Financial and Business Statistics - Directory - Editorial
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
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
ABS Asset-backed security
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FAMC Federal Agriculture Mortgage Corporation
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSA Farm Service Agency
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GDP Gross domestic product
GNMA Government National Mortgage Association
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-back securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-back securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing 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)
2000 2001
Monetary or
credit aggregate
Q3 Q4 Q1 Q2
Reserves of depository
institutions(2)
1 Total -8.3 -8.7 -2.1 1.7
2 Required -8.6 -10.4 -3.5 3.3
3 Nonborrowed -9.9 -6.4 .5 .6
4 Monetary base(3) 2.5 2.8 6.4 5.4
Concepts of money and debt(4)
5 M1 -3.7 -3.3 5.1 5.6
6 M2 5.6 6.3 10.7 10.2
7 M3 8.8 7.0 12.3(r) 13.7
8 Debt 4.6 4.5 4.8 n.a.
Nontransaction components
9 In M2(5) 8.5 9.1 12.3 11.5
10 In M3 only(6) 16.3 8.9(r) 16.0(r) 21.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.8 12.0 17.4 20.4
12 Small time(7) 10.5 5.6 2.5 -8.2
13 Large time(8,9) 11.5 4.1 -1.3 -3.4
Thrift institutions
14 Savings, including MMDAs 3.1 .4 6.4 21.8
15 Small time(7) 10.8 9.5 6.4 .7
16 Large time(8) 23.2 14.0 11.9 11.4
Money market mutual funds
17 Retail 3.9 11.6 16.9 11.2
18 Institution-only 29.0 18.6 49.8 54.8
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 8.2 -3.3(r) -12.9(r) 14.6
20 Eurodollars(10) .6 10.3 3.1 -12.9
Debt components(4)
21 Federal -7.3 -8.0 -5.4 n.a.
22 Nonfederal 7.6 7.5 7.2 n.a.
2001
Monetary or
credit aggregate
Feb. Mar. Apr.(r)
Reserves of depository
institutions(2)
1 Total 1.2 -18.8 16.6
2 Required -4.5 -18.0 20.8
3 Nonborrowed 1.9 -19.0 16.9
4 Monetary base(3) 3.5 2.6 7.1
Concepts of money and debt(4)
5 M1 .9 13.8 5.4
6 M2 10.9 14.4 10.4
7 M3 9.9 9.5 17.7
8 Debt 5.0 6.1(r) 3.8
Nontransaction components
9 In M2(5) 13.7 14.6 11.9
10 In M3 only(6) 7.5 -1.6(r) 34.5
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 24.7 19.7 20.5
12 Small time(7) -4.8 -6.9(r) -9.0
13 Large time(8,9) -57.4 -47.0(r) 34.9
Thrift institutions
14 Savings, including MMDAs 26.5 23.6 10.2
15 Small time(7) 2.7 -3.4 1.0
16 Large time(8) 6.8 2.3 20.2
Money market mutual funds
17 Retail 8.7 24.6 18.1
18 Institution-only 86.6 40.7 42.4
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) -33.6(r) -24.2(r) 71.3
20 Eurodollars(10) 4.9 14.7 -58.2
Debt components(4)
21 Federal -3.0(r) 1.2 -10.9
22 Nonfederal 6.8 7.1 7.2
2001
Monetary or
credit aggregate
May(r) June
Reserves of depository
institutions(2)
1 Total 3.1 -4.0
2 Required 11.5 -14.3
3 Nonborrowed -1.9 -4.5
4 Monetary base(3) 6.3 5.6
Concepts of money and debt(4)
5 M1 -.6 6.4
6 M2 5.2 9.6
7 M3 13.6 12.5
8 Debt 4.0 n.a.
Nontransaction components
9 In M2(5) 6.8 10.5
10 In M3 only(6) 32.6 18.9
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 18.0 18.9
12 Small time(7) -8.9 -11.6
13 Large time(8,9) 10.0 3.1
Thrift institutions
14 Savings, including MMDAs 32.1 24.1
15 Small time(7) 7.2 -7.2
16 Large time(8) 19.9 -9.8
Money market mutual funds
17 Retail -11.8 12.1
18 Institution-only 67.2 44.1
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 3.3 -2.0
20 Eurodollars(10) 10.8 5.0
Debt components(4)
21 Federal -17.6 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. (1) 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 2001
Apr. May June
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 580,694 585,031 587,457
U.S. government
securities(2)
2 Bought outright--
System account(3) 523,962 526,810 532,187
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 20,009 21,907 18,444
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 29 129 105
9 Seasonal credit 35 80 119
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 251 -91 539
13 Other Federal Reserve assets 36,398 36,187 36,052
14 Gold stock 11,046 11,046 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,349 32,488(r) 32,612
ABSORBING RESERVE FUNDS
17 Currency in circulation 588,086 591,535(r) 594,536
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 500 514 469
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,903 5,149 5,605
21 Foreign 92 100 88
22 Service-related
balances and adjustments 6,940 6,946 7,185
23 Other 352 350 298
24 Other Federal Reserve
liabilities and capital 17,806 17,971 18,027
25 Reserve balances with
Federal Reserve Banks(5) 6,609 8,199(r) 7,106
Average of daily figures for week
ending on date indicated
Factor 2001
May 16 May 23 May 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 584,842 582,062 590,572
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,258 526,099 529,168
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 20,053 20,915 26,534
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 525 3 22
9 Seasonal credit 88 83 86
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -153 130 -507
13 Other Federal Reserve assets 37,061 34,823 35,259
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,475(r) 32,504(r) 32,533(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 590,329(r) 590,981(r) 594,970(r)
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 517 511 510
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,169 4,993 5,148
21 Foreign 104 76 148
22 Service-related
balances and adjustments 6,843 7,087 6,878(r)
23 Other 395 342 294
24 Other Federal Reserve
liabilities and capital 17,946 17,944 17,960
25 Reserve balances with
Federal Reserve Banks(5) 9,261 5,877 10,442(r)
Average of daily figures for week
ending on date indicated
Factor 2001
June 6 June 13 June 20 June 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 587,740 585,179 587,588 586,991
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,940 531,105 532,906 535,009
3 Held under
repurchase agreements 0 0 0 0
Federal agency obligations
4 Bought outright 10 10 10 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase agreements--
triparty(4) 24,054 17,643 17,286 14,931
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 120 268 57 14
9 Seasonal credit 95 106 122 138
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 455 455 1,002 147
13 Other Federal Reserve assets 35,067 35,592 36,205 36,742
14 Gold stock 11,046 11,045 11,044 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 32,562 32,593 32,618 32,644
ABSORBING RESERVE FUNDS
17 Currency in circulation 595,205 594,278 594,018 593,979
18 Reverse repurchase
agreements--triparty(4) 0 0 0 0
19 Treasury cash holdings 506 481 463 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 4,796 4,878 5,194 6,748
21 Foreign 83 85 101 79
22 Service-related
balances and adjustments 7,044 7,008 7,204 7,299
23 Other 332 311 284 279
24 Other Federal Reserve
liabilities and capital 17,909 18,130 18,065 18,100
25 Reserve balances with
Federal Reserve Banks(5) 7,671 5,846 8,121 5,951
End-of-month figures
Factor 2001
Apr. May June
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 587,708 591,914(r) 595,137
U.S. government
securities(2)
2 Bought outright--
System account(3) 525,911 527,562 535,110
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 25,007 30,310 23,250
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 44 67 3
9 Seasonal credit 36 86 146
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -370 -998(r) -373
13 Other Federal Reserve assets 37,069 34,877(r) 36,992
14 Gold stock 11,046 11,046 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,417 32,562(r) 32,670
ABSORBING RESERVE FUNDS
17 Currency in circulation 588,191 595,911(r) 596,674
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 516 510 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 7,894 4,396 7,188
21 Foreign 102 85 102
22 Service-related
balances and adjustments 7,241 7,044(r) 7,571
23 Other 403 321 271
24 Other Federal Reserve
liabilities and capital 18,232 17,845 17,583
25 Reserve balances with
Federal Reserve Banks(5) 10,792 11,609(r) 11,217
Wednesday figures
Factor
May 16 May 23 May 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 594,063 584,945 608,194
U.S. government
securities(2)
2 Bought outright--
System account(3) 528,380 525,608 529,372
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 31,747 23,705 42,380
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 24 1 1
9 Seasonal credit 86 84 89
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -683 478 846
13 Other Federal Reserve assets 34,500 35,058 35,495
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,475(r) 32,504(r) 32,533(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 591,648(r) 593,311(r) 596,594(r)
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 511 510 510
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,309 4,788 4,301
21 Foreign 76 84 72
22 Service-related
balances and adjustments 6,843 7,087 6,878(r)
23 Other 355 328 295
24 Other Federal Reserve
liabilities and capital 17,654 17,685 17,738
25 Reserve balances with
Federal Reserve Banks(5) 17,389 6,901 27,584(r)
Wednesday figures
Factor
June 6 June 13 June 20 June 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 585,309 589,447 584,961 591,383
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,124 531,874 534,482 535,191
3 Held under
repurchase agreements 0 0 0 0
Federal agency obligations
4 Bought outright 10 10 10 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase agreements--
triparty(4) 19,050 20,500 13,750 19,505
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 12 29 83 10
9 Seasonal credit 101 111 128 142
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 3,670 1,104 43 -417
13 Other Federal Reserve assets 35,341 35,820 36,465 36,942
14 Gold stock 11,046 11,044 11,044 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 32,562 32,593 32,618 32,644
ABSORBING RESERVE FUNDS
17 Currency in circulation 595,733 595,384 595,172 596,044
18 Reverse repurchase
agreements--triparty(4) 0 0 0 0
19 Treasury cash holdings 483 466 444 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,926 4,729 6,758 6,857
21 Foreign 82 82 133 73
22 Service-related
balances and adjustments 7,044 7,008 7,204 7,299
23 Other 327 288 266 279
24 Other Federal Reserve
liabilities and capital 17,667 17,766 17,851 17,869
25 Reserve balances with
Federal Reserve Banks(5) 3,855 9,560 2,996 8,405
(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 though 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
1998 1999 2000
Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks(2) 9,026 5,262 7,159
2 Total vault cash(3) 44,294 60,619 45,229
3 Applied vault cash(4) 36,183 36,392 31,381
4 Surplus vault cash(5) 8,111 24,227 13,848
5 Total reserves(6) 45,209 41,654 38,540
6 Required reserves 43,695 40,357 37,216
7 Excess reserve balances at
Reserve Banks(7) 1,514 1,297 1,325
8 Total borrowing at
Reserve Banks 117 320 210
9 Adjustment 101 179 99
10 Seasonal 15 67 111
11 Special Liquidity Facility(8) 0 74 0
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2000 2001
Dec. Jan. Feb. Mar.
1 Reserve balances with Reserve
Banks(2) 7,159 7,190 6,615 6,737
2 Total vault cash(3) 45,229 47,683 48,517 44,104
3 Applied vault cash(4) 31,381 32,601 32,734 30,978
4 Surplus vault cash(5) 13,848 15,083 15,783 13,127
5 Total reserves(6) 38,540 38,538 39,349 37,715
6 Required reserves 37,216 38,538 37,917 36,329
7 Excess reserve balances at
Reserve Banks(7) 1,325 1,253 1,432 1,385
8 Total borrowing at
Reserve Banks 210 73 51 58
9 Adjustment 99 39 30 38
10 Seasonal 111 34 21 20
11 Special Liquidity Facility(8) 0 0 ... ...
12 Extended credit(9) 0 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2001
Apr. May June
1 Reserve balances with Reserve
Banks(2) 6,863 7,610(r) 7,041
2 Total vault cash(3) 43,656 43,263 43,133
3 Applied vault cash(4) 31,728 31,772(r) 31,176
4 Surplus vault cash(5) 11,929 11,491(r) 11,956
5 Total reserves(6) 38,591 39,382(r) 38,218
6 Required reserves 37,314 38,363 36,876
7 Excess reserve balances at
Reserve Banks(7) 1,277 1,019(r) 1,342
8 Total borrowing at
Reserve Banks 51 213 229
9 Adjustment 15 134 110
10 Seasonal 35 79 120
11 Special Liquidity Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
Reserve classification 2001
Mar. 7 Mar. 21 Apr. 4
1 Reserve balances with Reserve
Banks(2) 6,836 6,296 7,287
2 Total vault cash(3) 44,107 43,875 44,424
3 Applied vault cash(4) 31,547 30,304 31,523
4 Surplus vault cash(5) 12,561 13,571 12,902
5 Total reserves(6) 38,382 36,600 38,809
6 Required reserves 37,103 35,419 37,062
7 Excess reserve balances at
Reserve Banks(7) 1,279 1,180 1,747
8 Total borrowing at
Reserve Banks 95 38 60
9 Adjustment 76 17 42
10 Seasonal 19 21 18
11 Special Liquidity Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
Reserve classification 2001
Apr. 18 May 2 May 16
1 Reserve balances with Reserve
Banks(2) 6,326 7,350 7,159
2 Total vault cash(3) 43,409 43,690 42,645
3 Applied vault cash(4) 31,199 32,413 31,031(r)
4 Surplus vault cash(5) 12,210 11,277 11,615(r)
5 Total reserves(6) 37,525 39,763 38,189(r)
6 Required reserves 36,329 38,549 37,302(r)
7 Excess reserve balances at
Reserve Banks(7) 1,196 1,214 887(r)
8 Total borrowing at
Reserve Banks 42 59 346
9 Adjustment 4 20 267
10 Seasonal 38 39 79
11 Special Liquidity Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
Reserve classification 2001
May 30 June 13
1 Reserve balances with Reserve
Banks(2) 8,159(r) 6,756(r)
2 Total vault cash(3) 43,900 42,155
3 Applied vault cash(4) 32,530 30,270(r)
4 Surplus vault cash(5) 11,370 11,885(r)
5 Total reserves(6) 40,689(r) 37,026(r)
6 Required reserves 39,582(r) 35,776
7 Excess reserve balances at
Reserve Banks(7) 1,107(r) 1,249(r)
8 Total borrowing at
Reserve Banks 97 295
9 Adjustment 13 195
10 Seasonal 85 101
11 Special Liquidity Facility(8) ... ...
12 Extended credit(9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
Reserve classification 2001
June 27 July 11
1 Reserve balances with Reserve
Banks(2) 7,279 7,170
2 Total vault cash(3) 43,811 44,209
3 Applied vault cash(4) 31,964 31,431
4 Surplus vault cash(5) 11,846 12,777
5 Total reserves(6) 39,243 38,601
6 Required reserves 37,819 37,243
7 Excess reserve balances at
Reserve Banks(7) 1,424 1,358
8 Total borrowing at
Reserve Banks 166 244
9 Adjustment 36 89
10 Seasonal 130 155
11 Special Liquidity Facility(8) ... ...
12 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front cover
Data are not break-adjusted or seasonally adjusted.
(2.) Excludes required clearing balances and adjustments to
compensate for float and includes other off-balance-sheet "as-of"
adjustments.
(3.) Vault cash eligible to satisfy reserve requirements. It includes
only vault cash held by those banks and thrift institutions that
are not exempt from reserve requirements. Dates refer to the
maintenance periods in which the vault cash can be used to
satisfy reserve requirements.
(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonbound" institutions (that is, those
whose vault cash exceeds their required reserves) to satisfy
current reserve requirements.
(5.) Total vault cash (line 2) less applied vault cash (line 3).
(6.) Reserve balances with Federal Reserve Banks (line 1) plus
applied vault cash (line 3).
(7.) Total reserves (line 5) less required reserves (line 6).
(8.) Borrowing at the discount window under the terms and
conditions established for the Century Date Change Special
Liquidity Facility in effect from October 1, 1999, through
April 7, 2000.
(9.) Consists of borrowing at the discount window under the
terms and conditions established for the extended credit
program to help depository institutions deal with sustained
liquidity pressures. Because there is not the same need to
repay such borrowing promptly as with traditional short-term
adjustment credit, the money market effect of extended credit is
similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit(1)
Federal Reserve
Bank On Effective Previous
8/3/01 date rate
Boston 3.25 6/27/01 3.50
New York 3.25 6/27/01 3.50
Philadelphia 3.25 6/27/01 3.50
Cleveland 3.25 6/28/01 3.50
Richmond 3.25 6/28/01 3.50
Atlanta 3.25 6/27/01 3.50
Chicago 3.25 6/27/01 3.50
St. Louis 3.25 6/29/01 3.50
Minneapolis 3.25 6/28/01 3.50
Kansas City 3.25 6/28/01 3.50
Dallas 3.25 6/27/01 3.50
San Francisco 3.25 6/27/01 3.50
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On Effective Previous
8/3/01 date rate
Boston 3.70 7/26/01 3.75
New York 3.70 7/26/01 3.75
Philadelphia 3.70 7/26/01 3.75
Cleveland 3.70 7/26/01 3.75
Richmond 3.70 7/26/01 3.75
Atlanta 3.70 7/26/01 3.75
Chicago 3.70 7/26/01 3.75
St. Louis 3.70 7/26/01 3.75
Minneapolis 3.70 7/26/01 3.75
Kansas City 3.70 7/26/01 3.75
Dallas 3.70 7/26/01 3.75
San Francisco 3.70 7/26/01 3.75
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On Effective Previous
8/3/01 date rate
Boston 4.20 7/26/01 4.25
New York 4.20 7/26/01 4.25
Philadelphia 4.20 7/26/01 4.25
Cleveland 4.20 7/26/01 4.25
Richmond 4.20 7/26/01 4.25
Atlanta 4.20 7/26/01 4.25
Chicago 4.20 7/26/01 4.25
St. Louis 4.20 7/26/01 4.25
Minneapolis 4.20 7/26/01 4.25
Kansas City 4.20 7/26/01 4.25
Dallas 4.20 7/26/01 4.25
San Francisco 4.20 7/26/01 4.25
Range of rates for adjustment
credit in recent years(4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
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
May 16 5.50-6.00 5.50
19 6.00 6.00
2001--Jan. 3 5.75-6.00 5.75
4 5.50-5.75 5.50
5 5.50 5.50
31 5.00-5.50 5.00
Feb. 1 5.00 5.00
Mar. 20 4.50-5.00 4.50
21 4.50 4.50
Apr. 18 4.00-4.50 4.00
20 4.00 4.00
May 15 3.50-4.00 3.50
17 3.50 3.50
June 27 3.25-3.50 3.25
June 29 3.25 3.25
In effect Aug. 3, 2001 3.25 3.25
(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
he shortened. Beyond this initial period, a flexible rate somewhat
above rates charged on market sources of funds is charged. The rate
ordinarily is reestablished on the first business day of each
two-week reserve maintenance period, but it is never less than the
discount rate applicable to adjustment credit plus 50 basis points.
(4.) For earlier data, see the following publications of the Board of
Governors: Banking and Monetary Statistics, 1914-1941, and
1941-1970; and the Annual Statistical Digest, 1970-1979.
In 1980 and 1981, the Federal Reserve applied a surcharge to
short-term adjustment-credit borrowings by institutions with deposits
of $500 million or more that had borrowed in successive weeks or in
more than four weeks in a calendar quarter. A 3 percent surcharge was
in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2
percent was reimposed on Nov. 17, 1980; the surcharge was
subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on
May 5, 1981. The surcharge was reduced to 3 percent effective Sept.
22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1,
1981, the formula for applying the surcharge was changed from a
calendar quarter to a moving thirteen-week period. The surcharge was
eliminated on Nov. 17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$42.8 million(3) 3 12/28/00
2 More than $42.8 million(4) 10 12/28/00
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 28, 2000, for depository
institutions that report weekly, and with the period beginning
January 18, 2001, for institutions that report quarterly, the amount
was decreased from $44.3 million to $42.8 million.
Under the Garn-St Gennain 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 28, 2000, for
depository institutions that report weekly, and with the period
beginning January 18, 2001, for institutions that report quarterly,
the exemption was raised from $5.0 million to $5.5 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 1.5
years was reduced from 3 percent to 1.5 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 1.5 years was reduced from 3
percent to zero on Jan. 17, 1991. The reserve requirement on
nonpersonal time deposits with an original maturity of 1.5 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 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1998 1999 2000
and maturity
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,550 0 8,676
2 Gross sales 0 0 0
3 Exchanges 450,835 464,218 477,904
4 For new bills 450,835 464,218 477,904
5 Redemptions 2,000 0 24,522
Others within one year
6 Gross purchases 6,297 11,895 8,809
7 Gross sales 0 0 0
8 Maturity shifts 46,062 50,590 62,025
9 Exchanges -49,434 -53,315 -54,656
10 Redemptions 2,676 1,429 3,779
One to five years
11 Gross purchases 12,901 19,731 14,482
12 Gross sales 0 0 0
13 Maturity shifts -37,777 -44,032 -52,068
14 Exchanges 37,154 42,604 46,177
Five to ten years
15 Gross purchases 2,294 4,303 5,871
16 Gross sales 0 0 0
17 Maturity shifts -5,908 -5,841 -6,801
18 Exchanges 7,439 7,583 6,585
More than ten years
19 Gross purchases 4,884 9,428 5,833
20 Gross sales 0 0 0
21 Maturity shifts -2,377 -717 -3,155
22 Exchanges 4,842 3,139 1,894
All maturities
23 Gross purchases 29,926 45,357 43,670
24 Gross sales 0 0 0
25 Redemptions 4,676 1,429 28,301
Matched transactions
26 Gross purchases 4,430,457 4,413,430 4,399,257
27 Gross sales 4,434,358 4,431,685 4,381,188
Repurchase agreements
28 Gross purchases 512,671 281,599 0
29 Gross sales 514,186 301,273 0
30 Net change in U.S. Treasury
securities 19,835 5,999 33,439
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 25 0 0
33 Redemptions 322 157 51
Repurchase agreements
34 Gross purchases 284,316 360,069 0
35 Gross sales 276,266 370,772 0
36 Net change in federal agency
obligations 7,703 -10,859 -51
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 304,989 890,236
40 Gross sales 0 164,349 987,501
41 Net change in triparty
obligations 0 140,640 -97,265
42 Total net change in System
Open Market Account 27,538 135,780 -63,877
2000 2001
Type of transaction
and maturity
Nov. Dec. Jan.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 2,507 509 520
2 Gross sales 0 0 0
3 Exchanges 45,182 39,428 40,769
4 For new bills 45,182 39,428 40,769
5 Redemptions 1,145 1,145 228
Others within one year
6 Gross purchases 580 1,420 0
7 Gross sales 0 0 0
8 Maturity shifts 7,957 0 10,296
9 Exchanges -7,012 0 -6,667
10 Redemptions 780 0 2,422
One to five years
11 Gross purchases 1,332 1,045 925
12 Gross sales 0 0 0
13 Maturity shifts -5,997 0 -10,296
14 Exchanges 5,737 0 6,667
Five to ten years
15 Gross purchases 510 771 1,283
16 Gross sales 0 0 0
17 Maturity shifts -699 0 0
18 Exchanges 1,275 0 0
More than ten years
19 Gross purchases 0 0 296
20 Gross sales 0 0 0
21 Maturity shifts -1,261 0 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 4,929 3,745 3,024
24 Gross sales 0 0 0
25 Redemptions 1,802 1,145 2,650
Matched transactions
26 Gross purchases 351,391 345,680 356,250
27 Gross sales 351,232 348,917 352,336
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S. Treasury
securities 3,286 -637 4,289
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 0 0
Repurchase agreements
34 Gross purchases 0 0 0
35 Gross sales 0 0 0
36 Net change in federal agency
obligations 0 0 0
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 87,125 95,470 104,930
40 Gross sales 79,295 79,365 129,385
41 Net change in triparty
obligations 7,830 16,105 -24,455
42 Total net change in System
Open Market Account 11,116 15,468 -20,166
2001
Type of transaction
and maturity
Feb. Mar. Apr. May
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 2,683 579 308 624
2 Gross sales 0 0 0 0
3 Exchanges 42,767 46,712 38,317 47,112
4 For new bills 42,767 46,712 38,317 47,112
5 Redemptions 638 211 3,537 3,939
Others within one year
6 Gross purchases 1,605 67 3,027 2,174
7 Gross sales 0 0 0 0
8 Maturity shifts 5,609 0 12,204 8,117
9 Exchanges -6,799 0 -7,000 -8,965
10 Redemptions 1,529 0 4,368 2,287
One to five years
11 Gross purchases 2,983 1,883 4,480 2,685
12 Gross sales 0 0 0 0
13 Maturity shifts -2,784 0 -12,204 -1,913
14 Exchanges 4,945 0 7,000 6,508
Five to ten years
15 Gross purchases 0 0 1,390 657
16 Gross sales 0 0 0 0
17 Maturity shifts -1,855 0 0 -5,130
18 Exchanges 971 0 0 2,457
More than ten years
19 Gross purchases 495 1,000 913 1,241
20 Gross sales 0 0 0 0
21 Maturity shifts -971 0 0 -1,074
22 Exchanges 883 0 0 0
All maturities
23 Gross purchases 7,766 3,529 10,118 7,380
24 Gross sales 0 0 0 0
25 Redemptions 2,166 211 7,905 6,226
Matched transactions
26 Gross purchases 320,060 396,029 381,667 398,039
27 Gross sales 322,056 395,151 381,895 397,600
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S. Treasury
securities 3,604 4,196 1,984 1,592
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 120 0 0 0
Repurchase agreements
34 Gross purchases 0 0 0 0
35 Gross sales 0 0 0 0
36 Net change in federal agency
obligations -120 0 0 0
Reverse repurchase
agreements
37 Gross purchases 0 0 0 0
38 Gross sales 0 0 0 0
Repurchase agreements
39 Gross purchases 67,655 86,472 85,166 120,135
40 Gross sales 62,910 88,142 82,154 114,832
41 Net change in triparty
obligations 4,745 -1,670 3,012 5,303
42 Total net change in System
Open Market Account 8,229 2,526 4,996 6,895
(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 2001
May 30 June 6
Consolidated condition
statement
ASSETS
1 Gold certificate account 1,046 11,046
2 Special drawing rights certificate
account 2,200 2,200
3 Coin 1,070 1,074
Loans
4 To depository institutions 90 114
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 42,380 19,050
Federal agency obligations(3)
8 Bought outright 10 10
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 529,372 527,124
11 Bought outright(4) 529,372 527,124
12 Bills 178,786 177,467
13 Notes 252,357 251,419
14 Bonds 98,230 98,238
15 Held under repurchase agreements 0 0
16 Total loans and securities 571,853 546,298
17 Items in process of collection 10,612 11,706
18 Bank premises 1,499 1,504
Other assets
19 Denominated in foreign currencies(5) 14,793 14,764
20 All other(6) 19,020 18,843
21 Total assets 632,094 607,435
LIABILITIES
22 Federal Reserve notes 565,642 564,727
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 38,664 16,594
25 Depository institutions 33,995 10,259
26 U.S. Treasury--General account 4,301 5,926
27 Foreign--Official accounts 72 82
28 Other 295 327
29 Deferred credit items 10,050 8,447
30 Other liabilities and accrued
dividends(7) 3,390 3,370
31 Total liabilities 617,746 593,138
CAPITAL ACCOUNTS
32 Capital paid in 7,069 7,061
33 Surplus 6,566 6,584
34 Other capital accounts 712 653
35 Total liabilities and capital accounts 632,094 607,435
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) 737,129 736,621
38 LESS: Held by Federal Reserve Banks 171,487 171,894
39 Federal Reserve notes, net 565,642 564,727
Collateral held against notes, net
40 Gold certificate account 11,046 11,046
41 Special drawing rights certificate
account 2,200 2,200
42 Other eligible assets 0 5,297
43 U.S. Treasury and agency securities 552,396 546,184
44 Total collateral 565,642 564,727
Wednesday
Account 2001
June 13 June 20 June 27
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,105 1,121 1,120
Loans
4 To depository institutions 139 211 152
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 20,500 13,750 19,505
Federal agency obligations(3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 531,874 534,482 535,191
11 Bought outright(4) 531,874 534,482 535,191
12 Bills 181,228 181,249 181,211
13 Notes 251,425 253,531 254,225
14 Bonds 99,221 99,702 99,754
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 552,523 548,453 554,858
17 Items in process of collection 8,787 8,869 7,888
18 Bank premises 1,507 1,507 1,505
Other assets
19 Denominated in foreign currencies(5) 14,770 14,776 14,782
20 All other(6) 19,371 20,018 20,490
21 Total assets 611,307 607,986 613,887
LIABILITIES
22 Federal Reserve notes 564,362 564,118 564,964
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 21,693 18,231 23,675
25 Depository institutions 16,594 11,074 16,466
26 U.S. Treasury--General account 4,729 6,758 6,857
27 Foreign--Official accounts 82 133 73
28 Other 288 266 279
29 Deferred credit items 7,485 7,787 7,380
30 Other liabilities and accrued
dividends(7) 3,389 3,358 3,305
31 Total liabilities 596,929 593,494 599,324
CAPITAL ACCOUNTS
32 Capital paid in 7,064 7,133 7,139
33 Surplus 6,617 6,645 6,671
34 Other capital accounts 696 715 753
35 Total liabilities and capital accounts 611,307 607,986 613,887
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) 736,154 736,351 736,246
38 LESS: Held by Federal Reserve Banks 171,792 172,233 171,282
39 Federal Reserve notes, net 564,362 564,118 564,964
Collateral held against notes, net
40 Gold certificate account 11,044 11,044 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 2,633 0
43 U.S. Treasury and agency securities 551,119 548,242 551,721
44 Total collateral 564,362 564,118 564,964
End of month
Account 2001
Apr. 30 May 31 June 30
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 1,046 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,129 1,075 1,126
Loans
4 To depository institutions 80 154 150
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 25,007 30,310 23,250
Federal agency obligations(3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 525,911 527,562 535,110
11 Bought outright(4) 525,911 527,562 535,110
12 Bills 180,787 177,911 181,126
13 Notes 247,965 251,415 254,228
14 Bonds 97,159 98,236 99,756
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 551,008 558,035 558,519
17 Items in process of collection 2,569 7,670 5,573
18 Bank premises 1,497 1,504 1,509
Other assets
19 Denominated in foreign currencies(5) 14,766 14,759 14,428
20 All other(6) 20,602 18,441 20,667
21 Total assets 604,818 614,730 615,066
LIABILITIES
22 Federal Reserve notes 557,418 564,934 565,574
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 26,571 24,040 26,208
25 Depository institutions 18,172 19,238 18,647
26 U.S. Treasury--General account 7,894 4,396 7,188
27 Foreign--Official accounts 102 85 102
28 Other 403 321 271
29 Deferred credit items 2,596 7,910 5,701
30 Other liabilities and accrued
dividends(7) 3,520 3,467 3,140
31 Total liabilities 590,105 600,351 600,623
CAPITAL ACCOUNTS
32 Capital paid in 7,043 7,070 7,143
33 Surplus 6,371 6,557 6,584
34 Other capital accounts 1,299 751 716
35 Total liabilities and capital accounts 604,818 614,730 615,066
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) 739,839 736,954 735,805
38 LESS: Held by Federal Reserve Banks 182,421 172,020 170,231
39 Federal Reserve notes, net 557,418 564,934 565,574
Collateral held against notes, net
40 Gold certificate account 11,046 11,046 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 544,172 551,689 552,330
44 Total collateral 557,418 564,934 565,574
(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 2001
May 30 June 6 June 13 June 20
1 Total loans 91 114 139 211
2 Within fifteen days(2) 86 26 49 202
3 Sixteen days to ninety
days 5 88 90 9
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(3) 529,372 527,124 531,874 534,482
6 Within fifteen days(2) 18,608 15,867 14,586 19,475
7 Sixteen days to ninety
days 116,467 118,440 123,727 118,433
8 Ninety-one days to one
year 120,387 120,883 120,639 122,474
9 One year to five years 141,641 139,659 139,659 140,350
10 Five years to ten years 57,507 57,511 57,516 57,520
11 More than ten years 74,762 74,764 75,747 76,228
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days(2) 0 0 0 0
14 Sixteen days to ninety
days 0 0 0 0
15 Ninety-one days to one
year 0 0 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 0 0 0 0
18 More than ten years 0 0 0 0
Wednesday End of month(1)
Type of holding and maturity 2001
June 27 Apr. 30 May 31 June 30
1 Total loans 152 80 154 150
2 Within fifteen days(2) 146 72 132 114
3 Sixteen days to ninety
days 6 8 21 36
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(3) 535,191 525,912 527,562 535,108
6 Within fifteen days(2) 21,211 18,127 4,645 10,105
7 Sixteen days to ninety
days 115,867 113,525 115,568 126,214
8 Ninety-one days to one
year 123,266 127,821 135,422 123,941
9 One year to five years 141,089 135,551 139,658 141,089
10 Five years to ten years 57,526 56,337 57,508 57,527
11 More than ten years 76,232 74,551 74,762 76,232
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days(2) 0 0 0 0
14 Sixteen days to ninety
days 0 0 0 0
15 Ninety-one days to one
year 0 0 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 0 0 0 0
18 More than ten years 0 0 0 0
(1.) Denotes last calendar day of the month, but data reflect last
business day of the month.
(2.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of the
agreements.
(3.) 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
1997 1998 1999 2000
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 46.85 45.18 41.78 38.51
2 Nonborrowed reserves(4) 46.52 45.07 41.46 38.30
3 Nonborrowed reserves plus
extended credit(5) 46.52 45.07 41.46 38.30
4 Required reserves 45.16 43.67 40.48 37.18
5 Monetary base(6) 479.47 513.49 593.09 583.96
Not seasonally adjusted
6 Total reserves(7) 48.01 45.31 41.89 38.60
7 Nonborrowed reserves 47.69 45.19 41.57 38.39
8 Nonborrowed reserves plus
extended credit(5) 47.69 45.19 41.57 38.39
9 Required reserves(8) 46.33 43.80 40.59 37.27
10 Monetary base(9) 484.98 518.27 600.72 590.20
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 47.92 45.21 41.65 38.54
12 Nonborrowed reserves 47.60 45.09 41.33 38.33
13 Nonborrowed reserves plus
extended credit(5) 47.60 45.09 41.33 38.33
14 Required reserves 46.24 43.70 40.36 37.22
15 Monetary base(12) 491.79 525.06 608.02 597.12
16 Excess reserves(13) 1.69 1.51 1.30 1.33
17 Borrowings from the Federal
Reserve .32 .12 .32 .21
2000 2001
Item
Nov. Dec. Jan. Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 39.02 38.51 38.83 38.87
2 Nonborrowed reserves(4) 38.74 38.30 38.75 38.82
3 Nonborrowed reserves plus
extended credit(5) 38.74 38.30 38.75 38.82
4 Required reserves 37.82 37.18 37.57 37.43
5 Monetary base(6) 581.40 583.96 589.39 591.12
Not seasonally adjusted
6 Total reserves(7) 38.85 38.60 39.78 39.38
7 Nonborrowed reserves 38.56 38.39 39.70 39.33
8 Nonborrowed reserves plus
extended credit(5) 38.56 38.39 39.70 39.33
9 Required reserves(8) 37.65 37.27 38.52 37.95
10 Monetary base(9) 582.36 590.20 591.50 589.04
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 38.79 38.54 39.79 39.35
12 Nonborrowed reserves 38.50 38.33 39.72 39.30
13 Nonborrowed reserves plus
extended credit(5) 38.50 38.33 39.72 39.30
14 Required reserves 37.58 37.22 38.54 37.92
15 Monetary base(12) 589.12 597.12 598.38 595.59
16 Excess reserves(13) 1.20 1.33 1.25 1.43
17 Borrowings from the Federal
Reserve .28 .21 .07 .05
2001
Item
Mar. Apr. May June
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 38.26 38.79 38.89 38.76
2 Nonborrowed reserves(4) 38.20 38.74 38.68 38.53
3 Nonborrowed reserves plus
extended credit(5) 38.20 38.74 38.68 38.53
4 Required reserves 36.87 37.51 37.87 37.42
5 Monetary base(6) 592.42 595.92 599.06(r) 601.84
Not seasonally adjusted
6 Total reserves(7) 37.76 38.66 39.46(r) 38.32
7 Nonborrowed reserves 37.71 38.61 39.25 38.09
8 Nonborrowed reserves plus
extended credit(5) 37.71 38.61 39.25 38.09
9 Required reserves(8) 36.38 37.38 38.44 36.97
10 Monetary base(9) 591.36 594.92 598.57(r) 601.65
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 37.72 38.59 39.38(r) 38.22
12 Nonborrowed reserves 37.66 38.54 39.17 37.99
13 Nonborrowed reserves plus
extended credit(5) 37.66 38.54 39.17 37.99
14 Required reserves 36.33 37.31 38.36 36.88
15 Monetary base(12) 598.20 601.84 605.48(r) 608.79
16 Excess reserves(13) 1.39 1.28 1.02 1.34
17 Borrowings from the Federal
Reserve .06 .05 .21 .23
(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
1997 1998 1999
Item Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,073.4 1,097.0 1,124.8
2 M2 4,031.9 4,385.9 4,653.3
3 M3 5,430.8 6,030.8 6,530.6
4 Debt 15,223.2 16,246.1 17,315.1
M1 components
5 Currency(3) 424.3 459.2 516.7
6 Travelers checks(4) 8.1 8.2 8.2
7 Demand deposits(5) 395.4 379.4 356.1
8 Other checkable deposits(6) 245.7 250.1 243.7
Nontransaction components
9 In M2(7) 2,958.5 3,288.9 3,528.5
10 In M3 only(8) 1,399.0 1,645.0 1,877.3
Commercial banks
11 Savings deposits, including
MMDAs 1,021.1 1,185.8 1,287.0
12 Small time deposits(9) 625.5 626.4 635.2
13 Large time deposits(10, 11) 517.4 575.2 648.3
Thrift institutions
14 Savings deposits, including
MMDAs 376.8 414.1 449.3
15 Small time deposits(9) 342.9 325.8 320.9
16 Large time deposits(10) 85.5 88.7 91.3
Money market mutual funds
17 Retail 592.1 736.8 836.2
18 Institution-only 391.8 531.8 623.5
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 254.3 297.5 340.8
20 Eurodollars(12) 150.0 151.8 173.3
Debt components
21 Federal debt 3,800.6 3,751.2 3,660.3
22 Nonfederal debt 11,422.6 12,494.9 13,654.9
Not seasonally adjusted
Measures(2)
23 M1 1,096.9 1,120.4 1,148.3
24 M2 4,053.2 4,408.2 4,677.3
25 M3 5,456.2 6,062.9 6,568.1
26 Debt 15,218.9 16,241.4 17,310.5
M1 components
27 Currency(3) 428.1 463.3 521.5
28 Travelers checks(4) 8.3 8.4 8.4
29 Demand deposits(5) 412.4 395.9 371.7
30 Other checkable deposits(6) 248.2 252.8 246.6
Nontransaction components
31 In M2(7) 2,956.3 3,287.8 3,529.1
32 In M3 only(8) 1,403.0 1,654.8 1,890.7
Commercial banks
33 Savings deposits, including 1,020.4 1,186.0 1,288.5
MMDAs
34 Small time deposits(9) 625.3 626.5 635.4
35 Large time deposits(10, 11) 516.8 574.5 647.7
Thrift institutions
36 Savings deposits, including 376.5 414.2 449.8
MMDAs
37 Small time deposits(9) 342.8 325.8 321.0
38 Large time deposits(10) 85.4 88.6 91.2
Money market mutual funds
39 Retail 591.3 735.2 834.3
40 Institution-only 398.9 543.7 638.4
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 249.5 293.4 337.4
42 Eurodollars(12) 152.3 154.5 176.0
Debt components
43 Federal debt 3,805.8 3,754.9 3,663.2
44 Nonfederal debt 11,413.1 12,486.5 13,647.3
2001
2000
Item Dec.
