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 5.32 5.50 5.60
32 10-year 5.26 5.45 5.53
33 20-year 5.85 6.01 6.09
34 30-year 5.58 5.74 5.83
Composite
35 More than 10 years (long-term) 5.80 5.97 6.04
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.86 5.00 n.a.
37 Baa 5.27 5.39 n.a.
38 Bond Buyer series(15) 5.07 5.15 5.14
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.09 7.24 7.29
Rating group
40 Aaa 6.68 6.85 6.91
41 Aa 7.00 7.14 7.21
42 A 7.17 7.31 7.37
43 Baa 7.50 7.64 7.69
MEMO
Dividend-price ratio(17)
44 Common stocks 1.23 1.23 1.22
Item May 21 May 28
MONEY MARKET INSTRUMENTS 4.76 4.73
1 Federal funds(1,2,3) 4.50 4.50
Discount window borrowing(2,4)
Commercial paper(3,5,6)
Nonfinancial 4.80 4.81
3 1-month 4.83 4.82
4 2-month 4.83 4.84
5 3-month
Financial 4.81 4.81
6 l-month 4.83 4.85
2-month 4.84 4.86
8 3-month
Commercial paper (historical)(3,5,7) n.a. n.a.
9 1-month n.a. n.a.
10 3-month n.a. n.a.
11 6-month
Finance paper, directly placed
(historical)(3,5,8) n.a. n.a.
12 l-month n.a. n.a.
13 3-month n.a. n.a.
14 6-month
Bankers acceptances(3,5,9) 4.89 4.87
15 3-month 4.94 4.91
16 6-month
Certificates of deposit, secondary
market(3,10) 4.86 4.86
17 1-month 4.94 4.96
18 3-month 5.07 5.10
19 6-month 4.91 4.94
20 Eurodollar deposits, 3-month(3,11)
U.S. Treasury bills
Secondary market(3,5) 4.51 4.52
21 3-month 4.60 4.62
22 6-month 4.63 4.66
23 1-year
Auction high(3,5,12) 4.57 4.50
24 3-month 4.63 4.57
25 6-month n.a. 4.63
26 1-year
U.S. TREASURY NOTES AND BONDS
Constant maturities(13) 4.89 4.93
27 1-year 5.34 5.35
28 2-year 5.42 5.43
29 3-year 5.53 5.51
30 5-year 5.73 5.73
31 7-year 5.61 5.56
32 10-year 6.12 6.11
33 20-year 5.85 5.80
34 30-year
Composite 6.07 6.06
35 More than 10 years (long-term)
STATE AND LOCAL NOTES AND BONDS
Moody's series(14) n.a. n.a.
36 Aaa n.a. n.a.
37 Baa 5.21 5.23
38 Bond Buyer series(15)
CORPORATE BONDS
7.37 7.39
39 Seasoned issues, all industries(16)
Rating group 6.99 6.99
40 Aaa 7.28 7.30
41 Aa 7.46 7.47
42 A 7.77 7.79
43 Baa
MEMO
Dividend-price ratio(17) 1.24 1.28
44 Common stocks
(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 am 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: US Department of the Treasury. (14.) General obligation bonds based on Thursday figures; Moody's Investors Service. (15.) State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' A1 rating. Based on Thursday figures. (16) Daily figures from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. (17) Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. NOTE Some of the data in this table also appear in the Board's H.15 (519) weekly and G13 (415) monthly statistical releases. For ordering address, see inside front cover.
1.36 STOCK MARKET Selected Statistics
1996 1997 1998
Prices and trading volume
(averages of daily figures)(1)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 357.98 456.99 550.65
2 Industrial 453.57 574.97 684.35
3 Transportation 327.30 415.08 468.61
4 Utility 126.36 143.87 190.52
5 Finance 303.94 424.84 516.65
6 Standard & Poor's Corporation
(1941-43 =10)(2) 670.49 873.43 1,085.50
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 570.86 628.34 682.69
Volume of trading (thousands of
shares)
8 New York Stock Exchange 409,740 523,254 666,534
9 American Stock Exchange 22,567 24,390 28,870
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at broker- 97,400 126,090 140,980
dealers(4)
Free credit balances at
brokers(5)
11 Margin accounts(6) 22,540 31,410 40,250
12 Cash account 40,430 52,160 62,450
Margin requirements (percent
of market value and effective
date)(7)
Mar. 11 1968 June 8, 1968
13 Margin stocks 70 80
14 Convertible bonds 50 60
15 Short sales 70 80
1998
Sept. Oct. Nov.
Prices and trading volume
(averages of daily figures)(1)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 506.56 511.49 564.26
2 Industrial 629.51 636.62 704.46
3 Transportation 408.75 396.61 442.95
4 Utility 186.17 195.09 206.29
5 Finance 454.28 448.12 501.45
6 Standard & Poor's Corporation
(1941-43 =10)(2) 1,020.64 1,032.47 1,144.43
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 621.48 607.16 667.60
Volume of trading (thousands of
shares)
8 New York Stock Exchange 790,238 808,816 668,932
9 American Stock Exchange 33,331 31,946 27,266
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at broker- 137,540 130,160 139,710
dealers(4)
Free credit balances at
brokers(5)
11 Margin accounts(6) 41,970 43,500 40,620
12 Cash account 54,240 54,610 56,170
Margin requirements (percent
of market value and effective
date)(7)
May 6, 1970 Dec. 6, 1971
13 Margin stocks 65 55
14 Convertible bonds 50 50
15 Short sales 65 55
1999
Dec. Jan. Feb.
Prices and trading volume
(averages of daily figures)(1)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 576.05 595.43 588.70
2 Industrial 717.14 741.43 736.20
3 Transportation 456.70 479.72 477.47
4 Utility 215.57 224.75 218.24
5 Finance 510.31 523.38 514.75
6 Standard & Poor's Corporation
(1941-43 =10)(2) 1,190.05 1,248.77 1,246.58
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 660.76 704.22 699.15
Volume of trading (thousands of
shares)
8 New York Stock Exchange 680,397 847,135 756,932
9 American Stock Exchange 28,756 31,015 31,774
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at broker- 140,980 153,240 151,530
dealers(4)
Free credit balances at
brokers(5)
11 Margin accounts(6) 40,250 36,880 38,850
12 Cash account 62,450 59,600 57,910
Margin requirements (percent
of market value and effective
date)(7)
Nov. 24, 1972 Jan. 3, 1974
13 Margin stocks 65 50
14 Convertible bonds 50 50
15 Short sales 65 50
1999
Mar. Apr. May
Prices and trading volume
(averages of daily figures)(1)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 603.69 627.75 635.62
2 Industrial 751.93 780.84 791.72
3 Transportation 491.25 523.08 537.88
4 Utility 218.11 228.48 242.98
5 Finance 544.08 564.99 562.66
6 Standard & Poor's Corporation
(1941-43 =10)(2) 1,281.66 1,334.76 1,332.07
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 711.08 748.29 787.02
Volume of trading (thousands of
shares)
8 New York Stock Exchange 776,538 874,818 785,778
9 American Stock Exchange 29,563 38,895 35,241
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at broker- 156,440 172,880 177,984
dealers(4)
Free credit balances at
brokers(5)
11 Margin accounts(6) 40,120 41,200 41,250
12 Cash account 59,435 60,870 61,665
(1.) Daily data on prices are available upon request to the Board of Governors. For ordering address, see inside front cover. (2.) In July 1976 a financial group, composed of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. (3.) On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. (4.) Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. (5.) Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. (6.) Series initiated in June 1984. (7.) Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the differences 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 is 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 organizations; such maintenance margin rules must be approved by the Securities and Exchange Commission.
