfederal 412.2(r) 567.6 590.6(r)
By instrument
6 Commercial paper 21.4 18.1 -.9
7 Municipal securities
and loans -35.9 -48.2 2.6
8 Corporate bonds 23.3 91.1 116.3
9 Bank loans n.e.c. 75.2 103.7 70.5
10 Other loans and
advances 34.0 67.2 33.5
11 Mortgages 169.3(r) 196.7(r) 280.0(r)
12 Home 183.4 180.4 245.3
13 Multifamily
residential -3.5(r) 5.5(r) 9.3(r)
14 Commercial -12.9(r) 9.3(r) 22.9(r)
15 Farm 2.2 1.6 2.6
16 Consumer credit 124.9 138.9 88.8
By borrowing sector
17 Household 316.3 350.9 354.0
18 Nonfinancial business 142.2(r) 268.2(r) 243.4(r)
19 Corporate 134.5(r) 234.7(r) 154.9(r)
20 Nonfarm noncorporate 3.3 30.6 83.8
21 Farm 4.4 2.9 4.8
22 State and local
government -46.2 -51.5 -6.8
23 Foreign net borrowing in
United States -13.9 71.1 77.2
24 Commercial paper -26.1 13.5 11.3
25 Bonds 12.2 49.7 55.8
26 Bank loans n.e.c. 1.4 8.5 9.1
27 Other loans and
advances -1.4 -.5 1.0
28 Total domestic plus
foreign 554.1(r) 783.1(r) 812.9(r)
Financial sectors
29 Total net borrowing by
financial sectors 468.4 453.9 548.9
By instrument
30 Federal government-
related 287.5 204.1 231.5
31 Government-sponsored
enterprise
securities 176.9 105.9 90.4
32 Mortgage pool
securities 115.4 98.2 141.1
33 Loans from U.S.
government -4.8 .0 .0
34 Private 180.9 249.8 317.5
35 Open market paper 40.5 42.7 92.2
36 Corporate bonds 121.8 195.9 176.9
37 Bank loans n.e.c. -13.7 2.5 12.6
38 Other loans and
advances 22.6 3.4 27.9
39 Mortgages 9.8 5.3 7.9
By borrowing sector
40 Commercial banking 20.1 22.5 13.0
41 Savings institutions 12.8 2.6 25.5
42 Credit unions .2 -.1 .1
43 Life insurance companies .3 -.1 1.1
44 Government-sponsored
enterprises 172.1 105.9 90.4
45 Federally related
mortgage pools 115.4 98.2 141.1
46 Issuers of asset-backed
securities (ABSs) 76.5 142.4 153.9
47 Finance companies 48.7 50.2 45.9
48 Mortgage companies -11.5 -2.2 4.1
49 Real estate investment
trusts (REITs) 10.2 4.5 11.9
50 Brokers and dealers .5 -5.0 -2.0
51 Funding corporations 23.1 34.9 64.1
All sectors
52 Total net borrowing, all
sectors 1,022.5(r) 1,237.0(r) 1,361.8(r)
53 Open market paper 35.7 74.3 102.6
54 U.S. government securities 448.1 348.5 376.5
55 Municipal securities -35.9 -48.2 2.6
56 Corporate and foreign
bonds 157.3 336.7 348.9
57 Bank loans n.e.c. 62.9 114.7 92.1
58 Other loans and advances 50.4 7.1 62.5
59 Mortgages 179.0(r) 202.0(r) 287.9(r)
60 Consumer credit 124.9 138.9 88.8
Funds raised through mutual funds
and corporate equities
61 Total net issues 113.4 131.5 209.1
62 Corporate equities 12.8 -16.0 -28.5
63 Nonfinancial
corporations -44.1 -58.3 -69.5
64 Foreign shares
purchased by U.S.
residents 48.1 50.4 60.0
65 Financial corporations 9.6 -8.1 -19.0
66 Mutual fund shares 100.6 147.4 237.6
1998
Transaction category or sector 1997 1998
Q2
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial
sectors 775.8(r) 1,011.3(r) 1,033.7(r)
By sector and instrument
2 Federal government 23.1 -52.6 -28.4
3 Treasury securities 23.2 -54.6 -26.9
4 Budget agency
securities and
mortgages -.1 2.0 -1.4
5 Nonfederal 752.7(r) 1,063.9(r) 1,062.0(r)
By instrument
6 Commercial paper 13.7 24.4 3.8
7 Municipal securities
and loans 71.4 96.8 101.3
8 Corporate bonds 150.5 218.7 294.8
9 Bank loans n.e.c. 106.5 108.2 169.2
10 Other loans and
advances 69.1 74.3 40.8
11 Mortgages 289.0(r) 473.9(r) 390.1(r)
12 Home 237.6 367.9 289.1
13 Multifamily
residential 7.7(r) 19.2(r) 19.8(r)
14 Commercial 40.6(r) 80.5(r) 74.5(r)
15 Farm 3.2 6.2 6.7
16 Consumer credit 52.5 67.6 62.1
By borrowing sector
17 Household 327.3 471.9 420.3
18 Nonfinancial business 369.4(r) 511.7(r) 559.8(r)
19 Corporate 285.7(r) 405.7(r) 456.9(r)
20 Nonfarm noncorporate 77.4 98.4 95.4
21 Farm 6.2 7.7 7.5
22 State and local
government 56.1 80.3 82.0
23 Foreign net borrowing in
United States 57.6 33.6 97.9
24 Commercial paper 3.7 7.8 -25.5
25 Bonds 47.2 25.1 119.2
26 Bank loans n.e.c. 8.5 6.7 8.4
27 Other loans and
advances -1.8 -6.0 -4.2
28 Total domestic plus
foreign 833.4(r) 1,044.9(r) 1,131.6(r)
Financial sectors
29 Total net borrowing by
financial sectors 652.2 1,068.8 988.9
By instrument
30 Federal government-
related 212.8 470.9 405.4
31 Government-sponsored
enterprise
securities 98.4 278.3 166.4
32 Mortgage pool
securities 114.5 192.6 239.0
33 Loans from U.S.
government .0 .0 .0
34 Private 439.4 597.9 583.5
35 Open market paper 166.7 161.0 135.6
36 Corporate bonds 209.0 291.8 361.8
37 Bank loans n.e.c. 13.2 30.1 -9.7
38 Other loans and
advances 35.6 90.2 76.0
39 Mortgages 14.9 24.8 19.9
By borrowing sector
40 Commercial banking 46.1 72.9 80.8
41 Savings institutions 19.7 52.2 31.2
42 Credit unions .1 .6 .2
43 Life insurance companies .2 .7 -.6
44 Government-sponsored
enterprises 98.4 278.3 166.4
45 Federally related
mortgage pools 114.5 192.6 239.0
46 Issuers of asset-backed
securities (ABSs) 200.7 316.3 352.4
47 Finance companies 48.7 43.0 91.9
48 Mortgage companies -4.6 1.6 -28.2
49 Real estate investment
trusts (REITs) 39.6 62.7 64.4
50 Brokers and dealers 8.1 7.2 20.0
51 Funding corporations 80.7 40.7 -28.6
All sectors
52 Total net borrowing, all
sectors 1,485.6(r) 2,113.7(r) 2,120.5(r)
53 Open market paper 184.1 193.1 113.8
54 U.S. government securities 235.9 418.3 377.1
55 Municipal securities 71.4 96.8 101.3
56 Corporate and foreign
bonds 406.7 535.6 775.8
57 Bank loans n.e.c. 128.2 145.0 167.9
58 Other loans and advances 102.8 158.5 112.5
59 Mortgages 303.9(r) 498.6(r) 410.0(r)
60 Consumer credit 52.5 67.6 62.1
Funds raised through mutual funds
and corporate equities
61 Total net issues 165.6 76.5(r) 261.6(r)
62 Corporate equities -99.6 -198.1(r) -116.2(r)
63 Nonfinancial
corporations -114.4 -267.0 -129.1
64 Foreign shares
purchased by U.S.