Mar. Apr.(r)
Seasonally adjusted
Measures(2)
1 M1 1,088.2 1,113.1 1,118.1
2 M2 4,945.1(r) 5,101.1 5,145.5
3 M3 7,101.3(r) 7,311.3(r) 7,419.3
4 Debt 18,222.0(r) 18,440.4 18,499.5
M1 components
5 Currency(3) 529.9 539.8 542.6
6 Travelers checks(4) 8.0 7.9 7.8
7 Demand deposits(5) 311.3 316.5 312.9
8 Other checkable deposits(6) 239.0 248.9 254.8
Nontransaction components
9 In M2(7) 3,856.9(r) 3,988.0 4,027.4
10 In M3 only(8) 2,156.2(r) 2,210.2(r) 2,273.8
Commercial banks
11 Savings deposits, including
MMDAs 1,421.7 1,491.7 1,517.2
12 Small time deposits(9) 699.6(r) 695.9 690.7
13 Large time deposits(10, 11) 726.6(r) 677.4 697.1
Thrift institutions
14 Savings deposits, including
MMDAs 451.9 471.1 475.1
15 Small time deposits(9) 346.6 349.6 349.9
16 Large time deposits(10) 103.2 106.8 108.6
Money market mutual funds
17 Retail 937.2 979.8 994.6
18 Institution-only 768.3 888.0 919.4
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 361.1(r) 340.0(r) 360.2
20 Eurodollars(12) 197.1 198.0 188.4
Debt components
21 Federal debt 3,400.5 3,375.4 3,344.7
22 Nonfederal debt 14,821.5(r) 15,064.9(r) 15,154.8
Not seasonally adjusted
Measures(2)
23 M1 1,112.4 1,107.8 1,123.2
24 M2 4,973.7(r) 5,135.6 5,209.5
25 M3 7,146.3(r) 7,373.4(r) 7,482.0
26 Debt 18,214.6(r) 18,439.3(r) 18,472.3
M1 components
27 Currency(3) 535.2 539.8 543.0
28 Travelers checks(4) 8.1 8.0 7.9
29 Demand deposits(5) 326.6 311.4 313.0
30 Other checkable deposits(6) 242.5 248.6 259.3
Nontransaction components
31 In M2(7) 3,861.3(r) 4,027.8 4,086.2
32 In M3 only(8) 2,172.7(r) 2,237.8(r) 2,272.5
Commercial banks
33 Savings deposits, including 1,426.4 1,498.6(r) 1,542.2
MMDAs
34 Small time deposits(9) 699.8(r) 697.7 691.2
35 Large time deposits(10, 11) 725.9(r) 682.9(r) 702.0
Thrift institutions
36 Savings deposits, including 453.4 473.2 482.9
MMDAs
37 Small time deposits(9) 346.8 350.5 350.2
38 Large time deposits(10) 103.1 107.6 109.4
Money market mutual funds
39 Retail 935.0 1,007.9 1,019.6
40 Institution-only 786.2 905.6 915.3
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 358.0(r) 342.7(r) 356.9
42 Eurodollars(12) 199.5 199.0 188.9
Debt components
43 Federal debt 3,403.5 3,392.5 3,341.0
44 Nonfederal debt 14,811.1(r) 15,046.8 15,131.2
2001
Item
May(r) June
Seasonally adjusted
Measures(2)
1 M1 1,117.5 1,123.5
2 M2 5,167.7 5,208.9
3 M3 7,503.2 7,581.2
4 Debt 18,561.3 n.a.
M1 components
5 Currency(3) 546.1 548.4
6 Travelers checks(4) 8.0 8.2
7 Demand deposits(5) 312.4 310.9
8 Other checkable deposits(6) 251.1 256.0
Nontransaction components
9 In M2(7) 4,050.1 4,085.4
10 In M3 only(8) 2,335.5 2,372.3
Commercial banks
11 Savings deposits, including
MMDAs 1,540.0 1,564.3
12 Small time deposits(9) 685.6 679.0
13 Large time deposits(10, 11) 702.9 704.7
Thrift institutions
14 Savings deposits, including
MMDAs 487.8 497.6
15 Small time deposits(9) 352.0 349.9
16 Large time deposits(10) 110.4 109.5
Money market mutual funds
17 Retail 984.8 994.7
18 Institution-only 970.9 1,006.6
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 361.2 360.6
20 Eurodollars(12) 190.1 190.9
Debt components
21 Federal debt 3,295.6 n.a.
22 Nonfederal debt 15,265.7 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,111.5 1,123.0
24 M2 5,143.6 5,191.7
25 M3 7,478.7 7,551.0
26 Debt 18,498.1 n.a.
M1 components
27 Currency(3) 546.1 549.1
28 Travelers checks(4) 8.0 8.0
29 Demand deposits(5) 307.2 309.7
30 Other checkable deposits(6) 250.2 256.1
Nontransaction components
31 In M2(7) 4,032.1 4,068.7
32 In M3 only(8) 2,335.1 2,359.3
Commercial banks
33 Savings deposits, including 1,535.6 1,566.9
MMDAs
34 Small time deposits(9) 683.3 675.3
35 Large time deposits(10, 11) 708.7 707.8
Thrift institutions
36 Savings deposits, including 486.4 498.4
MMDAs
37 Small time deposits(9) 350.8 348.0
38 Large time deposits(10) 111.3 110.0
Money market mutual funds
39 Retail 976.0 980.2
40 Institution-only 957.1 985.0
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 366.1 365.2
42 Eurodollars(12) 191.8 191.3
Debt components
43 Federal debt 3,262.9 n.a.
44 Nonfederal debt 15,235.2 n.a.
(1.) Latest monthly and weekly figures are available from the Board's
H.6 (508) weekly statistical release. Historical data starting in 1959
are available from the Money and Reserves Projections Section, Division
of Monetary Affairs, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
(2.) Composition of the money stock measures and debt is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions; (2) travelers checks of nonbank
issuers; (3) demand deposits at all commercial banks other than those
owed to depository institutions, the U.S. government, and foreign banks
and official institutions, less cash items in the process of collection
and Federal Reserve float; and (4) other checkable deposits (OCDs),
consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions, credit
union share draft accounts, and demand deposits at thrift institutions.
Seasonally adjusted M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.
M2: M1 plus (1) savings deposits (including MMDAs), (2)
small-denomination time deposits (time deposits--including retail
RPs--in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market
funds. Seasonally adjusted M2 is calculated by summing savings
deposits, small-denomination time deposits, and retail money fund
balances, each seasonally adjusted separately, and adding this result
to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances. RP liabilities, and eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government, not
including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and
vaults of depository institutions.
(4.) Outstanding amount of U.S. dollar-denominated travelers checks of
nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
(5.) Demand deposits at commercial banks and foreign-related
institutions other than those owed to depository institutions, the U.S.
government, and foreign banks and official institutions, less cash
items in the process of collection and Federal Reserve float.
(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.
(7.) Sum of (1) savings deposits (including MMDAs). (2) small time
deposits, and (3) retail money fund balances.
(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.
S. addressees.
(9.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small
time deposits.
(10.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(11.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.
(12.) Includes both overnight and term.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.(r)
Seasonally adjusted
Assets
1 Bank credit 5,031.8(r) 5,215.5(r) 5,263.0
2 Securities in bank credit 1,303.2 1,335.4 1,356.6
3 U.S. government
securities 817.5 788.7 786.3
4 Other securities 485.8 546.7 570.3
5 Loans and leases in bank
credit(2) 3,728.6 3,880.1(r) 3,906.4
6 Commercial and
industrial 1,064.5(r) 1,089.0 1,101.1
7 Real estate 1,595.6(r) 1,656.1(r) 1,658.6
8 Revolving home equity 115.4 129.9(r) 132.2
9 Other 1,480.2(r) 1,526.2(r) 1,526.4
10 Consumer 517.4 542.3 547.0
11 Security(3) 153.0 168.7 169.9
12 Other loans and leases 398.0(r) 424.1(r) 429.8
13 Interbank loans 225.6 252.2 270.4
14 Cash assets(4) 269.9 267.2 273.4
15 Other assets(5) 378.4 397.1 412.1
16 Total assets(6) 5,845.7(r) 6,068.1(r) 6,154.1
Liabilities
17 Deposits 3,669.2 3,847.7(r) 3,892.1
18 Transaction 616.4 601.9 608.2
19 Nontransaction 3,052.8 3,245.7 3,283.9
20 Large time 897.1 934.7 941.8
21 Other 2,155.7 2,311.0 2,342.1
22 Borrowings 1,206.5 1,242.4 1,264.2
23 From banks in the U.S. 378.7 396.7 397.2
24 From others 827.8 845.7 866.9
25 Net due to related foreign
offices 257.7 225.8 221.2
26 Other liabilities 305.7 345.4 364.8
27 Total liabilities 5,439.1 5,661.4(r) 5,742.4
28 Residual (assets less
liabilities)(7) 406.6(r) 406.7(r) 411.7
Not seasonally adjusted
Assets
29 Bank credit 5,025.6(r) 5,251.9(r) 5,277.9
30 Securities in bank credit 1,302.2 1,341.0 1,361.8
31 U.S. government
securities 817.2 788.5 788.5
32 Other securities 485.1 552.5 573.3
33 Loans and leases in bank
credit(2) 3,723.3(r) 3,910.9(r) 3,916.1
34 Commercial and industrial 1,066.6(r) 1,091.2(r) 1,098.4
35 Real estate 1,594.9(r) 1,660.7(r) 1,657.6
36 Revolving home equity 115.5 130.0(r) 131.3
37 Other 1,479.4(r) 1,530.7(r) 1,526.3
38 Consumer 515.2 548.2 551.4
39 Credit cards and
related plans n.a. 218.2 218.3
40 Other n.a. 330.0(r) 333.1
41 Security(3) 149.3 180.8 177.7
42 Other loans and leases 397.4(r) 430.0(r) 431.0
43 Interbank loans 226.8 260.9 272.4
44 Cash assets(4) 265.8 286.5 289.4
45 Other assets(5) 378.8 403.3 414.0
46 Total assets(6) 5,836.8(r) 6,138.7(r) 6,189.3
Liabilities
47 Deposits 3,653.8 3,894.2 3,907.0
48 Transaction 615.8 631.1 620.0
49 Nontransaction 3,038.0 3,263.1(r) 3,287.0
50 Large time 888.7 948.7(r) 954.8
51 Other 2,149.4 2,314.4 2,332.2
52 Borrowings 1,207.6 1,245.3 1,281.4
53 From banks in the U.S. 379.5 398.6 403.5
54 From others 828.1 846.7 878.0
55 Net due to related foreign
offices 253.5 230.6 225.4
56 Other liabilities 303.6 347.9 367.3
57 Total liabilities 5,418.6 5,718.0 5,781.0
58 Residual (assets less
liabilities)(7) 418.2(r) 420.7(r) 408.2
Monthly averages
Account 2001
Feb.(r) Mar.(r) Apr.(r)
Seasonally adjusted
Assets
1 Bank credit 5,272.6 5,282.5 5,304.2
2 Securities in bank credit 1,350.8 1,345.4 1,360.9
3 U.S. government
securities 777.5 758.7 767.1
4 Other securities 573.3 586.6 593.8
5 Loans and leases in bank
credit(2) 3,921.8 3,937.2 3,943.3
6 Commercial and
industrial 1,105.7 1,103.8 1,100.5
7 Real estate 1,669.5 1,677.4 1,683.6
8 Revolving home equity 133.9 135.7 137.0
9 Other 1,535.6 1,541.7 1,546.6
10 Consumer 546.5 544.9 549.3
11 Security(3) 168.2 173.5 174.1
12 Other loans and leases 431.9 437.6 435.8
13 Interbank loans 267.2 276.1 293.2
14 Cash assets(4) 265.4 268.4 270.6
15 Other assets(5) 414.0 431.0 431.6
16 Total assets(6) 6,154.3 6,193.3 6,234.4
Liabilities
17 Deposits 3,890.6 3,925.1 3,987.5
18 Transaction 607.7 606.9 610.3
19 Nontransaction 3,283.0 3,318.2 3,377.2
20 Large time 936.9 935.0 947.8
21 Other 2,346.1 2,383.3 2,429.4
22 Borrowings 1,259.2 1,243.5 1,278.1
23 From banks in the U.S. 396.2 395.5 405.1
24 From others 863.0 848.0 873.1
25 Net due to related foreign
offices 219.4 233.2 189.7
26 Other liabilities 343.1 351.4 346.1
27 Total liabilities 5,712.3 5,753.2 5,801.4
28 Residual (assets less
liabilities)(7) 442.0 440.1 433.0
Not seasonally adjusted
Assets
29 Bank credit 5,267.6 5,269.8 5,296.6
30 Securities in bank credit 1,352.6 1,349.5 1,362.5
31 U.S. government
securities 779.3 764.6 771.9
32 Other securities 573.3 584.9 590.6
33 Loans and leases in bank
credit(2) 3,915.0 3,920.3 3,934.1
34 Commercial and industrial 1,105.1 1,105.3 1,105.2
35 Real estate 1,662.9 1,670.0 1,679.3
36 Revolving home equity 132.7 134.1 136.0
37 Other 1,530.2 1,535.9 1,543.3
38 Consumer 547.2 541.1 546.1
39 Credit cards and
related plans 213.3 209.1 214.2
40 Other 333.9 332.0 331.9
41 Security(3) 171.0 169.6 169.8
42 Other loans and leases 428.8 434.3 433.7
43 Interbank loans 269.0 283.5 299.3
44 Cash assets(4) 266.5 258.6 266.4
45 Other assets(5) 413.2 430.3 431.4
46 Total assets(6) 6,151.3 6,177.3 6,228.8
Liabilities
47 Deposits 3,907.6 3,935.5 4,006.7
48 Transaction 599.5 600.9 616.5
49 Nontransaction 3,308.1 3,334.6 3,390.2
50 Large time 948.5 938.2 949.1
51 Other 2,359.6 2,396.4 2,441.1
52 Borrowings 1,262.8 1,241.9 1,278.8
53 From banks in the U.S. 400.6 399.1 408.3
54 From others 862.3 842.8 870.5
55 Net due to related foreign
offices 225.5 232.2 182.7
56 Other liabilities 347.0 350.1 341.2
57 Total liabilities 5,742.9 5,759.7 5,809.5
58 Residual (assets less
liabilities)(7) 408.4 417.6 419.3
Monthly averages Wednesday
figures
Account 2001 2001
May(r) June June 6
Seasonally adjusted
Assets
1 Bank credit 5,313.1 5,307.4 5,325.6
2 Securities in bank credit 1,369.2 1,378.2 1,388.5
3 U.S. government
securities 769.7 767.9 776.6
4 Other securities 599.5 610.4 612.0
5 Loans and leases in bank
credit(2) 3,943.9 3,929.2 3,937.1
6 Commercial and
industrial 1,097.6 1,080.5 1,087.5
7 Real estate 1,694.1 1,696.4 1,698.6
8 Revolving home equity 138.7 139.8 139.1
9 Other 1,555.5 1,556.7 1,559.6
10 Consumer 553.0 550.9 551.9
11 Security(3) 163.0 166.9 163.3
12 Other loans and leases 436.2 434.5 435.8
13 Interbank loans 287.1 272.2 267.3
14 Cash assets(4) 263.7 255.9 247.6
15 Other assets(5) 425.5 420.1 420.3
16 Total assets(6) 6,224.3 6,190.6 6,195.9
Liabilities
17 Deposits 4,000.9 4,033.8 4,023.4
18 Transaction 613.9 601.8 576.7
19 Nontransaction 3,387.0 3,431.9 3,446.8
20 Large time 962.2 975.0 975.1
21 Other 2,424.8 2,457.0 2,471.6
22 Borrowings 1,248.0 1,214.8 1,228.4
23 From banks in the U.S. 385.0 383.7 382.8
24 From others 863.0 831.1 845.6
25 Net due to related foreign
offices 207.0 184.1 179.0
26 Other liabilities 336.1 347.0 341.4
27 Total liabilities 5,792.0 5,779.6 5,772.3
28 Residual (assets less
liabilities)(7) 432.2 411.0 423.6
Not seasonally adjusted
Assets
29 Bank credit 5,302.4 5,300.3 5,320.7
30 Securities in bank credit 1,368.4 1,377.6 1,393.1
31 U.S. government
securities 770.5 768.2 780.9
32 Other securities 597.9 609.3 612.2
33 Loans and leases in bank
credit(2) 3,933.9 3,922.7 3,927.6
34 Commercial and industrial 1,099.8 1,082.7 1,088.9
35 Real estate 1,694.5 1,695.8 1,699.5
36 Revolving home equity 138.7 139.9 139.0
37 Other 1,555.8 1,555.9 1,560.6
38 Consumer 550.8 548.2 548.3
39 Credit cards and
related plans 218.8 216.7 217.2
40 Other 332.0 331.5 331.2
41 Security(3) 157.0 162.4 155.4
42 Other loans and leases 431.8 433.6 435.5
43 Interbank loans 280.3 269.8 272.9
44 Cash assets(4) 261.7 252.3 246.6
45 Other assets(5) 425.8 420.8 422.3
46 Total assets(6) 6,205.0 6,178.1 6,197.3
Liabilities
47 Deposits 3,988.9 4,014.9 4,030.4
48 Transaction 604.2 601.5 579.5
49 Nontransaction 3,384.7 3,413.5 3,450.9
50 Large time 960.9 965.5 971.5
51 Other 2,423.8 2,448.0 2,479.4
52 Borrowings 1,253.1 1,215.7 1,226.2
53 From banks in the U.S. 388.2 384.5 384.3
54 From others 865.0 831.1 841.9
55 Net due to related foreign
offices 206.2 180.2 179.5
56 Other liabilities 336.7 344.9 341.9
57 Total liabilities 5,784.9 5,755.7 5,778.0
58 Residual (assets less
liabilities)(7) 420.0 422.4 419.3
Wednesday figures
Account 2001
June 13 June 20 June 27
Seasonally adjusted
Assets
1 Bank credit 5,307.8 5,309.7 5,299.6
2 Securities in bank credit 1,383.2 1,375.9 1,369.4
3 U.S. government
securities 772.4 764.1 760.4
4 Other securities 610.9 611.9 609.1
5 Loans and leases in bank
credit(2) 3,924.6 3,933.8 3,930.1
6 Commercial and
industrial 1,082.4 1,083.2 1,076.0
7 Real estate 1,695.9 1,696.2 1,695.6
8 Revolving home equity 139.1 139.8 140.6
9 Other 1,556.8 1,556.4 1,555.0
10 Consumer 550.3 552.8 550.2
11 Security(3) 164.6 165.3 174.0
12 Other loans and leases 431.4 436.4 434.3
13 Interbank loans 272.0 283.1 270.4
14 Cash assets(4) 253.3 257.2 259.9
15 Other assets(5) 419.3 415.4 422.5
16 Total assets(6) 6,187.5 6,200.4 6,187.4
Liabilities
17 Deposits 4,036.0 4,026.8 4,024.9
18 Transaction 593.3 608.1 629.0
19 Nontransaction 3,442.7 3,418.6 3,395.9
20 Large time 974.7 973.0 970.6
21 Other 2,468.0 2,445.6 2,425.4
22 Borrowings 1,213.9 1,207.5 1,216.1
23 From banks in the U.S. 384.0 385.9 381.0
24 From others 829.8 821.6 835.1
25 Net due to related foreign
offices 172.3 194.1 200.7
26 Other liabilities 357.6 360.2 337.3
27 Total liabilities 5,779.7 5,788.6 5,778.9
28 Residual (assets less
liabilities)(7) 407.8 411.9 408.5
Not seasonally adjusted
Assets
29 Bank credit 5,302.8 5,295.0 5,291.3
30 Securities in bank credit 1,384.8 1,373.1 1,365.4
31 U.S. government
securities 773.7 762.8 758.5
32 Other securities 611.1 610.3 606.9
33 Loans and leases in bank
credit(2) 3,918.0 3,921.9 3,925.9
34 Commercial and industrial 1,082.0 1,084.5 1,080.1
35 Real estate 1,696.8 1,690.8 1,696.4
36 Revolving home equity 139.2 139.9 141.1
37 Other 1,557.6 1,550.9 1,555.2
38 Consumer 546.2 548.5 550.9
39 Credit cards and
related plans 215.0 216.6 218.8
40 Other 331.2 331.9 332.1
41 Security(3) 163.6 164.5 166.3
42 Other loans and leases 429.5 433.6 432.2
43 Interbank loans 274.3 274.8 256.9
44 Cash assets(4) 246.4 253.4 248.8
45 Other assets(5) 420.5 414.7 421.0
46 Total assets(6) 6,178.8 6,172.9 6,153.0
Liabilities
47 Deposits 4,028.9 3,988.9 3,976.1
48 Transaction 594.0 601.5 616.6
49 Nontransaction 3,434.9 3,387.4 3,359.4
50 Large time 968.9 962.6 957.3
51 Other 2,466.0 2,424.8 2,402.1
52 Borrowings 1,203.1 1,222.4 1,217.3
53 From banks in the U.S. 382.1 389.9 380.6
54 From others 821.0 832.5 836.7
55 Net due to related foreign
offices 167.5 185.0 199.4
56 Other liabilities 354.8 354.6 337.7
57 Total liabilities 5,754.3 5,750.9 5,730.4
58 Residual (assets less
liabilities)(7) 424.5 422.0 422.7
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.(r)
Seasonally adjusted
Assets
1 Bank credit 4,455.9 4,616.1(r) 4,649.5(r)
2 Securities in bank credit 1,098.6 1,130.3 1,148.2(r)
3 U.S. government
securities 739.0 719.5 719.8
4 Other securities 359.6 410.8 428.3
5 Loans and leases in bank
credit(2) 3,357.3(r) 3,485.7(r) 3,501.3(r)
6 Commercial and industrial 859.7(r) 880.0(r) 886.7(r)
7 Real estate 1,577.6(r) 1,637.6(r) 1,640.1(r)
8 Revolving home equity 115.4 129.9(r) 132.2(r)
9 Other 1,462.2(r) 1,507.7(r) 1,508.0(r)
10 Consumer 517.4 542.3 547.0
11 Security(3) 70.3 68.6 64.8
12 Other loans and leases 332.3 357.4(r) 362.6(r)
12 Interbank loans 199.3 225.1 241.2
13 Cash assets(4) 225.3 227.3 231.9(r)
14 Other assets(5) 336.6 360.9 375.0(r)
15 Total assets(6) 5,157.4(r) 5,365.9(r) 5,433.2(r)
Liabilities
17 Deposits 3,283.4 3,467.7(r) 3,505.5(r)
18 Transaction 605.2 591.3 598.0
19 Nontransaction 2,678.1 2,876.4(r) 2,907.5(r)
20 Large time 523.1 563.9 567.5
21 Other 2,155.0 2,312.5 2,340.0(r)
22 Borrowings 1,003.6 1,002.8 1,020.7
23 From banks in the U.S. 359.5 374.5 372.1
24 From others 644.1 628.3 648.6
25 Net due to related foreign
offices 236.0 227.6 217.7
26 Other liabilities 229.2 272.8 285.2
27 Total liabilities 4,752.2 4,970.8 5,029.1
28 Residual (assets less
liabilities)(7) 405.2(r) 395.1(r) 404.1(r)
Not seasonally adjusted
Assets
29 Bank credit 4,452.9(r) 4,641.7(r) 4,656.3(r)
30 Securities in bank credit 1,097.6 1,135.9 1,153.3
31 U.S. government
securities 738.7 719.3 722.0
32 Other securities 358.9 416.6 431.3
33 Loans and leases in bank
credit(2) 3,355.3(r) 3,505.8(r) 3,502.9(r)
34 Commercial and industrial 862.9(r) 879.8(r) 882.3(r)
35 Real estate 1,576.9(r) 1,642.2(r) 1,639.2(r)
36 Revolving home equity 115.5 130.0(r) 131.3(r)
37 Other 1,461.4(r) 1,512.2(r) 1,507.9(r)
38 Consumer 515.2 548.2 551.4
39 Credit cards and
related plans n.a. 218.2 218.3
40 Other n.a. 330.0(r) 333.1(r)
41 Security(3) 68.1 74.6 67.4
42 Other loans and leases 332.2(r) 361.1(r) 362.7(r)
43 Interbank loans 200.5 233.9 243.2
44 Cash assets(4) 222.3 243.8 245.3
45 Other assets(5) 338.5 365.4 375.7
46 Total assets(6) 5,154.4(r) 5,421.3(r) 5,456.4(r)
Liabilities
47 Deposits 3,274.0 3,503.5 3,510.4(r)
48 Transaction 604.8 619.8 609.6
49 Nontransaction 2,669.3 2,883.7 2,900.8(r)
50 Large time 520.6 567.7 570.8
51 Other 2,148.6 2,315.9 2,330.0(r)
52 Borrowings 1,004.7 1,005.7 1,038.0
53 From banks in the U.S. 360.2 376.4 378.3
54 From others 644.5 629.3 659.7
55 Net due to related foreign
offices 235.1 227.7 218.6
56 Other liabilities 228.6 273.1(r) 286.2
57 Total liabilities 4,742.4 5,010.0 5,053.2
58 Residual (assets less
liabilities)(7) 412.0(r) 411.2(r) 403.2(r)
Monthly averages
Account 2001
Feb.(r) Mar.(r) Apr.(r)
Seasonally adjusted
Assets
1 Bank credit 4,665.5 4,662.0 4,688.0
2 Securities in bank credit 1,152.0 1,139.7 1,146.3
3 U.S. government
securities 713.2 690.7 692.0
4 Other securities 438.8 449.0 454.3
5 Loans and leases in bank
credit(2) 3,513.5 3,522.3 3,541.7
6 Commercial and industrial 889.0 883.9 880.1
7 Real estate 1,650.8 1,658.9 1,665.7
8 Revolving home equity 133.9 135.7 137.0
9 Other 1,516.9 1,523.2 1,528.7
10 Consumer 546.5 544.9 549.3
11 Security(3) 62.9 66.9 78.8
12 Other loans and leases 364.3 367.6 367.8
12 Interbank loans 238.8 245.5 263.8
13 Cash assets(4) 223.7 227.7 231.3
14 Other assets(5) 377.6 392.6 390.4
15 Total assets(6) 5,441.0 5,463.5 5,508.7
Liabilities
17 Deposits 3,510.1 3,546.4 3,595.0
18 Transaction 597.4 597.4 599.8
19 Nontransaction 2,912.7 2,949.0 2,995.2
20 Large time 568.8 567.9 568.0
21 Other 2,343.9 2,381.0 2,427.2
22 Borrowings 1,020.8 1,010.2 1,042.1
23 From banks in the U.S. 373.7 371.3 381.5
24 From others 647.1 638.9 660.6
25 Net due to related foreign
offices 214.6 211.5 185.5
26 Other liabilities 266.1 268.8 257.8
27 Total liabilities 5,011.6 5,036.9 5,080.4
28 Residual (assets less
liabilities)(7) 429.4 426.5 428.3
Not seasonally adjusted
Assets
29 Bank credit 4,657.3 4,654.1 4,683.2
30 Securities in bank credit 1,153.8 1,143.8 1,147.9
31 U.S. government
securities 715.0 696.6 696.9
32 Other securities 438.8 447.2 451.0
33 Loans and leases in bank
credit(2) 3,503.5 3,510.3 3,535.3
34 Commercial and industrial 886.1 884.3 886.5
35 Real estate 1,644.3 1,651.5 1,661.3
36 Revolving home equity 132.7 134.1 136.0
37 Other 1,511.5 1,517.4 1,525.3
38 Consumer 547.2 541.1 546.1
39 Credit cards and
related plans 213.3 209.1 214.2
40 Other 333.9 332.0 331.9
41 Security(3) 64.7 68.9 75.8
42 Other loans and leases 361.2 364.4 365.5
43 Interbank loans 240.6 252.8 269.9
44 Cash assets(4) 224.7 219.2 228.7
45 Other assets(5) 375.8 391.3 391.1
46 Total assets(6) 5,433.7 5,453.0 5,508.3
Liabilities
47 Deposits 3,518.8 3,552.3 3,611.3
48 Transaction 589.4 591.7 606.6
49 Nontransaction 2,929.4 2,960.6 3,004.8
50 Large time 572.1 566.4 565.9
51 Other 2,357.3 2,394.2 2,438.9
52 Borrowings 1,024.4 1,008.6 1,042.8
53 From banks in the U.S. 378.1 374.9 384.8
54 From others 646.3 633.7 658.1
55 Net due to related foreign
offices 217.4 210.3 183.1
56 Other liabilities 268.7 267.5 255.0
57 Total liabilities 5,029.3 5,038.7 5,092.2
58 Residual (assets less
liabilities)(7) 404.4 414.4 416.1
Monthly averages Wednesday
figures
Account 2001 2001
May(r) June June 6
Seasonally adjusted
Assets
1 Bank credit 4,710.6 4,713.7 4,727.1
2 Securities in bank credit 1,158.9 1,165.9 1,175.8
3 U.S. government
securities 699.9 700.0 708.7
4 Other securities 459.0 465.9 467.1
5 Loans and leases in bank
credit(2) 3,551.7 3,547.8 3,551.3
6 Commercial and industrial 879.0 869.8 874.0
7 Real estate 1,676.1 1,678.6 1,681.0
8 Revolving home equity 138.7 139.8 139.1
9 Other 1,537.4 1,538.9 1,541.9
10 Consumer 553.0 550.9 551.9
11 Security(3) 75.2 80.7 75.2
12 Other loans and leases 368.4 367.7 369.3
12 Interbank loans 255.2 247.5 244.8
13 Cash assets(4) 226.2 219.9 212.5
14 Other assets(5) 386.6 381.0 382.5
15 Total assets(6) 5,513.9 5,497.5 5,502.4
Liabilities
17 Deposits 3,594.2 3,616.6 3,608.6
18 Transaction 603.4 592.3 567.3
19 Nontransaction 2,990.7 3,024.3 3,041.3
20 Large time 568.2 569.6 571.9
21 Other 2,422.6 2,454.7 2,469.4
22 Borrowings 1,031.7 1,001.4 1,019.2
23 From banks in the U.S. 365.5 361.5 363.9
24 From others 666.1 639.9 655.2
25 Net due to related foreign
offices 211.7 204.1 203.4
26 Other liabilities 249.8 262.5 256.7
27 Total liabilities 5,087.4 5,084.6 5,087.9
28 Residual (assets less
liabilities)(7) 426.5 413.0 414.5
Not seasonally adjusted
Assets
29 Bank credit 4,704.5 4,710.2 4,729.0
30 Securities in bank credit 1,158.2 1,165.2 1,180.4
31 U.S. government
securities 700.8 700.3 713.0
32 Other securities 457.4 464.9 467.4
33 Loans and leases in bank
credit(2) 3,546.4 3,545.0 3,548.6
34 Commercial and industrial 884.3 873.2 877.1
35 Real estate 1,676.5 1,678.0 1,681.9
36 Revolving home equity 138.7 139.9 139.0
37 Other 1,537.8 1,538.0 1,542.9
38 Consumer 550.8 548.2 548.3
39 Credit cards and
related plans 218.8 216.7 217.2
40 Other 332.0 331.5 331.2
41 Security(3) 70.0 78.1 72.1
42 Other loans and leases 364.8 367.4 369.3
43 Interbank loans 248.4 245.1 250.5
44 Cash assets(4) 225.1 217.4 212.1
45 Other assets(5) 387.4 383.2 385.4
46 Total assets(6) 5,500.7 5,491.1 5,512.1
Liabilities
47 Deposits 3,581.0 3,604.8 3,619.1
48 Transaction 594.1 592.0 570.5
49 Nontransaction 2,986.9 3,012.8 3,048.6
50 Large time 565.3 567.0 571.5
51 Other 2,421.6 2,445.8 2,477.1
52 Borrowings 1,036.8 1,002.3 1,017.0
53 From banks in the U.S. 368.6 362.3 365.5
54 From others 668.1 639.9 651.5
55 Net due to related foreign
offices 214.1 203.4 203.4
56 Other liabilities 251.9 261.9 256.8
57 Total liabilities 5,083.8 5,072.4 5,096.3
58 Residual (assets less
liabilities)(7) 417.0 418.8 415.7
Wednesday figures
Account 2001
June 13 June 20 June 27
Seasonally adjusted
Assets
1 Bank credit 4,717.5 4,713.9 4,704.5
2 Securities in bank credit 1,173.5 1,163.6 1,156.2
3 U.S. government
securities 704.6 696.9 692.5
4 Other securities 468.9 466.7 463.7
5 Loans and leases in bank
credit(2) 3,544.0 3,550.3 3,548.3
6 Commercial and industrial 871.4 871.7 866.3
7 Real estate 1,678.0 1,678.3 1,677.7
8 Revolving home equity 139.1 139.8 140.6
9 Other 1,538.9 1,538.6 1,537.1
10 Consumer 550.3 552.8 550.2
11 Security(3) 79.4 79.0 86.5
12 Other loans and leases 364.8 368.5 367.5
12 Interbank loans 248.2 251.9 249.2
13 Cash assets(4) 217.6 219.8 223.9
14 Other assets(5) 381.9 377.4 377.6
15 Total assets(6) 5,500.7 5,498.2 5,490.6
Liabilities
17 Deposits 3,619.2 3,608.1 3,610.9
18 Transaction 583.8 597.9 620.1
19 Nontransaction 3,035.4 3,010.2 2,990.8
20 Large time 569.7 566.9 567.7
21 Other 2,465.7 2,443.3 2,423.1
22 Borrowings 1,002.8 992.2 1,000.5
23 From banks in the U.S. 362.9 361.0 359.9
24 From others 639.9 631.2 640.6
25 Net due to related foreign
offices 198.8 202.9 213.4
26 Other liabilities 270.7 273.9 255.0
27 Total liabilities 5,091.6 5,077.0 5,079.8
28 Residual (assets less
liabilities)(7) 409.1 421.2 410.8
Not seasonally adjusted
Assets
29 Bank credit 4,715.7 4,701.6 4,699.4
30 Securities in bank credit 1,175.1 1,160.8 1,152.2
31 U.S. government
securities 705.9 695.6 690.6
32 Other securities 469.2 465.2 461.6
33 Loans and leases in bank
credit(2) 3,540.6 3,540.8 3,547.2
34 Commercial and industrial 872.9 874.3 870.7
35 Real estate 1,678.9 1,673.0 1,678.5
36 Revolving home equity 139.2 139.9 141.1
37 Other 1,539.7 1,533.0 1,537.4
38 Consumer 546.2 548.5 550.9
39 Credit cards and
related plans 215.0 216.6 218.8
40 Other 331.2 331.9 332.1
41 Security(3) 79.2 78.3 80.7
42 Other loans and leases 363.4 366.8 366.4
43 Interbank loans 250.5 243.5 235.6
44 Cash assets(4) 212.0 217.2 214.1
45 Other assets(5) 383.9 378.3 378.3
46 Total assets(6) 5,497.3 5,475.9 5,462.8
Liabilities
47 Deposits 3,617.5 3,578.5 3,569.7
48 Transaction 584.9 591.4 607.7
49 Nontransaction 3,032.6 2,987.1 2,962.0
50 Large time 568.8 564.6 562.1
51 Other 2,463.7 2,422.5 2,399.9
52 Borrowings 992.1 1,007.1 1,001.7
53 From banks in the U.S. 360.9 365.0 359.5
54 From others 631.1 642.1 642.2
55 Net due to related foreign
offices 197.7 200.5 215.5
56 Other liabilities 269.8 271.5 256.9
57 Total liabilities 5,077.0 5,057.6 5,043.8
58 Residual (assets less
liabilities)(7) 420.3 418.3 419.1
C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 2,529.7 2,566.5 2,586.8
2 Securities in bank credit 587.0 586.5 598.0
3 U.S. government
securities 371.3 357.8 359.1
4 Trading account 22.7 28.8 34.2
5 Investment account 348.6 328.9 324.9
6 Other securities 215.7 228.7 238.9
7 Trading account 100.5 119.0 126.0
8 Investment account 115.3 109.8 112.9
9 State and local
government 25.6 26.3 27.1
10 Other 89.7 83.5 85.8
11 Loans and leases in bank
credit(2) 1,942.7 1,980.1 1,988.8
12 Commercial and industrial 589.3 592.9 594.9
13 Bankers acceptances 1.0 1.0 .8
14 Other 588.2 591.8 594.1
15 Real estate 813.8 824.5 825.1
16 Revolving home equity 75.1 84.4 86.3
17 Other 738.6 740.1 738.9
18 Consumer 231.0 242.7 244.2
19 Security(3) 64.1 57.3 57.8
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 44.1 42.0 41.7
21 Other 20.1 15.3 16.1
22 State and local
government 12.4 12.6 12.8
23 Agricultural 9.6 10.0 10.1
24 Federal funds sold to
and repurchase
agreements with others 13.7 21.1 25.9
25 All other loans 84.4 87.9 86.7
26 Lease-financing
receivables 124.5 131.1 131.2
27 Interbank loans 134.6 138.9 155.2
28 Federal funds sold to and
repurchase agreements
with commercial banks 68.6 65.0 80.3
29 Other 66.1 73.9 74.9
30 Cash assets(4) 147.7 144.8 147.0
31 Other assets(5) 227.6 250.1 258.5
32 Total assets(6) 3,004.7 3,063.5 3,110.0
Liabilities
33 Deposits 1,665.1 1,687.1 1,694.9
34 Transaction 312.8 299.3 302.5
35 Nontransaction 1,352.3 1,387.8 1,392.4
36 Large time 261.9 269.4 271.4
37 Other 1,090.4 1,118.3 1,121.1
38 Borrowings 665.0 667.8 683.2
39 From banks in the U.S. 198.0 216.0 216.0
40 From others 467.1 451.8 467.3
41 Net due to related foreign
offices 226.9 206.7 200.9
42 Other liabilities 175.2 218.8 228.6
43 Total liabilities 2,732.2 2,780.3 2,807.6
44 Residual (assets less
liabilities)(7) 272.5 283.2 302.4
Not seasonally adjusted
Assets
45 Bank credit 2,523.5 2,587.2 2,597.9
46 Securities in bank credit 584.2 592.9 603.7
47 U.S. government
securities 369.1 358.4 361.9
48 Trading account 22.6 28.9 34.5
49 Investment account 346.6 329.5 327.4
50 Mortgage-backed
securities 223.5 218.2 224.7
51 Other 123.1 111.3 102.7
52 One year or less 31.7 31.6 31.7
53 One to five
years 54.8 45.3 38.7
54 More than five
years 36.6 34.4 32.3
55 Other securities 215.0 234.5 241.9
56 Trading account 100.2 122.0 127.6
57 Investment account 114.9 112.5 114.3
58 State and local
government 25.5 26.9 27.5
59 Other 89.4 85.6 86.8
60 Loans and leases in bank
credit(2) 1,939.3 1,994.4 1,994.2
61 Commercial and industrial 590.8 591.9 591.4
62 Bankers acceptances 1.0 1.0 .8
63 Other 589.7 590.9 590.6
64 Real estate 812.2 829.1 825.8
65 Revolving home equity 75.3 84.3 85.4
66 Other 447.7 449.2 446.2
67 Commercial 289.3 295.5 294.1
68 Consumer 230.2 244.8 247.8
69 Credit cards and
related plans n.a. 82.4 83.5
70 Other n.a. 162.4 164.3
71 Security(3) 62.1 62.7 164.3
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 42.7 45.9 43.6
73 Other 19.4 16.7 16.8
74 State and local
government 12.4 12.6 12.8
75 Agricultural 9.6 10.0 10.1
76 Federal funds sold to
and repurchase
agreements with others 13.7 21.1 25.9
77 All other loans 84.4 90.8 86.7
78 Lease-financing
receivables 124.0 131.3 133.3
79 Interbank loans 139.3 142.7 156.7
80 Federal funds sold to and
repurchase agreements
with commercial banks 71.1 66.8 81.0
81 Other 68.2 75.9 75.7
82 Cash assets(4) 145.4 156.2 157.8
83 Other assets(5) 229.6 254.5 259.1
84 Total assets(6) 3,002.7 3,103.8 3,134.4
Liabilities
85 Deposits 1,663.9 1,704.9 1,701.1
86 Transaction 312.6 317.1 311.4
87 Nontransaction 1,351.3 1,387.7 1,389.7
88 Large time 259.4 273.3 274.7
89 Other 1,091.9 1,114.4 1,115.0
90 Borrowings 666.1 670.6 700.5
91 From banks in the U.S. 198.7 217.9 222.2
92 From nonbanks in the U.S. 467.4 452.8 478.3
93 Net due to related foreign
offices 225.9 206.7 201.8
94 Other liabilities 174.5 219.1 229.6
95 Total liabilities 2,730.5 2,801.4 2,833.0
96 Residual (assets less
liabilities)(7) 272.2 302.4 301.4
Monthly averages
Account 2001
Feb. Mar. Apr.
