Financial and Business Statistics.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions.
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES
Percent annual rate of change, seasonally adjusted(1)
Monetary or credit aggregate 1999(r)
Q1 Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -1.2 -6.6 -15.4 -7.9
2 Required 1.0 -5.6 -15.0 -9.4
3 Nonborrowed -1.3 -6.7 -17.1 -7.5
4 Monetary base(3) 8.7 9.6 9.2 20.1
Concepts of money and debt(4)
5 M1 1.9 2.1 -1.9 5.3
6 M2 7.5 6.0 5.5 5.4
7 M3 8.2 6.0 5.1 10.0
8 Debt 6.7 6.9 6.0 6.2
Nontransaction components
9 In M2(5) 9.3 7.3 7.9 5.4
10 In M3 only(6) 10.1 5.9 4.0 22.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 14.0 10.7 10.6 4.1
12 Small time(7) -5.2 -2.0 2.5 6.6
13 Large time(8,9) .5 -.9 .3 40.3
Thrift institutions
14 Savings, including MMDAs 14.2 14.5 13.1 -3.2
15 Small time(7) -6.6 -6.3 -3.5 4.7
16 Large time(8) 8.0 -4.4 1.5 6.6
Money market mutual funds
17 Retail 18.7 11.2 9.6 11.7
18 Institution-only 19.8 14.1 9.3 21.4
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 17.4 -1.1 9.0 8.9
20 Eurodollars(10) -1.3 21.7 -9.7 3.9
Debt components(4)
21 Federal -3.1 -2.3 -.3 -4.4
22 Nonfederal 9.6 9.7 7.7 9.2
Monetary or credit aggregate 1999(r) 2000
Sept. Oct. Nov. Dec. Jan.
Reserves of depository
institutions(2)
1 Total 1.3 -33.3 7.5 9.4 52.0
2 Required -.6 -33.0 2.2 10.4 32.5
3 Nonborrowed 1.5 -32.0 8.9 7.0 50.8
4 Monetary base(3) 12.3 16.4 25.8 44.4 1.1
Concepts of money and debt(4)
5 M1 -3.1 6.2 9.8 16.4 -3.7
6 M2 5.6 4.7 5.2 7.5 6.0
7 M3 5.5 9.9 14.6 15.7 7.8
8 Debt 7.0 6.1 4.8 7.0 n.a.
Nontransaction components
9 In M2(5) 8.3 4.2 3.8 4.7 9.1
10 In M3 only(6) 5.2 24.1 40.0 37.2 12.5
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.1 3.6 -.9 -3.3 2.1
12 Small time(7) 6.8 6.4 7.9 7.0 7.9
13 Large time(8,9) 13.7 56.7 59.4 43.3 11.7
Thrift institutions
14 Savings, including MMDAs .0 -5.8 -4.2 -7.4 -4.0
15 Small time(7) 3.1 4.2 8.0 6.0 8.2
16 Large time(8) .0 .0 20.1 6.6 36.7
Money market mutual funds
17 Retail 11.8 9.2 10.6 21.5 27.5
18 Institution-only 6.6 22.9 29.9 31.0 31.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) .4 -3.1 23.0 39.5 -30.6
20 Eurodollars(10) -16.7 -15.4 52.3 50.1 17.2
Debt components(4)
21 Federal -4.2 -5.8 -7.7 .8 n.a.
22 Nonfederal 10.1 9.4 8.3 8.6 n.a.
(1.) Unless otherwise noted, rates of change are calculated from
average amounts outstanding during preceding month or quarter.
(2.) Figures incorporate adjustments for discontinuities, or "breaks,"
associated with regulatory changes in reserve requirements. (See also
table 1.20.)
(3.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted, break-adjusted total reserves (line 1), plus
(2) the seasonally adjusted currency component of the money stock,
plus (3) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all weekly reporters
whose vault cash exceeds their required reserves) the seasonally
adjusted, break-adjusted difference between current vault cash and the
amount applied to satisfy current reserve requirements.
(4.) Composition of the money stock measures and debt is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions, (2) travelers checks of nonbank
issuers, (3) demand deposits at all commercial banks other than those
owed to depository institutions, the U.S. government, and foreign
banks and official institutions, less cash items in the process of
collection and Federal Reserve float, and (4) other checkable deposits
(OCDs), consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted M1 is computed by summing currency,
travelers checks, demand deposits, and OCDs, each seasonally adjusted
separately.
M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time
deposits (time deposits--including retail RPs--in amounts of less than
$100,000), and (3) balances in retail money market mutual funds.
Excludes individual retirement accounts (IRAs) and Keogh balances at
depository institutions and money market funds. Seasonally adjusted M2
is calculated by summing savings deposits, small-denomination time
deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Mi.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more), (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository
institutions, and (4) Eurodollars (overnight and term) held by U.S.
residents at foreign branches of U.S. banks worldwide and at all
banking offices in the United Kingdom and Canada. Excludes amounts
held by depository institutions, the U.S. government, money market
funds, and foreign banks and official institutions. Seasonally
adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and Eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government,
not including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break- adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(5.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances, each seasonally adjusted
separately.
(6.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) Eurodollars (overnight and term) of U.S.
addressees, each seasonally adjusted separately.
(7.) Small time deposits--including retail RPs--are those issued in
amounts of less than $I00,000. All IRA and Keogh account balances at
commercial banks and thrift institutions are subtracted from small
time deposits.
(8.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(9.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and
foreign banks and official institutions.
(10.) Includes both overnight and term.
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)
Millions of dollars
Average of
daily figures
Factor 1999 2000
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 561,178 595,909(r) 582,309
U.S. government securities(2)
2 Bought outright--System
account(3) 492,811 492,467 491,902
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 183 181 180
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 33,382 68,012 53,099
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 172 160 315
9 Seasonal credit 65 69 30
10 Special Liquidity Facility
credit 12 74 48
11 Extended credit 0 0 0
12 Float 416 761(r) 1,345
13 Other Federal Reserve assets 34,138 34,186 35,392
14 Gold stock 11,049 11,048 11,048
15 Special drawing rights
certificate account 7,200 6,652 6,200
16 Treasury currency outstanding 27,747 27,928 28,177
ABSORBING RESERVE FUNDS
17 Currency in circulation 569,656 601,159 587,982
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 93 110 121
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,055 8,250 8,148
21 Foreign 213 136 93
22 Service-related balances and
adjustments 7,176 7,513 7,675
23 Other 252 248 361
24 Other Federal Reserve
liabilities and capital 18,384 18,505 18,240
25 Reserve balances with Federal
Reserve Banks(5) 6,346 5,616 5,114
Average of daily figures for
week ending on date indicated
Factor 1999
Dec. 15 Dec. 22 Dec. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 584,129 594,424 618,787
U.S. government securities(2)
2 Bought outright--System
account(3) 495,734 494,597 489,170
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 181 181
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 53,343 64,415 93,154
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 167 83 361
9 Seasonal credit 60 80 78
10 Special Liquidity Facility
credit 43 25 223
11 Extended credit 0 0 0
12 Float 648 615 635
13 Other Federal Reserve assets 33,952 34,429 34,984
14 Gold stock 11,049 11,049 11,048
15 Special drawing rights
certificate account 7,057 6,200 6,200
16 Treasury currency outstanding 27,908 27,943 27,978
ABSORBING RESERVE FUNDS
17 Currency in circulation 592,106 602,552 619,311
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 108 109 109
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,273 6,206 12,138
21 Foreign 214 58 99
22 Service-related balances and
adjustments 7,338 7,769(r) 7,784(r)
23 Other 222 213 195
24 Other Federal Reserve
liabilities and capital 18,643 18,663 18,625
25 Reserve balances with Federal
Reserve Banks(5) 6,238 4,045(r) 5,751(r)
Average of daily figures for
week ending on date indicated
Factor 2000
Jan. 5 Jan. 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 636,901 589,581
U.S. government securities(2)
2 Bought outright--System
account(3) 480,862 484,695
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 181 181
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty(4) 120,136 67,421
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 205 856
9 Seasonal credit 44 31
10 Special Liquidity Facility
credit 52 127
11 Extended credit 0 0
12 Float 453 1,032
13 Other Federal Reserve assets 34,968 35,238
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200
16 Treasury currency outstanding 28,013 28,146
ABSORBING RESERVE FUNDS
17 Currency in circulation 625,897 599,272
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 111 121
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 20,943 5,326
21 Foreign 76 74
22 Service-related balances and
adjustments 7,867 7,967
23 Other 956 191
24 Other Federal Reserve
liabilities and capital 17,543 18,188
25 Reserve balances with Federal
Reserve Banks(5) 8,769 3,835
Average of daily figures for
week ending on date indicated
Factor 2000
Jan. 19 Jan. 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 571,877 565,741
U.S. government securities(2)
2 Bought outright--System
account(3) 494,824 497,578
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 181 179
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty(4) 40,754 28,821
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 242 117
9 Seasonal credit 28 27
10 Special Liquidity Facility
credit 16 17
11 Extended credit 0 0
12 Float 403 3,365
13 Other Federal Reserve assets 35,430 35,637
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200
16 Treasury currency outstanding 28,192 28,237
ABSORBING RESERVE FUNDS
17 Currency in circulation 581,666 571,880
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 122 125
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,390 7,205
21 Foreign 101 83
22 Service-related balances and
adjustments 7,472 7,771
23 Other 250 237
24 Other Federal Reserve
liabilities and capital 18,446 18,491
25 Reserve balances with Federal
Reserve Banks(5) 3,871 5,435
Factor End-of-month figures
1999 2000
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 575,843 653,561 561,444
U.S. government securities(2)
2 Bought outright--System
account(3) 492,910 477,963 500,228
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 181 175
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 49,440 140,640 23,105
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 8 140 86
9 Seasonal credit 65 47 21
10 Special Liquidity Facility
credit 5 47 22
11 Extended credit 0 0 0
12 Float 122 -237 2,986
13 Other Federal Reserve assets 33,111 34,781 34,820
14 Gold stock 11,049 11,048 11,048
15 Special drawing rights
certificate account 7,200 6,200 6,200
16 Treasury currency outstanding 27,831 28,013 28,282
ABSORBING RESERVE FUNDS
17 Currency in circulation 583,103 628,359 566,568
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 85 109 125
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,025 28,402 6,119
21 Foreign 501 71 82
22 Service-related balances and
adjustments 7,294 7,867(r) 7,230
23 Other 221 1,261 265
24 Other Federal Reserve
liabilities and capital 18,618 17,256 18,101
25 Reserve balances with Federal
Reserve Banks(5) 7,076 15,498 8,484
Factor Wednesday figures
1999
Dec. 15 Dec. 22 Dec. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 592,187 603,648 644,631
U.S. government securities(2)
2 Bought outright--System
account(3) 494,927 494,391 483,417
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 181 181
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 60,665 73,085 122,870
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 1,010 112 1,609
9 Seasonal credit 72 78 76
10 Special Liquidity Facility
credit 236 28 1,187
11 Extended credit 0 0 0
12 Float 809 1,088 113
13 Other Federal Reserve assets 34,287 34,685 35,178
14 Gold stock 11,049 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency outstanding 27,908 27,943 27,978
ABSORBING RESERVE FUNDS
17 Currency in circulation 597,616 611,834 628,587
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 109 109 109
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 7,777 4,741 25,923
21 Foreign 496 88 234
22 Service-related balances and
adjustments 7,338 7,769(r) 7,784(r)
23 Other 224 210 183
24 Other Federal Reserve
liabilities and capital 18,347 18,372 18,284
25 Reserve balances with Federal
Reserve Banks(5) 5,437 5,716(r) 8,753
Factor Wednesday figures
2000
Jan. 5 Jan. 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 613,606 585,632
U.S. government securities(2)
2 Bought outright--System
account(3) 486,948 485,719
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 181 181
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty(4) 91,645 62,895
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 117 946
9 Seasonal credit 36 32
10 Special Liquidity Facility
credit 27 22
11 Extended credit 0 0
12 Float -449 365
13 Other Federal Reserve assets 35,100 35,472
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200
16 Treasury currency outstanding 28,013 28,146
ABSORBING RESERVE FUNDS
17 Currency in circulation 616,630 589,928
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 121 121
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 15,134 5,454
21 Foreign 82 110
22 Service-related balances and
adjustments 7,868 7,967
23 Other 203 229
24 Other Federal Reserve
liabilities and capital 17,587 18,019
25 Reserve balances with Federal
Reserve Banks(5) 1,240 9,200
Factor Wednesday figures
SUPPLYING RESERVE FUNDS Jan. 19 Jan. 26
2000
1 Reserve Bank credit outstanding 568,808 571,162
U.S. government securities(2)
2 Bought outright--System
account(3) 496,110 499,138
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 181 175
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty(4) 34,610 25,105
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 127 154
9 Seasonal credit 32 23
10 Special Liquidity Facility
credit 13 21
11 Extended credit 0 0
12 Float 2,335 10,713
13 Other Federal Reserve assets 35,401 35,832
14 Gold stock 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200
16 Treasury currency outstanding 28,192 28,237
ABSORBING RESERVE FUNDS
17 Currency in circulation 577,837 569,593
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 125 125
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 3,716 8,780
21 Foreign 80 81
22 Service-related balances and
adjustments 7,472 7,771
23 Other 256 237
24 Other Federal Reserve
liabilities and capital 18,187 18,363
25 Reserve balances with Federal
Reserve Banks(5) 6,575 11,697
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2.
(2.) Includes securities loaned--fully guaranteed by U.S. government
securities pledged with Federal Reserve Banks--and excludes securities
sold and scheduled to be bought back under matched sale-purchase
transactions.
(3.) Includes compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities.
(4.) Cash value of agreements arranged through third-party custodial
banks. These agreements are collateralized by U.S. government and
federal agency securities.
(5.) Excludes required clearing balances and adjustments to compensate
for float.
1.12 RESERVES AND BORROWINGS Depository Institutions(1)
Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1997 1998 1999
Dec. Dec. Dec.(r)
1 Reserve balances with
Reserve Banks(2) 10,664 9,021 5,260
2 Total vault cash(3) 44,724(r) 44,293(r) 60,499
3 Applied vault cash(4) 37,255 35,997 36,384
4 Surplus vault cash(5) 7,486(r) 8,296(r) 24,116
5 Total reserves(6) 47,920 45,018 41,643
6 Required reserves 46,235 43,435 40,332
7 Excess reserve
balances at Reserve
Banks(7) 1,685 1,583 1,311
8 Total borrowing at
Reserve Banks 324 117 320
9 Adjustment 245 101 179
10 Seasonal 79 15 67
11 Special Liquidity
Facility(8) ... ... 74
12 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1999
July Aug. Sept.
1 Reserve balances with
Reserve Banks(2) 7,797 7,802 7,698
2 Total vault cash(3) 44,080(r) 44,603(r) 44,447(r)
3 Applied vault cash(4) 34,005 34,069 34,089
4 Surplus vault cash(5) 10,075(r) 10,533(r) 10,359(r)
5 Total reserves(6) 41,802 41,871 41,787
6 Required reserves 40,726 40,742 40,590
7 Excess reserve
balances at Reserve
Banks(7) 1,076 1,129 1,197
8 Total borrowing at
Reserve Banks 309 344 338
9 Adjustment 83 72 56
10 Seasonal 226 271 282
11 Special Liquidity
Facility(8) ... ... 0
12 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1999 2000
Oct. Nov. Dec.(r) Jan.
1 Reserve balances with
Reserve Banks(2) 6,768 6,285 5,260 5,221
2 Total vault cash(3) 47,030(r) 50,754(r) 60,499 73,898
3 Applied vault cash(4) 33,933 34,660 36,384 39,262
4 Surplus vault cash(5) 13,096(r) 16,094(r) 24,116 34,636
5 Total reserves(6) 40,702 40,944 41,643 44,483
6 Required reserves 39,549 39,610 40,332 42,462
7 Excess reserve
balances at Reserve
Banks(7) 1,153 1,334 1,311 2,021
8 Total borrowing at
Reserve Banks 281 236 320 374
9 Adjustment 52 157 179 296
10 Seasonal 221 71 67 31
11 Special Liquidity
Facility(8) 8 7 74 46
12 Extended credit(9) 0 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
Reserve classification 1999
Oct. 6 Oct. 20 Nov. 3
1 Reserve balances with
Reserve Banks(2) 7,380 6,544 6,721
2 Total vault cash(3) 45,234(r) 47,357(r) 47,593(r)
3 Applied vault cash(4) 33,636 33,998 34,014
4 Surplus vault cash(5) 11,598(r) 13,359(r) 13,579(r)
5 Total reserves(6) 41,016 40,542 40,735
6 Required reserves 39,524 39,408 39,742
7 Excess reserve
balances at Reserve
Banks(7) 1,491 1,133 993
8 Total borrowing at
Reserve Banks 385 265 246
9 Adjustment 91 21 72
10 Seasonal 294 244 153
11 Special Liquidity
Facility(8) 1 1 22
12 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
Reserve classification 1999
Nov. 17 Dec. 1 Dec. 15
1 Reserve balances with
Reserve Banks(2) 6,524 5,927 5,434
2 Total vault cash(3) 49,519(r) 52,813(r) 56,693(r)
3 Applied vault cash(4) 34,046 35,470 35,346
4 Surplus vault cash(5) 15,474(r) 17,343(r) 21,347(r)
5 Total reserves(6) 40,569 41,397 40,780
6 Required reserves 39,196 40,027 39,682
7 Excess reserve
balances at Reserve
Banks(7) 1,373 1,370 1,098
8 Total borrowing at
Reserve Banks 329 133 181
9 Adjustment 263 64 94
10 Seasonal 62 62 61
11 Special Liquidity
Facility(8) 5 7 27
12 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
Reserve classification 1999 2000
Dec. 29(r) Jan. 12(r) Jan. 26 Feb. 9
1 Reserve balances with
Reserve Banks(2) 4,888 6,308 4,645 4,224
2 Total vault cash(3) 63,663 68,851 75,759 80,804
3 Applied vault cash(4) 37,329 37,491 40,301 40,605
4 Surplus vault cash(5) 26,334 31,360 35,458 40,199
5 Total reserves(6) 42,217 43,799 44,946 44,829
6 Required reserves 40,956 40,674 43,548 43,712
7 Excess reserve
balances at Reserve
Banks(7) 1,261 3,125 1,397 1,117
8 Total borrowing at
Reserve Banks 425 657 224 114
9 Adjustment 222 530 180 62
10 Seasonal 79 38 28 27
11 Special Liquidity
Facility(8) 124 90 17 25
12 Extended credit(9) 0 0 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front cover. Data
are not break-adjusted or seasonally adjusted.
(2.) Excludes required clearing balances and adjustments to compensate
for float and includes other off-balance-sheet "as-of" adjustments.
(3.) Vault cash eligible to satisfy reserve requirements. It includes
only vault cash held by those banks and thrift institutions that are
not exempt from reserve requirements. Dates refer to the maintenance
periods in which the vault cash can be used to satisfy reserve
requirements.
(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonbound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current reserve
requirements.
(5.) Total vault cash (line 2) less applied vault cash line 3).
(6.) Reserve balances with Federal Reserve Banks (line 1) plus applied
vault cash (line 3).
(7.) Total reserves (line 5) less required reserves (line 6).
(8.) Borrowing at the discount window under the terms and conditions
established for the Century Date Change Special Liquidity Facility in
effect from October 1, 1999 through April 7, 2000.
(9.) Consists of borrowing at the discount window under the terms and
conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures.
Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Federal Reserve Adjustment credit(1)
Bank
On Effective Previous
3/10/00 date rate
Boston 5.25 2/2/00 5.00
New York 5.25 2/2/00 5.00
Philadelphia 5.25 2/2/00 5.00
Cleveland 5.25 2/2/00 5.00
Richmond 5.25 2/2/00 5.00
Atlanta 5.25 2/2/00 5.00
Chicago 5.25 2/2/00 5.00
St. Louis 5.25 2/2/00 5.00
Minneapolis 5.25 2/3/00 5.00
Kansas City 5.25 2/2/00 5.00
Dallas 5.25 2/4/00 5.00
San Francisco 5.25 2/2/00 5.00
Current and previous levels
Federal Reserve Seasonal credit(2)
Bank
On Effective Previous
3/10/00 date rate
Boston 5.90 3/9/00 5.85
New York 5.90 3/9/00 5.85
Philadelphia 5.90 3/9/00 5.85
Cleveland 5.90 3/9/00 5.85
Richmond 5.90 3/9/00 5.85
Atlanta 5.90 3/9/00 5.85
Chicago 5.90 3/9/00 5.85
St. Louis 5.90 3/9/00 5.85
Minneapolis 5.90 3/9/00 5.85
Kansas City 5.90 3/9/00 5.85
Dallas 5.90 3/9/00 5.85
San Francisco 5.90 3/9/00 5.85
Current and previous levels
Federal Reserve Extended credit(3)
Bank
On Effective Previous
3/10/00 date rate
Boston 6.40 3/9/00 6.35
New York 6.40 3/9/00 6.35
Philadelphia 6.40 3/9/00 6.35
Cleveland 6.40 3/9/00 6.35
Richmond 6.40 3/9/00 6.35
Atlanta 6.40 3/9/00 6.35
Chicago 6.40 3/9/00 6.35
St. Louis 6.40 3/9/00 6.35
Minneapolis 6.40 3/9/00 6.35
Kansas City 6.40 3/9/00 6.35
Dallas 6.40 3/9/00 6.35
San Francisco 6.40 3/9/00 6.35
Current and previous levels
Federal Reserve Special Liquidity Facility credit(4)
Bank
On Effective Previous
3/10/00 date rate
Boston 7.25 2/2/00 7.00
New York 7.25 2/2/00 7.00
Philadelphia 7.25 2/2/00 7.00
Cleveland 7.25 2/2/00 7.00
Richmond 7.25 2/2/00 7.00
Atlanta 7.25 2/2/00 7.00
Chicago 7.25 2/2/00 7.00
St. Louis 7.25 2/2/00 7.00
Minneapolis 7.25 2/2/00 7.00
Kansas City 7.25 2/2/00 7.00
Dallas 7.25 2/2/00 7.00
San Francisco 7.25 2/2/00 7.00
Range of rates for adjustment
credit in recent years(5)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31,
1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
1982--Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999--Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000--Feb. 2 5.00-5.25 5.25
4 5.25 5.25
In effect March 10,
2000 5.25 5.25
(1.) Available on a short-term basis to help depository institutions
meet temporary needs for funds that cannot be met through reasonable
alternative sources. The highest rate established for loans to
depository institutions may be charged on adjustment credit loans of
unusual size that result from a major operating problem at the
borrower's facility.
(2.) Available to help relatively small depository institutions meet
regular seasonal needs for funds that arise from a clear pattern of
intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount rate
on seasonal credit takes into account rates charged by market sources
of funds and ordinarily is reestablished on the
first business day of each two-week reserve maintenance period;
however, it is never less than the discount rate applicable to
adjustment credit.
(3.) May be made available to depository institutions when similar
assistance is not reasonably available from other sources, including
special industry lenders. Such credit may be provided when exceptional
circumstances (including sustained deposit drains, impaired
access to money market funds, or sudden deterioration in loan
repayment performance) or practices involve only a particular
institution, or to meet the needs of institutions experiencing
difficulties adjusting to changing market conditions over a longer
period (particularly at times of deposit disintermediation). The
discount rate applicable to adjustment credit ordinarily is
charged on extended-credit loans outstanding less than thirty days;
however, at the discretion of the Federal Reserve Bank, this time
period may be shortened. Beyond this initial period, a
flexible rate somewhat above rates charged on market sources of
funds is charged. The rate ordinarily is reestablished on the first
business day of each two-week reserve maintenance
period, but it is never less than the discount rate applicable to
adjustment credit plus 50 basis points.
(4.) Available in the period between October 1, 1999, and April 7,
2000, to help depository institutions in sound financial condition
meet unusual needs for funds in the period around the century date
change. The interest rate on loans from the special facility is the
Federal Open Market Committee's intended federal funds rate plus
150 basis points.
(5.) For earlier data, see the following publications of the Board
of Governors: Banking and Monetary Statistics, 1914-1941, and
1941-1970; and the Annual Statistical Digest, 1970-1979.
In 1980 and 1981, the Federal Reserve applied a surcharge to
short-term adjustment-credit borrowings by institutions with
deposits of $500 million or more that had borrowed in
successive weeks or in more than four weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980,
through May 7, 1980. A surcharge of 2 percent was reimposed
on Nov. 17, 1980; the surcharge was subsequently raised to 3
percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The
surcharge was reduced to 3 percent effective Sept. 22, 1981,
and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981,
the formula for applying the surcharge was changed from a
calendar quarter to a moving thirteen-week period. The
surcharge was eliminated on Nov. 17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$44.3 million(3) 3 12/30/99
2 More than $44.3 million(4) 10 12/30/99
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with
Federal Reserve Banks or vault cash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly, on
a pass-through basis, with certain approved institutions. For
previous reserve requirements, see earlier editions of the Annual
Report or the Federal Reserve Bulletin. Under the Monetary Control
Act of 1980, depository institutions include commercial banks,
savings banks, savings and loan associations, credit unions,
agencies and branches of foreign banks, and Edge Act corporations.
(2.) Transaction accounts include all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or telephone
or preauthorized transfers for the purpose of making payments to
third persons or others. However, accounts subject to the rules
that permit no more than six preauthorized, automatic, or other
transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly to
third parties) are savings deposits, not transaction accounts.
(3.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve
requirement applies be modified annually by 80 percent of
the percentage change in transaction accounts held by all
depository institutions, determined as of June 30 of each year.
Effective with the reserve maintenance period beginning
December 30, 1999, for depository institutions that report
weekly, and with the period beginning January 20, 2000, for
institutions that report quarterly, the amount was decreased
from $46.5 million to $44.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a
zero percent reserve requirement each year for the
succeeding calendar year by 80 percent of the percentage increase
in the total reservable liabilities of all depository institutions,
measured on an annual basis as of June 30. No corresponding
adjustment is made in the event of a decrease. The exemption
applies only to accounts that would be subject to a 3 percent
reserve requirement. Effective with the reserve maintenance period
beginning December 30, 1999, for depository institutions that
report weekly, and with the period beginning January 20, 2000,
for institutions that report quarterly, the exemption was
raised from $4.9 million to $5.0 million.
(4.) The reserve requirement was reduced from 12 percent to
10 percent on Apr. 2, 1992, for institutions that report weekly,
and on Apr. 16, 1992, for institutions that report quarterly.
(5.) For institutions that report weekly, the reserve requirement
on nonpersonal time deposits with an original maturity of less
than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for
the maintenance period that began Dec. 13, 1990, and to zero for
the maintenance period that began Dec. 27, 1990. For institutions
that report quarterly, the reserve requirement on nonpersonal
time deposits with an original maturity of less than 1 1/2 years
was reduced from 3 percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an
original maturity of 1 1/2 years or more has been zero
since Oct. 6, 1983.
(6.) The reserve requirement on Eurocurrency liabilities was
reduced from 3 percent to zero in the same manner and on the
same dates as the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1 1/2 years
(see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1997 1998 1999
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,147 3,550 0
2 Gross sales 0 0 0
3 Exchanges 435,907 450,835 464,218
4 For new bills 435,907 450,835 464,218
5 Redemptions 0 2,000 0
Others within one year
6 Gross purchases 5,549 6,297 11,895
7 Gross sales 0 0 0
8 Maturity shifts 41,716 46,062 50,590
9 Exchanges -27,499 -49,434 -53,315
10 Redemptions 1,996 2,676 1,429
One to five years
11 Gross purchases 20,080 12,901 19,731
12 Gross sales 0 0 0
13 Maturity shifts -37,987 -37,777 -44,032
14 Exchanges 20,274 37,154 42,604
Five to ten years
15 Gross purchases 3,449 2,294 4,303
16 Gross sales 0 0 0
17 Maturity shifts -1,954 -5,908 -5,841
18 Exchanges 5,215 7,439 7,583
More than ten years
19 Gross purchases 5,897 4,884 9,428
20 Gross sales 0 0 0
21 Maturity shifts -1,775 -2,377 -717
22 Exchanges 2,360 4,842 3,139
All maturities
23 Gross purchases 44,122 29,926 45,357
24 Gross sales 0 0 0
25 Redemptions 1,996 4,676 1,429
Matched transactions
26 Gross purchases 3,577,954 4,395,430 4,395,998
27 Gross sales 3,580,274 4,399,330 4,414,253
Repurchase agreements
28 Gross purchases 810,485 512,671 281,599
29 Gross sales 809,268 514,186 301,273
30 Net change in U.S.
Treasury securities 41,022 19,835 5,999
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 25 0
33 Redemptions 1,540 322 157
Repurchase agreements
34 Gross purchases 160,409 284,316 360,069
35 Gross sales 159,369 276,266 370,772
36 Net change in federal agency
obligations -500 7,703 -10,859
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 304,989
40 Gross sales 0 0 164,349
41 Net change in triparty
obligations 0 0 140,640
42 Total net change in System Open
Market Account 40,522 27,538 135,780
Type of transaction 1999
and maturity
June July Aug.
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 35,045 42,037 37,052
4 For new bills 35,045 42,037 37,052
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 880 951 429
7 Gross sales 0 0 0
8 Maturity shifts 2,740 3,279 7,669
9 Exchanges -5,540 -368 -10,798
10 Redemptions 0 41 0
One to five years
11 Gross purchases 948 0 1,272
12 Gross sales 0 0 0
13 Maturity shifts -2,740 -3,279 -4,751
14 Exchanges 5,540 0 8,433
Five to ten years
15 Gross purchases 65 0 447
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -2,918
18 Exchanges 0 373 1,290
More than ten years
19 Gross purchases 0 0 1,075
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 0 1,075
All maturities
23 Gross purchases 1,893 951 3,223
24 Gross sales 0 0 0
25 Redemptions 0 41 0
Matched transactions
26 Gross purchases 380,872 347,067 374,032
27 Gross sales 380,464 346,747 373,159
Repurchase agreements
28 Gross purchases 17,710 27,707 23,097
29 Gross sales 14,614 33,612 23,717
30 Net change in U.S.
Treasury securities 5,397 -4,675 3,476
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 52 10 11
Repurchase agreements
34 Gross purchases 32,786 46,941 61,968
35 Gross sales 32,104 48,840 56,053
36 Net change in federal agency
obligations 630 -1,909 5,904
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 0
40 Gross sales 0 0 0
41 Net change in triparty
obligations 0 0 0
42 Total net change in System Open
Market Account 6,028 -6,584 9,380
Type of transaction 1999
and maturity
Sept. Oct. Nov.
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 42,643 35,844 36,882
4 For new bills 42,643 35,844 36,882
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 960 0 964
7 Gross sales 0 0 0
8 Maturity shifts 3,468 3,831 6,675
9 Exchanges -2,125 -368 -10,150
10 Redemptions 0 170 0
One to five years
11 Gross purchases 0 0 1,014
12 Gross sales 0 0 0
13 Maturity shifts -3,468 -3,831 -3,685
14 Exchanges 2,125 0 8,015
Five to ten years
15 Gross purchases 0 0 0
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -2273
18 Exchanges 0 0 2,135
More than ten years
19 Gross purchases 0 0 925
20 Gross sales 0 0 0
21 Maturity shifts 0 0 -717
22 Exchanges 0 374 0
All maturities
23 Gross purchases 960 0 2,903
24 Gross sales 0 0 0
25 Redemptions 0 170 0
Matched transactions
26 Gross purchases 348,014 332,708 317,537
27 Gross sales 350,151 330,856 318,294
Repurchase agreements
28 Gross purchases 29,369 100 0
29 Gross sales 24,337 7,707 0
30 Net change in U.S.
Treasury securities 3,855 -5,924 2,146
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 50 7
Repurchase agreements
34 Gross purchases 53,224 9,636 0
35 Gross sales 47,963 24,092 0
36 Net change in federal agency
obligations 5,261 -14,506 -7
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 68,061 81,350
40 Gross sales 0 45,501 54,470
41 Net change in triparty
obligations 0 22,560 26,880
42 Total net change in System Open
Market Account 9,116 2,130 29,019
Type of transaction 1999
and maturity
Dec.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0
2 Gross sales 0
3 Exchanges 42,468
4 For new bills 42,468
5 Redemptions 0
Others within one year
6 Gross purchases 1450
7 Gross sales 0
8 Maturity shifts 3,936
9 Exchanges -2,175
10 Redemptions 0
One to five years
11 Gross purchases 3,514
12 Gross sales 0
13 Maturity shifts -3,936
14 Exchanges 2,175
Five to ten years
15 Gross purchases 581
16 Gross sales 0
17 Maturity shifts 0
18 Exchanges 0
More than ten years
19 Gross purchases 1,257
20 Gross sales 0
21 Maturity shifts 0
22 Exchanges 0
All maturities
23 Gross purchases 6,802
24 Gross sales 0
25 Redemptions 0
Matched transactions
26 Gross purchases 488,845
27 Gross sales 510,605
Repurchase agreements
28 Gross purchases 0
29 Gross sales 0
30 Net change in U.S.
Treasury securities -14,959
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0
32 Gross sales 0
33 Redemptions 0
Repurchase agreements
34 Gross purchases 0
35 Gross sales 0
36 Net change in federal agency
obligations 0
Reverse repurchase
agreements
37 Gross purchases 0
38 Gross sales 0
Repurchase agreements
39 Gross purchases 155,578
40 Gross sales 64,378
41 Net change in triparty
obligations 91,200
42 Total net change in System Open
Market Account 76,241
(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
1999 2000
Account
Dec. 29 Jan. 5 Jan. 12
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200 6,200
3 Coin 203 200 238
Loans
4 To depository institutions 2872 180 1,001
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 122,870 91,645 62,895
Federal agency obligations(3)
8 Bought outright 181 181 181
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 483,417 486,948 485,719
11 Bought outright(4) 483,417 486,948 485,719
12 Bills 181,973 185,502 184,272
13 Notes 218,466 218,468 218,468
14 Bonds 82,978 82,978 82,979
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 609,340 578,955 549,795
17 Items in process of collection 6,925 8,359 7,927
18 Bank premises 1,356 1,366 1,366
Other assets
19 Denominated in foreign currencies(5) 16,176 16,142 16,147
20 All other(6) 17,657 17,586 17,949
21 Total assets 668,906 639,857 610,672
LIABILITIES
22 Federal Reserve notes 600,921 588,939 562,141
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 43,069 25,558 23,050
25 Depository institutions 16,729 10,139 17,259
26 U.S. Treasury--General account 25,923 15,134 5,454
27 Foreign--Official accounts 234 82 110
28 Other 183 203 229
29 Deferred credit items 6,632 7,772 7,461
30 Other liabilities and
accrued dividends(7) 4,478 4,261 4,515
31 Total liabilities 655,099 626,530 597,168
CAPITAL ACCOUNTS
32 Capital paid in 6,432 6,442 6,442
33 Surplus 5,952 6,432 6,432
34 Other capital accounts 1,422 453 630
35 Total liabilities and
capital accounts 668,906 639,857 610,672
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 822,441 821,111 818,717
38 LESS: Held by Federal
Reserve Banks 221,520 232,172 256,576
39 Federal Reserve notes, net 600,921 588,939 562,141
Collateral held against notes, net
40 Gold certificate account 11,048 11,048 11,048
41 Special drawing rights
certificate account 6,200 6,200 6,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 583,673 571,691 544,893
44 Total collateral 600,921 588,939 562,141
Wednesday
2000
Account
Jan. 19 Jan. 26
ASSETS
Consolidated condition
statement
1 Gold certificate account 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200
3 Coin 292 325
Loans
4 To depository institutions 171 198
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 34,610 25,105
Federal agency obligations(3)
8 Bought outright 181 175
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 496,110 499,138
11 Bought outright(4) 496,110 499,138
12 Bills 195,052 197,111
13 Notes 218,079 219,012
14 Bonds 82,979 83,015
15 Held under repurchase agreements 0 0
16 Total loans and securities 531,072 524,617
17 Items in process of collection 13,894 17,122
18 Bank premises 1,367 1,366
Other assets
19 Denominated in foreign currencies(5) 16,151 16,155
20 All other(6) 17,996 18,307
21 Total assets 598,020 595,140
LIABILITIES
22 Federal Reserve notes 550,063 541,807
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 18,706 28,592
25 Depository institutions 14,654 19,494
26 U.S. Treasury--General account 3,716 8,780
27 Foreign--Official accounts 80 81
28 Other 256 237
29 Deferred credit items 11,064 6,379
30 Other liabilities and
accrued dividends(7) 4,514 4,465
31 Total liabilities 584,347 581,243
CAPITAL ACCOUNTS
32 Capital paid in 6,643 6,648
33 Surplus 6,432 6,432
34 Other capital accounts 598 818
35 Total liabilities and
capital accounts 598,020 595,140
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 815,736 811,652
38 LESS: Held by Federal
Reserve Banks 265,673 269,846
39 Federal Reserve notes, net 550,063 541,807
Collateral held against notes, net
40 Gold certificate account 11,048 11,048
41 Special drawing rights
certificate account 6,200 6,200
42 Other eligible assets 1,914 140
43 U.S. Treasury and agency securities 530,901 524,418
44 Total collateral 550,063 541,807
End of month
1999 2000
Account
Nov. 30 Dec. 31 Jan. 31
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,049 11,048 11,048
2 Special drawing rights
certificate account 7,200 6,200 6,200
3 Coin 237 207 357
Loans
4 To depository institutions 78 233 130
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 49,440 140,640 23,105
Federal agency obligations(3)
8 Bought outright 181 181 175
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 492,910 477,963 500,228
11 Bought outright(4) 492,910 477,963 500,228
12 Bills 198,278 176,517 197,131
13 Notes 213,270 218,467 219,013
14 Bonds 81,362 82,978 84,084
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 542,609 619,017 555,318
17 Items in process of collection 9,245 6,524 4,511
18 Bank premises 1,353 1,365 1,365
Other assets
19 Denominated in foreign currencies(5) 16,292 16,140 15,528
20 All other(6) 15,297 17,294 17,949
21 Total assets 603,282 77,795 580,597
LIABILITIES
22 Federal Reserve notes 555,595 600,662 538,768
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 20,517 53,760 21,789
25 Depository institutions 14,771 24,027 15,322
26 U.S. Treasury--General account 5,025 28,402 6,119
27 Foreign--Official accounts 501 71 82
28 Other 221 1261 265
29 Deferred credit items 8,552 6,117 1,939
30 Other liabilities and
accrued dividends(7) 4,600 4,392 4,461
31 Total liabilities 589,265 664,931 566,957
CAPITAL ACCOUNTS
32 Capital paid in 6,372 6,432 6,650
33 Surplus 5,952 6,432 6,314
34 Other capital accounts 1,694 0 676
35 Total liabilities and
capital accounts 603,282 677,795 580,597
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 825,379 821,959 809,367
38 LESS: Held by Federal
Reserve Banks 269,785 221,297 270,599
39 Federal Reserve notes, net 555,595 600,662 538,768
Collateral held against notes, net
40 Gold certificate account 11,049 11,048 11,048
41 Special drawing rights
certificate account 7,200 6,200 6,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 537,346 583,414 521,520
44 Total collateral 555,595 600,662 538,768
(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 from cover.
(2.) Cash value of agreements arranged through third-party
custodial banks.
(3.) Face value of the securities.
(4.) Includes securities loaned--fully guaranteed by U.S. Treasury
securities pledged with Federal Reserve Banks--and includes
compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities. Excludes securities
sold and scheduled to be bought back under matched sale-purchase
transactions.
(5.) Valued monthly at market exchange rates.
(6.) Includes special investment account at the Federal Reserve
Bank of Chicago in Treasury bills maturing within ninety days.
(7.) Includes exchange-translation account reflecting the
monthly revaluation at market exchange rates of foreign
exchange commitments.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and
Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 1999 2000
Dec. 29 Jan. 5 Jan. 12
1 Total loans 2,872 181 1,001
2 Within fifteen days(1) 2,851 130 960
3 Sixteen days to ninety days 10 40 41
4 91 days to 1 year 11 12 0
5 Total U.S. Treasury securities(2) 483,417 486,948 485,719
6 Within fifteen days(1) 15,634 19,687 14,511
7 Sixteen days to ninety days 83,448 89,363 88,470
8 Ninety-one days to one year 141,030 136,351 141,191
9 One year to five years 125,929 124,169 124,169
10 Five years to ten years 51,106 51,107 51,107
11 More than ten years 66,270 66,270 66,271
12 Total federal agency obligations 181 181 181
13 Within fifteen days(1) 0 0 6
14 Sixteen days to ninety days 31 31 35
15 Ninety-one days to one year 20 20 10
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 0 0 0
End of
Wednesday month
2000 1999
Type of holding and maturity
Jan. 19 Jan. 26 Nov. 30
1 Total loans 171 198 78
2 Within fifteen days(1) 159 175 46
3 Sixteen days to ninety days 13 23 31
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities(2) 496,110 499,138 492,910
6 Within fifteen days(1) 15,541 16,070 8,277
7 Sixteen days to ninety days 98,302 100,111 102,802
8 Ninety-one days to one year 141,916 141,636 143,889
9 One year to five years 124,169 124,330 122,413
10 Five years to ten years 49,910 50,720 50,520
11 More than ten years 66,271 66,271 65,010
12 Total federal agency obligations 181 175 181
13 Within fifteen days(1) 6 25 0
14 Sixteen days to ninety days 35 10 31
15 Ninety-one days to one year 10 10 20
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 0 0 0
End of month
Type of holding and maturity 1999 2000
Dec. 31 Jan. 31
1 Total loans 233 130
2 Within fifteen days(1) 207 101
3 Sixteen days to ninety days 20 29
4 91 days to 1 year 7 0
5 Total U.S. Treasury securities(2) 477,963 500,228
6 Within fifteen days(1) 4,632 20,547
7 Sixteen days to ninety days 91,919 100,224
8 Ninety-one days to one year 139,866 136,588
9 One year to five years 124,169 124,808
10 Five years to ten years 51,107 50,720
11 More than ten years 66,270 67,340
12 Total federal agency obligations 181 175
13 Within fifteen days(1) 0 25
14 Sixteen days to ninety days 31 10
15 Ninety-one days to one year 20 10
16 One year to five years 10 10
17 Five years to ten years 120 120
18 More than ten years 0 0
(1.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of
the agreements,
(2.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures
Item 1996 1997 1998
Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 50.16 49.86 44.90
2 Nonborrowed reserves(4) 50.01 46.54 44.79
3 Nonborrowed reserves plus
extended credits(5) 50.01 46.54 44.79
4 Required reserves 48.75 45.18 43.32
5 Monetary base(6) 451.61(r) 479.16(r) 512.59(r)
Not seasonally adjusted
6 Total reserves(7) 51.45 48.01 45.12
7 Nonborrowed reserves 51.30 47.69 45.00
8 Nonborrowed reserves plus
extended credit(5) 51.30 47.69 45.00
9 Required reserves(8) 50.04 46.33 43.54
10 Monetary base(9) 456.63 484.98 518.28
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 51.17 47.92 45.02
12 Nonborrowed reserves 51.02 47.60 44.90
13 Nonborrowed reserves plus
extended credit(5) 51.02 47.60 44.90
14 Required reserves 49.76 46.24 43.44
15 Monetary base(12) 463.40 491.79 525.06
16 Excess reserves(13) 1.42 1.69 1.58
17 Borrowings from the
Federal Reserve .16 .32 .12
Item 1999(r) 1999
Dec.
June July
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.52 42.87 41.98
2 Nonborrowed reserves(4) 41.20 42.72 41.67
3 Nonborrowed reserves plus
extended credits(5) 41.20 42.72 41.67
4 Required reserves 40.21 41.61 40.90
5 Monetary base(6) 590.82 537.15(r) 541.25(r)
Not seasonally adjusted
6 Total reserves(7) 41.72 42.43 41.85
7 Nonborrowed reserves 41.40 42.29 41.54
8 Nonborrowed reserves plus
extended credit(5) 41.40 42.29 41.54
9 Required reserves(8) 40.41 41.17 40.77
10 Monetary base(9) 600.45 535.88 540.98
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.64 42.39 41.80
12 Nonborrowed reserves 41.32 42.25 41.49
13 Nonborrowed reserves plus
extended credit(5) 41.32 42.25 41.49
14 Required reserves 40.33 41.13 40.73
15 Monetary base(12) 607.92 542.82 548.07
16 Excess reserves(13) 1.31 1.26 1.08
17 Borrowings from the
Federal Reserve .32 .15 .31
Item 1999
Aug. Sept. Oct.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 42.07 42.11 40.94
2 Nonborrowed reserves(4) 41.72 41.77 40.66
3 Nonborrowed reserves plus
extended credits(5) 41.72 41.77 40.66
4 Required reserves 40.94 40.92 39.79
5 Monetary base(6) 544.63(r) 550.22(r) 557.74(r)
Not seasonally adjusted
6 Total reserves(7) 41.92 41.85 40.77
7 Nonborrowed reserves 41.58 41.51 40.49
8 Nonborrowed reserves plus
extended credit(5) 41.58 41.51 40.49
9 Required reserves(8) 40.79 40.65 39.62
10 Monetary base(9) 543.87 548.13 555.51
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.87 41.79 40.70
12 Nonborrowed reserves 41.53 41.45 40.42
13 Nonborrowed reserves plus
extended credit(5) 41.53 41.45 40.42
14 Required reserves 40.74 40.59 39.55
15 Monetary base(12) 550.86 555.19 562.64
16 Excess reserves(13) 1.13 1.20 1.15
17 Borrowings from the
Federal Reserve .34 .34 .28
Item 1999 2000
Nov. Dec.(r) Jan.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.20 41.52 43.32
2 Nonborrowed reserves(4) 40.96 41.20 42.95
3 Nonborrowed reserves plus
extended credits(5) 40.96 41.20 42.95
4 Required reserves 39.86 40.21 41.30
5 Monetary base(6) 569.73(r) 590.82 591.37
Not seasonally adjusted
6 Total reserves(7) 41.02 41.72 44.47
7 Nonborrowed reserves 40.78 41.40 44.10
8 Nonborrowed reserves plus
extended credit(5) 40.78 41.40 44.10
9 Required reserves(8) 39.68 40.41 42.45
10 Monetary base(9) 571.89(r) 600.45 596.92
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 40.94 41.64 44.48
12 Nonborrowed reserves 40.71 41.32 44.11
13 Nonborrowed reserves plus
extended credit(5) 40.71 41.32 44.11
14 Required reserves 39.61 40.33 42.46
15 Monetary base(12) 579.02(r) 607.92 604.66
16 Excess reserves(13) 1.33 1.31 2.02
17 Borrowings from the
Federal Reserve .24 .32 .37
(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 I), 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 reserve
requirements, a multiplicative procedure is used to estimate what
required reserves would have been in past periods had current
reserve requirements been in effect. Break-adjusted required reserves
include required reserves against transactions deposits and
nonpersonal time and savings deposits (but not reservable nondeposit
liabilities).
(9.) The break-adjusted monetary base equals (1) break-adjusted total
reserves (line 6), plus (2) the (unadjusted) currency component of
the money stock, plus (3) (for all quarterly reporters on the "Report
of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required
reserves) the break-adjusted difference between current vault cash
and the amount applied to satisfy current reserve
requirements.
(10.) Reflects actual reserve requirements, including those on
nondeposit liabilities, with no adjustments to eliminate the
effects of discontinuities associated with regulatory changes in
reserve requirements.
(11.) Reserve balances with Federal Reserve Banks plus vault cash
used to satisfy reserve requirements.
(12.) The monetary base, not break-adjusted and not seasonally
adjusted, consists of (1) total reserves (line 11), plus (2) required
clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the
money stock, plus (4) (for all quarterly reporters on the "Report
of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash
exceeds their required reserves) the difference between current
vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures
have been measured over the computation periods ending on Mondays.
(13.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).
1.21 MONEY STOCK AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures
1996(r) 1997(r)
Item Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,081.1 1,073.9
2 M2 3,822.9 4,040.8
3 M3 4,952.4 5,402.2
4 Debt 14,463.6 15,227.9
M1 components
5 Currency(3) 394.3 424.8
6 Travelers checks(4) 8.3 8.1
7 Demand deposits(5) 402.3 395.3
8 Other checkable deposits(6) 276.1 245.8
Nontransaction components
9 In M2(7) 2,741.8 2,966.9
10 In M3 only(8) 1,129.5 1,361.3
Commercial banks
11 Savings deposits, including MMDAs 904.0 1,020.5
12 Small time deposits(9) 593.3 625.4
13 Large time deposits(10,11) 413.9 488.3
Thrift institutions
14 Savings deposits, including MMDAs 366.6 376.6
15 Small time deposits(9) 353.6 342.8
16 Large time deposits(10) 78.3 85.6
Money market mutual funds
17 Retail 524.4 601.7
18 Institution-only 312.0 380.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 210.7 256.0
20 Eurodollars(12) 114.6 150.7
Debt components
21 Federal debt 3,781.3 3,800.3
22 Nonfederal debt 10,682.3 11,427.6
Not seasonally adjusted
Measures(2)
23 M1 1,105.1 1,097.7
24 M2 3,845.1 4,063.9
25 M3 4,973.4 5,426.1
26 Debt 14,460.3 15,224.9
M1 components
27 Currency(3) 397.9 428.9
28 Travelers checks(4) 8.6 8.3
29 Demand deposits(5) 419.9 412.4
30 Other checkable deposits(6) 278.8 248.2
Nontransaction components
31 In M2(7) 2,740.0 2,966.3
32 In M3 only(8) 1,128.2 1,362.2
Commercial banks
33 Savings deposits, including MMDAs 903.3 1,020.4
34 Small time deposits(9) 592.7 625.3
35 Large time deposits(10) 413.2 487.2
Thrift institutions
36 Savings deposits, including MMDAs 366.3 376.5
37 Small time deposits(9) 353.2 342.8
38 Large time deposits(10,11) 78.1 85.4
Money market mutual funds
39 Retail 524.3 601.3
40 Institution-only 315.6 386.7
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 205.7 250.5
42 Eurodollars(12) 115.7 152.3
Debt components
43 Federal debt 3,787.9 3,805.8
44 Nonfederal debt 10,672.4 11,419.2
1998(r) 1999(r)
Item Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,097.4 1,125.4
2 M2 4,397.0 4,661.1
3 M3 5,997.0 6,471.5
4 Debt 16,250.4 17,323.0
M1 components
5 Currency(3) 459.5 517.5
6 Travelers checks(4) 8.2 8.3
7 Demand deposits(5) 379.3 356.0
8 Other checkable deposits(6) 250.3 243.7
Nontransaction components
9 In M2(7) 3,299.6 3,535.7
10 In M3 only(8) 1,599.9 1,810.4
Commercial banks
11 Savings deposits, including MMDAs 1,184.8 1,285.2
12 Small time deposits(9) 626.1 634.2
13 Large time deposits(10,11) 539.3 614.9
Thrift institutions
14 Savings deposits, including MMDAs 413.8 448.8
15 Small time deposits(9) 325.6 320.0
16 Large time deposits(10) 88.9 91.6
Money market mutual funds
17 Retail 749.4 847.6
18 Institution-only 518.4 607.4
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 300.9 329.2
20 Eurodollars(12) 152.6 167.2
Debt components
21 Federal debt 3,750.8 3,658.9
22 Nonfederal debt 12,499.6 13,664.1
Not seasonally adjusted
Measures(2)
23 M1 1,121.3 1,149.9
24 M2 4,422.2 4,689.4
25 M3 6,026.5 6,506.6
26 Debt 16,247.3 17,323.5
M1 components
27 Currency(3) 464.1 523.1
28 Travelers checks(4) 8.4 8.4
29 Demand deposits(5) 395.9 372.0
30 Other checkable deposits(6) 252.8 246.4
Nontransaction components
31 In M2(7) 3,300.9 3,539.5
32 In M3 only(8) 1,604.3 1,817.2
Commercial banks
33 Savings deposits, including MMDAs 1,186.0 1,288.0
34 Small time deposits(9) 626.5 635.0
35 Large time deposits(10,11) 537.8 613.0
Thrift institutions
36 Savings deposits, including MMDAs 414.2 449.8
37 Small time deposits(9) 325.8 320.4
38 Large time deposits(10) 88.6 91.3
Money market mutual funds
39 Retail 748.3 846.3
40 Institution-only 527.9 618.9
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 295.5 324.6
42 Eurodollars(12) 154.5 169.3
Debt components
43 Federal debt 3,754.9 3,662.5
44 Nonfederal debt 12,492.3 13,661.0
1999(r)
Item
Oct. Nov.
Seasonally adjusted
Measures(2)
1 M1 1,101.2 1,110.2
2 M2 4,612.1 4,632.2
3 M3 6,311.4 6,388.1
4 Debt 17,154.1 17,223.2
M1 components
5 Currency(3) 499.8 505.5
6 Travelers checks(4) 8.4 8.2
7 Demand deposits(5) 353.1 355.7
8 Other checkable deposits(6) 239.9 240.9
Nontransaction components
9 In M2(7) 3,510.9 3,522.0
10 In M3 only(8) 1,699.3 1,756.0
Commercial banks
11 Savings deposits, including MMDAs 1,289.7 1,288.7
12 Small time deposits(9) 626.4 630.5
13 Large time deposits(10,11) 565.5 593.5
Thrift institutions
14 Savings deposits, including MMDAs 453.2 451.6
15 Small time deposits(9) 316.3 318.4
16 Large time deposits(10) 89.6 91.1
Money market mutual funds
17 Retail 825.4 832.7
18 Institution-only 577.7 592.1
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 312.7 318.7
20 Eurodollars(12) 153.8 160.5
Debt components
21 Federal debt 3,680.1 3,656.5
22 Nonfederal debt 13,473.9 13,566.7
Not seasonally adjusted
Measures(2)
23 M1 1,095.1 1,113.7
24 M2 4,597.4 4,634.5
25 M3 6,290.8 6,399.7
26 Debt 17,103.3 17,202.1
M1 components
27 Currency(3) 498.9 506.3
28 Travelers checks(4) 8.4 8.3
29 Demand deposits(5) 350.5 359.0
30 Other checkable deposits(6) 237.4 240.0
Nontransaction components
31 In M2(7) 3,502.2 3,520.8
32 In M3 only(8) 1,693.5 1,765.2
Commercial banks
33 Savings deposits, including MMDAs 1,285.1 1,288.4
34 Small time deposits(9) 627.4 632.0
35 Large time deposits(10,11) 569.8 596.6
Thrift institutions
36 Savings deposits, including MMDAs 451.5 451.5
37 Small time deposits(9) 316.8 319.1
38 Large time deposits(10) 90.3 91.6
Money market mutual funds
39 Retail 821.4 829.7
40 Institution-only 570.9 595.1
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 310.1 321.3
42 Eurodollars(12) 152.4 160.7
Debt components
43 Federal debt 3,635.4 3,641.4
44 Nonfederal debt 13,467.9 13,560.7
1999(r) 2000
Item
Dec. Jan.
Seasonally adjusted
Measures(2)
1 M1 1,125.4 1,121.9
2 M2 4,661.1 4,684.4
3 M3 6,471.5 6,513.6
4 Debt 17,323.0 n.a.
M1 components
5 Currency(3) 517.5 525.4
6 Travelers checks(4) 8.3 8.2
7 Demand deposits(5) 356.0 345.5
8 Other checkable deposits(6) 243.7 242.7
Nontransaction components
9 In M2(7) 3,535.7 3,562.5
10 In M3 only(8) 1,810.4 1,829.2
Commercial banks
11 Savings deposits, including MMDAs 1,285.2 1,287.5
12 Small time deposits(9) 634.2 638.4
13 Large time deposits(10,11) 614.9 620.9
Thrift institutions
14 Savings deposits, including MMDAs 448.8 447.3
15 Small time deposits(9) 320.0 322.2
16 Large time deposits(10) 91.6 94.4
Money market mutual funds
17 Retail 847.6 867.0
18 Institution-only 607.4 623.5
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 329.2 320.8
20 Eurodollars(12) 167.2 169.6
Debt components
21 Federal debt 3,658.9 n.a.
22 Nonfederal debt 13,664.1 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,149.9 1,128.6
24 M2 4,689.4 4,694.9
25 M3 6,506.6 6,529.8
26 Debt 17,323.5 n.a.
M1 components
27 Currency(3) 523.1 524.2
28 Travelers checks(4) 8.4 8.4
29 Demand deposits(5) 372.0 350.2
30 Other checkable deposits(6) 246.4 245.8
Nontransaction components
31 In M2(7) 3,539.5 3,566.3
32 In M3 only(8) 1,817.2 1,834.9
Commercial banks
33 Savings deposits, including MMDAs 1,288.0 1,285.7
34 Small time deposits(9) 635.0 640.0
35 Large time deposits(10,11) 613.0 611.9
Thrift institutions
36 Savings deposits, including MMDAs 449.8 446.7
37 Small time deposits(9) 320.4 323.0
38 Large time deposits(10) 91.3 93.0
Money market mutual funds
39 Retail 846.3 870.9
40 Institution-only 618.9 638.2
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 324.6 321.0
42 Eurodollars(12) 169.3 170.8
Debt components
43 Federal debt 3,662.5 n.a.
44 Nonfederal debt 13,661.0 n.a.
NOTES TO TABLE 1.21
(1.) Latest monthly and weekly figures are available from the Board's
H.6 (508)weekly statistical release. Historical data starting in 1959
are available from the Money and Reserves Projections Section,
Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
(2.) Composition of the money stock measures and debt is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions, (2) travelers checks of nonbank
issuers, (3) demand deposits at all commercial banks other than those
owed to depository institutions, the U.S. government, and foreign banks
and official institutions, less cash items in the process of collection
and Federal Reserve float, and (4) other checkable deposits (OCDs),
consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions, credit
union share draft accounts, and demand deposits at thrift institutions.
Seasonally adjusted M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.
M2: M1 plus (1) savings deposits (including MMDAs), (2)
small-denomination time deposits (time deposits--including retail
RPs--in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market
funds. Seasonally adjusted M2 is calculated by summing savings
deposits, small-denomination time deposits, and retail money fund
balances, each seasonally adjusted separately, and adding this result
to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) Eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and
Canada. Excludes amounts held by depository institutions, the U.S.
government, money market funds, and foreign banks and official
institutions. Seasonally adjusted M3 is calculated by summing large
time deposits, institutional money fund balances, RP liabilities, and
Eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government,
not including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and
vaults of depository institutions.
(4.) Outstanding amount of U.S. dollar-denominated travelers checks of
nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
(5.) Demand deposits at commercial banks and foreign-related
institutions other than those owed to depository institutions, the
U.S. government, and foreign banks and official institutions, less cash
items in the process of collection and Federal Reserve float.
(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.
(7.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.
(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) Eurodollars (overnight and term) of U.S.
addressees.
(9.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small
time deposits.
(10.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(11.) Large time deposits at commercial banks less those held by
money market funds, depository institutions, the U.S. government, and
foreign banks and official institutions.