residents 42.0 77.8 12.3
65 Financial corporations -27.1 -8.9(r) .6(r)
66 Mutual fund shares 265.1 274.6 377.8
1998 1999
Transaction category or sector
Q3 Q4 Q1
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial
sectors 888.2(r) 1,056.5(r) 1,276.6(r)
By sector and instrument
2 Federal government -113.5 -54.1 -75.2
3 Treasury securities -113.1 -66.3 -73.7
4 Budget agency
securities and
mortgages -.4 12.2 -1.5
5 Nonfederal 1,001.7(r) 1,110.7(r) 1,351.8(r)
By instrument
6 Commercial paper 85.6 -43.0 58.3(r)
7 Municipal securities
and loans 82.9 89.6 100.7
8 Corporate bonds 108.0 193.2 274.0
9 Bankloans n.e.c. 107.8 120.9 70.0
10 Other loans and
advances 77.7 102.5 154.1(r)
11 Mortgages 460.2(r) 577.5(r) 563.1(r)
12 Home 375.2 429.1 414.9(r)
13 Multifamily
residential 13.2(r) 25.9(r) 32.4(r)
14 Commercial 66.3(r) 113.9(r) 112.1(r)
15 Farm 5.5 8.6 3.6
16 Consumer credit 79.6 69.9 131.5(r)
By borrowing sector
17 Household 473.4 528.6 558.6(r)
18 Nonfinancial business 458.3(r) 507.0(r) 705.8(r)
19 Corporate 353.4(r) 396.1(r) 597.5(r)
20 Nonfarm noncorporate 97.6 103.3 101.6
21 Farm 7.3 7.5 6.6
22 State and local
government 70.0 75.1 87.4
23 Foreign net borrowing in
United States -19.6 -38.9 17.0(r)
24 Commercial paper 6.2 -4.7 18.0(r)
25 Bonds -27.2 -34.2 .9
26 Bank loans n.e.c. 3.6 9.8 .9
27 Other loans and
advances -2.2 -9.7 -2.8
28 Total domestic plus
foreign 868.6(r) 1,017.7(r) 1,293.5(r)
Financial sectors
29 Total net borrowing by
financial sectors 1,056.3 1,298.7 1,213.1(r)
By instrument
30 Federal government-
related 555.8 673.3 592.2
31 Government-sponsored
enterprise
securities 294.0 510.5 193.0
32 Mortgage pool
securities 261.7 162.8 399.2
33 Loans from U.S.
government .0 .0 .0
34 Private 500.5 625.4 620.9(r)
35 Open market paper 141.0 130.7 78.3
36 Corporate bonds 177.4 281.9 489.7(r)
37 Bank loans n.e.c. 60.2 12.4 -8.8
38 Other loans and
advances 82.3 169.9 41.6
39 Mortgages 39.6 30.6 20.1
By borrowing sector
40 Commercial banking 61.7 66.3 31.1
41 Savings institutions 63.7 103.2 58.0
42 Credit unions 1.0 .4 1.5
43 Life insurance companies 1.6 1.8 3.3
44 Government-sponsored
enterprises 294.0 510.5 193.0
45 Federally related
mortgage pools 261.7 162.8 399.2
46 Issuers of asset-backed
securities (ABSs) 294.2 335.7 299.4(r)
47 Finance companies -12.0 17.8 71.2
48 Mortgage companies 2.3 3.0 -4.6
49 Real estate investment
trusts (REITs) 79.3 44.0 25.6
50 Brokers and dealers -2.6 12.4 -31.1
51 Funding corporations 11.2 40.9 166.5
All sectors
52 Total net borrowing, all
sectors 1,924.9(r) 2,316.4(r) 2,506.6(r)
53 Open market paper 232.7 83.0 154.6(r)
54 U.S. government securities 442.3 619.1 517.0
55 Municipal securities 82.9 89.6 100.7
56 Corporate and foreign
bonds 258.2 440.9 764.6(r)
57 Bank loans n.e.c. 171.6 143.0 62.1
58 Other loans and advances 157.8 262.7 192.9(r)
59 Mortgages 499.8(r) 608.1(r) 583.2(r)
60 Consumer credit 79.6 69.9 131.5(r)
Funds raised through mutual funds
and corporate equities
61 Total net issues -166.6(r) -3.5(r) 135.4(r)
62 Corporate equities -340.0(r) -228.3(r) -117.9(r)
63 Nonfinancial
corporations -308.4 -491.3 -52.2(r)
64 Foreign shares
purchased by U.S.
residents -32.8 317.4 -33.4
65 Financial corporations 1.1(r) -54.5(r) -32.3(r)
66 Mutual fund shares 173.4 224.8 253.3
1999
Transaction category or sector
Q2 Q3(r) Q4
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial
sectors 871.5(r) 1,168.2 1,107.4
By sector and instrument
2 Federal government -112.2 -83.1 -16.9
3 Treasury securities -112.8 -83.2 -16.9
4 Budget agency
securities and
mortgages .6 .0 .0
5 Nonfederal 983.7(r) 1,251.3 1,124.3
By instrument
6 Commercial paper -2.6(r) 49.8 44.0
7 Municipal securities
and loans 48.0 77.0 47.0
8 Corporate bonds 287.6 202.8 155.2
9 Bank loans n.e.c. 22.2 112.8 123.7
10 Other loans and
advances -14.3(r) 78.9 66.6
11 Mortgages 580.4(r) 652.8 571.9
12 Home 422.9 492.8 396.4
13 Multifamily
residential 32.0(r) 43.7 45.7
14 Commercial 116.6(r) 109.1 124.9
15 Farm 9.0 7.2 4.9
16 Consumer credit 62.4(r) 77.3 115.9
By borrowing sector
17 Household 519.4(r) 614.6 533.8
18 Nonfinancial business 428.6(r) 579.7 559.8
19 Corporate 315.3(r) 449.9 413.4
20 Nonfarm noncorporate 114.2 120.2 140.8
21 Farm -1.0(r) 9.7 5.6
22 State and local
government 35.7 57.0 30.7
23 Foreign net borrowing in
United States -36.8(r) 62.2 30.8
24 Commercial paper -27.5(r) 41.1 33.6
25 Bonds -12.6 29.4 -8.2
26 Bank loans n.e.c. 5.6 -6.6 2.4
27 Other loans and
advances -2.3 -1.6 3.0
28 Total domestic plus
foreign 834.8(r) 1,230.4 1,138.2
Financial sectors
29 Total net borrowing by
financial sectors 1,016.1(r) 1,078.0 1,056.5
By instrument
30 Federal government-
related 578.9(r) 653.0 543.9
31 Government-sponsored
enterprise
securities 304.7 407.1 367.9
32 Mortgage pool
securities 274.3 245.9 176.0
33 Loans from U.S.
government .0 .0 .0
34 Private 437.2(r) 425.1 512.6
35 Open market paper 57.8 89.8 478.9
36 Corporate bonds 263.2(r) 184.9 -56.8
37 Bank loans n.e.c. 10.5 -6.2 -50.1
38 Other loans and
advances 117.9 147.2 121.8
39 Mortgages -12.3 9.4 18.8
By borrowing sector
40 Commercial banking 72.7 111.3 62.7
41 Savings institutions 58.6 55.2 11.5
42 Credit unions 1.4 2.8 3.3
43 Life insurance companies 3.0 1.1 -4.4
44 Government-sponsored
enterprises 304.7 407.1 367.9
45 Federally related
mortgage pools 274.3(r) 245.9 176.0
46 Issuers of asset-backed
securities (ABSs) 309.2(r) 227.4 114.3
47 Finance companies 88.4 -22.6 88.2
48 Mortgage companies 5.1 -6.1 6.2
49 Real estate investment
trusts (REITs) -19.7 7.9 17.7
50 Brokers and dealers -17.4 16.9 -37.3
51 Funding corporations -63.8 31.2 250.5
All sectors
52 Total net borrowing, all
sectors 1,850.9(r) 2,308.5 2,194.7
53 Open market paper 27.7(r) 180.6 556.5
54 U.S. government securities 466.8(r) 569.8 527.0
55 Municipal securities 48.0 77.0 47.0
56 Corporate and foreign
bonds 538.2(r) 417.1 90.3
57 Bank loans n.e.c. 38.3 100.0 75.9
58 Other loans and advances 101.3(r) 224.5 191.4
59 Mortgages 568.2(r) 662.1 590.7
60 Consumer credit 62.4(r) 77.3 115.9
Funds raised through mutual funds
and corporate equities
61 Total net issues 143.3(r) 47.7 167.7
62 Corporate equities -69.9(r) -79.1 -9.2
63 Nonfinancial
corporations -338.2(r) -138.6 -41.6
64 Foreign shares
purchased by U.S.