Seasonally adjusted
Assets
1 Bank credit 2,596.0 2,601.7 2,623.5
2 Securities in bank credit 601.0 596.7 603.3
3 U.S. government
securities 355.0 344.3 347.5
4 Trading account 37.5 35.4 33.7
5 Investment account 317.6 308.9 313.8
6 Other securities 245.9 252.3 255.8
7 Trading account 129.3 132.5 135.9
8 Investment account 116.6 119.9 119.9
9 State and local
government 27.6 28.1 28.4
10 Other 89.0 91.8 91.5
11 Loans and leases in bank
credit(2) 1,995.1 2,005.0 2,020.2
12 Commercial and industrial 595.2 589.4 586.2
13 Bankers acceptances .8 .8 .8
14 Other 594.5 588.5 585.3
15 Real estate 831.4 839.7 846.5
16 Revolving home equity 87.6 89.5 90.5
17 Other 743.8 750.1 755.9
18 Consumer 246.3 247.7 249.4
19 Security(3) 55.4 59.0 70.3
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 39.5 43.7 53.8
21 Other 16.0 15.3 16.5
22 State and local
government 12.9 13.0 13.0
23 Agricultural 10.3 10.4 10.4
24 Federal funds sold to
and repurchase
agreements with others 26.3 26.1 23.0
25 All other loans 85.8 86.8 87.8
26 Lease-financing
receivables 131.6 133.0 133.7
27 Interbank loans 142.4 138.7 146.8
28 Federal funds sold to and
repurchase agreements
with commercial banks 71.6 71.6 83.2
29 Other 70.7 67.0 63.5
30 Cash assets(4) 138.2 142.6 145.4
31 Other assets(5) 254.5 257.9 248.1
32 Total assets(6) 3,093.2 3,103.1 3,125.9
Liabilities
33 Deposits 1,688.3 1,714.9 1,739.9
34 Transaction 300.2 303.5 303.4
35 Nontransaction 1,388.1 1,411.4 1,436.5
36 Large time 266.8 269.1 269.0
37 Other 1,121.3 1,142.3 1,167.5
38 Borrowings 685.8 683.1 712.0
39 From banks in the U.S. 217.7 221.7 232.0
40 From others 468.2 461.5 480.0
41 Net due to related foreign
offices 197.8 196.1 173.0
42 Other liabilities 202.9 196.9 181.1
43 Total liabilities 2,774.8 2,791.1 2,806.0
44 Residual (assets less
liabilities)(7) 318.4 312.0 319.9
Not seasonally adjusted
Assets
45 Bank credit 2,598.8 2,598.2 2,619.1
46 Securities in bank credit 604.7 598.5 602.2
47 U.S. government
securities 358.7 348.0 349.7
48 Trading account 37.9 35.8 34.0
49 Investment account 320.9 312.1 315.7
50 Mortgage-backed
securities 220.5 218.9 226.4
51 Other 100.4 93.2 89.3
52 One year or less 33.8 33.5 31.9
53 One to five
years 37.3 34.3 31.4
54 More than five
years 29.2 25.4 25.9
55 Other securities 246.0 250.5 252.5
56 Trading account 129.3 131.5 134.2
57 Investment account 116.6 119.0 118.4
58 State and local
government 27.6 27.9 28.0
59 Other 89.0 91.1 90.3
60 Loans and leases in bank
credit(2) 1,994.1 1,999.6 2,016.9
61 Commercial and industrial 594.1 590.1 590.4
62 Bankers acceptances .8 .8 .8
63 Other 593.3 589.3 589.6
64 Real estate 828.1 833.9 842.5
65 Revolving home equity 86.6 88.1 89.6
66 Other 445.7 449.8 456.1
67 Commercial 295.8 296.0 296.8
68 Consumer 248.4 247.4 250.0
69 Credit cards and
related plans 83.2 82.7 84.7
70 Other 165.3 164.7 165.3
71 Security(3) 57.2 60.7 67.3
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 40.8 45.0 51.5
73 Other 16.5 15.7 15.8
74 State and local
government 12.9 13.0 13.0
75 Agricultural 10.1 10.2 10.3
76 Federal funds sold to
and repurchase
agreements with others 26.3 26.1 23.0
77 All other loans 84.0 84.8 86.6
78 Lease-financing
receivables 132.9 133.4 133.8
79 Interbank loans 141.2 139.8 148.9
80 Federal funds sold to and
repurchase agreements
with commercial banks 71.1 72.2 84.4
81 Other 70.2 67.6 64.4
82 Cash assets(4) 140.1 137.7 145.7
83 Other assets(5) 252.8 256.7 248.8
84 Total assets(6) 3,095.1 3,094.5 3,124.7
Liabilities
85 Deposits 1,696.1 1,713.4 1,349.0
86 Transaction 297.2 299.8 310.7
87 Nontransaction 1,398.9 1,413.5 1,438.3
88 Large time 270.1 267.5 266.9
89 Other 1,128.9 1,146.0 1,171.4
90 Borrowings 689.4 681.5 712.7
91 From banks in the U.S. 222.0 225.3 235.2
92 From nonbanks in the U.S. 467.4 456.2 477.4
93 Net due to related foreign
offices 200.8 194.9 170.3
94 Other liabilities 205.3 195.7 178.6
95 Total liabilities 2,791.6 2,785.5 2,810.6
96 Residual (assets less
liabilities)(7) 303.5 309.0 314.1
Monthly averages Wednesday
figures
Account 2001 2001
May June June 6
Seasonally adjusted
Assets
1 Bank credit 2,636.3 2,635.1 2,650.0
2 Securities in bank credit 613.4 617.1 628.3
3 U.S. government
securities 355.6 353.8 363.9
4 Trading account 35.3 35.1 41.8
5 Investment account 320.3 318.7 322.1
6 Other securities 257.8 263.3 264.4
7 Trading account 137.0 143.5 144.5
8 Investment account 120.8 119.9 120.0
9 State and local
government 28.1 27.9 27.9
10 Other 92.7 92.0 92.1
11 Loans and leases in bank
credit(2) 2,022.9 2,018.0 2,021.7
12 Commercial and industrial 585.1 574.6 579.2
13 Bankers acceptances .8 .7 .8
14 Other 584.3 573.8 578.4
15 Real estate 852.3 850.9 855.3
16 Revolving home equity 91.2 91.4 91.2
17 Other 761.1 759.5 764.1
18 Consumer 251.8 253.7 252.2
19 Security(3) 66.6 72.3 66.8
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 49.4 54.7 50.0
21 Other 17.3 17.6 16.8
22 State and local
government 13.0 13.3 12.9
23 Agricultural 10.7 10.5 10.6
24 Federal funds sold to
and repurchase
agreements with others 23.6 25.5 25.0
25 All other loans 85.5 84.8 85.0
26 Lease-financing
receivables 134.3 132.5 134.7
27 Interbank loans 132.7 128.8 129.0
28 Federal funds sold to and
repurchase agreements
with commercial banks 72.3 71.6 68.7
29 Other 60.4 57.2 60.3
30 Cash assets(4) 139.8 135.5 130.2
31 Other assets(5) 244.4 234.6 237.4
32 Total assets(6) 3,115.5 3,096.3 3,109.0
Liabilities
33 Deposits 1,730.8 1,735.4 1,734.8
34 Transaction 304.3 299.8 285.2
35 Nontransaction 1,426.5 1,435.5 1,449.6
36 Large time 271.3 274.8 278.2
37 Other 1,155.2 1,160.8 1,171.4
38 Borrowings 697.9 669.4 688.4
39 From banks in the U.S. 214.6 212.1 215.9
40 From others 483.3 457.2 472.4
41 Net due to related foreign
offices 195.0 191.2 189.9
42 Other liabilities 172.1 185.4 180.1
43 Total liabilities 2,795.7 2,781.3 2,793.1
44 Residual (assets less
liabilities)(7) 319.8 315.0 315.8
Not seasonally adjusted
Assets
45 Bank credit 2,629.7 2,629.7 2,651.0
46 Securities in bank credit 611.1 614.8 631.9
47 U.S. government
securities 354.9 352.5 367.2
48 Trading account 35.2 35.0 42.2
49 Investment account 319.7 317.5 325.0
50 Mortgage-backed
securities 233.1 229.5 236.3
51 Other 86.6 88.0 88.7
52 One year or less 28.8 27.3 28.9
53 One to five
years 31.2 34.3 33.7
54 More than five
years 26.6 26.5 26.0
55 Other securities 256.2 262.3 264.7
56 Trading account 136.1 142.9 144.6
57 Investment account 120.0 119.4 120.1
58 State and local
government 28.0 27.8 27.9
59 Other 92.1 91.6 92.2
60 Loans and leases in bank
credit(2) 2,018.7 2,015.0 2,019.1
61 Commercial and industrial 587.9 576.2 580.5
62 Bankers acceptances .8 .7 .8
63 Other 587.1 575.4 579.7
64 Real estate 851.9 849.5 855.4
65 Revolving home equity 91.1 91.6 91.1
66 Other 462.1 457.7 464.9
67 Commercial 298.7 300.2 299.4
68 Consumer 252.3 253.2 251.8
69 Credit cards and
related plans 87.0 88.0 87.6
70 Other 165.3 165.2 164.2
71 Security(3) 61.8 69.9 63.5
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 45.7 52.9 47.5
73 Other 16.0 17.0 16.0
74 State and local
government 13.0 13.3 12.9
75 Agricultural 10.6 10.5 10.6
76 Federal funds sold to
and repurchase
agreements with others 23.6 25.5 25.0
77 All other loans 84.0 84.8 85.2
78 Lease-financing
receivables 133.7 132.1 134.0
79 Interbank loans 135.0 133.2 132.0
80 Federal funds sold to and
repurchase agreements
with commercial banks 73.5 74.0 70.3
81 Other 61.5 59.2 61.7
82 Cash assets(4) 139.9 134.0 129.3
83 Other assets(5) 245.2 236.6 240.0
84 Total assets(6) 3,112.1 3,095.6 3,114.3
Liabilities
85 Deposits 1,724.0 1,734.9 1,744.3
86 Transaction 300.0 299.9 285.0
87 Nontransaction 1,424.0 1,435.0 1,459.3
88 Large time 268.5 272.1 277.8
89 Other 1,155.5 1,162.8 1,181.5
90 Borrowings 703.0 670.2 686.2
91 From banks in the U.S. 217.7 212.9 217.4
92 From nonbanks in the U.S. 485.3 457.3 468.7
93 Net due to related foreign
offices 197.5 190.3 189.6
94 Other liabilities 174.0 184.9 180.2
95 Total liabilities 2,798.5 2,780.3 2,800.4
96 Residual (assets less
liabilities)(7) 313.6 315.3 313.9
Wednesday figures
Account 2001
June 13 June 20 June 27
Seasonally adjusted
Assets
1 Bank credit 2,639.8 2,627.7 2,631.6
2 Securities in bank credit 624.2 614.1 608.8
3 U.S. government
securities 358.9 349.9 346.8
4 Trading account 38.8 32.9 28.2
5 Investment account 320.1 317.0 318.6
6 Other securities 265.3 264.2 261.9
7 Trading account 144.7 143.0 143.2
8 Investment account 120.6 121.2 118.8
9 State and local
government 27.9 28.3 27.6
10 Other 92.6 93.0 91.1
11 Loans and leases in bank
credit(2) 2,015.6 2,013.6 2,022.9
12 Commercial and industrial 576.4 575.2 571.9
13 Bankers acceptances .8 .8 .8
14 Other 575.6 574.3 571.1
15 Real estate 851.8 847.3 850.3
16 Revolving home equity 91.1 91.0 92.1
17 Other 760.7 756.2 758.2
18 Consumer 252.7 254.4 255.2
19 Security(3) 71.0 70.4 78.0
20 Federal funds sold to
and repurchase
agreements with
broker-dealers 53.5 52.3 60.1
21 Other 17.5 18.0 17.9
22 State and local
government 12.9 12.8 14.3
23 Agricultural 10.6 10.5 10.4
24 Federal funds sold to
and repurchase
agreements with others 24.7 25.2 25.8
25 All other loans 83.2 85.5 85.2
26 Lease-financing
receivables 132.3 132.3 131.7
27 Interbank loans 132.3 129.7 127.1
28 Federal funds sold to and
repurchase agreements
with commercial banks 74.7 74.7 70.2
29 Other 57.6 55.0 56.9
30 Cash assets(4) 134.3 135.9 137.1
31 Other assets(5) 234.6 233.8 232.6
32 Total assets(6) 3,103.3 3,089.5 3,090.7
Liabilities
33 Deposits 1,740.9 1,724.9 1,729.9
34 Transaction 296.7 301.6 314.6
35 Nontransaction 1,444.3 1,423.4 1,415.3
36 Large time 276.0 272.0 271.6
37 Other 1,168.2 1,151.4 1,143.7
38 Borrowings 676.0 656.8 664.5
39 From banks in the U.S. 215.9 210.6 207.1
40 From others 460.1 446.2 457.4
41 Net due to related foreign
offices 184.0 191.6 200.3
42 Other liabilities 194.1 197.1 177.5
43 Total liabilities 2,795.1 2,770.4 2,772.2
44 Residual (assets less
liabilities)(7) 308.2 319.1 318.5
Not seasonally adjusted
Assets
45 Bank credit 2,637.8 2,622.2 2,616.1
46 Securities in bank credit 624.2 610.3 601.5
47 U.S. government
securities 358.7 347.7 341.7
48 Trading account 38.8 32.7 27.8
49 Investment account 319.9 314.9 313.9
50 Mortgage-backed
securities 229.2 226.5 227.8
51 Other 90.7 88.4 86.1
52 One year or less 29.8 27.0 24.9
53 One to five
years 34.6 34.4 34.6
54 More than five
years 26.3 27.0 26.5
55 Other securities 265.5 262.7 259.8
56 Trading account 144.9 142.1 142.0
57 Investment account 120.7 120.5 117.8
58 State and local
government 27.9 28.1 27.4
59 Other 92.7 92.4 90.4
60 Loans and leases in bank
credit(2) 2,013.5 2,011.8 2,014.6
61 Commercial and industrial 576.6 577.3 573.2
62 Bankers acceptances .8 .8 .8
63 Other 575.7 576.4 572.4
64 Real estate 852.0 844.7 847.4
65 Revolving home equity 91.2 91.5 92.4
66 Other 460.8 452.6 454.6
67 Commercial 300.0 300.6 300.4
68 Consumer 252.1 254.1 254.7
69 Credit cards and
related plans 87.6 88.2 88.5
70 Other 164.5 165.9 166.1
71 Security(3) 70.8 70.2 72.9
72 Federal funds sold to
and repurchase
agreements with
broker-dealers 53.4 52.2 56.1
73 Other 17.4 18.0 16.7
74 State and local
government 12.9 12.8 14.3
75 Agricultural 10.6 10.6 10.5
76 Federal funds sold to
and repurchase
agreements with others 24.7 25.2 25.8
77 All other loans 82.1 85.2 84.5
78 Lease-financing
receivables 131.8 131.8 131.3
79 Interbank loans 136.4 133.9 130.3
80 Federal funds sold to and
repurchase agreements
with commercial banks 77.0 77.1 72.0
81 Other 59.4 56.8 58.3
82 Cash assets(4) 131.1 135.7 130.4
83 Other assets(5) 236.5 234.7 233.3
84 Total assets(6) 3,103.8 3,088.7 3,072.5
Liabilities
85 Deposits 1,747.2 1,718.1 1,709.7
86 Transaction 297.6 299.1 307.6
87 Nontransaction 1,449.6 1,419.0 1,402.1
88 Large time 275.2 269.7 266.0
89 Other 1,174.4 1,149.3 1,136.1
90 Borrowings 665.2 671.7 665.8
91 From banks in the U.S. 213.9 214.7 206.7
92 From nonbanks in the U.S. 451.3 457.0 459.0
93 Net due to related foreign
offices 182.7 189.0 202.5
94 Other liabilities 193.2 194.9 179.2
95 Total liabilities 2,788.3 2,773.7 2,757.1
96 Residual (assets less
liabilities)(7) 315.5 315.0 315.4
D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 1,943.5 2,062.6 2,080.1
2 Securities in bank credit 517.3 549.4 555.9(r)
3 U.S. government
securities 373.5 367.4 366.4
4 Other securities 143.8 182.1 189.5(r)
5 Loans and leases in bank
credit(2) 1,426.2 1,513.2 1,524.3
6 Commercial and industrial 274.0 290.6(r) 295.3
7 Real estate 768.7 818.0 819.9
8 Revolving home equity 40.6 45.9(r) 46.4(r)
9 Other 728.1 772.1(r) 773.5(r)
10 Consumer 287.5 300.8(r) 304.0
11 Security(3) 6.4 7.1 72.0
12 Other loans and leases 89.6 96.7 97.9
13 Interbank loans 65.9 87.4 87.3
14 Cash assets(4) 78.3 83.1 85.5
15 Other assets(5) 110.4 112.4 114.8(r)
16 Total assets(6) 2,173.2 2,318.7 2,340.9(r)
Liabilities
17 Deposits 1,632.1 1,794.8 1,824.8(r)
18 Transaction 294.5 294.1 297.6
19 Nontransaction 1,337.6 1,500.7 1,527.2(r)
20 Large time 265.2 298.6 300.3
21 Other 1,072.4 1,202.1 1,226.9(r)
22 Borrowings 344.8 336.5 343.9
23 From banks in the U.S. 163.4 160.5 158.1
24 From others 181.4 176.0 185.7
25 Net due to related foreign
offices 9.1 20.9 16.8
26 Other liabilities 54.1 54.1 53.4
27 Total liabilities 2,040.1 2,206.3 2,238.8
28 Residual (assets less
liabilities)(7) 133.1 112.4(r) 102.0
Not seasonally adjusted
Assets
29 Bank credit 1,946.7 2,067.1 2,075.9(r)
30 Securities in bank credit 519.2 548.6 555.3(r)
31 U.S. government
securities 375.3 366.5 365.8
32 Other securities 143.8 182.1 189.5(r)
33 Loans and leases in bank
credit(2) 1,427.6 1,518.5 1,520.6
34 Commercial and industrial 275.6 291.4 294.4
35 Real estate 769.7 818.0 818.3
36 Revolving home equity 40.6 46.1(r) 46.4(r)
37 Other 729.0 772.0(r) 772.0(r)
38 Consumer 286.1 304.5 304.8
39 Credit cards and
related plans n.a. 135.8 134.9
40 Other n.a. 168.7 169.9
41 Security(3) 6.2 7.3 7.1
42 Other loans and leases 90.0 97.2 96.0
43 Interbank loans 62.4 92.3 87.8
44 Cash assets(4) 77.5 88.3 88.1
45 Other assets(5) 110.4 112.4 114.8(r)
46 Total assets(6) 2,172.2 2,333.2 2,339.7
Liabilities
47 Deposits 1,624.0 1,812.8 1,823.5(r)
48 Transaction 294.3 304.8 300.2(r)
49 Nontransaction 1,329.7 1,508.0 1,523.2
50 Large time 265.2 298.6 300.3
51 Other 1,064.5 1,209.4 1,222.9
55 Borrowings 344.8 336.5 343.9
53 From banks in the U.S. 163.4 160.5 158.1
54 From others 181.4 176.0 185.7
55 Net due to related foreign
offices 9.1 20.9 16.8
56 Other liabilities 54.1 54.1 53.4
57 Total liabilities 2,032.0 2,224.3 2,237.5
58 Residual (assets less
liabilities)(7) 140.2 108.9 102.2
Monthly averages
Account 2001
Feb. Mar. Apr.
Seasonally adjusted
Assets
1 Bank credit 2,086.9(r) 2,077.7(r) 2,082.2(r)
2 Securities in bank credit 556.6(r) 548.5 548.7(r)
3 U.S. government
securities 363.7 351.9(r) 350.2(r)
4 Other securities 192.8 196.7(r) 198.5(r)
5 Loans and leases in bank
credit(2) 1,530.3 1,529.2(r) 1,533.6(r)
6 Commercial and industrial 297.3 298.0 297.5(r)
7 Real estate 824.4 824.2 824.3(r)
8 Revolving home equity 46.8(r) 46.7(r) 47.0(r)
9 Other 777.6(r) 777.5(r) 777.4(r)
10 Consumer 301.5 298.5 301.2
11 Security(3) 7.6 8.1 8.6
12 Other loans and leases 99.5 100.3 102.0
13 Interbank loans 97.6 108.0 118.5
14 Cash assets(4) 86.1 85.7(r) 86.6
15 Other assets(5) 115.0(r) 120.5(r) 123.9
16 Total assets(6) 2,358.8 2,365.2(r) 2,384.1
Liabilities
17 Deposits 1,835.9 1,845.8 1,870.0(r)
18 Transaction 299.1 295.9 298.6
19 Nontransaction 1,536.9(r) 1,549.9 1,571.4
20 Large time 306.1 302.9 303.0
21 Other 1,230.7 1,247.0 1,268.4(r)
22 Borrowings 341.2 333.3 336.7
23 From banks in the U.S. 158.1 151.7(r) 151.7(r)
24 From others 183.2 181.7 185.0(r)
25 Net due to related foreign
offices 16.7 15.4 12.8
26 Other liabilities 53.9 56.1 56.4
27 Total liabilities 2,247.7 2,250.7(r) 2,275.9(r)
28 Residual (assets less
liabilities)(7) 111.1 114.5 108.2
Not seasonally adjusted
Assets
29 Bank credit 2,075.8 2,073.3 2,081.9(r)
30 Securities in bank credit 554.6 550.8(r) 551.3
31 U.S. government
securities 361.8 354.1(r) 352.9(r)
32 Other securities 192.8 196.7(r) 198.5(r)
33 Loans and leases in bank
credit(2) 1,521.2 1,522.6(r) 1,530.6(r)
34 Commercial and industrial 295.6 297.7 299.6(r)
35 Real estate 821.1 822.6 824.0(r)
36 Revolving home equity 46.6(r) 46.5(r) 46.9(r)
37 Other 774.5(r) 776.1(r) 777.1(r)
38 Consumer 300.0 295.0 297.4(r)
39 Credit cards and
related plans 130.2(r) 126.5 129.6
40 Other 169.7 168.5 167.9
41 Security(3) 7.6 8.4 8.7
42 Other loans and leases 96.9 98.9 100.9
43 Interbank loans 100.6 114.3 122.5
44 Cash assets(4) 85.2(r) 82.1(r) 83.7
45 Other assets(5) 115.0(r) 120.5(r) 123.9
46 Total assets(6) 2,349.7 2,363.4 2,384.9(r)
Liabilities
47 Deposits 1,836.9 1,853.3(r) 1,877.2
48 Transaction 294.2 293.9 298.0
49 Nontransaction 1,542.7(r) 1,559.4(r) 1,579.2(r)
50 Large time 306.1 302.9 303.0
51 Other 1,236.6(r) 1,256.5(r) 1,276.1
55 Borrowings 341.2 333.3 336.7
53 From banks in the U.S. 158.1 151.7(r) 151.7(r)
54 From others 183.2 181.7 185.0(r)
55 Net due to related foreign
offices 16.7 15.4 12.8
56 Other liabilities 53.9 56.1 56.4
57 Total liabilities 2,248.7(r) 2,258.1 2,283.1
58 Residual (assets less
liabilities)(7) 101.0 105.3 101.8
Monthly averages Wednesday
figures
Account 2001 2001
May June June 6
Seasonally adjusted
Assets
1 Bank credit 2,092.3 2,096.3 2,095.2
2 Securities in bank credit 551.3 554.5 553.4
3 U.S. government
securities 350.1(r) 351.9 350.7
4 Other securities 201.2(r) 202.5 202.7
5 Loans and leases in bank
credit(2) 1,541.0 1,541.8 1,541.8
6 Commercial and industrial 297.4(r) 298.7 298.2
7 Real estate 829.0(r) 832.9 830.8
8 Revolving home equity 48.0(r) 48.9 48.4
9 Other 781.0(r) 784.0 782.5
10 Consumer 302.5 298.5 301.1
11 Security(3) 8.7 8.6 8.6
12 Other loans and leases 103.4 103.0 103.1
13 Interbank loans 123.7 119.9 117.1
14 Cash assets(4) 87.1 85.1 82.8
15 Other assets(5) 122.7 128.5 126.8
16 Total assets(6) 2,398.6 2,402.7 2,394.7
Liabilities
17 Deposits 1,878.1 1,896.0 1,888.7
18 Transaction 301.3 294.5 284.1
19 Nontransaction 1,576.8 1,601.4 1,604.6
20 Large time 300.9 299.0 297.9
21 Other 1,275.8 1,302.4 1,306.7
22 Borrowings 340.2 338.2 337.1
23 From banks in the U.S. 152.9(r) 151.3 150.0
24 From others 187.3(r) 186.8 187.1
25 Net due to related foreign
offices 16.6 13.1 13.7
26 Other liabilities 57.0 57.4 56.6
27 Total liabilities 2,291.8(r) 2,304.7 2,296.2
28 Residual (assets less
liabilities)(7) 106.8 98.0 98.6
Not seasonally adjusted
Assets
29 Bank credit 2,092.8 2,098.1 2,096.1
30 Securities in bank credit 552.9 556.1 554.4
31 U.S. government
securities 351.7(r) 353.6 351.8
32 Other securities 201.2(r) 202.5 202.7
33 Loans and leases in bank
credit(2) 1,539.9 1,542.0 1,541.7
34 Commercial and industrial 300.0(r) 300.5 300.0
35 Real estate 829.8(r) 833.6 831.6
36 Revolving home equity 48.1(r) 48.8 48.3
37 Other 781.7(r) 784.8 783.3
38 Consumer 299.8 296.4 297.8
39 Credit cards and
related plans 131.9 128.8 129.6
40 Other 168.0(r) 167.6 168.2
41 Security(3) 8.4 8.4 8.7
42 Other loans and leases 102.0 103.1 103.5
43 Interbank loans 114.7 113.1 119.7
44 Cash assets(4) 85.9 84.1 83.4
45 Other assets(5) 122.7 128.5 126.8
46 Total assets(6) 2,388.8 2,396.8 2,398.9
Liabilities
47 Deposits 1,871.6 1,884.7 1,889.6
48 Transaction 296.1(r) 294.2 287.4
49 Nontransaction 1,575.5 1,590.5 1,602.2
50 Large time 300.9 299.0 297.9
51 Other 1,274.6(r) 1,291.5 1,304.3
55 Borrowings 340.2 338.2 337.1
53 From banks in the U.S. 152.9(r) 151.3 150.0
54 From others 187.3(r) 186.8 187.1
55 Net due to related foreign
offices 16.6 13.1 13.7
56 Other liabilities 57.0 57.4 56.6
57 Total liabilities 2,285.4 2,293.4 2,297.1
58 Residual (assets less
liabilities)(7) 103.4 103.5 101.8
Wednesday figures
Account 2001
June 13 June 20 June 27
Seasonally adjusted
Assets
1 Bank credit 2,095.6 2,103.9 2,090.6
2 Securities in bank credit 555.1 555.2 553.1
3 U.S. government
securities 351.5 352.7 351.4
4 Other securities 203.6 202.5 201.8
5 Loans and leases in bank
credit(2) 1,540.4 1,548.7 1,537.5
6 Commercial and industrial 298.4 300.0 297.8
7 Real estate 831.4 836.2 832.5
8 Revolving home equity 48.5 49.2 49.0
9 Other 782.9 786.9 783.5
10 Consumer 298.9 299.7 296.4
11 Security(3) 8.6 8.8 8.7
12 Other loans and leases 103.2 104.1 102.2
13 Interbank loans 117.3 123.4 123.3
14 Cash assets(4) 83.9 84.4 87.4
15 Other assets(5) 129.9 126.1 126.5
16 Total assets(6) 2,399.6 2,410.7 2,400.7
Liabilities
17 Deposits 1,893.1 1,897.8 1,895.5
18 Transaction 289.2 298.4 307.7
19 Nontransaction 1,603.9 1,599.4 1,587.8
20 Large time 297.8 299.0 300.1
21 Other 1,306.1 1,300.4 1,287.7
22 Borrowings 332.9 341.6 342.0
23 From banks in the U.S. 148.9 152.3 154.6
24 From others 184.0 189.2 187.4
25 Net due to related foreign
offices 15.0 11.5 13.3
26 Other liabilities 57.7 57.6 57.6
27 Total liabilities 2,298.7 2,308.5 2,308.4
28 Residual (assets less
liabilities)(7) 100.8 102.2 92.4
Not seasonally adjusted
Assets
29 Bank credit 2,095.8 2,097.1 2,101.0
30 Securities in bank credit 556.6 556.1 556.4
31 U.S. government
securities 353.0 353.6 354.6
32 Other securities 203.6 202.5 201.8
33 Loans and leases in bank
credit(2) 1,539.1 1,541.0 1,544.7
34 Commercial and industrial 299.8 300.4 300.9
35 Real estate 832.1 833.4 836.2
36 Revolving home equity 48.5 48.9 49.2
37 Other 783.6 784.5 787.0
38 Consumer 295.4 295.7 297.6
39 Credit cards and
related plans 127.5 128.4 130.3
40 Other 167.9 167.3 167.3
41 Security(3) 8.5 8.3 8.0
42 Other loans and leases 103.4 103.2 101.9
43 Interbank loans 115.4 110.9 106.5
44 Cash assets(4) 81.5 82.1 84.2
45 Other assets(5) 129.9 126.1 126.5
46 Total assets(6) 2,395.5 2,389.1 2,391.1
Liabilities
47 Deposits 1,885.1 1,875.0 1,874.4
48 Transaction 289.3 294.3 302.2
49 Nontransaction 1,595.8 1,580.6 1,572.2
50 Large time 297.8 299.0 300.1
51 Other 1,297.9 1,281.6 1,272.1
55 Borrowings 332.9 341.6 342.0
53 From banks in the U.S. 148.9 152.3 154.6
54 From others 184.0 189.2 187.4
55 Net due to related foreign
offices 15.0 11.5 13.3
56 Other liabilities 57.7 57.6 57.6
57 Total liabilities 2,290.7 2,285.7 2,287.3
58 Residual (assets less
liabilities)(7) 104.8 103.4 103.8
E. Foreign-related institutions
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 575.9 599.4 613.5
2 Securities in bank credit 204.7 205.1(r) 208.4(r)
3 U.S. government
securities 78.5 69.2 66.5(r)
4 Other securities 126.2 135.9 141.9
5 Loans and leases in bank
credit(2) 371.3 394.4 405.1(r)
6 Commercial and industrial 204.8 209.0 214.4(r)
7 Real estate 18.0 18.5 18.5
8 Security(3) 82.7 100.1 105.1
9 Other loans and leases 65.8 66.7 67.2
10 Interbank loans 26.3 27.0 29.2
11 Cash assets(4) 44.6 39.9 41.5
12 Other assets(5) 41.8 36.1 37.0(r)
13 Total assets(6) 688.3 702.1 720.9
Liabilities
14 Deposits 385.9 380.0 386.7(r)
15 Transaction 11.2 10.6 10.2
16 Nontransaction 374.7 369.4 376.5(r)
17 Borrowings 202.9 239.6 243.5
18 From banks in the U.S. 19.2 22.2 25.1(r)
19 From others 183.6 217.4 218.3
20 Net due to related foreign
offices 21.7 -1.8 3.5
21 Other liabilities 76.5 72.6 79.6
22 Total liabilities 686.9 690.5 713.3(r)
23 Residual (assets less
liabilities)(7) 1.4 11.6 7.6(r)
Not seasonally adjusted
Assets
24 Bank credit 572.7 610.2(r) 621.6
25 Securities in bank credit 204.7 205.1(r) 208.4(r)
26 U.S. government
securities 78.5 69.2 66.5(r)
27 Trading account 12.0 11.8 11.4
28 Investment account 66.5 57.3 55.1
29 Other securities 126.2 135.9 141.9
30 Trading account 82.4 90.8(r) 96.4(r)
31 Investment account 43.8 45.1 45.6
32 Loans and leases in bank
credit(2) 368.0 405.1 413.2(r)
33 Commercial and industrial 203.7 211.4 216.1(r)
34 Real estate 18.0 18.5 18.5
35 Security(3) 81.1 106.2 110.3(r)
36 Other loans and leases 65.2 69.0 68.3
37 Interbank loans 26.3 27.0 29.2
38 Cash assets(4) 43.5 42.7 44.1
39 Other assets(5) 40.3 37.9 38.3
40 Total assets(6) 682.4 717.4 732.8
Liabilities
41 Deposits 379.8 390.7 396.6(r)
42 Transaction 11.0 11.3 10.4
43 Nontransaction 368.8 379.4 386.2(r)
44 Borrowings 202.9 239.6 243.5
45 From banks in the U.S. 19.2 22.2 25.1(r)
46 From others 183.6 217.4 218.3
47 Net due to related foreign
offices 18.4 2.9 6.8
48 Other liabilities 75.1 74.7 81.0
49 Total liabilities 676.2 708.0 727.8
50 Residual (assets less
liabilities)(7) 6.2 9.4 5.0(r)
Monthly averages
Account 2001
Feb. Mar. Apr.