(12.) Includes both overnight and term.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 4,539.5 4,550.0 4,583.0 4,607.7
2 Securities in
bank credit 1,217.2 1,227.2 1,242.4 1,246.6
3 U.S. government
securities 796.0 814.4 820.1 817.7
4 Other securities 421.2 412.8 422.3 428.9
5 Loans and leases in
bank credit(2) 3,322.3 3,322.8 3,340.6 3,361.1
6 Commercial and
industrial 952.4 965.1 972.5 980.4
7 Real estate 1,345.1 1,366.8 1,379.1 1,395.8
8 Revolving home
equity 102.3 98.0 98.7 98.5
9 Other 1,242.9 1,268.7 1,280.5 1,297.3
10 Consumer 499.8 481.2 480.2 481.1
11 Security(3) 146.4 122.4 122.4 116.2
12 Other loans and
leases 378.5 387.3 386.4 387.6
13 Interbank loans 223.0 224.3 215.0 207.9
14 Cash assets(4) 258.8 259.0 253.7 264.0
15 Other assets(5) 353.5 347.0 344.9 355.3
16 Total assets(6) 5,316.8 5,322.2 5,338.0 5,375.7
Liabilities
17 Deposits 3,365.5 3,389.8 3,384.3 3,394.9
18 Transaction 665.4 648.6 635.9 634.0
19 Nontransaction 2,700.2 2,741.2 2,748.4 2,760.8
20 Large time 724.3 721.1 717.9 728.3
21 Other 1,975.9 2,020.2 2,030.4 2,032.6
22 Borrowings 1,005.1 1,021.0 1,028.1 1,047.6
23 From banks in the U.S. 315.6 337.1 336.5 340.6
24 From others 689.5 683.9 691.7 707.0
25 Net due to related
foreign offices 213.2 217.0 222.5 218.3
26 Other liabilities 305.4 273.7 279.6 282.6
27 Total liabilities 4,889.2 4,901.6 4,914.6 4,943.4
28 Residual (assets less
liabilities)(7) 427.5 420.6 423.4 432.3
Not seasonally adjusted
Assets
29 Bank credit 4,548.5 4,534.0 4,561.9 4,597.8
30 Securities in
bank credit 1,219.7 1,216.0 1,229.5 1,235.4
31 U.S. government
securities 796.3 806.6 808.3 807.5
32 Other securities 423.4 409.5 421.2 427.9
33 Loans and leases in
bank credit(2) 3,328.7 3,317.9 3,332.4 3,362.4
34 Commercial and
industrial 951.3 962.7 963.8 976.5
35 Real estate 1,344.2 1,367.8 1,381.7 1,399.4
36 Revolving home
equity 102.3 97.9 98.9 99.2
37 Other 1,241.8 1,269.9 1,282.9 1,300.2
38 Consumer 506.0 478.8 481.3 484.1
39 Security(3) 146.5 120.4 118.7 112.8
40 Other loans and
leases 380.8 388.2 386.9 389.5
41 Interbank loans 225.9 218.1 207.3 204.4
42 Cash assets(4) 271.8 251.2 243.4 261.3
43 Other assets(5) 346.1 349.7 347.7 357.4
44 Total assets(6) 5,334.7 5,294.8 5,301.4 5,361.4
Liabilities
45 Deposits 3,364.8 3,373.5 3,370.4 3,393.5
46 Transaction 680.2 637.9 619.6 628.2
47 Nontransaction 2,684.7 2,735.6 2,750.8 2,765.3
48 Large time 722.4 714.4 715.3 729.7
49 Other 1,962.3 2,021.3 2,035.5 2,035.5
50 Borrowings 1,021.3 1,011.7 1,004.7 1,042.5
51 From banks in the U.S. 320.6 332.5 329.3 336.9
52 From others 700.7 679.2 675.3 705.6
53 Net due to related
foreign offices 216.1 209.2 217.4 214.3
54 Other liabilities 306.3 272.9 279.6 281.6
55 Total liabilities 4,908.6 4,867.3 4,872.1 4,931.8
56 Residual (assets less
liabilities)(7) 426.1 427.5 429.4 429.6
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 112.7 92.0 96.5 98.5
58 Revaluation losses on
off-balance-sheet
items(8) 110.0 92.6 98.8 97.3
Monthly averages
Account 1999(r) 2000
Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 4,636.7 4,704.1 4,783.6 4,797.7
2 Securities in
bank credit 1,253.4 1,249.1 1,267.9 1,261.4
3 U.S. government
securities 812.7 798.9 803.9 807.0
4 Other securities 440.7 450.3 463.9 454.4
5 Loans and leases in
bank credit(2) 3,383.3 3,455.0 3,515.7 3,536.3
6 Commercial and
industrial 985.8 1,005.5 1,007.9 1,011.6
7 Real estate 1,418.4 1,433.0 1,471.0 1,490.7
8 Revolving home
equity 99.1 100.6 106.1 109.6
9 Other 1,319.3 1,332.3 1,365.0 1,381.2
10 Consumer 481.5 485.1 495.6 502.9
11 Security(3) 111.0 134.0 155.4 146.7
12 Other loans and
leases 386.5 397.5 385.7 384.2
13 Interbank loans 218.6 214.3 218.4 214.7
14 Cash assets(4) 271.2 277.7 292.2 285.0
15 Other assets(5) 358.1 366.0 370.9 386.7
16 Total assets(6) 5,425.4 5,502.7 5,605.0 5,624.7
Liabilities
17 Deposits 3,435.0 3,479.8 3,531.1 3,551.3
18 Transaction 631.1 623.9 630.7 622.9
19 Nontransaction 2,803.9 2,855.9 2,900.3 2,928.4
20 Large time 766.8 804.6 835.1 847.6
21 Other 2,037.1 2,051.3 2,065.2 2,080.8
22 Borrowings 1,051.0 1,065.9 1,126.5 1,133.5
23 From banks in the U.S. 351.0 352.7 349.8 362.3
24 From others 700.0 713.2 776.7 771.2
25 Net due to related
foreign offices 219.7 226.1 221.5 227.7
26 Other liabilities 289.8 295.6 297.8 282.5
27 Total liabilities 4,995.5 5,067.5 5,176.9 5,195.0
28 Residual (assets less
liabilities)(7) 429.9 435.2 428.1 429.6
Not seasonally adjusted
Assets
29 Bank credit 4,641.3 4,718.2 4,799.9 4,807.8
30 Securities in
bank credit 1,250.0 1,255.6 1,271.9 1,266.3
31 U.S. government
securities 807.1 801.0 805.2 808.3
32 Other securities 442.9 454.5 466.7 458.1
33 Loans and leases in
bank credit(2) 3,391.3 3,462.6 3,528.0 3,541.5
34 Commercial and
industrial 986.9 1,005.5 1,007.0 1,009.8
35 Real estate 1,422.1 1,437.7 1,473.5 1,490.1
36 Revolving home
equity 99.8 101.5 106.5 109.6
37 Other 1,322.3 1,336.2 1,367.0 1,380.5
38 Consumer 482.2 485.3 500.5 508.7
39 Security(3) 111.9 135.4 157.5 146.6
40 Other loans and
leases 388.2 398.6 389.4 386.3
41 Interbank loans 215.2 220.9 224.9 216.0
42 Cash assets(4) 271.5 285.0 309.0 298.5
43 Other assets(5) 355.5 364.5 371.8 378.6
44 Total assets(6) 5,424.2 5,528.9 5,645.4 5,641.9
Liabilities
45 Deposits 3,437.5 3,506.2 3,563.4 3,549.0
46 Transaction 622.9 633.6 663.3 637.0
47 Nontransaction 2,814.6 2,872.6 2,900.2 2,911.9
48 Large time 768.4 809.8 841.0 845.4
49 Other 2,046.3 2,062.8 2,059.2 2,066.6
50 Borrowings 1,053.7 1,072.9 1,129.1 1,152.1
51 From banks in the U.S. 348.7 357.1 356.2 368.1
52 From others 705.1 715.8 772.9 784.0
53 Net due to related
foreign offices 221.4 227.8 227.1 230.6
54 Other liabilities 288.4 295.8 298.6 283.4
55 Total liabilities 5,001.0 5,102.7 5,218.2 5,215.0
56 Residual (assets less
liabilities)(7) 423.2 426.3 427.2 426.9
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 100.3 100.4 104.3 101.1
58 Revaluation losses on
off-balance-sheet
items(8) 98.1 99.2 102.6 99.7
Wednesday figures
Account 2000
Jan. 5 Jan. 12 Jan. 19 Jan. 26
Seasonally adjusted
Assets
1 Bank credit 4,773.6 4,794.9 4,796.6 4,809.2
2 Securities in
bank credit 1,260.7 1,262.2 1,261.1 1,265.8
3 U.S. government
securities 801.2 807.4 805.7 812.6
4 Other securities 459.5 454.8 455.4 453.2
5 Loans and leases in
bank credit(2) 3,512.9 3,532.7 3,535.5 3,543.4
6 Commercial and
industrial 999.1 1,007.1 1,012.6 1,017.3
7 Real estate 1,483.1 1,490.0 1,494.9 1,489.5
8 Revolving home
equity 108.3 109.2 109.5 110.0
9 Other 1,374.9 1,380.8 1,385.3 1,379.5
10 Consumer 500.1 500.0 501.8 506.4
11 Security(3) 147.6 153.1 143.0 143.8
12 Other loans and
leases 382.9 382.5 383.3 386.4
13 Interbank loans 209.5 208.9 208.7 226.6
14 Cash assets(4) 283.5 292.2 288.7 284.3
15 Other assets(5) 378.6 389.2 389.1 387.2
16 Total assets(6) 5,584.8 5,625.4 5,624.2 5,648.2
Liabilities
17 Deposits 3,530.3 3,546.4 3,562.8 3,549.3
18 Transaction 594.3 614.2 641.4 641.3
19 Nontransaction 2,936.0 2,932.3 2,921.4 2,908.0
20 Large time 852.1 851.3 844.1 841.4
21 Other 2,083.8 2,080.9 2,077.3 2,066.5
22 Borrowings 1,138.9 1,149.7 1,115.5 1,132.7
23 From banks in the U.S. 360.7 360.3 357.2 370.0
24 From others 778.2 789.4 758.3 762.7
25 Net due to related
foreign offices 230.1 220.8 234.7 232.3
26 Other liabilities 283.9 284.2 276.7 276.6
27 Total liabilities 5,183.1 5,201.2 5,189.6 5,190.8
28 Residual (assets less
liabilities)(7) 401.8 424.2 434.6 457.4
Not seasonally adjusted
Assets
29 Bank credit 4,795.3 4,808.2 4,808.4 4,807.3
30 Securities in
bank credit 1,266.9 1,267.9 1,264.4 1,268.2
31 U.S. government
securities 802.3 808.6 806.2 812.3
32 Other securities 464.6 459.2 458.3 455.8
33 Loans and leases in
bank credit(2) 3,528.5 3,540.3 3,544.0 3,539.1
34 Commercial and
industrial 1,001.7 1,003.5 1,010.5 1,013.2
35 Real estate 1,482.7 1,492.1 1,495.6 1,486.6
36 Revolving home
equity 108.5 109.3 109.6 110.0
37 Other 1,374.2 1,382.8 1,385.9 1,376.7
38 Consumer 506.9 506.8 507.9 511.8
39 Security(3) 146.5 153.6 143.4 142.8
40 Other loans and
leases 390.7 384.2 386.7 384.7
41 Interbank loans 216.1 212.1 212.0 220.9
42 Cash assets(4) 310.2 299.2 323.3 282.8
43 Other assets(5) 376.5 377.1 378.8 376.0
44 Total assets(6) 5,638.2 5,637.2 5,664.0 5,628.1
Liabilities
45 Deposits 3,573.0 3,554.6 3,573.5 3,503.2
46 Transaction 643.5 630.3 668.6 624.3
47 Nontransaction 2,929.5 2,924.3 2,904.9 2,878.9
48 Large time 850.6 850.0 840.3 839.7
49 Other 2,078.9 2,074.4 2,064.6 2,039.2
50 Borrowings 1,137.3 1,152.9 1,148.4 1,164.0
51 From banks in the U.S. 362.5 362.9 367.4 378.1
52 From others 774.8 790.0 781.0 786.0
53 Net due to related
foreign offices 221.8 219.5 235.2 251.2
54 Other liabilities 284.7 284.8 276.9 277.8
55 Total liabilities 5,216.8 5,211.8 5,234.0 5,196.1
56 Residual (assets less
liabilities)(7) 421.4 425.4 430.0 432.0
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 101.3 99.2 100.5 100.3
58 Revaluation losses on
off-balance-sheet
items(8) 99.2 97.8 98.7 98.4
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 3,956.3 4,027.2 4,058.9 4,088.5
2 Securities in
bank credit 1,005.5 1,036.7 1,052.3 1,057.1
3 U.S. government
securities 710.0 728.2 736.0 735.9
4 Other securities 295.5 308.6 316.3 321.2
5 Loans and leases in
bank credit(2) 2,950.8 2,990.5 3,006.6 3,031.4
6 Commercial and
industrial 738.6 771.8 777.0 783.3
7 Real estate 1,323.7 1,348.2 1,361.5 1,378.2
8 Revolving home
equity 102.3 98.0 98.7 98.5
9 Other 1,221.4 1,250.2 1,262.8 1,279.7
10 Consumer 499.8 481.2 480.2 481.1
11 Security(3) 83.0 69.6 67.5 64.7
12 Other loans and
leases 305.6 319.6 320.4 324.0
13 Interbank loans 193.6 196.8 189.3 185.0
14 Cash assets(4) 222.6 222.6 214.3 221.7
15 Other assets(5) 315.0 314.8 315.9 326.0
16 Total assets(6) 4,629.8 4,703.5 4,720.1 4,762.3
Liabilities
17 Deposits 3,048.5 3,080.7 3,075.4 3,084.0
18 Transaction 653.5 637.7 624.9 623.2
19 Nontransaction 2,395.0 2,443.0 2,450.5 2,460.8
20 Large time 420.2 425.7 424.0 433.4
21 Other 1,974.8 2,017.3 2,026.4 2,027.4
22 Borrowings 810.6 846.2 853.4 876.0
23 From banks in the U.S. 294.4 312.7 312.9 315.4
24 From others 516.1 533.5 540.5 560.6
25 Net due to related
foreign offices 111.8 145.2 150.5 152.2
26 Other liabilities 230.5 211.0 218.0 218.0
27 Total liabilities 4,201.3 4,283.1 4,297.3 4,330.2
28 Residual (assets less
liabilities)(7) 428.5 420.5 422.8 432.2
Not seasonally adjusted
Assets
29 Bank credit 3,961.8 4,014.4 4,041.6 4,079.5
30 Securities in
bank credit 1,007.8 1,027.2 1,040.7 1,046.6
31 U.S. government
securities 710.6 720.8 725.2 726.7
32 Other securities 297.2 306.4 315.5 319.9
33 Loans and leases in
bank credit(2) 2,954.0 2,987.2 3,000.9 3,032.9
34 Commercial and
industrial 735.6 770.2 770.1 779.7
35 Real estate 1,322.6 1,349.4 1,364.2 1,381.8
36 Revolving home
equity 102.3 97.9 98.9 99.2
37 Other 1,220.2 1,251.6 1,265.3 1,282.6
38 Consumer 506.0 478.8 481.3 484.1
39 Security(3) 83.2 68.0 63.7 61.2
40 Other loans and
leases 306.6 320.8 321.7 326.0
41 Interbank loans 196.5 190.5 181.6 181.5
42 Cash assets(4) 235.2 214.9 204.3 219.2
43 Other assets(5) 307.3 318.2 318.1 327.7
44 Total assets(6) 4,643.5 4,680.1 4,687.0 4,748.8
Liabilities
45 Deposits 3,050.4 3,066.9 3,064.1 3,083.0
46 Transaction 668.2 627.1 608.7 616.8
47 Nontransaction 2,382.1 2,439.8 2,455.4 2,466.2
48 Large time 421.8 420.8 422.2 433.0
49 Other 1,960.3 2,019.0 2,033.2 2,033.3
50 Borrowings 826.8 836.9 829.9 870.9
51 From banks in the U.S. 299.4 308.1 305.8 311.7
52 From others 527.3 528.8 524.2 559.2
53 Net due to related
foreign offices 112.0 139.9 147.5 149.8
54 Other liabilities 231.1 211.1 217.7 217.3
55 Total liabilities 4,220.3 4,254.7 4,259.3 4,321.0
56 Residual (assets less
liabilities)(7) 423.2 425.4 427.7 427.8
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 66.5 54.4 58.4 60.1
58 Revaluation losses on
off-balance-sheet
items(8) 67.2 56.3 62.5 59.8
59 Mortgaged-backed
securities(9) 342.7 339.1 343.2 345.9
Monthly Averages
Account 1999(r) 2000
Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 4,108.9 4,155.5 4,227.1 4,250.1
2 Securities in
bank credit 1,060.2 1,051.2 1,062.3 1,064.0
3 U.S. government
securities 730.6 719.2 722.1 727.8
4 Other securities 329.6 332.1 340.1 336.3
5 Loans and leases in
bank credit(2) 3,048.8 3,104.3 3,164.8 3,186.0
6 Commercial and
industrial 786.9 804.6 812.3 815.8
7 Real estate 1,400.6 1,415.6 1,453.7 1,473.2
8 Revolving home
equity 99.1 100.6 106.1 109.6
9 Other 1,301.5 1,314.9 1,347.6 1,363.6
10 Consumer 481.5 485.1 495.6 502.9
11 Security(3) 56.2 68.7 88.5 80.0
12 Other loans and
leases 323.5 330.3 314.8 314.1
13 Interbank loans 195.7 191.5 192.9 188.5
14 Cash assets(4) 225.5 225.5 235.6 230.0
15 Other assets(5) 326.3 331.2 333.3 347.2
16 Total assets(6) 4,797.4 4,844.4 4,929.1 4,956.5
Liabilities
17 Deposits 3,102.8 3,120.9 3,152.3 3,163.1
18 Transaction 619.6 612.6 619.2 611.7
19 Nontransaction 2,483.2 2,508.3 2,533.0 2,551.3
20 Large time 447.9 458.8 468.6 471.9
21 Other 2,035.3 2,049.4 2,064.4 2,079.4
22 Borrowings 873.4 879.6 945.3 952.1
23 From banks in the U.S. 328.2 325.7 324.4 339.4
24 From others 545.3 553.9 621.0 612.7
25 Net due to related
foreign offices 166.3 182.2 182.6 194.5
26 Other liabilities 224.1 228.3 227.4 214.8
27 Total liabilities 4,366.5 4,411.1 4,507.5 4,524.4
28 Residual (assets less
liabilities)(7) 430.9 433.4 421.6 432.1
Not seasonally adjusted
Assets
29 Bank credit 4,109.5 4,166.4 4,240.2 4,256.7
30 Securities in
bank credit 1,054.0 1,054.6 1,067.2 1,068.5
31 U.S. government
securities 725.0 720.9 723.1 729.3
32 Other securities 329.0 333.6 344.1 339.2
33 Loans and leases in
bank credit(2) 3,055.5 3,111.9 3,173.0 3,188.2
34 Commercial and
industrial 786.9 803.4 808.7 812.3
35 Real estate 1,404.1 1,420.1 1,456.1 1,472.4
36 Revolving home
equity 99.8 101.5 106.5 109.6
37 Other 1,304.3 1,318.6 1,349.7 1,362.8
38 Consumer 482.2 485.3 500.5 508.7
39 Security(3) 57.3 70.9 90.2 80.0
40 Other loans and
leases 324.9 332.1 317.5 314.9
41 Interbank loans 192.2 198.1 199.4 189.8
42 Cash assets(4) 225.2 232.0 249.9 242.8
43 Other assets(5) 323.8 329.5 332.7 338.7
44 Total assets(6) 4,791.8 4,866.7 4,962.4 4,969.2
Liabilities
45 Deposits 3,105.3 3,147.8 3,180.3 3,163.9
46 Transaction 611.4 622.4 651.4 625.8
47 Nontransaction 2,493.9 2,525.4 2,528.9 2,538.2
48 Large time 449.9 464.9 471.9 473.9
49 Other 2,044.0 2,060.5 2,057.0 2,064.2
50 Borrowings 876.2 886.6 948.0 970.7
51 From banks in the U.S. 325.8 330.1 330.8 345.2
52 From others 550.3 556.5 617.2 625.5
53 Net due to related
foreign offices 166.2 181.2 183.0 195.4
54 Other liabilities 223.2 227.6 226.7 215.5
55 Total liabilities 4,370.8 4,443.2 4,538.0 4,545.5
56 Residual (assets less
liabilities)(7) 420.9 423.4 424.5 423.7
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 60.9 59.8 64.5 62.7
58 Revaluation losses on
off-balance-sheet
items(8) 60.0 59.8 63.9 61.8
59 Mortgaged-backed
securities(9) 346.5 348.1 348.1 348.3
Wednesday figures
Account 2000
Jan. 5 Jan. 12 Jan. 19 Jan. 26
Seasonally adjusted
Assets
1 Bank credit 4,225.3 4,248.5 4,251.2 4,254.7
2 Securities in
bank credit 1,060.0 1,063.9 1,064.0 1,067.3
3 U.S. government
securities 720.8 727.6 727.7 732.0
4 Other securities 339.2 336.3 336. 335.3
5 Loans and leases in
bank credit(2) 3,165.2 3,184.6 3,187.2 3,187.5
6 Commercial and
industrial 805.8 812.4 815.9 820.4
7 Real estate 1,466.0 1,472.6 1,477.3 1,471.7
8 Revolving home
equity 108.3 109.2 109.5 110.0
9 Other 1,357.7 1,363.4 1,367.8 1,361.7
10 Consumer 500.1 500.0 501.8 506.4
11 Security(3) 81.1 88.5 78.2 72.7
12 Other loans and
leases 312.2 311.1 314.0 316.3
13 Interbank loans 182.3 182.3 185.1 200.8
14 Cash assets(4) 226.8 234.1 233.3 230.4
15 Other assets(5) 341.1 350.0 347.9 347.8
16 Total assets(6) 4,915.5 4,955.5 4,958.8 4,974.8
Liabilities
17 Deposits 3,138.3 3,151.2 3,178.0 3,166.0
18 Transaction 583.9 603.1 630.2 629.8
19 Nontransaction 2,554.4 2,548.1 2,547.8 2,536.2
20 Large time 472.4 469.1 471.4 470.7
21 Other 2,082.0 2,079.0 2,076.4 2,065.5
22 Borrowings 961.3 968.5 933.9 949.2
23 From banks in the U.S. 337.8 338.8 334.3 346.4
24 From others 623.6 629.7 599.6 602.8
25 Net due to related
foreign offices 191.9 189.8 198.2 197.5
26 Other liabilities 218.4 217.0 209.7 209.1
27 Total liabilities 4,509.8 4,526.6 4,519.8 4,521.8
28 Residual (assets less
liabilities)(7) 405.6 428.9 439.0 453.0
Not seasonally adjusted
Assets
29 Bank credit 4,240.2 4,258.0 4,260.3 4,252.3
30 Securities in
bank credit 1,065.8 1,068.6 1,067.8 1,070.0
31 U.S. government
securities 722.0 728.6 728.5 733.1
32 Other securities 343.8 340.0 339.2 337.0
33 Loans and leases in
bank credit(2) 3,174.4 3,189.4 3,192.6 3,182.3
34 Commercial and
industrial 804.7 806.9 812.4 815.5
35 Real estate 1,465.3 1,474.6 1,477.9 1,468.7
36 Revolving home
equity 108.5 109.3 109.6 110.0
37 Other 1,356.9 1,365.2 1,368.2 1,358.8
38 Consumer 506.9 506.8 507.9 511.8
39 Security(3) 79.5 89.3 78.4 72.4
40 Other loans and
leases 318.1 311.8 316.0 313.9
41 Interbank loans 188.9 185.5 188.4 195.0
42 Cash assets(4) 251.8 240.2 266.9 228.6
43 Other assets(5) 338.4 337.2 337.7 336.7
44 Total assets(6) 4,959.6 4,961.7 4,995.1 4,954.1
Liabilities
45 Deposits 3,182.8 3,163.1 3,193.4 3,122.1
46 Transaction 632.6 619.2 657.2 613.0
47 Nontransaction 2,550.2 2,543.9 2,536.2 2,509.1
48 Large time 473.5 471.8 473.8 472.1
49 Other 2,076.7 2,072.1 2,062.3 2,036.9
50 Borrowings 959.8 971.7 966.8 980.6
51 From banks in the U.S. 339.6 341.3 344.5 354.5
52 From others 620.2 630.4 622.3 626.1
53 Net due to related
foreign offices 179.9 186.9 198.0 213.0
54 Other liabilities 219.2 217.8 210.0 209.6
55 Total liabilities 4,541.6 4,539.6 4,568.3 4,525.3
56 Residual (assets less
liabilities)(7) 418.0 422.1 426.8 428.9
MEMO
57 Revaluation gains on
off-balance-sheet
items(8) 63.3 62.0 62.6 62.2
58 Revaluation losses on
off-balance-sheet
items(8) 62.0 61.2 61.6 61.1
59 Mortgaged-backed
securities(9) 349.8 349.7 347.5 348.2
C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 2,487.3 2,488.6 2,506.2 2,521.9
2 Securities in
bank credit 577.3 583.9 597.5 600.6
3 U.S. government
securities 389.3 391.3 399.0 397.3
4 Trading account 25.1 22.7 23.3 20.9
5 Investment account 364.3 368.6 375.8 376.4
6 Other securities 188.0 192.6 198.5 203.3
7 Trading account 91.4 73.6 77.5 78.1
8 Investment account 96.6 119.0 121.0 125.2
9 State and local
government 24.6 25.4 25.7 25.7
10 Other 71.9 93.5 95.3 99.5
11 Loans and leases in
bank credit(2) 1,910.0 1,904.7 1,908.7 1,921.4
12 Commercial and
industrial 547.9 569.6 573.1 576.5
13 Bankers acceptances 1.3 1.0 1.1 1.2
14 Other 546.6 568.6 572.0 575.3
15 Real estate 738.4 730.8 736.0 747.4
16 Revolving home
equity 74.1 68.7 69.3 69.1
17 Other 664.3 662.1 666.7 678.3
18 Consumer 309.4 286.6 284.2 282.3
19 Security(3) 77.7 64.7 62.6 59.8
20 Federal funds sold
to and repurchase
agreements
with broker-dealers 61.8 47.0 45.4 42.2
21 Other 15.9 17.8 17.2 17.6
22 State and local
government 11.7 12.0 12.2 12.3
23 Agricultural 9.1 8.7 8.9 9.2
24 Federal funds sold to
and repurchase
agreements with
others 13.4 4.8 7.9 11.2
25 All other loans 93.5 105.4 100.4 98.0
26 Lease-financing
receivables 108.9 121.9 123.3 124.7
27 Interbank loans 132.7 143.8 138.3 136.4
28 Federal funds sold to
and repurchase
agreements with
commercial banks 84.9 92.0 86.8 83.9
29 Other 47.8 51.8 51.5 52.6
30 Cash assets(4) 155.1 151.4 143.3 150.0
31 Other assets(5) 244.9 238.2 236.8 247.0
32 Total assets(6) 2,981.1 2,983.3 2,985.9 3,016.3
Liabilities
33 Deposits 1,728.4 1,720.7 1,707.5 1,713.6
34 Transaction 375.0 357.2 342.7 343.7
35 Nontransaction 1,353.4 1,363.5 1,364.8 1,369.9
36 Large time 234.1 231.8 227.3 235.2
37 Other 1,119.4 1,131.7 1,137.4 1,134.7
38 Borrowings 641.7 647.0 652.4 669.9
39 From banks in the U.S. 215.8 218.2 219.7 221.9
40 From others 425.8 428.8 432.7 448.1
41 Net due to related
foreign offices 108.7 140.9 147.0 148.8
42 Other liabilities 201.2 179.9 185.1 184.1
43 Total liabilities 2,680.0 2,688.5 2,692.0 2,716.3
44 Residual (assets less
liabilities)(7) 301.1 294.8 293.8 300.0
Not seasonally adjusted
Assets
45 Bank credit 2,499.4 2,474.5 2,486.7 2,509.7
46 Securities in
bank credit 580.4 576.1 587.5 592.5
47 U.S. government
securities 390.6 385.5 390.0 389.9
48 Trading account 25.2 20.9 22.2 20.7
49 Investment account 365.4 364.6 367.9 369.2
50 Mortgage-backed
securities 259.8 239.0 242.8 245.9
51 Other 105.5 125.5 125.1 123.2
52 One year or less 28.6 25.6 25.2 24.8
53 One to five
years 39.2 59.7 59.9 59.1
54 More than five
years 37.7 40.3 40.0 39.4
55 Other securities 189.8 190.6 197.4 202.6
56 Trading account 91.4 73.6 77.5 78.1
57 Investment account 98.4 117.0 120.0 124.5
58 State and local
government 24.8 25.0 25.4 25.6
59 Other 73.6 92.0 94.6 98.9
60 Loans and leases in
bank credit(2) 1,919.0 1,898.4 1,899.2 1,917.3
61 Commercial and
industrial 545.6 568.1 567.4 574.0
62 Bankers acceptances 1.3 1.0 1.1 1.2
63 Other 544.3 567.2 566.3 572.9
64 Real estate 741.2 730.0 736.6 747.6
65 Revolving home
equity 74.2 68.8 69.6 69.6
66 Other 415.3 402.5 407.2 412.1
67 Commercial 251.8 258.7 259.8 266.0
68 Consumer 314.6 284.8 284.8 284.1
69 Security(3) 77.8 63.1 58.8 56.3
70 Federal funds sold
to and repurchase
agreements
with broker-
dealers 62.4 45.4 41.9 38.9
71 Other 15.4 17.7 16.9 17.4
72 State and local
government 11.7 12.0 12.3 12.4
73 Agricultural 9.0 8.9 9.1 9.4
74 Federal funds sold
to and repurchase
agreements
with others 13.4 4.8 7.9 11.2
75 All other loans 95.1 105.1 99.6 98.6
76 Lease-financing
receivables 110.6 121.6 122.8 123.5
77 Interbank loans 135.6 141.6 133.2 134.1
78 Federal funds sold to
and repurchase
agreements with
commercial banks 88.5 88.4 81.9 81.9
79 Other 47.1 53.2 51.3 52.2
80 Cash assets(4) 164.4 145.5 136.5 148.8
81 Other assets(5) 240.2 240.4 238.3 248.2
82 Total assets(6) 3,001.2 2,963.4 2,955.7 3,001.6
Liabilities
83 Deposits 1,737.6 1,709.4 1,697.6 1,709.6
84 Transaction 385.3 350.5 333.4 340.3
85 Nontransaction 1,352.4 1,358.9 1,364.2 1,369.3
86 Large time 235.7 227.0 225.5 234.7
87 Other 1,116.7 1,132.0 1,138.6 1,134.6
88 Borrowings 657.4 637.9 628.9 662.2
89 From banks in the U.S. 220.1 214.4 213.3 217.7
90 From nonbanks
in the U.S. 437.3 423.5 415.6 444.5
91 Net due to related
foreign offices 109.0 135.7 144.0 146.4
92 Other liabilities 201.2 179.9 185.1 184.1
93 Total liabilities 2,705.2 2,662.9 2,655.7 2,702.2
94 Residual (assets less
liabilities)(7) 296.0 300.4 300.1 299.5
MEMO
95 Revaluation gains on
off-balance-sheet
items(8) 66.5 54.4 58.4 60.1
96 Revaluation losses on
off-balance-sheet
items(8) 67.2 56.3 62.5 59.8
97 Mortgaged-backed
securities(9) 288.6 273.9 278.3 280.7
98 Pass-through securities 196.2 183.3 186.9 185.5
99 CMOs, REMICs, and other
mortgage-backed
securities 92.4 90.7 91.4 95.2
100 Net unrealized gains (losses)
on available-for-sale
securities(10) 3.0 -3.3 -4.2 -4.9
101 Offshore credit to U.S.
residents(11) 38.9 36.3 32.2 27.8
Monthly averages
Account 1999(r) 2000
Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 2,520.9 2,562.4 2,622.3 2,623.9
2 Securities in
bank credit 601.5 597.5 610.4 606.9
3 U.S. government
securities 391.2 385.2 391.6 391.4
4 Trading account 20.0 18.0 19.4 21.4
5 Investment account 371.2 367.2 372.2 370.0
6 Other securities 210.3 212.4 218.7 215.5
7 Trading account 81.7 82.4 87.1 81.8
8 Investment account 128.5 129.9 131.7 133.7
9 State and local
government 25.8 26.4 26.4 26.7
10 Other 102.7 103.5 105.3 107.0
11 Loans and leases in
bank credit(2) 1,919.4 1,964.8 2,011.9 2,017.0
12 Commercial and
industrial 574.4 589.2 595.5 594.8
13 Bankers acceptances 1.1 1.1 1.1 1.1
14 Other 573.2 588.1 594.4 593.8
15 Real estate 758.1 766.7 798.6 809.9
16 Revolving home
equity 69.2 70.5 75.4 78.1
17 Other 689.0 696.2 723.2 731.8
18 Consumer 281.1 285.0 290.6 294.6
19 Security(3) 51.3 63.3 83.2 75.0
20 Federal funds sold
to and repurchase
agreements
with broker-dealers 34.2 45.2 63.4 53.9
21 Other 17.0 18.1 19.8 21.1
22 State and local
government 12.3 12.2 12.1 12.3
23 Agricultural 9.6 9.6 9.6 9.8
24 Federal funds sold to
and repurchase
agreements with
others 10.0 12.3 11.8 11.2
25 All other loans 95.6 97.4 80.5 79.2
26 Lease-financing
receivables 127.0 129.2 130.0 130.1
27 Interbank loans 149.8 141.4 141.6 138.8
28 Federal funds sold to
and repurchase
agreements with
commercial banks 92.4 73.8 70.9 66.0
29 Other 57.4 67.6 70.7 72.7
30 Cash assets(4) 154.1 152.9 159.5 160.4
31 Other assets(5) 243.2 248.9 250.2 259.7
32 Total assets(6) 3,029.0 3,066.6 3,134.4 3,144.3
Liabilities
33 Deposits 1,714.5 1,722.0 1,735.9 1,731.5
34 Transaction 340.0 335.6 343.4 336.9
35 Nontransaction 1,374.5 1,386.4 1,392.5 1,394.6
36 Large time 245.3 252.3 260.0 261.4
37 Other 1,129.2 1,134.1 1,132.5 1,133.2
38 Borrowings 667.1 674.5 732.9 732.4
39 From banks in the U.S. 238.4 237.9 236.9 250.0
40 From others 428.7 436.6 496.0 482.4
41 Net due to related
foreign offices 162.0 177.7 178.1 189.4
42 Other liabilities 189.9 194.3 193.1 181.9
43 Total liabilities 2,733.4 2,768.5 2,840.0 2,835.2
44 Residual (assets less
liabilities)(7) 295.7 298.0 294.4 309.1
Not seasonally adjusted
Assets
45 Bank credit 2,522.6 2,576.3 2,637.4 2,637.5
46 Securities in
bank credit 598.4 603.1 615.5 611.8
47 U.S. government
securities 388.6 389.2 392.5 393.4
48 Trading account 20.8 19.9 20.0 21.7
49 Investment account 367.8 369.3 372.5 371.7
50 Mortgage-backed
securities 244.0 244.4 244.2 242.5
51 Other 123.7 124.9 128.4 129.1
52 One year or less 25.6 23.9 25.2 26.0
53 One to five
years 59.9 60.6 61.5 61.1
54 More than five
years 38.3 40.4 41.7 42.0
55 Other securities 209.8 213.9 222.9 218.5
56 Trading account 81.7 82.4 87.1 81.8
57 Investment account 128.1 131.5 135.8 136.7
58 State and local
government 25.9 26.6 26.6 26.9
59 Other 102.2 104.9 109.2 109.7
60 Loans and leases in
bank credit(2) 1,924.2 1,973.2 2,021.9 2,025.7
61 Commercial and
industrial 575.8 589.5 592.8 592.1
62 Bankers acceptances 1.1 1.1 1.1 1.1
63 Other 574.7 588.4 591.7 591.0
64 Real estate 760.2 770.8 802.9 813.2
65 Revolving home
equity 69.7 71.1 75.6 78.2
66 Other 418.5 424.8 449.3 452.9
67 Commercial 272.0 275.0 278.0 282.1
68 Consumer 281.1 284.7 293.7 299.7
69 Security(3) 52.4 65.5 84.9 74.9
70 Federal funds sold
to and repurchase
agreements
with broker-
dealers 35.3 47.5 64.6 54.5
71 Other 17.1 18.0 20.2 20.4
72 State and local
government 12.4 12.3 12.2 12.3
73 Agricultural 9.7 9.6 9.6 9.7
74 Federal funds sold
to and repurchase
agreements
with others 10.0 12.3 11.8 11.2
75 All other loans 96.5 100.6 84.5 80.4
76 Lease-financing
receivables 126.0 127.8 129.5 132.1
77 Interbank loans 145.3 142.1 144.1 140.1
78 Federal funds sold to
and repurchase
agreements with
commercial banks 88.7 76.6 74.5 68.9
79 Other 56.6 65.5 69.6 71.2
80 Cash assets(4) 154.6 157.1 170.3 170.1
81 Other assets(5) 240.7 245.5 249.6 254.8
82 Total assets(6) 3,024.2 3,081.9 3,162.2 3,164.5
Liabilities
83 Deposits 1,713.1 1,736.3 1,759.3 1,740.6
84 Transaction 334.9 341.8 365.1 346.8
85 Nontransaction 1,378.2 1,394.6 1,394.2 1,393.8
86 Large time 247.3 258.3 263.3 263.4
87 Other 1,131.0 1,136.3 1,130.9 1,130.3
88 Borrowings 666.9 679.2 733.5 750.9
89 From banks in the U.S. 234.1 240.5 241.3 255.0
90 From nonbanks
in the U.S. 432.8 438.6 492.2 495.9
91 Net due to related
foreign offices 161.9 176.7 178.6 190.4
92 Other liabilities 189.9 194.3 193.1 181.9
93 Total liabilities 2,731.8 2,786.5 2,864.5 2,863.7
94 Residual (assets less
liabilities)(7) 292.4 295.4 297.7 300.8
MEMO
95 Revaluation gains on
off-balance-sheet
items(8) 60.9 59.8 64.5 62.7
96 Revaluation losses on
off-balance-sheet
items(8) 60.0 59.8 63.9 61.8
97 Mortgaged-backed
securities(9) 279.1 281.8 281.8 279.6
98 Pass-through securities 184.8 187.9 188.9 188.0
99 CMOs, REMICs, and other
mortgage-backed 94.2 93.9 92.9 91.5
securities
100 Net unrealized
gains (losses)
on available-for-sale
securities(10) -5.6 -5.8 -6.0 -7.4
101 Offshore credit to U.S.
residents(11) 26.7 24.8 24.0 23.2
Wednesday figures
Account 2000
Jan. 5 Jan. 12 Jan. 19 Jan. 26
Seasonally adjusted
Assets
1 Bank credit 2,608.0 2,621.7 2,625.6 2,625.7
2 Securities in
bank credit 605.8 606.4 607.5 608.5
3 U.S. government
securities 387.6 391.3 391.8 394.1
4 Trading account 18.9 19.1 20.4 23.9
5 Investment account 368.7 372.2 371.5 370.2
6 Other securities 218.2 215.1 215.6 214.4
7 Trading account 84.9 80.7 80.2 80.4
8 Investment account 133.3 134.5 135.4 134.0
9 State and local
government 26.4 26.6 26.8 26.8
10 Other 106.8 107.9 108.6 107.1
11 Loans and leases in
bank credit(2) 2,002.2 2,015.3 2,018.2 2,017.2
12 Commercial and
industrial 586.8 591.5 595.1 598.8
13 Bankers acceptances 1.1 1.1 1.1 1.0
14 Other 585.7 590.4 594.0 597.8
15 Real estate 806.9 809.5 814.0 807.7
16 Revolving home
equity 77.1 77.8 78.1 78.5
17 Other 729.8 731.7 735.9 729.2
18 Consumer 291.4 291.6 293.5 297.7
19 Security(3) 76.1 83.4 73.1 67.8
20 Federal funds sold
to and repurchase
agreements
with broker-dealers 58.1 61.1 51.6 47.3
21 Other 18.1 22.3 21.5 20.4
22 State and local
government 12.2 12.2 12.4 12.3
23 Agricultural 9.7 9.8 9.8 9.9
24 Federal funds sold to
and repurchase
agreements with
others 11.4 10.8 11.3 11.6
25 All other loans 77.5 76.8 79.0 81.2
26 Lease-financing
receivables 130.3 129.8 129.8 130.2
27 Interbank loans 136.3 134.3 134.4 148.5
28 Federal funds sold to
and repurchase
agreements with
commercial banks 64.5 61.3 62.9 75.8
29 Other 71.9 73.0 71.5 72.7
30 Cash assets(4) 156.6 164.2 162.1 162.5
31 Other assets(5) 253.4 259.3 261.3 261.1
32 Total assets(6) 3,115.0 3,140.8 3,145.6 3,159.7
Liabilities
33 Deposits 1,716.9 1,721.8 1,744.9 1,731.7
34 Transaction 319.3 331.1 352.1 346.3
35 Nontransaction 1,397.5 1,390.7 1,392.8 1,385.4
36 Large time 262.7 259.3 261.0 260.1
37 Other 1,134.9 1,131.4 1,131.8 1,125.4
38 Borrowings 737.0 746.8 717.6 730.5
39 From banks in the U.S. 249.1 249.5 245.2 255.5
40 From others 487.9 497.3 472.4 475.0
41 Net due to related
foreign offices 187.7 184.8 193.4 191.7
42 Other liabilities 186.3 184.4 176.7 176.3
43 Total liabilities 2,827.8 2,837.8 2,832.6 2,830.3
44 Residual (assets less
liabilities)(7) 287.2 303.0 313.0 329.4
Not seasonally adjusted
Assets
45 Bank credit 2,629.8 2,637.9 2,640.7 2,630.2
46 Securities in
bank credit 612.1 610.9 611.3 612.0
47 U.S. government
securities 389.1 391.9 392.7 395.8
48 Trading account 18.7 19.3 21.3 23.9
49 Investment account 370.3 372.7 371.4 371.9
50 Mortgage-backed
securities 243.9 243.9 242.0 242.8
51 Other 126.4 128.8 129.4 129.1
52 One year or less 24.0 25.7 26.0 25.8
53 One to five
years 60.4 60.7 61.5 61.2
54 More than five
years 42.0 42.4 41.9 42.1
55 Other securities 223.0 219.0 218.6 216.2
56 Trading account 84.9 80.7 80.2 80.4
57 Investment account 138.1 138.3 138.3 135.7
58 State and local
government 26.8 26.9 27.0 27.1
59 Other 111.3 111.5 111.3 108.7
60 Loans and leases in
bank credit(2) 2,017.7 2,026.9 2,029.4 2,018.2
61 Commercial and
industrial 586.2 587.2 592.3 594.7
62 Bankers acceptances 1.1 1.1 1.1 1.0
63 Other 585.1 586.1 591.2 593.7
64 Real estate 811.1 815.8 818.1 808.3
65 Revolving home
equity 77.4 77.9 78.2 78.4
66 Other 452.5 456.2 457.5 447.4
67 Commercial 281.1 281.7 282.5 282.4
68 Consumer 297.9 297.5 298.7 302.1
69 Security(3) 74.4 84.2 73.3 67.5
70 Federal funds sold
to and repurchase
agreements
with broker-
dealers 57.1 62.7 52.3 47.7
71 Other 17.4 21.6 21.0 19.8
72 State and local
government 12.1 12.2 12.4 12.3
73 Agricultural 9.9 9.7 9.7 9.7
74 Federal funds sold
to and repurchase
agreements
with others 11.4 10.8 11.3 11.6
75 All other loans 82.3 77.5 81.3 80.0
76 Lease-financing
receivables 132.2 132.0 132.0 132.0
77 Interbank loans 139.5 135.0 137.9 147.3
78 Federal funds sold to
and repurchase
agreements with
commercial banks 68.7 63.7 67.2 76.3
79 Other 70.8 71.3 70.7 71.0
80 Cash assets(4) 173.5 168.4 189.5 161.5
81 Other assets(5) 250.5 252.5 254.7 255.5
82 Total assets(6) 3,154.5 3,155.4 3,185.2 3,156.9
Liabilities
83 Deposits 1,755.1 1,738.4 1,764.7 1,710.1
84 Transaction 350.4 341.2 372.8 336.8
85 Nontransaction 1,404.7 1,397.3 1,391.8 1,373.4
86 Large time 263.8 262.0 263.4 261.5
87 Other 1,140.9 1,135.3 1,128.4 1,111.9
88 Borrowings 741.2 752.1 747.7 757.9
89 From banks in the U.S. 252.0 252.1 253.4 261.4
90 From nonbanks
in the U.S. 489.2 500.0 494.3 496.4
91 Net due to related
foreign offices 175.8 181.9 193.1 207.2
92 Other liabilities 186.3 184.4 176.7 176.3
93 Total liabilities 2,858.3 2,856.9 2,882.2 2,851.5
94 Residual (assets less
liabilities)(7) 296.2 298.5 303.0 305.3
MEMO
95 Revaluation gains on
off-balance-sheet
items(8) 63.3 62.0 62.6 62.2
96 Revaluation losses on
off-balance-sheet
items(8) 62.0 61.2 61.6 61.1
97 Mortgaged-backed
securities(9) 281.5 281.1 278.9 279.3
98 Pass-through securities 189.0 188.2 186.8 187.7
99 CMOs, REMICs, and other
mortgage-backed
securities 92.5 92.9 92.1 91.6
100 Net unrealized gains
(losses)
on available-for-sale
securities(10) -7.3 -7.3 -7.2 -7.2
101 Offshore credit to U.S.
residents(11) 22.6 22.9 23.2 23.5
D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 1,468.9 1,538.6 1,552.8 1,566.5
2 Securities in
bank credit 428.2 452.8 454.8 456.5
3 U.S. government
securities 320.7 336.8 337.0 338.6
4 Other securities 107.5 116.0 117.8 117.9
5 Loans and leases in
bank credit(2) 1,040.8 1,085.8 1,097.9 1,110.0
6 Commercial and
industrial 190.8 202.2 203.9 206.8
7 Real estate 585.3 617.4 625.5 630.8
8 Revolving home
equity 28.2 29.3 29.4 29.4
9 Other 557.1 588.1 596.1 601.5
10 Consumer 190.4 194.6 196.0 198.9
11 Security(3) 5.3 4.9 4.9 4.9
12 Other loans and
leases 68.9 66.8 67.7 68.6
13 Interbank loans 60.9 53.0 50.9 48.6
14 Cash assets(4) 67.6 71.2 71.0 71.7
15 Other assets(5) 70.2 76.6 79.1 79.1
16 Total assets(6) 1,648.6 1,720.2 1,734.2 1,746.0
Liabilities
17 Deposits 1,320.1 1,360.0 1,367.9 1,370.4
18 Transaction 278.5 280.5 282.2 279.5
19 Nontransaction 1,041.6 1,079.5 1,085.7 1,090.9
20 Large time 186.1 193.8 196.7 198.3
21 Other 855.5 885.7 889.0 892.7
22 Borrowings 168.9 199.2 201.0 206.1
23 From banks in the U.S. 78.6 94.5 93.2 93.5
24 From others 90.3 104.6 107.8 112.6
25 Net due to related
foreign offices 3.0 4.3 3.5 3.4
26 Other liabilities 29.3 31.1 32.9 33.9
27 Total liabilities 1,521.3 1,594.5 1,605.2 1,613.8
28 Residual (assets less
liabilities)(7) 127.3 125.7 128.9 132.2
Not seasonally adjusted
Assets
29 Bank credit 1,462.4 1,539.9 1,554.9 1,569.7
30 Securities in bank
credit 427.4 451.1 453.2 454.1
31 U.S. government
securities 320.1 335.3 335.2 336.8
32 Other securities 107.4 115.8 118.0 117.4
33 Loans and leases in
bank credit(2) 1,035.0 1,088.8 1,101.7 1,115.6
34 Commercial and
industrial 190.1 202.1 202.7 205.6
35 Real estate 581.4 619.5 627.6 634.2
36 Revolving home
equity 28.1 29.1 29.2 29.6
37 Other 553.2 590.4 598.4 604.6
38 Consumer 191.4 194.0 196.5 200.0
39 Security(3) 5.3 4.9 4.9 4.9
40 Other loans and
leases 66.8 68.4 70.0 70.8
41 Interbank loans 60.9 48.9 48.4 47.4
42 Cash assets(4) 70.8 69.4 67.9 70.4
43 Other assets(5) 67.1 77.8 79.8 79.5
44 Total assets(6) 1,642.3 1,716.8 1,731.3 1,747.1
Liabilities
45 Deposits 1,312.7 1,357.4 1,366.6 1,373.5
46 Transaction 283.0 276.6 275.3 276.5
47 Nontransaction 1,029.7 1,080.8 1,091.2 1,096.9
48 Large time 186.1 193.8 196.7 198.3
49 Other 843.6 887.0 894.5 898.7
50 Borrowings 169.3 199.0 201.0 208.7
51 From banks in
the U.S. 79.3 93.7 92.4 94.0
52 From others 90.0 105.3 108.6 114.8
53 Net due to related
foreign offices 3.0 4.3 3.5 3.4
54 Other liabilities 30.0 31.2 32.6 33.2
55 Total liabilities 1,515.1 1,591.8 1,603.7 1,618.9
56 Residual (assets less
liabilities)(7) 127.2 124.9 127.6 128.3
MEMO
57 Mortgage-backed
securities(9) 54.1 65.2 64.9 65.2
Monthly averages
Account 1999(r) 2000
Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 1,588.1 1,593.1 1,604.8 1,626.2
2 Securities in
bank credit 458.7 453.7 451.9 457.2
3 U.S. government
securities 339.4 334.0 330.5 336.4
4 Other securities 119.3 119.7 121.4 120.8
5 Loans and leases in
bank credit(2) 1,129.4 1,139.4 1,152.9 1,169.0
6 Commercial and
industrial 212.6 215.4 216.8 221.0
7 Real estate 642.5 648.8 655.0 663.2
8 Revolving home
equity 29.9 30.1 30.7 31.4
9 Other 612.6 618.7 624.4 631.8
10 Consumer 200.5 200.1 205.1 208.3
11 Security(3) 4.9 5.4 5.3 5.0
12 Other loans and
leases 69.0 69.7 70.7 71.4
13 Interbank loans 45.9 50.1 51.3 49.7
14 Cash assets(4) 71.5 72.6 76.1 69.6
15 Other assets(5) 83.1 82.3 83.1 87.5
16 Total assets(6) 1,768.4 1,777.9 1,794.7 1,812.2
Liabilities
17 Deposits 1,388.3 1,398.9 1,416.3 1,431.6
18 Transaction 279.6 277.0 275.8 274.9
19 Nontransaction 1,108.7 1,121.9 1,140.5 1,156.7
20 Large time 202.6 206.6 208.6 210.5
21 Other 906.1 915.3 931.9 946.2
22 Borrowings 206.4 205.1 212.5 219.7
23 From banks in the U.S. 89.7 87.8 87.4 89.5
24 From others 116.6 117.3 125.0 130.2
25 Net due to related
foreign offices 4.3 4.5 4.5 5.1
26 Other liabilities 34.2 34.0 34.2 33.0
27 Total liabilities 1,633.2 16,425.0 1,667.5 16,893.0
28 Residual (assets less
liabilities)(7) 135.3 135.3 127.2 123.0
Not seasonally adjusted
Assets
29 Bank credit 1,586.9 1,590.1 1,602.9 1,619.2
30 Securities in bank
credit 455.6 451.5 451.8 456.7
31 U.S. government
securities 336.4 331.7 330.6 336.0
32 Other securities 119.2 119.7 121.2 120.7
33 Loans and leases in
bank credit(2) 1,131.3 1,138.6 1,151.1 1,162.5
34 Commercial and
industrial 211.1 213.9 215.9 220.2
35 Real estate 643.9 649.3 653.2 659.2
36 Revolving home
equity 30.1 30.4 30.9 31.4
37 Other 613.8 618.9 622.3 627.7
38 Consumer 201.1 200.6 206.8 209.0
39 Security(3) 4.9 5.4 5.3 5.0
40 Other loans and
leases 70.2 69.5 70.0 69.2
41 Interbank loans 47.0 56.0 55.2 49.7
42 Cash assets(4) 70.6 74.8 79.7 72.7
43 Other assets(5) 83.2 84.0 83.1 83.9
44 Total assets(6) 1,767.5 1,784.8 18,003.0 1,804.7
Liabilities
45 Deposits 1,392.1 1,411.5 1,421.0 1,423.3
46 Transaction 276.5 280.6 286.2 278.9
47 Nontransaction 1,115.6 1,130.9 1,134.7 1,144.4
48 Large time 202.6 206.6 208.6 210.5
49 Other 913.0 924.3 926.1 933.9
50 Borrowings 209.2 207.5 214.5 219.9
51 From banks in
the U.S. 91.7 89.6 89.5 90.2
52 From others 117.5 117.9 124.9 129.6
53 Net due to related
foreign offices 4.3 4.5 4.5 5.1
54 Other liabilities 33.4 33.3 33.6 33.6
55 Total liabilities 1,639.0 1,656.8 1,673.5 1,681.9
56 Residual (assets less
liabilities)(7) 128.5 128.0 126.8 122.8
MEMO
57 Mortgage-backed
securities(9) 67.5 66.2 66.3 68.7
Wednesday figures
Account 2000
Jan. 5 Jan.12 Jan. 19 Jan. 26
Seasonally adjusted
Assets
1 Bank credit 1,617.3 1,626.8 1,625.5 1,629.1
2 Securities in
bank credit 454.2 457.5 456.5 458.7
3 U.S. government
securities 333.2 336.4 335.9 337.9
4 Other securities 121.0 121.1 120.6 120.9
5 Loans and leases in
bank credit(2) 1,163.0 1,169.3 1,169.0 1,170.3
6 Commercial and
industrial 219.0 220.9 220.8 221.6
7 Real estate 659.1 663.1 663.3 664.0
8 Revolving home
equity 31.2 31.5 31.4 31.5
9 Other 627.9 631.7 631.9 632.5
10 Consumer 208.8 208.5 208.3 208.7
11 Security(3) 5.0 5.1 5.1 4.9
12 Other loans and
leases 71.1 71.7 71.5 71.1
13 Interbank loans 46.0 48.0 50.7 52.3
14 Cash assets(4) 70.2 69.9 71.2 67.9
15 Other assets(5) 87.7 90.6 86.6 86.7
16 Total assets(6) 1,800.4 1,814.7 1,813.3 1,815.1
Liabilities
17 Deposits 1,421.4 1,429.4 1,433.1 1,434.3
18 Transaction 264.5 272.0 278.2 283.5
19 Nontransaction 1,156.9 1,157.5 1,155.0 1,150.8
20 Large time 209.7 209.8 210.4 210.6
21 Other 947.2 947.6 944.6 940.1
22 Borrowings 224.3 221.7 216.3 218.8
23 From banks in the U.S. 88.7 89.3 89.1 90.9
24 From others 135.7 132.4 127.2 127.8
25 Net due to related
foreign offices 4.2 5.0 4.8 5.8
26 Other liabilities 32.1 32.6 33.0 32.7
27 Total liabilities 1,682.0 1,688.7 16,873.0 1,691.6
28 Residual (assets less
liabilities)(7) 118.4 125.9 126.0 123.5
Not seasonally adjusted
Assets
29 Bank credit 1,610.4 1,620.1 1,619.6 1,622.1
30 Securities in bank
credit 453.7 457.6 456.5 458.1
31 U.S. government
securities 332.9 336.6 335.8 337.2
32 Other securities 120.8 121.0 120.7 120.8
33 Loans and leases in
bank credit(2) 1,156.7 1,162.5 1,163.2 1,164.0
34 Commercial and
industrial 218.4 219.7 220.0 220.7
35 Real estate 654.2 658.8 659.7 660.4
36 Revolving home
equity 31.1 31.4 31.4 31.5
37 Other 623.2 627.3 628.3 628.9
38 Consumer 208.9 209.3 209.1 209.7
39 Security(3) 5.0 5.1 5.1 4.9
40 Other loans and
leases 70.0 69.6 69.2 68.3
41 Interbank loans 49.3 50.4 50.6 47.7
42 Cash assets(4) 78.3 71.8 77.4 67.1
43 Other assets(5) 87.9 84.7 82.9 81.2
44 Total assets(6) 1,805.2 1,806.3 1,809.8 17,973.0
Liabilities
45 Deposits 1,427.7 1,424.7 1,428.7 1,411.9
46 Transaction 282.2 278.1 284.4 276.2
47 Nontransaction 1,145.5 1,146.6 1,144.3 1,135.7
48 Large time 209.7 209.8 210.4 210.6
49 Other 935.8 936.8 933.9 925.1
50 Borrowings 218.6 219.6 219.1 222.7
51 From banks in
the U.S. 87.5 89.2 91.1 93.1
52 From others 131.0 130.4 128.0 129.6
53 Net due to related
foreign offices 4.2 5.0 4.8 5.8
54 Other liabilities 32.9 33.4 33.4 33.3
55 Total liabilities 16,833.0 1,682.7 1,686.1 1,673.7
56 Residual (assets less
liabilities)(7) 121.8 123.6 123.8 123.5
MEMO
57 Mortgage-backed
securities(9) 68.3 68.6 68.6 69.0
E. Foreign-related institutions
Billions of dollars
Monthly averages
1999 1997(r)
Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 583.2 522.7 524.0 519.2
2 Securities in bank
credit 211.7 190.5 190.1 189.5
3 U.S. government
securities 86.0 86.2 84.1 81.8
4 Other securities 125.7 104.2 106.0 107.7
5 Loans and leases in
bank credit(2) 371.5 332.3 334.0 329.7
6 Commercial and
industrial 213.8 193.3 195.4 197.2
7 Real estate 21.4 193.3 17.6 17.6
8 Security(3) 63.4 18.5 55.0 51.4
9 Other loans and leases 72.9 67.6 65.9 63.5
10 Interbank loans 29.4 27.5 25.7 22.9
11 Cash assets(4) 36.2 36.4 39.4 42.3
12 Other assets(5) 38.5 32.3 29.0 29.3
13 Total assets(6) 687.0 618.7 617.9 613.4
Liabilities
14 Deposits 317.0 309.1 308.9 310.9
15 Transaction 11.8 10.9 11.0 10.9
16 Nontransaction 305.2 298.2 297.9 300.0
17 Borrowings 194.5 174.9 174.7 171.6
18 From banks in the U.S. 21.2 24.4 23.6 25.2
19 From others 173.3 150.5 151.2 146.4
20 Net due to related
foreign offices 101.4 71.9 72.0 66.1
21 Other liabilities 75.0 62.7 61.7 64.6
22 Total liabilities 687.9 618.5 617.3 613.2
23 Residual (assets less
liabilities)(7) -.9 .1 .6 .2
Not seasonally adjusted
Assets
24 Bank credit 586.7 519.5 520.3 518.3
25 Securities in bank credit 211.9 188.8 188.8 188.8
26 U.S. government
securities 85.7 85.7 83.1 80.8
27 Trading account 19.8 20.0 17.3 15.6
28 Investment account 65.9 65.8 65.8 65.2
29 Other securities 126.3 103.1 105.7 108.0
30 Trading account 77.5 60.8 64.9 69.7
31 Investment account 48.8 42.3 40.9 38.2
32 Loans and leases in
bank credit(2) 374.7 330.7 331.5 329.5
33 Commercial and
industrial 215.6 192.5 193.7 196.8
34 Real estate 21.6 18.3 17.5 17.6
35 Security(3) 63.3 52.4 55.0 51.6
36 Other loans and leases 74.2 67.4 65.2 63.5
37 Interbank loans 29.4 27.5 25.7 22.9
38 Cash assets(4) 36.6 36.3 39.0 42.0
39 Other assets(5) 38.8 31.6 29.6 29.7
40 Total assets(6) 691.2 614.7 614.4 612.6
Liabilities
41 Deposits 314.5 306.7 306.3 310.4
42 Transaction 11.9 10.8 10.9 11.4
43 Nontransaction 302.5 295.9 295.4 299.1
44 Borrowings 194.5 174.9 174.7 171.6
45 From banks in the U.S. 21.2 24.4 23.6 25.2
46 From others 173.3 150.5 151.2 146.4
47 Net due to related
foreign offices 104.1 69.3 69.9 64.5
48 Other liabilities 75.2 61.8 61.8 64.3
49 Total liabilities 688.3 612.6 612.7 610.8
50 Residual (assets less
liabilities)(7) 3.0 2.1 1.7 1.8
MEMO
51 Revaluation gains on
off-balance-sheet
items(8) 46.3 37.5 38.1 38.4
52 Revaluation losses on
off-balance-
sheet items(8) 42.8 36.2 36.3 37.4
Monthly averages
1997(r) 2000
Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 527.8 548.6 556.5 547.6
2 Securities in bank
credit 193.2 197.9 205.6 197.4
3 U.S. government
securities 82.2 79.7 81.8 79.2
4 Other securities 111.1 118.2 123.8 118.1
5 Loans and leases in
bank credit(2) 334.5 350.7 350.8 350.2
6 Commercial and
industrial 198.9 200.8 195.6 195.8
7 Real estate 17.8 17.4 17.3 17.6
8 Security(3) 54.8 65.3 66.9 66.7
9 Other loans and leases 63.0 67.1 71.0 70.2
10 Interbank loans 22.9 22.8 25.5 26.2
11 Cash assets(4) 45.7 52.2 56.6 55.1
12 Other assets(5) 31.8 34.8 37.6 39.6
13 Total assets(6) 627.9 658.2 675.9 668.2
Liabilities
14 Deposits 332.2 359.0 378.8 388.3
15 Transaction 11.5 11.3 11.5 11.2
16 Nontransaction 320.7 347.7 367.3 377.1
17 Borrowings 177.6 186.3 181.1 181.4
18 From banks in the U.S. 22.9 26.9 25.4 22.8
19 From others 154.7 159.3 155.7 158.6
20 Net due to related
foreign offices 53.4 43.9 38.9 33.3
21 Other liabilities 65.8 67.3 70.5 67.7
22 Total liabilities 629.0 656.4 669.4 670.6
23 Residual (assets less
liabilities)(7) -1.0 1.8 6.6 -2.5
Not seasonally adjusted
Assets
24 Bank credit 531.8 551.8 559.7 551.1
25 Securities in bank credit 196.0 201.0 204.7 197.8
26 U.S. government
securities 82.1 80.1 82.1 78.9
27 Trading account 14.9 9.2 7.7 8.5
28 Investment account 67.2 70.9 74.4 70.5
29 Other securities 114.0 120.9 122.6 118.9
30 Trading account 75.0 80.7 80.7 76.0
31 Investment account 39.0 40.2 41.9 42.9
32 Loans and leases in
bank credit(2) 335.8 350.8 355.0 353.3
33 Commercial and
industrial 200.0 202.1 198.3 197.5
34 Real estate 18.0 17.6 17.4 17.7
35 Security(3) 54.5 64.5 67.4 66.7
36 Other loans and leases 63.3 66.5 71.9 71.4
37 Interbank loans 22.9 22.8 25.5 26.2
38 Cash assets(4) 46.3 53.0 59.0 55.8
39 Other assets(5) 31.7 35.0 39.1 39.8
40 Total assets(6) 632.5 662.3 683.0 672.7
Liabilities
41 Deposits 332.2 358.4 383.2 385.0
42 Transaction 11.5 11.2 11.9 11.3
43 Nontransaction 320.7 347.2 371.3 373.8
44 Borrowings 177.6 186.3 181.1 181.4
45 From banks in the U.S. 22.9 26.9 25.4 22.8
46 From others 154.7 159.3 155.7 158.6
47 Net due to related
foreign offices 55.2 46.6 44.0 35.1
48 Other liabilities 65.2 68.2 71.9 67.9
49 Total liabilities 630.1 659.4 680.3 669.5
50 Residual (assets less
liabilities)(7) 2.3 2.9 2.7 3.2
MEMO
51 Revaluation gains on
off-balance-sheet
items(8) 39.4 40.6 39.8 38.4
52 Revaluation losses on
off-balance-
sheet items(8) 38.1 39.4 38.7 37.9
Wednesday figures
2000
Jan. 5 Jan. 12 Jan. 19 Jan. 26
Seasonally adjusted
Assets
1 Bank credit 548.3 546.3 545.5 554.5
2 Securities in bank
credit 200.7 198.3 197.1 198.6
3 U.S. government
securities 80.4 79.8 78.0 80.6
4 Other securities 120.3 118.5 119.1 118.0
5 Loans and leases in
bank credit(2) 347.6 348.0 348.3 355.9
6 Commercial and
industrial 193.3 194.7 196.7 196.9
7 Real estate 17.2 17.4 17.6 17.8
8 Security(3) 66.4 64.6 64.8 71.1
9 Other loans and leases 70.7 71.3 69.3 70.1
10 Interbank loans 27.2 26.6 23.6 25.8
11 Cash assets(4) 56.6 58.1 55.4 53.8
12 Other assets(5) 37.5 39.2 41.3 39.5
13 Total assets(6) 669.4 670.0 665.4 673.4
Liabilities
14 Deposits 392.0 395.2 384.8 383.3
15 Transaction 10.5 11.1 11.2 11.5
16 Nontransaction 381.5 384.1 373.6 371.8
17 Borrowings 177.5 181.2 181.6 183.4
18 From banks in the U.S. 22.9 21.5 22.9 23.5
19 From others 154.6 159.6 158.7 159.9
20 Net due to related
foreign offices 38.2 31.0 36.4 34.8
21 Other liabilities 65.5 67.2 67.0 67.5
22 Total liabilities 673.2 674.6 669.8 669.0
23 Residual (assets less
liabilities)(7) -3.9 -4.7 -4.4 4.4
Not seasonally adjusted
Assets
24 Bank credit 555.1 550.2 548.1 554.9
25 Securities in bank credit 201.1 199.3 196.7 198.1
26 U.S. government
securities 80.3 80.1 77.7 79.3
27 Trading account 6.8 7.5 6.9 11.0
28 Investment account 73.5 72.6 70.8 68.3
29 Other securities 120.8 119.2 119.0 118.9
30 Trading account 78.1 76.6 76.3 75.1
31 Investment account 42.7 42.7 42.7 43.8
32 Loans and leases in
bank credit(2) 354.1 350.9 351.4 356.8
33 Commercial and
industrial 197.1 196.6 198.1 197.7
34 Real estate 17.4 17.6 17.7 17.9
35 Security(3) 67.1 64.3 65.0 70.4
36 Other loans and leases 72.6 72.4 70.6 70.8
37 Interbank loans 27.2 26.6 23.6 25.8
38 Cash assets(4) 58.4 59.0 56.4 54.2
39 Other assets(5) 38.1 39.9 41.2 39.3
40 Total assets(6) 678.5 675.5 669.0 674.0
Liabilities
41 Deposits 390.2 391.5 380.1 381.1
42 Transaction 10.9 11.1 11.4 11.3
43 Nontransaction 379.3 380.4 368.7 369.8
44 Borrowings 177.5 181.2 181.6 183.4
45 From banks in the U.S. 22.9 21.5 22.9 23.5
46 From others 154.6 159.6 158.7 159.9
47 Net due to related
foreign offices 41.9 32.6 37.2 38.2
48 Other liabilities 65.6 67.0 66.8 68.2
49 Total liabilities 675.2 672.2 665.7 670.9
50 Residual (assets less
liabilities)(7) 3.3 3.2 3.3 3.1
MEMO
51 Revaluation gains on
off-balance-sheet
items(8) 38.0 37.2 37.9 38.1
52 Revaluation losses on
off-balance-
sheet items(8) 37.1 36.5 37.1 37.3
NOTES TO TABLE 1.26
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect
changes in the Board's H.8 statistical release, "Assets and
Liabilities of Commercial Banks in the United States." Table 1.27,
"Assets and Liabilities of Large Weekly Reporting Commercial Banks,"
and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of
Foreign Banks," are no longer being published in the Bulletin.