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Type of account or operation Fiscal year
1996 1997 1998
US budget(1)
1 Receipts, total 1,453,062 1,579,292 1,721,798
2 On-budget 1,085,570 1,187,302 1,305,999
3 Off-budget 367,492 391,990 415,799
4 Outlays, total 1,560,512 1,601,235 1,652,552
5 On-budget 1,259,608 1,290,609 1,335,948
6 Off-budget 300,904 310,626 316,604
7 Surplus or deficit (-), total -107,450 -21,943 69,246
8 On-budget -174,038 -103,307 -29,949
9 Off-budget 66,588 81,364 99,195
Source of financing (total)
10 Borrowing from the public 129,712 38,171 -51,049
11 Operating cash -6,276 4,743
(decrease, or increase (-)) -15,986 -16,832 -22,940
MEMO
13 Treasury operating balance
(level, end of period) 44,225 43,621 38,878
14 Federal Reserve Banks 7,700 7,692 4,952
15 Tax and loan accounts 36,525 35,930 33,926
Calendar year
Type of account or operation 1998 1999
Dec. Jan. Feb.
US budget(1)
1 Receipts, total 178,646 171,722 99,414
2 On-budget 143,337 129,921 65,058
3 Off-budget 35,309 41,801 34,356
4 Outlays, total 183,802 101,217 141,760
5 On-budget 149,138 102,320 110,486
6 Off-budget 34,655 -1,103 31,274
7 Surplus or deficit (-), total -5,156 70,505 -42,345
8 On-budget -5,801 27,601 -45,428
9 Off-budget 654 42,904 3,082
Source of financing (total)
10 Borrowing from the public -5,390 -31,249 1,688
11 Operating cash -1,621 -39,567 52,432
(decrease, or increase (-)) 12,167 311 -11,775
MEMO
13 Treasury operating balance
(level, end of period) 17,503 57,070 4,638
14 Federal Reserve Banks 6,086 7,623 4,538
15 Tax and loan accounts 11,417 49,446 100
Calendar year
Type of account or operation 1999
Mar. Apr. May
US budget(1)
1 Receipts, total 130,292 266,142 98,587
2 On-budget 92,425 219,403 62,646
3 Off-budget 37,867 46,739 35,941
4 Outlays, total 152,701 152,683 122,556
5 On-budget 121,999 123,376 91,358
6 Off-budget 30,702 29,307 31,197
7 Surplus or deficit (-), total -22,409 113,459 -23,969
8 On-budget -29,574 96,027 -28,712
9 Off-budget 7,165 17,432 4,744
Source of financing (total)
10 Borrowing from the public 37,013 -85,208 -551
11 Operating cash -16,988 -36,512 32,495
(decrease, or increase (-)) 2,384 8,261 -7,975
MEMO
13 Treasury operating balance
(level, end of period) 21,626 58,138 25,643
14 Federal Reserve Banks 5,374 10,040 5,506
15 Tax and loan accounts 16,252 48,098 20,586
(1) Since 1990, off-budget items have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the US Postal Service. (2) Includes special drawing rights (SDRs); reserve position on the US 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 US currency valuation adjustment; net gain or loss for IMF loan-valuation adjustment; and profit on sale of 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: US Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the US Government; fiscal year totals: US Office of Management and Budget, Budget of the US Government.
1.39 US BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Calendar
Fiscal year year
Source or type 1997 1998 1997
H1
RECEIPTS
1 All sources 1,579,292 1,721,798 845,527
2 Individual income taxes, net 737,466 828,586 400,436
3 Withheld 580,207 646,483 292,252
4 Nonwithheld 250,753 281,527 191,050
5 Refunds 93,560 99,476 82,926
Corporation income taxes
6 Gross receipts 204,493 213,249 106,451
7 Refunds 22,198 24,593 9,635
8 Social insurance taxes and 539,371 571,831 288,251
contributions, net
9 Employment taxes and 506,751 540,014 268,357
contributions(2)
10 Unemployment insurance 28,202 27,484 17,709
11 Other net receipts(3) 4,418 4,333 2,184
12 Excise taxes 56,924 57,673 28,084
13 Customs deposits 17,928 18,297 8,619
14 Estate and gift taxes 19,845 24,076 10,477
15 Miscellaneous receipts(4) 25,465 32,658 12,866
OUTLAYS
16 All types 1,601,235 1,652,552 797,418
17 National defense 270,473 268,456 132,698
18 International affairs 15,228 13,109 5,740
19 General science, space, 17,174 18,219 8,938
and technology
20 Energy 1,483 1,270 803
21 Natural resources and 21,369 22,396 9,628
environment
22 Agriculture 9,032 12,206 1,465
23 Commerce and housing credit -14,624 1,014 -7,575
24 Transportation 40,767 40,332 16,847
25 Community and regional 11,005 9,720 5,678
development
26 Education, training,
employment, and social services 53,008 54,919 25,080
27 Health 123,843 131,440 61,809
28 Social security and Medicare 555,273 572,047 278,863
29 Income security 230,886 233,202 124,034
30 Veterans benefits and services 39,313 41,781 17,697
31 Administration of justice 20,197 22,832 10,670
32 General government 12,768 13,444 6,623
33 Net interest(5) 244,013 243,359 122,655
34 Undistributed offsetting -49,973 -47,194 -24,235
receipts(6)
Calendar year
Source or type 1997 1998
H2 H1 H2
RECEIPTS
1 All sources 773,810 922,630 825,057
2 Individual income taxes, net 354,072 447,514 392,332
3 Withheld 306,865 316,309 339,144
4 Nonwithheld 58,069 219,136 65,204
5 Refunds 10,869 87,989 12,032
Corporation income taxes
6 Gross receipts 104,659 109,353 104,163
7 Refunds 10,135 14,220 14,250
8 Social insurance taxes and 260,795 312,713 268,466
contributions, net
9 Employment taxes and 247,794 293,520 256,142
contributions(2)
10 Unemployment insurance 10,724 17,080 10,121
11 Other net receipts(3) 2,280 2,112 2,202
12 Excise taxes 31,133 29,922 33,366
13 Customs deposits 9,679 8,546 9,838
14 Estate and gift taxes 10,262 12,971 12,359
15 Miscellaneous receipts(4) 13,348 15,829 18,735
OUTLAYS
16 All types 824,368 815,884 877,412
17 National defense 140,873 129,351 140,196
18 International affairs 9,420 4,610 8,297
19 General science, space, 10,040 9,426 10,142
and technology
20 Energy 411 957 699
21 Natural resources and 11,106 10,051 12,671
environment
22 Agriculture 10,590 2,387 16,757
23 Commerce and housing credit -3,526 -2,483 4,046
24 Transportation 20,414 16,196 20,834
25 Community and regional 5,749 4,863 6,972
development
26 Education, training,
employment, and social services 26,851 25,928 27,760
27 Health 63,552 65,053 67,836
28 Social security and Medicare 283,109 286,305 316,809
29 Income security 106,353 125,196 109,481
30 Veterans benefits and services 22,077 19,615 22,750
31 Administration of justice I0,212 11,287 12,041
32 General government 7,302 6,139 9,136
33 Net interest(5) 122,620 122,345 116,954
34 Undistributed offsetting -22,795 -21,340 -25,795
receipts(6)
Calendar year
Source or type 1999
Mar Apr. May
RECEIPTS