Seasonally adjusted
Assets
1 Bank credit 607.1(r) 620.5(r) 616.2(r)
2 Securities in bank credit 198.8 205.6 214.6
3 U.S. government
securities 64.3 68.0(r) 75.1(r)
4 Other securities 134.5(r) 137.6(r) 139.6
5 Loans and leases in bank
credit(2) 408.3(r) 414.9(r) 401.6(r)
6 Commercial and industrial 216.8(r) 219.9(r) 220.4(r)
7 Real estate 18.6(r) 18.5(r) 18.0(r)
8 Security(3) 105.3 106.5(r) 95.3
9 Other loans and leases 67.6 69.9 67.9
10 Interbank loans 28.4 30.7 29.5
11 Cash assets(4) 41.7(r) 40.7 39.3
12 Other assets(5) 36.5 38.4(r) 41.1(r)
13 Total assets(6) 713.3(r) 729.9(r) 725.8
Liabilities
14 Deposits 380.6(r) 378.7(r) 392.5(r)
15 Transaction 10.3 9.4 10.5
16 Nontransaction 370.3(r) 369.2 382.0(r)
17 Borrowings 238.4(r) 233.3 236.0
18 From banks in the U.S. 22.5 24.2 23.5
19 From others 216.0 209.1 212.5
20 Net due to related foreign
offices 4.8 21.8 4.2
21 Other liabilities 77.0(r) 82.5 88.3(r)
22 Total liabilities 700.7(r) 716.3(r) 721.1(r)
23 Residual (assets less
liabilities)(7) 12.6(r) 13.6(r) 4.7(r)
Not seasonally adjusted
Assets
24 Bank credit 610.4(r) 615.6(r) 613.4(r)
25 Securities in bank credit 198.8 205.6 214.6
26 U.S. government
securities 64.3 68.0(r) 75.1(r)
27 Trading account 10.4 9.5 14.2
28 Investment account 53.9(r) 58.5(r) 60.9(r)
29 Other securities 134.5(r) 137.6(r) 139.6
30 Trading account 90.8 94.5 96.6(r)
31 Investment account 43.7(r) 43.1(r) 43.0(r)
32 Loans and leases in bank
credit(2) 411.5(r) 410.0(r) 398.8(r)
33 Commercial and industrial 219.0(r) 221.0(r) 218.6(r)
34 Real estate 18.6(r) 18.5(r) 18.0(r)
35 Security(3) 106.3 100.6 94.0
36 Other loans and leases 67.7 69.9 68.2
37 Interbank loans 28.4 30.7 29.5
38 Cash assets(4) 41.8(r) 39.3 37.7
39 Other assets(5) 37.4 39.0 40.2(r)
40 Total assets(6) 717.6(r) 724.2(r) 720.4(r)
Liabilities
41 Deposits 388.8(r) 383.2(r) 395.4
42 Transaction 10.1 9.2 10.0
43 Nontransaction 378.7 374.0 385.5
44 Borrowings 238.4(r) 233.3 236.0
45 From banks in the U.S. 22.5 24.2 23.5
46 From others 216.0 209.1 212.5
47 Net due to related foreign
offices 8.0 21.9 -.4
48 Other liabilities 78.4(r) 82.6 86.2(r)
49 Total liabilities 713.6(r) 721.0(r) 717.2(r)
50 Residual (assets less
liabilities)(7) 4.0(r) 3.3(r) 3.2(r)
Monthly averages Wednesday
figures
Account 2001 2001
May June June 6
Seasonally adjusted
Assets
1 Bank credit 602.5(r) 593.7 598.5
2 Securities in bank credit 210.3 212.3 212.7
3 U.S. government
securities 69.8 67.9 67.9
4 Other securities 140.5 144.4 144.8
5 Loans and leases in bank
credit(2) 392.2(r) 381.4 385.8
6 Commercial and industrial 218.6(r) 210.6 213.5
7 Real estate 18.0 17.8 17.7
8 Security(3) 87.8 86.2 88.1
9 Other loans and leases 67.8 66.8 66.5
10 Interbank loans 31.9 24.7 22.4
11 Cash assets(4) 37.5 36.0 35.2
12 Other assets(5) 38.9 39.1 37.7
13 Total assets(6) 710.4(r) 693.1 693.5
Liabilities
14 Deposits 406.8 417.2 414.8
15 Transaction 10.5 9.6 9.4
16 Nontransaction 396.3 407.6 405.4
17 Borrowings 216.3(r) 213.4 209.2
18 From banks in the U.S. 19.5 22.2 18.9
19 From others 196.8 191.2 190.4
20 Net due to related foreign
offices -4.7 -20.0 -24.4
21 Other liabilities 86.3 84.5 84.8
22 Total liabilities 704.7 695.1 684.4
23 Residual (assets less
liabilities)(7) 5.7(r) -2.0 9.1
Not seasonally adjusted
Assets
24 Bank credit 597.8(r) 590.1 591.8
25 Securities in bank credit 210.3 212.3 212.7
26 U.S. government
securities 69.8 67.9 67.9
27 Trading account 13.4 13.5 13.3
28 Investment account 56.4 54.4 54.6
29 Other securities 140.5 144.4 144.8
30 Trading account 98.2 104.4 102.6
31 Investment account 42.3 40.1 42.3
32 Loans and leases in bank
credit(2) 387.5(r) 377.8 379.0
33 Commercial and industrial 215.5(r) 209.5 211.9
34 Real estate 18.0 17.8 17.7
35 Security(3) 87.0 84.3 83.3
36 Other loans and leases 67.0 66.1 66.2
37 Interbank loans 31.9 24.7 22.4
38 Cash assets(4) 36.6 34.9 34.5
39 Other assets(5) 38.4(r) 37.7 36.9
40 Total assets(6) 704.2(r) 687.0 685.2
Liabilities
41 Deposits 407.9 410.1 411.3
42 Transaction 10.1 9.4 9.0
43 Nontransaction 397.8 400.7 402.3
44 Borrowings 216.3(r) 213.4 209.2
45 From banks in the U.S. 19.5 22.2 18.9
46 From others 196.8 191.2 190.4
47 Net due to related foreign
offices -7.9 -23.2 -23.9
48 Other liabilities 84.8 83.0 85.0
49 Total liabilities 701.1 683.3 681.7
50 Residual (assets less
liabilities)(7) 3.1(r) 3.6 3.5
Wednesday figures
Account 2001
June 13 June 20 June 27
Seasonally adjusted
Assets
1 Bank credit 590.3 595.9 595.0
2 Securities in bank credit 209.7 212.3 213.2
3 U.S. government
securities 67.7 67.2 67.9
4 Other securities 142.0 145.1 145.3
5 Loans and leases in bank
credit(2) 380.6 383.5 381.8
6 Commercial and industrial 211.0 211.5 209.7
7 Real estate 17.9 17.8 17.9
8 Security(3) 85.2 86.3 87.5
9 Other loans and leases 66.5 67.9 66.8
10 Interbank loans 23.8 31.3 21.3
11 Cash assets(4) 35.7 37.5 36.0
12 Other assets(5) 37.4 38.0 44.9
13 Total assets(6) 686.8 702.2 696.8
Liabilities
14 Deposits 416.8 418.7 414.0
15 Transaction 9.5 10.3 8.9
16 Nontransaction 407.3 408.4 405.2
17 Borrowings 211.0 215.3 215.6
18 From banks in the U.S. 21.1 24.9 21.1
19 From others 189.9 190.4 194.5
20 Net due to related foreign
offices -26.5 -8.7 -12.8
21 Other liabilities 86.8 86.3 82.3
22 Total liabilities 688.1 711.5 699.1
23 Residual (assets less
liabilities)(7) -1.3 -9.3 -2.3
Not seasonally adjusted
Assets
24 Bank credit 587.1 593.4 591.9
25 Securities in bank credit 209.7 212.3 213.2
26 U.S. government
securities 67.7 67.2 67.9
27 Trading account 13.3 13.1 13.3
28 Investment account 54.4 54.1 54.6
29 Other securities 142.0 145.1 145.3
30 Trading account 101.9 105.5 106.3
31 Investment account 40.1 39.6 39.0
32 Loans and leases in bank
credit(2) 377.4 381.1 378.7
33 Commercial and industrial 209.1 210.2 209.4
34 Real estate 17.9 17.8 17.9
35 Security(3) 84.4 86.2 85.6
36 Other loans and leases 66.0 66.8 65.8
37 Interbank loans 23.8 31.3 21.3
38 Cash assets(4) 34.4 36.2 34.8
39 Other assets(5) 36.6 36.4 42.7
40 Total assets(6) 681.5 696.9 690.2
Liabilities
41 Deposits 411.5 410.3 406.4
42 Transaction 9.1 10.1 8.9
43 Nontransaction 402.3 400.3 397.5
44 Borrowings 211.0 215.3 215.6
45 From banks in the U.S. 21.1 24.9 21.1
46 From others 189.9 190.4 194.5
47 Net due to related foreign
offices -30.2 -15.5 -16.1
48 Other liabilities 85.0 83.1 80.7
49 Total liabilities 677.3 693.3 686.6
50 Residual (assets less
liabilities)(7) 4.2 3.7 3.6
F. Memo items
Billions of dollars
Monthly averages
Account 2000 2000 2001
June Dec. Jan.(r)
Not seasonally adjusted
MEMO
Large domestically chartered
banks, adjusted for mergers
1 Revaluation gains on off-
balance-sheet items(8) 68.3 77.8 79.5
2 Revaluation losses on off-
balance-sheet items(8) 68.5 83.1 82.5
3 Mortgage-backed securities(9) 251.0 242.6 248.0
4 Pass-through 178.4 177.5 182.6
5 CMO, REMIC, and other 72.7 65.0 65.3
6 Net unrealized gains (losses)
on available-for-sale
securities(10) -8.7 1.4 .4(r)
7 Off-shore credit to U.S.
residents(11) 22.4 23.4 23.0
8 Securitized consumer loans(12) n.a. 82.2 82.4
9 Credit cards and related
plans n.a. 68.6 68.5
10 Other n.a. 13.6 13.9
11 Securitized business loans(12) n.a. 18.6 18.4
Small domestically chartered
commercial banks, adjusted
for mergers
12 Mortgage-backed securities(9) 206.4 214.5 218.2
13 Securitized consumer loans(12) n.a. 231.1 231.5
14 Credit cards and related
plans n.a. 221.9 222.4
15 Other n.a. 9.2 9.1
Foreign-related institutions
16 Revaluation gains on off-
balance-sheet items(8) 44.4 45.7 52.0(r)
17 Revaluation losses on off-
balance-sheet items(8) 40.5 41.7 49.0(r)
18 Securitized business loans(12) n.a. 23.1 23.2
Monthly averages
Account 2001
Feb. Mar. Apr.
Not seasonally adjusted
MEMO
Large domestically chartered
banks, adjusted for mergers
1 Revaluation gains on off-
balance-sheet items(8) 77.6 80.6 79.6
2 Revaluation losses on off-
balance-sheet items(8) 81.0 79.8 74.9
3 Mortgage-backed securities(9) 244.5 244.8 252.2
4 Pass-through 178.9 180.9 189.8
5 CMO, REMIC, and other 65.6 63.9 62.4
6 Net unrealized gains (losses)
on available-for-sale
securities(10) 2.9(r) 3.6(r) .4(r)
7 Off-shore credit to U.S.
residents(11) 22.7 22.6 21.7
8 Securitized consumer loans(12) 80.8 80.2 78.8
9 Credit cards and related
plans 67.3 67.3 66.4
10 Other 13.4 12.9 12.4
11 Securitized business loans(12) 18.6 18.7 18.8
Small domestically chartered
commercial banks, adjusted
for mergers
12 Mortgage-backed securities(9) 222.7 229.3(r) 238.1(r)
13 Securitized consumer loans(12) 235.6 238.6 241.2
14 Credit cards and related
plans 226.8 229.9 232.6
15 Other 8.9 8.7 8.6
Foreign-related institutions
16 Revaluation gains on off-
balance-sheet items(8) 49.4 52.5 54.2(r)
17 Revaluation losses on off-
balance-sheet items(8) 47.0(r) 49.5 50.7(r)
18 Securitized business loans(12) 22.4 21.5 19.8
Monthly averages Wednesday
figures
Account 2001 2001
May June June 6
Not seasonally adjusted
MEMO
Large domestically chartered
banks, adjusted for mergers
1 Revaluation gains on off-
balance-sheet items(8) 81.7 87.0 87.6
2 Revaluation losses on off-
balance-sheet items(8) 74.7 81.5 83.7
3 Mortgage-backed securities(9) 258.9 255.2 262.6
4 Pass-through 195.2 195.3 199.8
5 CMO, REMIC, and other 63.7 60.0 62.7
6 Net unrealized gains (losses)
on available-for-sale
securities(10) -1.5(r) -1.7 -1.8
7 Off-shore credit to U.S.
residents(11) 21.0 20.6 20.8
8 Securitized consumer loans(12) 77.0 76.7 76.6
9 Credit cards and related
plans 65.0 65.3 64.9
10 Other 12.0 11.5 11.7
11 Securitized business loans(12) 19.8 20.4 20.0
Small domestically chartered
commercial banks, adjusted
for mergers
12 Mortgage-backed securities(9) 242.6(r) 245.8 244.2
13 Securitized consumer loans(12) 242.2 248.1 245.2
14 Credit cards and related
plans 233.8 239.6 236.9
15 Other 8.4 8.5 8.3
Foreign-related institutions
16 Revaluation gains on off-
balance-sheet items(8) 56.3(r) 57.1 59.3
17 Revaluation losses on off-
balance-sheet items(8) 51.6 51.9 53.9
18 Securitized business loans(12) 18.0 17.2 17.4
Wednesday figures
Account 2001
June 13 June 20 June 27
MEMO
Large domestically chartered
banks, adjusted for mergers
1 Revaluation gains on off-
balance-sheet items(8) 92.3 87.1 83.9
2 Revaluation losses on off-
balance-sheet items(8) 86.0 83.5 76.9
3 Mortgage-backed securities(9) 255.7 253.2 251.8
4 Pass-through 194.2 194.6 194.1
5 CMO, REMIC, and other 61.5 58.6 57.7
6 Net unrealized gains (losses)
on available-for-sale
securities(10) -1.7 -1.4 -1.8
7 Off-shore credit to U.S.
residents(11) 20.6 20.7 20.5
8 Securitized consumer loans(12) 76.5 76.5 77.2
9 Credit cards and related
plans 64.9 65.1 65.8
10 Other 11.6 11.4 11.4
11 Securitized business loans(12) 20.4 20.3 20.7
Small domestically chartered
commercial banks, adjusted
for mergers
12 Mortgage-backed securities(9) 245.6 245.4 245.8
13 Securitized consumer loans(12) 247.1 249.1 249.3
14 Credit cards and related
plans 238.9 240.3 240.6
15 Other 8.2 8.8 8.7
Foreign-related institutions
16 Revaluation gains on off-
balance-sheet items(8) 58.6 56.7 55.1
17 Revaluation losses on off-
balance-sheet items(8) 53.6 51.5 49.7
18 Securitized business loans(12) 17.2 17.0 17.1
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 made
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.
(12.) Total amount outstanding.
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1996 1997 1998
1 All issuers 775,371 966,699 1,163,303
Financial companies(1)
2 Dealer-placed paper, total(2) 361,147 513,307 614,142
3 Directly placed paper, total(3) 229,662 252,536 322,030
4 Nonfinancial companies(4) 184,563 200,857 227,132
Year ending December 2000
Item
1999 2000 Dec.
1 All issuers 1,403,023 1,615,341 1,615,341
Financial companies(1)
2 Dealer-placed paper, total(2) 786,643 973,060 973,060
3 Directly placed paper, total(3) 337,240 298,848 298,848
4 Nonfinancial companies(4) 279,140 343,433 343,433
2001
Item
Jan. Feb. Mar.
1 All issuers 1,566,104 1,544,572 1,511,354
Financial companies(1)
2 Dealer-placed paper, total(2) 976,735 977,791 978,225
3 Directly placed paper, total(3) 270,922 263,554 249,420
4 Nonfinancial companies(4) 318,447 303,227 283,711
2001
Item
Apr. May
1 All issuers 1,519,528 1,501,113
Financial companies(1)
2 Dealer-placed paper, total(2) 995,072 986,369
3 Directly placed paper, total(3) 247,333 245,768
4 Nonfinancial companies(4) 277,123 268,976
(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 1997 1998
1 Total amount of reporting banks' acceptances in
existence 25,774 14,363
2 Amount of other banks' eligible acceptances held
by reporting banks 736 523
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 6,862 4,884
4 Amount of eligible acceptances representing
goods stored in, or shipped between, foreign
countries (included in item 1) 10,467 5,413
Item 1999 2000
1 Total amount of reporting banks' acceptances in
existence 10,094 9,881
2 Amount of other banks' eligible acceptances held
by reporting banks 461 462
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 4,261 3,789
4 Amount of eligible acceptances representing
goods stored in, or shipped between, foreign
countries (included in item 1) 3,498 3,689
(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
40 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 Period Average
rate
1998--Jan. 1 8.50 1998 8.35
Sept. 30 8.25 1999 8.00
Oct. 16 8.00 2000 9.23
Nov. 18 7.75
1998--Jan. 8.50
1999--July 1 8.00 Feb. 8.50
Aug. 25 8.25 Mar. 8.50
Nov. 17 8.50 Apr. 8.50
May 8.50
2000--Feb. 3 8.75 June 8.50
Mar. 22 9.00 July 8.50
May 17 9.50 Aug. 8.50
Sept. 8.49
2001--Jan. 4 9.00 Oct. 8.12
Feb. 1 8.50 Nov. 7.89
Mar. 21 8.00 Dec. 7.75
Apr. 19 7.50
May 16 7.00
June 28 6.75
Date of change Rate Period Average
rate
1998--Jan. 1 8.50 1999--Jan. 7.75
Sept. 30 8.25 Feb. 7.75
Oct. 16 8.00 Mar. 7.75
Nov. 18 7.75 Apr. 7.75
May 7.75
1999--July 1 8.00 June 7.75
Aug. 25 8.25 July 8.00
Nov. 17 8.50 Aug. 8.06
Sept. 8.25
2000--Feb. 3 8.75 Oct. 8.25
Mar. 22 9.00 Nov. 8.37
May 17 9.50 Dec. 8.50
2001--Jan. 4 9.00
Feb. 1 8.50
Mar. 21 8.00
Apr. 19 7.50
May 16 7.00
June 28 6.75
Date of change Rate Period Average
rate
1998--Jan. 1 8.50 2000--Jan. 8.50
Sept. 30 8.25 Feb. 8.73
Oct. 16 8.00 Mar. 8.83
Nov. 18 7.75 Apr. 9.00
May 9.24
1999--July 1 8.00 June 9.50
Aug. 25 8.25 July 9.50
Nov. 17 8.50 Aug. 9.50
Sept. 9.50
2000--Feb. 3 8.75 Oct. 9.50
Mar. 22 9.00 Nov. 9.50
May 17 9.50 Dec. 9.50
2001--Jan. 4 9.00 2001--Jan. 9.05
Feb. 1 8.50 Feb. 8.50
Mar. 21 8.00 Mar. 8.32
Apr. 19 7.50 Apr. 7.80
May 16 7.00 May 7.24
June 28 6.75 June 6.98
July 6.75
(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
2001
Item 1998 1999 2000
Mar. Apr.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.35 4.97 6.24 5.31 4.80
2 Discount window borrowing(2,4) 4.92 4.62 5.73 4.81 4.28
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.40 5.09 6.27 5.02 4.71
4 2-month 5.38 5.14 6.29 4.87 4.54
5 3-month 5.34 5.18 6.31 4.78 4.44
Financial
6 1-month 5.42 5.11 6.28 5.06 4.74
7 2-month 5.40 5.16 6.30 4.93 4.57
8 3-month 5.37 5.22 6.33 4.81 4.47
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a. n.a.
Finance paper, directly
placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.39 5.24 6.23 n.a. n.a.
16 6-month 5.30 5.30 6.37 n.a. n.a.
Certificates of deposit,
secondary market(3,10)
17 1-month 5.49 5.19 6.35 5.09 4.77
18 3-month 5.47 5.33 6.46 4.89 4.53
19 6-month 5.44 5.46 6.59 4.74 4.41
20 Eurodollar deposits,
3-month(3,11) 5.45 5.31 6.45 4.89 4.55
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.78 4.64 5.82 4.42 3.87
22 6-month 4.83 4.75 5.90 4.28 3.85
23 1-year 4.80 4.81 5.78 4.11 3.80
Auction high(3,5,12)
24 3-month 4.81 4.66 5.66 n.a. n.a.
25 6-month 4.85 4.76 5.85 n.a. n.a.
26 1-year 4.85 4.78 5.85 n.a. n.a.
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 5.05 5.08 6.11 4.30 3.98
28 2-year 5.13 5.43 6.26 4.34 4.23
29 3-year 5.14 5.49 6.22 4.43 4.42
30 5-year 5.15 5.55 6.16 4.64 4.76
31 7-year 5.28 5.79 6.20 4.88 5.03
32 10-year 5.26 5.65 6.03 4.89 5.14
33 20-year 5.72 6.20 6.23 5.49 5.78
34 30-year 5.58 5.87 5.94 5.34 5.65
Composite
35 More than l0 years
(long-term) 5.69 6.14 6.41 n.a. n.a.
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 4.93 5.28 5.58 5.00 5.14
37 Baa 5.14 5.70 6.19 5.80 5.96
38 Bond Buyer series(15) 5.09 5.43 5.71 5.13 5.27
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 6.87 7.45 7.98 7.41 7.63
Rating group
40 Aaa 6.53 7.05 7.62 6.98 7.20
41 Aa 6.80 7.36 7.83 7.22 7.43
42 A 6.93 7.53 8.11 7.61 7.82
43 Baa 7.22 7.88 8.36 7.84 8.07
MEMO
Dividend-price ratio(17)
44 Common stocks 1.49 1.25 1.15 1.33 1.32
2001 2001, week ending
Item
May June June 1 June 8
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.21 3.97 3.98 4.08
2 Discount window borrowing(2,4) 3.73 3.47 3.50 3.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.06 3.82 3.97 3.93
4 2-month 3.98 3.73 3.89 3.82
5 3-month 3.93 3.67 3.83 3.77
Financial
6 1-month 4.08 3.84 3.99 3.95
7 2-month 4.00 3.75 3.92 3.84
8 3-month 3.96 3.69 3.86 3.78
Commercial paper
(historical)(3,5,7)
9 l-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly
placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month n.a. n.a. n.a. n.a.
16 6-month n.a. n.a. n.a. n.a.
Certificates of deposit,
secondary market(3,10)
17 1-month 4.11 3.86 4.02 3.99
18 3-month 4.02 3.74 3.91 3.84
19 6-month 4.01 3.74 3.90 3.84
20 Eurodollar deposits,
3-month(3,11) 4.01 3.73 3.90 3.83
U.S. Treasury bills
Secondary market(3,5)
21 3-month 3.62 3.49 3.59 3.56
22 6-month 3.62 3.45 3.52 3.50
23 1-year 3.60 3.37 3.51 3.46
Auction high(3,5,12)
24 3-month n.a. n.a. n.a. n.a.
25 6-month n.a. n.a. n.a. n.a.
26 1-year n.a. n.a. n.a. n.a.
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 3.78 3.58 3.70 3.64
28 2-year 4.26 4.08 4.28 4.15
29 3-year 4.51 4.35 4.55 4.42
30 5-year 4.93 4.81 5.00 4.88
31 7-year 5.24 5.14 5.33 5.20
32 10-year 5.39 5.28 5.48 5.32
33 20-year 5.92 5.82 5.98 5.87
34 30-year 5.78 5.67 5.80 5.69
Composite
35 More than 10 years
(long-term) n.a. n.a. n.a. n.a.
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 5.15 5.03 5.14 5.03
37 Baa 5.94 5.82 5.91 5.82
38 Bond Buyer series(15) 5.29 5.20 5.28 5.21
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.69 7.56 7.71 7.58
Rating group
40 Aaa 7.29 7.18 7.31 7.20
41 Aa 7.50 7.34 7.52 7.37
42 A 7.88 7.73 7.88 7.76
43 Baa 8.07 7.97 8.11 7.99
MEMO
Dividend-price ratio(17)
44 Common stocks 123 1.27 1.26 1.23
2001, week ending
Item
June 15 June 22 June 29
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.00 3.95 3.91
2 Discount window borrowing(2,4) 3.50 3.50 3.46
Commercial paper(3,5,6)
Nonfinancial
3 1-month 3.88 3.73 3.69
4 2-month 3.77 3.66 3.63
5 3-month 3.71 3.60 3.59
Financial
6 1-month 3.90 3.77 3.72
7 2-month 3.81 3.66 3.66
8 3-month 3.73 3.60 3.60
Commercial paper
(historical)(3,5,7)
9 l-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 n.a. n.a. n.a.
16 6-month n.a. n.a. n.a.
Certificates of deposit,
secondary market(3,10)
17 1-month 3.92 3.77 3.73
18 3-month 3.78 3.65 3.68
19 6-month 3.77 3.64 3.69
20 Eurodollar deposits,
3-month(3,11) 3.75 3.65 3.67
U.S. Treasury bills
Secondary market(3,5)
21 3-month 3.48 3.42 3.47
22 6-month 3.48 3.36 3.44
23 1-year 3.37 3.26 3.38
Auction high(3,5,12)
24 3-month n.a. n.a. n.a.
25 6-month n.a. n.a. n.a.
26 1-year n.a. n.a. n.a.
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 3.59 3.46 3.60
28 2-year 4.07 3.97 4.10
29 3-year 4.34 4.23 4.38
30 5-year 4.80 4.70 4.82
31 7-year 5.14 5.05 5.14
32 10-year 5.28 5.23 5.29
33 20-year 5.82 5.79 5.81
34 30-year 5.67 5.66 5.66
Composite
35 More than l0 years
(long-term) n.a. n.a. n.a.
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 5.02 5.02 5.05
37 Baa 5.81 5.80 5.84
38 Bond Buyer series(15) 5.19 5.20 5.21
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.55 7.55 7.54
Rating group
40 Aaa 7.17 7.17 7.17
41 Aa 7.33 7.32 7.32
42 A 7.72 7.72 7.70
43 Baa 7.96 7.96 7.98
MEMO
Dividend-price ratio(17)
44 Common stocks 1.28 1.28 1.29
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 the 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' Al 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
2000
Indicator 1998 1999 2000
Oct.
Prices and trading volume (averages of
daily figures)
Common stock
prices (indexes)
1 New York Stock Exchange
(Dec. 31,
1965 = 50) 550.65 619.52 643.71 646.53
2 Industrial 684.35 775.29 809.40 797.00
3 Transportation 468.61 491.62 414.73 403.20
4 Utility 190.52 284.82 478.99 469.16
5 Finance 516.65 530.97 552.48 587.76
6 Standard & Poor's
Corporation
(1941-43 = 10)(1) 1,085.50 1,327.33 1,427.22 1,390.14
7 American Stock Exchange
(Aug. 31,
1973 = 50)(2) 682.69 770.90 922.22 913.64
Volume of trading
(thousands
of shares)
8 New York Stock Exchange 666,534 799,554 1,026,867 1,167,025
9 American Stock Exchange 28,870 32,629 51,437 57,915
Customers financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker--dealers(3) 140,980 228,530 198,790 233,380
Free credit balances
at brokers(4)
11 Margin accounts(5) 40,250 55,130 100,680 82,990
12 Cash accounts 62,450 79,070 84,400 73,410
Margin requirements (percent of market
value and effective date)(6)
Mar. 11, 1968 June 8, 1968
13 Margin stocks 70 80
14 Convertible bonds 50 60
15 Short sales 70 80
2000
Indicator
Nov. Dec.
Prices and trading
volume (averages
of daily figures)
Common stock
prices (indexes)
1 New York Stock Exchange
(Dec. 31,
1965 = 50) 646.64 645.44
2 Industrial 800.88 792.66
3 Transportation 434.92 457.53
4 Utility 455.66 444.16
5 Finance 600.45 621.62
6 Standard & Poor's
Corporation
(1941-43 = 10)(1) 1,375.04 1,330.93
7 American Stock Exchange
(Aug. 31,
1973 = 50)(2) 892.60 870.16
Volume of trading
(thousands
of shares)
8 New York Stock Exchange 1,015,606 1,183,149
9 American Stock Exchange 58,541 73,759
Customers financing
(millions of dollars,
end-of-period
balances)
10 Margin credit at
broker--dealers(3) 219,110 198,790
Free credit balances
at brokers(4)
11 Margin accounts(5) 96,730 100,680
12 Cash accounts 74,050 84,400
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
2001
Indicator
Jan. Feb.
Prices and trading
volume (averages
of daily figures)
Common stock
prices (indexes)
1 New York Stock Exchange
(Dec. 31,
1965 = 50) 650.55 648.05
2 Industrial 796.74 799.38
3 Transportation 471.21 482.26
4 Utility 440.36 424.53
5 Finance 634.17 626.41
6 Standard & Poor's
Corporation
(1941-43 = 10)(1) 1,335.63 1,305.75
7 American Stock Exchange
(Aug. 31,
1973 = 50)(2) 898.18 923.99
Volume of trading
(thousands
of shares)
8 New York Stock Exchange 1,299,986 1,117,977
9 American Stock Exchange 72,312 70,648
Customers financing
(millions of dollars,
end-of-period
balances)
10 Margin credit at
broker--dealers(3) 197,110 186,810
Free credit balances
at brokers(4)
11 Margin accounts(5) 90,380 99,390
12 Cash accounts 81,380 78,660
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
2001
Indicator
Mar. Apr.
Prices and trading
volume (averages
of daily figures)
Common stock
prices (indexes)
1 New York Stock Exchange
(Dec. 31,
1965 = 50) 603.44 607.06
2 Industrial 744.21 747.48
3 Transportation 452.36 455.22
4 Utility 395.34 400.49
5 Finance 583.38 587.88
6 Standard & Poor's
Corporation
(1941-43 = 10)(1) 1,185.85 1,189.84
7 American Stock Exchange
(Aug. 31,
1973 = 50)(2) 891.22 891.18
Volume of trading
(thousands
of shares)
8 New York Stock Exchange 1,251,569 1,247,382
9 American Stock Exchange 81,666 77,612
Customers financing
(millions of dollars,
end-of-period
balances)
10 Margin credit at
broker--dealers(3) 165,350 166,940
Free credit balances
at brokers(4)
11 Margin accounts(5) 106,300 97,470
12 Cash accounts 77,520 77,460
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
2001
Indicator
May June
Prices and trading
volume (averages
of daily figures)
Common stock
prices (indexes)
1 New York Stock Exchange
(Dec. 31,
1965 = 50) 644.44 630.86
2 Industrial 798.94 782.73
3 Transportation 477.21 458.60
4 Utility 414.69 382.98
5 Finance 618.74 622.17
6 Standard & Poor's
Corporation
(1941-43 = 10)(1) 1,270.37 1,238.71
7 American Stock Exchange
(Aug. 31,
1973 = 50)(2) 940.73 923.06
Volume of trading
(thousands
of shares)
8 New York Stock Exchange 1,091,366 1,152,193
9 American Stock Exchange 66,103 62,395
Customers financing
(millions of dollars,
end-of-period
balances)
10 Margin credit at
broker--dealers(3) 174,180 170,000
Free credit balances
at brokers(4)
11 Margin accounts(5) 91,990 98,430
12 Cash accounts 76,260 75,270
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 roles must be approved by the Securities
and Exchange Commission.
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Type of account
or operation
1998 1999 2000
U.S. Budget(1)
1 Receipts, total 1,721,798 1,827,302 2,025,218
2 On-budget 1,305,999 1,382,986 1,544,634
3 Off-budget 415,799 444,468 480,584
4 Outlays, total 1,652,619 1,702,875 1,788,826
5 On-budget 1,336,015 1,382,097 1,458,061
6 Off-budget 316,604 320,778 330,765
7 Surplus or deficit (-), total 69,179 124,579 236,392
8 On-budget -30,016 889 86,573
9 Off-budget 99,195 123,690 149,819
Source of financing (total)
10 Borrowing from the public -51,211 -88,674 -222,672
11 Operating cash
(decrease, or increase [-]) 4,743 -17,580 3,799
12 Other(2) -22,711 -18,325 -17,519
MEMO
13 Treasury operating
balance (level, end of
period) 38,878 56,458 52,659
14 Federal Reserve Banks 4,952 6,641 8,459
15 Tax and loan accounts 33,926 49,817 44,199
Calendar year
Type of account 2001
or operation
Jan. Feb. Mar.
U.S. Budget(1)
1 Receipts, total 219,215 110,481 130,071
2 On-budget 171,001 70,555 84,120
3 Off-budget 48,214 39,926 45,951
4 Outlays, total 142,836 158,649 180,733
5 On-budget 144,448 123,573 145,182
6 Off-budget -1,613 35,076 35,550
7 Surplus or deficit (-), total 76,379 -48,168 -50,662
8 On-budget 26,553 -53,018 -61,062
9 Off-budget 49,827 4,850 10,401
Source of financing (total)
10 Borrowing from the public -23,990 15,100 32,557
11 Operating cash
(decrease, or increase [-]) -45,761 45,717 -7,171
12 Other(2) -6,628 -12,649 25,276
MEMO
13 Treasury operating
balance (level, end of
period) 66,830 21,113 28,284
14 Federal Reserve Banks 5,256 4,956 5,657
15 Tax and loan accounts 61,574 16,158 22,627
Calendar year
Type of account 2001
or operation
Apr. May June
U.S. Budget(1)
1 Receipts, total 331,796 125,590 202,887
2 On-budget 278,611 84,759 151,482
3 Off-budget 53,185 40,831 51,405
4 Outlays, total 141,999 153,508 171,025
5 On-budget 109,938 118,517 167,796
6 Off-budget 32,062 34,992 3,229
7 Surplus or deficit (-), total 189,796 -27,919 31,862
8 On-budget 168,673 -33,758 -16,314
9 Off-budget 21,123 5,839 48,176
Source of financing (total)
10 Borrowing from the public -135,572 -20,608 -1,212
11 Operating cash
(decrease, or increase [-]) -36,846 58,856 -37,413
12 Other(2) -17,378 -10,329 6,763
MEMO
13 Treasury operating
balance (level, end of
period) 65,130 6,274 43,687
14 Federal Reserve Banks 7,894 4,396 7,188
15 Tax and loan accounts 57,236 1,878 36,498
(1.) Since 1990, off-budget items have been the social security trust
funds (Federal Old-Age, Survivors, and 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 when available.
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Fiscal year Calendar
year
Source or type 1999
1999 2000
H2
RECEIPTS
1 All sources 1,827,302 2,025,218 892,266
2 Individual income taxes, net 879,480 1,004,462 425,451
3 Withheld 693,940 780,397 372,012
4 Nonwithheld 308,185 358,049 68,302
5 Refunds 122,706 134,046 14,841
Corporation income taxes
6 Gross receipts 216,324 235,655 110,111
7 Refunds 31,645 28,367 13,996
8 Social insurance taxes
and contributions, net 611,833 652,852 292,551
9 Employment taxes
and contributions(2) 580,880 620,451 280,059
10 Unemployment insurance 26,480 27,640 10,173
11 Other net receipts(3) 4,473 4,761 2,319
12 Excise taxes 70,414 68,865 34,262
13 Customs deposits 18,336 19,914 10,287
14 Estate and gift taxes 27,782 29,010 14,001
15 Miscellaneous receipts(4) 34,929 42,826 19,569
OUTLAYS
16 All types 1,702,875 1,788,826 882,465
17 National defense 274,873 294,494 149,573
18 International affairs 15,243 17,216 8,530
19 General science,
space, and technology 18,125 18,637 10,089
20 Energy 912 -1,060 -90
21 Natural resources
and environment 23,970 25,031 12,100
22 Agriculture 23,011 36,641 20,887
23 Commerce and housing credit 2,649 3,211 7,353
24 Transportation 42,531 46,854 23,199
25 Community and regional
development 11,870 10,629 6,806
26 Education, training,
employment, and
social services 56,402 59,201 27,532
27 Health 141,079 154,534 74,490
28 Social security and Medicare 580,488 606,549 295,030
29 Income security 237,707 247,895 113,504
30 Veterans benefits and services 43,212 47,083 23,412
31 Administration of justice 25,924 27,820 13,459
32 General government 15,771 13,454 7,010
33 Net interest(5) 229,735 223,218 112,420
34 Undistributed offsetting
receipts(6) -40,445 -42,581 -22,850
Calendar year
Source or type 2000 2001
H1 H2 H1
RECEIPTS
1 All sources 1,089,763 952,942 1,120,040
2 Individual income taxes, net 550,208 458,679 580,236
3 Withheld 388,526 395,572 402,417
4 Nonwithheld 281,103 77,732 308,418
5 Refunds 119,477 14,628 130,652
Corporation income taxes
6 Gross receipts 119,166 123,962 102,947
7 Refunds 13,781 15,776 20,262
8 Social insurance taxes
and contributions, net 353,514 310,122 379,878
9 Employment taxes
and contributions(2) 333,584 297,665 359,648
10 Unemployment insurance 17,562 10,097 17,842
11 Other net receipts(3) 2,368 2,360 2,387
12 Excise taxes 33,532 35,501 32,490
13 Customs deposits 9,218 10,676 9,370
14 Estate and gift taxes 15,073 13,216 15,471
15 Miscellaneous receipts(4) 22,831 16,556 19,517
OUTLAYS
16 All types 892,947 894,905 948,750
17 National defense 143,476 147,651 153,154
18 International affairs 7,250 11,902 6,522
19 General science,
space, and technology 9,601 10,389 10,073
20 Energy -893 -595 -244
21 Natural resources
and environment 10,814 12,907 11,059
22 Agriculture 11,164 20,977 10,832
23 Commerce and housing credit -2,497 4,408 -1,539
24 Transportation 21,054 25,841 23,810
25 Community and regional
development 5,050 5,962 5,265
26 Education, training,
employment, and
social services 31,234 29,263 35,698
27 Health 75,871 81,413 87,427
28 Social security and Medicare 306,966 307,473 328,072
29 Income security 133,915 113,212 146,913
30 Veterans benefits and services 23,174 22,615 23,171
31 Administration of justice 13,981 14,635 14,694
32 General government 6,198 6,461 8,887
33 Net interest(5) 115,545 104,685 107,824
34 Undistributed offsetting
receipts(6) -19,346 -24,070 -22,865
Calendar year
2001
Source or type
Apr. May June
RECEIPTS
1 All sources 331,796 125,590(r) 202,887
2 Individual income taxes, net 220,386(r) 47,391(r) 93,676
3 Withheld 64,489 63,237 53,125
4 Nonwithheld 187,032 13,753 43,804
5 Refunds 31,147(r) 29,609(r) 3,263
Corporation income taxes
6 Gross receipts 26,693 6,453 31,563
7 Refunds 3,308(r) 2,000(r) 1,617
8 Social insurance taxes
and contributions, net 73,887 61,437 66,732
9 Employment taxes
and contributions(2) 68,773 52,210 66,039
10 Unemployment insurance 4,760 8,786 344
11 Other net receipts(3) 354 441 349
12 Excise taxes 5,690 4,390 5,965
13 Customs deposits 1,477 1,501 1,571
14 Estate and gift taxes 4,460(r) 2,465(r) 2,058
15 Miscellaneous receipts(4) 2,510 3,559 2,939
OUTLAYS
16 All types 141,999 153,508(r) 171,025
17 National defense 22,253 26,028 29,382
18 International affairs 1,272 -1,490 2,318
19 General science,
space, and technology 1,547 1,892 1,821
20 Energy -390 -25 536
21 Natural resources
and environment 1,741 2,136 1,915
22 Agriculture 1,272 711 893
23 Commerce and housing credit -260 -907 33
24 Transportation 3,593 4,850 4,643
25 Community and regional
development 855 928 1,205
26 Education, training,
employment, and
social services 4,798 5,907 6,502
27 Health 14,844 14,954 15,768
28 Social security and Medicare 50,826 55,876 61,115
29 Income security 19,913 22,005(r) 21,667
30 Veterans benefits and services 2,164 2,865 5,619
31 Administration of justice 2,562 2,450 2,320
32 General government 1,162 849 2,669
33 Net interest(5) 17,816 18,363 15,912
34 Undistributed offsetting
receipts(6) -3,970 -3,882 -3,294
(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 2002; 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
1999
Item
June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,668 5,685 5,805
2 Public debt securities 5,639 5,656 5,776
3 Held by public 3,685 3,667 3,716
4 Held by agencies 1,954 1,989 2,061
5 Agency securities 29 29 29
6 Held by public 28 28 28
7 Held by agencies 1 1 1
8 Debt subject to statutory limit 5,552 5,568 5,687
9 Public debt securities 5,552 5,568 5,687
10 Other debt 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
2000
Item
Mar. 31 June 30 Sept. 30
1 Federal debt outstanding 5,802 5,714 5,702
2 Public debt securities 5,773 5,686 5,674
3 Held by public 3,688 3,496 3,439
4 Held by agencies 2,085 2,190 2,236
5 Agency securities 28 28 28
6 Held by public 28 28 28
7 Held by agencies 0 0 0
8 Debt subject to statutory limit 5,687 5,601 5,592
9 Public debt securities 5,686 5,601 5,591
10 Other debt 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
2000 2001
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,690 5,801 5,754
2 Public debt securities 5,662 5,774 5,727
3 Held by public 3,414 3,434 3,274
4 Held by agencies 2,249 2,339 2,453
5 Agency securities 27 27 27
6 Held by public 27 27 27
7 Held by agencies 0 0 0
8 Debt subject to statutory limit 5,581 5,693 5,645
9 Public debt securities 5,580 5,692 5,645
10 Other debt 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 Monthly Treasury Statement.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder 1997 1998 1999
1 Total gross public debt 5,502.4 5,614.2 5,776.1
By type
2 Interest-bearing 5,494.9 5,605.4 5,766.1
3 Marketable 3,456.8 3,355.5 3,281.0
4 Bills 715.4 691.0 737.1
5 Notes 2,106.1 1,960.7 1,784.5
6 Bonds 587.3 621.2 643.7
7 Inflation-indexed
notes and bonds(1) 33.0 67.6 100.7
8 Nonmarketable(2) 2,038.1 2,249.9 2,485.1
9 State and local
government series 124.1 165.3 165.7
10 Foreign issues(3) 36.2 34.3 31.3
11 Government 36.2 34.3 31.3
12 Public .0 .0 .0
13 Savings bonds and notes 181.2 180.3 179.4
14 Government account series(4) 1,666.7 1,840.0 2,078.7
15 Non-interest-bearing 7.5 8.8 10.0
By holder(5)
16 U.S. Treasury and other
federal agencies and trust funds 1,657.1 1,828.1 2,064.2
17 Federal Reserve Banks(6) 430.7 452.1 478.0
18 Private investors 3,414.6 3,334.0 3,233.9
19 Depository institutions 300.3 237.3 246.5
20 Mutual funds 321.5 343.2 348.6
21 Insurance companies 176.6 144.5 125.3
22 State and local treasuries(7) 239.3 269.3 266.8
Individuals
23 Savings bonds 186.5 186.6 186.4
24 Pension funds 360.5 375.3 378.9
25 Private 143.5 157.6 167.7
26 State and Local 216.9 217.7 211.2
27 Foreign and international(8) 1,241.6 1,278.7 1,268.7
28 Other miscellaneous investors(7,9) 589.5 499.0 410.8
2000
Type and holder 2000
Q3 Q4
1 Total gross public debt 5,662.2 5,674.2 5,662.2
By type
2 Interest-bearing 5,618.1 5,622.1 5,618.1
3 Marketable 2,966.9 2,992.8 2,966.9
4 Bills 646.9 616.2 646.9
5 Notes 1,557.3 1,611.3 1,557.3
6 Bonds 626.5 635.3 626.5
7 Inflation-indexed
notes and bonds(1) 121.2 115.0 121.2
8 Nonmarketable(2) 2,651.2 2,629.3 2,651.2
9 State and local
government series 151.0 153.3 151.0
10 Foreign issues(3) 27.2 25.4 27.2
11 Government 27.2 25.4 27.2
12 Public .0 .0 .0
13 Savings bonds and notes 176.9 177.7 176.9
14 Government account series(4) 2,266.1 2,242.9 2,266.1
15 Non-interest-bearing 44.2 52.1 44.2
By holder(5)
16 U.S. Treasury and other
federal agencies and trust funds 2,270.2 2,226.5 2,270.2
17 Federal Reserve Banks(6) 511.7 511.4 511.7
18 Private investors 2,880.4 2,936.2 2,880.4
19 Depository institutions 197.8 218.3 197.8
20 Mutual funds 339.0 324.3 339.0
21 Insurance companies 116.6 119.3 116.6
22 State and local treasuries(7) 246.2 241.9 246.2
Individuals
23 Savings bonds 184.8 184.3 184.8
24 Pension funds 387.7 383.1 387.7
25 Private 181.6 179.2 181.6
26 State and Local 206.1 203.9 206.1
27 Foreign and international(8) 1,201.4 1,225.2 1,201.4
28 Other miscellaneous investors(7,9) 218.3 237.9 218.3
2001
Type and holder
Q1 Q2
1 Total gross public debt 5,773.7 5,726.8
By type
2 Interest-bearing 5,752.0 5,682.8
3 Marketable 2,981.9 2,822.3
4 Bills 712.0 620.1
5 Notes 1,499.0 1,441.0
6 Bonds 627.9 616.9
7 Inflation-indexed
notes and bonds(1) 128.0 129.3
8 Nonmarketable(2) 2,770.0 2,860.5
9 State and local
government series 152.9 153.3
10 Foreign issues(3) 24.7 24.0
11 Government 24.7 24.0
12 Public .0 .0
13 Savings bonds and notes 177.4 178.4
14 Government account series(4) 2,360.3 2,474.7
15 Non-interest-bearing 46.5 44.0
By holder(5)
16 U.S. Treasury and other
federal agencies and trust funds 2,357.0 n.a.