residents 270.9 76.7 64.0
65 Financial corporations 2.4(r) -17.2 -31.6
66 Mutual fund shares 208.2 126.8 176.9
(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
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,022.5(r) 1,237.0(r)
2 Domestic nonfederal nonfinancial
sectors 223.4(r) -98.4(r)
3 Household 260.2(r) -3.0(r)
4 Nonfinancial corporate business 17.7 -8.8
5 Nonfarm noncorporate business .6 4.7
6 State and local governments -55.0 -91.4
7 Federal government -27.4 -.2
8 Rest of the world 132.3 273.9
9 Financial sectors 694.1 1,061.7
10 Monetary authority 31.5 12.7
11 Commercial banking 163.4 265.9
12 U.S.-chartered banks 148.1 186.5
13 Foreign banking offices in
United States 11.2 75.4
14 Bank holding companies .9 -.3
15 Banks in U.S.-affiliated areas 3.3 4.2
16 Savings institutions 6.7 -7.6
17 Credit unions 28.1 16.2
18 Bank personal trusts and estates 7.1 -8.3
19 Life insurance companies 72.0 100.0
20 Other insurance companies 24.9 21.5
21 Private pension funds 46.1 56.0
22 State and local government
retirement funds 30.9 33.6
23 Money market mutual funds 30.0 86.5
24 Mutual funds -7.1 52.5
25 Closed-end funds -3.7 10.5
26 Government-sponsored enterprises 117.8 86.7
27 Federally related mortgage pools 115.4 98.2
28 Asset-backed securities
issuers (ABSs) 69.4 120.6
29 Finance companies 48.3 49.9
30 Mortgage companies -24.0 -3.4
31 Real estate investment trusts (REITs) -.7 1.4
32 Brokers and dealers -44.2 90.1
33 Funding corporations -17.8 -21.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,022.5(r) 1,237.0(r)
Other financial sources
35 Official foreign exchange -5.8 8.8
36 Special drawing rights certificates .0 2.2
37 Treasury currency .7 .6
38 Foreign deposits 52.9 35.3
39 Net interbank transactions 89.8 10.0
40 Checkable deposits and currency -9.7 -12.7
41 Small time and savings deposits -39.9 96.6
42 Large time deposits 19.6 65.6
43 Money market fund shares 43.3 142.3
44 Security repurchase agreements 78.2 110.5
45 Corporate equities 12.8 -16.0
46 Mutual fund shares 100.6 147.4
47 Trade payables 120.0 128.9
48 Security credit -.1 26.7
49 Life insurance reserves 35.5 45.8
50 Pension fund reserves 254.7 235.1
51 Taxes payable 2.6 6.2
52 Investment in bank personal trusts 17.8 4.0
53 Noncorporate proprietors' equity 62.7(r) 65.6(r)
54 Miscellaneous 253.4(r) 453.6(r)
55 Total financial sources 2,111.6(r) 2,793.5(r)
Liabilities not identified as
assets (-)
56 Treasury currency -.2 -.5
57 Foreign deposits 43.0 25.1
58 Net interbank liabilities -2.7 -3.1
59 Security repurchase agreements 67.7 20.2
60 Taxes payable 16.6 21.1
61 Miscellaneous -120.2(r) -179.5(r)
Floats not included in assets (-)
62 Federal government checkable deposits -4.8 -6.0
63 Other checkable deposits -2.8 -3.8
64 Trade credit 27.4 15.6
65 Total identified to sectors as assets 2,087.5(r) 2,904.5(r)
Transaction category or sector 1996 1997
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,361.8(r) 1,485.6(r)
2 Domestic nonfederal nonfinancial
sectors 15.1(r) -79.2(r)
3 Household 63.4(r) -76.5(r)
4 Nonfinancial corporate business -10.2(r) -2.3
5 Nonfarm noncorporate business -4.3 -.6
6 State and local governments -33.7 .1
7 Federal government -7.4 5.1
8 Rest of the world 414.4 310.7
9 Financial sectors 939.7 1,249.0
10 Monetary authority 12.3 38.3
11 Commercial banking 187.5 324.3
12 U.S.-chartered banks 119.6 274.9
13 Foreign banking offices in
United States 63.3 40.2
14 Bank holding companies 3.9 5.4
15 Banks in U.S.-affiliated areas .7 3.7
16 Savings institutions 19.9 -4.7
17 Credit unions 25.5 16.8
18 Bank personal trusts and estates -7.7 -25.0
19 Life insurance companies 69.6 104.8
20 Other insurance companies 22.5 25.2
21 Private pension funds 52.3 65.5
22 State and local government
retirement funds 37.3 63.8
23 Money market mutual funds 88.8 87.5
24 Mutual funds 48.9 80.9
25 Closed-end funds 4.7 -2.9
26 Government-sponsored enterprises 84.2 94.3
27 Federally related mortgage pools 141.1 114.5
28 Asset-backed securities
issuers (ABSs) 123.6 162.3
29 Finance companies 18.4 21.9
30 Mortgage companies 8.2 -9.1
31 Real estate investment trusts (REITs) 4.4 20.2
32 Brokers and dealers -15.7 14.9
33 Funding corporations 14.0 55.6
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,361.8(r) 1,485.6(r)
Other financial sources
35 Official foreign exchange -6.3 .7
36 Special drawing rights certificates -.5 -.5
37 Treasury currency .1 .0
38 Foreign deposits 85.9 106.8
39 Net interbank transactions -51.6 -19.7
40 Checkable deposits and currency 15.8 41.5
41 Small time and savings deposits 97.2 97.1
42 Large time deposits 114.0 122.5
43 Money market fund shares 145.8 157.6
44 Security repurchase agreements 41.4 120.9
45 Corporate equities -28.5 -99.6
46 Mutual fund shares 237.6 265.1
47 Trade payables 114.8 125.9
48 Security credit 52.4 111.0
49 Life insurance reserves 44.5 59.3
50 Pension fund reserves 246.9 304.0
51 Taxes payable 16.0 16.8
52 Investment in bank personal trusts -8.6 -56.3
53 Noncorporate proprietors' equity 5.1(r) 9.9(r)
54 Miscellaneous 508.1(r) 527.5(r)
55 Total financial sources 2,992.0(r) 3,376.2(r)
Liabilities not identified as
assets (-)
56 Treasury currency -.9 -.6
57 Foreign deposits 59.6 106.8
58 Net interbank liabilities -3.3 -19.9
59 Security repurchase agreements 4.5 62.3
60 Taxes payable 22.8 26.8
61 Miscellaneous -37.3(r) -214.7(r)
Floats not included in assets (-)
62 Federal government checkable deposits .5 -2.7
63 Other checkable deposits -4.0 -3.9
64 Trade credit -21.2 33.2
65 Total identified to sectors as assets 2,971.4(r) 3,388.8(r)
1998
Transaction category or sector 1998
Q2
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,113.7(r) 2,120.5(r)
2 Domestic nonfederal nonfinancial
sectors 35.1(r) 461.4(r)
3 Household -64.0(r) 335.0(r)
4 Nonfinancial corporate business -.3(r) -47.9
5 Nonfarm noncorporate business .0 .0
6 State and local governments 99.5 174.3
7 Federal government 13.5 12.9
8 Rest of the world 249.3 321.8
9 Financial sectors 1,815.8(r) 1,324.5(r)
10 Monetary authority 21.1 11.5
11 Commercial banking 305.2 132.7
12 U.S.-chartered banks 312.0 130.0
13 Foreign banking offices in
United States -11.9 15.2
14 Bank holding companies -.9 -17.6
15 Banks in U.S.-affiliated areas 6.0 5.1
16 Savings institutions 36.3 2.1
17 Credit unions 19.0 22.7
18 Bank personal trusts and estates -12.8 -11.3
19 Life insurance companies 76.9 63.4
20 Other insurance companies 20.4 -1.5
21 Private pension funds 118.7 130.1
22 State and local government
retirement funds 66.0(r) 78.4
23 Money market mutual funds 244.0 208.1
24 Mutual funds 124.8 146.4
25 Closed-end funds 4.5 4.5
26 Government-sponsored enterprises 260.8 150.6
27 Federally related mortgage pools 192.6 239.0
28 Asset-backed securities
issuers (ABSs) 276.7 321.4
29 Finance companies 51.9 24.0
30 Mortgage companies 3.2 -56.4
31 Real estate investment trusts (REITs) -5.1 6.1
32 Brokers and dealers 6.8(r) -133.2(r)
33 Funding corporations 5.0(r) -14.2(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,113.7(r) 2,120.5(r)
Other financial sources
35 Official foreign exchange 6.6 8.1
36 Special drawing rights certificates .0 .0
37 Treasury currency .0 .2
38 Foreign deposits -.2 92.9
39 Net interbank transactions -32.3(r) 40.1
40 Checkable deposits and currency 47.6 90.1