Instead, abbreviated balance sheets for both large and small
domestically chartered banks have been included in table 1.26, parts
C and D. Data are both merger-adjusted and break-adjusted. In
addition, data from large weekly reporting U.S. branches and agencies
of foreign banks have been replaced by balance sheet estimates of all
foreign-related institutions and are included in table 1.26, part E.
These data are break-adjusted.
The not-seasonally-adjusted data for all tables now contain
additional balance sheet items, which were available as of October
2, 1996.
(1.) Covers the following types of institutions in the fifty states
and the District of Columbia: domestically chartered commercial banks
that submit a weekly report of condition (large domestic); other
domestically chartered commercial banks (small domestic); branches
and agencies of foreign banks, and Edge Act and agreement
corporations (foreign-related institutions). Excludes International
Banking Facilities. Data are Wednesday values or prorata averages of
Wednesday values. Large domestic banks constitute a universe; data
for small domestic banks and foreign-related institutions are
estimates based on weekly samples and on quarter-end condition
reports. Data are adjusted for breaks caused by reclassifications
of assets and liabilities.
The data for large and small domestic banks presented on pp. A17-19
are adjusted to remove the estimated effects of mergers between
these two groups. The adjustment for mergers changes past levels to
make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data
for the bank group that contained the acquired bank and put into
past data for the group containing the acquiring bank. Balance sheet
data for acquired banks are obtained from Call Reports, and a ratio
procedure is used to adjust past levels.
(2.) Excludes federal funds sold to, reverse RPs with, and loans made
to commercial banks in the United States, all of which are included
in "Interbank loans."
(3.) Consists of reverse RPs with brokers and dealers and loans to
purchase and carry securities.
(4.) Includes vault cash, cash items in process of collection,
balances due from depository institutions, and balances due from
Federal Reserve Banks.
(5.) Excludes the due-from position with related foreign offices,
which is included in "Net due to related foreign offices."
(6.) Excludes unearned income, reserves for losses on loans and
leases, and reserves for transfer risk. Loans are reported gross
of these items.
(7.) This balancing item is not intended as a measure of equity
capital for use in capital adequacy analysis. On a seasonally
adjusted basis this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
(8.) Fair value of derivative contracts (interest rate, foreign
exchange rate, other commodity and equity contracts) in a
gain/loss position, as determined under FASB Interpretation No. 39.
(9.) Includes mortgage-backed securities issued by U.S. government
agencies, U.S. government-sponsored enterprises, and private entities.
(10.) Difference between fair value and historical cost for
securities classified as available-for-sale under FASB Statement
No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
(11.) Mainly commercial and industrial loans but also includes an
unknown amount of credit extended to other than nonfinancial
businesses.
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1995 1996 1997
1 All issuers 674,904 775,371 966,699
Financial companies(1)
2 Dealer-placed paper, total(2) 275,815 361,147 513,307
3 Directly placed paper, total(3) 210,829 229,662 252,536
4 Nonfinancial companies(4) 188,260 184,563 200,857
Year ending December 1999
Item
1998 1999 July
1 All issuers 1,163,303 1,403,023 1,242,107
Financial companies(1)
2 Dealer-placed paper, total(2) 614,142 786,643 712,718
3 Directly placed paper, total(3) 322,030 337,240 277,570
4 Nonfinancial companies(4) 227,132 279,140 251,819
1999
Item
Aug. Sept. Oct.
1 All issuers 1,257,658 1,274,726 1,321,163
Financial companies(1)
2 Dealer-placed paper, total(2) 710,320 718,380 751,245
3 Directly placed paper, total(3) 290,228 293,381 296,998
4 Nonfinancial companies(4) 257,110 262,965 272,920
1999
Item
Nov. Dec.
1 All issuers 1,369,100 1,403,023
Financial companies(1)
2 Dealer-placed paper, total(2) 802,194 786,643
3 Directly placed paper, total(3) 299,777 337,240
4 Nonfinancial companies(4) 267,128 279,140
(1.) Institutions engaged primarily in commercial, savings, and
mortgage banking; sales, personal, and mortgage financing; factoring,
finance leasing, and other business lending; insurance underwriting;
and other investment activities.
(2.) Includes all financial-company paper sold by dealers in the
open market.
(3.) As reported by financial companies that place their paper
directly with investors.
(4.) Includes public utilities and firms engaged primarily in such
activities as communications, construction, manufacturing, mining,
wholesale and retail trade, transportation, and services.
B. Bankers Dollar Acceptances(1)
Millions of dollars, not seasonally adjusted, year ending
September(2)
Item 1996 1997 1998 1999
1 Total amount of
reporting banks'
acceptances in existence 25,832 25,774 14,363 10,094
2 Amount of other banks'
eligible acceptances
held by reporting banks 709 736 523 461
3 Amount of own eligible
acceptances held by
reporting banks
(included in item 1) 7,770 6,862 4,884 4,261
4 Amount of eligible
acceptances representing
goods stored in, or shipped
between, foreign countries
(included in item 1) 9,361 10,467 5,413 3,498
(1.) Includes eligible, dollar-denominated bankers acceptances legally
payable in the United States. Eligible acceptances are those that are
eligible for discount by Federal Reserve Banks; that is, those
acceptances that meet the criteria of Paragraph 7 of Section 13
of the Federal Reserve Act (12 U.S.C. [sections] 372).
(2.) Data on bankers dollar acceptances are gathered from
approximately 55 institutions; includes U.S. chartered commercial
banks (domestic and foreign offices), U.S. branches and
agencies of foreign banks, and Edge and agreement corporations.
The reporting group is revised every year.
1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)
Percent per year
Date of change Rate Period Average
rate
1997--Jan. 1 8.25 1997 8.44
Mar. 26 8.50 1998 8.35
1999 8.00
1998--Sept. 30 8.25
Oct. 16 8.00 1997--Jan. 8.25
Nov. 18 7.75 Feb. 8.25
Mar. 8.30
1999--July 1 8.00 Apr. 8.50
Aug. 25 8.25 May 8.50
Nov. 17 8.50 June 8.50
July 8.50
2000--Feb. 3 8.75 Aug. 8.50
Sept. 8.50
Oct. 8.50
Nov. 8.50
Dec. 8.50
Period Average Period Average
rate rate
1998--Jan. 8.50 1999--Jan. 7.75
Feb. 8.50 Feb. 7.75
Mar. 8.50 Mar. 7.75
Apr. 8.50 Apr. 7.75
May 8.50 May 7.75
June 8.50 June 7.75
July 8.50 July 8.00
Aug. 8.50 Aug. 8.06
Sept. 8.49 Sept. 8.25
Oct. 8.12 Oct. 8.25
Nov. 7.89 Nov. 8.37
Dec. 7.75 Dec. 8.50
2000--Jan. 8.50
Feb. 8.73
(1.) The prime rate is one of several base rates that banks use
to price short-term business loans. The table shows the date on
which a new rate came to be the predominant one quoted by a majority
of the twenty-five largest banks by asset size, based on the
most recent Call Report. Data in this table also appear in the
Board's H. 15 (519) weekly and G.13 (415) monthly statistical
releases. For ordering address, see inside front cover.
1.35 INTEREST RATES Money and Capital Markets
Percent per year; figures are averages of business day data
unless otherwise noted
Item 1997 1998 1999 1999
Oct. Nov. Dec.
MONEY MARKET
INSTRUMENTS
1 Federal funds(1,2,3) 5.46 5.35 4.97 5.20 5.42 5.30
2 Discount window
borrowing(2,4) 5.00 4.92 4.62 4.75 4.86 5.00
Commercial
paper(3,5,6)
Nonfinancial
3 1-month 5.57 5.40 5.09 5.28 5.37 5.97
4 2-month 5.57 5.38 5.14 5.30 5.82 5.91
5 3-month 5.56 5.34 5.18 5.88 5.81 5.87
Financial
6 1-month 5.59 5.42 5.11 5.29 5.38 6.02
7 2-month 5.59 5.40 5.16 5.32 5.85 5.95
8 3-month 5.60 5.37 5.22 5.93 5.85 5.93
Commercial paper
(historical) (3,5,7)
9 1-month 5.54 n.a. n.a. n.a. n.a. n.a.
10 3-month 5.58 n.a. n.a. n.a. n.a. n.a.
11 6-month 5.62 n.a. n.a. n.a. n.a. n.a.
Finance paper,
directly placed
(historical)(3,5,8)
12 1-month 5.44 n.a. n.a. n.a. n.a. n.a.
13 3-month 5.48 n.a. n.a. n.a. n.a. n.a.
14 6-month 5.48 n.a. n.a. n.a. n.a. n.a.
Bankers
acceptances(3,5,9)
15 3-month 5.54 5.39 5.24 6.02 5.94 6.00
16 6-month 5.57 5.30 5.30 5.89 5.83 5.94
Certificates of
deposit, secondary
market(3,10)
17 1-month 5.54 5.49 5.19 5.36 5.50 6.34
18 3-month 5.62 5.47 5.33 6.13 6.00 6.05
19 6-month 5.73 5.44 5.46 6.04 5.97 6.07
20 Eurodollar deposits,
3-month(3,11) 5.61 5.45 5.31 6.09 5.97 6.06
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.06 4.78 4.64 4.86 5.07 5.20
22 6-month 5.18 4.83 4.75 4.98 5.20 5.44
23 1-year 5.32 4.80 4.81 5.12 5.24 5.51
Auction high(3,5,12)
24 3-month 5.07 4.81 4.66 4.88 5.07 5.23
25 6-month 5.18 4.85 4.76 4.98 5.17 5.43
26 1-year 5.36 4.85 4.78 5.12 5.17 5.35
U.S. TREASURY
NOTES AND BONDS
Constant maturities(13)
27 1-year 5.63 5.05 5.08 5.43 5.55 5.84
28 2-year 5.99 5.13 5.43 5.86 5.86 6.10
29 3-year 6.10 5.14 5.49 5.94 5.92 6.14
30 5-year 6.22 5.15 5.55 6.03 5.97 6.19
31 7-year 6.33 5.28 5.79 6.33 6.17 6.38
32 10-year 6.35 5.26 5.65 6.11 6.03 6.28
33 20-year 6.69 5.72 6.20 6.66 6.48 6.69
34 30-year 6.61 5.58 5.87 6.26 6.15 6.35
Composite
35 More than 10
years (long-term) 6.67 5.69 6.14 6.60 6.42 6.63
STATE AND LOCAL
NOTES AND BONDS
Moody's series(14)
36 Aaa 5.32 4.93 5.28 5.78 5.77 5.82
37 Baa 5.50 5.14 5.70 6.23 6.23 6.25
38 Bond Buyer series(15) 5.52 5.09 5.43 5.92 5.86 5.95
CORPORATE BONDS
39 Seasoned issues,
all industries(16) 7.54 6.87 7.45 7.93 7.73 7.87
Rating group
40 Aaa 7.27 6.53 7.05 7.55 7.36 7.55
41 Aa 7.48 6.80 7.36 7.79 7.62 7.78
42 A 7.54 6.93 7.53 7.99 7.79 7.96
43 Baa 7.87 7.22 7.88 8.38 8.15 8.19
MEMO
Dividend-price
ratio(17)
44 Common stocks 1.77 1.49 1.25 1.28 1.21 1.18
2000 1999-2000, week ending
Item
Jan. Dec. 31 Jan. 7 Jan. 14
MONEY MARKET
INSTRUMENTS
1 Federal funds(1,2,3) 5.45 5.01 4.72 5.62
2 Discount window
borrowing(2,4) 5.00 5.00 5.00 5.00
Commercial
paper(3,5,6)
Nonfinancial
3 1-month 5.59 5.71 5.54 5.56
4 2-month 5.67 5.73 5.59 5.66
5 3-month 5.74 5.78 5.66 5.71
Financial
6 1-month 5.62 5.74 5.58 5.59
7 2-month 5.72 5.77 5.68 5.70
8 3-month 5.81 5.83 5.80 5.80
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 5.88 6.00 5.87 5.89
16 6-month 5.99 5.99 5.96 6.02
Certificates of
deposit, secondary
market(3,10)
17 1-month 5.74 6.05 5.70 5.72
18 3-month 5.95 6.00 5.93 5.96
19 6-month 6.15 6.07 6.13 6.15
20 Eurodollar deposits,
3-month(3,11) 5.94 6.02 5.94 5.94
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.32 5.17 5.26 5.26
22 6-month 5.50 5.47 5.48 5.43
23 1-year 5.75 5.60 5.68 5.74
Auction high(3,5,12)
24 3-month 5.34 5.30 5.36 5.24
25 6-month 5.52 5.51 5.59 5.42
26 1-year 5.65 n.a. 5.65 n.a.
U.S. TREASURY
NOTES AND BONDS
Constant maturities(13)
27 1-year 6.12 5.95 6.03 6.12
28 2-year 6.44 6.22 6.34 6.43
29 3-year 6.49 6.26 6.39 6.48
30 5-year 6.58 6.33 6.46 6.56
31 7-year 6.70 6.52 6.62 6.70
32 10-year 6.66 6.41 6.56 6.66
33 20-year 6.86 6.80 6.88 6.91
34 30-year 6.63 6.46 6.58 6.66
Composite
35 More than 10
years (long-term) 6.81 6.75 6.82 6.86
STATE AND LOCAL
NOTES AND BONDS
Moody's series(14)
36 Aaa 5.91 5.85 5.86 5.93
37 Baa 6.38 6.29 6.31 6.40
38 Bond Buyer series(15) 6.08 6.00 6.04 6.11
CORPORATE BONDS
39 Seasoned issues,
all industries(16) 8.06 7.96 8.02 8.08
Rating group
40 Aaa 7.78 7.64 7.73 7.80
41 Aa 7.96 7.88 7.98 7.99
42 A 8.15 8.06 8.14 8.17
43 Baa 8.33 8.24 8.25 8.37
MEMO
Dividend-price
ratio(17)
44 Common stocks 1.19 1.15 1.20 1.17
1999-2000, week ending
Item
Jan. 21 Jan. 28
MONEY MARKET
INSTRUMENTS
1 Federal funds(1,2,3) 5.59 5.43
2 Discount window
borrowing(2,4) 5.00 5.00
Commercial
paper(3,5,6)
Nonfinancial
3 1-month 5.61 5.64
4 2-month 5.69 5.71
5 3-month 5.77 5.79
Financial
6 1-month 5.65 5.65
7 2-month 5.73 5.74
8 3-month 5.81 5.82
Commercial paper
(historical) (3,5,7)
9 1-month n.a. n.a.
10 3-month n.a. n.a.
11 6-month n.a. n.a.
Finance paper,
directly placed
(historical)(3,5,8)
12 1-month n.a. n.a.
13 3-month n.a. n.a.
14 6-month n.a. n.a.
Bankers
acceptances(3,5,9)
15 3-month 5.88 5.87
16 6-month 6.01 5.98
Certificates of
deposit, secondary
market(3,10)
17 1-month 5.74 5.78
18 3-month 5.95 5.94
19 6-month 6.15 6.15
20 Eurodollar deposits,
3-month(3,11) 5.94 5.94
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.31 5.41
22 6-month 5.53 5.55
23 1-year 5.76 5.78
Auction high(3,5,12)
24 3-month 5.35 5.39
25 6-month 5.54 5.52
26 1-year n.a. n.a.
U.S. TREASURY
NOTES AND BONDS
Constant maturities(13)
27 1-year 6.13 6.17
28 2-year 6.48 6.48
29 3-year 6.53 6.54
30 5-year 6.65 6.63
31 7-year 6.78 6.72
32 10-year 6.77 6.68
33 20-year 6.92 6.77
34 30-year 6.73 6.57
Composite
35 More than 10
years (long-term) 6.89 6.73
STATE AND LOCAL
NOTES AND BONDS
Moody's series(14)
36 Aaa 5.93 5.92
37 Baa 6.42 6.39
38 Bond Buyer series(15) 6.09 6.08
CORPORATE BONDS
39 Seasoned issues,
all industries(16) 8.14 7.99
Rating group
40 Aaa 7.88 7.73
41 Aa 8.03 7.86
42 A 8.21 8.08
43 Baa 8.44 8.29
MEMO
Dividend-price
ratio(17)
44 Common stocks 1.15 1.20
NOTE. Some of the data in this table also appear in the Board's
H.15 (519) weekly and G.13 (415) monthly statistical releases. For
ordering address, see inside front cover.
(1.) The daily effective federal funds rate is a weighted average of
rates on trades through New York brokers.
(2.) Weekly figures are averages of seven calendar days ending on
Wednesday of the current week; monthly figures include each calendar
day in the month.
(3.) Annualized using a 360-day year or bank interest.
(4.) Rate for the Federal Reserve Bank of New York.
(5.) Quoted on a discount basis.
(6.) Interest rates interpolated from data on certain commercial
paper trades settled by the Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to
investors (that is, the offer side). See Board's Commercial Paper
Web pages (http://www.federalreserve.gov/releases/cp) for more
information.
(7.) An average of offering rates on commercial paper for firms
whose bond rating is AA or the equivalent. Series ended August 29,
1997.
(8.) An average of offering rates on paper directly placed by
finance companies. Series ended August 29, 1997.
(9.) Representative closing yields for acceptances of the
highest-rated money center banks.
(10.) An average of dealer offering rates on nationally traded
certificates of deposit.
(11.) Bid rates for Eurodollar deposits collected around 9:30 a.m.
Eastern time. Data are for indication purposes only.
(12.) Auction date for daily data; weekly and monthly averages
computed on an issue-date basis. On or after October 28, 1998, data
are stop yields from uniform-price auctions. Before that, they are
weighted average yields from multiple-price auctions.
(13.) Yields on actively traded issues adjusted to constant
maturities. Source: U.S. Department of the Treasury.
(14.) General obligation bonds based on Thursday figures; Moody's
Investors Service.
(15.) State and local government general obligation bonds maturing
in twenty years are used in compiling this index. The twenty-bond
index has a rating roughly equivalent to Moodys' A1 rating. Based on
Thursday figures.
(16.) Daily figures from Moody's Investors Service. Based on yields
to maturity on selected long-term bonds.
(17.) Standard & Poor's corporate series. Common stock ratio is
based on the 500 stocks in the price index.
1.36 STOCK MARKET Selected Statistics
Indicator 1997 1998 1999 1999
May
Prices and trading volume
(averages of daily figures)
Common stock
prices (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 456.99 550.65 619.52 635.62
2 Industrial 574.97 684.35 775.29 791.72
3 Transportation 415.08 468.61 491.62 537.88
4 Utility 143.87 190.52 284.82 242.98
5 Finance 424.84 516.65 530.97 562.66
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 873.43 1,085.50 1,327.33 1,332.07
7 American Stock
Exchange (Aug.
31, 1973
= 50)(2) 628.34 682.69 770.90 787.02
Volume of trading
(thousands
of shares)
8 New York Stock
Exchange 523,254 666,534 799,554 785,778
9 American Stock
Exchange 24,390 28,870 32,629 35,241
Customer financing (millions of
dollars, end-of-period balances
10 Margin credit
at broker--
dealers(3) 126,090 140,980 228,530 177,984
Free credit balances
at brokers(4)
11 Margin accounts(5) 31,410 40,250 55,130 41,250
12 Cash accounts 52,160 62,450 79,070 61,665
Margin requirements (percent
of market value and effective
date)(6)
Mar. 11, 1968 June 8, 1968
13 Margin stocks 70 80
14 Convertible bonds 50 60
15 Short sales 70 80
Indicator 1999
June July Aug. Sept.
Prices and trading volume
(averages of daily figures)
Common stock
prices (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 629.53 648.83 621.03 607.87
2 Industrial 783.96 809.33 778.82 769.47
3 Transportation 520.66 528.72 492.13 462.33
4 Utility 241.36 250.50 241.84 237.71
5 Finance 546.43 557.92 521.59 493.37
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 1,322.55 1,380.99 1,327.49 1,318.17
7 American Stock
Exchange (Aug.
31, 1973
= 50)(2) 772.01 803.75 781.33 788.74
Volume of trading
(thousands
of shares)
8 New York Stock
Exchange 723,025 721,294 709,569 772,627
9 American Stock
Exchange 28,806 25,754 27,795 32,540
Customer financing (millions of
dollars, end-of-period balances
10 Margin credit
at broker--
dealers(3) 176,930 178,360 176,390 179,316
Free credit balances
at brokers(4)
11 Margin accounts(5) 42,865 44,330 44,230 47,125
12 Cash accounts 64,100 60,000 62,600 62,810
Margin requirements (percent
of market value and effective
date)(6)
May 6, 1970 Dec. 6, 1971
13 Margin stocks 65 55
14 Convertible bonds 50 50
15 Short sales 65 55
Indicator 1999 2000
Oct. Nov. Dec. Jan.
Prices and trading volume
(averages of daily figures)
Common stock
prices (indexes)
1 New York Stock
Exchange
(Dec. 31,
1965 = 50) 599.04 634.22 638.17 634.07
2 Industrial 753.94 791.41 808.28 814.73
3 Transportation 450.13 474.78 461.04 456.35
4 Utility 285.16 502.58 511.78 485.82
5 Finance 490.92 539.20 510.99 495.23
6 Standard & Poor's
Corporation
(1941-43
= 10)(1) 1,300.01 13,909.99 1,428.68 1,425.59
7 American Stock
Exchange (Aug.
31, 1973
= 50)(2) 786.96 819.6 838.24 878.73
Volume of trading
(thousands
of shares)
8 New York Stock
Exchange 882,422 866,281 884,141 1,058,021
9 American Stock
Exchange 35,762 33,330 41,076 47,530
Customer financing (millions of
dollars, end-of-period balances
10 Margin credit
at broker--
dealers(3) 182,272 206,280 228,530 243,490
Free credit balances
at brokers(4)
11 Margin accounts(5) 51,040 49,480 55,130 57,800
12 Cash accounts 61,085 68,200 79,070 75,760
Margin requirements (percent
of market value and effective
date)(6)
Nov. 24, 1972 Jan. 3, 1974
13 Margin stocks 65 50
14 Convertible bonds 50 50
15 Short sales 65 50
(1.) In July 1976 a financial group, composed of banks and insurance
companies, was added to the group of stocks on which the index
is based. The index is now based on 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility
(formerly 60), and 40 financial.
(2.) On July 5, 1983, the American Stock Exchange rebased its
index, effectively cutting previous readings in half.
(3.) Since July 1983, under the revised Regulation T, margin
credit at broker-dealers has included credit extended against
stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government
securities. Separate reporting of data for margin stocks,
convertible bonds, and subscription issues was discontinued in
April 1984.
(4.) Free credit balances are amounts in accounts with no
unfulfilled commitments to brokers and are subject to withdrawal
by customers on demand.
(5.) Series initiated in June 1984.
(6.) Margin requirements, stated in regulations adopted by the
Board of Governors pursuant to the Securities Exchange Act of
1934, limit the amount of credit that can be used to purchase and
carry "margin securities" (as defined in the regulations) when
such credit is collateralized by securities. Margin requirements
on securities are the difference between the market value (100
percent) and the maximum loan value of collateral as prescribed
by the Board. Regulation T was adopted effective Oct. 15, 1934;
Regulation U, effective May 1, 1936; Regulation G, effective
Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time
established in Regulation T the initial margin required for writing
options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30,
1985, the Board changed the required initial margin, allowing it to
be the same as the option maintenance margin required by the
appropriate exchange or self-regulatory organization; such
maintenance margin roles must be approved by the Securities and
Exchange Commission.
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Type of account or operation
1997 1998 1999
U.S. budget(1)
1 Receipts, total 1,579,292 1,721,798 1,827,454
2 On-budget 1,187,302 1,305,999 1,382,986
3 Off-budget 391,990 415,799 444,468
4 Outlays, total 1,601,235 1,652,552 1,703,040
5 On-budget 1,290,609 1,335,948 1,382,262
6 Off-budget 310,626 316,604 320,778
7 Surplus or deficit (-), total -21,943 69,246 124,414
8 On-budget -103,307 -29,949 724
9 Off-budget 81,364 99,195 123,690
Source of financing (total)
10 Borrowing from the public 38,171 -51,211 -88,304
11 Operating cash (decrease, or 604 4,743 -17,580
increase (-))
12 Other(2) -16,832 -22,778 -18,530
MEMO
13 Treasury operating balance
(level, end of period) 43,621 38,878 56,458
14 Federal Reserve Banks 7,692 4,952 6,641
15 Tax and loan accounts 35,930 33,926 49,817
Calendar year
1999
Type of account or operation
Aug. Sept. Oct.
U.S. budget(1)
1 Receipts, total 126,324 200,396 121,035
2 On-budget 91,554 161,304 89,009
3 Off-budget 34,770 39,092 32,026
4 Outlays, total 129,127 142,341 147,701
5 On-budget 97,984 107,222 119,506
6 Off-budget 31,143 35,119 28,196
7 Surplus or deficit (-), total -2,803 58,055 -26,667
8 On-budget -6,430 54,082 -30,497
9 Off-budget 3,627 3,973 3,830
Source of financing (total)
10 Borrowing from the public 26,470 -47,718 5,754
11 Operating cash (decrease, or 3,160 -20,069 8,891
increase (-))
12 Other(2) -26,827 9,732 12,022
MEMO
13 Treasury operating balance
(level, end of period) 36,389 56,458 47,567
14 Federal Reserve Banks 5,559 6,641 4,527
15 Tax and loan accounts 30,831 49,817 43,040
Calendar year
1999 2000
Type of account or operation
Nov. Dec. Jan.
U.S. budget(1)
1 Receipts, total 121,375 201,196 189,478
2 On-budget 86,909 162,772 143,838
3 Off-budget 34,466 38,424 45,640
4 Outlays, total 148,408 168,114 127,326
5 On-budget 116,388 165,504 97,451
6 Off-budget 32,020 2,611 29,875
7 Surplus or deficit (-), total -27,032 33,081 62,152
8 On-budget -29,479 -2,732 46,387
9 Off-budget 2,446 35,813 15,765
Source of financing (total)
10 Borrowing from the public 6,132 35,749 -83,985
11 Operating cash (decrease, or 41,488 -77,248 20,592
increase (-))
12 Other(2) -20,588 8,418 1,241
MEMO
13 Treasury operating balance
(level, end of period) 6,079 83,327 62,735
14 Federal Reserve Banks 5,025 28,402 6,119
15 Tax and loan accounts 1,054 54,925 56,615
(1.) Since 1990, off-budget items have been the social security trust
funds (federal old-age survivors insurance and federal disability
insurance) and the U.S. Postal Service.
(2.) Includes special drawing rights (SDRs); reserve position on the
U.S. quota in the International Monetary Fund (IMF); loans to the IMF;
other cash and monetary assets; accrued interest payable to the public;
allocations of SDRs; deposit funds; miscellaneous liability
(including checks outstanding) and asset accounts; seigniorage;
increment on gold; net gain or loss for U.S. currency valuation
adjustment; net gain or loss for IMF loan-valuation adjustment;
and profit on sale of gold.
SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly
Treasury Statement of Receipts and Outlays of the U.S. Government;
fiscal year totals: U.S. Office of Management and Budget, Budget
of the U.S. Government.
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Fiscal year Calendar
year
Source or type 1998
1998 1999
H1
RECEIPTS
1 All sources 1,721,798 1,827,454 922,630
2 Individual income taxes, net 828,586 879,480 447,514
3 Withheld 646,483 693,940 316,309
4 Nonwithheld 281,527 308,185 219,136
5 Refunds 99,476 122,706 87,989
Corporation income taxes
6 Gross receipts 213,008(r) 216,324 109,353
7 Refunds 24,593 31,645 14,220
8 Social insurance taxes and 571,831 611,833 312,713
contributions, net
9 Employment taxes and 540,014 580,880 293,520
contributions(2)
10 Unemployment insurance 27,484 26,480 17,080
11 Other net receipts(3) 4,333 4,473 2,112
12 Excise taxes 57,673 70,414 29,922
13 Customs deposits 18,297 18,336 8,546
14 Estate and gift taxes 24,076 27,782 12,971
15 Miscellaneous receipts(4) 32,658 34,929 15,829
OUTLAYS
16 All types 1,652,552 1,703,040 815,884
17 National defense 268,456 274,873 129,351
18 International affairs 13,109 15,243 4,610
19 General science, space, and 18,219 18,125 9,426
technology
20 Energy 1,270 912 957
21 Natural resources and 22,396 23,968 10,051
environment
22 Agriculture 12,206 23,011 2,387
23 Commerce and housing credit 1,014 2,647 -2,483
24 Transportation 40,332 42,531 16,196
25 Community and regional 9,720 11,870 4,863
development
26 Education training, employment,
and social services 54,919 56,402 25,928
27 Health 131,440 141,079 65,053
28 Social security and Medicare 572,047 580,488 286,305
29 Income security 233,202 237,707 125,196
30 Veterans benefits and services 41,781 43,212 19,615
31 Administration of justice 22,832 25,924 11,287
32 General government 13,444 15,758 6,139
33 Net interest 243,359 229,735 122,345
34 Undistributed offsetting -47,194 -40,445 -21,340
receipts(6)
Calendar year
Source or type 1998 1999
H2 H1 H2
RECEIPTS
1 All sources 825,057 966,045 892,249
2 Individual income taxes, net 392,332 481,527 425,451
3 Withheld 339,144 351,068 372,012
4 Nonwithheld 65,204 240,278 68,302
5 Refunds 12,032 109,467 14,841
Corporation income taxes
6 Gross receipts 104,163 106,861 110.111
7 Refunds 14,250 17,092 13,996
8 Social insurance taxes and 268,466 324,831 292,551
contributions, net
9 Employment taxes and 256,142 306,235 280,059
contributions(2)
10 Unemployment insurance 10,121 16,378 10,173
11 Other net receipts(3) 2,202 2,216 2,319
12 Excise taxes 33,366 31,015 34,249
13 Customs deposits 9,838 8,440 10,287
14 Estate and gift taxes 12,359 14,915 14,001
15 Miscellaneous receipts(4) 18,735 15,140 19,565
OUTLAYS
16 All types 877,414 817,235 882,777
17 National defense 140,196 134,414 149,820
18 International affairs 8,297 6,879 8,530
19 General science, space, and 10,142 9,319 10,089
technology
20 Energy 699 797 -90
21 Natural resources and 12,671 10,351 12,098
environment
22 Agriculture 16,757 9,803 20,887
23 Commerce and housing credit 4,046 -1,629 7,351
24 Transportation 20,836 17,082 22,971
25 Community and regional 6,972 5,368 7,135
development
26 Education training, employment,
and social services 27,762 29,003 27,532
27 Health 67,838 69,320 74,490
28 Social security and Medicare 316,809 261,146 295,030
29 Income security 109,481 126,552 113,504
30 Veterans benefits and services 22,750 20,105 23,412
31 Administration of justice 12,041 13,149 13,459
32 General government 9,136 6,650 6,993
33 Net interest 116,954 116,655 112,420
34 Undistributed offsetting -25,793 -17,724 -22,850
receipts(6)
Calendar year
Source or type 1999 2000
Nov. Dec. Jan.
RECEIPTS
1 All sources 121,375 201,196 189,478
2 Individual income taxes, net 57,477 94,535 111,306
3 Withheld 59,668 88,311 65,922
4 Nonwithheld 2,298 7,373 46,556
5 Refunds 4,490 1,149 1,173
Corporation income taxes
6 Gross receipts 3,461 46,486 7,135
7 Refunds 1,809 1,540 1,800
8 Social insurance taxes and 49,013 48,421 60,484
contributions, net
9 Employment taxes and 45,759 47,742 58,819
contributions(2)
10 Unemployment insurance 2,868 266 1,319
11 Other net receipts(3) 386 412 346
12 Excise taxes 6,072 5,709 5,316
13 Customs deposits 1,621 1,612 1,457
14 Estate and gift taxes 2,465 2,575 2,116
15 Miscellaneous receipts(4) 3,075 3,398 3,464
OUTLAYS
16 All types 148,408 168,114 127,326
17 National defense 23,224 31,261 17,581
18 International affairs 1,522 3,527 1,404
19 General science, space, and 1,661 1,853 1,229
technology
20 Energy -199 32 94
21 Natural resources and 2,078 2,350 1,490
environment
22 Agriculture 7,401 4,362 4,213
23 Commerce and housing credit 505 -696 -1,336
24 Transportation 3,890 3,858 3,112
25 Community and regional 1,244 1,300 270
development
26 Education training, employment,
and social services 4,070 5,593 4,788
27 Health 12,124 13,462 11,575
28 Social security and Medicare 48,686 52,720 45,336
29 Income security 18,216 23,747 16,565
30 Veterans benefits and services 3,795 5,320 1,991
31 Administration of justice 2,579 2,163 2,224
32 General government 646 1,974 490
33 Net interest 20,410 18,328 19,428
34 Undistributed offsetting -3,441 -3,040 -3,129
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 U.S. Government, Fiscal Year 2001; monthly and half-year
totals: U.S. Department of the Treasury, Monthly Treasury Statement of
Receipts and Outlays of the U.S. Government.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1997 1998
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,536 5,573 5,578
2 Public debt securities 5,502 5,542 5,548
3 Held by public 3,847 3,872 3,790
4 Held by agencies 1,656 1,670 1,758
5 Agency securities 34 31 30
6 Held by public 27 26 26
7 Held by agencies 7 5 4
8 Debt subject to statutory limit 5,417 5,457 5,460
9 Public debt securities 5,416 5,456 5,460
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998 1999
Item
Sept. 30 Dec. 31 Mar. 31
1 Federal debt outstanding 5,556 5,643 5,681
2 Public debt securities 5,526 5,614 5,652
3 Held by public 3,761 3,787 3,795
4 Held by agencies 1,766 1,827 1,857
5 Agency securities 29 29 29
6 Held by public 26 29 28
7 Held by agencies 4 1 1
8 Debt subject to statutory limit 5,440 5,530 5,566
9 Public debt securities 5,439 5,530 5,566
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1999
Item
June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,668 5,685 29
2 Public debt securities 5,639 5,656 5,776
3 Held by public 3,685 3,667 3,716
4 Held by agencies 1,954 1,989 2,061
5 Agency securities 29 29 29
6 Held by public 28 28 28
7 Held by agencies 1 1 1
8 Debt subject to statutory limit 5,552 5,568 5,687
9 Public debt securities 5,552 5,568 5,687
10 Other debt(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 US TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder 1996 1997
1 Total gross public debt 5,323.2 5,502.4
By type
2 Interest-bearing 5,317.2 5,494.9
3 Marketable 3,459.7 3,456.8
4 Bills 777.4 715.4
5 Notes 2,112.3 2,106.1
6 Bonds 555.0 587.3
7 Inflation-indexed notes n.a. 33.0
and bonds(1)
8 Nonmarketable(2) 1,857.5 2,038.1
9 State and local government 101.3 124.1
series
10 Foreign issues(3) 37.4 36.2
11 Government 47.4 36.2
12 Public .0 .0
13 Savings bonds and notes 182.4 181.2
14 Government account series(4) 1,505.9 1,666.7
15 Non-interest-bearing 6.0 7.5
By holder(5)
16 U.S. Treasury and other federal 1,497.2 1,655.7
agencies and trust funds
17 Federal Reserve Banks 410.9 451.9
18 Private investors 3,431.2 3,414.6
19 Depository institutions 296.6 300.3
20 Mutual funds 315.8 321.5
21 Insurance companies 214.1 176.6
22 State and local treasuries(6) 257.0 239.3
Individuals
23 Savings bonds 187.0 186.5
24 Pension funds 392.7 421.0
25 Private 189.2 204.1
26 State and Local 203.5 216.9
27 Foreign and international 1,102.1 1,241.6
28 Other miscellaneous 665.9 527.9
investors(6,8)
Type and holder 1998 1999
1 Total gross public debt 5,614.2 .0
By type
2 Interest-bearing 5,605.4 5,766.1
3 Marketable 3,355.5 3,281.0
4 Bills 691.0 737.1
5 Notes 1,960.7 1,784.5
6 Bonds 621.2 643.7
7 Inflation-indexed notes 50.6 68.2
and bonds(1)
8 Nonmarketable(2) 2,249.9 2,485.1
9 State and local government 165.3 165.7
series
10 Foreign issues(3) 34.3 31.3
11 Government 34.3 31.3
12 Public .0 .0
13 Savings bonds and notes 180.3 179.4
14 Government account series(4) 1,840.0 2,078.7
15 Non-interest-bearing 8.8 10.0
By holder(5)
16 U.S. Treasury and other federal 1,826.8 2,060.6
agencies and trust funds
17 Federal Reserve Banks 471.7 477.7
18 Private investors 3,334.0 3,234.2
19 Depository institutions 237.3 n.a.
20 Mutual funds 343.2 n.a.
21 Insurance companies 144.6 n.a.
22 State and local treasuries(6) 269.3 n.a.
Individuals
23 Savings bonds 186.7 186.5
24 Pension funds 434.7 n.a.
25 Private 218.1 n.a.
26 State and Local 216.6 n.a.
27 Foreign and international 1,278.7 1,268.7
28 Other miscellaneous 439.6 n.a.
investors(6,8)
1999
Type and holder
Q1 Q2
1 Total gross public debt 5,651.6 5,638.8
By type
2 Interest-bearing 5,643.1 5,629.5
3 Marketable 3,361.3 3,248.5
4 Bills 725.5 647.8
5 Notes 1,912.0 1,868.5
6 Bonds 632.5 632.5
7 Inflation-indexed notes 59.2 59.9
and bonds(1)
8 Nonmarketable(2) 2,281.8 2,381.0
9 State and local government 167.5 172.6
series
10 Foreign issues(3) 33.5 30.9
11 Government 33.5 30.9
12 Public .0 .0
13 Savings bonds and notes 180.6 180.0
14 Government account series(4) 1,870.2 1,967.5
15 Non-interest-bearing 8.5 9.3
By holder(5)
16 U.S. Treasury and other federal 1,857.1 1,953.6
agencies and trust funds
17 Federal Reserve Banks 464.5 493.8
18 Private investors 3,327.6 3,199.3
19 Depository institutions 246.5 240.6
20 Mutual funds 351.8 335.4
21 Insurance companies 143.8 142.5
22 State and local treasuries(6) 272.5 279.1
Individuals
23 Savings bonds 186.6 186.6
24 Pension funds 438.3 449.1
25 Private 220.0 226.6
26 State and Local 218.3 222.5
27 Foreign and international 1,272.1 1,258.6
28 Other miscellaneous 416.6 307.4
investors(6,8)
1999
Type and holder
Q3 Q4
1 Total gross public debt 5,656.3 5,776.1(r)
By type
2 Interest-bearing 5,647.2 5,766.1
3 Marketable 3,233.0 3,281.0
4 Bills 653.2 737.1
5 Notes 1,828.8 1,784.5
6 Bonds 643.7 643.7
7 Inflation-indexed notes 67.6 68.2
and bonds(1)
8 Nonmarketable(2) 2,414.2 2,485.1
9 State and local government 168.1 165.7
series
10 Foreign issues(3) 31.0 31.3
11 Government 31.0 31.3
12 Public .0 .0
13 Savings bonds and notes 180.0 179.4
14 Government account series(4) 2,005.2 2,078.7
15 Non-interest-bearing 9.0 10.0
By holder(5)
16 U.S. Treasury and other federal 1,989.1 2,060.6
agencies and trust funds
17 Federal Reserve Banks 496.5 477.7
18 Private investors 3,175.6 3,234.2
19 Depository institutions 240.6 n.a.
20 Mutual funds 332.6 n.a.
21 Insurance companies 138.2 n.a.
22 State and local treasuries(6) 271.6 n.a.
Individuals
23 Savings bonds 186.6 186.5
24 Pension funds 444.9 n.a.
25 Private 228.3 n.a.
26 State and Local 216.6 n.a.
27 Foreign and international 1,281.3 1,268.7
28 Other miscellaneous 279.8 n.a.
investors(6,8)
(1.) The U.S. Treasury first issued inflation-indexed securities
during the first quarter of 1997.
(2.) Includes (not shown separately) securities issued to the
Rural Electrification Administration, depository bonds, retirement
plan bonds, and individual retirement bonds.
(3.) Nonmarketable series denominated in dollars, and series
denominated in foreign currency held by foreigners.
(4.) Held almost entirely by U.S. Treasury and other federal
agencies and trust funds.
(5.) Data for Federal Reserve Banks and U.S. government agencies
and trust funds are actual holdings; data for other groups are
Treasury estimates.
(6.) In March 1996, in a redefinition of series, fully defeased
debt backed by nonmarketable federal securities was removed from
"Other miscellaneous investors" and added to "State and local
treasuries." The data shown here have been revised accordingly.
(7.) Includes nonmarketable foreign series treasury securities
and treasury deposit funds. Excludes treasury securities held
under repurchase agreements in custody accounts at the Federal
Reserve Bank of New York.
(8.) Includes individuals, government-sponsored enterprises,
brokers and dealers, bank personal trusts and estates, corporate
and noncorporate businesses, and other investors.
SOURCE. U.S. Treasury Department, data by type of security,
Monthly Statement of the Public Debt of the United States; data
by holder, Treasury Bulletin.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages
1999
Item
Oct. Nov. Dec.
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 23,806 33,394 32,151
Coupon securities, by maturity
2 Five years or less 90,839 100,867 72,671
3 More than five years 57,462 64,960 42,039
4 Inflation-indexed 1,096 750 481
Federal agency
5 Discount notes 45,499 48,022 44,156
Coupon securities, by maturity
6 One year or less 847 793 792
7 More than one year, but less than
or equal to five years 6,420 5,878 4,356
8 More than five years 3,874 4,092 2,886
9 Mortgage-backed 63,248 55,736 43,291
By type of counterparty
With interdealer broker
10 U.S. Treasury 93,305 107,232 77,746
11 Federal agency 4,969 4,907 3,788
12 Mortgage-backed 21,540 20,443 16,453
With other
13 U.S. Treasury 79,898 92,740 69,595
14 Federal agency 51,671 53,879 48,403
15 Mortgage-backed 41,708 35,294 26,838
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
17 Five years or less 2,543 3,290 3,357
18 More than five years 12,576 16,051 12,101
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,039 1,823 1,046
27 More than five years 3,802 4,785 3,837
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 0
32 More than five years 0 0 0
33 Mortgage-backed 498 671 517
1999, week ending
Item
Dec. 1 Dec. 8 Dec. 15
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 43,667 33,708 27,468
Coupon securities, by maturity
2 Five years or less 88,378 84,403 81,589
3 More than five years 63,933 54,023 48,984
4 Inflation-indexed 666 572 575
Federal agency
5 Discount notes 45,494 49,761 43,040
Coupon securities, by maturity
6 One year or less 1,035 910 695
7 More than one year, but less than
or equal to five years 4,758 6,739 3,972
8 More than five years 2,574 2,961 6,025
9 Mortgage-backed 37,444 86,488 49,435
By type of counterparty
With interdealer broker
10 U.S. Treasury 106,097 94,137 83,392
11 Federal agency 4,066 5,093 3,884
12 Mortgage-backed 16,416 32,077 18,734
With other
13 U.S. Treasury 90,548 78,569 75,224
14 Federal agency 49,796 55,277 49,848
15 Mortgage-backed 21,029 54,411 30,701
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
17 Five years or less 5,355 5,427 4,078
18 More than five years 22,842 17,396 11,562
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,376 1,496 677
27 More than five years 4,203 3,380 3,663
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years n.a. n.a. n.a.
32 More than five years 0 0 0
33 Mortgage-backed 361 761 555
1999, week ending 2000,
week
ending
Item
Dec. 22 Dec. 29 Jan. 5
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 31,651 34,003 30,830
Coupon securities, by maturity
2 Five years or less 82,090 37,615 77,282
3 More than five years 44,004 16,996 41,462
4 Inflation-indexed 315 318 743
Federal agency
5 Discount notes 41,715 43,577 39,820
Coupon securities, by maturity
6 One year or less 971 589 683
7 More than one year, but less than
or equal to five years 4,506 2,071 4,500
8 More than five years 2,159 894 1,810
9 Mortgage-backed 28,244 10,951 41,333
By type of counterparty
With interdealer broker
10 U.S. Treasury 81,486 45,922 78,684
11 Federal agency 3,690 2,597 3,372
12 Mortgage-backed 11,990 3,223 15,946
With other
13 U.S. Treasury 76,573 43,008 71,633
14 Federal agency 45,660 44,533 43,442
15 Mortgage-backed 16,254 7,728 25,386
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
17 Five years or less 3,085 668 2,782
18 More than five years 13,542 4,105 11,224
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,466 456 1,105
27 More than five years 4,932 2,789 5,118
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 n.a.
32 More than five years n.a. 0 n.a.
33 Mortgage-backed 503 312 432
2000, week ending
Item
Jan. 12 Jan. 19 Jan. 26
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 28,132 26,516 23,388
Coupon securities, by maturity
2 Five years or less 99,003 93,941 120,711
3 More than five years 64,020 65,701 76,617
4 Inflation-indexed 2,950 1,309 827
Federal agency
5 Discount notes 43,264 48,908 48,762
Coupon securities, by maturity
6 One year or less 1,905 1,779 1,716
7 More than one year, but less than
or equal to five years 10,158 7,655 9,228
8 More than five years 14,777 4,311 5,897
9 Mortgage-backed 96,924 74,707 46,093
By type of counterparty
With interdealer broker
10 U.S. Treasury 97,212 98,129 111,093
11 Federal agency 6,498 5,476 6,697
12 Mortgage-backed 32,779 28,794 20,734
With other
13 U.S. Treasury 96,893 89,337 110,452
14 Federal agency 63,604 57,177 58,906
15 Mortgage-backed 64,145 45,914 25,359
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. 0 n.a.
Coupon securities, by maturity
17 Five years or less 3,550 2,921 3,222
18 More than five years 16,249 19,068 19,182
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less than
or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,676 1,623 1,439
27 More than five years 7,460 3,941 4,987
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less than
or equal to five years 0 0 n.a.
32 More than five years 0 0 0
33 Mortgage-backed 370 1,203 590
(1.) Transactions are market purchases and sales of securities
as reported to the Federal Reserve Bank of New York by the U.S.
government securities dealers on its published list of primary
dealers. Monthly averages are based on the number of trading days
in the month. Transactions are assumed to be evenly distributed
among the trading days of the report week. Immediate, forward,
and futures transactions are reported at principal value, which
does not include accrued interest; options transactions are
reported at the face value of the underlying securities.
Dealers report cumulative transactions for each week ending
Wednesday.
(2.) Outright transactions include immediate and forward
transactions. Immediate delivery refers to purchases or sales
of securities (other than mortgage-backed federal agency
securities) for which delivery is scheduled in five business
days or less and "when-issued" securities that settle on the
issue date of offering. Transactions for immediate delivery of
mortgage-backed agency securities include purchases and sales
for which delivery is scheduled in thirty business days or
less. Stripped securities are reported at market value by
maturity of coupon or corpus.
Forward transactions are agreements made in the over-the-counter
market that specify delayed delivery. Forward contracts for U.S.
Treasury securities and federal agency debt securities are
included when the time to delivery is more than five business
days. Forward contracts for mortgage-backed agency securities
are included when the time to delivery is more than thirty
business days.
(3.) Futures transactions are standardized agreements arranged on
an exchange. All futures transactions are included regardless of
time to delivery.
(4.) Options transactions are purchases or sales of put and
call options, whether arranged on an organized exchange or in
the over-the-counter market, and include options on futures
contracts on U.S. Treasury and federal agency securities.
NOTE. "n.a." indicates that data are not published because of
insufficient activity.
1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing(1)
Millions of dollars
1999
Item
Oct. Nov. Dec.
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 7,071 9,579 21,386
Coupon securities, by maturity
2 Five years or less -33,679 -28,880 -24,620
3 More than five years -22,651 -23,250 -29,848
4 Inflation-indexed 3,781 3,164 2,438
Federal agency
5 Discount notes 40,900 43,941 45,011
Coupon securities, by maturity
6 One year or less 6,085 6,270 5,436
7 More than one year, but less
than or equal to five years 4,438 4,533 1,910
8 More than five years 2,913 3,464 2,707
9 Mortgage-backed 20,356 23,743 25,603
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 10,122 4,304 7,115
12 More than five years 9,652 324 408
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 -1,669 -594 -1,927
21 More than five years -3,571 -1,103 -11
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years 69 175 n.a.
26 More than five years 28 29 n.a.
27 Mortgage-backed 1,011 -272 1,260
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 288,446 288,146 260,169
29 Term 806,146 799,629 847,806
Securities borrowed
30 Overnight and continuing 255,880 239,510 224,527
31 Term 96,565 97,728 117,116
Securities received as pledge
32 Overnight and continuing 2,395 1,965 1,647
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 694,423 673,755 647,385
35 Term 683,085 715,763 761,776
Securities loaned
36 Overnight and continuing 9,040 9,049 8,843
37 Term 7,090 6,744 7,283
Securities pledged
38 Overnight and continuing 54,712 50,099 49,236
39 Term 8,382 6,745 10,713
Collateralized loans
40 Total 25,763 23,590 14,892
1999, week ending
Item
Dec. 1 Dec. 8 Dec. 15
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 10,823 19,084 27,359
Coupon securities, by maturity
2 Five years or less -29,331 -29,509 -25,835
3 More than five years -25,728 -31,604 -26,904
4 Inflation-indexed 3,030 2,814 2,577
Federal agency
5 Discount notes 43,663 47,233 46,687
Coupon securities, by maturity
6 One year or less 7,344 5,753 5,256
7 More than one year, but less
than or equal to five years 3,416 4,147 2,822
8 More than five years 3,403 3,123 2,855
9 Mortgage-backed 21,490 24,714 27,783
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 7,879 8,087 5,950
12 More than five years 30 189 -2,441
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 -1,794 -1,663 -920
21 More than five years -951 253 526
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years n.a. n.a. n.a.
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 535 1,117 1,005
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 303,968 273,027 272,027
29 Term 770,619 825,534 861,296
Securities borrowed
30 Overnight and continuing 237,180 232,345 229,317
31 Term 95,703 99,839 109,328
Securities received as pledge
32 Overnight and continuing 1,825 1,674 1,588
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 697,741 670,499 682,401
35 Term 688,027 727,690 762,671
Securities loaned
36 Overnight and continuing 8,661 8,599 8,949
37 Term 6,633 6,642 7,055
Securities pledged
38 Overnight and continuing 49,781 49,688 52,467
39 Term 5,989 6,746 8,343
Collateralized loans
40 Total 18,639 8,831 9,742
1999, week ending 2000,
week
ending
Item
Dec. 22 Dec. 29 Jan. 5
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 23,356 16,191 25,113
Coupon securities, by maturity
2 Five years or less -18,437 -21,275 -34,261
3 More than five years -29,629 -31,002 -32,798
4 Inflation-indexed 2,317 2,041 2,150
Federal agency
5 Discount notes 40,705 44,790 47,888
Coupon securities, by maturity
6 One year or less 5,495 5,043 5,179
7 More than one year, but less
than or equal to five years 368 114 1,824
8 More than five years 2,305 2,187 3,606
9 Mortgage-backed 24,679 26,331 23,834
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
11 Five years or less 6,602 6,865 10,084
12 More than five years 1,360 1,455 4,336
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less
than or equal to five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -2,237 -2,483 -3,413
21 More than five years -655 593 -2,202
22 Inflation-indexed 0 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years n.a. n.a. n.a.
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 1,439 1,360 2,043
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 250,497 237,547 264,786
29 Term 884,556 881,410 670,899
Securities borrowed
30 Overnight and continuing 216,402 220,331 217,192
31 Term 128,040 130,567 130,230
Securities received as pledge
32 Overnight and continuing 1,653 n.a. n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 644,426 587,167 639,876
35 Term 795,103 823,824 581,011
Securities loaned
36 Overnight and continuing 9,086 9,012 7,970
37 Term 7,277 8,040 8,026
Securities pledged
38 Overnight and continuing 48,797 46,612 46,789
39 Term 13,601 13,866 14,118
Collateralized loans
40 Total 13,434 23,821 26,109
2000,
week
ending
Item
Jan. 12 Jan. 19
Positions(2)
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 22,050 11,137
Coupon securities, by maturity
2 Five years or less -42,507 -43,659
3 More than five years -32,520 -33,589
4 Inflation-indexed 2,739 3,303
Federal agency
5 Discount notes 37,799 38,342
Coupon securities, by maturity
6 One year or less 6,271 6,797
7 More than one year, but less
than or equal to five years 6,276 8,669
8 More than five years 7,382 7,414
9 Mortgage-backed 24,008 27,317
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. n.a.