17 Federal Reserve Banks(6) 523.9 535.1
18 Private investors 2,892.9 n.a.
19 Depository institutions 188.1 n.a.
20 Mutual funds 348.1 n.a.
21 Insurance companies 112.7 n.a.
22 State and local treasuries(7) 234.l n.a.
Individuals
23 Savings bonds 184.8 n.a.
24 Pension funds 384.9 n.a.
25 Private 181.3 n.a.
26 State and Local 203.6 n.a.
27 Foreign and international(8) 1,196.2 n.a.
28 Other miscellaneous investors(7,9) n.a. 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.) U.S. Treasury securities bought outright by Federal
Reserve Banks, see Bulletin table 1.18.
(7.) 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.
(8.) 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.
(9.) Includes individuals, government-sponsored enterprises,
brokers and dealers, bank personal trusts and estates, corporate
and noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department,
Monthly Statement of the Public Debt of the United States; data
by holder, Federal Reserve Board of Governors, Flow of Funds
Accounts of the United States and U.S. Treasury Department,
Treasury Bulletin, unless otherwise noted.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages
2001
Item
Mar. Apr. May
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 32,043(r) 32,414 23,093
Coupon securities, by maturity
2 Five years or less 170,530 180,666 182,875
3 More than five years 87,263 82,663 86,179
4 Inflation-indexed 1,575 1,847 1,833
Federal agency
5 Discount notes 62,429 61,242 55,738
Coupon securities, by maturity
6 One year or less 998 1,188 1,550
7 More than one year,
but less than
or equal to five years 16,460 18,577 16,787
8 More than five years 13,912(r) 7,125 9,174
9 Mortgage-backed 105,381 107,684 100,310
By type of counterparty
With interdealer broker
10 U.S. Treasury 151,017(r) 152,513(r) 151,800
11 Federal agency 15,012(r) 12,924(r) 12,451
12 Mortgage-backed 34,005 34,441 32,101
With other
13 U.S. Treasury 140,393(r) 145,077(r) 142,180
14 Federal agency 78,786(r) 75,208(r) 70,798
15 Mortgage-backed 71,337 73,244 68,209
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 4,208 3,482 5,125
18 More than five years 16,989 17,079 18,008
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 55 n.a. n.a.
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 1,167 1,022 1,091
27 More than five years 4,188 4,119 3,527
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 85 72 91
32 More than five years 133 118 163
33 Mortgage-backed 1,863 1,024 1,466
2001, week ending
Item
May 2 May 9 May 16
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 20,894 17,560 20,596
Coupon securities, by maturity
2 Five years or less 182,562 196,987 201,426
3 More than five years 82,012 94,801 94,370
4 Inflation-indexed 2,004 1,629 2,650
Federal agency
5 Discount notes 63,766 59,305 52,421
Coupon securities, by maturity
6 One year or less 1,352 1,730 1,588
7 More than one year,
but less than
or equal to five years 17,867 15,792 18,626
8 More than five years 8,307 6,490 8,903
9 Mortgage-backed 79,022 120,064 122,504
By type of counterparty
With interdealer broker
10 U.S. Treasury 150,604 159,235 165,885
11 Federal agency 13,632 12,476 12,561
12 Mortgage-backed 27,882 39,299 31,380
With other
13 U.S. Treasury 136,908 151,742 153,157
14 Federal agency 77,660 70,842 68,977
15 Mortgage-backed 51,140 80,765 91,124
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 3,161 4,387 5,762
18 More than five years 16,015 16,450 16,392
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 n.a. n.a. n.a.
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 696 1,366 1,140
27 More than five years 2,561 3,060 4,111
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 190 196 131
33 Mortgage-backed 932 2,435 1,520
2001, week ending
Item
May 23 May 30 June 6
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 20,583 34,425 34,861
Coupon securities, by maturity
2 Five years or less 163,520 170,148 167,864
3 More than five years 80,939 74,755 82,341
4 Inflation-indexed 1,469 1,633 974
Federal agency
5 Discount notes 52,497 56,532 51,465
Coupon securities, by maturity
6 One year or less 1,194 1,903 1,221
7 More than one year,
but less than
or equal to five years 17,249 14,387 17,689
8 More than five years 13,506 7,244 11,750
9 Mortgage-backed 87,584 72,304 108,791
By type of counterparty
With interdealer broker
10 U.S. Treasury 140,001 144,299 135,599
11 Federal agency 12,696 10,856 14,572
12 Mortgage-backed 31,511 26,367 34,030
With other
13 U.S. Treasury 126,510 136,662 150,441
14 Federal agency 71,750 69,211 67,554
15 Mortgage-backed 56,073 45,937 74,761
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 4,177 7,214 5,936
18 More than five years 19,139 22,237 16,165
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 n.a. n.a. n.a.
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 728 1,285 1,306
27 More than five years 3,133 4,336 3,602
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 n.a. 40 591
33 Mortgage-backed 1,192 863 1,209
2001, week ending
Item
June 13 June 20 June 27
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 19,936 26,042 23,775
Coupon securities, by maturity
2 Five years or less 134,526 158,770 173,345
3 More than five years 63,801 64,580 71,589
4 Inflation-indexed 1,532 1,048 1,542
Federal agency
5 Discount notes 44,842 56,196 56,276
Coupon securities, by maturity
6 One year or less 1,682 1,077 1,448
7 More than one year,
but less than
or equal to five years 21,288 23,634 22,168
8 More than five years 8,003 8,416 7,943
9 Mortgage-backed 137,587 80,404 69,699
By type of counterparty
With interdealer broker
10 U.S. Treasury 115,835 129,802 137,422
11 Federal agency 14,838 14,236 14,597
12 Mortgage-backed 38,899 26,013 28,115
With other
13 U.S. Treasury 103,960 120,638 132,829
14 Federal agency 60,977 75,087 73,238
15 Mortgage-backed 98,689 54,392 41,585
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 3,975 4,122 3,484
18 More than five years 14,300 16,419 14,694
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 n.a. 57 n.a.
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 925 858 1,164
27 More than five years 2,038 2,463 3,225
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 93 n.a. 107
33 Mortgage-backed 779 824 431
(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
2001 2001, week
ending
Item
Mar. Apr. May May 2
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 20,272 30,544 -332 1,469
Coupon securities, by
maturity
2 Five years or less -14,721 -17,951 -17,389 -24,868
3 More than five years -6,315 -7,938 -12,752 -9,514
4 Inflation-indexed 4,146 4,196 4,128 4,026
Federal agency
5 Discount notes 36,096 49,374 51,428 47,111
Coupon securities, by
maturity
6 One year or less 16,162 15,777 13,828 15,529
7 More than one year,
but less than or
equal to five years 5,802 7,171 8,882 9,759
8 More than five years 8,578 8,699 6,255 8,222
9 Mortgage-backed 9,611 12,181 16,811 14,358
NET FUTURES POSITIONS(4)
By type of deliverable
security
10 U.S. Treasury bills n.a. n.a. n.a. n.a.
Coupon securities, by
maturity
11 Five years or less -1,421 -1,673 1,001 -1,842
12 More than five years -10,207 -5,836 -5,698 -3,659
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities, by
maturity
15 One year or less 0 0 0 0
16 More than one year,
but less than or
equal to five years 0 0 0 0
17 More than five years -341 -335 -302 -253
18 Mortgage-backed 0 0 0 0
NET OPTIONS POSITIONS
By type of deliverable
security
19 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
20 Five years or less 295 -356 764 735
21 More than five years 730 658 2,077 956
22 Inflation-indexed 0 0 0 0
Federal agency
23 Discount notes 0 0 0 0
Coupon securities, by
maturity
24 One year or less 0 0 0 0
25 More than one year,
but less than or
equal to five years 355 302 291 411
26 More than five years 593 103 329 350
27 Mortgage-backed 2,485 1,368 892 823
Financing(5)
Reverse repurchase
agreements
28 Overnight and continuing 376,076 366,382 383,190 374,868
29 Term 881,202 925,786 953,256 961,871
Securities borrowed
30 Overnight and continuing 278,034 280,746 295,962 293,294
31 Term 123,908 125,608 120,829 126,859
Securities received as
pledge
32 Overnight and continuing 3,391 3,161 3,323 3,251
33 Term n.a. n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 836,852 869,117 865,375 853,874
35 Term 842,163 852,132 877,681 888,398
Securities loaned
36 Overnight and continuing 9,463 9,626 9,826 9,346
37 Term 4,429 4,411 4,565 4,303
Securities pledged
38 Overnight and continuing 50,758 53,318 56,976 56,220
39 Term 5,938 6,529 7,482 6,753
Collateralized loans
40 Total 23,731 24,336 23,680 23,123
2001, week ending
Item
May 9 May 16 May 23 May 30
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 387 -1,152 -3,039 590
Coupon securities, by
maturity
2 Five years or less -10,566 -17,324 -20,578 -19,455
3 More than five years -12,556 -13,569 -12,359 -13,165
4 Inflation-indexed 3,420 3,907 5,444 3,762
Federal agency
5 Discount notes 47,215 51,112 51,121 56,934
Coupon securities, by
maturity
6 One year or less 14,666 12,933 13,294 14,038
7 More than one year,
but less than or
equal to five years 7,730 7,246 11,572 8,931
8 More than five years 7,161 5,873 6,562 5,008
9 Mortgage-backed 13,940 15,511 16,402 21,585
NET FUTURES POSITIONS(4)
By type of deliverable
security
10 U.S. Treasury bills n.a. n.a. n.a. n.a.
Coupon securities, by
maturity
11 Five years or less -1,949 1,174 1,881 3,684
12 More than five years -6,652 -6,233 -5,458 -4,833
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities, by
maturity
15 One year or less 0 0 0 0
16 More than one year,
but less than or
equal to five years 0 0 0 0
17 More than five years -266 -372 -270 -313
18 Mortgage-backed 0 0 0 0
NET OPTIONS POSITIONS
By type of deliverable
security
19 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
20 Five years or less 1,724 1,356 276 -220
21 More than five years 1,429 2,000 3,246 1,938
22 Inflation-indexed 0 0 0 0
Federal agency
23 Discount notes 0 0 0 0
Coupon securities, by
maturity
24 One year or less 0 0 0 0
25 More than one year,
but less than or
equal to five years 565 459 328 -164
26 More than five years 607 135 299 253
27 Mortgage-backed -41 1,135 1,543 772
Financing(5)
Reverse repurchase
agreements
28 Overnight and continuing 377,131 396,864 376,925 383,646
29 Term 1,018,020 865,077 946,881 973,678
Securities borrowed
30 Overnight and continuing 294,510 308,057 298,110 284,010
31 Term 128,300 115,417 118,057 120,611
Securities received as
pledge
32 Overnight and continuing 3,694 3,450 3,148 2,843
33 Term n.a. n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 870,984 874,702 862,049 852,035
35 Term 934,216 802,259 869,971 895,796
Securities loaned
36 Overnight and continuing 9,681 10,371 9,665 9,582
37 Term 4,883 4,552 4,451 4,467
Securities pledged
38 Overnight and continuing 58,123 57,947 57,773 54,674
39 Term 6,685 7,753 7,809 7,827
Collateralized loans
40 Total 23,209 24,038 20,984 26,080
2001, week ending
Item
June 6 June 13 June 20
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 9,269 4,271 -485
Coupon securities, by
maturity
2 Five years or less -13,855 -20,675 -20,021
3 More than five years -14,754 -10,342 -9,609
4 Inflation-indexed 4,181 3,120 3,439
Federal agency
5 Discount notes 55,382 61,718 54,516
Coupon securities, by
maturity
6 One year or less 13,107 12,921 13,138
7 More than one year,
but less than or
equal to five years 7,474 6,911 6,307
8 More than five years 5,236 7,661 8,063
9 Mortgage-backed 20,369 17,004 17,128
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 1,195 2,186 1,610
12 More than five years -7,089 -4,303 -6,837
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 -321 -387 -429
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 272 687 654
21 More than five years 2,192 2,494 2,314
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 -106 -53 57
26 More than five years 434 245 288
27 Mortgage-backed 2,128 1,518 2,228
Financing(5)
Reverse repurchase
agreements
28 Overnight and continuing 387,199 374,728 360,779
29 Term 1,001,600 1,024,000 1,055,391
Securities borrowed
30 Overnight and continuing 295,432 297,057 302,844
31 Term 115,286 120,587 119,399
Securities received as
pledge
32 Overnight and continuing 4,576 4,012 3,998
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 900,477 899,998 903,325
35 Term 915,611 934,937 958,305
Securities loaned
36 Overnight and continuing 10,809 11,018 9,504
37 Term 4,425 4,360 4,409
Securities pledged
38 Overnight and continuing 54,207 53,674 55,607
39 Term 7,921 8,213 8,078
Collateralized loans
40 Total 27,658 32,890 24,938
(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 1997 1998 1999
1 Federal and federally sponsored
agencies 1,022,609 1,296,477 1,616,492
2 Federal agencies 27,792 26,502 26,376
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) 552 n.a. n.a.
5 Federal Housing
Administration(4) 102 205 126
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 27,786 26,496 26,370
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 994,817 1,269,975 1,590,116
11 Federal Home Loan Banks 313,919 382,131 529,005
12 Federal Home Loan Mortgage
Corporation 169,200 287,396 360,711
13 Federal National Mortgage
Association 369,774 460,291 547,619
14 Farm Credit Banks(8) 63,517 63,488 68,883
15 Student Loan Marketing
Association(9) 37,717 35,399 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 debt(13) 49,090 44,129 42,152
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) 552 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 13,530 9,500 6,665
26 Rural Electrification
Administration 14,898 14,091 14,085
27 Other 20,110 20,538 21,402
2000 2001
Agency 2000
Dec. Jan.
1 Federal and federally sponsored
agencies 1,851,632 1,851,632 n.a.
2 Federal agencies 25,666 25,666 25,426
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 255 255 275
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 25,660 25,660 25,420
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 1,825,966 1,825,966 1,873,199
11 Federal Home Loan Banks 594,404 594,404 604,904
12 Federal Home Loan Mortgage
Corporation 426,899 426,899 446,997
13 Federal National Mortgage
Association 642,700 642,700 654,200
14 Farm Credit Banks(8) 74,181 74,181 73,925
15 Student Loan Marketing
Association(9) 45,375 45,375 50,669
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) 40,575 40,575 39,348
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 5,275 5,275 5,155
26 Rural Electrification
Administration 13,126 13,126 13,197
27 Other 22,174 22,174 20,996
2001
Agency
Feb. Mar. Apr.
1 Federal and federally sponsored
agencies 1,917,503 1,919,761 n.a.
2 Federal agencies 25,141 25,063 n.a.
3 Defense Department(1) 6 6 n.a.
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 291 307 n.a.
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 25,135 25,057 n.a.
9 United States Railway
Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 1,892,362 1,894,698 n.a.
11 Federal Home Loan Banks 598,586 602,824 n.a.
12 Federal Home Loan Mortgage
Corporation 455,623 461,338 478,447
13 Federal National Mortgage
Association 668,200 666,600 682,500
14 Farm Credit Banks(8) 73,647 74,174 74,456
15 Student Loan Marketing
Association(9) 53,886 47,322 n.a.
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) 38,924 39,341 n.a.
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 5,155 5,155 n.a.
26 Rural Electrification
Administration 13,281 13,371 n.a.
27 Other 20,488 20,815 n.a.
(1.) Consists of mortgages assumed by the Defense Department between
1957 and 1963 under family housing and homeowners assistance programs.
(2.) Includes participation certificates reclassified as debt beginning
Oct. 1, 1976.
(3.) On-budget since Sept. 30, 1976.
(4.) Consists of debentures issued in payment of Federal Housing
Administration insurance claims. Once issued, these securities may be
sold privately on the securities market.
(5.) Certificates of participation issued before fiscal year 1969 by
the Government National Mortgage Association acting as trustee for the
Farmers Home Administration; the Department of Health, Education, and
Welfare; the Department of Housing and Urban Development; the Small
Business Administration: and the Veterans Administration.
(6.) Off-budget.
(7.) Includes outstanding noncontingent liabilities: notes, bonds, and
debentures. Includes Federal Agricultural Mortgage Corporation;
therefore, details do not sum to total. Some data are estimated.
(8.) Excludes borrowing by the Farm Credit Financial Assistance
Corporation, which is shown on line 17.
(9.) Before late 1982, the association obtained financing through the
Federal Financing Bank (FFB). Borrowing excludes that obtained from the
FFB, which is shown on line 22.
(10.) The Financing Corporation, established in August 1987 to
recapitalize the Federal Savings and Loan Insurance Corporation,
undertook its first borrowing in October 1987.
(11.) The Farm Credit Financial Assistance Corporation, established
in January 1988 to provide assistance to the Farm Credit System,
undertook its first borrowing in July 1988.
(12.) The Resolution Funding Corporation, established by the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989, undertook
its first borrowing in October 1989.
(13.) The FFB, which began operations in 1974, is authorized to
purchase or sell obligations issued, sold, or guaranteed by other
federal agencies. Because FFB incurs debt solely for the purpose of
lending to other agencies, its debt is not included in the main portion
of the table to avoid double counting.
(14.) Includes FFB purchases of agency assets and guaranteed loans; the
latter are loans guaranteed by numerous agencies, with the amounts
guaranteed by any one agency generally being small. The Farmers Home
Administration entry consists exclusively of agency assets, whereas the
Rural Electrification Administration entry consists of both agency
assets and guaranteed loans.
1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments
Millions of dollars
Type of issue or issuer, 1998 1999 2000
or use
1 All issues, new and
refunding(1) 262,342 215,427 180,403
By type of issue
2 General obligation 87,015 73,308 64,475
3 Revenue 175,327 142,120 115,928
By type of issuer
4 State 23,506 16,376 19,944
5 Special district or statutory
authority(2) 178,421 152,418 111,695
6 Municipality, county, or
township 60,173 46,634 39,273
7 Issues for new capital 160,568 161,065 154,257
By use of proceeds
8 Education 36,904 36,563 38,665
9 Transportation 19,926 17,394 19,730
10 Utilities and conservation 21,037 15,098 11,917
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 8,594 9,099 7,122
13 Other purposes 42,450 47,896 47,309
2000 2001
Type of issue or issuer,
or use
Nov. Dec. Jan. Feb.
1 All issues, new and
refunding(1) 18,079 15,348 11,255 19,829
By type of issue
2 General obligation 5,044 5,060 6,256 9,389
3 Revenue 13,036 10,288 4,999 10,441
By type of issuer
4 State 1,942 1,640 1,738 3,268
5 Special district or statutory
authority(2) 12,311 1,053 7,061 11,011
6 Municipality, county, or
township 3,827 3,165 2,456 5,550
7 Issues for new capital 14,520 13,286 8,758 13,384
By use of proceeds
8 Education 3,446 2,919 2,786 3,102
9 Transportation 2,124 1,381 780 2,411
10 Utilities and conservation 1,973 1,307 678 1,335
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 500 615 63 281
13 Other purposes 3,787 4,264 3,013 4,742
2001
Type of issue or issuer,
or use
Mar. Apr. May June
1 All issues, new and
refunding(1) 24,495 16,985 26,248 29,298
By type of issue
2 General obligation 7,668 6,890 8,385 9,691
3 Revenue 16,827 10,094 17,863 19,606
By type of issuer
4 State 1,893 1,900 3,123 2,905
5 Special district or statutory
authority(2) 17,280 113,344 17,281 20,672
6 Municipality, county, or
township 5,323 3,740 5,845 5,721
7 Issues for new capital 15,387 12,264 20,002 20,044
By use of proceeds
8 Education 5,343 3,731 5,714 6,460
9 Transportation 1,219 1,381 2,522 1,258
10 Utilities and conservation 1,677 1,447 2,969 3,191
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 396 436 422 443
13 Other purposes 4,368 3,010 4,736 5,047
(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, 1998 1999 2000
or issuer
1 All issues(1) 1,128,491 1,072,866 942,198
2 Bonds(2) 1,001,736 941,298 807,281
By type of offering
3 Sold in the United States 923,771 818,683 684,484
4 Sold abroad 77,965 122,615 122,798
MEMO
5 Private placements,
domestic n.a. n.a. n.a.
By industry group
6 Nonfinancial 307,711 293,963 242,452
7 Financial 694,025 647,335 564,829
8 Stocks(3) 182,055 223,968 283,717
By type of offering
9 Public 126,755 131,568 134,917
10 Private placement(4) 55,300 92,400 148,800
By industry, group
11 Nonfinancial 74,113 110,284 118,369
12 Financial 52,642 21,284 16,548
2000 2001
Type of issue, offering,
or issuer
Oct. Nov. Dec. Jan.
1 All issues(1) 62,466 95,595 61,378 125,894
2 Bonds(2) 53,345 84,094 58,713 118,372
By type of offering
3 Sold in the United States 47,415 76,383 57,189 115,583
4 Sold abroad 5,930 7,712 1,525 2,789
MEMO
5 Private placements,
domestic 127 5,534 3,709 26
By industry group
6 Nonfinancial 12,547 25,784 18,219 44,443
7 Financial 40,799 58,310 40,495 73,928
8 Stocks(3) 21,521 23,901 15,065 7,522
By type of offering
9 Public 9,121 11,501 2,665 7,522
10 Private placement(4) 12,400 12,400 12,400 n.a.
By industry, group
11 Nonfinancial 8,278 10,794 2,146 4,356
12 Financial 843 707 519 3,166
2001
Type of issue, offering,
or issuer
Feb. Mar. Apr. May
1 All issues(1) 96,206 139,267 92,778(r) 164,373
2 Bonds(2) 88,806 127,956 86,274 154,623
By type of offering
3 Sold in the United States 86,146 118,779 81,156 146,164
4 Sold abroad 2,660 9,177 5,117 8,459
MEMO
5 Private placements,
domestic 1,897 652 0 2,563
By industry group
6 Nonfinancial 34,604 44,385 33,549 67,142
7 Financial 54,201 83,571 52,725 87,481
8 Stocks(3) 7,400 11,311 6,504(r) 9,750
By type of offering
9 Public 7,400 11,311 6,504(r) 9,750
10 Private placement(4) n.a. n.a. n.a. n.a.
By industry, group
11 Nonfinancial 4,463 7,718 4,822(r) 6,809
12 Financial 2,937 3,593 1,682(r) 2,941
(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)
Millions of dollars
2000
Item 1999 2000
Nov. Dec.
1 Sales of own
shares(2) 1,791,894 2,279,315 143,412 170,255
2 Redemptions of own
shares 1,621,987 2,057,277 138,791 160,918
3 Net sales(3) 169,906 222,038 4,621 9,337
4 Assets(4) 5,233,191 5,123,747 4,993,008 5,123,747
5 Cash(5) 219,189 277,386 300,133 277,386
6 Other 5,014,002 4,846,361 4,692,875 4,846,361
2001
Item
Jan. Feb. Mar.
1 Sales of own
shares(2) 206,765 148,362 162,548
2 Redemptions of own
shares 171,819 141,663 175,633
3 Net sales(3) 34,946 6,699 -13,085
4 Assets(4) 5,280,222 4,879,229 4,594,182
5 Cash(5) 280,472 274,077 241,518
6 Other 4,999,750 4,605,152 4,352,664
2001
Item
Apr. May(r) June
1 Sales of own
shares(2) 152,327 158,361 140,085
2 Redemptions of own
shares 130,454 132,574 125,435
3 Net sales(3) 21,873 25,787 14,650
4 Assets(4) 4,910,568 4,956,982 4,887,681
5 Cash(5) 247,169 237,487 240,954
6 Other 4,663,399 4,719,495 4,646,727
(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
Account 1998(r) 1999(r) 2000(r)
1 Profits with inventory valuation and
capital consumption adjustment 777.4 825.2 876.4
2 Profits before taxes 721.1 776.3 845.4
3 Profits-tax liability 238.8 253.0 271.5
4 Profits after taxes 482.3 523.3 573.9
5 Dividends 348.7 343.5 379.6
6 Undistributed profits 133.6 179.8 194.3
7 Inventory valuation 18.3 -2.9 -12.4
8 Capital consumption adjustment 38.0 51.7 43.4
1999(r) 2000(r)
Account
Q3 Q4 Q1 Q2
1 Profits with inventory valuation and
capital consumption adjustment 800.2 857.6 870.3 892.8
2 Profits before taxes 765.8 825.0 844.9 862.0
3 Profits-tax liability 250.7 267.3 277.0 280.4
4 Profits after taxes 515.1 557.7 567.8 581.6
5 Dividends 342.2 349.6 361.5 373.7
6 Undistributed profits 172.9 208.1 206.3 207.9
7 Inventory valuation -17.7 -21.0 -23.8 -14.8
8 Capital consumption adjustment 52.1 53.6 49.2 45.5
2000(r) 2001
Account
Q3 Q4 Q1(r) Q2
1 Profits with inventory valuation and
capital consumption adjustment 895.0 847.6 789.8 n.a.
2 Profits before taxes 858.3 816.5 755.7 n.a.
3 Profits-tax liability 274.9 253.5 236.8 n.a.
4 Profits after taxes 583.4 563.0 518.9 n.a.
5 Dividends 386.2 397.0 405.2 412.3
6 Undistributed profits 197.2 165.9 113.7 n.a.
7 Inventory valuation -3.6 -7.3 -1.9 n.a.
8 Capital consumption adjustment 40.4 38.4 36.0 31.8
SOURCE. U.S. Department of Commerce, Survey of Current Business.
1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1)
Billions of dollars, end of period; not seasonally adjusted
Account 1998 1999 2000
ASSETS
1 Accounts receivable,
gross(2) 711.7 811.5 915.6
2 Consumer 261.8 279.8 296.1
3 Business 347.5 405.2 471.1
4 Real estate 102.3 126.5 148.3
5 LESS: Reserves for unearned
income 56.3 53.5 60.0
6 Reserves for losses 13.8 13.5 15.1
7 Accounts receivable, net 641.6 744.6 840.5
8 All other 337.9 406.3 461.8
9 Total assets 979.5 1,150.9 1,302.4
LIABILITIES AND CAPITAL
10 Bank loans 26.3 35.1 35.6
11 Commercial paper 231.5 227.9 235.2
Debt
12 Owed to parent 61.8 123.8 146.5
13 Not elsewhere classified 339.7 397.0 463.8
14 All other liabilities 203.2 222.7 279.7
15 Capital, surplus, and
undivided profits 117.0 144.5 141.6
16 Total liabilities and
capital 979.5 1,150.9 1,302.4
1999 2000
Account
Q3 Q4 Q1
ASSETS
1 Accounts receivable,
gross(2) 776.3 811.5 848.7
2 Consumer 271.0 279.8 285.4
3 Business 383.0 405.2 434.6
4 Real estate 122.3 126.5 128.8
5 LESS: Reserves for unearned
income 54.0 53.5 54.0
6 Reserves for losses 13.6 13.5 14.0
7 Accounts receivable, net 708.6 744.6 780.7
8 All other 368.5 406.3 412.7
9 Total assets 1,077.2 1,150.9 1,193.4
LIABILITIES AND CAPITAL
10 Bank loans 27.0 35.1 28.5
11 Commercial paper 205.3 227.9 230.2
Debt
12 Owed to parent 84.5 123.8 145.1
13 Not elsewhere classified 396.2 397.0 412.0
14 All other liabilities 216.0 222.7 247.6
15 Capital, surplus, and
undivided profits 148.2 144.5 130.1
16 Total liabilities and
capital 1,077.2 1,150.9 1,193.4
2000 2001
Account
Q2 Q3 Q4 Q1
ASSETS
1 Accounts receivable,
gross(2) 884.4 900.1 915.6 916.6
2 Consumer 294.1 301.9 296.1 292.9
3 Business 454.1 455.7 471.1 472.1
4 Real estate 136.2 142.4 148.3 151.6
5 LESS: Reserves for unearned
income 57.1 58.8 60.0 60.3
6 Reserves for losses 14.4 14.2 15.1 15.6
7 Accounts receivable, net 813.0 827.1 840.5 840.7
8 All other 418.3 441.4 461.8 474.8
9 Total assets 1,231.3 1,268.4 1,302.4 1,315.5
LIABILITIES AND CAPITAL
10 Bank loans 32.5 35.4 35.6 41.2
11 Commercial paper 221.3 215.6 235.2 178.3
Debt
12 Owed to parent 137.1 144.3 146.5 138.5
13 Not elsewhere classified 445.4 465.5 463.8 501.9
14 All other liabilities 259.3 269.2 279.7 299.7
15 Capital, surplus, and
undivided profits 135.6 138.3 141.6 151.0
16 Total liabilities and
capital 1,231.3 1,268.4 1,302.4 1,310.6
(1.) Includes finance company subsidiaries of bank holding companies
but not of retailers and banks. Data are amounts carried on the balance
sheets of finance companies; securitized pools are not shown, as they
are not on the books.
(2.) Before deduction for unearned income and losses. Excludes pools of
securitized assets.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)
Billions of dollars, amounts outstanding
Type of credit 1998 1999 2000
Seasonally adjusted
1 Total 875.8 993.9 1,145.2
2 Consumer 352.8 385.3 439.3
3 Real estate 131.4 154.7 174.9
4 Business 391.6 453.9 531.0
Not seasonally adjusted
5 Total 884.0 1,003.2 1,156.0
6 Consumer 356.1 388.8 443.4
7 Motor vehicles loans 103.1 114.7 122.5
8 Motor vehicle leases 93.3 98.3 102.9
9 Revolving(2) 32.3 33.8 38.3
10 Other(3) 33.1 33.1 32.4
Securitized assets(4)
11 Motor vehicle loans 54.8 71.1 97.1
12 Motor vehicle leases 12.7 9.7 6.6
13 Revolving 8.7 10.5 27.5
14 Other 18.1 17.7 16.0
15 Real estate 131.4 154.7 174.9
16 One- to four-family 75.7 88.3 105.4
17 Other 26.6 38.3 42.9
Securitized real estate
assets(4)
18 One- to four-family 29.0 28.0 24.7
19 Other .1 .2 1.9
20 Business 396.5 459.6 537.7
21 Motor vehicles 79.6 87.8 95.2
22 Retail loans 28.1 33.2 31.0
23 Wholesale loans(5) 32.8 34.7 39.6
24 Leases 18.7 19.9 24.6
25 Equipment 198.0 221.9 267.3
26 Loans 50.4 52.2 56.2
27 Leases 147.6 169.7 211.1
28 Other business
receivables(6) 69.9 95.5 108.6
Securitized assets(4)
29 Motor vehicles 29.2 31.5 37.8
30 Retail loans 2.6 2.9 3.2
31 Wholesale loans 24.7 26.4 32.5
32 Leases 1.9 2.1 2.2
33 Equipment 13.0 14.6 23.1
34 Loans 6.6 7.9 15.5
35 Leases 6.4 6.7 7.6
36 Other business
receivables(6) 6.8 8.4 5.6
2000 2001
Type of credit
Dec. Jan. Feb.
Seasonally adjusted
1 Total 1,145.2 1,156.7 1,159.7
2 Consumer 439.3 443.8 447.1
3 Real estate 174.9 177.7 179.0
4 Business 531.0 535.2 533.6
Not seasonally adjusted
5 Total 1,156.0 1,156.7 1,159.7
6 Consumer 443.4 443.9 445.1
7 Motor vehicles loans 122.5 117.5 118.5(r)
8 Motor vehicle leases 102.9 103.3 102.4(r)
9 Revolving(2) 38.3 37.1 36.9(r)
10 Other(3) 32.4 32.4 32.0(r)
Securitized assets(4)
11 Motor vehicle loans 97.1 103.9 105.2
12 Motor vehicle leases 6.6 6.3 6.9
13 Revolving 27.5 27.6 27.6
14 Other 16.0 15.8 15.5
15 Real estate 174.9 177.7 179.0
16 One- to four-family 105.4 108.2 109.5(r)
17 Other 42.9 43.2 43.4
Securitized real estate
assets(4)
18 One- to four-family 24.7 24.4 24.2
19 Other 1.9 1.9 1.9
20 Business 537.7 535.1 535.6
21 Motor vehicles 95.2 93.6 93.6
22 Retail loans 31.0 30.8 30.7(r)
23 Wholesale loans(5) 39.6 38.2 37.6(r)
24 Leases 24.6 24.6 25.3(r)
25 Equipment 267.3 265.6 262.5
26 Loans 56.2 56.3 55.6(r)
27 Leases 211.1 209.3 206.9(r)
28 Other business
receivables(6) 108.6 110.4 114.5(r)
Securitized assets(4)
29 Motor vehicles 37.8 37.3 37.2
30 Retail loans 3.2 3.1 2.9
31 Wholesale loans 32.5 32.1 31.7
32 Leases 2.2 2.2 2.6
33 Equipment 23.1 22.5 22.2
34 Loans 15.5 14.7 14.5
35 Leases 7.6 7.8 7.8
36 Other business
receivables(6) 5.6 5.6 5.6
2001
Type of credit
Mar. Apr. May
Seasonally adjusted
1 Total 1,158.6 1,171.4(r) 1,171.2
2 Consumer 449.8 456.3(r) 454.2
3 Real estate 177.7 182.5 184.4
4 Business 531.1 532.6 532.5
Not seasonally adjusted
5 Total 1,163.1 1,173.7(r) 1,174.4
6 Consumer 445.7 451.0(r) 451.7
7 Motor vehicles loans 118.9(r) 127.0(r) 127.7
8 Motor vehicle leases 101.3(r) 101.9(r) 101.7
9 Revolving(2) 35.6(r) 36.0(r) 37.5
10 Other(3) 31.3(r) 28.2(r) 26.6
Securitized assets(4)
11 Motor vehicle loans 108.1 106.1 107.8
12 Motor vehicle leases 6.6 7.0 6.9
13 Revolving 27.6 28.8 27.8
14 Other 16.2 16.0(r) 15.7
15 Real estate 177.7 182.5 184.4
16 One- to four-family 108.1(r) 112.3(r) 114.4
17 Other 43.8(r) 43.8 43.9
Securitized real estate
assets(4)
18 One- to four-family 23.9 23.8(r) 23.6
19 Other 1.9 2.6 2.6
20 Business 539.7 540.2 538.2
21 Motor vehicles 91.9(r) 91.0 90.8
22 Retail loans 30.5(r) 29.9(r) 29.8
23 Wholesale loans(5) 35.8(r) 35.3(r) 35.2
24 Leases 25.6(r) 25.8(r) 25.8
25 Equipment 264.6 267.5 268.0
26 Loans 57.1(r) 57.1(r) 57.1
27 Leases 207.5(r) 210.4(r) 210.9
28 Other business
receivables(6) 115.2(r) 113.5(r) 112.1
Securitized assets(4)
29 Motor vehicles 40.0 40.3 40.0
30 Retail loans 2.8 3.1 3.0
31 Wholesale loans 34.5 34.6 34.3
32 Leases 2.6 2.6 2.7
33 Equipment 22.5 22.2 21.6
34 Loans 14.6 14.4 13.9
35 Leases 7.9 7.8 7.7
36 Other business
receivables(6) 5.6 5.7 5.7
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 1998 1999 2000
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 195.2 210.7 234.5
2 Amount of loan (thousands of
dollars) 151.1 161.7 177.0
3 Loan-to-price ratio
(percent) 80.0 78.7 77.4
4 Maturity (years) 28.4 28.8 29.2
5 Fees and charges (percent of
loan amount)(2) .89 .77 .70
Yield (percent per year)
6 Contract rate(1) 6.95 6.94 7.41
7 Effective rate(1,3) 7.08 7.06 7.52
8 Contract rate
(HUD series)(4) 7.00 7.45 n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages
(Section 203)(5) 7.04 7.74 n.a.
10 GNMA securities(6) 6.43 7.03 7.57
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of
period)
11 Total 414,515 523,941 610,122
12 FHA/VA insured 33,770 55,318 61,539
13 Conventional 380,745 468,623 548,583
14 Mortgage transactions
purchased (during period) 188,448 195,210 154,231
Mortgage commitments
(during period)
15 Issued(7) 193,795 187,948 163,689
16 To sell(8) 1,880 5,900 11,786
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 255,010 324,443 385,693
18 FHA/VA insured 785 1,836 3,332
19 Conventional 254,225 322,607 382,361
Mortgage transactions
(during period)
20 Purchases 267,402 239,793 174,043
21 Sales 250,565 233,031 166,901
22 Mortgage commitments
contracted (during
period)(9) 281,899 228,432 169,231
2000 2001
Item
Dec. Jan. Feb.
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 250.0 238.7 245.0
2 Amount of loan (thousands of
dollars) 187.3 181.6 185.4
3 Loan-to-price ratio
(percent) 76.5 78.2 77.9
4 Maturity (years) 29.1 29.4 29.0
5 Fees and charges (percent of
loan amount)(2) .73 .71 .70
Yield (percent per year)
6 Contract rate(1) 7.29 7.09 6.99
7 Effective rate(1,3) 7.40 7.20 7.10
8 Contract rate
(HUD series)(4) n.a. n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages
(Section 203)(5) n.a. n.a. n.a.