1 All sources 130,292 266,142 98,$87
2 Individual income taxes, net 50,468 164,832 30,585
3 Withheld 69,559 55,484 50,727
4 Nonwithheld 7,245 145,935 4,119
5 Refunds 26,351 36,600 24,273
Corporation income taxes
6 Gross receipts 23,131 27,118 5,176
7 Refunds 4,578 5,419 L229
8 Social insurance taxes and 49,216 65,162 53,698
contributions, net
9 Employment taxes and 48,592 60,186 45,617
contributions(2)
10 Unemployment insurance 269 4,547 7,731
11 Other net receipts(3) 355 428 350
12 Excise taxes 5,880 5,579 4,978
13 Customs deposits 1,546 1,350 1,256
14 Estate and gift taxes 2,172 5,138 1,942
15 Miscellaneous receipts(4) 2,457 2,383 2,181
OUTLAYS
16 All types 152,701 152,683 122,556
17 National defense 25,469 25,433 19,211
18 International affairs 949 1,686 640
19 General science, space, 1,663 1,565 1,581
and technology
20 Energy 588 -156 104
21 Natural resources and 1,862 1,611 1,595
environment
22 Agriculture 1,046 666 487
23 Commerce and housing credit -1,474 -536 989
24 Transportation 2,636 2,737 3,010
25 Community and regional 1,148 684 906
development
26 Education, training,
employment, and social services 6,319 4,202 4,464
27 Health 11,988 12,284 10,657
28 Social security and Medicare 49,846 51,816 44,519
29 Income security 27,065 24,420 12,880
30 Veterans benefits and services 3,693 5,498 1,893
31 Administration of justice 2,180 2,625 1,886
32 General government 1,130 929 621
33 Net interest(5) 19,970 20,195 19,976
34 Undistributed offsetting -3,376 -2,976 -2,864
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, US government contributions for employee retirement, and certain asset sales. SOURCE Fiscal year totals: US Office of Management and Budget, Budget of the US Government, Fiscal Year 2000; monthly and half-year totals: US Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the US Government.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1997
Item Mar. 31 June 30 Sept. 30
1 Federal debt outstanding 5,415 5,410 5,446
2 Public debt securities 5,381 5,376 5,413
3 Held by public 3,874 3,805 3,815
4 Held by agencies 1,507 1,572 1,599
5 Agency securities 34 34 33
6 Held by public 26 26 26
7 Held by agencies 8 7 7
8 Debt subject to statutory limit 5,294 5,290 5,328
9 Public debt securities 52,904 5,290 5,328
10 Other debt(1) 0 0
MEMO
11 Statutory debt limit 5,500 5,500 5,950
1997 1998
Item Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,536 5,573 5,578
2 Public debt securities 5,502 5,542 5,548
3 Held by public 3,847 3,872 3,790
4 Held by agencies 1,656 1,670 1,758
5 Agency securities 34 31 30
6 Held by public 27 26 26
7 Held by agencies 7 5 4
8 Debt subject to statutory limit 5,417 5,457 5,460
9 Public debt securities 5,416 5,456 5,460
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998 1999
Item Sept. 30 Dec. 31 Mar. 31
1 Federal debt outstanding 5,556 5,643 5,726
2 Public debt securities 5,526 5,614 5,652
3 Held by public 3,761 3,787 na
4 Held by agencies 1,766 1,827 na
5 Agency securities 29 29 74
6 Held by public 26 29 na
7 Held by agencies 4 1 na
8 Debt subject to statutory limit 5,440 5,530 5,566
9 Public debt securities 5,439 5,530 5,566
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
(1) Consists of guaranteed debt of US Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. SOURCE U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Treasury Bulletin.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder 1995 1996 1997
1 Total gross public debt 4,988.7 5,323.2 5,502.4
By type
2 Interest-bearing 4,964.4 5,317.2 5,494.9
3 Marketable 3,307.2 3,459.7 3,456.8
4 Bills 760.7 777.4 715.4
5 Notes 2,010.3 2,112.3 2,106.1
6 Bonds 521.2
7 Inflation-indexed
notes and bonds(1) n.a. n.a. 33.0
8 Nonmarketable(2) 1,657.2 1,857.5 2,038.1
9 State and local 104.5 101.3 124.1
government series
10 Foreign issues(3) 40.8 37.4 3.5
11 Government 40.8 47.4 3.5
12 Public .0 .0 0.0
13 Savings bonds and notes 181.9 182.4 181.2
14 Government account
series(4) 1,299.6 1,505.9 1,666.7
15 Non-interest-bearing 24.3 6.0 7.5
By holder(5)
16 US Treasury and other 1,304.5 1,497.2 1,655.7
federal agencies and
trust funds
17 Federal Reserve Banks 391.0 410.9 451.9
18 Private investors 3,307.7(r) 3,431.2(r) 3,414.6(r)
19 Commercial banks 278.7 261.8 269.8
20 Money market funds 71.5 91.6 88.9
21 Insurance companies 241.5 214.1 224.9
22 Other companies 228.8 258.5 265.0
23 State and local 469.6 482.5 493.0
treasuries(6,7)
Individuals
24 Savings bonds 185.0 187.0 186.5
25 Other securities 162.7 169.6 168.4
26 Foreign and
international(8) 835.2 1,102.1 1,241.6
27 Other miscellaneous 825.9 678.9 552.0
investors(7,9)
Type and holder 1998 1998
Q2 Q3
1 Total gross public debt 5,614.2 5,547.9 5,526.2
By type
2 Interest-bearing 5,605.4 5,540.2 5,518.7
3 Marketable 3,355.5 3,369.5 3,331.0
4 Bills 691.0 641.1 637.7
5 Notes 1,960.7 2,064.6 2,009.1
6 Bonds 621.2 598.7 610.4
7 Inflation-indexed notes 50.6 50.1 41.9
and bonds(1)
8 Nonmarketable(2) 2,249.9 2,170.7 2,187.7
9 State and local 165.3 155.0 164.4
government series
10 Foreign issues(3) 34.3 36.0 35.1
11 Government 34.3 36.0 35.1
12 Public .0 .0 .0
13 Savings bonds and notes 180.3 180.7 180.8
14 Government account
series(4) 1,840.0 1,769.1 1,777.3
15 Non-interest-bearing 8.8 7.7 7.5
By holder(5)
16 US Treasury and other 1,826.8 1,757.6 1,765.6
federal agencies and
trust funds
17 Federal Reserve Banks 471.7 458.4 458.1
18 Private investors 3,334.0 3,349.3(r) 3,313.2(r)
19 Commercial banks 215.0 263.6 219.8
20 Money market funds 105.8 82.7 84.2
21 Insurance companies 186.0 183.6 186.1
22 Other companies 267.9 267.2 271.4
23 State and local 490.0 470.0 487.4
treasuries(6,7)
Individuals
24 Savings bonds 186.7 186.0 186.0
25 Other securities 164.9 165.0 166.4
26 Foreign and
international(8) 1,276.3 1,256.0 1,221.8
27 Other miscellaneous 441.4 456.5 477.9
investors(7,9)
Type and holder 1998 1999
Q4 Q1
1 Total gross public debt 5,614.2 5,651.6
By type
2 Interest-bearing 5,605.4 5,643.1
3 Marketable 3,355.5 3,361.3
4 Bills 691.0 725.5
5 Notes 1,960.7 1,912.0
6 Bonds 621.2 632.5
7 Inflation-indexed notes 50.6 59.2
and bonds(1)
8 Nonmarketable(2) 2,249.9 2,281.8
9 State and local 165.3 167.5
government series
10 Foreign issues(3) 34.3 33.5
11 Government 34.3 33.5
12 Public .0 .0
13 Savings bonds and notes 180.3 180.6
14 Government account series(4) 1,840.0 1,870.2
15 Non-interest-bearing 8.8 8.5
By holder(5)