Coupon securities, by maturity
11 Five years or less 13,989 12,347
12 More than five years 7,687 10,229
13 Inflation-indexed 0 0
Federal agency
14 Discount notes 0 0
Coupon securities, by maturity
15 One year or less 0 0
16 More than one year, but less
than or equal to five years 0 0
17 More than five years 0 0
18 Mortgage-backed 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0
Coupon securities, by maturity
20 Five years or less -4,289 -4,939
21 More than five years -3,562 -3,911
22 Inflation-indexed 0 0
Federal agency
23 Discount notes 0 0
Coupon securities, by maturity
24 One year or less 0 0
25 More than one year, but less
than or equal to five years 0 0
26 More than five years n.a. n.a.
27 Mortgage-backed 1,804 2,498
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 273,333 286,065
29 Term 735,505 718,016
Securities borrowed
30 Overnight and continuing 225,106 245,091
31 Term 122,843 105,809
Securities received as pledge
32 Overnight and continuing n.a. n.a.
33 Term n.a. n.a.
Repurchase agreements
34 Overnight and continuing 670,637 708,930
35 Term 626,160 601,385
Securities loaned
36 Overnight and continuing 8,711 9,012
37 Term 7,855 6,544
Securities pledged
38 Overnight and continuing 44,444 50,609
39 Term 13,837 8,608
Collateralized loans
40 Total 22,766 17,113
(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 844,611 925,823 1,022,609
sponsored agencies
2 Federal agencies 37,347 29,380 27,792
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) 2,050 1447 552
5 Federal Housing 97 84 102
Administration(4)
6 Government National Mortgage n.a. n.a. n.a.
Association certificates
of participation(5)
7 Postal Service(6) 5,765 n.a. n.a.
8 Tennessee Valley Authority 29,429 27,853 27,786
9 United States Railway n.a. n.a. n.a.
Association(6)
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 119,174 156,980 169,200
Corporation
13 Federal National Mortgage 299,174 331,270 369,774
Association
14 Farm Credit Banks(8) 57,379 60,053 63,517
15 Student Loan Marketing 47,529 44,763 37,717
Association(9)
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996 29,996
Corporation(12)
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 n.a. n.a. n.a.
Association
23 Tennessee Valley Authority 3,200 n.a. n.a.
24 United States Railway n.a. n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home Administration 21,015 18,325 13,530
26 Rural Electrification 17,144 16,702 14,898
Administration
27 Other 29,513 21,714 20,110
1999
Agency 1998
July Aug.
1 Federal and federally 1,296,477 1,457,925 1,491,900
sponsored agencies
2 Federal agencies 26,502 26,204 26,107
3 Defense Department(1) 6 6 6
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing 205 105 109
Administration(4)
6 Government National Mortgage n.a. n.a. n.a.
Association certificates
of participation(5)
7 Postal Service(6) n.a. n.a. n.a.
8 Tennessee Valley Authority 26,496 26,198 26,101
9 United States Railway n.a. n.a. n.a.
Association(6)
10 Federally sponsored agencies(7) 1,269,975 1,431,721 1,465,793
11 Federal Home Loan Banks 382,131 444,775 458,320
12 Federal Home Loan Mortgage 287,396 334,575 340,972
Corporation
13 Federal National Mortgage 460,291 502,653 517,200
Association
14 Farm Credit Banks(8) 63,488 66,922 67,269
15 Student Loan Marketing 35,399 40,843 40,310
Association(9)
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996 29,996
Corporation(12)
MEMO
19 Federal Financing Bank debt(13) 44,129 39,901 39,341
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 n.a. n.a. n.a.
Association
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway n.a. n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home Administration 9,500 7,445 7,720
26 Rural Electrification 14,091 13,994 13,969
Administration
27 Other 20,538 18,512 18,102
1999
Agency
Sept. Oct. Nov.
1 Federal and federally 1,525,916 n.a. n.a.
sponsored agencies
2 Federal agencies 26,384 28,218 n.a.
3 Defense Department(1) 6 6 n.a.
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing 114 126 n.a.
Administration(4)
6 Government National Mortgage n.a. n.a. n.a.
Association certificates
of participation(5)
7 Postal Service(6) n.a. n.a. n.a.
8 Tennessee Valley Authority 26,378 28,212 n.a.
9 United States Railway n.a. n.a. n.a.
Association(6)
10 Federally sponsored agencies(7) 1,499,532 n.a. n.a.
11 Federal Home Loan Banks 481,639 489,401 502,842
12 Federal Home Loan Mortgage 341,144 352,487 357,317
Corporation
13 Federal National Mortgage 524,880 527,403 540,364
Association
14 Farm Credit Banks(8) 67,938 68,338 67,654
15 Student Loan Marketing 41,921 44,224 44,402
Association(9)
16 Financing Corporation(10) 8,170 8,170 8,170
17 Farm Credit Financial 1,261 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996 29,996
Corporation(12)
MEMO
19 Federal Financing Bank debt(13) 43,116 42,466 n.a.
Lending to federal and
federally
sponsored agencies
20 Export-import Bank(3) n.a. n.a. n.a.
21 Postal Service(6) n.a. n.a. n.a.
22 Student Loan Marketing n.a. n.a. n.a.
Association
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway n.a. n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home Administration 7,125 7,035 n.a.
26 Rural Electrification 13,885 13,998 n.a.
Administration
27 Other 22,106 21,433 n.a.
(1.) Consists of mortgages assumed by the Defense Department
between 1957 and 1963 under family housing and homeowners
assistance programs.
(2.) Includes participation certificates reclassified as debt
beginning Oct. 1, 1976.
(3.) On-budget since Sept. 30, 1976.
(4.) Consists of debentures issued in payment of Federal
Housing Administration insurance claims. Once issued, these
securities may be sold privately on the securities market.
(5.) Certificates of participation issued before fiscal year
1969 by the Government National Mortgage Association acting as
trustee for the Farmers Home Administration, the Department
of Health, Education, and Welfare, the Department of Housing and
Urban Development, the Small Business Administration, and the
Veterans Administration.
(6.) Off-budget.
(7.) Includes outstanding noncontingent liabilities: notes,
bonds, and debentures. Includes Federal Agricultural Mortgage
Corporation, therefore details do not sum to total. Some data
are estimated.
(8.) Excludes borrowing by the Farm Credit Financial
Assistance Corporation, which is shown on line 17.
(9.) Before late 1982, the association obtained financing
through the Federal Financing Bank (FFB). Borrowing excludes
that obtained from the FFB, which is shown on line 22.
(10.) The Financing Corporation, established in August 1987 to
recapitalize the Federal Savings and Loan Insurance Corporation,
undertook its first borrowing in October 1987.
(11.) The Farm Credit Financial Assistance Corporation,
established in January 1988 to provide assistance to the
Farm Credit System, undertook its first borrowing in July
1988.
(12.) The Resolution Funding Corporation, established by the
Financial Institutions Reform, Recovery, and Enforcement Act
of 1989, undertook its first borrowing in October 1989.
(13.) The FFB, which began operations in 1974, is authorized
to purchase or sell obligations issued, sold, or guaranteed
by other federal agencies. Because FFB incurs debt solely for
the purpose of lending to other agencies, its debt is not
included in the main portion of the table to avoid double
counting.
(14.) Includes FFB purchases of agency assets and guaranteed
loans; the latter are loans guaranteed by numerous agencies,
with the amounts guaranteed by any one agency generally being
small. The Farmers Home Administration entry consists
exclusively of agency assets, whereas the Rural
Electrification Administration entry consists of both
agency assets and guaranteed loans.
1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments
Millions of dollars
1999
Type of issue or issuer, 1997 1998 1999
or use
June
1 All issues, new and
refunding(1) 214,694 262,342 215,427 23,428
By type of issue
2 General obligation 69,934 87,015 73,308 10,997
3 Revenue 134,989 175,327 142,120 12,431
By type of issuer
4 State 18,237 23,506 16,376 1,236
5 Special district or statutory
authority(2) 134,919 178,421 152,418 18,414
6 Municipality, county, or
township 70,558 60,173 46,634 3,779
7 Issues for new capital 135,519 160,568 161,065 19,509
By use of proceeds
8 Education 31,860 36,904 36,563 3,793
9 Transportation 13,951 19,926 17,394 1,650
10 Utilities and conservation 12,219 21,037 15,098 1,594
11 Social welfare 27,794 n.a. n.a. n.a.
12 Industrial aid 6,667 8,594 9,099 739
13 Other purposes 35,095 42,450 47,896 7,195
1999
Type of issue or issuer,
or use
July Aug. Sept. Oct.
1 All issues, new and
refunding(1) 18,671 15,746 18,433 17,497
By type of issue
2 General obligation 6,206 4,268 5,171 4,183
3 Revenue 12,465 11,478 13,262 13,314
By type of issuer
4 State 2,194 911 2,341 1,753
5 Special district or statutory
authority(2) 13,572 11,578 13,449 12,186
6 Municipality, county, or
township 2,906 3,257 2,642 3,557
7 Issues for new capital 12,172 12,530 14,973 14,908
By use of proceeds
8 Education 3,415 2,842 2,885 2,049
9 Transportation 1,264 1,955 1,886 1,674
10 Utilities and conservation 535 1,038 1,976 1,176
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 850 585 1,271 726
13 Other purposes 2,729 3,255 3,941 4,509
1999 2000
Type of issue or issuer,
or use
Nov. Dec. Jan.
1 All issues, new and
refunding(1) 17,428 14,751 8,969
By type of issue
2 General obligation 4,996 3,715 3,454
3 Revenue 12,433 11,035 5,516
By type of issuer
4 State 929 834 863
5 Special district or statutory
authority(2) 12,613 10,640 5,784
6 Municipality, county, or
township 3,886 3,277 2,322
7 Issues for new capital 14,084 11,475 8,009
By use of proceeds
8 Education 2,732 3,095 2,189
9 Transportation 892 1,201 1,064
10 Utilities and conservation 1,893 1,008 588
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 668 707 89
13 Other purposes 5,213 3,141 2,885
(1.) Par amounts of long-term issues based on date of sale.
(2.) Includes school districts.
SOURCE. Securities Data Company beginning January 1990; Investment
Dealer's Digest before then.
1.46 NEW SECURITY ISSUES U.S. Corporations
Millions of dollars
Type of issue, offering, 1997 1998 1999
or issuer
1 All issues(1) 929,256 1,128,491 1,073,107
2 Bonds(2) 811,376 1,001,736 941,309
By type of offering
3 Sold in the United States 708,188 923,771 818,684
4 Sold abroad 103,188 77,965 122,615
MEMO
5 Private placements, domestic 54,990 37,845 n.a.
By industry group
6 Nonfinancial 222,603 307,935 293,974
7 Financial 588,773 693,801 647,335
8 Stocks(3) 117,880 126,755 131,367
By type of offering
9 Public 117,880 126,755 131,367
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 60,386 74,113 110,671
12 Financial 57,494 52,642 20,696
1999
Type of issue, offering,
or issuer
May June July Aug.
1 All issues(1) 110,475 96,608 96,608 83,466
2 Bonds(2) 94,713 88,338 83,546 75,708
By type of offering
3 Sold in the United States 86,730 79,031 69,451 63,383
4 Sold abroad 7,983 9,306 14,095 12,325
MEMO
5 Private placements, domestic 5,022 6,441 2,133 1,670
By industry group
6 Nonfinancial 32,843 24,531 25,526 22,704
7 Financial 61,870 63,807 58,020 53,005
8 Stocks(3) 15,762 8,270 13,062 7,758
By type of offering
9 Public 15,762 8,270 13,062 7,758
10 Private placement(4) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 10,425 6,436 11,589 6,379
12 Financial 5,337 1,834 1,473 1,379
1999
Type of issue, offering,
or issuer
Sept. Oct. Nov. Dec.
1 All issues(1) 82,414 58,613 85,015(r) 50,615
2 Bonds(2) 75,807 47,103 61,033 42,487
By type of offering
3 Sold in the United States 65,679 37,721 53,908 36,499
4 Sold abroad 10,128 9,382 7,125 5,989
MEMO
5 Private placements, domestic 1,372 1,467 n.a. n.a.
By industry group
6 Nonfinancial 20,655 13,990 24,283 14,625
7 Financial 55,151 33,112 36,750 27,863
8 Stocks(3) 6,607 11,510 23,982(r) 8,128
By type of offering
9 Public 6,607 11,510 23,982(r) 8,128
10 Private placement(4) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 5,647 10,961 22,610(r) 7,838
12 Financial 960 549 1,372(r) 290
(1.) Figures represent gross proceeds of issues maturing in more than
one year; they are the principal amount or number of units calculated
by multiplying by the offering price. Figures exclude secondary
offerings, employee stock plans, investment companies other than
closed-end, intracorporate transactions, and Yankee bonds. Stock data
include ownership securities issued by limited partnerships.
(2.) Monthly data include 144(a) offerings.
(3.) Monthly data cover only public offerings.
(4.) Data are not available.
SOURCE. Securities Data Company and the Board of Governors of the
Federal Reserve System.
1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1)
Millions of dollars
1999
Item 1998 1999
June July
1 Sales of own
shares(2) 1,461,430 1,791,894 138,502 140,926
2 Redemptions of own
shares 1,217,022 1,621,987 117,953 128,173
3 Net sales(3) 244,408 169,906 20,550 12,754
4 Assets(4) 4,173,531 5,233,191 4,650,385 4,585,131
5 Cash(5) 191,393 219,189 214,779 209,061
6 Other 3,982,138 5,014,002 4,435,607 4,376,070
1999
Item
Aug. Sept. Oct. Nov.
1 Sales of own
shares(2) 132,991 132,226 140,738 155,490
2 Redemptions of own
shares 125,908 126,207 124,052 143,688
3 Net sales(3) 7,084 6,019 16,686 11,801
4 Assets(4) 4,548,784 4,498,964 4,705,746 4,874,733
5 Cash(5) 209,349 209,709 225,762 214,751
6 Other 4,339,435 4,289,255 4,479,985 4,659,982
1999 2000
Item
Dec. Jan.
1 Sales of own
shares(2) 185,898 225,367
2 Redemptions of own
shares 178,855 204,639
3 Net sales(3) 7,042 20,728
4 Assets(4) 5,233,191 5,109,386
5 Cash(5) 219,189 221,964
6 Other 5,014,002 4,887,422
(1.) Data include stock, hybrid, and bond mutual funds and exclude
money market mutual funds.
(2.) Excludes reinvestment of net income dividends and capital gains
distributions and share issue of conversions from one fund to another
in the same group.
(3.) Excludes sales and redemptions resulting from transfers of
shares into or out of money market mutual funds within the same
fund family.
(4.) Market value at end of period, less current liabilities.
(5.) Includes all U.S. Treasury securities and other short-term
debt securities.
SOURCE. Investment Company Institute. Data based on reports of
membership, which comprises substantially all open-end investment
companies registered with the Securities and Exchange Commission.
Data reflect underwritings of newly formed companies after their
initial offering of securities.
1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally
adjusted annual rates
1998
Account 1997 1998 1999
Q1
1 Profits with inventory
valuation and capital
consumption adjustment 837.9 846.1 n.a. 858.3
2 Profits before taxes 795.9 781.9 n.a. 788.9
3 Profits-tax liability 238.3 240.2 n.a. 239.9
4 Profits after taxes 557.6 541.7 n.a. 548.9
5 Dividends 333.7 348.6 364.7 346.5
6 Undistributed profits 223.9 193.1 n.a. 202.5
7 Inventory valuation 7.4 20.9 n.a. 29.5
8 Capital consumption adjustment 34.6 43.3 52.0 39.9
1998 1999
Account
Q2 Q3 Q4 Q1
1 Profits with inventory
valuation and capital
consumption adjustment 847.9 843.8 834.3 882.0
2 Profits before taxes 792.0 780.1 766.7 818.1
3 Profits-tax liability 241.1 244.3 235.6 248.0
4 Profits after taxes 550.9 535.8 531.0 570.1
5 Dividends 347.3 348.4 352.2 356.4
6 Undistributed profits 203.6 187.4 178.8 213.7
7 Inventory valuation 13.6 19.8 20.8 13.3
8 Capital consumption adjustment 42.4 43.9 46.9 50.6
1999
Account
Q2 Q3 Q4
1 Profits with inventory
valuation and capital
consumption adjustment 875.5 879.2 n.a.
2 Profits before taxes 835.8 853.8 n.a.
3 Profits-tax liability 254.4 259.4 n.a.
4 Profits after taxes 581.4 594.3 n.a.
5 Dividends 361.5 367.3 373.5
6 Undistributed profits 219.9 227.0 n.a.
7 Inventory valuation -13.6 -26.7 n.a.
8 Capital consumption adjustment 53.2 52.1 52.1
SOURCE. U.S. Department of Commerce, Survey of Current Business.
1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1)
Billions of dollars, end of period; not seasonally adjusted
Account 1996 1997 1998
ASSETS
1 Accounts receivable, gross(2) 637.1 663.3 711.7
2 Consumer 244.9 256.8 261.8
3 Business 309.5 318.5 347.5
4 Real estate 82.7 87.9 102.3
5 LESS: Reserves for unearned income 55.6 52.7 56.3
6 Reserves for losses 13.1 13.0 13.8
7 Accounts receivable, net 568.3 597.6 641.6
8 All other 290.0 312.4 337.9
9 Total assets 858.3 910.0 979.5
LIABILITIES AND CAPITAL
10 Bank loans 19.7 24.1 26.3
11 Commercial paper 177.6 201.5 231.5
Debt
12 Owed to parent 60.3 64.7 61.8
13 Not elsewhere classified 332.5 328.8 339.7
14 All other liabilities 174.7 189.6 203.2
15 Capital, surplus, and undivided
profits 93.5 101.3 117.0
16 Total liabilities and capital 858.3 910.0 979.5
1998
Account
Q2 Q3 Q4
ASSETS
1 Accounts receivable, gross(2) 676.0 687.6 711.7
2 Consumer 251.3 254.0 261.8
3 Business 334.9 335.1 347.5
4 Real estate 89.9 98.5 102.3
5 LESS: Reserves for unearned income 53.2 52.4 56.3
6 Reserves for losses 13.2 13.2 13.8
7 Accounts receivable, net 609.6 622.0 641.6
8 All other 340.1 313.7 337.9
9 Total assets 949.7 935.7 979.5
LIABILITIES AND CAPITAL
10 Bank loans 22.3 24.9 26.3
11 Commercial paper 225.9 226.9 231.5
Debt
12 Owed to parent 60.0 58.3 61.8
13 Not elsewhere classified 348.7 337.6 339.7
14 All other liabilities 188.9 185.4 203.2
15 Capital, surplus, and undivided
profits 103.9 103.6 117.0
16 Total liabilities and capital 949.7 936.6 979.5
1999
Account
Q1 Q2 Q3
ASSETS
1 Accounts receivable, gross(2) 733.8 756.5 776.5
2 Consumer 261.7 269.2 271.3
3 Business 362.8 373.7 382.9
4 Real estate 109.2 113.5 122.3
5 LESS: Reserves for unearned income 52.9 53.4 54.0
6 Reserves for losses 13.4 13.4 13.6
7 Accounts receivable, net 667.6 689.7 708.8
8 All other 363.3 373.2 368.6
9 Total assets 1,030.8 1,062.9 1,077.4
LIABILITIES AND CAPITAL
10 Bank loans 24.8 25.1 27.0
11 Commercial paper 222.9 231.0 205.3
Debt
12 Owed to parent 64.6 65.4 84.7
13 Not elsewhere classified 366.7 383.1 396.2
14 All other liabilities 220.3 226.1 216.0
15 Capital, surplus, and undivided
profits 131.5 132.2 148.2
16 Total liabilities and capital 1,030.8 1,062.9 1,077.4
(1.) Includes finance company subsidiaries of bank holding companies
but not of retailers and banks. Data are amounts carried on the
balance sheets of finance companies; securitized pools are not shown,
as they are not on the books.
(2.) Before deduction for unearned income and losses.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)
Billions of dollars, amounts outstanding
Type of credit 1997 1998 1999
Seasonally adjusted
1 Total 810.5 875.8 175.7
2 Consumer 327.9 352.8 175.7
3 Real estate 121.1 131.4 152.7
4 Business 361.5 391.6 446.5
Not seasonally adjusted
5 Total 818.1 884.0 177.4
6 Consumer 330.9 356.1 177.4
7 Motor vehicles loans 87.0 103.1 114.5
8 Motor vehicle leases 96.8 93.3 99.1
9 Revolving(2) 38.6 32.3 30.0
10 Other(3) 34.4 33.1 32.9
Securitized assets(4)
11 Motor vehicle loans 44.3 54.8 74.6
12 Motor vehicle leases 10.8 12.7 10.0
13 Revolving .0 8.7 10.2
14 Other 19.0 18.1 17.4
15 Real estate 121.1 131.4 152.7
16 One- to four-family 59.0 75.7 89.4
17 Other 28.9 26.6 37.1
Securitized real estate assets(4)
18 One- to four-family 33.0 29.0 25.9
19 Other .2 .1 .2
20 Business 366.1 396.5 446.6
21 Motor vehicles 63.5 79.6 85.4
22 Retail loans 25.6 28.1 33.7
23 Wholesale loans(5) 27.7 32.8 32.6
24 Leases 10.2 18.7 19.2
25 Equipment 203.9 198.0 210.8
26 Loans 51.5 50.4 49.1
27 Leases 152.3 147.6 161.6
28 Other business receivables(6) 51.1 69.9 98.2
Securitized assets(4)
29 Motor vehicles 33.0 29.2 30.6
30 Retail loans 2.4 2.6 3.0
31 Wholesale loans 30.5 24.7 25.6
32 Leases .0 1.9 2.0
33 Equipment 10.7 13.0 14.0
34 Loans 4.2 6.6 7.4
35 Leases 6.5 6.4 6.6
36 Other business receivables(6) 4.0 6.8 7.7
1999
Type of credit
July Aug. Sept.
Seasonally adjusted
1 Total 954.7 967.4 972.8
2 Consumer 375.9 380.8 381.9
3 Real estate 144.2 146.7 148.9
4 Business 434.6 439.9 442.0
Not seasonally adjusted
5 Total 948.9 962.2 968.4
6 Consumer 378.1 382.0 383.1
7 Motor vehicles loans 108.5 112.7 109.5
8 Motor vehicle leases 97.0 98.3 98.1
9 Revolving(2) 32.8 33.0 30.7
10 Other(3) 32.0 31.6 32.8
Securitized assets(4)
11 Motor vehicle loans 68.3 68.0 73.5
12 Motor vehicle leases 11.1 10.8 10.6
13 Revolving 9.9 9.4 10.2
14 Other 18.4 18.1 17.8
15 Real estate 144.2 146.7 148.9
16 One- to four-family 83.6 86.0 87.7
17 Other 33.1 33.7 34.6
Securitized real estate assets(4)
18 One- to four-family 27.2 26.8 26.5
19 Other .2 .2 .2
20 Business 426.7 433.5 436.3
21 Motor vehicles 78.8 78.6 80.3
22 Retail loans 31.7 33.3 34.5
23 Wholesale loans(5) 27.9 26.8 26.8
24 Leases 19.3 18.5 19.0
25 Equipment 208.5 210.5 208.0
26 Loans 52.9 53.1 48.2
27 Leases 155.6 157.4 159.8
28 Other business receivables(6) 89.2 92.7 94.7
Securitized assets(4)
29 Motor vehicles 28.4 30.4 31.0
30 Retail loans 2.8 2.7 2.6
31 Wholesale loans 23.5 25.7 26.4
32 Leases 2.0 2.0 2.0
33 Equipment 13.8 13.5 14.6
34 Loans 7.1 6.9 7.7
35 Leases 6.7 6.6 6.9
36 Other business receivables(6) 7.9 7.8 7.7
1999
Type of credit
Oct. Nov. Dec.(p)
Seasonally adjusted
1 Total 978.5 984.4 990.8
2 Consumer 384.0 385.2 381.2
3 Real estate 149.3 152.7 154.7
4 Business 445.1 446.5 455.0
Not seasonally adjusted
5 Total 976.7 985.9 1,000.1
6 Consumer 384.5 386.5 384.7
7 Motor vehicles loans 110.2 111.6 114.5
8 Motor vehicle leases 98.4 99.1 98.3
9 Revolving(2) 31.5 30.5 30.0
10 Other(3) 32.4 33.2 32.9
Securitized assets(4)
11 Motor vehicle loans 74.1 74.6 71.1
12 Motor vehicle leases 10.3 10.0 9.7
13 Revolving 10.1 10.2 10.5
14 Other 17.6 17.4 17.7
15 Real estate 149.3 152.7 154.7
16 One- to four-family 87.7 89.4 88.2
17 Other 35.1 37.1 38.3
Securitized real estate assets(4)
18 One- to four-family 26.2 25.9 28.0
19 Other .2 .2 .2
20 Business 442.9 446.6 460.7
21 Motor vehicles 84.3 85.4 87.8
22 Retail loans 34.9 33.7 33.2
23 Wholesale loans(5) 30.3 32.6 34.7
24 Leases 19.1 19.2 19.9
25 Equipment 210.7 210.8 222.9
26 Loans 49.4 49.1 57.3
27 Leases 161.3 161.6 165.7
28 Other business receivables(6) 97.1 98.2 95.4
Securitized assets(4)
29 Motor vehicles 28.8 30.6 31.5
30 Retail loans 2.5 3.0 2.9
31 Wholesale loans 24.3 25.6 26.4
32 Leases 2.0 2.0 2.1
33 Equipment 14.3 14.0 14.6
34 Loans 7.6 7.4 7.9
35 Leases 6.8 6.6 6.8
36 Other business receivables(6) 7.7 7.7 8.4
NOTE. This table has been revised to incorporate several changes
resulting from the benchmarking of finance company receivables to the
June 1996 Survey of Finance Companies. In that benchmark survey, and
in the monthly surveys that have followed, more detailed breakdowns
have been obtained for some components. In addition, previously
unavailable data on securitized real estate loans are now included in
this table. The new information has resulted in some reclassification
of receivables among the three major categories (consumer, real
estate, and business) and in discontinuities in some component series
between May and June 1996.
Includes finance company subsidiaries of bank holding companies but
not of retailers and banks. Data in this table also appear in the
Board's G.20 (422) monthly statistical release. For ordering address,
see inside front cover.
(1.) Owned receivables are those carried on the balance sheet of the
institution. Managed receivables are outstanding balances of pools upon
which securities have been issued; these balances are no longer carried
on the balance sheets of the loan originator. Data are shown before
deductions for unearned income and losses. Components may not sum to
totals because of rounding.
(2.) Excludes revolving credit reported as held by depository
institutions that are subsidiaries of finance companies.
(3.) Includes personal cash loans, mobile home loans, and loans to
purchase other types of consumer goods such as appliances, apparel,
boats, and recreation vehicles.
(4.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets
of the loan originator.
(5.) Credit arising from transactions between manufacturers and
dealers, that is, floor plan financing.
(6.) Includes loans on commercial accounts receivable, factored
commercial accounts, and receivable dealer capital; small loans
used primarily for business or farm purposes; and wholesale and
lease paper for mobile homes, campers, and travel trailers.
1.53 MORTGAGE MARKETS Mortgages on New Homes
Millions of dollars except as noted
Item 1997 1998 1999
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of dollars) 180.1 195.2 210.7
2 Amount of loan (thousands of dollars) 140.3 151.1 161.7
3 Loan-to-price ratio (percent) 80.4 80.0 78.7
4 Maturity (years) 28.2 28.4 28.8
5 Fees and charges (percent of loan
amount)(2) 1.02 .89 .77
Yield (percent per year)
6 Contract rate(1) 7.57 6.95 6.94
7 Effective rate(1,3) 7.73 7.08 7.06
8 Contract rate (HUD series)(4) 7.76 7.00 7.45
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 7.89 7.04 7.74
10 GNMA securities(6) 7.26 6.43 7.03
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 316,678 414,515 523,941
12 FHA/VA insured 31,925 33,770 55,318
13 Conventional 284,753 380,745 468,623
14 Mortgage transactions purchased
(during period) 70,465 188,448 195,210
Mortgage commitments (during period)
15 Issued(7) 69,965 193,795 187,948
16 To sell(8) 1,298 1,880 5,900
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)(8)
17 Total 164,421 255,010 324,443
18 FHA/VA insured 177 785 1,848
19 Conventional 164,244 254,225 322,595
Mortgage transactions (during period)
20 Purchases 117,401 267,402 239,793
21 Sales 114,258 250,565 233,031
22 Mortgage commitments contracted
(during period)(9) 120,089 281,899 228,432
1999
Item
July Aug. Sept.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of dollars) 207.6 213.8 210.3
2 Amount of loan (thousands of dollars) 158.2 163.1 161.8
3 Loan-to-price ratio (percent) 78.6 78.3 78.8
4 Maturity (years) 28.5 28.5 29.1
5 Fees and charges (percent of loan
amount)(2) .83 .68 .64
Yield (percent per year)
6 Contract rate(1) 7.16 6.99 6.99
7 Effective rate(1,3) 7.29 7.09 7.09
8 Contract rate (HUD series)(4) 7.75 7.87 7.76
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.00 8.10 8.05
10 GNMA securities(6) 7.28 7.53 7.42
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 480,651 495,302 504,938
12 FHA/VA insured 44,132 47,846 49,456
13 Conventional 436,519 447,456 455,482
14 Mortgage transactions purchased
(during period) 14,004 21,094 15,200
Mortgage commitments (during period)
15 Issued(7) 12,966 18,153 7,998
16 To sell(8) 260 478 609
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)(8)
17 Total 300,093 306,214 315,968
18 FHA/VA insured 1,735 1,708 1,689
19 Conventional 298,358 304,506 314,279
Mortgage transactions (during period)
20 Purchases 17,602 18,674 15,238
21 Sales 16,835 17,468 14,153
22 Mortgage commitments contracted
(during period)(9) 14,988 18,951 14,608
1999
Item
Oct. Nov.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of dollars) 214.4 220.8
2 Amount of loan (thousands of dollars) 165.1 167.0
3 Loan-to-price ratio (percent) 79.0 77.4
4 Maturity (years) 29.1 29.0
5 Fees and charges (percent of loan
amount)(2) .71 .73
Yield (percent per year)
6 Contract rate(1) 7.06 7.13
7 Effective rate(1,3) 7.17 7.24
8 Contract rate (HUD series)(4) 7.77 7.79
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.02 8.06
10 GNMA securities(6) 7.52 7.37
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 509,990 518,337
12 FHA/VA insured 50,639 52,632
13 Conventional 459,351 465,705
14 Mortgage transactions purchased
(during period) 10,057 14,683
Mortgage commitments (during period)
15 Issued(7) 10,480 12,050
16 To sell(8) 1,710 381
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)(8)
17 Total 318,682 323,027
18 FHA/VA insured 1,744 1,848
19 Conventional 316,938 321,179
Mortgage transactions (during period)
20 Purchases 13,323 11,869
21 Sales 12,671 11,129
22 Mortgage commitments contracted
(during period)(9) 10,810 10,501
1999 2000
Item
Dec. Jan.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of dollars) 216.3 223.7
2 Amount of loan (thousands of dollars) 167.2 169.9
3 Loan-to-price ratio (percent) 78.6 77.9
4 Maturity (years) 29.0 29.1
5 Fees and charges (percent of loan
amount)(2) .71 .75
Yield (percent per year)
6 Contract rate(1) 7.18 7.34
7 Effective rate(1,3) 7.28 7.45
8 Contract rate (HUD series)(4) 7.95 8.21
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.55 8.56
10 GNMA securities(6) 7.58 7.84
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 523,941 527,977
12 FHA/VA insured 55,318 57,369
13 Conventional 468,623 470,608
14 Mortgage transactions purchased
(during period) 11,416 9,035
Mortgage commitments (during period)
15 Issued(7) 9,931 9,130
16 To sell(8) 1,592 1,287
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)(8)
17 Total 324,443 325,914
18 FHA/VA insured 1,848 1,806
19 Conventional 322,595 324,108
Mortgage transactions (during period)
20 Purchases 9,335 12,595
21 Sales 8,589 12,417
22 Mortgage commitments contracted
(during period)(9) 11,587 8,341
(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 1997
1 All holders 4,603,981 4,901,568 5,216,785
By type of property
2 One- to four-family residences 3,510,319 3,721,917 3,959,565
3 Multifamily residences 277,002 294,783 310,456
4 Nonfarm, nonresidential 732,100 797,734 856,464
5 Farm 84,561 87,134 90,299
By type of holder
6 Major financial institutions 1,900,089 1,981,885 2,083,978
7 Commercial banks(2) 1,090,189 1,145,389 1,245,315
8 One- to four-family 646,545 677,603 745,510
9 Multifamily 42,521 45,451 49,670
10 Nonfarm, nonresidential 377,293 397,452 423,148
11 Farm 23,830 24,883 26,986
12 Savings institutions 596,763 628,335 631,822
13 One- to four-family 482,353 513,712 520,672
14 Multifamily 61,987 61,570 59,543
15 Nonfarm, nonresidential 52,135 52,723 51,252
16 Farm 288 331 354
17 Life insurance companies 213,137 208,161 206,841
18 One- to four-family 8,890 6,977 7,187
19 Multifamily 28,714 30,750 30,402
20 Nonfarm, nonresidential 165,876 160,314 158,780
21 Farm 9,657 10,120 10,472
22 Federal and related agencies 308,757 295,192 286,167
23 Government National Mortgage
Association 2 2 8
24 One- to four-family 2 2 8
25 Multifamily 0 0 0
26 Farmers Home
Administration(4) 41,791 41,596 41,195
27 One- to four-family 17,705 17,303 17,253
28 Multifamily 11,617 11,685 11,720
29 Nonfarm, nonresidential 6,248 6,841 7,370
30 Farm 6,221 5,768 4,852
31 Federal Housing and Veterans'
Administrations 9,809 6,244 3,821
32 One- to four-family 5,180 3,524 1,767
33 Multifamily 4,629 2,719 2,054
34 Resolution Trust Corporation 1,864 0 0
35 One- to four-family 691 0 0
36 Multifamily 647 0 0
37 Nonfarm, nonresidential 525 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance
Corporation 4,303 2,431 724
40 One- to four-family 492 365 109
41 Multifamily 428 413 123
42 Nonfarm, nonresidential 3,383 1,653 492
43 Farm 0 0 0
44 Federal National Mortgage
Association 178,807 168,813 161,308
45 One- to four-family 163,648 155,008 149,831
46 Multifamily 15,159 13,805 11,477
47 Federal Land Banks 28,428 29,602 30,657
48 One- to four-family 1,673 1,742 1,804
49 Farm 26,755 27,860 28,853
50 Federal Home Loan Mortgage
Corporation 43,753 46,504 48,454
51 One- to four-family 39,901 41,758 42,629
52 Multifamily 3,852 4,746 5,825
53 Mortgage pools or trusts(5) 1,863,210 2,064,882 2,273,022
54 Government National Mortgage
Association 472,283 506,340 536,879
55 One- to four-family 461,438 494,158 523,225
56 Multifamily 10,845 12,182 13,654
57 Federal Home Loan Mortgage
Corporation 515,051 554,260 579,385
58 One- to four-family 512,238 551,513 576,846
59 Multifamily 2,813 2,747 2,539
60 Federal National Mortgage
Association 582,959 650,780 709,582
51 One- to four-family 569,724 633,210 687,981
52 Multifamily 13,235 17,570 21,601
63 Farmers Home
Administration(4) 11 3 2
64 One- to four-family 2 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 5 0 0
67 Farm 4 3 2
68 Private mortgage conduits 292,906 353,499 447,173
69 One- to four-family(6) 227,800 261,900 318,000
70 Multifamily 15,584 21,967 29,218
71 Nonfarm, nonresidential 49,522 69,633 99,955
72 Farm 0 0 0
73 Individuals and others(7) 531,926 559,609 573,619
74 One- to four-family 372,037 363,143 366,744
75 Multifamily 64,970 69,179 72,629
76 Nonfarm, nonresidential 77,112 109,119 115,467
77 Farm 17,806 18,169 18,779
1998 1999
Type of holder and property
Q3 Q4 Q1
1 All holders 5,574,398 5,728,167 5,867,271
By type of property
2 One- to four-family residences 4,223,398 4,328,434 4,420,931
3 Multifamily residences 330,595 340,773 351,643
4 Nonfarm, nonresidential 926,039 962,454 997,294
5 Farm 94,366 96,506 97,404
By type of holder
6 Major financial institutions 2,137,438 2,194,814 2,202,241
7 Commercial banks(2) 1,295,828 1,337,217 1,336,669
8 One- to four-family 770,340 797,196 782,128
9 Multifamily 52,205 52,871 56,170
10 Nonfarm, nonresidential 444,596 458,115 468,859
11 Farm 28,688 29,035 29,512
12 Savings institutions 634,251 643,957 646,510
13 One- to four-family 525,844 533,792 534,772
14 Multifamily 56,696 56,825 56,763
15 Nonfarm, nonresidential 51,312 52,923 54,539
16 Farm 399 417 435
17 Life insurance companies 207,359 213,640 219,063
18 One- to four-family 6,594 6,590 6,956
19 Multifamily 30,565 31,522 31,528
20 Nonfarm, nonresidential 159,189 164,004 168,862
21 Farm 11,011 11,524 11,717
22 Federal and related agencies 287,125 292,636 288,216
23 Government National Mortgage
Association 7 7 6
24 One- to four-family 7 7 6
25 Multifamily 0 0 0
26 Farmers Home
Administration(4) 40,907 40,851 40,691
27 One- to four-family 17,025 16,895 16,777
28 Multifamily 11,736 11,739 11,731
29 Nonfarm, nonresidential 7,566 7,705 7,769
30 Farm 4,579 4,513 4,413
31 Federal Housing and Veterans'
Administrations 3,405 3,674 3,578
32 One- to four-family 1,550 1,849 1,753
33 Multifamily 1,855 1,825 1,825
34 Resolution Trust Corporation 0 0 0
35 One- to four-family 0 0 0
36 Multifamily 0 0 0
37 Nonfarm, nonresidential 0 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance
Corporation 482 361 315
40 One- to four-family 72 54 47
41 Multifamily 82 61 54
42 Nonfarm, nonresidential 328 245 214
43 Farm 0 0 0
44 Federal National Mortgage
Association 159,104 157,675 157,185
45 One- to four-family 149,069 147,594 147,063
46 Multifamily 10,035 10,081 10,122
47 Federal Land Banks 32,009 32,983 33,128
48 One- to four-family 1,883 1,941 1,949
49 Farm 30,126 31,042 31,179
50 Federal Home Loan Mortgage
Corporation 51,211 57,085 53,313
51 One- to four-family 44,254 49,106 44,140
52 Multifamily 6,957 7,979 9,173
53 Mortgage pools or trusts(5) 2,548,301 2,632,829 2,762,733
54 Government National Mortgage
Association 541,540 537,446 543,280
55 One- to four-family 527,043 522,498 527,886
56 Multifamily 14,497 14,948 15,395
57 Federal Home Loan Mortgage
Corporation 635,726 646,459 687,179
58 One- to four-family 633,124 643,465 684,240
59 Multifamily 2,602 2,994 2,939
60 Federal National Mortgage
Association 798,460 834,518 881,815
51 One- to four-family 770,979 804,205 849,513
52 Multifamily 27,481 30,313 32,302
63 Farmers Home
Administration(4) 2 1 1
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 2 1 1
68 Private mortgage conduits 572,573 614,405 650,459
69 One- to four-family(6) 391,736 410,900 430,653
70 Multifamily 40,895 44,644 48,393
71 Nonfarm, nonresidential 139,942 158,861 171,413
72 Farm 0 0 0
73 Individuals and others(7) 601,534 607,888 614,081
74 One- to four-family 383,877 392,343 393,047
75 Multifamily 74,987 74,971 75,249
76 Nonfarm, nonresidential 123,107 120,600 125,638
77 Farm 19,562 19,974 20,147
1999
Type of holder and property
Q2 Q3
1 All holders 6,019,110 6,181,073
By type of property
2 One- to four-family residences 4,533,159 4,647,881
3 Multifamily residences 359,275 372,474
4 Nonfarm, nonresidential 1,027,022 1,058,954
5 Farm 99,655 101,764
By type of holder
6 Major financial institutions 2,242,515 2,321,982
7 Commercial banks(2) 1,361,355 1,418,510
8 One- to four-family 790,125 824,677
9 Multifamily 58,572 63,130
10 Nonfarm, nonresidential 482,115 499,327
11 Farm 30,544 31,377
12 Savings institutions 656,518 676,260
13 One- to four-family 544,832 560,447
14 Multifamily 55,020 57,285
15 Nonfarm, nonresidential 56,222 58,070
16 Farm 443 459
17 Life insurance companies 224,642 227,212
18 One- to four-family 7,295 7,548
19 Multifamily 31,813 32,120
20 Nonfarm, nonresidential 173,568 175,242
21 Farm 11,966 12,302
22 Federal and related agencies 288,038 289,159
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multifamily 0 0
26 Farmers Home
Administration(4) 40,766 40,766
27 One- to four-family 16,653 16,653
28 Multifamily 11,735 11,735
29 Nonfarm, nonresidential 7,943 7,943
30 Farm 4,435 4,435
31 Federal Housing and Veterans'
Administrations 3,490 3,889
32 One- to four-family 1,623 2,013
33 Multifamily 1,867 1,876
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 189 163
40 One- to four-family 28 24
41 Multifamily 32 28
42 Nonfarm, nonresidential 129 111
43 Farm 0 0
44 Federal National Mortgage
Association 155,637 154,420
45 One- to four-family 145,033 142,982
46 Multifamily 10,604 11,438
47 Federal Land Banks 33,666 34,218
48 One- to four-family 1,981 2,013
49 Farm 31,685 32,205
50 Federal Home Loan Mortgage
Corporation 54,282 55,695
51 One- to four-family 43,574 44,010
52 Multifamily 10,708 11,685
53 Mortgage pools or trusts(5) 2,861,115 2,928,475
54 Government National Mortgage
Association 553,242 569,155
55 One- to four-family 537,333 552,787
56 Multifamily 15,909 16,368
57 Federal Home Loan Mortgage
Corporation 718,085 738,581
58 One- to four-family 714,844 735,088
59 Multifamily 3,241 3,493
60 Federal National Mortgage
Association 911,435 938,484
51 One- to four-family 877,863 903,531
52 Multifamily 33,572 34,953
63 Farmers Home
Administration(4) 1 1
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 1 1
68 Private mortgage conduits 678,353 682,254
69 One- to four-family(6) 447,938 438,676
70 Multifamily 50,679 52,851
71 Nonfarm, nonresidential 179,736 190,727
72 Farm 0 0
73 Individuals and others(7) 627,442 641,457
74 One- to four-family 404,028 417,424
75 Multifamily 75,524 75,512
76 Nonfarm, nonresidential 127,310 127,536
77 Farm 20,580 20,985
(1.) Multifamily debt refers to loans on structures of five or more
units.
(2.) Includes loans held by nondeposit trust companies but not loans
held by bank trust departments.
(3.) Includes savings banks and savings and loan associations.
(4.) FmHA-guaranteed securities sold to the Federal Financing Bank
were reallocated from FmHA mortgage pools to FmHA mortgage holdings
in 1986:Q4 because of accounting changes by the Farmers Home
Administration.
(5.) Outstanding principal balances of mortgage-backed securities
insured or guaranteed by the agency indicated.
(6.) Includes securitized home equity loans.
(7.) Other holders include mortgage companies, real estate investment
trusts, state and local credit agencies, state and local retirement
funds, noninsured pension funds, credit unions, and finance companies.
SOURCE. Based on data from various institutional and government
sources. Separation of nonfarm mortgage debt by type of property, if
not reported directly, and interpolations and extrapolations, when
required for some quarters, are estimated in part by the Federal
Reserve. Line 69 from Inside Mortgage Securities and other sources.
1.55 CONSUMER CREDIT(1)
Millions of dollars, amounts outstanding, end of period
Holder and type of credit 1997 1998 1999
Seasonally adjusted
1 Total 1,234,122 1,300,491 1,398,753
2 Revolving 531,295 560,653 592,822
3 Nonrevolving(2) 702,828 739,838 805,931
Not seasonally adjusted
4 Total 1,264,103 1,331,742 1,431,767
By major holder
5 Commercial banks 512,563 508,932 506,438
6 Finance companies 160,022 168,491 177,368
7 Credit unions 152,362 155,406 170,050
8 Savings institutions 47,172 51,611 62,949
9 Nonfinancial business 78,927 74,877 80,249
10 Pools of securitized
assets(3) 313,057 372,425 434,713
By major type of credit(4)
11 Revolving 555,858 586,528 620,158
12 Commercial banks 219,826 210,346 192,020
13 Finance companies 38,608 32,309 30,003
14 Credit unions 19,552 19,930 20,809
15 Savings institutions 11,441 12,450 14,147
16 Nonfinancial business 44,966 39,166 42,783
17 Pools of securitized
assets(3) 221,465 272,327 320,396
18 Nonrevolving 708,245 745,214 811,609
19 Commercial banks 292,737 298,586 314,418
20 Finance companies 121,414 136,182 147,365
21 Credit unions 132,810 135,476 149,241
22 Savings institutions 35,731 39,161 48,802
23 Nonfinancial business 33,961 35,711 37,466
24 Pools of securitized
assets(3) 91,592 100,098 114,317
1999
Holder and type of credit
July Aug. Sept.
Seasonally adjusted
1 Total 1,356,404 1,363,184 1,366,575
2 Revolving 583,309 584,523 584,512
3 Nonrevolving(2) 773,096 778,661 782,063
Not seasonally adjusted
4 Total 1,349,610 1,364,404 1,370,079
By major holder
5 Commercial banks 477,908 476,561 472,524
6 Finance companies 173,374 177,331 172,956
7 Credit unions 159,920 162,412 164,055
8 Savings institutions 58,126 59,091 60,055
9 Nonfinancial business 68,235 68,896 67,456
10 Pools of securitized
assets(3) 412,047 420,113 433,033
By major type of credit(4)
11 Revolving 575,499 580,691 581,361
12 Commercial banks 175,928 170,272 168,882
13 Finance companies 32,846 33,014 30,731
14 Credit unions 19,054 19,335 19,489
15 Savings institutions 13,004 13,233 13,461
16 Nonfinancial business 34,830 35,421 34,156
17 Pools of securitized
assets(3) 299,837 309,416 314,642
18 Nonrevolving 774,111 783,713 788,718
19 Commercial banks 301,980 306,289 303,642
20 Finance companies 140,528 144,317 142,225
21 Credit unions 140,866 143,077 144,566
22 Savings institutions 45,122 45,858 46,594
23 Nonfinancial business 33,405 33,475 33,300
24 Pools of securitized
assets(3) 112,210 110,697 118,391
1999
Holder and type of credit
Oct. Nov.(r) Dec.
Seasonally adjusted
1 Total 1,371,809(r) 1,387,573 1,398,753
2 Revolving 584,280(r) 588,680 592,822
3 Nonrevolving(2) 787,529(r) 798,894 805,931
Not seasonally adjusted
4 Total 1,376,926(r) 1,394,238 1,431,767
By major holder
5 Commercial banks 473,507 482,392 506,438
6 Finance companies 174,081 175,296 177,368
7 Credit unions 165,912 167,887 170,050
8 Savings institutions 61,020 61,984 62,949
9 Nonfinancial business 67,952(r) 70,263 80,249
10 Pools of securitized
assets(3) 434,454 436,416 434,713
By major type of credit(4)
11 Revolving 583,048(r) 591,051 620,158
12 Commercial banks 167,469 172,345 192,020
13 Finance companies 31,453 30,512 30,003
14 Credit unions 19,452 19,739 20,809
15 Savings institutions 13,690 13,918 14,147
16 Nonfinancial business 34,534(r) 36,002 42,783
17 Pools of securitized
assets(3) 316,450 318,535 320,396
18 Nonrevolving 793,878(r) 803,187 811,609
19 Commercial banks 306,038 310,047 314,418
20 Finance companies 142,628 144,784 147,365
21 Credit unions 146,460 148,148 149,241
22 Savings institutions 47,330 48,066 48,802
23 Nonfinancial business 33,418(r) 34,261 37,466
24 Pools of securitized
assets(3) 118,004 117,881 114,317
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals. Data in this table
also appear in the Board's G.19 (421) monthly statistical release.
For ordering address, see inside front cover.
(2.) Comprises motor vehicle loans, mobile home loans, and all other
loans that are not included in revolving credit, such as loans for
education, boats, trailers, or vacations. These loans may be secured
or unsecured.
(3.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets
of the loan originator.
(4.) Totals include estimates for certain holders for which only
consumer credit totals are available.
1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
1999
Item 1997 1998 1999
June
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.02 8.72 8.44 n.a.
2 24-month personal 13.90 13.74 13.39 n.a.
Credit card plan
3 All accounts 15.77 15.71 15.21 n.a.
4 Accounts assessed interest 15.57 15.59 14.81 n.a.
Auto finance companies
5 New car 7.12 6.30 6.66 6.60
6 Used car 13.27 12.64 12.60 12.31
OTHER TERMS(3)
Maturity (months)
7 New car 54.1 52.1 52.7 52.3
8 Used car 51.0 53.5 55.9 56.0
Loan-to-value ratio
9 New car 92 92 92 92
10 Used car 99 99 99 99
Amount financed (dollars)
11 New car 18,077 19,083 19,880 19,722
12 Used car 12,281 12,691 13,642 13,816
1999
Item
July Aug. Sept. Oct.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.44 n.a. n.a.
2 24-month personal n.a. 13.38 n.a. n.a.
Credit card plan
3 All accounts n.a. 15.08 n.a. n.a.
4 Accounts assessed interest n.a. 14.79 n.a. n.a.
Auto finance companies
5 New car 6.68 6.28 6.47 7.07
6 Used car 12.67 12.96 13.13 13.28
OTHER TERMS(3)
Maturity (months)
7 New car 52.0 51.7 52.1 53.2
8 Used car 56.1 55.8 55.9 55.8
Loan-to-value ratio
9 New car 92 92 92 92
10 Used car 99 100 100 100
Amount financed (dollars)
11 New car 19,873 20,012 20,154 20,335
12 Used car 13,609 13,374 13,449 13,613
1999
Item
Nov. Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car 8.66 n.a.
2 24-month personal 13.52 n.a.
Credit card plan
3 All accounts 15.13 n.a.
4 Accounts assessed interest 14.77 n.a.
Auto finance companies
5 New car 7.44 7.32
6 Used car 13.27 13.28
OTHER TERMS(3)
Maturity (months)
7 New car 53.9 53.4
8 Used car 55.8 55.6
Loan-to-value ratio
9 New car 91 91
10 Used car 99 99
Amount financed (dollars)
11 New car 20,517 20,699
12 Used car 13,777 13,970
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals. Data in this table
also appear in the Board's G.19 (421) monthly statistical release.
For ordering address, see inside front cover.
(2.) Data are available for only the second month of each quarter.
(3.) At auto finance companies.
1.57 FUNDS RAISED IN U.S. CREDIT MARKETS(1)
Billions of dollars; quarterly data at seasonally adjusted annual
rates
Transaction category or sector 1994 1995 1996
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial sectors 575.8 721.0 745.4
By sector and instrument
2 Federal government 155.8 144.4 145.0
3 Treasury securities 155.7 142.9 146.6
4 Budget agency securities and
mortgages .2 1.5 -1.6
5 Nonfederal 420.0 576.6 600.3
By instrument
6 Commercial paper 21.4 18.1 -.9
7 Municipal securities and
loans -35.9 -48.2 2.6
8 Corporate bonds 23.3 91.1 116.3
9 Bank loans n.e.c. 75.2 103.7 70.5
10 Other loans and advances 34.0 67.2 33.5
11 Mortgages 177.0 205.7 289.7
12 Home 183.4 180.4 245.3
13 Multifamily residential -2.1 7.6 11.5
14 Commercial -6.5 16.2 30.4
15 Farm 2.2 1.6 2.6
16 Consumer credit 124.9 138.9 88.8
By borrowing sector
17 Household 316.3 350.9 354.0
18 Nonfinancial business 150.0 277.2 253.2
19 Corporate 142.3 243.7 164.6
20 Nonfarm noncorporate 3.3 30.6 83.8
21 Farm 4.4 2.9 4.8
22 State and local government -46.2 -51.5 -6.8
23 Foreign net borrowing in United
States -13.9 71.1 77.2
24 Commercial paper -26.1 13.5 11.3
25 Bonds 12.2 49.7 55.8
26 Bank loans n.e.c. 1.4 8.5 9.1
27 Other loans and advances -1.4 -.5 1.0
28 Total domestic plus foreign 561.9 792.1 822.6
Financial sectors
29 Total net borrowing by financial
sectors 468.4 453.9 548.9
By instrument
30 Federal government-related 287.5 204.1 231.5
31 Government-sponsored
enterprise securities 176.9 105.9 90.4
32 Mortgage pool securities 115.4 98.2 141.1
33 Loans from U.S. government -4.8 .0 .0
34 Private 180.9 249.8 317.5
35 Open market paper 40.5 42.7 92.2
36 Corporate bonds 121.8 195.9 176.9
37 Bank loans n.e.c. -13.7 2.5 12.6
38 Other loans and advances 22.6 3.4 27.9
39 Mortgages 9.8 5.3 7.9
By borrowing sector
40 Commercial banking 20.1 22.5 13.0
41 Savings institutions 12.8 2.6 25.5
42 Credit unions .2 -.1 .1
43 Life insurance companies .3 -.1 1.1
44 Government-sponsored enterprises 172.1 105.9 90.4
45 Federally related mortgage pools 115.4 98.2 141.1
46 Issuers of asset-backed
securities (ABSs) 76.5 142.4 153.9
47 Finance companies 48.7 50.2 45.9
48 Mortgage companies -11.5 -2.2 4.1
49 Real estate investment trusts
(REITs) 10.2 4.5 11.9
50 Brokers and dealers .5 -5.0 -2.0
51 Funding corporations 23.1 34.9 64.1
All sectors
52 Total net borrowing, all sectors 1,030.3 1,246.0 1,371.5
53 Open market paper 35.7 74.3 102.6
54 U.S. government securities 448.1 348.5 376.5
55 Municipal securities -35.9 -48.2 2.6
56 Corporate and foreign bonds 157.3 336.7 348.9
57 Bank loans n.e.c. 62.9 114.7 92.1
58 Other loans and advances 50.4 70.1 62.5
59 Mortgages 186.8 211.0 297.6
60 Consumer credit 124.9 138.9 88.8
Funds raised through mutual
funds and corporate equities
61 Total net issues 113.4 131.5 209.1
62 Corporate equities 12.8 -16.0 -28.5
63 Nonfinancial corporations -44.9 -58.3 -69.5
64 Foreign shares purchased by
U.S. residents 48.1 50.4 60.5
65 Financial corporations 9.6 -8.1 -19.0
66 Mutual fund shares 100.6 147.4 237.6
1998
Transaction category or sector 1997 1998
Q1
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial sectors 787.1 1,024.1 1,077.3
By sector and instrument
2 Federal government 23.1 -52.6 -14.5
3 Treasury securities 23.2 -54.6 -12.1
4 Budget agency securities and
mortgages -.1 2.0 -2.4
5 Nonfederal 764.0 1,076.7 1,091.8
By instrument
6 Commercial paper 13.7 24.4 51.1
7 Municipal securities and
loans 71.4 96.8 113.5
8 Corporate bonds 150.5 218.7 278.8
9 Bank loans n.e.c. 106.5 108.2 35.0
10 Other loans and advances 69.1 74.3 76.3
11 Mortgages 300.2 486.6 478.2
12 Home 237.6 367.9 378.3
13 Multifamily residential 10.8 22.4 21.6
14 Commercial 48.7 90.2 74.1
15 Farm 3.2 6.2 4.1
16 Consumer credit 52.5 67.6 58.9
By borrowing sector
17 Household 327.3 471.9 465.1
18 Nonfinancial business 380.6 524.5 532.5
19 Corporate 297.0 418.5 426.9
20 Nonfarm noncorporate 77.4 98.4 97.1
21 Farm 6.2 7.7 8.4
22 State and local government 56.1 80.3 94.2
23 Foreign net borrowing in United
States 57.6 33.6 95.0
24 Commercial paper 3.7 7.8 55.3
25 Bonds 47.2 25.1 42.5
26 Bank loans n.e.c. 8.5 6.7 5.2
27 Other loans and advances -1.8 -6.0 -8.0
28 Total domestic plus foreign 844.7 1,057.7 1,172.3
Financial sectors
29 Total net borrowing by financial
sectors 652.2 1,068.8 931.3
By instrument
30 Federal government-related 212.8 470.9 249.2
31 Government-sponsored
enterprise securities 98.4 278.3 142.5
32 Mortgage pool securities 114.5 192.6 106.7
33 Loans from U.S. government .0 .0 .0
34 Private 439.4 597.9 682.1
35 Open market paper 166.7 161.0 236.7
36 Corporate bonds 209.0 291.8 346.3
37 Bank loans n.e.c. 13.2 30.1 57.3
38 Other loans and advances 35.6 90.2 32.7
39 Mortgages 14.9 24.8 9.1
By borrowing sector
40 Commercial banking 46.1 72.9 82.8
41 Savings institutions 19.7 52.2 10.6
42 Credit unions .1 .6 .5
43 Life insurance companies .2 .7 .0
44 Government-sponsored enterprises 98.4 278.3 142.5
45 Federally related mortgage pools 114.5 192.6 106.7
46 Issuers of asset-backed
securities (ABSs) 200.7 316.3 283.0
47 Finance companies 48.7 43.0 74.6
48 Mortgage companies -4.6 1.6 29.4
49 Real estate investment trusts
(REITs) 39.6 62.7 63.1
50 Brokers and dealers 8.1 7.2 -1.0
51 Funding corporations 80.7 40.7 139.2
All sectors
52 Total net borrowing, all sectors 1,496.9 2,126.5 2,103.6
53 Open market paper 184.1 193.1 343.0
54 U.S. government securities 235.9 418.3 234.7
55 Municipal securities 71.4 96.8 113.5
56 Corporate and foreign bonds 406.7 535.6 667.6
57 Bank loans n.e.c. 128.2 145.0 97.6
58 Other loans and advances 102.8 158.5 101.0
59 Mortgages 315.1 511.4 487.3
60 Consumer credit 52.5 67.6 58.9
Funds raised through mutual
funds and corporate equities
61 Total net issues 165.6 75.2 215.2
62 Corporate equities -99.6 -199.4 -107.1
63 Nonfinancial corporations -114.4 -267.0 -139.2
64 Foreign shares purchased by
U.S. residents 42.0 77.8 14.0
65 Financial corporations -27.1 -10.2 18.1
66 Mutual fund shares 265.1 274.6 322.3
1998
Transaction category or sector
Q2 Q3 Q4
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial sectors 1,044.2 900.6 1,074.2
By sector and instrument
2 Federal government -28.4 -113.5 -54.1
3 Treasury securities -26.9 -113.1 -66.3
4 Budget agency securities and
mortgages -1.4 -.4 12.2
5 Nonfederal 1,072.6 1,014.1 1,128.3
By instrument
6 Commercial paper 3.8 85.6 -43.0
7 Municipal securities and
loans 101.3 82.9 89.6
8 Corporate bonds 294.8 108.0 193.2
9 Bank loans n.e.c. 169.2 107.8 120.9
10 Other loans and advances 40.8 77.7 102.5
11 Mortgages 400.7 472.6 595.1
12 Home 289.1 375.2 429.1
13 Multifamily residential 21.1 16.1 30.6
14 Commercial 83.8 75.9 126.8
15 Farm 6.7 5.5 8.6
16 Consumer credit 62.1 79.6 69.9
By borrowing sector
17 Household 420.3 473.4 528.6
18 Nonfinancial business 570.3 470.7 524.6
19 Corporate 467.4 365.8 413.7
20 Nonfarm noncorporate 95.4 97.6 103.3
21 Farm 7.5 7.3 7.5
22 State and local government 82.0 70.0 75.1
23 Foreign net borrowing in United
States 97.9 -19.6 -38.9
24 Commercial paper -25.5 6.2 -4.7
25 Bonds 119.2 -27.2 -34.2
26 Bank loans n.e.c. 8.4 3.6 9.8
27 Other loans and advances -4.2 -2.2 -9.7
28 Total domestic plus foreign 1,142.1 881.0 1,035.3
Financial sectors
29 Total net borrowing by financial
sectors 988.9 1,056.3 1,298.7
By instrument
30 Federal government-related 405.4 555.8 673.3
31 Government-sponsored
enterprise securities 166.4 294.0 510.5
32 Mortgage pool securities 239.0 261.7 162.8
33 Loans from U.S. government .0 .0 .0
34 Private 583.5 500.5 625.4
35 Open market paper 135.6 141.0 130.7
36 Corporate bonds 361.8 177.4 281.9
37 Bank loans n.e.c. -9.7 60.2 12.4
38 Other loans and advances 76.0 82.3 169.9
39 Mortgages 19.9 39.6 30.6
By borrowing sector
40 Commercial banking 80.8 61.7 66.3
41 Savings institutions 31.2 63.7 103.2
42 Credit unions .2 1.0 .4
43 Life insurance companies -.6 1.6 1.8
44 Government-sponsored enterprises 166.4 294.0 510.5
45 Federally related mortgage pools 239.0 261.7 162.8
46 Issuers of asset-backed
securities (ABSs) 352.4 294.2 335.7
47 Finance companies 91.9 -12.0 17.8
48 Mortgage companies -28.2 2.3 3.0
49 Real estate investment trusts
(REITs) 64.4 79.3 44.0
50 Brokers and dealers 20.0 -2.6 12.4
51 Funding corporations -28.6 11.2 40.9
All sectors
52 Total net borrowing, all sectors 2,131.0 1,937.3 2,334.0
53 Open market paper 113.8 232.7 83.0
54 U.S. government securities 377.1 442.3 619.1
55 Municipal securities 101.3 82.9 89.6
56 Corporate and foreign bonds 775.8 258.2 440.9
57 Bank loans n.e.c. 167.9 171.6 143.0
58 Other loans and advances 112.5 157.8 262.7
59 Mortgages 420.5 512.2 625.7
60 Consumer credit 62.1 79.6 69.9
Funds raised through mutual
funds and corporate equities
61 Total net issues 262.0 -166.7 -9.8
62 Corporate equities -115.8 -340.1 -234.6
63 Nonfinancial corporations -129.1 -308.4 -491.3
64 Foreign shares purchased by
U.S. residents 12.3 -32.8 317.4
65 Financial corporations 1.0 1.0 -60.8
66 Mutual fund shares 377.8 173.4 224.8
1999
Transaction category or sector
Q1 Q2 Q3
Nonfinancial sectors
1 Total net borrowing by
domestic nonfinancial sectors 1,288.1 886.6 1,130.9
By sector and instrument
2 Federal government -75.2 -112.2 -83.1
3 Treasury securities -73.7 -112.8 -83.2
4 Budget agency securities and
mortgages -1.5 .6 .0
5 Nonfederal 1,363.3 998.7 1,214.1
By instrument
6 Commercial paper 64.4 3.4 55.8
7 Municipal securities and
loans 100.7 48.0 74.8
8 Corporate bonds 274.0 287.6 202.8
9 Bank loans n.e.c. 70.0 22.2 107.4
10 Other loans and advances 151.0 -16.7 85.9
11 Mortgages 573.9 594.1 611.9
12 Home 415.1 422.9 436.0
13 Multifamily residential 35.9 34.7 49.6
14 Commercial 119.3 127.5 117.9
15 Farm 3.6 9.0 8.4
16 Consumer credit 129.2 60.1 75.4
By borrowing sector
17 Household 556.4 517.1 566.0
18 Nonfinancial business 719.5 445.9 595.3
19 Corporate 611.2 332.6 469.3
20 Nonfarm noncorporate 101.6 114.2 115.5
21 Farm 6.6 -.9 10.5
22 State and local government 87.4 35.7 52.8
23 Foreign net borrowing in United
States 17.3 -36.4 62.6
24 Commercial paper 18.3 -27.1 41.4
25 Bonds .9 -12.6 29.4
26 Bank loans n.e.c. .9 5.6 -6.6
27 Other loans and advances -2.8 -2.3 -1.6
28 Total domestic plus foreign 1,305.4 850.1 1,193.5
Financial sectors
29 Total net borrowing by financial
sectors 1,214.2 1,042.9 1,046.5
By instrument
30 Federal government-related 592.2 579.1 653.2
31 Government-sponsored
enterprise securities 193.0 304.7 407.1
32 Mortgage pool securities 399.2 274.4 246.2
33 Loans from U.S. government .0 .0 .0
34 Private 622.0 463.8 393.2
35 Open market paper 78.3 57.8 89.8
36 Corporate bonds 490.8 289.8 148.1
37 Bank loans n.e.c. -8.8 10.5 -1.2
38 Other loans and advances 41.6 117.9 147.2
39 Mortgages 20.1 -12.3 9.4
By borrowing sector
40 Commercial banking 31.1 72.7 111.4
41 Savings institutions 58.0 58.6 55.2
42 Credit unions 1.5 1.4 2.8
43 Life insurance companies 3.3 3.0 1.1
44 Government-sponsored enterprises 193.0 304.7 407.1
45 Federally related mortgage pools 399.2 274.4 246.2
46 Issuers of asset-backed
securities (ABSs) 300.5 335.8 190.5
47 Finance companies 71.2 88.4 -22.7
48 Mortgage companies -4.6 5.1 -1.1
49 Real estate investment trusts
(REITs) 25.6 -19.7 7.9
50 Brokers and dealers -31.1 -17.4 16.9
51 Funding corporations 166.5 -63.8 31.2
All sectors
52 Total net borrowing, all sectors 2,519.6 1,893.0 2,240.0
53 Open market paper 161.1 34.1 187.0
54 U.S. government securities 517.0 467.0 570.1
55 Municipal securities 100.7 48.0 74.8
56 Corporate and foreign bonds 765.7 564.8 380.2
57 Bank loans n.e.c. 62.1 38.3 99.6
58 Other loans and advances 189.8 98.9 231.5
59 Mortgages 594.0 581.8 621.3
60 Consumer credit 129.2 60.1 75.4
Funds raised through mutual
funds and corporate equities
61 Total net issues 121.3 113.2 57.0
62 Corporate equities -132.0 -94.9 -69.6
63 Nonfinancial corporations -65.7 -374.0 -153.0
64 Foreign shares purchased by
U.S. residents -33.4 270.9 76.7
65 Financial corporations -32.9 8.2 6.7
66 Mutual fund shares 253.3 208.2 126.7
(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables F.2 through F.4. For ordering
address, see inside front cover.