10 GNMA securities(6) 6.83 6.57 6.61
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of
period)
11 Total 610,122 623,950 632,850
12 FHA/VA insured 61,539 62,970 63,337
13 Conventional 548,583 560,980 569,513
14 Mortgage transactions
purchased (during period) 17,193 20,598 17,230
Mortgage commitments
(during period)
15 Issued(7) 20,120 27,325 25,471
16 To sell(8) 1,436 766 835
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 385,693 391,679 407,086
18 FHA/VA insured 3,332 3,307 3,319
19 Conventional 382,361 388,372 403,767
Mortgage transactions
(during period)
20 Purchases 24,313 15,658 16,536
21 Sales 22,277 15,364 15,549
22 Mortgage commitments
contracted (during
period)(9) 21,780 18,685 17,664
2001
Item
Mar. Apr. May June
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 244.5 240.8 241.4 250.6
2 Amount of loan (thousands of
dollars) 182.9 181.5 181.4 188.7
3 Loan-to-price ratio
(percent) 77.2 77.6 77.6 77.3
4 Maturity (years) 28.8 28.5 28.6 28.7
5 Fees and charges (percent of
loan amount)(2) .66 .71 .69 .66
Yield (percent per year)
6 Contract rate(1) 6.94 6.96 7.02 7.02
7 Effective rate(1,3) 7.04 7.07 7.12 7.12
8 Contract rate
(HUD series)(4) n.a. n.a. n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages
(Section 203)(5) n.a. n.a. n.a. n.a.
10 GNMA securities(6) 6.41 6.53 6.61 6.55
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of
period)
11 Total n.a. n.a. n.a. n.a.
12 FHA/VA insured n.a. n.a. n.a. n.a.
13 Conventional n.a. n.a. n.a. n.a.
14 Mortgage transactions
purchased (during period) 20,899 24,015 16,825 24,430
Mortgage commitments
(during period)
15 Issued(7) n.a. n.a. n.a. n.a.
16 To sell(8) n.a. n.a. n.a. n.a.
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings (end of
period)(8)
17 Total 421,655 430,960 437,582 443,810
18 FHA/VA insured 3,329 2,878 2,785 2,738
19 Conventional 418,326 428,082 434,797 441,072
Mortgage transactions
(during period)
20 Purchases 24,648 n.a. n.a. n.a.
21 Sales 23,367 31,219 33,670 38,133
22 Mortgage commitments
contracted (during
period)(9) 26,682 32,758 39,897 37,312
(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 the Federal National
Mortgage Association exclude swap activity.
1.54 MORTGAGE DEBT OUTSTANDING(1)
Millions of dollars, end of period
Type of holder and property 1997 1998 1999
1 All holders 5,198,237 5,698,389 6,326,415
By type of property
2 One- to four-family residences 3,968,218 4,348,553 4,773,876
3 Multifamily residences 302,642 330,718 372,619
4 Nonfarm nonresidential 837,077 922,612 1,076,958
5 Farm 90,300 96,506 102,962
By type of holder
6 Major financial institutions 2,084,000 2,195,869 2,396,265
7 Commercial banks(2) 1,245,334 1,338,273 1,496,844
8 One- to four-family 745,777 798,009 880,208
9 Multifamily 50,705 54,174 67,666
10 Nonfarm, nonresidential 421,865 457,054 517,130
11 Farm 26,987 29,035 31,839
12 Savings institutions(3) 631,826 643,957 668,634
13 One- to four-family 520,782 533,895 549,046
14 Multifamily 59,540 56,847 59,168
15 Nonfarm, nonresidential 51,150 52,798 59,945
16 Farm 354 417 475
17 Life insurance companies 206,840 213,640 230,787
18 One- to four-family 7,187 6,590 5,934
19 Multifamily 30,402 31,522 32,818
20 Nonfarm nonresidential 158,779 164,004 179,048
21 Farm 10,472 11,524 12,987
22 Federal and related agencies 286,194 293,602 322,132
23 Government National Mortgage
Association 8 7 7
24 One- to four-family 8 7 7
25 Multifamily 0 0 0
26 Farmers Home Administration(4) 41,195 40,851 73,871
27 One- to four-family 17,253 16,895 16,506
28 Multifamily 11,720 11,739 11,741
29 Nonfarm, nonresidential 7,370 7,705 41,355
30 Farm 4,852 4,513 4,268
31 Federal Housing and Veterans'
Administrations 3,811 3,674 3,712
32 One- to four-family 1,767 1,849 1,851
33 Multifamily 2,044 1,825 1,861
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 724 361 152
40 One- to four-family 117 58 25
41 Multifamily 140 70 29
42 Nonfarm, nonresidential 467 233 98
43 Farm 0 0 0
44 Federal National Mortgage
Association 161,308 157,675 151,500
45 One- to four-family 149,831 147,594 141,195
46 Multifamily 11,477 10,081 10,305
47 Federal Land Banks 30,657 32,983 34,187
48 One- to four-family 1,804 1,941 2,012
49 Farm 0 0 0
50 Federal Home Loan Mortgage
Corporation 48,454 57,085 56,676
51 One- to four-family 42,629 49,106 44,321
52 Multifamily 5,825 7,979 12,355
53 Mortgage pools or trusts(5) 2,232,848 2,581,969 2,947,760
54 Government National Mortgage
Association 536,879 537,446 582,263
55 One- to four-family 523,225 522,498 565,189
56 Multifamily 13,654 14,948 17,074
57 Federal Home Loan Mortgage
Corporation 579,385 646,459 749,081
58 One- to four-family 576,846 643,465 744,619
59 Multifamily 2,539 2,994 4,462
60 Federal National Mortgage
Association 709,582 834,517 960,883
61 One- to four-family 687,981 804,204 924,941
62 Multifamily 21,601 30,313 35,942
63 Farmers Home Administration(4) 2 1 0
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 2 1 0
68 Private mortgage conduits 407,000 563,546 655,533
69 One- to four-family(6) 310,659 405,153 455,021
70 Multifamily 20,907 33,754 42,226
71 Nonfarm, nonresidential 75,434 124,639 158,287
72 Farm 0 0 0
73 Individuals and others(7) 595,195 626,949 660,258
74 One- to four-family 382,315 416,335 441,205
75 Multifamily 72,088 74,462 76,740
76 Nonfarm, nonresidential 122,013 116,178 121,095
77 Farm 18,779 19,974 21,217
2000
Type of holder and property
Q1 Q2 Q3
1 All holders 6,426,515 6,592,329 6,744,667
By type of property
2 One- to four-family residences 4,832,886 4,962,031 5,087,538
3 Multifamily residences 387,188 390,753 399,232
4 Nonfarm nonresidential 1,102,565 1,133,107 1,149,940
5 Farm 103,875 106,437 107,957
By type of holder
6 Major financial institutions 2,458,194 2,550,201 2,606,592
7 Commercial banks(2) 1,548,224 1,615,794 1,650,294
8 One- to four-family 905,270 949,223 968,831
9 Multifamily 72,509 75,795 77,031
10 Nonfarm, nonresidential 537,772 557,059 570,513
11 Farm 32,673 33,717 33,919
12 Savings institutions(3) 680,745 701,992 721,563
13 One- to four-family 560,018 578,612 595,518
14 Multifamily 57,790 59,174 60,077
15 Nonfarm, nonresidential 62,444 63,688 65,437
16 Farm 493 518 531
17 Life insurance companies 229,225 232,415 234,735
18 One- to four-family 5,567 5,237 4,907
19 Multifamily 32,634 33,121 33,478
20 Nonfarm nonresidential 178,043 180,701 182,646
21 Farm 12,981 13,356 13,704
22 Federal and related agencies 322,917 332,642 336,682
23 Government National Mortgage
Association 7 7 6
24 One- to four-family 7 7 6
25 Multifamily 0 0 0
26 Farmers Home Administration(4) 72,899 72,896 73,009
27 One- to four-family 16,456 16,435 16,444
28 Multifamily 11,732 11,729 11,734
29 Nonfarm, nonresidential 40,509 40,554 40,665
30 Farm 4,202 4,179 4,167
31 Federal Housing and Veterans'
Administrations 3,794 3,845 3,395
32 One- to four-family 1,847 1,832 1,327
33 Multifamily 1,947 2,013 2,068
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 98 72 82
40 One- to four-family 16 12 13
41 Multifamily 19 14 16
42 Nonfarm, nonresidential 63 46 53
43 Farm 0 0 0
44 Federal National Mortgage
Association 150,312 153,507 152,815
45 One- to four-family 139,986 142,478 141,786
46 Multifamily 10,326 11,029 11,029
47 Federal Land Banks 34,142 34,830 35,549
48 One- to four-family 2,009 2,049 2,092
49 Farm 0 0 0
50 Federal Home Loan Mortgage
Corporation 57,009 56,972 57,046
51 One- to four-family 43,384 42,892 42,138
52 Multifamily 13,625 14,080 14,908
53 Mortgage pools or trusts(5) 2,983,365 3,034,691 3,115,138
54 Government National Mortgage
Association 589,192 590,708 602,628
55 One- to four-family 571,506 572,661 584,152
56 Multifamily 17,686 18,047 18,476
57 Federal Home Loan Mortgage
Corporation 757,106 768,641 790,891
58 One- to four-family 752,607 763,890 786,007
59 Multifamily 4,499 4,751 4,884
60 Federal National Mortgage
Association 975,815 995,815 1,020,828
61 One- to four-family 932,178 957,584 981,206
62 Multifamily 43,637 38,231 39,622
63 Farmers Home Administration(4) 0 0 0
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 0 0 0
68 Private mortgage conduits 661,252 679,527 700,792
69 One- to four-family(6) 455,623 464,593 477,899
70 Multifamily 43,069 44,290 45,991
71 Nonfarm, nonresidential 162,560 170,644 176,901
72 Farm 0 0 0
73 Individuals and others(7) 662,039 674,794 686,254
74 One- to four-family 442,006 454,314 470,762
75 Multifamily 77,466 78,179 79,587
76 Nonfarm, nonresidential 121,174 120,415 113,725
77 Farm 21,393 21,886 22,179
2000 2001
Type of holder and property
Q4 Q1
1 All holders 6,889,962 7,016,475
By type of property
2 One- to four-family residences 5,193,000 5,284,886
3 Multifamily residences 409,216 418,762
4 Nonfarm nonresidential 1,178,909 1,202,752
5 Farm 108,836 110,075
By type of holder
6 Major financial institutions 2,621,076 2,667,125
7 Commercial banks(2) 1,661,600 1,688,869
8 One- to four-family 966,609 978,227
9 Multifamily 77,821 79,890
10 Nonfarm, nonresidential 583,153 596,518
11 Farm 34,016 34,234
12 Savings institutions(3) 723,534 741,114
13 One- to four-family 595,053 608,289
14 Multifamily 61,094 62,666
15 Nonfarm, nonresidential 66,852 69,589
16 Farm 535 569
17 Life insurance companies 235,942 237,142
18 One- to four-family 4,904 4,800
19 Multifamily 33,681 33,867
20 Nonfarm nonresidential 183,757 184,774
21 Farm 13,600 13,701
22 Federal and related agencies 343,962 346,276
23 Government National Mortgage
Association 6 6
24 One- to four-family 6 6
25 Multifamily 0 0
26 Farmers Home Administration(4) 73,323 73,361
27 One- to four-family 16,372 16,297
28 Multifamily 11,733 11,725
29 Nonfarm, nonresidential 41,070 41,247
30 Farm 4,148 4,093
31 Federal Housing and Veterans'
Administrations 3,507 2,873
32 One- to four-family 1,308 1,276
33 Multifamily 2,199 1,597
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 45 50
40 One- to four-family 7 8
41 Multifamily 9 10
42 Nonfarm, nonresidential 29 32
43 Farm 0 0
44 Federal National Mortgage
Association 155,363 156,294
45 One- to four-family 144,150 145,014
46 Multifamily 11,213 11,280
47 Federal Land Banks 36,326 37,072
48 One- to four-family 2,137 2,181
49 Farm 0 0
50 Federal Home Loan Mortgage
Corporation 59,240 60,110
51 One- to four-family 42,871 42,771
52 Multifamily 16,369 17,339
53 Mortgage pools or trusts(5) 3,231,195 3,305,311
54 Government National Mortgage
Association 611,629 601,540
55 One- to four-family 592,700 581,760
56 Multifamily 18,929 19,780
57 Federal Home Loan Mortgage
Corporation 822,310 833,616
58 One- to four-family 816,602 827,769
59 Multifamily 5,708 5,847
60 Federal National Mortgage
Association 1,057,750 1,099,049
61 One- to four-family 1,016,398 1,055,412
62 Multifamily 41,352 43,637
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 739,506 771,106
69 One- to four-family(6) 499,834 523,300
70 Multifamily 49,322 50,639
71 Nonfarm, nonresidential 190,350 197,167
72 Farm 0 0
73 Individuals and others(7) 693,729 697,763
74 One- to four-family 478,118 481,485
75 Multifamily 79,566 80,268
76 Nonfarm, nonresidential 113,697 113,424
77 Farm 22,348 22,586
(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 1998 1999 2000
Seasonally adjusted
1 Total 1,301,023 1,393,657 1,531,469
2 Revolving 560,504 595,610 663,830
3 Nonrevolving(2) 740,519 798,047 867,639
Not seasonally adjusted
4 Total 1,331,742 1,426,151 1,566,457
By major holder
5 Commercial banks 508,932 499,758 541,470
6 Finance companies 168,491 181,573 193,189
7 Credit unions 155,406 167,921 184,434
8 Savings institutions 51,611 61,527 64,557
9 Nonfinancial business 74,877 80,311 82,662
10 Pools of securitized assets(3) 372,425 435,061 500,145
By major type of credit(4)
11 Revolving 586,528 623,245 693,645
12 Commercial banks 210,346 189,352 218,063
13 Finance companies 32,309 33,814 38,251
14 Credit unions 19,930 20,641 22,226
15 Savings institutions 12,450 15,838 16,560
16 Nonfinancial business 39,166 42,783 42,430
17 Pools of securitized assets(3) 272,327 320,817 356,114
18 Nonrevolving 745,214 802,906 872,812
19 Commercial banks 298,586 310,406 323,407
20 Finance companies 136,182 147,759 154,938
21 Credit unions 135,476 147,280 162,208
22 Savings institutions 39,161 45,689 47,997
23 Nonfinancial business 35,711 37,528 40,232
24 Pools of securitized assets(3) 100,098 114,244 144,031
2000 2001
Holder and type of credit
Dec. Jan. Feb.
Seasonally adjusted
1 Total 1,531,469 1,548,486 1,562,937
2 Revolving 663,830 669,780 681,384
3 Nonrevolving(2) 867,639 878,706 881,553
Not seasonally adjusted
4 Total 1,566,457 1,560,357 1,558,086
By major holder
5 Commercial banks 541,470 539,796 535,137
6 Finance companies 193,189 187,029 187,493
7 Credit unions 184,434 184,120 183,548
8 Savings institutions 64,557 64,667 64,777
9 Nonfinancial business 82,662 77,685 73,020
10 Pools of securitized assets(3) 500,145 507,060 514,111
By major type of credit(4)
11 Revolving 693,645 681,812 682,143
12 Commercial banks 218,063 211,006 208,192
13 Finance companies 38,251 37,098 36,938
14 Credit unions 22,226 21,714 21,415
15 Savings institutions 16,560 16,701 16,842
16 Nonfinancial business 42,430 38,934 35,290
17 Pools of securitized assets(3) 356,114 356,359 363,466
18 Nonrevolving 872,812 878,545 875,943
19 Commercial banks 323,407 328,790 326,945
20 Finance companies 154,938 149,931 150,555
21 Credit unions 162,208 162,406 162,133
22 Savings institutions 47,997 47,966 47,935
23 Nonfinancial business 40,232 38,750 37,729
24 Pools of securitized assets(3) 144,031 150,701 150,645
2001
Holder and type of credit
Mar. Apr.(r)
Seasonally adjusted
1 Total 1,571,588(r) 1,584,383
2 Revolving 689,462(r) 697,636
3 Nonrevolving(2) 882,126(r) 886,746
Not seasonally adjusted
4 Total 1,559,178(r) 1,570,232
By major holder
5 Commercial banks 534,545 540,686
6 Finance companies 185,862(r) 191,028
7 Credit unions 182,918 184,280
8 Savings institutions 64,887 64,950
9 Nonfinancial business 71,757 71,511
10 Pools of securitized assets(3) 519,209(r) 517,777
By major type of credit(4)
11 Revolving 682,422(r) 690,420
12 Commercial banks 208,924 215,207
13 Finance companies 35,626 36,044
14 Credit unions 20,902 21,068
15 Savings institutions 16,983 16,975
16 Nonfinancial business 34,150 33,815
17 Pools of securitized assets(3) 365,837(r) 367,310
18 Nonrevolving 876,756(r) 879,812
19 Commercial banks 325,621 325,478
20 Finance companies 150,236(r) 154,985
21 Credit unions 162,016 163,212
22 Savings institutions 47,904 47,975
23 Nonfinancial business 37,607 37,695
24 Pools of securitized assets(3) 153,372(r) 150,468
2001
Holder and type of credit
May
Seasonally adjusted
1 Total 1,591,239
2 Revolving 701,101
3 Nonrevolving(2) 890,137
Not seasonally adjusted
4 Total 1,576,531
By major holder
5 Commercial banks 543,162
6 Finance companies 191,539
7 Credit unions 185,971
8 Savings institutions 65,014
9 Nonfinancial business 70,010
10 Pools of securitized assets(3) 520,835
By major type of credit(4)
11 Revolving 693,679
12 Commercial banks 217,438
13 Finance companies 37,509
14 Credit unions 21,226
15 Savings institutions 16,968
16 Nonfinancial business 32,690
17 Pools of securitized assets(3) 367,849
18 Nonrevolving 882,851
19 Commercial banks 325,724
20 Finance companies 154,030
21 Credit unions 164,745
22 Savings institutions 48,046
23 Nonfinancial business 37,321
24 Pools of securitized assets(3) 152,986
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals, excluding loans
secured by real estate. Data in this table also appear in the Board's
G.19 (421) monthly statistical release. For ordering address, see
inside front cover.
(2.) Comprises motor vehicle loans, mobile home loans, and all other
loans that are not included in revolving credit, such as loans for
education, boats, trailers, or vacations. These loans may be secured
or unsecured.
(3.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets of
the loan originator.
(4.) Totals include estimates for certain holders for which only
consumer credit totals are available.
1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
2000
Item 1998 1999 2000
Nov.
INTEREST RATES
Commercial banks(2)
1 48-month new car 8.72 8.44 9.34 9.63
2 24-month personal 13.74 13.39 13.90 14.12
Credit card plan
3 All accounts 15.71 15.21 15.71 15.99
4 Accounts assessed interest 15.59 14.81 14.91 15.23
Auto finance companies
5 New car 6.30 6.66 6.61 5.41
6 Used car 12.64 12.60 13.55 13.66
OTHER TERMS(3)
Maturity (months)
7 New car 52.1 52.7 54.9 57.3
8 Used car 53.5 55.9 57.0 56.8
Loan-to-value ratio
9 New car 92 92 92 93
10 Used car 99 99 99 100
Amount financed (dollars)
11 New car 19,083 19,880 20,923 22,443
12 Used car 12,691 13,642 14,058 14,325
2000 2001
Item
Dec. Jan. Feb. Mar.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. n.a. 9.17 n.a.
2 24-month personal n.a. n.a. 13.71 n.a.
Credit card plan
3 All accounts n.a. n.a. 15.66 n.a.
4 Accounts assessed interest n.a. n.a. 14.61 n.a.
Auto finance companies
5 New car 7.45 7.29 7.19 6.80
6 Used car 13.58 13.11 13.34 13.19
OTHER TERMS(3)
Maturity (months)
7 New car 55.2 54.3 55.5 55.6
8 Used car 56.6 57.8 58.0 58.0
Loan-to-value ratio
9 New car 91 90 91 91
10 Used car 100 98 99 100
Amount financed (dollars)
11 New car 21,867 21,315 21,993 22,131
12 Used car 14,591 14,155 14,095 14,214
2001
Item
Apr. May
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.67
2 24-month personal n.a. 13.28
Credit card plan
3 All accounts n.a. 15.07
4 Accounts assessed interest n.a. 14.63
Auto finance companies
5 New car 6.80 6.56
6 Used car 12.82 12.57
OTHER TERMS(3)
Maturity (months)
7 New car 56.3 57.0
8 Used car 57.9 57.8
Loan-to-value ratio
9 New car 91 92
10 Used car 100 100
Amount financed (dollars)
