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 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, partnership, 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)
1998
Monetary or credit aggregate
Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -3.6 -7.7 -1.8
2 Required -2.5 -8.9 -2.5
3 Nonborrowed -4.1 -8.6 .6
4 Monetary base(3) 5.4 6.9 8.7
Concepts of money and debt(4)
5 M1 1.0 -2.0 5.0
6 M2 7.5 6.9 11.0
7 M3 10.1 8.6 12.8r
8 Debt 6.0(r) 5.8(r) 6.3(r)
Nontransaction components
9 In M2(5) 9.8 9.9 13.0
10 In M3 only(6) 17.8 13.5 17.9(r)
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 13.4 15.8 17.6
12 Small time(7) .1 .1 .3(r)
13 Large time(8, 9) 16.4 3.5 3.8(r)
Thrift institutions
14 Savings including MMDAs 10.8 9.0 10.1
15 Small time(7) -4.4 -7.3 -6.7
16 Large time(8) -4.5 .5 10.4
Money market mutual funds
17 Retail 20.9 19.0 28.4
18 Institution-only 34.7 26.6 41.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements1(10) 14.5 11.7 16.5(r)
20 Eurodollars(10) -3.3 21.7 3.2(r)
Debt components(4)
21 Federal -1.4 -1.5 -2.0
22 Nonfederal 8.4 8.2(r) 8.9(r)
1999 1999
Monetary or credit aggregate
Q1 Jan. Feb.(r)
Reserves of depository
institutions(2)
1 Total -1.2 6.0 -15.3
2 Required 1.0 7.5 -7.0
3 Nonborrowed -1.3 3.6 -13.0
4 Monetary base(3) 9.1 10.5 9.4
Concepts of money and debt(4)
5 M1 2.8(r) -2.6 1.8
6 M2 7.2 6.6 5.6
7 M3 7.3(r) 4.0 9.0
8 Debt 5.9(r) 5.4(r) 5.0
Nontransaction components
9 In M2(5) 8.7 9.6 6.9
10 In M3 only(6) 7.4(r) -3.0(r) 18.2
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.6 12.6 5.4
12 Small time(7) -5.4 -7.7 -7.7
13 Large time(8, 9) -.1(r) 13.1(r) -22.4
Thrift institutions
14 Savings including MMDAs 12.7 15.0 14.3
15 Small time(7) -6.3(r) -4.8 -6.3
16 Large time(8) 7.6(r) 25.6 -14.5
Money market mutual funds
17 Retail 20.5 22.7 22.6
18 Institution-only 17.9 -2.8 34.7
Repurchase agreements and
Eurodollars
19 Repurchase agreements1(10) 11.7(r) -25.0 69.5
20 Eurodollars(10) -8.9(r) -35.0(r) 30.3
Debt components(4)
21 Federal -2.6 -2.1 -7.3
22 Nonfederal 8.5(r) 7.7(r) 8.7
1999
Monetary or credit aggregate
Mar. Apr. May
Reserves of depository
institutions(2)
1 Total -22.5 7.2 10.5
2 Required -25.6 11.5 8.0
3 Nonborrowed -21.1 4.4(r) 11.6
4 Monetary base(3) 7.8 10.3 13.8
Concepts of money and debt(4)
5 M1 10.3(r) 6.9 -4.0
6 M2 2.8 8.8 4.5
7 M3 -1.6(r) 8.1(r) 4.3
8 Debt 7.0(r) 6.8 n.a.
Nontransaction components
9 In M2(5) .3 9.4 7.4
10 In M3 only(6) -13.7(r) 6.2(r) 3.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs .2 17.5 7.8
12 Small time(7) -3.5 -3.7(r) -2.3
13 Large time(8, 9) -18.6(r) 12.7(r) -10.3
Thrift institutions
14 Savings including MMDAs 7.3 9.5 27.3
15 Small time(7) -8.2(r) -4.1 -7.1
16 Large time(8) -14.7(r) 4.1 -14.8
Money market mutual funds
17 Retail 3.1 12.6 9.1
18 Institution-only -1.8 21.1 13.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements1(10) -48.2(r) -37.3(r) 16.3
20 Eurodollars(10) 32.8(r) 18.7(r) 3.1
Debt components(4)
21 Federal -1.1 -2.4 n.a.
22 Nonfederal 9.5(r) 9.5 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves Required reserves The dollar amounts, based on reserve ratios, that banks are required to keep on deposit at a Federal Reserve Bank.) 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 Federal Reserve float Float is checkbook money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve's check collection process. To promote efficiency in the payments system and provide certainly about the date that deposited funds will become available to the receiving depository institutions (and the payee), the Federal, and (4) other checkable deposits
(OCDs), consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
Seasonally adjusted M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.M2:M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3:M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1) Millions of dollars
Average of
daily figures
Factor
1999
Mar. Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 507,920 512,869 518,390
U.S. government
securities(2)
2 Bought outright--System
account(3) 464,000 469,926 477,296
3 Held under repurchase
agreements 6,499 6,691 3,974
Federal agency obligations
4 Bought outright 318 311 311
5 Held under repurchase
agreements 3,408 2,110 3,492
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 32 167 14
8 Seasonal credit 17 38 91
9 Extended credit 0 0 0
10 Float 210 297 512
11 Other Federal Reserve
assets 33,436 33,330 32,700
12 Gold stock 11,048 11,050 11,049
13 Special drawing rights
certificate account 8,329 8,200 8,200
14 Treasury currency
outstanding 26,581 26,702(r) 26,785
ABSORBING RESERVE FUNDS
15 Currency in circulation 514,736 519,381(r) 523,487
16 Treasury cash holdings 132 144 148
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,463 6,379 5,421
18 Foreign 177 208 200
19 Service-related balances
and adjustments 6,979 6,715(r) 6,891
20 Other 247 283 273
21 Other Federal Reserve
liabilities and capital 17,002 17,275 17,361
22 Reserve balances with
Federal Reserve Banks(4) 9,143 8,435 10,642
End-of-month figures
Mar. Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 516,387 519,959 526,186
U.S. government
securities(2) 465,686 473,573 482,531
2 Bought outright--System
account(3) 12,730 8,930 6,004
3 Held under repurchase
agreements 311 311 311
Federal agency obligations
4 Bought outright 5,606 3,292 4,497
5 Held under repurchase
agreements 0 0 0
6 Acceptances
Loans to depository
institutions
7 Adjustment credit 223 2 14
8 Seasonal credit 22 65 107
9 Extended credit 0 0 0
10 Float -882 36 373
11 Other Federal Reserve 32,690 33,749 32,350
assets
12 Gold stock 11,049 11,050 11,048
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,638 26,757(r) 26,813
ABSORBING RESERVE FUNDS
15 Currency in circulation 517,790 519,751(r) 527,981
16 Treasury cash holdings 135 167 145
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,374 10,040 5,056
18 Foreign 166 260 157
19 Service-related balances
and adjustments 6,815 6,786(r) 6,888
20 Other 235 263 223
21 Other Federal Reserve
liabilities and capital 16,805 17,214 17,575
22 Reserve balances with
Federal Reserve Banks(4) 14,954 11,486(r) 14,221
Average of daily figures for w
ending on date indicated
Factor
1999
Apr. 14 Apr. 21
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 511,893 513,556
U.S. government
securities(2)
2 Bought outright--System
account(3) 469,667 470,563
3 Held under repurchase
agreements 6,496 6,685
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 1,660 2,022
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 32 199
8 Seasonal credit 30 36
9 Extended credit 0 0
10 Float 264 103
11 Other Federal Reserve
assets 33,433 33,638
12 Gold stock 11,050 11,049
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,686(r) 26,710(r)
ABSORBING RESERVE FUNDS
15 Currency in circulation 519,983(r) 519,662(r)