1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1)
Billions of dollars except as noted; quarterly data at seasonally
adjusted annual rates
Transaction category or sector 1994 1995 1996
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,030.3 1,246.0 1,371.5
2 Domestic nonfederal nonfinancial
sectors 231.2 -89.4 24.8
3 Household 268.0 6.1 63.7
4 Nonfinancial corporate business 17.7 -8.8 -.8
5 Nonfarm noncorporate business .6 4.7 -4.3
6 State and local governments -55.0 -91.4 -33.7
7 Federal government -27.4 -.2 -7.4
8 Rest of the world 132.3 273.9 414.4
9 Financial sectors 694.1 1,061.7 939.7
10 Monetary authority 31.5 12.7 12.3
11 Commercial banking 163.4 265.9 187.5
12 U.S.-chartered banks 148.1 186.5 119.6
13 Foreign banking offices in
United States 11.2 75.4 63.3
14 Bank holding companies .9 -.3 3.9
15 Banks in U.S.-affiliated
areas 3.3 4.2 .7
16 Savings institutions 6.7 -7.6 19.9
17 Credit unions 28.1 16.2 25.5
18 Bank personal trusts and estates 7.1 -8.3 -7.7
19 Life insurance companies 72.0 100.0 69.6
20 Other insurance companies 24.9 21.5 22.5
21 Private pension funds 46.1 56.0 52.3
22 State and local government
retirement funds 30.9 33.6 37.3
23 Money market mutual funds 30.0 86.5 88.8
24 Mutual funds -7.1 52.5 48.9
25 Closed-end funds -3.7 10.5 4.7
26 Government-sponsored enterprises 117.8 86.7 84.2
27 Federally related mortgage pools 115.4 98.2 141.1
28 Asset-backed securities issuers
(ABSs) 69.4 120.6 123.6
29 Finance companies 48.3 49.9 18.4
30 Mortgage companies -24.0 -3.4 8.2
31 Real estate investment trusts
(REITs) -.7 1.4 4.4
32 Brokers and dealers -44.2 90.1 -15.7
33 Funding corporations -17.8 -21.2 14.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 1,030.3 1,246.0 1,371.5
Other financial sources
35 Official foreign exchange -5.8 8.8 -6.3
36 Special drawing rights certificates .0 2.2 -.5
37 Treasury currency .7 .6 .1
38 Foreign deposits 52.9 35.3 85.9
39 Net interbank transactions 89.8 10.0 -51.6
40 Checkable deposits and currency -9.7 -12.7 15.8
41 Small time and savings deposits -39.9 96.6 97.2
42 Large time deposits 19.6 65.6 114.0
43 Money market fund shares 43.3 142.3 145.8
44 Security repurchase agreements 78.2 110.5 41.4
45 Corporate equities 12.8 -16.0 -28.5
46 Mutual fund shares 100.6 147.4 237.6
47 Trade payables 120.0 128.9 114.8
48 Security credit -.1 26.7 52.4
49 Life insurance reserves 35.5 45.8 44.5
50 Pension fund reserves 254.7 235.1 246.9
51 Taxes payable 2.6 6.2 16.0
52 Investment in bank personal trusts 17.8 4.0 -8.6
53 Noncorporate proprietors' equity 58.2 65.2 3.4
54 Miscellaneous 245.6 444.6 498.3
55 Total financial sources 2,107.1 2,793.1 2,990.3
Liabilities not identified as
assets (-)
56 Treasury currency -.2 -.5 -.9
57 Foreign deposits 43.0 25.1 59.6
58 Net interbank liabilities -2.7 -3.1 -3.3
59 Security repurchase agreements 67.7 20.2 4.5
60 Taxes payable 16.6 21.1 22.8
61 Miscellaneous -128.0 -188.5 -37.6
Floats not included in assets (-)
62 Federal government checkable
deposits -4.8 -6.0 .5
63 Other checkable deposits -2.8 -3.8 -4.0
64 Trade credit 27.4 15.6 -21.2
65 Total identified to sectors as
assets 2,090.9 2,913.1 2,970.0
1998
Transaction category or sector 1997 1998
Q1
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 1,496.9 2,126.5 2,103.6
2 Domestic nonfederal nonfinancial
sectors -67.9 73.3 -39.5
3 Household -65.2 -28.1 -54.0
4 Nonfinancial corporate business -2.3 1.9 8.4
5 Nonfarm noncorporate business -.6 .0 .0
6 State and local governments .1 99.5 6.1
7 Federal government 5.1 13.5 15.7
8 Rest of the world 310.7 249.3 223.8
9 Financial sectors 1,249.0 1,790.4 1,903.6
10 Monetary authority 38.3 21.1 27.6
11 Commercial banking 324.3 305.2 306.7
12 U.S.-chartered banks 274.9 312.0 268.4
13 Foreign banking offices in
United States 40.2 -11.9 17.5
14 Bank holding companies 5.4 -.9 15.3
15 Banks in U.S.-affiliated
areas 3.7 6.0 5.5
16 Savings institutions -4.7 36.3 11.8
17 Credit unions 16.8 19.0 16.1
18 Bank personal trusts and estates -25.0 -12.8 -10.5
19 Life insurance companies 104.8 76.9 92.5
20 Other insurance companies 25.2 20.4 23.4
21 Private pension funds 65.5 118.7 74.5
22 State and local government
retirement funds 63.8 65.0 67.4
23 Money market mutual funds 87.5 244.0 159.3
24 Mutual funds 80.9 124.8 156.4
25 Closed-end funds -2.9 4.5 4.5
26 Government-sponsored enterprises 94.3 260.8 198.3
27 Federally related mortgage pools 114.5 192.6 106.7
28 Asset-backed securities issuers
(ABSs) 162.3 276.7 223.9
29 Finance companies 21.9 51.9 28.7
30 Mortgage companies -9.1 3.2 58.8
31 Real estate investment trusts
(REITs) 20.2 -5.1 25.6
32 Brokers and dealers 14.9 -17.4 245.8
33 Funding corporations 55.6 4.7 86.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 1,496.9 2,126.5 2,103.6
Other financial sources
35 Official foreign exchange .7 6.6 1.0
36 Special drawing rights certificates -.5 .0 .0
37 Treasury currency .0 .0 .3
38 Foreign deposits 106.8 -.2 -46.5
39 Net interbank transactions -19.7 -33.5 -95.2
40 Checkable deposits and currency 41.5 47.6 52.6
41 Small time and savings deposits 97.1 152.4 99.0
42 Large time deposits 122.5 92.1 187.8
43 Money market fund shares 157.6 285.5 213.6
44 Security repurchase agreements 120.9 52.6 250.3
45 Corporate equities -99.6 -199.4 -107.1
46 Mutual fund shares 265.1 274.6 322.3
47 Trade payables 125.9 31.5 138.6
48 Security credit 111.0 108.3 159.3
49 Life insurance reserves 59.3 53.3 49.3
50 Pension fund reserves 304.0 290.2 294.7
51 Taxes payable 16.8 12.6 12.2
52 Investment in bank personal trusts -56.3 -48.0 -45.7
53 Noncorporate proprietors' equity 11.1 -16.0 -8.6
54 Miscellaneous 516.2 669.2 1,069.4
55 Total financial sources 3,377.4 3,906.0 4,650.8
Liabilities not identified as
assets (-)
56 Treasury currency -.6 -.7 -.2
57 Foreign deposits 106.8 -8.1 -95.7
58 Net interbank liabilities -19.9 3.4 35.1
59 Security repurchase agreements 62.3 15.2 120.8
60 Taxes payable 26.8 17.8 14.2
61 Miscellaneous -225.9 -30.7 125.1
Floats not included in assets (-)
62 Federal government checkable
deposits -2.7 2.6 8.3
63 Other checkable deposits -3.9 -3.1 -4.0
64 Trade credit 33.2 -31.0 72.2
65 Total identified to sectors as
assets 3,401.3 3,940.6 4,375.1
1998
Transaction category or sector
Q2 Q3 Q4
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,131.0 1,937.3 2,334.0
2 Domestic nonfederal nonfinancial
sectors 521.8 111.1 -300.4
3 Household 395.4 -28.3 -425.5
4 Nonfinancial corporate business -47.9 13.7 33.3
5 Nonfarm noncorporate business .0 .0 .0
6 State and local governments 174.3 125.7 91.7
7 Federal government 12.9 13.8 11.7
8 Rest of the world 321.8 60.8 390.7
9 Financial sectors 1,274.6 1,751.5 2,232.1
10 Monetary authority 11.5 41.6 3.5
11 Commercial banking 132.7 250.1 531.5
12 U.S.-chartered banks 130.0 309.2 540.2
13 Foreign banking offices in
United States 15.2 -68.1 -12.1
14 Bank holding companies -17.6 6.0 -7.4
15 Banks in U.S.-affiliated
areas 5.1 2.9 10.7
16 Savings institutions 2.1 17.9 113.3
17 Credit unions 22.7 21.0 16.0
18 Bank personal trusts and estates -11.3 -16.0 -13.5
19 Life insurance companies 63.4 65.6 86.0
20 Other insurance companies -1.5 -7.7 67.6
21 Private pension funds 130.1 95.6 174.4
22 State and local government
retirement funds 78.4 65.6 48.5
23 Money market mutual funds 208.1 255.5 353.1
24 Mutual funds 146.4 92.9 103.5
25 Closed-end funds 4.5 4.5 4.5
26 Government-sponsored enterprises 150.6 264.7 429.5
27 Federally related mortgage pools 239.0 261.7 162.8
28 Asset-backed securities issuers
(ABSs) 321.4 248.7 312.7
29 Finance companies 24.0 79.5 75.3
30 Mortgage companies -56.4 4.5 6.0
31 Real estate investment trusts
(REITs) 6.1 -11.3 -40.8
32 Brokers and dealers -183.1 77.0 -209.1
33 Funding corporations -14.3 -60.1 7.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 2,131.0 1,937.3 2,334.0
Other financial sources
35 Official foreign exchange 8.1 8.9 8.6
36 Special drawing rights certificates .0 .0 .0
37 Treasury currency .2 1.7 -2.3
38 Foreign deposits 92.9 84.9 -131.9
39 Net interbank transactions 40.1 43.9 -122.8
40 Checkable deposits and currency 90.1 -24.9 72.8
41 Small time and savings deposits 84.9 144.7 281.2
42 Large time deposits -5.6 81.8 104.4
43 Money market fund shares 247.2 367.9 313.1
44 Security repurchase agreements -100.8 231.1 -170.3
45 Corporate equities -115.8 -340.1 -234.6
46 Mutual fund shares 377.8 173.4 224.8
47 Trade payables -27.9 63.8 -48.3
48 Security credit 134.3 167.0 -27.2
49 Life insurance reserves 53.3 51.7 59.0
50 Pension fund reserves 272.9 279.5 313.8
51 Taxes payable 1.8 27.5 8.8
52 Investment in bank personal trusts -46.5 -51.2 -48.8
53 Noncorporate proprietors' equity -13.9 -60.9 19.4
54 Miscellaneous 295.6 731.2 580.7
55 Total financial sources 3,519.8 3,919.2 3,534.2
Liabilities not identified as
assets (-)
56 Treasury currency -.3 1.1 -3.4
57 Foreign deposits 149.9 69.9 -156.5
58 Net interbank liabilities 8.9 22.3 -52.8
59 Security repurchase agreements -170.0 110.2 .0
60 Taxes payable 9.1 28.2 19.6
61 Miscellaneous -245.6 -81.1 78.6
Floats not included in assets (-)
62 Federal government checkable
deposits -44.4 32.4 14.0
63 Other checkable deposits -2.9 -3.6 -1.8
64 Trade credit -110.5 -64.4 -21.1
65 Total identified to sectors as
assets 3,925.7 3,804.2 3,657.5
1999
Transaction category or sector
Q1 Q2 Q3
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit markets 2,519.6 1,893.0 2,240.0
2 Domestic nonfederal nonfinancial
sectors 310.0 346.5 106.1
3 Household 261.1 288.9 140.4
4 Nonfinancial corporate business -3.6 4.5 -19.8
5 Nonfarm noncorporate business .4 -.2 -.6
6 State and local governments 52.2 53.3 -13.9
7 Federal government 17.1 6.7 16.6
8 Rest of the world 250.2 35.1 372.1
9 Financial sectors 1,942.2 1,504.8 1,745.1
10 Monetary authority 71.8 62.4 34.1
11 Commercial banking 68.9 135.4 435.1
12 U.S.-chartered banks 134.1 231.5 410.1
13 Foreign banking offices in
United States -54.9 -105.7 30.7
14 Bank holding companies -6.0 .4 -12.4
15 Banks in U.S.-affiliated
areas -4.4 9.2 6.6
16 Savings institutions 102.7 88.8 61.0
17 Credit unions 34.7 32.1 38.8
18 Bank personal trusts and estates -7.6 -8.4 -8.6
19 Life insurance companies 82.2 84.0 68.9
20 Other insurance companies -19.7 26.7 -8.6
21 Private pension funds 60.5 150.0 45.4
22 State and local government
retirement funds 77.2 40.7 24.1
23 Money market mutual funds 227.6 -92.6 232.1
24 Mutual funds 103.0 121.0 -32.8
25 Closed-end funds 4.4 4.4 4.3
26 Government-sponsored enterprises 157.2 259.2 287.5
27 Federally related mortgage pools 399.2 274.4 246.2
28 Asset-backed securities issuers
(ABSs) 282.9 319.0 181.9
29 Finance companies 92.2 79.6 94.5
30 Mortgage companies -9.1 10.2 -2.1
31 Real estate investment trusts
(REITs) 1.7 -2.2 -2.7
32 Brokers and dealers 184.5 -191.0 15.7
33 Funding corporations 27.9 111.0 30.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 2,519.6 1,893.0 2,240.0
Other financial sources
35 Official foreign exchange -14.0 -5.4 -8.5
36 Special drawing rights certificates -4.0 .0 -4.0
37 Treasury currency .0 2.1 2.0
38 Foreign deposits 127.7 99.3 63.6
39 Net interbank transactions 48.5 90.2 -52.0
40 Checkable deposits and currency 61.1 10.1 141.4
41 Small time and savings deposits -68.0 100.0 145.5
42 Large time deposits -5.9 42.6 102.4
43 Money market fund shares 204.9 100.5 180.3
44 Security repurchase agreements 408.2 -14.5 128.5
45 Corporate equities -132.0 -94.9 -69.6
46 Mutual fund shares 253.3 208.2 126.7
47 Trade payables 175.1 235.6 88.4
48 Security credit -86.9 134.1 -8.3
49 Life insurance reserves 40.8 59.6 43.4
50 Pension fund reserves 285.7 324.4 327.8
51 Taxes payable -8.2 39.5 28.5
52 Investment in bank personal trusts -32.0 -25.9 -23.5
53 Noncorporate proprietors' equity 14.1 22.1 -32.6
54 Miscellaneous 216.5 1,114.3 317.8
55 Total financial sources 4,004.6 4,334.9 3,737.7
Liabilities not identified as
assets (-)
56 Treasury currency -1.5 .6 .5
57 Foreign deposits 62.7 84.4 33.6
58 Net interbank liabilities 58.7 -1.7 -.7
59 Security repurchase agreements 364.1 80.0 43.5
60 Taxes payable -15.6 2.5 33.0
61 Miscellaneous -489.5 -550.9 -599.5
Floats not included in assets (-)
62 Federal government checkable
deposits -1.8 -41.4 27.9
63 Other checkable deposits -1.9 -1.0 -.5
64 Trade credit 67.1 -20.7 -19.9
65 Total identified to sectors as
assets 3,962.4 4,783.1 4,219.7
(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables F.1 and F.5. For ordering
address, see inside front cover.
(2.) Excludes corporate equities and mutual fund shares.
1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING(1)
Billions of dollars, end of period
Transaction category or sector 1995 1996 1997
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 13,734.9 14,480.3 15,265.8
By sector and instrument
2 Federal government 3,636.7 3,781.8 3,804.9
3 Treasury securities 3,608.5 3,755.1 3,778.3
4 Budget agency securities and
mortgages 28.2 26.6 26.5
5 Nonfederal 10,098.2 10,698.5 11,461.0
By instrument
6 Commercial paper 157.4 156.4 168.6
7 Municipal securities and
loans 1,293.5 1,296.0 1,367.5
8 Corporate bonds 1,344.1 1,460.4 1,610.9
9 Bank loans n.e.c. 863.6 934.1 1,040.5
10 Other loans and advances 736.9 770.4 839.5
11 Mortgages 4,580.0 4,869.7 5,169.9
12 Home 3,510.4 3,721.9 3,959.5
13 Multifamily residential 269.1 284.3 295.0
14 Commercial 716.0 776.4 825.1
15 Farm 84.6 87.1 90.3
16 Consumer credit 1,122.8 1,211.6 1,264.1
By borrowing sector
17 Household 4,782.8 5,108.0 5,438.0
18 Nonfinancial business 4,245.2 4,527.1 4,903.5
19 Corporate 2,947.7 3,141.0 3,433.8
20 Nonfarm noncorporate 1,152.4 1,236.1 1,313.6
21 Farm 145.1 149.9 156.1
22 State and local government 1,070.2 1,063.4 1,119.5
23 Foreign credit market debt held
in United States 441.4 518.7 570.1
24 Commercial paper 56.2 67.5 65.1
25 Bonds 291.9 347.7 394.9
26 Bank loans n.e.c. 34.6 43.7 52.1
27 Other loans and advances 58.8 59.8 58.0
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 14,176.4 14,998.9 15,836.0
Financial sectors
29 Total credit market debt owed by
financial sectors 4,278.8 4,827.7 5,446.8
By instrument
30 Federal government-related 2,376.8 2,608.3 2,821.1
31 Government-sponsored
enterprise securities 806.5 896.9 995.3
32 Mortgage pool securities 1,570.3 1,711.4 1,825.8
33 Loans from U.S. government .0 .0 .0
34 Private 1,901.9 2,219.4 2,625.7
35 Open market paper 486.9 579.1 745.7
36 Corporate bonds 1,204.7 1,381.5 1,557.5
37 Bank loans n.e.c. 51.4 64.0 77.2
38 Other loans and advances 135.0 162.9 198.5
39 Mortgages 24.1 31.9 46.8
By borrowing sector
40 Commercial banks 102.6 113.6 140.6
41 Bank holding companies 148.0 150.0 168.6
42 Savings institutions 115.0 140.5 160.3
43 Credit unions .4 .4 .6
44 Life insurance companies .5 1.6 1.8
45 Government-sponsored enterprises 806.5 896.9 995.3
46 Federally related mortgage pools 1,570.3 1,711.4 1,825.8
47 Issuers of asset-backed
securities (ABSs) 712.5 866.4 1,078.2
48 Brokers and dealers 29.3 27.3 35.3
49 Finance companies 483.9 529.8 554.5
50 Mortgage companies 16.5 20.6 16.0
51 Real estate investment trusts
(REITs) 44.6 56.5 96.1
52 Funding corporations 248.6 312.7 373.7
All sectors
53 Total credit market debt, 18,455.1 19,826.6 21,282.8
domestic and foreign
54 Open market paper 700.4 803.0 979.4
55 U.S. government securities 6,013.6 6,390.0 6,626.0
56 Municipal securities 1,293.5 1,296.0 1,367.5
57 Corporate and foreign bonds 2,840.7 3,189.6 3,563.3
58 Bank loans n.e.c. 949.6 1,041.7 1,169.8
59 Other loans and advances 930.6 993.1 1,095.9
60 Mortgages 4,604.0 4,901.6 5,216.7
61 Consumer credit 1,122.8 1,211.6 1,264.1
1998
Transaction category or sector 1998
Q1 Q2
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 16,289.9 15,527.4 15,747.8
By sector and instrument
2 Federal government 3,752.2 3,830.8 3,749.0
3 Treasury securities 3,723.7 3,804.8 3,723.4
4 Budget agency securities and
mortgages 28.5 25.9 25.6
5 Nonfederal 12,537.7 11,696.6 11,998.8
By instrument
6 Commercial paper 193.0 193.1 202.5
7 Municipal securities and
loans 1,464.3 1,397.1 1,429.3
8 Corporate bonds 1,829.6 1,680.6 1,754.3
9 Bank loans n.e.c. 1,148.8 1,047.9 1,097.6
10 Other loans and advances 913.8 863.5 873.1
11 Mortgages 5,656.6 5,278.5 5,385.3
12 Home 4,327.5 4,043.1 4,122.0
13 Multifamily residential 317.4 300.4 305.7
14 Commercial 915.3 843.6 864.6
15 Farm 96.5 91.3 93.0
16 Consumer credit 1,331.7 1,236.0 1,256.8
By borrowing sector
17 Household 5,909.9 5,499.7 5,618.8
18 Nonfinancial business 5,428.0 5,052.6 5,209.2
19 Corporate 3,852.2 3,559.4 3,686.4
20 Nonfarm noncorporate 1,411.9 1,337.9 1,361.8
21 Farm 163.8 155.3 161.0
22 State and local government 1,199.8 1,144.3 1,170.8
23 Foreign credit market debt held
in United States 603.7 591.6 617.1
24 Commercial paper 72.9 76.7 71.4
25 Bonds 420.0 405.6 435.4
26 Bank loans n.e.c. 58.9 53.4 55.5
27 Other loans and advances 52.0 55.9 54.8
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 16,893.6 16,119.0 16,364.8
Financial sectors
29 Total credit market debt owed by
financial sectors 6,515.6 5,670.1 5,926.8
By instrument
30 Federal government-related 3,292.0 2,878.0 2,981.4
31 Government-sponsored
enterprise securities 1,273.6 1,030.9 1,072.5
32 Mortgage pool securities 2,018.4 1,847.1 1,908.9
33 Loans from U.S. government .0 .0 .0
34 Private 3,223.6 2,792.1 2,945.4
35 Open market paper 906.7 804.9 838.9
36 Corporate bonds 1,849.4 1,640.8 1,738.7
37 Bank loans n.e.c. 107.2 90.6 88.2
38 Other loans and advances 288.7 206.6 225.6
39 Mortgages 71.6 49.1 54.1
By borrowing sector
40 Commercial banks 188.6 148.7 159.6
41 Bank holding companies 193.5 181.2 190.5
42 Savings institutions 212.4 162.9 170.7
43 Credit unions 1.1 .7 .8
44 Life insurance companies 2.5 1.8 1.6
45 Government-sponsored enterprises 1,273.6 1,030.9 1,072.5
46 Federally related mortgage pools 2,018.4 1,847.1 1,908.9
47 Issuers of asset-backed
securities (ABSs) 1,394.6 1,142.9 1,230.4
48 Brokers and dealers 42.5 35.1 40.1
49 Finance companies 597.5 571.9 596.9
50 Mortgage companies 17.7 23.4 16.3
51 Real estate investment trusts
(REITs) 158.8 111.9 128.0
52 Funding corporations 414.4 411.6 410.5
All sectors
53 Total credit market debt, 23,409.3 21,789.0 22,291.6
domestic and foreign
54 Open market paper 1,172.6 1,074.8 1,112.7
55 U.S. government securities 7,044.3 6,708.7 6,730.3
56 Municipal securities 1,464.3 1,397.1 1,429.3
57 Corporate and foreign bonds 4,098.9 3,727.0 3,928.3
58 Bank loans n.e.c. 1,314.9 1,191.9 1,241.3
59 Other loans and advances 1,254.4 1,126.1 1,153.6
60 Mortgages 5,728.2 5,327.5 5,439.4
61 Consumer credit 1,331.7 1,236.0 1,256.8
1998 1999
Transaction category or sector
Q3 Q4 Q1
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 15,962.2 16,289.9 16,604.3
By sector and instrument
2 Federal government 3,720.2 3,752.2 3,759.7
3 Treasury securities 3,694.7 3,723.7 3,731.6
4 Budget agency securities and
mortgages 25.5 28.5 28.1
5 Nonfederal 12,242.0 12,537.7 12,844.6
By instrument
6 Commercial paper 216.9 193.0 223.9
7 Municipal securities and
loans 1,439.9 1,464.3 1,491.0
8 Corporate bonds 1,781.3 1,829.6 1,898.1
9 Bank loans n.e.c. 1,120.6 1,148.8 1,165.2
10 Other loans and advances 886.8 913.8 956.7
11 Mortgages 5,510.0 5,656.6 5,790.5
12 Home 4,222.4 4,327.5 4,420.3
13 Multifamily residential 309.7 317.4 326.6
14 Commercial 883.6 915.3 946.3
15 Farm 94.4 96.5 97.4
16 Consumer credit 1,286.6 1,331.7 1,319.3
By borrowing sector
17 Household 5,752.1 5,909.9 5,993.0
18 Nonfinancial business 5,311.1 5,428.0 5,628.4
19 Corporate 3,762.5 3,852.2 4,028.6
20 Nonfarm noncorporate 1,385.5 1,411.9 1,437.4
21 Farm 163.1 163.8 162.4
22 State and local government 1,178.8 1,199.8 1,223.2
23 Foreign credit market debt held
in United States 612.8 603.7 607.8
24 Commercial paper 74.0 72.9 77.2
25 Bonds 428.6 420.0 420.2
26 Bank loans n.e.c. 56.4 58.9 59.1
27 Other loans and advances 53.8 52.0 51.3
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 16,574.9 16,893.6 17,212.1
Financial sectors
29 Total credit market debt owed by
financial sectors 6,195.5 6,515.6 6,809.2
By instrument
30 Federal government-related 3,121.7 3,292.0 3,434.1
31 Government-sponsored
enterprise securities 1,146.0 1,273.6 1,321.8
32 Mortgage pool securities 1,975.7 2,018.4 2,112.3
33 Loans from U.S. government .0 .0 .0
34 Private 3,073.8 3,223.6 3,375.1
35 Open market paper 874.2 906.7 926.4
36 Corporate bonds 1,786.2 1,849.4 1,968.9
37 Bank loans n.e.c. 103.2 107.2 104.1
38 Other loans and advances 246.2 288.7 299.1
39 Mortgages 64.0 71.6 76.6
By borrowing sector
40 Commercial banks 169.6 188.6 187.5
41 Bank holding companies 196.1 193.5 202.6
42 Savings institutions 186.6 212.4 226.9
43 Credit unions 1.0 1.1 1.5
44 Life insurance companies 2.0 2.5 3.3
45 Government-sponsored enterprises 1,146.0 1,273.6 1,321.8
46 Federally related mortgage pools 1,975.7 2,018.4 2,112.3
47 Issuers of asset-backed
securities (ABSs) 1,307.0 1,394.6 1,463.3
48 Brokers and dealers 39.4 42.5 34.8
49 Finance companies 589.4 597.5 614.4
50 Mortgage companies 16.9 17.7 16.5
51 Real estate investment trusts
(REITs) 147.8 158.8 165.2
52 Funding corporations 417.9 414.4 459.1
All sectors
53 Total credit market debt, 22,770.5 23,409.3 24,021.3
domestic and foreign
54 Open market paper 1,165.1 1,172.6 1,227.6
55 U.S. government securities 6,841.9 7,044.3 7,193.8
56 Municipal securities 1,439.9 1,464.3 1,491.0
57 Corporate and foreign bonds 3,996.0 4,098.9 4,287.2
58 Bank loans n.e.c. 1,280.3 1,314.9 1,328.3
59 Other loans and advances 1,186.8 1,254.4 1,307.0
60 Mortgages 5,574.0 5,728.2 5,867.2
61 Consumer credit 1,286.6 1,331.7 1,319.3
1999
Transaction category or sector
Q2 Q3
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 16,780.3 17,055.3
By sector and instrument
2 Federal government 3,651.7 3,632.7
3 Treasury securities 3,623.4 3,604.5
4 Budget agency securities and
mortgages 28.3 28.3
5 Nonfederal 13,128.6 13,422.6
By instrument
6 Commercial paper 232.4 239.3
7 Municipal securities and
loans 1,510.0 1,518.1
8 Corporate bonds 1,970.0 2,020.7
9 Bank loans n.e.c. 1,178.5 1,201.6
10 Other loans and advances 952.1 967.5
11 Mortgages 5,945.2 6,105.3
12 Home 4,532.1 4,648.2
13 Multifamily residential 335.3 347.7
14 Commercial 978.2 1,007.6
15 Farm 99.7 101.8
16 Consumer credit 1,340.4 1,370.2
By borrowing sector
17 Household 6,136.7 6,294.5
18 Nonfinancial business 5,753.6 5,886.7
19 Corporate 4,121.5 4,223.6
20 Nonfarm noncorporate 1,466.0 1,494.2
21 Farm 166.1 168.9
22 State and local government 1,238.2 1,241.4
23 Foreign credit market debt held
in United States 598.2 614.7
24 Commercial paper 70.1 81.8
25 Bonds 417.1 424.4
26 Bank loans n.e.c. 60.5 58.8
27 Other loans and advances 50.5 49.7
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 17,378.4 17,670.0
Financial sectors
29 Total credit market debt owed by
financial sectors 7,080.3 7,346.7
By instrument
30 Federal government-related 3,580.8 3,746.0
31 Government-sponsored
enterprise securities 1,398.0 1,499.8
32 Mortgage pool securities 2,182.8 2,246.2
33 Loans from U.S. government .0 .0
34 Private 3,499.6 3,600.7
35 Open market paper 940.9 963.4
36 Corporate bonds 2,049.8 2,089.6
37 Bank loans n.e.c. 106.8 106.4
38 Other loans and advances 328.6 365.4
39 Mortgages 73.6 75.9
By borrowing sector
40 Commercial banks 202.7 224.2
41 Bank holding companies 205.5 211.9
42 Savings institutions 241.6 255.4
43 Credit unions 1.8 2.5
44 Life insurance companies 4.0 4.3
45 Government-sponsored enterprises 1,398.0 1,499.8
46 Federally related mortgage pools 2,182.8 2,246.2
47 Issuers of asset-backed
securities (ABSs) 1,546.8 1,597.5
48 Brokers and dealers 30.4 34.6
49 Finance companies 639.2 628.5
50 Mortgage companies 17.8 17.5
51 Real estate investment trusts
(REITs) 160.3 162.2
52 Funding corporations 449.5 462.0
All sectors
53 Total credit market debt, 24,458.8 25,016.7
domestic and foreign
54 Open market paper 1,243.3 1,284.5
55 U.S. government securities 7,232.5 7,378.7
56 Municipal securities 1,510.0 1,518.1
57 Corporate and foreign bonds 4,436.8 4,534.6
58 Bank loans n.e.c. 1,345.7 1,366.8
59 Other loans and advances 1,331.2 1,382.6
60 Mortgages 6,018.8 6,181.2
61 Consumer credit 1,340.4 1,370.2
(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables L.2 and L.4. For ordering
address, see inside front cover.
1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES(1)
Billions of dollars except as noted, end of period
Transaction category or sector 1995 1996 1997
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 18,455.1 19,826.6 21,282.8
2 Domestic nonfederal nonfinancial
sectors 2,857.4 2,927.5 2,815.9
3 Household 1,896.1 2,014.5 1,905.6
4 Nonfinancial corporate business 280.4 270.2 268.0
5 Nonfarm noncorporate business 42.3 38.0 37.4
6 State and local governments 638.6 604.8 605.0
7 Federal government 202.7 195.3 200.4
8 Rest of the world 1,531.1 1,926.6 2,256.8
9 Financial sectors 13,863.9 14,777.2 16,009.8
10 Monetary authority 380.8 393.1 431.4
11 Commercial banking 3,520.1 3,707.7 4,031.9
12 U.S.-chartered banks 3,056.1 3,175.8 3,450.7
13 Foreign banking offices in
United States 412.6 475.8 516.1
14 Bank holding companies 18.0 22.0 27.4
15 Banks in U.S.-affiliated
areas 33.4 34.1 37.8
16 Savings institutions 913.3 933.2 928.5
17 Credit unions 263.0 288.5 305.3
18 Bank personal trusts and
estates 239.7 232.0 207.0
19 Life insurance companies 1,587.5 1,657.0 1,751.1
20 Other insurance companies 468.7 491.2 515.3
21 Private pension funds 716.9 769.2 834.7
22 State and local government
retirement funds 531.0 568.2 632.0
23 Money market mutual funds 545.5 634.3 721.9
24 Mutual funds 771.3 820.2 901.1
25 Closed-end funds 96.4 101.1 98.3
26 Government-sponsored enterprises 750.0 807.9 902.2
27 Federally related mortgage pools 1,570.3 1,711.4 1,825.8
28 Asset-backed securities issuers
(ABSs) 653.4 777.0 939.3
29 Finance companies 526.2 544.5 566.4
30 Mortgage companies 33.0 41.2 32.1
31 Real estate investment trusts
(REITs) 26.0 30.4 50.6
32 Brokers and dealers 183.4 167.7 182.6
33 Funding corporations 87.4 101.4 152.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 18,455.1 19,826.6 21,282.8
Other liabilities
35 Official foreign exchange 63.7 53.7 48.9
36 Special drawing rights
certificates 10.2 9.7 9.2
37 Treasury currency 18.2 18.3 18.3
38 Foreign deposits 418.8 516.1 618.8
39 Net interbank liabilities 290.7 240.8 219.4
40 Checkable deposits and currency 1,229.3 1,245.1 1,286.6
41 Small time and savings deposits 2,279.7 2,377.0 2,474.1
42 Large time deposits 476.9 590.9 713.4
43 Money market fund shares 745.3 891.1 1,048.7
44 Security repurchase agreements 660.0 701.5 822.4
45 Mutual fund shares 1,852.8 2,342.4 2,989.4
46 Security credit 305.7 358.1 469.1
47 Life insurance reserves 566.2 610.6 665.0
48 Pension fund reserves 5,767.8 6,642.5 7,894.4
49 Trade payables 1,698.0 1,812.8 1,938.6
50 Taxes payable 107.6 123.6 140.4
51 Investment in bank personal trusts 803.0 871.7 942.5
52 Miscellaneous 5,634.7 6,098.8 6,666.5
53 Total liabilities 41,383.6 45,331.1 50,248.3
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 22.1 21.4 21.1
55 Corporate equities 8,495.7 10,255.8 13,181.4
56 Household equity in noncorporate
business 3,640.4 3,833.3 4,171.8
Liabilities not identified as
assets (-)
57 Treasury currency -5.8 -6.7 -7.3
58 Foreign deposits 360.2 431.4 534.0
59 Net interbank transactions -9.0 -10.6 -32.2
60 Security repurchase agreements 86.4 90.9 153.1
61 Taxes payable 62.4 76.7 93.5
62 Miscellaneous -1,011.4 -1,339.6 -1,668.9
Floats not included in assets (-)
63 Federal government checkable
deposits 3.1 -1.6 -8.1
64 Other checkable deposits 34.2 30.1 26.2
65 Trade credit 198.2 176.7 199.5
66 Total identified to sectors as
assets 53,823.6 59,994.4 68,332.7
1998
Transaction category or sector 1998
Q1 Q2
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 23,409.3 21,789.0 22,291.6
2 Domestic nonfederal nonfinancial
sectors 2,860.8 2,798.2 2,886.3
3 Household 1,849.2 1,905.2 1,958.8
4 Nonfinancial corporate business 269.8 249.6 238.5
5 Nonfarm noncorporate business 37.4 37.4 37.4
6 State and local governments 704.4 606.0 651.6
7 Federal government 213.9 204.3 207.5
8 Rest of the world 2,534.3 2,317.1 2,396.0
9 Financial sectors 17,800.2 16,469.4 16,801.8
10 Monetary authority 452.5 433.8 440.3
11 Commercial banking 4,335.7 4,093.4 4,136.4
12 U.S.-chartered banks 3,761.2 3,505.1 3,543.6
13 Foreign banking offices in
United States 504.2 517.9 525.6
14 Bank holding companies 26.5 31.2 26.8
15 Banks in U.S.-affiliated
areas 43.8 39.2 40.4
16 Savings institutions 964.8 931.3 930.8
17 Credit unions 324.2 306.7 315.1
18 Bank personal trusts and
estates 194.1 204.3 201.5
19 Life insurance companies 1,828.0 1,777.3 1,793.2
20 Other insurance companies 535.7 521.1 520.8
21 Private pension funds 953.4 853.4 885.9
22 State and local government
retirement funds 697.0 648.9 668.5
23 Money market mutual funds 965.9 775.0 815.9
24 Mutual funds 1,025.9 940.0 979.1
25 Closed-end funds 102.8 99.4 100.5
26 Government-sponsored enterprises 1,163.0 951.4 989.4
27 Federally related mortgage pools 2,018.4 1,847.1 1,908.9
28 Asset-backed securities issuers
(ABSs) 1,216.0 989.2 1,068.9
29 Finance companies 618.4 572.0 579.0
30 Mortgage companies 35.3 46.8 32.7
31 Real estate investment trusts
(REITs) 45.5 57.0 58.5
32 Brokers and dealers 165.2 244.0 198.3
33 Funding corporations 158.5 177.5 178.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 23,409.3 21,789.0 22,291.6
Other liabilities
35 Official foreign exchange 60.1 48.2 50.1
36 Special drawing rights
certificates 9.2 9.2 9.2
37 Treasury currency 18.3 18.4 18.4
38 Foreign deposits 639.9 607.2 630.4
39 Net interbank liabilities 187.7 179.6 189.2
40 Checkable deposits and currency 1,334.2 1,259.2 1,320.7
41 Small time and savings deposits 2,626.5 2,525.4 2,531.0
42 Large time deposits 805.5 760.9 754.0
43 Money market fund shares 1,334.2 1,130.7 1,153.7
44 Security repurchase agreements 875.0 889.3 861.5
45 Mutual fund shares 3,610.5 3,339.3 3,438.4
46 Security credit 577.4 505.3 540.6
47 Life insurance reserves 718.3 677.3 690.6
48 Pension fund reserves 9,160.7 8,583.1 8,730.8
49 Trade payables 1,970.2 1,940.8 1,933.9
50 Taxes payable 152.9 151.7 144.6
51 Investment in bank personal trusts 1,001.0 1,002.7 999.8
52 Miscellaneous 7,053.7 6,741.0 6,791.2
53 Total liabilities 55,544.5 52,158.3 53,079.8
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.6 21.2 21.0
55 Corporate equities 15,413.4 14,842.1 14,987.0
56 Household equity in noncorporate
business 4,395.3 4,213.6 4,284.7
Liabilities not identified as
assets (-)
57 Treasury currency -8.0 -7.4 -7.4
58 Foreign deposits 547.2 510.1 547.6
59 Net interbank transactions -27.0 -21.2 -17.1
60 Security repurchase agreements 168.4 187.4 140.9
61 Taxes payable 103.5 89.6 95.8
62 Miscellaneous -2,319.9 -1,868.2 -1,929.2
Floats not included in assets (-)
63 Federal government checkable
deposits -3.9 -10.4 -16.1
64 Other checkable deposits 23.1 21.4 24.2
65 Trade credit 168.0 163.5 119.4
66 Total identified to sectors as
assets 76,723.3 72,170.3 73,414.4
1998 1999
Transaction category or sector
Q3 Q4 Q1
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 22,770.5 23,409.3 24,021.3
2 Domestic nonfederal nonfinancial
sectors 2,919.9 2,860.8 2,926.3
3 Household 1,957.1 1,849.2 1,924.7
4 Nonfinancial corporate business 244.4 269.8 247.0
5 Nonfarm noncorporate business 37.4 37.4 37.5
6 State and local governments 681.1 704.4 717.1
7 Federal government 210.9 213.9 218.2
8 Rest of the world 2,412.2 2,534.3 2,601.0
9 Financial sectors 17,227.5 17,800.2 18,275.9
10 Monetary authority 446.5 452.5 466.0
11 Commercial banking 4,195.7 4,335.7 4,338.4
12 U.S.-chartered banks 3,616.2 3,761.2 3,782.9
13 Foreign banking offices in
United States 510.1 504.2 487.8
14 Bank holding companies 28.3 26.5 25.0
15 Banks in U.S.-affiliated
areas 41.1 43.8 42.7
16 Savings institutions 939.3 964.8 990.8
17 Credit unions 320.5 324.2 330.2
18 Bank personal trusts and
estates 197.5 194.1 192.2
19 Life insurance companies 1,810.6 1,828.0 1,853.7
20 Other insurance companies 518.8 535.7 530.8
21 Private pension funds 909.8 953.4 968.5
22 State and local government
retirement funds 684.9 697.0 716.3
23 Money market mutual funds 869.9 965.9 1,036.2
24 Mutual funds 1,005.9 1,025.9 1,050.8
25 Closed-end funds 101.7 102.8 103.9
26 Government-sponsored enterprises 1,055.4 1,163.0 1,201.9
27 Federally related mortgage pools 1,975.7 2,018.4 2,112.3
28 Asset-backed securities issuers
(ABSs) 1,134.2 1,216.0 1,280.4
29 Finance companies 592.7 618.4 639.9
30 Mortgage companies 33.8 35.3 33.0
31 Real estate investment trusts
(REITs) 55.7 45.5 45.9
32 Brokers and dealers 217.5 165.2 211.4
33 Funding corporations 161.6 158.5 173.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 22,770.5 23,409.3 24,021.3
Other liabilities
35 Official foreign exchange 54.5 60.1 53.6
36 Special drawing rights
certificates 9.2 9.2 8.2
37 Treasury currency 18.8 18.3 18.3
38 Foreign deposits 651.7 639.9 671.8
39 Net interbank liabilities 198.7 187.7 180.4
40 Checkable deposits and currency 1,282.3 1,334.2 1,311.4
41 Small time and savings deposits 2,553.8 2,626.5 2,637.6
42 Large time deposits 776.5 805.5 804.3
43 Money market fund shares 1,249.7 1,334.2 1,416.0
44 Security repurchase agreements 918.9 875.0 980.3
45 Mutual fund shares 3,137.3 3,610.5 3,758.4
46 Security credit 579.0 577.4 552.7
47 Life insurance reserves 703.5 718.3 730.9
48 Pension fund reserves 8,194.6 9,160.7 9,258.8
49 Trade payables 1,954.5 1,970.2 1,981.2
50 Taxes payable 155.0 152.9 159.7
51 Investment in bank personal trusts 908.6 1,001.0 1,012.5
52 Miscellaneous 7,013.1 7,053.7 7,074.2
53 Total liabilities 53,130.2 55,544.5 56,631.7
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.2 21.6 20.7
55 Corporate equities 13,121.2 15,413.4 15,893.6
56 Household equity in noncorporate
business 4,331.3 4,395.3 4,405.1
Liabilities not identified as
assets (-)
57 Treasury currency -7.2 -8.0 -8.4
58 Foreign deposits 565.1 547.2 562.8
59 Net interbank transactions -15.4 -27.0 -11.3
60 Security repurchase agreements 175.2 168.4 263.5
61 Taxes payable 102.2 103.5 90.7
62 Miscellaneous -2,015.4 -2,319.9 -2,436.0
Floats not included in assets (-)
63 Federal government checkable
deposits -12.0 -3.9 -7.2
64 Other checkable deposits 15.7 23.1 18.9
65 Trade credit 99.1 168.0 129.2
66 Total identified to sectors as
assets 71,696.7 76,723.3 78,348.9
1999
Transaction category or sector
Q2 Q3
CREDIT MARKET DEBT OUTSTANDING(2)
1 Total credit market assets 24,458.8 25,016.7
2 Domestic nonfederal nonfinancial
sectors 2,966.3 3,003.0
3 Household 1,947.1 1,990.2
4 Nonfinancial corporate business 249.2 248.0
5 Nonfarm noncorporate business 37.7 38.0
6 State and local governments 732.3 726.9
7 Federal government 219.8 224.0
8 Rest of the world 2,608.4 2,702.3
9 Financial sectors 18,664.2 19,087.5
10 Monetary authority 485.1 489.3
11 Commercial banking 4,383.4 4,488.2
12 U.S.-chartered banks 3,847.6 3,944.1
13 Foreign banking offices in
United States 465.7 475.4
14 Bank holding companies 25.1 22.0
15 Banks in U.S.-affiliated
areas 45.0 46.7
16 Savings institutions 1,011.4 1,030.8
17 Credit unions 341.0 350.8
18 Bank personal trusts and
estates 190.1 188.0
19 Life insurance companies 1,874.7 1,893.1
20 Other insurance companies 537.5 535.4
21 Private pension funds 1,006.0 1,017.4
22 State and local government
retirement funds 726.5 732.5
23 Money market mutual funds 1,001.8 1,049.7
24 Mutual funds 1,084.0 1,079.8
25 Closed-end funds 105.0 106.1
26 Government-sponsored enterprises 1,267.0 1,338.6
27 Federally related mortgage pools 2,182.8 2,246.2
28 Asset-backed securities issuers
(ABSs) 1,359.7 1,408.2
29 Finance companies 660.9 678.1
30 Mortgage companies 35.6 35.0
31 Real estate investment trusts
(REITs) 45.3 44.7
32 Brokers and dealers 163.6 167.5
33 Funding corporations 202.7 208.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 24,458.8 25,016.7
Other liabilities
35 Official foreign exchange 50.9 52.1
36 Special drawing rights
certificates 8.2 7.2
37 Treasury currency 18.8 19.3
38 Foreign deposits 696.6 712.5
39 Net interbank liabilities 201.7 190.2
40 Checkable deposits and currency 1,354.1 1,354.9
41 Small time and savings deposits 2,644.6 2,666.8
42 Large time deposits 809.0 836.8
43 Money market fund shares 1,398.1 1,449.6
44 Security repurchase agreements 974.2 1,006.1
45 Mutual fund shares 4,049.4 3,863.0
46 Security credit 587.9 582.2
47 Life insurance reserves 745.8 756.7
48 Pension fund reserves 9,711.7 9,464.8
49 Trade payables 2,039.6 2,067.2
50 Taxes payable 161.5 172.5
51 Investment in bank personal trusts 1,059.8 1,000.9
52 Miscellaneous 7,158.2 7,157.4
53 Total liabilities 58,128.9 58,377.3
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 20.8 21.3
55 Corporate equities 17,018.0 16,008.3
56 Household equity in noncorporate
business 4,489.9 4,568.0
Liabilities not identified as
assets (-)
57 Treasury currency -8.2 -8.1
58 Foreign deposits 583.9 592.3
59 Net interbank transactions -10.6 -12.9
60 Security repurchase agreements 279.8 297.1
61 Taxes payable 111.3 101.4
62 Miscellaneous -2,588.2 -2,996.5
Floats not included in assets (-)
63 Federal government checkable
deposits -12.4 -9.0
64 Other checkable deposits 22.1 14.5
65 Trade credit 108.7 101.1
66 Total identified to sectors as
assets 81,171.0 80,894.9
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly
statistical release, tables L.1 and L.5. For ordering address, see
inside front cover.
(2.) Excludes corporate equities and mutual fund shares.
2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures
Monthly data seasonally adjusted, and indexes 1992 = 100, except as
noted
Measure 1997 1998 1999
1 Industrial production(1) 127.1 132.4 137.1(r)
Market groupings
2 Products, total 119.6 123.7 126.5(r)
3 Final, total 121.1 125.4 128.0(r)
4 Consumer goods 115.1 116.2 116.9(r)
5 Equipment 132.1 142.7 148.9(r)
6 Intermediate 115.3 118.8 122.1(r)
7 Materials 139.0 146.5 154.8(r)
Industry groupings
8 Manufacturing 130.1 136.4 142.2(r)
9 Capacity utilization,
manufacturing
(percent)(2) 82.4 80.9 79.8
10 Construction contracts(3) 144.3(r) 160.9(r) 175.0(r)
11 Nonagricultural employment,
total(4) 120.3 123.4 126.2
12 Goods-producing, total 101.2 102.7 102.3
13 Manufacturing, total 98.3 98.8 97.0
14 Manufacturing,
production
workers 99.6 99.8 97.8
15 Service-producing 126.5 130.0 133.8
16 Personal income, total 175.4 185.7 196.6
17 Wages and salary
disbursements 171.3 184.4 197.0
18 Manufacturing 144.6 152.4 156.9
19 Disposable personal
income(5) 172.9 181.7 191.9
20 Retail sales(5) 170.1 178.5 194.4
Prices(6)
21 Consumer (1982-84=100) 160.5 163.0 166.6
22 Producer finished goods
(1982=100) 131.8 130.7 133.1
1999
Measure
May June July
1 Industrial production(1) 136.2 136.6 137.4
Market groupings
2 Products, total 126.8 126.8 126.9
3 Final, total 128.2 128.3 128.6
4 Consumer goods 116.8 117.0 116.8
5 Equipment 148.4 148.3 149.3
6 Intermediate 122.3 121.7 121.5
7 Materials 151.7 153.1 155.0
Industry groupings
8 Manufacturing 141.0 141.4 142.0
9 Capacity utilization,
manufacturing
(percent)(2) 79.7 79.6 79.7
10 Construction contracts(3) 180.0(r) 185.0(r) 181.0(r)
11 Nonagricultural employment,
total(4) 125.7 126.0 126.3
12 Goods-producing, total 102.1 102.1 102.3
13 Manufacturing, total 97.0 96.8 97.1
14 Manufacturing,
production
workers 97.8 97.5 98.0
15 Service-producing 133.2 133.6 134.0
16 Personal income, total 194.9 196.4 197.0
17 Wages and salary
disbursements 195.2 196.3 197.8
18 Manufacturing 155.9 156.8 158.2
19 Disposable personal
income(5) 190.3 191.8 192.1
20 Retail sales(5) 192.8 192.6 194.5
Prices(6)
21 Consumer (1982-84=100) 166.2 166.2 166.7
22 Producer finished goods
(1982=100) 132.4 132.7 132.9
1999
Measure
Aug. Sept. Oct.
1 Industrial production(1) 137.7 138.1 139.1(r)
Market groupings
2 Products, total 127.6 127.6 128.5(r)
3 Final, total 129.5 129.1 130.2(r)
4 Consumer goods 117.6 117.1 118.2(r)
5 Equipment 150.5 150.2 151.2(r)
6 Intermediate 121.7 122.6 123.2(r)
7 Materials 154.6 155.7 156.8
Industry groupings
8 Manufacturing 142.5 142.9 144.2(r)
9 Capacity utilization,
manufacturing
(percent)(2) 79.7 79.7 80.2
10 Construction contracts(3) 165.0(r) 170.0(r) 170.0
11 Nonagricultural employment,
total(4) 126.5 126.6 126.9
12 Goods-producing, total 101.9 102.1 102.1
13 Manufacturing, total 96.7 96.7 96.6
14 Manufacturing,
production
workers 97.4 97.4 97.3
15 Service-producing 134.3 134.4 134.7
16 Personal income, total 197.9 198.1 200.4
17 Wages and salary
disbursements 198.6 199.5 200.7
18 Manufacturing 158.0 158.6 159.7
19 Disposable personal
income(5) 193.4 193.0 195.6
20 Retail sales(5) 197.1 197.1 197.7
Prices(6)
21 Consumer (1982-84=100) 167.1 167.9 168.2
22 Producer finished goods
(1982=100) 133.7 134.7(r) 135.0
1999
Measure
Nov. Dec. Jan.(p)
1 Industrial production(1) 139.5(r) 140.1(r) 141.5
Market groupings
2 Products, total 128.2(r) 128.4(r) 129.6
3 Final, total 129.9(r) 130.0(r) 131.6
4 Consumer goods 117.7(r) 118.2(r) 119.3
5 Equipment 151.2(r) 150.9(r) 153.3
6 Intermediate 122.8(r) 123.1(r) 123.3
7 Materials 158.7(r) 160.1(r) 161.8
Industry groupings
8 Manufacturing 144.9(r) 145.2(r) 146.6
9 Capacity utilization,
manufacturing
(percent)(2) 80.3(r) 80.2(r) 80.6
10 Construction contracts(3) 170.0(r) 168.0 172.0
11 Nonagricultural employment,
total(4) 127.1 127.4 127.8
12 Goods-producing, total 102.4 102.4 103.0
13 Manufacturing, total 96.6 96.6 96.7
14 Manufacturing,
production
workers 97.4 97.3 97.5
15 Service-producing 135.0 135.4 135.7
16 Personal income, total 201.2 201.8 n.a.
17 Wages and salary
disbursements 201.3 202.8 n.a.
18 Manufacturing 158.9 159.1 n.a.
19 Disposable personal
income(5) 196.3 196.7 n.a.
20 Retail sales(5) 200.3 203.8 204.5
Prices(6)
21 Consumer (1982-84=100) 168.3 168.3 168.7
22 Producer finished goods
(1982=100) 135.0 135.0 134.7
(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest
historical revision of the industrial production index and the
capacity utilization rates was released in November 1999. The recent
annual revision is described in an article in the March 2000 issue of
the Bulletin. For a description of the methods of estimating
industrial production and capacity utilization, see "Industrial
Production and Capacity Utilization: Historical Revision and Recent
Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp.
67-92, and the references cited therein. For details about the
construction of individual industrial production series, see
"Industrial Production: 1989 Developments and Historical Revision,"
Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
(2.) Ratio of index of production to index of capacity. Based on data
from the Federal Reserve, U.S. Department of Commerce, and other
sources.
(3.) Index of dollar value of total construction contracts, including
residential, nonresidential, and heavy engineering, from McGraw-Hill
Information Systems Company, F.W. Dodge Division.
(4.) Based on data from the U.S. Department of Labor, Employment and
Earnings. Series covers employees only, excluding personnel in the
armed forces.
(5.) Based on data from U.S. Department of Commerce, Survey of Current
Business.
(6.) Based on data not seasonally adjusted. Seasonally adjusted data
for changes in the price indexes can be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Monthly Labor
Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5,
and indexes for series mentioned in notes 3 and 6, can also be found
in the Survey of Current Business.