11 New car 21,914 21,871
12 Used car 14,347 14,350
(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 1995 1996 1997
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 711.1 731.3 804.6
By sector and instrument
2 Federal government 144.4 145.0 23.1
3 Treasury securities 142.9 146.6 23.2
4 Budget agency securities and
mortgages 1.5 -1.6 -.1
5 Nonfederal 566.7 586.3 781.5
By instrument
6 Commercial paper 18.1 -.9 13.7
7 Municipal securities and loans -48.2 2.6 71.4
8 Corporate bonds 91.1 116.3 150.5
9 Bank loans n.e.c. 103.7 70.5 106.5
10 Other loans and advances 67.2 33.5 69.1
11 Mortgages 195.8 275.7 317.7
12 Home 181.0 242.1 252.3
13 Multifamily residential 6.1 9.0 8.2
14 Commercial 7.1 22.0 54.1
15 Farm 1.6 2.6 3.2
16 Consumer credit 138.9 88.8 52.5
By borrowing sector
17 Household 363.5 357.8 337.1
18 Nonfinancial business 254.7 235.3 388.2
19 Corporate 227.5 149.1 266.5
20 Nonfarm noncorporate 24.3 81.4 115.6
21 Farm 2.9 4.8 6.2
22 State and local government -51.5 -6.8 56.1
23 Foreign net borrowing in United
States 78.5 88.4 71.8
24 Commercial paper 13.5 11.3 3.7
25 Bonds 57.1 67.0 61.4
26 Bank loans n.e.c. 8.5 9.1 8.5
27 Other loans and advances -.5 1.0 -1.8
28 Total domestic plus foreign 789.6 819.7 876.3
Financial sectors
29 Total net borrowing by financial
sectors 454.0 545.7 653.8
By instrument
30 Federal government-related 204.2 231.4 212.9
31 Government-sponsored
enterprise securities 105.9 90.4 98.4
32 Mortgage pool securities 98.3 141.0 114.6
33 Loans from U.S. government .0 .0 .0
34 Private 249.8 314.4 440.9
35 Open market paper 42.7 92.2 166.7
36 Corporate bonds 195.9 173.8 210.5
37 Bank loans n.e.c. 2.5 12.6 13.2
38 Other loans and advances 3.4 27.9 35.6
39 Mortgages 5.3 7.9 14.9
By borrowing sector
40 Commercial banking 22.5 13.0 46.1
41 Savings institutions 2.6 25.5 19.7
42 Credit unions -.1 .1 .1
43 Life insurance companies -.1 1.1 .2
44 Government-sponsored enterprises 105.9 90.4 98.4
45 Federally related mortgage pools 98.3 141.0 114.6
46 Issuers of asset-backed
securities (ABSs) 142.4 150.8 202.2
47 Finance companies 50.2 45.9 48.7
48 Mortgage companies -2.2 4.1 -4.6
49 Real estate investment trusts
(REITs) 4.5 11.9 39.6
50 Brokers and dealers -5.0 -2.0 8.1
51 Funding corporations 34.9 64.1 80.7
All sectors
52 Total net borrowing, all sectors 1,243.7 1,365.4 1,530.1
53 Open market paper 74.3 102.6 184.1
54 U.S. government securities 348.6 376.4 236.0
55 Municipal securities -48.2 2.6 71.4
56 Corporate and foreign bonds 344.1 357.0 422.4
57 Bank loans n.e.c. 114.7 92.1 128.2
58 Other loans and advances 70.1 62.5 102.8
59 Mortgages 201.1 283.5 332.6
60 Consumer credit 138.9 88.8 52.5
Funds raised through mutual
funds and corporate equities
61 Total net issues 131.7 231.7 181.2
62 Corporate equities -15.7 -5.9 -83.9
63 Nonfinancial corporations -58.3 -69.5 -114.4
64 Foreign shares purchased by U.S.
residents 50.4 82.8 57.6
65 Financial corporations -7.8 -19.2 -27.1
66 Mutual fund shares 147.4 237.6 265.1
1999
Transaction category or sector 1998 1999
Q3
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,011.4 1,088.8 1,150.9
By sector and instrument
2 Federal government -52.6 -71.2 -68.9
3 Treasury securities -54.6 -71.0 -68.9
4 Budget agency securities and
mortgages 2.0 -.2 .0
5 Nonfederal 1,064.0 1,160.0 1,219.8
By instrument
6 Commercial paper 24.4 37.4 49.8
7 Municipal securities and loans 96.8 68.2 71.3
8 Corporate bonds 218.7 229.9 202.8
9 Bank loans n.e.c. 108.2 82.7 112.3
10 Other loans and advances 74.3 60.6 74.0
11 Mortgages 474.0 586.9 633.4
12 Home 379.7 426.1 473.6
13 Multifamily residential 19.9 39.6 40.6
14 Commercial 68.2 115.6 112.2
15 Farm 6.2 5.5 7.0
16 Consumer credit 67.6 94.4 76.2
By borrowing sector
17 Household 472.1 532.4 574.8
18 Nonfinancial business 511.7 575.3 592.6
19 Corporate 392.0 454.7 452.5
20 Nonfarm noncorporate 112.0 115.3 131.6
21 Farm 7.7 5.2 8.5
22 State and local government 80.3 52.3 52.5
23 Foreign net borrowing in United
States 43.3 25.3 77.3
24 Commercial paper 7.8 16.3 41.1
25 Bonds 34.8 14.2 44.0
26 Bank loans n.e.c. 6.7 .5 -6.6
27 Other loans and advances -6.0 -5.7 -1.1
28 Total domestic plus foreign 1,054.7 1,114.1 1,228.2
Financial sectors
29 Total net borrowing by financial
sectors 1,073.9 1,077.2 1,059.1
By instrument
30 Federal government-related 470.9 592.0 651.6
31 Government-sponsored
enterprise securities 278.3 318.2 407.1
32 Mortgage pool securities 192.6 273.8 244.5
33 Loans from U.S. government .0 .0 .0
34 Private 603.0 485.3 407.5
35 Open market paper 161.0 176.2 89.9
36 Corporate bonds 296.9 211.1 174.4
37 Bank loans n.e.c. 30.1 -14.3 -5.9
38 Other loans and advances 90.2 107.1 139.8
39 Mortgages 24.8 5.1 9.4
By borrowing sector
40 Commercial banking 72.9 67.2 107.0
41 Savings institutions 52.2 48.0 51.9
42 Credit unions .6 2.2 2.8
43 Life insurance companies .7 .7 1.1
44 Government-sponsored enterprises 278.3 318.2 407.1
45 Federally related mortgage pools 192.6 273.8 244.5
46 Issuers of asset-backed
securities (ABSs) 321.4 223.4 215.4
47 Finance companies 43.0 62.4 -17.2
48 Mortgage companies 1.6 .2 -6.1
49 Real estate investment trusts
(REITs) 62.7 6.3 7.9
50 Brokers and dealers 7.2 -17.2 17.8
51 Funding corporations 40.7 92.2 27.0
All sectors
52 Total net borrowing, all sectors 2,128.6 2,191.3 2,287.4
53 Open market paper 193.1 229.9 180.7
54 U.S. government securities 418.3 520.7 582.7
55 Municipal securities 96.8 68.2 71.3
56 Corporate and foreign bonds 550.4 455.2 421.2
57 Bank loans n.e.c. 145.0 68.9 99.8
58 Other loans and advances 158.5 162.0 212.8
59 Mortgages 498.8 592.0 642.7
60 Consumer credit 67.6 94.4 76.2
Funds raised through mutual
funds and corporate equities
61 Total net issues 101.6 161.6 129.6
62 Corporate equities -173.0 -26.7 2.2
63 Nonfinancial corporations -267.0 -143.5 -128.4
64 Foreign shares purchased by U.S.
residents 101.2 114.4 121.7
65 Financial corporations -7.3 2.4 8.8
66 Mutual fund shares 274.6 188.3 127.5
1999 2000
Transaction category or sector
Q4 Q1 Q2
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,051.9 917.1 952.3
By sector and instrument
2 Federal government -34.0 -215.5 -414.0
3 Treasury securities -34.0 -213.5 -415.8
4 Budget agency securities and
mortgages .0 -2.1 1.8
5 Nonfederal 1,085.9 1,132.6 1,366.2
By instrument
6 Commercial paper 44.0 29.8 110.4
7 Municipal securities and loans 52.5 8.9 34.0
8 Corporate bonds 155.2 186.2 153.8
9 Bank loans n.e.c. 108.6 131.9 163.1
10 Other loans and advances 39.7 155.6 126.6
11 Mortgages 576.3 475.0 640.4
12 Home 391.3 336.5 482.4
13 Multifamily residential 51.0 28.8 43.9
14 Commercial 131.6 102.3 104.3
15 Farm 2.5 7.3 9.7
16 Consumer credit 109.5 145.3 137.9
By borrowing sector
17 Household 492.2 516.2 632.7
18 Nonfinancial business 560.1 612.7 712.7
19 Corporate 421.9 480.8 578.5
20 Nonfarm noncorporate 132.7 116.5 125.1
21 Farm 5.6 15.4 9.1
22 State and local government 33.6 3.8 20.8
23 Foreign net borrowing in United
States 17.6 118.0 -7.6
24 Commercial paper 33.6 57.8 12.0
25 Bonds -2.7 45.7 -27.4
26 Bank loans n.e.c. 2.3 15.4 5.7
27 Other loans and advances -15.5 -.9 2.0
28 Total domestic plus foreign 1,069.5 1,035.1 944.6
Financial sectors
29 Total net borrowing by financial
sectors 1,047.6 586.4 819.3
By instrument
30 Federal government-related 550.1 248.6 370.4
31 Government-sponsored
enterprise securities 367.9 104.9 248.9
32 Mortgage pool securities 182.2 143.7 121.6
33 Loans from U.S. government .0 .0 .0
34 Private 497.4 337.8 448.9
35 Open market paper 479.0 130.9 77.4
36 Corporate bonds -36.6 135.1 233.0
37 Bank loans n.e.c. -55.6 .3 5.4
38 Other loans and advances 107.5 64.4 123.1
39 Mortgages 3.2 7.0 10.0
By borrowing sector
40 Commercial banking 54.1 72.4 113.2
41 Savings institutions 5.8 40.6 59.1
42 Credit unions 3.3 -2.9 .9
43 Life insurance companies -4.4 -.7 -1.1
44 Government-sponsored enterprises 367.9 104.9 248.9
45 Federally related mortgage pools 182.2 143.7 121.6
46 Issuers of asset-backed
securities (ABSs) 108.6 134.6 157.1
47 Finance companies 99.2 52.3 103.9
48 Mortgage companies 6.2 -3.0 2.7
49 Real estate investment trusts
(REITs) 11.3 11.5 9.8
50 Brokers and dealers -37.3 44.4 -.7
51 Funding corporations 250.6 -11.4 4.0
All sectors
52 Total net borrowing, all sectors 2,117.1 1,621.5 1,763.9
53 Open market paper 556.6 218.4 199.8
54 U.S. government securities 516.1 33.0 -43.5
55 Municipal securities 52.5 8.9 34.0
56 Corporate and foreign bonds 115.9 367.0 359.5
57 Bank loans n.e.c. 55.2 147.7 174.2
58 Other loans and advances 131.7 219.2 251.7
59 Mortgages 579.5 482.0 650.4
60 Consumer credit 109.5 145.3 137.9
Funds raised through mutual
funds and corporate equities
61 Total net issues 178.1 366.3 142.4
62 Corporate equities 5.2 60.2 -95.2
63 Nonfinancial corporations -55.0 61.2 -245.2
64 Foreign shares purchased by U.S.
residents 71.3 63.3 180.1
65 Financial corporations -11.1 -64.2 -30.2
66 Mutual fund shares 172.8 306.1 237.6
2000 2001
Transaction category or sector
Q3 Q4 Q1
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 752.2 829.1 965.5
By sector and instrument
2 Federal government -219.5 -334.5 -10.8
3 Treasury securities -217.1 -333.3 -8.6
4 Budget agency securities and
mortgages -2.4 -1.2 -2.2
5 Nonfederal 971.8 1,163.5 976.3
By instrument
6 Commercial paper 56.1 -4.0 -207.2
7 Municipal securities and loans 29.8 68.6 94.3
8 Corporate bonds 184.4 175.6 400.0
9 Bank loans n.e.c. 31.7 86.5 -11.3
10 Other loans and advances -10.1 145.1 -8.9
11 Mortgages 557.4 568.1 553.8
12 Home 428.4 413.5 406.3
13 Multifamily residential 29.5 40.3 40.8
14 Commercial 93.2 110.6 101.5
15 Farm 6.2 3.7 5.1
16 Consumer credit 122.5 123.7 155.6
By borrowing sector
17 Household 550.5 565.2 559.9
18 Nonfinancial business 397.6 537.9 326.5
19 Corporate 282.3 407.5 231.8
20 Nonfarm noncorporate 109.3 116.5 85.7
21 Farm 6.0 13.9 9.1
22 State and local government 23.6 60.4 89.9
23 Foreign net borrowing in United
States 89.3 66.3 -27.0
24 Commercial paper 7.0 50.1 -25.4
25 Bonds 71.8 9.2 -1.4
26 Bank loans n.e.c. 11.9 12.2 10.3
27 Other loans and advances -1.5 -5.2 -10.5
28 Total domestic plus foreign 841.5 895.4 938.4
Financial sectors
29 Total net borrowing by financial
sectors 725.5 1,075.9 893.6
By instrument
30 Federal government-related 503.4 612.1 461.1
31 Government-sponsored
enterprise securities 278.1 304.8 264.1
32 Mortgage pool securities 225.3 307.3 197.0
33 Loans from U.S. government .0 .0 .0
34 Private 222.1 463.8 432.5
35 Open market paper 65.2 237.5 -119.5
36 Corporate bonds 188.3 211.6 456.8
37 Bank loans n.e.c. -.7 -6.2 23.6
38 Other loans and advances -36.7 19.1 79.2
39 Mortgages 6.0 1.8 -7.5
By borrowing sector
40 Commercial banking 23.5 30.8 138.4
41 Savings institutions -23.4 32.7 40.8
42 Credit unions 1.1 1.0 -.2
43 Life insurance companies -.3 -.7 -2.4
44 Government-sponsored enterprises 278.1 304.8 264.1
45 Federally related mortgage pools 225.3 307.3 197.0
46 Issuers of asset-backed
securities (ABSs) 148.0 311.3 277.0
47 Finance companies 96.9 45.6 -43.8
48 Mortgage companies -.3 1.0 .7
49 Real estate investment trusts
(REITs) -2.4 -8.1 -6.1
50 Brokers and dealers 25.4 -6.6 -23.9
51 Funding corporations -46.4 56.8 51.8
All sectors
52 Total net borrowing, all sectors 1,567.0 1,971.3 1,832.1
53 Open market paper 128.4 283.6 -352.1
54 U.S. government securities 283.8 277.6 450.3
55 Municipal securities 29.8 68.6 94.3
56 Corporate and foreign bonds 444.6 396.4 855.4
57 Bank loans n.e.c. 42.9 92.5 22.6
58 Other loans and advances -48.3 159.0 59.7
59 Mortgages 563.4 569.9 546.3
60 Consumer credit 122.5 123.7 155.6
Funds raised through mutual
funds and corporate equities
61 Total net issues 170.9 -170.9 127.4
62 Corporate equities -88.9 -342.0 22.7
63 Nonfinancial corporations -87.7 -394.8 -33.9
64 Foreign shares purchased by U.S.
residents 61.1 90.5 79.8
65 Financial corporations -62.3 -37.8 -23.2
66 Mutual fund shares 259.8 171.1 104.7
(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 1995 1996 1997
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,243.7 1,365.4 1,530.1
2 Domestic nonfederal nonfinancial
sectors -65.7 81.0 -17.3
3 Household 29.7 129.3 -2.6
4 Nonfinancial corporate business -8.8 -10.2 -12.7
5 Nonfarm noncorporate business 4.7 -4.3 -2.1
6 State and local governments -91.4 -33.7 .1
7 Federal government -.5 -7.2 5.1
8 Rest of the world 273.9 414.4 311.3
9 Financial sectors 1,036.0 877.1 1,231.0
10 Monetary authority 12.7 12.3 38.3
11 Commercial banking 265.9 187.5 324.3
12 U.S.-chartered banks 186.5 119.6 274.9
13 Foreign banking offices in
United States 75.4 63.3 40.2
14 Bank holding companies -.3 3.9 5.4
15 Banks in U.S.-affiliated areas 4.2 .7 3.7
16 Savings institutions -7.6 19.9 -4.7
17 Credit unions 16.2 25.5 16.8
18 Bank personal trusts and estates -8.3 -7.7 -25.0
19 Life insurance companies 100.0 69.6 104.8
20 Other insurance companies 21.5 22.5 25.2
21 Private pension funds 19.9 -4.1 47.6
22 State and local government
retirement funds 38.3 35.8 67.1
23 Money market mutual funds 86.5 88.8 87.5
24 Mutual funds 52.5 48.9 80.9
25 Closed-end funds 10.5 4.7 -2.6
26 Government-sponsored enterprises 86.7 84.2 94.3
27 Federally related mortgage pools 98.3 141.0 114.6
28 Asset-backed securities issuers
(ABSs) 120.6 120.5 163.8
29 Finance companies 49.9 18.4 21.9
30 Mortgage companies -3.4 8.2 -9.1
31 Real estate investment trusts
(REITs) 1.4 4.4 20.2
32 Brokers and dealers 90.1 -15.7 14.9
33 Funding corporations -15.7 12.6 50.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,243.7 1,365.4 1,530.1
Other financial sources
35 Official foreign exchange 8.8 -6.3 .7
36 Special drawing rights certificates 2.2 -.5 -.5
37 Treasury currency .7 .5 .5
38 Foreign deposits 35.3 85.9 108.9
39 Net interbank transactions 10.0 -51.6 -19.7
40 Checkable deposits and currency -12.8 15.7 41.2
41 Small time and savings deposits 96.6 97.2 97.1
42 Large time deposits 65.6 114.0 122.5
43 Money market fund shares 141.2 145.4 155.9
44 Security repurchase agreements 110.5 41.4 120.9
45 Corporate equities -15.7 -5.9 -83.9
46 Mutual fund shares 147.4 237.6 265.1
47 Trade payables 127.5 113.5 132.1
48 Security credit 26.7 52.4 111.0
49 Life insurance reserves 45.8 44.5 59.3
50 Pension fund reserves 158.8 148.3 201.4
51 Taxes payable 6.2 16.2 15.7
52 Investment in bank personal trusts 6.4 -5.3 -49.9
53 Noncorporate proprietors' equity 36.5 -11.9 -50.2
54 Miscellaneous 505.4 532.1 487.5
55 Total financial sources 2,746.6 2,928.8 3,245.7
Liabilities not identified as
assets (-)
56 Treasury currency -.3 -.4 -.2
57 Foreign deposits 25.1 59.6 107.4
58 Net interbank liabilities -3.1 -3.3 -19.9
59 Security repurchase agreements 25.7 2.4 63.2
60 Taxes payable 21.1 23.1 28.0
61 Miscellaneous -208.4 -137.2 -148.6
Floats not included in assets (-)
62 Federal government checkable deposits -6.0 .5 -2.7
63 Other checkable deposits -3.8 -4.0 -3.9
64 Trade credit 14.1 -21.9 -28.5
65 Total identified to sectors as assets 2,882.3 3,010.1 3,250.9
1999
Transaction category or sector 1998 1999
Q3
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,128.6 2,191.3 2,287.4
2 Domestic nonfederal nonfinancial
sectors 106.3 231.5 202.7
3 Household -12.2 189.4 238.4
4 Nonfinancial corporate business -16.0 -2.8 5.8
5 Nonfarm noncorporate business .1 1.5 .8
6 State and local governments 134.5 43.4 -42.4
7 Federal government 13.5 5.8 11.2
8 Rest of the world 254.2 210.6 385.3
9 Financial sectors 1,754.5 1,743.4 1,688.2
10 Monetary authority 21.1 25.7 20.6
11 Commercial banking 305.2 308.2 449.4
12 U.S.-chartered banks 312.0 317.6 421.9
13 Foreign banking offices in
United States -11.9 -20.1 33.2
14 Bank holding companies -.9 6.2 -12.4
15 Banks in U.S.-affiliated areas 6.0 4.4 6.6
16 Savings institutions 36.1 68.6 58.1
17 Credit unions 19.0 27.5 27.5
18 Bank personal trusts and estates -12.8 27.8 27.8
19 Life insurance companies 76.9 53.5 36.8
20 Other insurance companies 20.4 -4.2 -14.4
21 Private pension funds 56.4 45.0 5.9
22 State and local government
retirement funds 72.1 46.9 40.0
23 Money market mutual funds 244.0 182.0 224.8
24 Mutual funds 124.8 47.2 -13.0
25 Closed-end funds 5.5 6.9 6.9
26 Government-sponsored enterprises 261.7 235.5 275.9
27 Federally related mortgage pools 192.6 273.8 244.5
28 Asset-backed securities issuers
(ABSs) 281.7 205.2 206.9
29 Finance companies 51.9 94.9 91.7
30 Mortgage companies 3.2 .3 -12.1
31 Real estate investment trusts
(REITs) -5.1 -2.6 -2.7
32 Brokers and dealers 6.8 -34.7 -6.7
33 Funding corporations -6.9 135.9 20.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,128.6 2,191.3 2,287.4
Other financial sources
35 Official foreign exchange 6.6 -8.7 -8.5
36 Special drawing rights certificates .0 -3.0 -4.0
37 Treasury currency .6 1.0 2.0
38 Foreign deposits 2.0 86.5 69.4
39 Net interbank transactions -32.3 17.6 -30.8
40 Checkable deposits and currency 47.4 151.4 139.3
41 Small time and savings deposits 152.4 44.7 119.1
42 Large time deposits 92.1 130.6 102.7
43 Money market fund shares 287.2 249.1 174.3
44 Security repurchase agreements 91.3 169.7 191.4
45 Corporate equities -173.0 -26.7 2.2
46 Mutual fund shares 274.6 188.3 127.5
47 Trade payables 96.0 207.3 257.9
48 Security credit 103.3 104.3 29.7
49 Life insurance reserves 48.0 50.8 48.1
50 Pension fund reserves 202.1 184.5 191.7
51 Taxes payable 12.0 16.1 .4
52 Investment in bank personal trusts -42.5 -7.1 -7.2
53 Noncorporate proprietors' equity -50.0 -10.8 -59.6
54 Miscellaneous 936.5 654.6 499.0
55 Total financial sources 4,182.8 4,391.3 4,131.7
Liabilities not identified as
assets (-)
56 Treasury currency -.1 -.7 .2
57 Foreign deposits -13.0 71.3 26.4
58 Net interbank liabilities 3.4 3.5 -7.0
59 Security repurchase agreements 60.4 29.9 131.1
60 Taxes payable 13.9 3.6 3.0
61 Miscellaneous -207.7 -436.0 -540.7
Floats not included in assets (-)
62 Federal government checkable deposits 2.6 -7.4 8.6
63 Other checkable deposits -3.1 -.8 -.3
64 Trade credit -44.6 57.5 79.3
65 Total identified to sectors as assets 4,371.1 4,670.4 4,431.1
1999 2000
Transaction category or sector
Q4 Q1 Q2
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,117.1 1,621.5 1,763.9
2 Domestic nonfederal nonfinancial
sectors -41.2 -148.2 120.8
3 Household 2.7 -224.5 61.8
4 Nonfinancial corporate business -47.6 71.5 14.9
5 Nonfarm noncorporate business 1.4 2.6 2.8
6 State and local governments 2.4 2.3 41.4
7 Federal government -11.7 6.5 7.7
8 Rest of the world 138.7 325.9 207.1
9 Financial sectors 2,031.3 1,437.2 1,428.4
10 Monetary authority -42.2 103.4 -3.9
11 Commercial banking 548.7 377.1 484.6
12 U.S.-chartered banks 457.7 409.2 505.6
13 Foreign banking offices in
United States 42.0 4.8 -29.9
14 Bank holding companies 42.6 -42.2 3.5
15 Banks in U.S.-affiliated areas 6.3 5.4 5.4
16 Savings institutions 20.2 56.3 71.2
17 Credit unions 18.8 35.6 36.6
18 Bank personal trusts and estates 27.8 18.9 13.8
19 Life insurance companies 30.7 51.3 50.9
20 Other insurance companies -9.4 -14.0 -18.1
21 Private pension funds 49.8 46.8 24.7
22 State and local government
retirement funds 46.2 63.3 31.5
23 Money market mutual funds 354.5 208.8 -156.2
24 Mutual funds -12.7 -77.8 63.7
25 Closed-end funds 6.9 -8.8 -8.8
26 Government-sponsored enterprises 225.3 138.2 222.3
27 Federally related mortgage pools 182.2 143.7 121.6
28 Asset-backed securities issuers
(ABSs) 78.8 114.0 122.6
29 Finance companies 114.4 132.9 138.9
30 Mortgage companies 12.3 -6.0 5.5
31 Real estate investment trusts
(REITs) -7.0 -16.3 -2.5
32 Brokers and dealers -30.5 96.6 58.6
33 Funding corporations 416.5 -26.6 171.6
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,117.1 1,621.5 1,763.9
Other financial sources
35 Official foreign exchange -7.0 1.5 -8.8
36 Special drawing rights certificates -4.0 .0 -8.0
37 Treasury currency .0 2.2 3.2
38 Foreign deposits 52.7 258.5 8.5
39 Net interbank transactions -40.7 -64.7 150.3
40 Checkable deposits and currency 365.2 -219.1 -65.0
41 Small time and savings deposits 28.0 104.3 130.3
42 Large time deposits 359.4 149.2 108.4
43 Money market fund shares 485.5 241.0 48.2
44 Security repurchase agreements 310.5 257.4 156.8
45 Corporate equities 5.2 60.2 -95.2
46 Mutual fund shares 172.8 306.1 237.6
47 Trade payables 219.1 211.8 122.6
48 Security credit 321.3 489.9 -86.2
49 Life insurance reserves 57.6 54.9 45.6
50 Pension fund reserves 164.0 212.7 262.7
51 Taxes payable 18.3 22.7 29.9
52 Investment in bank personal trusts -6.9 -5.9 -10.6
53 Noncorporate proprietors' equity 7.0 -20.7 -3.6
54 Miscellaneous 518.4 962.3 1,194.5
55 Total financial sources 5,143.8 4,645.7 3,985.3
Liabilities not identified as
assets (-)
56 Treasury currency -2.2 -1.8 -.7
57 Foreign deposits 114.4 211.5 -77.1
58 Net interbank liabilities -23.7 24.4 -4.3
59 Security repurchase agreements -225.4 560.7 56.8
60 Taxes payable -4.9 7.9 5.7
61 Miscellaneous -319.1 -437.9 -323.0
Floats not included in assets (-)
62 Federal government checkable deposits -9.2 28.7 -2.6
63 Other checkable deposits .0 .6 1.5
64 Trade credit 185.5 -19.9 -47.8
65 Total identified to sectors as assets 5,428.4 4,271.7 4,377.0
2000 2001
Transaction category or sector
Q3 Q4 Q1
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,567.0 1,971.3 1,832.1
2 Domestic nonfederal nonfinancial
sectors -236.9 -212.5 -261.2
3 Household -218.5 -233.3 -279.3
4 Nonfinancial corporate business -3.2 -35.5 10.3
5 Nonfarm noncorporate business 3.8 4.3 4.4
6 State and local governments -19.0 52.1 3.4
7 Federal government 4.5 10.2 6.1
8 Rest of the world 205.6 381.1 112.4
9 Financial sectors 1,593.8 1,792.4 1,974.7
10 Monetary authority 27.3 7.9 55.0
11 Commercial banking 369.3 203.8 108.4
12 U.S.-chartered banks 332.8 111.6 63.9
13 Foreign banking offices in
United States 30.9 90.4 40.7
14 Bank holding companies -6.7 -3.2 7.3
15 Banks in U.S.-affiliated areas 12.3 5.1 -3.6
16 Savings institutions 58.2 40.1 50.5
17 Credit unions 28.5 25.0 39.0
18 Bank personal trusts and estates 17.6 18.1 10.7
19 Life insurance companies 81.5 73.1 71.9
20 Other insurance companies 6.0 -4.0 16.3
21 Private pension funds 68.9 28.7 35.7
22 State and local government
retirement funds 1.1 80.6 58.8
23 Money market mutual funds 244.9 297.9 357.7
24 Mutual funds 46.3 74.4 56.4
25 Closed-end funds -8.8 -8.8 -8.8
26 Government-sponsored enterprises 158.9 302.8 289.9
27 Federally related mortgage pools 225.3 307.3 197.0
28 Asset-backed securities issuers
(ABSs) 112.8 282.4 257.0
29 Finance companies 81.4 44.3 -16.7
30 Mortgage companies -.5 2.0 1.4
31 Real estate investment trusts
(REITs) -3.6 -2.8 4.0
32 Brokers and dealers 181.4 -61.0 284.1
33 Funding corporations -102.9 80.5 106.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,567.0 1,971.3 1,832.1
Other financial sources
35 Official foreign exchange .7 4.9 -10.5
36 Special drawing rights certificates -4.0 -4.0 .0
37 Treasury currency 4.2 .0 -1.1
38 Foreign deposits -16.0 192.7 40.0
39 Net interbank transactions -148.6 -17.2 -168.8
40 Checkable deposits and currency 49.2 -50.2 83.8
41 Small time and savings deposits 238.5 290.8 287.6
42 Large time deposits 141.5 75.3 125.7
43 Money market fund shares 241.9 402.2 623.0
44 Security repurchase agreements 238.6 -209.3 -44.4
45 Corporate equities -88.9 -342.0 22.7
46 Mutual fund shares 259.8 171.1 104.7
47 Trade payables 135.1 87.1 88.8
48 Security credit 102.2 57.9 -118.8
49 Life insurance reserves 35.9 65.4 40.5
50 Pension fund reserves 197.4 188.7 273.0
51 Taxes payable -10.7 27.1 24.5
52 Investment in bank personal trusts -6.6 -5.5 -14.1
53 Noncorporate proprietors' equity 31.6 -2.6 -5.4
54 Miscellaneous 1,210.2 673.5 590.5
55 Total financial sources 4,178.9 3,577.4 3,773.5
Liabilities not identified as
assets (-)
56 Treasury currency .9 -3.3 -2.5
57 Foreign deposits -75.0 160.0 17.3
58 Net interbank liabilities -18.3 68.6 16.4
59 Security repurchase agreements 104.9 -286.4 -87.3
60 Taxes payable -20.1 32.3 17.4
61 Miscellaneous -49.2 -189.1 160.3
Floats not included in assets (-)
62 Federal government checkable deposits -2.0 11.9 -10.7
63 Other checkable deposits 1.9 2.7 3.3
64 Trade credit -41.0 41.6 -1.9
65 Total identified to sectors as assets 4,276.9 3,739.1 3,661.2
(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 1996 1997 1998
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 14,443.7 15,246.8 16,258.2
By sector and instrument
2 Federal government 3,781.8 3,804.9 3,752.2
3 Treasury securities 3,755.1 3,778.3 3,723.7
4 Budget agency securities and
mortgages 26.6 26.5 28.5
5 Nonfederal 10,662.0 11,441.9 12,505.9
By instrument
6 Commercial paper 156.4 168.6 193.0
7 Municipal securities and loans 1,296.0 1,367.5 1,464.3
8 Corporate bonds 1,460.4 1,610.9 1,829.6
9 Bank loans n.e.c. 934.1 1,040.5 1,148.8
10 Other loans and advances 770.4 839.5 913.8
11 Mortgages 4,833.1 5,150.8 5,624.8
12 Home 3,719.0 3,971.3 4,351.0
13 Multifamily residential 278.4 286.6 306.5
14 Commercial 748.6 802.6 870.8
15 Farm 87.1 90.3 96.5
16 Consumer credit 1,211.6 1,264.1 1,331.7
By borrowing sector
17 Household 5,222.5 5,559.9 6,032.0
18 Nonfinancial business 4,376.1 4,762.5 5,274.2
19 Corporate 3,095.3 3,359.9 3,751.9
20 Nonfarm noncorporate 1,130.9 1,246.5 1,358.4
21 Farm 149.9 156.1 163.8
22 State and local government 1,063.4 1,119.5 1,199.8
23 Foreign credit market debt held
in United States 542.2 608.0 651.4
24 Commercial paper 67.5 65.1 72.9
25 Bonds 366.3 427.7 462.5
26 Bank loans n.e.c. 43.7 52.1 58.9
27 Other loans and advances 64.7 63.0 57.2
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 14,985.9 15,854.7 16,909.6
Financial sectors
29 Total credit market debt owed by
financial sectors 4,824.5 5,445.2 6,519.1
By instrument
30 Federal government-related 2,608.2 2,821.1 3,292.0
31 Government-sponsored
enterprise securities 896.9 995.3 1,273.6
32 Mortgage pool securities 1,711.3 1,825.8 2,018.4
33 Loans from U.S. government .0 .0 .0
34 Private 2,216.3 2,624.1 3,227.1
35 Open market paper 579.1 745.7 906.7
36 Corporate bonds 1,378.4 1,555.9 1,852.8
37 Bank loans n.e.c. 64.0 77.2 107.2
38 Other loans and advances 162.9 198.5 288.7
39 Mortgages 31.9 46.8 71.6
By, borrowing sector
40 Commercial banks 113.6 140.6 188.6
41 Bank holding companies 150.0 168.6 193.5
42 Savings institutions 140.5 160.3 212.4
43 Credit unions .4 .6 1.1
44 Life insurance companies 1.6 1.8 2.5
45 Government-sponsored enterprises 896.9 995.3 1,273.6
46 Federally related mortgage pools 1,711.3 1,825.8 2,018.4
47 Issuers of asset-backed
securities (ABSs) 863.3 1,076.6 1,398.0
48 Brokers and dealers 27.3 35.3 42.5
49 Finance companies 529.8 554.5 597.5
50 Mortgage companies 20.6 16.0 17.7
51 Real estate investment trusts
(REITs) 56.5 96.1 158.8
52 Funding corporations 312.7 373.7 414.4
All sectors
53 Total credit market debt,
domestic and foreign 19,810.4 21,300.0 23,428.7
54 Open market paper 803.0 979.4 1,172.6
55 U.S. government securities 6,389.9 6,626.0 7,044.3
56 Municipal securities 1,296.0 1,367.5 1,464.3
57 Corporate and foreign bonds 3,205.1 3,594.5 4,144.9
58 Bank loans n.e.c. 1,041.7 1,169.8 1,314.9
59 Other loans and advances 998.0 1,101.0 1,259.6
60 Mortgages 4,865.1 5,197.7 5,696.4
61 Consumer credit 1,211.6 1,264.1 1,331.7
1999
Transaction category or sector 1999
Q3 Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 17,381.6 17,052.5 17,381.6
By sector and instrument
2 Federal government 3,681.0 3,633.4 3,681.0
3 Treasury securities 3,652.8 3,605.1 3,652.8
4 Budget agency securities and
mortgages 28.3 28.3 28.3
5 Nonfederal 13,700.6 13,419.1 13,700.6
By instrument
6 Commercial paper 230.3 239.3 230.3
7 Municipal securities and loans 1,532.5 1,518.6 1,532.5
8 Corporate bonds 2,059.5 2,020.7 2,059.5
9 Bank loans n.e.c. 1,231.5 1,202.9 1,231.5
10 Other loans and advances 974.6 963.1 974.6
11 Mortgages 6,246.1 6,104.5 6,246.1
12 Home 4,777.1 4,681.8 4,777.1
13 Multifamily residential 346.4 333.6 346.4
14 Commercial 1,020.5 987.6 1,020.5
15 Farm 102.0 101.4 102.0
16 Consumer credit 1,426.2 1,370.1 1,426.2
By borrowing sector
17 Household 6,564.6 6,413.2 6,564.6
18 Nonfinancial business 5,883.9 5,763.5 5,883.9
19 Corporate 4,241.0 4,154.7 4,241.0
20 Nonfarm noncorporate 1,473.8 1,440.2 1,473.8
21 Farm 169.0 168.6 169.0
22 State and local government 1,252.1 1,242.4 1,252.1
23 Foreign credit market debt held
in United States 676.9 672.9 676.9
24 Commercial paper 89.2 81.8 89.2
25 Bonds 476.7 477.4 476.7
26 Bank loans n.e.c. 59.4 58.8 59.4
27 Other loans and advances 51.7 55.0 51.7
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 18,058.6 17,725.4 18,058.6
Financial sectors
29 Total credit market debt owed by
financial sectors 7,596.3 7,340.1 7,596.3
By instrument
30 Federal government-related 3,884.0 3,745.9 3,884.0
31 Government-sponsored
enterprise securities 1,591.7 1,499.8 1,591.7
32 Mortgage pool securities 2,292.2 2,246.1 2,292.2
33 Loans from U.S. government .0 .0 .0
34 Private 3,712.4 3,594.2 3,712.4
35 Open market paper 1,082.9 963.4 1,082.9
36 Corporate bonds 2,064.0 2,084.3 2,064.0
37 Bank loans n.e.c. 92.9 105.2 92.9
38 Other loans and advances 395.8 365.4 395.8
39 Mortgages 76.7 75.9 76.7
By, borrowing sector
40 Commercial banks 230.0 224.2 230.0
41 Bank holding companies 219.3 211.8 219.3
42 Savings institutions 260.4 255.4 260.4
43 Credit unions 3.4 2.5 3.4
44 Life insurance companies 3.2 4.3 3.2
45 Government-sponsored enterprises 1,591.7 1,499.8 1,591.7
46 Federally related mortgage pools 2,292.2 2,246.1 2,292.2
47 Issuers of asset-backed
securities (ABSs) 1,621.4 1,592.4 1,621.4
48 Brokers and dealers 25.3 34.6 25.3
49 Finance companies 659.9 628.5 659.9
50 Mortgage companies 17.8 16.3 17.8
51 Real estate investment trusts
(REITs) 165.1 162.2 165.1
52 Funding corporations 506.6 462.0 506.6
All sectors
53 Total credit market debt,
domestic and foreign 25,654.9 25,065.5 25,654.9
54 Open market paper 1,402.4 1,284.5 1,402.4
55 U.S. government securities 7,565.0 7,379.2 7,565.0
56 Municipal securities 1,532.5 1,518.6 1,532.5
57 Corporate and foreign bonds 4,600.1 4,582.4 4,600.1
58 Bank loans n.e.c. 1,383.8 1,366.9 1,383.8
59 Other loans and advances 1,422.1 1,383.4 1,422.1
60 Mortgages 6,322.8 6,180.4 6,322.8
61 Consumer credit 1,426.2 1,370.1 1,426.2
2000
Transaction category or sector
Q1 Q2 Q3
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 17,609.4 17,784.7 17,984.2
By sector and instrument
2 Federal government 3,653.5 3,464.0 3,410.2
3 Treasury securities 3,625.8 3,435.7 3,382.6
4 Budget agency securities and
mortgages 27.8 28.2 27.6
5 Nonfederal 13,955.9 14,320.7 14,574.0
By instrument
6 Commercial paper 260.8 296.8 307.0
7 Municipal securities and loans 1,539.2 1,551.6 1,550.3
8 Corporate bonds 2,106.0 2,144.5 2,190.6
9 Bank loans n.e.c. 1,259.1 1,307.2 1,311.6
10 Other loans and advances 1,020.1 1,049.5 1,052.2
11 Mortgages 6,354.7 6,517.1 6,667.1
12 Home 4,851.1 4,974.1 5,091.8
13 Multifamily residential 353.6 364.6 371.9
14 Commercial 1,046.1 1,072.2 1,095.5
15 Farm 103.9 106.3 107.8
16 Consumer credit 1,416.0 1,454.0 1,495.3
By borrowing sector
17 Household 6,632.7 6,800.2 6,968.6
18 Nonfinancial business 6,065.9 6,254.8 6,342.3
19 Corporate 4,392.5 4,544.7 4,603.7
20 Nonfarm noncorporate 1,503.2 1,534.5 1,561.1
21 Farm 170.3 175.7 177.5
22 State and local government 1,257.3 1,265.7 1,263.1
23 Foreign credit market debt held
in United States 704.6 699.3 727.8
24 Commercial paper 101.6 101.2 109.8
25 Bonds 488.1 481.3 499.2
26 Bank loans n.e.c. 63.3 64.7 67.7
27 Other loans and advances 51.7 52.1 51.2
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 18,314.0 18,484.0 18,712.0
Financial sectors
29 Total credit market debt owed by
financial sectors 7,725.8 7,946.3 8,140.2
By instrument
30 Federal government-related 3,940.1 4,035.3 4,164.0
31 Government-sponsored
enterprise securities 1,618.0 1,680.2 1,749.7
32 Mortgage pool securities 2,322.1 2,355.2 2,414.3
33 Loans from U.S. government .0 .0 .0
34 Private 3,785.7 3,911.0 3,976.1
35 Open market paper 1,115.7 1,135.2 1,151.6
36 Corporate bonds 2,095.7 2,165.2 2,219.4
37 Bank loans n.e.c. 91.4 92.7 92.5
38 Other loans and advances 404.4 436.9 430.2
39 Mortgages 78.5 81.0 82.5
By, borrowing sector
40 Commercial banks 242.2 265.4 265.2
41 Bank holding companies 221.4 229.3 236.9
42 Savings institutions 266.9 280.7 276.0
43 Credit unions 2.6 2.9 3.1
44 Life insurance companies 3.0 2.7 2.7
45 Government-sponsored enterprises 1,618.0 1,680.2 1,749.7
46 Federally related mortgage pools 2,322.1 2,355.2 2,414.3
47 Issuers of asset-backed
securities (ABSs) 1,647.3 1,688.5 1,733.8
48 Brokers and dealers 36.4 36.2 42.6
49 Finance companies 670.7 699.2 716.5
50 Mortgage companies 17.1 17.8 17.7
51 Real estate investment trusts
(REITs) 167.9 170.4 169.8
52 Funding corporations 510.1 517.9 511.9
All sectors
53 Total credit market debt,
domestic and foreign 26,039.8 26,430.3 26,852.2
54 Open market paper 1,478.1 1,533.3 1,568.3
55 U.S. government securities 7,593.6 7,499.3 7,574.2
56 Municipal securities 1,539.2 1,551.6 1,550.3
57 Corporate and foreign bonds 4,689.8 4,791.0 4,909.2
58 Bank loans n.e.c. 1,413.7 1,464.6 1,471.7
59 Other loans and advances 1,476.2 1,538.5 1,533.6
60 Mortgages 6,433.2 6,598.1 6,749.5
61 Consumer credit 1,416.0 1,454.0 1,495.3
2000 2001
Transaction category or sector
Q4 Q1
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 18,263.4 18,506.5
By sector and instrument
2 Federal government 3,385.2 3,408.8
3 Treasury securities 3,357.8 3,382.1
4 Budget agency securities and
mortgages 27.3 26.8
5 Nonfederal 14,878.2 15,097.6
By instrument
6 Commercial paper 278.4 253.2
7 Municipal securities and loans 1,567.8 1,596.6
8 Corporate bonds 2,234.5 2,334.5
9 Bank loans n.e.c. 1,334.8 1,326.2
10 Other loans and advances 1,090.0 1,094.6
11 Mortgages 6,806.3 6,934.7
12 Home 5,192.4 5,283.9
13 Multifamily residential 382.0 392.2
14 Commercial 1,123.1 1,148.5
15 Farm 108.8 110.0
16 Consumer credit 1,566.5 1,558.0
By borrowing sector
17 Household 7,149.9 7,227.6
18 Nonfinancial business 6,449.1 6,563.5
19 Corporate 4,678.3 4,771.4
20 Nonfarm noncorporate 1,590.6 1,612.3
21 Farm 180.2 179.8
22 State and local government 1,279.3 1,306.5
23 Foreign credit market debt held
in United States 743.4 736.6
24 Commercial paper 120.9 112.8
25 Bonds 501.5 501.2
26 Bank loans n.e.c. 70.7 73.3
27 Other loans and advances 50.3 49.4
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 19,006.8 19,243.1
Financial sectors
29 Total credit market debt owed by
financial sectors 8,410.0 8,616.4
By instrument
30 Federal government-related 4,317.6 4,426.1
31 Government-sponsored
enterprise securities 1,825.9 1,891.9
32 Mortgage pool securities 2,491.7 2,534.2
33 Loans from U.S. government .0 .0
34 Private 4,092.5 4,190.2
35 Open market paper 1,210.7 1,180.8
36 Corporate bonds 2,267.9 2,380.6
37 Bank loans n.e.c. 92.6 96.8
38 Other loans and advances 438.3 450.9
39 Mortgages 82.9 81.1
By, borrowing sector
40 Commercial banks 266.7 273.9
41 Bank holding companies 242.5 266.0
42 Savings institutions 287.7 294.8
43 Credit unions 3.4 3.3
44 Life insurance companies 2.5 1.9
45 Government-sponsored enterprises 1,825.9 1,891.9
46 Federally related mortgage pools 2,491.7 2,534.2
47 Issuers of asset-backed
securities (ABSs) 1,821.1 1,882.4
48 Brokers and dealers 40.9 35.0
49 Finance companies 734.6 721.4
50 Mortgage companies 17.9 18.1
51 Real estate investment trusts
(REITs) 167.8 166.2
52 Funding corporations 507.3 527.2
All sectors
53 Total credit market debt,
domestic and foreign 27,416.8 27,859.5
54 Open market paper 1,610.0 1,546.8
55 U.S. government securities 7,702.7 7,834.9
56 Municipal securities 1,567.8 1,596.6
57 Corporate and foreign bonds 5,003.9 5,216.2
58 Bank loans n.e.c. 1,498.1 1,496.3
59 Other loans and advances 1,578.6 1,594.9
60 Mortgages 6,889.2 7,015.7
61 Consumer credit 1,566.5 1,558.0
(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 1996 1997 1998
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 19,810.4 21,300.0 23,428.7
2 Domestic nonfederal nonfinancial
sectors 3,035.0 2,974.0 3,052.0
3 Household 2,122.0 2,075.7 2,035.1
4 Nonfinancial corporate
business 270.2 257.5 241.5
5 Nonfarm noncorporate business 38.0 35.9 35.9
6 State and local governments 604.8 605.0 739.4
7 Federal government 200.2 205.4 219.1
8 Rest of the world 1,926.6 2,257.3 2,539.8
9 Financial sectors 14,648.6 15,863.2 17,617.7
10 Monetary authority 393.1 431.4 452.5
11 Commercial banking 3,707.7 4,031.9 4,335.7
12 U.S.-chartered banks 3,175.8 3,450.7 3,761.2
13 Foreign banking offices in
United States 475.8 516.1 504.2
14 Bank holding companies 22.0 27.4 26.5
15 Banks in U.S.-affiliated
areas 34.1 37.8 43.8
16 Savings institutions 933.2 928.5 964.6
17 Credit unions 288.5 305.3 324.2
18 Bank personal trusts and
estates 232.0 207.0 194.1
19 Life insurance companies 1,657.0 1,751.1 1,828.0
20 Other insurance companies 491.2 515.3 535.7
21 Private pension funds 627.0 674.6 731.0
22 State and local government
retirement funds 565.4 632.5 704.6
23 Money market mutual funds 634.3 721.9 965.9
24 Mutual funds 820.2 901.1 1,025.9
25 Closed-end funds 101.1 98.5 104.0
26 Government-sponsored
enterprises 807.9 902.2 1,163.9
27 Federally related mortgage
pools 1,711.3 1,825.8 2,018.4
28 Asset-backed securities
issuers (ABSs) 773.9 937.7 1,219.4
29 Finance companies 544.5 566.4 618.4
30 Mortgage companies 41.2 32.1 35.3
31 Real estate investment trusts
(REITs) 30.4 50.6 45.5
32 Brokers and dealers 167.7 182.6 189.4
33 Funding corporations 121.0 166.7 161.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 19,810.4 21,300.0 23,428.7
Other liabilities
35 Official foreign exchange 53.7 48.9 60.1
36 Special drawing rights
certificates 9.7 9.2 9.2
37 Treasury currency 18.9 19.3 19.9
38 Foreign deposits 521.7 619.7 639.0
39 Net interbank liabilities 240.8 219.4 189.0
40 Checkable deposits and currency 1,244.8 1,286.1 1,333.4
41 Small time and savings deposits 2,377.0 2,474.1 2,626.5
42 Large time deposits 590.9 713.4 805.5
43 Money market fund shares 886.7 1,042.5 1,329.7
44 Security repurchase agreements 701.5 822.4 913.7
45 Mutual fund shares 2,342.4 2,989.4 3,610.5
46 Security credit 358.1 469.1 572.3
47 Life insurance reserves 610.6 665.0 718.3
48 Pension fund reserves 6,325.1 7,323.4 8,193.7
49 Trade payables 1,809.3 1,941.4 2,037.4
50 Taxes payable 123.8 139.5 151.5
51 Investment in bank personal
trusts 871.3 942.5 1,001.0
52 Miscellaneous 6,349.1 6,670.6 7,332.7
53 Total liabilities 45,245.6 49,695.6 54,972.1
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.4 21.1 21.6
55 Corporate equities 10,255.8 13,201.3 15,492.5
56 Household equity in noncorporate
business 3,889.2 4,162.6 4,428.4
Liabilities not identified as
assets (-)
57 Treasury currency -6.1 -6.3 -6.4
58 Foreign deposits 437.0 538.3 541.6
59 Net interbank transactions -10.6 -32.2 -27.0
60 Security repurchase agreements 109.8 172.9 233.4
61 Taxes payable 76.9 92.6 102.0
62 Miscellaneous -1,448.9 -1,785.7 -2,468.4
Floats not included in
assets (-)
63 Federal government checkable
deposits -1.6 -8.1 -3.9
64 Other checkable deposits 30.1 26.2 23.1
65 Trade credit 171.8 133.5 90.0
66 Total identified to sectors as
assets 60,053.7 67,949.4 76,430.1
1999
Transaction category or sector 1999
Q3 Q4
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 25,654.9 25,065.5 25,654.9
2 Domestic nonfederal nonfinancial
sectors 3,353.6 3,239.7 3,353.6
3 Household 2,294.6 2,185.6 2,294.6
4 Nonfinancial corporate
business 238.7 235.1 238.7
5 Nonfarm noncorporate business 37.5 37.1 37.5
6 State and local governments 782.8 781.9 782.8
7 Federal government 258.0 260.7 258.0
8 Rest of the world 2,678.0 2,718.1 2,678.0
9 Financial sectors 19,365.3 18,846.9 19,365.3
10 Monetary authority 478.1 489.3 478.1
11 Commercial banking 4,643.9 4,488.3 4,643.9
12 U.S.-chartered banks 4,078.9 3,944.3 4,078.9
13 Foreign banking offices in
United States 484.1 475.3 484.1
14 Bank holding companies 32.7 22.0 32.7
15 Banks in U.S.-affiliated
areas 48.3 46.7 48.3
16 Savings institutions 1,033.2 1,030.5 1,033.2
17 Credit unions 351.7 348.5 351.7
18 Bank personal trusts and
estates 222.0 215.0 222.0
19 Life insurance companies 1,886.0 1,880.4 1,886.0
20 Other insurance companies 531.6 533.9 531.6
21 Private pension funds 775.9 763.5 775.9
22 State and local government
retirement funds 751.4 739.9 751.4
23 Money market mutual funds 1,147.8 1,049.7 1,147.8
24 Mutual funds 1,073.1 1,083.0 1,073.1
25 Closed-end funds 110.9 109.2 110.9
26 Government-sponsored
enterprises 1,399.5 1,339.1 1,399.5
27 Federally related mortgage
pools 2,292.2 2,246.1 2,292.2
28 Asset-backed securities
issuers (ABSs) 1,424.6 1,403.1 1,424.6
29 Finance companies 713.3 678.2 713.3
30 Mortgage companies 35.6 32.5 35.6
31 Real estate investment trusts
(REITs) 42.9 44.7 42.9
32 Brokers and dealers 154.7 166.8 154.7
33 Funding corporations 296.8 205.3 296.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 25,654.9 25,065.5 25,654.9
Other liabilities
35 Official foreign exchange 50.1 52.1 50.1
36 Special drawing rights
certificates 6.2 7.2 6.2
37 Treasury currency 20.9 20.9 20.9
38 Foreign deposits 725.8 712.3 725.8
39 Net interbank liabilities 204.5 199.6 204.5
40 Checkable deposits and currency 1,484.8 1,353.8 1,484.8
41 Small time and savings deposits 2,671.2 2,665.9 2,671.2
42 Large time deposits 936.1 837.5 936.1
43 Money market fund shares 1,578.8 1,444.9 1,578.8
44 Security repurchase agreements 1,083.4 999.4 1,083.4
45 Mutual fund shares 4,553.4 3,931.5 4,553.4
46 Security credit 676.6 593.1 676.6
47 Life insurance reserves 783.9 756.2 783.9
48 Pension fund reserves 9,041.7 8,363.7 9,041.7
49 Trade payables 2,244.6 2,169.9 2,244.6
50 Taxes payable 167.6 167.5 167.6
51 Investment in bank personal
trusts 1,130.4 1,019.0 1,130.4
52 Miscellaneous 7,788.5 7,465.5 7,788.5
53 Total liabilities 60,803.4 57,825.5 60,803.4
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.4 21.3 21.4
55 Corporate equities 19,494.5 16,106.8 19,494.5
56 Household equity in noncorporate
business 4,736.4 4,647.8 4,736.4
Liabilities not identified as
assets (-)
57 Treasury currency -7.1 -6.6 -7.1
58 Foreign deposits 613.3 584.3 613.3
59 Net interbank transactions -25.5 -13.2 -25.5
60 Security repurchase agreements 263.3 323.7 263.3
61 Taxes payable 95.6 96.5 95.6
62 Miscellaneous -3,079.3 -3,143.7 -3,079.3
Floats not included in
assets (-)
63 Federal government checkable
deposits -9.9 -10.2 -9.9
64 Other checkable deposits 22.3 14.5 22.3
65 Trade credit 148.9 29.3 148.9
66 Total identified to sectors as
assets 87,034.2 80,726.8 87,034.2
2000
Transaction category or sector
Q1 Q2 Q3
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 26,039.8 26,430.3 26,852.2
2 Domestic nonfederal nonfinancial
sectors 3,285.6 3,289.4 3,236.4
3 Household 2,232.4 2,217.2 2,167.2
4 Nonfinancial corporate
business 232.1 237.6 240.7
5 Nonfarm noncorporate business 38.1 38.8 39.8
6 State and local governments 782.9 795.8 788.7
7 Federal government 259.6 261.6 262.7
8 Rest of the world 2,763.6 2,812.8 2,864.7
9 Financial sectors 19,731.0 20,066.5 20,488.4
10 Monetary authority 501.9 505.1 511.5
11 Commercial banking 4,725.0 4,847.4 4,931.0
12 U.S.-chartered banks 4,171.3 4,295.4 4,368.2
13 Foreign banking offices in
United States 482.0 478.1 487.5
14 Bank holding companies 22.1 23.0 21.3
15 Banks in U.S.-affiliated
areas 49.6 51.0 54.0
16 Savings institutions 1,045.8 1,062.5 1,082.2
17 Credit unions 359.0 370.8 378.6
18 Bank personal trusts and
estates 226.7 230.2 234.6
19 Life insurance companies 1,900.1 1,911.6 1,933.7
20 Other insurance companies 528.0 523.5 525.0
21 Private pension funds 787.6 793.8 811.0
22 State and local government
retirement funds 767.2 775.1 775.4
23 Money market mutual funds 1,217.1 1,159.4 1,212.5
24 Mutual funds 1,053.7 1,073.9 1,088.1
25 Closed-end funds 108.7 106.5 104.4
26 Government-sponsored
enterprises 1,426.4 1,483.5 1,532.5
27 Federally related mortgage
pools 2,322.1 2,355.2 2,414.3
28 Asset-backed securities
issuers (ABSs) 1,445.4 1,477.9 1,514.5
29 Finance companies 747.0 780.6 795.5
30 Mortgage companies 34.1 35.5 35.4
31 Real estate investment trusts
(REITs) 38.8 38.2 37.3
32 Brokers and dealers 194.6 187.9 243.3
33 Funding corporations 301.8 348.0 327.7
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 26,039.8 26,430.3 26,852.2
Other liabilities
35 Official foreign exchange 49.4 46.5 44.9
36 Special drawing rights
certificates 6.2 4.2 3.2
37 Treasury currency 21.4 22.1 23.2
38 Foreign deposits 790.4 792.6 788.6
39 Net interbank liabilities 169.7 210.6 173.2
40 Checkable deposits and currency 1,392.9 1,409.7 1,385.7
41 Small time and savings deposits 2,728.0 2,738.8 2,790.9
42 Large time deposits 966.5 987.4 1,025.9
43 Money market fund shares 1,666.0 1,627.1 1,697.8
44 Security repurchase agreements 1,149.2 1,185.0 1,238.7
45 Mutual fund shares 4,863.3 4,759.6 4,815.0
46 Security credit 795.4 775.5 800.4
47 Life insurance reserves 801.0 806.5 815.5
48 Pension fund reserves 9,237.9 9,166.7 9,308.4
49 Trade payables 2,271.1 2,302.3 2,342.9
50 Taxes payable 181.0 180.0 182.9
51 Investment in bank personal
trusts 1,163.0 1,124.1 1,122.3
52 Miscellaneous 7,981.8 8,254.0 8,701.5
53 Total liabilities 62,274.0 62,823.2 64,113.0
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.4 21.5 21.4
55 Corporate equities 20,147.2 19,179.6 18,990.4
56 Household equity in noncorporate
business 4,763.1 4,809.4 4,865.0
Liabilities not identified as
assets (-)
57 Treasury currency -7.6 -7.9 -7.6
58 Foreign deposits 666.1 646.9 628.1
59 Net interbank transactions -13.9 -11.6 -17.6
60 Security repurchase agreements 410.1 422.6 447.7
61 Taxes payable 89.6 103.0 92.5
62 Miscellaneous -3,250.3 -3,319.2 -3,099.3
Floats not included in
assets (-)
63 Federal government checkable
deposits -6.5 -5.2 -7.8
64 Other checkable deposits 18.7 22.5 15.5
65 Trade credit 89.2 54.3 43.4
66 Total identified to sectors as
assets 89,210.1 88,928.3 89,894.8
2000 2001
Transaction category or sector
Q4 Q1
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 27,416.8 27,859.5
2 Domestic nonfederal nonfinancial
sectors 3,246.4 3,146.6
3 Household 2,152.9 2,075.2
4 Nonfinancial corporate
business 250.6 226.9
5 Nonfarm noncorporate business 40.8 41.9
6 State and local governments 802.0 802.5
7 Federal government 265.2 268.3
8 Rest of the world 2,957.9 2,990.0
9 Financial sectors 20,947.3 21,454.6
10 Monetary authority 511.8 523.9
11 Commercial banking 5,002.6 5,016.7
12 U.S.-chartered banks 4,418.7 4,425.1
13 Foreign banking offices in
United States 508.1 514.9
14 Bank holding companies 20.5 22.3
15 Banks in U.S.-affiliated
areas 55.3 54.4
16 Savings institutions 1,089.7 1,101.0
17 Credit unions 383.1 391.3
18 Bank personal trusts and
estates 239.1 241.8
19 Life insurance companies 1,950.2 1,969.2
20 Other insurance companies 524.0 528.1
21 Private pension funds 818.2 827.1
22 State and local government
retirement funds 795.5 810.2
23 Money market mutual funds 1,296.7 1,403.8
24 Mutual funds 1,099.7 1,113.5
25 Closed-end funds 102.2 100.0
26 Government-sponsored
enterprises 1,612.1 1,677.3
27 Federally related mortgage
pools 2,491.7 2,534.2
28 Asset-backed securities
issuers (ABSs) 1,594.5 1,650.9
29 Finance companies 812.6 809.3
30 Mortgage companies 35.9 36.2
31 Real estate investment trusts
(REITs) 36.6 37.6
32 Brokers and dealers 223.6 312.3
33 Funding corporations 327.5 370.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 27,416.8 27,859.5
Other liabilities
35 Official foreign exchange 45.3 42.2
36 Special drawing rights
certificates 2.2 2.2
37 Treasury currency 23.2 22.9
38 Foreign deposits 836.7 846.5
39 Net interbank liabilities 188.2 121.8
40 Checkable deposits and currency 1,413.5 1,384.1
41 Small time and savings deposits 2,862.2 2,965.4
42 Large time deposits 1,054.7 1,078.3
43 Money market fund shares 1,812.1 1,994.7
44 Security repurchase agreements 1,194.3 1,197.5
45 Mutual fund shares 4,456.3 4,030.6
46 Security credit 817.6 784.5
47 Life insurance reserves 819.4 817.0
48 Pension fund reserves 9,054.1 8,590.3
49 Trade payables 2,383.8 2,379.5
50 Taxes payable 184.8 198.6
51 Investment in bank personal
trusts 1,039.0 949.2
52 Miscellaneous 8,905.8 8,963.0
53 Total liabilities 64,510.0 64,228.1
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.6 21.4
55 Corporate equities 17,026.1 14,878.4
56 Household equity in noncorporate
business 4,944.9 5,056.0
Liabilities not identified as
assets (-)
57 Treasury currency -8.5 -9.1
58 Foreign deposits 668.1 682.1
59 Net interbank transactions -4.1 1.3
60 Security repurchase agreements 372.2 370.8
61 Taxes payable 96.9 87.2
62 Miscellaneous -3,282.3 -3,530.1
Floats not included in
assets (-)
63 Federal government checkable
deposits -3.0 -22.3
64 Other checkable deposits 24.0 21.1
65 Trade credit 128.1 76.3
66 Total identified to sectors as
assets 88,511.2 86,506.7
(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 1998(r) 1999(r) 2000
1 Industrial production(1) 134.0 139.6 147.5
Market groups
2 Products, total 127.2 131.2 136.2
3 Final, total 129.3 133.3 138.8
4 Consumer goods 118.4 120.8 123.0
5 Equipment 147.1 153.8 166.1
6 Intermediate 121.0 125.1 128.7
7 Materials 145.7 154.5 167.8
Industry groups
8 Manufacturing 138.2 144.8 153.6
9 Capacity utilization, manufacturing
(percent)(2) 81.3 80.5 81.3
10 Construction contracts(3) 122.7 135.2 142.1
11 Nonagricultural employment, total(4) 115.9 118.6 121.0(r)
12 Goods-producing, total 109.4 109.7 110.5(r)
13 Manufacturing, total 103.9 102.4 101.8(r)
14 Manufacturing, production
workers 105.4 103.7 102.9(r)
15 Service-producing 117.7 121.0 123.9(r)
16 Personal income, total 137.8 144.3 154.3(r)
17 Wages and salary disbursements 140.6 149.9 162.2(r)
18 Manufacturing 129.7 134.0 142.3(r)
19 Disposable personal income(5) 133.7 139.2 147.9(r)
20 Retail sales(5) 142.8 155.1 167.0(r)
Prices(6)
21 Consumer (1982-84=100) 163.0 166.6 172.2
22 Producer finished goods (1982=100) 130.7 133.0 138.0
2000
Measure
Oct. Nov.(r) Dec.
