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Financial and Business Statistics.


Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS

c        Corrected
e        Estimated
n.a.     Not available
p        Preliminary
r        Revised (Notation appears on column heading
           when about half of the figures in that column
           are changed.)
*        Amounts insignificant in terms of the last decimal
           place shown in the table (for example, less than
           500,000 when the smallest unit given is millions)
0        Calculated to be zero
...      Cell not applicable
ATS      Automatic transfer service
BIF      Bank insurance fund
CD       Certificate of deposit
CMO      Collateralized mortgage obligation
CRA      Community Reinvestment Act of 1977
FFB      Federal Financing Bank
FHA      Federal Housing Administration
FHLBB    Federal Home Loan Bank Board
FHLMC    Federal Home Loan Mortgage Corporation
FmHA     Farmers Home Administration
FNMA     Federal National Mortgage Association
FSLIC    Federal Savings and Loan Insurance Corporation
G-7      Group of Seven
G-10     Group of Ten
GNMA     Government National Mortgage Association
GDP      Gross domestic product
HUD      Department of Housing and Urban
           Development
IMF      International Monetary Fund
IO       Interest only
IPCs     Individuals, partnerships, and corporations
IRA      Individual retirement account
MMDA     Money market deposit account
MSA      Metropolitan statistical area
NOW      Negotiable order of withdrawal
OCD      Other checkable deposit
OPEC     Organization of Petroleum Exporting Countries
OTS      Office of Thrift Supervision
PMI      Private mortgage insurance
PO       Principal only
REIT     Real estate investment trust
REMIC    Real estate mortgage investment conduit
RHS      Rural Housing Service
RP       Repurchase agreement
RTC      Resolution Trust Corporation
SCO      Securitized credit obligation
SDR      Special drawing fight
SIC      Standard Industrial Classification
VA       Department of Veterans Affairs


GENERAL INFORMATION

In many of the tables, components do not sum to totals because of rounding,

Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.

"U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury.

"State and local government" also includes municipalities, special districts, and other political subdivisions.

1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES

Percent annual rate of change, seasonally adjusted(1)
                                        1998
  Monetary or credit aggregate
                                    Q3        Q4

   Reserves of depository
     institutions(2)
 1 Total                           -7.7      -1.8
 2 Required                        -8.9      -2.5
 3 Nonborrowed                     -8.6       -.6
 4 Monetary base(3)                 6.9       8.7

   Concepts of money and debt(4)
 5 M1                              -2.0       5.0
 6 M2                               6.8(r)   11.0
 7 M3                               8.6      12.9(r)
 8 Debt                             6.4(r)    6.3

   Nontransaction components
 9 In M2(5)                         9.9      13.0
10 In M3 only(6)                   13.6      18.4(r)

   Time and savings deposits
   Commercial banks
11   Savings, including MMDAs      15.8      17.6
12   Small time(7)                   .1        .3
13   Large times(8,9)               3.5       3.8
   Thrift institutions
14   Savings, including MMDAs       9.0      10.1
15   Small time(7)                 -7.3      -6.7
16   Large times(8)                  .5      10.4

   Money market mutual funds
17 Retail                          18.8(r)   28.5(r)
18 Institution-only                26.6      41.8

   Repurchase agreements and
     Eurodollars
19 Repurchase agreements(10)       12.5(r)   18.9(r)
20 Eurodollars(10)                 21.7       3.2

   Debt components(4)
21 Federal                          -.6(r)   -2.8(r)
22 Nonfederal                       8.6(r)    9.2(r)

                                        1999             1999
  Monetary or credit aggregate
                                   Q1(r)   Q2(r)   Apr.(r)   May(r)

   Reserves of depository
     institutions(2)
 1 Total                            -1.2    -6.6       7.2     10.4
 2 Required                          1.0    -5.6      11.5      8.0
 3 Nonborrowed                      -1.3    -6.7       4.4     11.5
 4 Monetary base(3)                  9.1    10.1      10.3     13.9

   Concepts of money and debt(4)
 5 M1                                2.8     3.5       7.0     -4.0
 6 M2                                7.2     5.6       8.8      4.5
 7 M3                                7.6     5.4       8.5      4.9
 8 Debt                              6.5     6.8       7.5      5.1

   Nontransaction components
 9 In M2(5)                          8.7     6.4       9.4      7.3
10 In M3 only(6)                     8.6     4.7       7.9      6.1

   Time and savings deposits
   Commercial banks
11   Savings, including MMDAs       11.6     9.7      17.7      8.0
12   Small time(7)                  -5.5    -3.3      -3.1     -1.8
13   Large times(8,9)                -.3    -3.2      14.3     -2.5
   Thrift institutions
14   Savings, including MMDAs       12.8    14.6       9.3     27.0
15   Small time(7)                  -6.5    -7.9      -5.2     -9.4
16   Large times(8)                  7.6    -7.0       4.1    -14.8

   Money market mutual funds
17 Retail                           20.5    10.2      12.4      9.1
18 Institution-only                 17.9    14.5      21.1     13.8

   Repurchase agreements and
     Eurodollars
19 Repurchase agreements(10)        14.1    -2.7     -32.6     23.2
20 Eurodollars(10)                   -.8    20.4      21.1    -11.8

   Debt components(4)
21 Federal                          -3.1    -2.3      -1.7     -5.1
22 Nonfederal                        9.4     9.5      10.2      8.1

                                           1999
  Monetary or credit aggregate
                                   June    July    Aug.

   Reserves of depository
     institutions(2)
 1 Total                           -40.4   -24.9     2.6
 2 Required                        -41.7   -20.3     1.1
 3 Nonborrowed                     -41.0   -29.6     1.6
 4 Monetary base(3)                  6.2     8.0     7.0

   Concepts of money and debt(4)
 5 M1                               -3.9    -1.7     2.9
 6 M2                                4.2     5.4     5.5
 7 M3                                5.6     4.8     4.9
 8 Debt                              5.4     5.1   n.a.

   Nontransaction components
 9 In M2(5)                          6.8     7.6     6.3
10 In M3 only(6)                     9.5     3.2     3.4

   Time and savings deposits
   Commercial banks
11   Savings, including MMDAs       12.1    13.7     7.6
12   Small time(7)                  -2.0     1.0     3.1
13   Large times(8,9)               -7.4    21.0    -9.1
   Thrift institutions
14   Savings, including MMDAs       18.2    19.6     4.0
15   Small time(7)                 -14.4    -4.6     1.5
16   Large times(8)                 -1.4    10.9     6.8

   Money market mutual funds
17 Retail                            7.8     1.5     9.9
18 Institution-only                  7.7    -4.6    22.9

   Repurchase agreements and
     Eurodollars
19 Repurchase agreements(10)        53.2     -.4     6.2
20 Eurodollars(10)                  -1.5   -26.9   -28.3

   Debt components(4)
21 Federal                            .3      .8   n.a.
22 Nonfederal                        6.8     6.3   n.a.


(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.

(2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.)

(3.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements.

(4.) Composition of the money stock measures and debt is as follows:

M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.

M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.

Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels).

(5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately.

(6.) Sum of(l)large time deposits, (2) institutional money fund balances, (3)RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately.

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

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

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

(10.) Includes both overnight and term.

1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)

Millions of dollars
                                       Average of
                                     daily figures

          Factor                         1999

                               June      July      Aug.
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing               522,071   525,806   528,020
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)    484,748   486,633   487,746
 3     Held under repur-
         chase agreements       2,017     1,718     1,296
     Federal agency
         obligations
 4     Bought outright            276       255       247
 5     Held under repur-
         chase agreements       2,514     3,451     4,751
 6   Acceptances                    0         0         0
     Loans to depository
         institutions
 7     Adjustment credit           18        75        84
 8     Seasonal credit            126       226       273
 9     Extended credit              0         0         0
10   Float                        281       388       430
11   Other Federal Reserve
       assets                  32,090    33,061    33,193

12 Gold stock                  11,047    11,046    11,007
13 Special drawing rights
     certificate account        8,200     8,200     8,200
14 Treasury currency
     outstanding               26,950    27,084    27,180

  ABSORBING RESERVE FUNDS

15 Currency in circulation    528,619   533,769   536,032
16 Treasury cash holdings         108        70        69
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                   5,929     5,221     5,076
18   Foreign                      214       213       196
19   Service-related balan-
       ces and adjustments      6,961     7,110     7,020
20   Other                        232       271       274
21 Other Federal Reserve
     liabilities and
     capital                   17,638    17,611    18,110
22 Reserve balances with
     Federal Reserve
     Banks(4)                   8,566     7,872     7,668

                                 End-of-month figures

                               June      July      Aug.
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing               532,865   527,785   534,796
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)    484,866   486,103   490,198
 3     Held under repur-
         chase agreements       9,100     3,195     2,575
     Federal agency
         obligations
 4     Bought outright            259       249       238
 5     Held under repur-
         chase agreements       5,179     3,280     9,195
 6   Acceptances                    0         0         0
     Loans to depository
         institutions
 7     Adjustment credit           56        82        53
 8     Seasonal credit            164       266       285
 9     Extended credit              0         0         0
10   Float                        272        81      -291
11   Other Federal Reserve
       assets                  32,968    34,529    32,544

12 Gold stock                  11,006    11,048    11,045
13 Special drawing rights
     certificate account        8,200     8,200     8,200
14 Treasury currency
     outstanding               27,004    27,151    27,207

  ABSORBING RESERVE FUNDS

15 Currency in circulation    532,026   533,517   538,374
16 Treasury cash holdings          90        57        84
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                   6,720     4,984     5,559
18   Foreign                      410       257       166
19   Service-related balan-
       ces and adjustments      7,215     7,010     6,923
20   Other                        241       229       225
21 Other Federal Reserve
     liabilities and
     capital                   17,662    18,389    18,728
22 Reserve balances with
     Federal Reserve
     Banks(4)                  14,749     9,739    11,190

                              Average of daily figures for week
                                  ending on date indicated

          Factor                            1999

                                 July 14   July 21   July 28
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing                  527,196   523,374   526,201
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)       486,856   486,839   487,190
 3     Held under repur-
         chase agreements          1,355     1,607     2,190
     Federal agency
         obligations
 4     Bought outright               257       254       252
 5     Held under repur-
         chase agreements          5,093     1,239     2,637
 6   Acceptances                       0         0         0
     Loans to depository
         institutions
 7     Adjustment credit             225        16        18
 8     Seasonal credit               205       241       257
 9     Extended credit                 0         0         0
10   Float                           285       252       281
11   Other Federal Reserve
       assets                     32,920    32,927    33,376

12 Gold stock                     11,005    11,006    11,007
13 Special drawing rights
     certificate account           8,200     8,200     8,200
14 Treasury currency
     outstanding                  27,062    27,092    27,121

  ABSORBING RESERVE FUNDS

15 Currency in circulation       534,748   533,058   532,879
16 Treasury cash holdings             87        56        53
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                      5,264     5,056     4,901
18   Foreign                         235       198       205
19   Service-related balan-
       ces and adjustments         7,030     7,215     7,311
20   Other                           276       287       274
21 Other Federal Reserve
     liabilities and
     capital                      17,584    17,462    17,650
22 Reserve balances with
     Federal Reserve
     Banks(4)                      8,281     6,379     9,296

                                      Wednesday figures

                                 July 14   July 21   July 28
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing                  532,139   520,437   527,669
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)       487,411   486,677   487,589
 3     Held under repur-
         chase agreements          3,172       415     2,355
     Federal agency
         obligations
 4     Bought outright               254       254       249
 5     Held under repur-
         chase agreements          6,986     1,170     4,135
 6   Acceptances                       0         0         0
     Loans to depository
         institutions
 7     Adjustment credit               2        67        12
 8     Seasonal credit               215       252       265
 9     Extended credit                 0         0         0
10   Float                           916    -1,445      -508
11   Other Federal Reserve
       assets                     33,182    33,005    33,572

12 Gold stock                     11,045    11,047    11,047
13 Special drawing rights
     certificate account           8,200     8,200     8,200
14 Treasury currency
     outstanding                  27,062    27,092    27,121

  ABSORBING RESERVE FUNDS

15 Currency in circulation       534,634   533,563   534,600
16 Treasury cash holdings             56        53        57
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                      5,491     4,566     5,311
18   Foreign                         265       169       321
19   Service-related balan-
       ces and adjustments         7,030     7,216     7,311
20   Other                           276       289       232
21 Other Federal Reserve
     liabilities and
     capital                      17,422    17,125    17,437
22 Reserve balances with
     Federal Reserve
     Banks(4)                     13,271     3,794     8,766

                                Average of daily figures for week
                                    ending on date indicated

          Factor                               1999

                              Aug. 4    Aug. 11   Aug. 18   Aug. 25
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing               527,512   527,801   527,977   527,445
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)    485,555   486,151   487,185   489,467
 3     Held under repur-
         chase agreements       2,733     2,186     1,052       642
     Federal agency
         obligations
 4     Bought outright            249       249       249       247
 5     Held under repur-
         chase agreements       3,630     4,414     5,647     4,527
 6   Acceptances                    0         0         0         0
     Loans to depository
         institutions
 7     Adjustment credit           74       217        25        36
 8     Seasonal credit            265       261       267       279
 9     Extended credit              0         0         0         0
10   Float                        759       -64       341       195
11   Other Federal Reserve
       assets                  34,247    34,387    33,210    32,052

12 Gold stock                  11,007    11,047    11,007    11,047
13 Special drawing rights
     certificate account        8,200     8,200     8,200     8,200
14 Treasury currency
     outstanding               27,151    27,165    27,179    27,193

  ABSORBING RESERVE FUNDS

15 Currency in circulation    534,495   535,864   536,357   536,133
16 Treasury cash holdings          57        58        62        83
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                   5,105     5,100     5,080     4,851
18   Foreign                      220       173       207       180
19   Service-related balan-
       ces and adjustments      7,010     7,113     7,005     7,033
20   Other                        250       293       267       282
21 Other Federal Reserve
     liabilities and
     capital                   18,272    18,256    17,860    18,044
22 Reserve balances with
     Federal Reserve
     Banks(4)                   8,500     7,356     7,564     7,279

                                        Wednesday figures

                              Aug. 4    Aug. 11   Aug. 18   Aug. 25
  SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit out-
       standing               526,722   534,827   526,596   532,627
     U.S. government
         securities(2)
 2     Bought outright--
         System account(3)    484,987   486,465   488,290   490,096
 3     Held under repur-
         chase agreements         440     5,660       665     1,195
     Federal agency
         obligations
 4     Bought outright            249       249       249       238
 5     Held under repur-
         chase agreements       4,800     6,320     4,900     8,250
 6   Acceptances                    0         0         0         0
     Loans to depository
         institutions
 7     Adjustment credit           56     1,343        20        33
 8     Seasonal credit            259       270       282       289
 9     Extended credit              0         0         0         0
10   Float                      1,796      -463       599       222
11   Other Federal Reserve
       assets                  34,156    34,982    31,590    32,300

12 Gold stock                  11,047    11,047    11,047    11,046
13 Special drawing rights
     certificate account        8,200     8,200     8,200     8,200
14 Treasury currency
     outstanding               27,151    27,165    27,179    27,193

  ABSORBING RESERVE FUNDS

15 Currency in circulation    536,277   537,250   537,091   537,237
16 Treasury cash holdings          58        59        83        84
   Deposits, other than
       reserve balances,
       with Federal Reserve
       Banks
17   Treasury                   5,622     5,427     4,903     5,401
18   Foreign                      167       165       241       164
19   Service-related balan-
       ces and adjustments      7,010     7,113     7,005     7,032
20   Other                        272       465       263       266
21 Other Federal Reserve
     liabilities and
     capital                   17,987    17,830    17,525    17,934
22 Reserve balances with
     Federal Reserve
     Banks(4)                   5,726    12,930     5,911    10,948


(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.) Excludes required clearing balances and adjustments to compensate for float.

1.12 RESERVES AND BORROWINGS Depository Institutions

Millions of dollars
                               Prorated monthly averages of
                                   biweekly averages

  Reserve classification      1996        1997         1998

                              Dec.        Dec.         Dec.

 1 Reserve balances with
     Reserve Banks(2)        13,330      10,664        9,021
 2 Total vault cash(3)       44,525      44,740       44,305
 3   Applied vault cash(4)   37,844      37,255       35,997
 4   Surplus vault cash(5)    6,681       7,485        8,308
 5 Total reserves(6)         51,174      47,920       45,018
 6   Required reserves       49,758      46,235       43,435
 7   Excess reserve
       balances at Reserve
       Banks(7)               1,416       1,685        1,583
 8 Total borrowings at
       Reserve Banks(8)         155         324          117
 9   Seasonal borrowings         68          79           15
10 Extended credit(9)             0           0            0

                                Biweekly averages of daily
                               figures for two week periods
                                ending on dates indicated

                                           1999

                               May 5      May 19     June 2(r)

 1 Reserve balances with
     Reserve Banks(2)        10,547       9,878       10,096
 2 Total vault cash(3)       41,595(r)   42,563(r)    42,697
 3   Applied vault cash(4)   34,586      34,749       34,962
 4   Surplus vault cash(5)    7,010(r)    7,814(r)     7,736
 5 Total reserves(6)         45,133      44,626       45,058
 6   Required reserves       43,852      43,533       43,623
 7   Excess reserve
       balances at Reserve
       Banks(7)               1,281       1,093        1,434
 8 Total borrowings at
       Reserve Banks(8)         223         103          117
 9   Seasonal borrowings         59          85          106
10 Extended credit(9)             0           0            0

                              Prorated monthly averages of
                                   biweekly averages

  Reserve classification                1999

                              Feb.      Mar.      Apr.

 1 Reserve balances with
     Reserve Banks(2)          8,578     8,851    9,238
 2 Total vault cash(3)        46,468    42,898   42,164(r)
 3   Applied vault cash(4)    36,660    34,270   34,407(r)
 4   Surplus vault cash(5)     9,809     8,628    7,757
 5 Total reserves(6)          45,237    43,121   43,645
 6   Required reserves        44,022    41,816   42,486
 7   Excess reserve
       balances at Reserve
       Banks(7)                1,215     1,305    1,159
 8 Total borrowings at
       Reserve Banks(8)          116        65      166
 9   Seasonal borrowings           9        18       39
10 Extended credit(9)              0         0        0

                              Biweekly averages of daily
                             figures for two week periods
                              ending on dates indicated

                                        1999

                             June 16   June 30   July 14

 1 Reserve balances with
     Reserve Banks(2)          8,546     8,309    7,526
 2 Total vault cash(3)        41,829    43,426   44,019
 3   Applied vault cash(4)    33,492    34,062   33,788
 4   Surplus vault cash(5)     8,337     9,365   10,231
 5 Total reserves(6)          42,037    42,371   41,314
 6   Required reserves        40,883    41,027   40,303
 7   Excess reserve
       balances at Reserve
       Banks(7)                1,154     1,343    1,011
 8 Total borrowings at
       Reserve Banks(8)          114       180      331
 9   Seasonal borrowings         100       158      196
10 Extended credit(9)              0         0        0

                                 Prorated monthly averages of
                                      biweekly averages

  Reserve classification                     1999

                               May(r)    June      July      Aug.

 1 Reserve balances with
     Reserve Banks(2)         10,070     8,539     7,797     7,802
 2 Total vault cash(3)        42,459    42,632    44,059    44,664
 3   Applied vault cash(4)    34,805    33,856    34,005    34,070
 4   Surplus vault cash(5)     7,654     8,776    10,054    10,594
 5 Total reserves(6)          44,875    42,394    41,802    41,871
 6   Required reserves        43,619    41,133    40,726    40,744
 7   Excess reserve
       balances at Reserve
       Banks(7)                1,256     1,261     1,076     1,127
 8 Total borrowings at
       Reserve Banks(8)          127       145       309       344
 9   Seasonal borrowings          89       127       226       271
10 Extended credit(9)              0         0         0         0

                                  Biweekly averages of daily
                                 figures for two week periods
                                  ending on dates indicated

                                             1999

                             July 28   Aug. 11   Aug. 25   Sept. 8

 1 Reserve balances with
     Reserve Banks(2)          8,041     7,923     7,421     8,470
 2 Total vault cash(3)        43,899    44,994    44,786    43,774
 3   Applied vault cash(4)    34,198    34,123    34,003    34,128
 4   Surplus vault cash(5)     9,702    10,871    10,783     9,646
 5 Total reserves(6)          42,238    42,046    41,423    42,598
 6   Required reserves        41,098    40,967    40,289    41,397
 7   Excess reserve
       balances at Reserve
       Banks(7)                1,011     1,078     1,134     1,201
 8 Total borrowings at
       Reserve Banks(8)          266       409       304       318
 9   Seasonal borrowings         249       263       273       284
10 Extended credit(9)              0         0         0         0


(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.

(2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments.

(3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts 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.) Also includes adjustment credit.

(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

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
                                                Requirement

Type of deposit
                                   Percentage of    Effective date
                                     deposits

Net transaction accounts(2)

1 $0 million-$46.5 million               3             12/31/98
2 More than $46.5 million(4)             10            12/31/98

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 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million,

Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million.

(4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly.

(5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to zero on Jan. 17,1991.

The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983.

(6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5).

1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)

Millions of dollars
     Type of transaction                 1996        1997
        and maturity

    U.S. TREASURY SECURITIES(2)

    Outright transactions
     (excluding matched
       transactions)

   Treasury bills
 1   Gross purchases                     9,901       9,147
 2   Gross sales                             0           0
 3   Exchanges                         426,928     436,257
 4   For new bills                     426,928     435,907
 5   Redemptions                             0           0
   Others within one year
 6   Gross purchases                       524       5,549
 7   Gross sales                             0           0
 8   Maturity shifts                    30,512      41,716
 9   Exchanges                         -41,394     -27,499
10   Redemptions                         2,015       1,996
    One to five years
11   Gross purchases                     3,898      20,080
12   Gross sales                             0           0
13   Maturity shifts                   -25,022     -37,987
14   Exchanges                          31,459      20,274
    Five to ten years
15   Gross purchases                     1,116       3,449
16   Gross sales                             0           0
17   Maturity shifts                    -5,469      -1,954
18   Exchanges                           6,666       5,215
    More than ten years
19   Gross purchases                     1,655       5,897
20   Gross sales                             0           0
21   Maturity shifts                       -20      -1,775
22   Exchanges                           3,270       2,360
    All maturities
23   Gross purchases                    17,094      44,122
24   Gross sales                             0           0
25   Redemptions                         2,015       1,996
    Matched transactions
26   Gross purchases                 3,092,399   3,577,954
27   Gross sales                     3,094,769   3,580,274
    Repurchase agreements
28   Gross purchases                   457,568     810,485
29   Gross sales                       450,359     809,268
30   Net change in U.S. Treasury
       securities                       19,919      41,022

    FEDERAL AGENCY OBLIGATIONS

    Outright transactions
31   Gross purchases                         0           0
32   Gross sales                             0           0
33   Redemptions                           409       1,540
    Repurchase agreements
34   Gross purchases                    75,354     160,409
35   Gross sales                        74,842     159,369
36   Net change in federal agency
       obligations                         103        -500
37   Total net change in System
       Open Market Account               20,021      40,522

                                                      1999
     Type of transaction                   1998
        and maturity
                                                       Jan.
    U.S. TREASURY SECURITIES(2)

    Outright transactions
     (excluding matched
       transactions)

   Treasury bills
 1   Gross purchases                       3,550           0
 2   Gross sales                               0           0
 3   Exchanges                           450,835      35,069
 4   For new bills                       450,835      35,069
 5   Redemptions                           2,000           0
   Others within one year
 6   Gross purchases                       6,297           0
 7   Gross sales                               0           0
 8   Maturity shifts                      46,062       2,865
 9   Exchanges                           -49,434        -400
10   Redemptions                           2,676         492
    One to five years
11   Gross purchases                      12,901           0
12   Gross sales                               0           0
13   Maturity shifts                     -37,777      -2,865
14   Exchanges                            37,154           0
    Five to ten years
15   Gross purchases                       2,294           0
16   Gross sales                               0           0
17   Maturity shifts                      -5,908           0
18   Exchanges                             7,439         400
    More than ten years
19   Gross purchases                       4,884         615
20   Gross sales                               0           0
21   Maturity shifts                      -2,377           0
22   Exchanges                             4,842           0
    All maturities
23   Gross purchases                      29,926         615
24   Gross sales                               0           0
25   Redemptions                           4,676         492
    Matched transactions
26   Gross purchases                   4,395,430     365,779
27   Gross sales                       4,399,330     363,604
    Repurchase agreements
28   Gross purchases                     512,671      21,968
29   Gross sales                         514,186      37,157
30   Net change in U.S. Treasury
       securities                         19,835     -12,891

    FEDERAL AGENCY OBLIGATIONS

    Outright transactions
31   Gross purchases                           0           0
32   Gross sales                              25           0
33   Redemptions                             322           2
    Repurchase agreements
34   Gross purchases                     284,316      23,577
35   Gross sales                         276,266      31,744
36   Net change in federal agency
       obligations                         7,703      -8,169
37   Total net change in System
       Open Market Account                 27,538     -21,060

                                                1999
     Type of transaction
        and maturity
                                           Feb.       Mar.
    U.S. TREASURY SECURITIES(2)

    Outright transactions
     (excluding matched
       transactions)

   Treasury bills
 1   Gross purchases                          0          0
 2   Gross sales                              0          0
 3   Exchanges                           36,862     35,065
 4   For new bills                       36,862     35,065
 5   Redemptions                              0          0
   Others within one year
 6   Gross purchases                      2,103      1,060
 7   Gross sales                              0          0
 8   Maturity shifts                      5,578      3,015
 9   Exchanges                           -7,458     -5,956
10   Redemptions                              0          0
    One to five years
11   Gross purchases                      2,752      2,428
12   Gross sales                              0          0
13   Maturity shifts                     -4,928     -3,015
14   Exchanges                            4,778      5,956
    Five to ten years
15   Gross purchases                        335        346
16   Gross sales                              0          0
17   Maturity shifts                       -650          0
18   Exchanges                            1,340          0
    More than ten years
19   Gross purchases                          0      2,404
20   Gross sales                              0          0
21   Maturity shifts                          0          0
22   Exchanges                            1,340          0
    All maturities
23   Gross purchases                      5,190      6,238
24   Gross sales                              0          0
25   Redemptions                              0          0
    Matched transactions
26   Gross purchases                    324,078    393,267
27   Gross sales                        322,669    394,865
    Repurchase agreements
28   Gross purchases                     26,098     62,878
29   Gross sales                         27,025     53,706
30   Net change in U.S. Treasury
       securities                         5,672     13,812

    FEDERAL AGENCY OBLIGATIONS

    Outright transactions
31   Gross purchases                          0          0
32   Gross sales                              0          0
33   Redemptions                              0         25
    Repurchase agreements
34   Gross purchases                     37,416     35,731
35   Gross sales                         36,067     34,009
36   Net change in federal agency
       obligations                        1,349      1,697
37   Total net change in System
       Open Market Account                 7,021     15,509

                                               1999
     Type of transaction
        and maturity
                                          Apr.       May
    U.S. TREASURY SECURITIES(2)

    Outright transactions
     (excluding matched
       transactions)

   Treasury bills
 1   Gross purchases                         0          0
 2   Gross sales                             0          0
 3   Exchanges                          48,142     37,107
 4   For new bills                      48,142     37,107
 5   Redemptions                             0          0
   Others within one year
 6   Gross purchases                     1,677      1,421
 7   Gross sales                             0          0
 8   Maturity shifts                     3,768      3,768
 9   Exchanges                          -3,370     -4,607
10   Redemptions                           726          0
    One to five years
11   Gross purchases                     3,362      4,442
12   Gross sales                             0          0
13   Maturity shifts                    -3,768     -3,768
14   Exchanges                           3,020      2,562
    Five to ten years
15   Gross purchases                       945      1,584
16   Gross sales                             0          0
17   Maturity shifts                         0          0
18   Exchanges                               0      2,045
    More than ten years
19   Gross purchases                       262      2,890
20   Gross sales                             0          0
21   Maturity shifts                         0          0
22   Exchanges                             350          0
    All maturities
23   Gross purchases                     6,246     10,337
24   Gross sales                             0          0
25   Redemptions                           726          0
    Matched transactions
26   Gross purchases                   366,838    356,960
27   Gross sales                       364,476    358,362
    Repurchase agreements
28   Gross purchases                    45,067     27,605
29   Gross sales                        48,867     30,531
30   Net change in U.S. Treasury
       securities                        4,082      6,008

    FEDERAL AGENCY OBLIGATIONS

    Outright transactions
31   Gross purchases                         0          0
32   Gross sales                             0          0
33   Redemptions                             0          0
    Repurchase agreements
34   Gross purchases                    20,623     38,167
35   Gross sales                        22,937     36,962
36   Net change in federal agency
       obligations                      -2,314      1,205
37   Total net change in System
       Open Market Account                1,768      7,213

                                               1999
     Type of transaction
        and maturity
                                          June       July
    U.S. TREASURY SECURITIES(2)

    Outright transactions
     (excluding matched
       transactions)

   Treasury bills
 1   Gross purchases                         0          0
 2   Gross sales                             0          0
 3   Exchanges                          35,045     42,037
 4   For new bills                      35,045     42,037
 5   Redemptions                             0          0
   Others within one year
 6   Gross purchases                       880        951
 7   Gross sales                             0          0
 8   Maturity shifts                     2,740      3,279
 9   Exchanges                          -5,540       -368
10   Redemptions                             0         41
    One to five years
11   Gross purchases                       948          0
12   Gross sales                             0          0
13   Maturity shifts                    -2,740     -3,279
14   Exchanges                           5,540          0
    Five to ten years
15   Gross purchases                        65          0
16   Gross sales                             0          0
17   Maturity shifts                         0          0
18   Exchanges                               0        373
    More than ten years
19   Gross purchases                         0          0
20   Gross sales                             0          0
21   Maturity shifts                         0          0
22   Exchanges                               0          0
    All maturities
23   Gross purchases                     1,893        951
24   Gross sales                             0          0
25   Redemptions                             0         41
    Matched transactions
26   Gross purchases                   380,872    347,067
27   Gross sales                       380,464    346,747
    Repurchase agreements
28   Gross purchases                    17,710     27,707
29   Gross sales                        14,614     33,612
30   Net change in U.S. Treasury
       securities                        5,397     -4,675

    FEDERAL AGENCY OBLIGATIONS

    Outright transactions
31   Gross purchases                         0          0
32   Gross sales                             0          0
33   Redemptions                            52         10
    Repurchase agreements
34   Gross purchases                    32,786     46,941
35   Gross sales                        32,104     48,840
36   Net change in federal agency
       obligations                         630     -1,909
37   Total net change in System
       Open Market Account                6,028     -6,584


(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                                  1999
                                               July 28      Aug. 4

                                             Consolidated condition
                                                   statement

               ASSETS

 1 Gold certificate account                      11,047      11,047
 2 Special drawing rights certificate
     account                                      8,200       8,200
 3 Coin                                             300         305

   Loans
 4 To depository institutions                       276         295
 5 Other                                              0           0
 6 Acceptances held under repurchase
     agreements                                       0           0

   Federal agency obligations
 7 Bought outright                                  249         249
 8 Held under repurchase agreements               4,135       4,800

 9 Total U.S. Treasury securities               489,944     485,427

10 Bought outright(2)                           487,589     484,987
11   Bills                                      199,934     197,331
12   Notes                                      209,771     209,771
13   Bonds                                       77,884      77,884
14 Held under repurchase agreements               2,355         440

15 Total loans and securities                   494,605     490,771

16 Items in process of collection                 6,692       9,302
17 Bank premises                                  1,329       1,327

   Other assets
18 Denominated in foreign
     currencies(3)                               14,814      15,505
19 All other(4)                                  17,502      18,171

20 Total assets                                 554,488     553,830

            LIABILITIES

21 Federal Reserve notes                        507,836     509,489
22 Total deposits                                22,528      18,763
23 Depository institutions                       16,663      12,701
24 U.S. Treasury--General account                 5,311       5,622
25 Foreign--Official accounts                       321         167
26 Other                                            232         272

27 Deferred credit items                          6,686       7,591
28 Other liabilities and accrued
dividends(5)                                      4,337       4,219

29 Total liabilities                            541,387     540,063

         CAPITAL ACCOUNTS

30 Capital paid in                                6,296        6.30
31 Surplus                                        5,952       5,952
32 Other capital accounts                           853       1,515

33 Total liabilities and capital
     accounts                                   554,488     553,830

       MEMO
34 Marketable U.S. Treasury
    securities held in custody for
    foreign and international
    accounts                                      n.a.        n.a.

Federal Reserve note statement

35 Federal Reserve notes outstanding
     (issued to Banks)                          744,902     751,635
36 LESS: Held by Federal Reserve
     Banks                                      237,066     242,145
37 Federal Reserve notes, net
   Collateral held against notes,
     net                                        507,836     509,489
38 Gold certificate account                      11,047      11,047
39 Special drawing rights certificate
     account                                      8,200       8,200
40 Other eligible assets                              0
41 U.S. Treasury and agency securities          488,589     490,243
42 Total collateral                             507,836     509,489

                                                   Wednesday
             Account                                  1999
                                               Aug. 11     Aug. 18

                                             Consolidated condition
                                                   statement

               ASSETS

 1 Gold certificate account                      11,047      11,047
 2 Special drawing rights certificate
     account                                      8,200       8,200
 3 Coin                                             300         302

   Loans
 4 To depository institutions                     1,614         302
 5 Other                                              0           0
 6 Acceptances held under repurchase
     agreements                                       0           0

   Federal agency obligations
 7 Bought outright                                  249         249
 8 Held under repurchase agreements               6,320       4,900

 9 Total U.S. Treasury securities               492,125     488,955

10 Bought outright(2)                           486,465     488,290
11   Bills                                      198,810     199,758
12   Notes                                      209,771     209,573
13   Bonds                                       77,884      78,959
14 Held under repurchase agreements               5,660         665

15 Total loans and securities                   500,308     494,407

16 Items in process of collection                 6,955       7,081
17 Bank premises                                  1,323       1,323

   Other assets
18 Denominated in foreign
     currencies(3)                               15,509      15,513
19 All other(4)                                  14,855      15,541

20 Total assets                                 561,808     552,725

            LIABILITIES

21 Federal Reserve notes                        510,443     510,297
22 Total deposits                                26,674      17,875
23 Depository institutions                       20,617      12,467
24 U.S. Treasury--General account                 5,427       4,903
25 Foreign--Official accounts                       165         241
26 Other                                            465         263

27 Deferred credit items                          6,861       7,028
28 Other liabilities and accrued
dividends(5)                                      4,528       4,186

29 Total liabilities                            548,505     539,386

         CAPITAL ACCOUNTS

30 Capital paid in                                6,295       6,297
31 Surplus                                        5,952       5,952
32 Other capital accounts                         1,056       1,089

33 Total liabilities and capital
     accounts                                   561,808     552,725

       MEMO
34 Marketable U.S. Treasury
    securities held in custody for
    foreign and international
    accounts                                      n.a.        n.a.

Federal Reserve note statement

35 Federal Reserve notes outstanding
     (issued to Banks)                          759,846     767,675
36 LESS: Held by Federal Reserve
     Banks                                      249,403     257,379
37 Federal Reserve notes, net
   Collateral held against notes,
     net                                        510,443     510,297
38 Gold certificate account                      11,047      11,047
39 Special drawing rights certificate
     account                                      8,200       8,200
40 Other eligible assets                              0           0
41 U.S. Treasury and agency securities          491,197     491,149
42 Total collateral                             510,443     510,297

                                            Wednesday   End of month
             Account                                        1999
                                              Aug. 25     June 30

                                             Consolidated condition

                                                    statement

               ASSETS

 1 Gold certificate account                   11,046       11,046
 2 Special drawing rights certificate
     account                                  8,200         8,200
 3 Coin                                         302           311

   Loans
 4 To depository institutions                   321           220
 5 Other                                          0             0
 6 Acceptances held under repurchase
     agreements                                   0             0

   Federal agency obligations
 7 Bought outright                              238           259
 8 Held under repurchase agreements           8,250         5,179

 9 Total U.S. Treasury securities           491,291       493,966

10 Bought outright(2)                       490,096       484,866
11   Bills                                  199,218       198,127
12   Notes                                  210,829       208,855
13   Bonds                                   80,049        77,884
14 Held under repurchase agreements           1,195         9,100

15 Total loans and securities               500,101       499,624

16 Items in process of collection             7,130         7,765
17 Bank premises                              1,330         1,321

   Other assets
18 Denominated in foreign
     currencies(3)                           14,799        15,498
19 All other(4)                              16,898        17,723

20 Total assets                             559,163       559,964

            LIABILITIES

21 Federal Reserve notes                    510,430       505,423
22 Total deposits                            24,206        29,527
23 Depository institutions                   18,375        22,156
24 U.S. Treasury--General account             5,401         6,720
25 Foreign--Official accounts                   164           410
26 Other                                        266           241

27 Deferred credit items                      6,593         7,352
28 Other liabilities and accrued
dividends(5)                                  4,558         4,654

29 Total liabilities                        545,788       546,956

         CAPITAL ACCOUNTS

30 Capital paid in                            6,302         6,282
31 Surplus                                    5,952         5,952
32 Other capital accounts                     1,121           775

33 Total liabilities and capital
     accounts                               559,163       559,964

       MEMO
34 Marketable U.S. Treasury
    securities held in custody for
    foreign and international
    accounts                                  n.a.          n.a.

Federal Reserve note statement

35 Federal Reserve notes outstanding
     (issued to Banks)                      774,639       726,892
36 LESS: Held by Federal Reserve
     Banks                                  264,208       221,469
37 Federal Reserve notes, net
   Collateral held against notes,
     net                                    510,430       505,423
38 Gold certificate account                  11,046        11,046
39 Special drawing rights certificate
     account                                  8,200         8,200
40 Other eligible assets                          0             0
41 U.S. Treasury and agency securities      491,184       486,177
42 Total collateral                         510,430       505,423

                                                 End of month
             Account                                1999
                                             July 31     Aug. 31

                                          Consolidated condition
                                                 statement

               ASSETS

 1 Gold certificate account                    11,048      11,045
 2 Special drawing rights certificate
     account                                    8,200       8,200
 3 Coin                                           322         294

   Loans
 4 To depository institutions                     348         338
 5 Other                                            0           0
 6 Acceptances held under repurchase
     agreements                                     0           0

   Federal agency obligations
 7 Bought outright                                249         238
 8 Held under repurchase agreements             3,280       9,195

 9 Total U.S. Treasury securities             489,298     492,773

10 Bought outright(2)                         486,103     490,198
11   Bills                                    198,447     199,320
12   Notes                                    209,771     210,829
13   Bonds                                     77,884      80,049
14 Held under repurchase agreements             3,195       2,575

15 Total loans and securities                 493,175     502,544

16 Items in process of collection               5,087       9,328
17 Bank premises                                1,327       1,332

   Other assets
18 Denominated in foreign
     currencies(3)                             15,845
19 All other(4)                                15,445

20 Total assets                               552,378     564,033

            LIABILITIES

21 Federal Reserve notes                      506,746     511,545
22 Total deposits                              22,112      24,750
23 Depository institutions                     16,642      18,800
24 U.S. Treasury--General account               4,984       5,559
25 Foreign--Official accounts                     257         166
26 Other                                          229         225

27 Deferred credit items                        5,131       9,011
28 Other liabilities and accrued
dividends(5)                                    4,402       4,605

29 Total liabilities                          538,391     549,911

         CAPITAL ACCOUNTS

30 Capital paid in                              6,296       6,308
31 Surplus                                      5,952       5,952
32 Other capital accounts                       1,739       1,863

33 Total liabilities and capital
     accounts                                 552,378     564,033

       MEMO
34 Marketable U.S. Treasury
    securities held in custody for
    foreign and international
    accounts                                    n.a.        n.a.

Federal Reserve note statement

35 Federal Reserve notes outstanding
     (issued to Banks)                        746,929     780,358
36 LESS: Held by Federal Reserve
     Banks                                    240,184     268,813
37 Federal Reserve notes, net
   Collateral held against notes,
     net                                      506,746     511,545
38 Gold certificate account                    11,048      11,045
39 Special drawing rights certificate
     account                                    8,200       8,200
40 Other eligible assets                            0           0
41 U.S. Treasury and agency securities        487,498     492,300
42 Total collateral                           506,746     511,545


(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.) 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.

(3.) Valued monthly at market exchange rates.

(4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days.

(5.) 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
                                                  1999
   Type of holding and maturity       July 28   Aug. 4    Aug. 11

 1 Total loans                            277       295       478

 2 Within fifteen days(1)                 245       110       288
 3 Sixteen days to ninety days             32       185       190

 4 Total U.S. Treasury
    securities(2)                     489,944   485,427   486,465

 5 Within fifteen days(1)              14,331    15,333    21,206
 6 Sixteen days to ninety days        101,194    94,861    95,431
 7 Ninety-one days to one year        139,542   140,125   140,380
 8 One year to five years             122,393   122,624   122,624
 9 Five years to ten years             49,861    49,861    49,861
10 More than ten years                 62,623    62,623    62,623

11 Total federal agency obligations     4,384     5,049     6,569

12 Within fifteen days(1)               4,135     4,800     6,331
13 Sixteen days to ninety days             31        31        20
14 Ninety-one days to one year             48        48        48
15 One year to five years                  20        20        20
16 Five years to ten years                150       150       150
17 More than ten years                      0         0         0

                                                            End of
                                          Wednesday         month
                                            1999             1999
   Type of holding and maturity         Aug. 18   Aug. 25   June 30

 1 Total loans                            302       315       193

 2 Within fifteen days(1)                 278       288       159
 3 Sixteen days to ninety days             24        28        34

 4 Total U.S. Treasury
    securities(2)                     488,955   491,291   493,966

 5 Within fifteen days(1)              18,796    13,846    24,353
 6 Sixteen days to ninety days         99,333    99,148    92,490
 7 Ninety-one days to one year        135,094   140,219   142,621
 8 One year to five years             122,286   123,110   115,147
 9 Five years to ten years             49,748    50,195    49,487
10 More than ten years                 63,698    64,773    62,623

11 Total federal agency obligations     5,149     8,488     5,438

12 Within fifteen days(1)               4,911     8,250     5,184
13 Sixteen days to ninety days             27        27        16
14 Ninety-one days to one year             41        41        68
15 One year to five years                  20        20        20
16 Five years to ten years                150       150       150
17 More than ten years                      0         0         0

                                            End of
                                             month
                                             1999
   Type of holding and maturity         July 31   Aug. 31

 1 Total loans                            348       338

 2 Within fifteen days(1)                 228       189
 3 Sixteen days to ninety days            120       149

 4 Total U.S. Treasury
    securities(2)                     489,298   492,763

 5 Within fifteen days(1)               7,883    11,187
 6 Sixteen days to ninety days        107,061   100,038
 7 Ninety-one days to one year        139,477   144,224
 8 One year to five years             122,393   122,346
 9 Five years to ten years             49,861    50,195
10 More than ten years                 62,623    64,773

11 Total federal agency obligations     3,529     5,168

12 Within fifteen days(1)               3,280     4,930
13 Sixteen days to ninety days             31        27
14 Ninety-one days to one year             48        41
15 One year to five years                  20        20
16 Five years to ten years                150       150
17 More than ten years                      0         0


(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements.