16 Treasury cash holdings 141 145
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 4,853 6,790
18 Foreign 188 215
19 Service-related balances
and adjustments 6,672 6,717
20 Other 305 283
21 Other Federal Reserve
liabilities and capital 17,322 17,269
22 Reserve balances with
Federal Reserve Banks(4) 8,365 8,435
Wednesday figures
Apr. 14 Apr. 21
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 512,417 514,232
U.S. government
securities(2) 471,409 470,506
2 Bought outright--System
account(3) 5,880 5,880
3 Held under repurchase
agreements 311 311
Federal agency obligations
4 Bought outright 1,334 1,334
5 Held under repurchase
agreements 0 0
6 Acceptances
Loans to depository
institutions
7 Adjustment credit 74 1,367
8 Seasonal credit 32 41
9 Extended credit 0 0
10 Float -319 1,050
11 Other Federal Reserve 33,695 33,744
assets
12 Gold stock 11,048 11,049
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,686(r) 26,710(r)
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,930(r) 520,400(r)
16 Treasury cash holdings 145 145
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 4,157 6,690
18 Foreign 191 193
19 Service-related balances
and adjustments 6,672 6,717
20 Other 306 240
21 Other Federal Reserve
liabilities and capital 17,040 17,007
22 Reserve balances with
Federal Reserve Banks(4) 8,909 8,800
Factor
Wednesday figures
Apr. 28 May 5
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 513,033 520,486
U.S. government
securities(2)
2 Bought outright--System
account(3) 471,697 473,571
3 Held under repurchase
agreements 3,904 9,155
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 2,371 2,900
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 316 10
8 Seasonal credit 51 67
9 Extended credit 0 0
10 Float 905 481
11 Other Federal Reserve
assets 33,478 33,991
12 Gold stock 11,049 11,050
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,733(r) 26,757
ABSORBING RESERVE FUNDS
15 Currency in circulation 519,328(r) 520,647
16 Treasury cash holdings 148 164
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 7,182 7,888
18 Foreign 182 210
19 Service-related balances
and adjustments 6,815(r) 6,786
20 Other 241 271
21 Other Federal Reserve
liabilities and capital 17,304 17,253
22 Reserve balances with
Federal Reserve Banks(4) 7,815(r) 13,275
Wednesday figures
Apr. 28 May 5
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 518,657 521,899
U.S. government
securities(2) 473,474 473,474
2 Bought outright--System
account(3) 6,730 9,705
3 Held under repurchase
agreements 311 311
Federal agency obligations
4 Bought outright 3,015 2,488
5 Held under repurchase
agreements 0 0
6 Acceptances
Loans to depository
institutions
7 Adjustment credit 6 14
8 Seasonal credit 60 75
9 Extended credit 0 0
10 Float 736 1,780
11 Other Federal Reserve 34,172 34,052
assets
12 Gold stock 11,048 11,049
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,733(r) 26,757
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,757(r) 522,527
16 Treasury cash holdings 167 147
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 8,545 4,999
18 Foreign 168 167
19 Service-related balances
and adjustments 6,815(r) 6,786
20 Other 237 283
21 Other Federal Reserve
liabilities and capital 17,055 17,004
22 Reserve balances with
Federal Reserve Banks(4) 10,894(r) 15,992
Average of daily figures for w
ending on date indicated.
Factor
1999
May 12 May 19 May 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 520,486 514,458 515,171
U.S. government
securities(2)
2 Bought outright--System
account(3) 474,404 476,179 480,308
3 Held under repurchase
agreements 1,962 4,079 845
Federal agency obligations
4 Bought outright 311 311 311
5 Held under repurchase
agreements 3,466 5,160 1,789
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 3 33 8
8 Seasonal credit 82 87 106
9 Extended credit 0 0 0
10 Float 921 301 395
11 Other Federal Reserve
assets 33,310 32,794 31,409
12 Gold stock 11,049 11,049 11,048
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,771 26,785 26,799
ABSORBING RESERVE FUNDS
15 Currency in circulation 522,400 523,093 523,745
16 Treasury cash holdings 147 147 142
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,307 5,157 4,888
18 Foreign 181 195 251
19 Service-related balances
and adjustments 7,014 6,779 6,958
20 Other 289 293 269
21 Other Federal Reserve
liabilities and capital 17,207 17,471 17,353
22 Reserve balances with
Federal Reserve Banks(4) 7,933 11,843 7,613
Wednesday figures
May 12 May 19 May 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 515,269 520,114 518,976
U.S. government
securities(2) 475,914 477,335 480,718
2 Bought outright--System
account(3) 1,463 4,785 2,476
3 Held under repurchase
agreements 311 311 311
Federal agency obligations
4 Bought outright 3,136 5,648 3,522
5 Held under repurchase
agreements 0 0 0
6 Acceptances
Loans to depository
institutions
7 Adjustment credit 2 6 8
8 Seasonal credit 79 95 110
9 Extended credit 0 0 0
10 Float 699 677 9
11 Other Federal Reserve 33,665 31,258 31,821
assets
12 Gold stock 11,050 11,048 11,048
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,771 26,785 26,799
ABSORBING RESERVE FUNDS
15 Currency in circulation 523,883 524,102 526,403
16 Treasury cash holdings 147 141 145
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 4,095 4,783 5,101
18 Foreign 178 188 211
19 Service-related balances
and adjustments 7,014 6,779 6,958
20 Other 282 305 235
21 Other Federal Reserve
liabilities and capital 17,204 17,244 17,121
22 Reserve balances with
Federal Reserve Banks(4) 8,486 12,604 8,850
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2. (2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. (4.) Excludes required clearing balances and adjustments to compensate for float. 1.12 RESERVES AND BORROWINGS Depository Institutions(1) Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1996 1997 1998
Dec. Dec. Dec.
1 Reserve balances with 13,330 10,664 9,021
Reserve Banks(2)
2 Total vault cash(3) 44,525 44,740 44,305
3 Applied vault cash(4) 37,844 37,255 35,997
4 Surplus vault cash(5) 6,681 7,485 8,308
5 Total reserves(6) 51,174 47,920 45,018
6 Required reserves 49,758 46,235 43,435
7 Excess reserve 1,416 1,685 1,583
balances at Reserve
Banks(7)
8 Total borrowings at 155 324 117
Reserve Banks(8)
9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1999
Jan. 27 Feb. 10 Feb. 24
1 Reserve balances with 10,019 8,750 8,233
Reserve Banks(2)
2 Total vault cash(3) 44,837 49,363 45,597
3 Applied vault cash(4) 36,847 38,649 35,997
4 Surplus vault cash(5) 7,990 10,714 9,600
5 Total reserves(6) 46,866 47,399 44,230
6 Required reserves 45,878 46,181 43,041
7 Excess reserve 988 1,217 1,189
balances at Reserve
Banks(7)
8 Total borrowings at 68 158 112
Reserve Banks(8)
9 Seasonal borrowings 5 8 9
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998 1999
Nov. Dec. Jan. Feb.
