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
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted(1)
Monetary or credit aggregate 1998
Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -3.6(r) -7.7(r) - 1.8(r)
2 Required -2.5 -8.9(r) -2.5(r)
3 Nonborrowed -4.1(r) -8.6(r) -.6(r)
4 Monetary base(3) 5.4(r) 6.9(r) 8.7(r)
Concepts of money, liquid
assets, and debt(4)
5 M1 1.0 -2.0 5.0
6 M2 7.5 6.9 11.0
7 M3 10.1 8.6 12.9
8 Debt 5.9(r) 5.9(r) 6.4
Nontransaction components
9 In M2(5) 9.8 9.9 13.0
10 In M3 only(6) 17.8 13.5 18.4
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 13.4 15.8 17.6
12 Small time(7) .1 -5.4 -4.2
13 Large time(8,9) 16.4 3.5 3.9
Thrift institutions
14 Savings, including MMDAs 10.8 9.0 10.1
15 Small time(7) -4.4 -7.3 -6.7
16 Large time(8) -45.0 .5 10.4
Money market mutual funds
17 Retail 20.9 19.0 28.4
18 Institution-only 34.7 26.6 41.8
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 14.5 11.7 16.4
20 Eurodollars(10) -3.3 21.7 7.6
Debt components(4)
21 Federal -1.4 -1.5 -2.0
22 Nonfederal 8.4 8.3(r) 9.0(r)
1999 1998 1999
Q1(r) Dec. Jan.(r)
Reserves of depository
institutions(2)
1 Total -1.2 10.9(r) 6.0
2 Required 1.0 12.5(r) 7.5
3 Nonborrowed -1.3 10.0(r) 3.6
4 Monetary base(3) 9.1 7.5(r) 10.5
Concepts of money, liquid
assets, and debt(4)
5 M1 2.7 4.8(r) -2.6
6 M2 7.2 10.1 6.6
7 M3 7.2 12.0 4.0
8 Debt 5.7 6.1 5.3
Nontransaction components
9 In M2(5) 8.7 11.9(r) 9.6
10 In M3 only(6) 7.1 17.3 -3.2
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.6 19.2 12.6
12 Small time(7) -5.4 -7.7 -7.5
13 Large time(8,9) -2.4 8.0 10.6
Thrift institutions
14 Savings, including MMDAs 12.7 10.8 15.0
15 Small time(7) -6.2 -5.9 -4.8
16 Large time(8) 7.4 16.4 25.6
Money market mutual funds
17 Retail 20.5 22.4(r) 22.7
18 Institution-only 17.9 29.5 -2.8
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 11.2 34.0 -25.0
20 Eurodollars(10) -2.7 -20.0 -28.1
Debt components(4)
21 Federal -2.6 .4 -2.1
22 Nonfederal 8.2 8.2(r) 7.5
1999
Feb.(r) Mar.(r) Apr.
Reserves of depository
institutions(2)
1 Total -15.3 -22.5 7.2
2 Required -7.0 -25.6 11.5
3 Nonborrowed -13.0 -21.1 4.5
4 Monetary base(3) 9.4 7.8 10.3
Concepts of money, liquid
assets, and debt(4)
5 M1 1.6 10.1 6.9
6 M2 5.7 2.8 8.8
7 M3 8.7 -2.2 7.9
8 Debt 4.7 6.3 n.a.
Nontransaction components
9 In M2(5) 7.0 .3 9.4
10 In M3 only(6) 16.9 -15.7 5.2
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 5.4 .2 17.5
12 Small time(7) -7.5 -3.5 -3.3
13 Large time(8,9) -26.8 -23.2 14.7
Thrift institutions
14 Savings, including MMDAs 14.3 7.3 9.5
15 Small time(7) -59.0 -7.8 -4.1
16 Large time(8) -14.5 -16.0 4.1
Money market mutual funds
17 Retail 22.6 3.1 12.6
18 Institution-only 34.7 -1.8 21.1
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 68.7 -50.2 -39.0
20 Eurodollars(10) 34.4 31.9 3.0
Debt components(4)
21 Federal -7.3 -1.1 n.a.
22 Nonfederal 8.3 8.5 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (1)seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (4.) Composition of the money stock measures and debt is as follows: MI: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float Federal Reserve float Float is checkbook money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve's check collection process. To promote efficiency in the payments system and provide certainly about the date that deposited funds will become available to the receiving depository institutions (and the payee), the Federal, 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 MI. M3: M2 plus (1) large-denomination time deposits (in amounts of $I00,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money :fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1) Millions of dollars
Average of
daily figures
Factor 1999
Feb. Mar. Apr.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 501,636 507,920 512,869
outstanding U.S.
government securities(2)
2 Bought outright--System
account(3) 458,706 464,000 469,926
3 Held under repurchase
agreements 3,310 6,499 6,691
Federal agency obligations
4 Bought outfight 336 318 311
5 Held under repurchase
agreements 3,222 3,408 2,110
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 118 32 167
8 Seasonal credit 10 17 38
9 Extended credit 0 0 0
10 Float 446 210 297
11 Other Federal Reserve
assets 35,488 33,436 33,330
12 Gold stock 11,009 11,008 11,050
13 Special drawing rights
certificate account 9,200 8,329 8,200
14 Treasury currency 26,454 26,581(r) 26,675
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 510,631 514,736(r) 519,355
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 114 132 144
17 Treasury 4,800 5,463 6,379
18 Foreign 202 177 208
19 Service-related balances
and adjustments 7,129 6,979(r) 6,716
20 Other 270 247 283
21 Other Federal Reserve 16,686 17,002 17,275
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,507 9,143(R) 8,435
End-of-month figures
Feb. Mar. Apr.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,077 516,387 519,959
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 461,036 465,686 473,573
3 Held under repurchase
agreements 3,558 12,730 8,930
Federal agency obligations
4 Bought outright 336 311 311
5 Held under repurchase
agreements 3,884 5,606 3,292
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 4 223 2
8 Seasonal credit 12 22 65
9 Extended credit 0 0 0
10 Float 39 -882 36
11 Other Federal Reserve
assets 34,208 32,690 33,749
12 Gold stock 11,047 11,009 11,050
13 Special drawing rights
certificate account 9,200 8,200 8,200
14 Treasury currency
outstanding 26,508 26,638(r) 26,708
ABSORBING RESERVE FUNDS
15 Currency in circulation 511,709 517,790(r) 519,702
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 120 135 167
17 Treasury 4,538 5,374 10,000
18 Foreign 200 166 260
19 Service-related balances
and adjustments 7,030 6,815(r) 6,788
20 Other 225 235 263
21 Other Federal Reserve
liabilities and capital 16,460 16,805 17,214
22 Reserve balances with
Federal Reserve Banks(4) 9,551 14,954(r) 11,484
Average of daily figures
for week ending
on date indicated
Factor 1999
Mar. 17 Mar. 24 Mar. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 507,613 508,369 509,500
outstanding U.S.
government securities(2)
2 Bought outright--System
account(3) 464,197 464,809 465,257
3 Held under repurchase
agreements 4,497 8,006 7,863
Federal agency obligations
4 Bought outfight 311 311 311
5 Held under repurchase
agreements 3,690 3,944 3,387
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 4 87 44
8 Seasonal credit 16 20 21
9 Extended credit 0 0 0
10 Float 62 -453 -41
11 Other Federal Reserve
assets 34,837 31,646 32,657
12 Gold stock 11,049 11,048 11,048
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency 26,573(r) 26,605(r) 26,638(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 514,779(r) 515,112(r) 515,762(r)
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 132 134 135
17 Treasury 6,313 5,309 5,160
18 Foreign 180 166 168
19 Service-related balances
and adjustments 6,896 7,227(r) 6,815(r)
20 Other 261 236 227
21 Other Federal Reserve 17,117 17,184 17,091
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 7,758 8,856(r) 10,029(r)
Wednesday figures
Mar. 17 Mar. 24 Mar. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 508,228 516,531 516,387
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 464,506 464,744 465,686
3 Held under repurchase
agreements 4,495 17,013 12,730
Federal agency obligations
4 Bought outright 311 311 311
5 Held under repurchase
agreements 3,840 4,533 5,606
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 1 2 223
8 Seasonal credit 20 17 22
9 Extended credit 0 0 0
10 Float 163 -305 -882
11 Other Federal Reserve
assets 34,893 30,217 32,690
12 Gold stock 11,049 11,047 11,049
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,573(r) 26,605(r) 26,638(r)
ABSORBING RESERVE FUNDS
15 Currency in circulation 515,774(r) 516,177(r) 517,797
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 134 134 135
17 Treasury 6,318 5,199 5,374
18 Foreign 173 169 166
19 Service-related balances
and adjustments 6,896 7,227(r) 6,815(r)
20 Other 247 220 235
21 Other Federal Reserve
liabilities and capital 16,906 17,089 16,805
22 Reserve balances with
Federal Reserve Banks(4) 7,602 16,167(r) 14,954(r)
Average of daily figures
for week ending
on date indicated
Factor 1999
Apr. 7 Apr. 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 511,052 511,893
outstanding U.S.
2 government securities(2)
account(3) 466,781 469,667
3 Held under repurchase
agreements 9,002 6,496
Federal agency obligations
4 Bought outfight 311 311
5 Held under repurchase
agreements 2,212 1,660
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 168 32
8 Seasonal credit 27 30
9 Extended credit 0 0
10 Float 13 264
11 Other Federal Reserve
assets 32,538 33,433
12 Gold stock 11,051 11,050
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency 26,652 26,666
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 518,373 519,963
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 135 141
17 Treasury 5,644 4,853
18 Foreign 245 188
19 Service-related balances
and adjustments 6,636 6,672
20 Other 311 305
21 Other Federal Reserve 17,188 17,322
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,422 8,365
Wednesday figures
Apr. 7 Apr. 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 512,559 512,417
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 467,237 471,409
3 Held under repurchase
agreements 8,910 5,880
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 2,096 1,334
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,030 74
8 Seasonal credit 28 32
9 Extended credit 0 0
10 Float 146 -319
11 Other Federal Reserve
assets 32,802 33,695
12 Gold stock 11,051 11,008
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,652 26,666
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,543 520,911
16 Treasury cash holdings 140 145
Deposits, other than reserve
balances, with Federal
Reserve Banks
17 Treasury 5,438 4,157
18 Foreign 183 191
19 Service-related balances
and adjustments 6,636 6,672
20 Other 300 306
21 Other Federal Reserve
liabilities and capital 17,135 17,000
22 Reserve balances with
Federal Reserve Banks(4) 8,083 8,909
Average of daily figures
for week ending
on date indicated
Factor 1999
Apr. 21 Apr. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 513,556 513,033
outstanding U.S.
2 government securities(2)
account(3) 470,563 471,697
3 Held under repurchase
agreements 6,685 3,904
Federal agency obligations
4 Bought outfight 311 311
5 Held under repurchase
agreements 2,022 2,371
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 199 316
8 Seasonal credit 36 51
9 Extended credit 0 0
10 Float 103 905
11 Other Federal Reserve
assets 33,638 33,478
12 Gold stock 11,049 11,049
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency 26,680 26,694
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 519,632 519,289
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 145 148
17 Treasury 6,790 7,182
18 Foreign 215 182
19 Service-related balances
and adjustments 6,717 6,818
20 Other 283 241
21 Other Federal Reserve 17,269 17,300
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,435 7,812
Wednesday figures
Apr. 21 Apr. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 514,232 518,657
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 470,506 473,627
3 Held under repurchase
agreements 5,880 6,730
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 1,334 3,015
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,367 6
8 Seasonal credit 41 60
9 Extended credit 0 0
10 Float 1,050 736
11 Other Federal Reserve
assets 33,744 34,172
12 Gold stock 11,009 11,048
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,680 26,694
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,370 520,718
16 Treasury cash holdings 145 167
Deposits, other than reserve
balances, with Federal
Reserve Banks
17 Treasury 6,690 8,545
18 Foreign 193 168
19 Service-related balances
and adjustments 6,717 6,818
20 Other 240 237
21 Other Federal Reserve
liabilities and capital 17,007 17,055
22 Reserve balances with
Federal Reserve Banks(4) 8,800 10,890
(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(1) Millions of dollars
Prorated monthly
averages of biweekly
averages
Reserve classification 1996 1997 1998
Dec.(r) Dec.(r) Dec.
1 Reserve balances with
Reserve Banks(2) 13,330 10,664 9,021(r)
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(r)
6 Required reserves 49,758 46,235 43,435
7 Excess reserve balances
at Reserve Banks(7) 1,416 1,685 1,583(r)
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
1998 1999
Dec. 30 Jan. 13(r) Jan.27
1 Reserve balances with
Reserve Banks(2) 9,057 9,550 10,019
2 Total vault cash(3) 45,470 45,023 44,837
3 Applied vault cash(4) 36,748 35,911 36,847
4 Surplus vault cash(5) 8,722 9,112 7,990
5 Total reserves(6) 45,805 45,461 46,866
6 Required reserves 43,999 43,241 45,878
7 Excess reserve balances
at Reserve Banks(7) 1,806 2,220 988
8 Total borrowings at
Reserve Banks(8) 195 370 68
9 Seasonal borrowings 18 9 5
10 Extended credit(9) 0 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification 1998
Oct.(r) Nov. Dec.
1 Reserve balances with
Reserve Banks(2) 9,027 8,855 9,021(r)
2 Total vault cash(3) 43,268 43,104 44,305
3 Applied vault cash(4) 35,089 35,297 35,997
4 Surplus vault cash(5) 8,179 7,807 8,308
5 Total reserves(6) 44,117 44,152 45,018(r)
6 Required reserves 42,543 42,528(r) 43,435
7 Excess reserve balances
at Reserve Banks(7) 1,574 1,624 1,583(r)
8 Total borrowings at
Reserve Banks(8) 174 83(r) 117
9 Seasonal borrowings 107 37 15
10 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
Feb. 10 Feb. 24 Mar. 10
1 Reserve balances with
Reserve Banks(2) 8,750 8,233 9,356
2 Total vault cash(3) 49,363 45,597 42,284
3 Applied vault cash(4) 38,649 35,997 34,007
4 Surplus vault cash(5) 10,714 9,600 8,277
5 Total reserves(6) 47,399 44,230 43,362
6 Required reserves 46,181 43,041(r) 42,062
7 Excess reserve balances
at Reserve Banks(7) 1,217 1,189 1,300
8 Total borrowings at
Reserve Banks(8) 158 112 22
9 Seasonal borrowings 8 9 14
10 Extended credit(9) 0 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification 1999
Jan. Feb.
1 Reserve balances with
Reserve Banks(2) 9,658(r) 8,578
2 Total vault cash(3) 45,499 46,468
3 Applied vault cash(4) 36,687 36,660
4 Surplus vault cash(5) 8,812 9,809
5 Total reserves(6) 46,345(r) 45,237
6 Required reserves 44,811 44,022
7 Excess reserve balances
at Reserve Banks(7) 1,534(r) 1,215
8 Total borrowings at
Reserve Banks(8) 206 116
9 Seasonal borrowings 7 9
10 Extended credit(9) 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
Mar. 24 Apr. 7(r)
1 Reserve balances with
Reserve Banks(2) 8,309 9,213
2 Total vault cash(3) 43,524 42,525
3 Applied vault cash(4) 34,521 34,147
4 Surplus vault cash(5) 9,004 8,378
5 Total reserves(6) 42,830 43,360
6 Required reserves 41,613 41,872
7 Excess reserve balances
at Reserve Banks(7) 1,217 1,487
8 Total borrowings at
Reserve Banks(8) 63 130
9 Seasonal borrowings 18 24
10 Extended credit(9) 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification
Mar.(r) Apr.
1 Reserve balances with
Reserve Banks(2) 8,851 9,240
2 Total vault cash(3) 42,898 42,162
3 Applied vault cash(4) 34,270 34,407
4 Surplus vault cash(5) 8,628 7,755
5 Total reserves(6) 43,121 43,647
6 Required reserves 41,816 42,483
7 Excess reserve balances
at Reserve Banks(7) 1,305 1,164
8 Total borrowings at
Reserve Banks(8) 65 166
9 Seasonal borrowings 18 39
10 Extended credit(9) 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
Apr. 21 May. 5
1 Reserve balances with
Reserve Banks(2) 8,409 10,554
2 Total vault cash(3) 42,348 41,592
3 Applied vault cash(4) 34,422 34,587
4 Surplus vault cash(5) 7,926 7,006
5 Total reserves(6) 42,831 45,141
6 Required reserves 41,915 43,842
7 Excess reserve balances
at Reserve Banks(7) 916 1,299
8 Total borrowings at
Reserve Banks(8) 149 223
9 Seasonal borrowings 33 59
10 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and 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
Percent per year
Current and previous levels
Adjustment credit(1)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 4.50 11/18/98 4.75
New York 4.50 11/17/98 4.75
Philadelphia 4.50 11/17/98 4.75
Cleveland 4.50 11/19/98 4.75
Richmond 4.50 11/18/98 4.75
Atlanta 4.50 11/18/98 4.75
Chicago 4.50 11/19/98 4.75
St. Louis 4.50 11/19/98 4.75
Minneapolis 4.50 11/19/98 4.75
Kansas City 4.50 11/18/98 4.75
Dallas 4.50 11/17/98 4.75
San Francisco 4.50 11/17/98 4.75
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 4.85 6/3/99 4.80
New York 4.85 6/3/99 4.80
Philadelphia 4.85 6/3/99 4.80
Cleveland 4.85 6/3/99 4.80
Richmond 4.85 6/3/99 4.80
Atlanta 4.85 6/3/99 4.80
Chicago 4.85 6/3/99 4.80
St. Louis 4.85 6/3/99 4.80
Minneapolis 4.85 6/3/99 4.80
Kansas City 4.85 6/3/99 4.80
Dallas 4.85 6/3/99 4.80
San Francisco 4.85 6/3/99 4.80
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 5.35 6/3/99 5.30
New York 5.35 6/3/99 5.30
Philadelphia 5.35 6/3/99 5.30
Cleveland 5.35 6/3/99 5.30
Richmond 5.35 6/3/99 5.30
Atlanta 5.35 6/3/99 5.30
Chicago 5.35 6/3/99 5.30
St. Louis 5.35 6/3/99 5.30
Minneapolis 5.35 6/3/99 5.30
Kansas City 5.35 6/3/99 5.30
Dallas 5.35 6/3/99 5.30
San Francisco 5.35 6/3/99 5.30
Range of rates for adjustment credit in recent years(4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 19977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
Oct. 16 4.75 4.75
1998--Nov. 17 4.50--4.75 4.50
Nov. 19 4.50 4.50
Ineffect June 11, 1999 4.50 4.50
(1.) Available on a short-term basis to help depository institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. The highest rate established for loans to depository institutions may be charged on adjustment credit loans of unusual size that result from a major operating problem at the borrower's facility. (2.) Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans and that cannot be met through special industry lenders. The discount rate on seasonal credit takes into account rates charged by market sources of funds and ordinarily is reestablished on the first business day of each two-week reserve maintenance period; however, it is never less than the discount rate applicable to adjustment credit. (3.) May be made available to depository institutions when similar assistance is not reasonably available from other sources, including special industry lenders. Such credit may be provided when exceptional circumstances (including sustained deposit drains, impaired access to money market funds, or sudden deterioration in loan repayment performance) or practices involve only a particular institution, or to meet the needs of institutions experiencing difficulties adjusting to changing market conditions over a longer period (particularly at times of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is charged on extended-credit loans outstanding less than thirty days; however, at the discretion of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a flexible rate somewhat above rates charged on market sources of funds is charged. The rate ordinarily is reestablished on the first business day of each two-week reserve maintenance period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis points. (4.) For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 1970-1979. In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment-credit borrowings by institutions with deposits of $500 million or more that had borrowed in successive weeks or in more than four weeks in a calendar quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2 percent was reimposed on Nov. 17, 1980; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the surcharge was changed from a calendar quarter to a moving thirteen-week period. The surcharge was eliminated on Nov. 17, 1981. 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12131/98
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
Millions of dollars
Type of transaction 1996 1997 1998
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30.51 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
l0 Redemptions 2,015 1,996 2,676
One to five years
11 Gross purchases 3,898 19,680 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
Five to ten years
15 Gross purchases 1,116 3,849 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in U.S.
Treasury securities 19,919 41,022 19,835
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25
33 Redemptions 409 1,540 322
Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in federal
agency obligations 103 -500 7,703
37 Total net change
in System
Open Market Account 20,021 40,522 27,538
Type of transaction
and maturity 1998
Sept. Oct. Nov. Dec.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0 0
2 Gross sales 0 0 0 0
3 Exchanges 33,140 40,712 34,957 41,393
4 For new bills 33,140 40,712 34,957 41,393
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 1,038 741 662 0
7 Gross sales 0 0 0 0
8 Maturity shifts 2,301 2,423 5,444 2,539
9 Exchanges -2,242 -400 -8,093 -2,555
10 Redemptions 0 602 0 0
One to five years
11 Gross purchases 3,989 725 2,397 0
12 Gross sales 0 0 0 0
13 Maturity shifts -2,301 -2,423 -4,574 -2,539
14 Exchanges 2,242 0 6,013 2,555
Five to ten years
15 Gross purchases 351 0 862 0
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 718 0
18 Exchanges 0 400 1,135 0
More than ten years
19 Gross purchases 0 1,674 698 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -1,589 0
22 Exchanges 0 0 945 0
All maturities
23 Gross purchases 5,377 3,140 4,619 0
24 Gross sales 0 0 0 0
25 Redemptions 0 602 0 0
Matched transactions
26 Gross purchases 380,594 402,581 358,438 418,538
27 Gross sales 382,063 400,995 359,256 420,397
Repurchase agreements
28 Gross purchases 63,924 40,823 23,884 49,296
29 Gross sales 59,731 48,672 19,200 38,592
30 Net change in U.S.
Treasury securities 8,101 -3,725 8,484 8,845
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 48 15 20 30
Repurchase agreements
34 Gross purchases 18,486 51,471 51,419 48,815
35 Gross sales 19,953 50,032 48,785 44,285
36 Net change in federal
agency obligations -1,515 1,424 2,614 4,500
37 Total net change
in System
Open Market Account 6,586 -2,301 11,098 13,345
Type of transaction
and maturity 1999
Jan. Feb. Mar.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 35,069 36,862 35,065
4 For new bills 35,069 36,862 35,065
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 0 2,103 1,060
7 Gross sales 0 0 0
8 Maturity shifts 2,865 5,578 3,015
9 Exchanges -400 -7,458 -5,956
l0 Redemptions 492 0 0
One to five years
11 Gross purchases 0 2,752 2,428
12 Gross sales 0 0 0
13 Maturity shifts -2,865 -4,928 -3,015
14 Exchanges 0 4,778 5,956
Five to ten years
15 Gross purchases 0 335 346
16 Gross sales 0 0 0
17 Maturity shifts 0 -650 0
18 Exchanges 400 1,340 0
More than ten years
19 Gross purchases 615 0 2,404
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 1,340 0
All maturities
23 Gross purchases 615 5,190 6,238
24 Gross sales 0 0 0
25 Redemptions 492 0 0
Matched transactions
26 Gross purchases 365,779 324,078 393,267
27 Gross sales 363,604 322,669 394,865
Repurchase agreements
28 Gross purchases 21,968 26,098 62,878
29 Gross sales 37,157 27,025 53,706
30 Net change in U.S.
Treasury securities -12,891 5,672 13,812
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 2 0 25
Repurchase agreements
34 Gross purchases 23,577 37,416 35,731
35 Gross sales 31,744 36,067 34,009
36 Net change in federal
agency obligations -8,169 1,349 1,697
37 Total net change
in System
Open Market Account -21,060 7,021 15,509
(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
Mar. 31 Apr. 7 Apr. 14
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,051 11,048
2 Special drawing
rights certificate
account 8,200 8,200 8,200
3 Coin 428 424 408
Loans
4 To depository institutions 246 1,058 107
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Federal agency obligations
7 Bought outright 311 311 311
8 Held under
repurchase agreements 5,606 2,096 1,334
9 Total U.S.
Treasury securities 478,416 476,147 477,289
10 Bought outright(2) 465,686 467,237 471,409
11 Bills 196,759 197,758 199,600
12 Notes 194,968 195,425 197,493
13 Bonds 73,959 74,055 74,317
14 Held under
repurchase agreements 12,730 8,910 5,880
15 Total loans and securities 484,578 479,611 479,041
16 Items in process
of collection 7,097 8,303 7,910
17 Bank premises 1,303 1,304 1,308
Other assets
18 Denominated in
foreign currencies(3) 15,171 15,250 15,254
19 All other(4) 16,126 16,160 16,995
20 Total assets 543,952 540,303 540,165
LIABILITIES
21 Federal Reserve notes 491,715 494,455 494,798
22 Total deposits 28,316 20,893 20,396
23 Depository institutions 22,541 14,968 15,742
24 U.S. Treasury--
General account 5,374 5,438 4,157
25 Foreign--Official accounts 166 183 191
26 Other 235 304 306
27 Deferred credit items 7,117 7,821 7,931
28 Other liabilities
and accrued dividend(5) 4,328 4,379 4,239
29 Total liabilities 531,475 527,547 527,365
CAPITAL ACCOUNTS
30 Capital paid in 6,122 6,123 6,172
31 Surplus 5,944 5,952 5,952
32 Other capital accounts 411 681 677
33 Total liabilities
and capital accounts 543,952 540,303 540,165
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes
outstanding
(issued to Banks) 665,942 671,979 676,627
36 LESS: Held by
Federal Reserve Banks 174,228 177,524 181,829
37 Federal Reserve notes, net 491,715 494,455 494,798
Collateral held
against notes, net
38 Gold certificate account 11,049 11,051 11,048
39 Special drawing
rights
certificate account 8,200 8,200 8,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 472,466 475,204 475,550
42 Total collateral 491,715 494,455 494,798
End
Wednesday of month
Account 1999 1999
Apr. 21 Apr. 28 Feb. 28
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,048 11,047
2 Special drawing
rights certificate
account 8,200 8,200 9,200
3 Coin 415 416 464
Loans
4 To depository institutions 1,408 66 16
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Federal agency obligations
7 Bought outright 311 311 336
8 Held under
repurchase agreements 1,334 3,015 3,884
9 Total U.S.
Treasury securities 476,386 480,357 464,594
10 Bought outright(2) 470,506 473,627 461,036
11 Bills 198,718 199,175 198,357
12 Notes 197,120 199,721 191,126
13 Bonds 74,667 74,730 71,553
14 Held under
repurchase agreements 5,880 6,730 3,558
15 Total loans and securities 479,439 483,748 468,830
16 Items in process
of collection 9,065 8,254 5,176
17 Bank premises 1,309 1,311 1,302
Other assets
18 Denominated in
foreign currencies(3) 15,258 15,263 18,702
19 All other(4) 17,110 17,496 14,313
20 Total assets 541,845 545,736 529,034
LIABILITIES
21 Federal Reserve notes 494,250 494,606 485,784
22 Total deposits 22,406 26,392 21,798
23 Depository institutions 15,283 17,442 16,835
24 U.S. Treasury--
General account 6,690 8,545 4,538
25 Foreign--Official accounts 193 168 200
26 Other 240 237 225
27 Deferred credit items 8,182 7,682 4,992
28 Other liabilities
and accrued dividend(5) 4,184 4,230 4,205
29 Total liabilities 529,023 532,911 516,779
CAPITAL ACCOUNTS
30 Capital paid in 6,166 6,180 6,063
31 Surplus 5,952 5,952 5,872
32 Other capital accounts 704 693 320
33 Total liabilities
and capital accounts 541,845 545,736 529,034
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes
outstanding
(issued to Banks) 681,449 685,435 641,086
36 LESS: Held by
Federal Reserve Banks 187,199 190,828 155,302
37 Federal Reserve notes, net 494,250 494,606 485,784
Collateral held
against notes, net
38 Gold certificate account 11,049 11,048 11,047
39 Special drawing
rights
certificate account 8,200 8,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 475,001 475,358 465,537
42 Total collateral 494,250 494,606 485,784
End of month
Account 1999
Mar. 31 Apr. 30
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,050
2 Special drawing
rights certificate
account 8,200 8,200
3 Coin 428 430
Loans
4 To depository institutions 246 68
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Federal agency obligations
7 Bought outright 311 311
8 Held under
repurchase agreements 5,606 3,292
9 Total U.S.
Treasury securities 478,416 482,503
10 Bought outright(2) 465,686 473,573
11 Bills 196,759 199,121
12 Notes 194,968 199,721
13 Bonds 73,959 74,731
14 Held under
repurchase agreements 12,730 8,930
15 Total loans and securities 484,578 486,174
16 Items in process
of collection 7,097 5,248
17 Bank premises 1,303 1,310
Other assets
18 Denominated in
foreign currencies(3) 15,171 15,034
19 All other(4) 16,126 17,336
20 Total assets 543,952 544,782
LIABILITIES
21 Federal Reserve notes 491,715 493,590
22 Total deposits 28,316 28,623
23 Depository institutions 22,541 18,061
24 U.S. Treasury--
General account 5,374 10,040
25 Foreign--Official accounts 166 260
26 Other 235 263
27 Deferred credit items 7,117 5,354
28 Other liabilities
and accrued dividend(5) 4,328 4,493
29 Total liabilities 531,475 532,062
CAPITAL ACCOUNTS
30 Capital paid in 6,122 6,182
31 Surplus 5,944 5,952
32 Other capital accounts 411 586
33 Total liabilities
and capital accounts 543,952 544,782
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) 665,942 687,900
36 LESS: Held by
Federal Reserve Banks 174,228 194,309
37 Federal Reserve notes, net 491,715 493,590
Collateral held
against notes, net
38 Gold certificate account 11,049 11,050
39 Special drawing
rights
certificate account 8,200 8,200
40 Other eligible assets 0 0
41 U.S. Treasury and
agency securities 472,466 474,340
42 Total collateral 491,715 493,590
(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
Type of holding and maturity 1999
Mar. 31 Apr. 7 Apr. 14
1 Total loans 246 1,058 107
2 Within fifteen days(1) 243 1,033 77
3 Sixteen days to ninety days 3 26 30
4 Total U.S. Treasury securities(2) 478,416 476,147 477,289
5 Within fifteen days(1) 26,785 18,048 20,396
6 Sixteen days to ninety days 98,303 101,247 97,871
7 Ninety-one days to one year 134,439 137,410 138,060
8 One year to five years 112,263 112,518 113,451
9 Five years to ten years 46,598 46,894 47,220
10 More than ten years 60,029 60,029 60,292
11 Total federal agency obligations 5,917 2,407 1,645
12 Within fifteen days(1) 5,606 2,096 1,334
13 Sixteen days to ninety days 27 27 32
14 Ninety-one days to one year 79 79 84
15 One year to five years 30 30 20
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
End of
Wednesday month
Type of holding and maturity 1999 1999
Apr. 21 Apr. 28 Feb. 26
1 Total loans 1,408 66 445
2 Within fifteen days(1) 1,406 52 445
3 Sixteen days to ninety days 2 14 0
4 Total U.S. Treasury securities(2) 476,386 480,357 470,976
5 Within fifteen days(1) 20,105 22,035 24,996
6 Sixteen days to ninety days 96,179 100,866 98,522
7 Ninety-one days to one year 138,454 134,011 133,298
8 One year to five years 113,786 115,258 110,291
9 Five years to ten years 47,221 47,545 46,246
10 More than ten years 60,642 60,642 57,623
11 Total federal agency obligations 1,645 3,326 7,559
12 Within fifteen days(1) 1,334 3,015 7,248
13 Sixteen days to ninety days 32 37 0
14 Ninety-one days to one year 84 79 106
15 One year to five years 20 20 30
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
End of month
Type of holding and maturity 1999
Mar. 31 Apr. 30
1 Total loans 65 68
2 Within fifteen days(1) 64 40
3 Sixteen days to ninety days 1 28
4 Total U.S. Treasury securities(2) 478,416 482,503
5 Within fifteen days(1) 26,785 13,804
6 Sixteen days to ninety days 98,303 103,293
7 Ninety-one days to one year 134,439 142,071
8 One year to five years 112,263 115,147
9 Five years to ten years 46,598 47,546
10 More than ten years 60,029 60,642
11 Total federal agency obligations 5,917 3,603
12 Within fifteen days(1) 5,606 3,292
13 Sixteen days to ninety days 27 37
14 Ninety-one days to one year 79 79
15 One year to five years 30 20
16 Five years to ten years 175 175
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)
1995 1996 1997 1998
Item Dec.(r) Dec.(r) Dec.(r) Dec.(r)
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 56.45 50.16 46.86 44.90(r)
2 Nonborrowed
reserves(4) 56.20 50.01 46.54 44.79
3 Nonborrowed 56.20 50.01 46.54 44.79
4 Required reserves 55.16 48.75 45.18 43.32
5 Monetary base(6) 434.10 541.37 478.88 512.32(r)
Not seasonally adjusted
6 Total reserves(7) 58.02 51.45 48.01 45.12(r)
7 Nonborrowed reserves 57.76 51.30 47.69 45.00(r)
8 Nonborrowed
reserves plus
extended credit(5) 57.76 51.30 47.69 45.00(r)
9 Required
reserves(8) 56.73 50.04 46.33 43.54(r)
10 Monetary base(9) 439.03 456.63 484.98 518.28(r)
NOT ADJUSTED FOR
CHANGES IN RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.17 47.92 45.02
12 Nonborrowed reserves 57.64 51.02 47.60 44.90
13 Nonborrowed reserves
plus extended
credits 57.64 51.02 47.60 44.90
14 Required reserves 56.61 49.76 46.24 43.44
15 Monetary base(12) 444.45 463.40 491.79 525.06
16 Excess reserves(13) 1.29 1.42 1.69 1.58
17 Borrowings from
the Federal
Reserve .26 .16 .32 .12
Item 1998
Sept.(r) Oct.(r) Nov.(r) Dec.