(2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities.

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

Billions of dollars, averages of daily figures
Item                                       1995     1996     1997
                                           Dec.     Dec.      Dec.

                                              Seasonally adjusted

          ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)

1 Total reserves(3)                        56.45    50.16    46.86
2 Nonborrowed reserves(4)                  56.20    50.01    46.54
3 Nonborrowed reserves plus                56.20    50.01    46.54
   extended credit(5)
4 Required reserves                        55.16    48.75    45.18
5 Monetary base(6)                        434.10   451.37   478.88

                                           Not seasonally adjusted

 6 Total reserves(7)                       58.02    51.45    48.01
 7 Nonborrowed reserves                    57.76    51.30    47.69
 8 Nonborrowed reserves                    57.76    51.30    47.69
    plus extended credit(5)
 9 Required reserves(8)                    56.73    50.04    46.33
10 Monetary base(9)                       439.03   456.63   484.98

         NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)

11 Total reserves(11)                      57.90    51.17    47.92
12 Nonborrowed reserves                    57.64    51.02    47.60
13 Nonborrowed reserves                    57.64    51.02    47.60
    plus extended credit(5)
14 Required reserves                       56.61    49.76    46.24
15 Monetary base(12)                      444.45   463.40   491.79
16 Excess reserves(13)                      1.29     1.42     1.69
17 Borrowings from the Federal Reserve       .26      .16      .32

Item                                        1998          1999
                                            Dec.      Jan.     Feb.

                                               Seasonally adjusted

          ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)

1 Total reserves(3)                         44.90    45.13    44.55
2 Nonborrowed reserves(4)                   44.79    44.92    44.44
3 Nonborrowed reserves plus                 44.79    44.92    44.44
   extended credit(5)
4 Required reserves                         43.32    43.59    43.34
5 Monetary base(6)                         512.32   516.81   520.84

                                            Not seasonally adjusted

 6 Total reserves(7)                        45.12    46.34    45.25
 7 Nonborrowed reserves                     45.00    46.14    45.13
 8 Nonborrowed reserves                     45.00    46.14    45.13
    plus extended credit(5)
 9 Required reserves(8)                     43.54    44.81    44.03
10 Monetary base(9)                        518.28   520.01   519.70

          NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)

11 Total reserves(11)                       45.02    46.35    45.24
12 Nonborrowed reserves                     44.90    46.14    45.12
13 Nonborrowed reserves                     44.90    46.14    45.12
    plus extended credit(5)
14 Required reserves                        43.44    44.81    44.02
15 Monetary base(12)                       525.06   527.59   526.85
16 Excess reserves(13)                       1.58     1.53     1.22
17 Borrowings from the Federal Reserve        .12      .21      .12

Item                                             1999
                                             Mar.     Apr.

                                            Seasonally adjusted

          ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)

1 Total reserves(3)                         43.72       43.98
2 Nonborrowed reserves(4)                   43.65       43.81
3 Nonborrowed reserves plus                 43.65       43.81
   extended credit(5)
4 Required reserves                         42.41       42.82
5 Monetary base(6)                         524.23      528.74

                                           Not seasonally adjusted

 6 Total reserves(7)                        43.14       43.67
 7 Nonborrowed reserves                     43.08       43.50
 8 Nonborrowed reserves                     43.08       43.50
    plus extended credit(5)
 9 Required reserves(8)                     41.84       42.51
10 Monetary base(9)                        523.35      526.77

         NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)

11 Total reserves(11)                       43.12       43.65
12 Nonborrowed reserves                     43.06       43.48
13 Nonborrowed reserves                     43.06       43.48
    plus extended credit(5)
14 Required reserves                        41.82       42.49
15 Monetary base(12)                       530.30      533.49
16 Excess reserves(13)                       1.31        1.16
17 Borrowings from the Federal Reserve        .07         .17

Item                                               1999
                                             May         June

                                            Seasonally adjusted

          ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)

1 Total reserves(3)                         44.36        42.87
2 Nonborrowed reserves(4)                   44.23(r)     42.72
3 Nonborrowed reserves plus                 44.23(r)     42.72
   extended credit(5)
4 Required reserves                         43.11        41.61
5 Monetary base(6)                         534.86(r)    537.63

                                            Not seasonally adjusted

 6 Total reserves(7)                        44.91        42.43
 7 Nonborrowed reserves                     44.78(r)     42.29
 8 Nonborrowed reserves                     44.78(r)     42.29
    plus extended credit(5)
 9 Required reserves(8)                     43.65        41.17
10 Monetary base(9)                        533.12(r)    535.88

         NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)

11 Total reserves(11)                       44.88        42.39
12 Nonborrowed reserves                     44.75        42.25
13 Nonborrowed reserves                     44.75        42.25
    plus extended credit(5)
14 Required reserves                        43.62        41.13
15 Monetary base(12)                       539.98(r)    542.82
16 Excess reserves(13)                       1.26         1.26
17 Borrowings from the Federal Reserve        .13          .15

                                                 1999
Item                                        July       Aug.

                                            Seasonally adjusted

          ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)

1 Total reserves(3)                         41.98      42.07
2 Nonborrowed reserves(4)                   41.67      41.72
3 Nonborrowed reserves plus                 41.67      41.72
   extended credit(5)
4 Required reserves                         40.90      40.94
5 Monetary base(6)                         541.20     544.37

                                           Not seasonally adjusted

 6 Total reserves(7)                        41.85      41.92
 7 Nonborrowed reserves                     41.54      41.58
 8 Nonborrowed reserves                     41.54      41.58
    plus extended credit(5)
 9 Required reserves(8)                     40.77      40.80
10 Monetary base(9)                        540.98     543.82

         NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)

11 Total reserves(11)                       41.80      41.87
12 Nonborrowed reserves                     41.49      41.53
13 Nonborrowed reserves                     41.49      41.53
    plus extended credit(5)
14 Required reserves                        40.73      40.74
15 Monetary base(12)                       548.06     550.82
16 Excess reserves(13)                       1.08       1.13
17 Borrowings from the Federal Reserve        .31        .34


(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
                                             1995          1996
          Item                               Dec.          Dec.

                                              Seasonally adjusted

   Measures(2)
 1 M1                                       1,126.7       1,081.3
 2 M2                                       3,649.1       3,823.9
 3 M3                                       4,618.5       4,955.6
 4 Debt                                    13,716.1(r)   14,460.8(r)

   M1 components
 5 Currency(3)                                372.3         394.1
 6 Travelers checks(4)                          8.3           8.0
 7 Demand deposits(5)                         389.4         403.0
 8 Other checkable deposits(6)                356.7         276.2

   Nontransaction components
 9 In M2(7)                                 2,522.4       2,742.6
10 In M3 only(8)                              969.4       1,131.7

   Commercial banks
11 Savings deposits, including MMDAs          775.3         905.2
12 Small time deposits(9)                     575.0         593.7
13 Large time deposits(10,11)                 346.6         414.8

   Thrift institutions
14 Savings deposits, including MMDAs          359.8         367.1
15 Small time deposits(9)                     356.7         353.8
16 Large time deposits(10,11)                  74.5          78.4

   Money market mutual funds
17 Retail                                     455.5         522.8
18 Institution-only                           255.9         313.3

   Repurchase agreements and Eurodollars
19 Repurchase agreements(12)                  198.7         211.3
20 Eurodollars(12)                             93.7         113.9

   Debt components
21 Federal debt                             3,639.1       3,781.3(r)
22 Nonfederal debt                         10,077.0      10,679.5(r)

                                            Not seasonally adjusted

   Measures(2)
23 M1                                       1,152.4       1,104.9
24 M2                                       3,671.7       3,843.7
25 M3                                       4,638.0       4,972.5
26 Debt                                    13,716.6(r)   14,459.3(r)

   M1 components
27 Currency(3)                                376.2         397.9
28 Travelers checks(4)                          8.5           8.3
29 Demand deposits(5)                         407.2         419.9
30 Other checkable deposits(6)                360.5         278.8

   Nontransaction components
31 In M2(7)                                 2,519.3       2,738.9
32 In M3 only(8)                              966.4       1,128.8

   Commercial banks
33 Savings deposits, including MMDAs          774.1         903.3
34 Small time deposits(9)                     573.8         592.7
35 Large time deposits(10, 11)                345.8         413.3

   Thrift institutions
36 Savings deposits, including MMDAs          359.2         366.3
37 Small time deposits(9)                     355.9         353.2
38 Large time deposits(10)                     74.3          78.1

   Money market mutual funds
39 Retail                                     456.1         523.2
40 Institution-only                           257.7         316.0

   Repurchase agreements and Eurodollars
41 Repurchase agreements(12)                  193.8         205.7
42 Eurodollars(12)                             94.9         115.7

   Debt components
43 Federal debt                             3,645.9       3,787.9
44 Nonfederal debt                         10,070.7(r)   10,671.4(r)

                                               1997         1998
          Item                                 Dec.         Dec.

                                              Seasonally adjusted

   Measures(2)
 1 M1                                       1,074.9       1,093.4
 2 M2                                       4,046.4(r)    4,401.0(r)
 3 M3                                       5,403.4(r)    5,995.8(r)
 4 Debt                                    15,224.0(r)   16,244.9(r)

   M1 components
 5 Currency(3)                                424.5         459.2
 6 Travelers checks(4)                          7.7           7.8
 7 Demand deposits(5)                         396.5         377.5
 8 Other checkable deposits(6)                246.2         248.8

   Nontransaction components
 9 In M2(7)                                 2,971.5(r)    3,307.6(r)
10 In M3 only(8)                            1,357.0(r)    1,594.8(r)

   Commercial banks
11 Savings deposits, including MMDAs        1,022.9       1,189.8
12 Small time deposits(9)                     626.1         626.0
13 Large time deposits(10,11)                 490.2         541.0

   Thrift institutions
14 Savings deposits, including MMDAs          377.3         415.2
15 Small time deposits(9)                     343.2         325.9
16 Large time deposits(10,11)                  85.9          89.1

   Money market mutual funds
17 Retail                                     602.0(r)      750.7(r)
18 Institution-only                           379.9         516.2

   Repurchase agreements and Eurodollars
19 Repurchase agreements(12)                  251.7(r)      297.8(r)
20 Eurodollars(12)                            149.3(r)      150.7

   Debt components
21 Federal debt                             3,800.3(r)    3,750.8(r)
22 Nonfederal debt                         11,423.7(r)   12,494.2(r)

                                             Not seasonally adjusted

   Measures(2)
23 M1                                       1,097.4       1,115.3
24 M2                                       4,064.6(r)    4,417.8(r)
25 M3                                       5,419.6(r)    6,011.9(r)
26 Debt                                    15,221.1(r)   16,241.8(r)

   M1 components
27 Currency(3)                                428.9         464.2
28 Travelers checks(4)                          7.9           8.0
29 Demand deposits(5)                         412.3         392.4
30 Other checkable deposits(6)                248.3         250.7

   Nontransaction components
31 In M2(7)                                 2,967.2(r)    3,302.5(r)
32 In M3 only(8)                            1,355.0(r)    1,594.1(r)

   Commercial banks
33 Savings deposits, including MMDAs        1,020.4       1,186.8
34 Small time deposits(9)                     625.3         625.4
35 Large time deposits(10, 11)                487.7         537.4

   Thrift institutions
36 Savings deposits, including MMDAs          376.4         414.1
37 Small time deposits(9)                     342.8         325.6
38 Large time deposits(10)                     85.4          88.5

   Money market mutual funds
39 Retail                                     602.3(r)      750.6(r)
40 Institution-only                           384.5         523.3

   Repurchase agreements and Eurodollars
41 Repurchase agreements(12)                  245.1(r)      290.5(r)
42 Eurodollars(12)                            152.3         154.5

   Debt components
43 Federal debt                             3,805.8       3,754.9
44 Nonfederal debt                         11,415.3(r)   12,486.8(r)

                                                   1999
          Item                              May(r)       June

                                            Seasonally adjusted

   Measures(2)
 1 M1                                       1,104.7    1,101.1
 2 M2                                       4,505.1    4,520.8
 3 M3                                       6,127.5    6,156.1
 4 Debt                                    16,701.8   16,776.4

   M1 components
 5 Currency(3)                                480.9      484.1
 6 Travelers checks(4)                          7.8        8.2
 7 Demand deposits(5)                         369.4      362.9
 8 Other checkable deposits(6)                246.5      245.9

   Nontransaction components
 9 In M2(7)                                 3,400.4    3,419.8
10 In M3 only(8)                            1,622.4    1,635.3

   Commercial banks
11 Savings deposits, including MMDAs        1,233.9    1,246.3
12 Small time deposits(9)                     613.5      612.5
13 Large time deposits(10,11)                 533.5      530.2

   Thrift institutions
14 Savings deposits, including MMDAs          441.1      447.8
15 Small time deposits(9)                     316.7      312.9
16 Large time deposits(10,11)                  88.0       87.9

   Money market mutual funds
17 Retail                                     795.1      800.3
18 Institution-only                           544.6      548.1

   Repurchase agreements and Eurodollars
19 Repurchase agreements(12)                  295.6      308.7
20 Eurodollars(12)                            160.6      160.4

   Debt components
21 Federal debt                             3,702.8    3,703.6
22 Nonfederal debt                         12,999.1   13,072.8

                                           Not seasonally adjusted

   Measures(2)
23 M1                                       1,096.7    1,098.3
24 M2                                       4,484.5    4,508.7
25 M3                                       6,112.6    6,139.6
26 Debt                                    16,651.9   16,724.7

   M1 components
27 Currency(3)                                479.9      483.2
28 Travelers checks(4)                          7.9        8.1
29 Demand deposits(5)                         363.6      361.3
30 Other checkable deposits(6)                245.3      245.7

   Nontransaction components
31 In M2(7)                                 3,387.8    3,410.4
32 In M3 only(8)                            1,628.2    1,630.9

   Commercial banks
33 Savings deposits, including MMDAs        1,235.2    1,249.8
34 Small time deposits(9)                     612.3      611.1
35 Large time deposits(10, 11)                539.3      535.7

   Thrift institutions
36 Savings deposits, including MMDAs          441.6      449.1
37 Small time deposits(9)                     316.0      312.2
38 Large time deposits(10)                     89.0       88.8

   Money market mutual funds
39 Retail                                     782.7      788.2
40 Institution-only                           538.3      540.6

   Repurchase agreements and Eurodollars
41 Repurchase agreements(12)                  302.1      308.6
42 Eurodollars(12)                            159.5      157.3

   Debt components
43 Federal debt                             3,674.2    3,662.8
44 Nonfederal debt                         12,977.7   13,061.9

          Item                                     1999
                                              July      Aug.

                                           Seasonally adjusted

   Measures(2)
 1 M1                                       1,099.5   1,102.2
 2 M2                                       4,541.0   4,561.9
 3 M3                                       6,180.7   6,206.1
 4 Debt                                    16,847.2     n.a.

   M1 components
 5 Currency(3)                                487.3     490.9
 6 Travelers checks(4)                          8.6       8.5
 7 Demand deposits(5)                         362.6     363.1
 8 Other checkable deposits(6)                241.0     239.7

   Nontransaction components
 9 In M2(7)                                 3,441.5   3,459.7
10 In M3 only(8)                            1,639.7   1,644.3

   Commercial banks
11 Savings deposits, including MMDAs        1,260.5   1,268.5
12 Small time deposits(9)                     613.0     614.6
13 Large time deposits(10,11)                 539.5     535.4

   Thrift institutions
14 Savings deposits, including MMDAs          455.1     456.6
15 Small time deposits(9)                     311.7     312.1
16 Large time deposits(10,11)                  88.7      89.2

   Money market mutual funds
17 Retail                                     801.3     807.9
18 Institution-only                           546.0     556.4

   Repurchase agreements and Eurodollars
19 Repurchase agreements(12)                  308.6     310.2
20 Eurodollars(12)                            156.8     153.1

   Debt components
21 Federal debt                             3,706.2      n.a.
22 Nonfederal debt                         13,141.0      n.a.

                                           Not seasonally adjusted

   Measures(2)
23 M1                                       1,098.0   1,097.4
24 M2                                       4,531.2   4,556.3
25 M3                                       6,151.5   6,189.2
26 Debt                                    16,781.6      n.a.

   M1 components
27 Currency(3)                                487.8     490.2
28 Travelers checks(4)                          8.3       8.2
29 Demand deposits(5)                         362.6     361.7
30 Other checkable deposits(6)                239.4     237.4

   Nontransaction components
31 In M2(7)                                 3,433.2   3,458.8
32 In M3 only(8)                            1,620.3   1,633.0

   Commercial banks
33 Savings deposits, including MMDAs        1,261.4   1,267.7
34 Small time deposits(9)                     612.8     614.2
35 Large time deposits(10, 11)                539.3     535.6

   Thrift institutions
36 Savings deposits, including MMDAs          455.4     456.3
37 Small time deposits(9)                     311.6     311.9
38 Large time deposits(10)                     88.7      89.2

   Money market mutual funds
39 Retail                                     792.1     808.8
40 Institution-only                           533.4     548.0

   Repurchase agreements and Eurodollars
41 Repurchase agreements(12)                  305.9     308.4
42 Eurodollars(12)                            153.1     151.8

   Debt components
43 Federal debt                             3,652.3      n.a.
44 Nonfederal debt                         13,129.3      n.a.


NOTES TO TABLE 1.21

(1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.

(2.) Composition of the money stock measures and debt is as follows:

M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed m 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

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

B. Domestically chartered commercial banks

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

C. Large domestically chartered commercial banks

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

D. Small domestically chartered commercial banks

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

E. Foreign-related institutions

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING

A. Commercial Paper

Millions of dollars, seasonally adjusted, end of period
                                     Year ending December
           Item
                                  1994       1995         1996

1 All issuers                   595,382     674,904     775,371

  Financial companies(1)

2   Dealer-placed paper,        223,038     275,815     361,147
     total(2)
3   Directly placed paper,      207,701     210,829     229,662
     total(3)

4 Nonfinancial companies(4)     164,643     188,260     184,563

                                Year ending December      1999
           Item
                                  1997      1998          Feb.

1 All issuers                   966,699   1,163,303    1,178,303

  Financial companies(1)

2   Dealer-placed paper,        513,307     614,142      615,053
     total(2)
3   Directly placed paper,      252,536     322,030      320,468
     total(3)

4 Nonfinancial companies(4)     200,857     227,132      242,782

                                            1999
           Item
                                 Mar.        Apr.        May

1 All issuers                 1,204,627   1,219,789   1,230,009

  Financial companies(1)

2   Dealer-placed paper,        684,616     697,030     710,857
     total(2)
3   Directly placed paper,      276,424     276,721     268,129
     total(3)

4 Nonfinancial companies(4)     243,587     246,038     251,023

                                      1999
           Item
                                 June       July

1 All issuers                 1,221,020   1,242,107

  Financial companies(1)

2   Dealer-placed paper,        705,603     712,718
     total(2)
3   Directly placed paper,      272,014     277,570
     total(3)

4 Nonfinancial companies(4)     243,404     251,819


(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 finns 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                          1995     1996

1 Total amount of reporting banks' acceptances
   in existence                                   29,242   25,832
2 Amount of other banks' eligible acceptances
   held by reporting banks                         1,249      709
3 Amount of own eligible acceptances held by
   reporting banks (included in item 1)           10,516    7,770
4 Amount of eligible acceptances representing
   goods stored in, or shipped between, foreign
   countries (included in item 1)                 11,373    9,361

                     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


(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 65 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      Period
                                        rate

1996--Jan. 1     8.50   1996            8.27     1997--Jan.
      Feb. 1     8.25   1997            8.44           Feb.
                        1998            8.35           Mar.
1997--Mar. 26    8.50                                  Apr.
                        1996--Jan.      8.50           May
1998--Sept. 30   8.25         Feb.      8.25           June
      Oct. 16    8.00         Mar.      8.25           July
      Nov. 18    7.75         Apr.      8.25           Aug.
                              May       8.25           Sept.
1999--July 1     8.00         June      8.25           Oct.
      Aug. 25    8.25         July      8.25           Nov.
                              Aug.      8.25           Dec.
                              Sept.     8.25
                              Oct.      8.25     1998--Jan.
                              Nov.      8.25           Feb.
                              Dec.      8.25           Mar.
                                                       Apr.
                                                       May
                                                       June

Date of change   Average      Period      Average
                  rate                     rate

1996--Jan. 1      8.25     1998--July      8.50
      Feb. 1      8.25           Aug.      8.50
                  8.30           Sept.     8.49
1997--Mar. 26     8.50           Oct.      8.12
                  8.50           Nov.      7.89
1998--Sept. 30    8.50           Dec.      7.75
      Oct. 16     8.50
      Nov. 18     8.50     1999--Jan.      7.75
                  8.50           Feb.      7.75
1999--July 1      8.50           Mar.      7.75
      Aug. 25     8.50           Apr.      7.75
                  8.50           May       7.75
                                 June      7.75
                  8.50           July      8.00
                  8.50           Aug.      8.06
                  8.50           Sept.     8.25
                  8.50
                  8.50
                  8.50


(1.) The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H. 15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover.

1.35 INTEREST RATES Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
                 Item                     1996   1997   1998

       MONEY MARKET INSTRUMENTS

 1 Federal funds(1,2,3)                   5.30   5.46   5.35
 2 Discount window borrowing(2,4)         5.02   5.00   4.92

   Commercial paper(3,5,6)
   Nonfinancial
 3 1-month                                n.a.   5.57   5.40
 4 2-month                                n.a.   5.57   5.38
 5 3-month                                n.a.   5.56   5.34

   Financial
 6 1-month                                n.a.   5.59   5.42
 7 2-month                                n.a.   5.59   5.40
 8 3-month                                n.a.   5.60   5.37

   Commercial paper (historical)(3,5,7)
 9 1 -month                               5.43   5.54   n.a.
10 3-month                                5.41   5.58   n.a.
11 6-month                                5.42   5.62   n.a.

   Finance paper, directly placed
    (historical)(3,5,8)
12 1-month                                5.31   5.44   n.a.
13 3-month                                5.29   5.48   n.a.
14 6-month                                5.21   5.48   n.a.

   Bankers acceptances(3,5,9)
15 3-month                                5.31   5.54   5.39
16 6-month                                5.31   5.57   5.30

   Certificates of deposit,
    secondary market(3,10)
17 1-month                                5.35   5.54   5.49
18 3-month                                5.39   5.62   5.47
19 6-month                                5.47   5.73   5.44

20 Eurodollar deposits, 3-month(3,10)     5.38   5.61   5.45

   US Treasury bills
   Secondary market(3,5,8)
21 3-month                                5.01   5.06   4.78
22 6-month                                5.08   5.18   4.83
23 1-year                                 5.22   5.32   4.80

   Auction high(3,5,12)
24 3-month                                5.02   5.07   4.81
25 6-month                                5.09   5.18   4.85
26 1-year                                 5.23   5.36   4.85

   U.S. TREASURY NOTES AND BONDS

   Constant maturities(13)
27 1-year                                 5.52   5.63   5.05
28 2-year                                 5.84   5.99   5.13
29 3-year                                 5.99   6.10   5.14
30 5-year                                 6.18   6.22   5.15
31 7-year                                 6.34   6.33   5.28
32 10-year                                6.44   6.35   5.26
33 20-year                                6.83   6.69   5.72
34 30-year                                6.71   6.61   5.58

   Composite
35 More than 10 years (long-term)         6.80   6.67   5.69

   STATE AND LOCAL NOTES AND BONDS

   Moody's series(14)
36 Aaa                                    5.52   5.32   4.93
37 Baa                                    5.79   5.50   5.14
38 Bond Buyer series                      5.76   5.52   5.09

            CORPORATE BONDS

39 Seasoned issues, all industries(16)    7.66   7.54   6.87

   Rating group
40 Aaa                                    7.37   7.27   6.53
41 Aa                                     7.55   7.48   6.80
42 A                                      7.69   7.54   6.93
43 Baa                                    8.05   7.87   7.22

   MEMO
   Dividend-price ratio(17)
44 Common stocks                          2.19   1.77   1.49

                 Item                                1999
                                          May    June   July   Aug.
       MONEY MARKET INSTRUMENTS

 1 Federal funds(1,2,3)                   4.74   4.76   4.99   5.07
 2 Discount window borrowing(2,4)         4.50   4.50   4.50   4.56

   Commercial paper(3,5,6)
   Nonfinancial
 3 1-month                                4.79   4.95   5.06   5.18
 4 2-month                                4.80   4.98   5.08   5.23
 5 3-month                                4.81   4.98   5.11   5.25

   Financial
 6 1-month                                4.80   4.96   5.08   5.20
 7 2-month                                4.82   5.00   5.10   5.24
 8 3-month                                4.83   5.04   5.14   5.28

   Commercial paper (historical)(3,5,7)
 9 1 -month                               n.a.   n.a.   n.a.   n.a.
10 3-month                                n.a.   n.a.   n.a.   n.a.
11 6-month                                n.a.   n.a.   n.a.   n.a.

   Finance paper, directly 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                                4.86   5.04   5.16   5.30
16 6-month                                4.89   5.14   5.42   5.64

   Certificates of deposit,
    secondary market(3,10)
17 1-month                                4.84   5.01   5.13   5.25
18 3-month                                4.92   5.13   5.24   5.41
19 6-month                                5.03   5.31   5.58   5.83

20 Eurodollar deposits, 3-month(3,10)     4.90   5.09   5.21   5.36

   US Treasury bills
   Secondary market(3,5,8)
21 3-month                                4.50   4.57   4.55   4.72
22 6-month                                4.56   4.82   4.58   4.87
23 1-year                                 4.60   4.82   4.75   4.91

   Auction high(3,5,12)
24 3-month                                4.51   4.59   4.60   4.76
25 6-month                                4.55   4.81   4.62   4.88
26 1-year                                 4.63   4.89   4.71   4.95

   U.S. TREASURY NOTES AND BONDS

   Constant maturities(13)
27 1-year                                 4.85   5.10   5.03   5.20
28 2-year                                 5.25   5.62   5.55   5.68
29 3-year                                 5.33   5.70   5.62   5.77
30 5-year                                 5.44   5.81   5.68   5.84
31 7-year                                 5.64   6.05   5.94   6.15
32 10-year                                5.54   5.90   5.79   5.94
33 20-year                                6.08   6.36   6.28   6.43
34 30-year                                5.81   6.04   5.98   6.07

   Composite
35 More than 10 years (long-term)         6.04   6.31   6.22   6.37

   STATE AND LOCAL NOTES AND BONDS

   Moody's series(14)
36 Aaa                                    5.05   5.22   5.24   5.47
37 Baa                                    5.43   5.59   5.64   5.93
38 Bond Buyer series                      5.18   5.37   5.36   5.58

            CORPORATE BONDS

39 Seasoned issues, all industries(16)    7.32   7.62   7.57   7.77

   Rating group
40 Aaa                                    6.93   7.23   7.19   7.40
41 Aa                                     7.23   7.52   7.48   7.68
42 A                                      7.40   7.69   7.65   7.84
43 Baa                                    7.72   8.02   7.95   8.15

   MEMO
   Dividend-price ratio(17)
44 Common stocks                          1.24   1.25   1.20   1.25

                 Item                          1999, week ending
                                          July 30   Aug. 6   Aug. 13
       MONEY MARKET INSTRUMENTS

 1 Federal funds(1,2,3)                      5.01     5.06      4.96
 2 Discount window borrowing(2,4)            4.50     4.50      4.50

   Commercial paper(3,5,6)
   Nonfinancial
 3 1-month                                   5.07     5.11      5.14
 4 2-month                                   5.09     5.16      5.20
 5 3-month                                   5.12     5.18      5.24

   Financial
 6 1-month                                   5.09     5.13      5.17
 7 2-month                                   5.10     5.18      5.22
 8 3-month                                   5.14     5.21      5.27

   Commercial paper (historical)(3,5,7)
 9 1 -month                                  n.a.     n.a.      n.a.
10 3-month                                   n.a.     n.a.      n.a.
11 6-month                                   n.a.     n.a.      n.a.

   Finance paper, directly placed
    (historical)(3,5,8)
12 1-month                                   n.a.     n.a.      n.a.
13 3-month                                   n.a.     n.a.      n.a.
14 6-month                                   n.a.     n.a.      n.a.

   Bankers acceptances(3,5,9)
15 3-month                                   5.17     5.20      5.29
16 6-month                                   5.46     5.51      5.62

   Certificates of deposit,
    secondary market(3,10)
17 1-month                                   5.14     5.17      5.23
18 3-month                                   5.27     5.35      5.41
19 6-month                                   5.64     5.75      5.85

20 Eurodollar deposits, 3-month(3,10)        5.20     5.25      5.38

   US Treasury bills
   Secondary market(3,5,8)
21 3-month                                   4.59     4.65      4.72
22 6-month                                   4.61     4.78      4.90
23 1-year                                    4.80     4.85      4.94

   Auction high(3,5,12)
24 3-month                                   4.54     4.70      4.79
25 6-month                                   4.52     4.75      4.92
26 1-year                                    n.a.     n.a.      n.a.

   U.S. TREASURY NOTES AND BONDS

   Constant maturities(13)
27 1-year                                    5.07     5.13      5.23
28 2-year                                    5.59     5.64      5.77
29 3-year                                    5.65     5.73      5.87
30 5-year                                    5.75     5.86      5.97
31 7-year                                    6.03     6.14      6.31
32 10-year                                   5.86     5.95      6.08
33 20-year                                   6.34     6.42      6.52
34 30-year                                   6.05     6.12      6.19

   Composite
35 More than 10 years (long-term)            6.29     6.37      6.47

   STATE AND LOCAL NOTES AND BONDS

   Moody's series(14)
36 Aaa                                       5.27     5.38      5.49
37 Baa                                       5.71     5.80      5.95
38 Bond Buyer series                         5.41     5.49      5.57

            CORPORATE BONDS

39 Seasoned issues, all industries(16)       7.67     7.75      7.89

   Rating group
40 Aaa                                       7.29     7.38      7.53
41 Aa                                        7.58     7.67      7.81
42 A                                         7.75     7.82      7.96
43 Baa                                       8.04     8.13      8.27

   MEMO
   Dividend-price ratio(17)
44 Common stocks                             1.22     1.28      1.27

                 Item                      1999, week ending
                                           Aug. 20   Aug. 27
       MONEY MARKET INSTRUMENTS

 1 Federal funds(1,2,3)                      5.03      5.02
 2 Discount window borrowing(2,4)            4.50      4.57

   Commercial paper(3,5,6)
   Nonfinancial
 3 1-month                                   5.18      5.23
 4 2-month                                   5.24      5.28
 5 3-month                                   5.27      5.30

   Financial
 6 1-month                                   5.20      5.26
 7 2-month                                   5.25      5.30
 8 3-month                                   5.32      5.32

   Commercial paper (historical)(3,5,7)
 9 1 -month                                  n.a.      n.a.
10 3-month                                   n.a.      n.a.
11 6-month                                   n.a.      n.a.

   Finance paper, directly placed
    (historical)(3,5,8)
12 1-month                                   n.a.      n.a.
13 3-month                                   n.a.      n.a.
14 6-month                                   n.a.      n.a.

   Bankers acceptances(3,5,9)
15 3-month                                   5.33      5.36
16 6-month                                   5.68      5.70

   Certificates of deposit,
    secondary market(3,10)
17 1-month                                   5.28      5.30
18 3-month                                   5.43      5.42
19 6-month                                   5.86      5.86

20 Eurodollar deposits, 3-month(3,10)        5.40      5.39

   US Treasury bills
   Secondary market(3,5,8)
21 3-month                                   4.65      4.81
22 6-month                                   4.88      4.89
23 1-year                                    4.91      4.91

   Auction high(3,5,12)
24 3-month                                   4.68      4.85
25 6-month                                   4.90      4.95
26 1-year                                    4.95      n.a.

   U.S. TREASURY NOTES AND BONDS

   Constant maturities(13)
27 1-year                                    5.20      5.19
28 2-year                                    5.68      5.61
29 3-year                                    5.75      5.69
30 5-year                                    5.81      5.71
31 7-year                                    6.12      6.02
32 10-year                                   5.91      5.81
33 20-year                                   6.43      6.35
34 30-year                                   6.03      5.93

   Composite
35 More than 10 years (long-term)            6.36      6.28

   STATE AND LOCAL NOTES AND BONDS

   Moody's series(14)
36 Aaa                                       5.52      5.49
37 Baa                                       6.00      5.95
38 Bond Buyer series                         5.65      5.61

            CORPORATE BONDS

39 Seasoned issues, all industries(16)       7.75      7.67

   Rating group
40 Aaa                                       7.37      7.29
41 Aa                                        7.66      7.58
42 A                                         7.82      7.74
43 Baa                                       8.14      8.06

   MEMO
   Dividend-price ratio(17)
44 Common stocks                             1.25      1.20


(1.) The daily effective federal funds rate is a weighted average of rates on trades through New York brokers.

(2.) Weekly figures are averages of seven calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month.

(3.) Annualized using a 360-day year or bank interest.

(4.) Rate for the Federal Reserve Bank of New York.

(5.) Quoted on a discount basis.

(6.) Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information.

(7.) An average of offering rates on commercial paper for firms whose bond rating is AA or the equivalent. Series ended August 29, 1997.

(8.) An average of offering rates on paper directly placed by finance companies. Series ended August 29, 1997.

(9.) Representative closing yields for acceptances of the highest-rated money center banks.

(10.) An average of dealer offering rates on nationally traded certificates of deposit.

(11.) Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only.

(12.) Auction date for daily data; weekly and monthly averages computed on an issue-date basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before that, they are weighted average yields from multiple-price auctions.

(13.) Yields on actively traded issues adjusted to constant maturities. Source: U.S. Department of the Treasury.

(14.) General obligation bonds based on Thursday figures; Moody's Investors Service.

(15.) State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' A1 rating. Based on Thursday figures.

(16.) Daily figures from Moody's Investors Service. Based on yields to maturity on selected long-term bonds.

(17.) Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index.

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.

1.36 STOCK MARKET

Selected Statistics
              Indicator                    1996      1997

                                        Prices and trading volume
                                         (averages of daily
                                              figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)              357.98    456.99
 2  Industrial                           453.57    574.97
 3  Transportation                       327.30    415.08
 4  Utility                              126.36    143.87
 5  Finance                              303.94    424.84

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                  670.49    873.43

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)            570.86    628.34

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange              409,740   523,254
 9 American Stock Exchange               22,567    24,390

                                        Customer financing (millions
                                          of dollars, end-of-period
                                               balances)

10 Margin credit at                      97,400   126,090
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                    22,540    31,410
12 Cash accounts                         40,430    52,160

Margin requirements (percent of
 market value and effective date)(7)
                                           Mar. 11, 1968

13 Margin stocks                                70
14 Convertible bonds                            50
15 Short sales                                  70

                                                      1998
              Indicator                     1998      Dec.

                                        Prices and trading volume
                                         (averages of daily
                                              figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)               550.65     576.05
 2  Industrial                            684.35     717.14
 3  Transportation                        468.61     456.70
 4  Utility                               190.52     215.57
 5  Finance                               516.65     510.31

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                 1,085.50   1,190.05

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)             682.69     660.76

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange               666,534    680,397
 9 American Stock Exchange                28,870     28,756

                                        Customer financing (millions
                                          of dollars, end-of-period
                                               balances)

10 Margin credit at                      140,980    140,980
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                     40,250     40,250
12 Cash accounts                          62,450     62,450

                                        Margin requirements
                                         (percent of market
                                          value and effective
                                              date)(7)

                                            June 8, 1968

13 Margin stocks                                 80
14 Convertible bonds                             60
15 Short sales                                   80

                                                 1999
              Indicator                    Jan.        Feb.

                                        Prices and trading volume
                                         (averages of daily
                                               figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)               595.43      588.70
 2  Industrial                            741.43      736.20
 3  Transportation                        479.72      477.47
 4  Utility                               224.75      218.24
 5  Finance                               523.38      514.75

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                 1,248.77    1,246.58

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)             704.22      699.15

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange               847,135     756,932
 9 American Stock Exchange                31,015      31,774

                                        Customer financing (millions
                                         of dollars, end-of-period
                                                balances)

10 Margin credit at                      153,240   1,151,530
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                     36,880      38,850
12 Cash accounts                          59,600      57,910

                                        Margin requirements (percent
                                           of market value and
                                            effective date)(7)

                                            May 6, 1970

13 Margin stocks                                 65
14 Convertible bonds                             50
15 Short sales                                   65

                                               1999
              Indicator                    Mar.       Apr.

                                        Prices and trading volume
                                         (averages of daily
                                             figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)               603.69     627.75
 2  Industrial                            751.93     780.84
 3  Transportation                        491.25     523.08
 4  Utility                               218.11     228.48
 5  Finance                               544.08     564.99

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                 1,281.66   1,334.76

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)             711.08     748.29

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange               776,538    874,818
 9 American Stock Exchange                29,563     38,895

                                        Customer financing (millions
                                          of dollars, end-of-period
                                                balances)

10 Margin credit at                      156,440    172,880
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                     40,120     41,200
12 Cash accounts                          59,435     60,870

                                        Margin requirements (percent
                                         of market value and
                                           effective date)(7)

                                            Dec. 6, 1971

13 Margin stocks                                55
14 Convertible bonds                            50
15 Short sales                                  55

                                                 1999
              Indicator                     May       June

                                        Prices and trading volume
                                           (averages of daily
                                               figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)               635.62     629.53
 2  Industrial                            791.72     783.96
 3  Transportation                        537.88     520.66
 4  Utility                               242.98     241.36
 5  Finance                               562.66     546.43

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                 1,332.07   1,322.55

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)             787.02     772.01

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange               785,778    723,025
 9 American Stock Exchange                35,241     28,806

                                        Customer financing (millions
                                         of dollars, end-of-period
                                                balances)

10 Margin credit at                      177,984    176,930
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                     41,250     42,865
12 Cash accounts                          61,665     64,100

                                        Margin requirements (percent
                                         of market value and
                                            effective date)(7)

                                            Nov. 24, 1972

13 Margin stocks                                65
14 Convertible bonds                            50
15 Short sales                                  65

                                                1999
              Indicator                    July       Aug.

                                        Prices and trading volume
                                           (averages of daily
                                               figures)(1)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)               648.83     621.03
 2  Industrial                            809.33     778.82
 3  Transportation                        528.72     492.13
 4  Utility                                250.5     241.84
 5  Finance                               557.92     521.59

 6 Standard & Poor's Corporation
       (1941-43= 10)(2)                 1,380.99   1,327.49

 7 American Stock Exchange
      (Aug. 31, 1973 = 50)(3)             803.75     781.33

   Volume of trading
 (thousands of shares)
 8 New York Stock Exchange               721,294    709,569
 9 American Stock Exchange                25,754     27,795

                                        Customer financing (millions
                                          of dollars, end-of-period
                                               balances)

10 Margin credit at                      178,360    176,390
 broker--dealers(4)

   Free credit balances at brokers(5)
11 Margin accounts(6)                     44,330     44,230
12 Cash accounts                          60,000     62,600

                                        Margin requirements (percent
                                         of market value and
                                           effective date)(7)

                                            Jan. 3, 1974

13 Margin stocks                                50
14 Convertible bonds                            50
15 Short sales                                  50


(1.) Daily data on prices are available upon request to the Board of Governors. For ordering address, see inside front cover.

(2.) 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.

(3.) On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half.

(4.) 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.

(5.) Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand.

(6.) Series initiated in June 1984.

(7.) Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.

On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission.