16 US Treasury and other federal 1,826.8 n.a.
agencies and trust funds
17 Federal Reserve Banks 471.7 n.a.
18 Private investors 3,334.0 n.a.
19 Commercial banks 215.0 n.a.
20 Money market funds 105.8 n.a.
21 Insurance companies 186.0 n.a.
22 Other companies 267.9 n.a.
23 State and local 490.0 n.a.
treasuries(6,7) Individuals
24 Savings bonds 186.7 n.a.
25 Other securities 164.9 n.a.
26 Foreign and international(8) 1,276.3 n.a.
27 Other miscellaneous 441.4 n.a.
investors(7,9)
(1.) The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. (2.) Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. (3.) Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. (4.) Held almost entirely by U.S. Treasury and other federal agencies and trust funds. (5.) Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. (6.) Includes state and local pension funds. (7.) In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. (8.) Consists of investments of foreign balances and international accounts in the United States. (9.) Includes savings and loan associations, nonprofit institutions, credit unions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain U.S. Treasury deposit accounts, and federally sponsored agencies. SOURCE. U.S. Treasury Department, data by type of security, Monthly Statement of the Public Debt of the United States; data by holder, Treasury Bulletin.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages
Item 1999
Feb. Mar. Apr.
OUTRIGHT TRANSACTIONS(2)
By type of security
1 US Treasury bills 31,811 34,426 28,670
Coupon securities, by maturity
2 Five years or less 107,777 96,141 87,799
3 More than five years 71,489 62,008 53,786
4 Inflation-indexed 772 402 1,415
Federal agency
5 Discount notes 41,355 40,089 37,345
Coupon securities, by maturity
6 One year or less 1,796 1,097 1,222
7 More than one year, but less
than or equal to five years 7,446 7,640 6,875
8 More than five years 3,633 3,141 4,625
9 Mortgage-backed 75,923 69,547 69,382
By type of counterparty
With interdealer broker
10 US Treasury 117,230 106,659 93,341
11 Federal agency 3,791 4,121 3,904
12 Mortgage-backed 25,301 23,601 23,682
With other
13 US Treasury 94,620 86,316 78,330
14 Federal agency 50,438 47,846 46,162
15 Mortgage-backed 50,622 45,946 45,700
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. 0 0
Coupon securities, by maturity
17 Five years or less 2,512 2,649 1,947
18 More than five years 17,132 15,926 11,950
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 1,153 1,506 985
27 More than five years 5,798 5,050 4,657
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 844 825 783
Item 1999, week ending
Mar. 31 Apr. 7 Apr. 14
OUTRIGHT TRANSACTIONS(2)
By type of security
1 US Treasury bills 46,405 24,386 28,340
Coupon securities, by maturity
2 Five years or less 92,383 64,393 89,544
3 More than five years 55,781 40,696 64,236
4 Inflation-indexed 323 2,435 1,418
Federal agency
5 Discount notes 39,828 34,125 40,893
Coupon securities, by maturity
6 One year or less 672 363 1,050
7 More than one year, but less
than or equal to five years 5,743 4,709 8,882
8 More than five years 2,052 1,532 5,697
9 Mortgage-backed 58,892 68,305 106,601
By type of counterparty
With interdealer broker
10 US Treasury 106,251 71,992 99,834
11 Federal agency 3,099 2,533 4,685
12 Mortgage-backed 21,281 20,165 35,318
With other
13 US Treasury 88,640 59,919 83,704
14 Federal agency 45,195 38,197 51,838
15 Mortgage-backed 37,611 48,140 71,282
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 n.a. n.a.
Coupon securities, by maturity
17 Five years or less 1,492 1,656 1,645
18 More than five years 13,116 10,251 13,785
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 1,972 1,398 1,198
27 More than five years 0 4,380 4,326
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 0 1,010 1,170
Item 1999, week ending
Apr. 21 Apr. 28 May 5
OUTRIGHT TRANSACTIONS(2)
By type of security
1 US Treasury bills 27,047 35,341 27,588
Coupon securities, by maturity
2 Five years or less 97,475 95,249 99,140
3 More than five years 51,897 54,133 64,242
4 Inflation-indexed 1,393 530 1,122
Federal agency
5 Discount notes 39,211 34,272 39,540
Coupon securities, by maturity
6 One year or less 1,691 1,734 1,342
7 More than one year, but less
than or equal to five years 8,307 5,580 6,925
8 More than five years 3,396 7,323 6,005
9 Mortgage-backed 59,442 44,570 65,902
By type of counterparty
With interdealer broker
10 US Treasury 95,890 100,968 105,038
11 Federal agency 3,836 4,529 3,983
12 Mortgage-backed 23,725 15,829 22,906
With other
13 US Treasury 81,921 84,285 87,054
14 Federal agency 48,768 44,380 49,829
15 Mortgage-backed 35,718 28,741 42,996
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 n.a. n.a.
Coupon securities, by maturity
17 Five years or less 1,847 2,127 3,233
18 More than five years 11,103 11,002 16,092
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 505 797 1,095
27 More than five years 4,471 4,745 6,417
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 392 537 844
Item 1999, week ending
May 12 May 19 May 26
OUTRIGHT TRANSACTIONS(2)
By type of security
1 US Treasury bills 22,250 30,178 33,860
Coupon securities, by maturity
2 Five years or less 111,305 119,095 107,406
3 More than five years 80,606 89,051 74,641
4 Inflation-indexed 1,200 1,213 912
Federal agency
5 Discount notes 38,485 46,343 42,548
Coupon securities, by maturity
6 One year or less 1,088 1,411 962
7 More than one year, but less
than or equal to five years 8,027 5,562 4,926
8 More than five years 5,494 2,417 4,876
9 Mortgage-backed 96,920 78,245 62,490
By type of counterparty
With interdealer broker
10 US Treasury 120,682 126,287 118,279
11 Federal agency 5,334 3,824 4,451
12 Mortgage-backed 30,665 30,181 25,026
With other
13 US Treasury 94,680 113,249 98,540
14 Federal agency 47,760 51,909 48,861
15 Mortgage-backed 66,255 48,065 37,464
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 2,836 2,810 3,774
18 More than five years 18,445 18,446 17,309
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 1,647 1,326 1,304
27 More than five years 8,312 6,498 5,645
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 886 1,025 688
(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 Feb. Mar. Apr.