1 Reserve balances with 8,855 9,021 9,658 8,578
Reserve Banks(2)
2 Total vault cash(3) 43,104 44,305 45,499 46,468
3 Applied vault cash(4) 35,297 35,997 36,687 36,660
4 Surplus vault cash(5) 7,807 8,308 8,812 9,809
5 Total reserves(6) 44,152 45,018 46,345 45,237
6 Required reserves 42,528 43,435 44,811 44,022
7 Excess reserve 1,624 1,583 1,534 1,215
balances at Reserve
Banks(7)
8 Total borrowings at 83 117 206 116
Reserve Banks(8)
9 Seasonal borrowings 37 15 7 9
10 Extended credit(9) 0 0 0 0
Biweekly average of daily figures for
two week periods ending on dates
indicated
1999
Mar. 10 Mar. 24 Apr. 7 Apr. 21
1 Reserve balances with 9,356 8,309 9,213 8,409
Reserve Banks(2)
2 Total vault cash(3) 42,284 43,524 42,525 42,348
3 Applied vault cash(4) 34,007 34,521 34,147 34,422
4 Surplus vault cash(5) 8,277 9,004 8,378 7,926
5 Total reserves(6) 43,362 42,830 43,360 42,831
6 Required reserves 42,062 41,613 41,872 41,915
7 Excess reserve 1,300 1,217 1,487 916
balances at Reserve
Banks(7)
8 Total borrowings at 22 63 130 149
Reserve Banks(8)
9 Seasonal borrowings 14 18 24 33
10 Extended credit(9) 0 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 1999
Mar. Apr.(r) May
1 Reserve balances with 8,851 9,238 10,070
Reserve Banks(2)
2 Total vault cash(3) 42,898 42,162 42,456
3 Applied vault cash(4) 34,270 34,407 34,808
4 Surplus vault cash(5) 8,628 7,756 7,647
5 Total reserves(6) 43,121 43,645 44,879
6 Required reserves 41,816 42,486 43,620
7 Excess reserve 1,305 1,159 1,259
balances at Reserve
Banks(7)
8 Total borrowings at 65 166 127
Reserve Banks(8)
9 Seasonal borrowings 18 39 89
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1999
May 5(r) May 19 June 2
1 Reserve balances with 10,547 9,878 10,097
Reserve Banks(2)
2 Total vault cash(3) 41,592 42,560 42,694
3 Applied vault cash(4) 34,586 34,749 34,971
4 Surplus vault cash(5) 7,007 7,811 7,724
5 Total reserves(6) 45,133 44,626 45,068
6 Required reserves 43,852 43,533 43,625
7 Excess reserve 1,281 1,093 1,442
balances at Reserve
Banks(7)
8 Total borrowings at 223 103 117
Reserve Banks(8)
9 Seasonal borrowings 59 85 106
10 Extended credit(9) 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 coven Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. (4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. (5.) Total vault cash (line 2) less applied vault cash (line 3). (6.) Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). (7.) Total reserves (line 5) less required reserves (line 6). (8.) Also includes adjustment credit. (9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit(1)
Federal Reserve On
Bank 7/9/99 Effective date Previous rate
Boston 4.50 11/18/98 4.75
New York 4.50 11/17/98 4.75
Philadelphia 4.50 11/17/98 4.75
Cleveland 4.50 11/19/98 4.75
Richmond 4.50 11/18/98 4.75
Atlanta 4.50 11/18/98 4.75
Chicago 4.50 11/19/98 4.75
St. Louis 4.50 11/19/98 4.75
Minneapolis 4.50 11/19/98 4.75
Kansas City 4.50 11/18/98 4.75
Dallas 4.50 11/17/98 4.75
San Francisco 4.50 11/17/98 4.75
Current and previous levels
Seasonal credit(2)
Federal Reserve On
Bank 7/9/99 Effective date Previous rate
Boston 5.00 7/1/99 4.90
New York 5.00 7/1/99 4.90
Philadelphia 5.00 7/1/99 4.90
Cleveland 5.00 7/1/99 4.90
Richmond 5.00 7/1/99 4.90
Atlanta 5.00 7/1/99 4.90
Chicago 5.00 7/1/99 4.90
St. Louis 5.00 7/1/99 4.90
Minneapolis 5.00 7/1/99 4.90
Kansas City 5.00 7/1/99 4.90
Dallas 5.00 7/1/99 4.90
San Francisco 5.00 7/1/99 4.90
Current and previous levels
Extended credit(3)
Federal Reserve On
Bank 7/9/99 Effective date Previous rate
Boston 5.50 7/1/99 5.40
New York 5.50 7/1/99 5.40
Philadelphia 5.50 7/1/99 5.40
Cleveland 5.50 7/1/99 5.40
Richmond 5.50 7/1/99 5.40
Atlanta 5.50 7/1/99 5.40
Chicago 5.50 7/1/99 5.40
St. Louis 5.50 7/1/99 5.40
Minneapolis 5.50 7/1/99 5.40
Kansas City 5.50 7/1/99 5.40
Dallas 5.50 7/1/99 5.40
San Francisco 5.50 7/1/99 5.40
Range of rates for adjustment credit in recent years(4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec 31, 1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sep. 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
Sep. 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
Sep. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
Oct. 16 4.75 4.75
1998--Nov. 17 4.50-4.75 4.50
Nov. 19 4.50 4.50
In effect July 9, 1999 4.50 4.50
(1.) Available on a short-term basis to help depository institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. The highest rate established for loans to depository institutions may be charged on adjustment credit loans of unusual size that result from a major operating problem at the borrower's facility. (2.) Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans and that cannot be met through special industry lenders. The discount rate on seasonal credit takes into account rates charged by market sources of funds and ordinarily is reestablished on the first business day of each two-week reserve maintenance period; however, it is never less than the discount rate applicable to adjustment credit. (3.) May be made available to depository institutions when similar assistance is not reasonably available from other sources, including special industry lenders. Such credit may be provided when exceptional circumstances (including sustained deposit drains, impaired access to money market funds, or sudden deterioration in loan repayment performance) or practices involve only a particular institution, or to meet the needs of institutions experiencing difficulties adjusting to changing market conditions over a longer period (particularly at times of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is charged on extended-credit loans outstanding less than thirty days; however, at the discretion of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a flexible rate somewhat above rates charged on market sources of funds is charged. The rate ordinarily is reestablished on the first business day of each two-week reserve maintenance period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis points. (4.) For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 1970-1979. In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment-credit borrowings by institutions with deposits of $500 million or more that had borrowed in successive weeks or in more than four weeks in a calendar quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2 percent was reimposed on Nov. 17, 1980; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the surcharge was changed from a calendar quarter to a moving thirteen-week period. The surcharge was eliminated on Nov. 17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Type of deposit Requirement
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-S46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12/31/98
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations. (2.) Transaction accounts include all deposits against which the account holder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the roles that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts. (3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million. (4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. (5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1/2 years was reduced from 3 percent to 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 11/2 years was reduced from 3 percent to zero on Jan. 17, 1991. The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983. (6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1996 1997 1998
and maturity
US TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30,512 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
10 Redemptions 2,015 1,996 2,676
One to five years
11 Gross purchases 3,898 19,680 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
Five to ten years
15 Gross purchases 1,116 3,849 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in US 19,919 41,022 19,835
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25
33 Redemptions 409 1,540 322
Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in 103 -500 7,703
federal agency
obligations
37 Total net Change in 20,021 40,522 27,538
System Open Market
Account
Type of transaction 1998 1999
and maturity
Oct. Nov. Dec. Jan.
US TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0 0
2 Gross sales 0 0 0 0
3 Exchanges 40,712 34,957 41,393 35,069
4 For new bills 40,712 34,957 41,393 35,069
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 741 662 0 0
7 Gross sales 0 0 0 0
8 Maturity shifts 2,423 5,444 2,539 2,865
9 Exchanges -400 -8,093 -2,555 -400
10 Redemptions 602 0 0 492
One to five years
11 Gross purchases 725 2,397 0 0
12 Gross sales 0 0 0 0
13 Maturity shifts -2,423 -4,574 -2,539 -2,865
14 Exchanges 0 6,013 2,555 0
Five to ten years
15 Gross purchases 0 862 0 0
16 Gross sales 0 0 0 0
17 Maturity shifts 0 718 0 0
18 Exchanges 400 1,135 0 400
More than ten years
19 Gross purchases 1,674 698 0 615
20 Gross sales 0 0 0 0
21 Maturity shifts 0 -1,589 0 0
22 Exchanges 0 945 0 0
All maturities
23 Gross purchases 3,140 4,619 0 615
24 Gross sales 0 0 0 0
25 Redemptions 602 0 0 492
Matched transactions
26 Gross purchases 402,581 358,438 418,538 365,779
27 Gross sales 400,995 359,256 420,397 363,604
Repurchase agreements
28 Gross purchases 40,823 23,884 49,296 21,968
29 Gross sales 48,672 19,200 38,592 37,157
30 Net change in US -3,725 8,484 8,845 -12,891
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 15 20 30 2
Repurchase agreements
34 Gross purchases 51,471 51,419 48,815 23,577
35 Gross sales 50,032 48,785 44,285 31,744
36 Net change in 1,424 2,614 4,500 -8,169
federal agency
obligations
37 Total net Change in -2,301 11,098 13,345 -21,060
System Open Market
Account
Type of transaction
and maturity 1999
Feb. Mar. Apr.
US TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 36,862 35,065 48,142
4 For new bills 36,862 35,065 48,142
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 2,103 1,060 1,677
7 Gross sales 0 0 0
8 Maturity shifts 5,578 3,015 3,768
9 Exchanges -7,458 -5,956 -3,370
10 Redemptions 0 0 726
One to five years
11 Gross purchases 2,752 2,428 3,362
12 Gross sales 0 0 0
13 Maturity shifts -4,928 -3,015 -3,768
14 Exchanges 4,778 5,956 3,020
Five to ten years
15 Gross purchases 335 346 945
16 Gross sales 0 0 0
17 Maturity shifts -650 0 0
18 Exchanges 1,340 0 0
More than ten years
19 Gross purchases 0 2,404 262
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 1,340 0 350
All maturities
23 Gross purchases 5,190 6,238 6,246
24 Gross sales 0 0 0
25 Redemptions 0 0 726
Matched transactions
26 Gross purchases 324,078 393,267 366,838
27 Gross sales 322,669 394,865 364,476
Repurchase agreements
28 Gross purchases 26,098 62,878 45,067
29 Gross sales 27,025 53,706 48,867
30 Net change in US 5,672 13,812 4,082
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 25 0
Repurchase agreements
34 Gross purchases 37,416 35,731 20,623
35 Gross sales 36,067 34,009 22,937
36 Net change in 1,349 1,697 -2,314
federal agency
obligations
37 Total net Change in 7,021 15,509 1,768
System Open Market
Account
(1) Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. (2) Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1)
Millions of dollars
Wednesday
Account 1999
Apr. 28 May 5 May 12
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,049 11,049
2 Special drawing rights 8,200 8,200 8,200
certificate account
3 Coin 416 411 407
Loans
4 To depository institutions 66 90 81
5 Other 0 0 0
6 Acceptances held under 0 0 0
repurchase agreements
Federal agency obligations
7 Bought outright 311 311 311
8 Held under repurchase agreements 3,015 2,488 3,136
9 Total US Treasury securities 480,357 483,179 477,377
10 Bought outright(2) 473,627 473,474 475,914
11 Bills 199,175 199,020 198,629
12 Notes 199,721 199,723 202,094
13 Bonds 74,730 74,731 75,192
14 Held under repurchase agreements 6,730 9,705 1,463
15 Total loans and securities 483,748 486,067 480,905
16 Items in process of collection 8,254 10,747 8,332
17 Bank premiSes 1,311 1,311 1,311
Other assets
18 Denominated in foreign currencies 15,263 15,037 15,041
19 All other(4) 17,496 17,634 17,266
20 Total assets 545,736 550,456 542,511
LIABILITIES
21 Federal Reserve notes 494,606 496,328 497,666
22 Total deposits 26,392 28,381 20,271
23 Depository institutions 17,442 22,932 15,715
24 US Treasury--General account 8,545 4,999 4,095
25 Foreign--Official accounts 168 167 178
26 Other 237 283 282
27 Deferred credit items 7,682 8,743 7,371
28 Other liabilities and 4,230 4,411 4,327
accrued dividends(5)
29 Total liabilities 532,911 537,863 529,634
CAPITAL ACCOUNTS
30 Capital paid in 6,180 6,187 6,204
31 Surplus 5,952 5,952 5,952
32 Other capital accounts 693 454 721
33 Total liabilities and 545,736 550,456 542,511
capita; accounts
MEMO
34 Marketable US Treasury na na na
securities held in custody for
foreign and international
accounts
Federal Reserve
note statement
35 Federal Reserve notes 685,435 690,922 697,001
outstanding (issued to Banks)
36 LESS: Held by Federal 190,828 194,594 199,335
Reserve Banks
37 Federal Reserve notes, net 494,606 496,328 497,666
Collateral held against
notes, net
38 Gold certificate account 11,048 11,049 11,049
39 Special drawing rights 8,200 8,200 8,200
certificate account
40 Other eligible assets 0 0 0
41 US Treasury and agency securities 475,358 477,079 478,417
42 Total collateral 494,606 496,328 497,666
Wednesday
Account 1999
May 19 May 26
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048
2 Special drawing rights 8,200 8,200
certificate account
3 Coin 406 381
Loans
4 To depository institutions 101 119
5 Other 0 0
6 Acceptances held under 0 0
repurchase agreements
Federal agency obligations
7 Bought outright 311 311
8 Held under repurchase agreements 5,648 3,522
9 Total US Treasury securities 482,120 483,194
10 Bought outright(2) 477,335 480,718
11 Bills 196,641 197,059
12 Notes 203,965 206,125
13 Bonds 76,729 77,533
14 Held under repurchase agreements 4,785 2,476
15 Total loans and securities 488,179 487,145
16 Items in process of collection 8,041 7,099
17 Bank premiSes 1,315 1,316
Other assets
18 Denominated in foreign currencies 15,044 15,050
19 All other(4) 14,886 15,465
20 Total assets 547,118 545,704
LIABILITIES
21 Federal Reserve notes 497,864 500,129
22 Total deposits 24,605 21,528
23 Depository institutions 19,329 15,982
24 US Treasury--General account 4,783 5,101
25 Foreign--Official accounts 188 211
26 Other 305 235
27 Deferred credit items 7,405 6,927
28 Other liabilities and 4,318 4,185
accrued dividends(5)
29 Total liabilities 534,191 532,769
CAPITAL ACCOUNTS
30 Capital paid in 6,213 6,238
31 Surplus 5,952 5,952
32 Other capital accounts 762 745
33 Total liabilities and 547,118 545,704
capita; accounts
MEMO
34 Marketable US Treasury na na
securities held in custody for
foreign and international
accounts
Federal Reserve
note statement
35 Federal Reserve notes 703,827 709,370
outstanding (issued to Banks)
36 LESS: Held by Federal 205,963 209,241
Reserve Banks
37 Federal Reserve notes, net 497,864 500,129
Collateral held against
notes, net