1.38 FEDERAL FISCAL AND FINANCING OPERATIONS

Millions of dollars
                                            Fiscal year
Type of account or operation            1996        1997

   U.S. budget(1)
 1 Receipts, total                   1,453,062   1,579,292
 2   On-budget                       1,085,570   1,187,302
 3   Off-budget                        367,492     391,990
 4 Outlays, total                    1,560,512   1,601,235
 5   On-budget                       1,259,608   1,290,609
 6   Off-budget                        300,904     310,626
 7 Surplus or deficit (-), total      -107,450     -21,943
 8   On-budget                        -174,038    -103,307
 9   Off-budget                         66,588      81,364

   Source of financing (total)
10 Borrowing from the public           129,712      38,171
11 Operating cash                       -6,276         604
   (decrease, or increase (-))
12 Other                               -15,986     -16,832

   MEMO
13 Treasury operating balance
         (level, end of period)         44,225      43,621
14   Federal Reserve Banks               7,700       7,692
15   Tax and loan accounts              36,525      35,930

                                       Fiscal         Calendar
                                        year            year
Type of account or operation            1998
                                                   Mar.      Apr.
   U.S. budget(1)
 1 Receipts, total                   1,721,798   130,292   266,142
 2   On-budget                       1,305,999    92,425   219,403
 3   Off-budget                        415,799    37,867    46,739
 4 Outlays, total                    1,652,552   152,701   152,683
 5   On-budget                       1,335,948   121,999   123,376
 6   Off-budget                        316,604    30,702    29,307
 7 Surplus or deficit (-), total        69,246   -22,409   113,459
 8   On-budget                         -29,949   -29,574    96,027
 9   Off-budget                         99,195     7,165    17,432

   Source of financing (total)
10 Borrowing from the public           -51,049    37,013   -85,208
11 Operating cash                        4,743   -16,988   -36,512
   (decrease, or increase (-))
12 Other                               -22,940     2,384     8,261

   MEMO
13 Treasury operating balance
         (level, end of period)         38,878    21,626    58,138
14   Federal Reserve Banks               4,952     5,374    10,040
15   Tax and loan accounts              33,926    16,252    48,098

                                           Calendar
                                             year
Type of account or operation                 1999
                                        May      June
   U.S. budget(1)
 1 Receipts, total                    98,587   199,479
 2   On-budget                        62,646   156,901
 3   Off-budget                       35,941    42,578
 4 Outlays, total                    122,556   145,911
 5   On-budget                        91,358   136,113
 6   Off-budget                       31,197     9,799
 7 Surplus or deficit (-), total     -23,969    53,568
 8   On-budget                       -28,712    20,788
 9   Off-budget                        4,744    32,779

   Source of financing (total)
10 Borrowing from the public            -551   -22,246
11 Operating cash                     32,495   -27,459
   (decrease, or increase (-))
12 Other                              -7,975    -3,863

   MEMO
13 Treasury operating balance
         (level, end of period)       25,643    53,102
14   Federal Reserve Banks             5,506     6,720
15   Tax and loan accounts            20,586    46,382

                                          Calendar
                                            year
Type of account or operation               1999
                                       July      Aug.
   U.S. budget(1)
 1 Receipts, total                   121,905   126,314
 2   On-budget                        87,941    91,544
 3   Off-budget                       33,964    34,770
 4 Outlays, total                    147,068   128,827
 5   On-budget                       117,634    97,684
 6   Off-budget                       29,434    31,143
 7 Surplus or deficit (-), total     -25,164    -2,513
 8   On-budget                       -29,693    -6,140
 9   Off-budget                        4,530     3,627

   Source of financing (total)
10 Borrowing from the public           1,193    26,470
11 Operating cash                     13,553     3,160
   (decrease, or increase (-))
12 Other                              10,418   -27,117

   MEMO
13 Treasury operating balance
         (level, end of period)       39,549    36,389
14   Federal Reserve Banks             4,984     5,559
15   Tax and loan accounts            34,565    30,831


(1.) Since 1990, off-budget items have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the U.S. Postal Service.

(2.) Includes special drawing rights (SDRs): reserve position on the U.S. quota in the International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous liability including checks outstanding) and asset accounts; seigniorage
Seigniorage
The difference between the value of money and the cost to produce it.

Notes:
Seigniorage may be counted as revenue for a government when the money that is created is worth more than it costs to produce it. This revenue is often used by governments to finance a portion of their expenditures without having to collect taxes. If, for example, it costs the U.S. Government $0.05 to produce a $1 bill, the seigniorage is $0.
; 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 US. Government; fiscal year totals: U.S. Office of Management and Budget, Budget of the US. Government.

1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)

Millions of dollars
                                      Fiscal year         Calendar
                                                            year

        Source or type                                      1997
                                    1997        1998
                                                             H2

           RECEIPTS

 1 All sources                    1,579,292   1,721,798   773,810

 2 Individual income taxes, net     737,466     828,586   354,072
 3   Withheld                       580,207     646,483   306,865
 4   Nonwithheld                    250,753     281,527    58,069
 5 Refunds                           93,560      99,476    10,869
   Corporation income taxes
 6   Gross receipts                 204,493     213,249   104,659
 7   Refunds                         22,198      24,593    10,135
 8 Social insurance taxes and
    contributions, net              539,371     571,831   260,795
 9   Employment taxes and
      contributions(2)              506,751     540,014   247,794
10   Unemployment insurance          28,202      27,484    10,724
11   Other net receipts(3)            4,418       4,333     2,280

12 Excise taxes                      56,924      57,673    31,133
13 Customs deposits                  17,928      18,297     9,679
14 Estate and gift taxes             19,845      24,076    10,262
15 Miscellaneous receipts(4)         25,465      32,658    13,348

            OUTLAYS

16 All types                      1,601,235   1,652,552   824,368

17 National defense                 270,473     268,456   140,873
18 International affairs             15,228      13,109     9,420
19 General science, space, and
    technology                       17,174      18,219    10,040
20 Energy                             1,483       1,270       411
21 Natural resources and
    environment                      21,369      22,396    11,106
22 Agriculture                        9,032      12,206    10,590

23 Commerce and housing credit      -14,624       1,014    -3,526
24 Transportation                    40,767      40,332    20,414
25 Community and regional
    development                      11,005       9,720     5,749
26 Education, training,
    employment, and social
    services                         53,008      54,919    26,851

27 Health                           123,843     131,440    63,552
28 Social security and Medicare     555,273     572,047   283,109
29 Income security                  230,886     233,202   106,353

30 Veterans benefits and
    services                         39,313      41,781    22,077
31 Administration of justice         20,197      22,832    10,212
32 General government                12,768      13,444     7,302
33 Net interest(5)                  244,013     243,359   122,620
34 Undistributed offsetting
    receipts(6)                     -49,973     -47,194   -22,795

                                       Calendar year

        Source or type                      1998               1999

                                       H1          H2           H1

           RECEIPTS

 1 All sources                      922,630     825,057      965,636

 2 Individual income taxes, net     447,514     392,332      481,527
 3   Withheld                       316,309     339,144      351,068
 4   Nonwithheld                    219,136      65,204      240,278
 5 Refunds                           87,989      12,032      109,875
   Corporation income taxes
 6   Gross receipts                 109,353     104,163      106,861
 7   Refunds                         14,220      14,250       17,092
 8 Social insurance taxes and
    contributions, net              312,713     268,466      324,831
 9   Employment taxes and
      contributions(2)              293,520     256,142      306,235
10   Unemployment insurance          17,080      10,121       16,378
11   Other net receipts(3)            2,112       2,202        2,216

12 Excise taxes                      29,922      33,366       31,015
13 Customs deposits                   8,546       9,838        8,440
14 Estate and gift taxes             12,971      12,359       14,915
15 Miscellaneous receipts(4)         15,829      18,735       15,140

            OUTLAYS

16 All types                        815,884     877,412      816,828

17 National defense                 129,351     140,196      134,414
18 International affairs              4,610       8,297        6,879
19 General science, space, and
    technology                        9,426      10,142        9,319
20 Energy                               957         699          797
21 Natural resources and
    environment                      10,051      12,671       10,351

22 Agriculture                        2,387      16,757        9,803

23 Commerce and housing credit       -2,483       4,046       -1,629
24 Transportation                    16,196      20,836(r)    17,082
25 Community and regional
    development                       4,863       6,972        5,368
26 Education, training,
    employment, and social
    services                         25,928      27,760       29,003

27 Health                            65,053      67,836       69,320
28 Social security and Medicare     286,305     316,809      261,146
29 Income security                  125,196     109,481      126,144

30 Veterans benefits and
    services                         19,615      22,750       20,105
31 Administration of justice         11,287      12,041       13,149
32 General government                 6,139       9,136        6,650
33 Net interest(5)                  122,345     116,954      116,655
34 Undistributed offsetting
    receipts(6)                     -21,340     -25,795      -17,724

                                            Calendar year

        Source or type                           1999

                                     June        July       Aug.

           RECEIPTS

 1 All sources                      199,479     121,905   126,314

 2 Individual income taxes, net      92,993      59,975    60,709
 3   Withheld                        57,716      59,717    57,476
 4   Nonwithheld                     37,706       3,262     5,163
 5 Refunds                            2,438       3,006     1,931
   Corporation income taxes
 6   Gross receipts                  40,610       5,303     5,115
 7   Refunds                          1,346       1,898     1,418
 8 Social insurance taxes and
    contributions, net               55,144      46,368    49,389
 9   Employment taxes and
      contributions(2)               54,380      44,392    44,960
10   Unemployment insurance             370       1,573     4,085
11   Other net receipts(3)              393         403       344

12 Excise taxes                       5,880       5,723     5,397
13 Customs deposits                   1,599       1,725     1,814
14 Estate and gift taxes              1,857       1,938     2,175
15 Miscellaneous receipts(4)          2,742       2,771     3,131

            OUTLAYS

16 All types                        145,911     147,068   128,827

17 National defense                  24,122      26,153    20,867
18 International affairs              1,053         569       530
19 General science, space, and
    technology                        1,800       1,597     1,681
20 Energy                               557         -13        26
21 Natural resources and
    environment                       1,906       1,935     1,961
22 Agriculture                        2,591         489       726

23 Commerce and housing credit         -116          64    -1,386
24 Transportation                     3,882       3,375     3,838
25 Community and regional
    development                       1,201         755       879
26 Education, training,
    employment, and social
    services                          4,143       3,980     4,363

27 Health                            12,307      11,685    11,959
28 Social security and Medicare      52,990      51,157    45,607
29 Income security                   14,574      20,514    16,495

30 Veterans benefits and
    services                          3,619       5,130     1,895
31 Administration of justice          2,536       1,935     2,349
32 General government                 3,508       1,360       200
33 Net interest(5)                   18,518      19,598    19,931
34 Undistributed offsetting
    receipts(6)                      -3,278      -3,214    -3,095


(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 2000; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.

1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION

Billions of dollars, end of month
                                                    1997

               Item

                                     June 30   Sept. 30    Dec. 31

 1 Federal debt outstanding            5,410      5,446      5,536

 2 Public debt securities              5,376      5,413      5,502
 3 Held by public                      3,805      3,815      3,847
 4 Held by agencies                    1,572      1,599      1,656

 5 Agency securities                      34         33         34
 6 Held by public                         26         26         27
 7 Held by agencies                        7          7          7

 8 Debt subject to statutory limit     5,290      5,328      5,417

 9 Public debt securities              5,290      5,328      5,416
10 Other debt(1)                           0          0          0

MEMO
11 Statutory debt limit                5,500      5,950      5,950

                                                  1998

               Item

                                     Mar. 31    June 30   Sept. 30

 1 Federal debt outstanding            5,573      5,578      5,556

 2 Public debt securities              5,542      5,548      5,526
 3 Held by public                      3,872      3,790      3,761
 4 Held by agencies                    1,670      1,758      1,766

 5 Agency securities                      31         30         29
 6 Held by public                         26         26         26
 7 Held by agencies                        5          4          4

 8 Debt subject to statutory limit     5,457      5,460      5,440

 9 Public debt securities              5,456      5,460      5,439
10 Other debt(1)                           0          0          0

MEMO
11 Statutory debt limit                5,950      5,950      5,950

                                       1998            1999

               Item

                                     Dec. 31    Mar. 31    June 30

 1 Federal debt outstanding            5,643      5,681      5,668

 2 Public debt securities              5,614      5,652      5,639
 3 Held by public                      3,787      3,795      3,685
 4 Held by agencies                    1,827      1,857      1,954

 5 Agency securities                      29         29         29
 6 Held by public                         29         28         28
 7 Held by agencies                        1          1          1

 8 Debt subject to statutory limit     5,530      5,566      5,552

 9 Public debt securities              5,530      5,566      5,552
10 Other debt(1)                           0          0          0

MEMO
11 Statutory debt limit                5,950      5,950      5,950


(1.) Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Treasury Bulletin.

1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership

Billions of dollars, end of period
          Type and holder              1995      1996      1997

 1 Total gross public debt            4,988.7   5,323.2   5,502.4

   By type
 2 Interest-bearing                   4,964.4   5,317.2   5,494.9
 3   Marketable                       3,307.2   3,459.7   3,456.8
 4    Bills                             760.7     777.4     715.4
 5    Notes                           2,010.3   2,112.3   2,106.1
 6    Bonds                             521.2     555.0     587.3
 7    Inflation-indexed notes and
       bonds(1)                         n.a.      n.a.       33.0
 8   Nonmarketable(2)                 1,657.2   1,857.5   2,038.1
 9    State and local government
       series                           104.5     101.3     124.1
10    Foreign issues(3)                  40.8      37.4      36.2
11      Government                       40.8      47.4      36.2
12      Public                             .0        .0        .0
13    Savings bonds and notes           181.9     182.4     181.2
14    Government account series(4)    1,299.6   1,505.9   1,666.7
15 Non-interest-bearing                  24.3       6.0       7.5

   By holder(5)
16 U.S. Treasury and other federal    1,304.5   1,497.2   1,655.7
    agencies and trust funds
17 Federal Reserve Banks                391.0     410.9     451.9
18 Private investors                  3,307.7   3,431.2   3,414.6
19   Depository institutions            315.4     296.6     300.3
20   Mutual funds                       286.4     315.8     321.3
21   Insurance companies                241.5     214.1     176.6
22   State and local treasuries(6)      289.8     257.0     239.3
     Individuals
23   Savings bonds                      185.0     187.0     186.5
24   Pension funds                      474.5     505.1     539.1
25     Private                          298.7     314.6     334.3
26     State and Local                  175.8     190.5     204.8
27   Foreign and international(7)       835.2   1,102.1   1,241.6
28   Other miscellaneous
      investors(6, 8)                   679.8     553.5     409.9

                                                      1998

          Type and holder              1998

                                                  Q3        Q4

 1 Total gross public debt            5,614.2   5,526.2   5,614.2

   By type
 2 Interest-bearing                   5,605.4   5,518.7   5,605.4
 3   Marketable                       3,355.5   3,331.0   3,355.5
 4    Bills                             691.0     637.7     691.0
 5    Notes                           1,960.7   2,009.1   1,960.7
 6    Bonds                             621.2     610.4     621.2
 7    Inflation-indexed notes and
       bonds(1)                          50.6      41.9      50.6
 8   Nonmarketable(2)                 2,249.9   2,187.7   2,249.9
 9    State and local government
       series                           165.3     164.4     165.3
10    Foreign issues(3)                  34.3      35.1      34.3
11      Government                       34.3      35.1      34.3
12      Public                             .0        .0        .0
13    Savings bonds and notes           180.3     180.8     180.3
14    Government account series(4)    1,840.0   1,777.3   1,840.0
15 Non-interest-bearing                   8.8       7.5       8.8

   By holder(5)
16 U.S. Treasury and other federal    1,826.8   1,765.6   1,826.8
    agencies and trust funds
17 Federal Reserve Banks                471.7     458.1     471.7
18 Private investors                  3,334.0   3,313.2   3,334.0
19   Depository institutions            237.4     244.4     237.4
20   Mutual funds                       339.5     319.1     339.5
21   Insurance companies                144.6     150.7     144.6
22   State and local treasuries(6)      269.3     266.4     269.3
     Individuals
23   Savings bonds                      186.7     186.0     186.6
24   Pension funds                      547.0     537.9     547.0
25     Private                          345.4     341.4     345.4
26     State and Local                  201.6     196.5     201.6
27   Foreign and international(7)     1,278.7   1,224.2   1,278.7
28   Other miscellaneous
      investors(6, 8)                   330.8     384.5     330.8

                                            1999

          Type and holder

                                        Q1        Q2

 1 Total gross public debt            5,651.6   5,638.8

   By type
 2 Interest-bearing                   5,643.1   5,629.5
 3   Marketable                       3,361.3   3,248.5
 4    Bills                             725.5     647.8
 5    Notes                           1,912.0   1,868.5
 6    Bonds                             632.5     632.5
 7    Inflation-indexed notes and
       bonds(1)                          59.2      59.9
 8   Nonmarketable(2)                 2,281.8   2,381.0
 9    State and local government
       series                           167.5     172.6
10    Foreign issues(3)                  33.5      30.9
11      Government                       33.5      30.9
12      Public                             .0        .0
13    Savings bonds and notes           180.6     180.0
14    Government account series(4)    1,870.2   1,967.5
15 Non-interest-bearing                   8.5       9.3

   By holder(5)
16 U.S. Treasury and other federal    1,857.1     n.a.
    agencies and trust funds
17 Federal Reserve Banks                464.5     n.a.
18 Private investors                  3,327.6   3,199.3
19   Depository institutions            247.6     n.a.
20   Mutual funds                       341.3     n.a.
21   Insurance companies                137.7     n.a.
22   State and local treasuries(6)      266.6     n.a.
     Individuals
23   Savings bonds                      186.7     186.6
24   Pension funds                      544.9     n.a.
25     Private                          347.3     n.a.
26     State and Local                  197.6     n.a.
27   Foreign and international(7)     1,270.8   1,257.3
28   Other miscellaneous
      investors(6, 8)                   332.1     n.a.


(1.) The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997.

(2.) Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.

(3.) Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.

(4.) Held almost entirely by U.S. Treasury and other federal agencies and trust funds.

(5.) Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates.

(6.) In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly.

(7.) Includes nonmarketable foreign series treasury securities and treasury deposit funds. Excludes treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York.

(8.) Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors.

SOURCE. U.S. Treasury Department, data by type of security, Monthly Statement of the Public Debt of the United States; data by holder, Treasury Bulletin.

1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)

Millions of dollars, daily averages
                                                 1999
               Item
                                       May      June      July

     OUTRIGHT TRANSACTIONS(2)


   By type of security
 1 U.S. Treasury bills                30,791    28,954    24,009
   Coupon securities, by maturity
 2   Five years or less              109,736    98,738    93,047
 3   More than five years             76,896    61,981    53,586
 4 Inflation-indexed                   1,147     1,278     1,372
   Federal agency
 5 Discount notes                     42,161    44,580    43,320
   Coupon securities, by maturity
 6   One year or less                  1,194       677       652
 7   More than one year, but less
      than or equal to five years      5,966     5,526      4.59
 8   More than five years              4,333     4,256     4,278
 9 Mortgage-backed                    73,553    72,636    69,129

   By type of counterparty
   With interdealer broker
10   U.S. Treasury                   118,422   103,512    93,223
11   Federal agency                    4,202     3,636     3,677
12   Mortgage-backed                  26,585    26,565    25,013
   With other
13   US Treasury                     100,149    87,439    78,790
14   Federal agency                   49,452    51,402    49,164
15   Mortgage-backed                  46,968    46,072    44,117

     FUTURES TRANSACTIONS(3)

   By type of deliverable security
16 U.S. Treasury bills                 n.a.          0         0
   Coupon securities, by maturity
17   Five years or less                3,921     3,813     2,469
18   More than five years             18,045    14,278    12,348
19 Inflation-indexed                       0         0         0
   Federal agency
20 Discount notes                          0         0         0
   Coupon securities, by maturity
21   One year or less                      0         0         0
22   More than one year, but less
      than or equal to five years          0         0         0
23   More than five years                  0         0         0
24 Mortgage-backed                         0         0         0

     OPTIONS TRANSACTIONS(4)

   By type of underlying security
25 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
26   Five years or less                1,434     1,725       951
27   More than five years              6,556     4,992     3,892
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
or    than equal to five years             0         0         0
32   More than five years                  0         0         0
33 Mortgage-backed                       827       779     1,175

                                          1999, week ending

               Item
                                     June 30   July 7    July 14

     OUTRIGHT TRANSACTIONS(2)

   By type of security
 1 U.S. Treasury bills                25,325    27,182    22,184
   Coupon securities, by maturity
 2   Five years or less               96,184    88,369    92,147
 3   More than five years             59,964    51,859    58,826
 4 Inflation-indexed                   1,154     2,719     1,831
   Federal agency
 5 Discount notes                     46,320    52,486    40,079
   Coupon securities, by maturity
 6   One year or less                    505       649       681
 7   More than one year, but less
      than or equal to five years      7,127     3,729     5,195
 8   More than five years              2,524     2,266     4,990
 9 Mortgage-backed                    55,947    75,744   103,433

   By type of counterparty
   With interdealer broker
10   U.S. Treasury                    96,074    89,684    97,134
11   Federal agency                    3,373     2,998     3,644
12   Mortgage-backed                  21,558    25,896    32,366
   With other
13   US Treasury                      86,552    80,445    77,853
14   Federal agency                   53,103    56,132    47,301
15   Mortgage-backed                  34,389    49,849    71,067

     FUTURES TRANSACTIONS(3)

   By type of deliverable security
16 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
17   Five years or less                2,272     2,670     2,428
18   More than five years             12,802    12,078    14,767
19 Inflation-indexed                       0         0         0
   Federal agency
20 Discount notes                          0         0         0
   Coupon securities, by maturity
21   One year or less                      0         0         0
22   More than one year, but less
      than or equal to five years          0         0         0
23   More than five years                  0         0         0
24 Mortgage-backed                         0         0         0

     OPTIONS TRANSACTIONS(4)

   By type of underlying security
25 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
26   Five years or less                1,453     1,422       493
27   More than five years                  0     3,450     4,716
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
or    than equal to five years             0     n.a.      n.a.
32   More than five years                  0         0         0
33 Mortgage-backed                         0     1,911     1,162

                                          1999, week ending

               Item
                                     July 21   July 28   Aug. 4

     OUTRIGHT TRANSACTIONS(2)

   By type of security
 1 U.S. Treasury bills                25,392    21,697    22,956
   Coupon securities, by maturity
 2   Five years or less               96,071    95,315    93,758
 3   More than five years             48,561    52,692    59,602
 4 Inflation-indexed                     301       934       630
   Federal agency
 5 Discount notes                     40,327    40,365    43,379
   Coupon securities, by maturity
 6   One year or less                    413       810       788
 7   More than one year, but less
      than or equal to five years      3,456     5,780     5,109
 8   More than five years              5,405     3,835     5,814
 9 Mortgage-backed                    50,217    49,315    63,647

   By type of counterparty
   With interdealer broker
10   U.S. Treasury                    92,603    93,702    92,648
11   Federal agency                    4,026     3,509     5,008
12   Mortgage-backed                  19,405    23,394    22,485
   With other
13   US Treasury                      77,722    76,936    84,297
14   Federal agency                   45,575    47,281    50,082
15   Mortgage-backed                  30,812    25,921    41,162

     FUTURES TRANSACTIONS(3)

   By type of deliverable security
16 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
17   Five years or less                1,460     2,851     3,640
18   More than five years             10,616    11,915    12,391
19 Inflation-indexed                       0         0         0
   Federal agency
20 Discount notes                          0         0         0
   Coupon securities, by maturity
21   One year or less                      0         0         0
22   More than one year, but less
      than or equal to five years          0         0         0
23   More than five years                  0         0         0
24 Mortgage-backed                         0         0         0

     OPTIONS TRANSACTIONS(4)

   By type of underlying security
25 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
26   Five years or less                  967       933       923
27   More than five years              3,720     3,780     3,647
28 Inflation-indexed                       0     n.a.          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
or    than equal to five years             0         0         0
32   More than five years                  0         0     n.a.
33 Mortgage-backed                       740     1,033       810

                                          1999, week ending

               Item
                                     Aug. 11   Aug. 18   Aug. 25

     OUTRIGHT TRANSACTIONS(2)

   By type of security
 1 U.S. Treasury bills                20,259    25,938    25,259
   Coupon securities, by maturity
 2   Five years or less              109,543    96,467    97,441
 3   More than five years             82,361    78,109    57,413
 4 Inflation-indexed                   1,011       882       558
   Federal agency
 5 Discount notes                     42,671    45,086    49,259
   Coupon securities, by maturity
 6   One year or less                    475       930       885
 7   More than one year, but less
      than or equal to five years      6,285     5,273     3,076
 8   More than five years              7,213     3,870     2,400
 9 Mortgage-backed                    95,043    66,965    49,728

   By type of counterparty
   With interdealer broker
10   U.S. Treasury                   118,908   108,038    97,926
11   Federal agency                    4,831     4,854     2,494
12   Mortgage-backed                  30,892    27,936    20,003
   With other
13   US Treasury                      94,267    93,358    82,745
14   Federal agency                   51,813    50,305    53,126
15   Mortgage-backed                  64,152    39,028    29,725

     FUTURES TRANSACTIONS(3)

   By type of deliverable security
16 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
17   Five years or less                4,586     4,381     6,014
18   More than five years             15,454    14,282    15,022
19 Inflation-indexed                       0         0         0
   Federal agency
20 Discount notes                          0         0         0
   Coupon securities, by maturity
21   One year or less                      0         0         0
22   More than one year, but less
      than or equal to five years          0         0         0
23   More than five years                  0         0         0
24 Mortgage-backed                         0         0         0

     OPTIONS TRANSACTIONS(4)

   By type of underlying security
25 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
26   Five years or less                1,978       883       994
27   More than five years              6,026     4,592     4,868
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
or    than equal to five years             0         0         0
32   More than five years                  0     n.a.          0
33 Mortgage-backed                     1,526       782       888


(1.) Transactions are market purchases and sales of securities as reported to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Monthly averages are based on the number of trading days in the month. Transactions are assumed to be evenly distributed among the trading days of the report week. Immediate, forward, and futures transactions are reported at principal value, which does not include accrued interest; options transactions are reported at the face value of the underlying securities.

Dealers report cumulative transactions for each week ending Wednesday.

(2.) Outright transactions include immediate and forward transactions. Immediate delivery refers to purchases or sales of securities (other than mortgage-backed federal agency securities) for which delivery is scheduled in five business days or less and "when-issued" securities that settle on the issue date of offering. Transactions for immediate delivery of mortgage-backed agency securities include purchases and sales for which delivery is scheduled in thirty business days or less. Stripped securities are reported at market value by maturity of coupon or corpus.

Forward transactions are agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days.

(3.) Futures transactions are standardized agreements arranged on an exchange. All futures transactions are included regardless of time to delivery.

(4.) Options transactions are purchases or sales of put and call options, whether arranged on an organized exchange or in the over-the-counter market, and include options on futures contracts on U.S. Treasury and federal agency securities.

NOTE. "n.a." indicates that data are not published because of insufficient activity.

1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing(1)

Millions of dollars
                                                1999
               Item
                                       May      June      July

    NET OUTRIGHT POSITIONS(1)

   By type of security
 1 U.S. Treasury bills                 6,146     3,929     4,005
   Coupon securities, by maturity
 2   Five years or less              -33,183   -30,024   -25,332
 3   More than five years            -11,576   -15,615   -14,263
 4 Inflation-indexed                   2,523     2,036     3,202
   Federal agency
 5 Discount notes                     19,406    16,953    21,732
   Coupon securities, by maturity
 6   One year or less                  2,439     2,518     3,233
 7   More than one year, but less
      than or equal to five years      6,001     6,288     7,633
 8   More than five years              6,705     6,450     2,882
 9 Mortgage-backed                    16,251    14,787    18,844

     NET FUTURES POSITIONS(4)

   By type of deliverable security
10 U.S. Treasury bills                 n.a.          0         0
Coupon securities, by maturity
11   Five years or less                7,117     8,731     7,576
12   More than five years             -4,873      -827    -4,401
13 Inflation-indexed                       0         0         0
   Federal agency
14 Discount notes                          0         0         0
   Coupon securities, by maturity
15   One year or less                      0         0         0
16   More than one year, but less
      than or equal to five years          0         0         0
17   More than five years                  0         0         0
18 Mortgage-backed                         0         0         0

       NET OPTIONS POSITIONS

   By type of deliverable security
19 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
20   Five years or less                 -142    -2,266    -2,059
21   More than five years             -1,581    -1,000        89
22 Inflation-indexed                   n.a.          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          0         0     n.a.
25   More than five years              n.a.      n.a.      n.a.
27 Mortgage-backed                     7,992     5,880     2,070

   Reverse repurchase agreements
28 Overnight and continuing          262,314   272,933   258,349
29 Term                              806,177   790,804   821,067

   Securities borrowed
30 Overnight and continuing          226,515   244,326   254,405
31 Term                               97,977    91,955    90,588

   Securities received as pledge
32 Overnight and continuing            n.a.      n.a.      n.a.
33 Term                                    0         0     n.a.

   Repurchase agreements
34 Overnight and continuing          660,275   651,952   675,629
35 Term                              693,158   674,583   688,157

   Securities loaned
36 Overnight and continuing           10,819    13,306    11,458
37 Term                                6,566     5,886     6,991

   Securities pledged
38 Overnight and continuing           47,279    49,670    55,853
39 Term                                9,702     9,290     9,530

   Collateralized loans
40 Total                              16,223    14,760    17,509

                                          1999, week ending
               Item
                                     June 30   July 7    July 14

                                             Positions(2)

    NET OUTRIGHT POSITIONS(1)

   By type of security
 1 U.S. Treasury bills                   718     2,005     2,231
   Coupon securities, by maturity
 2   Five years or less              -23,830   -26,206   -20,426
 3   More than five years            -16,523   -16,843   -16,676
 4 Inflation-indexed                   1,701     3,250   3,051 ,
   Federal agency
 5 Discount notes                     13,845    23,313    24,717
   Coupon securities, by maturity
 6   One year or less                  2,505     2,991     3,282
 7   More than one year, but less
      than or equal to five years      7,273     8,095     8,614
 8   More than five years              4,389     3,810     3,618
 9 Mortgage-backed                    13,294    21,758    20,409

     NET FUTURES POSITIONS(4)

   By type of deliverable security
10 U.S. Treasury bills                     0         0         0
Coupon securities, by maturity
11   Five years or less                8,162     7,599     6,368
12   More than five years               -336    -1,797    -4,517
13 Inflation-indexed                       0         0         0
   Federal agency
14 Discount notes                          0         0         0
   Coupon securities, by maturity
15   One year or less                      0         0         0
16   More than one year, but less
      than or equal to five years          0         0         0
17   More than five years                  0         0         0
18 Mortgage-backed                         0         0         0

       NET OPTIONS POSITIONS

   By type of deliverable security
19 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
20   Five years or less               -3,348    -3,163    -2,221
21   More than five years            -14,100      -833      -409
22 Inflation-indexed                       0         0     n.a.
   Federal agency
23 Discount notes                          0         0         0
   Coupon securities, by maturity
24   One year or less                      0         0         0
25   More than one year, but less
      than or equal to five years      n.a.      n.a.      n.a.
25   More than five years              n.a.      n.a.      n.a.
27 Mortgage-backed                     2,765     2,433     2,964

                                             Financing(5)

   Reverse repurchase agreements
28 Overnight and continuing          294,893   277,344   262,182
29 Term                              702,127   778,711   806,537

   Securities borrowed
30 Overnight and continuing          25l 029   259,881   256,145
31 Term                              901,872    88,437    89,560

   Securities received as pledge
32 Overnight and continuing            n.a.      n.a.      n.a.
33 Term                                    0     n.a.      n.a.

   Repurchase agreements
34 Overnight and continuing          643,332   675,783   686,633
35 Term                              603,027   651,619   675,913

   Securities loaned
36 Overnight and continuing           17,599    11,098    11,956
37 Term                                5,190     6,732     6,184

   Securities pledged
38 Overnight and continuing           57,683    56,751    56,164
39 Term                                9,491     9,512     9,814

   Collateralized loans
40 Total                               9,512    13,496    17,095

                                          1999, week ending
               Item
                                     July 21   July 28   Aug. 4

                                            Positions(2)

    NET OUTRIGHT POSITIONS(1)

   By type of security
 1 U.S. Treasury bills                 6,403     5,990     2,580
   Coupon securities, by maturity
 2   Five years or less              -26,617   -25,421   -31,534
 3   More than five years            -14,005   -10,817   -11,258
 4 Inflation-indexed                   2,983     3,570     3,095
   Federal agency
 5 Discount notes                     16,857    21,611    22,734
   Coupon securities, by maturity
 6   One year or less                  3,229     3,160     3,867
 7   More than one year, but less
      than or equal to five years      7,655     7,135     5,376
 8   More than five years              3,470     1,715       347
 9 Mortgage-backed                    19,606    15,346    13,840

     NET FUTURES POSITIONS(4)

   By type of deliverable security
10 U.S. Treasury bills                     0         0         0
Coupon securities, by maturity
11   Five years or less                6,354     8,023    12,151
12   More than five years             -9,047    -3,180    -2,218
13 Inflation-indexed                       0         0         0
   Federal agency
14 Discount notes                          0         0         0
   Coupon securities, by maturity
15   One year or less                      0         0         0
16   More than one year, but less
      than or equal to five years          0         0         0
17   More than five years                  0         0         0
18 Mortgage-backed                         0         0         0

       NET OPTIONS POSITIONS

   By type of deliverable security
19 U.S. Treasury bills                     0         0         0
   Coupon securities, by maturity
20   Five years or less                 -983    -1,906    -1,972
21   More than five years               -259     1,586       725
22 Inflation-indexed                       0     n.a.      n.a.
   Federal agency
23 Discount notes                          0         0         0
   Coupon securities, by maturity
24   One year or less                      0         0         0
25   More than one year, but less
      than or equal to five years      n.a.      n.a.      n.a.
25   More than five years              n.a.      n.a.      n.a.
27 Mortgage-backed                       943     1,233     3,716

                                            Financing(5)

   Reverse repurchase agreements
28 Overnight and continuing          245,999   248,771   256,246
29 Term                              835,362   848,690   855,989

   Securities borrowed
30 Overnight and continuing          253,568   248,818   252,560
31 Term                               91,383    92,555    91,564

   Securities received as pledge
32 Overnight and continuing            n.a.      n.a.      n.a.
33 Term                                n.a.      n,a.      n.a.

   Repurchase agreements
34 Overnight and continuing          671,765   668,449   675,359
35 Term                              691,902   718,720   721,927

   Securities loaned
36 Overnight and continuing           11,249    11,455    11,626
37 Term                                7,307     7,593     7,337

   Securities pledged
38 Overnight and continuing           55,411    55,191    55,603
39 Term                                9,456     9,364     9,467

   Collateralized loans
40 Total                              17,096    21,564    19,340

                                     1999, week ending
               Item
                                     Aug. 11   Aug. 18

                                        Positions(2)

    NET OUTRIGHT POSITIONS(1)

   By type of security
 1 U.S. Treasury bills                    82      -105
   Coupon securities, by maturity
 2   Five years or less              -32,317   -33,271
 3   More than five years             -6,537    -8,053
 4 Inflation-indexed                   3,328     3,286
   Federal agency
 5 Discount notes                     25,937    26,270
   Coupon securities, by maturity
 6   One year or less                  4,051     3,406
 7   More than one year, but less
      than or equal to five years      5,924     6,975
 8   More than five years                331     1,978
 9 Mortgage-backed                    20,397    18,723

     NET FUTURES POSITIONS(4)

   By type of deliverable security
10 U.S. Treasury bills                     0         0
Coupon securities, by maturity
11   Five years or less               13,851    12,925
12   More than five years             -3,923    -6,173
13 Inflation-indexed                       0         0
   Federal agency
14 Discount notes                          0         0
   Coupon securities, by maturity
15   One year or less                      0         0
16   More than one year, but less
      than or equal to five years          0         0
17   More than five years                  0         0
18 Mortgage-backed                         0         0

       NET OPTIONS POSITIONS

   By type of deliverable security
19 U.S. Treasury bills                     0         0
   Coupon securities, by maturity
20   Five years or less               -3,326    -2,192
21   More than five years              1,748      -307
22 Inflation-indexed                       0         0
   Federal agency
23 Discount notes                          0         0
   Coupon securities, by maturity
24   One year or less                      0         0
25   More than one year, but less
      than or equal to five years      n.a.      n.a.
25   More than five years              n.a.      n.a.
27 Mortgage-backed                     3,533     2,464

                                        Financing(5)

   Reverse repurchase agreements
28 Overnight and continuing          265,179   284,331
29 Term                              905,104   703,068

   Securities borrowed
30 Overnight and continuing          250,398   260,815
31 Term                               90,094    88,964

   Securities received as pledge
32 Overnight and continuing            n.a.      n.a.
33 Term                                n.a.      n.a.

   Repurchase agreements
34 Overnight and continuing          686,176   700,660
35 Term                              764,896   580,375

   Securities loaned
36 Overnight and continuing            9,344     9,109
37 Term                                7,461     7,317

   Securities pledged
38 Overnight and continuing           52,507    56,013
39 Term                                9,294     7,145

   Collateralized loans
40 Total                              15,807    19,308


(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                        1995        1996

 1 Federal and federally sponsored agencies     844,611     925,823
 2 Federal agencies                              37,347      29,380
 3   Defense Department(1)                            6           6
 4   Export-Import Bank(2, 3)                     2,050       1,447
 5   Federal Housing Administration(4)               97          84
 6   Government National Mortgage
      Association certificates of
      participation(5)                            n.a.        n.a.
 7   Postal Service(6)                            5,765       n.a.
 8   Tennessee Valley Authority                  29,429      27,853
 9   United States Railway Association(6)         n.a.        n.a.

10 Federally sponsored agencies(7)              807,264     896,443
11   Federal Home Loan Banks                    243,194     263,404
12   Federal Home Loan Mortgage Corporation     119,961     156,980
13   Federal National Mortgage Association      299,174     331,270
14   Farm Credit Banks(8)                        57,379      60,053
15   Student Loan Marketing Association(9)       47,529      44,763
16   Financing Corporation(10)                    8,170       8,170
17   Farm Credit Financial Assistance
      Corporation(11)                             1,261       1,261
18   Resolution Funding Corporation(12)          29,996      29,996

   MEMO
19 Federal Financing Bank debt(13)               78,681      58,172

   Lending to federal and federally
    sponsored agencies
20 Export-Import Bank(3)                          2,044       1,431
21 Postal Service(6)                              5,765       n.a.
22 Student Loan Marketing Association             n.a.        n.a.
23 Tennessee  Valley Authority                    3,200       n.a.
24 United States Railway Association(6)           n.a.        n.a.

   Other lending(14)
25 Farmers Home Administration                   21,015      18,325
26 Rural Electrification Administration          17,144      16,702
27 Other                                         29,513      21,714

                  Agency                        1997        1998

 1 Federal and federally sponsored agencies   1,022,609   1,296,477
 2 Federal agencies                              27,792      26,502
 3   Defense Department(1)                            6           6
 4   Export-Import Bank(2, 3)                       552       n.a.
 5   Federal Housing Administration(4)              102         205
 6   Government National Mortgage
      Association certificates of
      participation(5)                            n.a.        n.a.
 7   Postal Service(6)                            n.a.        n.a.
 8   Tennessee Valley Authority                  27,786      26,496
 9   United States Railway Association(6)         n.a.        n.a.

10 Federally sponsored agencies(7)              994,817   1,269,975
11   Federal Home Loan Banks                    313,919     382,131
12   Federal Home Loan Mortgage Corporation     169,200     287,396
13   Federal National Mortgage Association      369,774     460,291
14   Farm Credit Banks(8)                        63,517      63,488
15   Student Loan Marketing Association(9)       37,717      35,399
16   Financing Corporation(10)                    8,170       8,170
17   Farm Credit Financial Assistance
      Corporation(11)                             1,261       1,261
18   Resolution Funding Corporation(12)          29,996      29,996

   MEMO
19 Federal Financing Bank debt(13)               49,090      44,129

   Lending to federal and federally
    sponsored agencies
20 Export-Import Bank(3)                            552       n.a.
21 Postal Service(6)                              n.a.        n.a.
22 Student Loan Marketing Association             n.a.        n.a.
23 Tennessee  Valley Authority                    n.a.        n.a.
24 United States Railway Association(6)           n.a.        n.a.

   Other lending(14)
25 Farmers Home Administration                   13,530       9,500
26 Rural Electrification Administration          14,898      14,091
27 Other                                         20,110      20,538

                                                      1999
                  Agency
                                                Feb.        Mar.

 1 Federal and federally sponsored agencies   1,324,812   1,347,872
 2 Federal agencies                              26,180      26,243
 3   Defense Department(1)                            6           6
 4   Export-Import Bank(2, 3)                     n.a.        n.a.
 5   Federal Housing Administration(4)               69          80
 6   Government National Mortgage
      Association certificates of
      participation(5)                            n.a.        n.a.
 7   Postal Service(6)                            n.a.        n.a.
 8   Tennessee Valley Authority                  26,174      26,237
 9   United States Railway Association(6)         n.a.        n.a.

10 Federally sponsored agencies(7)            1,298,632   1,321,629
11   Federal Home Loan Banks                    383,769     402,364
12   Federal Home Loan Mortgage Corporation     299,171     299,196
13   Federal National Mortgage Association      471,300     475,418
14   Farm Credit Banks(8)                        66,622      66,529
15   Student Loan Marketing Association(9)       36,464      36,762
16   Financing Corporation(10)                    8,170       8,170
17   Farm Credit Financial Assistance
      Corporation(11)                             1,261       1,261
18   Resolution Funding Corporation(12)          29,996      29,996

   MEMO
19 Federal Financing Bank debt(13)               43,151      41,454

   Lending to federal and federally
    sponsored agencies
20 Export-Import Bank(3)                          n.a.        n.a.
21 Postal Service(6)                              n.a.        n.a.
22 Student Loan Marketing Association             n.a.        n.a.
23 Tennessee  Valley Authority                    n.a.        n.a.
24 United States Railway Association(6)           n.a.        n.a.

   Other lending(14)
25 Farmers Home Administration                    9,090       8,715
26 Rural Electrification Administration          14,100      13,980
27 Other                                         19,961      18,759

                                                      1999
                  Agency
                                                Apr.         May

 1 Federal and federally sponsored agencies   1,377,524   1,404,576
 2 Federal agencies                              26,100      26,094
 3   Defense Department(1)                            6           6
 4   Export-Import Bank(2, 3)                     n.a.        n.a.
 5   Federal Housing Administration(4)               84          88
 6   Government National Mortgage
      Association certificates of
      participation(5)                            n.a.        n.a.
 7   Postal Service(6)                            n.a.        n.a.
 8   Tennessee Valley Authority                  26,094      26,088
 9   United States Railway Association(6)         n.a.        n.a.

10 Federally sponsored agencies(7)            1,351,424   1,378,482
11   Federal Home Loan Banks                    415,602     421,655
12   Federal Home Loan Mortgage Corporation     310,387     317,533
13   Federal National Mortgage Association      478,994     492,913
14   Farm Credit Banks(8)                        67,527      66,608
15   Student Loan Marketing Association(9)       37,660      38,129
16   Financing Corporation(10)                    8,170       8,170
17   Farm Credit Financial Assistance
      Corporation(11)                             1,261       1,261
18   Resolution Funding Corporation(12)          29,996      29,996

   MEMO
19 Federal Financing Bank debt(13)               41,637      41,131

   Lending to federal and federally
    sponsored agencies
20 Export-Import Bank(3)                          n.a.        n.a.
21 Postal Service(6)                              n.a.        n.a.
22 Student Loan Marketing Association             n.a.        n.a.
23 Tennessee  Valley Authority                    n.a.        n.a.
24 United States Railway Association(6)           n.a.        n.a.