ADJUSTED FOR
CHANGES
IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 44.54 44.41 44.50 44.90(r)
2 Nonborrowed
reserves(4) 44.29 44.23 44.41 44.79
3 Nonborrowed 44.29 44.23 44.41 44.79
4 Required reserves 42.85 42.83 42.87 43.32
5 Monetary base(6) 502.04 505.84 509.14 512.32(r)
Not seasonally adjusted
6 Total reserves(7) 44.27 44.20 44.24 45.12(r)
7 Nonborrowed
reserves 44.02 44.03 44.16 45.00(r)
8 Nonborrowed
reserves
plus extended
credit(5) 44.02 44.03 44.16 45.00(r)
9 Required
reserves(8) 42.58 42.63 42.62 43.54(r)
10 Monetary base(9) 500.98 504.47 510.14 518.28(r)
NOT ADJUSTED FOR
CHANGES IN
RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 44.20 44.12 44.15 45.02
12 Nonborrowed
reserves 43.95 43.94 44.07 44.90
13 Nonborrowed
reserves
plus
extended credits 43.95 43.94 44.07 44.90
14 Required reserves 42.50 42.54 42.53 43.44
16 Excess
reserves(13) 1.69 1.57 41.62 1.58
17 Borrowings from
the Federal
Reserve .25 .17 .08 .12
Item 1999
Jan. Feb. Mar.(r) Apr.
ADJUSTED FOR
CHANGES
IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 45.13(r) 44.55 43.720 43.98
2 Nonborrowed
reserves(4) 44.92(r) 44.44 43.65 43.82
3 Nonborrowed 44.92(r) 44.44 43.65 43.82
4 Required reserves 43.59(r) 43.34 42.41 42.82
5 Monetary base(6) 516.81(r) 520.84 524.23 528.72
Not seasonally adjusted
6 Total reserves(7) 46.34 45.25 43.14 43.67
7 Nonborrowed reserves 43.14(r) 45.13 45.13 43.61
9 Nonborrowed
reserves
plus extended
credit(5) 46.14(r) 45.13 45.13 43.51
9 Required
reserves(8) 44.81 44.03 44.03 42.51
10 Monetary base(9) 520.01 519.70 523.35 526.75
NOT ADJUSTED
FOR CHANGES
IN RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 46.35 45.24 43.12 43.65
12 Nonborrowed reserves 46.14 45.12 43.06 43.48
13 Nonborrowed reserves
plus extended
credits 46.14 45.12 43.06 43.48
14 Required reserves 44.81 44.02 41.82 42.48
15 Monetary base(12) 527.59 526.85 530.30 533.47
16 Excess reserves(13) 1.53(r) 1.22 1.31 1.16
17 Borrowings
from the
Federal Reserve .21 .12 .07 .17
(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 bad 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(l) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 1.21 MONEY STOCK AND DEBT MEASURES(1) Billions of dollars, averages of daily figures
Item 1995 1996 1997 1998
Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3 1,074.9 1,093.4(r)
2 M2 3,649.1 3,823.9 4,046.6 4,402.1(r)
3 M3 4,618.5 4,955.6 5,404.7 5,999.8(r)
4 Debt 13,703.2 14,425.3 15,141.3 16,085.5(r)
M1 components
5 Currency(3) 372.3 394.1 424.5 459.2
6 Travelers
checks(4) 8.3 8.0 7.7 7.8
7 Demand deposits(5) 389.4 403.0 396.5 377.5
8 Other checkable
deposits(6) 356.7 276.2 246.2 248.8(r)
Nontransaction
components
9 In M2(7) 2,522.4 2,742.6 2,971.8 3,308.7(r)
10 In M3 only(8) 969.4 1,131.7 1,358.0 1,597.7
Commercial banks
11 Savings deposits,
including MMDAs 775.3 905.2 1,022.9 1,189.8
12 Small time
deposits(9) 575.0 593.7 626.1 626.1
13 Large time
deposits(10, 11) 346.6 414.8 490.2 541.1
Thrift
institutions
14 Savings deposits
including MMDAs 359.8 367.1 377.3 415.2
15 Small time
deposits(9) 356.7 353.8 343.2 325.9
16 Large time
deposits(10) 74.5 78.4 85.9 89.1
Money market
mutual funds
17 Retail 455.5 522.8 602.3 751.7(r)
18 Institution-only 255.9 313.3 379.9 516.2
Repurchase
agreements and
Eurodollars
19 Repurchase
agreements(12) 198.7 211.3 252.8 297.7
20 Eurodollars 93.7 113.9 149.2 153.6
Debt components
21 Federal debt 3,638.9 3,780.6 3,798.4 3,747.4
22 Nonfederal debt 10,064.2 10,644.7 11,342.9 12,338.2(r)
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9 1,097.4 1,115.3
24 M2 3,671.7 3,843.7 4,064.8 4,418.9(r)
25 M3 4,638.0 4,972.5 5,420.8 6,016.0(r)
26 Debt 13,704.6 14,425.3 15,140.9 16,086.0(r)
M1 components
27 Currency(3) 376.2 397.9 428.9 464.2
28 Travelers
checks(4) 8.5 8.3 7.9 8.0
29 Demand
deposits(5) 407.2 419.9 412.3 392.4
30 Other checkable
deposits(6) 360.5 278.8 248.3 250.7
Nontransaction
components
31 In M2(7) 2,519.3 2,738.9 2,967.4 3,303.6(r)
32 In M3 only(8) 966.4 1,128.8 1,356.0 1,597.0
Commercial banks
33 Savings deposits
including MMDAs 774.1 903.3 1,020.4 1,186.8(r)
34 Small time
deposits(9) 573.8 592.7 625.3 625.4
35 Large time
deposits(10, 11) 345.8 413.3 487.7 537.5
Thrift
institutions
36 Savings deposits,
including MMDAs 359.2 366.3 376.4 414.1
37 Small time
deposits(9) 355.9 353.2 342.8 325.6
38 Large time
deposits(10) 74.3 78.1 85.4 88.5
Money market
mutual funds
39 Retail 456.1 523.2 602.5 751.7(r)
40 Institution-only 257.7 316.0 384.5 523.3
Repurchase
agreements and
Eurodollars
41 Repurchase
agreements(12) 193.8 205.7 246.1 290.3
42 Eurodollars(12) 94.9 115.7 152.3 157.4
Debt components
43 Federal debt 3,645.9 3,787.9 3,805.8 3,754.9
44 Nonfederal debt 10,058.7 10,637.3 11,335.1 12,331.1(r)
1999
Item
Jan.(r) Feb.(r) Mar.(r) Apr.
Seasonally adjusted
Measures(2)
1 M1 1,091.0 1,092.5 1,101.7 1,108.0
2 M2 4,426.2 4,447.1 4,457.3 4,489.9
3 M3 6,019.6 6,063.1 6,052.2 6,091.8
4 Debt 16,156.1 16,219.5 16,304.7 n.a.
M1 components
5 Currency(3) 462.7 467.6 472.0 476.5
6 Travelers
checks(4) 7.8 7.7 7.8 7.8
7 Demand deposits(5) 371.1 371.6 373.9 373.6
8 Other checkable
deposits(6) 249.5 245.5 248.0 250.1
Nontransaction
components
9 In M2(7) 3,335.2 3,354.6 3,355.5 3,381.9
10 In M3 only(8) 1,593.5 1,616.0 1,594.9 1,601.8
Commercial banks
11 Savings deposits,
including MMDAs 1,202.3 1,207.7 1,207.9 1,225.5
12 Small time
deposits(9) 622.1 618.2 616.4 614.7
13 Large time
deposits(10, 11) 545.9 533.7 523.4 529.8
Thrift
institutions
14 Savings deposits
including MMDAs 420.4 425.4 428.0 431.4
15 Small time
deposits(9) 324.6 323.0 320.9 319.8
16 Large time
deposits(10) 91.0 89.9 88.7 89.0
Money market
mutual funds
17 Retail 765.9 780.3 782.3 790.5
18 Institution-only 515.0 529.9 529.1 538.4
Repurchase
agreements and
Eurodollars
19 Repurchase
agreements(12) 291.5 308.2 295.3 285.7
20 Eurodollars 150.0 154.3 158.4 158.8
Debt components
21 Federal debt 3,740.9 3,718.2 3,714.7 n.a.
22 Nonfederal debt 12,415.3 12,501.3 12,590.0 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,098.3 1,083.2 1,096.9 1,113.4
24 M2 4,429.6 4,441.4 4,480.8 4,527.4
25 M3 6,027.9 6,071.8 6,091.1 6,128.8
26 Debt 16,139.7 16,191.5 16,296.9 n.a.
M1 components
27 Currency(3) 462.5 466.5 471.3 476.0
28 Travelers
checks(4) 7.9 7.9 7.9 7.9
29 Demand
deposits(5) 375.7 364.6 368.7 373.7
30 Other checkable
deposits(6) 252.2 244.2 249.0 255.8
Nontransaction
components
31 In M2(7) 3,331.3 3,358.1 3,383.9 3,414.1
32 In M3 only(8) 1,598.3 1,630.5 1,610.4 1,601.4
Commercial banks
33 Savings deposits
including MMDAs 1,197.3 1,203.8 1,217.6 1,241.3
34 Small time
deposits(9) 622.8 619.6 617.3 614.8
35 Large time
deposits(10, 11) 532.2 529.1 527.8 530.6
Thrift
institutions
36 Savings deposits,
including MMDAs 418.6 424.0 431.5 437.0
37 Small time
deposits(9) 324.9 323.7 321.3 319.8
38 Large time
deposits(10) 88.8 89.1 89.5 89.1
Money market
mutual funds
39 Retail 767.6 787.0 796.2 801.1
40 Institution-only 529.3 547.3 537.9 536.7
Repurchase
agreements and
Eurodollars
41 Repurchase
agreements(12) 292.9 307.7 297.9 288.4
42 Eurodollars(12) 155.1 157.1 157.3 156.6
Debt components
43 Federal debt 3,736.6 3,721.8 3,741.2 n.a.
44 Nonfederal debt 12,403.0 12,469.7 12,555.7 n.a.
NOTES TO TABLE 1.21 (1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign hanks 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. [TABULAR DATA 1.26 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 1997
1 All issuers 595,382 674,904 775,371 966,699
Financial
companies(1)
2 Dealer-placed
paper, total(2) 223,038 275,815 361,147 513,307
3 Directly placed
paper, total(3) 207,701 210,829 229,662 252,536
4 Nonfinancial
companies(4) 164,643 188,260 184,563 200,857
Year ending 1998
Item December
1998 Oct. Nov. Dec.
1 All issuers 1,163,303 1,150,213 1,159,027 1,163,303
Financial
companies(1)
2 Dealer-placed
paper, total(2) 614,142 627,170 621,246 614,142
3 Directly placed
paper, total(3) 322,030 289,184 304,545 322,030
4 Nonfinancial
companies(4) 227,132 233,859 233,236 227,132
Item 1999
Jan. Feb. Mar.
1 All issuers 1,178,168 1,178,303 1,204,627
Financial
companies(1)
2 Dealer-placed
paper, total(2) 629,569 615,053 684,616
3 Directly placed
paper, total(3) 314,601 320,468 276,424
4 Nonfinancial
companies(4) 233,998 242,782 243,587
(1.) Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. (2.) Includes all financial-company paper sold by dealers in the open market. (3.) As reported by financial companies that place their paper directly with investors. (4.) Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. B. Bankers Dollar Acceptances(1) Millions of dollars, not seasonally adjusted, year ending September(2) Item 1995 1996 1997 1998 1 Total amount of reporting banks' acceptances in existence 29,242 25,832 25,774 14,363 2 Amount of other banks' eligible acceptances held by reporting banks 1,249 709 736 523 3 Amount of own eligible acceptances held by reporting banks (included in item 1) 10,516 7,770 6,862 4,884 4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries (included in item 1) 11,373 9,361 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
rate
1996--Jan. 1 8.50 1996 8.27
Feb. 1 8.25 1997 8.44
1998 8.35
1997--Mar. 26 8.50
1996--Jan. 8.50
199g--Sept. 30 8.25 Feb. 8.25
Oct. 16 8.00 Mar. 8.25
Nov. 18 7.75 Apr. 8.25
May 8.25
June 8.25
July 8.25
Aug. 8.25
Sept. 8.25
Oct. 8.25
Nov. 8.25
Dec. 8.25
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1997--Jan. 8.25
Feb. 1 8.25 Feb. 8.25
Mar. 8.30
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
199g--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.50
Oct. 8.50
Nov. 8.50
Dec. 8.50
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1998--Jan. 8.50
Feb. 1 8.25 Feb. 8.50
Mar. 8.50
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
199g--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.49
Oct. 8.12
Nov. 7.89
Dec. 7.75
1999--Jan. 7.75
Feb. 7.75
Mar. 7.75
Apr. 7.75
May 7.75
1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H. 15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. 1.35 INTEREST RATES Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted
1999
Item 1996 1997 1998
Jan. Feb.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35 4.63 4.76
2 Discount window
borrowing(2,4) 5.02 5.00 4.92 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month n.a. 5.57 5.40 4.80 4.80
4 2-month n.a. 5.57 5.38 4.78 4.80
5 3-month n.a. 5.56 5.34 4.77 4.79
Financial
6 l-month n.a. 5.59 5.42 4.83 4.82
7 2-month n.a. 5.59 5.40 4.81 4.82
8 3-month n.a. 5.60 5.37 4.81 4.82
Commercial paper
(historical)(3,5,7)
9 1-month 5.43 5.54 n.a. n.a. n.a.
10 3-month 5.41 5.58 n.a. n.a. n.a.
11 6-month 5.42 5.62 n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month 5.31 5.44 n.a. n.a. n.a.
13 3-month 5.29 5.48 n.a. n.a. n.a.
14 6-month 5.21 5.48 n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.31 5.54 5.39 4.80 4.79
16 6-month 5.31 5.57 5.30 4.73 4.74
Certificates of deposit,
secondary market(3,10)
17 l-month 5.35 5.54 5.49 4.89 4.86
18 3-month 5.39 5.62 5.47 4.89 4.90
19 6-month 5.47 5.73 5.44 4.90 4.95
20 Eurodollar deposits,
3-month(3,11) 5.38 5.61 5.45 4.88 4.86
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.01 5.06 4.78 4.34 4.44
22 6-month 5.08 5.18 4.83 4.33 4.44
23 1-year 5.22 5.32 4.80 4.31 4.48
Auction high(3,5,12)
24 3-month 5.02 5.07 4.81 4.34 4.45
25 6-month 5.09 5.18 4.85 4.36 4.43
26 l-year 5.23 5.36 4.85 4.34 4.37
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.52 5.63 5.05 4.51 4.70
28 2-year 5.84 5.99 5.13 4.62 4.88
29 3-year 5.99 6.10 5.14 4.61 4.90
30 5-year 6.18 6.22 5.15 4.60 4.91
31 7-year 6.34 6.33 5.28 4.80 5.10
32 10-year 6.44 6.35 5.26 4.72 5.00
33 20-year 6.83 6.69 5.72 5.45 5.66
34 30-year 6.71 6.61 5.58 5.16 5.37
Composite
35 More than 10 years
(long-term) 6.80 6.67 5.69 5.39 5.60
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.52 5.32 4.93 4.85 4.80
37 Baa 5.79 5.50 5.14 5.21 5.21
38 Bond Buyer series(15) 5.76 5.52 5.09 5.01 5.03
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.66 7.54 6.87 6.76 6.89
Rating group
40 Aaa 7.37 7.27 6.53 6.24 6.40
41 Aa 7.55 7.48 6.80 6.68 6.79
42 A 7.69 7.54 6.93 6.84 6.97
43 Baa 8.05 7.87 7.22 7.29 7.39
MEMO
Dividend-price ratio(17)
44 Common stocks 2.19 1.77 1.49 1.30 1.32
1999 1999, week ending
Item
Mar. Apr. Apr. 2 Apr. 9
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.81 4.74 4.84 4.80
2 Discount window
borrowing(2,4) 4.50 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.82 4.79 4.84 4.81
4 2-month 4.82 4.78 4.82 4.80
5 3-month 4.81 4.79 4.82 4.80
Financial
6 l-month 4.84 4.80 4.84 4.82
7 2-month 4.83 4.80 4.83 4.82
8 3-month 4.84 4.80 4.83 4.82
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 4.82 4.80 4.82 4.80
16 6-month 4.82 4.80 4.83 4.80
Certificates of deposit,
secondary market(3,10)
17 l-month 4.88 4.84 4.87 4.86
18 3-month 4.91 4.88 4.90 4.88
19 6-month 4.98 4.94 4.96 4.94
20 Eurodollar deposits,
3-month(3,11) 4.88 4.87 4.88 4.88
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.44 4.29 4.35 4.29
22 6-month 4.47 4.37 4.34 4.35
23 1-year 4.53 4.45 4.48 4.43
Auction high(3,5,12)
24 3-month 4.48 4.28 4.38 4.27
25 6-month 4.52 4.36 4.34 4.35
26 l-year 4.67 4.50 4.50 n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.78 4.69 4.72 4.66
28 2-year 5.05 4.98 4.99 4.91
29 3-year 5.11 5.03 5.06 4.96
30 5-year 5.14 5.08 5.12 5.00
31 7-year 5.36 5.28 5.37 5.24
32 10-year 5.23 5.18 5.24 5.11
33 20-year 5.87 5.82 5.92 5.78
34 30-year 5.58 5.55 5.63 5.50
Composite
35 More than 10 years
(long-term) 5.81 5.77 5.88 5.73
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.96 4.89 4.97 4.93
37 Baa 5.32 5.27 5.34 5.25
38 Bond Buyer series(15) 5.10 5.08 5.11 5.07
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.07 7.05 7.12 7.01
Rating group
40 Aaa 6.62 6.64 6.70 6.59
41 Aa 6.98 6.96 7.02 6.91
42 A 7.14 7.13 7.19 7.08
43 Baa 7.53 7.48 7.56 7.45
MEMO
Dividend-price ratio(17)
44 Common stocks 1.30 1.24 1.29 1.24
1999, week ending
Item
Apr. 16 Apr. 23 Apr. 30
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.68 4.61 4.79
2 Discount window
borrowing(2,4) 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.78 4.76 4.77
4 2-month 4.78 4.77 4.77
5 3-month 4.79 4.78 4.77
Financial
6 l-month 4.79 4.78 4.79
7 2-month 4.81 4.79 4.78
8 3-month 4.80 4.79 4.79
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 4.80 4.80 4.80
16 6-month 4.80 4.80 4.80
Certificates of deposit,
secondary market(3,10)
17 l-month 4.85 4.83 4.83
18 3-month 4.88 4.88 4.87
19 6-month 4.94 4.94 4.94
20 Eurodollar deposits,
3-month(3,11) 4.88 4.88 4.87
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.20 4.26 4.39
22 6-month 4.34 4.38 4.43
23 1-year 4.43 4.45 4.49
Auction high(3,5,12)
24 3-month 4.19 4.23 4.34
25 6-month 4.32 4.37 4.41
26 l-year n.a. n.a. 4.49
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.67 4.70 4.73
28 2-year 4.96 5.00 5.03
29 3-year 5.01 5.06 5.10
30 5-year 5.05 5.10 5.15
31 7-year 5.25 5.29 5.32
32 10-year 5.14 5.20 5.26
33 20-year 5.78 5.83 5.85
34 30-year 5.51 5.56 5.58
Composite
35 More than 10 years
(long-term) 5.73 5.78 5.80
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.85 4.85 4.86
37 Baa 5.25 5.26 5.27
38 Bond Buyer series(15) 5.06 5.07 5.07
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.02 7.06 7.09
Rating group
40 Aaa 6.60 6.65 6.68
41 Aa 6.93 6.97 7.00
42 A 7.10 7.14 7.17
43 Baa 7.44 7.48 7.50
MEMO
Dividend-price ratio(17)
44 Common stocks 1.24 1.24 1.23
(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/releasesdcp) 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
1998
Indicator 1996 1997 1998
Aug.
Prices and trading volume (averages of
daily figures)(1)
Common stock prices
(indexes)
1 New York Stock
Exchange (Dec.
31, 1965 = 50) 357.98 456.99 550.65 539.16
2 Industrial 453.57 574.97 684.35 665.66
3 Transportation 327.30 415.08 468.61 441.36
4 Utility 126.36 143.87 190.52 186.24
5 Finance 303.94 424.84 516.65 511.22
6 Standard & Poor's
Corporation
(1941-43 = 10)(2) 670.49 873.43 1,085.50 1,074.62
7 American Stock
Exchange (Aug.
31, 1973 = 50)(3) 570.86 628.34 682.69 655.67
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 409,740 523,254 666,534 712,710
9 American Stock
Exchange 22,567 24,390 28,870 32,721
Customer financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker-dealers(4) 97,400 126,090 140,980 147,800
Free credit balances
at brokers(5)
11 Margin accounts(6) 22,540 31,410 40,250 38,460
12 Cash accounts 40,430 52,160 62,450 53,850
Margin requirements (percent of market
value and effective date)(7)
Mar. 11, 1968 June 8, 1968
13 Margin stocks 70 80
14 Convertible bonds 50 60
15 Short sales 70 80
1998
Indicator
Sept. Oct. Nov. Dec.
Prices and trading volume (averages of
daily figures)(1)
Common stock prices
(indexes)
1 New York Stock
Exchange (Dec.
31, 1965 = 50) 506.56 511.49 564.26 576.05
2 Industrial 636.62 636.62 704.46 717.14
3 Transportation 396.61 396.61 442.95 456.70
4 Utility 195.09 195.09 206.29 215.57
5 Finance 454.28 488.12 501.45 510.31
6 Standard & Poor's
Corporation
(1941-43 = 10)(2) 1,020.64 1,032.47 1,144.43 1,190.05
7 American Stock
Exchange (Aug.
31, 1973 = 50)(3) 621.48 607.16 667.60 660.76
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 790,238 808,816 668,932 680,397
9 American Stock
Exchange 33,331 31,946 27,266 28,756
Customer financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker-dealers(4) 137,540 130,160 139,710 140,980
Free credit balances
at brokers(5)
11 Margin accounts(6) 41,970 43,500 40,620 40,250
12 Cash accounts 54,240 54,610 56,170 162,450
Margin requirements (percent of market
value and effective date)(7)
May 6, 1970 Dec. 6, 1971
13 Margin stocks 65 55
14 Convertible bonds 50 50
15 Short sales 65 55
1999
Indicator
Jan. Feb. Mar. Apr.
Prices and trading volume (averages of
daily figures)(1)
Common stock prices
(indexes)
1 New York Stock
Exchange (Dec.
31, 1965 = 50) 595.43 588.70 603.69 627.75
2 Industrial 741.43 736.20 751.93 780.84
3 Transportation 479.72 477.47 491.25 523.08
4 Utility 224.75 218.24 218.11 228.48
5 Finance 523.38 514.75 544.08 564.99
6 Standard & Poor's
Corporation
(1941-43 = 10)(2) 1,248.77 1,246.58 1,281.66 1,334.76
7 American Stock
Exchange (Aug.
31, 1973 = 50)(3) 704.22 699.15 711.08 748.29
Volume of trading
(thousands of
shares)
8 New York Stock
Exchange 847,135 756,932 776,538 874,818
9 American Stock
Exchange 31,015 31,774 29,563 38,895
Customer financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker-dealers(4) 153,240 151,530 156,440 172,880
Free credit balances
at brokers(5)
11 Margin accounts(6) 38,850 38,850 40,120 41,200
12 Cash accounts 59,600 57,910 59,435 60,870
Margin requirements (percent of market
value and effective date)(7)
Nov. 24, 1972 Jan. 3, 1974
13 Margin stocks 65 50
14 Convertible bonds 50 50
15 Short sales 65 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 roles must be approved by the Securities and Exchange Commission. 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Type of account or operation
1996 1997 1998
U.S. budget(1)
1 Receipts, total 1,453,062 1,579,292 1,721,798
2 On-budget 1,085,570 1,187,302 1,305,999
3 Off-budget 367,492 391,990 415,799
4 Outlays, total 1,560,512 1,601,235 1,652,552
5 On-budget 1,259,608 1,290,609 1,335,948
6 Off-budget 300,904 310,626 316,604
7 Surplus or deficit (-),
total -107,450 -21,943 69,246
8 On-budget -174,038 -103,307 -29,949
9 Off-budget 66,588 81,364 99,195
Source of financing (total)
10 Borrowing from the public 129,712 38,171 -51,049
11 Operating cash (decrease, or
increase (-)) -6,276 604 4,743
12 Other(2) -15,986 -16,832 -22,940
MEMO
13 Treasury operating balance
(level, end of period) 44,225 43,621 38,878
14 Federal Reserve Banks 7,700 7,692 4,952
15 Tax and loan accounts 36,525 35,930 33,926
Calendar year
Type of account or operation 1998 1999
Nov. Dec. Jan.
U.S. budget(1)
1 Receipts, total 113,978 178,646 171,722
2 On-budget 81,836 143,337 129,921
3 Off-budget 32,142 35,309 41,801
4 Outlays, total 130,915 183,802 101,217
5 On-budget 99,898 149,138 102,320
6 Off-budget 31,017 34,655 -1,103
7 Surplus or deficit (-),
total -16,937 -5,156 70,505
8 On-budget -18,062 -5,801 27,601
9 Off-budget 1,125 654 42,904
Source of financing (total)
10 Borrowing from the public 22,364 -5,390 -31,249
11 Operating cash (decrease, or
increase (-)) 20,335 -1,621 -39,567
12 Other(2) -25,762 12,167 311
MEMO
13 Treasury operating balance
(level, end of period) 15,882 17,503 57,070
14 Federal Reserve Banks 5,219 6,086 7,623
15 Tax and loan accounts 10,663 11,417 49,446
Calendar year
Type of account or operation 1999
Feb. Mar. Apr.
U.S. budget(1)
1 Receipts, total 99,414 130,292 266,142
2 On-budget 65,058 92,425 219,403
3 Off-budget 34,356 37,867 46,739
4 Outlays, total 141,760 152,701 152,683
5 On-budget 110,486 121,999 123,376
6 Off-budget 31,274 30,702 29,307
7 Surplus or deficit (-),
total -42,345 -22,409 113,459
8 On-budget -45,428 -29,574 96,027
9 Off-budget 3,082 7,165 17,432
Source of financing (total)
10 Borrowing from the public 1,688 37,013 -85,208
11 Operating cash (decrease, or
increase (-)) 52,432 -16,988 -36,512
12 Other(2) -11,775 2,384 8,261
MEMO
13 Treasury operating balance
(level, end of period) 4,638 21,626 58,138
14 Federal Reserve Banks 4,538 5,374 10,040
15 Tax and loan accounts 100 16,252 48,098
(1.) Since 1990, off-budget items have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the U.S. Postal Service. (2.) Includes special drawing rights (SDRs); reserve position on the U.S. quota in the International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous liability (including checks outstanding) and asset accounts; seigniorage; increment on gold; net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loan-valuation adjustment; and profit on sale of gold. SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government; fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government. 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Fiscal year Calendar
year
Source or type 1997
1997 1998
H1
RECEIPTS
1 All sources 1,579,292 1,721,798 845,527
2 Individual income taxes,
net 737,466 828,586 400,436
3 Withheld 580,207 646,483 292,252
4 Nonwithheld 250,753 281,527 191,050
5 Refunds 93,560 99,476 82,926
Corporation income taxes
6 Gross receipts 204,493 213,249 106,451
7 Refunds 22,198 24,593 9,635
8 Social insurance taxes
and contributions,
net 539,371 571,831 288,251
9 Employment taxes and
contributions(2) 506,751 540,014 268,357
10 Unemployment insurance 28,202 27,484 17,709
11 Other net receipts(3) 4,418 4,333 2,184
12 Excise taxes 56,924 57,673 28,084
13 Customs deposits 17,928 18,297 8,619
14 Estate and gift taxes 19,845 24,076 10,477
15 Miscellaneous receipts(4) 25,465 32,658 12,866
OUTLAYS
16 All types 1,601,235 1,652,552 797,418
17 National defense 270,473 268,456 132,698
18 International affairs 15,228 13,109 5,740
19 General science, space,
and technology 17,174 18,219 8,938
20 Energy 1,483 1,270 803
21 Natural resources and
environment 21,369 22,396 9,628
22 Agriculture 9,032 12,206 1,465
23 Commerce and housing
credit -14,624 1,014 -7,575
24 Transportation 40,767 40,332 16,847
25 Community and regional
development 11,005 9,720 5,678
26 Education, training,
employment, and
social services 53,008 54,919 25,080
27 Health 123,843 131,440 61,809
28 Social security and
Medicare 555,273 572,047 278,863
29 Income security 230,886 233,202 124,034
30 Veterans benefits and
services 39,313 41,781 17,697
31 Administration of justice 20,197 22,832 10,670
32 General government 12,768 13,444 6,623
33 Net interest(5) 244,013 243,359 122,655
34 Undistributed offsetting
receipts(6) -49,973 -47,194 -24,235
Calendar year
Source or type 1997 1998
H2 H1 H2
RECEIPTS
1 All sources 773,810(r) 922,630(r) 825,057(r)
2 Individual income taxes,
net 354,072 447,514 392,332
3 Withheld 306,865 316,309 339,144
4 Nonwithheld 58,069 219,136 65,204
5 Refunds 10,869 87,989 12,032
Corporation income taxes
6 Gross receipts 104,659 109,353 104,163
7 Refunds 10,135 14,220 14,250
8 Social insurance taxes
and contributions,
net 260,795 312,713 268,466
9 Employment taxes and
contributions(2) 247,794 293,520 256,142
10 Unemployment insurance 10,724 17,080 10,121
11 Other net receipts(3) 2,280 2,112 2,202
12 Excise taxes 31,133 29,922 33,366
13 Customs deposits 9,679 8,546 9,838
14 Estate and gift taxes 10,262 12,971 12,359
15 Miscellaneous receipts(4) 13,348 15,829 18,735
OUTLAYS
16 All types 824,368(r) 815,884(r) 877,412(r)
17 National defense 140,873 129,351 140,196
18 International affairs 9,420 4,610 8,297
19 General science, space,
and technology 10,040 9,426 10,142
20 Energy 411 957 699
21 Natural resources and
environment 11,106 10,051 12,671
22 Agriculture 10,590 2,387 16,757
23 Commerce and housing
credit -3,526 -2,483 4,046
24 Transportation 20,414 16,196 20,834
25 Community and regional
development 5,749 4,863 6,972
26 Education, training,
employment, and
social services 26,851 25,928 27,760(r)
27 Health 63,552 65,053 67,836
28 Social security and
Medicare 283,109 286,305 316,809
29 Income security 106,353 125,196 109,481
30 Veterans benefits and
services 22,077 19,615 22,750
31 Administration of justice 10,212 11,287 12,041
32 General government 7,302 6,139 9,136
33 Net interest(5) 122,620 122,345 116,954
34 Undistributed offsetting
receipts(6) -22,795 -21,340 -25,795
Calendar year
1999
Source or type
Feb. Mar. Apr.