38 Gold certificate account 11,048 11,048
39 Special drawing rights 8,200 8,200
certificate account
40 Other eligible assets 0 0
41 US Treasury and agency securities 478,616 480,881
42 Total collateral 497,864 500,129
End of month
Account 1999
Mar. 31 Apr. 30 May 31
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,049 11,050 11,048
2 Special drawing rights 8,200 8,200 8,200
certificate account
3 Coin 428 430 372
Loans
4 To depository institutions 246 68 121
5 Other 0 0 0
6 Acceptances held under 0 0 0
repurchase agreements
Federal agency obligations
7 Bought outright 311 311 311
8 Held under repurchase agreements 5,606 3,292 4,497
9 Total US Treasury securities 478,416 482,503 488,535
10 Bought outright(2) 465,686 473,573 482,531
11 Bills 196,759 199,121 197,719
12 Notes 194,968 199,721 207,108
13 Bonds 73,959 74,731 77,704
14 Held under repurchase agreements 12,730 8,930 6,004
15 Total loans and securities 484,578 486,174 493,463
16 Items in process of collection 7,097 5,248 5,658
17 Bank premiSes 1,303 1,310 1,315
Other assets
18 Denominated in foreign currencies 15,171 15,034 14,860
19 All other(4) 16,126 17,336 16,164
20 Total assets 543,952 544,782 551,080
LIABILITIES
21 Federal Reserve notes 491,715 493,590 501,685
22 Total deposits 28,316 28,623 26,577
23 Depository institutions 22,541 18,061 21,140
24 US Treasury--General account 5,374 10,040 5,056
25 Foreign--Official accounts 166 260 157
26 Other 235 263 223
27 Deferred credit items 7,117 5,354 5,243
28 Other liabilities and 4,328 4,493 4,474
accrued dividends(5)
29 Total liabilities 531,475 632,062 537,979
CAPITAL ACCOUNTS
30 Capital paid in 6,122 6,182 6,239
31 Surplus 5,944 5,952 5,952
32 Other capital accounts 411 586 911
33 Total liabilities and 543,952 544,782 551,080
capita; accounts
MEMO
34 Marketable US Treasury na na na
securities held in custody for
foreign and international
accounts
Federal Reserve
note statement
35 Federal Reserve notes 665,942 687,900 710,687
outstanding (issued to Banks)
36 LESS: Held by Federal 174,228 194,309 209,002
Reserve Banks
37 Federal Reserve notes, net 491,715 493,590 501,685
Collateral held against
notes, net
38 Gold certificate account 11,049 11,050 11,048
39 Special drawing rights 8,200 8,200 8,200
certificate account
40 Other eligible assets 0 0 0
41 US Treasury and agency securities 472,466 474,340 482,437
42 Total collateral 491,715 493,590 501,685
(1) Some of the data in this table also appear in the Board's H41 (503) weekly statistical release For ordering address, see inside front cover. (2) Includes securities loaned--fully guaranteed by US Treasury securities pledged with Federal Reserve Banks--and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3) Valued monthly at market exchange rates (4) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. (5) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding
Wednesday
Type of holding and maturity 1999
Apr. 28 May 5 May 12
1 Total loans 66 89 81
2 Within fifteen days(1) 52 29 26
3 Sixteen days to ninety days 14 60 55
4 Total US Treasury securities(2) 480,357 483,179 477,377
5 Within fifteen days(1) 22,035 23,146 17,697
6 Sixteen days to ninety days 100,866 97,850 97,741
7 Ninety-one days to one year 134,011 138,846 139,255
8 One year to five years 115,258 115,148 116,365
9 Five years to ten years 47,545 47,547 48,271
10 More than ten years 60,642 60,643 61,049
11 Total federal agency obligations 3,326 2,799 3,447
12 Within fifteen days(1) 3,015 2,488 3,136
13 Sixteen days to ninety days 37 37 62
14 Ninety-one days to one year 79 79 79
15 One year to five years 20 20 20
16 Five years to ten years 175 175 150
17 More than ten years 0 0 0
Type of holding and maturity Wednesday
May 19 May 26
1 Total loans 101 119
2 Within fifteen days(1) 89 107
3 Sixteen days to ninety days 12 12
4 Total US Treasury securities(2) 482,120 483,194
5 Within fifteen days(1) 17,737 18,577
6 Sixteen days to ninety days 95,143 97,933
7 Ninety-one days to one year 138,833 134,250
8 One year to five years 120,213 121,435
9 Five years to ten years 48,528 48,530
10 More than ten years 61,664 62,469
11 Total federal agency obligations 5,969 3,833
12 Within fifteen days(1) 5,648 3,570
13 Sixteen days to ninety days 62 14
14 Ninety-one days to one year 79 79
15 One year to five years 20 20
16 Five years to ten years 150 150
17 More than ten years 0 0
End of month
Type of holding and maturity 1999
Mar. 31 Apr. 30 May 31
1 Total loans 65 68 121
2 Within fifteen days(1) 64 40 75
3 Sixteen days to ninety days 1 28 47
4 Total US Treasury securities(2) 478,416 482,503 488,535
5 Within fifteen days(1) 26,785 13,804 9,131
6 Sixteen days to ninety days 98,303 103,293 106,365
7 Ninety-one days to one year 134,439 142,071 139,450
8 One year to five years 112,263 115,147 121,571
9 Five years to ten years 46,598 47,546 49,403
10 More than ten years 60,029 60,642 62,615
11 Total federal agency obligations 5,917 3,603 4,808
12 Within fifteen days(1) 5,606 3,292 4,545
13 Sixteen days to ninety days 27 37 25
14 Ninety-one days to one year 79 79 68
15 One year to five years 30 20 20
16 Five years to ten years 175 175 150
17 More than ten years 0 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)
Item 1995 1996 1997 1998
Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 56.45 50.16 46.86 44.90
2 Nonborrowed reserves(4) 56.20 50.01 46.54 44.79
3 Nonborrowed reserves 15.62 50.01 46.54 44.79
plus extended credit(5)
4 Required reserves 55.16 48.75 45.18 43.32
434.10 451.37 478.88 512.32
5 Monetary base(6) 58.02 51.45 48.01 45.12
6 Total reserves(7) 57.76 51.30 47.69 45.00
7 Nonborrowed reserves 57.76 51.30 47.69 45.00
8 Nonborrowed reserves 56.73 50.04 46.33 43.54
plus extended credit(5)
9 Required reserves 439.03 456.63 484.98 518.28
10 Monetary base(9)
Not seasonally adjusted
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.17 47.92 45.02
12 Nonborrowed reserves 57.64 51.02 47.60 44.90
13 Nonborrowed reserves 57.64 51.02 47.60 44.90
plus extended credit(5)
14 Required reserves 56.61 49.76 46.24 43.44
15 Monetary base(12) 444.45 46.34 491.79 525.06
16 Excess reserves(13) 1.29 1.42 1.69 1.58
17 Borrowings from the .26 .16 .32 .12
Federal Reserve
Item 1998
Oct. Nov. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 44.41 44.50 44.90
2 Nonborrowed reserves(4) 44.23 44.41 44.79
3 Nonborrowed reserves 44.23 44.41 44.79
plus extended credit(5)
4 Required reserves 42.83 42.87 43.32
505.84 509.14 512.32
5 Monetary base(6) 44.20 44.24 45.12
6 Total reserves(7) 44.03 44.16 45.00
7 Nonborrowed reserves 44.03 44.16 45.00
8 Nonborrowed reserves 42.63 42.62 43.54
plus extended credit(5)
9 Required reserves 504.47 510.14 518.28
10 Monetary base(9)
Not seasonally adjusted
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 44.12 44.15 45.02
12 Nonborrowed reserves 43.94 44.07 44.90