41 Small time and savings deposits 152.4 84.9
42 Large time deposits 92.1 -5.6
43 Money market fund shares 285.5 247.2
44 Security repurchase agreements 91.3(r) 50.7(r)
45 Corporate equities -198.1(r) -116.2(r)
46 Mutual fund shares 274.6 377.8
47 Trade payables 27.9(r) -27.9
48 Security credit 103.3(r) 131.3(r)
49 Life insurance reserves 53.3 53.3
50 Pension fund reserves 290.4(r) 272.8(r)
51 Taxes payable 12.5(r) 1.9(r)
52 Investment in bank personal trusts -48.0 -46.5
53 Noncorporate proprietors' equity -19.9(r) -19.2(r)
54 Miscellaneous 710.0(r) 434.1(r)
55 Total financial sources 3,962.6(r) 3,790.4(r)
Liabilities not identified as
assets (-)
56 Treasury currency -.7 -.3
57 Foreign deposits -8.1 149.9
58 Net interbank liabilities 3.4 8.9
59 Security repurchase agreements 54.1(r) -18.6(r)
60 Taxes payable 17.7(r) 9.1
61 Miscellaneous -58.3(r) -323.0(r)
Floats not included in assets (-)
62 Federal government checkable deposits 2.6 -44.4
63 Other checkable deposits -3.1 -2.9
64 Trade credit -30.9(r) -110.5
65 Total identified to sectors as assets 3,986.1(r) 4,122.2(r)
1998
Transaction category or sector
Q3 Q4
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,924.9(r) 2,316.4(r)
2 Domestic nonfederal nonfinancial
sectors 27.9(r) -304.3(r)
3 Household -106.6(r) -425.4(r)
4 Nonfinancial corporate business 8.9(r) 29.3(r)
5 Nonfarm noncorporate business .0 .0
6 State and local governments 125.7 91.7
7 Federal government 13.8 11.7
8 Rest of the world 60.8 390.7
9 Financial sectors 1,822.3(r) 2,218.3(r)
10 Monetary authority 41.6 3.5
11 Commercial banking 250.1 531.5
12 U.S.-chartered banks 309.2 540.2
13 Foreign banking offices in
United States -68.1 -12.1
14 Bank holding companies 6.0 -7.4
15 Banks in U.S.-affiliated areas 2.9 10.7
16 Savings institutions 17.9 113.3
17 Credit unions 21.0 16.0
18 Bank personal trusts and estates -16.0 -13.5
19 Life insurance companies 65.6 86.0
20 Other insurance companies -7.7 67.6
21 Private pension funds 95.5(r) 174.5(r)
22 State and local government
retirement funds 68.7(r) 49.5(r)
23 Money market mutual funds 255.5 353.1
24 Mutual funds 92.9 103.5
25 Closed-end funds 4.5 4.5
26 Government-sponsored enterprises 264.7 429.5
27 Federally related mortgage pools 261.7 162.8
28 Asset-backed securities
issuers (ABSs) 248.7 312.7
29 Finance companies 79.5 75.3
30 Mortgage companies 4.5 6.0
31 Real estate investment trusts (REITs) -11.3 -40.8
32 Brokers and dealers 146.0(r) -226.1(r)
33 Funding corporations -61.4(r) 9.4(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,924.9(r) 2,316.4(r)
Other financial sources
35 Official foreign exchange 8.9 8.6
36 Special drawing rights certificates .0 .0
37 Treasury currency 1.7 -2.3
38 Foreign deposits 84.9 -131.9
39 Net interbank transactions 44.7(r) -118.9(r)
40 Checkable deposits and currency -24.9 72.8
41 Small time and savings deposits 144.7 281.2
42 Large time deposits 81.8 104.4
43 Money market fund shares 367.9 313.1
44 Security repurchase agreements 274.8(r) -181.8(r)
45 Corporate equities -340.0(r) -228.3(r)
46 Mutual fund shares 173.4 224.8
47 Trade payables 57.9(r) -56.9(r)
48 Security credit 149.5(r) -25.7(r)
49 Life insurance reserves 51.7 59.0
50 Pension fund reserves 279.2(r) 314.8(r)
51 Taxes payable 27.5 8.4(r)
52 Investment in bank personal trusts -51.2 -48.8
53 Noncorporate proprietors' equity -64.0(r) 16.3(r)
54 Miscellaneous 749.8(r) 577.8(r)
55 Total financial sources 3,943.2(r) 3,502.8(r)
Liabilities not identified as
assets (-)
56 Treasury currency 1.1 -3.4
57 Foreign deposits 69.9 -156.5
58 Net interbank liabilities 22.3 -52.8
59 Security repurchase agreements 153.8(r) -11.0(r)
60 Taxes payable 28.2 19.1(r)
61 Miscellaneous -70.6(r) .7(r)
Floats not included in assets (-)
62 Federal government checkable deposits 32.4 14.0
63 Other checkable deposits -3.6 -1.8
64 Trade credit -65.0(r) -20.2(r)
65 Total identified to sectors as assets 3,774.7(r) 3,714.5(r)
1999
Transaction category or sector
Q1 Q2
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,506.6(r) 1,850.9(r)
2 Domestic nonfederal nonfinancial
sectors 398.8(r) 351.3(r)
3 Household 347.4(r) 280.9(r)
4 Nonfinancial corporate business -1.1(r) 17.3(r)
5 Nonfarm noncorporate business .4 -.2
6 State and local governments 52.2 53.3
7 Federal government 17.0(r) 6.9(r)
8 Rest of the world 253.3(r) 37.4(r)
9 Financial sectors 1,837.5(r) 1,455.2(r)
10 Monetary authority 71.8 62.4
11 Commercial banking 68.9 135.4
12 U.S.-chartered banks 134.1 231.5
13 Foreign banking offices in
United States -54.9 -105.7
14 Bank holding companies -6.0 .4
15 Banks in U.S.-affiliated areas -4.4 9.2
16 Savings institutions 102.7 88.8
17 Credit unions 34.7 32.1
18 Bank personal trusts and estates -7.6 -8.4
19 Life insurance companies 82.2 84.0
20 Other insurance companies -19.7 26.7
21 Private pension funds 60.6(r) 150.0
22 State and local government
retirement funds 76.5(r) 27.3(r)
23 Money market mutual funds 227.6 -92.6
24 Mutual funds 103.0 121.0
25 Closed-end funds 4.4 4.4
26 Government-sponsored enterprises 157.2 259.2
27 Federally related mortgage pools 399.2 274.3(r)
28 Asset-backed securities
issuers (ABSs) 281.8(r) 292.4(r)
29 Finance companies 92.2 79.6
30 Mortgage companies -9.1 10.2
31 Real estate investment trusts (REITs) 1.7 -2.2
32 Brokers and dealers 88.0(r) -193.7(r)
33 Funding corporations 21.5(r) 104.4(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,506.6(r) 1,850.9(r)
Other financial sources
35 Official foreign exchange -14.0 -5.4
36 Special drawing rights certificates -4.0 .0
37 Treasury currency .0 2.1
38 Foreign deposits 127.7 99.3
39 Net interbank transactions 49.5(r) 90.6(r)
40 Checkable deposits and currency 61.1 10.1
41 Small time and savings deposits -68.0 100.0
42 Large time deposits -5.9 42.6
43 Money market fund shares 204.9 100.5
44 Security repurchase agreements 253.3(r) -27.9(r)
45 Corporate equities -117.9(r) -64.9(r)
46 Mutual fund shares 253.3 208.2
47 Trade payables 144.8(r) 237.1(r)
48 Security credit -66.6(r) 139.9(r)
49 Life insurance reserves 40.8 59.6
50 Pension fund reserves 286.1(r) 324.4
51 Taxes payable -8.0(r) 41.8(r)
52 Investment in bank personal trusts -32.0 -25.9
53 Noncorporate proprietors' equity 10.1(r) 16.0(r)
54 Miscellaneous 129.4(r) 1,223.6(r)
55 Total financial sources 3,751.3(r) 4,422.5(r)
Liabilities not identified as
assets (-)
56 Treasury currency -1.5 .6
57 Foreign deposits 62.7 83.5(r)
58 Net interbank liabilities 58.7 -1.7
59 Security repurchase agreements 209.4(r) 67.5(r)
60 Taxes payable -15.4(r) 4.8(r)
61 Miscellaneous -408.9(r) -568.0(r)
Floats not included in assets (-)
62 Federal government checkable deposits -1.8 -41.4
63 Other checkable deposits -1.9 -1.0
64 Trade credit 45.8(r) -9.9(r)
65 Total identified to sectors as assets 3,804.3(r) 4,888.1(r)
1999
Transaction category or sector
Q3(r) Q4
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,308.5 2,194.7
2 Domestic nonfederal nonfinancial
sectors 147.9 55.0
3 Household 147.9 -59.1
4 Nonfinancial corporate business 34.6 82.1
5 Nonfarm noncorporate business -.6 .0
6 State and local governments -33.9 32.0
7 Federal government 11.4 12.9
8 Rest of the world 371.3 237.3
9 Financial sectors 1,777.8 1,889.5
10 Monetary authority 34.1 -65.7
11 Commercial banking 435.5 592.8
12 U.S.-chartered banks 410.7 494.2