NET OUTRIGHT POSITIONS(3)
By type of security
1 US Treasury bills 4,500 24,510 24,563
Coupon securities, by maturity
2 Five years or less -12,028 -18,124 -14,332
3 More than five years 1,465 -6,408 -5,060
4 Inflation-indexed 1,931 1,846 2,618
Federal agency
5 Discount notes 18,671 18,189 24,321
Coupon securities, by maturity
6 One year or less 3,450 2,683 2,538
7 More than one year, but less than
or equal to five years 5,044 5,222 3,991
8 More than five years 3,146 4,110 6,131
9 Mortgage-backed 17,432 16,774 12,875
NET FUTURES POSITIONS(4)
By type of deliverable security
10 US Treasury bills n.a. 0 n.a.
Coupon securities, by maturity
11 Five years or less 459 -910 93
12 More than five years -14,876 -12,929 -17,408
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 US Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -1,960 -1,268 -1,180
21 More than five years -1,487 -448 -396
22 Inflation-indexed n.a. n.a. n.a.
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years 0 0 0
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 5,873 6,928 5,579
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 261,190 256,331 251,605
29 Term 788,073 781,168 818,297
Securities borrowed
30 Overnight and continuing 225,926 226,297 212,240
31 Term 100,463 93,810 102,437
Securities received as pledge
32 Overnight and continuing 2,380 2,555 n.a.
33 Term n.a. 0 0
Repurchase agreements
34 Overnight and continuing 666,536 655,676 677,260
35 Term 674,687 673,650 711,067
Securities loaned
36 Overnight and continuing 11,753 12,875 10,235
37 Term 5,776 6,122 5,942
Securities pledged
38 Overnight and continuing 48,945 48,533 45,650
39 Term 5,896 7,712 10,700
Collateralized loans
40 Total 18,388 18,177 17,891
1999, week ending
Item Mar. 31 Apr. 7 Apr. 14
NET OUTRIGHT POSITIONS(3)
By type of security
1 US Treasury bills 34,834 33,128 33,463
Coupon securities, by maturity
2 Five years or less -16,536 -14,410 -9,854
3 More than five years -8,447 -6,437 -4,872
4 Inflation-indexed 1,487 2,527 2,473
Federal agency
5 Discount notes 16,659 22,169 29,505
Coupon securities, by maturity
6 One year or less 2,243 2,007 3,072
7 More than one year, but less than
or equal to five years 3,925 1,622 4,589
8 More than five years 3,275 3,518 6,643
9 Mortgage-backed 13,010 11,138 14,753
NET FUTURES POSITIONS(4)
By type of deliverable security
10 US Treasury bills 0 n.a. n.a.
Coupon securities, by maturity
11 Five years or less -873 -1,380 -1,732
12 More than five years -12,639 -17,065 -19,412
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 US Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -1,153 -652 -564
21 More than five years -1,687 -275 895
22 Inflation-indexed n.a. n.a. n.a.
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years 0 0 0
na
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 7,006 5,929 5,544
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 259,744 247,637 251,660
29 Term 718,837 761,966 793,952
Securities borrowed
30 Overnight and continuing 212,933 215,288 211,883
31 Term 91,031 92,377 99,873
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and continuing 619,756 651,616 689,099
35 Term 628,532 653,537 686,115
Securities loaned
36 Overnight and continuing 16,310 10,950 10,208
37 Term n.a. 6,283 5,609
Securities pledged
38 Overnight and continuing 46,655 46,507 45,624
39 Term 9,434 9,340 10,223
Collateralized loans
40 Total 17,018 17,043 20,663
1999, week ending
Item Apr. 21 Apr. 28 May 5
NET OUTRIGHT POSITIONS(3)
By type of security
1 US Treasury bills 21,008 14,921 9,624
Coupon securities, by maturity
2 Five years or less -14,757 -13,916 -29,701
3 More than five years -5,400 -3,023 -6,844
4 Inflation-indexed 2,763 2,774 2,387
Federal agency
5 Discount notes 25,230 21,266 21,224
Coupon securities, by maturity
6 One year or less 2,545 2,537 2,499
7 More than one year, but less than
or equal to five years 4,917 4,233 6,094
8 More than five years 5,864 7,954 8,035
9 Mortgage-backed 11,968 12,971 15,220
NET FUTURES POSITIONS(4)
By type of deliverable security
10 US Treasury bills n.a. n.a. n.a.
Coupon securities, by maturity
11 Five years or less 754 1,305 5,086
12 More than five years -17,518 -17,761 -9,980
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 US Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -1,427 -1,799 -2,154
21 More than five years 494 -1,979 -2,916
22 Inflation-indexed n.a. n.a. n.a.
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less than
or equal to five years 0 0 0
26 More than five years n.a. n.a. n.a
27 Mortgage-backed 5,353 5,340 6,111
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 272,375 231,231 263,907
29 Term 828,632 872,872 873,473
Securities borrowed
30 Overnight and continuing 211,372 209,490 215,477
31 Term 106,626 109,011 108,953
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term 0 0 0
Repurchase agreements
34 Overnight and continuing 705,273 665,561 668,484
35 Term 724,626 765,896 760,392
Securities loaned
36 Overnight and continuing 10,040 9,660 10,528
37 Term 5,593 6,205 6,218
Securities pledged
38 Overnight and continuing 45,781 44,223 47,273
39 Term 11,720 11,336 11,337
Collateralized loans
40 Total 20,663 13,709 16,191
1999, week ending
Item May 12 May 19
NET OUTRIGHT POSITIONS(3)
By type of security
1 US Treasury bills 6,876 3,577
Coupon securities, by maturity
2 Five years or less -33,182 -40,279
3 More than five years -8,983 -16,296
4 Inflation-indexed 2,328 2,831
Federal agency
5 Discount notes 22,962 16,900
Coupon securities, by maturity
6 One year or less 2,205 2,710
7 More than one year, but less than
or equal to five years 6,971 6,352
8 More than five years 6,619 6,651
9 Mortgage-backed 16,619 18,292
NET FUTURES POSITIONS(4)
By type of deliverable security
10 US Treasury bills n.a. n.a.
Coupon securities, by maturity
11 Five years or less 7,304 8,167
12 More than five years -6,700 -3,142
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 US Treasury bills 0 0
Coupon securities, by maturity
20 Five years or less 76 290
21 More than five years -3,188 -1,342
22 Inflation-indexed n.a. n.a.
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 7,523 9,901
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 248,483 288,115
29 Term 921,739 721,626
Securities borrowed
30 Overnight and continuing 215,997 231,322
31 Term 107,395 91,045
Securities received as pledge
32 Overnight and continuing n.a. 2,901
33 Term 0 0
Repurchase agreements
34 Overnight and continuing 663,131 676,072
35 Term 790,734 614,627
Securities loaned
36 Overnight and continuing 10,874 10,736
37 Term 6,628 6,680
Securities pledged
38 Overnight and continuing 46,479 48,287
39 Term 10,700 7,603
Collateralized loans
40 Total 16,256 12,988
(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 1,447 552
5 Federal Housing 97 84 102
Administration(4)
6 Government National Mortgage
Association certificates of
participation(5) na n.a. n.a.