RECEIPTS
99,414 130,292 266,142
1 All sources
2 Individual income taxes, 42,792 50,468 164,832
net 59,055 69,559 55,484
3 Withheld 2,949 7,245 145,935
4 Nonwithheld 19,219 26,351 36,600
5 Refunds
Corporation income taxes 3,641 23,131 27,118
6 Gross receipts 2,465 4,578 5,419
7 Refunds
8 Social insurance taxes
and contributions, 46,683 49,216 65,162
net
9 Employment taxes and 43,735 48,592 60,186
contributions(2) 2,594 269 4,547
10 Unemployment insurance 353 355 428
11 Other net receipts(3)
3,892 5,880 5,579
12 Excise taxes 1,403 1,546 1,350
13 Customs deposits 1,600 2,172 5,138
14 Estate and gift taxes 1,868 2,457 2,383
15 Miscellaneous receipts(4)
OUTLAYS
141,760(r) 152,701(r) 152,683
16 All types
20,909 25,469 25,433
17 National defense 1,372 949 1,686
18 International affairs
19 General science, space, 1,312 1,663 1,565
and technology -189 588 -156
20 Energy
21 Natural resources and 1,919 1,862 1,611
environment 1,074 1,046 666
22 Agriculture
23 Commerce and housing -1,237 -1,474 -536
credit 2,259 2,636 2,737
24 Transportation
25 Community and regional 720 1,148 684
development
26 Education, training,
employment, and 4,908(r) 6,319(r) 4,202
social services
11,100 11,988 12,284
27 Health
28 Social security and 46,727 49,846 51,816
Medicare 29,856 27,065r 24,420
29 Income security
30 Veterans benefits and 3,574 3,693 5,498
services 1,832 2,180 2,625
31 Administration of justice 274 1,130 929
32 General government 18,049 19,970 20,195
33 Net interest(5)
34 Undistributed offsetting -2,700 -3,376 -2,976
receipts(6)
(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 US. Government, Fiscal Year 2000; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the US. Government. 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1997
Item
Mar. 31 June 30 Sept. 30
1 Federal debt outstanding 5,415 5,410 5,446
2 Public debt securities 5,381 5,376 5,413
3 Held by public 3,874 3,805 3,815
4 Held by agencies 1,507 1,572 1,599
5 Agency securities 34 34 33
6 Held by public 26 26 26
7 Held by agencies 8 7 7
8 Debt subject to statutory limit 5,294 5,290 5,328
9 Public debt securities 5,294 5,290 5,328
10 Other debt(1) 0 0
MEMO
11 Statutory debt limit 5,500 5,500 5,950
1997 1998
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,536 5,573 5,578
2 Public debt securities 5,502 5,542 5,548
3 Held by public 3,847 3,872 3,790
4 Held by agencies 1,656 1,670 1,758
5 Agency securities 34 31 30
6 Held by public 27 26 26
7 Held by agencies 7 5 4
8 Debt subject to statutory limit 5,417 5,457 5,460
9 Public debt securities 5,416 5,456 5,460
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998 1999
Item
Sept. 30 Dec. 31 Mar. 31
1 Federal debt outstanding 5,556 5,643 5,726
2 Public debt securities 5,526 5,614 5,652
3 Held by public 3,761 3,787 n.a.
4 Held by agencies 1,766 1,827 n.a.
5 Agency securities 29 29 74
6 Held by public 26 29 n.a.
7 Held by agencies 4 1 n.a.
8 Debt subject to statutory limit 5,440 5,530 5,566
9 Public debt securities 5,439 5,530 5,566
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
(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 anti 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 0.0 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
agencies and trust funds 1,304.5 1,497.2 1,655.7
17 Federal Reserve Banks 391.0 410.9 451.9
18 Private investors 3,294.9 3,411.2 3,393.4
19 Commercial banks 278.7 261.8 269.8
20 Money market funds 71.5 91.6 88.9
21 Insurance companies 241.5 214.1 224.9
22 Other companies 228.8 258.5 265.0
23 State and local treasuries(6,7) 469.6 482.5 493.0
Individuals
24 Savings bonds 185.0 187.0 186.5
25 Other securities 162.7 169.6 168.4
26 Foreign and international(8) 835.2 1,102.1 1,241.6
27 Other miscellaneous
investors(7,9) 825.9 678.9 552.0
1998
Type anti holder 1998
Q2 Q3
1 Total gross public debt 5,614.2 5,547.9 5,526.2
By type
2 Interest-bearing 5,605.4 5,540.2 5,518.7
3 Marketable 3,355.5 3,369.5 3,331.0
4 Bills 691.0 641.1 637.7
5 Notes 1,960.7 2,064.6 2,009.1
6 Bonds 621.2 598.7 610.4
7 Inflation-indexed notes and
bonds(1) 50.6 50.1 41.9
8 Nonmarketable(2) 2,249.9 2,170.7 2,187.7
9 State and local government
series 165.3 155.0 164.4
10 Foreign issues(3) 34.3 36.0 35.1
11 Government 34.3 36.0 35.1
12 Public 0.0 0.0 0.0
13 Savings bonds and notes 180.3 180.7 180.8
14 Government account series(4) 1,840.0 1,769.1 1,777.3
15 Non-interest-bearing 8.8 7.7 7.5
By holder(5)
16 U.S. Treasury and other federal
agencies and trust funds 1,826.8 1,757.6 1,765.6
17 Federal Reserve Banks 471.7 458.4 458.1
18 Private investors 3,334.0 3,330.6 3,301.0
19 Commercial banks 215.0 263.6 219.8
20 Money market funds 105.8 82.7 84.2
21 Insurance companies 186.0 183.6 186.1
22 Other companies 267.9 267.2 271.4
23 State and local treasuries(6,7) 490.0 470.0 487.4
Individuals
24 Savings bonds 186.7 186.0 186.0
25 Other securities 164.9 165.0 166.4
26 Foreign and international(8) 1,276.3 1,256.0 1,221.8
27 Other miscellaneous
investors(7,9) 441.4 456.5 477.9
1998 1999
Type anti holder
Q4 Q1
1 Total gross public debt 5,614.2 5,651.6
By type
2 Interest-bearing 5,605.4 5,643.1
3 Marketable 3,355.5 3,361.3
4 Bills 691.0 725.5
5 Notes 1,960.7 1,912.0
6 Bonds 621.2 632.5
7 Inflation-indexed notes and
bonds(1) 50.6 59.2
8 Nonmarketable(2) 2,249.9 2,281.8
9 State and local government
series 165.3 167.5
10 Foreign issues(3) 34.3 33.5
11 Government 34.3 33.5
12 Public 0.0
13 Savings bonds and notes 180.3 180.6
14 Government account series(4) 1,840.0 1,870.2
15 Non-interest-bearing 8.8 8.5
By holder(5)
16 U.S. Treasury and other federal
agencies and trust funds 1,826.8 n.a.
17 Federal Reserve Banks 471.7 n.a.
18 Private investors 3,334.0 n.a.
19 Commercial banks 215.0 n.a.
20 Money market funds 105.8 n.a.
21 Insurance companies 186.0 n.a.
22 Other companies 267.9 n.a.
23 State and local treasuries(6,7) 490.0 n.a.
Individuals
24 Savings bonds 186.7 n.a.
25 Other securities 164.9 n.a.
26 Foreign and international(8) 1,276.3 n.a.
27 Other miscellaneous
investors(7,9) 441.4 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.) Includes state and local pension funds. (7.) In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. (8.) Consists of investments of foreign balances and international accounts in the United States. (9.) Includes savings and loan associations, nonprofit institutions, credit unions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain U.S. Treasury deposit accounts, and federally sponsored agencies. 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 1999,
week
Item ending
Jan. Feb. Mar. Mar. 3
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 32,211 31,811 34,426 51,699
Coupon securities, by
maturity
2 Five years or less 100,641 107,777 96,141 122,778
3 More than five years 68,441 71,489 62,008 83,554
4 Inflation-indexed 1,552 772 402 727
Federal agency
5 Discount notes 43,028 41,355 40,089 42,125
Coupon securities, by
maturity
6 One year or less 1,098 1,796 1,097 1,515
7 More than one year,
but less than or
equal to five years 6,150 7,446 7,640 12,035
8 More than five years 4,079 3,633 3,141 3,312
9 Mortgage-backed 82,210 75,923 69,547 80,707
By type of counterparty
With interdealer broker
10 U.S. Treasury 113,084 117,230 106,659 142,719
11 Federal agency 3,806 3,791 4,121 4,677
12 Mortgage-backed 24,932 25,301 23,601 24,875
With other
13 U.S. Treasury 89,761 94,620 86,316 116,038
14 Federal agency 50,548 50,438 47,846 54,311
15 Mortgage-backed 57,278 50,622 45,946 55,832
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills 0 n.a. 0 n.a.
Coupon securities, by
maturity
17 Five years or less 2,225 2,512 2,649 5,110
18 More than five years 15,953 17,132 15,926 23,513
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities, by
maturity
21 One year or less 0 0 0 0
22 More than one year,
but less than or
equal to five years 0 0 0 0
23 More than five years 0 0 0 0
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying
security
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 1,673 1,153 1,506 797
27 More than five years 4,712 5,798 5,050 5,453
28 Inflation-indexed 4,745 0 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities, by
maturity
30 One year or less 0 0 0 0
31 More than one year,
but less than or
equal to five years 0 0 0 0
32 More than five years 0 0 0 0
33 Mortgage-backed 1,309 844 825 1,123
1999, week ending
Item
Mar. 10 Mar. 17 Mar. 24 Mar. 31
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 28,431 26,936 25,567 46,405
Coupon securities, by
maturity
2 Five years or less 99,358 79,570 97,269 92,383
3 More than five years 73,684 51,433 54,205 55,781
4 Inflation-indexed 548 276 264 323
Federal agency
5 Discount notes 40,996 41,217 37,095 39,828
Coupon securities, by
maturity
6 One year or less 1,009 1,176 1,281 672
7 More than one year,
but less than or
equal to five years 4,829 8,518 8,832 5,743
8 More than five years 5,367 3,068 1,974 2,052
9 Mortgage-backed 94,031 68,385 50,182 58,892
By type of counterparty
With interdealer broker
10 U.S. Treasury 112,829 87,756 98,164 106,251
11 Federal agency 3,908 5,290 3,853 3,099
12 Mortgage-backed 31,902 24,202 16,254 21,281
With other
13 U.S. Treasury 89,192 70,459 79,140 88,640
14 Federal agency 48,293 48,689 45,329 45,195
15 Mortgage-backed 62,129 44,183 33,928 37,611
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills n.a. n.a. 0 0
Coupon securities, by
maturity
17 Five years or less 3,180 2,399 2,048 1,492
18 More than five years 19,329 12,912 13,793 13,116
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities, by
maturity
21 One year or less 0 0 0 0
22 More than one year,
but less than or
equal to five years 0 0 0 0
23 More than five years 0 0 0 0
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying
security
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 1,442 1,929 1,105 1,972
27 More than five years 5,276 5,257 4,763 4,662
28 Inflation-indexed 0 0 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities, by
maturity
30 One year or less 0 0 0 0
31 More than one year,
but less than or
equal to five years 0 0 0 0
32 More than five years 0 0 0 0
33 Mortgage-backed 650 852 1,184 434
1999, week ending
Item
Apr. 7 Apr. 14 Apr. 21 Apr. 28
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 24,386 28,340 27,047 35,341
Coupon securities, by
maturity
2 Five years or less 64,393 89,544 97,475 95,249
3 More than five years 40,696 64,236 51,897 54,133
4 Inflation-indexed 2,435 1,418 1,393 530
Federal agency
5 Discount notes 34,125 40,893 39,211 34,272
Coupon securities, by
maturity
6 One year or less 363 1,050 1,691 1,734
7 More than one year,
but less than or
equal to five years 4,709 8,882 8,307 5,580
8 More than five years 1,532 5,697 3,396 7,323
9 Mortgage-backed 68,305 106,601 59,442 44,570
By type of counterparty
With interdealer broker
10 U.S. Treasury 71,992 99,834 95,890 100,968
11 Federal agency 2,533 4,685 3,836 4,529
12 Mortgage-backed 20,165 35,318 23,725 15,829
With other
13 U.S. Treasury 59,919 83,704 81,921 84,285
14 Federal agency 38,197 51,838 48,768 44,380
15 Mortgage-backed 48,140 71,282 35,718 28,741
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills n.a. n.a. 0 n.a.
Coupon securities, by
maturity
17 Five years or less 1,656 1,645 1,847 2,127
18 More than five years 10,251 13,785 11,103 11,002
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities, by
maturity
21 One year or less 0 0 0 0
22 More than one year,
but less than or
equal to five years 0 0 0 0
23 More than five years 0 0 0 0
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying
security
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 1,398 1,198 505 797
27 More than five years 4,380 4,326 4,471 4,745
28 Inflation-indexed 0 n.a. 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities, by
maturity
30 One year or less 0 0 0 0
31 More than one year,
but less than or
equal to five years 0 0 0 0
32 More than five years 0 0 0 0
33 Mortgage-backed 1,010 1,170 392 537
(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
Jan. Feb. Mar.
NET OUTRIGHT
POSITIONS(3)
By type of security
1 U.S. Treasury bills 1,346 4,509 24,510
Coupon securities,
by maturity
2 Five years or less -8,148 -12,028 -18,124
3 More than five years 432 1,465 -6,408
4 Inflation-indexed 1,973 1,931 1,846
Federal agency
5 Discount notes 18,818 18,671 18,189
Coupon securities,
by maturity
6 One year or less 2,858 3,450 2,683
7 More than one year,
but less than
or equal to five years 4,441 5,044 5,222
8 More than five years 4,545 3,146 4,110
9 Mortgage-backed 23,961 17,432 16,774
NET FUTURES
POSITIONS(4)
By type of
deliverable security
10 U.S. Treasury bills n.a. n.a. 0
Coupon securities,
by maturity
11 Five years or less -777 459 -910
12 More than five years -20,814 -14,876 -12,929
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 -1,090 -1,960 -1,268
21 More than five years -1,004 -1,487 -448
22 Inflation-indexed n.a. 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 0 0 0
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 3,410 5,873 6,928
Reverse repurchase
agreements
28 Overnight and
continuing 239,627 261,190 256,331
29 Term 799,672 788,073 781,168
Securities borrowed
30 Overnight
and continuing 222,768 225,926 226,297
31 Term 105,788 100,463 93,810
Securities
received as pledge
32 Overnight and
continuing 2,509 2,380 2,555
33 Term n.a. n.a. 0
Repurchase agreements
34 Overnight
and continuing 633,520 666,536 655,676
35 Term 695,303 674,687 673,650
Securities loaned
36 Overnight
and continuing 10,040 11,753 12,875
37 Term n.a. 5,776 6,122
Securities pledged
38 Overnight
and continuing 48,487 48,945 48,533
39 Term 5,776 5,896 7,712
Collateralized loans
40 Total 17,735 18,388 18,177
1999, week ending
Mar. 3 Mar. 10 Mar. 17 Mar. 24
NET OUTRIGHT
POSITIONS(3)
By type of security
1 U.S. Treasury bills 25,480 25,042 20,081 17,666
Coupon securities,
by maturity
2 Five years or less -21,390 -21,756 -19,183 -13,623
3 More than five years -4,195 -5,998 -5,538 -6,597
4 Inflation-indexed 2,157 2,160 1,849 1,754
Federal agency
5 Discount notes 14,894 20,544 17,653 19,310
Coupon securities,
by maturity
6 One year or less 3,439 2,744 3,060 2,361
7 More than one year,
but less than
or equal
to five years 8,311 6,820 3,150 5,669
8 More than five years 2,544 4,670 5,455 3,710
9 Mortgage-backed 21,168 17,990 15,397 18,817
NET FUTURES
POSITIONS(4)
By type of
deliverable security
10 U.S. Treasury bills n.a. n.a. 0 0
Coupon securities,
by maturity
11 Five years or less -328 -576 -1,329 -1,111
12 More than five years -11,398 -11,713 -12,930 -15,091
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities,
by maturity
15 One year or less 0 0 0 0
16 More than
one year,
but less than
or equal
to five years 0 0 0 0
17 More than five years 0 0 0 0
18 Mortgage-backed 0 0 0 0
NET OPTIONS
POSITIONS
By type of
deliverable security
19 U.S. Treasury bills 0 0 0 0
Coupon securities,
by maturity
20 Five years or less -1,743 -1,893 -854 -970
21 More than five years -1,215 -982 380 826
22 Inflation-indexed n.a. n.a. n.a. n.a.
Federal agency
23 Discount notes 0 0 0 0
Coupon securities,
by maturity
24 One year or less 0 0 0 0
25 More than one year,
but less than
or equal to
five years 0 0 0 0
26 More than five years n.a. n.a. n.a. n.a.
27 Mortgage-backed 8,918 6,829 6,304 6,720
Reverse repurchase
agreements
28 Overnight and
continuing 276,948 258,279 250,927 247,536
29 Term 762,673 783,478 800,575 829,709
Securities borrowed
30 Overnight
and continuing 228,006 232,396 236,084 223,042
31 Term 94,536 92,844 93,192 97,864
Securities
received as pledge
32 Overnight and
continuing n.a. n.a. n.a. 2,555
33 Term n.a. n.a. 0 n.a.
Repurchase agreements
34 Overnight
and continuing 679,928 659,715 677,844 654,994
35 Term 651,208 668,923 686,985 719,778
Securities loaned
36 Overnight
and continuing 12,090 11,998 12,304 11,226
37 Term 5,776 6,242 6,142 6,129
Securities pledged
38 Overnight
and continuing 48,696 47,985 49,625 49,795
39 Term 6,388 6,843 6,890 8,249
Collateralized loans
40 Total 17,885 19,168 19,349 17,296
1999, week ending
Mar. 31 Apr. 7 Apr. 14 Apr. 21
NET OUTRIGHT
POSITIONS(3)
By type of security
1 U.S. Treasury bills 34,834 133,128 33,463 21,008
Coupon securities,
by maturity
2 Five years or less -16,536 -14,410 -9,854 -14,757
3 More than five years -8,447 -6,437 -4,872 -5,400
4 Inflation-indexed 1,487 2,527 2,473 2,763
Federal agency
5 Discount notes 16,659 22,169 29,505 25,230
Coupon securities,
by maturity
6 One year or less 2,243 2,007 3,072 2,545
7 More than one year,
but less than
or equal
to five years 3,925 1,622 4,589 4,917
8 More than five years 3,275 3,518 6,643 5,864
9 Mortgage-backed 13,010 11,138 14,753 11,968
NET FUTURES
POSITIONS(4)
By type of
deliverable security
10 U.S. Treasury bills 0 n.a. n.a. n.a.
Coupon securities,
by maturity
11 Five years or less -873 -1,380 -1,732 754
12 More than five years -12,639 -17,065 -19,412 -17,518
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities,
by maturity
15 One year or less 0 0 0 0
16 More than
one year,
but less than
or equal
to five years 0 0 0 0
17 More than five years 0 0 0 0
18 Mortgage-backed 0 0 0 0
NET OPTIONS
POSITIONS
By type of
deliverable security
19 U.S. Treasury bills 0 0 0 0
Coupon securities,
by maturity
20 Five years or less -1,153 -652 -564 -1,427
21 More than five years -1,687 -275 895 494
22 Inflation-indexed n.a. n.a. n.a. n.a
Federal agency
23 Discount notes 0 0 0 0
Coupon securities,
by maturity
24 One year or less 0 0 0 0
25 More than one year,
but less than
or equal to
five years 0 0 0 0
26 More than five years n.a. n.a. n.a. n.a.
27 Mortgage-backed 7,006 5,929 5,544 5,353
Reverse repurchase
agreements
28 Overnight and
continuing 259,744 247,637 251,660 272,375
29 Term 718,837 761,966 793,952 828,632
Securities borrowed
30 Overnight
and continuing 212,933 215,288 211,883 211,372
31 Term 91,031 92,377 99,873 106,626
Securities
received as pledge
32 Overnight and
continuing n.a. n.a. n.a. n.a.
33 Term n.a. n.a. n.a. 0
Repurchase agreements
34 Overnight
and continuing 619,756 651,616 689,099 705,273
35 Term 628,532 653,537 686,115 724,626
Securities loaned
36 Overnight
and continuing 16,310 10,950 10,208 10,040
37 Term n.a. 6,283 5,609 5,593
Securities pledged
38 Overnight
and continuing 46,655 46,507 45,624 45,781
39 Term 9,434 9,340 10,223 11,720
Collateralized loans
40 Total 17,018 17,043 20,633 20,663
(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 1997
1 Federal and federally
sponsored agencies 844,611 925,823 1,022,609
2 Federal agencies 37,347 29,380 27,792
Defense Department(1) 6 6 6
Export-Import Bank(2,3) 2,050 1,447 552
5 Federal Housing
Administration(4) 97 84 102
6 Government National
Mortgage Association
certificates of participation n.a. n.a. n.a.
7 Postal Service(6) 5,765 n.a. n.a.
Tennessee Valley Authority 29,429 27,853 27,786
United States
Railway Association(6) n.a. n.a. n.a.
10 Federally sponsored agencies(7) 807,264 896,443 994,817
11 Federal Home Loan Banks 243,194 263,404 313,919
12 Federal Home Loan
Mortgage Corporation 119,961 156,980 169,200
13 Federal National
Mortgage Association 299,174 331,270 369,774
14 Farm Credit Banks 57,379 60,053 63,517
15 Student Loan
Marketing Association(9) 47,529 44,763 37,717
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,261 1,261
Assistance Corporation 1,261
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing
Bank debt(13) 78,681 58,172 49,090
Lending to federal and
federally sponsored agencies
20 Export-import Bank(3) 2,044 1,431 552
21 Postal Service(6) 5,765 n.a. n.a.
22 Student Loan
Marketing Association n.a. n.a. n.a.
23 Tennessee Valley Authority 3,200 n.a. n.a.
24 United States Railway
Association(6) n.a. n.a. n.a.
Other lending(14)
25 Farmers Home Administration 21,015 18,325 13,530
26 Rural Electrification
Administration 17,144 16,702 14,898
27 Other 29,513 21,714 20,110
Agency 1998 1998
Oct. Nov.
1 Federal and federally
sponsored agencies 1,296,477 1,207,495 1,255,412
2 Federal agencies 26,502 26,350 26,315
Defense Department(1) 6 6 6
Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 205 188 205
6 Government National
Mortgage Association
certificates
of participation n.a. n.a. n.a.
7 Postal Service(6) n.a. n.a. n.a.
Tennessee Valley Authority 26,496 26,344 26,309
United States
Railway Association(6) n.a. n.a. n.a.
10 Federally sponsored
agencies(7) 1,269,975 1,181,145 1,229,097
11 Federal Home Loan Banks 382,131 367,274 373,755
12 Federal Home Loan
Mortgage Corporation 287,396 246,708 267,890
13 Federal National
Mortgage Association 460,291 431,300 446,377
14 Farm Credit Banks 63,488 60,720 66,086
15 Student Loan
Marketing Association(9) 35,399 33,981 33,928
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,261 1,261
Assistance Corporation
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing
Bank debt(13) 44,129 44,952 44,824
Lending to federal and
federally
sponsored agencies
20 Export-import Bank(3) n.a. n.a. n.a.
21 Postal Service(6) n.a. n.a. n.a.
22 Student Loan
Marketing Association n.a. n.a. n.a.
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway
Association(6) n.a. n.a. n.a.
Other lending(14)
25 Farmers Home Administration 9,500 9,500 9,500
26 Rural Electrification
Administration 14,091 14,191 14,199
27 Other 20,538 21,261 21,125
Agency 1998 1999
Dec. Jan. Feb.
1 Federal and federally
sponsored agencies 1,296,477 n.a. n.a.
2 Federal agencies 26,502 26,355 26,180
Defense Department(1) 6 6 6
Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing
Administration(4) 205 70 69
6 Government National
Mortgage Association
certificates
of participation n.a. n.a. n.a.
7 Postal Service(6) n.a. n.a. n.a.
Tennessee Valley Authority 26,496 26,349 26,174
United States
Railway Association(6) n.a. n.a. n.a.
10 Federally sponsored
agencies(7) 1,269,975 n.a. n.a.
11 Federal Home Loan Banks 382,131 383,572 383,769
12 Federal Home Loan
Mortgage Corporation 287,396 300,927 n.a.
13 Federal National
Mortgage Association 460,291 461,157 471,300
14 Farm Credit Banks 63,488 61,292 66,622
15 Student Loan
Marketing Association(9) 35,399 36,385 36,464
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,26l
Assistance Corporation
18 Resolution Funding
Corporation(12) 29,996 29,996 29,996
MEMO
19 Federal Financing
Bank debt(13) 44,129 43,803 41,637
Lending to federal and
federally
sponsored agencies
20 Export-import Bank(3) n.a. n.a. n.a.
21 Postal Service(6) n.a. n.a. n.a.
22 Student Loan
Marketing Association n.a. n.a. n.a.
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway
Association(6) n.a. n.a. n.a.
Other lending(14)
25 Farmers Home Administration 9,500 9,500 8,550
26 Rural Electrification
Administration 14,091 14,101 13,999
27 Other 20,538 20,202 19,088
(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 FEB 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
Type of issue
or issuer, or use 1998
Sept. Oct. Nov. Dec.
1 All issues, new
and refunding(1) 17,526 19,528 19,325 24,288
By type of issue
2 General obligation 5,619 6,791 5,433 8,632
3 Revenue 11,907 12,737 13,892 15,656
By type of issuer
4 State 1,280 1,865 778 2,561
5 Special district or
statutory
authority(2) 12,490 12,924 13,473 15,937
6 Municipality, county,
or township 3,756 4,739 5,073 5,790
7 Issues for new capital 9,106 12,736 12,452 14,517
By use of proceeds
8 Education 2,041 2,605 2,353 2,766
9 Transportation 918 1,598 806 1,800
10 Utilities and
conservation 831 2,785 2,225 984
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 315 471 638 1,376
13 Other purposes 2,726 3,359 3,242 4,477
Type of issue
or issuer, or use 1999
Jan. Feb. Mar. Apr.
1 All issues, new
and refunding(1) 16,926 16,233 24,323 15,758
By type of issue
2 General obligation 6,925 6,786 8,323 6,443
3 Revenue 10,001 9,446 16,000 9,315
By type of issuer
4 State 318 1,837 1,895 907
5 Special district or
statutory
authority(2) 12,929 11,145 14,604 10,010
6 Municipality, county,
or township 3,679 3,251 7,825 4,841
7 Issues for new capital 11,917 10,674 16,201 10,474
By use of proceeds
8 Education 2,936 3,751 3,537 2,734
9 Transportation 1,706 628 1,640 1,107
10 Utilities and
conservation 672 394 2,839 1,372
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 452 343 1,084 618
13 Other purposes 4,439 3,207 3,918 2,592
(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, 1996 1997 1998
offering, or issuer
1 All issues(1) 773,110 929,256 1,127,721
2 Bonds(2) 651,104 811,376 1,000,966
By type of offering
3 Public, domestic 567,671 708,188 923,001
4 Private placement,
domestic(3) 83,433 103,188 77,965
5 Sold abroad n.a. n.a. n.a.
By industry group
6 Nonfinancial 167,904 222,603 308,157
7 Financial 483,200 588,773 692,809
8 Stocks(2) 122,006 117,880 126,755
By type of offering
9 Public 122,006 117,880 126,755
10 Private placement(3) 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
Type of issue, 1998
offering, or issuer Aug. Sept. Oct. Nov.
1 All issues(1) 57,276 88,764 70,287 111,762
2 Bonds(2) 53,551 84,124 61,632 102,860
By type of offering
3 Public, domestic 49,751 81,507 54,795 95,106
4 Private placement,
domestic(3) 3,800 2,618 6,837 7,754
5 Sold abroad 2,391 4,122 2,428 2,878
By industry group
6 Nonfinancial 16,067 10,738 14,426 32,124
7 Financial 37,483 73,386 47,206 70,736
8 Stocks(2) 3,725 4,640 8,655 8,902
By type of offering
9 Public 3,725 4,640 8,655 8,902
10 Private placement(3) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 2,560 2,266 5,879 6,145
12 Financial 1,165 2,374 2,776 2,757
Type of issue, 1998 1999
offering, or issuer Dec. Jan. Feb. Mar.
1 All issues(1) 81,326 93,665 103,175 125,884
2 Bonds(2) 72,656 86,529 92,885 116,340
By type of offering
3 Public, domestic 69,395 76,511 82,871 100,924
4 Private placement,
domestic(3) 3,261 10,018 10,014 15,416
5 Sold abroad 3,874 684 648 1,224
By industry group
6 Nonfinancial 25,008 21,193 23,131 39,368
7 Financial 47,648 65,336 69,754 76,973
8 Stocks(2) 8,670 7,136 10,290 9,544
By type of offering
9 Public 8,670 7,136 10,290 9,544
10 Private placement(3) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 7,559 3,701 8,911 8,367
12 Financial 1,111 3,435 1,379 1,177
(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 cover only public offerings. (3.) Monthly data are not available. SOURCE. Beginning July 1993, 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 1998
Sept. Oct.
1 Sales of
own shares(2) 1,190,900 1,461,430 118,478 116,471
2 Redemptions of
own shares 918,728 1,217,022 107,049 108,838
3 Net sales 272,172 244,408 11,429 7,633
4 Assets(4) 3,409,315 4,173,531 3,625,841 3,804,591
5 Cash(5) 174,154 191,393 211,253 210,026
6 Other 3,235,161 3,982,138 3,414,588 3,594,565
1998 1999
Item Nov. Dec. Jan. Feb.
1 Sales of
own shares(2) 112,627 140,700 161,889 132,199
2 Redemptions of
own shares 89,702 134,289 135,713 128,125
3 Net sales 22,925 6,412 26,176 4,074
4 Assets(4) 4,002,089 4,173,531 4,298,071 4,180,115
5 Cash(5) 207,422 191,393 203,470 198,134
6 Other 3,794,667 3,982,138 4,094,601 3,981,982
1999
Item Mar.(r) Apr.
1 Sales of
own shares(2) 164,290 165,893
2 Redemptions of
own shares 146,479 139,066
3 Net sales 17,811 26,827
4 Assets(4) 4,328,150 4,505,001
5 Cash(5) 198,741 212,315
6 Other 4,129,409 4,292,686
(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
5 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
Account Q2 Q3 Q4
1 Profits with inventory valuation and
capital consumption adjustment 815.5 840.9 820.8
2 Profits before taxes 729.8 758.9 736.4
3 Profits-tax liability 241.9 254.2 249.3
4 Profits after taxes 487.8 504.7 487.1
5 Dividends 274.7 275.1 276.4
5 Undistributed profits 213.2 229.5 210.6
7 Inventory valuation 10.3 4.8 4.3
8 Capital consumption adjustment 75.5 77.2 80.1
1998
Account Q1 Q2 Q3
1 Profits with inventory valuation and
capital consumption adjustment 829.2 820.6 827.0
2 Profits before taxes 719.1 723.5 720.5
3 Profits-tax liability 239.9 241.6 243.2
4 Profits after taxes 479.2 481.8 477.3
5 Dividends 277.3 278.1 279.0
5 Undistributed profits 201.8 203.7 198.3
7 Inventory valuation 25.3 7.8 11.7
8 Capital consumption adjustment 84.9 89.4 94.8
1998 1999
Account Q4 Q1
1 Profits with inventory valuation and
capital consumption adjustment 821.7 853.5
2 Profits before taxes 708.1 738.4
3 Profits-tax liability 235.6 245.8
4 Profits after taxes 472.5 492.6
5 Dividends 282.3 285.6
5 Undistributed profits 190.2 207.1
7 Inventory valuation 13.4 10.4
8 Capital consumption adjustment 100.2 104.7
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(r)
2 Consumer 244.9 256.8 261.8(r)
3 Business 309.5 318.5 347.5(r)
4 Real estate 82.7 87.9 102.3(r)
5 LESS: Reserves for unearned income 55.6 52.7 53.6
6 Reserves for losses 13.1 13.0 13.3
7 Accounts receivable, net 568.3 597.6 644.8(r)
8 All other 290.0 312.4 321.1
9 Total assets 858.3 910.0 965.9(r)
LIABILITIES AND CAPITAL
10 Bank loans 19.7 24.1 25.0
11 Commercial paper 177.6 201.5 232.3
Debt
12 Owed to parent 60.3 64.7 64.6
13 Not elsewhere classified 332.5 328.8 358.4
14 All other liabilities 174.7 189.6 194.6
15 Capital, surplus,
and undivided profits 93.5 101.3 106.6
16 Total liabilities and capital 858.3 910.0 981.4
1997 1998
Account Q3 Q4 Q1 Q2
ASSETS
1 Accounts receivable,
gross(2) 660.5 663.3 667.2 676.0
2 Consumer 254.5 256.8 251.7 251.3
3 Business 319.5 318.5 325.9 334.9
4 Real estate 86.4 87.9 89.6 89.9
5 LESS: Reserves for
unearned income 54.6 52.7 52.1 53.2
6 Reserves for losses 12.7 13.0 13.1 13.2
7 Accounts receivable, net 593.1 597.6 601.9 609.6
8 All other 289.1 312.4 329.7 340.1
9 Total assets 882.3 910.0 931.6 949.7
LIABILITIES AND CAPITAL
10 Bank loans 20.4 24.1 22.0 22.3
11 Commercial paper 189.6 201.5 211.7 225.9
Debt
12 Owed to parent 61.6 64.7 64.6 60.0
13 Not elsewhere classified 322.8 328.8 338.2 348.7
14 All other liabilities 190.1 189.6 193.1 188.9
15 Capital, surplus,
and undivided profits 97.9 101.3 102.1 103.9
16 Total liabilities
and capital 882.3 910.0 931.6 949.7
1998 1999
Account Q3 Q4 Q1
ASSETS
1 Accounts receivable,
gross(2) 687.6(r) 711.7(r) 733.5
2 Consumer 254.0(r) 261.8(r) 262.9
3 Business 335.1 347.5(r) 361.7
4 Real estate 98.5 102.3(r) 109.0
5 LESS: Reserves for
unearned income 52.4 53.6 53.1
6 Reserves for losses 13.2 13.3 13.5
7 Accounts receivable, net 622.0(r) 644.8(r) 666.9
8 All other 313.7 321.1 389.6
9 Total assets 935.7(r) 965.9(r) 1,056.5
LIABILITIES AND CAPITAL
10 Bank loans 24.9 25.0 23.6
11 Commercial paper 226.9 232.3 333.5
Debt
12 Owed to parent 58.3 64.6 22.6
13 Not elsewhere classified 337.6 358.4 394.9
14 All other liabilities 185.4 194.6 179.8
15 Capital, surplus,
and undivided profits 103.6 106.6 102.1
16 Total liabilities
and capital 936.6 981.4 1,056.5
(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 111.9 121.0 131.4
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 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 33.0 29.0
19 Other .4 0.2 0.1
20 Business 347.2 366.1 396.1
21 Motor vehicles 67.1 63.5 79.6
22 Retail loans 25.1 25.6 28.1
23 Wholesale loss 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 0.0 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 1998
Oct. Nov. Dec.