2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
Category 1997 1998 1999(r)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 136,297 137,673 139,368
Employment
2 Nonagricultural
industries(3) 126,159 128,085 130,207
3 Agriculture 3,399 3,378 3,281
Unemployment
4 Number 6,739 6,210 5,880
5 Rate (percent of civilian
labor force) 4.9 4.5 4.2
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 122,690 125,826 128,616
7 Manufacturing 18,675 18,772 18,431
8 Mining 596 590 535
9 Contract construction 5,691 5,985 6,273
10 Transportation and public
utilities 6,408 6,600 6,792
11 Trade 28,614 29,127 29,792
12 Finance 7,109 7,407 7,632
13 Service 36,040 37,526 39,000
14 Government 19,557 19,819 20,161
1999
Category
June July Aug.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,332 139,336 139,372
Employment
2 Nonagricultural
industries(3) 130,068 130,121 130,296
3 Agriculture 3,330 3,278 3,234
Unemployment
4 Number 5,934 5,937 5,842
5 Rate (percent of civilian
labor force) 4.3 4.3 4.2
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 128,443 128,816 128,945
7 Manufacturing 18,396 18,449 18,378
8 Mining 526 528 524
9 Contract construction 6,258 6,270 6,246
10 Transportation and public
utilities 6,781 6,799 6,813
11 Trade 29,789 29,915 29,919
12 Finance 7,636 7,647 7,650
13 Service 38,952 39,055 39,205
14 Government 20,105 20,153 20,210
1999
Category
Sept. Oct. Nov.(r)
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,475 139,697 139,834
Employment
2 Nonagricultural
industries(3) 130,471 130,702 130,788
3 Agriculture 3,179 3,238 3,310
Unemployment
4 Number 5,825 5,757 5,736
5 Rate (percent of civilian
labor force) 4.2 4.1 4.1
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 129,048 129,332 129,589
7 Manufacturing 18,366 18,356 18,361
8 Mining 527 528 527
9 Contract construction 6,293 6,314 6,369
10 Transportation and public
utilities 6,831 6,841 6,862
11 Trade 29,903 29,955 29,972
12 Finance 7,653 7,668 7,675
13 Service 39,257 39,433 39,554
14 Government 20,218 20,237 20,269
1999 2000
Category
Dec. Jan.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 140,108 140,910
Employment
2 Nonagricultural
industries(3) 131,141 131,850
3 Agriculture 3,279 3,371
Unemployment
4 Number 5,688 5,689
5 Rate (percent of civilian
labor force) 4.1 4.0
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 129,905 130,292
7 Manufacturing 18,355 18,368
8 Mining 529 531
9 Contract construction 6,391 6,507
10 Transportation and public
utilities 6,896 6,912
11 Trade 30,067 30,129
12 Finance 7,687 7,678
13 Service 39,659 39,811
14 Government 20,321 20,356
(1.) Beginning January 1994, reflects redesign of current population
survey and population controls from the 1990 census.
(2.) Persons sixteen years of age and older, including Resident Armed
Forces. Monthly figures are based on sample data collected during the
calendar week that contains the twelfth day; annual data are averages
of monthly figures. By definition, seasonality does not exist in
population figures.
(3.) Includes self-employed, unpaid family, and domestic service
workers.
(4.) Includes all full- and part-time employees who worked during, or
received pay for, the pay period that includes the twelfth day of the
month; excludes proprietors, self-employed persons, household and
unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted
data are available at this time.
SOURCE. Based on data from U.S. Department of Labor, Employment and
Earnings.
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION(1)
Seasonally adjusted
1999
Series
Q1 Q2 Q3 Q4(r)
Output (1992 = 100)
1 Total industry 134.6 136.1 137.7 139.6
2 Manufacturing 139.2 140.9 142.5 144.8
3 Primary processing(3) 122.2 122.5 123.4 125.3
4 Advanced processing(4) 148.1 150.5 152.5 155.1
5 Durable goods 167.1 170.8 174.4 177.2
6 Lumber and products 122.2 122.5 120.5 120.6
7 Primary metals 122.3 125.1 128.7 130.8
8 Iron and steel 116.9 121.4 126.6 128.8
9 Nonferrous 129.1 129.6 131.2 133.2
10 Industrial machinery and
equipment 221.3 227.9 232.3 239.9
11 Electrical machinery 349.4 374.6 400.9 418.4
12 Motor vehicles and parts 147.5 150.6 153.3 154.9
13 Aerospace and miscellaneous
transportation equipment 98.9 95.9 93.8 89.2
14 Nondurable goods 111.8 111.6 111.5 113.3
15 Textile mill products 109.6 111.1 111.6 111.8
16 Paper and products 115.8 115.1 116.0 117.6
17 Chemicals and products 115.9 116.3 117.0 121.6
18 Plastics materials 122.9 123.5 124.2 131.3
19 Petroleum products 116.3 114.1 114.6 113.8
20 Mining 97.6 97.1 98.2 99.5
21 Utilities 114.6 116.6 118.4 115.2
22 Electric 116.6 118.9 120.8 117.6
1999
Series
Q1 Q2 Q3 Q4
Capacity (percent of
1992 output)
1 Total industry 167.3 169.2 170.7 172.3
2 Manufacturing 174.8 176.9 178.7 180.6
3 Primary processing(3) 147.4 148.2 149.0 149.8
4 Advanced processing(4) 188.6 191.4 193.7 196.1
5 Durable goods 210.3 214.2 217.6 221.0
6 Lumber and products 145.3 146.3 147.4 148.4
7 Primary metals 147.6 148.5 149.3 150.1
8 Iron and steel 148.5 150.0 151.3 152.5
9 Nonferrous 146.5 146.8 147.0 147.2
10 Industrial machinery and
equipment 265.7 275.5 285.3 295.8
11 Electrical machinery 461.8 482.0 498.5 514.6
12 Motor vehicles and parts 184.8 184.8 184.9 185.0
13 Aerospace and miscellaneous
transportation equipment 126.8 126.6 126.2 125.8
14 Nondurable goods 139.1 139.5 139.9 140.3
15 Textile mill products 131.4 131.5 131.6 131.8
16 Paper and products 133.8 134.5 135.3 136.1
17 Chemicals and products 150.0 150.4 150.7 151.0
18 Plastics materials 135.9 137.2 138.4 139.6
19 Petroleum products 121.8 122.2 122.7 123.1
20 Mining 120.4 120.3 120.2 120.2
21 Utilities 126.9 127.3 127.8 128.2
22 Electric 124.7 125.2 125.6 126.1
1999
Series
Q1 Q2 Q3 Q4(r)
Capacity utilization rate
(percent)(2)
1 Total industry 80.4 80.5 80.7 81.0
2 Manufacturing 79.6 79.6 79.7 80.2
3 Primary processing(3) 82.9 82.7 82.8 83.6
4 Advanced processing(4) 78.5 78.6 78.7 79.1
5 Durable goods 79.5 79.8 80.2 80.2
6 Lumber and products 84.1 83.7 81.7 81.2
7 Primary metals 82.9 84.2 86.2 87.1
8 Iron and steel 78.7 80.9 83.7 84.4
9 Nonferrous 88.1 88.3 89.3 90.5
10 Industrial machinery and
equipment 83.3 82.7 81.4 81.1
11 Electrical machinery 75.7 77.7 80.4 81.3
12 Motor vehicles and parts 79.8 81.5 82.9 83.7
13 Aerospace and miscellaneous
transportation equipment 78.0 75.7 74.3 70.9
14 Nondurable goods 80.4 80.0 79.7 80.8
15 Textile mill products 83.4 84.5 84.8 84.8
16 Paper and products 86.6 85.6 85.7 86.4
17 Chemicals and products 77.3 77.3 77.6 80.5
18 Plastics materials 90.4 90.0 89.7 94.1
19 Petroleum products 95.6 93.3 93.4 92.5
20 Mining 81.1 80.7 81.7 82.8
21 Utilities 90.3 91.6 92.7 89.8
22 Electric 93.5 95.0 96.2 93.3
1973 1975 Previous cycle(5)
Series
High Low High Low
Capacity utilization rate
(percent)(2)
1 Total industry 89.2 72.6 87.3 71.1
2 Manufacturing 88.5 70.5 86.9 69.0
3 Primary processing(3) 91.2 68.2 88.1 66.2
4 Advanced processing(4) 87.2 71.8 86.7 70.4
5 Durable goods 89.2 68.9 87.7 63.9
6 Lumber and products 88.7 61.2 87.9 60.8
7 Primary metals 100.2 65.9 94.2 45.1
8 Iron and steel 105.8 66.6 95.8 37.0
9 Nonferrous 90.8 59.8 91.1 60.1
10 Industrial machinery and
equipment 96.0 74.3 93.2 64.0
11 Electrical machinery 89.2 64.7 89.4 71.6
12 Motor vehicles and parts 93.4 51.3 95.0 45.5
13 Aerospace and miscellaneous
transportation equipment 78.4 67.6 81.9 66.6
14 Nondurable goods 87.8 71.7 87.5 76.4
15 Textile mill products 91.4 60.0 91.2 72.3
16 Paper and products 97.1 69.2 96.1 80.6
17 Chemicals and products 87.6 69.7 84.6 69.9
18 Plastics materials 102.0 50.6 90.9 63.4
19 Petroleum products 96.7 81.1 90.0 66.8
20 Mining 94.3 88.2 96.0 80.3
21 Utilities 96.2 82.9 89.1 75.9
22 Electric 99.0 82.7 88.2 78.9
Latest cycle(6) 1999
Series
High Low Jan.
Capacity utilization rate
(percent)(2)
1 Total industry 85.4 78.1 80.4
2 Manufacturing 85.7 76.6 79.6
3 Primary processing(3) 88.9 77.7 83.1
4 Advanced processing(4) 84.2 76.1 78.4
5 Durable goods 84.6 73.1 79.6
6 Lumber and products 93.6 75.5 84.6
7 Primary metals 92.7 73.7 83.5
8 Iron and steel 95.2 71.8 79.8
9 Nonferrous 89.3 74.2 88.0
10 Industrial machinery and
equipment 85.4 72.3 82.8
11 Electrical machinery 84.0 75.0 76.3
12 Motor vehicles and parts 89.1 55.9 79.3
13 Aerospace and miscellaneous
transportation equipment 87.3 79.2 78.4
14 Nondurable goods 87.3 80.7 80.2
15 Textile mill products 90.4 77.7 82.2
16 Paper and products 93.5 85.0 86.7
17 Chemicals and products 86.2 79.3 76.4
18 Plastics materials 97.0 74.8 89.0
19 Petroleum products 88.5 85.1 96.4
20 Mining 88.0 87.0 81.3
21 Utilities 92.6 83.4 90.3
22 Electric 95.0 87.1 93.0
1999
Series
Aug. Sept. Oct.(r)
Capacity utilization rate
(percent)(2)
1 Total industry 80.7 80.6 81.0
2 Manufacturing 79.7 79.7 80.2
3 Primary processing(3) 82.8 82.8 83.4
4 Advanced processing(4) 78.8 78.7 79.1
5 Durable goods 80.2 80.0 80.3
6 Lumber and products 81.6 81.0 81.4
7 Primary metals 86.8 85.8 86.1
8 Iron and steel 84.4 83.0 82.1
9 Nonferrous 89.9 89.3 91.1
10 Industrial machinery and
equipment 81.1 81.6 81.6
11 Electrical machinery 80.5 79.8 81.1
12 Motor vehicles and parts 82.3 84.1 84.2
13 Aerospace and miscellaneous
transportation equipment 75.0 73.1 71.9
14 Nondurable goods 79.7 79.9 80.6
15 Textile mill products 84.8 84.1 85.5
16 Paper and products 85.6 86.4 86.9
17 Chemicals and products 78.1 77.8 79.4
18 Plastics materials 87.8 90.5 94.0
19 Petroleum products 93.0 93.3 93.2
20 Mining 81.9 81.8 82.6
21 Utilities 92.2 92.0 89.9
22 Electric 95.5 95.2 92.8
1999 2000
Series
Nov.(r) Dec.(r) Jan.(p)
Capacity utilization rate
(percent)(2)
1 Total industry 81.0 81.1 81.6
2 Manufacturing 80.3 80.2 80.6
3 Primary processing(3) 83.9 83.6 83.9
4 Advanced processing(4) 79.1 79.0 79.6
5 Durable goods 80.2 80.1 80.7
6 Lumber and products 80.8 81.5 81.9
7 Primary metals 87.5 87.8 87.4
8 Iron and steel 85.6 85.5 84.8
9 Nonferrous 89.8 90.7 90.7
10 Industrial machinery and
equipment 81.1 80.7 80.9
11 Electrical machinery 80.9 82.0 83.6
12 Motor vehicles and parts 84.2 82.7 85.5
13 Aerospace and miscellaneous
transportation equipment 70.9 69.9 69.2
14 Nondurable goods 81.0 80.8 81.1
15 Textile mill products 84.8 84.1 84.7
16 Paper and products 86.7 85.6 86.4
17 Chemicals and products 81.2 80.9 81.1
18 Plastics materials 95.4 92.7 93.6
19 Petroleum products 91.8 92.4 91.2
20 Mining 82.9 82.9 83.9
21 Utilities 88.0 91.6 93.2
22 Electric 91.8 95.3 96.5
(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 1999. The recent annual
revision is described in an article in the March 2000 issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.
(2.) Capacity utilization is calculated as the ratio of the Federal
Reserve's seasonally adjusted index of industrial production to the
corresponding index of capacity.
(3.) Primary processing includes textiles; lumber; paper; industrial
chemicals; synthetic materials; fertilizer materials; petroleum
products; robber and plastics; stone, clay, and glass; primary metals;
and fabricated metals.
(4.) Advanced processing includes foods; tobacco; apparel; furniture
and fixtures; printing and publishing; chemical products such as drugs
and toiletries; agricultural chemicals; leather and products;
machinery; transportation equipment; instruments; and miscellaneous
manufactures.
(5.) Monthly highs, 1978-80; monthly lows, 1982.
(6.) Monthly highs, 1988-89; monthly lows, 1990-91.
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value(1)
Monthly data seasonally adjusted
1992
Group pro- 1999
por- avg.
tion
Index (1992 = 100)
MAJOR MARKETS
1 Total index 100.0 137.1
2 Products 60.5 126.5
3 Final products 46.3 128.0
4 Consumer goods, total 29.1 116.9
5 Durable consumer goods 6.1 152.5
6 Automotive products 2.6 144.6
7 Autos and trucks 1.7 151.8
8 Autos, consumer .9 102.6
9 Trucks, consumer .7 202.4
10 Auto parts and allied
goods .9 133.7
11 Other 3.5 158.6
12 Appliances, televisions,
and air conditioners 1.0 323.6
13 Carpeting and furniture .8 121.8
14 Miscellaneous home goods 1.6 114.7
15 Nondurable consumer goods 23.0 108.7
16 Foods and tobacco 10.3 107.3
17 Clothing 2.4 90.6
18 Chemical products 4.5 121.7
19 Paper products 2.9 102.3
20 Energy 2.9 114.5
21 Fuels .8 111.2
22 Residential utilities 2.1 115.7
23 Equipment 17.2 148.9
24 Business equipment 13.2 171.5
25 Information processing and
related 5.4 248.6
26 Computer and office
equipment 1.1 840.1
27 Industrial 4.0 135.3
28 Transit 2.5 126.5
29 Autos and trucks 1.2 131.4
30 Other 1.3 131.3
31 Defense and space equipment 3.3 74.3
32 Oil and gas well drilling .6 106.8
33 Manufactured homes .2 155.1
34 Intermediate products, total 14.2 122.1
35 Construction supplies 5.3 133.4
36 Business supplies 8.9 115.4
37 Materials 39.5 154.8
38 Durable goods materials 20.8 198.8
39 Durable consumer parts 4.0 150.7
40 Equipment parts 7.6 360.4
41 Other 9.2 131.3
42 Basic metal materials 3.1 121.9
43 Nondurable goods materials 8.9 114.5
44 Textile materials 1.1 101.1
45 Paper materials 1.8 117.0
46 Chemical materials 3.9 117.3
47 Other 2.1 113.4
48 Energy materials 9.7 101.9
49 Primary energy 6.3 99.3
50 Converted fuel materials 3.3 107.5
SPECIAL AGGREGATES
51 Total excluding autos and trucks 97.1 137.0
52 Total excluding motor vehicles and
parts 95.1 136.4
53 Total excluding computer and office
equipment 98.2 131.1
54 Consumer goods excluding autos and
trucks 27.4 115.1
55 Consumer goods excluding energy 26.2 117.2
56 Business equipment excluding autos
and trucks 12.0 176.1
57 Business equipment excluding
computer and office equipment 12.1 143.7
58 Materials excluding energy 29.8 171.9
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index ... 100.0 137.1
60 Manufacturing ... 85.4 142.2
61 Primary processing ... 26.5 123.3
62 Advanced processing ... 58.8 151.7
63 Durable goods ... 45.0 172.8
64 Lumber and products 24 2.0 121.6
65 Furniture and fixtures 25 1.4 125.5
66 Stone, clay, and glass
products 32 2.1 130.5
67 Primary metals 33 3.1 126.6
68 Iron and steel 331,2 1.7 123.1
69 Raw steel 331PT .1 113.3
70 Nonferrous 333-6,9 1.4 130.9
71 Fabricated metal products 34 5.0 128.7
72 Industrial machinery and
equipment 35 8.0 230.1
73 Computer and office
equipment 357 1.8 1,061.6
74 Electrical machinery 36 7.3 389.6
75 Transportation equipment 37 9.5 122.4
76 Motor vehicles and parts 371 4.9 151.0
77 Autos and light trucks 371PT 2.6 137.8
78 Aerospace and
miscellaneous
transportation
equipment 372-6,9 4.6 94.7
79 Instruments 38 5.4 116.5
80 Miscellaneous 39 1.3 124.7
81 Nondurable goods ... 40.4 111.8
82 Foods 20 9.4 110.0
83 Tobacco products 21 1.6 94.3
84 Textile mill products 22 1.8 111.0
85 Apparel products 23 2.2 90.7
86 Paper and products 26 3.6 116.1
87 Printing and publishing 27 6.7 104.4
88 Chemicals and products 28 9.9 117.4
89 Petroleum products 29 1.4 114.6
90 Rubber and plastic products 30 3.5 137.6
91 Leather and products 31 .3 69.8
92 Mining ... 6.9 98.0
93 Metal 10 .5 97.8
94 Coal 12 1.0 108.1
95 Oil and gas extraction 13 4.8 92.5
96 Stone and earth minerals 14 .6 123.9
97 Utilities 7.7 116.1
98 Electric 491,493PT 6.2 118.4
99 Gas 492,493PT 1.6 106.8
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts ... 80.5 141.7
101 Manufacturing excluding
computer and office
equipment ... 83.6 135.3
102 Computer, communications
equipment, and
semiconductors ... 5.9 793.2
103 Manufacturing excluding
computers and
semiconductors ... 81.1 121.5
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors ... 79.5 119.2
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total ... 2,001.9 2,726.2
106 Final ... 1,552.1 2,101.3
107 Consumer goods ... 1,049.6 1,295.1
108 Equipment ... 502.5 807.8
109 Intermediate ... 449.9 623.6
1999
Group
Jan. Feb. Mar.
Index (1992 = 100)
MAJOR MARKETS
1 Total index 134.1 134.5 135.1
2 Products 125.4 125.8 126.0
3 Final products 126.6 127.3 127.3
4 Consumer goods, total 116.3 117.2 116.7
5 Durable consumer goods 149.1 150.9 149.9
6 Automotive products 143.7 142.0 140.0
7 Autos and trucks 149.4 148.7 147.0
8 Autos, consumer 104.7 100.2 101.6
9 Trucks, consumer 195.9 198.5 194.1
10 Auto parts and allied
goods 134.8 131.8 129.3
11 Other 152.8 158.0 157.8
12 Appliances, televisions,
and air conditioners 299.7 320.0 317.6
13 Carpeting and furniture 121.1 122.8 119.6
14 Miscellaneous home goods 111.0 113.6 115.7
15 Nondurable consumer goods 108.7 109.3 108.9
16 Foods and tobacco 108.4 109.4 108.4
17 Clothing 91.7 92.0 91.3
18 Chemical products 119.7 122.8 121.6
19 Paper products 101.5 100.4 98.8
20 Energy 113.1 109.9 115.4
21 Fuels 112.2 113.4 110.7
22 Residential utilities 113.3 108.2 117.2
23 Equipment 144.6 144.9 145.9
24 Business equipment 165.9 166.3 167.5
25 Information processing and
related 223.0 224.5 229.2
26 Computer and office
equipment 677.5 703.1 736.1
27 Industrial 137.0 135.8 135.2
28 Transit 132.8 131.2 129.5
29 Autos and trucks 130.9 128.9 129.0
30 Other 132.6 139.9 143.0
31 Defense and space equipment 75.0 75.4 75.6
32 Oil and gas well drilling 99.8 97.4 100.8
33 Manufactured homes 173.3 169.2 168.8
34 Intermediate products, total 121.4 121.3 121.6
35 Construction supplies 133.3 132.5 131.7
36 Business supplies 114.3 114.7 115.6
37 Materials 148.2 148.7 150.3
38 Durable goods materials 188.8 189.2 191.9
39 Durable consumer parts 145.4 148.4 149.9
40 Equipment parts 323.1 324.4 331.5
41 Other 130.8 129.8 130.9
42 Basic metal materials 119.1 116.8 119.8
43 Nondurable goods materials 111.3 112.4 112.7
44 Textile materials 96.5 100.2 101.2
45 Paper materials 116.1 115.6 116.3
46 Chemical materials 111.6 112.8 113.6
47 Other 113.4 114.4 113.3
48 Energy materials 101.8 101.7 102.4
49 Primary energy 99.1 99.1 99.1
50 Converted fuel materials 106.8 106.7 108.9
SPECIAL AGGREGATES
51 Total excluding autos and trucks 133.9 134.4 135.1
52 Total excluding motor vehicles and
parts 133.5 133.9 134.6
53 Total excluding computer and office
equipment 128.8 129.1 129.5
54 Consumer goods excluding autos and
trucks 114.6 115.5 115.1
55 Consumer goods excluding energy 116.7 118.0 116.9
56 Business equipment excluding autos
and trucks 169.9 170.6 171.9
57 Business equipment excluding
computer and office equipment 142.7 142.4 142.6
58 Materials excluding energy 162.9 163.6 165.5
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index 134.1 134.5 135.1
60 Manufacturing 138.6 139.3 139.7
61 Primary processing 122.2 122.1 122.4
62 Advanced processing 147.2 148.4 148.8
63 Durable goods 166.3 166.8 168.1
64 Lumber and products 122.6 122.3 121.7
65 Furniture and fixtures 122.7 124.6 125.8
66 Stone, clay, and glass
products 133.1 132.2 130.8
67 Primary metals 122.9 120.1 124.0
68 Iron and steel 118.1 114.6 118.1
69 Raw steel 106.8 106.8 108.3
70 Nonferrous 128.9 127.0 131.4
71 Fabricated metal products 129.0 128.4 128.5
72 Industrial machinery and
equipment 217.5 221.7 224.6
73 Computer and office
equipment 868.1 907.1 947.6
74 Electrical machinery 346.7 347.5 354.0
75 Transportation equipment 122.7 123.2 122.6
76 Motor vehicles and parts 146.5 147.8 148.1
77 Autos and light trucks 136.5 135.0 134.0
78 Aerospace and
miscellaneous
transportation
equipment 99.4 99.3 97.9
79 Instruments 113.3 112.9 113.7
80 Miscellaneous 120.6 121.8 122.9
81 Nondurable goods 111.3 112.3 111.8
82 Foods 111.0 111.4 110.9
83 Tobacco products 94.8 99.2 95.4
84 Textile mill products 108.0 110.5 110.1
85 Apparel products 92.3 92.2 91.8
86 Paper and products 115.7 115.9 115.9
87 Printing and publishing 104.3 104.3 103.7
88 Chemicals and products 114.5 116.6 116.8
89 Petroleum products 117.2 117.0 114.9
90 Rubber and plastic products 135.4 135.6 135.8
91 Leather and products 71.9 71.5 71.3
92 Mining 98.0 97.4 97.5
93 Metal 102.9 101.3 98.5
94 Coal 107.7 108.9 103.9
95 Oil and gas extraction 91.2 90.7 92.1
96 Stone and earth minerals 129.4 127.1 126.6
97 Utilities 114.5 112.6 116.8
98 Electric 115.8 114.9 119.1
99 Gas 108.8 102.5 106.4
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts 138.2 138.9 139.3
101 Manufacturing excluding
computer and office
equipment 132.4 133.0 133.1
102 Computer, communications
equipment, and
semiconductors 665.0 676.0 700.3
103 Manufacturing excluding
computers and
semiconductors 120.6 121.1 121.0
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors 118.6 119.1 118.9
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total 2,693.7 2,699.9 2,701.8
106 Final 2,072.5 2,079.5 2,080.1
107 Consumer goods 1,286.4 1,292.3 1,287.9
108 Equipment 787.0 788.1 793.3
109 Intermediate 619.9 619.1 620.4
1999
Group
Apr. May June
Index (1992 = 100)
MAJOR MARKETS
1 Total index 135.5 136.2 136.6
2 Products 126.2 126.8 126.8
3 Final products 127.6 128.2 128.3
4 Consumer goods, total 116.5 116.8 117.0
5 Durable consumer goods 152.0 152.8 154.0
6 Automotive products 142.0 145.4 147.4
7 Autos and trucks 149.0 153.2 157.5
8 Autos, consumer 102.3 99.9 101.8
9 Trucks, consumer 197.3 207.4 214.2
10 Auto parts and allied
goods 131.4 133.6 132.5
11 Other 160.0 158.3 158.8
12 Appliances, televisions,
and air conditioners 325.8 311.1 319.0
13 Carpeting and furniture 120.2 121.0 121.0
14 Miscellaneous home goods 116.9 117.2 116.2
15 Nondurable consumer goods 108.3 108.4 108.4
16 Foods and tobacco 107.8 107.7 107.3
17 Clothing 91.8 90.2 90.2
18 Chemical products 118.7 120.5 120.2
19 Paper products 99.9 100.3 101.5
20 Energy 115.1 114.7 115.3
21 Fuels 111.5 110.9 109.9
22 Residential utilities 116.4 116.1 117.4
23 Equipment 147.0 148.4 148.3
24 Business equipment 169.4 171.2 171.2
25 Information processing and
related 236.9 244.3 248.2
26 Computer and office
equipment 773.0 805.8 830.2
27 Industrial 136.0 135.3 133.7
28 Transit 129.4 128.9 128.2
29 Autos and trucks 130.7 131.2 132.2
30 Other 135.7 134.0 130.2
31 Defense and space equipment 75.1 75.2 74.6
32 Oil and gas well drilling 97.2 99.8 100.1
33 Manufactured homes 164.7 161.3 158.9
34 Intermediate products, total 121.7 122.3 121.7
35 Construction supplies 131.3 132.9 132.6
36 Business supplies 116.1 116.1 115.3
37 Materials 150.8 151.7 153.1
38 Durable goods materials 193.1 194.3 197.2
39 Durable consumer parts 147.7 148.4 150.5
40 Equipment parts 340.5 345.0 355.2
41 Other 130.4 130.4 130.6
42 Basic metal materials 120.1 119.9 122.6
43 Nondurable goods materials 112.8 113.8 114.2
44 Textile materials 101.8 101.8 101.2
45 Paper materials 116.5 115.3 117.7
46 Chemical materials 114.2 116.0 116.9
47 Other 111.9 114.2 112.0
48 Energy materials 102.2 102.2 101.6
49 Primary energy 97.3 98.3 98.9
50 Converted fuel materials 111.7 109.9 106.8
SPECIAL AGGREGATES
51 Total excluding autos and trucks 135.4 136.1 136.4
52 Total excluding motor vehicles and
parts 134.9 135.6 135.9
53 Total excluding computer and office
equipment 129.7 130.2 130.6
54 Consumer goods excluding autos and
trucks 114.8 114.8 114.8
55 Consumer goods excluding energy 116.7 117.0 117.2
56 Business equipment excluding autos
and trucks 173.8 175.7 175.7
57 Business equipment excluding
computer and office equipment 143.4 144.2 143.6
58 Materials excluding energy 166.3 167.4 169.5
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index 135.5 136.2 136.6
60 Manufacturing 140.2 141.0 141.4
61 Primary processing 122.2 122.5 122.7
62 Advanced processing 149.6 150.7 151.2
63 Durable goods 169.4 170.8 172.2
64 Lumber and products 121.5 123.9 122.2
65 Furniture and fixtures 123.8 124.4 124.4
66 Stone, clay, and glass
products 128.8 128.5 127.8
67 Primary metals 123.9 123.9 127.4
68 Iron and steel 119.4 120.1 124.5
69 Raw steel 109.3 111.4 110.7
70 Nonferrous 129.4 128.6 130.8
71 Fabricated metal products 128.0 127.2 128.3
72 Industrial machinery and
equipment 227.0 228.4 228.2
73 Computer and office
equipment 987.5 1,021.6 1,048.2
74 Electrical machinery 366.4 373.3 384.2
75 Transportation equipment 122.1 122.8 123.5
76 Motor vehicles and parts 148.4 150.6 152.9
77 Autos and light trucks 135.7 138.3 142.0
78 Aerospace and
miscellaneous
transportation
equipment 96.5 96.0 95.2
79 Instruments 115.1 116.7 117.0
80 Miscellaneous 124.2 125.5 124.5
81 Nondurable goods 111.5 111.9 111.3
82 Foods 110.6 110.6 110.0
83 Tobacco products 94.1 95.4 94.5
84 Textile mill products 111.4 110.9 110.8
85 Apparel products 92.4 91.2 90.7
86 Paper and products 115.0 114.6 115.7
87 Printing and publishing 104.2 104.1 103.5
88 Chemicals and products 115.6 117.0 116.3
89 Petroleum products 114.6 114.2 113.4
90 Rubber and plastic products 136.2 137.4 136.4
91 Leather and products 70.6 70.9 71.3
92 Mining 96.7 97.4 97.1
93 Metal 100.5 100.2 98.9
94 Coal 107.3 106.1 107.0
95 Oil and gas extraction 90.8 91.8 91.4
96 Stone and earth minerals 121.8 123.9 123.3
97 Utilities 116.3 116.1 117.4
98 Electric 118.6 118.4 119.6
99 Gas 105.7 105.8 107.5
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts 139.8 140.5 140.8
101 Manufacturing excluding
computer and office
equipment 133.4 134.1 134.3
102 Computer, communications
equipment, and
semiconductors 731.6 753.3 780.5
103 Manufacturing excluding
computers and
semiconductors 120.9 121.3 121.2
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors 118.7 119.1 118.9
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total 2,710.2 2,721.9 2,723.6
106 Final 2,087.2 2,095.3 2,100.3
107 Consumer goods 1,288.4 1,290.1 1,295.1
108 Equipment 800.1 806.7 806.7
109 Intermediate 621.7 625.2 622.1
1999
Group
July Aug. Sept.
Index (1992 = 100)
MAJOR MARKETS
1 Total index 137.4 137.7 138.1
2 Products 126.9 127.6 127.6
3 Final products 128.6 129.5 129.1
4 Consumer goods, total 116.8 117.6 117.1
5 Durable consumer goods 153.4 155.5 153.5
6 Automotive products 143.7 150.6 145.5
7 Autos and trucks 148.9 162.9 152.8
8 Autos, consumer 102.4 105.0 105.5
9 Trucks, consumer 197.2 221.6 201.9
10 Auto parts and allied
goods 135.3 132.8 134.4
11 Other 161.1 158.7 159.7
12 Appliances, televisions,
and air conditioners 329.9 319.0 326.3
13 Carpeting and furniture 124.1 122.1 124.1
14 Miscellaneous home goods 115.9 115.4 114.4
15 Nondurable consumer goods 108.3 108.9 108.7
16 Foods and tobacco 106.7 106.5 106.2
17 Clothing 89.2 90.1 89.9
18 Chemical products 119.4 122.7 120.9
19 Paper products 102.0 103.2 104.7
20 Energy 118.6 116.6 117.6
21 Fuels 111.1 110.0 112.0
22 Residential utilities 121.7 119.3 119.7
23 Equipment 149.3 150.5 150.2
24 Business equipment 172.6 173.9 173.7
25 Information processing and
related 253.8 259.9 261.3
26 Computer and office
equipment 851.9 892.8 926.9
27 Industrial 135.4 133.6 133.9
28 Transit 127.5 128.1 124.0
29 Autos and trucks 131.2 135.3 132.0
30 Other 123.8 123.2 126.4
31 Defense and space equipment 74.5 74.7 73.6
32 Oil and gas well drilling 102.0 107.1 111.3
33 Manufactured homes 151.5 151.3 144.4
34 Intermediate products, total 121.5 121.7 122.6
35 Construction supplies 133.2 132.9 134.1
36 Business supplies 114.6 115.1 115.8
37 Materials 155.0 154.6 155.7
38 Durable goods materials 200.3 199.9 202.3
39 Durable consumer parts 153.9 147.2 156.0
40 Equipment parts 364.6 369.0 371.4
41 Other 131.1 131.6 131.2
42 Basic metal materials 122.8 123.3 122.1
43 Nondurable goods materials 114.5 114.4 114.7
44 Textile materials 101.2 101.1 100.3
45 Paper materials 116.3 116.3 118.6
46 Chemical materials 117.7 117.4 117.7
47 Other 113.0 113.2 112.5
48 Energy materials 102.9 102.3 101.8
49 Primary energy 100.2 100.3 99.6
50 Converted fuel materials 108.0 106.1 106.1
SPECIAL AGGREGATES
51 Total excluding autos and trucks 137.3 137.4 138.0
52 Total excluding motor vehicles and
parts 136.7 137.1 137.2
53 Total excluding computer and office
equipment 131.2 131.4 131.5
54 Consumer goods excluding autos and
trucks 115.0 115.2 115.2
55 Consumer goods excluding energy 116.6 117.7 117.1
56 Business equipment excluding autos
and trucks 177.4 178.3 178.5
57 Business equipment excluding
computer and office equipment 144.4 144.6 143.6
58 Materials excluding energy 171.6 171.3 173.0
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index 137.4 137.7 138.1
60 Manufacturing 142.0 142.5 142.9
61 Primary processing 123.3 123.4 123.6
62 Advanced processing 151.8 152.6 153.1
63 Durable goods 173.8 174.4 175.0
64 Lumber and products 121.5 120.2 119.7
65 Furniture and fixtures 125.7 126.4 127.9
66 Stone, clay, and glass
products 129.3 130.2 129.6
67 Primary metals 128.0 129.6 128.3
68 Iron and steel 126.2 127.6 125.9
69 Raw steel 111.1 115.9 112.4
70 Nonferrous 130.2 132.1 131.4
71 Fabricated metal products 128.6 128.5 128.4
72 Industrial machinery and
equipment 230.0 231.4 235.5
73 Computer and office
equipment 1,075.1 1,123.7 1,167.5
74 Electrical machinery 399.2 401.3 402.1
75 Transportation equipment 122.9 122.9 123.1
76 Motor vehicles and parts 152.2 152.2 155.6
77 Autos and light trucks 135.8 146.8 139.4
78 Aerospace and
miscellaneous
transportation
equipment 94.7 94.7 92.2
79 Instruments 117.2 117.7 117.2
80 Miscellaneous 125.2 125.2 125.1
81 Nondurable goods 111.0 111.5 111.8
82 Foods 108.9 108.9 109.6
83 Tobacco products 96.0 94.8 90.9
84 Textile mill products 112.3 111.7 110.8
85 Apparel products 89.8 89.2 89.0
86 Paper and products 115.0 115.8 117.2
87 Printing and publishing 102.8 103.6 104.6
88 Chemicals and products 115.8 117.7 117.4
89 Petroleum products 115.1 114.1 114.6
90 Rubber and plastic products 138.0 137.6 139.3
91 Leather and products 69.1 70.2 69.5
92 Mining 97.8 98.5 98.3
93 Metal 96.2 93.0 91.4
94 Coal 110.0 110.7 109.4
95 Oil and gas extraction 92.3 93.2 93.0
96 Stone and earth minerals 120.5 123.0 125.5
97 Utilities 119.8 117.8 117.7
98 Electric 122.6 120.0 119.8
99 Gas 107.4 108.2 108.5
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts 141.4 142.0 142.3
101 Manufacturing excluding
computer and office
equipment 134.8 135.1 135.3
102 Computer, communications
equipment, and
semiconductors 812.1 830.4 843.0
103 Manufacturing excluding
computers and
semiconductors 121.3 121.6 121.7
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors 118.9 119.1 119.3
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total 2,726.1 2,742.0 2,740.2
106 Final 2,102.8 2,118.5 2,112.5
107 Consumer goods 1,292.4 1,301.3 1,297.0
108 Equipment 812.3 819.0 817.5
109 Intermediate 622.0 622.4 626.4
1999
Group
Oct.(r) Nov.(r)
Index (1992 = 100)
MAJOR MARKETS
1 Total index 139.1 139.5
2 Products 128.5 128.2
3 Final products 130.2 129.9
4 Consumer goods, total 118.2 117.7
5 Durable consumer goods 157.4 154.3
6 Automotive products 147.9 146.2
7 Autos and trucks 155.1 154.3
8 Autos, consumer 103.9 107.2
9 Trucks, consumer 207.8 203.6
10 Auto parts and allied
goods 136.7 133.8
11 Other 165.0 160.5
12 Appliances, televisions,
and air conditioners 363.1 343.1
13 Carpeting and furniture 124.8 119.1
14 Miscellaneous home goods 114.8 115.0
15 Nondurable consumer goods 109.3 109.3
16 Foods and tobacco 106.8 107.2
17 Clothing 89.4 90.6
18 Chemical products 123.1 125.9
19 Paper products 106.3 105.1
20 Energy 114.5 109.2
21 Fuels 112.4 110.1
22 Residential utilities 114.9 108.1
23 Equipment 151.2 151.2
24 Business equipment 174.8 174.8
25 Information processing and
related 265.6 266.5
26 Computer and office
equipment 950.5 970.0
27 Industrial 134.9 134.5
28 Transit 122.3 120.5
29 Autos and trucks 133.4 134.2
30 Other 125.1 128.3
31 Defense and space equipment 73.7 73.0
32 Oil and gas well drilling 115.7 121.3
33 Manufactured homes 142.6 139.3
34 Intermediate products, total 123.2 122.8
35 Construction supplies 135.4 134.7
36 Business supplies 115.9 115.8
37 Materials 156.8 158.7
38 Durable goods materials 203.4 206.4
39 Durable consumer parts 153.7 154.8
40 Equipment parts 377.5 385.2
41 Other 131.7 133.5
42 Basic metal materials 123.5 126.1
43 Nondurable goods materials 117.4 118.9
44 Textile materials 102.3 103.3
45 Paper materials 118.5 119.3
46 Chemical materials 122.0 124.9
47 Other 114.9 114.6
48 Energy materials 101.5 101.7
49 Primary energy 98.8 100.1
50 Converted fuel materials 106.5 104.7
SPECIAL AGGREGATES
51 Total excluding autos and trucks 138.9 139.4
52 Total excluding motor vehicles and
parts 138.3 138.7
53 Total excluding computer and office
equipment 132.4 132.7
54 Consumer goods excluding autos and
trucks 116.3 115.8
55 Consumer goods excluding energy 118.7 118.7
56 Business equipment excluding autos
and trucks 179.5 179.4
57 Business equipment excluding
computer and office equipment 144.0 143.5
58 Materials excluding energy 174.7 177.2
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index 139.1 139.5
60 Manufacturing 144.2 144.9
61 Primary processing 124.8 125.6
62 Advanced processing 154.5 155.1
63 Durable goods 176.5 177.2
64 Lumber and products 120.5 119.9
65 Furniture and fixtures 127.0 126.2
66 Stone, clay, and glass
products 131.2 133.0
67 Primary metals 129.0 131.3
68 Iron and steel 124.9 130.6
69 Raw steel 121.8 124.0
70 Nonferrous 134.0 132.2
71 Fabricated metal products 128.8 129.3
72 Industrial machinery and
equipment 238.3 239.9
73 Computer and office
equipment 1,196.6 1,222.8
74 Electrical machinery 412.6 416.0
75 Transportation equipment 122.3 121.6
76 Motor vehicles and parts 155.7 155.8
77 Autos and light trucks 140.7 141.0
78 Aerospace and
miscellaneous
transportation
equipment 90.6 89.1
79 Instruments 118.3 118.8
80 Miscellaneous 125.0 125.0
81 Nondurable goods 113.0 113.6
82 Foods 110.1 110.1
83 Tobacco products 91.9 93.1
84 Textile mill products 112.7 111.8
85 Apparel products 89.1 89.2
86 Paper and products 118.0 118.1
87 Printing and publishing 106.0 106.0
88 Chemicals and products 119.8 122.6
89 Petroleum products 114.5 113.0
90 Rubber and plastic products 138.9 139.1
91 Leather and products 68.2 67.4
92 Mining 99.2 99.6
93 Metal 94.2 98.1
94 Coal 108.8 110.0
95 Oil and gas extraction 94.0 94.5
96 Stone and earth minerals 126.3 122.0
97 Utilities 115.2 112.8
98 Electric 116.9 115.8
99 Gas 107.9 99.5
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts 143.6 144.4
101 Manufacturing excluding
computer and office
equipment 136.5 137.1
102 Computer, communications
equipment, and
semiconductors 863.9 884.5
103 Manufacturing excluding
computers and
semiconductors 122.6 122.8
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors 120.1 120.4
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total 2,762.6 2,746.2
106 Final 2,132.5 2,118.4
107 Consumer goods 1,311.7 1,298.0
108 Equipment 822.5 822.6
109 Intermediate 628.9 626.5
1999 2000
Group
Dec.(r) Jan.(p)
Index (1992 = 100)
MAJOR MARKETS
1 Total index 140.1 141.5
2 Products 128.4 129.6
3 Final products 130.0 131.6
4 Consumer goods, total 118.2 119.3
5 Durable consumer goods 154.7 157.6
6 Automotive products 143.6 147.8
7 Autos and trucks 148.8 155.1
8 Autos, consumer 100.0 105.6
9 Trucks, consumer 199.1 206.3
10 Auto parts and allied
goods 135.1 136.6
11 Other 163.8 165.4
12 Appliances, televisions,
and air conditioners 352.6 359.8
13 Carpeting and furniture 121.8 123.9
14 Miscellaneous home goods 116.6 116.5
15 Nondurable consumer goods 109.7 110.5
16 Foods and tobacco 107.4 107.5
17 Clothing 89.6 90.5
18 Chemical products 126.0 126.7
19 Paper products 103.7 106.0
20 Energy 113.9 116.3
21 Fuels 110.3 109.7
22 Residential utilities 115.0 118.9
23 Equipment 150.9 153.2
24 Business equipment 174.5 177.8
25 Information processing and
related 269.8 277.3
26 Computer and office
equipment 985.6 1,015.2
27 Industrial 134.7 136.0
28 Transit 115.5 117.7
29 Autos and trucks 127.7 135.7
30 Other 126.9 127.4
31 Defense and space equipment 72.2 70.8
32 Oil and gas well drilling 124.3 129.0
33 Manufactured homes 137.0 137.1
34 Intermediate products, total 123.1 123.3
35 Construction supplies 134.5 134.8
36 Business supplies 116.4 116.5
37 Materials 160.1 161.8
38 Durable goods materials 209.0 211.8
39 Durable consumer parts 155.5 157.8
40 Equipment parts 395.3 403.9
41 Other 134.0 134.7
42 Basic metal materials 126.5 126.3
43 Nondurable goods materials 118.1 118.1
44 Textile materials 101.3 100.4
45 Paper materials 118.4 118.9
46 Chemical materials 123.8 123.8
47 Other 114.7 115.1
48 Energy materials 103.2 104.2
49 Primary energy 100.3 101.1
50 Converted fuel materials 108.8 110.2
SPECIAL AGGREGATES
51 Total excluding autos and trucks 140.2 141.4
52 Total excluding motor vehicles and
parts 139.5 140.7
53 Total excluding computer and office
equipment 133.3 134.5
54 Consumer goods excluding autos and
trucks 116.5 117.4
55 Consumer goods excluding energy 118.7 119.7
56 Business equipment excluding autos
and trucks 179.9 182.6
57 Business equipment excluding
computer and office equipment 142.8 145.3
58 Materials excluding energy 178.5 180.4
Index (1992 = 100)
MAJOR INDUSTRIES
59 Total index 140.1 141.5
60 Manufacturing 145.2 146.6
61 Primary processing 125.5 126.0
62 Advanced processing 155.6 157.4
63 Durable goods 178.0 180.4
64 Lumber and products 121.2 122.0
65 Furniture and fixtures 126.8 127.5
66 Stone, clay, and glass
products 131.6 131.5
67 Primary metals 132.1 131.6
68 Iron and steel 130.9 129.9
69 Raw steel 124.2 123.4
70 Nonferrous 133.6 133.7
71 Fabricated metal products 129.0 130.2
72 Industrial machinery and
equipment 241.6 245.0
73 Computer and office
equipment 1,246.3 1,284.7
74 Electrical machinery 426.5 441.2
75 Transportation equipment 119.7 121.6
76 Motor vehicles and parts 153.1 158.5
77 Autos and light trucks 135.1 141.1
78 Aerospace and
miscellaneous
transportation
equipment 87.9 86.8
79 Instruments 119.3 119.2
80 Miscellaneous 126.4 126.3
81 Nondurable goods 113.5 113.9
82 Foods 109.9 110.6
83 Tobacco products 95.2 92.3
84 Textile mill products 110.9 111.7
85 Apparel products 89.2 89.5
86 Paper and products 116.8 118.0
87 Printing and publishing 105.9 106.2
88 Chemicals and products 122.2 122.6
89 Petroleum products 113.8 122.5
90 Rubber and plastic products 140.1 141.7
91 Leather and products 65.5 66.8
92 Mining 99.6 100.6
93 Metal 98.9 98.8
94 Coal 109.5 106.1
95 Oil and gas extraction 94.9 96.9
96 Stone and earth minerals 119.2 118.9
97 Utilities 117.5 119.7
98 Electric 120.3 122.0
99 Gas 105.2 109.3
SPECIAL AGGREGATES
100 Manufacturing excluding
vehicles and parts 144.9 145.9
101 Manufacturing excluding
computer and office
equipment 137.3 138.4
102 Computer, communications
equipment, and
semiconductors 910.9 947.1
103 Manufacturing excluding
computers and
semiconductors 122.7 123.6
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors 120.3 120.9
Gross value (billions of
1992 dollars, annual rates)
Major Markets
105 Products, total 2,746.4 2,777.2
106 Final 2,116.6 2,146.2
107 Consumer goods 1,300.4 1314.7
108 Equipment 818.0 833.8
109 Intermediate 628.6 629.9
(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 1999. The recent annual
revision is described in an article in the March 2000 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.) Standard industrial classification.
2.14 HOUSING AND CONSTRUCTION
Monthly figures at seasonally adjusted annual rates except as noted
Item 1997 1998 1999
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,441 1,612 1,640
2 One-family 1,062 1,188 1,232
3 Two-family or more 379 425 408
4 Started 1,474 1,617 1,665
5 One-family 1,134 1,271 1,334
6 Two-family or more 340 346 331
7 Under construction at end of
period(1) 834 935 1,024
8 One-family 570 638 706
9 Two-family or more 264 297 318
10 Completed 1,406 1,473 1,636
11 One-family 1,120 1,158 1,308
12 Two-family or more 285 315 328
13 Mobile homes shipped 354 374 348
Merchant builder activity in
one-family units
14 Number sold 804 886 904
15 Number for sale at end of
period(1) 287 300 330
Price of units sold
(thousands of dollars)(2)
16 Median 146.0 152.5 159.8
17 Average 176.2 181.9 194.0
EXISTING UNITS (one-family)
18 Number sold 4,381 4,970 5,197
Price of units sold
(thousands of dollars)(2)
19 Median 121.8 128.4 133.3
20 Average 150.5 159.1 168.3
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 617,877 664,451 706,051
22 Private 474,842 518,987 547,233
23 Residential 265,908 293,569 321,779
24 Nonresidential 208,933 225,418 225,453
25 Industrial buildings 31,355 32,308 26,600
26 Commercial buildings 86,190 95,252 103,100
27 Other buildings 37,198 39,438 38,802
28 Public utilities and
other 54,190 58,421 56,952
29 Public 143,035 145,464 158,818
30 Military 2,559 2,588 2,133
31 Highway 44,295 45,067 50,620
32 Conservation and
development 5,576 5,487 6,214
33 Other 90,605 92,322 99,852
1999
Item
Mar. Apr. May
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,654 1,572 1,591
2 One-family 1,242 1,214 1,243
3 Two-family or more 412 358 348
4 Started 1,737(r) 1,561(r) 1,649(r)
5 One-family 1,377(r) 1,248(r) 1,368(r)
6 Two-family or more 360(r) 313(r) 281(r)
7 Under construction at end of
period(1) 1,036 1,031 1,029
8 One-family 714 708 708
9 Two-family or more 322 323 321
10 Completed 1,700 1,633 1,650
11 One-family 1,357 1,324 1,334
12 Two-family or more 343 309 316
13 Mobile homes shipped 383 368 365
Merchant builder activity in
one-family units
14 Number sold 885 952 914
15 Number for sale at end of
period(1) 300 300 304
Price of units sold
(thousands of dollars)(2)
16 Median 155.0 160.0 154.8
17 Average 189.4 191.4 188.2
EXISTING UNITS (one-family)
18 Number sold 5,420 5,250 5,000
Price of units sold
(thousands of dollars)(2)
19 Median 129.6 130.7 132.8
20 Average 162.3 163.8 167.4
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 715,396 704,582 698,461
22 Private 555,362 547,885 546,880
23 Residential 323,133 322,213 321,803
24 Nonresidential 232,229 225,672 225,077
25 Industrial buildings 29,052 26,217 24,975
26 Commercial buildings 103,983 102,180 104,134
27 Other buildings 39,840 39,737 38,876
28 Public utilities and
other 59,354 57,538 57,092
29 Public 160,033 156,697 151,581
30 Military 2,223 2,268 2,128
31 Highway 53,099 50,897 48,542
32 Conservation and
development 6,194 6,016 5,101
33 Other 98,517 97,516 95,810
1999
Item
June July Aug.
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,641 1,641 1,619
2 One-family 1,241 1,247 1,210
3 Two-family or more 400 394 409
4 Started 1,562(r) 1,704(r) 1,657(r)
5 One-family 1,269(r) 1,348(r) 1,285(r)
6 Two-family or more 293(r) 356(r) 372(r)
7 Under construction at end of
period(1) 1,017 1,021 1,026
8 One-family 702 704 704
9 Two-family or more 315 317 322
10 Completed 1,674 1,609 1,594
11 One-family 1,346 1,263 1,267
12 Two-family or more 328 346 327
13 Mobile homes shipped 355 336 340
Merchant builder activity in
one-family units
14 Number sold 932 929 912
15 Number for sale at end of
period(1) 306 305 307
Price of units sold
(thousands of dollars)(2)
16 Median 158.3 157.9 154.9
17 Average 193.4 188.8 193.3
EXISTING UNITS (one-family)
18 Number sold 5,630 5,400 5,240
Price of units sold
(thousands of dollars)(2)
19 Median 136.9 136.0 137.4
20 Average 174.2 171.9 174.3
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 698,852 701,961 698,439
22 Private 546,931 545,992 541,793
23 Residential 320,913 320,350 319,656
24 Nonresidential 226,018 225,642 222,137
25 Industrial buildings 25,465 26,246 25,703
26 Commercial buildings 104,457 103,355 102,407
27 Other buildings 38,592 38,412 37,791
28 Public utilities and
other 57,504 57,629 56,236
29 Public 151,921 155,969 156,646
30 Military 2,137 2,275 1,682
31 Highway 45,518 47,822 48,182
32 Conservation and
development 5,845 5,820 6,598
33 Other 98,421 100,052 100,184
1999
Item
Sept. Oct.
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,506 1,594
2 One-family 1,171 1,178
3 Two-family or more 335 416
4 Started 1,628(r) 1,636(r)
5 One-family 1,290(r) 1,343(r)
6 Two-family or more 338(r) 293(r)
7 Under construction at end of
period(1) 1,021 1,018(r)
8 One-family 701 704(r)
9 Two-family or more 320 314
10 Completed 1,668 1,636(r)
11 One-family 1,321 1,299(r)
12 Two-family or more 347 337(r)
13 Mobile homes shipped 320 321
Merchant builder activity in
one-family units
14 Number sold 860(r) 919(r)
15 Number for sale at end of
period(1) 311(r) 315(r)
Price of units sold
(thousands of dollars)(2)
16 Median 162.0(r) 159.1(r)
17 Average 194.4(r) 199.6(r)
EXISTING UNITS (one-family)
18 Number sold 5,130 4,800
Price of units sold
(thousands of dollars)(2)
19 Median 134.4 132.5
20 Average 170.2 167.2
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 698,168 701,933
22 Private 540,939 543,796
23 Residential 320,048 322,658
24 Nonresidential 220,891 221,138
25 Industrial buildings 25,566 25,268
26 Commercial buildings 102,728 102,454
27 Other buildings 37,727 38,436
28 Public utilities and
other 54,870 54,980
29 Public 157,229 158,137
30 Military 1,947 2,092
31 Highway 49,031 46,988
32 Conservation and
development 6,268 6,305
33 Other 99,983 102,752
1999
Item
Nov. Dec.
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,612 1,622
2 One-family 1,200 1,228
3 Two-family or more 412 394
4 Started 1,663(r) 1,748
5 One-family 1,344(r) 1,426
6 Two-family or more 319(r) 322
7 Under construction at end of
period(1) 1,021(r) 1,023
8 One-family 708(r) 712
9 Two-family or more 313 311
10 Completed 1,628(r) 1,661
11 One-family 1,316(r) 1,327
12 Two-family or more 312(r) 334
13 Mobile homes shipped 316 304
Merchant builder activity in
one-family units
14 Number sold 861(r) 900
15 Number for sale at end of
period(1) 318(r) 322
Price of units sold
(thousands of dollars)(2)
16 Median 170.0(r) 160.9
17 Average 212.1(r) 200.5
EXISTING UNITS (one-family)
18 Number sold 5,130 5,060
Price of units sold
(thousands of dollars)(2)
19 Median 133.2 134.3
20 Average 168.9 171.3
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 716,042 730,257
22 Private 550,546 554,515
23 Residential 325,737 330,530
24 Nonresidential 224,809 223,985
25 Industrial buildings 25,887 25,960
26 Commercial buildings 105,023 103,511
27 Other buildings 38,173 38,753
28 Public utilities and
other 55,726 55,761
29 Public 165,496 175,741
30 Military 1,961 2,362
31 Highway 53,051 58,887
32 Conservation and
development 6,867 7,263
33 Other 103,617 107,229
(1.) Not at annual rates.
(2.) Not seasonally adjusted,
(3.) Recent data on value of new construction may not be strictly
comparable with data for previous periods because of changes by the
Bureau of the Census in its estimating techniques. For a description of
these changes, see Construction Reports (C-30-76-5), issued by the
Census Bureau in July 1976.
SOURCE. Bureau of the Census estimates for all series except (1) mobile
homes, which are private, domestic shipments as reported by the
Manufactured Housing Institute and seasonally adjusted by the Census
Bureau, and (2) sales and prices of existing units, which are published
by the National Association of Realtors. All back and current figures
are available from the originating agency. Permit authorizations are
those reported to the Census Bureau from 19,000 jurisdictions beginning
in 1994.
2.15 CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data except as noted
Change from 12 Change from 3
months earlier months earlier
(annual rate)
Item 1999
1999 2000
Jan. Jan.
Mar. June
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 1.7 2.7 1.7 2.7
2 Food 2.3 1.5 1.7 1.5
3 Energy items -7.4 14.7 4.5 16.5
4 All items less food and energy 2.4 1.9 1.4 2.1
5 Commodities 1.2 -.1 -2.7 1.7
6 Services 2.8 2.8 2.9 2.3
PRODUCER PRICES
(1982 = 100)
7 Finished goods .8 2.5 1.5 2.5
8 Consumer foods 1.9 -.4 2.7 -.6
9 Consumer energy -8.0 17.5 8.6 22.4
10 Other consumer goods 3.8 1.1 -.8 .8
11 Capital equipment -.1 .4 -.3 .0
Intermediate materials
12 Excluding foods and feeds -2.7 4.7 .7 5.7
13 Excluding energy -1.8 2.4 -.9 2.8
Crude materials
14 Foods -4.1 -4.7 10.2 -7.7
15 Energy -18.6 52.3 -21.1 163.8
16 Other -14.4 16.9 2.2 7.0
Change from 3 Change from 1 month
months earlier earlier
(annual rate)
Item 1999
Sept. Dec. Sept. Oct.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 3.9 2.4 .4 .2
2 Food 2.5 2.2 .3(r) .2
3 Energy items 26.0 7.8 1.8(r) .0(r)
4 All items less food and energy 2.5 1.8 .3 .2
5 Commodities 2.5 -.6 .6(r) .1
6 Services 2.5 3.1 .2 .2(r)
PRODUCER PRICES
(1982 = 100)
7 Finished goods 6.8 1.2 .8(r) .0(r)
8 Consumer foods 3.3 -1.8 .7(r) -.4(r)
9 Consumer energy 37.6 6.9 2.1(r) -.2(r)
10 Other consumer goods 3.8 1.1 .9 .2(r)
11 Capital equipment .3 1.2 .1(r) .2(r)
Intermediate materials
12 Excluding foods and feeds 6.6 4.2 .4(r) .3
13 Excluding energy 3.4 2.4 .1 .2(r)
Crude materials
14 Foods 3.7 -4.0 1.3 .9(r)
15 Energy 134.4 -24.3 9.3(r) -6.1(r)
16 Other 22.6 24.5 1.8(r) 3.0(r)
Change from 1 month
earlier
Index
Item 2000 2000 level,
Jan.