13 Foreign banking offices in
United States 30.6 49.5
14 Bank holding companies -12.4 42.6
15 Banks in U.S.-affiliated areas 6.6 6.6
16 Savings institutions 60.9 22.0
17 Credit unions 36.6 21.2
18 Bank personal trusts and estates -8.6 -9.1
19 Life insurance companies 52.9 71.3
20 Other insurance companies -14.4 -12.6
21 Private pension funds 45.4 104.9
22 State and local government
retirement funds 38.4 49.1
23 Money market mutual funds 232.1 360.8
24 Mutual funds -20.2 1.1
25 Closed-end funds 4.3 4.3
26 Government-sponsored enterprises 287.5 264.6
27 Federally related mortgage pools 245.9 176.0
28 Asset-backed securities
issuers (ABSs) 218.9 84.5
29 Finance companies 94.7 116.9
30 Mortgage companies -12.1 12.3
31 Real estate investment trusts (REITs) -2.7 -7.3
32 Brokers and dealers 16.3 -37.4
33 Funding corporations 32.4 140.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,308.5 2,194.7
Other financial sources
35 Official foreign exchange -8.5 -5.5
36 Special drawing rights certificates -4.0 -4.0
37 Treasury currency 2.0 -4.1
38 Foreign deposits 63.6 -55.9
39 Net interbank transactions -36.0 -55.4
40 Checkable deposits and currency 141.0 394.2
41 Small time and savings deposits 144.7 4.3
42 Large time deposits 105.2 379.2
43 Money market fund shares 180.3 516.7
44 Security repurchase agreements 114.6 345.7
45 Corporate equities -79.1 -9.2
46 Mutual fund shares 126.8 176.9
47 Trade payables 190.8 90.4
48 Security credit 29.5 271.1
49 Life insurance reserves 41.5 63.2
50 Pension fund reserves 305.0 373.5
51 Taxes payable -1.8 14.0
52 Investment in bank personal trusts -34.3 -32.3
53 Noncorporate proprietors' equity -47.4 -18.5
54 Miscellaneous 360.0 682.3
55 Total financial sources 3,902.2 5,321.4
Liabilities not identified as
assets (-)
56 Treasury currency .2 -6.3
57 Foreign deposits 19.9 13.6
58 Net interbank liabilities -1.0 -53.1
59 Security repurchase agreements 43.0 -153.9
60 Taxes payable 2.4 -10.1
61 Miscellaneous -539.2 -112.4
Floats not included in assets (-)
62 Federal government checkable deposits 23.0 -8.7
63 Other checkable deposits -.5 .1
64 Trade credit 71.7 39.7
65 Total identified to sectors as assets 4,282.6 5,612.6
(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 13,723.8(r) 14,459.4(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 10,087.1(r) 10,677.7(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
10 Other loans and advances 736.9 770.4
11 Mortgages 4,568.8(r) 4,848.9(r)
12 Home 3,510.4 3,721.9
13 Multifamily residential 265.5(r) 278.4(r)
14 Commercial 708.5(r) 761.4(r)
15 Farm 84.6 87.1
16 Consumer credit 1,122.8 1,211.6
By borrowing sector
17 Household 4,782.8 5,108.0
18 Nonfinancial business 4,234.1(r) 4,506.2(r)
19 Corporate 2,936.6(r) 3,120.2(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 441.4 518.7
24 Commercial paper 56.2 67.5
25 Bonds 291.9 347.7
26 Bank loans n.e.c. 34.6 43.7
27 Other loans and advances 58.8 59.8
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 14,165.2(r) 14,978.1(r)
Financial sectors
29 Total credit market debt owed by
financial sectors 4,278.8 4,827.7
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 2,219.4
35 Open market paper 486.9 579.1
36 Corporate bonds 1,204.7 1,381.5
37 Bank loans 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) 712.5 866.4
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 18,444.0(r) 19,805.8(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 2,840.7 3,189.6
58 Bank loans n.e.c. 949.6 1,041.7
59 Other loans and advances 930.6 993.1
60 Mortgages 4,592.9(r) 4,880.8(r)
61 Consumer credit 1,122.8 1,211.6
Transaction category or sector 1997 1998
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 15,233.8(r) 16,245.0(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 11,428.9(r) 12,492.8(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
10 Other loans and advances 839.5 913.8
11 Mortgages 5,137.8(r) 5,611.7(r)
12 Home 3,959.5 4,327.5
13 Multifamily residential 286.1(r) 305.3(r)
14 Commercial 801.9(r) 882.4(r)
15 Farm 90.3 96.5
16 Consumer credit 1,264.1 1,331.7
By borrowing sector
17 Household 5,438.0 5,909.9
18 Nonfinancial business 4,871.4(r) 5,383.1(r)
19 Corporate 3,401.7(r) 3,807.3(r)
20 Nonfarm noncorporate 1,313.6 1,411.9
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 570.1 603.7
24 Commercial paper 65.1 72.9
25 Bonds 394.9 420.0
26 Bank loans n.e.c. 52.1 58.9
27 Other loans and advances 58.0 52.0
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 15,803.9(r) 16,848.7(r)
Financial sectors
29 Total credit market debt owed by
financial sectors 5,446.8 6,515.6
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 2,625.7 3,223.6
35 Open market paper 745.7 906.7
36 Corporate bonds 1,557.5 1,849.4
37 Bank loans 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) 1,078.2 1,394.6
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 21,250.7(r) 23,364.4(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 3,563.3 4,098.9
58 Bank loans n.e.c. 1,169.8 1,314.9
59 Other loans and advances 1,095.9 1,254.4
60 Mortgages 5,184.7(r) 5,683.3(r)
61 Consumer credit 1,264.1 1.331.7
1998
Transaction category or sector
Q2 Q3
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 15,710.4(r) 15,921.7(r)
By sector and instrument
2 Federal government 3,749.0 3,720.2
3 Treasury securities 3,723.4 3,694.7
4 Budget agency securities and
mortgages 25.6 25.5
5 Nonfederal 11,961.4(r) 12,201.5(r)
By instrument
6 Commercial paper 202.5 216.9
7 Municipal securities and loans 1,429.3 1,439.9
8 Corporate bonds 1,754.3 1,781.3
9 Bank loans n.e.c. 1,097.6 1,120.6
10 Other loans and advances 873.1 886.8
11 Mortgages 5,347.9(r) 5,469.5(r)
12 Home 4,122.0 4,222.4
13 Multifamily residential 295.5(r) 298.8(r)
14 Commercial 837.4(r) 853.9(r)
15 Farm 93.0 94.4
16 Consumer credit 1,256.8 1,286.6
By borrowing sector
17 Household 5,618.8 5,752.1
18 Nonfinancial business 5,171.8(r) 5,270.7(r)
19 Corporate 3,649.0(r) 3,722.1(r)
20 Nonfarm noncorporate 1,361.8 1,385.5
21 Farm 161.0 163.1
22 State and local government 1,170.8 1,178.8
23 Foreign credit market debt held in
United States 617.1 612.8
24 Commercial paper 71.4 74.0
25 Bonds 435.4 428.6
26 Bank loans n.e.c. 55.5 56.4
27 Other loans and advances 54.8 53.8
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 16,327.4(r) 16,534.4(r)
Financial sectors
29 Total credit market debt owed by
financial sectors 5,926.8 6,195.5
By Instrument
30 Federal government-related 2,981.4 3,121.7
31 Government-sponsored enterprise
securities 1,072.5 1,146.0
32 Mortgage pool securities 1,908.9 1,975.7
33 Loans from U.S. government .0 .0
34 Private 2,945.4 3,073.8
35 Open market paper 838.9 874.2
36 Corporate bonds 1,738.7 1,786.2
37 Bank loans n.e.c. 88.2 103.2
38 Other loans and advances 225.6 246.2
39 Mortgages 54.1 64.0
By borrowing sector
40 Commercial banks 159.6 169.6
41 Bank holding companies 190.5 196.1
42 Savings institutions 170.7 186.6
43 Credit unions .8 1.0
44 Life insurance companies 1.6 2.0
45 Government-sponsored enterprises 1,072.5 1,146.0
46 Federally related mortgage pools 1,908.9 1,975.7
47 Issuers of asset-backed
securities (ABSs) 1,230.4 1,307.0
48 Brokers and dealers 40.1 39.4
49 Finance companies 596.9 589.4
50 Mortgage companies 16.3 16.9
51 Real estate investment trusts
(REITs) 128.0 147.8