   Other lending(14)
25 Farmers Home Administration                    8,550       8,275
26 Rural Electrification Administration          13,999      13,997
27 Other                                         19,088      18,859

                                                1999
                  Agency
                                                June

 1 Federal and federally sponsored agencies   1,425,396
 2 Federal agencies                              26,370
 3   Defense Department(1)                            6
 4   Export-Import Bank(2, 3)                     n.a.
 5   Federal Housing Administration(4)               99
 6   Government National Mortgage
      Association certificates of
      participation(5)                            n.a.
 7   Postal Service(6)                            n.a.
 8   Tennessee Valley Authority                  26,364
 9   United States Railway Association(6)         n.a.

10 Federally sponsored agencies(7)            1,399,026
11   Federal Home Loan Banks                    437,109
12   Federal Home Loan Mortgage Corporation     314,412
13   Federal National Mortgage Association      499,897
14   Farm Credit Banks(8)                        67,749
15   Student Loan Marketing Association(9)       37,959
16   Financing Corporation(10)                    8,170
17   Farm Credit Financial Assistance
      Corporation(11)                             1,261
18   Resolution Funding Corporation(12)          29,996

   MEMO
19 Federal Financing Bank debt(13)               40,585

   Lending to federal and federally
    sponsored agencies
20 Export-Import Bank(3)                          n.a.
21 Postal Service(6)                              n.a.
22 Student Loan Marketing Association             n.a.
23 Tennessee  Valley Authority                    n.a.
24 United States Railway Association(6)           n.a.

   Other lending(14)
25 Farmers Home Administration                    7,935
26 Rural Electrification Administration          13,877
27 Other                                         18,773


(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,           1996       1997       1998
            or use

 1 All issues, new and
     refunding(1)                   171,222    214,694    262,342
   By type of issue
 2 General obligation                60,409     69,934     87,015
 3 Revenue                          110,813    134,989    175,327

   By type of issuer
 4 State                             13,651     18,237     23,506
 5 Special district or statutory
     authority(2)                   113,228    134,919    178,421
 6 Municipality, county, or
     township                        44,343     70,558     60,173
 7 Issues for new capital           112,298    135,519    160,568

   By use of proceeds
 8 Education                         26,851     31,860     36,904
 9 Transportation                    12,324     13,951     19,926
10 Utilities and conservation         9,791     12,219     21,037
11 Social welfare                    24,583     27,794      n.a.
12 Industrial aid                     6,287      6,667      8,594
13 Other purposes                    32,462     35,095     42,450

                                                 1999
   Type of issue or issuer,
            or use
                                      Jan.       Feb.       Mar.

 1 All issues, new and
     refunding(1)                     16,926     16,233     24,323
   By type of issue
 2 General obligation                  6,925      6,786      8,323
 3 Revenue                            10,001      9,446     16,000

   By type of issuer
 4 State                                 318      1,837      1,895
 5 Special district or statutory
     authority(2)                     12,929     11,145     14,604
 6 Municipality, county, or
     township                          3,679      3,251      7,825
 7 Issues for new capital             11,917     10,674     16,201

   By use of proceeds
 8 Education                           2,936      3,751      3,537
 9 Transportation                      1,706        628      1,640
10 Utilities and conservation            672        394      2,839
11 Social welfare                      n.a.       n.a.       n.a.
12 Industrial aid                        452        343      1,084
13 Other purposes                      4,439      3,207      3,918

                                                  1999
   Type of issue or issuer,
            or use
                                       Apr.        May       June

 1 All issues, new and
     refunding(1)                      15,758     16,234     23,428
   By type of issue
 2 General obligation                   6,443      5,294     10,997
 3 Revenue                              9,315    10,94t      12,431

   By type of issuer
 4 State                                  907      1,220      1,236
 5 Special district or statutory
     authority(2)                      10,010     11,279     18,414
 6 Municipality, county, or
     township                           4,841      3,735      3,779
 7 Issues for new capital              10,474     12,149     19,509

   By use of proceeds
 8 Education                            2,734      2,795      3,793
 9 Transportation                       1,107      1,791      1,650
10 Utilities and conservation           1,372        603      1,594
11 Social welfare                        n.a.       n.a.       n.a.
12 Industrial aid                         618      1,058        739
13 Other purposes                       2,592      3,760      7,195

                                              1999
   Type of issue or issuer,
            or use
                                         July       Aug.

 1 All issues, new and
     refunding(1)                        18,671     15,746
   By type of issue
 2 General obligation                     6,206      4,268
 3 Revenue                               12,465     11,478

   By type of issuer
 4 State                                  2,194        911
 5 Special district or statutory
     authority(2)                        13,572     11,578
 6 Municipality, county, or
     township                             2,906      3,257
 7 Issues for new capital                12,172     12,530

   By use of proceeds
 8 Education                              3,415      2,842
 9 Transportation                         1,264      1,955
10 Utilities and conservation               535      1,038
11 Social welfare                          n.a.       n.a.
12 Industrial aid                           850        585
13 Other purposes                         2,729      3,255


(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,            1996      1997      1998
       or issuer

 1 All issues(1)                    773,110   929,256  1,128,491(r)
 2 Bonds(2)                         651,104   811,376  1,001,736(r)

   By type of offering
 3 Sold in the United States        567,671   708,188    923,771(r)
 4 Sold abroad                       83,433   103,188        77,965

    MEMO
 5 Private placements, domestic      43,688    54,990        37,845

   By industry group
 6 Nonfinancial                     167,904   222,603    307,935(r)
 7 Financial                        483,200   588,773    693,801(r)
 8 Stocks(3)                        122,006   117,880       126,755

   By type of offering
 9 Public                           122,006   117,880       126,755
10 Private placement(4)              n.a.      n.a.           n.a.

   By industry group
11 Nonfinancial                     80,460    60,386         74,113
12 Financial                        41,546    57,494         52,642

                                        1998           1999
  Type of issue, offering,
       or issuer
                                          Dec.    Jan.        Feb.

 1 All issues(1)                      82,317(r)   93,665    103,175
 2 Bonds(2)                           73,647(r)   86,529     92,885

   By type of offering
 3 Sold in the United States          70,386(r)   76,511     82,871
 4 Sold abroad                            3,261   10,018     10,014

    MEMO
 5 Private placements, domestic           3,874     684        648

   By industry group
 6 Nonfinancial                          25,008  21,193     23,131
 7 Financial                          48,639(r)  65,336     69,754
 8 Stocks(3)                              8,670   7,136     10,290

   By type of offering
 9 Public                                 8,670   7,136     10,290
10 Private placement(4)                   n.a.    n.a.       n.a.

   By industry group
11 Nonfinancial                           7,559   3,701      8,911
12 Financial                              1,111   3,435      1,379

                                                 1999
  Type of issue, offering,
       or issuer
                                       Mar.       Apr.         May

 1 All issues(1)                     126,161     85,862     110,475
 2 Bonds(2)                          116,440     76,721      94,713

   By type of offering
 3 Sold in the United States         101,024     65,886      86,730
 4 Sold abroad                        15,416     10,834       7,983

    MEMO
 5 Private placements, domestic       1,224      n.a.        n.a.

   By industry group
 6 Nonfinancial                      39,818     30,676      32,843
 7 Financial                         76,623     46,045      61,870
 8 Stocks(3)                          9,721      9,141      15,762

   By type of offering
 9 Public                             9,721      9,141      15,762
10 Private placement(4)               n.a.       n.a.        n.a.

   By industry group
11 Nonfinancial                       8,534      7,640      10,425
12 Financial                          1,187      1,501       5,337

                                                1999
  Type of issue, offering,
       or issuer
                                         June        July

 1 All issues(1)                        96,608      96,340
 2 Bonds(2)                             88,338      83,744

   By type of offering
 3 Sold in the United States            79,031      68,815
 4 Sold abroad                           9,306      14,929

    MEMO
 5 Private placements, domestic         n.a.        n.a.

   By industry group
 6 Nonfinancial                        24,531      26,152
 7 Financial                           63,807      57,592
 8 Stocks(3)                            8,270      12,596

   By type of offering
 9 Public                               8,270      12,596
10 Private placement(4)                 n.a.        n.a.

   By industry group
11 Nonfinancial                         6,436      11,128
12 Financial                            1,834       1,468


(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
      Item                                  1997         1998

1 Sales of own shares(2)               1,190,900    1,461,430

Redemptions of own shares                918,728    1,217,022

Net sales(3)                             272,172      244,408
4 Assets(4)                            3,409,315    4,173,531
5 Cash(5)                                174,154      191,393
6 Other                                3,235,161    3,982,138

                                                 1999
      Item
                                           Jan.         Feb.

1 Sales of own shares(2)                 161,889      132,199

Redemptions of own shares                135,713      128,125

Net sales(3)                              26,176        4,074
4 Assets(4)                            4,298,071    4,180,115
5 Cash(5)                                203,470      198,134
6 Other                                4,094,601    3,981,982

                                                 1999
      Item
                                           Mar.         Apr.

1 Sales of own shares(2)                 164,290      166,324

Redemptions of own shares                146,479      139,035

Net sales(3)                              17,811       27,288
4 Assets(4)                            4,328,150    4,505,237
5 Cash(5)                                198,741      211,243
6 Other                                4,129,409    4,293,994

                                                   1999
      Item
                                            May         June

1 Sales of own shares(2)                 140,422      138,502

Redemptions of own shares                127,800      117,953

Net sales(3)                              12,622       20,550
4 Assets(4)                            4,442,880    4,650,385
5 Cash(5)                                211,580      214,779
6 Other                                4,231,300    4,435,607

                                                 1999
      Item
                                           July         Aug.

1 Sales of own shares(2)                 140,926      133,167

Redemptions of own shares                128,173      125,881

Net sales(3)                              12,754        7,286
4 Assets(4)                            4,585,131    4,550,455
5 Cash(5)                                209,061      209,550
6 Other                                4,376,070    4,340,905


(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                                 1996    1997    1998

1 Profits with inventory valuation
   and capital consumption
   adjustment                           750.4   817.9   824.6
2 Profits before taxes                  680.2   734.4   717.8
3 Profits-tax liability                 226.1   246.1   240.1
4 Profits after taxes                   454.1   488.3   477.7
5 Dividends                             261.9   275.1   279.2
6 Undistributed profits                 192.3   213.2   198.5
7 Inventory valuation                    -1.2     6.9    14.5
8 Capital consumption adjustment         71.4    76.6    92.3

                                          1997            1998

Account
                                       Q3      Q4      Q1      Q2
1 Profits with inventory valuation
   and capital consumption
   adjustment                         840.9   820.8   829.2   820.6
2 Profits before taxes                758.9   736.4   719.1   723.5
3 Profits-tax liability               254.2   249.3   239.9   241.6
4 Profits after taxes                 504.7   487.1   479.2   481.8
5 Dividends                           275.1   276.4   277.3   278.1
6 Undistributed profits               229.5   210.6   201.8   203.7
7 Inventory valuation                   4.8     4.3    25.3     7.8
8 Capital consumption adjustment       77.2    80.1    84.9    89.4

                                         1998             1999

Account
                                       Q3      Q4      Q1      Q2
1 Profits with inventory valuation
   and capital consumption
   adjustment                         827.0   821.7   868.8  859.6
2 Profits before taxes                720.5   708.1   752.6  768.2
3 Profits-tax liability               243.2   235.6   250.7  257.5
4 Profits after taxes                 477.3   472.5   501.9  510.7
5 Dividends                           279.0   282.3   285.6  289.7
6 Undistributed profits               198.3   190.2   216.4  221.0
7 Inventory valuation                  11.7    13.4   11.6   -17.1
8 Capital consumption adjustment       94.8   100.2   104.6  108.6


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                             1996    1997    1998

ASSETS
1 Accounts receivable, gross(2)         637.1   663.3   711.7
2   Consumer                            244.9   256.8   261.8
3   Business                            309.5   318.5   347.5
4   Real estate                          82.7    87.9   102.3

5 LESS: Reserves for unearned
   income                                55.6    52.7    56.3
6     Reserves for losses                13.1    13.0    13.8
7 Accounts receivable, net              568.3   597.6   641.6
8 All other                             290.0   312.4   337.9

9 Total assets                          858.3   910.0   979.5

    LIABILITIES AND CAPITAL

10 Bank loans                            19.7    24.1    26.3
11 Commercial paper                     177.6   201.5   231.5

   Debt
12 Owed to parent                        60.3    64.7    61.8
13 Not elsewhere classified             332.5   328.8   339.7
14 All other liabilities                174.7   189.6   203.2
15 Capital, surplus, and
    undivided profits                    93.5    101.3   117.0
16 Total liabilities and capital        858.3    910.0   979.5

                                      1997            1998

     Account
                                       Q4      Q1      Q2      Q3
ASSETS
1 Accounts receivable, gross(2)       663.3   667.2   676.0   687.6
2   Consumer                          256.8   251.7   251.3   254.0
3   Business                          318.5   325.9   334.9   335.1
4   Real estate                        87.9    89.6    89.9    98.5

5 LESS: Reserves for unearned
   income                              52.7    52.1    53.2    52.4
6     Reserves for losses              13.0    13.1    13.2    13.2
7 Accounts receivable, net            597.6   601.9   609.6   622.0
8 All other                           312,4   329.7   340.1   313.7

9 Total assets                        910.0   931.6   949.7   935.7

    LIABILITIES AND CAPITAL

10 Bank loans                          24.1    22.0    22.3    24.9
11 Commercial paper                   201.5   211.7   225.9   226.9

   Debt
12 Owed to parent                      64.7    64.6    60.0    58.3
13 Not elsewhere classified           328.8   338.2   348.7   337.6
14 All other liabilities              189.6   193.1   188.9   185.4
15 Capital, surplus, and
    undivided profits                 101.3   102.1   103.9   103.6
16 Total liabilities and capital      910.0   931.6   949.7   936.6

                                      1998         1999

     Account
                                        Q4     Q1(r)     Q2
ASSETS
1 Accounts receivable, gross(2)        711.7     733.8     756.5
2   Consumer                           261.8     261.7     269.2
3   Business                           347.5     362.8     373.7
4   Real estate                        102.3     109.2     113.5

5 LESS: Reserves for unearned
   income                               56.3      52.9      53.4
6     Reserves for losses               13.8      13.4      13.4
7 Accounts receivable, net             641.6     667.6     689.7
8 All other                            337.9     363.3     373.2

9 Total assets                         979.5   1,030.8   1,062.9

    LIABILITIES AND CAPITAL

10 Bank loans                           26.3      24.8      25.1
11 Commercial paper                    231.5     222.9     231.0

   Debt
12 Owed to parent                       61.8      64.6      65.4
13 Not elsewhere classified            339.7     366.7     383.1
14 All other liabilities               203.2     220.3     226.1
15 Capital, surplus, and
    undivided profits                  117.0     131.5     132.2
16 Total liabilities and capital       979.5   1,030.8   1,062.9


(1.) Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books.

(2.) Before deduction for unearned income and losses.

1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)

Billions of dollars, amounts outstanding
     Type of credit                      1996       1997       1998

                                             Seasonally adjusted

  1  Total                              761.9      809.8      874.9
  2    Consumer                         307.7      327.7      352.5
  3    Real estate                      111.9      121.1      131.4
  4    Business                         342.4      361.0      391.0

                                           Not seasonally adjusted

  5  Total                              769.7      818.1      884.0

  6  Consumer                           310.6      330.9      356.1
  7    Motor vehicles loans              86.7       87.0      103.1
  8    Motor vehicle leases              92.5       96.8       93.3
  9    Revolving(2)                      32.5       38.6       32.3
 10    Other(3)                          33.2       34.4       33.1
       Securitized assets(4)
 11      Motor vehicle loans             36.8       44.3       54.8
 12      Motor vehicle leases             8.7       10.8       12.7
 13      Revolving                         .0         .0        8.7
 14      Other                           20.1       19.0       18.1
 15  Real estate                        111.9      121.1      131.4
 16    One- to four-family               52.1       59.0       75.7
 17    Other                             30.5       28.9       26.6
       Securitized real estate
         assets(4)
 18      One- to four-family             28.9      33.00      29.00
 19      Other                             .4         .2         .1
 20  Business                           347.2      366.1      396.5
 21    Motor vehicles                    67.1       63.5       79.6
 22      Retail loans                    25.1       25.6       28.1
 23      Wholesale loans(5)              33.0       27.7       32.8
 24      Leases                           9.0       10.2       18.7
 25    Equipment                        194.8      203.9      198.0
 26      Loans                           59.9       51.5       50.4
 27      Leases                         134.9      152.3      147.6
 28    Other business
         receivables(6)                  47.6       51.1       69.9
       Securitized assets(4)
 29      Motor vehicles                  24.0       33.0       29.2
 30        Retail loans                   2.7        2.4        2.6
 31        Wholesale loans               21.3       30.5       24.7
 32        Leases                         .0         0.0        1.9
 33      Equipment                       11.3       10.7       13.0
 34        Loans                          4.7        4.2        6.6
 35        Leases                         6.6        6.5        6.4
 36      Other business
           receivables(6)                 2.4        4.0        6.8

     Type of credit                                 1999

                                        Feb.       Mar.       Apr.

                                             Seasonally adjusted

  1  Total                              898.4      911.3   919.5(r)
  2    Consumer                         360.7      363.4   363.2(r)
  3    Real estate                      135.7      137.5   141.2(r)
  4    Business                         402.0      410.4   415.2(r)

                                          Not seasonally adjusted

  5  Total                              897.8      911.9   919.4(r)

  6  Consumer                           357.4      359.7   360.9(r)
  7    Motor vehicles loans             105.0      104.7      106.8
  8    Motor vehicle leases              94.5       93.9       94.8
  9    Revolving(2)                      31.5       31.2       31.5
 10    Other(3)                          32.5       32.0       32.0
       Securitized assets(4)
 11      Motor vehicle loans             54.9       59.0       57.8
 12      Motor vehicle leases            12.3       12.0       11.8
 13      Revolving                        8.7        9.1        8.8
 14      Other                           18.1       17.8       17.6
 15  Real estate                        135.7      137.5   141.2(r)
 16    One- to four-family               80.3       77.7       81.7
 17    Other                             27.1       31.6       31.6
       Securitized real estate
         assets(4)
 18      One- to four-family            28.30      28.00    27.6(r)
 19      Other                             .1         .3         .3
 20  Business                           404.6      414.8      416.3
 21    Motor vehicles                    82.1       84.8       86.2
 22      Retail loans                    28.9       30.0       30.7
 23      Wholesale loans(5)              34.3       36.0       36.5
 24      Leases                          18.9       18.8       18.9
 25    Equipment                        200.7      202.3      203.1
 26      Loans                           51.0       51.6       52.0
 27      Leases                         149.8      150.7      151.0
 28    Other business
         receivables(6)                  73.3       75.7       75.8
       Securitized assets(4)
 29      Motor vehicles                  28.8       31.0       30.5
 30        Retail loans                   2.4        2.4        2.4
 31        Wholesale loans               24.6       26.6       26.2
 32        Leases                         1.9        1.9        1.9
 33      Equipment                       12.9       12.8       12.5
 34        Loans                          6.2        6.1        5.8
 35        Leases                         6.7        6.7        6.6
 36      Other business
           receivables(6)                 6.8        8.2        8.3

     Type of credit                                1999

                                         May       June       July

                                            Seasonally adjusted

  1  Total                           931.9(r)   938.1(r)       954.6
  2    Consumer                      369.5(r)   372.4(r)       375.9
  3    Real estate                     142.80     141.20       144.2
  4    Business                        419.50   424.5(r)       434.5

                                          Not seasonally adjusted

  5  Total                              931.6      942.9      948.8

  6  Consumer                           368.3      374.6      378.1
  7    Motor vehicles loans             105.1      108.6      108.5
  8    Motor vehicle leases              95.3       95.6       97.0
  9    Revolving(2)                      31.7       32.4       32.8
 10    Other(3)                          32.0       32.6       32.0
       Securitized assets(4)
 11      Motor vehicle loans             65.8       65.3       68.3
 12      Motor vehicle leases            11.6       11.3       11.1
 13      Revolving                        8.6        9.7        9.7
 14      Other                           18.3      19.0        18.6
 15  Real estate                        143.2        141      144.2
 16    One- to four-family               83.6       80.5       83.6
 17    Other                             31.9       33.0       33.1
       Securitized real estate
         assets(4)
 18      One- to four-family            27.40       27.5       27.2
 19      Other                            .3         .2         0.2
 20  Business                           418.2      427.1      426.6
 21    Motor vehicles                    84.4       82.8       78.8
 22      Retail loans                    31.6       30.9       31.7
 23      Wholesale loans(5)              33.8       32.7       27.9
 24      Leases                          19.0       19.2       19.3
 25    Equipment                        203.7      208.3      208.4
 26      Loans                           51.7         53       52.9
 27      Leases                         152.0      155.1      155.5
 28    Other business
         receivables(6)                  76.7       82.6       89.2
       Securitized assets(4)
 29      Motor vehicles                  32.0       32.1       28.4
 30        Retail loans                   2.2        2.9        2.8
 31        Wholesale loans               27.8       27.2       23.5
 32        Leases                         1.9        2.0        2.0
 33      Equipment                       13.2       13.3       13.8
 34        Loans                          6.5        6.7        7.1
 35        Leases                         6.6        6.6        6.7
 36      Other business
           receivables(6)                 8.3        8.0        7.9


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                                  1996      1997      1998

                                              Terms and yields in
                                             primary and secondary
                                                    markets

    PRIMARY MARKETS

      Terms(1)
  1 Purchase price (thousands of
     dollars)                              182.4     180.1     195.2
  2 Amount of loan (thousands of
     dollars)                              139.2     140.3     151.1
  3 Loan-to-price ratio (percent)           78.2      80.4      80.0
  4 Maturity (years)                        27.2      28.2      28.4
  5 Fees and charges (percent of loan
      amount)(2)                            1.21      1.02      .89

    Yield (percent per year)
    Contract rate(1)                        7.56      7.57      6.95
    Effective rate(1,3)                     7.77      7.73      7.08
  8 Contract rate (HUD series)(4)           8.03      7.76      7.00

    SECONDARY MARKETS

    Yield (percent per year)
  9 FHA mortgages (Section 203)(5)          8.19      7.89      7.04
 10 GNMA securities(6)                      7.48      7.26      6.43

                                           Activity in secondary
                                                  markets

      FEDERAL NATIONAL MORTGAGE
            ASSOCIATION

    Mortgage holdings (end of period)
 11  Total                               287,052   316,678   414,515
 12   FHA/VA insured                      30,592    31,925    33,770
 13   Conventional                       256,460   284,753   380,745

 14   Mortgage transactions purchased     68,618    70,465   188,448
       (during period)

      Mortgage commitments
       (during period)
 15   Issued(7)                           65,859    69,965   193,795
 16   To sell(8)                             130     1,298     1,880

      Federal Home Loan Mortgage
         Corporation

      Mortgage holdings (end of
       period)(8)

 17   Total                              137,755   164,421   255,010
 18    FHA/VA insured                        220       177       785
 19    Conventional                      137,535   164,244   254,225

      Mortgage transactions
       (during period)

 20   Purchases                          125,103   117,401    267402
 21   Sales                              119,702   114,258   250,565
 22   Mortgage commitments contracted
         (during period)(9)              128,995   120,089   281,899

                                                    1999
      Item
                                           Feb.      Mar.      Apr.

                                              Terms and yields in
                                             primary and secondary
                                                    markets

    PRIMARY MARKETS

      Terms(1)
  1 Purchase price (thousands of
     dollars)                              204.1     211.0     209.4
  2 Amount of loan (thousands of
     dollars)                              155.4     162.9     162.4
  3 Loan-to-price ratio (percent)           78.2      79.4      79.5
  4 Maturity (years)                        28.7      28.8      28.9
  5 Fees and charges (percent of loan
      amount)(2)                            .92       .82       .77

    Yield (percent per year)
    Contract rate(1)                        6.78      6.74      6.74
    Effective rate(1,3)                     6.92      6.86      6.85
  8 Contract rate (HUD series)(4)           7.02      7.03      6.93

    SECONDARY MARKETS

    Yield (percent per year)
  9 FHA mortgages (Section 203)(6)          7.10      7.07      7.08
 10 GNMA securities(6)                      6.42      6.58      6.50

                                             Activity in secondary
                                                    markets

      FEDERAL NATIONAL MORTGAGE
            ASSOCIATION

    Mortgage holdings (end of period)
 11  Total                               431,836   440,139   446,025
 12   FHA/VA insured                      34,000    34,870    36,158
 13   Conventional                       397,836   405,269   409,867

 14   Mortgage transactions purchased     22,029    16,923    14,225
       (during period)

      Mortgage commitments
       (during period)
 15   Issued(7)                           26,509    16,891    20,192
 16   To sell(8)                              0        266        75

      Federal Home Loan Mortgage
         Corporation

      Mortgage holdings (end of
       period)(8)

 17   Total                              262,921   277,624   284,006
 18    FHA/VA insured                        755       754     1,613
 19    Conventional                      262,166   276,870   282,393

      Mortgage transactions
       (during period)

 20   Purchases                           25,225    29,921    26,473
 21   Sales                               24,231    28,740    25,464
 22   Mortgage commitments contracted
         (during period)(9)               24,829    32,546    24,050

                                                  1999
      Item
                                            May          June

                                           Terms and yields in
                                          primary and secondary
                                                 markets

    PRIMARY MARKETS

      Terms(1)
  1 Purchase price (thousands of
     dollars)                              207.5         211.0
  2 Amount of loan (thousands of
     dollars)                              161.6         162.0
  3 Loan-to-price ratio (percent)           79.8          79.0
  4 Maturity (years)                        28.7          28.6
  5 Fees and charges (percent of loan
      amount)(2)                            .69           .72

    Yield (percent per year)
    Contract rate(1)                        6.78          6.92
    Effective rate(1,3)                     6.89          7.03
  8 Contract rate (HUD series)(4)           7.17          7.59

    SECONDARY MARKETS

    Yield (percent per year)
  9 FHA mortgages (Section 203)(5)          7.58          8.13
 10 GNMA securities(6)                      6.79          7.21

                                          Activity in secondary
                                                 markets

      FEDERAL NATIONAL MORTGAGE
            ASSOCIATION

    Mortgage holdings (end of period)
 11  Total                               464,530    473,315(r)
 12   FHA/VA insured                      38,938        41,143
 13   Conventional                       425,592       432,172

 14   Mortgage transactions purchased     25,640        15,934
       (during period)

      Mortgage commitments
       (during period)
 15   Issued(7)                           12,517        19,507
 16   To sell(8)                             178           351

      Federal Home Loan Mortgage
         Corporation

      Mortgage holdings (end of
       period)(8)

 17   Total                              285,881       299,184
 18    FHA/VA insured                      1,610     1,726(r)
 19    Conventional                      284,271 29  7,458(r)

      Mortgage transactions
       (during period)

 20   Purchases                           22,503        21,950
 21   Sales                               21,972        20,349
 22   Mortgage commitments contracted
         (during period)(9)               20,052        21,610

      Item                                       1999

                                            July        Aug.

                                           Terms and yields in
                                          primary and secondary
                                                  markets

    PRIMARY MARKETS

      Terms(1)
  1 Purchase price (thousands of
     dollars)
  2 Amount of loan (thousands of            207.6       213.8
     dollars)
  3 Loan-to-price ratio (percent)           158.2       163.1
  4 Maturity (years)                         78.6        78.3
  5 Fees and charges (percent of loan        28.5        28.5
      amount)(2)
                                             .83         .68
    Yield (percent per year)
    Contract rate(1)
    Effective rate(1,3)                      7.16        6.99
  8 Contract rate (HUD series)(4)            7.29        7.09
                                             7.75        7.87
    SECONDARY MARKETS

    Yield (percent per year)
  9 FHA mortgages (Section 203)(5)
 10 GNMA securities(6)                       8.00         8.1
                                             7.28        7.53

                                           Activity in secondary
                                                  markets

      FEDERAL NATIONAL MORTGAGE
            ASSOCIATION

    Mortgage holdings (end of period)
 11  Total
 12   FHA/VA insured                      480,651     495,302
 13   Conventional                         44,132      47,846
                                          436,519     447,456
 14   Mortgage transactions purchased
       (during period)                     14,004      21,094

      Mortgage commitments
       (during period)
 15   Issued(7)
 16   To sell(8)                           12,966      18,153
                                              260         478
      Federal Home Loan Mortgage
         Corporation

      Mortgage holdings (end of
       period)(8)

 17   Total
 18    FHA/VA insured                     300,093     306,214
 19    Conventional                         1,735       1,708
                                          298,358     304,506
      Mortgage transactions
       (during period)

 20   Purchases
 21   Sales                               17,602       18,674
 22   Mortgage commitments contracted      16,835      17,468
         (during period)(9)
                                           14,988      18,951


(1.) Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation.

(2.) Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan.

(3.) Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years.

(4.) Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month,

(5.) Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month.

(6.) Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(7.) Does not include standby commitments issued, but includes standby commitments converted.

(8.) Includes participation loans as well as whole loans.

(9.) Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for FNMA exclude swap activity.

1.54 MORTGAGE DEBT OUTSTANDING(1)

Millions of dollars, end of period
Type of holder and property                 1995           1996

1 All holders                           4,603,384(r)   4,898,661(r)

    By type of property
 2 One- to four-family residences       3,509,721(r)   3,719,010(r)
 3 Multifamily residences                 277,002(r)     294.783(r)
 4 Nonfarm, nonresidential                732.100(r)     797,734(r)
 5 Farm                                       84,561         87,134

    By type of holder
 6 Major financial institutions            1,900,089      1,981,885
 7  Commercial banks(2)                    1,090,189      1,145,389
 8     One- to four-family                   646,545        677,603
 9     Multifamily                            42,521         45,451
10     Nonfarm, nonresidential               377,293        397,452
11     Farm                                   23,830         24,883
12  Savings institutions(3)                  596,763        628,335
13     One- to four-family                   482,353        513,712
14     Multifamily                            61,987         61,570
15     Nonfarm, nonresidential                52,135         52,723
16    Farm                                       288            331
17  Life insurance companies                 213,137        208,161
18     One- to four-family                     8,890          6,977
19     Multifamily                            28,714         30,750
20     Nonfarm, nonresidential               165,876        160,314
21     Farm                                    9,657         10,120

22 Federal and related agencies              308,757        295,192
23  Government National Mortgage
      Association                                  2              2
24     One- to four-family                         2              2
25     Multifamily                                 0              0
26  Farmers Home Administration(4)            41,791         41,596
27     One- to four-family                    17,705         17,303
28     Multifamily                            11,617         11,685
29     Nonfarm, nonresidential                 6,248          6,841
30     Farm                                    6,221          5,768
31  Federal Housing and Veterans'
      Administrations                          9,809          6,244
32     One- to four-family                     5,180          3,524
33    Multifamily                              4,629          2,719
34  Resolution Trust Corporation               1,864              0
35     One- to four-family                       691              0
36    Multifamily                                647              0
37     Nonfarm, nonresidential                   525              0
38     Farm                                        0              0
39  Federal Deposit Insurance
      Corporation                              4,303          2,431
40     One- to four-family                       492            365
41     Multifamily                               428            413
42     Nonfarm, nonresidential                 3,383          1,653
43     Farm                                        0              0
44  Federal National Mortgage
      Association                            178,807        168,813
45     One- to four-family                   163,648        155,008
46    Multifamily                             15,159         13,805
47  Federal Land Banks                         28.43         29,602
48     One- to four-family                     1,673          1,742
49     Farm                                   26,755         27,860
50  Federal Home Loan Mortgage
      Corporation                             43,753         46,504
51     One- to four-family                    39,901         41,758
52     Multifamily                             3,852          4,746
53 Mortgage pools or trusts(5)             1,863,210      2,064,882
54  Government National Mortgage
      Association                            472,283        506,340
55     One- to four-family                   461,438        494,158
56     Multifamily                            10,845         12,182
57  Federal Home Loan Mortgage
      Corporation                            515,051        554,260
58     One- to four-family                   512,238        551,513
59     Multifamily                             2,813          2,747
60  Federal National Mortgage
      Association                            582,959        650,780
61     One- to four-family                   569,724        633,210
62    Multifamily                             13,235         17,570
63  Farmers Home Administration(4)                11              3
64     One- to four-family                         2              0
65    Multifamily                                  0              0
66     Nonfarm, nonresidential                     5              0
67     Farm                                        4              3
68  Private mortgage conduits                292,906        353,499
69     One- to four-family(6)                227,800        261,900
70     Multifamily                            15,584         21,967
71     Nonfarm, nonresidential                49,522         69,633
72     Farm                                        0              0

73  Individuals and others(7)              31,329(r)     556,702(r)
74   One- to four-family                   71,440(r)     360,235(r)
75   Multifamily                           64,970(r)      69,179(r)
76   Nonfarm, nonresidential               77,112(r)     109,119(r)
77   Farm                                     17,806         18,169

Type of holder and property               1997           1998

                                                          Q2

1 All holders                         5,212,073(r)   5,434,008(r)

    By type of property
 2 One- to four-family residences     3,954,854(r)   4,117,231(r)
 3 Multifamily residences               310,456(r)     323,324(r)
 4 Nonfarm, nonresidential              856,464(r)     900,453(r)
 5 Farm                                     90,299      93,001(r)

    By type of holder
 6 Major financial institutions          2,083,978   2,121,961(r)
 7  Commercial banks(2)                  1,245,315   1,281,870(r)
 8     One- to four-family                 745,510     770,116(r)
 9     Multifamily                          49,670      51,227(r)
10     Nonfarm, nonresidential             423,148     432,208(r)
11     Farm                                 26,986         28,319
12  Savings institutions(3)                631,822        632,359
13     One- to four-family                 520,672        522,088
14     Multifamily                          59,543         58,908
15     Nonfarm, nonresidential              51,252         50,978
16    Farm                                     354            386
17  Life insurance companies               206,841        207,732
18     One- to four-family                   7,187          6,814
19     Multifamily                          30,402         30,618
20     Nonfarm, nonresidential             158,780        159,456
21     Farm                                 10,472         10,844

22 Federal and related agencies            286,167        287,161
23  Government National Mortgage
      Association                                8              8
24     One- to four-family                       8              8
25     Multifamily                               0              0
26  Farmers Home Administration(4)          41,195         40,921
27     One- to four-family                  17,253         17,059
28     Multifamily                          11,720         11,722
29     Nonfarm, nonresidential               7,370          7,497
30     Farm                                  4,852          4,644
31  Federal Housing and Veterans'
      Administrations                        3,821          3,631
32     One- to four-family                   1,767          1,610
33    Multifamily                            2,054          2,021
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                              724            564
40     One- to four-family                     109             85
41     Multifamily                             123             96
42     Nonfarm, nonresidential                 492            384
43     Farm                                      0              0
44  Federal National Mortgage
      Association                          161,308        159,816
45     One- to four-family                 149,831        149,383
46    Multifamily                           11,477         10,433
47  Federal Land Banks                      30,657         31,352
48     One- to four-family                   1,804          1,845
49     Farm                                 28,853         29,507
50  Federal Home Loan Mortgage
      Corporation                           48,454         50,869
51     One- to four-family                  42,629         44,597
52     Multifamily                           5,825          6,272
53 Mortgage pools or trusts(5)        2,273,022(r)   2,442,715(r)
54  Government National Mortgage
      Association                       536,879(r)     537,743(r)
55     One- to four-family              523,225(r)     523,400(r)
56     Multifamily                          13,654         14,343
57  Federal Home Loan Mortgage
      Corporation                          579,385        609,791
58     One- to four-family                 576,846        607,469
59     Multifamily                           2,539          2,322
60  Federal National Mortgage
      Association                          709,582        761,359
61     One- to four-family                 687,981        737,631
62    Multifamily                           21,601         23,728
63  Farmers Home Administration(4)               2              2
64     One- to four-family                       0              0
65    Multifamily                                0              0
66     Nonfarm, nonresidential                   0              0
67     Farm                                      2              2
68  Private mortgage conduits              447,173        533,820
69     One- to four-family(6)              318,000        364,316
70     Multifamily                          29,218         38,098
71     Nonfarm, nonresidential              99,955        131,406
72     Farm                                      0              0

73  Individuals and others(7)           568,907(r)     582,171(r)
74   One- to four-family                362,033(r)     370,811(r)
75   Multifamily                         72,629(r)      73,536(r)
76   Nonfarm, nonresidential            115,467(r)     118,525(r)
77   Farm                                   18,779      19,299(r)

Type of holder and property                       1998
                                            Q3             Q4

1 All holders                          5,568,417(r)   5,722,421(r)

    By type of property
 2 One- to four-family residences      4,217,417(r)   4,322,453(r)
 3 Multifamily residences                330,595(r)     340,782(r)
 4 Nonfarm, nonresidential               926,039(r)     962,680(r)
 5 Farm                                   94,367(r)      96,506(r)

    By type of holder
 6 Major financial institutions        2,137,438(r)   2,195,376(r)
 7  Commercial banks(2)                1,295,828(r)   1,337,772(r)
 8     One- to four-family               770,340(r)     797,533(r)
 9     Multifamily                        52,205(r)      52,871(r)
10     Nonfarm, nonresidential           444,596(r)     458,333(r)
11     Farm                                  28,688      29,035(r)
12  Savings institutions(3)              634,251(r)     643,964(r)
13     One- to four-family               525,844(r)     533,792(r)
14     Multifamily                        56,696(r)      56,825(r)
15     Nonfarm, nonresidential            51,312(r)      52,930(r)
16    Farm                                      399            417
17  Life insurance companies                207,359        213,640
18     One- to four-family                    6,594          6,590
19     Multifamily                           30,565         31,522
20     Nonfarm, nonresidential              159,189         164.00
21     Farm                                  11,011         11,524

22 Federal and related agencies             287,125        292,636
23  Government National Mortgage
      Association                                 7              7
24     One- to four-family                        7              7
25     Multifamily                                0              0
26  Farmers Home Administration(4)           40,907         40,851
27     One- to four-family                   17,025         16,895
28     Multifamily                           11,736         11,739
29     Nonfarm, nonresidential                7,566          7,705
30     Farm                                   4,579          4,513
31  Federal Housing and Veterans'
      Administrations                         3,405          3,674
32     One- to four-family                    1,550          1,849
33    Multifamily                             1,855          1,825
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                               482            361
40     One- to four-family                       72             54
41     Multifamily                               82             61
42     Nonfarm, nonresidential                  328            245
43     Farm                                       0              0
44  Federal National Mortgage
      Association                           159,104        157,675
45     One- to four-family                  149,069        147,594
46    Multifamily                            10,035         10,081
47  Federal Land Banks                       32,009         32,983
48     One- to four-family                    1,883          1,941
49     Farm                                  30,126         31,042
50  Federal Home Loan Mortgage
      Corporation                            51,211         57,085
51     One- to four-family                   44,254         49,106
52     Multifamily                            6,957          7,979
53 Mortgage pools or trusts(5)         2,548,301(r)   2,632,839(r)
54  Government National Mortgage
      Association                        541,540(r)     537,446(r)
55     One- to four-family               527,043(r)     522,498(r)
56     Multifamily                           14,497         14,948
57  Federal Home Loan Mortgage
      Corporation                           635,726        646,459
58     One- to four-family                  633,124        643,465
59     Multifamily                            2,602          2,994
60  Federal National Mortgage
      Association                           798,460        834,518
61     One- to four-family                  770,979        804,205
62    Multifamily                            27,481         30,313
63  Farmers Home Administration(4)                2              1
64     One- to four-family                        0              0
65    Multifamily                                 0              0
66     Nonfarm, nonresidential                    0              0
67     Farm                                       2              1
68  Private mortgage conduits               572,573     614,416(r)
69     One- to four-family(6)               391,736        410,900
70     Multifamily                           40,895         44,654
71     Nonfarm, nonresidential              139,942     158,862(r)
72     Farm                                       0              0

73  Individuals and others(7)            595,552(r)     601,570(r)
74   One- to four-family                 377,896(r)     386,025(r)
75   Multifamily                          74,987(r)      74,971(r)
76   Nonfarm, nonresidential             123,107(r)     120,600(r)
77   Farm                                 19,562(r)      19,974(r)

Type of holder and property                         1999
                                             Q1              Q2

1 All holders                          5,861,070(r)      6,013,592

    By type of property
 2 One- to four-family residences      4,414,500(r)      4,527,176
 3 Multifamily residences                351,652(r)        359,796
 4 Nonfarm, nonresidential               997,514(r)      1,026,903
 5 Farm                                   97,403(r)         99,717

    By type of holder
 6 Major financial institutions        2,202,494(r)      2,243,008
 7  Commercial banks(2)                1,337,218(r)      1,361,947
 8     One- to four-family               782,441(r)        790,465
 9     Multifamily                        56,170(r)         58,572
10     Nonfarm, nonresidential           469,095(r)        482,367
11     Farm                                  29,512         30,544
12  Savings institutions(3)              646,213(r)         656.38
13     One- to four-family               534,494(r)        544,659
14     Multifamily                        56,763(r)         55,002
15     Nonfarm, nonresidential            54,521(r)         56,279
16    Farm                                      435            444
17  Life insurance companies             219,063(r)        224,677
18     One- to four-family                 6,956(r)          7,285
19     Multifamily                        31,528(r)         32,321
20     Nonfarm, nonresidential           168,862(r)        173,106
21     Farm                               11,717(r)         11,965

22 Federal and related agencies          288,313(r)        288,235
23  Government National Mortgage
      Association                              6(r)              8
24     One- to four-family                     6(r)              8
25     Multifamily                                0              0
26  Farmers Home Administration(4)           40,691         40,691
27     One- to four-family                   16,777         16,777
28     Multifamily                           11,731         11,731
29     Nonfarm, nonresidential                7,769          7,769
30     Farm                                   4,413          4,413
31  Federal Housing and Veterans'
      Administrations                         3,675          3,684
32     One- to four-family                    1,850          1,818
33    Multifamily                             1,825          1,867
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                               315            189
40     One- to four-family                       47             28
41     Multifamily                               54             32
42     Nonfarm, nonresidential                  214            129
43     Farm                                       0              0
44  Federal National Mortgage
      Association                           157,185        155,637
45     One- to four-family                  147,063        145,033
46    Multifamily                            10,122         10,604
47  Federal Land Banks                       33,128         33,744
48     One- to four-family                    1,949          1,985
49     Farm                                  31,179         31,758
50  Federal Home Loan Mortgage
      Corporation                         53,313(r)         54,282
51     One- to four-family                44,140(r)         43,574
52     Multifamily                            9,173         10,708
53 Mortgage pools or trusts(5)         2,762,770(r)      2,861,430
54  Government National Mortgage
      Association                        543,306(r)        553,316
55     One- to four-family               527,912(r)        537,407
56     Multifamily                        15,395(r)         15,909
57  Federal Home Loan Mortgage
      Corporation                           687,179        718,085
58     One- to four-family                  684,240        714,844
59     Multifamily                            2,939          3,241
60  Federal National Mortgage
      Association                           881,815        911,435
61     One- to four-family                  849,513        877,863
62    Multifamily                            32,302         33,572
63  Farmers Home Administration(4)                1              1
64     One- to four-family                        0              0
65    Multifamily                                 0              0
66     Nonfarm, nonresidential                    0              0
67     Farm                                       1              1
68  Private mortgage conduits            650,469(r)        678,594
69     One- to four-family(6)               430,653        447,938
70     Multifamily                           48,403         50,713
71     Nonfarm, nonresidential           171,413(r)        179,942
72     Farm                                       0              0

73  Individuals and others(7)            607,493(r)        620,919
74   One- to four-family                 386,458(r)        397,491
75   Multifamily                          75,249(r)         75,524
76   Nonfarm, nonresidential             125,640(r)        127,312
77   Farm                                 20,147(r)         20,592


(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          1996         1997         1998

                                        Seasonally adjusted

 1 Total                        1,182,439    1,234,122    1,300,491

 2 Revolving                      499,532    531,295(r)     560,653

 3 Nonrevolving                   682,907      702,828      739,838

                                      Not seasonally adjusted

4 Total                         1,211,590    1,264,103    1,331,742

By major holder
 5 Commercial banks               526,769      512,563      508,932
 6 Finance companies              152,391      160,022      168,491
 7 Credit unions                  144,148      152,362      155,406
 8 Savings institutions            44,711       47,172       51,611
 9 Nonfinancial business           77,745       78,927       74,877
10 Pools of securitized
    assets(3)                     265,826      313,057      372,425

By major type of credit(4)
11 Revolving                      522,860      555,858      586,528
12   Commercial banks             228,615      219,826      210,346
13   Finance companies             32,493       38,608       32,309
14   Credit unions                 17,826        19.55       19,930

15 Savings institutions            10,313       11,441       12,450
16 Nonfinancial business           44,901       44,966       39,166
17 Pools of securitized
    assets(3)                     188,712      221,465      272,327
18 Nonrevolving credit            688,730      708,245      745,214
19 Commercial banks               298,154      292,737      298,586

20 Finance companies              119,898      121,414      136,182
21 Credit unions                  126,322      132,810      135,476
22 Savings institutions            34,398       35,731       39,161
23 Nonfinancial business           32,844       33,961       35,711
24 Pools of securitized
    assets(3)                      77,114       91,592      100,098

                                               1999
Holder and type of credit
                                   Feb.         Mar.       Apr.(r)

                                         Seasonally adjusted

 1 Total                        1,325,101    1,332,139    1,331,798

 2 Revolving                      566,858      567,283      570,084

 3 Nonrevolving                   758,244      764,857      761,715

                                      Not seasonally adjusted

4 Total                         1,318,872    1,318,611    1,321,162

By major holder
 5 Commercial banks               500,429      494,039      494,663
 6 Finance companies              169,013      167,815      170,145
 7 Credit unions                  155,203      155,110      155,933
 8 Savings institutions            52,953       53,623       54,803
 9 Nonfinancial business           67,948       67,138       67,117
10 Pools of securitized
    assets(3)                     373,326      380,886      378,501

By major type of credit(4)
11 Revolving                      567,549      561,542      564,128
12   Commercial banks             197,623      190,028      191,295
13   Finance companies             31,544       31,197       31,327
14   Credit unions                 19,202       18,894       19,044

15 Savings institutions            12,399       12,373       12,507
16 Nonfinancial business           34,337       33,754       33,726
17 Pools of securitized
    assets(3)                     272,444      275,296      276,229
18 Nonrevolving credit            751,323      757,069      757,034
19 Commercial banks               302,806      304,011      303,368

20 Finance companies              137,469      136,618      138,818
21 Credit unions                  136,001      136,216      136,889
22 Savings institutions            40,554       41,250       42,296
23 Nonfinancial business           33,611       33,384       33,391
24 Pools of securitized
    assets(3)                     100,882      105,590      102,272

Holder and type of credit
                                  May(r)       June         July

                                         Seasonally adjusted

 1 Total                         1,342,247    1,345,451   1,354,323

 2 Revolving                       572,236      577,743     583,570

 3 Nonrevolving                    770,011      767,708     770,753

                                       Not seasonally adjusted

4 Total                          1,330,096    1,338,045   1,347,522

By major holder
 5 Commercial banks                492,852      477,774     478,084
 6 Finance companies               168,490      173,617     173,374
 7 Credit unions                   156,924      156,658     158,299
 8 Savings institutions             55,982       57,161      58,340
 9 Nonfinancial business            68,058       68,050      68,236
10 Pools of securitized
    assets(3)                      387,790      404,785     411,189

By major type of credit(4)
11 Revolving                       566,295      571,684     575,757
12   Commercial banks              190,216      178,031     177,098
13   Finance companies              31,296       32,408      32,846
14   Credit unions                  19,008       19,189      19,385

15 Savings institutions             12,641       12,775      12,909
16 Nonfinancial business            34,446       34,618      34,794
17 Pools of securitized
    assets(3)                      278,688      294,663     298,725
18 Nonrevolving credit             763,801      766,361     771,765
19 Commercial banks                302,636      299,743     300,986

20 Finance companies               137,194      141,209     140,528
21 Credit unions                   137,916      137,469     138,914
22 Savings institutions             43,341       44,386      45,431
23 Nonfinancial business            33,612       33,432      33,442
24 Pools of securitized
    assets(3)                      109,102      110,122     112,464


(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover.