Seasonally adjusted
1 Total 865.9 871.1 874.9
2 Consumer 350.4 352.5 352.5
3 Real estate 132.3 134.3 131.4
4 Business 383.2 384.73 391.0
Not seasonally adjusted
5 Total 864.2 872.8 884.0
6 Consumer 350.0 352.2 356.1
7 Motor vehicles loans 97.6 99.0 103.1
8 Motor vehicle leases 94.6 94.4 93.3
9 Revolving(2) 33.3 33.1 32.3
10 Other(3) 34.6 34.6 33.1
Securitized assets(4)
11 Motor vehicle loans 51.6 53.4 54.8
12 Motor vehicle leases 14.4 14.2 12.7
13 Revolving 5.3 5.3 8.7
14 Other 18.6 18.4 18.1
15 Real estate 132.3 134.3 131.4
16 One-to four-family 72.2 74.1 75.7
17 Other 30.2 30.7 26.6
Securitized real
estate assets(4)
18 One- to four-family 29.8 29.4 29.0
19 Other 0.1 0.1 0.1
20 Business 382.0 386.3 396.5
21 Motor vehicles 68.5 70.9 79.6
22 Retail loans 30.4 29.4 28.1
23 Wholesale loss 27.0 30.3 32.8
24 Leases 11.1 11.2 18.7
25 Equipment 211.5 212.0 198.0
26 Loans 47.2 47.8 50.4
27 Leases 164.3 164.2 147.6
28 Other business
receivables(6) 59.6 60.4 69.9
Securitized assets(4)
29 Motor vehicles 25.0 25.8 29.2
30 Retail loans 1.9 2.4 2.6
31 Wholesale loans 23.2 23.4 24.7
32 Leases 0.0 0.0 1.9
33 Equipment 12.0 11.8 13.0
34 Loans 5.6 5.4 6.6
35 Leases 6.4 6.4 6.4
36 Other business
receivables(6) 5.3 6.8 6.8
Type of credit 1999
Jan. Feb. Mar.
Seasonally adjusted
1 Total 888.5 899.1 910.4
2 Consumer 356.8 61.3 363.9
3 Real estate 135.7 135.7 137.2
4 Business 396.0 402.0 409.3
Not seasonally adjusted
5 Total 888.7 898.4 911.0
6 Consumer 356.1 358.1 360.2
7 Motor vehicles loans 102.8 105.0 104.7
8 Motor vehicle leases 93.9 94.5 93.9
9 Revolving(2) 32.4 32.2 32.3
10 Other(3) 32.1 32.5 32.0
Securitized assets(4)
11 Motor vehicle loans 56.0 54.9 59.0
12 Motor vehicle leases 12.5 12.3 12.0
13 Revolving 8.6 8.7 8.5
14 Other 17.9 18.1 17.8
15 Real estate 135.7 135.7 137.2
16 One-to four-family 80.1 80.3 77.7
17 Other 26.9 27.1 31.3
Securitized real
estate assets(4)
18 One- to four-family 28.6 28.3 28.0
19 Other 0.1 0.1 0.3
20 Business 396.9 404.6 413.6
21 Motor vehicles 79.1 82.1 84.8
22 Retail loans 28.4 28.9 30.0
23 Wholesale loss 31.9 34.3 36.0
24 Leases 18.9 18.9 18.8
25 Equipment 197.6 200.7 202.4
26 Loans 49.7 51.0 51.6
27 Leases 147.8 149.8 150.7
28 Other business
receivables(6) 72.5 73.3 74.5
Securitized assets(4)
29 Motor vehicles 28.2 28.8 31.0
30 Retail loans 2.5 2.4 2.4
31 Wholesale loans 23.8 24.6 26.6
32 Leases 1.9 1.9 1.9
33 Equipment 12.7 12.9 12.8
34 Loans 6.3 6.2 6.1
35 Leases 6.7 6.7 6.7
36 Other business
receivables(6) 6.8 8.2 8.2
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 MARKET
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)
6 Contract rate(1) 7.56 7.57 6.95
7 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 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 33,370
13 Conventional 256,460 284,753 380,745
14 Mortgage transactions
purchased (during period) 68,618 70,465 188,448
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 125,103 177,401 267,402
21 Sales 119,702 114,258 250,565
22 Mortgage commitments
contracted (during period)(9) 128,995 120,089 281,899
Item 1998
Oct. Nov. Dec.
Terms and yields in primary and
secondary markets
PRIMARY MARKETS
1 Purchase price
(thousands of dollars) 201.4 192.1 206.0
2 Amount of loan
(thousands of dollars) 155.8 148.1 159.0
3 Loan-to-price ratio (percent) 79.8 79.5 79.4
4 Maturity (years) 28.6 28.3 28.7
5 Fees and charges
(percent of loan amount)(2) .86 .76 .98
Yield (percent per year)
6 Contract rate(1) 6.72 6.68 6.80
7 Effective rate(1,3) 6.85 6.80 6.94
8 Contract rate (HUD series)(4) 6.86 6.84 6.83
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 7.07 7.02 7.06
10 GNMA securities 6.10 6.25 6.18
Activity in secondary markets
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
Mortgage holdings
(end of period)
11 Total 386,452 399,804 414,515
12 FHA/VA insured 32,814 33,420 33,770
13 Conventional 353,638 366,384 380,745
14 Mortgage transactions
purchased (during period) 18,967 23,557 26,222
Mortgage commitments
(during period)
15 Issued(7) 30,551 17,994 16,803
16 To sell(8) 393 0 434
FEDERAL HOME LOAN
MORTGAGE CORPORATION
Mortgage holdings
(end of period)(8)
17 Total 231,458 242,270 255,010
18 FHA/VA insured 569 602 785
19 Conventional 230,889 241,668 254,225
Mortgage transactions
(during period)
20 Purchases 20,629 23,986 34,299
21 Sales 19,472 22,660 28,024
22 Mortgage commitments
contracted (during period)(9) 25,025 28,903 29,703
Item 1999
Jan. Feb. Mar. Apr.
Terms and yields in primary and
secondary markets
PRIMARY MARKETS
1 Purchase price
(thousands
of dollars) 202.3 204.0 211.0 209.4
2 Amount of loan
(thousands
of dollars) 153.3 155.4 162.9 162.4
3 Loan-to-price
ratio (percent) 78.0 78.2 79.4 79.5
4 Maturity (years) 28.4 28.7 28.8 28.9
5 Fees and charges
(percent of
loan amount)(2) 1.01 .92 .82 .77
Yield (percent
per year)
6 Contract rate(1) 6.81 6.78 6.74 6.74
7 Effective rate(1,3) 6.96 6.92 6.86 6.85
8 Contract rate
(HUD series)(4) 6.80 7.02 7.03 6.93
SECONDARY MARKETS
Yield (percent
per year)
9 FHA mortgages
(Section 203)(5) 7.08 7.10 7.07 7.08
10 GNMA securities 6.18 6.42 6.58 6.50
Activity in secondary markets
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION
Mortgage holdings
(end of period)
11 Total 418,323 431,836 440,139 446,025
12 FHA/VA insured 33,483 34,000 34,870 36,158
13 Conventional 384,840 397,836 405,269 409,867
14 Mortgage transactions
purchased
(during period) 14,005 22,029 16,923 14,225
Mortgage
commitments
(during period)
15 Issued(7) 20,754 26,509 16,891 20,192
16 To sell(8) 0 0 266 75
FEDERAL HOME LOAN
MORTGAGE
CORPORATION
Mortgage holdings
(end of period)(8)
17 Total 257,062 262,921 277,624 284,006
18 FHA/VA insured 387 755 754(r) 750
19 Conventional 256,675 262,166 276,870(r) 283,25
Mortgage
transactions
(during period)
20 Purchases 27,672 25,225 29,921 26,473
21 Sales 31,431 24,232 28,740 25,464
22 Mortgage
commitments
contracted
(during
period)(9) 23,900 24,829 32,546 24,050
(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 4,610,350 4,928,367
By type of property
2 One- to four-family residences 3,532,977 3,755,719
3 Multifamily residences 286,875 309,321
4 Nonfarm, nonresidential 705,937 776,193
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 669,434 698,508
9 Multifamily 43,837 46,675
10 Nonfarm, nonresidential 353,088 375,322
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 Multi family 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 28,428 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 Multi family 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) 538,295 586,408
74 One- to four-family 371,806 376,039
75 Multi family 73,528 82,492
76 Nonfarm, nonresidential 75,154 109,707
77 Farm 17,806 18,169
Type of holder and property 1997 1997
Q4
1 All holders 5,257,422 5,257,422
By type of property
2 One- to four-family residences 3,998,763 3,998,763
3 Multifamily residences 329,733 329,733
4 Nonfarm, nonresidential 838,627 838,627
5 Farm 90,299 90,299
By type of holder
6 Major financial institutions 2,083,978 2,083,978
7 Commercial banks(2) 1,245,315 1,245,315
8 One- to four-family 762,533 762,533
9 Multifamily 50,651 50,651
10 Nonfarm, nonresidential 405,144 405,144
11 Farm 26,986 26,986
12 Savings institutions(3) 631,822 631,822
13 One- to four-family 520,672 520,672
14 Multifamily 59,543 59,543
15 Nonfarm, nonresidential 51,252 51,252
16 Farm 354 354
17 Life insurance companies 206,841 206,841
18 One- to four-family 7,187 7,187
19 Multifamily 30,402 30,402
20 Nonfarm, nonresidential 158,780 158,780
21 Farm 10,472 10,472
22 Federal and related agencies 286,167 286,167
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multi family 0 0
26 Farmers Home Administration(4) 41,195 41,195
27 One- to four-family 17,253 17,253
28 Multifamily 11,720 11,720
29 Nonfarm, nonresidential 7,370 7,370
30 Farm 4,852 4,852
31 Federal Housing and Veterans'
Administrations 3,821 3,821
32 One- to four-family 1,767 1,767
33 Multifamily 2,054 2,054
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 724 724
40 One- to four-family 109 109
41 Multifamily 123 123
42 Nonfarm, nonresidential 492 492
43 Farm 0 0
44 Federal National Mortgage
Association 161,308 161,308
45 One- to four-family 149,831 149,831
46 Multifamily 11,477 11,477
47 Federal Land Banks 30,657 30,657
48 One- to four-family 1,804 1,804
49 Farm 28,853 28,853
50 Federal Home Loan Mortgage
Corporation 48,454 48,454
51 One- to four-family 42,629 42,629
52 Multifamily 5,825 5,825
53 Mortgage pools or trusts(5) 2,272,999 2,272,999
54 Government National Mortgage
Association 536,810 536,810
55 One- to four-family 523,156 523,156
56 Multifamily 13,654 13,654
57 Federal Home Loan Mortgage
Corporation 579,385 579,385
58 One- to four-family 576,846 576,846
59 Multifamily 2,539 2,539
60 Federal National Mortgage
Association 709,582 709,582
61 One- to four-family 687,981 687,981
62 Multifamily 21,601 21,601
63 Farmers Home Administration(4) 2 2
64 One- to four-family 0 0
65 Multi family 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 2
68 Private mortgage conduits 447,219 447,219
69 One- to four-family(6) 318,000 318,000
70 Multifamily 29,264 29,264
71 Nonfarm, nonresidential 99,955 99,955
72 Farm 0 0
73 Individuals and others(7) 614,279 614,279
74 One- to four-family 388,988 388,988
75 Multi family 90,879 90,879
76 Nonfarm, nonresidential 115,633 115,633
77 Farm 18,779 18,779
1998
Type of holder and property
Q1 Q2
1 All holders 5,371,196 5,487,535
By type of property
2 One- to four-family residences 4,082,959 4,163,964
3 Multifamily residences 338,439 347,449
4 Nonfarm, nonresidential 858,641 883,476
5 Farm 91,157 92,646
By type of holder
6 Major financial institutions 2,114,528 2,121,939
7 Commercial banks(2) 1,271,037 1,281,849
8 One- to four-family 779,941 785,019
9 Multifamily 51,688 52,077
10 Nonfarm, nonresidential 411,949 416,434
11 Farm 27,458 28,319
12 Savings institutions(3) 637,012 632,359
13 One- to four-family 527,036 522,088
14 Multifamily 59,074 58,908
15 Nonfarm, nonresidential 50,532 50,978
16 Farm 369 386
17 Life insurance companies 206,480 207,730
18 One- to four-family 7,174 7,218
19 Multifamily 31,156 31,849
20 Nonfarm, nonresidential 157,696 158,146
21 Farm 10,454 10,517
22 Federal and related agencies 286,877 287,161
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multi family 0 0
26 Farmers Home Administration(4) 40,972 40,921
27 One- to four-family 17,160 17,059
28 Multifamily 11,714 11,722
29 Nonfarm, nonresidential 7,369 7,497
30 Farm 4,729 4,644
31 Federal Housing and Veterans'
Administrations 3,694 3,631
32 One- to four-family 1,641 1,610
33 Multifamily 2,053 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 786 564
40 One- to four-family 118 85
41 Multifamily 134 96
42 Nonfarm, nonresidential 534 384
43 Farm 0 0
44 Federal National Mortgage
Association 160,048 159,816
45 One- to four-family 149,254 149,383
46 Multifamily 10,794 10,433
47 Federal Land Banks 31,005 31,352
48 One- to four-family 1,824 1,845
49 Farm 29,181 29,507
50 Federal Home Loan Mortgage
Corporation 50,364 50,869
51 One- to four-family 44,440 44,597
52 Multifamily 5,924 6,272
53 Mortgage pools or trusts(5) 2,330,674 2,442,603
54 Government National Mortgage
Association 533,011 537,586
55 One- to four-family 519,152 523,243
56 Multifamily 13,859 14,343
57 Federal Home Loan Mortgage
Corporation 583,144 609,791
58 One- to four-family 580,715 607,469
59 Multifamily 2,429 2,322
60 Federal National Mortgage
Association 730,832 761,359
61 One- to four-family 708,125 737,631
62 Multifamily 22,707 23,728
63 Farmers Home Administration(4) 2 2
64 One- to four-family 0 0
65 Multi family 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 2
68 Private mortgage conduits 483,685 533,865
69 One- to four-family(6) 336,824 364,316
70 Multifamily 33,477 38,144
71 Nonfarm, nonresidential 113,384 131,405
72 Farm 0 0
73 Individuals and others(7) 639,117 635,833
74 One- to four-family 409,548 402,395
75 Multi family 93,430 95,534
76 Nonfarm, nonresidential 117,176 118,633
77 Farm 18,964 19,271
Type of holder and property 1998
Q3 Q4(p)
1 All holders 5,623,695 5,782,027
By type of property
2 One- to four-family residences 4,268,149 4,375,730
3 Multifamily residences 353,546 362,092
4 Nonfarm, nonresidential 908,192 949,230
5 Farm 93,808 94,974
By type of holder
6 Major financial institutions 2,137,412 2,193,378
7 Commercial banks(2) 1,295,768 1,337,664
8 One- to four-family 784,987 810,680
9 Multifamily 53,049 53,586
10 Nonfarm, nonresidential 429,045 444,363
11 Farm 28,688 29,034
12 Savings institutions(3) 634,244 643,773
13 One- to four-family 525,842 533,680
14 Multifamily 56,706 56,806
15 Nonfarm, nonresidential 51,297 52,871
16 Farm 399 417
17 Life insurance companies 207,399 211,940
18 One- to four-family 7,206 7,364
19 Multifamily 31,661 32,354
20 Nonfarm, nonresidential 158,032 161,492
21 Farm 10,500 10,730
22 Federal and related agencies 287,125 291,858
23 Government National Mortgage
Association 7 7
24 One- to four-family 7 7
25 Multi family 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 3,405
32 One- to four-family 1,550 1,550
33 Multifamily 1,855 1,855
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 32,473
48 One- to four-family 1,883 1,911
49 Farm 30,126 30,562
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) 2,548,050 2,631,790
54 Government National Mortgage
Association 541,431 537,431
55 One- to four-family 526,934 522,483
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 Multi family 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 1
68 Private mortgage conduits 572,431 613,382
69 One- to four-family(6) 391,736 410,900
70 Multifamily 40,893 44,690
71 Nonfarm, nonresidential 139,802 157,792
72 Farm
0 0
73 Individuals and others(7) 651,109 665,001
74 One- to four-family 413,480 425,836
75 Multi family 95,992 94,686
76 Nonfarm, nonresidential 122,123 124,762
77 Farm 19,514 19,717
(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 1,181,913 1,233,099 1,299,207
2 Automobile 392,321 413,369 447,013
3 Revolving 499,486 531,140 560,515
4 Other(2) 290,105 288,590 291,680
Not seasonally adjusted
5 Total 1,211,590 1,264,103 1,331,742
By major holder
6 Commercial banks 526,769 512,563 508,932
7 Finance companies 152,391 160,022 168,491
8 Credit unions 144,148 152,362 155,406
9 Savings institutions 44,711 47,172 51,611
10 Nonfinancial business(3) 77,745 78,927 74,877
11 Pools of securitized
assets(4) 265,826 313,057 372,425
By major type of credits
12 Automobile 395,609 416,962 450,968
13 Commercial banks 157,047 155,254 158,072
14 Finance companies 86,690 87,015 103,094
15 Pools of securitized
assets(4) 51,719 64,950 72,955
16 Revolving 522,860 555,858 586,528
17 Commercial banks 228,615 219,826 210,346
18 Finance companies 32,493 38,608 32,309
19 Nonfinancial business(3) 44,901 44,966 39,166
20 Pools of securitized
assets(4) 188,712 221,465 272,327
21 Other 293,121 291,283 294,246
22 Commercial banks 141,107 137,483 140,514
23 Finance companies 33,208 34,399 33,088
24 Nonfinancial business(3) 32,844 33,961 35,711
25 Pools of securitized
assets(4) 25,395 26,642 27,143
1998
Oct. Nov. Dec.
Seasonally adjusted
1 Total 1,294,917 1,296,630 1,299,207
2 Automobile 437,820 442,430 447,013
3 Revolving 557,644 556,535 560,515
4 Other(2) 299,453 297,665 291,680
Not seasonally adjusted
5 Total 1,297,576 1,304,499 1,331,742
By major holder
6 Commercial banks 502,076 498,838 508,932
7 Finance companies 165,573 166,622 168,491
8 Credit unions 154,991 155,221 155,406
9 Savings institutions 50,966 51,625 51,611
10 Nonfinancial business(3) 65,962 66,615 74,877
11 Pools of securitized
assets(4) 358,008 365,578 372,425
By major type of credits
12 Automobile 443,120 446,566 450,968
13 Commercial banks 156,788 157,126 158,072
14 Finance companies 97,637 98,954 103,094
15 Pools of securitized
assets(4) 71,788 72,582 72,955
16 Revolving 556,006 559,211 586,528
17 Commercial banks 200,869 196,923 210,346
18 Finance companies 33,309 33,056 32,309
19 Nonfinancial business(3) 33,762 33,756 39,166
20 Pools of securitized
assets(4) 258,130 265,311 272,327
21 Other 298,450 298,722 294,246
22 Commercial banks 144,419 144,789 140,514
23 Finance companies 34,627 34,612 33,088
24 Nonfinancial business(3) 32,200 32,859 35,711
25 Pools of securitized
assets(4) 28,081 27,685 27,143
1999
Jan. Feb.( r) Mar.
Seasonally adjusted
1 Total 1,314,471 1,323,228 1,324,760
2 Automobile 454,096 459,078 462,860
3 Revolving 566,690 569,099 568,338
4 Other(2) 293,684 295,051 293,562
Not seasonally adjusted
5 Total 1,323,250 1,316,400 1,312,647
By major holder
6 Commercial banks 507,264 497,753 487,583
7 Finance companies 167,305 169,664 168,944
8 Credit unions 155,726 155,203 155,027
9 Savings institutions 52,047 52,482 52,916
10 Nonfinancial business(3) 70,950 67,972 67,143
11 Pools of securitized
assets(4) 369,958 373,326 381,034
By major type of credits
12 Automobile 452,181 453,951 458,108
13 Commercial banks 160,273 159,922 159,333
14 Finance companies 102,822 104,987 104,652
15 Pools of securitized
assets(4) 73,232 73,232 77,829
16 Revolving 575,675 569,111 562,812
17 Commercial banks 204,774 197,623 188,652
18 Finance companies 32,414 32,195 32,326
19 Nonfinancial business(3) 36,389 34,327 33,738
20 Pools of securitized
assets(4) 269,918 272,444 275,444
21 Other 295,394 293,338 291,727
22 Commercial banks 142,217 140,208 139,598
23 Finance companies 32,069 32,482 31,966
24 Nonfinancial business(3) 34,561 33,645 33,405
25 Pools of securitized
assets(4) 26,808 27,650 27,761
(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 mobile home loans and all other loans that are not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. (3.) Includes retailers and gasoline companies. (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.) Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
Item 1996 1997 1998
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.05 9.02 8.72
2 24-month personal 13.54 13.90 13.74
Credit card plan
3 All accounts 15.63 15.77 15.71
4 Accounts assessed interest 15.50 15.57 15.59
Auto finance companies
5 New car 9.84 7.12 6.30
6 Used car 13.53 13.27 12.64
OTHER TERMS(3)
Maturity (months)
7 New car 51.6 54.1 52.1
8 Used car 51.4 51.0 53.5
Loan-to-value ratio
9 New car 91 92 92
10 Used car 100 99 99
Amount financed (dollars)
11 New car 16,987 18,077 19,083
12 Used car 12,182 12,281 12,691
1998
Item
Sept. Oct. Nov. Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. n.a. 8.62 n.a.
2 24-month personal n.a. n.a. 13.75 n.a.
Credit card plan
3 All accounts n.a. n.a. 15.69 n.a.
4 Accounts assessed interest n.a. n.a. 15.54 n.a.
Auto finance companies
5 New car 5.92 6.33 6.79 6.43
6 Used car 12.65 12.58 12.41 12.31
OTHER TERMS(3)
Maturity (months)
7 New car 53.1 53.1 52.8 52.2
8 Used car 54.2 54.2 54.3 54.2
Loan-to-value ratio
9 New car 93 92 91 91
10 Used car 101 100 100 100
Amount financed (dollars)
11 New car 19,028 19,199 19,590 19,734
12 Used car 12,731 12,914 13,112 13,202
1999
Item
Jan. Feb. Mar.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.34 n.a.
2 24-month personal n.a. 13.41 n.a.