2000
Nov. Dec. Jan.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items .2(r) .2 .2 168.7
2 Food .2(r) .1 -.1 166.1
3 Energy items .1(r) 1.8(r) 1.0 112.5
4 All items less food and energy .2 .1 .2 178.7
5 Commodities -.2 -.1 -.2 143.6
6 Services .4 .2 .3 198.7
PRODUCER PRICES
(1982 = 100)
7 Finished goods .2 .1(r) .0 134.7
8 Consumer foods .0(r) .0(r) .1 135.0
9 Consumer energy 1.6(r) .4(r) .7 83.8
10 Other consumer goods .0(r) .1 -.4 152.8
11 Capital equipment -.1 .1 .1 138.4
Intermediate materials
12 Excluding foods and feeds .3 .4 .4 126.9
13 Excluding energy .1 .2 .3 135.1
Crude materials
14 Foods .2(r) -2.1(r) .7 96.4
15 Energy 8.8 -8.7 4.4 92.9
16 Other .6(r) 2.0(r) 3.2 150.6
(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 1997 1998 1999
GROSS DOMESTIC PRODUCT
1 Total 8,300.8 8,759.9 9,254.6
By source
2 Personal consumption expenditures 5,524.4 5,848.6 6,257.3
3 Durable goods 642.9 698.2 758.6
4 Nondurable goods 1,641.7 1,708.9 1,842.7
5 Services 3,239.8 3,441.5 3,656.0
6 Gross private domestic investment 1,383.7 1,531.2 1,622.9
7 Fixed investment 1,315.4 1,460.0 1,577.8
8 Nonresidential 986.1 1,091.3 1,166.5
9 Structures 254.1 272.8 272.7
10 Producers' durable equipment 732.1 818.5 893.8
11 Residential structures 329.2 368.7 411.3
12 Change in business inventories 68.3 71.2 45.1
13 Nonfarm 65.6 70.9 41.7
14 Net exports of goods and services -88.3 -149.6 -255.5
15 Exports 968.0 966.3 997.4
16 Imports 1,056.3 1,115.9 1,252.9
17 Government consumption expenditures
and gross investment 1,481.0 1,529.7 1,629.8
18 Federal 537.8 538.7 570.5
19 State and local 943.2 991.0 1,059.3
By major type of product
20 Final sales, total 8,232.4 8,688.7 9,209.4
21 Goods 3,074.1 3,239.1 3,437.7
22 Durable 1,424.8 1,528.9 1,619.3
23 Nondurable 1,649.3 1,710.3 1,818.5
24 Services 4,434.7 4,664.6 4,930.5
25 Structures 723.7 785.1 841.2
26 Change in business inventories 68.3 71.2 45.1
27 Durable goods 35.6 39.0 26.2
28 Nondurable goods 32.8 32.3 19.0
MEMO
29 Total GDP in chained 1996 dollars 8,165.1 8,516.3 8,867.0
NATIONAL INCOME
30 Total 6,634.9 7,036.4 n.a.
31 Compensation of employees 4,675.7 5,011.2 5,331.8
32 Wages and salaries 3,884.7 4,189.5 4,472.4
33 Government and government
enterprises 664.4 692.8 726.5
34 Other 3,220.3 3,496.7 3,745.9
35 Supplement to wages and salaries 791.0 821.7 859.4
36 Employer contributions for social
insurance 290.1 306.0 323.6
37 Other labor income 500.9 515.7 535.8
38 Proprietors' income(1) 578.6 606.1 658.5
39 Business and professional(1) 549.1 581.0 627.1
40 Farm(1) 29.5 25.1 31.4
41 Rental income of persons(2) 130.2 137.4 145.9
42 Corporate profits(1) 837.9 846.1 n.a.
43 Profits before tax(3) 795.9 781.9 n.a.
44 Inventory valuation adjustment 7.4 20.9 n.a.
45 Capital consumption adjustment 34.6 43.3 52.0
46 Net interest 412.5 435.7 n.a.
1998 1999
Account
Q4 Q1 Q2
GROSS DOMESTIC PRODUCT
1 Total 8,947.6 9,072.7 9,146.2
By source
2 Personal consumption expenditures 5,973.7 6,090.8 6,200.8
3 Durable goods 722.8 739.0 751.6
4 Nondurable goods 1,742.9 1,787.8 1,824.8
5 Services 3,508.0 3,564.0 3,624.3
6 Gross private domestic investment 1,580.3 1,594.3 1,585.4
7 Fixed investment 1,508.9 1,543.3 1,567.8
8 Nonresidential 1,121.4 1,139.9 1,155.4
9 Structures 278.0 274.7 272.5
10 Producers' durable equipment 843.4 865.2 882.9
11 Residential structures 387.5 403.4 412.4
12 Change in business inventories 71.4 51.0 17.6
13 Nonfarm 56.2 40.9 12.8
14 Net exports of goods and services -161.2 -201.6 -245.8
15 Exports 981.8 966.9 978.2
16 Imports 1,143.1 1,168.5 1,224.0
17 Government consumption expenditures
and gross investment 1,554.8 1,589.1 1,605.9
18 Federal 546.7 557.4 561.6
19 State and local 1,008.1 1,031.8 1,044.3
By major type of product
20 Final sales, total 8,876.2 9,021.6 9,128.6
21 Goods 3,318.4 3,365.6 3,406.6
22 Durable 1,571.4 1,584.3 1,601.7
23 Nondurable 1,747.0 1,781.3 1,804.9
24 Services 4,747.9 4,820.7 4,885.5
25 Structures 809.9 835.3 836.5
26 Change in business inventories 71.4 51.0 17.6
27 Durable goods 38.6 24.1 6.3
28 Nondurable goods 32.8 27.0 11.4
MEMO
29 Total GDP in chained 1996 dollars 8,659.2 8,737.9 8,778.6
NATIONAL INCOME
30 Total 7,193.8 7,334.5 7,423.1
31 Compensation of employees 5,134.7 5,217.7 5,287.1
32 Wages and salaries 4,300.8 4,371.5 4,432.6
33 Government and government
enterprises 702.8 715.8 721.3
34 Other 3,598.0 3,655.7 3,711.3
35 Supplement to wages and salaries 833.9 846.2 854.5
36 Employer contributions for social
insurance 311.8 318.3 321.5
37 Other labor income 522.1 528.0 533.0
38 Proprietors' income(1) 637.1 639.9 655.3
39 Business and professional(1) 596.0 607.5 621.2
40 Farm(1) 41.1 32.5 34.1
41 Rental income of persons(2) 147.0 148.6 148.8
42 Corporate profits(1) 834.3 882.0 875.5
43 Profits before tax(3) 766.7 818.1 835.8
44 Inventory valuation adjustment 20.8 13.3 -13.6
45 Capital consumption adjustment 46.9 50.6 53.2
46 Net interest 440.8 446.3 456.4
1999
Account
Q3 Q4
GROSS DOMESTIC PRODUCT
1 Total 9,297.8 9,501.6
By source
2 Personal consumption expenditures 6,303.7 6,434.2
3 Durable goods 761.8 782.0
4 Nondurable goods 1,853.9 1,904.3
5 Services 3,688.0 3,747.9
6 Gross private domestic investment 1,635.0 1,676.9
7 Fixed investment 1,594.2 1,605.8
8 Nonresidential 1,181.6 1,189.2
9 Structures 272.1 271.5
10 Producers' durable equipment 909.5 917.7
11 Residential structures 412.7 416.6
12 Change in business inventories 40.8 71.1
13 Nonfarm 40.1 73.0
14 Net exports of goods and services -278.8 -296.4
15 Exports 1,008.5 1,036.2
16 Imports 1,286.6 1,332.6
17 Government consumption expenditures
and gross investment 1,637.2 1,687.0
18 Federal 569.8 593.2
19 State and local 1,067.4 1,093.8
By major type of product
20 Final sales, total 9,257.0 9,430.5
21 Goods 3,453.2 3,525.5
22 Durable 1,631.1 1,660.0
23 Nondurable 1,822.2 1,865.5
24 Services 4,963.7 5,052.1
25 Structures 840.1 852.9
26 Change in business inventories 40.8 71.1
27 Durable goods 23.0 51.4
28 Nondurable goods 17.8 19.7
MEMO
29 Total GDP in chained 1996 dollars 8,900.6 9,050.9
NATIONAL INCOME
30 Total 7,522.1 n.a.
31 Compensation of employees 5,373.6 5,448.8
32 Wages and salaries 4,509.4 4,576.0
33 Government and government
enterprises 730.3 738.6
34 Other 3,779.1 3,837.4
35 Supplement to wages and salaries 864.2 872.8
36 Employer contributions for social
insurance 325.7 329.1
37 Other labor income 538.5 543.7
38 Proprietors' income(1) 654.0 684.8
39 Business and professional(1) 633.0 646.6
40 Farm(1) 21.0 38.2
41 Rental income of persons(2) 139.0 147.1
42 Corporate profits(1) 879.2 n.a.
43 Profits before tax(3) 853.8 n.a.
44 Inventory valuation adjustment -26.7 n.a.
45 Capital consumption adjustment 52.1 52.0
46 Net interest 476.3 n.a.
(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 1997 1998 1999
PERSONAL INCOME AND SAVING
1 Total personal income 6,951.1 7,358.9 7,791.2
2 Wage and salary disbursements 3,888.9 4,186.0 4,472.7
3 Commodity-producing industries 975.5 1,038.7 1,082.6
4 Manufacturing 718.8 757.5 779.9
5 Distributive industries 879.1 944.6 1,005.5
6 Service industries 1,369.8 1,509.9 1,658.1
7 Government and government
enterprises 664.4 692.8 726.4
8 Other labor income 500.9 515.7 535.8
9 Proprietors' income(1) 578.6 606.1 658.0
10 Business and professional(1) 549.1 581.0 626.7
11 Farm(1) 29.5 25.1 31.3
12 Rental income of persons(2) 130.2 137.4 146.1
13 Dividends 333.4 348.3 364.3
14 Personal interest income 854.9 897.8 930.6
15 Transfer payments 962.4 983.6 1,018.2
16 Old-age survivors, disability,
and health insurance
benefits 565.8 578.1 596.6
17 LESS: Personal contributions
for social insurance 298.1 315.9 334.5
18 EQUALS: Personal income 6,951.1 7,358.9 7,791.2
19 LESS: Personal tax and nontax
payments 968.3 1,072.6 1,152.0
20 EQUALS: Disposable personal income 5,982.8 6,286.2 6,639.2
21 LESS: Personal outlays 5,711.7 6,056.6 6,480.9
22 EQUALS: Personal saving 271.1 229.7 158.3
MEMO
Per capita (chained 1996 dollars)
23 Gross domestic product 30,466.7 31,471.8 32,434.2
24 Personal consumption expenditures 20,275.2 21,059.2 21,957.0
25 Disposable personal income 21,954.0 22,636.0 23,310.0
26 Saving rate (percent) 4.5 3.7 2.4
GROSS SAVING
27 Gross saving 1,521.3 1,646.0 n.a.
28 Gross private saving 1,362.0 1,371.2 n.a.
29 Personal saving 271.1 229.7 158.3
30 Undistributed corporate profits(1) 265.9 257.2 n.a.
31 Corporate inventory valuation
adjustment 7.4 20.9 n.a.
Capital consumption allowances
32 Corporate 579.4 619.2 666.3
33 Noncorporate 249.8 261.5 279.0
34 Gross government saving 159.3 274.8 n.a.
35 Federal 37.7 134.3 n.a.
36 Consumption of fixed capital 86.6 87.4 90.8
37 Current surplus or deficit
(-), national accounts -48.8 46.9 n.a.
38 State and local 121.5 140.5 n.a.
39 Consumption of fixed capital 94.0 98.8 105.1
40 Current surplus or deficit
(-), national accounts 27.5 41.7 n.a.
41 Gross investment 1,518.1 1,598.4 n.a.
42 Gross private domestic investment 1,383.7 1,531.2 1,621.6
43 Gross government investment 258.1 268.7 296.5
44 Net foreign investment -123.7 -201.5 n.a.
45 Statistical discrepancy -3.2 -47.6 n.a.
1998 1999
Account
Q4 Q1 Q2
PERSONAL INCOME AND SAVING
1 Total personal income 7,530.8 7,630.2 7,732.6
2 Wage and salary disbursements 4,297.3 4,371.5 4,432.6
3 Commodity-producing industries 1,056.6 1,062.9 1,075.1
4 Manufacturing 765.6 767.0 774.8
5 Distributive industries 969.9 986.3 997.6
6 Service industries 1,568.0 1,606.6 1,638.5
7 Government and government
enterprises 702.8 715.8 721.3
8 Other labor income 522.1 528.0 533.0
9 Proprietors' income(1) 637.1 639.9 655.3
10 Business and professional(1) 596.0 607.5 621.2
11 Farm(1) 41.1 32.5 34.1
12 Rental income of persons(2) 147.0 148.6 148.8
13 Dividends 351.9 356.1 361.2
14 Personal interest income 906.4 907.4 920.5
15 Transfer payments 991.0 1,007.8 1,013.6
16 Old-age survivors, disability,
and health insurance
benefits 581.1 588.9 593.0
17 LESS: Personal contributions
for social insurance 322.0 328.9 332.3
18 EQUALS: Personal income 7,530.8 7,630.2 7,732.6
19 LESS: Personal tax and nontax
payments 1,113.0 1,124.8 1,139.4
20 EQUALS: Disposable personal income 6,417.8 6,505.4 6,593.2
21 LESS: Personal outlays 6,190.3 6,310.3 6,425.2
22 EQUALS: Personal saving 227.5 195.1 168.0
MEMO
Per capita (chained 1996 dollars)
23 Gross domestic product 31,882.1 32,112.7 32,179.8
24 Personal consumption expenditures 21,339.3 21,640.6 21,854.1
25 Disposable personal income 22,924.0 23,110.0 23,239.0
26 Saving rate (percent) 3.5 3.0 2.5
GROSS SAVING
27 Gross saving 1,685.4 1,727.8 1,709.5
28 Gross private saving 1,382.3 1,389.4 1,359.3
29 Personal saving 227.5 195.1 168.0
30 Undistributed corporate profits(1) 246.5 277.6 259.5
31 Corporate inventory valuation
adjustment 20.8 13.3 -13.6
Capital consumption allowances
32 Corporate 637.1 645.8 657.2
33 Noncorporate 267.7 271.0 274.6
34 Gross government saving 303.0 338.3 350.2
35 Federal 147.8 187.2 208.3
36 Consumption of fixed capital 88.1 89.6 90.2
37 Current surplus or deficit
(-), national accounts 59.7 97.6 118.1
38 State and local 155.2 151.1 141.9
39 Consumption of fixed capital 101.1 102.4 104.3
40 Current surplus or deficit
(-), national accounts 54.2 48.7 37.6
41 Gross investment 1,623.0 1,628.4 1,574.0
42 Gross private domestic investment 1,580.3 1,594.3 1,585.4
43 Gross government investment 272.6 289.8 292.2
44 Net foreign investment -229.9 -255.7 -303.7
45 Statistical discrepancy -62.4 -99.4 -135.5
1999
Account
Q3 Q4
PERSONAL INCOME AND SAVING
1 Total personal income 7,831.4 7,970.6
2 Wage and salary disbursements 4,509.4 4,577.2
3 Commodity-producing industries 1,090.2 1,102.2
4 Manufacturing 786.4 791.4
5 Distributive industries 1,013.4 1,024.8
6 Service industries 1,675.5 1,711.9
7 Government and government
enterprises 730.3 738.2
8 Other labor income 538.5 543.8
9 Proprietors' income(1) 654.0 682.7
10 Business and professional(1) 633.0 645.2
11 Farm(1) 21.0 37.5
12 Rental income of persons(2) 139.0 148.2
13 Dividends 367.0 373.1
14 Personal interest income 938.8 955.6
15 Transfer payments 1,021.3 1,030.2
16 Old-age survivors, disability,
and health insurance
benefits 599.0 605.4
17 LESS: Personal contributions
for social insurance 336.7 340.2
18 EQUALS: Personal income 7,831.4 7,970.6
19 LESS: Personal tax and nontax
payments 1,160.4 1,183.2
20 EQUALS: Disposable personal income 6,671.0 6,787.4
21 LESS: Personal outlays 6,531.5 6,656.6
22 EQUALS: Personal saving 139.5 130.8
MEMO
Per capita (chained 1996 dollars)
23 Gross domestic product 32,543.4 32,921.0
24 Personal consumption expenditures 22,059.5 22,287.3
25 Disposable personal income 23,343.0 23,546.0
26 Saving rate (percent) 2.1 1.9
GROSS SAVING
27 Gross saving 1,735.6 n.a.
28 Gross private saving 1,355.7 n.a.
29 Personal saving 139.5 130.8
30 Undistributed corporate profits(1) 252.4 n.a.
31 Corporate inventory valuation
adjustment -26.7 n.a.
Capital consumption allowances
32 Corporate 676.5 685.6
33 Noncorporate 287.2 283.2
34 Gross government saving 379.9 n.a.
35 Federal 225.1 n.a.
36 Consumption of fixed capital 91.2 92.1
37 Current surplus or deficit
(-), national accounts 133.8 n.a.
38 State and local 154.8 n.a.
39 Consumption of fixed capital 106.0 107.8
40 Current surplus or deficit
(-), national accounts 48.9 n.a.
41 Gross investment 1,594.4 n.a.
42 Gross private domestic investment 1,635.0 1,671.8
43 Gross government investment 295.7 308.1
44 Net foreign investment -336.3 n.a.
45 Statistical discrepancy -141.2 n.a.
(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 -129,295 -143,465 -220,562
2 Balance on goods and
services -104,318 -104,730 -164,282
3 Exports 849,806 938,543 933,907
4 Imports -954,124 -1,043,273 -1,098,189
5 Income, net 17,210 3,231 -12,205
6 Investment, net 21,754 8,185 -6,956
7 Direct 67,746 69,220 59,405
8 Portfolio -45,992 -61,035 -66,361
9 Compensation of
employees -4,544 -4,954 -5,249
10 Unilateral current
transfers, net -42,187 -41,966 -44,075
11 Change in U.S. government
assets other than
official reserve
assets, net
(increase, -) -989 68 -429
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, -) -386,441 -464,354 -285,605
18 Bank-reported claims(3) -91,555 -144,822 -24,918
19 Nonbank-reported claims -86,333 -120,403 -25,041
20 U.S. purchases of foreign
securities, net -115,859 -89,174 -102,817
21 U.S. direct investments
abroad, net -92,694 -109,955 -132,829
22 Change in foreign official
assets in United States
(increase, +) 127,390 18,119 -21,684
23 U.S. Treasury securities 115,671 -6,690 -9,957
24 Other U.S. government
obligations 5,008 4,529 6,332
25 Other U.S. government
liabilities(3) -316 -1,798 -3,113
26 Other U.S. liabilities
reported by U.S. banks(3) 5,704 22,286 -11,469
27 Other foreign official
assets(4) 1,323 -208 -3,477
28 Change in foreign private
assets in United
States (increase, +) 447,457 733,542 524,321
29 U.S. bank-reported
liabilities(2) 16,478 149,026 40,731
30 U.S. nonbank-reported
liabilities 39,404 107,779 9,412
31 Foreign private purchases
of U.S. Treasury
securities, net 154,996 146,433 46,155
32 U.S. currency flows 17,362 24,782 16,622
33 Foreign purchases of other
U.S. securities, net 130,240 196,258 218,026
34 Foreign direct investments
in United States, net 88,977 109,264 193,375
35 Capital account
transactions, net(5) 672 292 617
36 Discrepancy -65,462 -143,192 10,126
37 Due to seasonal adjustment ... ... ...
38 Before seasonal adjustment -65,462 -143,192 10,126
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, +) 127,706 19,917 -18,571
41 Change in Organization of
Petroleum Exporting
Countries official
assets in United
States (part of line 22) 14,911 12,124 -11,499
1998 1999
Item credits or debits
Q3 Q4 Q1
1 Balance on current account -63,476 -61,669 -68,654
2 Balance on goods and
services -45,724 -43,262 -53,974
3 Exports 229,284 236,904 231,904
4 Imports -275,008 -280,166 -285,878
5 Income, net -6,965 -4,933 -4,340
6 Investment, net -5,637 -3,571 -2,946
7 Direct 11,834 14,558 14,834
8 Portfolio -17,471 -18,129 -17,780
9 Compensation of
employees -1,328 -1,362 -1,394
10 Unilateral current
transfers, net -10,787 -13,474 -10,340
11 Change in U.S. government
assets other than
official reserve
assets, net
(increase, -) 185 -50 119
12 Change in U.S. official
reserve assets
(increase, -) -2,026 -2,369 4,068
13 Gold 0 0 0
14 Special drawing rights
(SDRs) 188 -227 563
15 Reserve position in
International
Monetary Fund -2,078 -1,924 3
16 Foreign currencies -136 -218 3,502
17 Change in U.S. private
assets abroad
(increase, -) -60,256 -48,188 -19,335
18 Bank-reported claims(3) -33,344 37,192 27,771
19 Nonbank-reported claims -20,320 16,202 -13,853
20 U.S. purchases of foreign
securities, net 14,994 -70,809 8,132
21 U.S. direct investments
abroad, net -21,586 -30,773 -41,385
22 Change in foreign official
assets in United States
(increase, +) -46,489 24,352 4,708
23 U.S. Treasury securities -32,811 31,836 800
24 Other U.S. government
obligations 1,906 1,562 5,993
25 Other U.S. government
liabilities(3) -224 -1,054 -1,594
26 Other U.S. liabilities
reported by U.S. banks(3) -12,866 -7,133 -589
27 Other foreign official
assets(4) -2,494 -859 98
28 Change in foreign private
assets in United
States (increase, +) 140,036 125,453 84,152
29 U.S. bank-reported
liabilities(2) 77,313 -21,811 -14,184
30 U.S. nonbank-reported
liabilities 11,875 -53,210 20,188
31 Foreign private purchases
of U.S. Treasury
securities, net -1,438 24,391 -8,781
32 U.S. currency flows 7,277 6,250 2,440
33 Foreign purchases of other
U.S. securities, net 20,103 49,328 61,540
34 Foreign direct investments
in United States, net 24,906 120,505 22,949
35 Capital account
transactions, net(5) 148 166 166
36 Discrepancy 31,878 -37,695 -5,224
37 Due to seasonal adjustment -10,582 4,144 5,264
38 Before seasonal adjustment 42,460 -41,839 -10,488
MEMO
Changes in official assets
39 U.S. official reserve
assets (increase, -) -2,026 -2,369 4,068
40 Foreign official assets in
United States, excluding
line 25 (increase, +) -46,265 25,406 6,302
41 Change in Organization of
Petroleum Exporting
Countries official
assets in United
States (part of line 22) -11,642 2,057 2,058
1999
Item credits or debits
Q2 Q3
1 Balance on current account -80,909 -89,949
2 Balance on goods and
services -65,085 -73,825
3 Exports 234,512 242,626
4 Imports -299,597 -316,451
5 Income, net -4,612 -4,920
6 Investment, net -3,225 -3,520
7 Direct 13,990 15,657
8 Portfolio -17,215 -19,177
9 Compensation of
employees -1,387 -1,400
10 Unilateral current
transfers, net -11,212 -11,204
11 Change in U.S. government
assets other than
official reserve
assets, net
(increase, -) -392 -673
12 Change in U.S. official
reserve assets
(increase, -) 1,159 1,950
13 Gold 0 0
14 Special drawing rights
(SDRs) -190 -185
15 Reserve position in
International
Monetary Fund 1,413 2,268
16 Foreign currencies -64 -133
17 Change in U.S. private
assets abroad
(increase, -) -155,480 -102,760
18 Bank-reported claims(3) -42,519 384
19 Nonbank-reported claims -16,816 -32,098
20 U.S. purchases of foreign
securities, net -64,579 -26,511
21 U.S. direct investments
abroad, net -31,566 -44,535
22 Change in foreign official
assets in United States
(increase, +) -628 12,106
23 U.S. Treasury securities -6,708 12,880
24 Other U.S. government
obligations 5,792 1,932
25 Other U.S. government
liabilities(3) -647 -1,163
26 Other U.S. liabilities
reported by U.S. banks(3) 1,437 -1,832
27 Other foreign official
assets(4) -502 289
28 Change in foreign private
assets in United
States (increase, +) 274,899 195,047
29 U.S. bank-reported
liabilities(2) 34,938 30,965
30 U.S. nonbank-reported
liabilities 8,871 12,136
31 Foreign private purchases
of U.S. Treasury
securities, net -5,407 9,713
32 U.S. currency flows 3,057 4,697
33 Foreign purchases of other
U.S. securities, net 79,067 93,062
34 Foreign direct investments
in United States, net 154,373 44,474
35 Capital account
transactions, net(5) 178 166
36 Discrepancy -38,827 -15,887
37 Due to seasonal adjustment 276 -10,209
38 Before seasonal adjustment -39,103 -5,678
MEMO
Changes in official assets
39 U.S. official reserve
assets (increase, -) 1,159 1,950
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 19 13,269
41 Change in Organization of
Petroleum Exporting
Countries official
assets in United
States (part of line 22) 1,966 -1,047
(1.) Seasonal factors are not calculated for lines 11-16, 18-20, 22-35,
and 38-41.
(2.) Reporting banks included all types of depository institutions as
well as some brokers and dealers.
(3.) Associated primarily with military sales contracts and other
transactions arranged with or through foreign official agencies.
(4.) Consists of investments in U.S. corporate stocks and in debt
securities of private corporations and state and local governments.
(5.) Consists of capital transfers (such as those of accompanying
migrants entering or leaving the country and debt forgiveness) and
the acquisition and disposal of nonproduced nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
Survey of Current Business.
3.11 U.S. FOREIGN TRADE(1)
Millions of dollars; monthly data seasonally adjusted
1999(r)
Item 1997 1998 1999
June
1 Goods and services,
balance -104,731 -164,282 -271,310 -24,778
2 Merchandise -196,652 -246,932 -347,130 -31,239
3 Services 91,921 82,650 75,820 6,461
4 Goods and services,
exports 938,543 933,907 958,491 78,462
5 Merchandise 679,715 670,246 683,021 55,377
6 Services 258,828 263,661 275,470 23,085
7 Goods and services,
imports -1,043,273 -1,098,189 -1,229,802 -103,240
8 Merchandise -876,366 -917,178 -1,030,152 -86,616
9 Services -166,907 -181,011 -199,650 -16,624
1999(r)
Item
July Aug. Sept. Oct.
1 Goods and services,
balance -25,399 -24,012 -24,212 -25,621
2 Merchandise -31,481 -30,191 -30,271 -31,874
3 Services 6,082 6,179 6,059 6,253
4 Goods and services,
exports 78,721 82,077 81,930 82,240
5 Merchandise 55,796 59,045 58,839 58,833
6 Services 22,925 23,032 23,091 23,407
7 Goods and services,
imports -104,120 -106,089 -106,142 -107,861
8 Merchandise -87,277 -89,236 -89,110 -90,707
9 Services -16,843 -16,853 -17,032 -17,154
1999(r)
Item
Nov. Dec.(p)
1 Goods and services,
balance -27,103 -25,549
2 Merchandise -32,869 -31,473
3 Services 5,766 5,924
4 Goods and services,
exports 82,503 85,173
5 Merchandise 59,184 61,739
6 Services 23,319 23,434
7 Goods and services,
imports -109,606 -110,722
8 Merchandise -92,053 -93,212
9 Services -17,553 -17,510
(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
1999
Asset 1996 1997 1998
July
1 Total 75,090 69,954 81,755 73,305
2 Gold stock,
including
Exchange
Stabilization
Fund(1) 11,049 11,050 11,041 11,048
3 Special drawing
rights(2,3) 10,312 10,027 10,603 9,925
4 Reserve position
in International
Monetary
Fund(2) 15,435 18,071 24,111 21,462
5 Foreign
currencies(4) 38,294 30,809 36,001 30,870
1999
Asset
Aug. Sept. Oct. Nov.
1 Total 72,649 73,414 73,230 72,318
2 Gold stock,
including
Exchange
Stabilization
Fund(1) 11,046 11,047 11,049 11,049
3 Special drawing
rights(2,3) 10,152 10,284 10,232 10,326
4 Reserve position
in International
Monetary
Fund(2) 19,885 19,978 19,571 18,707
5 Foreign
currencies(4) 31,566 32,105 32,378 32,236
1999 2000
Asset
Dec. Jan. Feb.(p)
1 Total 71,516 69,898 69,309
2 Gold stock,
including
Exchange
Stabilization
Fund(1) 11,089 11,048 11,048
3 Special drawing
rights(2,3) 10,336 10,199 10,277
4 Reserve position
in International
Monetary
Fund(2) 17,950 17,710 17,578
5 Foreign
currencies(4) 32,182 30,941 30,406
(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 1981, five currencies have been
used. U.S. SDR holdings and reserve positions in the IMF also have been
valued on this basis since July 1974.
(3.) Includes allocations of SDRs by the International Monetary Fund on
Jan. 1 of the year indicated, as follows: 1970--$867 million; 1971--$717
million; 1972--$710 million; 1979--$1,139 million; 1980--$1,152 million;
1981--$1,093 million; plus net transactions in SDRs.
(4.) Valued at current market exchange rates.
3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS(1)
Millions of dollars, end of period
1999
Asset 1996 1997 1998
July
1 Deposits 167 457 167 257
Held in custody
2 U.S. Treasury securities(2) 638,049 620,885 607,574 619,004
3 Earmarked gold(3) 11,197 10,763 10,343 10,329
1999
Asset
Aug. Sept. Oct. Nov.
1 Deposits 166 243 189 501
Held in custody
2 U.S. Treasury securities(2) 626,669 634,086 621,351 629,430
3 Earmarked gold(3) 10,271 10,155 10,114 10,015
1999 2000
Asset
Dec. Jan. Feb.(p)
1 Deposits 71 82 87
Held in custody
2 U.S. Treasury securities(2) 632,482 627,326 631,421
3 Earmarked gold(3) 9,933 9,866 9,771
(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
Millions of dollars, end of period
1999
Item 1997 1998
June
1 Total(1) 776,505 759,928 765,690(r)
By type
2 Liabilities reported by
banks in the United
States(2) 135,384 125,883 126,180
3 U.S. Treasury bills and
certificates(3) 148,301 134,177 138,518
U.S. Treasury bonds
and notes
4 Marketable 428,004 432,127 421,970
5 Nonmarketable(4) 5,994 6,074 5,982
6 U.S. securities other
than U.S. Treasury
securities(5) 58,822 61,667 73,040(r)
By area
7 Europe(1) 252,289 256,026 241,989
8 Canada 36,177 36,715 39,001
9 Latin America and
Caribbean 96,942 79,503 76,828
10 Asia 400,144 400,631 421,264(r)
11 Africa 9,981 10,059 8,378
12 Other countries 7,058 3,080 4,316
1999
Item
July Aug. Sept.
1 Total(1) 773,497(r) 782,490(r) 778,640(r)
By type
2 Liabilities reported by
banks in the United
States(2) 125,873 126,220 124,148
3 U.S. Treasury bills and
certificates(3) 147,492 153,499 152,457
U.S. Treasury bonds
and notes
4 Marketable 420,197 422,591 420,877
5 Nonmarketable(4) 6,022 6,060 6,098
6 U.S. securities other
than U.S. Treasury
securities(5) 73,913(r) 74,120(r) 75,060(r)
By area
7 Europe(1) 240,546 243,334 241,233
8 Canada 39,147 39,342 39,337
9 Latin America and
Caribbean 77,832 75,339 74,279
10 Asia 430,032(r) 438,264(r) 437,895(r)
11 Africa 8,397(r) 8,140(r) 8,236(r)
12 Other countries 3,629 4,157 3,746
1999
Item
Oct.(r) Nov. Dec.(p)
1 Total(1) 782,865 780,883 807,636
By type
2 Liabilities reported by
banks in the United
States(2) 124,523 124,197 140,269
3 U.S. Treasury bills and
certificates(3) 154,582 153,465 156,073
U.S. Treasury bonds
and notes
4 Marketable 419,629 417,304 422,266
5 Nonmarketable(4) 6,139 6,177 6,111
6 U.S. securities other
than U.S. Treasury
securities(5) 77,992 79,740 82,917
By area
7 Europe(1) 243,412 242,587 244,802
8 Canada 39,682 39,081 38,666
9 Latin America and
Caribbean 73,627 72,324 75,111
10 Asia 439,811 441,070 463,434
11 Africa 7,868 7,174 7,520
12 Other countries 4,551 4,733 4,189
(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
1998
Item 1995 1996 1997
Dec.
1 Banks' liabilities 109,713 103,383 117,524 101,125
2 Banks' claims 74,016 66,018 83,038 78,152
3 Deposits 22,696 22,467 28,661 45,985
4 Other claims 51,320 43,551 54,377 32,167
5 Claims of banks'
domestic customers(2) 6,145 10,978 8,191 20,718
1999
Item
Mar. June Sept.
1 Banks' liabilities 101,359 97,751 110,322
2 Banks' claims 80,642 67,864 77,946
3 Deposits 42,147 41,895 48,719
4 Other claims 38,495 25,969 29,227
5 Claims of banks'
domestic customers(2) 11,039 23,474 11,534
(1.) Data on claims exclude foreign currencies held by U.S. monetary
authorities.
(2.) Assets owned by customers of the reporting bank located in the
United States that represent claims on foreigners held by reporting
banks for the accounts of the domestic customers.
3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United
States(1)
Payable in U.S. dollars
Millions of dollars, end of period
Item 1997 1998(r)
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners 1,283,027 1,347,837
2 Banks' own liabilities 882,980 884,939
3 Demand deposits 31,344 29,558
4 Time deposits(2) 198,546 151,761
5 Other(3) 168,011 140,752
6 Own foreign offices(4) 485,079 562,868
7 Banks' custodial
liabilities(5) 400,047 462,898
8 U.S. Treasury bills and
certificates(6) 193,239 183,494
9 Other negotiable and
readily transferable
instruments(7) 93,641 141,699
10 Other 113,167 137,705
11 Nonmonetary international
and regional
organizations(8) 11,690 11,883
12 Banks' own liabilities 11,486 10,850
13 Demand deposits 16 172
14 Time deposits(2) 5,466 5,793
15 Other(3) 6,004 4,885
16 Banks' custodial
liabilities(5) 204 1,033
17 U.S. Treasury bills
and certificates(6) 69 636
18 Other negotiable and
readily transferable
instruments(7) 133 397
19 Other 2 0
20 Official institutions(9) 283,685 260,060
21 Banks' own liabilities 102,028 80,256
22 Demand deposits 2,314 3,003
23 Time deposits(2) 41,396 29,506
24 Other(3) 58,318 47,747
25 Banks' custodial
liabilities(5) 181,657 179,804
26 U.S. Treasury bills
and certificates(6) 148,301 134,177
27 Other negotiable and
readily transferable
instruments(7) 33,151 44,953
28 Other 205 674
29 Banks(10) 815,247 885,336
30 Banks' own liabilities 641,447 676,057
31 Unaffiliated
foreign banks 156,368 113,189
32 Demand deposits 16,767 14,071
33 Time deposits(2) 83,433 45,904
34 Other(3) 56,168 53,214
35 Own foreign offices(4) 485,079 562,868
36 Banks' custodial
liabilities(5) 173,800 209,279
37 U.S. Treasury bills
and certificates(6) 31,915 35,359
38 Other negotiable and
readily transferable
instruments(7) 35,393 45,332
39 Other 106,492 128,588
40 Other foreigners 172,405 190,558
41 Banks' own liabilities 128,019 117,776
42 Demand deposits 12,247 12,312
43 Time deposits(2) 68,251 70,558
44 Other(3) 47,521 34,906
45 Banks' custodial
liabilities(5) 44,386 72,782
46 U.S. Treasury bills
and certificates(6) 12,954 13,322
47 Other negotiable and
readily transferable
instruments(7) 24,964 51,017
48 Other 6,468 8,443
MEMO
49 Negotiable time certificates
of deposit in custody for
foreigners 16,083 27,026
AREA
50 Total, all foreigners 1,283,027 1,347,837(r)
51 Foreign countries 1,271,337 1,335,984(r)
52 Europe 419,672 427,375(r)
53 Austria 2,717 3,178
54 Belgium and Luxembourg 41,007 42,818
55 Denmark 1,514 1,437
56 Finland 2,246 1,862
57 France 46,607 44,616
58 Germany 23,737 21,357
59 Greece 1,552 2,066
60 Italy 11,378 7,103
61 Netherlands 7,385 10,793
62 Norway 317 710
63 Portugal 2,262 3,236(r)
64 Russia 7,968 2,439
65 Spain 18,989 15,781(r)
66 Sweden 1,628 3,027
67 Switzerland 39,023 50,654
68 Turkey 4,054 4,286
69 United Kingdom 181,904 181,554
70 Yugoslavia 239 233
71 Other Europe and other
former U.S.S.R.(12) 25,145 30,225(r)
72 Canada 28,341 30,212
73 Latin America and Caribbean 536,393 554,866(r)
74 Argentina 20,199 19,014(r)
75 Bahamas 112,217 118,085
76 Bermuda 6,911 6,846
77 Brazil 31,037 15,815(r)
78 British West Indies 276,418 302,486(r)
79 Chile 4,072 5,015(r)
80 Colombia 3,652 4,624(r)
81 Cuba 66 62
82 Ecuador 2,078 1,572
83 Guatemala 1,494 1,336(r)
84 Jamaica 450 577
85 Mexico 33,972 37,157(r)
86 Netherlands Antilles 5,085 5,010
87 Panama 4,241 3,864
88 Peru 893 840
89 Uruguay 2,382 2,486
90 Venezuela 21,601 19,894
91 Other 9,625 10,183(r)
92 Asia 269,379 307,960
China
93 Mainland 18,252 13,441
94 Taiwan 11,840 12,708
95 Hong Kong 17,722 20,900
96 India 4,567 5,250
97 Indonesia 3,554 8,282
98 Israel 6,281 7,749
99 Japan 143,401 168,563
100 Korea (South) 13,060 12,524
101 Philippines 3,250 3,324
102 Thailand 6,501 7,359
103 Middle Eastern
oil-exporting
countries(13) 14,959 15,609
104 Other 25,992 32,251
105 Africa 10,347 8,905
106 Egypt 1,663 1,339
107 Morocco 138 97
108 South Africa 2,158 1,522
109 Zaire 10 5
110 Oil-exporting
countries(14) 3,060 3,088
111 Other 3,318 2,854
112 Other 7,205 6,636
113 Australia 6,304 5,495
114 Other 901 1,141
115 Nonmonetary international
and regional
organizations 11,690 11,883
116 International(15) 10,517 10,221
117 Latin American
regional(16) 424 594
118 other regional(17) 749 1,068
1999
Item 1999
June
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners 1,422,018 1,384,853(r)
2 Banks' own liabilities 971,794 920,182(r)
3 Demand deposits 42,884 36,322
4 Time deposits(2) 168,957 156,275(r)
5 Other(3) 162,564 153,123(r)
6 Own foreign offices(4) 597,389 574,462(r)
7 Banks' custodial
liabilities(5) 450,224 464,671(r)
8 U.S. Treasury bills and
certificates(6) 185,677 179,351
9 Other negotiable and
readily transferable
instruments(7) 132,575 124,915(r)
10 Other 131,972 160,405(r)
11 Nonmonetary international
and regional
organizations(8) 14,902 17,987
12 Banks' own liabilities 13,983 16,002
13 Demand deposits 98 49
14 Time deposits(2) 10,349 7,231
15 Other(3) 3,536 8,722
16 Banks' custodial
liabilities(5) 919 1,985
17 U.S. Treasury bills
and certificates(6) 680 956
18 Other negotiable and
readily transferable
instruments(7) 233 1,029
19 Other 6 0
20 Official institutions(9) 296,342 264,698
21 Banks' own liabilities 99,070 78,445
22 Demand deposits 3,340 2,952
23 Time deposits(2) 30,462 26,323(r)
24 Other(3) 65,268 49,170(r)
25 Banks' custodial
liabilities(5) 197,272 186,253
26 U.S. Treasury bills
and certificates(6) 156,073 138,518
27 Other negotiable and
readily transferable
instruments(7) 41,152 47,582
28 Other 47 153
29 Banks(10) 908,791 910,223(r)
30 Banks' own liabilities 723,707 695,308(r)
31 Unaffiliated
foreign banks 126,318 120,846(r)
32 Demand deposits 17,543 15,812
33 Time deposits(2) 48,307 48,034(r)
34 Other(3) 60,468 57,000(r)
35 Own foreign offices(4) 597,389 574,462(r)
36 Banks' custodial
liabilities(5) 185,084 214,915(r)
37 U.S. Treasury bills
and certificates(6) 16,927 27,757
38 Other negotiable and
readily transferable
instruments(7) 45,695 37,124(r)
39 Other 122,462 150,034
40 Other foreigners 201,983 191,945(r)
41 Banks' own liabilities 135,034 130,427
42 Demand deposits 21,903 17,509
43 Time deposits(2) 79,839 74,687(r)
44 Other(3) 33,292 38,231(r)
45 Banks' custodial
liabilities(5) 66,949 61,518(r)
46 U.S. Treasury bills
and certificates(6) 11,997 12,120
47 Other negotiable and
readily transferable
instruments(7) 45,495 39,180(r)
48 Other 9,457 10,218(r)
MEMO
49 Negotiable time certificates
of deposit in custody for
foreigners 30,345 22,569
AREA
50 Total, all foreigners 1,422,018 1,384,853(r)
51 Foreign countries 1,407,116 1,366,866(r)
52 Europe 441,248 432,727(r)
53 Austria 2,787 2,678
54 Belgium and Luxembourg 44,693 33,445(r)
55 Denmark 2,196 961
56 Finland 1,658 1,384
57 France 49,786 45,235
58 Germany 24,753 21,999
59 Greece 3,748 2,737
60 Italy 6,774 6,192
61 Netherlands 8,307 12,152
62 Norway 1,327 1,009
63 Portugal 2,228 2,439
64 Russia 5,469 2,871
65 Spain 10,426 8,678
66 Sweden 4,652 2,966
67 Switzerland 66,529 65,967
68 Turkey 7,844 5,914
69 United Kingdom 168,905 187,310
70 Yugoslavia 286 254
71 Other Europe and other
former U.S.S.R.(12) 28,880 28,496
72 Canada 34,109 30,416
73 Latin America and Caribbean 593,206 610,258(r)
74 Argentina 20,230 17,805(r)
75 Bahamas 134,142 123,549
76 Bermuda 7,878 9,168
77 Brazil 12,861 14,717(r)
78 British West Indies 326,947 347,388(r)
79 Chile 7,010 5,918
80 Colombia 5,656 4,618(r)
81 Cuba 75 70
82 Ecuador 1,955 1,930
83 Guatemala 1,618 1,468
84 Jamaica 520 527
85 Mexico 30,710 37,920
86 Netherlands Antilles 3,997 5,662
87 Panama 4,416 4,130
88 Peru 1,142 819(r)
89 Uruguay 2,383 2,556(r)
90 Venezuela 20,188 20,397(r)
91 Other 11,478 11,616
92 Asia 319,444 276,917(r)
China
93 Mainland 12,325 13,366
94 Taiwan 13,595 11,408
95 Hong Kong 27,773 24,575
96 India 7,367 5,421
97 Indonesia 6,567 6,530
98 Israel 7,488 6,144
99 Japan 159,066 143,635
100 Korea (South) 12,840 12,901
101 Philippines 3,251 2,273
102 Thailand 6,050 5,296
103 Middle Eastern
oil-exporting
countries(13) 21,279 15,168
104 Other 41,843 30,200
105 Africa 9,469 7,485
106 Egypt 2,021 1,576
107 Morocco 179 101
108 South Africa 1,495 1,091
109 Zaire 14 16
110 Oil-exporting
countries(14) 2,915 2,247
111 Other 2,845 2,454
112 Other 9,640 9,063
113 Australia 8,378 7,624
114 Other 1,262 1,439
115 Nonmonetary international
and regional
organizations 14,902 17,987
116 International(15) 13,002 14,987
117 Latin American
regional(16) 650 898
118 other regional(17) 1,250 2,102
1999
Item
July Aug.
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners 1,342,632(r) 1,387,383(r)
2 Banks' own liabilities 889,734(r) 907,997(r)
3 Demand deposits 43,183 44,940(r)
4 Time deposits(2) 156,294(r) 154,433(r)
5 Other(3) 152,455(r) 152,766(r)
6 Own foreign offices(4) 537,802(r) 555,858(r)
7 Banks' custodial
liabilities(5) 452,898(r) 479,386(r)
8 U.S. Treasury bills and
certificates(6) 187,872 192,096
9 Other negotiable and
readily transferable
instruments(7) 123,813(r) 133,789(r)
10 Other 141,213(r) 153,501(r)
11 Nonmonetary international
and regional
organizations(8) 18,463 18,268
12 Banks' own liabilities 16,964 16,856
13 Demand deposits 66 31
14 Time deposits(2) 7,380 6,419
15 Other(3) 9,518 10,406
16 Banks' custodial
liabilities(5) 1,499 1,412
17 U.S. Treasury bills
and certificates(6) 953 896
18 Other negotiable and
readily transferable
instruments(7) 533 516
19 Other 13 0
20 Official institutions(9) 273,365 279,719
21 Banks' own liabilities 80,400 77,801
22 Demand deposits 2,652 2,537
23 Time deposits(2) 26,326(r) 24,407
24 Other(3) 51,422(r) 50,857
25 Banks' custodial
liabilities(5) 192,965 201,918
26 U.S. Treasury bills
and certificates(6) 147,492 153,499
27 Other negotiable and
readily transferable
instruments(7) 45,094 48,297
28 Other 379 122
29 Banks(10) 853,461(r) 888,409(r)
30 Banks' own liabilities 656,476(r) 677,012(r)
31 Unaffiliated
foreign banks 118,674(r) 121,154(r)
32 Demand deposits 14,086 15,436
33 Time deposits(2) 49,523(r) 49,623(r)
34 Other(3) 55,065(r) 56,095(r)
35 Own foreign offices(4) 537,802(r) 555,858(r)
36 Banks' custodial
liabilities(5) 196,985(r) 211,397
37 U.S. Treasury bills
and certificates(6) 28,284 26,314
38 Other negotiable and
readily transferable
instruments(7) 37,663(r) 41,541
39 Other 131,038 143,542
40 Other foreigners 197,343(r) 200,987(r)
41 Banks' own liabilities 135,894 136,328
42 Demand deposits 26,379 26,936
43 Time deposits(2) 73,065(r) 73,984(r)
44 Other(3) 36,450(r) 35,408(r)
45 Banks' custodial
liabilities(5) 61,449(r) 64,659(r)
46 U.S. Treasury bills
and certificates(6) 11,143 11,387
47 Other negotiable and
readily transferable
instruments(7) 40,523(r) 43,435(r)
48 Other 9,783(r) 9,837(r)
MEMO
49 Negotiable time certificates
of deposit in custody for
foreigners 21,811 22,565
AREA
50 Total, all foreigners 1,342,632(r) 1,387,383(r)
51 Foreign countries 1,324,169(r) 1,369,115(r)
52 Europe 440,903(r) 452,653(r)
53 Austria 2,770 3,210
54 Belgium and Luxembourg 33,913(r) 36,668(r)
55 Denmark 1,143 1,811
56 Finland 1,358 1,335
57 France 42,622 42,424
58 Germany 23,950 23,719
59 Greece 3,168 3,121
60 Italy 6,426 5,832(r)
61 Netherlands 12,206 11,292
62 Norway 1,184 1,333
63 Portugal 2,237 1,912
64 Russia 2,756 2,665
65 Spain 7,700 8,202(r)
66 Sweden 3,851 3,779
67 Switzerland 60,758 76,176
68 Turkey 7,786 7,883
69 United Kingdom 200,038 192,431
70 Yugoslavia 289 270
71 Other Europe and other
former U.S.S.R.(12) 26,748 28,590(r)
72 Canada 29,862 30,409
73 Latin America and Caribbean 554,419(r) 581,419(r)
74 Argentina 17,205(r) 17,064(r)
75 Bahamas 122,465 132,442
76 Bermuda 9,410 9,319
77 Brazil 15,413(r) 15,423(r)
78 British West Indies 294,245(r) 315,843(r)
79 Chile 6,744 5,805
80 Colombia 4,637(r) 4,455(r)
81 Cuba 70 72
82 Ecuador 1,975 1,724
83 Guatemala 1,425 1,521
84 Jamaica 471 533
85 Mexico 39,024 36,301
86 Netherlands Antilles 3,010(r) 3,408
87 Panama 3,846(r) 3,816
88 Peru 837(r) 995(r)
89 Uruguay 2,323(r) 2,151(r)
90 Venezuela 20,437 19,797(r)
91 Other 10,882(r) 10,750(r)
92 Asia 283,218 288,982(r)
China
93 Mainland 10,872 12,359
94 Taiwan 12,482 12,678
95 Hong Kong 24,200 24,149
96 India 5,864 5,408
97 Indonesia 7,309 6,633
98 Israel 5,076 5,059
99 Japan 145,652 145,403
100 Korea (South) 12,792 12,723
101 Philippines 2,177 2,189
102 Thailand 6,054 5,809
103 Middle Eastern
oil-exporting
countries(13) 15,581 15,942
104 Other 35,159 40,630(r)
105 Africa 7,508 7,660
106 Egypt 1,566 1,851
107 Morocco 116 108
108 South Africa 1,049 885
109 Zaire 13 13
110 Oil-exporting
countries(14) 2,281 2,510
111 Other 2,483 2,293
112 Other 8,259 7,992
113 Australia 7,252 6,963
114 Other 1,007 1,029
115 Nonmonetary international
and regional
organizations 18,463 18,268
116 International(15) 15,822 16,112
117 Latin American
regional(16) 819 725
118 other regional(17) 1,822 1,431
1999
Item
Sept. Oct.(r)
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners 1,378,738(r) 1,374,075
2 Banks' own liabilities 927,131(r) 931,730
3 Demand deposits 44,594(r) 39,451
4 Time deposits(2) 156,352(r) 162,273
5 Other(3) 160,883(r) 155,743
6 Own foreign offices(4) 565,302(r) 574,263
7 Banks' custodial
liabilities(5) 451,607(r) 442,345
8 U.S. Treasury bills and
certificates(6) 189,030 188,486
9 Other negotiable and
readily transferable
instruments(7) 131,726 131,464
10 Other 130,851(r) 122,395
11 Nonmonetary international
and regional
organizations(8) 18,646 17,893
12 Banks' own liabilities 17,726 17,052
13 Demand deposits 21 187
14 Time deposits(2) 7,370 8,772
15 Other(3) 10,335 8,093
16 Banks' custodial
liabilities(5) 920 841
17 U.S. Treasury bills
and certificates(6) 661 628
18 Other negotiable and
readily transferable
instruments(7) 259 213
19 Other 0 0
20 Official institutions(9) 276,605 279,105
21 Banks' own liabilities 76,780 79,376
22 Demand deposits 2,932 2,314
23 Time deposits(2) 25,301 29,152
24 Other(3) 48,547 47,910
25 Banks' custodial
liabilities(5) 199,825 199,729
26 U.S. Treasury bills
and certificates(6) 152,457 154,582
27 Other negotiable and
readily transferable
instruments(7) 46,633 44,804
28 Other 735 343
29 Banks(10) 877,973(r) 874,089
30 Banks' own liabilities 692,332(r) 698,212
31 Unaffiliated
foreign banks 127,030(r) 123,949
32 Demand deposits 14,084 17,111
33 Time deposits(2) 49,655(r) 48,693
34 Other(3) 63,291(r) 58,145
35 Own foreign offices(4) 565,302(r) 574,263
36 Banks' custodial
liabilities(5) 185,641(r) 175,877
37 U.S. Treasury bills
and certificates(6) 24,749 22,203
38 Other negotiable and
readily transferable
instruments(7) 40,370 41,529
39 Other 120,522(r) 112,145
40 Other foreigners 205,514 202,988
41 Banks' own liabilities 140,293 137,090
42 Demand deposits 27,557 19,839
43 Time deposits(2) 74,026(r) 75,656
44 Other(3) 38,710(r) 41,595
45 Banks' custodial
liabilities(5) 65,221 65,898
46 U.S. Treasury bills
and certificates(6) 11,163 11,073
47 Other negotiable and
readily transferable
instruments(7) 44,464 44,918
48 Other 9,594 9,907
MEMO
49 Negotiable time certificates
of deposit in custody for
foreigners 24,367 26,550
AREA
50 Total, all foreigners 1,378,738(r) 1,374,075(r)
51 Foreign countries 1,360,092(r) 1,356,182(r)
52 Europe 456,956(r) 442,523(r)
53 Austria 3,205 3,299
54 Belgium and Luxembourg 36,890 38,590
55 Denmark 1,903 2,658
56 Finland 1,222 1,269
57 France 45,809 45,764
58 Germany 24,485(r) 25,479(r)
59 Greece 3,358 3,322
60 Italy 6,231 6,306
61 Netherlands 11,634 13,882
62 Norway 1,225 951
63 Portugal 1,976 1,875
64 Russia 2,816 3,713
65 Spain 9,479 9,287(r)
66 Sweden 4,571 5,381
67 Switzerland 69,338 65,967
68 Turkey 8,368 8,252
69 United Kingdom 196,490 178,022
70 Yugoslavia 266 267
71 Other Europe and other
former U.S.S.R.(12) 27,690 28,239
72 Canada 29,728 34,995
73 Latin America and Caribbean 570,309(r) 573,215(r)
74 Argentina 15,547(r) 17,546(r)
75 Bahamas 139,101 134,111
76 Bermuda 8,747 10,902
77 Brazil 16,241(r) 13,253
78 British West Indies 299,669(r) 308,593(r)
79 Chile 6,601 6,559
80 Colombia 4,711(r) 5,011(r)
81 Cuba 76 72
82 Ecuador 1,792 1,833
83 Guatemala 1,471 1,484
84 Jamaica 550 549
85 Mexico 35,028 32,208
86 Netherlands Antilles 2,927 2,688
87 Panama 4,029 4,007
88 Peru 1,042(r) 959
89 Uruguay 2,177(r) 2,218(r)
90 Venezuela 19,451 19,914
91 Other 11,149(r) 11,308(r)
92 Asia 287,227 287,963
China
93 Mainland 11,914 10,460
94 Taiwan 12,514 12,023
95 Hong Kong 23,368 24,299
96 India 5,625 5,659
97 Indonesia 6,468 6,037
98 Israel 5,688 5,175
99 Japan 149,578 151,632
100 Korea (South) 11,903 9,935
101 Philippines 2,414 2,134
102 Thailand 5,281 4,983
103 Middle Eastern
oil-exporting
countries(13) 14,367 16,825
104 Other 38,107 38,801
105 Africa 8,045(r) 8,037
106 Egypt 1,852 1,364
107 Morocco 118 174
108 South Africa 753 828
109 Zaire 13 14
110 Oil-exporting
countries(14) 2,807 2,912
111 Other 2,502(r) 2,745
112 Other 7,827 9,449
113 Australia 6,788 8,199
114 Other 1,039 1,250
115 Nonmonetary international
and regional
organizations 18,646 17,893(r)
116 International(15) 16,570 16,009(r)
117 Latin American
regional(16) 662 960
118 other regional(17) 1,414 924
1999
Item
Nov. Dec.(p)
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners 1,421,735 1,422,018
2 Banks' own liabilities 977,742 971,794
3 Demand deposits 42,888 42,884
4 Time deposits(2) 168,176 168,957
5 Other(3) 162,728 162,564
6 Own foreign offices(4) 603,950 597,389
7 Banks' custodial
liabilities(5) 443,993 450,224
8 U.S. Treasury bills and
certificates(6) 184,675 185,677
9 Other negotiable and
readily transferable
instruments(7) 131,859 132,575
10 Other 127,459 131,972
11 Nonmonetary international
and regional
organizations(8) 14,043 14,902
12 Banks' own liabilities 13,156 13,983
13 Demand deposits 70 98
14 Time deposits(2) 7,675 10,349
15 Other(3) 5,411 3,536
16 Banks' custodial
liabilities(5) 887 919
17 U.S. Treasury bills
and certificates(6) 658 680
18 Other negotiable and
readily transferable
instruments(7) 229 233
19 Other 0 6
20 Official institutions(9) 277,662 296,342
21 Banks' own liabilities 81,721 99,070
22 Demand deposits 2,829 3,340
23 Time deposits(2) 28,701 30,462
24 Other(3) 50,191 65,268
25 Banks' custodial
liabilities(5) 195,941 197,272
26 U.S. Treasury bills
and certificates(6) 153,465 156,073
27 Other negotiable and
readily transferable
instruments(7) 42,331 41,152
28 Other 145 47
29 Banks(10) 921,423 908,791
30 Banks' own liabilities 739,658 723,707
31 Unaffiliated
foreign banks 135,708 126,318
32 Demand deposits 14,402 17,543
33 Time deposits(2) 54,388 48,307
34 Other(3) 66,918 60,468
35 Own foreign offices(4) 603,950 597,389
36 Banks' custodial
liabilities(5) 181,765 185,084
37 U.S. Treasury bills
and certificates(6) 19,512 16,927
38 Other negotiable and
readily transferable
instruments(7) 44,889 45,695
39 Other 117,364 122,462
40 Other foreigners 208,607 201,983
41 Banks' own liabilities 143,207 135,034
42 Demand deposits 25,587 21,903
43 Time deposits(2) 77,412 79,839
44 Other(3) 40,208 33,292
45 Banks' custodial
liabilities(5) 65,400 66,949
46 U.S. Treasury bills
and certificates(6) 11,040 11,997
47 Other negotiable and
readily transferable
instruments(7) 44,410 45,495
48 Other 9,950 9,457
MEMO
49 Negotiable time certificates
of deposit in custody for
foreigners 28,320 30,345
AREA
50 Total, all foreigners 1,421,735 1,422,018
51 Foreign countries 1,407,692 1,407,116
52 Europe 470,756 441,248
53 Austria 2,842 2,787
54 Belgium and Luxembourg 41,171 44,693
55 Denmark 3,197 2,196
56 Finland 1,894 1,658
57 France 50,262 49,786
58 Germany 26,537 24,753
59 Greece 3,365 3,748
60 Italy 5,264 6,774
61 Netherlands 12,775 8,307
62 Norway 1,364 1,327
63 Portugal 2,148 2,228
64 Russia 3,655 5,469
65 Spain 11,181 10,426
66 Sweden 5,518 4,652
67 Switzerland 67,027 66,529
68 Turkey 8,818 7,844
69 United Kingdom 195,465 168,905
70 Yugoslavia 267 286
71 Other Europe and other
former U.S.S.R.(12) 28,006 28,880
72 Canada 33,746 34,109
73 Latin America and Caribbean 593,830 593,206
74 Argentina 16,733 20,230
75 Bahamas 139,179 134,142
76 Bermuda 8,859 7,878
77 Brazil 14,185 12,861
78 British West Indies 325,793 326,947
79 Chile 6,521 7,010
80 Colombia 4,783 5,656
81 Cuba 73 75
82 Ecuador 1,930 1,955
83 Guatemala 1,577 1,618
84 Jamaica 546 520
85 Mexico 31,187 30,710
86 Netherlands Antilles 3,389 3,997
87 Panama 3,834 4,416
88 Peru 998 1,142
89 Uruguay 2,584 2,383
90 Venezuela 20,311 20,188
91 Other 11,348 11,478
92 Asia 292,142 319,444
China
93 Mainland 13,981 12,325
94 Taiwan 14,791 13,595
95 Hong Kong 22,340 27,773
96 India 5,610 7,367
97 Indonesia 6,486 6,567
98 Israel 5,071 7,488
99 Japan 152,095 159,066
100 Korea (South) 8,474 12,840
101 Philippines 2,639 3,251
102 Thailand 5,164 6,050
103 Middle Eastern
oil-exporting
countries(13) 17,944 21,279
104 Other 37,547 41,843
105 Africa 7,799 9,469
106 Egypt 1,846 2,021
107 Morocco 166 179
108 South Africa 957 1,495
109 Zaire 13 14
110 Oil-exporting
countries(14) 2,244 2,915
111 Other 2,573 2,845
112 Other 9,419 9,640
113 Australia 8,394 8,378
114 Other 1,025 1,262
115 Nonmonetary international
and regional
organizations 14,043 14,902
116 International(15) 12,710 13,002
117 Latin American
regional(16) 345 650
118 other regional(17) 988 1,250
(1.) Reporting banks include all types of depository institutions as
well as some brokers and dealers. Excludes bonds and notes of
maturities longer than one year.
(2.) Excludes negotiable time certificates of deposit, which are
included in "Other negotiable and readily transferable instruments."
(3.) Includes borrowing under repurchase agreements.
(4.) For U.S. banks, includes amounts owed to 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 owed to the head office or parent foreign bank, and to
foreign branches, agencies, or wholly owned subsidiaries of the head
office or parent foreign bank.
(5.) Financial claims on residents of the United States, other than
long-term securities, held by or through reporting banks for foreign
customers.
(6.) Includes nonmarketable certificates of indebtedness and Treasury
bills issued to official institutions of foreign countries.
(7.) Principally bankers acceptances, commercial paper, and negotiable
time certificates of deposit.
(8.) Principally the International Bank for Reconstruction and
Development, the Inter-American Development Bank, and the Asian
Development Bank. Excludes "holdings of dollars" of the International
Monetary Fund.
(9.) Foreign central banks, foreign central governments, and the Bank
for International Settlements.
(10.) Excludes central banks, which are included in "Official
institutions."
(11.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
(12.) 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.
(13.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).
(14.) Comprises Algeria, Gabon, Libya, and Nigeria.
(15.) Principally the International Bank for Reconstruction and
Development. Excludes "holdings of dollars" of the International
Monetary Fund.
(16.) Principally the Inter-American Development Bank.
(17.) Asian, African, Middle Eastern, and European regional
organizations, except the Bank for International Settlements, which is
included in "Other Europe."
