Financial and business statistics - data for United States banking, financial industries - Illustration - Statistical Data Included

Federal Reserve Bulletin, July, 2002

1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY
BASE (1)

Billions of dollars, averages of daily figures

                                  1998     1999     2000     2001
             Item                 Dec.     Dec.     Dec.     Dec.

                                        Seasonally adjusted

   ADJUSTED FOR CHANGES IN
   RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             45.14    41.82    38.54    41.10
 2 Nonborrowed reserves (4)       45.02    41.50    38.33    41.03
 3 Nonborrowed reserves plus
     extended credit (5)          45.02    41.50    38.33    41.03
 4 Required reserves              43.62    40.53    37.11    39.46
 5 Monetary base (6)             513.55   593.12   584.04   634.39 (r)

                                       Not seasonally adjusted

 6 Total reserves (7)             45.31    41.89    38.53    41.07
 7 Nonborrowed reserves           45.19    41.57    38.32    41.01
 8 Nonborrowed reserves plus
     extended credit (5)          45.19    41.57    38.32    41.01
 9 Required reserves (8)          43.80    40.59    37.10    39.43
10 Monetary base (9)             518.27   600.72   590.06   639.89

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (10)

11 Total reserves (11)            45.21    41.65    38.47    40.96
12 Nonborrowed reserves           45.09    41.33    38.26    40.89
13 Nonborrowed reserves plus
     extended credit (5)          45.09    41.33    38.26    40.89
14 Required reserves              43.70    40.36    37.05    39.32
15 Monetary base (12)            525.06   608.02   596.98   648.73 (r)
16 Excess reserves (13)            1.51     1.30     1.43     1.64
17 Borrowings from the Federal
     Reserve                        .12      .32      .21      .07

                                               2001

             Item                Sept.     Oct.     Nov.     Dec.

                                        Seasonally adjusted

   ADJUSTED FOR CHANGES IN
   RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             58.21    45.66    40.90    41.10
 2 Nonborrowed reserves (4)       54.83    45.53    40.82    41.03
 3 Nonborrowed reserves plus
     extended credit (5)          54.83    45.53    40.82    41.03
 4 Required reserves              39.20    44.33    39.42    39.46
 5 Monetary base (6)             639.69   630.44   629.47   634.39 (r)

                                       Not seasonally adjusted

 6 Total reserves (7)             57.68    45.19    40.29    41.07
 7 Nonborrowed reserves           54.29    45.06    40.20    41.01
 8 Nonborrowed reserves plus
     extended credit (5)          54.29    45.06    40.20    41.01
 9 Required reserves (8)          38.66    43.87    38.80    39.43
10 Monetary base (9)             637.97   628.27   629.77   639.89

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (10)

11 Total reserves (11)            57.57    45.06    40.16    40.96
12 Nonborrowed reserves           54.18    44.93    40.07    40.89
13 Nonborrowed reserves plus
     extended credit (5)          54.18    44.93    40.07    40.89
14 Required reserves              38.55    43.74    38.67    39.32
15 Monetary base (12)            645.73   636.37   637.74   648.73 (r)
16 Excess reserves (13)           19.02     1.32     1.49     1.64
17 Borrowings from the Federal
     Reserve                       3.39      .13      .08      .07

                                         2002

             Item                 Jan.         Feb.

                                   Seasonally adjusted

   ADJUSTED FOR CHANGES IN
   RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             41.51        41.36
 2 Nonborrowed reserves (4)       41.46        41.33
 3 Nonborrowed reserves plus
     extended credit (5)          41.46        41.33
 4 Required reserves              40.11        39.99
 5 Monetary base (6)             640.87 (r)   646.22 (r)

                                 Not seasonally adjusted

 6 Total reserves (7)             43.46        42.38
 7 Nonborrowed reserves           43.41        42.35
 8 Nonborrowed reserves plus
     extended credit (5)          43.41        42.35
 9 Required reserves (8)          42.06        41.00
10 Monetary base (9)             644.29 (r)   645.71 (r)

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (10)

11 Total reserves (11)            43.47        42.40
12 Nonborrowed reserves           43.42        42.37
13 Nonborrowed reserves plus
     extended credit (5)          43.42        42.37
14 Required reserves              42.07        41.02
15 Monetary base (12)            653.30 (r)   654.93 (r)
16 Excess reserves (13)            1.41         1.37
17 Borrowings from the Federal
     Reserve                        .05          .03

                                         2002

             Item                Mar. (r)    Apr.