52 Funding corporations 410.5 417.9
All sectors
53 Total credit market debt,
domestic and foreign 22,254.2(r) 22,730.0(r)
54 Open market paper 1,112.7 1,165.1
55 U.S. government securities 6,730.3 6,841.9
56 Municipal securities 1,429.3 1,439.9
57 Corporate and foreign bonds 3,928.3 3,996.0
58 Bank loans n.e.c. 1,241.3 1,280.3
59 Other loans and advances 1,153.6 1,186.8
60 Mortgages 5,402.0(r) 5,533.5(r)
61 Consumer credit 1,256.8 1,286.6
1998 1999
Transaction category or sector
Q4 Q1
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 16,245.0(r) 16,557.5(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 12,492.8(r) 12,797.8(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
10 Other loans and advances 913.8 957.5(r)
11 Mortgages 5,611.7(r) 5,742.9(r)
12 Home 4,327.5 4,420.2(r)
13 Multifamily residential 305.3(r) 313.6(r)
14 Commercial 882.4(r) 911.7(r)
15 Farm 96.5 97.4
16 Consumer credit 1,331.7 1,319.3
By borrowing sector
17 Household 5,909.9 5,993.0
18 Nonfinancial business 5,383.1(r) 5,581.7(r)
19 Corporate 3,807.3(r) 3,981.8(r)
20 Nonfarm noncorporate 1,411.9 1,437.4
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 603.7 607.8
24 Commercial paper 72.9 77.2
25 Bonds 420.0 420.2
26 Bank loans n.e.c. 58.9 59.1
27 Other loans and advances 52.0 51.3
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 16,848.7(r) 17,165.3(r)
Financial sectors
29 Total credit market debt owed by
financial sectors 6,515.6 6,809.0(r)
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 3,223.6 3,374.9(r)
35 Open market paper 906.7 926.4
36 Corporate bonds 1,849.4 1,968.6(r)
37 Bank loans 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) 1,394.6 1,463.1(r)
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 23,364.4(r) 23,974.3(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 4,098.9 4,286.9(r)
58 Bank loans n.e.c. 1,314.9 1,328.3
59 Other loans and advances 1,254.4 1,307.8(r)
60 Mortgages 5,683.3(r) 5,819.6(r)
61 Consumer credit 1,331.7 1,319.3
1999
Transaction category or sector
Q2 Q3(r)
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 16,730.6(r) 17,048.8
By sector and instrument
2 Federal government 3,651.7 3,632.7
3 Treasury securities 3,623.4 3,604.5
4 Budget agency securities and
mortgages 28.3 28.3
5 Nonfederal 13,078.9(r) 13,416.1
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
10 Other loans and advances 953.5(r) 967.1
11 Mortgages 5,894.2(r) 6,097.4
12 Home 4,532.1 4,662.4
13 Multifamily residential 321.6(r) 332.6
14 Commercial 940.8(r) 1,001.0
15 Farm 99.6(r) 101.4
16 Consumer credit 1,340.4 1,370.1
By borrowing sector
17 Household 6,136.7 6,306.1
18 Nonfinancial business 5,704.0(r) 5,867.6
19 Corporate 4,071.9(r) 4,203.6
20 Nonfarm noncorporate 1,466.0 1,495.3
21 Farm 166.1 168.7
22 State and local government 1,238.2 1,242.4
23 Foreign credit market debt held in
United States 598.2 614.7
24 Commercial paper 70.1 81.8
25 Bonds 417.1 424.4
26 Bank loans n.e.c. 60.5 58.8
27 Other loans and advances 50.5 49.7
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 17,328.8(r) 17,663.6
Financial sectors
29 Total credit market debt owed by
financial sectors 7,073.3(r) 7,347.6
By Instrument
30 Federal government-related 3,580.7(r) 3,745.9
31 Government-sponsored enterprise
securities 1,398.0 1,499.8
32 Mortgage pool securities 2,182.7(r) 2,246.1
33 Loans from U.S. government .0 .0
34 Private 3,492.6(r) 3,601.8
35 Open market paper 940.9 963.4
36 Corporate bonds 2,042.8(r) 2,091.9
37 Bank loans 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 205.5 211.9
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(r) 2,246.1
47 Issuers of asset-backed
securities (ABSs) 1,539.9(r) 1,599.8
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 24,402.2(r) 25,011.2
54 Open market paper 1,243.3 1,284.5
55 U.S. government securities 7,232.4(r) 7,378.6
56 Municipal securities 1,510.0 1,518.6
57 Corporate and foreign bonds 4,429.9(r) 4,536.9
58 Bank loans n.e.c. 1,345.7 1,366.9
59 Other loans and advances 1,332.6(r) 1,382.2
60 Mortgages 5,967.8(r) 6,173.3
61 Consumer credit 1,340.4 1,370.1
1999
Transaction category or sector
Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 17,385.6
By sector and instrument
2 Federal government 3,680.4
3 Treasury securities 3,652.1
4 Budget agency securities and
mortgages 28.3
5 Nonfederal 13,705.2
By instrument
6 Commercial paper 230.3
7 Municipal securities and loans 1,532.5
8 Corporate bonds 2,059.5
9 Bank loans n.e.c. 1,231.0
10 Other loans and advances 985.4
11 Mortgages 6,238.1
12 Home 4,759.2
13 Multifamily residential 344.0
14 Commercial 1,032.2
15 Farm 102.7
16 Consumer credit 1,428.5
By borrowing sector
17 Household 6,466.8
18 Nonfinancial business 5,985.9
19 Corporate 4,285.7
20 Nonfarm noncorporate 1,531.1
21 Farm 169.1
22 State and local government 1,252.5
23 Foreign credit market debt held in
United States 622.0
24 Commercial paper 89.2
25 Bonds 422.4
26 Bank loans n.e.c. 59.4
27 Other loans and advances 51.0
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 18,007.6
Financial sectors
29 Total credit market debt owed by
financial sectors 7,606.6
By Instrument
30 Federal government-related 3,884.0
31 Government-sponsored enterprise
securities 1,591.7
32 Mortgage pool securities 2,292.3
33 Loans from U.S. government .0
34 Private 3,722.6
35 Open market paper 1,082.9
36 Corporate bonds 2,069.6
37 Bank loans n.e.c. 93.6
38 Other loans and advances 395.8
39 Mortgages 80.6
By borrowing sector
40 Commercial banks 232.2
41 Bank holding companies 219.4
42 Savings institutions 258.3
43 Credit unions 3.4
44 Life insurance companies 3.2
45 Government-sponsored enterprises 1,591.7
46 Federally related mortgage pools 2,292.3
47 Issuers of asset-backed
securities (ABSs) 1,632.1
48 Brokers and dealers 25.3
49 Finance companies 653.8
50 Mortgage companies 17.8
51 Real estate investment trusts
(REITs) 166.7
52 Funding corporations 510.5
All sectors
53 Total credit market debt,
domestic and foreign 25,614.2
54 Open market paper 1,402.4
55 U.S. government securities 7,564.4
56 Municipal securities 1,532.5
57 Corporate and foreign bonds 4,551.5
58 Bank loans n.e.c. 1,383.9
59 Other loans and advances 1,432.2
60 Mortgages 6,318.7
61 Consumer credit 1,428.5
(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 18,444.0(r) 19,805.8(r)
2 Domestic nonfederal nonfinancial
sectors 2,846.3(r) 2,906.7(r)
3 Household 1,885.0(r) 1,993.7(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 202.7 195.3
8 Rest of the world 1,531.1 1,926.6
9 Financial sectors 13,863.9 14,777.2
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 716.9 769.2
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) 653.4 777.0
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 87.4 101.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 18,444.0(r) 19,805.8(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 418.8 516.1
39 Net interbank liabilities 290.7 240.8
40 Checkable deposits and currency 1,229.3 1,245.1
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 745.3 891.1
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 5,767.8 6,642.5
49 Trade payables 1,698.0 1,812.8
50 Taxes payable 107.6 123.6
51 Investment in bank personal trusts 803.0 871.7
52 Miscellaneous 5,645.8(r) 6,119.6(r)
53 Total liabilities 41,383.6 45,331.1