Credit card plan
3 All accounts n.a. 15.41 n.a.
4 Accounts assessed interest n.a. 14.73 n.a.
Auto finance companies
5 New car 6.22 6.43 6.31
6 Used car 11.81 12.08 12.09
OTHER TERMS(3)
Maturity (months)
7 New car 52.1 53.4 53.0
8 Used car 56.0 55.9 56.0
Loan-to-value ratio
9 New car 92 92 91
10 Used car 99 99 99
Amount financed (dollars)
11 New car 19,628 19,304 19,339
12 Used car 13,497 13,604 13,653
(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. 1.58 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector 1993 1994
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 950.8(r) 1,030.2(r)
2 Domestic nonfederal nonfinancial 38.3(r) 238.1(r)
sectors
3 Household -2.3(r) 274.9(r)
4 Nonfinancial corporate business 9.1 17.7
5 Nonfarm noncorporate business -1.1 .6
6 State and local governments 32.6 -55.0
7 Federal government -18.4 -27.5
8 Rest of the world 129.3 132.3
9 Financial sectors 801.6(r) 687.1(r)
10 Monetary authority 36.2 31.5
11 Commercial banking 142.2 163.4
12 U.S.-chartered banks 149.6 148.1
13 Foreign banking offices
in United States -9.8 11.2
14 Bank holding companies .0 .9
15 Banks in U.S.-affiliated
areas 2.4 3.3
16 Savings institutions -23.3 6.7
17 Credit unions 21.7 28.1
18 Bank personal trusts and estates 9.5 7.1
19 Life insurance companies 100.4 72.0
20 Other insurance companies 27.7 24.9
21 Private pension funds 50.2 46.1
22 State and local government
retirement funds 22.7 22.3
23 Money market mutual funds 20.4 30.0
24 Mutual funds 159.5 -7.1
25 Closed-end funds 20.0 -3.7
26 Government-sponsored enterprises 87.8 117.8
27 Federally related mortgage pools 84.7 115.4
28 Asset-backed securities issuers
(ABSs) 82.8(r) 69.4(r)
29 Finance companies -20.9 48.3
30 Mortgage companies .0 -24.0
31 Real estate investment trusts
(REITs) .6 4.7
32 Brokers and dealers 14.8 -44.2
33 Funding corporations -35.1 -16.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 950.8(r) 1,030.2(r)
Other financial sources
35 Official foreign exchange .8 -5.8
36 Special drawing rights
certificates .0 .0
37 Treasury currency .4 .7
38 Foreign deposits -18.5 52.9
39 Net interbank transactions 50.5 89.8
40 Checkable deposits and currency 117.3 -9.7
41 Small time and savings deposits -70.3 -39.9
42 Large time deposits -23.5 19.6
43 Money market fund shares 20.2 43.3
44 Security repurchase agreements 71.3 78.2
45 Corporate equities 137.7 24.6
46 Mutual fund shares 292.0 100.6
47 Trade payables 52.2 94.0
48 Security credit 61.4 0.1
49 Life insurance reserves 37.1 35.5
50 Pension fund reserves 267.4 259.6(r)
51 Taxes payable 11.4 2.6
52 Investment in bank personal
trusts .9 17.8
53 Noncorporate proprietors' 24.1(r) 53.6(r)
equity
54 Miscellaneous 345.3(r) 241.3(r)
55 Total financial sources 2,328.5(r) 2,088.8(r)
Liabilities not identified as
assets (-)
56 Treasury currency -0.2 0.2
57 Foreign deposits -5.7 43.0
58 Net interbank liabilities 4.2 -2.7
59 Security repurchase agreements 46.4 69.4
60 Taxes payable 15.8 16.6
61 Miscellaneous -163.5(r) -192.8(r)
Floats not included in assets (-)
62 Federal government checkable
deposits -1.5 -4.8
63 Other checkable deposits -1.3 -2.8
64 Trade credit -4.0 1.5
65 Total identified to sectors
as assets 2,438.1(r) 2,161.7(r)
Transaction category or sector 1995 1996
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 1,227.6(r) 1,327.3r
2 Domestic nonfederal nonfinancial
sectors -99.1(r) -30.or
3 Household -3.7(r) 3.8r
4 Nonfinancial corporate business -8.8 4.2r
5 Nonfarm noncorporate business 4.7 -4.3r
6 State and local governments -91.4 -33.7r
7 Federal government .2 -7.7
8 Rest of the world 273.9 417.3
9 Financial sectors 1,053.0(r) 947.8r
10 Monetary authority 12.7 12.3
11 Commercial banking 265.9 187.5
12 U.S.-chartered banks 186.5 119.6
13 Foreign banking offices
in United States 75.4 63.3
14 Bank holding companies .3 3.9
15 Banks in U.S.-affiliated
areas 4.2 .7
16 Savings institutions -7.6 19.9
17 Credit unions 16.2 25.5
18 Bank personal trusts and estates -8.3 -7.7
19 Life insurance companies 100.0 69.6
20 Other insurance companies 21.5 22.5
21 Private pension funds 56.0 52.3
22 State and local government
retirement funds 27.5 45.9
23 Money market mutual funds 86.5 88.8
24 Mutual funds 52.5 48.9
25 Closed-end funds 10.5 4.7
26 Government-sponsored enterprises 86.7 84.2
27 Federally related mortgage pools 98.2 141.1
28 Asset-backed securities issuers
(ABSs) 120.6(r) 123.6(r)
29 Finance companies 49.9 18.4
30 Mortgage companies -3.4 8.2
31 Real estate investment trusts
(REITs) .8(r) -.3(r)
32 Brokers and dealers 90.1 -15.7
33 Funding corporations -23.8 13.5(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,227.6(r) 1,327.3r
Other financial sources
35 Official foreign exchange 8.8 -6.3
36 Special drawing rights
certificates 2.2 0.5
37 Treasury currency .6 .1
38 Foreign deposits 35.3 85.9
39 Net interbank transactions 9.9 -51.6
40 Checkable deposits and currency -12.7 15.8
41 Small time and savings deposits 96.6 97.2
42 Large time deposits 65.6 114.0
43 Money market fund shares 142.3 145.8
44 Security repurchase agreements 110.5 41.4
45 Corporate equities -3.1 -8.7(r)
46 Mutual fund shares 147.4 237.6
47 Trade payables 101.5 83.4(r)
48 Security credit 26.7 52.4
49 Life insurance reserves 45.8 44.5
50 Pension fund reserves 229.2(r) 244.3(r)
51 Taxes payable 6.2 16.0(r)
52 Investment in bank personal
trusts 4.0 -8.6
53 Noncorporate proprietors'
equity 60.3(r) .1(r)
54 Miscellaneous 455.6(r) 521.5(r)
55 Total financial sources 2,760.3(r) 2,951.9(r)
Liabilities not identified as
assets (-)
56 Treasury currency .5 .9
57 Foreign deposits 25.1 59.6(r)
58 Net interbank liabilities -3.1 -3.3
59 Security repurchase agreements 17.5 .5(r)
60 Taxes payable 21.1 20.4
61 Miscellaneous -229.6(r) -50.2(r)
Floats not included in assets (-)
62 Federal government checkable
deposits -6.0 0.5
63 Other checkable deposits -3.8 -4.0
64 Trade credit -11.7 -52.6(r)
65 Total identified to sectors
as assets 2,951.3(r) 2,981.8(r)
Transaction category or sector 1997 1997
Q3
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 1,431.5(r) 1,508.4(r)
2 Domestic nonfederal nonfinancial
sectors -125.9(r) -175.5(r)
3 Household -128.2(r) -152.9(r)
4 Nonfinancial corporate business 2.7(r) 18.6(r)
5 Nonfarm noncorporate business -.6(r) -.6(r)
6 State and local governments .1(r) -40.7(r)
7 Federal government 4.9 3.3
8 Rest of the world 310.1 402.9
9 Financial sectors 1,242.4(r) 1,277.6(r)
10 Monetary authority 38.3 22.9
11 Commercial banking 324.3 226.2
12 U.S.-chartered banks 274.9 220.7
13 Foreign banking offices
in United States 40.2 4.6
14 Bank holding companies 5.4 -5.0
15 Banks in U.S.-affiliated
areas 3.7 5.8
16 Savings institutions -4.7 -35.3
17 Credit unions 16.8 13.6
18 Bank personal trusts and estates 7.6 7.3
19 Life insurance companies 94.3 92.9
20 Other insurance companies 25.2 32.0
21 Private pension funds 65.5 64.6
22 State and local government
retirement funds 36.6 79.1
23 Money market mutual funds 87.5 121.5
24 Mutual funds 80.9 108.0
25 Closed-end funds -3.4 -3.4
26 Government-sponsored enterprises 94.3 55.6
27 Federally related mortgage pools 114.4 114.6
28 Asset-backed securities issuers
(ABSs) 162.3(r) 162.4(r)
29 Finance companies 21.9 68.3
30 Mortgage companies -9.1 82.9
31 Real estate investment trusts
(REITs) 9.1(r) 6.6(r)
32 Brokers and dealers 14.9 18.0
33 Funding corporations 54.8(r) 30.2(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,431.5(r) 1,508.4(r)
Other financial sources
35 Official foreign exchange .7 2.40
36 Special drawing rights
certificates .5 .0
37 Treasury currency .0 1.3
38 Foreign deposits 107.4 116.1
39 Net interbank transactions -19.7 -25.0
40 Checkable deposits and currency 41.5 -38.4
41 Small time and savings deposits 97.1 47.0
42 Large time deposits 122.5 188.4
43 Money market fund shares 157.6 226.2
44 Security repurchase agreements 120.9 115.5
45 Corporate equities -78.8 -60.5
46 Mutual fund shares 265.1 299.9
47 Trade payables 100.4(r) 137.9(r)
48 Security credit 111.0 91.1
49 Life insurance reserves 54.3 63.9
50 Pension fund reserves 307.6(r) 338.1(r)
51 Taxes payable 16.8(r) 30.7(r)
52 Investment in bank personal
trusts 75.0 80.8
53 Noncorporate proprietors'
equity 6.7(r) 15.0(r)
54 Miscellaneous 590.1(r) 722.7(r)
55 Total financial sources 3,507.3(r) 3,861.5(r)
Liabilities not identified as
assets (-)
56 Treasury currency .6 .7
57 Foreign deposits 107.4 93.7(r)
58 Net interbank liabilities -19.9 -50.0
59 Security repurchase agreements 65.3 23.9
60 Taxes payable 18.8(r) 15.2
61 Miscellaneous -235.3(r) -54.9(r)
Floats not included in assets (-)
62 Federal government checkable
deposits -2.7 10.0
63 Other checkable deposits -3.9 -3.0
64 Trade credit 8.5(r) 66.9(r)
65 Total identified to sectors
as assets 3,569.7(r) 3,758.8(r)
Transaction category or sector 1997 1998
Q4 Q1
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 1,870.5(r) 1,906.9(r)
2 Domestic nonfederal nonfinancial
sectors 10.5(r) -236.3(r)
3 Household -18.0(r) -253.2(r)
4 Nonfinancial corporate business -12.8(r) 4.2(r)
5 Nonfarm noncorporate business -.6(r) .0(r)
6 State and local governments 42.0(r) 12.8(r)
7 Federal government 9.0 15.5
8 Rest of the world 208.7 238.6
9 Financial sectors 1,642.4(r) 1,889.1(r)
10 Monetary authority 52.9 27.4
11 Commercial banking 464.9 292.9
12 U.S.-chartered banks
13 Foreign banking offices 386.2 260.5
in United States 58.2 11.6
14 Bank holding companies 19.4 15.3
15 Banks in U.S.-affiliated
areas 1.1 5.5
16 Savings institutions -2.0 10.8(r)
17 Credit unions 7.7 16.5
18 Bank personal trusts and estates 8.8 2.4
19 Life insurance companies 34.1 88.4(r)
20 Other insurance companies 34.7 23.4
21 Private pension funds 79.5 74.5
22 State and local government
retirement funds 9.5 80.7(r)
23 Money market mutual funds 144.2 172.0
24 Mutual funds 61.8 146.3(r)
25 Closed-end funds -3.4 -2.4
26 Government-sponsored enterprises 158.5 198.9(r)
27 Federally related mortgage pools 140.3 84.8
28 Asset-backed securities issuers
(ABSs) 320.3(r) 222.7(r)
29 Finance companies -21.3 28.7
30 Mortgage companies -93.6 58.8
31 Real estate investment trusts
(REITs) 15.6(r) 11.3(r)
32 Brokers and dealers 71.7 245.8
33 Funding corporations 134.8(r) 90.6(r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,870.5(r) 1,906.9(r)
Other financial sources
35 Official foreign exchange 17.5 1.0
36 Special drawing rights
certificates .0 .0
37 Treasury currency -1.9 .3
38 Foreign deposits 103.0 -45.3
39 Net interbank transactions 79.8 -124.8(r)
40 Checkable deposits and currency 71.9 65.6
41 Small time and savings deposits 155.9 154.9
42 Large time deposits 70.7 186.2
43 Money market fund shares 147.8 248.0
44 Security repurchase agreements 117.9 259.5
45 Corporate equities -103.3 -107.5
46 Mutual fund shares 261.0 325.2(r)
47 Trade payables 146.9(r) 63.8(r)
48 Security credit 116.8 165.3
49 Life insurance reserves 37.4 49.3
50 Pension fund reserves 301.1(r) 262.2(r)
51 Taxes payable -.6(r) 8.5(r)
52 Investment in bank personal
trusts 78.4 50.3
53 Noncorporate proprietors'
equity -43.7(r) -6.3(r)
54 Miscellaneous 386.1(r) 1,164.0(r)
55 Total financial sources 3,813.3(r) 4,627.1(r)
Liabilities not identified as
assets (-)
56 Treasury currency -2.4 .2
57 Foreign deposits 147.9(r) -94.5(r)
58 Net interbank liabilities -33.0 30.7
59 Security repurchase agreements 190.8 148.7(r)
60 Taxes payable 11.6(r) 4.4(r)
61 Miscellaneous -566.5(r) -62.0(r)
Floats not included in assets (-)
62 Federal government checkable
deposits -7.9 7.5
63 Other checkable deposits -5.0 -4.0
64 Trade credit 46.4(r) 6.6(r)
65 Total identified to sectors
as assets 4,031.5(r) 4,589.9(r)
Transaction category or sector 1998
Q2 Q3(r)
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 1,983.1(r) 1,871.1
2 Domestic nonfederal nonfinancial 394.3(r) 15.4
sectors
3 Household 295.2(r) -138.0
4 Nonfinancial corporate business -61.0(r) 17.4
5 Nonfarm noncorporate business .0(r) .0
6 State and local governments 160.1(r) 136.0
7 Federal government 12.8 13.9
8 Rest of the world 314.2 58.6
9 Financial sectors 1,261.8(r) 1,783.3
10 Monetary authority 7.7 48.3
11 Commercial banking 136.1 242.7
12 U.S.-chartered banks 130.5 286.8
13 Foreign banking offices 18.1 -53.1
in United States
14 Bank holding companies -17.6 6.0
15 Banks in U.S.-affiliated 5.1 2.9
areas
16 Savings institutions -1.8 34.0
17 Credit unions 22.7 19.3
18 Bank personal trusts and estates 3.1 2.0
19 Life insurance companies 62.6(r) 70.9
20 Other insurance companies -1.5 -7.7
21 Private pension funds 130.1 95.6
22 State and local government 61.6(r) 50.9
retirement funds
23 Money market mutual funds 200.1 247.5
24 Mutual funds 155.7(r) 97.7
25 Closed-end funds -2.4 -2.4
26 Government-sponsored enterprises 150.2(r) 264.0
27 Federally related mortgage pools 247.0 267.5
28 Asset-backed securities issuers 327.4(r) 245.5
(ABSs)
29 Finance companies 27.1 79.7
30 Mortgage companies -56.4 4.5
31 Real estate investment trusts
(REITs) 13.1(r) 2.8
32 Brokers and dealers -183.1 77.0
33 Funding corporations -30.4(r) -42.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,983.1(r) 1,871.1
Other financial sources
35 Official foreign exchange 8.1 11.4
36 Special drawing rights
certificates .0 .0
37 Treasury currency .2 1.7
38 Foreign deposits 89.0 87.3
39 Net interbank transactions 30.0(r) 49.8
40 Checkable deposits and currency 109.3 -61.7
41 Small time and savings deposits 36.2 111.6
42 Large time deposits -16.5 81.5
43 Money market fund shares 186.4 400.7
44 Security repurchase agreements -113.6 228.6
45 Corporate equities -115.9 -319.0
46 Mutual fund shares 392.7(r) 152.5
47 Trade payables -58.0(r) 56.7
48 Security credit 128.3 179.6
49 Life insurance reserves 53.3(r) 51.7
50 Pension fund reserves 265.8(r) 278.8
51 Taxes payable - 1.0(r) 36.0
52 Investment in bank personal
trusts 57.5 47.8
53 Noncorporate proprietors'
equity -5.4(r) -59.9
54 Miscellaneous 294.2(r) 661.9
55 Total financial sources 3,323.7(r) 3,868.2
Liabilities not identified as
assets (-)
56 Treasury currency -.3 1.1
57 Foreign deposits 144.3(r) 73.7
58 Net interbank liabilities 11.4 19.4
59 Security repurchase agreements -170.5(r) 106.0
60 Taxes payable 5.3(r) 26.4
61 Miscellaneous -203.6(r) -91.8
Floats not included in assets (-)
62 Federal government checkable
deposits -41.7 24.1
63 Other checkable deposits -3.0 -3.2
64 Trade credit - 148.8(r) -76.4
65 Total identified to sectors
as assets 3,730.6(r) 3,788.8
Transaction category or sector 1998 1999
Q4(r) Q1
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 2,349.1 2,224.9
2 Domestic nonfederal nonfinancial
sectors -326.7 190.5
3 Household -426.0 123.0
4 Nonfinancial corporate business 10.3 31.2
5 Nonfarm noncorporate business .0 .0
6 State and local governments 89.0 36.2
7 Federal government 11.8 18.2
8 Rest of the world 391.8 194.4
9 Financial sectors 2,272.2 1,821.8
10 Monetary authority .8 71.3
11 Commercial banking 554.9 52.1
12 U.S.-chartered banks 570.1 124.5
13 Foreign banking offices
in United States -24.2 -61.9
14 Bank holding companies -7.4 -6.0
15 Banks in U.S.-affiliated
areas 16.4 -4.5
16 Savings institutions 102.1 104.2
17 Credit unions 17.4 37.0
18 Bank personal trusts and estates 3.9 3.1
19 Life insurance companies 86.6 105.9
20 Other insurance companies 67.5 20.7
21 Private pension funds 174.4 60.7
22 State and local government
retirement funds 48.0 52.1
23 Money market mutual funds 356.4 239.7
24 Mutual funds 102.7 84.3
25 Closed-end funds -2.0 -2.0
26 Government-sponsored enterprises 430.0 158.4
27 Federally related mortgage pools 171.2 372.0
28 Asset-backed securities issuers
(ABSs) 311.1 284.7
29 Finance companies 72.1 73.3
30 Mortgage companies
31 Real estate investment trusts 6.0 10.0
(REITs) -13.7 -1.4
32 Brokers and dealers -209.1 86.1
33 Funding corporations 19.1 4.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,349.1 2,224.9
Other financial sources
35 Official foreign exchange 8.6 -17.4
36 Special drawing rights
certificates .0 -4.0
37 Treasury currency -2.3 .0
38 Foreign deposits 36.8 72.2
39 Net interbank transactions -89.7 125.8
40 Checkable deposits and currency 80.7 79.8
41 Small time and savings deposits 309.0 -1.2
42 Large time deposits 119.2 -14.2
43 Money market fund shares 306.6 248.1
44 Security repurchase agreements -164.3 255.3
45 Corporate equities -196.7 -96.1
46 Mutual fund shares 243.5 221.1
47 Trade payables -97.1 73.0
48 Security credit -39.6 -89.6
49 Life insurance reserves 59.0 54.7
50 Pension fund reserves 318.7 280.2
51 Taxes payable
52 Investment in bank personal 8.2 12.2
trusts 67.1 64.1
53 Noncorporate proprietors'
equity 15.8 19.0
54 Miscellaneous 975.1 192.5
55 Total financial sources 4,307.7 3,700.2
Liabilities not identified as
assets (-)
56 Treasury currency -3.4 -1.2
57 Foreign deposits 26.5 25.0
58 Net interbank liabilities -49.0 54.3
59 Security repurchase agreements -3.0 198.9
60 Taxes payable 17.3 3.4
61 Miscellaneous -72.7 -503.9
Floats not included in assets (-)
62 Federal government checkable
deposits 20.4 -3.2
63 Other checkable deposits -2.1 -2.0
64 Trade credit -49.6 -48.4
65 Total identified to sectors
as assets 4,423.2 3,977.3
(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 13,016.0 13,716.0(r)
By sector and instrument
2 Federal government 3,465.6 3,636.7
3 Treasury securities 3,465.6 3,608.5
4 Budget agency securities
and mortgages 26.7 28.2
5 Nonfederal 9,523.7(r) 10,079.3(r)
By instrument
6 Commercial paper 139.2 156.4
7 Municipal securities and loans 1,341.7 1296.0
8 Corporate bonds 1,253.0 1398.8
9 Bank loans n.e.c. 759.9 923.1(r)
10 Other loans and advances 669.6 773.2
11 Mortgages 4,376.4(r) 4,868.2(r)
12 Home 3,332.1(r) 3,721.2(r)
13 Multifamily residential 261.5 284.3(r)
14 Commercial 699.8(r) 775.6(r)
15 Farm 83.0 87.1
16 Consumer credit 983.9 1211.6
By borrowing sector
17 Household 4,429.1(r) 4,783.0(r)
18 Nonfinancial business 3,972.9(r) 4,226.1(r)
19 Corporate 2,708.9(r) 2,928.6(r)
20 Nonfarm noncorporate 1,121.8 1,152.4
21 Farm 142.2 145.1
21 State and local government 1,121.7 1,070.2
23 Foreign credit market
debt held in United States 370.8 441.9
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 59.8 59.3
28 Total credit market debt
owed by nonfinancial 13,383.9(r) 14,158.0(r)
29 Total credit market
debt owed by financial
sectors 3,822.2 4,281.3(r)
By instrument
30 Federal government-related 2,172.7 2,376.8
31 Government-sponsored
enterprise securities 700.6 806.5
32 Mortgage pool securities 1,472.1 1,570.3
33 Loans from U.S. government .0 .0
34 Private 1,649.5 1,904.5(r)
35 Open market paper 441.6 486.9
36 Corporate bonds 1,008.8 1,204.7(r)
37 Bank loans n.e.c. 48.9 54.0(r)
38 Other loans and advances 131.6 135.0
39 Mortgages 18.7 24.1(r)
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 .4
44 Life insurance companies .6 .5
45 Government-sponsored 700.6 806.5
enterprises 1,472.1 1,570.3
46 Federally related mortgage
pools 570.1(r) 712.5(r)
47 Issuers of asset-backed
securities (ABSs)
48 Brokers and dealers 34.3 29.3
49 Finance companies 433.7 483.9
50 Mortgage companies 18.7 19.1
51 Real estate investment
trusts (REITs) 40.0(r) 44.6(r)
52 Funding corporations 211.0 248.61
53 Total credit market
debt, domestic and foreign 17,209.1(r) 18,439.3(r)
54 Open market paper 623.5 700.4
55 U. S. government securities 5,665.0 6,013.6
1,341.7 1,293.5
56 Municipal securities 12,504.0 2,822.9(r)
57 Corporate and foreign bonds
58 Bank loans n.e.c. 834.9 949.6
59 Other loans and advances 860.9 931.1
60 Mortgages 4,395.1(r) 4,605.1(r)
61 Consumer credit 983.9 1,112.8
Transaction category or sector 1996 1997
1 Total credit market debt
owed by domestic nonfinancial
sectors 14,409.2(r) 15,130.2(r)
By sector and instrument
2 Federal government 3,781.8 3,804.9
3 Treasury securities 3,755.1 3,778.3
4 Budget agency securities
and mortgage 26.6 26.5(r)
5 Nonfederal 10,627.4(r) 11,325.4(r)
By instrument
6 Commercial paper 168.6 176.6
7 Municipal securities and loans 1,367.5 1,340.2
8 Corporate bonds 1,489.5 1,470.9
9 Bank loans n.e.c. 1,029.8(r) 1,029.8(r)
10 Other loans and advances 839.5 839.5
11 Mortgages 5,166.4(r) 5,166.4(r)
12 Home 3,957.0(r) 3,957.0(r)
13 Multifamily residential 295.1(r) 295.1(r)
14 Commercial 824.1(r) 824.1(r)
15 Farm 90.3 90.3
16 Consumer credit 1,264.1 1,264.1
By borrowing sector
17 Household 5,100.2(r) 5,429.5(r)
18 Nonfinancial business 4,463.8(r) 4.776.4(r)
19 Corporate 3,077.7(r) 3,306.7(r)
20 Nonfarm noncorporate 1,236.1(r) 1,313.6(r)
21 Farm 149.9 156.1
21 State and local government 1,063.4 1,119.5
23 Foreign credit market
debt held in United States 518.8 557.7
24 Commercial paper 67.5 64.3
25 Bonds 347.7 386.3
26 Bank loans n.e.c. 43.7 52.1
27 Other loans and advances 60.0 58.0
28 Total credit market debt
owed by nonfinancial 14,928.0(r) 15,699.9(r)
Financial sectors
29 Total credit market
debt owed by financial
sectors 4,838.6(r) 5,457.5(r)
By instrument
30 Federal government-related 2,608.3 2,821.0
31 Government-sponsored
enterprise securities 896.9 995.3
32 Mortgage pool securities 1,711.4 1,825.8
33 Loans from U.S. government .0 .0
34 Private 2,230.4(r) 2,636.5(r)
35 Open market paper 579.1 745.7
36 Corporate bonds 1,381.5(r) 1,557.5(r)
37 Bank loans n.e.c. 74.9(r) 88.0(r)
38 Other loans and advances 162.9 198.5
39 Mortgages 31.9(r) 46.8(r)
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 .4 .6
44 Life insurance companies 1.6 1.8
45 Government-sponsored 896.9 995.3
enterprises 1,711.4 1,825.8
46 Federally related mortgage
pools 866.4(r) 1,078.2(r)
47 Issuers of asset-backed
securities (ABSs)
48 Brokers and dealers 27.3 35.3
49 Finance companies 529.8 554.5
50 Mortgage companies 31.5 26.8
51 Real estate investment
trusts (REITs) 56.5(r) 96.1(r)
52 Funding corporations 312.7 373.7
All sectors
53 Total credit market
debt, domestic and foreign 19,766.6(r) 21,157.4(r)
54 Open market paper 803.0 979.4
55 U. S. government securities 6,390.0 6,625.9
56 Municipal securities 1,296.0 1,367.5
57 Corporate and foreign bonds 3,128.1(r) 3,441.5(r)
58 Bank loans n.e.c. 1,041.7 1,169.8
59 Other loans and advances 996.2 1,095.9
60 Mortgages 4,900.1(r) 5,213.2(r)
61 Consumer credit 1,211.6 1,264.1
1997
Transaction category or sector Q3 Q4
Nonfinancial sectors
1 Total credit market debt
owed by domestic nonfinancial
sectors 14,881.7(r) 15,130.2(r)
By sector and instrument
2 Federal government 3,771.2 3,804.9
3 Treasury securities 3,745.1 3,778.3
4 Budget agency securities
and mortgage 26.1 26.5
5 Nonfederal 11,110.5(r) 11,325.4(r)
By instrument
6 Commercial paper 176.6 168.6
7 Municipal securities and loans 1,340.2 1,367.5
8 Corporate bonds 1,470.9 1,489.5
9 Bank loans n.e.c. 994.0(r) 1,029.8(r)
10 Other loans and advances 802.9 839.5
11 Mortgages 5,099.0(r) 5,166.4(r)
12 Home 3,912.1(r) 3,957.0(r)
13 Multifamily residential 290.4(r) 295.1(r)
14 Commercial 807.0(r) 824.1(r)
15 Farm 89.6 90.3
16 Consumer credit 1,226.7 1,624.1
By borrowing sector
17 Household 5,333.0(r) 5,429.5(r)
18 Nonfinancial business 4,682.0(r) 4,776.4(r)
19 Corporate 3,235.5(r) 3,306.7(r)
20 Nonfarm noncorporate 1,291.3(r) 1,313.6(r)
21 Farm 155.2 156.1
21 State and local government 1,095.5 1,119.5
23 Foreign credit market
debt held in United States 557.7 569.6
24 Commercial paper 64.3 65.1
25 Bonds 386.3 394.4
26 Bank loans n.e.c. 48.2 52.1
27 Other loans and advances 58.9 58.0
28 Total credit market debt
owed by nonfinancial 15,439.4(r) 15,699.9(r)
Financial sectors
29 Total credit market
debt owed by financial
sectors 5,214.2(r) 5,457.5(r)
By instrument
30 Federal government-related 2,746.5 2,821.00
31 Government-sponsored
enterprise securities 955.8 995.3
32 Mortgage pool securities 1,790.8 1,825.8
33 Loans from U.S. government .0 .0
34 Private 2,467.7(r) 2,636.5(r)
35 Open market paper 684.7 745.7
36 Corporate bonds 1,477.3(r) 1,557.5(r)
37 Bank loans n.e.c. 80.9(r) 88.0(r)
38 Other loans and advances 183.0 198.5
39 Mortgages 41.8(r) 46.8(r)
By borrowing sector
40 Commercial banks 130.0 140.6
41 Bank holding companies 164.0 168.6
42 Savings institutions 149.8 160.3
43 Credit unions .5 .6
44 Life insurance companies 1.9 1.8
45 Government-sponsored
enterprises 955.8 995.3
46 Federally related mortgage
pools 1,790.7 1,825.8
47 Issuers of asset-backed
securities (ABSs) 981.0(r) 1,078.2(r)
48 Brokers and dealers 33.6 35.3
49 Finance companies 532.7 554.5
50 Mortgage companies 31.2 26.8
51 Real estate investment
trusts (REITs) 79.6(r) 96.1(r)
52 Funding corporations 363.4 373.7
All sectors
53 Total credit market
debt, domestic and foreign 20,653.6(r) 21,157.4(r)
54 Open market paper 925.7 979.4
55 U. S. government securities 6,517.7 6,625.9
56 Municipal securities 1,340.2 1,367.5
57 Corporate and foreign bonds 3,334.5(r) 3,441.5(r)
58 Bank loans n.e.c. 1,123.1 1,169.8
59 Other loans and advances 1,044.9 1,095.9
60 Mortgages 5,140.8(r) 5,213.2(r)
61 Consumer credit 1,226.7 1,264.1
1998
Transaction category or sector Q1 Q2
Nonfinancial sectors
1 Total credit market debt
owed by domestic nonfinancial
sectors 15,385.2(r) 15,547.0(r)
By sector and instrument
2 Federal government 3,830.8 3,749.0
3 Treasury securities 3,804.8 3,723.4
4 Budget agency securities
and mortgage 25.9 25.6
5 Nonfederal 11,527.4(r) 11,798.1(r)
By instrument
6 Commercial paper 193.1 202.5
7 Municipal securities and loans 1,397.1 1,429.3
8 Corporate bonds 1,528.8 1,569.0
9 Bank loans n.e.c. 1,032.2(r) 1,086.8(r)
10 Other loans and advances 866.1 873.5
11 Mortgages 5,274.2(r) 5,380.3(r)
12 Home 4,040.9(r) 4,119.4(r)
13 Multifamily residential 300.7(r) 306.0(r)
14 Commercial 841.5(r) 862.3(r)
15 Farm 91.1(r) 92.6
16 Consumer credit 1,236.0 1,256.8
By borrowing sector
17 Household 5,487.5(r) 5,608.8(r)
18 Nonfinancial business 4,895.6(r) 5,019.0(r)
19 Corporate 3,402.6(r) 3,496.7(r)
20 Nonfarm noncorporate 1,337.9(r) 1,361.8(r)
21 Farm 155.1 160.6
21 State and local government 1,144.3 1,170.8
23 Foreign credit market
debt held in United States 584.1 606.6
24 Commercial paper 76.7 71.4
25 Bonds 398.0 424.9
26 Bank loans n.e.c. 53.4 55.5
27 Other loans and advances 55.9 54.8
28 Total credit market debt
owed by nonfinancial 15,942.3(r) 16,153.6(r)
Financial sectors
29 Total credit market
debt owed by financial
sectors 5,685.7(r) 5,937.4(r)
By instrument
30 Federal government-related 2,877.9 2,981.2
31 Government-sponsored
enterprise securities 1,030.9 1,072.5
32 Mortgage pool securities 1,847.0 1,908.7
33 Loans from U.S. government .0 .0
34 Private 2,807.9(r) 2,956.2(r)
35 Open market paper 804.9 838.9
36 Corporate bonds 1,640.9(r) 1,738.7(r)
37 Bank loans n.e.c. 106.3(r) 99.0(r)
38 Other loans and advances 206.6 225.6
39 Mortgages 49.1(r) 54.1(r)
By borrowing sector
40 Commercial banks 148.7 159.6
41 Bank holding companies 181.2 190.5
42 Savings institutions 162.9 170.7
43 Credit unions .7 .8
44 Life insurance companies 1.8 1.6
45 Government-sponsored
enterprises 1,030.9 1,072.5
46 Federally related mortgage
pools 1,847.0 1,908.7
47 Issuers of asset-backed
securities (ABSs) 43.0(r) 1,230.4(r)
48 Brokers and dealers 35.1 40.1
49 Finance companies 571.9 596.9
50 Mortgage companies 39.1 27.1
51 Real estate investment
trusts (REITs) 11.9(r) 128.0(r)
52 Funding corporations 411.6 410.5
All sectors
53 Total credit market
debt, domestic and foreign 21,628.0(r) 22,091.0(r)
54 Open market paper 1,074.8 1,112.7
55 U. S. government securities 6,708.6 6,730.2
56 Municipal securities 1,397.1 1,429.3
57 Corporate and foreign bonds 3,567.7(r) 3,732.6(r)
58 Bank loans n.e.c. 1,191.9(r) 1,241.3(r)
59 Other loans and advances 1,128.7 1,153.9
60 Mortgages 5,323.2(r) 5,434.3(r)
61 Consumer credit 1,236.00 1,256.8
1998
Transaction category or sector Q3 Q4(r)
Nonfinancial sectors
1 Total credit market debt
owed by domestic nonfinancial
sectors 15,754.7(r) 16,067.3
By sector and instrument
2 Federal government 3,720.2 3,752.2
3 Treasury securities 3,694.7 3,723.7
4 Budget agency securities
and mortgage 25.5 28.3
5 Nonfederal 12,034.6(r) 12,315.1
By instrument
6 Commercial paper 216.9 193.0
7 Municipal securities and loans 1,439.9 1,464.3
8 Corporate bonds 1,590.8 1,621.8
9 Bank loans n.e.c. 1,109.9(r) 1,139.2
10 Other loans and advances 886.1 914.2
11 Mortgages 5,504.4(r) 5,650.9
12 Home 4,819.5(r) 4,324.8
13 Multifamily residential 310.0(r) 317.7
14 Commercial 881.1(r) 912.9
15 Farm 593.7(r) 95.5
16 Consumer credit 1,286.6(r) 1,331.7
By borrowing sector
17 Household 5,738.5(r) 5,902.3
18 Nonfinancial business 5,117.3(r) 5,213.0
19 Corporate 3,569.4(r) 3,638.2
20 Nonfarm noncorporate 1,385.5(r) 1,411.9
21 Farm 162.5 162.9
21 State and local government 1,178.8 1,199.8
23 Foreign credit market
debt held in United States 600.2 591.6
24 Commercial paper 74.0 72.9
25 Bonds 416.0 407.8
26 Bank loans n.e.c. 56.4 58.9
27 Other loans and advances 53.8 52.0
28 Total credit market debt
owed by nonfinancial 16,355.0(r) 16,658.9
Financial sectors
29 Total credit market
debt owed by financial
sectors 6,206.2(r) 6,526.1
By instrument
30 Federal government-related 3,121.6 3,292.0
31 Government-sponsored 1,146.0 1,273.6
enterprise securities 1,975.6 2,018.4
32 Mortgage pool securities .0 .0
33 Loans from U.S. government 3,084.6(r) 3,234.1
34 Private 874.2 906.7
35 Open market paper 1,786.2(r) 1,849.4
36 Corporate bonds 113.9(r) 117.7
37 Bank loans n.e.c. 246.2 288.7
38 Other loans and advances 64.0(r) 71.6
39 Mortgages
By borrowing sector
40 Commercial banks 169.6 188.6
41 Bank holding companies 196.1 193.5
42 Savings institutions 186.6 212.4
43 Credit unions 1.0 1.1
44 Life insurance companies 2.0 2.5
45 Government-sponsored
enterprises 1,146.0 1,273.6
46 Federally related mortgage
pools 1,975.6 2,018.4
47 Issuers of asset-backed
securities (ABSs) 1,307.0(r) 1,394.6
48 Brokers and dealers 39.4 42.5
49 Finance companies 589.4 597.5
50 Mortgage companies 27.6 28.1
51 Real estate investment
trusts (REITs) 147.8(r) 158.8
52 Funding corporations 417.9 414.4
All sectors
53 Total credit market
debt, domestic and foreign 22,561.1(r) 23,184.9
54 Open market paper 1,165.1 1,172.6
55 U. S. government securities 6,841.8 7,044.2
56 Municipal securities 1,439.9 1,464.3
57 Corporate and foreign bonds 3,793.1(r) 3,879.0
58 Bank loans n.e.c. 1,280.3(r) 1,315.7
59 Other loans and advances 1,186.1 1,254.9
60 Mortgages 5,568.3(r) 5,722.6
61 Consumer credit 1,286.6(r) 1,331.7
1999
Transaction category or sector Q1
Nonfinancial sectors
1 Total credit market debt
owed by domestic nonfinancial
sectors 16,325.9
By sector and instrument
2 Federal government 3,759.7
3 Treasury securities 3,731.9
4 Budget agency securities
and mortgage 28.1
5 Nonfederal 12,566.2
By instrument
6 Commercial paper 223.9
7 Municipal securities and loans 1,481.6
8 Corporate bonds 1,660.5
9 Bank loans n.e.c. 1,151.5
10 Other loans and advances 949.7
11 Mortgages 5,780.5
12 Home 4,421.7
13 Multifamily residential 325.8
14 Commercial 936.6
15 Farm 96.3
16 Consumer credit 1,318.6
By borrowing sector
17 Household 5,987.8
18 Nonfinancial business 5,360.8
19 Corporate 3,762.0
20 Nonfarm noncorporate 1,437.4
21 Farm 161.3
21 State and local government 1,217.6
23 Foreign credit market
debt held in United States 596.2
24 Commercial paper 77.2
25 Bonds 408.3
26 Bank loans n.e.c. 59.1
27 Other loans and advances 51.5
28 Total credit market debt
owed by nonfinancial 16,922.1
Financial sectors
29 Total credit market
debt owed by financial
sectors 6,821.6
By instrument
30 Federal government-related 3,433.2
31 Government-sponsored
enterprise securities 1,321.8
32 Mortgage pool securities 2,111.4
33 Loans from U.S. government .0
34 Private 3,388.3
35 Open market paper 926.4
36 Corporate bonds 1,967.2
37 Bank loans n.e.c. 118.8
38 Other loans and advances 299.3
39 Mortgages 76.6
By borrowing sector
40 Commercial banks 187.6
41 Bank holding companies 202.6
42 Savings institutions 226.9
43 Credit unions 1.5
44 Life insurance companies 3.3
45 Government-sponsored
enterprises 1,321.8
46 Federally related mortgage
pools 2,111.4
47 Issuers of asset-backed
securities (ABSs) 1,464.2
48 Brokers and dealers 34.7
49 Finance companies 614.1
50 Mortgage companies 28.9
51 Real estate investment
trusts (REITs) 165.4
52 Funding corporations 459.1
All sectors
53 Total credit market
debt, domestic and foreign 23,743.7
54 Open market paper 1,227.6
55 U. S. government securities 7,192.6
56 Municipal securities 1,481.6
57 Corporate and foreign bonds 4,036.1
58 Bank loans n.e.c. 1,329.4
59 Other loans and advances 1,300.4
60 Mortgages 5,857.1
61 Consumer credit 1,318.6
(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover. [TABULAR DATA 1.60 NOT REPRODUCIBLE IN ASCII] 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, and indexes 1992= 100, except as noted
1998
Measure 1996 1997 1998
Aug.
1 Industrial
production(1) 119.5 126.8 131.3 132.4
Market groupings
2 Products, total 114.4 119.6 123.5 124.9
3 Final, total 115.5 121.1 125.4 126.8
4 Consumer goods 111.3 114.1 115.2 116.1
5 Equipment 122.7 133.9 144.2 146.0
6 Intermediate 110.9 115.2 118.0 119.1
7 Materials 127.8 138.2 144.0 144.4
Industry groupings
8 Manufacturing 121.4 129.7 135.1 135.7
9 Capacity utilization,
manufacturing
(percent)(2) 81.4 82.0 80.8 80.7
10 Construction
contracts(3) 130.9 142.8(r) 154.2(r) 159.0(r)
11 Nonagricultural
employment, total(4) 117.3 120.3 123.4 123.8
12 Goods-producing,
total 2.4 2.4 2.3 102.4
13 Manufacturing,
total 97.4 98.2 98.5 98.4
14 Manufacturing, pro-
duction workers 98.6 99.6 99.6 99.1
15 Service-producing 123.1 126.5 130.1 130.6
16 Personal income, total 165.2 174.5 183.3 184.2
17 Wages and salary
disbursements 159.8 171.2 182.6 184.1
18 Manufacturing 135.7 144.7 151.1 151.3
19 Disposable personal
income(5) 164.0 171.7 178.6 179.4
20 Retail sales(5) 159.6 166.9 175.1(r) 174.9
Prices(6)
21 Consumer (1982-84=100) 156.9 160.5 163.0 163.4
22 Producer finished goods
(1982=100) 131.3 131.8 130.7 130.7
1998
Measure
Sept. Oct. Nov. Dec.
1 Industrial
production(1) 131.9 132.4 132.2 132.3
Market groupings
2 Products, total 124.1 124.9 124.5 124.4
3 Final, total 126.0 126.7 126.1 125.9
4 Consumer goods 114.8 115.2 114.8 114.9
5 Equipment 146.2 147.5 146.5 145.6
6 Intermediate 118.3 119.0 119.3 119.8
7 Materials 144.4 144.5 144.6 145.2
Industry groupings
8 Manufacturing 135.2 136.1 136.4 136.7
9 Capacity utilization,
manufacturing
(percent)(2) 80.1 80.3 80.1 80.0
10 Construction
contracts(3) 153.0 153.0(r) 159.0(r) 161.0
11 Nonagricultural
employment, total(4) 123.9 124.1 124.4 124.7
12 Goods-producing,
total 102.3 102.2 102.1 102.4
13 Manufacturing,
total 98.4 98.1 97.8 97.7
14 Manufacturing, pro-
duction workers 99.3 99.0 98.6 98.5
15 Service-producing 130.9 131.1 131.5 131.8
16 Personal income, total 184.8 185.6 187.2 187.1
17 Wages and salary
disbursements 184.6 185.7 186.7 187.6
18 Manufacturing 152.1 151.8 151.6 151.7
19 Disposable personal
income(5) 179.9 180.7 182.4 182.1
20 Retail sales(5) 175.6 177.7 178.9 180.9
Prices(6)
21 Consumer (1982-84=100) 163.6 164.0 164.0 163.9
22 Producer finished goods
(1982=100) 130.6 131.4 130.9 131.1(r)
1999
Measure
Jan. Feb.(r) Mar.(r) Apr.