(2.) Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured.

(3.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator.

(4.) Totals include estimates for certain holders for which only consumer credit totals are available.

1.56 TERMS OF CONSUMER CREDIT(1)

Percent per year except as noted
                                                              1998
              Item                   1996     1997    1998
                                                               Dec.
         INTEREST RATES

Commercial banks(2)
1 48-month new car                   9.05     9.02     8.72    n.a.
2 24-month personal                 13.54    13.90    13.74    n.a.

Credit card plan
3 All accounts                      15.63    15.77    15.71    n.a.
4 Accounts assessed interest        15.50    15.57    15.59    n.a.

Auto finance companies
5 New car                            9.84     7.12     6.30     6.22
6 Used car                          13.53    13.27    12.64    11.81

          OTHER TERMS(3)

Maturity (months)
7 New car                            51.6     54.1     52.1     52.1
8 Used car                           51.4     51.0     53.5     56.0

Loan-to-value ratio
9 New car                              91       92       92       92
10 Used car                           100       99       99       99

Amount financed (dollars)
11 New car                         16,987   18,077   19,083   19,628
12 Used car                        12,182   12,281   12,691   13,497

                                                 1999
              Item
                                    Feb.     Mar.     Apr.      May
         INTEREST RATES

Commercial banks(2)
1 48-month new car                   8.34    n.a.     n.a.      8.30
2 24-month personal                 13.41    n.a.     n.a.     13.26

Credit card plan
3 All accounts                      15.41    n.a.     n.a.     15.21
4 Accounts assessed interest        14.73    n.a.     n.a.     14.94

Auto finance companies
5 New car                            6.43     6.31     6.52     6.57
6 Used car                          12.08    12.09    12.17    12.16

          OTHER TERMS(3)

Maturity (months)
7 New car                            53.4     53.0     52.8     52.4
8 Used car                           55.9     56.0     56.0     56.1

Loan-to-value ratio
9 New car                              92       91       92       92
10 Used car                            99       99       99       99

Amount financed (dollars)
11 New car                         19,304   19,339   19,435   19,539
12 Used car                        13,604   13,653   13,647   13,700

                                        1999
              Item
                                    June     July
         INTEREST RATES

Commercial banks(2)
1 48-month new car                  n.a.     n.a.
2 24-month personal                 n.a.     n.a.

Credit card plan
3 All accounts                      n.a.     n.a.
4 Accounts assessed interest        n.a.     n.a.

Auto finance companies
5 New car                            6.60     6.70
6 Used car                          12.31    12.69

          OTHER TERMS(3)

Maturity (months)
7 New car                            52.3     52.0
8 Used car                           56.0     56.1

Loan-to-value ratio
9 New car                              92       92
10 Used car                            99      100

Amount financed (dollars)
11 New car                         19,722    19.87
12 Used car                        13,816   13,604


(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

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1)

Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector             1993      1994      1995

     NET LENDING IN CREDIT
       MARKETS(2)

1 Total net lending in credit
   markets                                948.6    1030.3    1245.4

2 Domestic nonfederal nonfinan-
   cial sectors                            30.0     231.2     -90.0
3   Household                             -10.6     268.0       5.5
4   Nonfinancial corporate business         9.1      17.7      -8.8
5    Nonfarm noncorporate business         -1.1        .6       4.7
6   State and local governments            32.6     -55.0     -91.4
7 Federal government                      -18.4     -27.4        .2
8 Rest of the world                       129.3     132.3     273.9
9 Financial sectors                       807.8     694.1    1061.7
10   Monetary authority                    36.2      31.5      12.7
11   Commercial banking                   142.2     163.4     265.9
12    U.S.-chartered banks                149.6     148.1     186.5
13     Foreign banking offices
     in United States                      -9.8      11.2      75.4
14     Bank holding companies               .0         .9        .3
15     Banks in U.S.-affiliated             2.4       3.3       4.2
     areas
16 Savings institutions                   -23.3       6.7      -7.6
17 Credit unions                           21.7      28.1      16.2
18 Bank personal trusts and
   estates                                  9.5       7.1      -8.3
19 Life insurance companies               100.4      72.0     100.0
20 Other insurance companies               27.7      24.9      21.5
21 Private pension funds                   50.2      46.1      56.0
22 State and local government
   retirement funds                        24.7      30.9      33.6
23 Money market mutual funds               20.4      30.0      86.5
24 Mutual funds                           159.5      -7.1      52.5
25 Closed-end funds                        20.0      -3.7      10.5
26 Government-sponsored
   enterprises                             87.8     117.8      86.7
27 Federally related mortgage
   pools                                   84.7     115.4      98.2
28 Asset-backed securities
   issuers (ABSs)                          82.8      69.4     120.6
29 Finance companies                      -20.9      48.3      49.9
30 Mortgage companies                        .0     -24.0      -3.4
31 Real estate investment
   trusts (REITs)                           .4         .7       1.4
32 Brokers and dealers                     14.8     -44.2      90.1
33 Funding corporations                   -31.0     -17.8     -21.2

   RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Net flows through credit
   markets                                948.6   1,030.3   1,245.4
   Other financial sources
35 Official foreign exchange                .8       -5.8       8.8
36 Special drawing rights
   certificates                             .0         .0       2.2
37 Treasury currency                        .4         .7        .6

38 Foreign deposits                       -18.5      52.9      35.3
39 Net interbank transactions              50.5      89.8      10.0
40 Checkable deposits and
   currency                               117.3      -9.7     -12.7
41 Small time and savings
   deposits                               -70.3     -39.9      96.6
42 Large time deposits                    -23.5      19.6      65.6
43 Money market fund shares                20.2      43.3     142.3
44 Security repurchase
   agreements                              71.3      78.2     110.5
45 Corporate equities                     137.7      24.6      -3.1
46 Mutual fund shares                     292.0     100.6     147.4
47 Trade payables                          52.2      94.0     101.6
48 Security credit                         61.4        .1      26.7
49 Life insurance reserves                 37.1      35.5      45.8
50 Pension fund reserves                  268.0     254.7     235.1
51 Taxes payable                           11.4       2.6       6.2
52 Investment in bank personal
   trusts                                   9.0      17.8       4.0
53 Noncorporate proprietors'
   equity                                  24.1      53.6      60.3
54 Miscellaneous                          356.0     245.6     444.6

55 Total financial sources              2,337.6   2,088.3   2,773.2

   Liabilities not identified
     as assets (-)
56 Treasury currency                         .2        .2        .5
57 Foreign deposits                        -5.7      43.0      25.1
58 Net interbank liabilities                4.2      -2.7      -3.1
59 Security repurchase agreements          50.5      67.7      20.2
60 Taxes payable                           15.8      16.6      21.1
61 Miscellaneous                         -158.5    -160.1    -221.4

   Floats not included in
     assets (-)
62 Federal government checkable
   deposits                                -1.5      -4.8      -6.0
63 Other checkable deposits                -1.3      -2.8      -3.8
64 Trade credit                            -4.0       1.5     -11.7
65 Total identified to sectors
   as assets                            2,438.2   2,130.1   2,953.4

                                                               1997
Transaction category or sector             1996      1997
                                                                Q4
     NET LENDING IN CREDIT
       MARKETS(2)

1 Total net lending in credit
   markets                               1369.2    1495.1    1918.3

2 Domestic nonfederal nonfinan-
   cial sectors                            22.5     -88.9      48.1
3   Household                              61.4     -86.2       7.5
4   Nonfinancial corporate business          .8      -2.3     -13.0
5    Nonfarm noncorporate business         -4.3        .6        .6
6   State and local governments           -33.7       .I       54.2
7 Federal government                       -7.4       5.1       9.2
8 Rest of the world                       414.4     310.7     203.9
9 Financial sectors                       939.7    1268.1    1657.1
10   Monetary authority                    12.3      38.3      54.3
11   Commercial banking                   187.5     324.3     447.4
12    U.S.-chartered banks                119.6     274.9     357.6
13     Foreign banking offices
     in United States                      63.3      40.2      69.3
14     Bank holding companies               3.9       5.4      19.4
15     Banks in U.S.-affiliated              .7       3.7       1.1
     areas
16 Savings institutions                    19.9      -4.7       8.9
17 Credit unions                           25.5      16.8      16.5
18 Bank personal trusts and
   estates                                 -7.7       7.6       8.8
19 Life insurance companies                69.6      94.3      34.1
20 Other insurance companies               22.5      25.2      34.7
21 Private pension funds                   52.3      65.5      79.5
22 State and local government
   retirement funds                        37.3      63.8      42.7
23 Money market mutual funds               88.8      87.5     141.8
24 Mutual funds                            48.9      80.9      64.8
25 Closed-end funds                         4.7      -2.9      -2.9
26 Government-sponsored
   enterprises                             84.2      94.3     158.1
27 Federally related mortgage
   pools                                  141.1     114.5     133.0
28 Asset-backed securities
   issuers (ABSs)                         123.6     162.3     321.9
29 Finance companies                       18.4      21.9     -19.7
30 Mortgage companies                       8.2      -9.1     -93.6
31 Real estate investment
   trusts (REITs)                           4.4      20.2      38.9
32 Brokers and dealers                    -15.7      14.9      71.7
33 Funding corporations                    14.0      52.7     126.2

   RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Net flows through credit
   markets                              1,369.2   1,495.1   1,918.3
   Other financial sources
35 Official foreign exchange               -6.3        .7      17.5
36 Special drawing rights
   certificates                              .5        .5        .0
37 Treasury currency                        .l         .0      -1.9

38 Foreign deposits                        85.9     106.8     100.6
39 Net interbank transactions             -51.6     -19.7      54.3
40 Checkable deposits and
   currency                                15.8      41.5      72.1
41 Small time and savings
   deposits                                97.2      97.1     136.7
42 Large time deposits                    114.0     122.5      59.2
43 Money market fund shares               145.8     157.6     149.9
44 Security repurchase
   agreements                              41.4     120.9     103.3
45 Corporate equities                      -8.6     -76.7    -100.0
46 Mutual fund shares                     237.6     265.1     260.9
47 Trade payables                          86.1      96.2     122.6
48 Security credit                         52.4     111.0     128.0
49 Life insurance reserves                 44.5      54.3      37.4
50 Pension fund reserves                  246.9     304.0     304.1
51 Taxes payable                           16.0      16.8       3.9
52 Investment in bank personal
   trusts                                  -8.6      75.0      78.4
53 Noncorporate proprietors'
   equity                                    .6       6.1     -43.5
54 Miscellaneous                          498.3     513.3     222.2

55 Total financial sources              2,975.1   3,487.1   3,624.1

   Liabilities not identified
     as assets (-)
56 Treasury currency                         .9        .6      -2.4
57 Foreign deposits                        59.6     106.8     145.5
58 Net interbank liabilities               -3.3     -19.9     -38.1
59 Security repurchase agreements           4.5      62.3     185.1
60 Taxes payable                           20.4      18.8      14.4
61 Miscellaneous                          -66.9    -254.9    -640.7

   Floats not included in
     assets (-)
62 Federal government checkable
   deposits                                  .5      -2.7     -10.0
63 Other checkable deposits                -4.0      -3.9      -5.0
64 Trade credit                           -49.9       3.6      15.7
65 Total identified to sectors
   as assets                            3,015.2   3,577.6   3,959.6

                                                   1998
Transaction category or sector
                                          Q1        Q2        Q3
     NET LENDING IN CREDIT
       MARKETS(2)

1 Total net lending in credit
   markets                               2101.7    2129.3    1935.8

2 Domestic nonfederal nonfinan-
   cial sectors                           -49.7     512.7      94.9
3   Household                             -64.2     385.2     -44.8
4   Nonfinancial corporate business         8.4     -46.9      14.0
5    Nonfarm noncorporate business           .0        .0        .0
6   State and local governments             6.1     174.3     125.7
7 Federal government                       15.7      12.9      13.8
8 Rest of the world                       223.8     321.8      60.8
9 Financial sectors                      1912.0    1281.9    1766.3
10   Monetary authority                    27.6      11.5      41.6
11   Commercial banking                   306.7     132.7     250.1
12    U.S.-chartered banks                268.4     130.0     309.2
13     Foreign banking offices
     in United States                      17.5      15.2     -68.1
14     Bank holding companies              15.3     -17.6       6.0
15     Banks in U.S.-affiliated             5.5       5.1       2.9
     areas
16 Savings institutions                    11.8       2.1      17.9
17 Credit unions                           16.1      22.7      21.0
18 Bank personal trusts and
   estates                                  2.4       3.1       2.0
19 Life insurance companies                92.1      63.4      65.6
20 Other insurance companies               23.4      -1.5      -7.7
21 Private pension funds                   74.5     130.1      95.6
22 State and local government
   retirement funds                        67.4      78.4      65.6
23 Money market mutual funds              159.3     208.1     255.5
24 Mutual funds                           156.4     146.4      92.9
25 Closed-end funds                         4.5       4.5       4.5
26 Government-sponsored
   enterprises                            198.3     150.6     264.7
27 Federally related mortgage
   pools                                  106.7     239.0     261.7
28 Asset-backed securities
   issuers (ABSs)                         223.9     321.4     248.7
29 Finance companies                       28.7      24.0      79.5
30 Mortgage companies                      58.8     -56.4       4.5
31 Real estate investment
   trusts (REITs)                          25.6       6.1     -11.3
32 Brokers and dealers                    245.8    -183.1      77.0
33 Funding corporations                    82.0     -21.4     -63.3

   RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Net flows through credit
   markets                              2,101.7   2,129.3   1,935.8
   Other financial sources
35 Official foreign exchange                1.0       8.1       8.9
36 Special drawing rights
   certificates                              .0        .0        .0
37 Treasury currency                         .3        .2       1.7

38 Foreign deposits                       -46.5      92.9      84.9
39 Net interbank transactions             -95.2      39.8      44.2
40 Checkable deposits and
   currency                                52.6      90.1     -24.9
41 Small time and savings
   deposits                                99.0      84.9     144.7
42 Large time deposits                    187.8      -5.6      81.8
43 Money market fund shares               213.6     247.2     367.9
44 Security repurchase
   agreements                             250.3    -100.8     231.1
45 Corporate equities                    -108.8    -109.3    -320.6
46 Mutual fund shares                     322.3     377.8     173.4
47 Trade payables                         108.3     -57.4      34.6
48 Security credit                        159.3     134.3     167.0
49 Life insurance reserves                 49.3      53.3      51.7
50 Pension fund reserves                  294.7     272.9     279.5
51 Taxes payable                           12.2        .9      27.3
52 Investment in bank personal
   trusts                                  50.3      57.5      47.8
53 Noncorporate proprietors'
   equity                                 -11.0      -5.4     -61.2
54 Miscellaneous                          980.1     376.5     712.6

55 Total financial sources              4,621.2   3,687.3   3,988.1

   Liabilities not identified
     as assets (-)
56 Treasury currency                         .2        .3       1.1
57 Foreign deposits                       -95.7     119.9      69.9
58 Net interbank liabilities               35.1       8.9      22.3
59 Security repurchase agreements         120.8    -170.0     110.2
60 Taxes payable                            9.4       2.8      24.2
61 Miscellaneous                           61.0    -225.9    -106.7

   Floats not included in
     assets (-)
62 Federal government checkable
   deposits                                 8.3     -44.4      32.4
63 Other checkable deposits                -4.0      -2.9      -3.6
64 Trade credit                            41.9    -150.7     -94.5
65 Total identified to sectors
   as assets                            4,444.8   4,150.0   3,932.8

                                         1998          1999
Transaction category or sector
                                          Q4        Q1        Q2
     NET LENDING IN CREDIT
       MARKETS(2)

1 Total net lending in credit
   markets                               2332.7    2481.3    1836.4

2 Domestic nonfederal nonfinan-
   cial sectors                          -318.3     307.5     347.9
3   Household                            -424.1     244.9     255.1
4   Nonfinancial corporate business        14.1      10.4      39.5
5    Nonfarm noncorporate business           .0        .0        .0
6   State and local governments            91.7      52.2      53.3
7 Federal government                       11.7      17.5       6.5
8 Rest of the world                       390.7     213.3      51.6
9 Financial sectors                      2248.6    1943.0    1430.5
10   Monetary authority                     3.5      71.8      62.4
11   Commercial banking                   531.5      68.9     135.0
12    U.S.-chartered banks                540.2     134.1     231.5
13     Foreign banking offices
     in United States                     -12.1     -54.9    -105.8
14     Bank holding companies              -7.4      -6.0        .1
15     Banks in U.S.-affiliated            10.7      -4.4       9.2
     areas
16 Savings institutions                   113.3     102.7      88.8
17 Credit unions                           16.0      37.7      34.7
18 Bank personal trusts and
   estates                                  3.9       3.1       2.2
19 Life insurance companies                86.0      72.6      89.0
20 Other insurance companies               67.5     -19.7       5.0
21 Private pension funds                  174.4      60.5     150.0
22 State and local government
   retirement funds                        48.5      74.3      37.4
23 Money market mutual funds              353.1     227.6     -92.6
24 Mutual funds                           103.5     101.5      98.8
25 Closed-end funds                         4.5       4.4       4.4
26 Government-sponsored
   enterprises                            429.5     157.2     259.5
27 Federally related mortgage
   pools                                  162.8     399.3     274.6
28 Asset-backed securities
   issuers (ABSs)                         312.7     284.6     301.5
29 Finance companies                       75.3      92.2      79.6
30 Mortgage companies                       6.0      -9.1      10.2
31 Real estate investment
   trusts (REITs)                         -40.8       1.7      -2.2
32 Brokers and dealers                   -209.1     184.5    -204.5
33 Funding corporations                     6.4      27.1      96.8

   RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Net flows through credit
   markets                              2,332.7   2,481.3   1,836.4
   Other financial sources
35 Official foreign exchange                8.6     -14.0      -5.4
36 Special drawing rights
   certificates                              .0      -4.0        .0
37 Treasury currency                       -2.3        .0        .7

38 Foreign deposits                      -131.9     127.7     114.5
39 Net interbank transactions            -122.9      49.1      68.2
40 Checkable deposits and
   currency                                72.8      61.7      10.3
41 Small time and savings
   deposits                               281.2     -63.8     104.0
42 Large time deposits                    104.4      -5.9      42.6
43 Money market fund shares               313.1     204.9     100.5
44 Security repurchase
   agreements                            -170.3     408.2     -65.6
45 Corporate equities                    -206.5    -114.7    -241.5
46 Mutual fund shares                     224.8     255.3     247.9
47 Trade payables                         -86.8     155.5      98.4
48 Security credit                        -27.2     -86.9      89.3
49 Life insurance reserves                 59.0      40.8      65.9
50 Pension fund reserves                  313.8     284.3     316.4
51 Taxes payable                           11.7     -10.3      27.2
52 Investment in bank personal
   trusts                                  67.1      64.1      53.0
53 Noncorporate proprietors'
   equity                                   3.2      -2.5      12.3
54 Miscellaneous                          702.0     238.7    1092.8

55 Total financial sources              3,746.3   4,069.6   3,968.0

   Liabilities not identified
     as assets (-)
56 Treasury currency                       -3.4      -1.5        .4
57 Foreign deposits                      -156.5      62.0      73.5
58 Net interbank liabilities              -52.8      58.7      -1.7
59 Security repurchase agreements            .2     362.2     -14.8
60 Taxes payable                           17.4     -22.4     -15.0
61 Miscellaneous                          -43.9    -568.0    -390.0

   Floats not included in
     assets (-)
62 Federal government checkable
   deposits                                14.0      -1.8     -41.4
63 Other checkable deposits                -1.8      -1.9      -1.0
64 Trade credit                           -31.1      55.7      -6.9
65 Total identified to sectors
   as assets                            4,004.0   4,126.5   4,365.7


(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             1994          1995

                                          Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors             1,3013.9(r)    13,734.3(r)

     By sector and instrument
  2  Federal government                    3,492.3        3,492.3
  3   Treasury securities                  3,465.6        3,465.6
  4   Budget agency securities
       and mortgages                          26.7           28.2

  5  Nonfederal                         9,521.6(r)    10,097.6(r)

     By instrument
  6  Commercial paper                        139.2          157.4
  7  Municipal securities and
      loans                                1,341.7        1,293.5
  8  Corporate bonds                       1,253.0     1,344.1(r)
  9  Bank loans n.e.c.                       759.9       863.6(r)
 10  Other loans and advances                669.6          736.9
 11  Mortgages                          4,374.2(r)     4,579.4(r)
 12   Home                              3,330.0(r)     3,509.8(r)
 13   Multifamily residential                261.5          269.1
 14   Commercial                             699.8          716.0
 15   Farm                                    83.0           84.6
 16  Consumer credit                         983.9        1,122.8

     By borrowing sector
 17  Household                          4,427.0(r)     4,782.2(r)
 18  Nonfinancial business                 3,972.9     4,245.2(r)
 19   Corporate                            2,708.9     2,947.7(r)
 20   Nonfarm noncorporate                 1,121.8        1,152.4
 21   Farm                                   142.2          145.1
 22  State and local government            1,121.7        1,070.2

 23  Foreign credit market
      debt held in
      United States                       370.3(r)       441.4(r)

 24  Commercial paper                         42.7           56.2
 25  Bonds                                   242.3          291.9

 26  Bank loans n.e.c.                        26.1           34.6
 27  Other loans and advances              59.3(r)        58.8(r)

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                          13,384.2(r)    14,175.8(r)

                                             Financial sectors

 29  Total credit market debt owed
      by financial sectors                 3,822.2     4,278.8(r)

     By instrument
 30  Federal government-related            2,172.7        2,376.8
 31   Government-sponsored                   700.6          806.5
       enterprise securities
 32   Mortgage pool securities             1,472.1        1,570.3
 33   Loans from U.S. government                .0             .0
 34  Private                               1,649.5     1,901.9(r)
 35   Open market paper                      441.6          486.9
 36   Corporate bonds                      1,008.8        1,204.7
 37   Bankloans n.e.c.                        48.9        51.4(r)
 38   Other loans and advances               131.6          135.0
 39   Mortgages                               18.7           24.1

     By borrowing sector
 40  Commercial banks                         94.5          102.6
 41  Bank holding companies                  133.6          148.0
 42  Savings institutions                    112.4          115.0
 43  Credit unions                             5.0            0.4
 44  Life insurance companies                  6.0            0.5
 45  Government-sponsored
      enterprises                            700.6          806.5
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed               1,472.1        1,570.3
       securities (ABSs)                     570.1          712.5
 48  Brokers and dealers                      34.3           29.3
 49  Finance companies                       433.7          483.9
 50  Mortgage companies                       18.7        16.5(r)
 51  Real estate investment
      trusts (REITs)                          40.0           44.6

 52  Funding corporations                    211.0          248.6

                                                All sectors

 53  Total credit market debt,
      domestic and foreign             17,206.4(r)    18,454.5(r)

 54  Open market paper                       623.5          700.4
 55  U.S. government securities            5,665.0        6,013.6
 56  Municipal securities                  1,341.7        1,293.5
 57  Corporate and foreign bonds           2,504.0     2,840.7(r)
 58  Bank loans n.e.c.                       834.9          949.6
 59  Other loans and advances             860.5(r)       930.6(r)
 60  Mortgages                          4,393.0(r)     4,603.4(r)
 61  Consumer credit                         983.9        1,122.8

Transaction category or sector               1996           1997

                                            Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors              14,477.4(r)    15,261.1(r)

     By sector and instrument
  2  Federal government                     3,636.7        3,718.8
  3   Treasury securities                   3,608.5        3,755.1
  4   Budget agency securities
       and mortgages                           26.6           25.9

  5  Nonfederal                         10,695.6(r)    1,1456.3(r)

     By instrument
  6  Commercial paper                         156.4          168.6
  7  Municipal securities and
      loans                                 1,296.0        1,367.5
  8  Corporate bonds                     1,460.4(r)     1,610.9(r)
  9  Bank loans n.e.c                      934.1(r)     1,040.5(r)
 10  Other loans and advances              770.4(r)          839.5
 11  Mortgages                           4,866.8(r)     5,165.2(r)
 12   Home                               3,719.0(r)     3,954.8(r)
 13   Multifamily residential                 284.3       295.0(r)
 14   Commercial                           776.4(r)       825.1(r)
 15   Farm                                     87.1           90.3
 16  Consumer credit                        1,211.6        1,264.1

     By borrowing sector
 17  Household                           5,105.1(r)     5,433.3(r)
 18  Nonfinancial business               4,527.1(r)     4,903.5(r)
 19   Corporate                          3,141.0(r)     3,433.8(r)
 20   Nonfarm noncorporate                  1,236.1        1,313.6
 21   Farm                                    149.9          156.1
 22  State and local government             1,063.4        1,119.5

 23  Foreign credit market
      debt held in
      United States                        518.7(r)       570.1(r)

 24  Commercial paper                          67.5           65.1
 25  Bonds                                    347.7       394.9(r)

 26  Bank loans n.e.c                          43.7           52.1
 27  Other loans and advances               59.8(r)           58.0

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                           14,996.0(r)    15,831.2(r)

                                             Financial sectors

 29  Total credit market debt owed
      by financial sectors               4,827.7(r)     5,446.8(r)

     By instrument
 30  Federal government-related             2,608.3     2,821.1(r)
 31   Government-sponsored                    896.9          995.3
       enterprise securities
 32   Mortgage pool securities              1,711.4        1,825.8
 33   Loans from U.S. government                 .0             .0
 34  Private                             2,219.4(r)     2,625.7(r)
 35   Open market paper                       579.1          745.7
 36   Corporate bonds                       1,381.5        1,557.5
 37   Bankloans n.e.c.                      64.0(r)        77.2(r)
 38   Other loans and advances                162.9          198.5
 39   Mortgages                                31.9           46.8

     By borrowing sector
 40  Commercial banks                         113.6          140.6
 41  Bank holding companies                   150.0          168.6
 42  Savings institutions                     140.5          160.3
 43  Credit unions                              0.4            0.6
 44  Life insurance companies                   1.6            1.8
 45  Government-sponsored
      enterprises                             896.9          995.3
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed                1,711.4        1,825.8
       securities (ABSs)                      866.4        1,078.2
 48  Brokers and dealers                       27.3           35.3
 49  Finance companies                        529.8          554.5
 50  Mortgage companies                     20.6(r)        16.0(r)
 51  Real estate investment
      trusts (REITs)                           56.5           96.1

 52  Funding corporations                     312.7          373.7

                                                 All sectors

 53  Total credit market debt,
      domestic and foreign              19,823.7(r)       21,783.9

 54  Open market paper                        803.0          979.4
 55  U.S. government securities             6,390.0     6,626.0(r)
 56  Municipal securities                   1,296.0        1,367.5
 57  Corporate and foreign bonds         3,189.6(r)     3,563.3(r)
 58  Bank loans n.e.c                       1,041.7        1,169.8
 59  Other loans and advances              993.1(r)        1,095.9
 60  Mortgages                           4,898.7(r)     5,212.0(r)
 61  Consumer credit                        1,211.6        1,264.1

Transaction category or sector            1997              1998

                                           Q4               Q1(r)

                                          Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors             15,261.1(r)        15,522.2

     By sector and instrument
  2  Federal government                    3,804.9        3,830.8
  3   Treasury securities                  3,778.3        3,804.8
  4   Budget agency securities
       and mortgages                          26.5           25.6

  5  Nonfederal                        1,1456.3(r)       11,691.4

     By instrument
  6  Commercial paper                        168.6          193.1
  7  Municipal securities and
      loans                                1,367.5        1,397.1
  8  Corporate bonds                    1,610.9(r)        1,680.6
  9  Bank loans n.e.c                   1,040.5(r)        1,047.9
 10  Other loans and advances                839.5          863.5
 11  Mortgages                          5,165.2(r)        5,273.3
 12   Home                              3,954.8(r)        4,037.9
 13   Multifamily residential             295.0(r)          300.4
 14   Commercial                          825.1(r)          843.6
 15   Farm                                    90.3           91.3
 16  Consumer credit                       1,264.1        1,236.0

     By borrowing sector
 17  Household                          5,433.3(r)        5,494.5
 18  Nonfinancial business              4,903.5(r)        5,052.6
 19   Corporate                         3,433.8(r)        3,559.4
 20   Nonfarm noncorporate                 1,313.6        1,337.9
 21   Farm                                   156.1          155.3
 22  State and local government            1,119.5        1,144.3

 23  Foreign credit market
      debt held in
      United States                       570.1(r)          591.6

 24  Commercial paper                         65.1           76.7
 25  Bonds                                394.9(r)          405.6

 26  Bank loans n.e.c                         52.1           53.4
 27  Other loans and advances                 58.0           55.9

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                          15,831.2(r)       16,113.8

                                           Financial sectors

 29  Total credit market debt owed
      by financial sectors              5,446.8(r)        5,670.1

     By instrument
 30  Federal government-related         2,821.1(r)        2,878.0
 31   Government-sponsored                   995.3        1,030.9
       enterprise securities
 32   Mortgage pool securities             1,825.8        1,847.1
 33   Loans from U.S. government                .0             .0
 34  Private                            2,625.7(r)        2,792.1
 35   Open market paper                      745.7          804.9
 36   Corporate bonds                      1,557.5        1,640.8
 37   Bankloans n.e.c                      77.2(r)           90.6
 38   Other loans and advances               198.5          206.6
 39   Mortgages                               46.8           49.1

     By borrowing sector
 40  Commercial banks                        140.6          148.7
 41  Bank holding companies                  168.6          181.2
 42  Savings institutions                    160.3          162.9
 43  Credit unions                             0.6            0.7
 44  Life insurance companies                  1.8            1.8
 45  Government-sponsored
      enterprises                            995.3        1,030.9
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed               1,825.8        1,847.1
       securities (ABSs)                   1,078.2        1,142.9
 48  Brokers and dealers                      35.3           35.1
 49  Finance companies                       554.5          571.9
 50  Mortgage companies                    16.0(r)           23.4
 51  Real estate investment
      trusts (REITs)                          96.1          111.9

 52  Funding corporations                    373.7          411.6

                                               All sectors

 53  Total credit market debt,
      domestic and foreign             21,278.1(r)    21,278.1(r)

 54  Open market paper                       979.4        1,074.8
 55  U.S. government securities         6,626.0(r)        6,708.7
 56  Municipal securities                  1,367.5        1,397.1
 57  Corporate and foreign bonds        3,563.3(r)        3,727.0
 58  Bank loans n.e.c                      1,169.8        1,191.9
 59  Other loans and advances              1,095.9        1,126.1
 60  Mortgages                          5,212.0(r)        5,322.4
 61  Consumer credit                       1,264.1        1,236.0

Transaction category or sector                   1998
                                           Q2           Q3

                                         Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors            15,742.1(r)    15,956.2(r)

     By sector and instrument
  2  Federal government                   3,749.0        3,720.2
  3   Treasury securities                 3,723.4        3,694.7
  4   Budget agency securities
       and mortgages                         25.6           25.5

  5  Nonfederal                       11,993.2(r)    12,236.0(r)

     By instrument
  6  Commercial paper                       202.5          216.9
  7  Municipal securities and
      loans                               1,429.3        1,439.9
  8  Corporate bonds                   1,754.3(r)     1781.63(r)
  9  Bank loans n.e.c                  1,097.6(r)      1120.6(r)
 10  Other loans and advances            873.1(r)       886.8(r)
 11  Mortgages                         5,379.7(r)        5504(r)
 12   Home                             4,116.4(r)      4216.4(r)
 13   Multifamily residential            305.7(r)       309.7(r)
 14   Commercial                         864.6(r)       883.6(r)
 15   Farm                                93.0(r)        94.4(r)
 16  Consumer credit                      1,256.8        1,286.6

     By borrowing sector
 17  Household                         5,613.2(r)     5,746.1(r)
 18  Nonfinancial business             5,209.2(r)     5,311.1(r)
 19   Corporate                        3,686.4(r)     3,762.5(r)
 20   Nonfarm noncorporate                1,361.8        1,385.5
 21   Farm                               161.0(r)       163.1(r)
 22  State and local government           1,170.8        1,178.8

 23  Foreign credit market
      debt held in
      United States                      617.1(r)       612.8(r)

 24  Commercial paper                        71.4           74.0
 25  Bonds                               435.4(r)       428.6(r)

 26  Bank loans n.e.c                        55.5           56.4
 27  Other loans and advances                54.8           53.8

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                          16,359.2(r)      17,195.8

                                           Financial sectors

 29  Total credit market debt owed
      by financial sectors             5,926.8(r)     6,515.6(r)

     By instrument
 30  Federal government-related        2,981.4(r)     3,121.7(r)
 31   Government-sponsored                1,072.5        1,146.0
       enterprise securities
 32   Mortgage pool securities         1,908.9(r)     1,975.7(r)
 33   Loans from U.S. government               .0             .0
 34  Private                           2,94514(r)     3,07318(r)
 35   Open market paper                     838.9          874.2
 36   Corporate bonds                     1,738.7        1,786.2
 37   Bankloans n.e.c                     88.2(r)       103.2(r)
 38   Other loans and advances              225.6          246.2
 39   Mortgages                              54.1           64.0

     By borrowing sector
 40  Commercial banks                       159.6          169.6
 41  Bank holding companies                 190.5          196.1
 42  Savings institutions                   170.7          186.6
 43  Credit unions                             .8            1.0
 44  Life insurance companies               116.0           20.0
 45  Government-sponsored
      enterprises                         1,072.5        1,146.0
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed           1,908.9(r)     1,975.7(r)
       securities (ABSs)                  1,230.4        1,307.0
 48  Brokers and dealers                     40.1           39.4
 49  Finance companies                      596.9          589.4
 50  Mortgage companies                   16.3(r)        16.9(r)
 51  Real estate investment
      trusts (REITs)                        128.0          147.8

 52  Funding corporations                   410.5          417.9

                                               All sectors

 53  Total credit market debt,
      domestic and foreign            22,286.0(r)    22,764.5(r)

 54  Open market paper                    1,112.7        1,165.1
 55  U.S. government securities        6,730.3(r)     6,841.9(r)
 56  Municipal securities                 1,429.3        1,439.9
 57  Corporate and foreign bonds       3,928.3(r)     3,996.0(r)
 58  Bank loans n.e.c                     1,241.3        1,280.3
 59  Other loans and advances          1,153.6(r)     1,186.8(r)
 60  Mortgages                         5,433.7(r)     5,568.0(r)
 61  Consumer credit                      1,256.8        1,286.6

Transaction category or sector           1998            1999
                                          Q4             Q1(r)

                                         Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors           16,283.6(r)       16,588.0

     By sector and instrument
  2  Federal government                  3,752.2        3,759.7
  3   Treasury securities               31,723.7        3,731.6
  4   Budget agency securities
       and mortgages                        28.5           28.1

  5  Nonfederal                      12,531.4(r)       12,828.3

     By instrument
  6  Commercial paper                      193.0          223.9
  7  Municipal securities and
      loans                              1,464.3        1,491.0
  8  Corporate bonds                  1,829.6(r)        1,898.1
  9  Bank loans n.e.c                 1,148.8(r)        1,165.2
 10  Other loans and advances           913.8(r)          947.5
 11  Mortgages                        5,650.3(r)        5,784.1
 12   Home                            4,321.1(r)        4,413.8
 13   Multifamily residential           317.4(r)          326.6
 14   Commercial                        915.3(r)          946.3
 15   Farm                               96.5(r)           97.4
 16  Consumer credit                     1,331.7        1,318.6

     By borrowing sector
 17  Household                        5,903.6(r)        5,985.9
 18  Nonfinancial business            5,428.0(r)        5,619.2
 19   Corporate                       3,852.2(r)        4,019.2
 20   Nonfarm noncorporate               1,411.9        1,437.6
 21   Farm                             163.8(r)           162.4
 22  State and local government          1,199.8        1,223.2

 23  Foreign credit market
      debt held in
      United States                     603.7(r)          607.8

 24  Commercial paper                       72.9           77.2
 25  Bonds                              420.0(r)
                                                          420.2
 26  Bank loans n.e.c                       58.9           59.1
 27  Other loans and advances               52.0           51.3

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                        16,887.3(r)    16,568.9(r)

                                           Financial sectors

 29  Total credit market debt owed
      by financial sectors            6,195.5(r)        6,809.7

     By instrument
 30  Federal government-related          3,292.0        3,434.1
 31   Government-sponsored               1,273.6        1,321.8
       enterprise securities
 32   Mortgage pool securities           2,018.4        2,112.3
 33   Loans from U.S. government              .0             .0
 34  Private                          3,223.6(r)        3,375.6
 35   Open market paper                    906.7          926.4
 36   Corporate bonds                    1,849.4        1,969.3
 37   Bankloans n.e.c                   107.2(r)          104.1
 38   Other loans and advances             288.7          299.1
 39   Mortgages                             71.6           76.6