7 Postal Service6 5,765 n.a. n.a.
8 Tennessee Valley Authority 29,429 27,853 27,786
9 United States Railway na 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 119,961 156,980 169,200
Corporation
13 Federal National Mortgage 299,174 331,270 369,774
Association
14 Farm Credit Banks 57,379 60,053 63,517
15 Student Loan Marketing 47,529 44,763 37,717
Association(9)
16 Financing Corporation(l0) 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
Corporation1(2)
MEMO
19 Federal Financing Bank debt(3) 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 na n.a. n.a.
Association
23 Tennessee Valley Authority 3,200 n.a. n.a.
24 United States Railway na 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
Agency 1998 1998
Nov. Dec.
1 Federal and federally 1,296,477 1,255,412 1,296,477
sponsored agencies
2 Federal agencies 26,502 26,315 26,502
3 Defense Department(1) 6 6 6
4 Export Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing 205 205 205
Administration(4)
6 Government National n.a. n.a. n.a.
Mortgage Association
certificates of
participation(5)
7 Postal Service6 n.a. n.a. n.a.
8 Tennessee Valley Authority 26,496 26,309 26,496
9 United States Railway n.a. n.a. n.a.
Association(6)
10 Federally sponsored
agencies(7) 1,269,975 1,229,097 1,269,975
11 Federal Home Loan Banks 382,131 373,755 382,131
12 Federal Home Loan Mortgage 287,396 267,890 287,396
Corporation
13 Federal National Mortgage 460,291 446,377 460,291
Association
14 Farm Credit Banks 63,488 66,086 63,488
15 Student Loan Marketing 35,399 33,928 35,399
Association(9)
16 Financing Corporation(l0) 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
Corporation1(2)
MEMO
19 Federal Financing Bank
debt(3) 44,129 44,824 44,129
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 9,500 9,500
26 Rural Electrification 14,091 14,199 14,091
Administration
27 Other 20,538 21,125 20,538
1999
Agency Jan. Feb. Mar.
1 Federal and federally n.a. n.a. n.a.
sponsored agencies
2 Federal agencies 26,355 26,180 26,243
3 Defense Department(1) 6 6 6
4 Export Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing 70 69 80
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 26,349 26,174 26,237
9 United States Railway n.a. n.a. n.a.
Association(6)
10 Federally sponsored agencies(7) n.a. n.a. n.a.
11 Federal Home Loan Banks 383,572 383,769 402,364
12 Federal Home Loan Mortgage 300,927 299,171 299,196
Corporation
13 Federal National Mortgage 461,157 471,300 475,418
Association
14 Farm Credit Banks 61,292 66,622 66,529
15 Student Loan Marketing 36,385 36,464 36,762
Association(9)
16 Financing Corporation(l0) 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
Corporation1(2)
MEMO
19 Federal Financing Bank debt(3) 43,803 43,151 41,454
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 9,090 8,715
26 Rural Electrification 14,101 14,100 13,980
Administration
27 Other 20,202 19,961 18,759
(1.) Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners assistance programs. (2.) Includes participation certificates reclassified as debt beginning Oct. 1, 1976. (3.) On-budget since Sept. 30, 1976. (4.) Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. (5.) Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration, the Department of Health, Education, and Welfare, the Department of Housing and Urban Development, the Small Business Administration, and the Veterans Administration. (6.) Off-budget. (7.) Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation, therefore details do not sum to total. Some data are estimated. (8.) Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. (9.) Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. (10.) The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. (11.) The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. (12.) The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. (13.) The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. (14.) Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars
Type of issue or issuer, 1996 1997 1998
or use
1 All issues, new and refunding(1) 171,222 214,694 262,342
By type of issue
2 General obligation 60,409 69,934 87,015
3 Revenue 110,813 134,989 175,327
By type of issuer
4 State 13,651 18,237 23,506
5 Special district or statutory
authority(2) 113,228 134,919 178,421
6 Municipality, county, or township 44,343 70,558 60,173
7 Issues for new capital 112,298 135,519 160,568
By use of proceeds
8 Education 26,851 31,860 36,904
9 Transportation 12,324 13,951 19,926
10 Utilities and conservation 9,791 12,219 21,037
11 Social welfare 24,583 27,794 n.a.
12 Industrial aid 6,287 6,667 8,594
13 Other purposes 32,462 35,095 42,450
Type of issue or issuer, 1998
or use Oct. Nov. Dec.
1 All issues, new and refunding(1) 19,528 19,325 24,288
By type of issue
2 General obligation 6,791 5,433 8,632
3 Revenue 12,737 13,892 15,656
By type of issuer
4 State 1,865 778 2,561
5 Special district or statutory
authority(2) 12,924 13,473 15,937
6 Municipality, county, or township 4,739 5,073 5,790
7 Issues for new capital 12,736 12,452 14,517
By use of proceeds
8 Education 2,605 2,353 2,766
9 Transportation 1,598 806 1,800
10 Utilities and conservation 2,785 2,225 984
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 471 638 1,376
13 Other purposes 3,359 3,242 4,477
Type of issue or issuer, 1999
or use Jan. Feb. Mar.
1 All issues, new and refunding(1) 16,926 16,233 24,323
By type of issue
2 General obligation 6,925 6,786 8,323
3 Revenue 10,001 9,446 16,000
By type of issuer
4 State 318 1,837 1,895
5 Special district or statutory
authority(2) 12,929 11,145 14,604
6 Municipality, county, or township 3,679 3,251 7,825
7 Issues for new capital 11,917 10,674 16,201
By use of proceeds
8 Education 2,936 3,751 3,537
9 Transportation 1,706 628 1,640
10 Utilities and conservation 672 394 2,839
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 452 343 1,084
13 Other purposes 4,439 3,207 3,918
Type of issue or issuer, 1999
or use Apr. May
1 All issues, new and refunding(1) 15,758 16,234
By type of issue
2 General obligation 6,443 5,294
3 Revenue 9,315 10,941
By type of issuer
4 State 907 1,220
5 Special district or statutory
authority(2) 10,010 11,279
6 Municipality, county, or township 4,841 3,735
7 Issues for new capital 10,474 12,149
By use of proceeds
8 Education 2,734 2,795
9 Transportation 1,107 1,791
10 Utilities and conservation 1,372 603
11 Social welfare n.a. n.a.
12 Industrial aid 618 1,058
13 Other purposes 2,592 3,760
(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 US Corporations Millions of dollars
Type of issue, offering, 1996 1997 1998
or issuer
1 All issues(1) 773,110 929,256 1,127,721
2 Bonds(2) 651,104 811,376 1,000,966
By type of offering
3 Sold in the United States 567,671 708,188 923,001
4 Sold abroad 83,433 103,188 77,965
MEMO
5 Private placements, domestic 43,688 54,990 37,845
By industry group
6 Nonfinancial 167,904 222,603 308,157
7 Financial 483,200 588,773 692,809
8 Stocks(3) 122,006 117,880 126,755
By type of offering
9 Public 122,006 117,880 126,755
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 80,460 60,386 74,113
12 Financial 41,546 57,494 52,642
Type of issue, offering, 1998
or issuer Sept. Oct. Nov. Dec.