1 Industrial
production(1) 132.3 132.5 133.2 134.0
Market groupings
2 Products, total 124.5 124.6 125.0 125.5
3 Final, total 125.8(r) 126.0 126.3 126.7
4 Consumer goods 115.2(r) 115.5 115.3 116.0
5 Equipment 145.0(r) 144.9 146.1 145.9
6 Intermediate 120.3(r) 120.2 120.9 121.5
7 Materials 144.9 145.3 146.5 147.9
Industry groupings
8 Manufacturing 136.4(r) 136.9 137.5 138.4
9 Capacity utilization,
manufacturing
(percent)(2) 79.5(r) 79.5 79.6 79.8
10 Construction
contracts(3) 162.0(r) 153.0 149.0 147.0
11 Nonagricultural
employment, total(4) 124.9 125.2 125.2 125.5
12 Goods-producing,
total 102.3 102.4 102.1 102.0
13 Manufacturing,
total 97.6 97.3 97.1 97.0
14 Manufacturing, pro-
duction workers 98.4 98.1 97.9 97.7
15 Service-producing 132.1 132.5 132.6 133.0
16 Personal income, total 188.3 189.1 189.7 190.6
17 Wages and salary
disbursements 189.0 190.1 190.4 191.5
18 Manufacturing 152.4(r) 152.7 152.9 153.5
19 Disposable personal
income(5) 183.4(r) 184.2 184.9 185.8
20 Retail sales(5) 183.3 186.4 186.5 186.6
Prices(6)
21 Consumer (1982-84=100) 164.3 164.5 165.0 166.2
22 Producer finished goods
(1982=100) 131.5 130.9 131.2 131.8
(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, EW. Dodge Division. (4.) Based on data from 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
employment(4) 119,608 122,690 125,833
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
1998
Category
Sept. Oct. Nov. Dec.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 138,081 138,116 138,193 138,547
Employment
2 Nonagricultural
industries(3) 128,348 128,300 128,765 129,304
3 Agriculture 3,470 3,558 3,348 3,222
Unemployment
4 Number 6,263 6,258 6,080 6,021
5 Rate (percent of
civilian labor
force) 4.5 4.5 4.4 4.3
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 126,363 126,527 126,804 127,118
7 Manufacturing 18,692 18,633 18,573 18,559
8 Mining 568 564 560 557
9 Contract construction 5,981 6,012 6,051 6,153
10 Transportation and
public utilities 6,579 6,595 6,604 6,627
11 Trade 29,454 29,453 29,549 29,594
12 Finance 7,393 7,417 7,441 7,458
13 Service 37,768 37,905 38,040 38,148
14 Government 19,928 19,948 19,986 20,022
1999
Category
Jan. Feb.(r) Mar.(r) Apr.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,347 139,271 138,816 139,091
Employment
2 Nonagricultural
industries(3) 130,097 129,817 129,752 129,685
3 Agriculture 3,299 3,328 3,281 3,384
Unemployment
4 Number 5,950 6,127 5,783 6,022
5 Rate (percent of
civilian labor
force) 4.3 4.4 4.2 4.3
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 127,335 127,670 127,677 127,911
7 Manufacturing 18,534 18,478 18,449 18,420
8 Mining 547 539 537 531
9 Contract construction 6,170 6,249 6,196 6,204
10 Transportation and
public utilities 6,644 6,653 6,665 6,687
11 Trade 29,662 29,772 29,754 29,831
12 Finance 7,488 7,495 7,501 7,524
13 Service 38,245 38,377 38,446 38,577
14 Government 20,045 20,107 20,129 20,137
(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. [TABULAR DATA 2.12-2.14 NOT REPRODUCIBLE IN ASCII] 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data except as noted
Change from 3
Change from 12 months earlier
months earlier (annual rate)
Item 1998(r)
1998 1999
Apr. Apr.
June Sept.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 1.4 2.3 2.2 1.5
2 Food 2.0 2.3 2.3 2.5
3 Energy items -7.4 3.0 -3.4 -9.0
4 All items less food and energy 2.1 2.2 2.6 2.3
5 Commodities .2 .8 1.7 1.1
6 Services 3.0 2.8 2.8 3.0
PRODUCER PRICES
( 1982 = 100)
7 Finished goods -.9 1.1 -.3 0.6
8 Consumer foods -.4 -.4 -.6 1.8
9 Consumer energy -8.7 1.5 -3.1 -9.2
10 Other consumer goods 1.4 2.7 1.4 3.0
11 Capital equipment -.6 .0 -1.2 0.9
Intermediate materials
12 Excluding foods and feeds -1.1 -1.2 -1.6 -2.2
13 Excluding energy -.1 -1.4 -1.2 -1.8
Crude materials
14 Foods -9.3 -9.5 -3.3 -19.6
15 Energy -4.8 -8.5 -14.6 -25.3
16 Other -5.6 -12.7 -5.8 -19.9
Change from 3 Change from
months earlier 1 month
(annual rate) earlier
Item 1998(r) 1999(r) 1998 1999
CONSUMER PRICES(2) Dec. Mar. Dec. Jan.
(1982-84 = 100)
1 All items 2.0 1.5 .1 .1
2 Food 2.8 1.7 .1 .5
3 Energy items
4 All items less food and -5.1 5.8 -1.1 -.2
energy 2.5 0.9 .3 .1
5 Commodities 2.5 -3.0 .6 .0
6 Services 2.5 2.7 .2 .2
PRODUCER PRICES
( 1982 = 100)
7 Finished goods 2.2 .9 .5(r) .4(r)
8 Consumer foods 0.3 2.1 .O(r) 1.5(r)
9 Consumer energy -8.9 6.8 -1.8(r) 1.4(r)
10 Other consumer goods 8.3 -.5 1.8(r) -.1
11 Capital equipment 0.3 -.3 -.1 -0.1
Intermediate materials
12 Excluding foods and feeds -4.5 .7 -.7(r) .2(r)
13 Excluding energy -2.7 -.9 -.2(r) -.1(r)
Crude materials
14 Foods -7.0 4.1 -4.3(r) 5.3(r)
15 Energy 13.5 -16.9 -4.0(r) -2.8(r)
16 Other -24.3 1.2 -1.7(r) .1(r)
Change from 1 Index
month earlier level,
Apr.
Item 1999 1999(1)
Feb. Mar. Apr.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items .1 .2 .7 166.2
2 Food .1 -.2 .1 163.4
3 Energy items .0 1.6 6.1 105.0
4 All items less food and energy .l .1 .4 176.8
5 Commodities -.4 -.3 .6 144.9
6 Services .2 .3 .4 195.0
PRODUCER PRICES
( 1982 = 100)
7 Finished goods -.4 .2 .5 131.8
8 Consumer foods -1.4 .4 -.9 133.2
9 Consumer energy -1.0 1.2 5.1 75.8
10 Other consumer goods -.1 .1 .0 151.3
11 Capital equipment .1 .0 .0 137.7
Intermediate materials
12 Excluding foods and feeds -.4 .3 .7 122.3
13 Excluding energy -.2 .1 .2 132.2
Crude materials
14 Foods -2.8 -1.3 -2.5 95.8
15 Energy -7.4 6.1 8.5 66.5
16 Other 1.1 -.8 -1.1 128.9
(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 expenditures 5,215.7 5,493.7 5,807.9
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 381.7 400.7 420.1
social insurance
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
Q1 Q2 Q3
GROSS DOMESTIC PRODUCT
1 Total 8,384.2 8,440.6 8,537.9
By source
2 Personal consumption expenditures 5,676.5 5,773.7 5,846.7
3 Durable goods 705.1 720.1 718.9
4 Nondurable goods 1,633.1 1,655.2 1,670.0
5 Services 3,338.2 3,398.4 3,457.7
6 Gross private domestic investment 1,366.6 1,345.0 1,364.4
7 Fixed investment 1,271.1 1,305.8 1,30T5
8 Nonresidential 921.3 941.9 931.6
9 Structures 245.0 245.4 246.2
10 Producers' durable equipment 676.3 696.6 685.4
11 Residential structures 349.8 363.8 375.8
12 Change in business inventories 95.5 39.2 57.0
13 Nonfarm 90.5 31.5 49.3
14 Net exports of goods and services -123.7 -159.3 -165.5
15 Exports 973.3 949.6 936.2
16 Imports 1,097.1 1,108.9 1,101.7
17 Government consumption
expenditures and gross investment 1,464.9 1,481.2 1,492.3
18 Federal 511.6 520.7 519.4
19 State and local 953.3 960.4 9,729.0
By major type of product
20 Final sales, total 8,288.7 8,401.3 8,480.9
21 Goods 3,005.8 3,025.3 3,029.0
22 Durable 1,376.9 1,380.8 1,373.0
23 Nondurable 1,628.8 1,644.4 1,655.9
24 Services 4,538.4 4,619.5 4,678.5
25 Structures 744.6 756.6 773.5
26 Change in business inventories 95.5 39.2 57.0
27 Durable goods 49.9 4.5 19.5
28 Nondurable goods 45.6 34.7 37.5
MEMO
29 Total GDP in chained 1992 dollars 7,464.7 7,498.6 7,566.5
NATIONAL INCOME
30 Total 6,875.0 6,945.5 7,032.3
31 Compensation of employees 4,882.8 4,945.2 5,011.6
32 Wages and salaries 4,065.9 4,121.6 4,181.1
33 Government and government
enterprises 679.5 685.8 692.7
34 Other 3,386.4 3,435.8 3,488.4
35 Supplement to wages and salaries 816.8 823.5 830.5
36 Employer contributions for
social insurance 414.1 417.9 422.1
37 Other labor income 402.8 405.7 408.4
38 Proprietors' income(1) 564.2 571.7 576.1
39 Business and professional(1) 536.8 544.0 550.9
40 Farm(1) 27.4 27.7 25.2
41 Rental income of persons(2) 158.3 161.0 163.6
42 Corporate profits(1) 829.2 820.6 827.0
43 Profits before tax(3) 719.1 723.5 720.5
44 Inventory valuation adjustment 25.3 7.8 11.7
45 Capital consumption adjustment 84.9 89.4 94.8
46 Net interest 440.5 447.1 454.0
1998 1999
Account
Q4 Q1
GROSS DOMESTIC PRODUCT
1 Total 8,681.2 8,799.7
By source
2 Personal consumption expenditures 5,934.8 6,049.2
3 Durable goods 754.5 771.2
4 Nondurable goods 1,691.3 1,735.6
5 Services 3,488.9 3,542.4
6 Gross private domestic investment 1,392.4 1,415.9
7 Fixed investment 1,346.7 1,376.1
8 Nonresidential 957.9 971.1
9 Structures 250.9 253.2
10 Producers' durable equipment 706.9 717.9
11 Residential structures 388.9 405.0
12 Change in business inventories 45.7 39.8
13 Nonfarm 39.3 36.1
14 Net exports of goods and services -156.2 -203.1
15 Exports 976.8 958.1
16 Imports 1,133.0 1,161.2
17 Government consumption
expenditures and gross investment 1,510.2 1,537.7
18 Federal 530.7 536.9
19 State and local 979.5 1,000.8
By major type of product
20 Final sales, total 8,635.5 8,759.9
21 Goods 3,118.8 3,145.7
22 Durable 1,433.1 1,429.0
23 Nondurable 1,685.7 1,716.7
24 Services 4,727.7 4,795.4
25 Structures 789.0 818.8
26 Change in business inventories 45.7 39.8
27 Durable goods 27.0 18.1
28 Nondurable goods 18.7 21.7
MEMO
29 Total GDP in chained 1992 dollars 7,677.7 7,754.7
NATIONAL INCOME
30 Total 7,126.0 7,251.0
31 Compensation of employees 5,084.3 5,163.9
32 Wages and salaries 4,246.8 4,314.5
33 Government and government
enterprises 699.2 711.6
34 Other 3,547.6 3,603.0
35 Supplement to wages and salaries 837.5 849.4
36 Employer contributions for
social insurance 426.5 434.7
37 Other labor income 411.0 414.7
38 Proprietors' income(1) 596.9 601.0
39 Business and professional(1) 562.2 575.5
40 Farm(1) 34.7 25.5
41 Rental income of persons(2) 167.5 168.9
42 Corporate profits(1) 821.7 853.5
43 Profits before tax(3) 708.1 738.4
44 Inventory valuation adjustment 13.4 10.4
45 Capital consumption adjustment 100.2 104.7
46 Net interest 455.6 463.6
(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 1998
PERSONAL INCOME AND SAVING
1 Total personal income 6,425.2 6,784.0 7,126.1
2 Wage and salary disbursements 3,631.1 3,889.8 4,149.9
3 Commodity-producing industries 909.0 975.0 1,026.9
4 Manufacturing 674.6 719.5 751.5
5 Distributive industries 823.3 879.8 939.6
6 Service industries 1,257.9 1,370.8 1,494.0
7 Government and government 640.9 664.2 689.3
enterprises
8 Other labor income 387.0 392.9 406.9
9 Proprietors' income(1) 527.7 551.2 577.2
10 Business and professional(1) 488.8 515.8 548.5
11 Farm(1) 38.9 35.5 28.7
12 Rental income of persons(2) 150.2 158.2 162.6
13 Dividends 248.2 260.3 263.1
14 Personal interest income 719.4 747.3 764.8
15 Transfer payments 1,068.0 1,110.4 1,149.0
16 Old-age survivors, disability,
and health insurance benefits 538.0 565.9 586.5
17 LESS: Personal contributions
for social insurance 306.3 326.2 347.4
18 EQUALS: Personal income 6,425.2 6,784.0 7,126.1
19 LESS: Personal tax and nontax
payments 890.5 989.0 1,098.3
20 EQUALS: Disposable personal
income 5,534.7 5,795.1 6,027.9
21 LESS: Personal outlays 5,376.2 5,674.1 6,000.2
22 EQUALS: Personal saving 158.5 121.0 27.7
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 26,335.7 27,136.2 27,938.9
24 Personal consumption
expenditures 17,893.0 18,340.9 19,065.0
25 Disposable personal income 18,989.0 19,349.0 19,790.0
26 Saving rate (percent) 2.9 2.1 .5
GROSS SAVING
27 Gross saving 1,274.5 1,406.3 1,468.0
28 Gross private saving 1,114.5 1,141.6 1,090.4
29 Personal saving 158.5 121.0 27.7
30 Undistributed corporate
profits(1) 262.4 296.7 305.4
31 Corporate inventory valuation
adjustment -1.2 6.9 14.5
Capital consumption allowances
32 Corporate 452.0 477.3 500.6
33 Noncorporate 232.3 242.8 252.7
34 Gross government saving 160.0 264.7 377.6
35 Federal -39.6 49.5 142.5
36 Consumption of fixed capital 70.6 70.6 69.7
37 Current surplus or deficit
(-), national accounts -110.3 -21.1 72.8
38 State and local 199.7 215.2 235.2
39 Consumption of fixed capital 77.1 81.1 85.0
40 Current surplus or deficit
(-), national accounts 122.6 134.1 150.2
41 Gross investment 1,242.3 1,350.5 1,391.5
42 Gross private domestic
investment 1,131.9 1,256.0 1,367.1
43 Gross government investment 229.7 235.4 237.0
44 Net foreign investment -119.2 -140.9 -212.6
45 Statistical discrepancy -32.2 -55.8 -76.5
1998
Account
Q1 Q2 Q3
PERSONAL INCOME AND SAVING
1 Total personal income 7,003.9 7,081.9 7,160.8
2 Wage and salary disbursements 4,061.9 4,117.6 4,177.1
3 Commodity-producing industries 1,019.0 1,023.2 1,028.0
4 Manufacturing 750.4 750.8 750.9
5 Distributive industries 918.9 932.2 945.8
6 Service industries 1,444.5 1,476.4 1,510.6
7 Government and government 679.5 685.8 692.7
enterprises
8 Other labor income 402.8 405.7 408.4
9 Proprietors' income(1) 564.2 571.7 576.1
10 Business and professional(1) 536.8 544.0 550.9
11 Farm(1) 27.4 27.7 25.2
12 Rental income of persons(2) 158.3 161.0 163.6
13 Dividends 261.6 262.1 263.0
14 Personal interest income 757.0 763.0 769.2
15 Transfer payments 1,139.0 1,145.8 1,152.9
16 Old-age survivors, disability,
and health insurance benefits 581.6 585.0 589.0
17 LESS: Personal contributions
for social insurance 340.9 345.1 349.5
18 EQUALS: Personal income 7,003.9 7,081.9 7,160.8
19 LESS: Personal tax and nontax
payments 1,066.8 1,092.9 1,108.4
20 EQUALS: Disposable personal
income 5,937.1 5,988.9 6,052.4
21 LESS: Personal outlays 5,864.0 5,963.3 6,039.8
22 EQUALS: Personal saving 73.0 25.6 12.6
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 27,718.8 27,783.0 27,972.1
24 Personal consumption
expenditures 18,771.1 19,007.8 19,156.3
25 Disposable personal income 19,632.0 19,719.0 19,829.0
26 Saving rate (percent) 1.2 .4 .2
GROSS SAVING
27 Gross saving 1,482.5 1,448.5 1,474.5
28 Gross private saving 1,130.1 1,079.0 1,078.7
29 Personal saving 73.0 25.6 l2.6
30 Undistributed corporate
profits(1) 312.0 300.9 304.8
31 Corporate inventory valuation
adjustment 25.3 7.8 11.7
Capital consumption allowances
32 Corporate 492.5 497.8 503.1
33 Noncorporate 248.6 250.7 254.2
34 Gross government saving 352.4 369.4 395.7
35 Federal 128.7 143.9 161.6
36 Consumption of fixed capital 69.9 69.5 69.6
37 Current surplus or deficit
(-), national accounts 58.8 74.4 92.0
38 State and local 223.7 225.6 234.2
39 Consumption of fixed capital 83.5 84.3 85.4
40 Current surplus or deficit
(-), national accounts 140.2 141.3 148.7
41 Gross investment 1,428.4 1,362.7 1,372.5
42 Gross private domestic
investment 1,366.6 1,345.0 1,364.4
43 Gross government investment 237.4 232.5 239.7
44 Net foreign investment -175.6 -214.8 -231.6
45 Statistical discrepancy -54.1 -85.7 -102.0
1998 1999
Account
Q4 Q1
PERSONAL INCOME AND SAVING
1 Total personal income 7,257.9 7,350.7
2 Wage and salary disbursements 4,242.8 4,314.5
3 Commodity-producing industries 1,037.4 1,047.0
4 Manufacturing 754.1 759.0
5 Distributive industries 961.5 969.9
6 Service industries 1,544.6 1,586.0
7 Government and government 699.2 711.6
enterprises
8 Other labor income 411.0 414.7
9 Proprietors' income(1) 596.9 601.0
10 Business and professional(1) 562.2 575.5
11 Farm(1) 34.7 25.5
12 Rental income of persons(2) 167.5 168.9
13 Dividends 265.7 268.8
14 Personal interest income 769.9 770.2
15 Transfer payments 1,158.3 1,175.7
16 Old-age survivors, disability,
and health insurance benefits 590.6 598.0
17 LESS: Personal contributions
for social insurance 354.1 363.2
18 EQUALS: Personal income 7,257.9 7,350.7
19 LESS: Personal tax and nontax
payments 1,124.9 1,135.9
20 EQUALS: Disposable personal
income 6,133.1 6,214.7
21 LESS: Personal outlays 6,133.6 6,249.8
22 EQUALS: Personal saving -.6 -35.0
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 28,299.8 28,509.8
24 Personal consumption
expenditures 19,336.4 19,606.8
25 Disposable personal income 19,980.0 20,141.0
26 Saving rate (percent) .0 -.6
GROSS SAVING
27 Gross saving 1,466.6 1,498.5
28 Gross private saving 1,073.7 1,062.0
29 Personal saving 0.6 -35.0
30 Undistributed corporate
profits(1) 303.9 322.1
31 Corporate inventory valuation
adjustment 13.4 10.4
Capital consumption allowances
32 Corporate 508.9 514.8
33 Noncorporate 257.5 260.1
34 Gross government saving 392.9 436.5
35 Federal 135.8 180.9
36 Consumption of fixed capital 70.0 69.5
37 Current surplus or deficit
(-), national accounts 65.8 111.4
38 State and local 257.1 255.5
39 Consumption of fixed capital 86.6 87.5
40 Current surplus or deficit
(-), national accounts 170.5 168.1
41 Gross investment 1,402.4 1,407.5
42 Gross private domestic
investment 1,392.4 1,415.9
43 Gross government investment 238.3 255.1
44 Net foreign investment -228.3 -263.6
45 Statistical discrepancy -64.2 -91.0
(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 1998
1 Balance on current account -134,915 -155,215 -233,448
2 Merchandise trade balance(2) -191,337 -197,954 -247,985
3 Merchandise exports 22,159 23,965 15,695
4 Merchandise imports -803,320 -877,279 -919,040
5 Military transactions, net 4,684 6,781 4,072
6 Other service transactions, net 12,543 15,431 9,263
7 Investment income, net 14,236 -5,318 -22,479
8 U.S. government grants -15,023 -12,090 -12,492
9 U.S. government pensions and
other transfers -4,442 -4,193 -4,304
10 Private remittances and
other transfers -21,112 -23,408 -25,059
11 Change in U.S. government
assets other than official
reserve assets, net
(increase, -) -708 174 -836
12 Change in U.S. official reserve
assets (increase, -) 6,668 -1,010 -6,784
13 Gold 0 0 0
14 Special drawing rights (SDRs) 370 -350 -149
15 Reserve position in
International Monetary Fund -1,280 -3,575 -5,118
16 Foreign currencies 7,578 2,915 -1,517
17 Change in U.S. private assets
abroad (increase, -) -374,761 -477,666 -297,765
18 Bank-reported claims -91,555 -147,439 -31,040
19 Nonbank-reported claims -86,333 -120,403 -45,440
20 U.S. purchases of foreign
securities, net -115,801 -87,981 -89,352
21 U.S. direct investments
abroad, net -81,072 -121,843 -131,933
22 Change in foreign official
assets in United States
(increase, +) 61,808 15,817 -22, 112
23 U.S. Treasury securities 50,135 -7,270 -9,946
24 Other U.S. government
obligations 5,008 4,334 6,332
25 Other U.S. government
liabilities(4) -362 -2,521 -2,506
26 Other U.S. liabilities
reported by U.S. banks(3) 5,704 21,928 -12,515
27 Other foreign official
assets(5) 1,323 -654 -3,477
28 Change in foreign private
assets in United States
(increase, +) 42,797 62,264 40,306
29 U.S. bank-reported
liabilities(3) 16,478 16,987 42,568
30 U.S. nonbank-reported
liabilities 39,404 42,243 43,803
31 Foreign private purchases of
U.S. Treasury securities, net 23,924 15,638 48,060
32 U.S. currency flows 17,362 24,782 16,622
33 Foreign purchases of other
U.S. securities, net 64,615 237 20,704
34 Foreign direct investments in
United States, net 12,086 27,913 65,157
35 Allocation of special drawing
rights 0 0 0
36 Discrepancy -59,641 -99,724 -3,649
37 Due to seasonal adjustment ... ... ...
38 Before seasonal adjustment -59,641 -99,724 -3,649
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) 6,668 -1,010 -6,784
40 Foreign official assets in
United States, excluding
line 25 (increase. +) 62,170 18,338 -19,606
41 Change in Organization of
Petroleum Exporting Countries
official assets in United
States (part of line 22) 14,911 10,822 ...
1997 1998
Item credits or debits
Q4 Q1 Q2
1 Balance on current account -45,043 -47,018 -56,971
2 Merchandise trade balance(2) -49,839 -56,033 -64,778
3 Merchandise exports 43,212 40,118 33,471
4 Merchandise imports -224,123 -227,223 -229,321
5 Military transactions, net 1,103 1,527 1,043
6 Other service transactions, net 20,277 19,134 19,500
7 Investment income, net -4,247 -2,218 -3,346
8 U.S. government grants -5,213 -2,266 -2,063
9 U.S. government pensions and
other transfers -1,069 -1,073 -1,073
10 Private remittances and
other transfers -6.06 -6,089 -6,254
11 Change in U.S. government
assets other than official
reserve assets, net
(increase, -) 29 -388 -433
12 Change in U.S. official reserve
assets (increase, -) -4,524 -444 -1,945
13 Gold 0 0 0
14 Special drawing rights (SDRs) -150 -182 72
15 Reserve position in
International Monetary Fund -4,221 -85 -1,031
16 Foreign currencies -153 -177 -986
17 Change in U.S. private assets
abroad (increase, -) -118,946 -45,193 -107,786
18 Bank-reported claims -27,539 3,074 -24,615
19 Nonbank-reported claims -47,907 -6,596 -14,327
20 U.S. purchases of foreign
securities, net -8,030 -6,973 -27,878
21 U.S. direct investments
abroad, net -35,470 -34,698 -40,966
22 Change in foreign official
assets in United States
(increase, +) -26,979 11,324 -10,274
23 U.S. Treasury securities -24,578 11,336 -20,318
24 Other U.S. government
obligations 86 2,610 254
25 Other U.S. government
liabilities(4) -244 -1,059 -422
26 Other U.S. liabilities
reported by U.S. banks(3) -3,250 -607 9,380
27 Other foreign official
assets(5) 1,007 -956 832
28 Change in foreign private
assets in United States
(increase, +) 50,862 18,777 44,169
29 U.S. bank-reported
liabilities(3) 24,107 -50,497 37,670
30 U.S. nonbank-reported
liabilities 47,390 32,707 18,040
31 Foreign private purchases of
U.S. Treasury securities, net 35,301 -1,701 26,916
32 U.S. currency flows 9,900 746 2,349
33 Foreign purchases of other
U.S. securities, net 36,783 11,483 5,481
34 Foreign direct investments in
United States, net 28,453 26,039 19,249
35 Allocation of special drawing
rights 0 0 0
36 Discrepancy -52,007 -2,594 2,168
37 Due to seasonal adjustment 3,528 6,769 2,024
38 Before seasonal adjustment -55,535 -9,363 144
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) -4,524 -444 -1,945
40 Foreign official assets in
United States, excluding
line 25 (increase. +) -26,735 12,383 -9,852
41 Change in Organization of
Petroleum Exporting Countries
official assets in United
States (part of line 22) -1,282 -968 -494
1998
Item credits or debits Q3 Q4(p)
1 Balance on current account -65,694 -63,765
2 Merchandise trade balance(2) -64,899 -62,275
3 Merchandise exports 32,342 40,836
4 Merchandise imports -228,313 -234,183
5 Military transactions, net 829 673
6 Other service transactions, net 17,573 18,592
7 Investment income, net -9,165 -7,754
8 U.S. government grants -2,663 -5,500
9 U.S. government pensions and
other transfers -1,080 -1,078
10 Private remittances and
other transfers -6,289 -6,423
11 Change in U.S. government
assets other than official
reserve assets, net
(increase, -) 174 -189
12 Change in U.S. official reserve
assets (increase, -) -2,026 -2,369
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
abroad (increase, -) -58,543 -86,240
18 Bank-reported claims -31,996 22,497
19 Nonbank-reported claims -20,320 ...
20 U.S. purchases of foreign
securities, net 17,056 -71,557
21 U.S. direct investments
abroad, net -23,283 -32,983
22 Change in foreign official
assets in United States
(increase, +) -46,347 23,185
23 U.S. Treasury securities -32,811 31,847
24 Other U.S. government
obligations 1,906 1,562
25 Other U.S. government
liabilities(4) -264 -761
26 Other U.S. liabilities
reported by U.S. banks(3) -12,684 -8,604
27 Other foreign official
assets(5) -2,494 -859
28 Change in foreign private
assets in United States
(increase, +) 14,017 28,879
29 U.S. bank-reported
liabilities(3) 11,457 -21,598
30 U.S. nonbank-reported
liabilities 11,875 ...
31 Foreign private purchases of
U.S. Treasury securities, net -1,438 24,283
32 U.S. currency flows 7,277 6,250
33 Foreign purchases of other
U.S. securities, net 20,041 49,235
34 Foreign direct investments in
United States, net 30,341 55,064
35 Allocation of special drawing
rights 0 0
36 Discrepancy 27,347 -30,573
37 Due to seasonal adjustment -10,195 1,399
38 Before seasonal adjustment 37,542 -31,972
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. +) -46,083 23,946
41 Change in Organization of
Petroleum Exporting Countries
official assets in United
States (part of line 22) -9,647 3,598
(1.) Seasonal factors are not calculated for lines 12-16, 18-20, 22-34, and 38-40. (2.) Data are on an international accounts basis. The data differ from the Census basis data, shown in table 3.11, for reasons of coverage and timing. Military exports are excluded from merchandise trade data and are included in line 5. (3.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (4.) Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. (5.) Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 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 -108,574 -110,207 -169,288
2 Merchandise -191,337 -197,955 -248,159
3 Services 82,763 87,748 78,871
4 Goods and services, exports 850,775 937,593 931,026
5 Merchandise 611,983 679,325 670,641
6 Services 238,792 258,268 260,385
7 Goods and services, imports -959,349 -1,047,799 -1,100,314
8 Merchandise -803,320 -877,279 -918,800
9 Services -156,029 -170,520 -181,514
1998
Item Sept. Oct. Nov. Dec.
1 Goods and services,
balance -14,595 -13,963 -15,165 -14,055
2 Merchandise -20,914 -20,280 -21,669 -20,499
3 Services 6,319 6,317 6,504 6,444
4 Goods and services,
exports 77,443 80,415 78,942 77,873
5 Merchandise 55,912 58,246 57,110 56,133
6 Services 21,531 22,169 21,832 21,740
7 Goods and services,
imports -92,038 -94,378 -94,107 -91,928
8 Merchandise -76,826 -78,526 -78,779 -76,632
9 Services -15,212 -15,852 -15,328 -15,296
1999
Jan. Feb.(r) Mar(p)
Item
1 Goods and services,
balance -16,808 -19,146 -19,698
2 Merchandise -23,259 -25,934 -26,456
3 Services 6,451 6,788 6,758
4 Goods and services, 77,082 76,799 77,520
exports
5 Merchandise 55,168 54,357 54,881
6 Services 21,914 22,442 22,639
7 Goods and services, -93,890 -95,945 -97,218
imports
8 Merchandise -78,427 -80,291 -81,337
9 Services -15,463 -15,654 -15,881
(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 1995 1996 1997
1 Total 85,832 75,090 69,954
2 Gold stock, including
Exchange Stabilization 11,050 11,049 11,050
Fund(1)
3 Special drawing rights(2,3) 11,037 10,312 10,027
4 Reserve position in
International Monetary 14,649 15,435 18,071
Fund(2)
5 Foreign currencies(4) 49,096 38,294 30,809
1998
Asset
Sept. Oct. Nov. Dec.
1 Total 7,566 79,183 77,683 81,755
2 Gold stock, including
Exchange Stabilization 11,044 11,041 11,041 11,041
Fund(1)
3 Special drawing rights(2,3) 10,106 10,379 10,393 10,603
4 Reserve position in
International Monetary 21,644 22,278 22,049 24,111
Fund(2)
5 Foreign currencies(4) 32,882 35,485 34,200 36,001
1999
Asset
Jan. Feb. Mar. Apr.(p)
1 Total 80,675 75,322 74,359 73,694
2 Gold stock, including
Exchange Stabilization 11,046 11,048 11,049 11,049
Fund(1)
3 Special drawing rights(2,3) 10,465 9,474 9,682 9,634
4 Reserve position in
International Monetary 24,129 24,283 23,231 23,054
Fund(2)
5 Foreign currencies(4) 35,035 30,517 30,397 29,957
(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 rights (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 198l, 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; 1981--$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 1995 1996 1997
1 Deposits 386 167 457
Held in custody
2 U.S. Treasury
securities(2) 522,170 638,049 620,885
3 Earmarked gold(3) 11,702 11,197 10,763
Asset 1998
1 Deposits Sept. Oct. Nov. Dec.
Held in custody 347 154 211 167
2 U.S. Treasury
securities(2) 578,403 588,768 608,060 607,574
3 Earmarked gold(3) 10,457 10,403 10,355 10,343
1999
Asset
Jan. Feb. Mar. Apr.(p)
1 Deposits 233 200 166 260
Held in custody
2 U.S. Treasury
securities(2) 612,670 615,139 610,649 606,662
3 Earmarked gold(3) 10,343 10,347 10,347 10,340
(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 1998
Sept.