1 Industrial production(1) 148.7 148.2 147.3
Market groups
2 Products, total 136.3 136.3 136.0
3 Final, total 138.8 138.8 139.0
4 Consumer goods 122.7 122.4 123.1
5 Equipment 169.1 169.9 168.9
6 Intermediate 128.7 128.5 126.8
7 Materials 171.1 169.9 167.8
Industry groups
8 Manufacturing 154.9 154.1 152.6
9 Capacity utilization, manufacturing
(percent)(2) 81.2 80.5 79.3
10 Construction contracts(3) 151.0 144.0 140.0
11 Nonagricultural employment, total(4) 121.7(r) 121.8 121.9(r)
12 Goods-producing, total 110.7(r) 110.7 110.6(r)
13 Manufacturing, total 101.6(r) 101.5 101.3(r)
14 Manufacturing, production
workers 102.1(r) 101.8 101.4(r)
15 Service-producing 124.7(r) 124.8 125.0(r)
16 Personal income, total 157.3(r) 157.9 158.9(r)
17 Wages and salary disbursements 165.8(r) 166.8 167.6(r)
18 Manufacturing 145.6(r) 146.3 146.2(r)
19 Disposable personal income(5) 150.5(r) 151.1 152.0(r)
20 Retail sales(5) 168.7(r) 167.8 167.8(r)
Prices(6)
21 Consumer (1982-84=100) 174.0 174.1 174.0
22 Producer finished goods (1982=100) 140.1 140.0 139.7
2001
Measure
Jan. Feb.(r) Mar.(r)
1 Industrial production(1) 146.0 145.4 145.0
Market groups
2 Products, total 135.0 134.6 134.5
3 Final, total 137.8 137.7 137.9
4 Consumer goods 121.8 122.3 122.4
5 Equipment 168.0 166.2 166.8
6 Intermediate 126.7 125.5 124.4
7 Materials 165.9 165.0 163.9
Industry groups
8 Manufacturing 151.3 150.7 150.0
9 Capacity utilization, manufacturing
(percent)(2) 78.4 77.9 77.3
10 Construction contracts(3) 152.0 149.0 138.0
11 Nonagricultural employment, total(4) 122.0(r) 122.1 122.2
12 Goods-producing, total 110.3(r) 110.3 110.2
13 Manufacturing, total 100.8(r) 100.5 100.1
14 Manufacturing, production
workers 100.9(r) 100.3 99.7
15 Service-producing 125.1(r) 125.3 125.4
16 Personal income, total 159.6(r) 160.3 161.0
17 Wages and salary disbursements 168.4(r) 169.4 170.1
18 Manufacturing 146.1(r) 146.3 146.3
19 Disposable personal income(5) 152.8(r) 153.4 154.1
20 Retail sales(5) 170.1(r) 170.4 169.6
Prices(6)
21 Consumer (1982-84=100) 175.1 175.8 176.2
22 Producer finished goods (1982=100) 141.2 141.4 140.9
2001
Measure
Apr.(r) May June(p)
1 Industrial production(1) 144.2 143.5 142.5
Market groups
2 Products, total 133.6 133.1 132.4
3 Final, total 136.9 136.6 135.7
4 Consumer goods 121.7 121.7 121.5
5 Equipment 165.0 164.0 161.9
6 Intermediate 123.9 122.8 122.5
7 Materials 163.4 162.2 160.7
Industry groups
8 Manufacturing 149.3 148.6 147.4
9 Capacity utilization, manufacturing
(percent)(2) 76.8 76.3 75.5
10 Construction contracts(3) 141.0 141.0 147.0
11 Nonagricultural employment, total(4) 122.0 122.0 122.0
12 Goods-producing, total 109.4 109.0 108.5
13 Manufacturing, total 99.5 98.7 98.1
14 Manufacturing, production
workers 99.0 98.2 97.4
15 Service-producing 125.4 125.6 125.6
16 Personal income, total 161.4 161.7 162.2
17 Wages and salary disbursements 170.7 170.7 171.4
18 Manufacturing 146.8 145.5 145.1
19 Disposable personal income(5) 154.6 155.0 155.4
20 Retail sales(5) 172.2 172.4 172.2
Prices(6)
21 Consumer (1982-84=100) 176.9 177.7 178.0
22 Producer finished goods (1982=100) 141.7 142.5 142.1
(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in December 2000. The recent annual
revision is described in an article in the March 2001 issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.
(2.) Ratio of index of production to index of capacity. Based on data
from the Federal Reserve, U.S. Department of Commerce, and other
sources.
(3.) Index of dollar value of total construction contracts, including
residential, nonresidential, and heavy engineering, from McGraw-Hill
Information Systems Company, F.W. Dodge Division.
(4.) Based on data from the U.S. Department of Labor, Employment and
Earnings. Series covers employees only, excluding personnel in the
armed forces.
(5.) Based on data from U.S. Department of Commerce, Survey of Current
Business.
(6.) Based on data not seasonally adjusted. Seasonally adjusted data
for changes in the price indexes can be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Monthly Labor Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5,
and indexes for series mentioned in notes 3 and 6, can also be found in
the Survey of Current Business.
2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
Category 1998 1999 2000
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 137,673 139,368 140,863
Employment
2 Nonagricultural
industries(3) 128,085 130,207 131,903
3 Agriculture 3,378 3,281 3,305
Unemployment
4 Number 6,210 5,880 5,655
5 Rate (percent of civilian
labor force) 4.5 4.2 4.0
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 125,865 128,786 131,417
7 Manufacturing 18,805 18,543 18,437
8 Mining 590 535 538
9 Contract construction 6,020 6,404 6,687
10 Transportation and public
utilities 6,611 6,826 6,993
11 Trade 29,095 29,712 30,191
12 Finance 7,389 7,569 7,618
13 Service 37,533 39,027 40,384
14 Government 19,823 20,170 20,570
2000 2001
Category
Nov.(r) Dec.(r) Jan.(r) Feb.(r)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 141,000 141,136 141,489 141,955
Employment
2 Nonagricultural
industries(3) 132,223 132,302 132,562 132,819
3 Agriculture 3,241 3,176 3,274 3,179
Unemployment
4 Number 5,536 5,658 5,653 5,956
5 Rate (percent of civilian
labor force) 3.9 4.0 4.0 4.2
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 132,145 132,279 132,367 132,428
7 Manufacturing 18,404 18,382 18,349 18,257
8 Mining 551 548 548 550
9 Contract construction 6,758 6,781 6,791 6,826
10 Transportation and public
utilities 7,076 7,093 7,108 7,106
11 Trade 30,439 30,465 30,474 30,482
12 Finance 7,569 7,575 7,582 7,594
13 Service 40,767 40,845 40,901 40,984
14 Government 20,581 20,590 20,614 20,629
2001
Category
Mar.(r) Apr.(r) May(r) June(p)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 141,751 141,868 141,757 141,272
Employment
2 Nonagricultural
industries(3) 132,680 132,618 132,162 131,910
3 Agriculture 3,135 3,161 3,192 3,193
Unemployment
4 Number 5,936 6,088 6,402 6,169
5 Rate (percent of civilian
labor force) 4.2 4.3 4.5 4.4
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 132,595 132,654 132,472 132,453
7 Manufacturing 18,192 18,116 18,003 17,879
8 Mining 555 557 560 564
9 Contract construction 6,880 6,929 6,851 6,882
10 Transportation and public
utilities 7,123 7,127 7,119 7,131
11 Trade 30,536 30,523 30,572 30,553
12 Finance 7,609 7,618 7,626 7,648
13 Service 41,020 41,073 40,995 41,037
14 Government 20,680 20,711 20,746 20,759
(1.) Beginning January 1994, reflects redesign of current population
survey and population controls from the 1990 census.
(2.) Persons sixteen years of age and older, including Resident Armed
Forces. Monthly figures are based on sample data collected during the
calendar week that contains the twelfth day; annual data are averages
of monthly figures. By definition, seasonality does not exist in
population figures.
(3.) Includes self-employed, unpaid family, and domestic service
workers.
(4.) Includes all full- and part-time employees who worked during, or
received pay for, the pay period that includes the twelfth day of the
month; excludes proprietors, self-employed persons, household and
unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted data
are available at this time.
SOURCE. Based on data from U.S. Department of Labor, Employment and
Earnings.
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION(1)
Seasonally adjusted
2000 2001
Series
Q3 Q4 Q1(r) Q2
Output (1992=100)
1 Total industry 148.4 148.1 145.5 143.4
2 Manufacturing 154.4 153.8 150.7 148.4
3 Primary processing(3) 180.3 178.7 172.6 169.6
4 Advanced processing(4) 140.3 140.2 138.5 136.7
5 Durable goods 196.7 196.5 191.6 188.8
6 Lumber and products 117.0 113.2 109.6 111.6
7 Primary metals 133.4 127.5 121.1 120.6
8 Iron and steel 130.5 121.5 114.9 119.0
9 Nonferrous 137.0 134.7 128.3 122.7
10 Industrial machinery and
equipment 257.3 261.9 256.3 248.1
11 Electrical machinery 581.1 604.0 593.0 558.5
12 Motor vehicles and parts 170.8 159.7 147.5 159.0
13 Aerospace and miscellaneous
transportation equipment 93.5 94.8 94.1 93.9
14 Nondurable goods 116.2 115.3 113.6 111.8
15 Textile mill products 99.8 94.7 92.7 88.7
16 Paper and products 114.0 114.9 110.8 111.5
17 Chemicals and products 125.4 124.5 121.9 118.9
18 Plastics materials 137.6 131.0 130.9 124.7
19 Petroleum products 117.3 116.0 115.5 115.8
20 Mining 100.6 100.3 101.7 102.6
21 Utilities 121.0 123.7 122.6 119.0
22 Electric 123.9 127.5 125.4 123.4
2000 2001
Series
Q3 Q4 Q1 Q2
Capacity (percent of 1992 output
1 Total industry 180.1 182.1 183.7 184.9
2 Manufacturing 189.2 191.5 193.5 194.8
3 Primary processing(3) 211.2 216.0 220.0 222.4
4 Advanced processing(4) 175.2 176.2 177.2 178.0
5 Durable goods 238.3 243.6 248.1 251.2
6 Lumber and products 147.9 148.4 148.7 149.0
7 Primary metals 153.4 153.5 153.5 153.5
8 Iron and steel 153.4 153.6 153.6 153.2
9 Nonferrous 153.4 153.4 153.5 153.8
10 Industrial machinery and
equipment 311.1 317.3 322.5 326.5
11 Electrical machinery 639.1 694.1 741.7 773.0
12 Motor vehicles and parts 209.2 210.1 210.9 211.7
13 Aerospace and miscellaneous
transportation equipment 130.4 130.2 130.0 130.1
14 Nondurable goods 144.4 144.6 144.7 144.6
15 Textile mill products 123.3 122.8 122.0 120.9
16 Paper and products 137.5 137.9 138.3 138.6
17 Chemicals and products 164.1 164.8 165.0 165.0
18 Plastics materials 151.9 152.3 152.7 153.2
19 Petroleum products 123.2 123.1 123.1 123.3
20 Mining 116.3 115.8 115.3 114.9
21 Utilities 133.4 134.5 135.7 137.0
22 Electric 132.3 133.8 135.3 136.8
2000 2001
Series
Q3 Q4 Q1 Q2
Capacity utilization rate
(percent)(2)
1 Total industry 82.4 81.3 79.2 77.6
2 Manufacturing 81.7 80.3 77.9 76.2
3 Primary processing(3) 85.4 82.7 78.4 76.2
4 Advanced processing(4) 80.1 79.5 78.2 76.8
5 Durable goods 82.5 80.7 77.2 75.2
6 Lumber and products 79.1 76.3 73.7 74.9
7 Primary metals 87.0 83.1 78.8 78.6
8 Iron and steel 85.1 79.1 74.8 77.7
9 Nonferrous 89.3 87.8 83.6 79.8
10 Industrial machinery and
equipment 82.7 82.5 79.5 76.0
11 Electrical machinery 90.9 87.1 80.0(r) 72.3
12 Motor vehicles and parts 81.7 76.0 69.9 75.1
13 Aerospace and miscellaneous
transportation equipment 71.7 72.8 72.3 72.1
14 Nondurable goods 80.5 79.7 78.5 77.3
15 Textile mill products 80.9 77.1 76.0(r) 73.4
16 Paper and products 82.9 83.3 80.1 80.5
17 Chemicals and products 76.4 75.5 73.8(r) 72.1
18 Plastics materials 90.5 86.0 85.7 81.4
19 Petroleum products 95.3 94.3 93.8 94.0
20 Mining 86.6 86.6 88.2 89.2
21 Utilities 90.7 92.0 90.4(r) 86.8
22 Electric 93.7 95.3 92.7 90.3
1973 1975 Previous cycle(5)
Series
High Low High Low
Capacity utilization rate
(percent)(2)
1 Total industry 89.2 72.6 87.3 71.1
2 Manufacturing 88.5 70.5 86.9 69.0
3 Primary processing(3) 91.2 68.2 88.1 66.2
4 Advanced processing(4) 87.2 71.8 86.7 70.4
5 Durable goods 89.2 68.9 87.7 63.9
6 Lumber and products 88.7 61.2 87.9 60.8
7 Primary metals 100.2 65.9 94.2 45.1
8 Iron and steel 105.8 66.6 95.8 37.0
9 Nonferrous 90.8 59.8 91.1 60.1
10 Industrial machinery and
equipment 96.0 74.3 93.2 64.0
11 Electrical machinery 89.2 64.7 89.4 71.6
12 Motor vehicles and parts 93.4 51.3 95.0 45.5
13 Aerospace and miscellaneous
transportation equipment 78.4 67.6 81.9 66.6
14 Nondurable goods 87.8 71.7 87.5 76.4
15 Textile mill products 91.4 60.0 91.2 72.3
16 Paper and products 97.1 69.2 96.1 80.6
17 Chemicals and products 87.6 69.7 84.6 69.9
18 Plastics materials 102.0 50.6 90.9 63.4
19 Petroleum products 96.7 81.1 90.0 66.8
20 Mining 94.3 88.2 96.0 80.3
21 Utilities 96.2 82.9 89.1 75.9
22 Electric 99.0 82.7 88.2 78.9
Latest 2000 2001
cycle(6)
Series
High Low June Jan. Feb.
Capacity utilization rate
(percent)(2)
1 Total industry 85.4 78.1 82.7 79.7 79.2
2 Manufacturing 85.7 76.6 82.0 78.4 77.9
3 Primary processing(3) 88.9 77.7 86.5 79.2 78.6
4 Advanced processing(4) 84.2 76.1 79.9 78.6 78.1
5 Durable goods 84.6 73.1 82.8 77.9 77.0
6 Lumber and products 93.6 75.5 80.4 72.9 73.3
7 Primary metals 92.7 73.7 89.0 80.7 79.0
8 Iron and steel 95.2 71.8 88.5 75.5 75.2
9 Nonferrous 89.3 74.2 89.7 86.9 83.6
10 Industrial machinery and
equipment 85.4 72.3 81.7 80.5 79.1
11 Electrical machinery 84.0 75.0 91.5 82.9 80.0
12 Motor vehicles and parts 89.1 55.9 84.5 65.8 69.9
13 Aerospace and miscellaneous
transportation equipment 87.3 79.2 71.6 72.5 71.9
14 Nondurable goods 87.3 80.7 80.9 78.8 78.8
15 Textile mill products 90.4 77.7 83.3 76.0 76.0
16 Paper and products 93.5 85.0 86.5 81.0 81.6
17 Chemicals and products 86.2 79.3 77.1 73.8 74.3
18 Plastics materials 97.0 74.8 93.5 83.9 88.2
19 Petroleum products 88.5 85.1 96.4 93.5 94.6
20 Mining 88.0 87.0 86.2 87.5 87.9
21 Utilities 92.6 83.4 91.7 91.7 89.8
22 Electric 95.0 87.1 95.0 94.0 91.6
2001
Series
Mar.(r) Apr.(r) May June(p)
Capacity utilization rate
(percent)(2)
1 Total industry 78.7 78.1 77.6 77.0
2 Manufacturing 77.3 76.8 76.3 75.5
3 Primary processing(3) 77.4 77.1 76.3 75.4
4 Advanced processing(4) 77.9 77.2 76.9 76.2
5 Durable goods 76.8 75.9 75.4 74.2
6 Lumber and products 74.8 74.4 75.7 74.7
7 Primary metals 76.8 79.3 78.6 77.9
8 Iron and steel 73.8 77.0 78.4 77.6
9 Nonferrous 80.3 82.1 78.9 78.3
10 Industrial machinery and
equipment 78.9 77.3 76.0 74.7
11 Electrical machinery 77.0 74.3 72.3 70.1
12 Motor vehicles and parts 74.1 73.5 76.7 75.0
13 Aerospace and miscellaneous
transportation equipment 72.5 72.4 72.1 71.9
14 Nondurable goods 77.9 77.7 77.2 77.0
15 Textile mill products 76.0 75.2 72.6 72.5
16 Paper and products 77.8 82.1 79.9 79.4
17 Chemicals and products 73.4 72.3 72.3 71.7
18 Plastics materials 85.0 82.7 81.2 80.3
19 Petroleum products 93.4 94.2 93.3 94.3
20 Mining 89.2 89.3 89.3 89.1
21 Utilities 89.6 87.8 86.1 86.6
22 Electric 92.4 92.0 89.2 89.6
(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in December 2000. The recent annual
revision is described in an article in the March 2001 issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.
(2.) Capacity utilization is calculated as the ratio of the Federal
Reserve's seasonally adjusted index of industrial production to the
corresponding index of capacity.
(3.) Primary processing includes textiles; lumber; paper; industrial
chemicals synthetic materials; fertilizer materials; petroleum
products; rubber and plastics; stone, clay, and glass; primary metals;
and fabricated metals.
(4.) Advanced processing includes foods, tobacco, apparel, furniture
and fixtures, printing and publishing, chemical products such as drugs
and toiletries, agricultural chemicals, leather and products,
machinery, transportation equipment, instruments, and miscellaneous
manufactures.
(5.) Monthly highs, 1978-80; monthly lows, 1982.
(6.) Monthly highs, 1988-89; monthly lows, 1990-91.
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value(1)
Monthly data seasonally adjusted
1992 2000
Group SIC(2) pro- 2000
code por- avg.
tion June
Index
(1992=
100)
MAJOR MARKETS
1 Total index 100.0 147.5 147.9
2 Products 60.5 136.2 136.0
3 Final products 46.3 138.8 138.3
4 Consumer goods, total 29.1 123.0 124.2
5 Durable consumer
goods 6.1 160.8 164.4
6 Automotive products 2.6 153.2 157.8
7 Autos and trucks 1.7 166.9 174.8
8 Autos, consumer .9 114.0 118.1
9 Trucks,
consumer .7 221.6 233.2
10 Auto parts and
allied goods .9 131.7 131.6
11 Other 3.5 167.1 169.8
12 Appliances,
televisions,
and air
conditioners 1.0 332.6 348.2
13 Carpeting and
furniture .8 129.7 130.1
14 Miscellaneous
home goods 1.6 120.4 120.5
15 Nondurable consumer
goods 23.0 114.2 114.8
16 Foods and tobacco 10.3 110.7 110.8
17 Clothing 2.4 85.0 85.1
18 Chemical products 4.5 137.0 139.3
19 Paper products 2.9 111.1 111.6
20 Energy 2.9 116.3 117.0
21 Fuels .8 113.0 113.4
22 Residential
utilities 2.1 117.9 118.5
23 Equipment 17.2 166.1 164.3
24 Business equipment 13.2 194.2 192.8
25 Information proces-
sing and related 5.4 312.2 307.0
26 Computer and office
equipment 1.1 1,157.6 1,130.8
27 Industrial 4.0 144.6 143.8
28 Transit 2.5 127.7 130.1
29 Autos and trucks 1.2 145.6 152.9
30 Other 1.3 145.7 142.8
31 Defense and space
equipment 3.3 76.2 76.3
32 Oil and gas well
drilling .6 131.8 130.8
33 Manufactured homes .2 116.2 121.9
34 Intermediate products,
total 14.2 128.7 129.0
35 Construction supplies 5.3 143.2 143.4
36 Business supplies 8.9 120.1 120.5
37 Materials 39.5 167.8 169.4
38 Durable goods materials 20.8 227.6 230.3
39 Durable consumer parts 4.0 165.3 165.7
40 Equipment parts 7.6 478.3 486.2
41 Other 9.2 134.6 135.9
42 Basic metal materials 3.1 128.7 130.7
43 Nondurable goods
materials 8.9 113.8 115.2
44 Textile materials 1.1 97.9 101.7
45 Paper materials 1.8 115.8 118.1
46 Chemical materials 3.9 117.0 118.4
47 Other 2.1 113.0 112.3
48 Energy materials 9.7 103.4 103.1
49 Primary energy 6.3 98.1 98.4
50 Converted fuel
materials 3.3 114.3 112.4
SPECIAL AGGREGATES
51 Total excluding autos and
trucks 97.1 147.2 147.5
52 Total excluding motor
vehicles and parts 95.1 146.3 146.5
53 Total excluding computer
and office equipment 98.2 140.4 141.0
54 Consumer goods excluding
autos and trucks 27.4 120.6 121.5
55 Consumer goods excluding
energy 26.2 123.9 125.0
56 Business equipment exclud-
ing autos and trucks 12.0 200.1 197.6
57 Business equipment
excluding computer and
office equipment 12.1 158.4 157.6
58 Materials excluding energy 29.8 188.5 190.7
MAJOR INDUSTRIES
59 Total index ... 100.0 147.5 147.9
60 Manufacturing ... 85.4 153.6 153.8
61 Primary processing ... 26.5 178.0 180.1
62 Advanced processing ... 58.9 139.3 139.4
63 Durable goods ... 45.0 193.4 194.6
64 Lumber and products 24 2.0 118.3 118.7
65 Furniture and fixtures 25 1.4 142.9 141.9
66 Stone, clay, and glass
products 32 2.1 134.7 134.6
67 Primary metals 33 3.1 133.7 136.4
68 Iron and steel 331,2 1.7 131.1 135.5
69 Raw steel 331PT .1 120.9 128.2
70 Nonferrous 333-6,9 1.4 136.8 137.6
71 Fabricated metal
products 34 5.0 135.6 135.7
72 Industrial machinery
and equipment 35 8.0 252.8 250.9
73 Computer and office
equipment 357 1.8 1,343.6 1,316.2
74 Electrical machinery 36 7.3 549.7 555.0
75 Transportation
equipment 37 9.5 131.0 133.5
76 Motor vehicles and
parts 371 4.9 170.5 176.1
77 Autos and light
trucks 371PT 2.6 153.0 160.1
78 Aerospace and
miscellaneous
transportation
equipment 372-6,9 4.6 93.8 93.6
79 Instruments 38 5.4 122.2 122.2
80 Miscellaneous 39 1.3 130.8 130.5
81 Nondurable goods ... 40.4 116.9 116.7
82 Foods 20 9.4 114.7 114.9
83 Tobacco products 21 1.6 95.3 93.8
84 Textile mill products 22 1.8 100.1 103.1
85 Apparel products 23 2.2 91.7 91.2
86 Paper and products 26 3.6 116.1 118.8
87 Printing and publishing 27 6.7 109.9 109.1
88 Chemicals and products 28 9.9 128.3 125.9
89 Petroleum products 29 1.4 117.1 118.8
90 Rubber and plastic
products 30 3.5 142.3 143.5
91 Leather and products 31 .3 69.8 69.3
92 Mining ... 6.9 100.0 100.4
93 Metal 10 .5 97.4 97.5
94 Coal 12 1.0 108.9 113.6
95 Oil and gas extraction 13 4.8 95.0 94.8
96 Stone and earth minerals 14 .6 126.4 127.7
97 Utilities ... 7.7 120.4 121.7
98 Electric 491,3PT 6.2 123.9 124.8
99 Gas 491,2PT 1.6 109.3 110.5
SPECIAL AGGREGATES
100 Manufacturing excluding
motor vehicles and parts ... 80.5 152.6 152.6
101 Manufacturing excluding
computer and office
equipment ... 83.6 145.4 145.8
102 Computers, communications
equipment, and
semiconductors ... 5.9 1,195.2 1,193.1
103 Manufacturing excluding
computers and
semiconductors ... 81.1 128.3 128.4
104 Manufacturing excluding
computers, communications
equipment and
semiconductors ... 79.5 125.1 125.3
Gross value (billions of 1992
dollars, annual rates)
MAJOR MARKETS
105 Products, total ... 2,001.9 2,860.5 2,883.5
106 Final ... 1,552.1 2,203.4 2,218.6
107 Consumer goods ... 1,049.6 1,340.0 1,357.8
108 Equipment ... 502.5 865.7 867.3
109 Intermediate ... 449.9 656.7 663.9
2000
Group
July Aug. Sept. Oct.
Index (1992=100)
MAJOR MARKETS
1 Total index 147.6 148.6 149.0 148.7
2 Products 135.8 136.6 136.7 136.3
3 Final products 138.1 139.2 139.3 138.8
4 Consumer goods, total 122.9 123.8 123.8 122.7
5 Durable consumer
goods 158.7 160.0 162.8 157.3
6 Automotive products 149.4 153.8 156.7 148.0
7 Autos and trucks 160.5 169.8 172.7 159.1
8 Autos, consumer 113.6 120.3 120.5 107.8
9 Trucks,
consumer 209.8 221.8 227.1 212.0
10 Auto parts and
allied goods 131.6 129.1 132.1 130.2
11 Other 166.7 165.2 167.7 165.4
12 Appliances,
televisions,
and air
conditioners 322.3 325.0 340.5 332.5
13 Carpeting and
furniture 131.5 128.6 131.9 129.8
14 Miscellaneous
home goods 121.3 119.7 118.1 117.5
15 Nondurable consumer
goods 114.5 115.2 114.7 114.5
16 Foods and tobacco 111.0 111.4 110.5 110.4
17 Clothing 85.6 84.2 83.1 82.7
18 Chemical products 137.4 139.4 138.4 139.0
19 Paper products 112.4 112.4 112.4 113.8
20 Energy 114.9 117.1 118.4 115.5
21 Fuels 112.6 113.1 115.8 113.0
22 Residential
utilities 115.6 119.0 119.1 116.2
23 Equipment 166.3 167.9 168.3 169.1
24 Business equipment 195.0 197.8 199.5 200.0
25 Information proces-
sing and related 313.9 322.1 327.2 332.3
26 Computer and office
equipment 1,182.8 1,229.0 1,264.1 1,286.4
27 Industrial 144.4 147.7 146.5 146.9
28 Transit 127.6 126.8 127.7 121.6
29 Autos and trucks 141.5 142.8 144.2 131.4
30 Other 148.1 144.8 149.3 154.2
31 Defense and space
equipment 77.9 76.1 73.7 75.3
32 Oil and gas well
drilling 136.2 137.1 132.8 136.5
33 Manufactured homes 116.8 115.5 109.3 98.8
34 Intermediate products,
total 128.7 128.8 128.6 128.7
35 Construction supplies 143.8 142.7 143.1 142.3
36 Business supplies 119.8 120.6 120.0 120.7
37 Materials 169.0 170.5 171.3 171.1
38 Durable goods materials 230.5 233.8 235.7 235.0
39 Durable consumer parts 158.3 168.3 169.0 168.5
40 Equipment parts 499.9 505.7 512.1 515.9
41 Other 135.3 134.7 135.5 133.7
42 Basic metal materials 128.5 127.5 129.2 125.9
43 Nondurable goods
materials 113.9 112.8 112.7 113.4
44 Textile materials 97.9 99.3 95.9 94.0
45 Paper materials 114.9 112.8 113.8 117.2
46 Chemical materials 117.0 116.8 116.3 115.9
47 Other 113.7 110.2 112.0 114.0
48 Energy materials 102.9 104.2 104.3 103.9
49 Primary energy 98.7 98.9 98.5 97.8
50 Converted fuel
materials 110.8 115.1 116.6 117.2
SPECIAL AGGREGATES
51 Total excluding autos and
trucks 147.5 148.4 148.7 148.8
52 Total excluding motor
vehicles and parts 146.9 147.4 147.7 147.8
53 Total excluding computer
and office equipment 140.5 141.4 141.6 141.2
54 Consumer goods excluding
autos and trucks 120.9 121.3 121.2 120.7
55 Consumer goods excluding
energy 123.9 124.5 124.4 123.6
56 Business equipment exclud-
ing autos and trucks 201.5 204.5 206.3 208.5
57 Business equipment
excluding computer and
office equipment 158.6 160.3 161.2 161.2
58 Materials excluding energy 190.3 191.8 193.0 192.8
MAJOR INDUSTRIES
59 Total index 147.6 148.6 149.0 148.7
60 Manufacturing 153.7 154.6 155.1 154.9
61 Primary processing 179.4 180.3 181.2 181.1
62 Advanced processing 139.5 140.5 140.8 140.5
63 Durable goods 194.7 196.9 198.4 197.6
64 Lumber and products 118.6 115.5 116.8 114.8
65 Furniture and fixtures 142.6 143.8 146.6 147.2
66 Stone, clay, and glass
products 136.3 136.1 136.5 137.3
67 Primary metals 133.9 132.4 133.9 129.0
68 Iron and steel 129.9 129.7 131.9 123.7
69 Raw steel 126.4 123.9 117.7 115.6
70 Nonferrous 138.8 135.7 136.5 135.3
71 Fabricated metal
products 136.1 136.3 136.0 136.0
72 Industrial machinery
and equipment 253.9 257.9 260.0 261.5
73 Computer and office
equipment 1,370.4 1,421.6 1,464.2 1,487.4
74 Electrical machinery 571.2 580.0 592.2 597.4
75 Transportation
equipment 128.0 132.4 132.4 129.2
76 Motor vehicles and
parts 163.1 173.9 175.5 167.2
77 Autos and light
trucks 147.8 156.4 158.8 145.8
78 Aerospace and
miscellaneous
transportation
equipment 94.9 93.5 92.1 93.6
79 Instruments 122.6 123.3 123.7 123.5
80 Miscellaneous 132.1 130.8 130.9 131.1
81 Nondurable goods 116.3 116.3 116.0 116.3
82 Foods 115.0 115.1 114.6 114.8
83 Tobacco products 95.8 96.6 94.5 93.7
84 Textile mill products 101.4 99.4 98.4 96.7
85 Apparel products 92.0 90.7 89.5 89.2
86 Paper and products 114.9 113.3 113.7 117.1
87 Printing and publishing 110.0 110.4 110.9 111.6
88 Chemicals and products 124.8 125.9 125.4 125.8
89 Petroleum products 117.0 117.6 117.4 116.5
90 Rubber and plastic
products 144.4 142.1 141.9 141.3
91 Leather and products 70.0 68.8 69.8 68.6
92 Mining 100.5 101.0 100.4 100.1
93 Metal 92.9 95.8 99.3 96.3
94 Coal 110.3 109.3 107.0 110.2
95 Oil and gas extraction 95.7 96.3 95.7 95.1
96 Stone and earth minerals 124.4 125.0 123.7 124.6
97 Utilities 119.1 122.1 121.7 120.0
98 Electric 121.1 126.1 124.7 124.2
99 Gas 111.0 108.4 110.5 105.8
SPECIAL AGGREGATES
100 Manufacturing excluding
motor vehicles and parts 153.2 153.5 153.9 154.3
101 Manufacturing excluding
computer and office
equipment 145.4 146.2 146.5 146.2
102 Computers, communications
equipment, and
semiconductors 1,248.0 1,281.6 1,310.3 1,334.8
103 Manufacturing excluding
computers and
semiconductors 127.7 128.2 128.4 128.0
104 Manufacturing excluding
computers, communications
equipment and
semiconductors 124.5 124.9 125.0 124.6
Gross value (billions of 1992
dollars, annual rates)
MAJOR MARKETS
105 Products, total 2,865.7 2,882.9 2,889.1 2,867.4
106 Final 2,202.8 2,220.5 2,228.1 2,205.4
107 Consumer goods 1,338.7 1,348.7 1,353.7 1,334.7
108 Equipment 872.8 880.8 883.3 880.9
109 Intermediate 661.8 661.5 660.2 661.0
2000 2001
Group
Nov. Dec. Jan. Feb.
Index (1992=100)
MAJOR MARKETS
1 Total index 148.2 147.3 146.0 145.4
2 Products 136.3 136.0 135.0 134.6
3 Final products 138.8 139.0 137.8 137.7
4 Consumer goods, total 122.4 123.1 121.8 122.3
5 Durable consumer
goods 154.3 153.4 148.9 150.8
6 Automotive products 143.6 140.7 133.8 138.2
7 Autos and trucks 153.0 144.1 136.2 143.5
8 Autos, consumer 103.0 94.3 99.4 100.3
9 Trucks,
consumer 204.3 194.7 175.5 188.6
10 Auto parts and
allied goods 128.2 133.8 128.4 128.7
11 Other 163.7 164.7 162.7 162.2
12 Appliances,
televisions,
and air
conditioners 332.7 341.7 332.0 322.5
13 Carpeting and
furniture 125.4 127.4 123.9 128.2
14 Miscellaneous
home goods 117.1 115.5 116.5 115.4
15 Nondurable consumer
goods 114.6 115.7 114.9 115.3
16 Foods and tobacco 110.7 110.1 110.3 110.7
17 Clothing 83.2 82.4 82.6 82.8
18 Chemical products 138.5 139.0 139.1 141.5
19 Paper products 112.5 112.2 113.7 111.1
20 Energy 117.3 126.1 119.0 119.2
21 Fuels 115.5 112.3 112.0 114.7
22 Residential
utilities 117.6 134.5 122.8 121.3
23 Equipment 169.9 168.9 168.0 166.2
24 Business equipment 200.6 199.2 197.4 195.3
25 Information proces-
sing and related 336.7 335.9 337.4 330.6
26 Computer and office
equipment 1,305.0 1,318.3 1,310.6 1,307.0
27 Industrial 147.4 