1 All issues(1) 88,764 70,287 111,762 81,326
2 Bonds(2) 84,124 61,632 102,860 72,656
By type of offering
3 Sold in the United States 81,507 54,795 95,106 69,395
4 Sold abroad 2,618 6,837 7,754 3,261
MEMO
5 Private placements, domestic 4,122 2,428 2,878 3,874
By industry group
6 Nonfinancial 10,738 14,426 32,124 25,008
7 Financial 73,386 47,206 70,736 47,648
8 Stocks(3) 4,640 8,655 8,902 8,670
By type of offering
9 Public 4,640 8,655 8,902 8,670
10 Private placement(4) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 2,266 5,879 6,145 7,559
12 Financial 2,374 2,776 2,757 1,111
Type of issue, offering, 1999
or issuer Jan. Feb. Mar.(r) Apr.
1 All issues(1) 93,665 103,175 126,161 84,398
2 Bonds(2) 86,529 92,885 116,440 75,409
By type of offering
3 Sold in the United States 76,511 82,871 101,024 63,575
4 Sold abroad 10,018 10,014 15,416 10,834
MEMO
5 Private placements, domestic 684 648 1,224 n.a.
By industry group
6 Nonfinancial 21,193 23,131 39,818 30,676
7 Financial 65,336 69,754 76,623 44,733
8 Stocks(3) 7,136 10,290 9,721 8,989
By type of offering
9 Public 7,136 10,290 9,721 8,989
10 Private placement(4) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 3,701 8,911 8,534 7,494
12 Financial 3,435 1,379 1,187 1,495
(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.) Monthly data are not available. SOURCE. Beginning July 1993, Securities Data Company and the Board of Governors of the Federal Reserve System. 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1) Millions of dollars
Item 1997 1998 1998
Oct.
1 Sales of own shares(2) 1,190,900 1,461,430 116,471
2 Redemptions of own shares 918,728 1,217,022 108,838
3 Net sales(3) 272,172 244,408 7,633
4 Assets(4) 3,409,315 4,173,531 3,804,591
5 Cash(5) 174,154 191,393 210,026
6 Other 3,235,161 3,982,138 3,594,565
Item 1998 1999
Nov. Dec. Jan.
1 Sales of own shares(2) 112,627 140,700 161,889
2 Redemptions of own shares 89,702 134,289 135,713
3 Net sales(3) 22,925 6,412 26,176
4 Assets(4) 4,002,089 4,173,531 4,298,071
5 Cash(5) 207,422 191,393 203,470
6 Other 3,794,667 3,982,138 4,094,601
Item 1999
Feb. Mar. Apr.(r)
1 Sales of own shares(2) 132,199 164,290 166,324
2 Redemptions of own shares 128,125 146,479 139,035
3 Net sales(3) 4,074 17,811 27,288
4 Assets(4) 4,180,115 4,328,150 4,505,237
5 Cash(5) 198,134 198,741 211,243
6 Other 3,981,982 4,129,409 4,293,994
1999
Item May
1 Sales of own shares(2) 140,519
2 Redemptions of own shares 126,339
3 Net sales(3) 14,180
4 Assets(4) 4,442,861
5 Cash(5) 210,937
6 Other 4,231,924
(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 US Treasury securities and other short-term debt securities. SOURCE. Investment Company Institute Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission Data reflect underwritings of newly formed companies after their initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data at seasonally adjusted annual rates
Account 1996 1997 1998
1 Profits with inventory valuation and
capital consumption adjustment 750.4 817.9 824.6
2 Profits before taxes 680.2 734.4 717.8
3 Profits-tax liability 226.1 246.1 240.1
4 Profits after taxes 454.1 488.3 477.7
5 Dividends 261.9 275.1 279.2
6 Undistributed profits 192.3 213.2 198.5
7 Inventory valuation -1.2 6.9 14.5
8 Capital consumption adjustment 71.4 76.6 92.3
Account 1997
Q2 Q3 Q4
1 Profits with inventory valuation and
capital consumption adjustment 815.5 840.9 820.8
2 Profits before taxes 729.8 758.9 736.4
3 Profits-tax liability 241.9 254.2 249.3
4 Profits after taxes 487.8 504.7 487.1
5 Dividends 274.7 275.1 276.4
6 Undistributed profits 213.2 229.5 210.6
7 Inventory valuation 10.3 4.8 4.3
8 Capital consumption adjustment 75.5 77.2 80.1
Account 1998
Q1 Q2 Q3
1 Profits with inventory valuation and
capital consumption adjustment 829.2 820.6 827.0
2 Profits before taxes 719.1 723.5 720.5
3 Profits-tax liability 239.9 241.6 243.2
4 Profits after taxes 479.2 481.8 477.3
5 Dividends 277.3 278.1 27.9
6 Undistributed profits 201.8 203.7 198.3
7 Inventory valuation 25.3 7.8 11.7
8 Capital consumption adjustment 84.9 89.4 94.8
Account 1998 1999
Q4 Q1(r)
1 Profits with inventory valuation and
capital consumption adjustment 821.7 868.8
2 Profits before taxes 708.1 752.6
3 Profits-tax liability 235.6 250.7
4 Profits after taxes 472.5 501.9
5 Dividends 282.3 285.6
6 Undistributed profits 190.2 216.4
7 Inventory valuation 13.4 11.6
8 Capital consumption adjustment 100.2 104.6
SOURCE. U.S. Department of Commerce, Survey of Current Business. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1) Billions of dollars, end of period; not seasonally adjusted
Account 1996 1997 1998(r)
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 91.0 979.5
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
Account 1997 1998
Q3 Q4 Q1 Q2
ASSETS
1 Accounts receivable, gross(2) 660.5 663.3 667.2 676.0
2 Consumer 254.5 256.8 251.7 251.3
3 Business 319.5 318.5 325.9 334.9
4 Real estate 86.4 87.9 89.6 89.9
5 LESS: Reserves for unearned
income 54.6 52.7 52.1 53.2
6 Reserves for losses 12.7 13.0 13.1 13.2
7 Accounts receivable, net 593.1 597.6 601.9 609.6
8 All other 289.1 312.4 329.7 340.1
9 Total assets 882.3 910.0 931.6 949.7
LIABILITIES AND CAPITAL
10 Bank loans 20.4 24.1 22.0 22.3
11 Commercial paper 189.6 201.5 211.7 225.9
Debt
12 Owed to parent 61.6 64.7 64.6 60.0
13 Not elsewhere classified 322.8 328.8 338.2 348.7
14 All other liabilities 190.1 189.6 193.1 188.9
15 Capital, surplus, and undivided
profits 97.9 101.3 102.1 103.9
16 Total liabilities and capital 882.3 910.0 931.6 949.7
Account 1998 1999
Q3 Q4(r) Q1(r)
ASSETS
1 Accounts receivable, gross(2) 687.6 711.7 732.4
2 Consumer 25.4 261.8 261.7
3 Business 335.1 347.5 361.7