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 3,640.4 3,833.2(r)
Liabilities not identified as
assets (-)
57 Treasury currency -5.8 -6.7
58 Foreign deposits 360.2 431.4
59 Net interbank transactions -9.0 -10.6
60 Security repurchase agreements 86.4 90.9
61 Taxes payable 62.4 76.7
62 Miscellaneous -1,000.3(r) -1,318.8(r)
Floats not included in assets (-)
63 Federal government checkable
deposits 3.1 -1.6
64 Other checkable deposits 34.2 30.1
65 Trade credit 198.2 176.7
66 Total identified to sectors as
assets 53,812.5(r) 59,973.5(r)
Transaction category or sector 1997 1998
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 21,250.7(r) 23,364.4(r)
2 Domestic nonfederal nonfinancial
sectors 2,783.8(r) 2,790.6(r)
3 Household 1,873.5(r) 1,781.1(r)
4 Nonfinancial corporate business 268.0 267.6(r)
5 Nonfarm noncorporate business 37.4 37.4
6 State and local governments 605.0 704.4
7 Federal government 200.4 213.9
8 Rest of the world 2,256.8 2,534.3
9 Financial sectors 16,009.8 17,825.6(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 834.7 953.4
22 State and local government
retirement funds 632.0 698.0(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 1,163.0
27 Federally related mortgage pools 1,825.8 2,018.4
28 Asset-backed securities
issuers (ABSs) 939.3 1,216.0
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(r)
33 Funding corporations 152.3 158.7(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 21,250.7(r) 23,364.4(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 618.8 639.9
39 Net interbank liabilities 219.4 188.9(r)
40 Checkable deposits and currency 1,286.6 1,334.2
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 1,048.7 1,334.2
44 Security repurchase agreements 822.4 913.7(r)
45 Mutual fund shares 2,989.4 3,610.5
46 Security credit 469.1 572.3(r)
47 Life insurance reserves 665.0 718.3
48 Pension fund reserves 7,894.4 9,079.2(r)
49 Trade payables 1,938.6 1,966.5(r)
50 Taxes payable 140.4 152.8(r)
51 Investment in bank personal trusts 942.5 1,001.0
52 Miscellaneous 6,698.5(r) 7,147.3(r)
53 Total liabilities 50,248.3 55,542.8(r)
Financial assets not included in
liabilities ( )
54 Gold and special drawing rights 21.1 21.6
55 Corporate equities 13,181.4 15,413.4
56 Household equity in noncorporate
business 4,171.8 4,395.3
Liabilities not identified as
assets (-)
57 Treasury currency -7.3 -8.0
58 Foreign deposits 534.0 547.2
59 Net interbank transactions -32.2 -27.0
60 Security repurchase agreements 153.1 207.2(r)
61 Taxes payable 93.5 103.4(r)
62 Miscellaneous -1,636.8(r) -2,213.3(r)
Floats not included in assets (-)
63 Federal government checkable
deposits -8.1 -3.9
64 Other checkable deposits 26.2 23.1
65 Trade credit 199.5 168.0
66 Total identified to sectors as
assets 68,300.6(r) 76,576.3(r)
1998
Transaction category or sector
Q2 Q3
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 22,254.2(r) 22,730.0(r)
2 Domestic nonfederal nonfinancial
sectors 2,837.8(r) 2,850.6(r)
3 Household 1,910.3(r) 1,889.0(r)
4 Nonfinancial corporate business 238.5 243.2(r)
5 Nonfarm noncorporate business 37.4 37.4
6 State and local governments 651.6 681.1
7 Federal government 207.5 210.9
8 Rest of the world 2,396.0 2,412.2
9 Financial sectors 16,812.9(r) 17,256.3(r)
10 Monetary authority 440.3 446.5
11 Commercial banking 4,136.4 4,195.7
12 U.S.-chartered banks 3,543.6 3,616.2
13 Foreign banking offices in
United States 525.6 510.1
14 Bank holding companies 26.8 28.3
15 Banks in U.S.-affiliated areas 40.4 41.1
16 Savings institutions 930.8 939.3
17 Credit unions 315.1 320.5
18 Bank personal trusts and estates 201.5 197.5
19 Life insurance companies 1,793.2 1,810.6
20 Other insurance companies 520.8 518.8
21 Private pension funds 885.9 909.8
22 State and local government
retirement funds 668.5 685.7(r)
23 Money market mutual funds 815.9 869.9
24 Mutual funds 979.1 1,005.9
25 Closed-end funds 100.5 101.7
26 Government-sponsored enterprises 989.4 1,055.4
27 Federally related mortgage pools 1,908.9 1,975.7
28 Asset-backed securities
issuers (ABSs) 1,068.9 1,134.2
29 Finance companies 579.0 592.7
30 Mortgage companies 32.7 33.8
31 Real estate investment
trusts (REITs) 58.5 55.7
32 Brokers and dealers 209.4(r) 245.9(r)
33 Funding corporations 178.3 161.3(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 22,254.2(r) 22,730.0(r)
Other liabilities
35 Official foreign exchange 50.1 54.5
36 Special drawing rights certificates 9.2 9.2
37 Treasury currency 18.4 18.8
38 Foreign deposits 630.4 651.7
39 Net interbank liabilities 189.2 198.9(r)
40 Checkable deposits and currency 1,320.7 1,282.3
41 Small time and savings deposits 2,531.0 2,553.8
42 Large time deposits 754.0 776.5
43 Money market fund shares 1,153.7 1,249.7
44 Security repurchase agreements 892.1(r) 960.5(r)
45 Mutual fund shares 3,438.4 3,137.3
46 Security credit 539.6(r) 573.6(r)
47 Life insurance reserves 690.6 703.5
48 Pension fund reserves 8,730.8 8,116.5(r)
49 Trade payables 1,933.9 1,953.0(r)
50 Taxes payable 144.6 155.0
51 Investment in bank personal trusts 999.8 908.6
52 Miscellaneous 6,860.2(r) 7,041.3(r)
53 Total liabilities 53,140.9(r) 53,074.8(r)
Financial assets not included in
liabilities ( )
54 Gold and special drawing rights 21.0 21.2
55 Corporate equities 14,987.0 13,121.2
56 Household equity in noncorporate
business 4,284.7 4,331.3
Liabilities not identified as
assets (-)
57 Treasury currency -7.4 -7.2
58 Foreign deposits 547.6 565.1
59 Net interbank transactions -17.1 -15.4
60 Security repurchase agreements 171.6(r) 216.8(r)
61 Taxes payable 95.8 102.2
62 Miscellaneous -1,907.9(r) -1,959.4(r)
Floats not included in assets (-)
63 Federal government checkable
deposits -16.1 -12.0
64 Other checkable deposits 24.2 15.7
65 Trade credit 119.4 98.9(r)
66 Total identified to sectors as
assets 73,423.6(r) 71,543.7(r)
1998 1999
Transaction category or sector
Q4 Q1
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 23,364.4(r) 23,974.3(r)
2 Domestic nonfederal nonfinancial
sectors 2,790.6(r) 2,877.6(r)
3 Household 1,781.1(r) 1,878.2(r)
4 Nonfinancial corporate business 267.6(r) 244.9(r)
5 Nonfarm noncorporate business 37.4 37.5
6 State and local governments 704.4 717.1
7 Federal government 213.9 218.1(r)
8 Rest of the world 2,534.3 2,601.8(r)
9 Financial sectors 17,825.6(r) 18,276.7(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 1,853.7
20 Other insurance companies 535.7 530.8
21 Private pension funds 953.4 968.5
22 State and local government
retirement funds 698.0(r) 717.2(r)
23 Money market mutual funds 965.9 1,036.2
24 Mutual funds 1,025.9 1,050.8
25 Closed-end funds 102.8 103.9
26 Government-sponsored enterprises 1,163.0 1,201.9
27 Federally related mortgage pools 2,018.4 2,112.3
28 Asset-backed securities
issuers (ABSs) 1,216.0 1,280.1(r)
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(r) 211.4
33 Funding corporations 158.7(r) 173.5(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 23,364.4(r) 23,974.3(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 639.9 671.8
39 Net interbank liabilities 188.9(r) 181.8(r)
40 Checkable deposits and currency 1,334.2 1,311.4
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 1,334.2 1,416.0
44 Security repurchase agreements 913.7(r) 980.3
45 Mutual fund shares 3,610.5 3,758.4
46 Security credit 572.3(r) 552.7