3.18 BANK'S OWN CLAIM ON FOREIGNERS Reported by Banks in
the United States(1) Payable in U.S. Dollars
Millions of dollars, end of period
Area or country 1997 1998 1999
1 Total, all foreigners 708,225 734,995 777,712
2 Foreign countries 705,762 731,378 773,572
3 Europe 199,880 233,321 304,840
4 Austria 1,354 1,043 2,607
5 Belgium and Luxembourg 6,641 7,187 10,097
6 Denmark 980 2,383 1,629
7 Finland 1,233 1,070 1,959
8 France 16,239 15,251 29,053
9 Germany 12,676 15,923 29,153
10 Greece 402 575 806
11 Italy 6,230 7,284 8,492
12 Netherlands 6,141 5,697 10,383
13 Norway 555 827 794
14 Portugal 777 669 1,571
15 Russia 1,248 789 713
16 Spain 2,942 5,735 3,795
17 Sweden 1,854 4,223 3,215
18 Switzerland 28,846 46,874 78,978
19 Turkey 1,558 1,982 2,568
20 United Kingdom 103,143 106,349 111,387
21 Yugoslavia(2) 52 53 50
22 Other Europe and other 7,009 9,407 7,590
former U.S.S.R.(3)
23 Canada 27,189 47,037 37,127
24 Latin America and 343,730 342,654 347,862
Caribbean
25 Argentina 8,924 9,552 10,166
26 Bahamas 89,379 96,455 93,960
27 Bermuda 8,782 5,011 8,007
28 Brazil 21,696 16,184 15,718
29 British West Indies 145,471 153,749 167,035
30 Chile 7,913 8,250 6,607
31 Colombia 6,945 6,507 4,526
32 Cuba 0 0 0
33 Ecuador 1,311 1,400 761
34 Guatemala 886 1,127 1,134
35 Jamaica 424 239 294
36 Mexico 19,428 21,212 17,836
37 Netherlands Antilles 17,838 6,779 5,962
38 Panama 4,364 3,584 3,389
39 Peru 3,491 3,275 2,529
40 Uruguay 629 1,126 801
41 Venezuela 2,129 3,089 3,494
42 Other 4,120 5,115 5,643
43 Asia 125,092 98,607 74,490
China
44 Mainland 1,579 1,261 2,090
45 Taiwan 922 1,041 1,339
46 Hong Kong 13,991 9,080 5,706
47 India 2,200 1,440 1,737
48 Indonesia 2,651 1,942 1,776
49 Israel 768 1,166 1,844
50 Japan 59,549 46,713 28,630
51 Korea (South) 18,162 8,289 9,219
52 Philippines 1,689 1,465 1,675
53 Thailand 2,259 1,807 1,517
54 Middle Eastern oil- 10,790 16,130 13,987
exporting countries(4)
55 Other 10,532 8,273 4,970
56 Africa 3,530 3,122 2,260
57 Egypt 247 257 258
58 Morocco 511 372 352
59 South Africa 805 643 608
60 Zaire 0 0 24
61 Oil-exporting 1,212 936 276
countries(5)
62 Other 755 914 742
63 Other 6,341 6,637 6,993
64 Australia 5,300 6,173 6,741
65 Other 1,041 464 252
66 Nonmonetary international 2,463 3,617 4,140
and regional
organizations(6)
1999(r)
Area or country
June July Aug.
1 Total, all foreigners 750,910 721,360 731,130
2 Foreign countries 746,837 716,953 727,974
3 Europe 300,007 293,100 305,205
4 Austria 2,519 3,855 3,080
5 Belgium and Luxembourg 10,028 9,224 7,478
6 Denmark 1,901 1,763 1,442
7 Finland 1,730 2,197 1,915
8 France 18,253 19,964 19,040
9 Germany 20,793 23,965 23,558
10 Greece 551 628 659
11 Italy 6,784 7,451 7,748
12 Netherlands 8,724 9,334 10,132
13 Norway 717 821 583
14 Portugal 1,122 1,056 1,222
15 Russia 768 831 782
16 Spain 6,181 4,606 3,700
17 Sweden 3,005 3,199 4,082
18 Switzerland 75,544 66,927 71,866
19 Turkey 2,289 2,221 2,270
20 United Kingdom 130,879 125,633 137,680
21 Yugoslavia(2) 54 50 49
22 Other Europe and other 8,165 9,375 7,919
former U.S.S.R.(3)
23 Canada 37,454 31,957 32,109
24 Latin America and 326,074 311,685 310,088
Caribbean
25 Argentina 10,777 10,479 10,253
26 Bahamas 71,996 77,049 77,674
27 Bermuda 6,111 7,813 9,747
28 Brazil 14,850 14,605 13,793
29 British West Indies 166,557 146,858 137,214
30 Chile 7,531 7,153 6,900
31 Colombia 5,567 5,587 5,040
32 Cuba 0 0 0
33 Ecuador 1,069 993 889
34 Guatemala 1,033 1,075 1,053
35 Jamaica 303 311 322
36 Mexico 18,638 18,978 17,819
37 Netherlands Antilles 5,484 5,101 14,032
38 Panama 3,353 3,064 2,898
39 Peru 2,972 2,710 2,515
40 Uruguay 1,046 1,101 1,041
41 Venezuela 3,474 3,501 3,460
42 Other 5,313 5,307 5,438
43 Asia 74,703 72,636 73,257
China
44 Mainland 3,745 3,144 2,758
45 Taiwan 870 904 937
46 Hong Kong 7,102 5,333 4,969
47 India 1,569 1,708 1,728
48 Indonesia 1,760 1,791 1,711
49 Israel 1,955 1,433 1,669
50 Japan 27,093 25,900 26,226
51 Korea (South) 11,317 12,753 12,194
52 Philippines 1,669 1,380 1,279
53 Thailand 1,850 1,683 1,549
54 Middle Eastern oil- 10,137 9,792 11,221
exporting countries(4)
55 Other 5,636 6,815 7,016
56 Africa 2,629 2,499 2,178
57 Egypt 241 252 209
58 Morocco 454 431 444
59 South Africa 724 598 449
60 Zaire 0 0 0
61 Oil-exporting 340 297 280
countries(5)
62 Other 870 921 796
63 Other 5,970 5,076 5,137
64 Australia 5,636 4,811 4,907
65 Other 334 265 230
66 Nonmonetary international 4,073 4,407 3,156
and regional
organizations(6)
1999(r)
Area or country
Sept. Oct.
1 Total, all foreigners 758,620 752,264
2 Foreign countries 755,030 746,974
3 Europe 316,152 293,602
4 Austria 2,335 2,751
5 Belgium and Luxembourg 7,239 9,624
6 Denmark 1,756 2,352
7 Finland 1,855 1,669
8 France 19,253 21,527
9 Germany 22,995 23,616
10 Greece 663 743
11 Italy 7,958 6,682
12 Netherlands 9,425 8,940
13 Norway 1,252 949
14 Portugal 1,342 1,691
15 Russia 814 871
16 Spain 5,104 4,073
17 Sweden 4,184 4,325
18 Switzerland 90,187 78,448
19 Turkey 2,385 2,394
20 United Kingdom 129,347 114,209
21 Yugoslavia(2) 50 51
22 Other Europe and other 8,008 8,687
former U.S.S.R.(3)
23 Canada 37,197 35,903
24 Latin America and 320,952 335,151
Caribbean
25 Argentina 10,293 10,153
26 Bahamas 85,386 87,085
27 Bermuda 8,481 9,887
28 Brazil 13,983 14,216
29 British West Indies 142,500 159,145
30 Chile 6,810 6,846
31 Colombia 4,818 4,800
32 Cuba 0 0
33 Ecuador 844 793
34 Guatemala 1,064 1,084
35 Jamaica 330 318
36 Mexico 18,255 17,800
37 Netherlands Antilles 13,298 7,497
38 Panama 2,941 2,917
39 Peru 2,533 2,442
40 Uruguay 945 778
41 Venezuela 3,325 4,103
42 Other 5,146 5,287
43 Asia 72,449 73,072
China
44 Mainland 2,032 1,998
45 Taiwan 790 816
46 Hong Kong 5,224 4,740
47 India 1,736 1,856
48 Indonesia 1,689 1,636
49 Israel 951 857
50 Japan 27,978 28,339
51 Korea (South) 11,093 12,432
52 Philippines 1,491 1,562
53 Thailand 1,432 1,411
54 Middle Eastern oil- 11,379 10,667
exporting countries(4)
55 Other 6,654 6,758
56 Africa 2,293 2,299
57 Egypt 225 251
58 Morocco 437 439
59 South Africa 506 589
60 Zaire 0 0
61 Oil-exporting 323 253
countries(5)
62 Other 802 767
63 Other 5,987 6,947
64 Australia 5,770 6,696
65 Other 217 251
66 Nonmonetary international 3,590 5,290
and regional
organizations(6)
1999(r)
Area or country
Nov. Dec.(p)
1 Total, all foreigners 779,691 777,712
2 Foreign countries 774,026 773,572
3 Europe 313,250 304,840
4 Austria 2,407 2,607
5 Belgium and Luxembourg 9,332 10,097
6 Denmark 1,756 1,629
7 Finland 2,034 1,959
8 France 24,591 29,053
9 Germany 22,365 29,153
10 Greece 754 806
11 Italy 7,297 8,492
12 Netherlands 8,099 10,383
13 Norway 920 794
14 Portugal 1,430 1,571
15 Russia 711 713
16 Spain 4,641 3,795
17 Sweden 3,853 3,215
18 Switzerland 91,491 78,978
19 Turkey 2,462 2,568
20 United Kingdom 120,831 111,387
21 Yugoslavia(2) 50 50
22 Other Europe and other 8,226 7,590
former U.S.S.R.(3)
23 Canada 37,060 37,127
24 Latin America and 335,347 347,862
Caribbean
25 Argentina 10,038 10,166
26 Bahamas 87,179 93,960
27 Bermuda 9,449 8,007
28 Brazil 14,976 15,718
29 British West Indies 158,910 167,035
30 Chile 6,591 6,607
31 Colombia 4,745 4,526
32 Cuba 0 0
33 Ecuador 762 761
34 Guatemala 1,090 1,134
35 Jamaica 308 294
36 Mexico 17,932 17,836
37 Netherlands Antilles 8,078 5,962
38 Panama 3,050 3,389
39 Peru 2,507 2,529
40 Uruguay 775 801
41 Venezuela 3,587 3,494
42 Other 5,370 5,643
43 Asia 78,427 74,490
China
44 Mainland 2,082 2,090
45 Taiwan 1,495 1,339
46 Hong Kong 6,010 5,706
47 India 1,972 1,737
48 Indonesia 1,681 1,776
49 Israel 1,059 1,844
50 Japan 30,280 28,630
51 Korea (South) 13,254 9,219
52 Philippines 990 1,675
53 Thailand 1,433 1,517
54 Middle Eastern oil- 11,631 13,987
exporting countries(4)
55 Other 6,540 4,970
56 Africa 2,473 2,260
57 Egypt 233 258
58 Morocco 354 352
59 South Africa 873 608
60 Zaire 9 24
61 Oil-exporting 275 276
countries(5)
62 Other 729 742
63 Other 7,469 6,993
64 Australia 7,272 6,741
65 Other 197 252
66 Nonmonetary international 5,665 4,140
and regional
organizations(6)
(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 Settlement. 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
Type of claim 1997 1998 1999
1 Total 852,852 875,891 ...
2 Banks' claims 708,225 734,995 777,712
3 Foreign public borrowers 20,581 23,542 34,511
4 Own foreign offices(2) 431,685 484,535 514,320
5 Unaffiliated foreign banks 109,230 106,206 101,185
6 Deposits 30,995 27,230 34,307
7 Other 78,235 78,976 66,878
8 All other foreigners 146,729 120,712 127,696
9 Claims of banks' domestic
customers(3) 144,627 140,896 ...
10 Deposits 73,110 79,363 ...
11 Negotiable and readily
transferable
instruments(4) 53,967 47,914 ...
12 Outstanding collections
and other claims 17,550 13,619 ...
MEMO
13 Customer liability on
acceptances 9,624 4,519 ...
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 33,816 39,978 34,789
1999
Type of claim
June July Aug.
1 Total 898,511 ... ...
2 Banks' claims 750,910 721,360 731,130
3 Foreign public borrowers 37,349 38,471 35,701
4 Own foreign offices(2) 488,874 461,013 457,994
5 Unaffiliated foreign banks 104,078 99,727 108,902
6 Deposits 24,194 24,804 23,708
7 Other 79,884 74,923 85,194
8 All other foreigners 120,609 122,149 128,533
9 Claims of banks' domestic
customers(3) 147,601 ... ...
10 Deposits 94,575 ... ...
11 Negotiable and readily
transferable
instruments(4) 42,670 ... ...
12 Outstanding collections
and other claims 10,356 ... ...
MEMO
13 Customer liability on
acceptances 4,450 ... ...
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 29,165 32,857 32,336
1999
Type of claim
Sept. Oct.
1 Total 900,582 ...
2 Banks' claims 758,620 752,264
3 Foreign public borrowers 35,002 40,948
4 Own foreign offices(2) 488,355 487,578
5 Unaffiliated foreign banks 102,029 97,287
6 Deposits 24,407 24,868
7 Other 77,622 72,419
8 All other foreigners 133,234 126,451
9 Claims of banks' domestic
customers(3) 141,962 ...
10 Deposits 87,222 ...
11 Negotiable and readily
transferable
instruments(4) 40,604 ...
12 Outstanding collections
and other claims 14,136 ...
MEMO
13 Customer liability on
acceptances 4,614 ...
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 27,750 33,847(r)
1999
Type of claim
Nov. Dec.(p)
1 Total ... ...
2 Banks' claims 779,691 777,712
3 Foreign public borrowers 39,910 34,511
4 Own foreign offices(2) 511,612 514,320
5 Unaffiliated foreign banks 99,527 101,185
6 Deposits 27,825 34,307
7 Other 71,702 66,878
8 All other foreigners 128,642 127,696
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) 37,163 34,789
(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 field 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 to the accounts of their
domestic customers.
(4.) Principally negotiable time certificates of deposit, bankers
acceptances, and commercial paper.
(5.) Includes demand and time deposits and negotiable and
nonnegotiable certificates of deposit denominated in U.S.
dollars issued by banks abroad.
3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS
Reported by Banks in the United States(1) Payable in U.S. Dollars
Millions of dollars, end of period
Maturity, by borrower
and area(2) 1995 1996 1997
1 Total 224,932 258,106 276,550
By borrower
2 Maturity of one year or less 178,857 211,859 205,781
3 Foreign public borrowers 14,995 15,411 12,081
4 All other foreigners 163,862 196,448 193,700
5 Maturity of more than one year 46,075 46,247 70,769
6 Foreign public borrowers 7,522 6,790 8,499
7 All other foreigners 38,553 39,457 62,270
By area
Maturity of one year or less
8 Europe 55,622 55,690 58,294
9 Canada 6,751 8,339 9,917
10 Latin America and Caribbean 72,504 103,254 97,207
11 Asia 40,296 38,078 33,964
12 Africa 1,295 1,316 2,211
13 All other(3) 2,389 5,182 4,188
Maturity of more than one year
14 Europe 4,995 6,965 13,240
15 Canada 2,751 2,645 2,525
16 Latin America and Caribbean 27,681 24,943 42,049
17 Asia 7,941 9,392 10,235
18 Africa 1,421 1,361 1,236
19 All other(3) 1,286 941 1,484
1998 1999
Maturity, by borrower
and area(2)
Dec. Mar.
1 Total 250,479 242,360
By borrower
2 Maturity of one year or less 186,585 175,402
3 Foreign public borrowers 13,669 20,902
4 All other foreigners 172,916 154,500
5 Maturity of more than one year 63,894 66,958
6 Foreign public borrowers 9,840 13,290
7 All other foreigners 54,054 53,668
By area
Maturity of one year or less
8 Europe 68,679 66,875
9 Canada 10,948 7,832
10 Latin America and Caribbean 81,846 71,122
11 Asia 18,006 21,347
12 Africa 1,835 1,571
13 All other(3) 5,271 6,655
Maturity of more than one year
14 Europe 14,923 16,949
15 Canada 3,140 2,766
16 Latin America and Caribbean 33,443 33,539
17 Asia 10,018 10,972
18 Africa 1,233 1,160
19 All other(3) 1,137 1,572
1999
Maturity, by borrower
and area(2)
June Sept.
1 Total 259,215 270,119
By borrower
2 Maturity of one year or less 186,861 198,303
3 Foreign public borrowers 24,656 22,809
4 All other foreigners 162,205 175,494
5 Maturity of more than one year 72,354 71,816
6 Foreign public borrowers 11,667 11,980
7 All other foreigners 60,687 59,836
By area
Maturity of one year or less
8 Europe 84,721 82,744
9 Canada 6,705 8,598
10 Latin America and Caribbean 65,821 79,202
11 Asia 21,977 20,844
12 Africa 1,543 1,119
13 All other(3) 6,094 5,796
Maturity of more than one year
14 Europe 18,764 18,440
15 Canada 3,261 3,139
16 Latin America and Caribbean 36,910 37,046
17 Asia 10,471 10,644
18 Africa 1,105 1,087
19 All other(3) 1,843 1,460
(1.) Reporting banks include all types of depository 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
1997
Area or country 1995 1996
June
1 Total 551.9 645.3 678.8
2 G-10 countries and Switzerland 206.0 228.3 250.0
3 Belgium and Luxembourg 13.6 11.7 9.4
4 France 19.4 16.6 17.9
5 Germany 27.3 29.8 34.1
6 Italy 11.5 16.0 20.2
7 Netherlands 3.7 4.0 6.4
8 Sweden 2.7 2.6 3.6
9 Switzerland 6.7 5.3 5.4
10 United Kingdom 82.4 104.7 110.6
11 Canada 10.3 14.0 15.7
12 Japan 28.5 23.7 26.8
13 Other industrialized countries 50.2 65.7 71.7
14 Austria .9 1.1 1.5
15 Denmark 2.6 1.5 2.8
16 Finland .8 .8 1.4
17 Greece 5.7 6.7 6.1
18 Norway 3.2 8.0 4.7
19 Portugal 1.3 .9 1.1
20 Spain 11.6 13.2 15.4
21 Turkey 1.9 2.7 3.4
22 Other Western Europe 4.7 4.7 5.5
23 South Africa 1.2 2.0 1.9
24 Australia 16.4 24.0 27.8
25 OPEC(2) 22.1 19.7 22.3
26 Ecuador .7 1.1 .9
27 Venezuela 2.7 2.4 2.1
28 Indonesia 4.8 5.2 5.6
29 Middle East countries 13.3 10.7 12.5
30 African countries .6 .4 1.2
31 Non-OPEC developing countries 112.6 130.3 140.6
Latin America
32 Argentina 12.9 14.3 16.4
33 Brazil 13.7 20.7 27.3
34 Chile 6.8 7.0 7.6
35 Colombia 2.9 4.1 3.3
36 Mexico 17.3 16.2 16.6
37 Peru .8 1.6 1.4
38 Other 2.8 3.3 3.4
Asia
China
39 Mainland 1.8 2.5 3.6
40 Taiwan 9.4 10.3 10.6
41 India 4.4 4.3 5.3
42 Israel .5 .5 .8
43 Korea (South) 19.1 21.5 16.3
44 Malaysia 4.4 6.0 6.4
45 Philippines 4.1 5.8 7.0
46 Thailand 4.9 5.7 7.3
47 Other Asia 4.5 4.1 4.7
Africa
48 Egypt .4 .7 1.1
49 Morocco .7 .7 .7
50 Zaire .0 .1 .0
51 Other Africa(3) .9 .9 .9
52 Eastern Europe 4.2 6.9 7.1
53 Russia(4) 1.0 3.7 4.2
54 Other 3.2 3.2 2.9
55 Offshore banking centers 99.2 134.7 129.6
56 Bahamas 11.0 20.3 16.1
57 Bermuda 6.3 4.5 7.9
58 Cayman Islands and other 32.4 37.2 35.1
British West Indies
59 Netherlands Antilles 10.3 26.1 15.8
60 Panama(5) 1.4 2.0 2.6
61 Lebanon .1 .1 .1
62 Hong Kong, China 25.0 27.9 35.2
63 Singapore 13.1 16.7 16.7
64 Other(6) .1 .1 .3
65 Miscellaneous and unallocated(7) 57.6 59.6 57.6
1997 1998
Area or country
Sept. Dec. Mar.
1 Total 711.0 719.3 739.1
2 G-10 countries and Switzerland 247.8 242.8 249.0
3 Belgium and Luxembourg 11.4 11.0 11.2
4 France 20.2 15.4 15.5
5 Germany 34.7 28.6 25.5
6 Italy 19.3 15.5 19.7
7 Netherlands 7.2 6.2 7.3
8 Sweden 4.1 3.3 4.8
9 Switzerland 4.8 7.2 5.6
10 United Kingdom 108.3 113.4 120.1
11 Canada 15.1 13.7 13.5
12 Japan 22.6 28.6 25.8
13 Other industrialized countries 73.8 64.5 74.3
14 Austria 1.7 1.5 1.7
15 Denmark 3.7 2.4 2.0
16 Finland 1.9 1.3 1.5
17 Greece 6.2 5.1 6.1
18 Norway 4.6 3.6 4.0
19 Portugal 1.4 .9 .7
20 Spain 13.9 11.7 16.5
21 Turkey 4.4 4.5 4.9
22 Other Western Europe 6.1 8.2 9.9
23 South Africa 1.9 2.2 3.7
24 Australia 28.0 23.1 23.2
25 OPEC(2) 22.9 26.0 25.7
26 Ecuador 1.2 1.3 1.3
27 Venezuela 2.2 2.5 3.3
28 Indonesia 6.5 6.7 5.5
29 Middle East countries 11.8 14.4 14.3
30 African countries 1.1 1.2 1.4
31 Non-OPEC developing countries 137.0 138.7 147.4
Latin America
32 Argentina 17.1 18.4 19.3
33 Brazil 26.1 28.6 32.4
34 Chile 8.0 8.7 9.0
35 Colombia 3.4 3.4 3.3
36 Mexico 16.4 17.4 17.7
37 Peru 1.8 2.0 2.1
38 Other 3.6 4.1 4.0
Asia
China
39 Mainland 4.3 3.2 4.2
40 Taiwan 9.7 9.0 11.7
41 India 4.9 4.9 5.0
42 Israel 1.0 .7 .7
43 Korea (South) 16.2 15.6 16.2
44 Malaysia 5.6 5.1 4.5
45 Philippines 5.7 5.7 5.0
46 Thailand 6.2 5.4 5.5
47 Other Asia 4.5 4.3 4.2
Africa
48 Egypt .9 .9 1.0
49 Morocco .7 .6 .6
50 Zaire .0 .0 .0
51 Other Africa(3) .9 .8 1.1
52 Eastern Europe 9.8 9.1 12.0
53 Russia(4) 5.1 5.1 7.5
54 Other 4.7 4.0 4.6
55 Offshore banking centers 138.9 139.0 129.3
56 Bahamas 19.8 23.3 29.2
57 Bermuda 9.8 9.8 9.0
58 Cayman Islands and other 45.7 43.4 24.9
British West Indies
59 Netherlands Antilles 21.7 14.6 14.0
60 Panama(5) 2.1 3.1 3.2
61 Lebanon .1 .1 .1
62 Hong Kong, China 27.2 32.2 33.8
63 Singapore 12.7 12.7 15.0
64 Other(6) .1 .1 .1
65 Miscellaneous and unallocated(7) 80.8 99.1 101.3
1998
Area or country
June Sept. Dec.
1 Total 749.7 738.9 714.1
2 G-10 countries and Switzerland 278.3 268.3 255.8
3 Belgium and Luxembourg 16.2 15.1 13.4
4 France 20.5 19.9 18.4
5 Germany 28.8 28.9 31.1
6 Italy 19.5 18.0 11.5
7 Netherlands 8.3 8.1 7.9
8 Sweden 3.1 2.2 2.3
9 Switzerland 6.9 7.5 8.3
10 United Kingdom 134.9 130.4 121.5
11 Canada 16.5 15.6 16.7
12 Japan 23.7 22.8 24.7
13 Other industrialized countries 72.1 71.6 68.5
14 Austria 1.9 2.1 1.4
15 Denmark 2.1 2.8 2.2
16 Finland 1.4 1.6 1.5
17 Greece 5.8 5.8 6.0
18 Norway 3.4 3.3 3.2
19 Portugal 1.3 1.1 1.3
20 Spain 15.2 17.5 13.6
21 Turkey 6.5 5.2 4.8
22 Other Western Europe 9.6 10.3 10.6
23 South Africa 5.0 3.7 3.5
24 Australia 20.0 18.2 20.3
25 OPEC(2) 25.3 25.9 27.1
26 Ecuador 1.2 1.2 1.2
27 Venezuela 3.2 3.1 3.2
28 Indonesia 5.1 4.7 4.8
29 Middle East countries 15.5 16.1 17.0
30 African countries .3 .8 1.0
31 Non-OPEC developing countries 141.7 140.6 147.9
Latin America
32 Argentina 20.2 22.3 22.3
33 Brazil 27.2 24.9 24.2
34 Chile 9.1 9.3 8.3
35 Colombia 3.6 3.4 3.2
36 Mexico 17.9 18.4 25.3
37 Peru 2.2 2.2 2.2
38 Other 4.4 4.6 5.4
Asia
China
39 Mainland 3.9 2.8 3.0
40 Taiwan 11.3 12.2 12.8
41 India 4.9 5.3 5.3
42 Israel .9 .9 1.1
43 Korea (South) 14.5 12.9 13.7
44 Malaysia 4.7 5.1 5.7
45 Philippines 5.4 4.7 5.1
46 Thailand 4.9 5.3 4.6
47 Other Asia 3.7 3.1 2.9
Africa
48 Egypt 1.5 1.7 1.3
49 Morocco .6 .5 .5
50 Zaire .0 .0 .0
51 Other Africa(3) .8 1.1 1.0
52 Eastern Europe 10.9 6.0 5.2
53 Russia(4) 6.8 2.8 2.2
54 Other 4.1 3.2 3.1
55 Offshore banking centers 125.8 121.9 94.1
56 Bahamas 24.7 29.0 33.0
57 Bermuda 9.3 10.4 4.6
58 Cayman Islands and other 34.2 30.6 15.4
British West Indies
59 Netherlands Antilles 10.5 6.0 2.6
60 Panama(5) 3.3 4.0 3.9
61 Lebanon .1 .2 .1
62 Hong Kong, China 30.0 30.6 23.4
63 Singapore 13.5 11.1 11.2
64 Other(6) .2 .2 .2
65 Miscellaneous and unallocated(7) 95.7 104.5 115.5
1999
Area or country
Mar. June
1 Total 678.3 667.3
2 G-10 countries and Switzerland 246.4 255.7
3 Belgium and Luxembourg 14.1 14.8
4 France 19.5 18.4
5 Germany 32.0 29.2
6 Italy 13.2 11.6
7 Netherlands 8.9 10.9
8 Sweden 3.6 2.3
9 Switzerland 7.3 7.8
10 United Kingdom 110.6 122.7
11 Canada 15.7 16.5
12 Japan 21.3 21.6
13 Other industrialized countries 75.8 76.5
14 Austria 2.5 2.7
15 Denmark 3.2 2.8
16 Finland 1.4 .8
17 Greece 6.2 5.7
18 Norway 2.9 2.9
19 Portugal 1.3 1.2
20 Spain 14.3 15.8
21 Turkey 5.0 4.7
22 Other Western Europe 10.1 10.1
23 South Africa 3.4 3.4
24 Australia 25.3 26.5
25 OPEC(2) 26.0 25.9
26 Ecuador 1.1 1.0
27 Venezuela 3.4 3.1
28 Indonesia 4.5 4.9
29 Middle East countries 16.6 16.4
30 African countries .4 .4
31 Non-OPEC developing countries 143.7 145.3
Latin America
32 Argentina 23.5 22.0
33 Brazil 23.6 24.7
34 Chile 8.5 8.2
35 Colombia 3.2 3.1
36 Mexico 18.9 18.0
37 Peru 2.2 2.1
38 Other 5.4 5.5
Asia
China
39 Mainland 5.1 5.3
40 Taiwan 11.7 11.9
41 India 5.5 6.5
42 Israel 1.1 2.0
43 Korea (South) 13.3 14.9
44 Malaysia 5.9 5.9
45 Philippines 5.3 5.6
46 Thailand 4.5 4.1
47 Other Asia 3.0 2.8
Africa
48 Egypt 1.4 1.4
49 Morocco .5 .5
50 Zaire .0 .0
51 Other Africa(3) 1.2 .9
52 Eastern Europe 6.1 5.1
53 Russia(4) 2.2 1.9
54 Other 3.9 3.2
55 Offshore banking centers 83.0 70.6
56 Bahamas 30.2 16.1
57 Bermuda 3.8 5.6
58 Cayman Islands and other 6.3 7.0
British West Indies
59 Netherlands Antilles 2.7 1.2
60 Panama(5) 3.9 3.9
61 Lebanon .1 .1
62 Hong Kong, China 22.8 21.9
63 Singapore 13.1 14.6
64 Other(6) .2 .1
65 Miscellaneous and unallocated(7) 97.3 88.1
(1.) Data after June 1999 are not available.
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 area 1995 1996 1997
or country
1 Total 46,448 61,782 57,382
2 Payable in dollars 33,903 39,542 41,543
3 Payable in foreign currencies 12,545 22,240 15,839
By type
4 Financial liabilities 24,241 33,049 26,877
5 Payable in dollars 12,903 11,913 12,630
6 Payable in foreign currencies 11,338 21,136 14,247
7 Commercial liabilities 22,207 28,733 30,505
8 Trade payables 11,013 12,720 10,904
9 Advance receipts and 11,194 16,013 19,601
other liabilities
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 18,027
13 Belgium and Luxembourg 369 632 186
14 France 999 1,091 1,425
15 Germany 1,974 1,834 1,958
16 Netherlands 466 556 494
17 Switzerland 895 699 561
18 United Kingdom 10,138 17,161 11,667
19 Canada 632 1,401 2,374
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 4,387
28 Japan 5,436 5,869 4,102
29 Middle Eastern oil-exporting 27 25 27
countries(1)
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 1,912 2,168 3,111
countries(1)
51 Africa 619 1,040 874
52 Oil-exporting countries(2) 254 532 408
53 Other(3) 687 840 1,086
1998
Type of liability, and area
or country
June Sept. Dec.
1 Total 51,433 49,279 46,570
2 Payable in dollars 40,026 38,410 36,668
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 29,948 27,315
8 Trade payables 9,537 10,276 10,978
9 Advance receipts and 19,574 19,672 16,337
other liabilities
10 Payable in dollars 28,038 28,598 26,297
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 0 0 0
countries(1)
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 10,030
34 Belgium and Luxembourg 557 623 278
35 France 612 740 920
36 Germany 1,219 1,408 1,392
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 1,618
42 Bahamas 14 48 14
43 Bermuda 209 168 198
44 Brazil 246 256 152
45 British West Indies 27 5 10
46 Mexico 557 511 347
47 Venezuela 196 230 202
48 Asia 13,611 13,539 12,342
49 Japan 3,995 3,779 3,827
50 Middle Eastern oil-exporting 3,194 3,582 2,852
countries(1)
51 Africa 921 810 794
52 Oil-exporting countries(2) 354 372 393
53 Other(3) 1,101 1,245 1,141
1999
Type of liability, and area
or country
Mar. June Sept.
1 Total 46,663 49,337 52,945
2 Payable in dollars 34,030 36,032 36,321
3 Payable in foreign currencies 12,633 13,305 16,624
By type
4 Financial liabilities 22,458 25,058 27,363
5 Payable in dollars 11,225 13,205 12,231
6 Payable in foreign currencies 11,233 11,853 15,132
7 Commercial liabilities 24,205 24,279 25,582
8 Trade payables 9,999 10,935 12,676
9 Advance receipts and 14,206 13,344 12,906
other liabilities
10 Payable in dollars 22,805 22,827 24,090
11 Payable in foreign currencies 1,400 1,452 1,492
By area or country
Financial liabilities
12 Europe 16,098 19,578 21,695
13 Belgium and Luxembourg 50 70 50
14 France 1,178 1,287 1,675
15 Germany 1,906 1,959 1,712
16 Netherlands 1,337 2,104 2,066
17 Switzerland 141 143 133
18 United Kingdom 9,729 13,097 15,096
19 Canada 781 320 344
20 Latin America and Caribbean 1,528 1,369 1,180
21 Bahamas 1 1 1
22 Bermuda 78 52 26
23 Brazil 137 131 122
24 British West Indies 1,064 944 786
25 Mexico 22 19 28
26 Venezuela 2 1 0
27 Asia 3,475 3,217 3,563
28 Japan 3,337 3,035 3,325
29 Middle Eastern oil-exporting 1 2 3
countries(1)
30 Africa 31 29 31
31 Oil-exporting countries(2) 2 0 0
32 All other(3) 545 545 550
Commercial liabilities
33 Europe 8,580 8,718 9,277
34 Belgium and Luxembourg 229 189 128
35 France 654 656 622
36 Germany 1,088 1,143 1,201
37 Netherlands 361 432 535
38 Switzerland 535 497 593
39 United Kingdom 3,008 2,959 3,175
40 Canada 1,597 1,670 1,753
41 Latin America and Caribbean 1,612 1,674 1,961
42 Bahamas 11 19 24
43 Bermuda 225 180 178
44 Brazil 107 112 121
45 British West Indies 7 5 39
46 Mexico 437 490 704
47 Venezuela 155 149 182
48 Asia 10,428 10,039 10,436
49 Japan 2,715 2,753 2,689
50 Middle Eastern oil-exporting 2,479 2,209 2,623
countries(1)
51 Africa 727 832 960
52 Oil-exporting countries(2) 377 392 584
53 Other(3) 1,261 1,346 1,195
(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 3 22 11
countries(1)
34 Africa 276 174 319
35 Oil-exporting countries(2) 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 974 971 1,107
countries(1)
55 Africa 654 746 680
56 Oil-exporting countries(2) 87 166 119
57 Other(3) 1,006 1,368 1,246
1998
Type of claim, and
area or country
June Sept. Dec.
1 Total 63,188 67,976 77,462
2 Payable in dollars 57,587 62,034 72,171
3 Payable in foreign currencies 5,601 5,942 5,291
By type
4 Financial claims 32,341 37,262 46,260
5 Deposits 14,762 15,406 30,199
6 Payable in dollars 13,084 13,374 28,549
7 Payable in foreign currencies 1,678 2,032 1,650
8 Other financial claims 17,579 21,856 16,061
9 Payable in dollars 14,904 19,867 14,049
10 Payable in foreign currencies 2,675 1,989 2,012
11 Commercial claims 30,847 30,714 31,202
12 Trade receivables 26,764 26,330 27,202
13 Advance payments and other claims 4,083 4,384 4,000
14 Payable in dollars 29,599 28,793 29,573
15 Payable in foreign currencies 1,248 1,921 1,629
By area or country
Financial claims
16 Europe 14,091 14,473 12,294
17 Belgium and Luxembourg 518 496 661
18 France 796 1,140 864
19 Germany 290 359 304
20 Netherlands 975 867 875
21 Switzerland 403 409 414
22 United Kingdom 9,639 9,849 7,766
23 Canada 3,020 4,090 2,503
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 3,027
32 Japan 886 928 1,194
33 Middle Eastern oil-exporting 12 13 9
countries(1)
34 Africa 155 157 159
35 Oil-exporting countries(2) 15 16 16
36 All other(3) 732 663 563
Commercial claims
37 Europe 12,882 13,029 13,246
38 Belgium and Luxembourg 216 219 238
39 France 1,955 2,098 2,171
40 Germany 1,757 1,502 1,822
41 Netherlands 492 463 467
42 Switzerland 418 546 483
43 United Kingdom 4,664 4,681 4,769
44 Canada 2,779 2,291 2,617
45 Latin America and Caribbean 6,082 5,773 6,296
46 Bahamas 12 39 24
47 Bermuda 359 173 536
48 Brazil 1,183 1,062 1,024
49 British West Indies 110 91 104
50 Mexico 1,462 1,356 1,545
51 Venezuela 585 566 401
52 Asia 7,367 7,190 7,192
53 Japan 1,757 1,789 1,681
54 Middle Eastern oil-exporting 1,127 967 1,135
countries(1)
55 Africa 657 740 711
56 Oil-exporting countries(2) 116 128 165
57 Other(3) 1,080 1,691 1,140
1999
Type of claim, and
area or country
Mar. June Sept.
1 Total 68,973 63,804 65,602
2 Payable in dollars 63,988 56,968 58,492
3 Payable in foreign currencies 4,985 6,836 7,110
By type
4 Financial claims 38,136 31,877 31,939
5 Deposits 18,686 13,350 13,967
6 Payable in dollars 17,101 11,636 12,015
7 Payable in foreign currencies 1,585 1,714 1,952
8 Other financial claims 19,450 18,527 17,972
9 Payable in dollars 17,419 14,762 15,005
10 Payable in foreign currencies 2,031 3,765 2,967
11 Commercial claims 30,837 31,927 33,663
12 Trade receivables 26,724 27,791 29,371
13 Advance payments and other claims 4,113 4,136 4,292
14 Payable in dollars 29,468 30,570 31,472
15 Payable in foreign currencies 1,369 1,357 2,191
By area or country
Financial claims
16 Europe 12,800 13,898 13,618
17 Belgium and Luxembourg 469 457 574
18 France 913 1,368 1,152
19 Germany 302 367 499
20 Netherlands 955 959 1,067
21 Switzerland 530 504 559
22 United Kingdom 8,357 8,589 8,007
23 Canada 3,111 2,828 3,022
24 Latin America and Caribbean 18,825 11,486 11,221
25 Bahamas 666 467 755
26 Bermuda 41 39 77
27 Brazil 1,112 1,102 1,265
28 British West Indies 14,621 7,393 6,182
29 Mexico 1,583 1,702 1,791
30 Venezuela 72 71 47
31 Asia 2,648 2,801 3,205
32 Japan 942 949 1,250
33 Middle Eastern oil-exporting 8 5 5
countries(1)
34 Africa 174 228 251
35 Oil-exporting countries(2) 26 5 12
36 All other(3) 578 636 622
Commercial claims
37 Europe 12,782 12,961 14,356
38 Belgium and Luxembourg 281 286 289
39 France 2,173 2,094 2,373
40 Germany 1,599 1,660 1,945
41 Netherlands 415 389 617
42 Switzerland 367 385 714
43 United Kingdom 4,529 4,615 4,789
44 Canada 2,983 2,855 2,638
45 Latin America and Caribbean 5,930 6,278 5,874
46 Bahamas 10 21 29
47 Bermuda 500 583 549
48 Brazil 936 887 761
49 British West Indies 117 127 157
50 Mexico 1,431 1,478 1,613
51 Venezuela 361 384 365
52 Asia 7,080 7,690 8,570
53 Japan 1,486 1,511 1,823
54 Middle Eastern oil-exporting 1,286 1,465 1,474
countries(1)
55 Africa 685 738 681
56 Oil-exporting countries(2) 116 202 221
57 Other(3) 1,377 1,405 1,544
(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 country 1998 1999
Jan.-Dec.
U.S. corporate securities
STOCKS
1 Foreign purchases 1,574,192(r) 2,340,659 2,340,659
2 Foreign sales 1,524,203(r) 2,233,137 2,233,137
3 Net purchases, or
sales (-) 49,989(r) 107,522 107,522
4 Foreign countries 50,369(r) 107,578 107,578
5 Europe 68,124 98,060 98,060
6 France 5,672 3,813 3,813
7 Germany 9,195 13,410 13,410
8 Netherlands 8,249 8,083 8,083
9 Switzerland 5,001 5,650 5,650
10 United Kingdom 23,952 42,902 42,902
11 Canada -4,689 -335 -335
12 Latin America and
Carribean 757(r) 5,187 5,187
13 Middle East(1) -1,449 -1,068 -1,068
14 Other Asia -12,351(r) 4,447 4,447
15 Japan -1,171 5,723 5,723
16 Africa 639 372 372
17 Other countries -662 915 915
18 Nonmonetary International
and regional
organizations -380 -56 -56
BONDS(2)
19 Foreign purchases 905,782 856,214 856,214
20 Foreign sales 727,044 602,109 602,109
21 Net purchases, or
sales (-) 178,738 254,105 254,105
22 Foreign countries 179,081 254,507 254,507
23 Europe 130,057 140,084 140,084
24 France 3,386 1,870 1,870
25 Germany 4,369 7,723 7,723
26 Netherlands 3,443 2,446 2,446
27 Switzerland 4,826 4,553 4,553
28 United Kingdom 99,637 105,754 105,754
29 Canada 6,121 6,043 6,043
30 Latin America and
Caribbean 23,938 60,861 60,861
31 Middle East(1) 4,997 1,979 1,979
32 Other Asia 12,662 42,842 42,842
33 Japan 8,384 17,541 17,541
34 Africa 190 1,411 1,411
35 Other countries 1,116 1,287 1,287
36 Nonmonetary international
and regional
organizations -343 -402 -402
Foreign securities
37 Stocks, net purchases,
or sales (-) 6,227 15,643 15,643
38 Foreign purchases 929,923 1,177,304 1,177,304
39 Foreign sales 923,696 1,161,661 1,161,661
40 Bonds, net purchases,
or sales (-) -17,350 -5,676 -5,676
41 Foreign purchases 1,328,281 798,267 798,267
42 Foreign sales 1,345,631 803,943 803,943
43 Net purchases, or sales
(-), of stocks and bonds -11,123 9,967 9,967
44 Foreign countries -10,778 9,682 9,682
45 Europe 12,632 59,247 59,247
46 Canada -1,901 -999 -999
47 Latin America and
Caribbean -13,798 -4,726 -4,726
48 Asia -3,992 -42,961 -42,961
49 Japan -1,742 -43,637 -43,637
50 Africa -1,225 713 713
51 Other countries -2,494 -1,592 -1,592
52 Nonmonetary international
and regional
organizations -345 285 285
1999
Transaction, and area
or country
June July(r) Aug.(r)
U.S. corporate securities
STOCKS
1 Foreign purchases 179,791(r) 187,705 178,051
2 Foreign sales 167,885(r) 179,386 165,889
3 Net purchases, or
sales (-) 11,906(r) 8,319 12,162
4 Foreign countries 11,892(r) 8,364 12,179
5 Europe 7,665(r) 6,183 9,511
6 France 919(r) -57 254
7 Germany 1,376(r) -334 1,309
8 Netherlands 1,181(r) 403 564
9 Switzerland 1,452(r) -2,809 814
10 United Kingdom 1,302(r) 8,491 4,560
11 Canada 404(r) 143 -7
12 Latin America and
Carribean 2,474(r) 2,933 841
13 Middle East(1) 64 -273 170
14 Other Asia 1,269(r) -670 1,643
15 Japan 681 -452 1,269
16 Africa 81 14 -39
17 Other countries -65(r) 34 60
18 Nonmonetary International
and regional
organizations 14 -45 -17
BONDS(2)
19 Foreign purchases 68,260(r) 76,427 65,007
20 Foreign sales 52,197 47,982 46,661
21 Net purchases, or
sales (-) 16,063(r) 28,445 18,346
22 Foreign countries 16,074(r) 28,171 18,373
23 Europe 10,244(r) 18,194 11,105
24 France 258 447 160
25 Germany 321 1,707 31
26 Netherlands 187 336 144
27 Switzerland -26 705 322
28 United Kingdom 8,342(r) 13,580 8,643
29 Canada 184 -22 286
30 Latin America and
Caribbean 4,603 5,076 5,561
31 Middle East(1) -114 -182 -219
32 Other Asia 1,458 4,695 1,179
33 Japan 310 3,684 827
34 Africa -307 122 59
35 Other countries 6 288 402
36 Nonmonetary international
and regional
organizations -11 274 -27
Foreign securities
37 Stocks, net purchases,
or sales (-) 6,220 -2,198 598
38 Foreign purchases 97,622 106,244 91,801
39 Foreign sales 91,402 108,442 91,203
40 Bonds, net purchases,
or sales (-) 8,845(r) -4,777 -6,421
41 Foreign purchases 79,013 63,975 70,061
42 Foreign sales 70,168(r) 68,752 76,482
43 Net purchases, or sales
(-), of stocks and bonds 15,065(r) -6,975 -5,823
44 Foreign countries 15,095(r) -7,066 -6,006
45 Europe 16,725(r) -3,747 -1,814
46 Canada 1,202 -1,038 528
47 Latin America and
Caribbean -2,785 453 -312
48 Asia 194 -3,329 -4,304
49 Japan -1,241 -4,323 -4,805
50 Africa -25 -21 4
51 Other countries -216(r) 616 -108
52 Nonmonetary international
and regional
organizations -30 91 183
1999
Transaction, and area
or country
Sept.(r) Oct.(r)
U.S. corporate securities
STOCKS
1 Foreign purchases 175,193 218,983
2 Foreign sales 171,908 211,213
3 Net purchases, or
sales (-) 3,285 7,770
4 Foreign countries 3,282 7,796
5 Europe 7,196 7,760
6 France 91 1,020
7 Germany 114 1,719
8 Netherlands -539 159
9 Switzerland 1,194 -1,418
10 United Kingdom 4,786 3,836
11 Canada -931 543
12 Latin America and
Carribean -4,693 -3,162
13 Middle East(1) -25 -14
14 Other Asia 1,438 2,386
15 Japan 2,652 1,695
16 Africa 61 -23
17 Other countries 236 306
18 Nonmonetary International
and regional
organizations 3 -26
BONDS(2)
19 Foreign purchases 76,263 80,926
20 Foreign sales 48,902 55,120
21 Net purchases, or
sales (-) 27,361 25,806
22 Foreign countries 27,030 26,670
23 Europe 13,719 14,376
24 France 24 52
25 Germany 752 1,203
26 Netherlands 279 103
27 Switzerland 496 360
28 United Kingdom 9,761 10,668
29 Canada 908 271
30 Latin America and
Caribbean 5,488 6,396
31 Middle East(1) 257 178
32 Other Asia 6,698 4,847
33 Japan 4,375 2,081
34 Africa -189 343
35 Other countries 149 259
36 Nonmonetary international
and regional
organizations 331 -864
Foreign securities
37 Stocks, net purchases,
or sales (-) 825 -8,206
38 Foreign purchases 97,384 96,523
39 Foreign sales 96,559 104,729
40 Bonds, net purchases,
or sales (-) 1,132 -1,320
41 Foreign purchases 66,661 62,533
42 Foreign sales 65,529 63,853
43 Net purchases, or sales
(-), of stocks and bonds 1,957 -9,526
44 Foreign countries 2,027 -9,532
45 Europe 2,224 2,202
46 Canada 301 315
47 Latin America and
Caribbean 581 -1,950
48 Asia -429 -9,603
49 Japan -565 -10,006
50 Africa -116 63
51 Other countries -534 -559
52 Nonmonetary international
and regional
organizations -70 6
1999
Transaction, and area
or country
Nov. Dec.(p)
U.S. corporate securities
STOCKS
1 Foreign purchases 240,329 256,414
2 Foreign sales 221,911 247,460
3 Net purchases, or
sales (-) 18,418 8,954
4 Foreign countries 18,393 8,983
5 Europe 10,695 13,283
6 France -369 66
7 Germany 2,467 1,587
8 Netherlands 1,375 1,640
9 Switzerland 384 1,495
10 United Kingdom 3,966 3,080
11 Canada -958 -940
12 Latin America and
Carribean 7,746 -4,735
13 Middle East(1) -1,197 465
14 Other Asia 2,350 752
15 Japan 630 211
16 Africa 1 -18
17 Other countries -244 176
18 Nonmonetary International
and regional
organizations 25 -29
BONDS(2)
19 Foreign purchases 74,940 56,713
20 Foreign sales 50,839 41,321
21 Net purchases, or
sales (-) 24,101 15,392
22 Foreign countries 24,172 15,411
23 Europe 11,639 7,285
24 France 53 269
25 Germany 1,327 -228
26 Netherlands 133 183
27 Switzerland 429 462
28 United Kingdom 9,241 5,825
29 Canada 1,506 961
30 Latin America and
Caribbean 6,652 4,094
31 Middle East(1) -506 309
32 Other Asia 4,566 2,591
33 Japan 2,297 1,437
34 Africa 146 257
35 Other countries 169 -86
36 Nonmonetary international
and regional
organizations -71 -19
Foreign securities
37 Stocks, net purchases,
or sales (-) 3,816 -1,504
38 Foreign purchases 129,534 125,954
39 Foreign sales 125,718 127,458
40 Bonds, net purchases,
or sales (-) -512 3,872
41 Foreign purchases 59,650 52,227
42 Foreign sales 60,162 48,355
43 Net purchases, or sales
(-), of stocks and bonds 3,304 2,368
44 Foreign countries 3,496 2,210
45 Europe 2,238 5,001
46 Canada -1,671 1,342
47 Latin America and
Caribbean 6,403 524
48 Asia -4,048 -4,945
49 Japan -4,453 -3,596
50 Africa 160 535
51 Other countries 414 -247
52 Nonmonetary international
and regional
organizations -192 158
(1.) Comprises all-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 of U.S. government
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 1999
Area or country 1998 1999
Jan.- June
Dec.
1 Total estimated 49,039 -9,953 -9,953 -609
2 Foreign countries 46,570 -10,518 -10,518 -815
3 Europe 23,797 -38,228 -38,228 -5,796
4 Belgium and Luxembourg 3,805 -81 -81 753
5 Germany 144 2,285 2,285 538
6 Netherlands -5,533 2,122 2,122 -77
7 Sweden 1,486 1,699 1,699 579
8 Switzerland 5,240 -1,761 -1,761 971
9 United Kingdom 14,384 -20,232 -20,232 -7,215
10 Other Europe and
former U.S.S.R. 4,271 -22,260 -22,260 -1,345
11 Canada 615 7,348 7,348 460
12 Latin America and
Caribbean -3,662 -7,523 -7,523 -1,403
13 Venezuela 59 362 362 -31
14 Other Latin America
and Caribbean 9,523 1,661 1,661 -52
15 Netherlands Antilles -13,244 -9,546 -9,546 -1,320
16 Asia 27,433 29,359 29,359 6,489
17 Japan 13,048 20,102 20,102 4,905
18 Africa 751 -3,021 -3,021 -246
19 Other -2,364 1,547 1,547 -319
20 Nonmonetary international
and regional
organizations 2,469 565 565 206
21 International 1,502 190 190 -8
22 Latin American regional 199 666 666 192
MEMO
23 Foreign countries 46,570 -10,518 -10,518 -815
24 Official institutions 4,123 -9,861 -9,861 397
25 Other foreign 42,447 -657 -657 -1,212
Oil-exporting countries
26 Middle East(2) -16,554 2,207 2,207 238
27 Africa(3) 0 0 0
1999
Area or country
July Aug. Sept.
1 Total estimated -6,236(r) 19,118 90(r)
2 Foreign countries -6,220(r) 18,847 -1(r)
3 Europe -5,739(r) 1,771 -9,265(r)
4 Belgium and Luxembourg 37 105 12
5 Germany 643 1,438 -963
6 Netherlands -1,224 453 -423
7 Sweden -229 876 -45
8 Switzerland -215(r) -714 237(r)
9 United Kingdom 1,385 1,934 -3,534
10 Other Europe and
former U.S.S.R. -6,136 -2,321 -4,549
11 Canada 1,382 1,339 1,459
12 Latin America and
Caribbean 698(r) 8,695 3,003
13 Venezuela 131 15 10
14 Other Latin America
and Caribbean -38(r) 1,650 2,982
15 Netherlands Antilles 605 7,030 11
16 Asia -2,319 6,832 5,344
17 Japan -394 2,913 5,259
18 Africa -178 -622 -302
19 Other -64 832 -240
20 Nonmonetary international
and regional
organizations -16 271 91
21 International -101 233 98
22 Latin American regional 191 175 -9
MEMO
23 Foreign countries -6,220(r) 18,847 -1
24 Official institutions -1,773 2,394 -1,714
25 Other foreign -4,447(r) 16,453 1,713(r)
Oil-exporting countries
26 Middle East(2) -38 130 401
27 Africa(3) 0 1 0
1999
Area or country
Oct. Nov. Dec.(p)
1 Total estimated -9,733(r) -3,615 4,642
2 Foreign countries -9,904(r) -3,802 4,566
3 Europe -405 8,643 -5,533
4 Belgium and Luxembourg -351 -357 -798
5 Germany 78 510 607
6 Netherlands 130 360 268
7 Sweden -6 369 317
8 Switzerland 365 144 1,403
9 United Kingdom -1,854 5,837 -3,481
10 Other Europe and
former U.S.S.R. 1,233 1,780 -3,849
11 Canada -656(r) -550 218
12 Latin America and
Caribbean -9,911 -5,417 806
13 Venezuela 25 154 -33
14 Other Latin America
and Caribbean -1,777 1,362 576
15 Netherlands Antilles -8,159 -6,933 263
16 Asia 942 -6,630 9,718
17 Japan 344 -4,378 8,263
18 Africa -202 -680 -541
19 Other 328 832 -102
20 Nonmonetary international
and regional
organizations 171 187 76
21 International 184 125 75
22 Latin American regional -1 -4 1
MEMO
23 Foreign countries -9,904(r) -3,802 4,566
24 Official institutions -1,248 -2,325 4,962
25 Other foreign -8,656(r) -1,477 -396
Oil-exporting countries
26 Middle East(2) 201 -2,050 -3,556
27 Africa(3) 0 0 -1
(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 U.S. dollar except as noted
Item 1997 1998 1999
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 74.37 62.91 64.54
2 Austria/schilling 12.206 12.379 n.a.
3 Belgium/franc 35.81 36.31 n.a.
4 Brazil/real 1.0779 1.1605 1.8207
5 Canada/dollar 1.3849 1.4836 1.4858
6 China, P.R./yuan 8.3193 8.3008 8.2781
7 Denmark/krone 6.6092 6.7030 6.9900
8 European Monetary
Union/euro(3) n.a. n.a. 1.0653
9 Finland/markka 5.1956 5.3473 n.a.
10 France/franc 5.8393 5.8995 n.a.
11 Germany/deutsche mark 1.7348 1.7597 n.a.
12 Greece/drachma 273.28 295.70 306.30
13 Hong Kong/dollar 7.7431 7.7467 7.7594
14 India/rupee 36.36 41.36 43.13
15 Ireland/pound(2) 151.63 142.48 n.a.
16 Italy/lira 1,703.81 1,736.85 n.a.
17 Japan/yen 121.06 130.99 113.73
18 Malaysia/ringgit 2.8173 3.9254 3.8000
19 Mexico/peso 7.918 9.152 9.553
20 Netherlands/guilder 1.9525 1.9837 n.a.
21 New Zealand/dollar(2) 66.25 53.61 52.94
22 Norway/krone 7.0857 7.5521 7.8071
23 Portugal/escudo 175.44 180.25 n.a.
24 Singapore/dollar 1.4877 1.6722 1.6951
25 South Africa/rand 4.6072 5.5417 6.1191
26 South Korea/won 947.65 1,400.40 1,189.84
27 Spain/peseta 146.53 149.41 n.a.
28 Sri Lanka/rupee 59.026 65.006 70.868
29 Sweden/krona 7.6446 7.9522 8.2740
30 Switzerland/franc 1.4514 1.4506 1.5045
31 Taiwan/dollar 28.775 33.547 32.322
32 Thailand/baht 31.072 41.262 37.887
33 United Kingdom/pound(2) 163.76 165.73 161.72
34 Venezuela/bolivar 488.39 548.39 606.82
Indexes(4)
NOMINAL
35 Broad (January 1997=100)(5) 104.44 116.48 116.87
36 Major currencies (March
1973=100)(6) 91.24 95.79 94.07
37 Other important trading
partners (January
1997=100)(7) 104.67 126.03 129.94
REAL
38 Broad (March 1973=100)(5) 91.33 99.35 98.87(r)
39 Major currencies (March
1973= 100)(6) 92.25 97.25 96.84(r)
40 Other important trading
partners (March
1973=100)(7) 95.87 108.52 107.74(r)
1999
Item
Sept. Oct. Nov.
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 64.95 65.09 63.88
2 Austria/schilling n.a. n.a. n.a.
3 Belgium/franc n.a. n.a. n.a.
4 Brazil/real 1.8987 1.9688 1.9314
5 Canada/dollar 1.4771 1.4776 1.4674
6 China, P.R./yuan 8.2774 8.2775 8.2782
7 Denmark/krone 7.0828 6.9450 7.2019
8 European Monetary
Union/euro(3) 1.0497 1.0706 1.0328
9 Finland/markka n.a. n.a. n.a.
10 France/franc n.a. n.a. n.a.
11 Germany/deutsche mark n.a. n.a. n.a.
12 Greece/drachma 311.68 307.71 318.24
13 Hong Kong/dollar 7.7665 7.7696 7.7718
14 India/rupee 43.60 43.55 43.46
15 Ireland/pound(2) n.a. n.a. n.a.
16 Italy/lira n.a. n.a. n.a.
17 Japan/yen 106.88 105.97 104.65
18 Malaysia/ringgit 3.8000 3.8000 3.8000
19 Mexico/peso 9.341 9.575 9.416
20 Netherlands/guilder n.a. n.a. n.a.
21 New Zealand/dollar(2) 52.30 51.42 51.22
22 Norway/krone 7.8361 7.7402 7.9367
23 Portugal/escudo n.a. n.a. n.a.
24 Singapore/dollar 1.6965 1.6757 1.6699
25 South Africa/rand 6.0563 6.1029 6.1424
26 South Korea/won 1,201.00 1,205.29 1,176.98
27 Spain/peseta n.a. n.a. n.a.
28 Sri Lanka/rupee 71.942 71.747 72.040
29 Sweden/krona 8.2264 8.1492 8.3586
30 Switzerland/franc 1.5262 1.4896 1.5543
31 Taiwan/dollar 31.848 31.828 31.794
32 Thailand/baht 40.060 39.416 38.749
33 United Kingdom/pound(2) 162.47 165.72 162.05
34 Venezuela/bolivar 625.41 630.75 634.80
Indexes(4)
NOMINAL
35 Broad (January 1997=100)(5) 116.38 115.88 116.08
36 Major currencies (March
1973=100)(6) 92.92 91.94 92.87
37 Other important trading
partners (January
1997=100)(7) 130.60 131.06 129.93
REAL
38 Broad (March 1973=100)(5) 98.54(r) 98.02 98.20
39 Major currencies (March
1973= 100)(6) 95.91(r) 95.01(r) 96.11
40 Other important trading
partners (March
1973=100)(7) 108.38(r) 108.38 107.23(r)
1999 2000
Item
Dec. Jan. Feb.
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 64.10 65.60 62.78
2 Austria/schilling n.a. n.a. n.a.
3 Belgium/franc n.a. n.a. n.a.
4 Brazil/real 1.8442 1.8057 1.7765
5 Canada/dollar 1.4722 1.4486 1.4512
6 China, P.R./yuan 8.2794 8.2792 8.2781
7 Denmark/krone 7.3597 7.3492 7.5725
8 European Monetary
Union/euro(3) 1.0110 1.0131 0.9834
9 Finland/markka n.a. n.a. n.a.
10 France/franc n.a. n.a. n.a.
11 Germany/deutsche mark n.a. n.a. n.a.
12 Greece/drachma 326.19 326.86 338.87
13 Hong Kong/dollar 7.7728 7.7791 7.7816
14 India/rupee 43.52 43.59 43.65
15 Ireland/pound(2) n.a. n.a. n.a.
16 Italy/lira n.a. n.a. n.a.
17 Japan/yen 102.58 105.30 109.39
18 Malaysia/ringgit 3.8000 3.8000 3.8000
19 Mexico/peso 9.427 9.494 9.427
20 Netherlands/guilder n.a. n.a. n.a.
21 New Zealand/dollar(2) 50.87 51.27 49.03
22 Norway/krone 8.0113 8.0241 8.2374
23 Portugal/escudo n.a. n.a. n.a.
24 Singapore/dollar 1.6745 1.6757 1.7028
25 South Africa/rand 6.1503 6.1309 6.3209
26 South Korea/won 1,136.80 1,130.99 1,129.75
27 Spain/peseta n.a. n.a. n.a.
28 Sri Lanka/rupee 72.018 73.140 73.552
29 Sweden/krona 8.4910 8.4918 8.6480
30 Switzerland/franc 1.5841 1.5903 1.6348
31 Taiwan/dollar 31.625 30.890 30.806
32 Thailand/baht 38.227 37.380 37.759
33 United Kingdom/pound(2) 161.32 164.04 160.00
34 Venezuela/bolivar 644.28 652.81 659.44
Indexes(4)
NOMINAL
35 Broad (January 1997=100)(5) 116.09 115.95 117.44
36 Major currencies (March
1973=100)(6) 93.23 93.14 95.31
37 Other important trading
partners (January
1997=100)(7) 129.34 129.14 129.11
REAL
38 Broad (March 1973=100)(5) 98.13 98.07 98.79
39 Major currencies (March
1973= 100)(6) 96.42 96.62 98.48
40 Other important trading
partners (March
1973=100)(7) 106.65(r) 106.22(r) 105.44(r)
(1.) Averages of certified noon buying rates in New York for cable
transfers. Data table also appear in the Board's G.5 (405) monthly
statistical release. For ordering address, see inside front cover.
(2.) U.S. cents per currency unit.
(3.) As of January 1999, the euro is reported in place of the
individual euro area currencies. By convention, the rate is reported
in U.S. dollars per euro. 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.) The December 1999 Bulletin contains revised index values resulting
from the annual revision to the trade weights. 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 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.
(6.) 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.
(7.) 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.
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