13 Nonborrowed reserves 43.94 44.07 44.90
plus extended credit(5)
14 Required reserves 42.54 42.53 43.44
15 Monetary base(12) 511.36 516.96 525.06
16 Excess reserves(13) 1.57 1.62 1.58
17 Borrowings from the .17 .08 .12
Federal Reserve
Item 1999
Jan. Feb. Mar.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 45.13 44.55 43.72
2 Nonborrowed reserves(4) 44.92 44.44 43.65
3 Nonborrowed reserves 44.92 44.44 43.65
plus extended credit(5)
4 Required reserves 43.59 43.34 42.41
516.81 520.84 524.23
5 Monetary base(6) 46.34 45.25 43.14
6 Total reserves(7) 46.14 45.13 43.08
7 Nonborrowed reserves 46.14 45.13 43.08
8 Nonborrowed reserves 44.81 44.03 41.84
plus extended credit(5)
9 Required reserves 520.01 51.97 523.35
10 Monetary base(9)
Not seasonally adjusted
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 46.35 45.24 43.12
12 Nonborrowed reserves 46.14 45.12 43.06
13 Nonborrowed reserves 46.14 45.12 43.06
plus extended credit(5)
14 Required reserves 44.81 44.02 41.82
15 Monetary base(12) 527.59 526.85 53.03
16 Excess reserves(13) 1.53 1.22 1.31
17 Borrowings from the .21 .12 . 7
Federal Reserve
1999
Item Apr. May
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 43.98 44.36
2 Nonborrowed reserves(4) 43.81 44.24
3 Nonborrowed reserves 43.81 44.24
plus extended credit(5)
4 Required reserves 42.82 43.11
5 Monetary base(6) 528.74 534.83
6 Total reserves(7) 43.67 44.91
7 Nonborrowed reserves 43.50(r) 44.79
8 Nonborrowed reserves 43.50(r) 44.79
plus extended credit(5)
9 Required reserves 42.51 43.65
10 Monetary base(9) 526.77(r) 533.09
Not seasonally adjusted
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 43.65 44.88
12 Nonborrowed reserves 43.48 44.75
13 Nonborrowed reserves 43.48 44.75
plus extended credit(5)
14 Required reserves 42.49(r) 43.62
15 Monetary base(12) 533.49(r) 539.96
16 Excess reserves(13) 1.16 1.26
17 Borrowings from the .17 .13
Federal Reserve
(1) Latest monthly and biweekly figures are available from the Board's H3 (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 110). (3) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). (4) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). (5) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. (6) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (7) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). (8) To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). (9) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (10) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. (11) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. (12) The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).
1.21 MONEY STOCK AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures
1995 1996
Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3
2 M2 3,249.1 3,823.9
3 M3 4,618.5 4,955.6
4 Debt 13,697.7(r) 14,392.7(r)
M1 components
5 Currency(3) 372.3 394.1
Travelers checks(4) 8.3 8.0
Demand deposits(5) 389.4 403.0
8 Other checkable deposits(6) 356.7 276.2
Nontransaction components
9 In M2(7) 2,742.6 2,971.8
10 In M3 only(8) 1,131.7 1,358.0
Commercial banks
11 Savings deposits, including MMDAs 885.3 905.2
12 Small time deposits(9) 575.0 593.7
13 Large time deposits(10, 11) 346.6 414.8
Thrift institutions
14 Savings deposits, including MMDAs 359.8 367.1
15 Small time deposits(9) 356.7 353.8
16 Large time deposits(10) 74.5 78.4
Money market mutual funds
17 Retail 455.5 522.8
18 Institution-only 255.9 313.3
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 198.7 211.3
20 Eurodollars(12) 93.7 113.9
Debt components
21 Federal debt 3,638.9 3,780.6
22 Nonfederal debt 10,058.8(r) 10,612.2(r)
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9
24 M2 3,671.4 3,843.7
25 M3 4,638.0 4,972.5
26 Debt 13,699.2(r) 14,392.7(r)
M1 components
27 Currency(3) 376.2 397.9
28 Travelers checks(4) 8.5 8.3
29 Demand deposits(5) 407.2 419.9
30 Other checkable deposits(6) 360.5 278.8
Nontransaction components
31 In M27 2,519.3 2,738.9
32 In M3 only(8) 966.4 1,128.8
Commercial banks
33 Savings deposits, including MMDAs 774.1 903.3
34 Small time deposits(9) 573.8 592.7
35 Large time deposits(10, 11) 345.8 413.3
Thrift institutions
36 Savings deposits, including MMDAs 359.2 366.3
37 Small time deposits(9) 355.9 353.2
38 Large time deposits(10) 74.3 78.1
Money market mutual funds
39 Retail 456.1 523.2
40 Institution-only 257.7 31.6
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 193.8 205.7
42 Eurodollars(12) 94.9 115.7
Debt components
43 Federal debt 3,645.9 3,787.9
44 Nonfederal debt 10,053.3(r) 10,604.8(r)
1997 1998
Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,074.9 1,093.4
2 M2 4,046.6 4,402.0(r)
3 M3 5,404.7 5,997.0(r)
4 Debt 15,094.7(r) 16,026.1(r)
M1 components
5 Currency(3) 424.5 459.2
Travelers checks(4) 7.7 7.8
Demand deposits(5) 396.5 377.5
8 Other checkable deposits(6) 246.2 248.8
Nontransaction components
9 In M2(7) 3,308.7 3,354.3
10 In M3 only(8) 1,595.0(r) 1,615.1
Commercial banks
11 Savings deposits, including MMDAs 1,022.9 1,189.8
12 Small time deposits(9) 626.1 626.0(r)
13 Large time deposits(10, 11) 490.2 541.0(r)
Thrift institutions
14 Savings deposits, including MMDAs 377.3 415.2
15 Small time deposits(9) 343.2 325.9
16 Large time deposits(10) 85.9 89.1
Money market mutual funds
17 Retail 602.3 751.7
18 Institution-only 379.9 516.2
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 252.8 297.9(r)
20 Eurodollars(12) 149.2 150.7(r)
Debt components
21 Federal debt 3,798.4 3,747.4
22 Nonfederal debt 11,296.3(r) 12,278.7(r)
Not seasonally adjusted
Measures(2)
23 M1 1,097.4 1,115.3
24 M2 4,064.8 4,418.8(r)
25 M3 5,420.8 6,013.1(r)
26 Debt 15,094.3(r) 16,026.6(r)
M1 components
27 Currency(3) 428.9 464.2
28 Travelers checks(4) 7.9 8.0
29 Demand deposits(5) 412.3 392.4
30 Other checkable deposits(6) 248.3 250.7
Nontransaction components
31 In M27 2,967.4 3,303.6
32 In M3 only(8) 135.6 1,594.3(r)
Commercial banks
33 Savings deposits, including MMDAs 1,020.4 1,186.8
34 Small time deposits(9) 625.3 625.4
35 Large time deposits(10, 11) 487.7 537.4(r)
Thrift institutions
36 Savings deposits, including MMDAs 376.4 414.1
37 Small time deposits(9) 342.8 325.6
38 Large time deposits(10) 85.4 88.5
Money market mutual funds
39 Retail 602.5 751.7
40 Institution-only 384.5 523.3
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 246.1 290.6(r)
42 Eurodollars(12) 152.3 154.5(r)
Debt components
43 Federal debt 3,805.8 3,754.9
44 Nonfederal debt 11,288.5(r) 12,271.6(r)
1999
Feb.(r) Mar.(r)
Seasonally adjusted
Measures(2)
1 M1 1,092.6 1,102.0
2 M2 4,446.9 4,457.1
3 M3 6,062.0 6,053.7
4 Debt 16,165.1 16,259.8
M1 components
5 Currency(3) 467.6 472.0
Travelers checks(4) 7.7 7.8
Demand deposits(5) 371.8 374.1
8 Other checkable deposits(6) 245.5 248.0
Nontransaction components
9 In M2(7) 3,354.3 3,355.1
10 In M3 only(8) 1,615.1 1,596.7
Commercial banks