47 Life insurance reserves 718.3 730.9
48 Pension fund reserves 9,079.2(r) 9,267.0(r)
49 Trade payables 1,966.5(r) 1,970.0(r)
50 Taxes payable 152.8(r) 159.6(r)
51 Investment in bank personal trusts 1,001.0 1,012.5
52 Miscellaneous 7,147.3(r) 7,162.6(r)
53 Total liabilities 55,542.8(r) 56,671.4(r)
Financial assets not included in
liabilities ( )
54 Gold and special drawing rights 21.6 20.7
55 Corporate equities 15,413.4 15,893.6
56 Household equity in noncorporate
business 4,395.3 4,404.7(r)
Liabilities not identified as
assets (-)
57 Treasury currency -8.0 -8.4
58 Foreign deposits 547.2 562.8
59 Net interbank transactions -27.0 -11.3
60 Security repurchase agreements 207.2(r) 263.6(r)
61 Taxes payable 103.4(r) 90.6(r)
62 Miscellaneous -2,213.3(r) -2,382.4(r)
Floats not included in assets (-)
63 Federal government checkable
deposits -3.9 -7.2
64 Other checkable deposits 23.1 18.9
65 Trade credit 168.0 123.4(r)
66 Total identified to sectors as
assets 76,576.3(r) 78,340.3(r)
1999
Transaction category or sector
Q2 Q3(r)
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 24,402.2(r) 25,011.2
2 Domestic nonfederal nonfinancial
sectors 2,918.4(r) 2,964.9
3 Household 1,898.9(r) 1,944.2
4 Nonfinancial corporate business 249.6(r) 261.4
5 Nonfarm noncorporate business 37.5(r) 37.3
6 State and local governments 732.3 721.9
7 Federal government 219.8 255.6
8 Rest of the world 2,609.8(r) 2,703.5
9 Financial sectors 18,654.2(r) 19,087.3
10 Monetary authority 485.1 489.3
11 Commercial banking 4,383.4 4,488.3
12 U.S.-chartered banks 3,847.6 3,944.3
13 Foreign banking offices in
United States 465.7 475.3
14 Bank holding companies 25.1 22.0
15 Banks in U.S.-affiliated areas 45.0 46.7
16 Savings institutions 1,011.4 1,030.8
17 Credit unions 341.0 350.2
18 Bank personal trusts and estates 190.1 188.0
19 Life insurance companies 1,874.7 1,889.2
20 Other insurance companies 537.5 533.9
21 Private pension funds 1,006.0 1,017.4
22 State and local government
retirement funds 724.0(r) 733.6
23 Money market mutual funds 1,001.8 1,049.7
24 Mutual funds 1,084.0 1,083.0
25 Closed-end funds 105.0 106.1
26 Government-sponsored enterprises 1,267.0 1,338.6
27 Federally related mortgage pools 2,182.7(r) 2,246.1
28 Asset-backed securities
issuers (ABSs) 1,352.7(r) 1,410.5
29 Finance companies 660.9 678.2
30 Mortgage companies 35.6 32.5
31 Real estate investment
trusts (REITs) 45.3 44.7
32 Brokers and dealers 162.9(r) 167.0
33 Funding corporations 202.9(r) 210.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 24,402.2(r) 25,011.2
Other liabilities
35 Official foreign exchange 50.9 52.1
36 Special drawing rights certificates 8.2 7.2
37 Treasury currency 18.8 19.3
38 Foreign deposits 696.6 712.5
39 Net interbank liabilities 203.2(r) 195.8
40 Checkable deposits and currency 1,354.1 1,354.9
41 Small time and savings deposits 2,644.6 2,666.6
42 Large time deposits 809.0 837.5
43 Money market fund shares 1,398.1 1,449.6
44 Security repurchase agreements 970.8(r) 999.3
45 Mutual fund shares 4,049.4 3,933.6
46 Security credit 589.3(r) 593.2
47 Life insurance reserves 745.8 756.2
48 Pension fund reserves 9,729.0(r) 9,487.5
49 Trade payables 2,028.8(r) 2,082.0
50 Taxes payable 162.1(r) 165.5
51 Investment in bank personal trusts 1,059.8 998.3
52 Miscellaneous 7,311.5(r) 7,255.7
53 Total liabilities 58,232.1(r) 58,577.8
Financial assets not included in
liabilities ( )
54 Gold and special drawing rights 20.8 21.3
55 Corporate equities 17,018.0 16,008.3
56 Household equity in noncorporate
business 4,488.7(r) 4,543.3
Liabilities not identified as
assets (-)
57 Treasury currency -8.2 -8.2
58 Foreign deposits 583.7(r) 588.7
59 Net interbank transactions -10.6 -13.0
60 Security repurchase agreements 276.8(r) 294.0
61 Taxes payable 111.8(r) 94.4
62 Miscellaneous -2,510.0(r) -2,974.4
Floats not included in assets (-)
63 Federal government checkable
deposits -12.4 -10.2
64 Other checkable deposits 22.1 14.5
65 Trade credit 105.0(r) 119.8
66 Total identified to sectors as
assets 81,201.2(r) 81,045.3
1999
Transaction category or sector
Q4
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 25,614.2
2 Domestic nonfederal nonfinancial
sectors 3,021.4
3 Household 1,960.4
4 Nonfinancial corporate business 300.9
5 Nonfarm noncorporate business 37.3
6 State and local governments 722.8
7 Federal government 258.8
8 Rest of the world 2,736.7
9 Financial sectors 19,597.3
10 Monetary authority 478.1
11 Commercial banking 4,643.9
12 U.S.-chartered banks 4,078.9
13 Foreign banking offices in
United States 484.0
14 Bank holding companies 32.6
15 Banks in U.S.-affiliated areas 48.3
16 Savings institutions 1,033.4
17 Credit unions 355.3
18 Bank personal trusts and estates 185.7
19 Life insurance companies 1,902.7
20 Other insurance companies 530.7
21 Private pension funds 1,043.6
22 State and local government
retirement funds 745.8
23 Money market mutual funds 1,147.8
24 Mutual funds 1,077.1
25 Closed-end funds 107.1
26 Government-sponsored enterprises 1,405.1
27 Federally related mortgage pools 2,292.3
28 Asset-backed securities
issuers (ABSs) 1,435.4
29 Finance companies 714.2
30 Mortgage companies 35.6
31 Real estate investment
trusts (REITs) 42.8
32 Brokers and dealers 157.7
33 Funding corporations 263.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 25,614.2
Other liabilities
35 Official foreign exchange 50.1
36 Special drawing rights certificates 6.2
37 Treasury currency 18.3
38 Foreign deposits 698.5
39 Net interbank liabilities 199.1
40 Checkable deposits and currency 1,485.8
41 Small time and savings deposits 2,671.8
42 Large time deposits 935.8
43 Money market fund shares 1,584.8
44 Security repurchase agreements 1,085.2
45 Mutual fund shares 4,515.3
46 Security credit 665.8
47 Life insurance reserves 772.0
48 Pension fund reserves 10,360.4
49 Trade payables 2,132.3
50 Taxes payable 164.4
51 Investment in bank personal trusts 1,116.6
52 Miscellaneous 7,542.8
53 Total liabilities 61,619.3
Financial assets not included in
liabilities ( )
54 Gold and special drawing rights 21.4
55 Corporate equities 18,876.7
56 Household equity in noncorporate
business 4,630.3
Liabilities not identified as
assets (-)
57 Treasury currency -9.7
58 Foreign deposits 592.1
59 Net interbank transactions -28.2
60 Security repurchase agreements 248.7
61 Taxes payable 92.4
62 Miscellaneous -2,953.8
Floats not included in assets (-)
63 Federal government checkable
deposits -9.8
64 Other checkable deposits 22.3
65 Trade credit 204.8
66 Total identified to sectors as
assets 86,988.9
(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 ACTIVITY 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) 144.1 161.1 176.0
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 175.4 185.7 196.6
17 Wages and salary
disbursements 171.3 184.4 197.0
18 Manufacturing 144.6 152.4 156.9
19 Disposable personal income(5) 172.9 181.7 191.9
20 Retail sales(5) 170.1 178.5 194.4
Prices(6)
21 Consumer (1982-84=100) 160.5 163.0 166.6
22 Producer finished goods 131.8 130.7 133.1
(1982=100)
1999
Measure
June July Aug.
1 Industrial production(1) 136.6 137.4 137.7
Market groupings
2 Products, total 126.8 126.9 127.6
3 Final, total 128.3 128.6 129.5
4 Consumer goods 117.0 116.8 117.6
5 Equipment 148.3 149.3 150.5
6 Intermediate 121.7 121.5 121.7
7 Materials 