1 Total(1) 756,533 776,505 732,527(r)
By type
2 Liabilities reported
by banks in the United
States(2) 113,098 135,384 131,048(r)
3 US Treasury bills and
certificates(3)
US Treasury bonds
and notes 198,921 148,301 128,146
4 Marketable 384,045 428,004 406,009
5 Nonmarketable(4) 5,968 5,994 6,350
6 US securities other
than US Treasury
securities(5) 54,501 58,822 60,974
By area
7 Europe(1) 246,983 252,289 247,302
8 Canada 38,723 36,177 33,598
9 Latin America
and Caribbean 79,949 96,942 79,164
10 Asia 403,265 400,144 383,081(r)
11 Africa 7,242 9,981 11,584
12 Other countries 6,457 7,058 3,884(r)
1998
Item
Oct. Nov. Dec.
1 Total(1) 744,974(r) 751,523(r) 757,934
By type
2 Liabilities reported
by banks in the United
States(2) 134,644(r) 125,173(r) 123,915
3 US Treasury bills and
certificates(3)
US Treasury bonds
and notes 128,598 133,702 134,141
4 Marketable 415,010 426,853 432,127
5 Nonmarketable(4) 5,997 6,035 6,074
6 US securities other
than US Treasury
securities(5) 60,725 59,760 61,677
By area
7 Europe(1) 259,698 261,028 256,026
8 Canada 34,644 36,885 36,715
9 Latin America
and Caribbean 77,469 76,800(r) 79,417
10 Asia 385,523(r) 389,359 398,717
11 Africa 10,976 10,084 10,059
12 Other countries 2,750(r) 3,453 3,086
1999
Item
Jan. Feb. Mar.(p)
1 Total(1) 762,236 761,013 768,107
By type
2 Liabilities reported
by banks in the United
States(2) 12,834 125,275 124,581
3 US Treasury bills and
certificates(3)
US Treasury bonds
and notes 136,840 135,471 141,941
4 Marketable 434,601 430,902 427,626
5 Nonmarketable(4) 6,113 6,151 6,191
6 US securities other
than US Treasury
securities(5) 62,848 63,214 67,768
By area
7 Europe(1) 258,298 256,164 253,808
8 Canada 37,471 38,462 39,611
9 Latin America
and Caribbean 73,986 75,986 72,828
10 Asia 405,425 404,111 414,933
11 Africa 10,144 9,838 9,906
12 Other countries 2,998 2,538 3,107
(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
Item
Mar. June Sept. Dec.
1 Banks' liabilities 100,708 87,889 92,934 101,125
2 Banks' claims 82,209 68,286 67,901 74,013
3 Deposits 28,127 27,387 27,293 41,846
4 Other claims 54,082 40,899 40,608 32,167
5 Claims of banks'
domestic customers(2) 7,926 7,354 8,453 29,975
(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. 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
1998
Area or country 1996 1997 1998 Sept.
1 Total,
all foreigners 10,101 52,865 13,898 768,481(r)
2 Foreign countries 7,497 50,402 10,280 763,159(r)
3 Europe 34,697 3,272 36,872 38,359
4 Austria 1,662 1,354 1,043 1,849
5 Belgium and 6,727 6,641 7,187 8,200
Luxembourg
6 Denmark 492 980 2,383 1,059
7 Finland 971 1,233 1,070 1,073
8 France 15,246 16,239 15,251 17,077
9 Germany 8,472 12,676 15,922 15,375
10 Greece 568 402 575 373
11 Italy 6,457 6,230 7,283 6,510
12 Netherlands 7,117 6,141 5,734 4,803
13 Norway 808 555 827 640
14 Portugal 418 777 669 975
15 Russia 1,669 1,248 789 920
16 Spain 3,211 2,942 5,735 7,980
17 Sweden 1,739 1,854 4,223 4,319
18 Switzerland 19,798 28,846 46,880 55,798
19 Turkey 1,109 1,558 1,982 1,900
20 United Kingdom 19,698 37,607 40,822 31,900
21 Yugoslavia(2) 115 52 53 53
22 Other Europe
and other
former
U.S.S.R.(3) 3,956 7,009 9,516 8,627
23 Canada 26,436 27,189 47,212 41,165
24 Latin America and
Caribbean 12,009 16,050 14,401 45,557
25 Argentina 7,400 8,924 9,553 8,777
26 Bahamas 6,335 23,843 30,919 21,331
27 Bermuda 4,129 8,782 4,969 10,610
28 Brazil 17,259 21,696 16,193 19,073
29 British
West Indies 39,974 14,399 22,197 51,685
30 Chile 5,136 7,913 8,261 8,345
31 Colombia 6,247 6,945 6,523 6,813
32 Cuba 0 0 0 0
33 Ecuador 1,031 1,311 1,400 1,458
34 Guatemala 620 886 1,127 1,166
35 Jamaica 345 424 239 305
36 Mexico 18,425 19,428 21,143 20,677
37 Netherlands
Antilles 25,209 17,838 6,779 10,294
38 Panama 2,786 4,364 3,584 4,226
39 Peru 2,720 3,491 3,260 3,829
40 Uruguay 589 629 1,126 955
41 Venezuela 1,702 2,129 3,089 2,638
42 Other 3,174 4,120 5,111 4,447
43 Asia 56,942 59,556 33,114 104,668(r)
China
44 Mainland 1,401 1,579 1,311 1,380
45 Taiwan 1,894 922 1,041 1,031
46 Hong Kong 12,802 13,991 9,082 10,548
47 India 1,946 2,200 1,440 1,823
48 Indonesia 1,762 2,651 1,954 2,162(r)
49 Israel 633 768 1,166 94l
50 Japan 59,967 59,549 46,712 52,213
51 Korea (South) 18,901 18,162 8,238 9,823
52 Philippines 1,697 1,689 1,465 1,280
53 Thailand 2,679 2,259 1,806 2,129
54 Middle Eastern
oil-exporting
countries(4) 10,424 10,790 16,145 12,681
55 Other 8,372 10,532 8,290 8,657
56 Africa 2,776 3,530 3,122 3,012
57 Egypt 247 247 257 272
58 Morocco 524 511 372 390
59 South Africa 584 805 643 694
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 420 1,212 936 787
62 Other 1,001 755 914 869
63 Other 5,709 6,341 6,631 6,110
64 Australia 4,577 5,300 6,167 5,783
65 Other 1,132 1,041 464 327
66 Nonmonetary
international
and regional
organizations(6) 2,604 2,463 3,618 5,322
1998
Area or country Oct. Nov. Dec.
1 Total,
all foreigners 749,546(r) 757,183(r) 13,898
2 Foreign countries 744,156(r) 751,875(r) 10,280
3 Europe 28,053 32,316 36,872
4 Austria 2,358 2,311 1,043
5 Belgium and 9,245 7,409 7,187
Luxembourg
6 Denmark 1,768 2,524 2,383
7 Finland 1,149 1,050 1,070
8 France 16,307 18,881 15,251
9 Germany 15,121 17,997 15,922
10 Greece 415 510 575
11 Italy 7,153 6,544 7,283
12 Netherlands 5,230 5,686 5,734
13 Norway 662 385 827
14 Portugal 885 679 669
15 Russia 883 760 789
16 Spain 6,051 5,234 5,735
17 Sweden 4,508 5,087 4,223
18 Switzerland 43,337 45,858 46,880
19 Turkey 1,848 1,915 1,982
20 United Kingdom 33,210 31,536 40,822
21 Yugoslavia(2) 53 53 53
22 Other Europe
and other
former
U.S.S.R.(3) 8,942 8,969 9,516
23 Canada 37,316 44,830 47,212
24 Latin America and
Caribbean 40,714 40,532 14,401
25 Argentina 9,087 9,225 9,553
26 Bahamas 23,387 25,635 30,919
27 Bermuda 6,585 5,702 4,969
28 Brazil 17,614(r) 17,771(r) 16,193
29 British
West Indies 183,152(r) 179,253(r) 22,197
30 Chile 8,549 8,824 8,261
31 Colombia 6,764 6,639 6,523
32 Cuba 0 0 0
33 Ecuador 1,444 1,351 1,400
34 Guatemala 947 1,483 1,127
35 Jamaica 330 299 239
36 Mexico 22,039 22,483 21,143
37 Netherlands
Antilles 7,323 7,696 6,779
38 Panama 4,011 3,864 3,584
39 Peru 3,706 3,618 3,260
40 Uruguay 958 1,040 1,126
41 Venezuela 2,689 2,788 3,089
42 Other 4,273 5,005 5,111
43 Asia 104,784(r) 100,771(r) 33,114
China
44 Mainland 2,275 2,488 1,311
45 Taiwan 1,079 957 1,041
46 Hong Kong 8,244 8,238 9,082
47 India 1,582 1,533 1,440
48 Indonesia 2,047(r) 2,072(r) 1,954
49 Israel 1,504 916 1,166
50 Japan 52,904 48,406 46,712
51 Korea (South) 9,733 8,947 8,238
52 Philippines 1,128 1,619 1,465
53 Thailand 1,952 1,895 1,806
54 Middle Eastern
oil-exporting
countries(4) 13,531 15,077 16,145
55 Other 8,805 8,623 8,290
56 Africa 2,785 2,611 3,122
57 Egypt 322 259 257
58 Morocco 405 390 372
59 South Africa 665 704 643
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 533 454 936
62 Other 860 804 914
63 Other 6,216 6,527 6,631
64 Australia 5,809 6,008 6,167
65 Other 407 519 464
66 Nonmonetary
international
and regional
organizations(6) 5,390 5,308(r) 3,618
1999
Area or country Jan. Feb.(r) Mar.(p)
1 Total,
all foreigners 718,269(r) 57,590 39,882
2 Foreign countries 713,263(r) 52,164 35,262
3 Europe 29,284 33,816 30,161
4 Austria 2,634 1,824 2,759
5 Belgium and 5,599 7,073 5,573
Luxembourg
6 Denmark 1,816 1,656 1,619
7 Finland 963 1,233 1,351
8 France 18,575 18,583 15,192
9 Germany 15,115 16,362 16,910
10 Greece 533 637 554
11 Italy 6,168 5,714 6,044
12 Netherlands 5,828 6,048 6,675
13 Norway 645 561 596
14 Portugal 584 888 1,205
15 Russia 742 724 972
16 Spain 4,560 4,260 3,041
17 Sweden 4,338 4,664 4,439
18 Switzerland 46,122 50,905 51,672
19 Turkey 1,796 1,870 2,077
20 United Kingdom 33,423 31,895 31,788
21 Yugoslavia(2) 53 54 54
22 Other Europe
and other
former
U.S.S.R.(3) 10,862 9,937 8,712
23 Canada 42,925 40,801 41,266
24 Latin America and
Caribbean 344,347(r) 12,993 63,380
25 Argentina 9,713 10,184 10,398
26 Bahamas 27,464 25,568 23,103
27 Bermuda 5,547 6,028 4,091
28 Brazil 15,616 15,357 15,423
29 British
West Indies 158,010(r) 24,254 15,611
30 Chile 8,232 8,085 8,074
31 Colombia 6,433 6,462 6,220
32 Cuba 0 0 0
33 Ecuador 1,403 1,341 1,219
34 Guatemala 1,107 1,255 1,053
35 Jamaica 333 602 318
36 Mexico 21,128 21,564 20,532
37 Netherlands
Antilles 7,403 6,571 6,666
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 3,502
42 Other 5,200 5,433 5,316
43 Asia 25,304 20,966 22,544
China
44 Mainland 2,691 2,400 3,403
45 Taiwan 728 778 1,331
46 Hong Kong 8,332 6,785 7,994
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 39,972
51 Korea (South) 8,679 8,479 9,134
52 Philippines 1,310 1,589 1,540
53 Thailand 1,759 1,708 1,720
54 Middle Eastern
oil-exporting
countries(4) 14,328 12,831 12,167
55 Other 6,932 8,378 6,139
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(r) 5,426 4,620
(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). (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
1998(r)
Type of claim 1996 1997 1998 Sept.
1 Total 743,919 852,852 875,332 926,532
2 Banks' claims 599,925 708,225 734,794 768,481
3 Foreign public
borrowers 22,216 20,581 23,540 26,428
4 Own foreign
offices(2) 341,574 431,685 484,356 486,452
5 Unaffiliated
foreign banks 113,682 109,230 105,732 108,426
6 Deposits 33,826 30,995 26,808 30,301
7 Other 79,856 78,235 78,924 78,125
8 All other foreigners 122,453 146,729 121,166 147,175
9 Claims of banks'
domestic customers(3) 143,994 144,627 140,538 158,051
10 Deposits 77,657 73,110 78,167 89,602
11 Negotiable and
readily transferable
instruments(4) 51,207 53,967 48,848 53,512
12 Outstanding
collections and other
claims 15,130 17,550 13,523 14,937
MEMO
13 Customer liability
on acceptances 10,388 9,624 4,519 6,068
14 Dollar deposits in
banks abroad,
reported by
nonbanking business
enterprises in the
United States(5) 39,661 33,816 39,978 25,093
1998(r)
Type of claim Oct. Nov. Dec.
1 Total ... ... 875,332
2 Banks' claims 749,546 757,183 734,794
3 Foreign public
borrowers 28,164 27,063 23,540
4 Own foreign
offices(2) 476,973 487,641 484,356
5 Unaffiliated
foreign banks 108,524 117,919 105,732
6 Deposits 25,988 33,774 26,808
7 Other 82,536 84,145 78,924
8 All other foreigners 135,885 124.56 121,166
9 Claims of banks'
domestic customers(3) ... ... 140,538
10 Deposits ... ... 78,167
11 Negotiable and
readily transferable
instruments(4) ... ... 48,848
12 Outstanding
collections and other
claims ... ... 13,523
MEMO
13 Customer liability
on acceptances ... ... 4,519
14 Dollar deposits in
banks abroad,
reported by
nonbanking business
enterprises in the
United States(5) 34,265 32,888 39,978
1999
Type of claim Jan.(r) Feb.(r) Mar.(p)
1 Total ... ... ...
2 Banks' claims 718,269 712,950 695,242
3 Foreign public
borrowers 30,269 31,514 34,913
4 Own foreign
offices(2) 459,017 461,685 451,769
5 Unaffiliated
foreign banks 106,557 102,596 94,055
6 Deposits 30,558 29,400 25,044
7 Other 75,999 73,196 69,011
8 All other foreigners 122,426 117,155 114,505
9 Claims of banks'
domestic customers(3) ... ... ...
10 Deposits ... ... ...
11 Negotiable and
readily transferable
instruments(4) ... ... ...
12 Outstanding
collections and other
claims ... ... ...
MEMO
13 Customer liability
on acceptances ... ... ...
14 Dollar deposits in
banks abroad,
reported by
nonbanking business
enterprises in the
United States(5) 38,941 39,055 33,038
(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
Maturity, by borrower and area(2) Mar. June
1 Total 285,590 292,788
By borrower
2 Maturity of one year or less 214,779 211,347
3 Foreign public borrowers 16,874 16,997
4 All other foreigners 197,905 194,350
5 Maturity of more than one year 70,811 81,441
6 Foreign public borrowers 11,285 10,688
7 All other foreigners 59,526 70,753
By area
Maturity of one year or less
8 Europe 69,150 73,787
9 Canada 9,297 8,766
10 Latin America and Caribbean 101,070 99,611
11 Asia 28,751 23,570
12 Africa 2,227 1,116
13 All other(3) 4,284 4,497
Maturity of more than one year
14 Europe 15,118 15,606
15 Canada 2,765 2,571
16 Latin America and Caribbean 39,363 47,969
17 Asia 10,806 12,630
18 Africa 1,254 1,259
19 All other(3) 1,505 1,406
1998
Maturity, by borrower and area(2) Sept. Dec.(p)
1 Total 281,136 250,366
By borrower
2 Maturity of one year or less 208,374 186,422
3 Foreign public borrowers 14,613 13,675
4 All other foreigners 193,761 172,747
5 Maturity of more than one year 72,762 63,944
6 Foreign public borrowers 10,926 9,838
7 All other foreigners 61,836 54,106
By area
Maturity of one year or less
8 Europe 68,996 68,708
9 Canada 8,953 11,125
10 Latin America and Caribbean 99,646 81,454
11 Asia 22,330 18,035
12 Africa 1,762 1,835
13 All other(3) 6,687 5,265
Maturity of more than one year
14 Europe 15,395 15,055
15 Canada 2,982 3,140
16 Latin America and Caribbean 39,138 33,340
17 Asia 12,173 10,039
18 Africa 1,170 1,233
19 All other(3) 1,904 1,137
(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. Banks(1) Billions of dollars, end of period
1996 1997
Area or country 1994 1995 Dec. Mar.
1 Total 499.5 551.9 645.3 647.6
2 G-10 countries
and Switzerland 191.2 206.0 228.3 231.4
3 Belgium and
Luxembourg 7.2 13.6 11.7 14.1
4 France 19.1 19.4 16.6 19.7
5 Germany 24.7 27.3 29.8 32.1
6 Italy 11.8 11.5 16.0 14.4
7 Netherlands 3.6 3.7 4.0 4.5
8 Sweden 2.7 2.7 2.6 3.4
9 Switzerland 5.1 6.7 5.3 6.0
10 United Kingdom 85.8 82.4 104.7 99.2
11 Canada 10.0 10.3 14.0 16.3
12 Japan 21.1 28.5 23.7 21.7
13 Other industrialized
countries 45.7 50.2 65.7 66.4
14 Austria 1.1 .9 1.1 1.9
15 Denmark 1.3 2.6 1.5 1.7
16 Finland .9 .8 .8 .7
17 Greece 4.5 5.7 6.7 6.3
18 Norway 2.0 3.2 8.0 5.3
19 Portugal 1.2 1.3 .9 1.0
20 Spain 13.6 11.6 13.2 14.4
21 Turkey 1.6 1.9 2.7 2.8
22 Other Western Europe 3.2 4.7 4.7 6.3
23 South Africa 1.0 1.2 2.0 1.9
24 Australia 15.4 16.4 24.0 24.4
25 OPEC(2) 24.1 22.1 19.7 21.8
26 Ecuador .5 .7 1.1 .9
27 Venezuela 3.7 2.7 2.4 1.9
28 Indonesia 3.8 4.8 5.2 4.9
29 Middle East countries 15.3 13.3 10.7 13.2
30 African countries .9 .6 .4 .7
31 Non-OPEC developing
countries 96.0 112.6 130.3 128.1
Latin America
32 Argentina 11.2 12.9 14.3 14.3
33 Brazil 8.4 13.7 20.7 22.0
34 Chile 6.1 6.8 7.0 6.8
35 Colombia 2.6 2.9 4.1 3.7
36 Mexico 18.4 17.3 16.2 17.2
37 Peru .5 .8 1.6 1.6
38 Other 2.7 2.8 3.3 3.4
Asia
China
39 Mainland 1.1 1.8 2.5 2.7
40 Taiwan 9.2 9.4 10.3 10.5
41 India 4.2 4.4 4.3 4.9
42 Israel 4.0 .5 .5 .6
43 Korea (South) 16.2 19.1 21.5 14.6
44 Malaysia 3.1 4.4 6.0 6.5
45 Philippines 3.3 4.1 5.8 6.0
46 Thailand 2.1 4.9 5.7 6.8
47 Other Asia 4.7 4.5 4.1 4.3
Africa
48 Egypt .3 .4 .7 .9
49 Morocco .6 .7 .7 .6
50 Zaire .0 .0 .1 .0
51 Other Africa(3) .8 .9 .9 .9
52 Eastern Europe 2.7 4.2 6.9 8.9
53 Russia(4) .8 1.0 3.7 3.5
54 Other 1.9 3.2 3.2 5.4
55 Offshore banking
centers 72.9 99.2 134.7 131.3
56 Bahamas 10.2 11.0 20.3 20.9
57 Bermuda 8.4 6.3 4.5 6.7
58 Cayman Islands and
other British
West Indies 21.4 32.4 37.2 32.8
59 Netherlands Antilles 1.6 10.3 26.1 19.9
60 Panama(s) 1.3 1.4 2.0 2.0
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 20.0 25.0 27.9 30.8
63 Singapore 10.1 13.1 16.7 17.9
64 Other(6) .1 .1 .1 .3
65 Miscellaneous and
unallocated(7) 66.9 57.6 59.6 59.6
1997 1998
Area or country June Sept. Dec. Mar.
1 Total 678.8 711.0 719.3(r) 739.1
2 G-10 countries
and Switzerland 250.0 247.8 242.8 249.0
3 Belgium and
Luxembourg 9.4 11.4 11.0 11.2
4 France 17.9 20.2 15.4 15.5
5 Germany 34.1 34.7 28.6 25.5
6 Italy 20.2 19.3 15.5 19.7
7 Netherlands 6.4 7.2 6.2 7.3
8 Sweden 3.6 4.1 3.3 4.8
9 Switzerland 5.4 4.8 7.2 5.6
10 United Kingdom 110.6 108.3 113.4 120.1
11 Canada 15.7 15.1 13.7 13.5
12 Japan 26.8 22.6 28.6 25.8
13 Other industrialized
countries 71.7 73.8 64.5 74.3
14 Austria 1.5 1.7 1.5 1.7
15 Denmark 2.8 3.7 2.4 2.0
16 Finland 1.4 1.9 1.3 1.5
17 Greece 6.1 6.2 5.1 6.1
18 Norway 4.7 4.6 3.6 4.0
19 Portugal 1.1 1.4 .9 .7
20 Spain 15.4 13.9 11.7 16.5
21 Turkey 3.4 4.4 4.5 4.9
22 Other Western Europe 5.5 6.1 8.2 9.9
23 South Africa 1.9 1.9 2.2 3.7
24 Australia 27.8 28.0 23.1 23.2
25 OPEC(2) 22.3 22.9 26.0 25.7
26 Ecuador .9 1.2 1.3 1.3
27 Venezuela 2.1 2.2 2.5 3.3
28 Indonesia 5.6 6.5 6.7 5.5
29 Middle East countries 12.5 11.8 14.4 14.3
30 African countries 1.2 1.1 1.2 1.4
31 Non-OPEC developing
countries 140.6 137.0 138.7 147.4
Latin America
32 Argentina 16.4 17.1 18.4 19.3
33 Brazil 27.3 26.1 28.6 32.4
34 Chile 7.6 8.0 8.7 9.0
35 Colombia 3.3 3.4 3.4 3.3
36 Mexico 16.6 16.4 17.4 17.7
37 Peru 1.4 1.8 2.0 2.1
38 Other 3.4 3.6 4.1 4.0
Asia
China
39 Mainland 3.6 4.3 3.2 4.2
40 Taiwan 10.6 9.7 9.0 11.7
41 India 5.3 4.9 4.9 5.0
42 Israel .8 1.0 .7 .7
43 Korea (South) 16.3 16.2 15.6 16.2
44 Malaysia 6.4 5.6 5.1 4.5
45 Philippines 7.0 5.7 5.7 5.0
46 Thailand 7.3 6.2 5.4 5.5
47 Other Asia 4.7 4.5 4.3 4.2
Africa
48 Egypt 1.1 .9 .9 1.0
49 Morocco .7 .7 .6 .6
50 Zaire .0 .0 .0 .0
51 Other Africa(3) .9 .9 .8 1.1
52 Eastern Europe 7.1 9.8 9.1 12.0
53 Russia(4) 4.2 5.1 5.1 7.5
54 Other 2.9 4.7 4.0 4.6
55 Offshore banking
centers 129.6 138.9 139.0(r) 129.3
56 Bahamas 16.1 19.8 23.3(r) 29.2
57 Bermuda 7.9 9.8 9.8 9.0
58 Cayman Islands and
other British
West Indies 35.1 45.7 43.4 24.9
59 Netherlands Antilles 15.8 21.7 14.6 14.0
60 Panamas 2.6 2.1 3.1 3.2
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 35.2 27.2 32.2 33.8
63 Singapore 16.7 12.7 12.7 15.0
64 Other(6) .1 .1 .1
65 Miscellaneous and
unallocated(7) 57.6 80.8 99.1 101.3
1998
Area or country June Sept. Dec.
1 Total 749.0(r) 724.3(r) 687.5(r)
2 G-10 countries
and Switzerland 275.2(r) 258.3(r) 247.0
3 Belgium and
Luxembourg 13.1 10.9 13.1
4 France 20.5 19.9 18.0
5 Germany 28.8(r) 28.9 30.7
6 Italy 19.5 17.9 11.3
7 Netherlands 8.3 8.1 7.7
8 Sweden 3.1 2.1 2.2
9 Switzerland 6.9 7.4 8.2
10 United Kingdom 134.9(r) 124.9(r) 114.9
11 Canada 16.5 15.5 16.7
12 Japan 23.7 22.7 24.1
13 Other industrialized
countries 72.1(r) 71.3(r) 67.7
14 Austria 1.9 2.1 1.4
15 Denmark 2.1 2.8 2.1
16 Finland 1.4 1.6 1.4
17 Greece 5.8 5.7 5.9
18 Norway 3.4 3.2(r) 3.2
19 Portugal 1.3 1.0 1.3
20 Spain 15.2(r) 17.5 13.5
21 Turkey 6.5 5.2 4.8
22 Other Western Europe 9.6 10.3 10.4
23 South Africa 5.0 3.7 3.5
24 Australia 20.0 18.2 20.3
25 OPEC(2) 25.3 25.8 26.9
26 Ecuador 1.2 1.2 1.2
27 Venezuela 3.2 3.1 3.2
28 Indonesia 5.1 4.7 4.7
29 Middle East countries 15.5 16.1 16.9
30 African countries .3 .8 1.0
31 Non-OPEC developing
countries 144.4 139.7(r) 140.9(r)
Latin America
32 Argentina 20.2 22.3 22.3
33 Brazil 29.9 24.9(r) 24.2(r)
34 Chile 9.1 8.5 8.3
35 Colombia 3.6 3.4 3.2
36 Mexico 17.9 18.4 18.4
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 12.1 12.8
41 India 4.9 5.3 5.3
42 Israel .9 .9 1.1
43 Korea (South) 14.5 12.9 13.6
44 Malaysia 4.7 5.0 5.6
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 125.5(r) 118.6 90.8(r)
56 Bahamas 24.7(r) 28.9 33.0(r)
57 Bermuda 9.3 10.4 4.5
58 Cayman Islands and
other British
West Indies 33.9 27.4 12.3
59 Netherlands Antilles 10.5 6.0 2.6
60 Panamas 3.3 4.0 3.8
61 Lebanon .1 .2 .1
62 Hong Kong, China 30.0 30.6 23.2
63 Singapore 13.5 11.1 11.1
64 Other(6) .2 .2 .2
65 Miscellaneous and
unallocated(7) 95.7(r) 104.5 109.0(r)
(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 Petroleum Exporting Countries, shown individually; other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates); and Bahrain and Oman (not formally members of OPEC). (3.) Excludes Liberia. Beginning March 1994 includes Namibia. (4.) As of December 1992, excludes other republics of the former Soviet Union. (5.) Includes Canal Zone. (6.) Foreign branch claims only. (7.) Includes New Zealand, Liberia, and international and regional organizations. 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period
Type of liability, and 1995 1996 1997
area or country
1 Total 46,448 61,782 60,037
2 Payable in dollars 33,903 39,542 41,956
3 Payable in foreign
currencies 12,545 22,240 18,081
By type
4 Financial liabilities 24,241 33,049 29,532
5 Payable in dollars 12,903 11,913 13,043
6 Payable in foreign
currencies 11,338 21,136 16,489
7 Commercial liabilities 22,207 28,733 30,505
8 Trade payables 11,013 12,720 10,904
9 Advance receipts
and other liabilities 11,194 16,013 19,601
10 Payable in dollars 21,000 27,629 28,913
11 Payable in foreign
currencies 1,207 1,104 1,592
By area or country
Financial liabilities
12 Europe 15,622 23,179 19,657
13 Belgium and Luxembourg 369 632 186
14 France 999 1,091 1,684
15 Germany 1,974 1,834 2,018
16 Netherlands 466 556 494
17 Switzerland 895 699 776
18 United Kingdom 10,138 17,161 12,737
19 Canada 632 1,401 2,392
20 Latin America and
Caribbean 1,783 1,668 1,386
21 Bahamas 59 236 141
22 Bermuda 147 50 229
23 Brazil 57 78 143
24 British West Indies 866 1,030 604
25 Mexico 12 17 26
26 Venezuela 2 1 1
27 Asia 5,988 6,423 5,394
28 Japan 5,436 5,869 5,085
29 Middle Eastern
oil-exporting
countries(1) 27 25 32
30 Africa 150 38 60
31 Oil-exporting
countries(2) 122 0 0
32 All other(3) 66 340 643
Commercial liabilities
33 Europe 7,700 9,767 10,228
34 Belgium and Luxembourg 331 479 666
35 France 481 680 764
36 Germany 767 1,002 1,274
37 Netherlands 500 766 439
38 Switzerland 413 624 375
39 United Kingdom 3,568 4,303 4,086
40 Canada 1,040 1,090 1,175
41 Latin America
and Caribbean 1,740 2,574 2,176
42 Bahamas 1 63 16
43 Bermuda 205 297 203
44 Brazil 98 196 220
45 British West Indies 56 14 12
46 Mexico 416 665 565
47 Venezuela 221 328 261
48 Asia 10,421 13,422 14,966
49 Japan 3,315 4,614 4,500
50 Middle Eastern
oil-exporting
countries(1) 1,912 2,168 3,111
51 Africa 619 1,040 874
52 Oil-exporting
countries(2) 254 532 408
53 Other(3) 687 840 1,086
1997 1998
Type of liability, and Sept. Dec. Mar.
area or country
1 Total 55,891 60,037 58,040
2 Payable in dollars 39,746 41,956 42,258
3 Payable in foreign
currencies 16,145 18,081 15,782
By type
4 Financial liabilities 26,461 29,532 28,050
5 Payable in dollars 11,487 13,043 13,568
6 Payable in foreign
currencies 14,974 16,489 14,482
7 Commercial liabilities 29,430 30,505 29,990
8 Trade payables 10,885 10,904 10,107
9 Advance receipts
and other liabilities 18,545 19,601 19,883
10 Payable in dollars 28,259 28,913 28,690
11 Payable in foreign
currencies 1,171 1,592 1,300
By area or country
Financial liabilities
12 Europe 18,019 19,657 20,307
13 Belgium and Luxembourg 89 186 127
14 France 1,334 1,684 1,795
15 Germany 1,730 2,018 2,578
16 Netherlands 507 494 472
17 Switzerland 645 776 345
18 United Kingdom 12,165 12,737 13,145
19 Canada 651 2,392 1,045
20 Latin America and
Caribbean 1,067 1,386 965
21 Bahamas 10 141 17
22 Bermuda 64 229 86
23 Brazil 52 143 91
24 British West Indies 669 604 517
25 Mexico 76 26 21
26 Venezuela 1 1 1
27 Asia 6,239 5,394 5,024
28 Japan 5,725 5,085 4,767
29 Middle Eastern
oil-exporting
countries(1) 23 32 23
30 Africa 33 60 33
31 Oil-exporting
countries(2) 0 0 0
32 All other(3) 452 643 676
Commercial liabilities
33 Europe 9,343 10,228 9,951
34 Belgium and Luxembourg 703 666 565
35 France 782 764 840
36 Germany 945 1,274 1,068
37 Netherlands 452 439 443
38 Switzerland 400 375 407
39 United Kingdom 3,829 4,086 4,041
40 Canada 1,150 1,175 1,347
41 Latin America
and Caribbean 2,224 2,176 2,051
42 Bahamas 38 16 27
43 Bermuda 180 203 174
44 Brazil 233 220 249
45 British West Indies 23 12 5
46 Mexico 562 565 520
47 Venezuela 322 261 219
48 Asia 14,628 14,966 14,672
49 Japan 4,553 4,500 4,372
50 Middle Eastern
oil-exporting
countries(1) 2,984 3,111 3,138
51 Africa 929 874 833
52 Oil-exporting
countries(2) 504 408 376
53 Other(3) 1,156 1,086 1,136
1998
Type of liability, and June Sept. Dec.(p)
area or country
1 Total 51,433 49,278 46,553
2 Payable in dollars 40,026 38,409 36,651
3 Payable in foreign
currencies 11,407 10,869 9,902
By type
4 Financial liabilities 22,322 19,331 19,255
5 Payable in dollars 11,988 9,812 10,371
6 Payable in foreign
currencies 10,334 9,519 8,884
7 Commercial liabilities 29,111 29,947 27,298
8 Trade payables 9,537 10,276 10,961
9 Advance receipts
and other liabilities 19,574 19,671 16,337
10 Payable in dollars 28,038 28,597 26,280
11 Payable in foreign
currencies 1,073 1,350 1,018
By area or country
Financial liabilities
12 Europe 15,468 12,905 12,589
13 Belgium and Luxembourg 75 150 79
14 France 1,699 1,457 1,097
15 Germany 2,441 2,167 2,063
16 Netherlands 484 417 1,406
17 Switzerland 189 179 155
18 United Kingdom 8,765 6,610 5,980
19 Canada 539 389 693
20 Latin America and
Caribbean 1,320 1,351 1,495
21 Bahamas 6 1 7
22 Bermuda 49 73 101
23 Brazil 76 154 152
24 British West Indies 845 834 957
25 Mexico 51 23 59
26 Venezuela 1 1 2
27 Asia 4,315 4,005 3,785
28 Japan 3,869 3,754 3,612
29 Middle Eastern
oil-exporting
countries(1) 0 0 0
30 Africa 29 31 28
31 Oil-exporting
countries(2) 0 0 0
32 All other(3) 651 650 665
Commercial liabilities
33 Europe 9,987 11,010 10,032
34 Belgium and Luxembourg 557 623 278
35 France 612 740 920
36 Germany 1,219 1,408 1,394
37 Netherlands 485 440 429
38 Switzerland 349 507 499
39 United Kingdom 3,743 4,286 3,697
40 Canada 1,206 1,504 1,390
41 Latin America
and Caribbean 2,285 1,840 1,619
42 Bahamas 14 48 14
43 Bermuda 209 168 198
44 Brazil 2.46 256 152
45 British West Indies :27 5 10
46 Mexico 557 511 347
47 Venezuela 196 230 202
48 Asia 13,611 13,538 12,322
49 Japan 3,995 3,779 3,808
50 Middle Eastern
oil-exporting
countries(1) 3,194 3,582 2,851
51 Africa 921 810 794
52 Oil-exporting
countries(2) 354 372 393
53 Other(3) 1,101 1,245 1,141
(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Comprises Algeria, Gabon, Libya, and Nigeria. (3.) Includes nonmonetary international and regional organizations. 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period
Type of claim, and area or country 1995 1996 1997
1 Total 52,509 65,897 68,128
2 Payable in dollars 48,711 59,156 62,173
3 Payable in foreign currencies 3,798 6,741 5,955
By type
4 Financial claims 27,398 37,523 36,959
5 Deposits 15,133 21,624 22,909
6 Payable in dollars 14,654 20,852 21,060
7 Payable in foreign currencies 479 772 1,849
8 Other financial claims 12,265 15,899 14,050
9 Payable in dollars 10,976 12,374 11,806
10 Payable in foreign currencies 1,289 3,525 2,244
11 Commercial claims 25,111 28,374 31,169
12 Trade receivables 22,998 25,751 27,536
13 Advance payments and other claims 2,113 2,623 3,633
14 Payable in dollars 23,081 25,930 29,307
15 Payable in foreign currencies 2,030 2,444 1,862
By area or country
Financial claims
16 Europe 7,609 11,085 14,999
17 Belgium and Luxembourg 193 185 406
18 France 803 694 1,015
19 Germany 436 276 427
20 Netherlands 517 493 677
21 Switzerland 498 474 434
22 United Kingdom 4,303 7,922 10,337
23 Canada 2,851 3,442 3,313
24 Latin America and Caribbean 14,500 20,032 15,543
25 Bahamas 1,965 1,553 2,308
26 Bermuda 81 140 108
27 Brazil 830 1,468 1,313
28 British West Indies 10,393 15,536 10,462
29 Mexico 554 457 537
30 Venezuela 32 31 36
31 Asia 1,579 2,221 2,133
32 Japan 871 1,035 823
33 Middle Eastern oil-exporting
countries(1) 3 22 11
34 Africa 276 174 319
35 Oil-exporting countries2 5 14 15
36 All other(3) 583 569 652
Commercial claims
37 Europe 9,824 10,443 12,120
38 Belgium and Luxembourg 231 226 328
39 France 1,830 1,644 1,796
40 Germany 1,070 1,337 1,614
41 Netherlands 452 562 597
42 Switzerland 520 642 554
43 United Kingdom 2,656 2,946 3,660
44 Canada 1,951 2,165 2,660
45 Latin America and Caribbean 4,364 5,276 5,750
46 Bahamas 30 35 27
47 Bermuda 272 275 244
48 Brazil 898 1,303 1,162
49 British West Indies 79 190 109
50 Mexico 993 1,128 1,392
51 Venezuela 285 357 576
52 Asia 7,312 8,376 8,713
53 Japan 1,870 2,003 1,976
54 Middle Eastern oil-exporting
countries(1) 974 971 1,107
55 Africa 654 746 680
56 Oil-exporting countries(1) 87 166 119
57 Other(3) 1,006 1,368 1,246
1997 1998
Type of claim, and area or country
Sept. Dec. Mar.