                                    Seasonally
                                     adjusted

   ADJUSTED FOR CHANGES IN
   RESERVE REQUIREMENTS (2)

 1 Total reserves (3)              40.99     40.75
 2 Nonborrowed reserves (4)        40.91     40.68
 3 Nonborrowed reserves plus
     extended credit (5)           40.91     40.68
 4 Required reserves               39.57     39.54
 5 Monetary base (6)              649.66    653.96

                                    Not seasonally
                                       adjusted

 6 Total reserves (7)              40.24     40.84
 7 Nonborrowed reserves            40.16     40.77
 8 Nonborrowed reserves plus
     extended credit (5)           40.16     40.77
 9 Required reserves (8)           38.82     39.63
10 Monetary base (9)              649.22    653.25

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (10)

11 Total reserves (11)             40.27     40.88
12 Nonborrowed reserves            40.19     40.81
13 Nonborrowed reserves plus
     extended credit (5)           40.19     40.81
14 Required reserves               38.85     39.68
15 Monetary base (12)             658.77    663.34
16 Excess reserves (13)             1.42      1.21
17 Borrowings from the Federal
     Reserve                         .08       .07

(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 MEASURES (1)

Billions of dollars, averages of daily figures

                                1998          1999          2000
            Item                Dec.          Dec.          Dec.

                                        Seasonally adjusted

   Measures (2)
 1 M1                          1,096.5       1,124.4       1,088.9
 2 M2                          4,381.4 (r)   4,651.4 (r)   4,940.0 (r)
 3 M3                          6,041.9 (r)   6,543.0 (r)   7,119.6 (r)

   M1 components
 4 Currency (3)                  459.3         516.9         530.1
 5 Travelers checks (4)            8.2           8.3           8.0
 6 Demand deposits (5)           378.4         354.5         309.9
 7 Other checkable
     deposits (6)                250.5         244.7         240.9

   Nontransaction components
 8 In M2 (7)                   3,285.0 (r)   3,527.1 (r)   3,851.1 (r)
 9 In M3 only (8)              1,660.5 (r)   1,891.6 (r)   2,179.5 (r)

   Commercial banks
10 Savings deposits,
     including MMDAs           1,187.5       1,289.1       1,423.7
11 Small time deposits (9)       626.1         635.0         699.1
12 Large time deposits
     (10),(11)                   582.9 (r)     651.6 (r)     717.2 (r)

   Thrift institutions
13 Savings deposits,
     including MMDAs             414.7         449.7         452.1
14 Small time deposits (9)       325.6         320.4         344.5
15 Large time deposits (10)       88.6          91.1         102.9

   Money market mutual funds
16 Retail                        731.1 (r)     833.0 (r)     931.7 (r)
17 Institution-only              543.1 (r)     639.0 (r)     799.1 (r)

   Repurchase agreements and
     eurodollars
18 Repurchase
     agreements (12)             293.4         336.0         364.0
19 Eurodollars (12)              152.5         174.0         196.4

                                       Not seasonally adjusted

   Measures (2)
20 M1                          1,120.4       1,148.3       1,112.3
21 M2                          4,401.6 (r)   4,672.3 (r)   4,963.7 (r)
22 M3                          6,070.8 (r)   6,574.7 (r)   7,154.8 (r)

   M1 components
23 Currency (3)                  463.3         521.5         535.2
24 Travelers checks (4)            8.4           8.4           8.1
25 Demand deposits (5)           395.9         371.8         326.5
26 Other checkable
     deposits (6)                252.8         246.6         242.5

   Nontransaction components
27 In M2 (7)                   3,281.1 (r)   3,524.0 (r)   3,851.4 (r)
28 In M3 only (8)              1,669.2 (r)   1,902.4 (r)   2,191.1 (r)

   Commercial banks
29 Savings deposits,
     including MMDAs           1,186.0       1,288.8       1,426.9
30 Small time deposits (9)       626.5         635.7         700.0
31 Large time deposits
     (10),(11)                   583.2 (r)     652.0 (r)     717.6 (r)

   Thrift institutions
32 Savings deposits,
     including MMDAs             414.2         449.6         453.1
33 Small time deposits (9)       325.8         320.8         345.0
34 Large time deposits (10)       88.6          91.2         103.0

   Money market mutual funds
35 Retail                        728.6 (r)     829.2 (r)     926.4 (r)
36 Institution-only              552.6 (r)     648.6 (r)     808.1 (r)

   Repurchase agreements and
     eurodollars
37 Repurchase
     agreements (12)             290.4         334.7         364.2
38 Eurodollars (12)              154.5         176.0         198.2

                                                 2002

                                 2001
            Item               Dec. (r)   Jan. (r)   Feb. (r)

                                     Seasonally adjusted

   Measures (2)
 1 M1                           1,179.3    1,182.5    1,184.4
 2 M2                           5,465.4    5,474.8    5,505.8
 3 M3                           8,039.8    8,029.2    8,066.0

   M1 components
 4 Currency (3)                   579.9      586.1      591.4
 5 Travelers checks (4)             7.8        7.8        7.8
 6 Demand deposits (5)            330.4      327.2      324.7
 7 Other checkable
     deposits (6)                 261.1      261.3      260.4

   Nontransaction components
 8 In M2 (7)                    4,286.2    4,292.3    4,321.4
 9 In M3 only (8)               2,574.4    2,554.4    2,560.2

   Commercial banks
10 Savings deposits,
     including MMDAs            1,745.8    1,773.5    1,806.2
11 Small time deposits (9)        638.9      630.3      623.4
12 Large time deposits
     (10),(11)                    670.4      678.7      677.3