     By borrowing sector
 40  Commercial banks                      188.6          187.5
 41  Bank holding companies                193.5          202.6
 42  Savings institutions                  212.4          226.9
 43  Credit unions                           1.0            1.5
 44  Life insurance companies               25.0            3.3
 45  Government-sponsored
      enterprises                        1,273.6        1,321.8
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed             2,018.4        2,112.3
       securities (ABSs)                 1,394.6        1,463.8
 48  Brokers and dealers                    42.5           34.8
 49  Finance companies                     597.5          614.4
 50  Mortgage companies                  17.7(r)           16.5
 51  Real estate investment
      trusts (REITs)                       158.8          165.2

 52  Funding corporations                  414.4          459.1

                                              All sectors

 53  Total credit market debt,
      domestic and foreign           23,402.9(r)       24,005.5

 54  Open market paper                   1,172.6        1,227.6
 55  U.S. government securities       7,044.3(r)        7,193.8
 56  Municipal securities                1,464.3        1,491.0
 57  Corporate and foreign bonds      4,098.9(r)        4,287.6
 58  Bank loans n.e.c                 1,314.9(r)        1,328.3
 59  Other loans and advances         1,254.4(r)        1,297.8
 60  Mortgages                        5,721.9(r)        5,860.7
 61  Consumer credit                     1,331.7        1,318.6

Transaction category or sector            1999
                                           Q2

                                   Nonfinancial sectors

  1  Total credit market debt
      owed by domestic
      nonfinancial sectors               16,758.7

     By sector and instrument
  2  Federal government                   3,651.7
  3   Treasury securities                 3,623.4
  4   Budget agency securities
       and mortgages                         28.3

  5  Nonfederal                          13,107.0

     By instrument
  6  Commercial paper                       232.4
  7  Municipal securities and
      loans                               1,510.0
  8  Corporate bonds                      1,963.3
  9  Bank loans n.e.c                     1,178.4
 10  Other loans and advances               945.8
 11  Mortgages                            5,939.2
 12   Home                                4,526.0
 13   Multifamily residential               335.8
 14   Commercial                            977.7
 15   Farm                                   99.7
 16  Consumer credit                      1,338.0

     By borrowing sector
 17  Household                            6,128.1
 18  Nonfinancial business                5,740.7
 19   Corporate                           4,107.9
 20   Nonfarm noncorporate                1,466.7
 21   Farm                                  166.2
 22  State and local government           1,238.2

 23  Foreign credit market
      debt held in
      United States                         596.5

 24  Commercial paper                        70.1
 25  Bonds
                                            415.4
 26  Bank loans n.e.c                        60.5
 27  Other loans and advances                50.4

 28  Total credit market debt
      owed by nonfinancial
      sectors, domestic and
      foreign                            17,355.2

                                      Financial sectors

 29  Total credit market debt owed
      by financial sectors                7,073.6

     By instrument
 30  Federal government-related           3,580.8
 31   Government-sponsored                1,398.0
       enterprise securities
 32   Mortgage pool securities            2,182.8
 33   Loans from U.S. government               .0
 34  Private                              3,492.7
 35   Open market paper                     940.9
 36   Corporate bonds                     2,042.9
 37   Bankloans n.e.c                       106.8
 38   Other loans and advances              328.6
 39   Mortgages                              73.6

     By borrowing sector
 40  Commercial banks                       202.7
 41  Bank holding companies                 202.7
 42  Savings institutions                   241.6
 43  Credit unions                            1.8
 44  Life insurance companies                 4.0
 45  Government-sponsored
      enterprises                         1,398.0
 46  Federally related mortgage
      pools
 47  Issuers of asset-backed              2,182.8
       securities (ABSs)                  1,542.9
 48  Brokers and dealers                     30.2
 49  Finance companies                      639.2
 50  Mortgage companies                      17.8
 51  Real estate investment
      trusts (REITs)                        160.3

 52  Funding corporations                   449.6

                                        All sectors

 53  Total credit market debt,
      domestic and foreign               24,428.7

 54  Open market paper                    1,243.3
 55  U.S. government securities           7,232.5
 56  Municipal securities                 1,510.0
 57  Corporate and foreign bonds          4,421.6
 58  Bank loans n.e.c                     1,345.6
 59  Other loans and advances             1,324.8
 60  Mortgages                            6,012.7
 61  Consumer credit                      1,338.0


(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              1994           1995
             sector

         CREDIT MARKET DEBT
         OUTSTANDING(2)

1 Total credit market assets            17,206.4       18,454.5

2 Domestic nonfederal
    nonfinancial sectors                 2,988.8        2,856.8
3   Household                            1,932.1        1,895.5
4   Nonfinancial corporate
      business                             289.2          280.4
5   Nonfarm noncorporate
      business                              37.6           42.3
6   State and local governments            729.9          638.6
7 Federal government                       202.9          202.7
8 Rest of the world                      1,216.0        1,531.1
9 Financial sectors                     12,798.8       13,863.9
10  Monetary authority                     368.2          380.8
11  Commercial banking                   3,254.3        3,520.1
12     U.S.-chartered banks              2,869.6        3,056.1
13     Foreign banking offices in
       United States                       337.1          412.6
14     Bank holding companies               18.4           18.0
15     Banks in U.S.-affiliated
       areas                                29.2           33.4
16 Savings institutions                    920.8          913.3
17 Credit unions                           246.8          263.0
18 Bank personal trusts and
    estates                                248.0          239.7
19 Life insurance companies              1,487.5        1,587.5
20 Other insurance companies               446.4          468.7
21 Private pension funds                   660.9          716.9
22 State and local government
    retirement funds                       497.4          531.0
23 Money market mutual funds               459.0          545.5
24 Mutual funds                            718.8          771.3
25 Closed-end funds                         86.0           96.4
26 Government-sponsored
    enterprises                            663.3          750.0
27 Federally related mortgage
    pools                                1,472.1        1,570.3
28 Asset-backed securities
    issuers (ABSs)                         532.8          653.4
29 Finance companies                       476.2          526.2
30 Mortgage companies                       36.5           33.0
31 Real estate investment
    trusts (REITs)                          24.6           26.0
32 Brokers and dealers                      93.3          183.4
33 Funding corporations                    106.0           87.4

     RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Total credit market debt             17,206.4       18,454.5

    Other liabilities
35 Official foreign exchange                53.2           63.7
36 Special drawing rights
    certificates                             8.0           10.2
37 Treasury currency                        17.6           18.2
38 Foreign deposits                        373.9          418.8
39 Net interbank liabilities               280.1          290.7
40 Checkable deposits and
    currency                             1,242.0        1,229.3
41 Small time and savings
    deposits                             2,183.2        2,279.7
42 Large time deposits                     411.2          476.9
43 Money market fund shares                602.9          745.3
44 Security repurchase
    agreements                             549.5          660.0
45 Mutual fund shares                    1,477.3        1,852.8
46 Security credit                         279.0          305.7
47 Life insurance reserves                 520.3          566.2
48 Pension fund reserves                 4,948.1        5,767.8
49 Trade payables                        1,140.6        1,242.3
50 Taxes payable                           101.4          107.6
51 Investment in bank
    personal trusts                        699.4          803.0
52 Miscellaneous                         5,287.2        5,634.7
53 Total liabilities                    37,381.6       40,927.2

      Financial assets not
   included in liabilities (+)

54 Gold and special drawing
    rights                                  21.1           22.1
55 Corporate equities                    6,237.9        8,331.3
56 Household equity in
    noncorporate business                3,410.5        3,658.3

   Liabilities not identified
       as assets (-)
57 Treasury currency                        -5.4           -5.8
58 Foreign deposits                        325.4          360.2
59 Net interbank transactions               -6.5           -9.0
60 Security repurchase                      66.2           86.4
    agreements
61 Taxes payable                            48.8           62.4
62 Miscellaneous                          -948.1       -1,350.8

   Floats not included in
        assets (-)
63 Federal government
    checkable deposits                       3.4            3.1
64 Other checkable deposits                 38.0           34.2
65 Trade credit                           -245.9         -257.5
66 Total identified to sectors
    as assets                           47,775.0       54,015.9

     Transaction category or             1996           1997
             sector

         CREDIT MARKET DEBT
         OUTSTANDING(2)

1 Total credit market assets           19,823.7       21,278.1

2 Domestic nonfederal
    nonfinancial sectors                2,924.6        2,781.4
3   Household                           2,011.6        1,871.1
4   Nonfinancial corporate
      business                            270.2          268.0
5   Nonfarm noncorporate
      business                             38.0           37.4
6   State and local governments           604.8          605.0
7 Federal government                      195.3          200.4
8 Rest of the world                     1,926.6        2,256.8
9 Financial sectors                    14,777.2       16,039.5
10  Monetary authority                    393.1          431.4
11  Commercial banking                  3,707.7        4,031.9
12     U.S.-chartered banks             3,175.8        3,450.7
13     Foreign banking offices in
       United States                      475.8          516.1
14     Bank holding companies              22.0           27.4
15     Banks in U.S.-affiliated
       areas                               34.1           37.8
16 Savings institutions                   933.2          928.5
17 Credit unions                          288.5          305.3
18 Bank personal trusts and
    estates                               232.0          239.5
19 Life insurance companies             1,657.0        1,751.3
20 Other insurance companies              491.2          515.3
21 Private pension funds                  769.2          834.7
22 State and local government
    retirement funds                      568.2          632.0
23 Money market mutual funds              634.3          721.9
24 Mutual funds                           820.2          901.1
25 Closed-end funds                       101.1           98.3
26 Government-sponsored
    enterprises                           807.9          902.2
27 Federally related mortgage
    pools                               1,711.4        1,825.8
28 Asset-backed securities
    issuers (ABSs)                        777.0          939.3
29 Finance companies                      544.5          566.4
30 Mortgage companies                      41.2           32.1
31 Real estate investment
    trusts (REITs)                         30.4           50.6
32 Brokers and dealers                    167.7          182.6
33 Funding corporations                   101.4          149.4

     RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Total credit market debt            19,823.7       21,278.1

    Other liabilities
35 Official foreign exchange               53.7           48.9
36 Special drawing rights
    certificates                            9.7            9.2
37 Treasury currency                       18.3           18.3
38 Foreign deposits                       516.1          618.8
39 Net interbank liabilities              240.8          219.4
40 Checkable deposits and
    currency                            1,245.1        1,286.6
41 Small time and savings
    deposits                            2,377.0        2,474.1
42 Large time deposits                    590.9          713.4
43 Money market fund shares               891.1        1,048.7
44 Security repurchase
    agreements                            701.5          822.4
45 Mutual fund shares                   2,342.4        2,989.4
46 Security credit                        358.1          469.1
47 Life insurance reserves                610.6          665.0
48 Pension fund reserves                6,642.5        7,894.4
49 Trade payables                       1,328.4        1,424.6
50 Taxes payable                          123.6          140.4
51 Investment in bank
    personal trusts                       871.7        1,082.8
52 Miscellaneous                        6,098.8        6,663.5
53 Total liabilities                   44,843.8       49,867.0

      Financial assets not
   included in liabilities (+)

54 Gold and special drawing
    rights                                 21.4           21.1
55 Corporate equities                  10,062.4       12,776.0
56 Household equity in
    noncorporate business               3,864.5        4,213.4

   Liabilities not identified
       as assets (-)
57 Treasury currency                       -6.7           -7.3
58 Foreign deposits                       431.4          534.0
59 Net interbank transactions             -10.6          -32.2
60 Security repurchase                     90.9          153.1
    agreements
61 Taxes payable                           76.7           93.5
62 Miscellaneous                       -1,714.9       -2,087.0

   Floats not included in
        assets (-)
63 Federal government
    checkable deposits                     -1.6           -8.1
64 Other checkable deposits                30.1           26.2
65 Trade credit                          -307.7         -314.5
66 Total identified to sectors
    as assets                          60,204.6       68,519.7

                                          1997           1998
     Transaction category or
             sector                        Q4             Q1

         CREDIT MARKET DEBT
         OUTSTANDING(2)

1 Total credit market assets            21,278.1       21,783.9

2 Domestic nonfederal
    nonfinancial sectors                 2,781.4        2,761.2
3   Household                            1,871.1        1,868.2
4   Nonfinancial corporate
      business                             268.0          249.6
5   Nonfarm noncorporate
      business                              37.4           37.4
6   State and local governments            605.0          606.0
7 Federal government                       200.4          204.3
8 Rest of the world                      2,256.8        2,317.1
9 Financial sectors                     16,039.5       16,501.3
10  Monetary authority                     431.4          433.8
11  Commercial banking                   4,031.9        4,093.4
12     U.S.-chartered banks              3,450.7        3,505.1
13     Foreign banking offices in
       United States                       516.1          517.9
14     Bank holding companies               27.4           31.2
15     Banks in U.S.-affiliated
       areas                                37.8           39.2
16 Savings institutions                    928.5          931.3
17 Credit unions                           305.3          306.7
18 Bank personal trusts and
    estates                                239.5          240.1
19 Life insurance companies              1,751.3        1,777.3
20 Other insurance companies               515.3          521.1
21 Private pension funds                   834.7          853.4
22 State and local government
    retirement funds                       632.0          648.9
23 Money market mutual funds               721.9          775.0
24 Mutual funds                            901.1          940.0
25 Closed-end funds                         98.3           99.4
26 Government-sponsored
    enterprises                            902.2          951.4
27 Federally related mortgage
    pools                                1,825.8        1,847.1
28 Asset-backed securities
    issuers (ABSs)                         939.3          989.2
29 Finance companies                       566.4          572.0
30 Mortgage companies                       32.1           46.8
31 Real estate investment
    trusts (REITs)                          50.6           57.0
32 Brokers and dealers                     182.6          244.0
33 Funding corporations                    149.4          173.5

     RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Total credit market debt             21,278.1       21,783.9

    Other liabilities
35 Official foreign exchange                48.9           48.2
36 Special drawing rights
    certificates                             9.2            9.2
37 Treasury currency                        18.3           18.4
38 Foreign deposits                        618.8          607.2
39 Net interbank liabilities               219.4          179.6
40 Checkable deposits and
    currency                             1,286.6        1,259.2
41 Small time and savings
    deposits                             2,474.1        2,525.4
42 Large time deposits                     713.4          760.9
43 Money market fund shares              1,048.7        1,130.7
44 Security repurchase
    agreements                             822.4          889.3
45 Mutual fund shares                    2,989.4        3,339.3
46 Security credit                         469.1          505.3
47 Life insurance reserves                 665.0          677.3
48 Pension fund reserves                 7,894.4        8,583.1
49 Trade payables                        1,424.6        1,419.2
50 Taxes payable                           140.4          151.7
51 Investment in bank
    personal trusts                      1,082.8        1,179.5
52 Miscellaneous                         6,663.5        6,737.3
53 Total liabilities                    49,867.0       51,804.7

      Financial assets not
   included in liabilities (+)

54 Gold and special drawing
    rights                                  21.1           21.2
55 Corporate equities                   12,776.0       14,397.6
56 Household equity in
    noncorporate business                4,213.4        4,039.4

   Liabilities not identified
       as assets (-)
57 Treasury currency                        -7.3           -7.4
58 Foreign deposits                        534.0          510.1
59 Net interbank transactions              -32.2          -21.2
60 Security repurchase                     153.1          187.4
    agreements
61 Taxes payable                            93.5           89.6
62 Miscellaneous                        -2,087.0       -2,259.2

   Floats not included in
        assets (-)
63 Federal government
    checkable deposits                      -8.1          -10.4
64 Other checkable deposits                 26.2           21.4
65 Trade credit                           -314.5         -358.1
66 Total identified to sectors
    as assets                           68,519.7       72,110.7

                                                 1998
     Transaction category or
             sector                       Q2             Q3

         CREDIT MARKET DEBT
         OUTSTANDING(2)

1 Total credit market assets           22,286.0       22,764.5

2 Domestic nonfederal
    nonfinancial sectors                2,847.0        2,876.6
3   Household                           1,919.2        1,913.4
4   Nonfinancial corporate
      business                            238.7          244.7
5   Nonfarm noncorporate
      business                             37.4           37.4
6   State and local governments           651.6          681.1
7 Federal government                      207.5          210.9
8 Rest of the world                     2,396.0        2,412.2
9 Financial sectors                    16,835.5       17,264.8
10  Monetary authority                    440.3          446.5
11  Commercial banking                  4,136.4        4,195.7
12     U.S.-chartered banks             3,543.6        3,616.2
13     Foreign banking offices in
       United States                      525.6          510.1
14     Bank holding companies              26.8           28.3
15     Banks in U.S.-affiliated
       areas                               40.4           41.1
16 Savings institutions                   930.8          939.3
17 Credit unions                          315.1          320.5
18 Bank personal trusts and
    estates                               240.9          241.4
19 Life insurance companies             1,793.2        1,810.6
20 Other insurance companies              520.8          518.9
21 Private pension funds                  885.9          909.8
22 State and local government
    retirement funds                      668.5          684.9
23 Money market mutual funds              815.9          869.9
24 Mutual funds                           979.1        1,005.9
25 Closed-end funds                       100.5          101.7
26 Government-sponsored
    enterprises                           989.4        1,055.4
27 Federally related mortgage
    pools                               1,908.9        1,975.7
28 Asset-backed securities
    issuers (ABSs)                      1,068.9        1,134.2
29 Finance companies                      579.0          592.7
30 Mortgage companies                      32.7           33.8
31 Real estate investment
    trusts (REITs)                         58.5           55.7
32 Brokers and dealers                    198.3          217.5
33 Funding corporations                   172.6          155.1

     RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Total credit market debt            22,286.0       22,764.5

    Other liabilities
35 Official foreign exchange               50.1           54.5
36 Special drawing rights
    certificates                            9.2            9.2
37 Treasury currency                       18.4           18.8
38 Foreign deposits                       630.4          651.7
39 Net interbank liabilities              189.1          198.7
40 Checkable deposits and
    currency                            1,320.7        1,282.3
41 Small time and savings
    deposits                            2,531.0        2,553.8
42 Large time deposits                    754.0          776.5
43 Money market fund shares             1,153.7        1,249.7
44 Security repurchase
    agreements                            861.5          918.9
45 Mutual fund shares                   3,438.4        3,137.3
46 Security credit                        540.6          579.0
47 Life insurance reserves                690.6          703.5
48 Pension fund reserves                8,730.8        8,194.6
49 Trade payables                       1,405.0        1,418.3
50 Taxes payable                          144.4          154.7
51 Investment in bank
    personal trusts                     1,204.9        1,118.9
52 Miscellaneous                        6,807.2        7,024.1
53 Total liabilities                   52,765.9       52,809.1

      Financial assets not
   included in liabilities (+)

54 Gold and special drawing
    rights                                 21.0           21.2
55 Corporate equities                  14,556.1       12,758.4
56 Household equity in
    noncorporate business               4,255.1        4,265.5

   Liabilities not identified
       as assets (-)
57 Treasury currency                       -7.4           -7.2
58 Foreign deposits                       540.1          557.6
59 Net interbank transactions             -17.1          -15.4
60 Security repurchase                    140.9          175.2
    agreements
61 Taxes payable                           95.6          101.9
62 Miscellaneous                       -2,311.2       -2,449.9

   Floats not included in
        assets (-)
63 Federal government
    checkable deposits                    -16.1          -12.0
64 Other checkable deposits                24.2           15.7
65 Trade credit                          -412.2         -440.1
66 Total identified to sectors
    as assets                          73,561.4       71,928.4

                                       1998              1999
     Transaction category or
             sector                     Q4          Q1         Q2

         CREDIT MARKET DEBT
         OUTSTANDING(2)

1 Total credit market assets         23,402.9    24,005.5   24,428.7

2 Domestic nonfederal
    nonfinancial sectors              2,813.0     2,875.4    2,915.9
3   Household                         1,805.8     1,874.9    1,889.2
4   Nonfinancial corporate
      business                          265.4       246.1      257.0
5   Nonfarm noncorporate
      business                           37.4        37.4       37.4
6   State and local governments         704.4       717.1      732.3
7 Federal government                    213.9       218.3      219.9
8 Rest of the world                   2,534.3     2,591.8    2,603.3
9 Financial sectors                  17,841.7    18,320.0   18,689.7
10  Monetary authority                  452.5       466.0      485.1
11  Commercial banking                4,335.7     4,338.4    4,383.3
12     U.S.-chartered banks           3,761.2     3,782.9    3,847.1
13     Foreign banking offices in
       United States                    504.2       487.8      465.7
14     Bank holding companies            26.5        25.0       25.1
15     Banks in U.S.-affiliated
       areas                             43.8        42.7       45.0
16 Savings institutions                 964.8       990.8    1,011.4
17 Credit unions                        324.2       331.0    3,422.0
18 Bank personal trusts and
    estates                             242.4       243.1      243.7
19 Life insurance companies           1,828.0     1,853.7    1,876.1
20 Other insurance companies            535.7       530.8      532.1
21 Private pension funds                953.4       968.5    1,006.0
22 State and local government
    retirement funds                    697.0       715.6      724.9
23 Money market mutual funds            965.9     1,036.2    1,001.1
24 Mutual funds                       1,025.9     1,050.5    1,078.
25 Closed-end funds                     102.8       103.9      105.0
26 Government-sponsored
    enterprises                       1,163.0     1,201.9   12,671.0
27 Federally related mortgage
    pools                             2,018.4     2,112.3    2,182.1
28 Asset-backed securities
    issuers (ABSs)                    1,216.0     1,280.8    1,355.7
29 Finance companies                    618.4       639.9      660.9
30 Mortgage companies                    35.3        33.0       35.6
31 Real estate investment
    trusts (REITs)                       45.5        45.9      452.0
32 Brokers and dealers                  165.2       211.4      160.2
33 Funding corporations                 151.7       166.4      192.2

     RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Total credit market debt          23,402.9    24,005.5   24,428.7

    Other liabilities
35 Official foreign exchange             60.1        53.6       50.9
36 Special drawing rights
    certificates                          9.2         8.2        8.2
37 Treasury currency                     18.3        18.3      182.0
38 Foreign deposits                     639.9       671.8      700.4
39 Net interbank liabilities            187.7       180.5      196.4
40 Checkable deposits and
    currency                          1,334.2     1,311.5    1,354.3
41 Small time and savings
    deposits                          2,626.5     2,638.6    2,646.4
42 Large time deposits                  805.5       804.3      809.1
43 Money market fund shares           1,334.2     1,416.0    1,398.1
44 Security repurchase
    agreements                          875.0       980.3      961.4
45 Mutual fund shares                 3,610.5     3,760.8    4,029.9
46 Security credit                      577.4       552.7      576.7
47 Life insurance reserves              718.3       730.9      747.4
48 Pension fund reserves              9,160.7     9,335.8    9,770.1
49 Trade payables                     1,424.3     1,430.4    1,454.4
50 Taxes payable                        153.4       159.6      158.4
51 Investment in bank
    personal trusts                   1,274.2     1,317.0    1,402.7
52 Miscellaneous                      7,094.4     7,087.4    7,184.1
53 Total liabilities                 55,306.8    56,463.3   57,897.1

      Financial assets not
   included in liabilities (+)

54 Gold and special drawing
    rights                               21.6        20.7       20.8
55 Corporate equities                15,437.7    15,970.3   17,137.5
56 Household equity in
    noncorporate business             4,288.4     4,293.4    4,257.7

   Liabilities not identified
       as assets (-)
57 Treasury currency                     -8.0        -8.4       -8.5
58 Foreign deposits                     539.7       555.1      573.5
59 Net interbank transactions           -27.0       -11.3      -10.5
60 Security repurchase                  168.4       263.0      255.6
    agreements
61 Taxes payable                        103.9        90.6      108.2
62 Miscellaneous                     -2,719.9    -2,953.5   -2,998.9

   Floats not included in
        assets (-)
63 Federal government
    checkable deposits                   -3.9        -7.2      -12.4
64 Other checkable deposits              23.1        18.9       22.1
65 Trade credit                        -373.7      -415.3     -432.3
66 Total identified to sectors
    as assets                        77,351.9    79,215.7   81,816.2


(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                                 1996       1997       1998

 1 Industrial production(1)            119.5      126.8     1313.0

    Market groupings
 2 Products, total                     114.4      119.6      123.5
 3 Final, total                        115.5      121.1      125.4
 4    Consumer goods                   111.3      114.1      115.2
 5    Equipment                        122.7      133.9      144.2
 6  Intermediate                       110.9      115.2      118.0
 7 Materials                           127.8      138.2      144.0

     Industry groupings
 8 Manufacturing                       121.4      129.7      135.1

 9 Capacity utilization,
     manufacturing (percent):           81.4       82.0       80.8

10 Construction contracts(3)           130.9   142.9(r)   157.1(r)

11 Nonagricultural
     employment, total(4)              117.3      120.3      123.4
12  Goods-producing, total               2.4        2.4        2.3
13    Manufacturing, total              97.4       98.2       98.5
14    Manufacturing, production
       workers                          98.6       99.6       99.6
15  Service-producing                  123.1      126.5      130.1
16 Personal income, total           165.7(r)   174.9(r)   183.8(r)
17  Wages and salary
     disbursements                     159.8      171.2      182.6
18    Manufacturing                    135.7      144.7      151.1
19  Disposable personal
     income(5)                      164.5(r)   172.3(r)   179.2(r)
20 Retail sales(5)                     162.5      170.1      178.5

    Prices(6)
21 Consumer (1982--84=100)             156.9      160.5      163.0
22 Producer finished
     goods (1982=100)                  131.3      131.8      130.7

                                       1998            1999
Measure
                                       Dec.       Jan.       Feb.

 1 Industrial production(1)            132.3      132.3      132.5

    Market groupings
 2 Products, total                     124.4      124.5      124.6
 3 Final, total                        125.9      125.8      125.9
 4    Consumer goods                   114.9      115.2      115.3
 5    Equipment                        145.6      145.0      145.1
 6  Intermediate                       119.8      120.3      120.4
 7 Materials                           145.2      144.9      145.3

     Industry groupings
 8 Manufacturing                       136.7      136.4      136.9

 9 Capacity utilization,
     manufacturing (percent):           80.0       79.5       79.5

10 Construction contracts(3)        168.0(r)   178.0(r)      167.0

11 Nonagricultural
     employment, total(4)              124.8      124.9      125.3
12  Goods-producing, total             102.8      102.6      102.7
13    Manufacturing, total              98.0       97.8       97.6
14    Manufacturing, production
       workers                          98.8       98.6       98.3
15  Service-producing                  131.8      132.1      132.5
16 Personal income, total           187.7(r)   188.8(r)   189.6(r)
17  Wages and salary
     disbursements                     187.6      189.0      190.2
18    Manufacturing                    151.7      152.4      152.8
19  Disposable personal
     income(5)                      182.7(r)   183.8(r)   184.5(r)
20 Retail sales(5)                     184.7      186.8      190.0

    Prices(6)
21 Consumer (1982--84=100)             163.9      164.3      164.5
22 Producer finished
     goods (1982=100)                  131.1      131.4      130.8

Measure
                                      Mar.       Apr.          May

 1 Industrial production(1)           133.3      133.7        134.0

    Market groupings
 2 Products, total                    125.2      125.6        125.8
 3 Final, total                       126.5      126.8        127.2
 4    Consumer goods                  115.3      115.5     115.6(r)
 5    Equipment                       146.7      147.2     148.0(r)
 6  Intermediate                      121.0      121.5     121.4(r)
 7 Materials                          146.7      146.9        147.3

     Industry groupings
 8 Manufacturing                      137.5      138.0        138.4

 9 Capacity utilization,
     manufacturing (percent):          79.5       79.6         79.5

10 Construction contracts(3)       163.0(r)       168.  0  169.0(r)

11 Nonagricultural
     employment, total(4)             125.4      125.7        125.7
12  Goods-producing, total            102.5      102.5        102.1
13    Manufacturing, total             97.4       97.2         97.0
14    Manufacturing, production
       workers                         98.2       98.0         97.8
15  Service-producing                 132.7      133.1        133.2
16 Personal income, total          190.2(r)   191.0(r)     191.7(r)
17  Wages and salary
     disbursements                    190.6      191.7        192.6
18    Manufacturing                   152.9      153.5        154.4
19  Disposable personal
     income(5)                     185.2(r)   186.0(r)     186.4(r)
20 Retail sales(5)                    189.8      190.9        192.8

    Prices(6)
21 Consumer (1982--84=100)            165.0      166.2        166.2
22 Producer finished
     goods (1982=100)              131.1(r)   131.9(r)        132.4

                                                  1999
Measure
                                        June       July     Aug.(p)

 1 Industrial production(1)            134.2      135.2      135.6

    Market groupings
 2 Products, total                  125.6(r)      126.0      126.4
 3 Final, total                     127.1(r)      127.4      128.2
 4    Consumer goods                   115.9      115.7      116.6
 5    Equipment                     147.3(r)      148.6      149.1
 6  Intermediate                    121.0(r)      121.5      121.0
 7 Materials                           148.2      150.4      150.8

     Industry groupings
 8 Manufacturing                    138.5(r)       139.3      139.9

 9 Capacity utilization,
     manufacturing (percent):            79.4       79.6       79.8

10 Construction contracts(3)         174.0(r)      164.0      147.0

11 Nonagricultural
     employment, total(4)               126.0      126.3      126.4
12  Goods-producing, total              102.1      102.3      101.9
13    Manufacturing, total               96.8       97.1       96.8
14    Manufacturing, production
       workers                           97.5       98.0       97.6
15  Service-producing                   133.6      134.0      134.3
16 Personal income, total            193.1(r)      193.5       n.a.
17  Wages and salary
     disbursements                      193.6      195.0       n.a.
18    Manufacturing                     155.1      156.4       n.a.
19  Disposable personal
     income(5)                          187.7      188.0       n.a.
20 Retail sales(5)                   192.6(r)      194.6      196.8

    Prices(6)
21 Consumer (1982--84=100)              166.2      166.7      167.1
22 Producer finished
     goods (1982=100)                   132.7      132.9      133.7


(1.) Data in this table appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site, http://www.federalreserve.gov/releases/g17. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 1998. The recent annual revision is described in an article in the January 1999 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, DRI McGraw-Hill, 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                            1996       1997       1998

      HOUSEHOLD SURVEY DATA(1)

 1  Civilian labor force(2)            133,943    136,297    137,673
      Employment
 2    Nonagricultural industries(3)    123,264    126,159    128,085
 3    Agriculture                        3,443      3,399      3,378
      Unemployment
 4    Number                             7,236      6,739      6,210
 5    Rate (percent of civilian
        labor force)                       5.4        4.9        4.5

    ESTABLISHMENT SURVEY
      DATA

 6  Nonagricultural payroll            119,608    122,690    125,833
      employment(4)

 7  Manufacturing                       18,495     18,657     18,716
 8  Mining                                 580        592        575
 9  Contract construction                5,418      5,686      5,965
10  Transportation and public
      utilities                          6,253      6,395      6,551
11  Trade                               28,079     28,659     29,299
12  Finance                              6,911      7,091      7,341
13  Service                             34,454     36,040     37,525
14  Government                          19,419     19,570     19,862

      Category                                       1999

                                         Jan.       Feb.       Mar.
      HOUSEHOLD SURVEY DATA(1)

 1  Civilian labor force(2)            139,347    139,271    138,816
      Employment
 2    Nonagricultural industries(3)    130,097    129,817    129,752
 3    Agriculture                        3,299      3,328      3,281
      Unemployment
 4    Number                             5,950      6,127      5,783
 5    Rate (percent of civilian
        labor force)                       4.3        4.4        4.2

    ESTABLISHMENT SURVEY
      DATA

 6  Nonagricultural payroll            127,378    127,730    127,813
      employment(4)

 7  Manufacturing                       18,585     18,538     18,503
 8  Mining                                 560        553        550
 9  Contract construction                6,170      6,238      6,232
10  Transportation and public
      utilities                          6,708      6,723      6,732
11  Trade                               29,480     29,585     29,558
12  Finance                              7,570      7,581      7,595
13  Service                             38,313     38,458     38,556
14  Government                          19,992     20,054     20,087

      Category                                       1999
                                       Apr.(r)    May(r)       June

      HOUSEHOLD SURVEY DATA(1)

 1  Civilian labor force(2)            139,091    139,019    139,408
      Employment
 2    Nonagricultural industries(3)    129,685    129,929    130,078
 3    Agriculture                        3,384      3,295      3,354
      Unemployment
 4    Number                             6,022      5,795      5,975
 5    Rate (percent of civilian
        labor force)                       4.3        4.2        4.3

    ESTABLISHMENT SURVEY
      DATA

 6  Nonagricultural payroll            128,134    128,162    128,443
      employment(4)

 7  Manufacturing                       18,473     18,429     18,396
 8  Mining                                 538        531        526
 9  Contract construction                6,277      6,239      6,258
10  Transportation and public
      utilities                          6,750      6,758      6,781
11  Trade                               29,689     29,725     29,789
12  Finance                              7,611      7,621      7,636
13  Service                             38,697     38,782     38,952
14  Government                          20,099     20,077     20,105

      Category                                      1999

                                              July       Aug.

      HOUSEHOLD SURVEY DATA(1)
 1  Civilian labor force(2)                 139,254    139,264
      Employment
 2    Nonagricultural industries(3)         130,015    130,192
 3    Agriculture                             3,292      3,219
      Unemployment
 4    Number                                  5,947      5,853
 5    Rate (percent of civilian
        labor force)                            4.3        4.2

    ESTABLISHMENT SURVEY
      DATA

 6  Nonagricultural payroll                 128,781    128,905
      employment(4)

 7  Manufacturing                            18,447     18,384
 8  Mining                                      529        526
 9  Contract construction                     6,272      6,243
10  Transportation and public
      utilities                               6,797      6,809
11  Trade                                    29,906     29,923
12  Finance                                   7,644      7,655
13  Service                                  39,030     39,162
14  Government                               20,156     20,203


(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
                                          1998           1999
Series                                 Q3      Q4    Q1(r)    Q2

                                          Output (1992 = 100)

 1 Total industry                    131.6   132.3   132.7   134.0
 2 Manufacturing                     134.8   136.4   136.9   138.3
 3 Primary processing(3)             120.2   120.6   121.7   121.8
 4 Advanced processing(4)            142.1   144.4   144.6   146.6
 5 Durable goods                     157.9   161.2   162.1   164.9
 6 Lumber and products               117.7   119.2   121.6   121.6
 7 Primary metals                    122.4   119.3   120.4   123.4
 8 Iron and steel                    118.7   112.9   115.5   120.4
 9 Nonferrous                        126.8   126.9   126.3   127.1
10 Industrial machinery
   and equipment                     207.9   211.7   214.6   219.5
11 Electrical machinery              292.7   304.8   310.3   326.9
12 Motor vehicles and parts          137.2   148.5   147.5   151.1
13 Aerospace and miscellaneous
   transportation equipment          106.6   105.8   103.1   100.2
14 Nondurable goods                  111.3   111.4   111.6   111.6
15 Textile mill products             112.1   110.2   109.7   111.2
16 Paper and products                115.0   114.3   116.3   114.9
17 Chemicals and products            114.4   114.0   114.0   115.1
18 Plastics materials                128.4   131.9   129.6   131.0
19 Petroleum products                112.7   111.9   115.4   112.9
20 Mining                            103.6   100.7    98.8    97.9
21 Utilities                         119.6   112.9   114.3   116.3
22 Electric                          121.2   116.7   116.4   118.7

                                          1998            1999
Series                                 Q3      Q4      Q1      Q2

                                   Capacity (percent of 1992 output)

 1 Total industry                    161.5   163.5   165.2   166.7
 2 Manufacturing                     168.1   170.3   172.3   174.0
 3 Primary processing(3)             145.1   146.1   146.9   147.7
 4 Advanced processing(4)            179.2   182.0   184.5   186.7
 5 Durable goods                     197.5   201.2   204.4   207.4
 6 Lumber and products               143.9   144.9   146.0   147.1
 7 Primary metals                    143.2   144.4   145.4   145.9
 8 Iron and steel                    144.6   146.5   147.9   148.8
 9 Nonferrous                        141.3   141.7   142.1   142.4
10 Industrial machinery
   and equipment                     242.9   251.6   259.8   266.9
11 Electrical machinery              381.6   396.6   411.0   424.9
12 Motor vehicles and parts          184.9   186.0   186.7   187.1
13 Aerospace and miscellaneous
   transportation equipment          128.0   128.5   128.8   128.7
14 Nondurable goods                  137.5   138.4   139.1   139.6
15 Textile mill products             135.1   135.2   135.0   134.7
16 Paper and products                132.5   133.4   134.2   135.0
17 Chemicals and products            148.9   149.7   150.3   150.8
18 Plastics materials                141.9   143.2   144.4   145.6
19 Petroleum products                116.8   117.1   117.4   117.7
20 Mining                            120.1   120.6   120.9   121.2
21 Utilities                         126.5   126.7   126.9   127.1
22 Electric                          124.0   124.3   124.5   124.7

                                          1998           1999
Series                                 Q3      Q4      Q1     Q2(r)

                                       Capacity utilization rate
                                              (percent)(2)

 1 Total industry                     81.5    80.9    80.3    80.4
 2 Manufacturing                      80.2    80.1    79.5    79.5
 3 Primary processing(3)              82.9    82.5    82.8    82.5
 4 Advanced processing(4)             79.3    79.3    78.3    78.5
 5 Durable goods                      79.9    80.1    79.3    79.5
 6 Lumber and products                81.8    82.3    83.3    82.7
 7 Primary metals                     85.5    82.6    82.8    84.6
 8 Iron and steel                     82.1    77.0    78.1    80.9
 9 Nonferrous                         89.7    89.6    88.9    89.3
10 Industrial machinery
   and equipment                      85.6    84.1    82.6    82.2
11 Electrical machinery               76.7    76.9    75.5    76.9
12 Motor vehicles and parts           74.2    79.8    79.0    80.8
13 Aerospace and miscellaneous
   transportation equipment           83.3    82.4    80.1    77.9
14 Nondurable goods                   80.9    80.5    80.2    79.9
15 Textile mill products              83.0    81.5    81.2    82.5
16 Paper and products                 86.8    85.7    86.7    85.1
17 Chemicals and products             76.8    76.1    75.8    76.3
18 Plastics materials                 90.5    92.1    89.8    89.9
19 Petroleum products                 96.5    95.6    98.3    95.9
20 Mining                             86.2    83.5    81.7    80.8
21 Utilities                          94.6    89.2    90.0    91.5
22 Electric                           97.7    93.9    93.5    95.2

                             1973    1975      Previous      Latest
                                               cycle(5)     cycle(6)
                             High     Low    High     Low     High

                             Capacity utilization rate (percent)(2)

 1 Total industry            89.2    72.6    87.3    71.1     85.4
 2 Manufacturing             88.5    70.5    86.9    69.0     85.7
 3 Primary processing(3)     91.2    68.2    88.1    66.2     88.9
 4 Advanced processing(4)    87.2    71.8    86.7    70.4     84.2
 5 Durable goods             89.2    68.9    87.7    63.9     84.6
 6 Lumber and products       88.7    61.2    87.9    60.8     93.6
 7 Primary metals           100.2    65.9    94.2    45.1     92.7
 8 Iron and steel           105.8    66.6    95.8    37.0     95.2
 9 Nonferrous                90.8    59.8    91.1    60.1     89.3
10 Industrial machinery
   and equipment             96.0    74.3    93.2    64.0     85.4
11 Electrical machinery      89.2    64.7    89.4    71.6     84.0
12 Motor vehicles and
   parts                     93.4    51.3    95.0    45.5     89.1
13 Aerospace and
   miscellaneous
   transportation
   equipment                 78.4    67.6    81.9    66.6     87.3
14 Nondurable goods          87.8    71.7    87.5    76.4     87.3
15 Textile mill products     91.4    60.0    91.2    72.3     90.4
16 Paper and products        97.1    69.2    96.1    80.6     93.5
17 Chemicals and products    87.6    69.7    84.6    69.9     86.2
18 Plastics materials       102.0    50.6    90.9    63.4     97.0
19 Petroleum products        96.7    81.1    90.0    66.8     88.5
20 Mining                    94.3    88.2    96.0    80.3     88.0
21 Utilities                 96.2    82.9    89.1    75.9     92.6
22 Electric                  99.0    82.7    88.2    78.9     95.0

                                 Latest      1998         1999
                                cycle(6)
                                  Low        Aug.     Mar.     Apr.