1 Total 70,506 68,128 71,004
2 Payable in dollars 64,144 62,173 65,359
3 Payable in foreign currencies 6,362 5,955 5,645
By type
4 Financial claims 41,805 36,959 40,301
5 Deposits 23,951 22,909 20,863
6 Payable in dollars 22,392 21,060 19,155
7 Payable in foreign currencies 1,559 1,849 1,708
8 Other financial claims 17,854 14,050 19,438
9 Payable in dollars 14,795 11,806 16,981
10 Payable in foreign currencies 3,059 2,244 2,457
11 Commercial claims 28,701 31,169 30,703
12 Trade receivables 25,110 27,536 26,888
13 Advance payments and other claims 3,591 3,633 3,815
14 Payable in dollars 26,957 29,307 29,223
15 Payable in foreign currencies 1,744 1,862 1,480
By area or country
Financial claims
16 Europe 15,608 14,999 14,187
17 Belgium and Luxembourg 360 406 378
18 France 1,112 1,015 902
19 Germany 352 427 393
20 Netherlands 764 677 911
21 Switzerland 448 434 401
22 United Kingdom 11,000 10,337 9,289
23 Canada 4,279 3,313 4,688
24 Latin America and Caribbean 19,176 15,543 18,207
25 Bahamas 2,442 2,308 1,316
26 Bermuda 190 108 66
27 Brazil 1,501 1,313 1,408
28 British West Indies 12,957 10,462 13,551
29 Mexico 508 537 967
30 Venezuela 15 36 47
31 Asia 2,015 2,133 2,174
32 Japan 999 823 791
33 Middle Eastern oil-exporting
countries(1) 15 11 9
34 Africa 174 319 325
35 Oil-exporting countries2 16 15 16
36 All other(3) 553 652 720
Commercial claims
37 Europe 10,486 12,120 12,854
38 Belgium and Luxembourg 331 328 232
39 France 1,642 1,796 1,939
40 Germany 1,395 1,614 1,670
41 Netherlands 573 597 534
42 Switzerland 381 554 476
43 United Kingdom 2,904 3,660 4,828
44 Canada 2,649 2,660 2,882
45 Latin America and Caribbean 5,028 5,750 5,481
46 Bahamas 22 27 13
47 Bermuda 128 244 238
48 Brazil 1,101 1,162 1,128
49 British West Indies 98 109 88
50 Mexico 1,219 1,392 1,302
51 Venezuela 418 576 441
52 Asia 8,576 8,713 7,638
53 Japan 2,048 1,976 1,713
54 Middle Eastern oil-exporting
countries(1) 987 1,107 987
55 Africa 764 680 613
56 Oil-exporting countries(1) 207 119 122
57 Other(3) 1,198 1,246 1,235
1998
Type of claim, and area or country
June Sept. Dec.(p)
1 Total 613,202 67,976 77,543
2 Payable in dollars 57,601 62,034 72,263
3 Payable in foreign currencies 5,601 5,942 5,280
By type
4 Financial claims 32,355 37,262 46,324
5 Deposits 14,762 15,406 30,192
6 Payable in dollars 13,084 13,374 28,549
7 Payable in foreign currencies 1,678 2,032 1,643
8 Other financial claims 17,593 21,856 16,132
9 Payable in dollars 14,918 19,867 14,124
10 Payable in foreign currencies 2,675 1,989 2,008
11 Commercial claims 30,847 30,714 31,219
12 Trade receivables 26,764 26,330 27,211
13 Advance payments and other claims 4,083 4,384 4,008
14 Payable in dollars 29,599 28,793 29,590
15 Payable in foreign currencies 1,248 1,921 1,629
By area or country
Financial claims
16 Europe 14,105 14,473 12,362
17 Belgium and Luxembourg 518 496 661
18 France 810 1,140 863
19 Germany 290 359 379
20 Netherlands 975 867 875
21 Switzerland 403 409 414
22 United Kingdom 9,639 9,849 7,765
23 Canada 13,020 4,090 2,502
24 Latin America and Caribbean 11,967 15,758 27,714
25 Bahamas 1,306 2,105 403
26 Bermuda 48 63 39
27 Brazil 1,394 710 835
28 British West Indies 7,349 10,960 24,388
29 Mexico 1,089 1,122 1,245
30 Venezuela 57 50 55
31 Asia 2,376 2,121 3,026
32 Japan 886 928 1,194
33 Middle Eastern oil-exporting
countries(1) 12 13 9
34 Africa 155 157 160
35 Oil-exporting countries2 15 16 16
36 All other(3) 732 663 560
Commercial claims
37 Europe 12,882 13,029 13,249
38 Belgium and Luxembourg 216 219 238
39 France 1,955 2,098 2,172
40 Germany 1,757 1,502 1,822
41 Netherlands 492 463 467
42 Switzerland 418 546 484
43 United Kingdom 4,664 4,681 4,769
44 Canada 2,779 2,291 2,595
45 Latin America and Caribbean 6,082 5,773 6,328
46 Bahamas 12 39 24
47 Bermuda 359 173 536
48 Brazil 1,183 1,062 992
49 British West Indies 110 91 137
50 Mexico 1,462 1,356 1,574
51 Venezuela 585 566 401
52 Asia 7,367 7,190 7,194
53 Japan 1,757 1,789 1,681
54 Middle Eastern oil-exporting
countries(1) 1,127 967 1,131
55 Africa 657 740 712
56 Oil-exporting countries(1) 116 128 165
57 Other(3) 1,080 1,691 1,141
(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Comprises Algeria, Gabon, Libya, and Nigeria (3.) Includes nonmonetary international and regional organizations. 3.24 FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1999
Transaction, and area or 1997 1998
country Jan.-
Mar.
U.S. corporate securities
STOCKS
1 Foreign purchases 1,097,958 1,596,255 495,283
2 Foreign sales 1,028,361 1,542,099 484,278
3 Net purchases, or
sales (-) 69,597 54,156 11,005
4 Foreign countries 69,754 54,536 10,991
5 Europe 62,688 72,349 19,014
6 France 6,641 6,099 1,561
7 Germany 9,059 10,609 2,387
8 Netherlands 3,831 8,326 2,145
9 Switzerland 7,848 6,269 2,123
10 United Kingdom 22,478 24,336 7,301
11 Canada -1,406 -4,766 1,699
12 Latin America and
Caribbean 5,203 781 -3,973
13 Middle East(1) 383 1,082 210
14 Other Asia 2,072 -12,554 -6,193
15 Japan 4,787 -1,407 -2,885
16 Africa 472 624 120
17 Other countries 342 -816 114
18 Nonmonetary interna-
tional and regional
organizations -157 -380 14
BONDS(2)
19 Foreign purchases 610,116 905,272 217,826
20 Foreign sales 475,958 727,866 161,914
21 Net purchases, or
sales (-) 134,158 177,406 55,912
22 Foreign countries 133,595 177,749 56,074
23 Europe 71,631 127,932 29,425
24 France 3,300 3,390 291
25 Germany 2,742 4,381 1,856
26 Netherlands 3,576 3,490 807
27 Switzerland 187 4,856 1,210
28 United Kingdom 54,134 97,683 20,108
29 Canada 6,264 6,077 1,215
30 Latin America and
Caribbean 34,733 24,731 13,642
31 Middle East(1) 2,155 4,994 2,609
32 Other Asia 16,996 12,679 8,603
33 Japan 9,357 8,381 1,315
34 Africa 1,005 190 567
35 Other countries 811 1,146 13
36 Nonmonetary interna-
tional and regional
organizations 563 -343 -162
Foreign securities
37 Stocks, net purchases,
or sales (-) -40,942 8,503 8,240
38 Foreign purchases 756,015 940,678 247,070
39 Foreign sales 796,957 932,175 238,830
40 Bonds, net purchases, or
sales (-) -48,171 -18,957 -495
41 Foreign purchases 1,451,704 1,335,314 198,164
42 Foreign sal 1,499,875 1,354,271 198,659
43 Net purchases, or sales
(-), of stocks and
bond -89,113 -10,454 7,745
44 Foreign countries -88,921 -10,125 7,388
45 Europe -29,874 11,139 20,683
46 Canada -3,085 -1,163 -717
47 Latin America and
Caribbean -25,258 -12,860 -491
48 Asia -25,123 -3,326 -12,057
49 Japan -10,001 -1,663 -10,499
50 Africa -3,293 -1,411 -19
51 Other countries -2,288 -2,504 -11
52 Nonmonetary interna-
tional and regional
organizations -192 -329 357
1998
Transaction, and area or
country Sept. Oct. Nov. Dec.
U.S. corporate securities
STOCKS
1 Foreign purchases 137,418 145,588 126,571 138,942
2 Foreign sales 147,891 142,831 119,042 134,306
3 Net purchases, or
sales (-) -10,473 2,757 7,529 4,363
4 Foreign countries -10,430 2,754 7,546 4,634
5 Europe 2,182 -249 4,406 2,441
6 France 85 360 50 -614
7 Germany 1,281 68 372 -189
8 Netherlands 876 1,009 1,816 332
9 Switzerland -307 -1,974 -420 -314
10 United Kingdom 700 632 1,902 3,154
11 Canada -195 -507 -201 -976
12 Latin America and
Caribbean -11,766 2,058 3,691 3,088
13 Middle East(1) 148 -177 -334 -219
14 Other Asia -678 1,823 -8 155
15 Japan 519 597 822 141
16 Africa -98 -217 41 16
17 Other countries -23 23 -49 129
18 Nonmonetary interna-
tional and regional
organizations -43 3 -17 2
BONDS(2)
19 Foreign purchases 100,186 108,678 81,943 58,884
20 Foreign sales 92,663 105,437 60,480 41,141
21 Net purchases, or
sales (-) 7,523 3,241 21,463 17,743
22 Foreign countries 7,473 3,230 22,433 17,665
23 Europe 12,323 12,062 16,717 9,099
24 France 184 701 235 -170
25 Germany 268 -135 435 217
26 Netherlands 275 704 64 996
27 Switzerland 1,003 -50 251 -36
28 United Kingdom 9,760 10,182 13,777 6,863
29 Canada 443 292 558 184
30 Latin America and
Caribbean -2,927 -11,135 2,295 2,688
31 Middle East(1) -58 2 835 2,472
32 Other Asia -1,847 1,185 1,904 3,152
33 Japan -713 1,624 1,194 2,238
34 Africa -61 55 24 16
35 Other countries -400 769 100 54
36 Nonmonetary interna-
tional and regional
organizations 50 11 -970 78
Foreign securities
37 Stocks, net purchases,
or sales (-) 6,107 8,046 -2,729 841
38 Foreign purchases 89,496 90,407 70,402 69,578
39 Foreign sales 83,389 82,361 73,131 68,737
40 Bonds, net purchases, or
sales (-) 3,384 15,980 -918 -4,684
41 Foreign purchases 152,881 102,202 55,573 56,845
42 Foreign sal 149,497 86,222 56,491 61,529
43 Net purchases, or sales
(-), of stocks and
bond 9,491 24,026 -3,6471 -3,843
44 Foreign countries 9,492 24,119 -3,641 -3,683
45 Europe 6,007 10,792 2,326 3,072
46 Canada -1,118 946 562 -4,828
47 Latin America and
Caribbean 1,214 4,585 -4,074 -19
48 Asia 3,550 6,699 -2,064 -1,489
49 Japan 2,239 6,134 -2,390 -1,882
50 Africa -163 4 -56 5
51 Other countries 2 1,093 -335 -424
52 Nonmonetary interna-
tional and regional
organizations -1 -93 -6 -160
1999
Transaction, and area or
country Jan. Feb. Mar.(p)
U.S. corporate securities
STOCKS
1 Foreign purchases 155,819 159,570(r) 179,894
2 Foreign sales 152,303 154,968 177,007
3 Net purchases, or
sales (-) 3,516 4,602(r) 2,887
4 Foreign countries 3,502 4,602(r) 2,887
5 Europe 6,048 6,403(r) 6,563
6 France 537 -175 1,199
7 Germany 1,035 872 480
8 Netherlands 86 956 1,103
9 Switzerland -10 582 1,551
10 United Kingdom 3,893 2,833(r) 575
11 Canada 728 248 723
12 Latin America and
Caribbean -1,279 -1,279 -1,415
13 Middle East(1) 152 -240 298
14 Other Asia -2,306 -630 -3,257
15 Japan -616 -344 -1,925
16 Africa 22 11 87
17 Other countries 137 89 -112
18 Nonmonetary interna-
tional and regional
organizations 14 0 0
BONDS(2)
19 Foreign purchases 66,585 74,368(r) 77
20 Foreign sales 53,759 55,946(r) 52
21 Net purchases, or
sales (-) 12,826 18,422(r) 24,664
22 Foreign countries 12,825 18,381(r) 24,868
23 Europe 2,857 13,842(r) 12,726
24 France 145 124 22
25 Germany 398 1,268 190
26 Netherlands 60 329 418
27 Switzerland 403 535 272
28 United Kingdom 703 10,243(r) 9,162
29 Canada 100 475 640
30 Latin America and
Caribbean 6,382 2,057 5,203
31 Middle East(1) 1,436 314 859
32 Other Asia 2,032 1,439 5,132
33 Japan 561 165 589
34 Africa 40 266 261
35 Other countries -22 -12 47
36 Nonmonetary interna-
tional and regional
organizations 1 41 -204
Foreign securities
37 Stocks, net purchases,
or sales (-) 3,308(r) 3,083(r) 1,849
38 Foreign purchases 77,931(r) 73,941 95,198
39 Foreign sales 74,623(r) 70,858(r) 93,349
40 Bonds, net purchases, or
sales (-) -2,304 -20(r) 1,829
41 Foreign purchases 56,072 66,198(r) 75,894
42 Foreign sal 58,376 66,218(r) 74,065
43 Net purchases, or sales
(-), of stocks and
bond 1,004(r) 3,063(r) 3,678
44 Foreign countries 883(r) 2,787(r) 3,718
45 Europe 406(r) 6,429(r) 13,848
46 Canada -3,110 -551 144
47 Latin America and
Caribbean 2,355 726(r) -3,572
48 Asia -1,558 -3,344 -7,155
49 Japan 141 -3,390 -7,250
50 Africa 22 -25 -16
51 Other countries -32 -448 469
52 Nonmonetary interna-
tional and regional
organizations 121 276 -40
(1.) Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Includes state and local government securities and securities agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions(1) Millions of dollars; net purchases, or sales (-) during period
1999
Area or country 1997 1998
Jan.-
Mar.
1 Total estimated 184,171 46,677 -17,256
2 Foreign countries 183,688 44,208 -16,527
3 Europe 144,921 21,586 -5,604
4 Belgium and Luxembourg 3,427 3,805 -79
5 Germany 22,471 148 377
6 Netherlands 1,746 -5,533 1,960
7 Sweden -465 1,486 321
8 Switzerland 6,028 5,240 -3,581
9 United Kingdom 98,253 12,120 -4,985
10 Other Europe and
former U.S.S.R. 13,461 4,320 383
11 Canada -811 572 -389
12 Latin America and
Caribbean -2,554 -3,735 -10,558
13 Venezuela 655 59 1
14 Other Latin America
and Caribbean -549 9,450 -6,573
15 Netherlands Antilles -2,660 -13,244 -3,986
16 Asia 39,567 27,383 -509
17 Japan 20,360 13,048 -4,569
18 Africa 1,524 751 -41
19 Other 1,041 -2,349 574
20 Nonmonetary international
and regional
organizations 483 2,469 -729
21 International 621 1,502 -654
22 Latin American regional 170 199 -1
MEMO
23 Foreign countries 183,688 44,208 -16,527
24 Official institutions 43,959 4,123 -4,501
25 Other foreign 139,729 40,085 -12,026
Oil-exporting countries
26 Middle East(2) 7,636 -16,554 6,051
27 Africa(3) -12 2 0
1998
Area or country
Sept. Oct. Nov. Dec.
1 Total estimated -5,270 -2,193 25,456 10,549
2 Foreign countries -5,261 -2,855 25,556 9,426
3 Europe -2,771 -9,869 5,475 8,077
4 Belgium and Luxembourg 113 -606 510 2,148
5 Germany 894 1,171 307 -556
6 Netherlands -579 1,543 -1,156 898
7 Sweden -330 193 586 581
8 Switzerland 363 2,811 531 175
9 United Kingdom 2,217 -13,168 3,207 3,074
10 Other Europe and
former U.S.S.R. -5,449 -1,813 1,490 1,757
11 Canada -663 -1,188 3,694 614
12 Latin America and
Caribbean -1,233 -491 1,961 -3,817
13 Venezuela 6 -35 327 108
14 Other Latin America
and Caribbean 2,982 -1,288 -5,411 -165
15 Netherlands Antilles -4,221 832 7,045 -3,760
16 Asia -207 7,756 13,632 4,347
17 Japan 128 1,233 7,311 3,750
18 Africa 81 87 145 16
19 Other -468 850 649 189
20 Nonmonetary international
and regional
organizations -9 662 -100 1,123
21 International -288 645 -19 1,084
22 Latin American regional -5 0 -6 2
MEMO
23 Foreign countries -5,261 -2,855 25,556 9,426
24 Official institutions - 10,304 9,001 11,843 5,274
25 Other foreign 5,043 -11,856 13,713 4,152
Oil-exporting countries
26 Middle East(2) -5,837 -276 233 -2,442
27 Africa(3) 0 0 0 0
1999
Area or country
Jan. Feb. Mar.(p)
1 Total estimated -4,165 -14,623 1,532
2 Foreign countries -4,107 -14,182 1,762
3 Europe 1,519 -7,354 231
4 Belgium and Luxembourg -229 204 -54
5 Germany -268 217 428
6 Netherlands 2,347 -584 197
7 Sweden 163 -228 386
8 Switzerland -2,171 47 -1,457
9 United Kingdom 718 -5,721 18
10 Other Europe and
former U.S.S.R. 959 -1,289 713
11 Canada -1,729 1,127 213
12 Latin America and
Caribbean -5,621 -6,037 1,100
13 Venezuela -17 463 -445
14 Other Latin America
and Caribbean -1,979 -2,024 -2,570
15 Netherlands Antilles -3,625 -4,476 4,115
16 Asia 2,310 -2,216 -603
17 Japan -2,134 -1,124 -1,311
18 Africa 17 -6 -52
19 Other -603 304 873
20 Nonmonetary international
and regional
organizations -58 -441 -230
21 International -77 -371 -206
22 Latin American regional 3 1 -5
MEMO
23 Foreign countries -4,107 -14,182 1,762
24 Official institutions 2,474 -3,699 -3,276
25 Other foreign -6,581 -10,483 5,038
Oil-exporting countries
26 Middle East(2) 4,080 -618 2,589
27 Africa(3) 0 0 0
(1.) Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. (2.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (3.) Comprises Algeria, Gabon, Libya, and Nigeria. 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR(1) Currency units per dollar except as noted
Item 1996 1997 1998
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 78.28 74.37 62.91
2 Austria/schilling 10.589 12.206 12.379
3 Belgium/franc 30.97 35.81 36.31
4 Brazil/real 1.0051 1.0779 1.1605
5 Canada/dollar 1.3638 1.3849 1.4836
6 China, P.R./yuan 8.3389 8.3193 8.3008
7 Denmark/krone 5.8003 6.6092 6.7030
8 European Monetary
Union/euro(3) n.a. n.a. n.a.
9 Finland/markka 4.5948 5.1956 5.3473
10 France/franc 5.1158 5.8393 5.8995
11 Germany/deutsche mark 1.5049 1.7348 1.7597
12 Greece/drachma 240.82 273.28 295.70
13 Hong Kong/dollar 7.7345 7.7431 7.7467
14 India/rupee 35.51 36.36 41.36
15 Ireland/pound(2) 159.95 151.63 142.48
16 Italy/lira 1,542.76 1,703.81 1,736.85
17 Japan/yen 108.78 121.06 130.99
18 Malaysia/ringgit 2.5154 2.8173 3.9254
19 Mexico/peso 7.600 7.918 9.152
20 Netherlands/guilder 1.6863 1.9525 1.9837
21 New Zealand/dollar(2) 68.77 66.25 53.61
22 Norway/krone 6.4594 7.0857 7.5521
23 Portugal/escudo 154.28 175.44 180.25
24 Singapore/dollar 1.4100 1.4857 1.6722
25 South Africa/rand 4.3011 4.6072 5.5417
26 South Korea/won 805.00 947.65 1,400.40
27 Spain/peseta 126.68 146.53 149.41
28 Sri Lanka/rupee 55.289 59.026 65.006
29 Sweden/krona 6.7082 7.6446 7.9522
30 Switzerland/franc 1.2361 1.4514 1.4506
31 Taiwan/dollar 27.468 28.775 33.547
32 Thailand/baht 25.359 31.072 41.262
33 United Kingdom/pound(2) 156.07 163.76 165.73
34 Venezuela/bolivar 417.19 488.39 548.39
Indexes(3)
NOMINAL
35 G-10 (March 1973=100)(4) 87.34 96.38 98.85
36 Broad (January
1997=100)(5) 97.43 104.47 116.25
37 Major currencies (March
1973=100)(6) 85.23 91.85 96.52
38 Other important trading
partners (January
1997=100)(7) 98.25 104.67 125.70
REAL
39 Broad (March 1973=100)(5) 85.99 90.59 98.46
40 Major currencies (March
1973=100)(6) 85.88 93.24 98.36
41 Other important trading
partners (January
1997=100)(7) 92.52 93.61 105.83
1998 1999
Item
Dec. Jan.
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 61.82 63.20
2 Austria/schilling 11.746 n.a.
3 Belgium/franc 34.44 n.a.
4 Brazil/real 1.2052 1.5120
5 Canada/dollar 1.5433 1.5194
6 China, P.R./yuan 8.2780 8.2789
7 Denmark/krone 6.3531 6.4194
8 European Monetary
Union/euro(3) n.a. 1.1591
9 Finland/markka 5.0769 n.a.
10 France/franc 5.5981 n.a.
11 Germany/deutsche mark 1.6698 n.a.
12 Greece/drachma 280.43 278.91
13 Hong Kong/dollar 7.7471 7.7486
14 India/rupee 42.59 42.55
15 Ireland/pound(2) 148.76 n.a.
16 Italy/lira 1,653.23 n.a.
17 Japan/yen 117.07 113.29
18 Malaysia/ringgit 3.8014 3.8000
19 Mexico/peso 9.907 10.128
20 Netherlands/guilder 1.8816 n.a.
21 New Zealand/dollar(2) 52.23 53.88
22 Norway/krone 7.6050 7.4532
23 Portugal/escudo 171.19 n.a.
24 Singapore/dollar 1.6515 1.6791
25 South Africa/rand 5.9030 5.9931
26 South Korea/won 1,213.22 1,175.11
27 Spain/peseta 142.08 n.a.
28 Sri Lanka/rupee 68.117 68.630
29 Sweden/krona 8.0716 7.8188
30 Switzerland/franc 1.3604 1.3856
31 Taiwan/dollar 32.337 32.300
32 Thailand/baht 36.276 36.622
33 United Kingdom/pound(2) 167.08 164.98
34 Venezuela/bolivar 565.89 569.80
Indexes(3)
NOMINAL
35 G-10 (March 1973=100)(4) 94.61 n.a.
36 Broad (January
1997=100)(5) 114.56 114.68
37 Major currencies (March
1973=100)(6) 93.40 92.37
38 Other important trading
partners (January
1997=100)(7) 126.80 128.98
REAL
39 Broad (March 1973=100)(5) 95.93(r) 95.61(r)
40 Major currencies (March
1973=100)(6) 95.48(r) 94.91(r)
41 Other important trading
partners (January
1997=100)(7) 103.61 103.62(r)
1999
Item
Feb. Mar.
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 63.99 63.08
2 Austria/schilling n.a. n.a.
3 Belgium/franc n.a. n.a.
4 Brazil/real 1.9261 1.9057
5 Canada/dollar 1.4977 1.5176
6 China, P.R./yuan 8.2755 8.2792
7 Denmark/krone 6.6379 6.8287
8 European Monetary
Union/euro(3) 1.1203 1.0886
9 Finland/markka n.a. n.a.
10 France/franc n.a. n.a.
11 Germany/deutsche mark n.a. n.a.
12 Greece/drachma 287.41 296.36
13 Hong Kong/dollar 7.7490 7.7493
14 India/rupee 42.53 42.52
15 Ireland/pound(2) n.a. n.a.
16 Italy/lira n.a. n.a.
17 Japan/yen 116.67 119.47
18 Malaysia/ringgit 3.8000 3.8000
19 Mexico/peso 10.006 9.732
20 Netherlands/guilder n.a. n.a.
21 New Zealand/dollar(2) 54.35 53.45
22 Norway/krone 7.7240 7.8151
23 Portugal/escudo n.a. n.a.
24 Singapore/dollar 1.7004 1.7292
25 South Africa/rand 6.1146 6.2136
26 South Korea/won 1,188.84 1,229.72
27 Spain/peseta n.a. n.a.
28 Sri Lanka/rupee 69.070 69.570
29 Sweden/krona 7.9532 8.2144
30 Switzerland/franc 1.4272 1.4660
31 Taiwan/dollar 32.564 33.165
32 Thailand/baht 37.137 37.557
33 United Kingdom/pound(2) 162.76 162.13
34 Venezuela/bolivar 577.32 580.06
Indexes(3)
NOMINAL
35 G-10 (March 1973=100)(4) n.a. n.a.
36 Broad (January
1997=100)(5) 116.37 117.80
37 Major currencies (March
1973=100)(6) 93.76 95.69
38 Other important trading
partners (January
1997=100)(7) 130.83 131.03
REAL
39 Broad (March 1973=100)(5) 96.69(r) 98.08(r)
40 Major currencies (March
1973=100)(6) 96.40(r) 98.40(r)
41 Other important trading
partners (January
1997=100)(7) 104.19(r) 104.81(r)
1999
Item
Apr. May
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 64.20 .6628
2 Austria/schilling n.a. n.a.
3 Belgium/franc n.a. n.a.
4 Brazil/real 1.7025 1.6853
5 Canada/dollar 4.4881 1.4611
6 China, P.R./yuan 8.2795 8.2785
7 Denmark/krone 6.9475 6.9925
8 European Monetary
Union/euro(3) 1.0701 1.0630
9 Finland/markka n.a. n.a.
10 France/franc n.a. n.a.
11 Germany/deutsche mark n.a. n.a.
12 Greece/drachma 304.26 305.96
13 Hong Kong/dollar 7.7495 7.7531
14 India/rupee 42.80 42.86
15 Ireland/pound(2) n.a. n.a.
16 Italy/lira n.a. n.a.
17 Japan/yen 119.77 122.00
18 Malaysia/ringgit 3.8000 3.8000
19 Mexico/peso 9.43 9.395
20 Netherlands/guilder n.a. n.a.
21 New Zealand/dollar(2) 54.27 .5530
22 Norway/krone 7.7750 7.7496
23 Portugal/escudo n.a. n.a.
24 Singapore/dollar 1.7134 1.7122
25 South Africa/rand 6.1186 6.1809
26 South Korea/won 1,209.96 1,197.92
27 Spain/peseta n.a. n.a.
28 Sri Lanka/rupee 69.588 70.581
29 Sweden/krona 8.3293 8.4432
30 Switzerland/franc 1.4971 1.5078
31 Taiwan/dollar 32.965 32.791
32 Thailand/baht 37.631 37.051
33 United Kingdom/pound(2) 160.89 1.6154
34 Venezuela/bolivar 587.79 596.48
Indexes(3)
NOMINAL
35 G-10 (March 1973=100)(4) n.a. n.a.
36 Broad (January
1997=100)(5) 117.80 116.91
37 Major currencies (March
1973=100)(6) 95.76 95.79
38 Other important trading
partners (January
1997=100)(7) 129.24 128.55
REAL
39 Broad (March 1973=100)(5) 96.91(r) 96.65
40 Major currencies (March
1973=100)(6) 98.71(r) 98.64
41 Other important trading
partners (January
1997=100)(7) 101.52(r) 100.99(r)
(1.) Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release. For ordering address, see inside front cover. (2.) Value in U.S. cents. (3.) As of January 1999, the euro is reported in place of the individual euro area currencies, These currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603 Austrian schillings
40.3399 Belgian francs
5.94573 Finnish markkas
6.55957 French francs
1.95583 German marks
.787564 Irish pounds
1936.27 Italian lire
40.3399 Luxembourg francs
2.20371 Netherlands guilders
200.482 Portuguese escudos
166.386 Spanish pesetas
(4.) For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18. (5.) Weighted average of the foreign exchange value of the U.S. dollar against the currencies of the other G-10 countries. The weight for each of the ten countries is the 1972-76 average world trade of that country divided by the average world trade of all ten countries combined. Series revised as of August 1978 (see Federal Reserve Bulletin, vol. 64 (August 1978), p. 700). (6.) Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. (7.) Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. (8.) Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one.3 |
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