11 Savings deposits, including MMDAs 1,207.7 1,207.9
12 Small time deposits(9) 618.0 616.2
13 Large time deposits(10, 11) 536.7 528.4
Thrift institutions
14 Savings deposits, including MMDAs 425.4 428.0
15 Small time deposits(9) 322.9 320.7
16 Large time deposits(10) 89.9 88.8
Money market mutual funds
17 Retail 780.3 782.3
18 Institution-only 529.9 529.1
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 308.6 296.2
20 Eurodollars(12) 150.0 154.1
Debt components
21 Federal debt 3,718.2 3,714.7
22 Nonfederal debt 12,446.9 12,545.2
Not seasonally adjusted
Measures(2)
23 M1 1,083.4 1,097.2
24 M2 4,441.2 4,480.6
25 M3 6,070.7 6,092.8
26 Debt 16,137.2 16,252.4
M1 components
27 Currency(3) 466.5 471.3
28 Travelers checks(4) 7.9 7.9
29 Demand deposits(5) 364.7 368.9
30 Other checkable deposits(6) 244.2 24.9
Nontransaction components
31 In M27 3,357.9 3,383.4
32 In M3 only(8) 1,629.5 1,612.2
Commercial banks
33 Savings deposits, including MMDAs 1,203.8 1,217.6
34 Small time deposits(9) 619.4 617.0
35 Large time deposits(10, 11) 532.1 532.9
Thrift institutions
36 Savings deposits, including MMDAs 424.0 431.5
37 Small time deposits(9) 323.6 321.2
38 Large time deposits(10) 89.1 89.5
Money market mutual funds
39 Retail 787.0 796.2
40 Institution-only 547.3 537.9
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 308.1 298.8
42 Eurodollars(12) 152.7 153.1
Debt components
43 Federal debt 3,721.8 3,741.2
44 Nonfederal debt 12,415.4 12,511.2
1999
Apr.(r) May
Seasonally adjusted
Measures(2)
1 M1 1,108.3 1,104.6
2 M2 4,489.7 4,506.7
3 M3 6,094.6 6,116.6
4 Debt 16,351.9 n.a.
M1 components
5 Currency(3) 476.5 480.9
Travelers checks(4) 7.8 7.8
Demand deposits(5) 373.9 369.1
8 Other checkable deposits(6) 250.2 246.7
Nontransaction components
9 In M2(7) 3,381.4 3,402.2
10 In M3 only(8) 1,604.9 1,609.8
Commercial banks
11 Savings deposits, including MMDAs 1,225.5 1,233.5
12 Small time deposits(9) 614.3 613.1
13 Large time deposits(10, 11) 534.0 529.4
Thrift institutions
14 Savings deposits, including MMDAs 431.4 441.2
15 Small time deposits(9) 319.6 317.7
16 Large time deposits(10) 89.1 8.8
Money market mutual funds
17 Retail 790.5 796.5
18 Institution-only 538.4 544.6
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 287.0 290.9
20 Eurodollars(12) 156.5 156.9
Debt components
21 Federal debt 3707.2 n.a.
22 Nonfederal debt 1,2644.6 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,113.7 1,096.5
24 M2 4,527.2 4,486.1
25 M3 6,131.7 6,101.6
26 Debt 16,337.6 n.a.
M1 components
27 Currency(3) 476.0 479.9
28 Travelers checks(4) 7.9 7.9
29 Demand deposits(5) 374.0 363.3
30 Other checkable deposits(6) 255.8 245.5
Nontransaction components
31 In M27 3,413.6 3,389.5
32 In M3 only(8) 1,604.5 1,615.5
Commercial banks
33 Savings deposits, including MMDAs 1,241.3 1,234.8
34 Small time deposits(9) 614.5 611.9
35 Large time deposits(10, 11) 534.7 535.2
Thrift institutions
36 Savings deposits, including MMDAs 437.0 441.7
37 Small time deposits(9) 319.7 317.1
38 Large time deposits(10) 89.2 8.9
Money market mutual funds
39 Retail 801.1 784.0
40 Institution-only 536.7 538.3
Repurchase agreements and
Eurodollars
41 Repurchase agreements(12) 289.7 297.2
42 Eurodollars(12) 154.3 155.8
Debt components
43 Federal debt 3,717.1 n.a.
44 Nonfederal debt 12,620.5 n.a.
(1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System. Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs. each seasonally adjusted separately. M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $1000,000), 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. 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 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 nonback 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 institution, 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) money fund balances. (8.) Sum of (1) large time deposits, (2) institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees. (9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. (10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (12.) Includes both overnight and term. [TABULAR DATA 1.26 NOT REPRODUCIBLE IN ASCII] 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING A. Commercial Paper Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1994 1995 1996
1 All issuers 595,382 674,904 775,371
Financial
companies(1)
2 Dealer-placed 223,038 275,815 361,147
paper, total(2)
3 Directly placed 207,701 210,829 229,662
paper, total(3)
4 Nonfinancial 164,643 188,260 184,563
companies(4)
Year ending December 1998
Item
1997 1998 Nov. Dec.
1 All issuers 966,699 1,163,303 1,159,027 1,163,303
Financial
companies(1)
2 Dealer-placed 513,307 614,142 621,246 614,142
paper, total(2)
3 Directly placed 252,536 322,030 304,545 322,030
paper, total(3)
4 Nonfinancial 200,857 227,132 233,236 227,132
companies(4)
1999
Item
Jan. Feb. Mar. Apr.
1 All issuers 1,178,168 1,178,303 1,204,627 1,219,789
Financial
companies(1)
2 Dealer-placed 629,569 615,053 684,616 697,030
paper, total(2)
3 Directly placed 314,601 320,468 276,424 276,721
paper, total(3)
4 Nonfinancial 233,998 242,782 243,587 246,038
companies(4)
(1.) Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. (2.) Includes all financial-company paper sold by dealers in the open market. (3.) As reported by financial companies that place their paper directly with investors. (4.) Includes public utilities and finns engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. B. Bankers Dollar Acceptances(1) Millions of dollars, not seasonally adjusted, year ending September(2)
Item 1995 1996
1 Total amount of reporting banks' acceptances 29,242 25,832
in existence
2 Amount of other banks' eligible acceptances 1,249 709
held by reporting banks
3 Amount of own eligible acceptances held by 10,516 7,770
reporting banks (included in item 1)
4 Amount of eligible acceptances representing
goods stored in, or shipped between,
foreign countries
(included in item 1) 11,373 9,361
Item 1997 1998
1 Total amount of reporting banks' acceptances 25,774 14,363
in existence
2 Amount of other banks' eligible acceptances 736 523
held by reporting banks
3 Amount of own eligible acceptances held by 6,862 4,884
reporting banks (included in item 1)
4 Amount of eligible acceptances representing
goods stored in, or shipped between,
foreign countries
(included in item 1) 10,467 5,413
(1.) Includes eligible, dollar-denominated bankers acceptances legally payable in the United States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks; that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal Reserve Act (12 U.S.C. [sections] 372). (2.) Data on bankers dollar acceptances are gathered from approximately 65 institutions; includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and agencies of foreign banks, and Edge and agreement corporations. The reporting group is revised every year.