                              Capacity utilization rate (percent)(2)

 1 Total industry                 78.1       82.0     80.5     80.4
 2 Manufacturing                  76.6       80.7     79.5     79.6
 3 Primary processing(3)          77.7       83.1     82.7     82.5
 4 Advanced processing(4)         76.1       79.9     78.4     78.6
 5 Durable goods                  73.1       80.9     79.4     79.5
 6 Lumber and products            75.5       82.3     82.5     82.1
 7 Primary metals                 73.7       86.9     83.8     83.9
 8 Iron and steel                 71.8       84.7     79.0     80.0
 9 Nonferrous                     74.2       89.7     89.9     88.9
10 Industrial machinery
   and equipment                  72.3       85.2     83.0     82.9
11 Electrical machinery           75.0       76.2     75.3     76.7
12 Motor vehicles and
   parts                          55.9       83.4     79.8     79.9
13 Aerospace and
   miscellaneous
   transportation
   equipment                      79.2       83.5     79.5     78.5
14 Nondurable goods               80.7       80.9     80.2     80.2
15 Textile mill products          77.7       82.8     80.8     82.6
16 Paper and products             85.0       87.0     86.6     85.1
17 Chemicals and products         79.3       76.7     76.5     76.4
18 Plastics materials             74.8       92.9     89.4     90.0
19 Petroleum products             85.1       97.7     96.2     97.2
20 Mining                         87.0       86.3     81.8     81.1
21 Utilities                      83.4       95.1     91.9     91.1
22 Electric                       87.1       97.8     95.4     94.9

                                              1999
                              May(r)   June(r)   July(r)   Aug.(p)

                             Capacity utilization rate (percent)(2)

 1 Total industry              80.4      80.3      80.7     80.8
 2 Manufacturing               79.5      79.4      79.6     79.8
 3 Primary processing(3)       82.5      82.4      82.8     82.7
 4 Advanced processing(4)      78.6      78.4      78.6     78.9
 5 Durable goods               79.5      79.5      80.2     80.5
 6 Lumber and products         83.6      82.5      82.6     81.5
 7 Primary metals              84.1      85.6      87.1     87.4
 8 Iron and steel              80.4      82.3      84.2     84.6
 9 Nonferrous                  88.9      90.0      90.9     91.1
10 Industrial machinery
   and equipment               82.1      81.6      81.6     81.9
11 Electrical machinery        76.9      77.2      79.9     80.1
12 Motor vehicles and
   parts                       80.6      81.8      81.7     85.3
13 Aerospace and
   miscellaneous
   transportation
   equipment                   77.9      77.2      76.8     75.9
14 Nondurable goods            80.0      79.6      79.5     79.5
15 Textile mill products       82.4      82.6      83.6     82.8
16 Paper and products          84.6      85.7      84.9     85.2
17 Chemicals and products      76.5      76.0      75.5     76.2
18 Plastics materials          90.4      89.5      88.5     87.7
19 Petroleum products          96.0      94.5      97.2     96.4
20 Mining                      80.8      80.5      81.2     81.7
21 Utilities                   90.8      92.5      94.6     93.1
22 Electric                    94.5      96.4      99.1     97.1


(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 November 1998. The recent annual revision is described in an article in the January 1999 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

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

2.14 HOUSING AND CONSTRUCTION

Monthly figures at seasonally adjusted annual rates except as noted
Item                                1996         1997         1998

                                    Private residential real estate
                                     activity (thousands of units
                                           except as noted)

   NEW UNITS

 1 Permits authorized               1,426        1,441        1,604
 2 One-family                       1,070        1,062        1,184
 3 Two-family or more                 356          379          421
 4 Started                          1,477        1,474        1,617
 5 One-family                       1,161        1,134        1,271
 6 Two-family or more                 316          340          346
 7 Under construction at
   end of period(1)                   819          834          935
 8 One-family                         584          570          638
 9 Two-family or more                 235          264          297
10 Completed                        1,406        1,406        1,473
11 One-family                       1,123        1,120        1,158
12 Two-family or more                 283          285          315

Merchant builder activity in          361          354          372
one-family units

14 Number sold                        757          804          886
15 Number for sale at
   end of period(1)                   326          287          300

Price of units sold
(thousands of dollars(2)

16 Median                           140.0        146.0        152.5
17 Average                          166.4        176.2        181.9

EXISTING UNITS (one-family)

18 Number sold                      4,196        4,381        4,970

Price of units sold
(thousands of dollars)(2)

19 Median                           115.8        121.8        128.4
20 Average                          141.8        150.5        159.1

                                      Value of new construction
                                      (millions of dollars)(3)

CONSTRUCTION

21 Total put in place          581,920(r)   617,877(r)   664,451(r)
22 Private                     447,593(r)   474,842(r)   518,987(r)
23 Residential                 255,577(r)   265,908(r)   293,569(r)
24 Nonresidential              192,017(r)   208,933(r)   225,418(r)
25 Industrial buildings         32,644(r)    31,355(r)    32,308(r)
26 Commercial buildings         75,829(r)    86,190(r)    95,252(r)
27 Other buildings              30,648(r)    37,198(r)    39,438(r)
28 Public utilities
   and other                    52,896(r)    54,190(r)    58,421(r)
29 Public                      134,326(r)   143,035(r)   145,464(r)
30 Military                      2,604(r)     2,559(r)     2,588(r)
31 Highway                      39,883(r)    44,295(r)    45,067(r)
32 Conservation and
   development                   5,827(r)     5,576(r)     5,487(r)
33 Other                        86,012(r)    90,605(r)    92,322(r)

Item                                             1998
                                    Oct.         Nov.         Dec.

                                    Private residential real estate
                                     activity (thousands of units
                                           except as noted)

   NEW UNITS

 1 Permits authorized               1,726        1,688        1,708
 2 One-family                       1,210        1,254        1,296
 3 Two-family or more                 516          434          412
 4 Started                          1,698        1,654        1,750
 5 One-family                       1,298        1,375        1,383
 6 Two-family or more                 400          279          367
 7 Under construction at
   end of period(1)                   968          971          999
 8 One-family                         659          667          688
 9 Two-family or more                 309          304          311
10 Completed                        1,455        1,600        1,440
11 One-family                       1,164        1,254        1,150
12 Two-family or more                 291          346          290

Merchant builder activity in          352          389          382
one-family units

14 Number sold                        903          985          958
15 Number for sale at
   end of period(1)                   293          292          295

Price of units sold
(thousands of dollars(2)

16 Median                           154.5        151.0        152.5
17 Average                          182.8        178.6        183.3

EXISTING UNITS (one-family)

18 Number sold                      4,940        5,020        5,340

Price of units sold
(thousands of dollars)(2)

19 Median                           128.1        129.4        128.5
20 Average                          157.7        159.9        159.6

                                      Value of new construction
                                      (millions of dollars)(3)

CONSTRUCTION

21 Total put in place          674,253(r)   680,117(r)   690,462(r)
22 Private                     528,694(r)   534,743(r)   541,591(r)
23 Residential                 302,056(r)   306,299(r)   310,261(r)
24 Nonresidential              226,638(r)   228,444(r)   231,330(r)
25 Industrial buildings         30,928(r)    30,845(r)    30,327(r)
26 Commercial buildings         97,705(r)    99,831(r)   101,605(r)
27 Other buildings               38,749(r)   39,744(r)    42,354(r)
28 Public utilities
   and other                    59,256(r)    58,024(r)    57,044(r)
29 Public                      145,559(r)   145,374(r)   148,871(r)
30 Military                      2,407(r)     2,296(r)     2,306(r)
31 Highway                      46,301(r)    43,929(r)    44,583(r)
32 Conservation and
   development                   5,321(r)     5,639(r)     5,406(r)
33 Other                        91,530(r)    93,510(r)    96,576(r)

Item                                           1999
                                   Jan.         Feb.       Mar. (r)

                                    Private residential real estate
                                     activity (thousands of units
                                           except as noted)

   NEW UNITS

 1 Permits authorized               1,778        1,738        1,654
 2 One-family                       1,275        1,306        1,242
 3 Two-family or more                 503          432          412
 4 Started                          1,820        1,752        1,746
 5 One-family                       1,393        1,380        1,394
 6 Two-family or more                 427          372          352
 7 Under construction at
   end of period(1)                 1,011        1,032        1,036
 8 One-family                         697          712          714
 9 Two-family or more                 314          320          322
10 Completed                        1,648        1,528        1,700
11 One-family                       1,292        1,246        1,357
12 Two-family or more                 356          282          343

Merchant builder activity in          390          381          383
one-family units

14 Number sold                        908          909          885
15 Number for sale at
   end of period(1)                   295          297          300

Price of units sold
(thousands of dollars(2)

16 Median                           152.5        159.9        155.0
17 Average                          182.8        191.4        189.4

EXISTING UNITS (one-family)

18 Number sold                      5,060        5,140        5,420

Price of units sold
(thousands of dollars)(2)

19 Median                           130.3        128.1        129.6
20 Average                          162.8        159.6        162.3

Value of new construction
(millions of dollars)(3)

CONSTRUCTION

21 Total put in place          697,858(r)   710,657(r)    715,396(r)
22 Private                     543,471(r)   548,682(r)       555,362
23 Residential                 315,828(r)   318,483(r)       323,133
24 Nonresidential              227,643(r)   230,199(r)       232,229
25 Industrial buildings         29,895(r)    28,967(r)        29,052
26 Commercial buildings        100,164(r)   102,802(r)       103,983
27 Other buildings              38,833(r)    40,449(r)        39,840
28 Public utilities
   and other                    58,751(r)    57,981(r)        59,354
29 Public                      154,387(r)   161,975(r)       160,033
30 Military                      1,881(r)     2,636(r)         2,223
31 Highway                      50,538(r)    54,880(r)        53,099
32 Conservation and
   development                   6,018(r)     6,271(r)         6,194
33 Other                        95,950(r)    98,188(r)        98,517

Item                                          1999
                             Apr. (r)      May     June      July

                                    Private residential real estate
                                     activity (thousands of units
                                           except as noted)

   NEW UNITS

 1 Permits authorized           1,572     1,591     1,641     1,641
 2 One-family                   1,214     1,243     1,241     1,247
 3 Two-family or more             358       348       400       394
 4 Started                      1,577     1,668     1,607     1,670
 5 One-family                   1,260     1,389     1,305     1,321
 6 Two-family or more             317       279       302       349
 7 Under construction at
   end of period(1)             1,031     1,029     1,018     1,019
 8 One-family                     708       708       701       702
 9 Two-family or more             323       321       317       317
10 Completed                    1,633     1,650     1,668     1,599
11 One-family                   1,324     1,344     1,337     1,266
12 Two-family or more             309       306       331       333

Merchant builder activity in      368       365       355       336
one-family units

14 Number sold                    952       912       979       980
15 Number for sale at
   end of period(1)               300       305       307       311

Price of units sold
(thousands of dollars(2)

16 Median                       160.0     151.2     155.0     156.0
17 Average                      191.4     186.4     190.7     186.0

EXISTING UNITS (one-family)

18 Number sold                  5,250     5,000     5,630     5,400

Price of units sold
(thousands of dollars)(2)

19 Median                       130.7     132.8     136.9     136.0
20 Average                      163.8     167.4     174.2     171.9

                                      Value of new construction
                                      (millions of dollars)(3)

CONSTRUCTION

21 Total put in place          705,492   699,498   699,149   695,678
22 Private                     549,005   548,249   548,925   545,008
23 Residential                 322,297   322,090   321,718   318,971
24 Nonresidential              226,708   226,159   227,207   226,037
25 Industrial buildings         26,298    25,102    25,389    24,571
26 Commercial buildings        102,318   104,352   104,858   105,206
27 Other buildings              39,718    38,895    37,794    38,166
28 Public utilities
   and other                    58,374    57,810    59,166    58,094
29 Public                      156,487   151,249   150,224   150,671
30 Military                      2,290     2,170     2,189     2,520
31 Highway                      50,586    48,354    45,077    46,085
32 Conservation and
   development                   6,020     5,129     5,839     5,689
33 Other                        97,591    95,596    97,119    96,377


(1.) Not at annual rates.

(2.) Not seasonally adjusted.

(3.) Recent data on value of new construction may not be strictly comparable with data for previous periods because of changes by the Bureau of the Census in its estimating techniques. For a description of these changes, see Construction Reports (C-30-76-5), issued by the Census Bureau in July 1976.

SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are private, domestic shipments as reported by the Manufactured Housing Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are published by the National Association of Realtors. All back and current figures are available from the originating agency. Permit authorizations are those reported to the Census Bureau from 19,000 jurisdictions beginning in 1994.

2.15 CONSUMER AND PRODUCER PRICES

Percentage changes based on seasonally adjusted data except as noted
                                       Change from 12
                                       months earlier

          Item
                                       1998     1999
                                        Aug.     Aug.

     CONSUMER PRICES(2)
      (1982-84 = 100)

 1 All items                             1.6     2.3
 2 Food                                  2.2     2.0
 3 Energy items                         -7.7     7.2
 4 All items less food and energy        2.5     1.9
 5 Commodities                           1.1      .2
 6 Services                              3.1     2.6

      PRODUCER PRICES
        (1982=100)

 7 Finished goods                        -.8     2.3
 8 Consumer foods                         .2      .4
 9 Consumer energy                     -10.5    10.9
10 Other consumer goods                  2.1     2.0
11 Capital equipment                     -.7      .1
Intermediate materials
12 Excluding foods and feeds           - 1.7     1.5
13 Excluding energy                      -.6      .2

   Crude materials
14 Foods                                -7.4    -3.1
15 Energy                              -19.1    32.1
16 Other                               -11.2    -2.1

                                      Change from 3 months earlier
                                            (annual rate)

          Item                            1998            1999

                                     Sept.    Dec.    Mar.     June
     CONSUMER PRICES(2)
      (1982-84 = 100)

 1 All items                          1.5     2.0     1.5       2.9
 2 Food                               2.5     2.8     1.7       1.7
 3 Energy items                      -9.0    -5.1     5.8      14.2
 4 All items less food and energy     2.3     2.5      .9       2.3
 5 Commodities                        1.1     2.5    -3.0       2.0
 6 Services                           3.0     2.5     2.7       2.5

      PRODUCER PRICES
        (1982=100)

 7 Finished goods                      .6     2.2      .6(r)    2.5
 8 Consumer foods                     1.8      .3     2.1        .3
 9 Consumer energy                   -9.2    -8.9     5.7(r)   21.9
10 Other consumer goods               3.0     8.3    -1.3(r)     .3
11 Capital equipment                   .9      .3     -.6(r)     .0
Intermediate materials
12 Excluding foods and feeds         -2.2    -4.5      .3(r)    5.7
13 Excluding energy                  -1.8    -2.7     -.9       3.1

   Crude materials
14 Foods                            -19.6    -7.0     4.1        .0
15 Energy                           -25.3    13.5   -21.1(r)   58.3
16 Other                            -19.9   -24.3      .9(r)    7.3

                                        Change from 1 month earlier

          Item                               1999           1999

                                        Apr.       May      June
     CONSUMER PRICES(2)
      (1982-84 = 100)

 1 All items                             .7        .0         .0
 2 Food                                  .1        .4         .0
 3 Energy items                         6.1      -1.3       -1.2
 4 All items less food and energy        .4        .1         .1
 5 Commodities                           .6       -.1         .0
 6 Services                              .4        .2         .1

      PRODUCER PRICES
        (1982=100)

 7 Finished goods                        .5        .2        -.1
 8 Consumer foods                       -.7(r)     .3(r)      .4
 9 Consumer energy                      5.5(r)    -.1(r)     -.3
10 Other consumer goods                  .1(r)     .1(r)     -.1
11 Capital equipment                     .1(r)     .1(r)     -.3
Intermediate materials
12 Excluding foods and feeds             .8(r)     .2         .4
13 Excluding energy                      .2        .2         .5

   Crude materials
14 Foods                               -2.9(r)    2.6(r)      .4
15 Energy                              12.6(r)    9.3(r)     3.1
16 Other                               -.9(r)     2.2(r)      .5

                                                           Index
                                                           level,
          Item                          Change from 1       Aug.
                                         month earlier     1999(1)

                                         July    Aug.
     CONSUMER PRICES(2)
      (1982-84 = 100)

 1 All items                              .3     .3         167.1
 2 Food                                   .2     .2         164.2
 3 Energy items                          2.1    2.7         111.3
 4 All items less food and energy         .2     .1         177.1
 5 Commodities                            .1    -.1         143.0
 6 Services                               .3     .2         196.5

      PRODUCER PRICES
        (1982=100)

 7 Finished goods                         .2     .5         133.7
 8 Consumer foods                        -.9     .4         135.7
 9 Consumer energy                       3.4    3.7          83.6
10 Other consumer goods                   .1    -.1         150.5
11 Capital equipment                     -.1     .0         136.9
Intermediate materials
12 Excluding foods and feeds              .6     .7         125.4
13 Excluding energy                       .4     .2         133.7

   Crude materials
14 Foods                                -4.8     3.8        100.1
15 Energy                                3.7     7.2         85.2
16 Other                                 2.3     1.8        136.8


(1.) Not seasonally adjusted.

(2.) Figures for consumer prices are for all urban consumers and reflect a rental-equivalence measure of homeownership.

SOURCE. U.S. Department of Labor, Bureau of Labor Statistics.

2.16 GROSS DOMESTIC PRODUCT AND INCOME

Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
           Account                         1996      1997      1998

GROSS DOMESTIC PRODUCT

 1 Total                                 7,661.6   8,110.9   8,511.0

   By source
 2 Personal consumption                  5,215.7   5,493.7   5,807.9
    expenditures
 3 Durable goods                           643.3     673.0     724.7
 4 Nondurable goods                      1,539.2   1,600.6   1,662.4
 5 Services                              3,033.2   3,220.1   3,420.8

 6 Gross private domestic
    investment                           1,131.9   1,256.0   1,367.1
 7 Fixed investment                      1,099.8   1,188.6   1,307.8
 8    Nonresidential                       787.9     860.7     938.2
 9     Structures                          216.9     240.2     246.9
10    Producers' durable
     equipment                             571.0     620.5     691.3
11    Residential structures               311.8     327.9     369.6

12 Change in business
     inventories                            32.1      67.4      59.3
13   Nonfarm                                24.5    63. 1       52.7

14 Net exports of goods and
    services                               -91.2     -93.4    -151.2
15 Exports                                 873.8     965.4     959.0
16 Imports                                 965.0   1,058.8   1,110.2

17 Government consumption
    expenditures and gross
    investment                           1,405.2   1,454.6   1,487.1
18 Federal                                 518.4     520.2     520.6
19 State and local                         886.8     934.4     966.5

By major type of product
20 Final sales, total                    7,629.5   8,043.5   8,451.6
21 Goods                                 2,780.3   2,911.2   3,044.7
22   Durable                             1,228.8   1,310.1   1,391.0
23   Nondurable                          1,551.6   1,601.0   1,653.7
24 Services                              4,179.5   4,414.1   4,641.0
25 Structures                              669.7     718.3     765.9

26 Change in business
    inventories                             32.1      67.4      59.3
27 Durable goods                            20.8      33.6      25.2
28 Nondurable goods                         11.4      33.8      34.1

MEMO
29 Total GDP in chained
    1992 dollars                         6,994.8   7,269.8   7,551.9

        NATIONAL INCOME
30 Total                                 6,256.0   6,646.5   6,994.7

31 Compensation of employees             4,409.0   4,687.2   4,981.0
32 Wages and salaries                    3,640.4   3,893.6   4,153.9
33   Government and
      government  enterprises              640.9     664.2     689.3
34  Other                                2,999.5   3,229.4   3,464.6
35 Supplement to wages and
    salaries                               768.6     793.7     827.1
36   Employer contributions
       for social insurance                381.7     400.7     420.1
37   Other labor income                    387.0     392.9     406.9

38 Proprietors' income(1)                  527.7     551.2     577.2
39 Business and professional(1)            488.8     515.8     548.5
40 Farm(1)                                  38.9      35.5      28.7

41 Rental income of persons(2)             150.2     158.2     162.6

42 Corporate profits(1)                    750.4     817.9     824.6
43 Profits before tax(3)                   680.2     734.4     717.8
44 Inventory valuation
    adjustment                              -1.2       6.9      14.5
45 Capital consumption
    adjustment                              71.4      76.6      92.3

46 Net interest                            418.6     432.0     449.3

                                                    1998
           Account
                                           Q2        Q3        Q4
GROSS DOMESTIC PRODUCT

 1 Total                                 8,440.6   8,537.9   8,681.2

   By source
 2 Personal consumption                  5,773.7   5,846.7   5,934.8
    expenditures
 3 Durable goods                         720. 1      718.9     754.5
 4 Nondurable goods                      1,655.2   1,670.0   1,691.3
 5 Services                              3,398.4   3,457.7   3,488.9

 6 Gross private domestic
    investment                           1,345.0   1,364.4   1,392.4
 7 Fixed investment                      1,305.8   1,307.5   1,346.7
 8    Nonresidential                       941.9     931.6     957.9
 9     Structures                          245.4     246.2     250.9
10    Producers' durable
     equipment                             696.6     685.4     706.9
11    Residential structures               363.8     375.8     388.9

12 Change in business
     inventories                            39.2      57.0      45.7
13   Nonfarm                                31.5      49.3      39.3

14 Net exports of goods and
    services                              -159.3    -165.5    -156.2
15 Exports                                 949.6     936.2     976.8
16 Imports                               1,108.9   1,101.7   1,133.0

17 Government consumption
    expenditures and gross
    investment                           1,481.2   1,492.3   1,510.2
18 Federal                                 520.7     519.4     530.7
19 State and local                         960.4     972.9     979.5

By major type of product
20 Final sales, total                    8,401.3   8,480.9   8,635.5
21 Goods                                 3,025.3   3,029.0   3,118.8
22   Durable                             1,380.8   1,373.0   1,433.1
23   Nondurable                          1,644.4   1,655.9   1,685.7
24 Services                              4,619.5   4,678.5   4,727.7
25 Structures                              756.6     773.5     789.0

26 Change in business
    inventories                             39.2      57.0      45.7
27 Durable goods                             4.5      19.5      27.0
28 Nondurable goods                         34.7      37.5      18.7

MEMO
29 Total GDP in chained
    1992 dollars                         7,498.6   7,566.5   7,677.7

        NATIONAL INCOME
30 Total                                 6,945.5   7,032.3   7,126.0

31 Compensation of employees             4,945.2   5,011.6   5,084.3
32 Wages and salaries                    4,121.6   4,181.1   4,246.8
33   Government and
      government  enterprises              685.8     692.7     699.2
34  Other                                3,435.8   3,488.4   3,547.6
35 Supplement to wages and
    salaries                               823.5     830.5     837.5
36   Employer contributions
       for social insurance                417.9     422.1     426.5
37   Other labor income                    405.7     408.4     411.0

38 Proprietors' income(1)                  571.7     576.1     596.9
39 Business and professional(1)            544.0     550.9     562.2
40 Farm(1)                                  27.7      25.2      34.7

41 Rental income of persons(2)             161.0     163.6     167.5

42 Corporate profits(1)                    820.6     827.0     821.7
43 Profits before tax(3)                   723.5     720.5     708.1
44 Inventory valuation
    adjustment                               7.8      11.7      13.4
45 Capital consumption
    adjustment                              89.4      94.8     100.2

46 Net interest                            447.1     454.0     455.6

                                               1999
           Account
                                            Q1       Q2
GROSS DOMESTIC PRODUCT

 1 Total                                 8,808.7   8,881.9

   By source
 2 Personal consumption                  6,050.6   6,155.9
    expenditures
 3 Durable goods                           771.2     784.6
 4 Nondurable goods                      1,736.0   1,771.1
 5 Services                              3,543.4   3,600.1

 6 Gross private domestic
    investment                           1,417.4   1,423.2
 7 Fixed investment                      1,377.9   1,410.9
 8    Nonresidential                       972.6     995.1
 9     Structures                          255.0     256.0
10    Producers' durable
     equipment                             717.6     739.1
11    Residential structures               405.3     415.8

12 Change in business
     inventories                            39.5      12.4
13   Nonfarm                                36.4       9.9

14 Net exports of goods and
    services                              -196.9    -240.0
15 Exports                                 962.7     972.6
16 Imports                               1,159.6   1,212.7

17 Government consumption
    expenditures and gross
    investment                           1,537.5   1,542.8
18 Federal                                 536.6     533.0
19 State and local                       1,000.9   1,009.8

By major type of product
20 Final sales, total                    8,769.1   8,869.6
21 Goods                                 3,154.1   3,189.0
22   Durable                             1,436.1   1,449.6
23   Nondurable                          1,718.1   1,739.4
24 Services                              4,793.7   4,853.8
25 Structures                              821.3     826.8

26 Change in business
    inventories                             39.5      12.4
27 Durable goods                            16.5      -2.4
28 Nondurable goods                         23.1      14.7

MEMO
29 Total GDP in chained
    1992 dollars                         7,759.6   7,794.3

        NATIONAL INCOME
30 Total                                 7,265.2   7,346.6

31 Compensation of employees             5,166.5   5,237.0
32 Wages and salaries                    4,317.0   4,378.1
33   Government and
      government  enterprises              711.2     716.2
34  Other                                3,605.7   3,661.9
35 Supplement to wages and
    salaries                               849.6     858.9
36   Employer contributions
       for social insurance                434.9     439.3
37   Other labor income                    414.7     419.6

38 Proprietors' income(1)                  598.3     610.4
39 Business and professional(1)            575.8     586.7
40 Farm(1)                                  22.5      23.7

41 Rental income of persons(2)             167.7     170.4

42 Corporate profits(1)                    868.8     859.6
43 Profits before tax(3)                   752.6     768.2
44 Inventory valuation
    adjustment                              11.6     -17.1
45 Capital consumption
    adjustment                             104.6     108.6

46 Net interest                            463.9     469.2


(1.) With inventory valuation and capital consumption adjustments.

(2.) With capital consumption adjustment.

(3.) For after-tax profits, dividends, and the like, see table 1.48.

SOURCE. U.S. Department of Commerce, Survey of Current Business.

2.17 PERSONAL INCOME AND SAVING

Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
Account                                     1996         1997

  PERSONAL INCOME AND SAVING

1 Total personal income                   6,425.2      6,784.0

2 Wage and salary
    disbursements                         3,631.1      3,889.8
3 Commodity-producing
    industries                              909.0        975.0
4     Manufacturing                         674.6        719.5
5 Distributive industries                   823.3        879.8
6 Service industries                      1,257.9      1,370.8
7 Government and government
    enterprises                             640.9        664.2

8 Other labor income                        387.0        392.9
9 Proprietors' income(1)                    527.7        551.2
10 Business and professional(1)             488.8        515.8
11 Farm(1)                                   38.9         35.5
12 Rental income of persons(2)              150.2        158.2
13 Dividends                                248.2        260.3
14 Personal interest income                 719.4        747.3
15 Transfer payments                      1,068.0      1,110.4
16 Old-age survivors, disability,
    and health insurance
    benefits                                538.0        565.9

17 LESS: Personal contributions
    for social insurance                    306.3        326.2

18 EQUALS: Personal income                6,425.2      6,784.0

19 LESS: Personal tax and nontax
    payments                                890.5        989.0

20 EQUALS: Disposable
    personal income                       5,534.7      5,795.1

21 LESS: Personal outlays                 5,376.2      5,674.1

22 EQUALS: Personal saving                  158.5        121.0

MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product                26,335.7     27,136.2
24 Personal consumption
    expenditures                         17,893.0     18,340.9
25 Disposable personal income            18,989.0     19,349.0

26 Saving rate (percent)                      2.9          2.1

GROSS SAVING

27 Gross saving                           1,274.5      1,406.3

28 Gross private saving                   1,114.5      1,141.6

29 Personal saving                          158.5        121.0
30 Undistributed corporate
    profits(1)                              262.4        296.7
31 Corporate inventory
    valuation adjustment                     -1.2          6.9

Capital consumption allowances
32 Corporate                                452.0        477.3
33 Noncorporate                             232.3        242.8

34 Gross government saving                  160.0        264.7
35 Federal                                  -39.6         49.5
36   Consumption of fixed capital            70.6         70.6
37   Current surplus or deficit (-),
    national accounts                      -110.3        -21.1
38 State and local                          199.7        215.2
39   Consumption of fixed capital            77.1         81.1
40   Current surplus or deficit (-),
     national accounts                      122.6        134.1

41 Gross investment                       1,242.3      1,350.5

42 Gross private domestic investment      1,131.9      1,256.0
43 Gross government investment              229.7        235.4
44 Net foreign investment                  -119.2       -140.9

45 Statistical discrepancy                  -32.2        -55.8

                                                       1998
Account                                    1998
                                                        Q2
  PERSONAL INCOME AND SAVING

1 Total personal income                  7,126.1      7,081.9

2 Wage and salary
    disbursements                        4,149.9      4,117.6
3 Commodity-producing
    industries                           1,026.9      1,023.2
4     Manufacturing                        751.5        750.8
5 Distributive industries                  939.6        932.2
6 Service industries                     1,494.0      1,476.4
7 Government and government
    enterprises                            689.3        685.8

8 Other labor income                       406.9        405.7
9 Proprietors' income(1)                   577.2        571.7
10 Business and professional(1)            548.5        544.0
11 Farm(1)                                  28.7         27.7
12 Rental income of persons(2)             162.6        161.0
13 Dividends                               263.1        262.1
14 Personal interest income                764.8        763.0
15 Transfer payments                     1,149.0      1,145.8
16 Old-age survivors, disability,
    and health insurance
    benefits                               586.5        585.0

17 LESS: Personal contributions
    for social insurance                   347.4        345.1

18 EQUALS: Personal income               7,126.1      7,081.9

19 LESS: Personal tax and nontax
    payments                             1,098.3      1,092.9

20 EQUALS: Disposable
    personal income                      6,027.9      5,988.9

21 LESS: Personal outlays                6,000.2      5,963.3

22 EQUALS: Personal saving                  27.7         25.6

MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product               27,938.9     27,783.0
24 Personal consumption
    expenditures                        19,065.0     19,007.8
25 Disposable personal income           19,790.0     19,719.0

26 Saving rate (percent)                     0.5          0.4

GROSS SAVING

27 Gross saving                          1,468.0      1,448.5

28 Gross private saving                  1,090.4      1,079.0

29 Personal saving                          27.7         25.6
30 Undistributed corporate
    profits(1)                             305.4        300.9
31 Corporate inventory
    valuation adjustment                    14.5          7.8

Capital consumption allowances
32 Corporate                               500.6        497.8
33 Noncorporate                            252.7        250.7

34 Gross government saving                 377.6        369.4
35 Federal                                 142.5        143.9
36   Consumption of fixed capital           69.7         69.5
37   Current surplus or deficit (-),
    national accounts                       72.8         74.4
38 State and local                         235.2        225.6
39   Consumption of fixed capital           85.0         84.3
40   Current surplus or deficit (-),
     national accounts                     150.2        141.3

41 Gross investment                      1,391.5      1,362.7

42 Gross private domestic investment     1,367.1      1,345.0
43 Gross government investment             237.0        232.5
44 Net foreign investment                 -212.6       -214.8

45 Statistical discrepancy                 -76.5        -85.7

                                                 1998
Account
                                            Q3           Q4
  PERSONAL INCOME AND SAVING

1 Total personal income                   7,160.8      7,257.9

2 Wage and salary
    disbursements                         4,177.1      4,242.8
3 Commodity-producing
    industries                            1,028.0      1,037.4
4     Manufacturing                         750.9        754.1
5 Distributive industries                   945.8        961.5
6 Service industries                      1,510.6      1,544.6
7 Government and government
    enterprises                             692.7        699.2

8 Other labor income                        408.4        411.0
9 Proprietors' income(1)                    576.1        596.9
10 Business and professional(1)             550.9        562.2
11 Farm(1)                                   25.2         34.7
12 Rental income of persons(2)              163.6        167.5
13 Dividends                                263.0        265.7
14 Personal interest income                 769.2        769.9
15 Transfer payments                      1,152.9      1,158.3
16 Old-age survivors, disability,
    and health insurance
    benefits                                589.0        590.6

17 LESS: Personal contributions
    for social insurance                    349.5        354.1

18 EQUALS: Personal income                7,160.8      7,257.9

19 LESS: Personal tax and nontax
    payments                              1,108.4      1,124.9

20 EQUALS: Disposable
    personal income                       6,052.4      6,133.1

21 LESS: Personal outlays                 6,039.8      6,133.6

22 EQUALS: Personal saving                   12.6          0.6

MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product                27,972.1     28,299.8
24 Personal consumption
    expenditures                         19,156.3     19,336.4
25 Disposable personal income            19,829.0     19,980.0

26 Saving rate (percent)                      0.2           .0

GROSS SAVING

27 Gross saving                           1,474.5      1,466.6

28 Gross private saving                   1,078.7      1,073.7

29 Personal saving                           12.6          0.6
30 Undistributed corporate
    profits(1)                              304.8        303.9
31 Corporate inventory
    valuation adjustment                     11.7         13.4

Capital consumption allowances
32 Corporate                                503.1        508.9
33 Noncorporate                             254.2        257.5

34 Gross government saving                  395.7        392.9
35 Federal                                  161.6        135.8
36   Consumption of fixed capital            69.6         70.0
37   Current surplus or deficit (-),
    national accounts                        92.0         65.8
38 State and local                          234.2        257.1
39   Consumption of fixed capital            85.4         86.6
40   Current surplus or deficit (-),
     national accounts                      148.7        170.5

41 Gross investment                       1,372.5      1,402.4

42 Gross private domestic investment      1,364.4      1,392.4
43 Gross government investment              239.7        238.3
44 Net foreign investment                  -231.6       -228.3

45 Statistical discrepancy                 -102.0        -64.2

                                                  1999
Account
                                             Q1           Q2
  PERSONAL INCOME AND SAVING

1 Total personal income                    7,349.3      7,442.3

2 Wage and salary
    disbursements                          4,317.0      4,378.1
3 Commodity-producing
    industries                             1,048.1      1,060.6
4     Manufacturing                          759.2        767.4
5 Distributive industries                    971.4        982.3
6 Service industries                       1,586.2      1,619.0
7 Government and government
    enterprises                              711.2        716.2

8 Other labor income                         414.7        419.6
9 Proprietors' income(1)                     598.3        610.4
10 Business and professional(1)              575.8        586.7
11 Farm(1)                                    22.5         23.7
12 Rental income of persons(2)               167.7        170.4
13 Dividends                                 268.8        272.7
14 Personal interest income                  771.0        777.8
15 Transfer payments                       1,175.2      1,181.3
16 Old-age survivors, disability,
    and health insurance
    benefits                                 597.9        601.4

17 LESS: Personal contributions
    for social insurance                     363.4        367.9

18 EQUALS: Personal income                 7,349.3      7,442.3

19 LESS: Personal tax and nontax
    payments                               1,144.1      1,162.6

20 EQUALS: Disposable
    personal income                        6,205.2      6,279.6

21 LESS: Personal outlays                  6,250.7      6,358.8

22 EQUALS: Personal saving                   -45.5        -79.1

MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product                 28,527.9     28,582.0
24 Personal consumption
    expenditures                          19,602.7     19,771.9
25 Disposable personal income             20,101.0     20,172.0

26 Saving rate (percent)                        .7         -1.3

GROSS SAVING

27 Gross saving                            1,511.4      1,487.2

28 Gross private saving                    1,061.9      1,017.9

29 Personal saving                           -45.5        -79.1
30 Undistributed corporate
    profits(1)                               332.5        312.4
31 Corporate inventory
    valuation adjustment                      11.6        -17.1

Capital consumption allowances
32 Corporate                                 514.9        521.8
33 Noncorporate                              260.0        262.8

34 Gross government saving                   449.4        469.3
35 Federal                                   192.3        210.2
36   Consumption of fixed capital             69.5         69.4
37   Current surplus or deficit (-),
    national accounts                        122.7        140.8
38 State and local                           257.2        259.1
39   Consumption of fixed capital             87.5         89.0
40   Current surplus or deficit (-),
     national accounts                       169.7        170.2

41 Gross investment                       14,183.0      1,366.7

42 Gross private domestic investment       1,417.4      1,423.2
43 Gross government investment               255.6        249.6
44 Net foreign investment                   -254.7       -306.2

45 Statistical discrepancy                   -93.1       -120.5


(1.) With inventory valuation and capital consumption adjustments.

(2.) With capital consumption adjustment.

SOURCE. U.S. Department of Commerce, Survey of Current Business.

3.10 U.S. INTERNATIONAL TRANSACTIONS Summary

Millions of dollars; quarterly data seasonally adjusted except as noted(1)

      Item credits or debits                    1996         1997

1 Balance on current account                  -129,295     -143,465
2   Balance on goods and services             -104,318     -104,730
3    Exports                                   849,806      938,543
4    Imports                                  -954,124   -1,043,273
5   Income, net                                 17,210        3,231
6    Investment, net                            21,754        8,185
7    Direct                                     67,746       69,220
8    Portfolio                                 -45,992      -61,035
9   Compensation of employees                   -4,544       -4,954
10 Unilateral current transfers, net           -42,187      -41,966

11 Change in U.S. government
    assets other than official
    reserve assets, net (increase, -)             -989           68

12 Change in U.S. official reserve               6,668       -1,010
    assets (increase, -)
13  Gold                                             0            0
14  Special drawing rights (SDRs)                  370         -350
15  Reserve position in
      International Monetary Fund               -1,280       -3,575
16  Foreign currencies                           7,578        2,915

17 Change in U.S. private assets              -386,441     -464,354
     abroad (increase, -)
18   Bank-reported claims(3)                   -91,555     -144,822
19   Nonbank-reported claims                   -86,333     -120,403
20   U.S. purchases of foreign
       securities, net                        -115,859      -89,174
21   U.S. direct investments abroad, net       -92,694     -109,955

22 Change in foreign official assets in        127,390       18,119
    United States (increase, +)
23 U.S. Treasury securities                    115,671       -6,690
24 Other U.S. government obligations             5,008        4,529

25 Other U.S. government liabilities(3)           -316       -1,798
26 Other US liabilities reported                 5,704       22,286
    by U.S. banks(3)
27 Other foreign official assets(4)              1,323         -208

28 Change in foreign private assets in         447,457      733,542
     United States (increase, +)
29   U.S. bank-reported liabilities(2)          16,478      149,026
30   U.S. nonbank-reported liabilities          39,404      107,779
31   Foreign private purchases of U.S.         154,996      146,433
       Treasury securities, net
32   U.S. currency flows                        17,362       24,782
33   Foreign purchases of other U.S.           130,240      196,258
       securities, net
34   Foreign direct investments in              88,977      109,264
       United States, net

35 Capital account transactions, net(5)            672          292
36 Discrepancy                                 -65,462     -143,192
37   Due to seasonal adjustment
38   Before seasonal adjustment                -65,462     -143,192

   MEMO
   Changes in official assets
39 U.S. official reserve assets
      (increase, -)                              6,668       -1,010
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)                     127,706       19,917
41 Change in Organization of Petroleum
    Exporting Countries official
    assets in United States (part of
    line 22)                                    14,911      112,124

                                                            1998
      Item credits or debits                   1998
                                                              Q2
1 Balance on current account                 -220,562      -52,400
2   Balance on goods and services            -164,282      -41,961
3    Exports                                  933,907      231,889
4    Imports                               -1,098,189     -273,850
5   Income, net                               -12,205         -553
6    Investment, net                           -6,956          735
7    Direct                                    59,405       16,177
8    Portfolio                                -66,361      -15,442
9   Compensation of employees                  -5,249       -1,288
10 Unilateral current transfers, net          -44,075       -9,886

11 Change in U.S. government
    assets other than official
    reserve assets, net (increase, -)            -429         -483

12 Change in U.S. official reserve             -6,784       -1,945
    assets (increase, -)
13  Gold                                            0            0
14  Special drawing rights (SDRs)                -149           72
15  Reserve position in
      International Monetary Fund              -5,118       -1,031
16  Foreign currencies                         -1,517         -986

17 Change in U.S. private assets             -285,605     -118,089
     abroad (increase, -)
18   Bank-reported claims(3)                  -24,918      -27,704
19   Nonbank-reported claims                  -25,041      -14,327
20   U.S. purchases of foreign
       securities, net                       -102,817      -32,886
21   U.S. direct investments abroad, net     -132,829      -43,172

22 Change in foreign official assets in       -21,684      -10,551
    United States (increase, +)
23 U.S. Treasury securities                    -9,957      -20,318
24 Other U.S. government obligations            6,332          254

25 Other U.S. government liabilities(3)        -3,113         -807
26 Other US liabilities reported              -11,469        9,488
    by U.S. banks(3)
27 Other foreign official assets(4)            -3,477          832

28 Change in foreign private assets in        524,321      173,017
     United States (increase, +)
29   U.S. bank-reported liabilities(2)         40,731       34,138
30   U.S. nonbank-reported liabilities          9,412       18,040
31   Foreign private purchases of U.S.         46,155       25,759
       Treasury securities, net
32   U.S. currency flows                       16,622        2,349
33   Foreign purchases of other U.S.          218,026       71,785
       securities, net
34   Foreign direct investments in            193,375       20,946
       United States, net

35 Capital account transactions, net(5)           617          160
36 Discrepancy                                 10,126       10,291
37   Due to seasonal adjustment                                528
38   Before seasonal adjustment                10,126        9,763

   MEMO
   Changes in official assets
39 U.S. official reserve assets
      (increase, -)                            -6,784       -1,945
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)                    -18,571       -9,744
41 Change in Organization of Petroleum
    Exporting Countries official
    assets in United States (part of
    line 22)                                  -11,499         -657

                                                      1998
      Item credits or debits
                                                 Q3           Q4
1 Balance on current account                  -63,476      -61,669
2   Balance on goods and services             -45,724      -43,262
3    Exports                                  229,284      236,904
4    Imports                                 -275,008     -280,166
5   Income, net                                -6,965       -4,933
6    Investment, net                           -5,637       -3,571
7    Direct                                    11,834       14,558
8    Portfolio                                -17,471      -18,129
9   Compensation of employees                  -1,328       -1,362
10 Unilateral current transfers, net          -10,787      -13,474

11 Change in U.S. government
    assets other than official
    reserve assets, net (increase, -)             185          -50

12 Change in U.S. official reserve             -2,026       -2,369
    assets (increase, -)
13  Gold                                            0            0
14  Special drawing rights (SDRs)                 188         -227
15  Reserve position in
      International Monetary Fund              -2,078       -1,924
16  Foreign currencies                           -136         -218

17 Change in U.S. private assets              -60,256      -48,188
     abroad (increase, -)
18   Bank-reported claims(3)                  -33,344       37,192
19   Nonbank-reported claims                  -20,320       16,202
20   U.S. purchases of foreign
       securities, net                         14,994      -70,809
21   U.S. direct investments abroad, net      -21,586      -30,773

22 Change in foreign official assets in       -46,489       24,352
    United States (increase, +)
23 U.S. Treasury securities                   -32,811       31,836
24 Other U.S. government obligations            1,906        1,562

25 Other U.S. government liabilities(3)          -224       -1,054
26 Other US liabilities reported              -12,866       -7,133
    by U.S. banks(3)
27 Other foreign official assets(4)            -2,494         -859

28 Change in foreign private assets in        140,036      125,453
     United States (increase, +)
29   U.S. bank-reported liabilities(2)         77,313      -21,811
30   U.S. nonbank-reported liabilities         11,875      -53,210
31   Foreign private purchases of U.S.         -1,438      24,39l
       Treasury securities, net
32   U.S. currency flows                        7,277        6,250
33   Foreign purchases of other U.S.           20,103       49,328
       securities, net
34   Foreign direct investments in             24,906      120,505
       United States, net

35 Capital account transactions, net(5)           148          166
36 Discrepancy                                 31,878      -37,695
37   Due to seasonal adjustment               -10,582        4,144
38   Before seasonal adjustment                42,460      -41,839

   MEMO
   Changes in official assets
39 U.S. official reserve assets
      (increase, -)                            -2,026       -2,369
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)                    -46,265       25,406
41 Change in Organization of Petroleum
    Exporting Countries official
    assets in United States (part of
    line 22)                                  -11,642        2,057

                                                     1999
      Item credits or debits
                                                Q1(r)        Q2(p)

1 Balance on current account                   -68,654      -80,673
2   Balance on goods and services              -53,974      -65,016
3    Exports                                   231,904      234,526
4    Imports                                  -285,878     -299,542
5   Income, net                                 -4,340       -4,382
6    Investment, net                            -2,946       -3,011
7    Direct                                     14,834       14,103
8    Portfolio                                 -17,780      -17,114
9   Compensation of employees                   -1,394       -1,371
10 Unilateral current transfers, net           -10,340      -11,275

11 Change in U.S. government
    assets other than official
    reserve assets, net (increase, -)              119         -380

12 Change in U.S. official reserve               4,068        1,159
    assets (increase, -)
13  Gold                                             0            0
14  Special drawing rights (SDRs)                  563         -190
15  Reserve position in
      International Monetary Fund                    3        1,413
16  Foreign currencies                           3,502          -64

17 Change in U.S. private assets               -19,335     -124,940
     abroad (increase, -)
18   Bank-reported claims(3)                    27,771      -37,082
19   Nonbank-reported claims                   -13,853      -26,429
20   U.S. purchases of foreign
       securities, net                           8,132      -26,387
21   U.S. direct investments abroad, net       -41,385      -35,042

22 Change in foreign official assets in          4,708         -986
    United States (increase, +)
23 U.S. Treasury securities                        800       -6,708
24 Other U.S. government obligations             5,993        5,792

25 Other U.S. government liabilities(3)         -1,594         -770
26 Other US liabilities reported                  -589        1,202
    by U.S. banks(3)
27 Other foreign official assets(4)                 98         -502

28 Change in foreign private assets in          84,152      242,033
     United States (increase, +)
29   U.S. bank-reported liabilities(2)         -14,184       49,374
30   U.S. nonbank-reported liabilities          20,188         -710
31   Foreign private purchases of U.S.          -8,781       -5,517
       Treasury securities, net
32   U.S. currency flows                         2,440        3,057
33   Foreign purchases of other U.S.            61,540       77,272
       securities, net
34   Foreign direct investments in              22,949      118,557
       United States, net

35 Capital account transactions, net(5)            166          180
36 Discrepancy                                  -5,224      -36,393
37   Due to seasonal adjustment                  5,264          582
38   Before seasonal adjustment                -10,488      -36,975

   MEMO
   Changes in official assets
39 U.S. official reserve assets
      (increase, -)                              4,068        1,159
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)                       6,302         -216
41 Change in Organization of Petroleum
    Exporting Countries official
    assets in United States (part of
    line 22)                                     2,058        1,774


(1.) Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.