   Thrift institutions
13 Savings deposits,
     including MMDAs              561.5      571.7      590.2
14 Small time deposits (9)        334.2      328.4      324.6
15 Large time deposits (10)       113.9      115.2      114.5

   Money market mutual funds
16 Retail                       1,005.8      988.5      977.0
17 Institution-only             1,207.2    1,179.2    1,177.4

   Repurchase agreements and
     eurodollars
18 Repurchase
     agreements (12)              372.1      371.6      375.3
19 Eurodollars (12)               210.7      209.6      215.8

                                   Not seasonally adjusted

   Measures (2)
20 M1                           1,203.5    1,185.4    1,171.7
21 M2                           5,490.3    5,478.3    5,496.9
22 M3                           8,078.0    8,057.0    8,097.5

   M1 components
23 Currency (3)                   584.9      584.7      591.0
24 Travelers checks (4)             7.9        8.0        8.0
25 Demand deposits (5)            348.2      329.7      316.9
26 Other checkable
     deposits (6)                 262.5      263.1      255.8

   Nontransaction components
27 In M2 (7)                    4,286.9    4,292.9    4,325.2
28 In M3 only (8)               2,587.7    2,578.7    2,600.6

   Commercial banks
29 Savings deposits,
     including MMDAs            1,750.2    1,766.4    1,796.1
30 Small time deposits (9)        639.6      632.3      625.2
31 Large time deposits
     (10),(11)                    670.5      671.4      675.7

   Thrift institutions
32 Savings deposits,
     including MMDAs              562.9      569.4      586.9
33 Small time deposits (9)        334.5      329.5      325.6
34 Large time deposits (10)       114.0      114.0      114.2

   Money market mutual funds
35 Retail                         999.6      995.3      991.4
36 Institution-only             1,218.5    1,211.2    1,215.6

   Repurchase agreements and
     eurodollars
37 Repurchase
     agreements (12)              372.9      371.6      376.9
38 Eurodollars (12)               211.9      210.6      218.2

                                       2002

            Item               Mar. (r)    Apr.

                               Seasonally adjusted

   Measures (2)
 1 M1                           1,187.3   1,176.0
 2 M2                           5,499.3   5,480.6
 3 M3                           8,059.3   8,041.2

   M1 components
 4 Currency (3)                   595.1     599.5
 5 Travelers checks (4)             7.7       7.7
 6 Demand deposits (5)            324.0     309.4
 7 Other checkable
     deposits (6)                 260.5     259.4

   Nontransaction components
 8 In M2 (7)                    4,312.0   4,304.6
 9 In M3 only (8)               2,560.0   2,560.6

   Commercial banks
10 Savings deposits,
     including MMDAs            1,814.1   1,824.5
11 Small time deposits (9)        617.5     613.6
12 Large time deposits
     (10),(11)                    678.6     688.0

   Thrift institutions
13 Savings deposits,
     including MMDAs              603.9     612.6
14 Small time deposits (9)        322.0     319.3
15 Large time deposits (10)       113.8     114.4

   Money market mutual funds
16 Retail                         954.5     934.7
17 Institution-only             1,177.2   1,175.2

   Repurchase agreements and
     eurodollars
18 Repurchase
     agreements (12)              372.8     365.9
19 Eurodollars (12)               217.6     217.1

                                 Not seasonally
                                    adjusted

   Measures (2)
20 M1                           1,189.3   1,188.3
21 M2                           5,544.9   5,557.9
22 M3                           8,141.5   8,132.3

   M1 components
23 Currency (3)                   596.1     599.7
24 Travelers checks (4)             7.9       7.9
25 Demand deposits (5)            322.7     309.9
26 Other checkable
     deposits (6)                 262.7     270.9

   Nontransaction components
27 In M2 (7)                    4,355.6   4,369.6
28 In M3 only (8)               2,596.6   2,574.4

   Commercial banks
29 Savings deposits,
     including MMDAs            1,824.8   1,851.1
30 Small time deposits (9)        617.9     613.1
31 Large time deposits
     (10),(11)                    681.0     689.3

   Thrift institutions
32 Savings deposits,
     including MMDAs              607.4     621.5
33 Small time deposits (9)        322.3     319.0
34 Large time deposits (10)       114.2     114.6

   Money market mutual funds
35 Retail                         983.1     964.9
36 Institution-only             1,208.0   1,185.1

   Repurchase agreements and
     eurodollars
37 Repurchase
     agreements (12)              373.7     365.7
38 Eurodollars (12)               219.8     219.7

(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 20511.

(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.

(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 check issued by depository institutions are
included in demand deposits.

(5) Demand deposits at commercial banks and foreign-related
institutions other than those owed to depository institutions, the
U.S. government, and foreign banks and official institutions, less
cash items in the process of collection and Federal Reserve float.

(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.

(7.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.

(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.S.
addressees.

(9.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small time
deposits.

(10.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.

(11.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.

(12.) Includes both overnight and term.