1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)
Percent per year
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1996 8.27
Feb. 1 8.25 1997 8.44
1998 8.35
1997--Mar. 26 8.50
1996--Jan. 8.50
1998--Sept. 30 8.25 Feb. 8.25
Oct. 16 8.00 Mar. 8.25
Nov. 18 7.75 Apr. 8.25
May 8.25
June 8.25
July 8.25
Aug. 8.25
Sept. 8.25
Oct. 8.25
Nov. 8.25
Dec. 8.25
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1997--Jan. 8.25
Feb. 1 8.25 Feb. 8.25
Mar. 8.30
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
1998--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.50
Oct. 8.50
Nov. 8.50
Dec. 8.50
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1998--Jan. 8.50
Feb. 1 8.25 Feb. 8.50
Mar. 8.50
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
1998--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.49
Oct. 8.12
Nov. 7.89
Dec. 7.75
1999--Jan. 7.75
Feb. 7.75
Mar. 7.75
Apr. 7.75
May 7.75
June 7.75
(1.) The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. 1.35 INTEREST RATES Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted
Item 1996 1997 1998
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35
Discount window borrowing(2,4) 5.02 5.00 4.92
Commercial paper(3,5,6)
Nonfinancial
3 1-month n.a. 5.57 5.40
4 2-month n.a. 5.57 5.38
5 3-month n.a. 5.56 5.34
Financial
6 l-month n.a. 5.59 5.42
2-month n.a. 5.59 5.40
8 3-month n.a. 5.60 5.37
Commercial paper (historical)(3,5,7)
9 1-month 5.43 5.54 n.a.
10 3-month 5.41 5.58 n.a.
11 6-month 5.42 5.62 n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 l-month 5.31 5.44 n.a.
13 3-month 5.29 5.48 n.a.
14 6-month 5.21 5.48 n.a.
Bankers acceptances(3,5,9)
15 3-month 5.31 5.54 5.39
16 6-month 5.31 5.57 5.30
Certificates of deposit, secondary
market(3,10)
17 1-month 5.35 5.54 5.49
18 3-month 5.39 5.62 5.47
19 6-month 5.47 5.73 5.44
20 Eurodollar deposits, 3-month(3,11) 5.38 5.61 5.45
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.01 5.06 4.78
22 6-month 5.08 5.18 4.83
23 1-year 5.22 5.32 4.80
Auction high(3,5,12)
24 3-month 5.02 5.07 4.81
25 6-month 5.09 5.18 4.85
26 1-year 5.23 5.36 4.85
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.52 5.63 5.05
28 2-year 5.84 5.99 5.13
29 3-year 5.99 6.10 5.14
30 5-year 6.18 6.22 5.15
31 7-year 6.34 6.33 5.28
32 10-year 6.44 6.35 5.26
33 20-year 6.83 6.69 5.72
34 30-year 6.71 6.61 5.58
Composite
35 More than 10 years (long-term) 6.80 6.67 5.69
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.52 5.32 4.93
37 Baa 5.79 5.50 5.14
38 Bond Buyer series(15) 5.76 5.52 5.09
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.66 7.54 6.87
Rating group
40 Aaa 7.37 7.27 6.53
41 Aa 7.55 7.48 6.80
42 A 7.69 7.54 6.93
43 Baa 8.05 7.87 7.22
MEMO
Dividend-price ratio(17)
44 Common stocks 2.19 1.77 1.49
Item 1999
Feb. Mar. Apr. May
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.76 4.81 4.74 4.74
Discount window borrowing(2,4) 4.50 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.80 4.82 4.79 4.79
4 2-month 4.80 4.82 4.78 4.80
5 3-month 4.79 4.81 4.79 4.81
Financial
6 l-month 4.82 4.84 4.80 4.80
2-month 4.82 4.83 4.80 4.82
8 3-month 4.82 4.84 4.80 4.83
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 l-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 4.79 4.82 4.80 4.86
16 6-month 4.74 4.82 4.80 4.89
Certificates of deposit, secondary
market(3,10)
17 1-month 4.86 4.88 4.84 4.84
18 3-month 4.90 4.91 4.88 4.92
19 6-month 4.95 4.98 4.94 5.03
20 Eurodollar deposits, 3-month(3,11) 4.86 4.88 4.87 4.90
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.44 4.44 4.29 4.50
22 6-month 4.44 4.47 4.37 4.56
23 1-year 4.48 4.53 4.45 4.60
Auction high(3,5,12)
24 3-month 4.45 4.48 4.28 4.51
25 6-month 4.43 4.52 4.36 4.55
26 1-year 4.37 4.67 4.50 4.63
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.70 4.78 4.69 4.85
28 2-year 4.88 5.05 4.98 5.25
29 3-year 4.90 5.11 5.03 5.33
30 5-year 4.91 5.14 5.08 5.44
31 7-year 5.10 5.36 5.28 5.64
32 10-year 5.00 5.23 5.18 5.54
33 20-year 5.66 5.87 5.82 6.08
34 30-year 5.37 5.58 5.55 5.81
Composite
35 More than 10 years (long-term) 5.60 5.81 5.77 6.04
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.80 4.96 4.89 n.a.
37 Baa 5.21 5.32 5.27 n.a.
38 Bond Buyer series(15) 5.03 5.10 5.08 5.18
CORPORATE BONDS
39 Seasoned issues, all industries(16) 6.89 7.07 7.05 7.32
Rating group
40 Aaa 6.40 6.62 6.64 6.93
41 Aa 6.79 6.98 6.96 7.23
42 A 6.97 7.14 7.13 7.40
43 Baa 7.39 7.53 7.48 7.72
MEMO
Dividend-price ratio(17)
44 Common stocks 1.32 1.30 1.24 1.24
Item 1999, week ending
Apr. 30 May 7 May 14
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.79 4.90 4.70
Discount window borrowing(2,4) 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.77 4.79 4.78
4 2-month 4.77 4.78 4.78
5 3-month 4.77 4.79 4.79
Financial
6 l-month 4.79 4.80 4.79
2-month 4.78 4.80 4.80
8 3-month 4.79 4.80 4.81
Commercial paper (historical)(3,5,7)
9 1-month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 l-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6-month n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 4.80 4.82 4.84
16 6-month 4.80 4.84 4.86
Certificates of deposit, secondary
market(3,10)
17 1-month 4.83 4.83 4.83
18 3-month 4.87 4.88 4.89
19 6-month 4.94 4.96 4.97
20 Eurodollar deposits, 3-month(3,11) 4.87 4.87 4.87
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.39 4.49 4.48
22 6-month 4.43 4.50 4.52
23 1-year 4.49 4.54 4.55
Auction high(3,5,12)
24 3-month 4.34 4.48 4.48
25 6-month 4.41 4.50 4.51
26 1-year 4.49 n.a. n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.73 4.78 4.79
28 2-year 5.03 5.13 5.19
29 3-year 5.10 5.21 5.27
30 5-year 5.15 5.32 5.39
31 7-year |