(2.) Reporting banks included all types of depository institutions as well as some brokers and dealers.

(3.) Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies.

(4.) Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments.

(5.) Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets.

SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business.

3.11 U.S. FOREIGN TRADE(1)

Millions of dollars; monthly data seasonally adjusted
Item                         1996         1997         1998

1 Goods and services,
  balance                  -104,318     -104,731     -164,282
2 Merchandise              -191,270     -196,652     -246,932
3 Services                   86,952       91,921       82,650
4 Goods and services,
  exports                   849,806      938,543      933,907
5 Merchandise               612,057      679,715      670,246
6 Services                  237,749      258,828      263,661
7 Goods and services,
  imports                  -954,124   -1,043,273   -1,098,189
8 Merchandise              -803,327     -876,366     -917,178
9 Services                 -150,797     -166,907     -181,011

                                          1999
Item
                            Jan.(r)      Feb.(r)      Mar.(r)
1 Goods and services,
  balance                   -16,146      -18,515      -19,311
2 Merchandise               -23,349      -25,172      -25,680
3 Services                    7,203        6,657        6,369
4 Goods and services,
  exports                    77,833       77,025       77,047
5 Merchandise                55,263       54,704       54,326
6 Services                   22,570       22,321       22,721
7 Goods and services,
  imports                   -93,979      -95,540      -96,358
8 Merchandise               -78,612      -79,876      -80,006
9 Services                  -15,367      -15,664      -16,352

                                           1999
Item
                         Apr.(r)     May(r)     June(r)     July(p)

1 Goods and services,
  balance                -18,787    -21,390     -24,604     -25,184
2 Merchandise            -25,334    -27,899     -31,179     -31,695
3 Services                 6,547      6,509       6,575       6,511
4 Goods and services,
  exports                 78,113     77,978      78,623      79,036
5 Merchandise             55,269     55,121      55,472      55,829
6 Services                22,844     22,857      23,151      23,207
7 Goods and services,
  imports                -96,900    -99,368    -103,227    -104,220
8 Merchandise            -80,603    -83,020     -86,651     -87,524
9 Services               -16,297    -16,348     -16,576     -16,696


(1.) Data show monthly values consistent with quarterly figures in the U.S. balance of payments accounts.

SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of Economic Analysis.

3.12 U.S. RESERVE ASSETS

Millions of dollars, end of period
Asset                                1996       1997       1998

1 Total                             75,090     69,954     81,755
2 Gold stock, including
  Exchange Stabilization
  Fund(1)                           11,049     11,050     11,041
3 Special drawing
  rights(2,3)                       10,312     10,027     10,603
4 Reserve position in
  International Monetary
   Fund(2)                          15,435     18,071     24,111
5 Foreign currencies(4)             38,294     30,809     36,001

Asset                                          1999
                                  Feb.     Mar.     Apr.     May

1 Total                          75,322   74,359   73,694   72,121
2 Gold stock, including
  Exchange Stabilization
  Fund(1)                        11,048   11,049   11,049   11,049
3 Special drawing
  rights(2,3)                     9,474    9,682    9,634    9,784
4 Reserve position in
  International Monetary
   Fund(2)                       24,283   23,231   23,054   21,689
5 Foreign currencies(4)          30,517   30,397   29,957   29,599

Asset                                      1999
                             June     July      Aug.      Sept.(p)

1 Total                     71,689   73,305   72,649(r)     73,413
2 Gold stock, including
  Exchange Stabilization
  Fund(1)                   11,046   11,048   11,046(r)     11,046
3 Special drawing
  rights(2,3)                9,719    9,925      10,152     10,284
4 Reserve position in
  International Monetary
   Fund(2)                  21,462   21,462      19,885     19,978
5 Foreign currencies(4)     29,462   30,870      31,566     32,105


(1.) Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce.

(2.) Special drawing fights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974.

(3.) Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970--$867 million; 1971--$717 million; 1972--$710 million; 1979--$1,139 million; 1980--$1,152 million; 1981--$1,093 million; plus net transactions in SDRs.

(4.) Valued at current market exchange rates.

3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS(1)

Millions of dollars, end of period
Asset                                 1996      1997      1998

1 Deposits                             167       457       167
  Held in custody
2 U.S. Treasury
  securities(2)                    638,049   620,885   607,574
3 Earmarked gold(3)                 11,197    10,763    10,343

Asset                                      1999
                            Feb.      Mar.      Apr.       May

1 Deposits                   200       166       260       157
  Held in custody
2 U.S. Treasury
  securities(2)          615,139   610,649   606,662   606,579
3 Earmarked gold(3)       10,347    10,347    10,340    10,340

Asset                                      1999
                            June      July      Aug.  Sept.(p)

1 Deposits                   409       257       166       243
  Held in custody
2 U.S. Treasury
  securities(2)          611,372   619,004   626,669   634,086
3 Earmarked gold(3)       10,329    10,329    10,271    10,155


(1.) Excludes deposits and U.S. Treasury securities held for international and regional organizations.

(2.) Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value.

(3.) Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States.

3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Foreign official institutions
Central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and


Millions of dollars, end of period
Item                                   1996      1997      1999

                                                          Jan.(r)

1 Total(1)                            776,505   759,387   764,568

  By type
2 Liabilities reported by banks
  in the United States(2)             135,384   125,332   124,910
3 U.S. Treasury bills and
  certificates(3) U.S. Treasury
 bonds and notes                      148,301   134,177   137,106
4 Marketable                          428,004   432,127   433,590
5 Nonmarketable(4)                      5,994     6,074     6,114
6 U.S. securities other than
  U.S. Treasury securities(5)          58,822    61,677    62,848

  By area
7 Europe(1)                           252,289   256,026   258,298
8 Canada                               36,177    36,715    37,471
9 Latin America and Caribbean          96,942    79,422    73,987
10 Asia                               400,144   400,171   407,756
11 Africa                               9,981    10,059    10,144
12 Other countries                      7,058     3,080     2,998

                                                 1999
Item
                                      Feb.(r)   Mar.(r)   Apr.(r)

1 Total(1)                            765,480   765,689   766,569

  By type
2 Liabilities reported by banks
  in the United States(2)             127,989   124,743   135,791
3 U.S. Treasury bills and
  certificates(3) U.S. Treasury
 bonds and notes                      138,235   141,941   135,765
4 Marketable                          429,891   425,046   418,350
5 Nonmarketable(4)                      6,151     6,191     6,231
6 U.S. securities other than
  U.S. Treasury securities(5)          63,214    67,768    70,432

  By area
7 Europe(1)                           256,238   253,970   245,500
8 Canada                               38,462    39,611    38,563
9 Latin America and Caribbean          75,986    72,828    81,379
10 Asia                               408,606   412,353   414,051
11 Africa                               9,838     9,906     9,656
12 Other countries                      2,436     3,107     3,506

                                                 1999
Item
                                       May(r)   June(r)   July(p)

1 Total(1)                            760,410   765,707   773,513

  By type
2 Liabilities reported by banks
  in the United States(2)             124,270   126,179   125,892
3 U.S. Treasury bills and
  certificates(3) U.S. Treasury
 bonds and notes                      136,199   138,518   147,492
4 Marketable                          421,573   421,970   420,197
5 Nonmarketable(4)                      6,143     5,982     6,022
6 U.S. securities other than
  U.S. Treasury securities(5)          72,225    73,058    73,910

  By area
7 Europe(1)                           242,386   241,989   240,546
8 Canada                               38,181    39,001    39,147
9 Latin America and Caribbean          81,075    76,828    77,851
10 Asia                               411,739   421,282   430,050
11 Africa                               9,326     8,377     8,376
12 Other countries                      3,789     4,316     3,629


(1.) Includes the Bank for International Settlements.

(2.) Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements.

(3.) Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries.

(4.) Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue.

(5.) Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds.

SOURCE. Based on U.S. Department of the Treasury data and on data reported to the department by banks (including Federal Reserve Banks) and securities dealers in the United States, and on the 1994 benchmark survey of foreign portfolio investment in the United States.

3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States(1)

Payable in Foreign Currencies

Millions of dollars, end of period
Item                              1995      1996      1997

1 Banks' liabilities            109,713   103,383   117,524
2 Banks' claims                  74,016    66,018    83,038
3 Deposits                       22,696    22,467    28,661
4 Other claims                   51,320    43,551    54,377
5 Claims of banks'
  domestic customers(2)           6,145    10,978     8,191

                                   1998                1999
Item
                              Sept.      Dec.      Mar.      June

1 Banks' liabilities         92,934   101,125   101,359    97,751
2 Banks' claims              67,901    78,152    80,642    67,864
3 Deposits                   27,293    45,985    42,147    41,895
4 Other claims               40,608    32,167    38,495    25,969
5 Claims of banks'
  domestic customers(2)       8,453    20,718    11,039    23,474


(1.) Data on claims exclude foreign currencies held by U.S. monetary authorities.

(2.) Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers.

3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States

[TABULAR DATA NOT REPRODUCIBLE IN ASCII]

3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States(1)

Payable in U.S. Dollars

Millions of dollars, end of period
Area or country                 1996         1997           1998

 1 Total, all
   foreigners                  599,925      708,225     735,124(r)

 2 Foreign countries           597,321      705,762     731,507(r)

 3 Europe                      165,769      199,880     233,362(r)
 4 Austria                       1,662        1,354          1,043
 5 Belgium and
   Luxembourg                    6,727        6,641          7,187
 6 Denmark                         492          980          2,383
 7 Finland                         971        1,233          1,070
 8 France                       15,246       16,239         15,251
 9 Germany                       8,472       12,676         15,922
10 Greece                          568          402            575
11 Italy                         6,457        6,230          7,283
12 Netherlands                   7,117        6,141          5,734
13 Norway                          808          555            827
14 Portugal                        418          777            669
15 Russia                        1,669        1,248            789
16 Spain                         3,211        2,942          5,735
17 Sweden                        1,739        1,854          4,223
18 Switzerland                  19,798       28,846         46,880
19 Turkey                        1,109        1,558          1,982
20 United Kingdom               85,234      103,143     106,349(r)
21 Yugoslavia(2)                   115           52             53
22 Other Europe and
   other former
   U.S.S.R.(3)                  3,956        7,009        9,407(r)

23 Canada                       26,436       27,189         47,212

24 Latin America
   and Caribbean               274,153      343,730     342,564(r)
25 Argentina                     7,400        8,924          9,553
26 Bahamas                      71,871       89,379         96,455
27 Bermuda                       4,129        8,782          4,969
28 Brazil                       17,259       21,696         16,193
29 British West
   Indies                      105,510      145,471     153,752(r)
30 Chile                         5,136        7,913          8,261
31 Colombia                      6,247        6,945          6,523
32 Cuba                              0            0              0
33 Ecuador                       1,031        1,311          1,400
34 Guatemala                       620          886          1,127
35 Jamaica                         345          424            239
36 Mexico                       18,425       19,428         21,143
37 Netherlands
   Antilles                     25,209       17,838          6,779
38 Panama                        2,786        4,364          3,584
39 Peru                          2,720        3,491          3,260
40 Uruguay                         589          629          1,126
41 Venezuela                     1,702        2,129          3,089
42 Other                         3,174        4,120          5,111

43 Asia                        122,478      125,092      98,616(r)
   China
44 Mainland                      1,401        1,579          1,311
45 Taiwan                        1,894          922          1,041
46 Hong Kong                    12,802       13,991       9,080(r)
47 India                         1,946        2,200          1,440
48 Indonesia                     1,762        2,651          1,954
49 Israel                          633          768          1,166
50 Japan                        59,967       59,549         46,712
51 Korea (South)                18,901       18,162          8,238
52 Philippines                   1,697        1,689          1,465
53 Thailand                      2,679        2,259          1,806
54 Middle Eastern
   oil-exporting
   countries(4)                 10,424       10,790      16,130(r)
55 Other                         8,372       10,532       8,273(r)

56 Africa                        2,776        3,530          3,122
57 Egypt                           247          247            257
58 Morocco                         524          511            372
59 South Africa                    584          805            643
60 Zaire                             0            0              0
61 Oil-exporting
   countries(5)                    420        1,212            936
62 Other                         1,001          755            914

63 Other                         5,709        6,341          6,631
64 Australia                     4,577        5,300          6,167
65 Other                         1,132        1,041            464

66 Nonmonetary
   international
   and regional
   organizations(6)              2,604        2,463       3,617(r)

                                            1999
Area or country
                                Jan.         Feb.         Mar.(r)

 1 Total, all
   foreigners                718,119(r)   712,828(r)      710,790

 2 Foreign countries         713,113(r)   707,402(r)      706,170

 3 Europe                    225,776(r)   230,307(r)      226,441
 4 Austria                        2,634        1,824        2,759
 5 Belgium and
   Luxembourg                     5,599        7,073        5,451
 6 Denmark                        1,816        1,656        1,619
 7 Finland                          963        1,233        1,351
 8 France                        18,575       18,583       15,187
 9 Germany                       15,115       16,362       16,879
10 Greece                           533          637          554
11 Italy                          6,168        5,714        6,035
12 Netherlands                    5,828        6,048        6,690
13 Norway                        646(r)          561          596
14 Portugal                         584          888        1,205
15 Russia                           742       723(r)          971
16 Spain                          4,560        4,260        3,041
17 Sweden                         4,338        4,664        4,439
18 Switzerland                   46,122       50,905       51,677
19 Turkey                         1,796     1,871(r)        2,078
20 United Kingdom             98,950(r)    97,422(r)       97,275
21 Yugoslavia(2)                     53           54           54
22 Other Europe and
   other former
   U.S.S.R.(3)                10,754(r)     9,829(r)        8,580

23 Canada                        42,925       40,801       41,264

24 Latin America
   and Caribbean                344,347      340,678      341,434
25 Argentina                      9,713       10,184       10,399
26 Bahamas                       93,000       91,104       88,639
27 Bermuda                        5,547        6,033        4,096
28 Brazil                        15,616       15,357       15,143
29 British West
   Indies                       158,010      155,326      162,867
30 Chile                          8,232        8,085        8,082
31 Colombia                       6,433        6,462        6,222
32 Cuba                               0            0            0
33 Ecuador                        1,403        1,341        1,219
34 Guatemala                      1,107        1,255        1,052
35 Jamaica                          333          602          318
36 Mexico                        21,128       21,564       20,532
37 Netherlands
   Antilles                       7,403        6,571        6,661
38 Panama                         3,549        3,390        3,320
39 Peru                           3,364        3,353        3,232
40 Uruguay                          997          934          838
41 Venezuela                      3,312        3,684        3,506
42 Other                          5,200        5,433        5,308

43 Asia                       90,806(r)    86,492(r)       88,048
   China
44 Mainland                       2,691        2,400        3,398
45 Taiwan                           728          778        1,331
46 Hong Kong                   8,329(r)     6,806(r)        8,014
47 India                          1,483        1,529        1,701
48 Indonesia                      1,948        2,110        1,897
49 Israel                           833          774        1,082
50 Japan                         41,817       39,141       39,971
51 Korea (South)                  8,679        8,479        9,119
52 Philippines                    1,310        1,589        1,540
53 Thailand                       1,759        1,708        1,720
54 Middle Eastern
   oil-exporting
   countries(4)               14,312(r)    12,815(r)       12,151
55 Other                       6,917(r)     8,363(r)        6,124

56 Africa                         2,899        3,087        2,938
57 Egypt                            302          264          260
58 Morocco                          378          361          422
59 South Africa                     802          933          798
60 Zaire                              0            0            0
61 Oil-exporting
   countries(5)                     516          625          325
62 Other                            901          904        1,133

63 Other                          6,360        6,037        6,045
64 Australia                      5,866        5,367        5,638
65 Other                            494          670          407

66 Nonmonetary
   international
   and regional
   organizations(6)               5,006        5,426        4,620

                                           1999
Area or country
                          Apr.(r)     May(r)    June(r)    July(p)

 1 Total, all
   foreigners             735,899    750,505    751,224    720,129

 2 Foreign countries      730,646    746,018    747,151    715,722

 3 Europe                 236,306    265,798    300,777    292,697
 4 Austria                  2,389      2,902      2,514      3,855
 5 Belgium and
   Luxembourg               7,533      9,811     10,028      9,214
 6 Denmark                  2,297      2,141      1,901      1,763
 7 Finland                  1,349      1,480      1,730      2,197
 8 France                  15,942     15,800     18,253     19,944
 9 Germany                 17,188     18,367     20,793     23,965
10 Greece                     651        585        537        628
11 Italy                    6,727      6,434      6,783      7,451
12 Netherlands              7,251      8,588      8,724      9,334
13 Norway                     970        753        717        821
14 Portugal                 1,060      1,134      1,122      1,056
15 Russia                     787      1,016        768        831
16 Spain                    2,949      4,516      6,178      4,606
17 Sweden                   4,141      2,950      3,005      3,199
18 Switzerland             48,477     65,498     75,553     66,927
19 Turkey                   1,943      1,918      2,281      2,220
20 United Kingdom         105,246    112,945    131,671    125,261
21 Yugoslavia(2)               55         54         54         50
22 Other Europe and
   other former
   U.S.S.R.(3)              9,351      8,906      8,165      9,375

23 Canada                  40,756     41,116     37,071     31,537

24 Latin America
   and Caribbean          365,120    352,479    326,012    311,673
25 Argentina               10,075     10,318     10,772     10,492
26 Bahamas                 84,023     78,480     71,993     77,048
27 Bermuda                  4,426      6,276      6,111      7,813
28 Brazil                  14,788     14,891     14,858     14,577
29 British West
   Indies                 193,306    184,928    166,497    146,862
30 Chile                    7,810      7,545      7,531      7,152
31 Colombia                 6,105      5,877      5,570      5,591
32 Cuba                         0          0          0          0
33 Ecuador                  1,135      1,104      1,061        985
34 Guatemala                1,062      1,157      1,032      1,075
35 Jamaica                    326        327        303        311
36 Mexico                  19,434     19,314     18,633     18,977
37 Netherlands
   Antilles                 5,711      5,867      5,483      5,101
38 Panama                   4,329      3,298      3,351      3,064
39 Peru                     3,111      3,053      2,974      2,710
40 Uruguay                    772        724      1,050      1,105
41 Venezuela                3,138      3,245      3,479      3,501
42 Other                    5,569      6,075      5,314      5,309

43 Asia                    79,232     77,631     74,692     72,240
   China
44 Mainland                 3,461      3,006      3,745      3,236
45 Taiwan                     866        763        870        812
46 Hong Kong                6,309      4,977      7,102      5,333
47 India                    1,703      1,458      1,568      1,708
48 Indonesia                1,911      2,061      1,760      1,791
49 Israel                     803      1,236      1,955      1,433
50 Japan                   32,639     30,596     27,093     25,900
51 Korea (South)           11,119     12,326     11,317     12,753
52 Philippines              1,546      1,808      1,669      1,380
53 Thailand                 1,732      1,623      1,850      1,683
54 Middle Eastern
   oil-exporting
   countries(4)            11,669     10,569     10,127      9,396
55 Other                    5,474      7,208      5,636      6,815

56 Africa                   2,688      2,448      2,629      2,499
57 Egypt                      228        221        241        252
58 Morocco                    463        444        454        431
59 South Africa               567        640        724        598
60 Zaire                        0          0          0          0
61 Oil-exporting
   countries(5)               257        288        340        297
62 Other                    1,173        855        870        921

63 Other                    6,544      6,546      5,970      5,076
64 Australia                6,060      6,093      5,636      4,811
65 Other                      484        453        334        265

66 Nonmonetary
   international
   and regional
   organizations(6)         5,253      4,487      4,073      4,407


(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers.

(2.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia.

(3.) Includes the Bank for International Settlements. Since December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia.

(4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States Trucial States: see United Arab Emirates.).

(5.) Comprises Algeria, Gabon, Libya, and Nigeria.

(6.) Excludes the Bank for International Settlements, which is included in "Other Europe."

3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States(1)

Payable in U.S. Dollars

Millions of dollars, end of period
Type of claim                  1996        1997       1998(r)

 1 Total                      743,919     852,852     875,986

 2 Banks' claims              599,925     708,225     735,124
 3 Foreign public
   borrowers                   22,216      20,581      23,572
 4 Own foreign
   offices(2)                 341,574     431,685     484,456
 5 Unaffiliated
   foreign banks              113,682     109,230     106,087
 6 Deposits                    33,826      30,995      27,208
 7 Other                       79,856      78,235      78,879
 8 All other
   foreigners                 122,453     146,729     121,009

 9 Claims of banks'
   domestic
   customers(3)               143,994     144,627     140,862
10 Deposits                    77,657      73,110      78,491
11 Negotiable and
   readily
   transferable
   instruments(4)              51,207      53,967      48,752
12 Outstanding
   collections and
   other claims                15,130      17,550      13,619

   MEMO

13 Customer liability
   on acceptances              10,388       9,624       4,519

14 Dollar deposits
   in banks abroad,
   reported by
   nonbanking business
   enterprises in the
   United
   States(5)                   39,661      33,816      39,978

                                            1999
Type of claim
                              Jan.         Feb.(r)    Mar.(r)

1 Total                                               862,754

2 Banks' claims            718,119(r)      712,828    710,790
3 Foreign public
  borrowers                 30,330(r)       31,515     34,773
4 Own foreign
  offices(2)                  459,017      461,705    467,948
5 Unaffiliated
  foreign banks            106,523(r)      102,561     93,813
6 Deposits                  30,564(r)       29,406     25,070
7 Other                     75,959(r)       73,155     68,743
8 All other
  foreigners               122,249(r)      117,047    114,256

9 Claims of banks'
  domestic
  customers(3)                                        151,964
10 Deposits                                            91,380
11 Negotiable and
   readily
   transferable
   instruments(4)                                      47,990
12 Outstanding
   collections and
   other claims                                        12,594

   MEMO

13 Customer liability
   on acceptances                                       4,485

14 Dollar deposits
   in banks abroad,
   reported by
   nonbanking business
   enterprises in the
   United
   States(5)                  38,941       39,055      33,038

Type of claim                               1999

                            Apr.(r)    May(r)   June(r)   July(p)

 1 Total                                        898,793

 2 Banks' claims            735,899   750,505   751,224   720,129
 3 Foreign public
   borrowers                 35,807    36,634    37,336    38,457
 4 Own foreign
   offices(2)               485,347   492,109   489,533   460,218
 5 Unaffiliated
   foreign banks             93,591    99,765   104,102    99,724
 6 Deposits                  23,979    25,251    24,295    24,979
 7 Other                     69,612    74,514    79,807    74,745
 8 All other
   foreigners               121,154   121,997   120,253   121,730

 9 Claims of banks'
   domestic
   customers(3)                                 147,569
10 Deposits                                      93,597
11 Negotiable and
   readily
   transferable
   instruments(4)                                43,616
12 Outstanding
   collections and
   other claims                                  10,356

   MEMO

13 Customer liability
   on acceptances                                 4,437

14 Dollar deposits
   in banks abroad,
   reported by
   nonbanking business
   enterprises in the
   United
   States(5)                33,474    31,210     29,501   32,857


(1.) For banks' claims, data are monthly; for claims of banks' domestic customers, data are for quarter ending with month indicated.

Reporting banks include all types of depository institution as well as some brokers and dealers.

(2.) For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.

(3.) Assets held by reporting banks in the accounts of their domestic customers.

(4.) Principally negotiable time certificates of deposit, bankers acceptances, and commercial paper.

(5.) Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad.

3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States(1)

Payable in U.S. Dollars

Millions of dollars, end of period
Maturity, by borrower
and area(2)                      1995        1996        1997

 1 Total                        224,932     258,106     276,550

   By borrower
 2 Maturity of one year
   or less                      178,857     211,859     205,781
 3 Foreign public borrowers      14,995      15,411      12,081
 4 All other foreigners         163,862     196,448     193,700
 5 Maturity of more than
   one year                      46,075      46,247      70,769
 6 Foreign public borrowers       7,522       6,790       8,499
 7 All other foreigners          38,553      39,457      62,270

   By area
   Maturity of one year
   or less
 8 Europe                        55,622      55,690      58,294
 9 Canada                         6,751       8,339       9,917
10 Latin America and
   Caribbean                     72,504     103,254      97,207
11 Asia                          40,296      38,078      33,964
12 Africa                         1,295       1,316       2,211
13 All other(3)                   2,389       5,182       4,188
   Maturity of more than
   one year
14 Europe                         4,995       6,965      13,240
15 Canada                         2,751       2,645       2,525
16 Latin America and
   Caribbean                     27,681      24,943      42,049
17 Asia                           7,941       9,392      10,235
18 Africa                         1,421       1,361       1,236
19 All other(3)                   1,286         941       1,484

                                     1998              1999
Maturity, by borrower
and area(2)
                               Sept.      Dec.    Mar.(r)   June(p)

 1 Total                      281,342   250,547   242,463   259,219

   By borrower
 2 Maturity of one year
   or less                    208,710   186,653   175,490   186,868
 3 Foreign public borrowers    14,842    13,699    20,921    24,558
 4 All other foreigners       193,868   172,954   154,569   162,310
 5 Maturity of more than
   one year                    72,632    63,894    66,973    72,351
 6 Foreign public borrowers    10,926     9,840    13,290    11,657
 7 All other foreigners        61,706    54,054    53,683     60.69

   By area
   Maturity of one year
   or less
 8 Europe                      68,980    68,684    66,887    84,731
 9 Canada                       8,795    10,947     7,816     6,690
10 Latin America and
   Caribbean                  100,161    81,911    71,214    65,853
11 Asia                        22,320    18,005    21,347    21,957
12 Africa                       1,762     1,835    1,57l      1,543
13 All other(3)                 6,692     5,271     6,655     6,094
   Maturity of more than
   one year
14 Europe                      15,264    14,923    16,949    18,754
15 Canada                       2,982     3,140     2,781     3,276
16 Latin America and
   Caribbean                   39,165    33,443    33,539    36,902
17 Asia                        12,147    10,018    10,972    10,471
18 Africa                       1,170     1,233      1.16     1,105
19 All other(3)                 1,904     1,137     1,572     1,843


(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers.

(2.) Maturity is time remaining until maturity.

(3.) Includes nonmonetary international and regional organizations.

3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1

Billions of dollars, end of period
                Area or country           1995    1996     1997
                                                           June

 1 Total                                  551.9   645.3   678.8
 2 G-10 countries and Switzerland         206.0   228.3   250.0
 3 Belgium and Luxembourg                  13.6    11.7     9.4
 4 France                                  19.4    16.6    17.9
 5 Germany                                 27.3    29.8    34.1
 6 Italy                                   11.5    16.0    20.2
 7 Netherlands                              3.7     4.0     6.4
 8 Sweden                                   2.7     2.6     3.6
 9 Switzerland                              6.7     5.3     5.4
10 United Kingdom                          82.4   104.7   110.6
11 Canada                                  10.3    14.0    15.7
12 Japan                                   28.5    23.7    26.8

13 Other industrialized countries          50.2    65.7    71.7
14 Austria                                   .9     1.1     1.5
15 Denmark                                  2.6     1.5     2.8
16 Finland                                   .8      .8     1.4
17 Greece                                   5.7     6.7     6.1
18 Norway                                   3.2     8.0     4.7
19 Portugal                                 1.3      .9     1.1
20 Spain                                   11.6    13.2    15.4
21 Turkey                                   1.9     2.7     3.4
22 Other Western Europe                     4.7     4.7     5.5
23 South Africa                             1.2     2.0     1.9
24 Australia                               16.4    24.0    27.8

25 OPEC(2)                                 22.1    19.7    22.3
26 Ecuador                                   .7     1.1      .9
27 Venezuela                                2.7     2.4     2.1
28 Indonesia                                4.8     5.2     5.6
29 Middle East countries                   13.3    10.7    12.5
30 African countries                         .6      .4     1.2

31 Non-OPEC developing countries          112.6   130.3   140.6

   Latin America
32 Argentina                               12.9    14.3    16.4
33 Brazil                                  13.7    20.7    27.3
34 Chile                                    6.8     7.0     7.6
35 Colombia                                 2.9     4.1     3.3
36 Mexico                                  17.3    16.2    16.6
37 Peru                                      .8     1.6     1.4
38 Other                                    2.8     3.3     3.4

   Asia
   China
39 Mainland                                 1.8     2.5     3.6
40 Taiwan                                   9.4    10.3    10.6
41 India                                    4.4     4.3     5.3
42 Israel                                    .5      .5      .8
43 Korea (South)                           19.1    21.5    16.3
44 Malaysia                                 4.4     6.0     6.4
45 Philippines                              4.1     5.8     7.0
46 Thailand                                 4.9     5.7     7.3
47 Other Asia                               4.5     4.1     4.7

   Africa
48 Egypt                                     .4      .7     1.1
49 Morocco                                   .7      .7      .7
50 Zaire                                     .0      .1      .0
51 Other Africa(3)                           .9      .9      .9

52 Eastern Europe                           4.2     6.9     7.1
53 Russia(4)                                1.0     3.7     4.2
54 Other                                    3.2     3.2     2.9

55 Offshore banking centers                99.2   134.7   129.6
56 Bahamas                                 11.0    20.3    16.1
57 Bermuda                                  6.3     4.5     7.9
58 Cayman Islands and other
     British West Indies                   32.4    37.2    35.1
59 Netherlands Antilles                    10.3    26.1    15.8
60 panama(5)                                1.4     2.0     2.6
61 Lebanon                                   .1      .1      .1
62 Hong Kong, China                        25.0    27.9    35.2
63 Singapore                               13.1    16.7    16.7
64 Other(6)                                  .1      .3      .1
65 Miscellaneous and
     unallocated(7)                        57.6    59.6    57.6

                Area or country              1997       1998
                                         Sept.   Dec.    Mar.

 1 Total                                711.0   719.3   739.1
 2 G-10 countries and Switzerland       247.8   242.8   249.0
 3 Belgium and Luxembourg                11.4    11.0    11.2
 4 France                                20.2    15.4    15.5
 5 Germany                               34.7    28.6    25.5
 6 Italy                                 19.3    15.5    19.7
 7 Netherlands                            7.2     6.2     7.3
 8 Sweden                                 4.1     3.3     4.8
 9 Switzerland                            4.8     7.2     5.6
10 United Kingdom                       108.3   113.4   120.1
11 Canada                                15.1    13.7    13.5
12 Japan                                 22.6    28.6    25.8

13 Other industrialized countries        73.8    64.5    74.3
14 Austria                                1.7     1.5     1.7
15 Denmark                                3.7     2.4     2.0
16 Finland                                1.9     1.3     1.5
17 Greece                                 6.2     5.1     6.1
18 Norway                                 4.6     3.6     4.0
19 Portugal                               1.4      .9      .7
20 Spain                                 13.9    11.7    16.5
21 Turkey                                 4.4     4.5     4.9
22 Other Western Europe                   6.1     8.2     9.9
23 South Africa                           1.9     2.2     3.7
24 Australia                             28.0    23.1    23.2

25 OPEC(2)                               22.9    26.0    25.7
26 Ecuador                                1.2     1.3     1.3
27 Venezuela                              2.2     2.5     3.3
28 Indonesia                              6.5     6.7     5.5
29 Middle East countries                 11.8    14.4    14.3
30 African countries                      1.1     1.2     1.4

31 Non-OPEC developing countries        137.0   138.7   147.4

   Latin America
32 Argentina                             17.1    18.4    19.3
33 Brazil                                26.1    28.6    32.4
34 Chile                                  8.0     8.7     9.0
35 Colombia                               3.4     3.4     3.3
36 Mexico                                16.4    17.4    17.7
37 Peru                                   1.8     2.0     2.1
38 Other                                  3.6     4.1     4.0

   Asia
   China
39 Mainland                               4.3     3.2     4.2
40 Taiwan                                 9.7     9.0    11.7
41 India                                  4.9     4.9     5.0
42 Israel                                 1.0      .7      .7
43 Korea (South)                         16.2    15.6    16.2
44 Malaysia                               5.6     5.1     4.5
45 Philippines                            5.7     5.7     5.0
46 Thailand                               6.2     5.4     5.5
47 Other Asia                             4.5     4.3     4.2

   Africa
48 Egypt                                   .9      .9     1.0
49 Morocco                                 .7      .6      .6
50 Zaire                                   .0      .0      .0
51 Other Africa(3)                         .9      .8     1.1

52 Eastern Europe                         9.8     9.1    12.0
53 Russia(4)                              5.1     5.1     7.5
54 Other                                  4.7     4.0     4.6

55 Offshore banking centers             138.9   139.0   129.3
56 Bahamas                               19.8    23.3    29.2
57 Bermuda                                9.8     9.8     9.0
58 Cayman Islands and other
     British West Indies                 45.7    43.4    24.9
59 Netherlands Antilles                  21.7    14.6    14.0
60 panama(5)                              2.1     3.1     3.2
61 Lebanon                                 .1      .1      .1
62 Hong Kong, China                      27.2    32.2    33.8
63 Singapore                             12.7    12.7    15.0
64 Other(6)                                .1      .1      .2
65 Miscellaneous and
     unallocated(7)                      80.8    99.1   101.3

                Area or country                   1998
                                        June      Sept.       Dec.

 1 Total                             749.7(r)   738.9(r)    714.1(r)
 2 G-10 countries and Switzerland    278.3(r)   268.3(r)    255.8(r)
 3 Belgium and Luxembourg             16.2(r)    15.1(r)     13.4(r)
 4 France                             20.5       19.9        18.4(r)
 5 Germany                            28.8       28.9        31.1(r)
 6 Italy                              19.5       18.0(r)     11.5(r)
 7 Netherlands                         8.3        8.1         7.9(r)
 8 Sweden                              3.1        2.2(r)      2.3(r)
 9 Switzerland                         6.9        7.5(r)      8.3(r)
10 United Kingdom                    134.9      130.4(r)     21.5(r)
11 Canada                             16.5       15.6(r)     16.7
12 Japan                              23.7       22.8(r)     24.7(r)

13 Other industrialized countries     72.1       71.6(r)     68.5(r)
14 Austria                             1.9        2.1         1.4
15 Denmark                             2.1        2.8         2.2(r)
16 Finland                             1.4        1.6         1.5(r)
17 Greece                              5.8        5.8(r)      6.0(r)
18 Norway                              3.4        3.3(r)      3.2
19 Portugal                            1.3        1.1(r)      1.3
20 Spain                              15.2       17.5        13.6(r)
21 Turkey                              6.5        5.2         4.8
22 Other Western Europe                9.6       10.3        10.6(r)
23 South Africa                        5.0        3.7         3.5
24 Australia                          20.0       18.2        20.3

25 OPEC(2)                            25.3       25.9(r)     27.1(r)
26 Ecuador                             1.2        1.2         1.2
27 Venezuela                           3.2        3.1         3.2
28 Indonesia                           5.1        4.7         4.8(r)
29 Middle East countries              15.5       16.1        17.0(r)
30 African countries                    .3         .8         1.0

31 Non-OPEC developing countries     141.7(r)   140.6(r)    147.9(r)

   Latin America
32 Argentina                          20.2       22.3        22.3
33 Brazil                             27.2(r)    24.9        24.2
34 Chile                               9.1        9.3(r)      8.3
35 Colombia                            3.6        3.4         3.2
36 Mexico                             17.9       18.4        25.3(r)
37 Peru                                2.2        2.2         2.2
38 Other                               4.4        4.6         5.4

   Asia
   China
39 Mainland                            3.9        2.8         3.0
40 Taiwan                             11.3       12.2(r)     12.8
41 India                               4.9        5.3         5.3
42 Israel                               .9         .9         1.1
43 Korea (South)                      14.5       12.9        13.7(r)
44 Malaysia                            4.7        5.1(r)      5.7(r)
45 Philippines                         5.4        4.7         5.1
46 Thailand                            4.9        5.3         4.6
47 Other Asia                          3.7        3.1         2.9

   Africa
48 Egypt                               1.5        1.7         1.3
49 Morocco                              .6         .5          .5
50 Zaire                                .0         .0          .0
51 Other Africa(3)                      .8        1.1         1.0

52 Eastern Europe                     10.9        6.0         5.2
53 Russia(4)                           6.8        2.8         2.2
54 Other                               4.1        3.2         3.1

55 Offshore banking centers          125.8(r)   121.9(r)     94.1(r)
56 Bahamas                             24.7      29.0(r)     33.0
57 Bermuda                              9.3      10.4         4.6(r)
58 Cayman Islands and other
     British West Indies               34.2(r)   30.6(r)     15.4(r)
59 Netherlands Antilles                10.5       6.0         2.6
60 panama(5)                            3.3       4.0         3.9(r)
61 Lebanon                               .2        .1          .1
62 Hong Kong, China                    30.0      30.6        23.4(r)
63 Singapore                           13.5      11.1        11.2(r)
64 Other(6)                              .2        .2          .2
65 Miscellaneous and
     unallocated(7)                    95.7     104.5       115.5(r)

                Area or country               1999
                                          Mar.     June

 1 Total                                678.3(r)   667.3
 2 G-10 countries and Switzerland       246.4(r)   255.7
 3 Belgium and Luxembourg                14.1(r)    14.8
 4 France                                19.5       18.4
 5 Germany                               32.0(r)    29.2
 6 Italy                                 13.2       11.6
 7 Netherlands                            8.9       10.9
 8 Sweden                                 3.6        2.3
 9 Switzerland                            7.3        7.8
10 United Kingdom                       110.6(r)   122.7
11 Canada                                15.7       16.5
12 Japan                                 21.3       21.6

13 Other industrialized countries        75.8(r)    76.5
14 Austria                                2.5        2.7
15 Denmark                                3.2        2.8
16 Finland                                1.4         .8
17 Greece                                 6.2        5.7
18 Norway                                 2.9(r)     2.9
19 Portugal                               1.3        1.2
20 Spain                                 14.3       15.8
21 Turkey                                 5.0        4.7
22 Other Western Europe                  10.1       10.1
23 South Africa                           3.4        3.4
24 Australia                             25.3(r)    26.5

25 OPEC(2)                               26.0(r)    25.9
26 Ecuador                                1.1        1.0
27 Venezuela                              3.4        3.1
28 Indonesia                              4.5(r)     4.9
29 Middle East countries                 16.6       16.4
30 African countries                       .4         .4

31 Non-OPEC developing countries        143.7(r)   145.3

   Latin America
32 Argentina                             23.5       22.0
33 Brazil                                23.6       24.7
34 Chile                                  8.5        8.2
35 Colombia                               3.2        3.1
36 Mexico                                18.9       18.0
37 Peru                                   2.2        2.1
38 Other                                  5.4        5.5

   Asia
   China
39 Mainland                               5.1        5.3
40 Taiwan                                11.7(r)    11.9
41 India                                  5.5(r)     6.5
42 Israel                                 1.1        2.0
43 Korea (South)                         13.3       14.9
44 Malaysia                               5.9        5.9
45 Philippines                            5.3        5.6
46 Thailand                               4.5        4.1
47 Other Asia                             3.0        2.8

   Africa
48 Egypt                                  1.4        1.4
49 Morocco                                 .5         .5
50 Zaire                                   .0         .0
51 Other Africa(3)                        1.2         .9

52 Eastern Europe                         6.1(r)     5.1
53 Russia(4)                              2.2(r)     1.9
54 Other                                  3.9        3.2

55 Offshore banking centers              83.0(r)    70.6
56 Bahamas                               30.2       16.1
57 Bermuda                                3.8        5.6
58 Cayman Islands and other
     British West Indies                  6.3(r)     7.0
59 Netherlands Antilles                   2.7        1.2
60 panama(5)                              3.9        3.9
61 Lebanon                                 .1         .1
62 Hong Kong, China                      22.8(r)    21.9
63 Singapore                             13.1       14.6
64 Other(6)                                .2         .1
65 Miscellaneous and
     unallocated(7)                      97.3(r)    88.1


(1.) The banking offices covered by these data include U.S. offices and foreign branches of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository institutions as well as some types of brokers and dealers. To eliminate duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign branch of the same banking institution.

These data are on a gross claims basis and do not necessarily reflect the ultimate country risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council.

(2.) Organization of