4 Real estate 98.5 102.3 109.0
5 LESS: Reserves for unearned
income 52.4 56.3 52.8
6 Reserves for losses 13.2 13.8 13.3
7 Accounts receivable, net 62.2 641.6 666.2
8 All other 313.7 337.9 363.9
9 Total assets 935.7 979.5 1030.1
LIABILITIES AND CAPITAL
10 Bank loans 24.9 26.3 24.8
11 Commercial paper 226.9 231.5 222.9
Debt
12 Owed to parent 58.3 61.8 64.6
13 Not elsewhere classified 337.6 339.7 366.4
14 All other liabilities 185.4 203.2 220.1
15 Capital, surplus, and undivided
profits 103.6 117.0 131.4
16 Total liabilities and capital 936.6 979.5 1030.1
(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 Receivable(1) Billions of dollars, amounts outstanding
Type of credit 1996 1997 1998
Seasonally adjusted
1 Total 761.9 809.8 874.9
2 Consumer 307.7 327.7 352.5
3 Real estate 111.9 121.1 131.4
4 Business 342.4 361.0 391.0
Not seasonally adjusted
5 Total 769.7 818.1 884.0
6 Consumer 310.6 330.9 356.1
7 Motor vehicles loans 86.7 87.0 103.1
8 Motor vehicle leases 92.5 96.8 93.3
9 Revolving(2) 32.5 38.6 32.3
10 Other(3) 33.2 34.4 33.1
Securitized assets(4)
11 Motor vehicle loans 36.8 44.3 54.8
12 Motor vehicle leases 8.7 10.8 12.7
13 Revolving .0 .0 8.7
14 Other 20.1 19.0 18.1
15 Real estate 111.9 121.1 131.4
16 One- to four-family 52.1 59.0 75.7
17 Other 30.5 28.9 26.6
Securitized real estate assets(4)
18 One- to four-family 28.9 33.0 29.0
19 Other .4 .2 .1
20 Business 347.2 366.1 396.5
21 Motor vehicles 67.1 63.5 79.6
22 Retail loans 25.1 25.6 28.1
23 Wholesale loans(5) 33.0 27.7 32.8
24 Leases 9.0 10.2 18.7
25 Equipment 194.8 203.9 198.0
26 Loans 59.9 51.5 50.4
26 Leases 134.9 152.3 147.6
28 Other business receivables(6) 47.6 51.1 69.9
Securitized assets(4)
29 Motor vehicles 24.0 33.0 29.2
30 Retail loans 2.7 2.4 2.6
31 Wholesale loans 21.3 30.5 24.7
32 Leases .0 .0 1.9
33 Equipment 11.3 10.7 13.0
34 Loans 4.7 4.2 6.6
35 Leases 6.6 6.5 6.4
36 Other business receivable(6) 2.4 4.0 6.8
Type of credit 1998 1999
Nov. Dec. Jan.
Seasonally adjusted
1 Total 871.1 874.9 88.2(r)
2 Consumer 352.1 352.5 356.5(r)
3 Real estate 134.3 131.4 135.7
4 Business 384.7 391.0 396.0
Not seasonally adjusted
5 Total 872.8 884.0 888.4(r)
6 Consumer 352.2 356.1 355.8(r)
7 Motor vehicles loans 99.0 103.1 102.8
8 Motor vehicle leases 94.4 93.3 93.9
9 Revolving(2) 33.1 32.3 32.1(r)
10 Other(3) 34.6 33.1 32.1
Securitized assets(4)
11 Motor vehicle loans 53.4 54.8 56.0
12 Motor vehicle leases 14.2 12.7 12.5
13 Revolving 5.3 8.7 8.6
14 Other 18.4 18.1 17.9
15 Real estate 134.3 131.4 135.7
16 One- to four-family 74.1 75.7 80.1
17 Other 30.7 26.6 26.9
Securitized real estate assets(4)
18 One- to four-family 29.4 29.0 28.6
19 Other .1 .1 .1
20 Business 386.3 396.5 396.9
21 Motor vehicles 70.9 79.6 79.1
22 Retail loans 29.4 28.1 28.4
23 Wholesale loans(5) 30.3 32.8 31.9
24 Leases 11.2 18.7 18.9
25 Equipment 21.2 198.0 197.6
26 Loans 47.8 50.4 49.7
26 Leases 164.2 147.6 147.8
28 Other business receivables(6) 60.4 69.9 72.5
Securitized assets(4)
29 Motor vehicles 25.8 29.2 28.2
30 Retail loans 2.4 2.6 2.5
31 Wholesale loans 23.4 24.7 23.8
32 Leases .0 1.9 1.9
33 Equipment 11.8 13.0 12.7
34 Loans 5.4 6.6 6.3
35 Leases 6.4 6.4 6.4
36 Other business receivable(6) 5.3 6.8 6.8
Type of credit 1999
Feb. Mar. Apr.
Seasonally adjusted
1 Total 898.4(r) 911.3(r) 918.5
2 Consumer 360.7(r) 363.4(r) 363.3
3 Real estate 135.7 137.5(r) 141.2
4 Business 402.0 410.4(r) 414.1
Not seasonally adjusted
5 Total 897.8(r) 911.9(r) 918.5
6 Consumer 357.4(r) 359.7(r) 361.0
7 Motor vehicles loans 105.0 104.7 106.8
8 Motor vehicle leases 94.5 93.9 94.8
9 Revolving(2) 31.5(r) 31.2(r) 31.5
10 Other(3) 32.5 32.0 32.0
Securitized assets(4)
11 Motor vehicle loans 54.9 59.0 57.8
12 Motor vehicle leases 12.3 12.0 11.8
13 Revolving 8.7 9.1(r) 8.8
14 Other 18.1 17.8 17.6
15 Real estate 135.7 137.5(r) 141.2
16 One- to four-family 80.3 77.7 81.7
17 Other 27.1 31.6 31.6
Securitized real estate assets(4)
18 One- to four-family 28.3 28.0 27.6
19 Other .1 .3 .3
20 Business 404.6 414.8(r) 416.3
21 Motor vehicles 82.1 84.8(r) 86.2
22 Retail loans 28.9 30.0 30.7
23 Wholesale loans(5) 34.3 36.0 36.5
24 Leases 18.9 18.8(r) 18.9
25 Equipment 200.7 202.3(r) 203.1
26 Loans 51.0 51.6 52.0
26 Leases 149.8 150.7(r) 151.0
28 Other business receivables(6) 73.3 75.7(r) 75.8
Securitized assets(4)
29 Motor vehicles 28.8 31.0 30.5
30 Retail loans 2.4 2.4 2.4
31 Wholesale loans 24.6 26.6 26.2
32 Leases 1.9 1.9 1.9
33 Equipment 12.9 12.8 12.5
34 Loans 6.2 6.1 5.8
35 Leases 6.7 6.7 6.6
36 Other business receivable(6) 6.8 8.2 8.3
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 G20 G20 - Group of 20 (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, México, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, United States and European Union) (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 carded on the balance sheets of the loan originator. (5.) Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. (6.) Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers.
1.53 MORTGAGE MARKETS Mortgages on New Homes
Millions of dollars except as noted
Item 1996 1997 1998
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 182.4 180.1 195.2
2 Amount of loan (thousands of
dollars) 139.2 140.3 151.1
3 Loan-to-price ratio (percent) 78.2 80.4 8.0
4 Maturity (years) 27.2 28.2 28.4
5 Fees and charges (percent of loan
amount)(2) 12.1 10.2 8.9
Yield (percent per year)
6 Contract rate(1) 75.6 75.7 69.5
7 Effective rate(1,3) 77.7 77.3 70.8
8 Contract rate (HUD series)(4) 80.3 77.6 70.0
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)(5) 81.9 78.9 70.4
10 GNMA securities(6) 74.8 72.6 64.3
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 287,052 316,678 414,515
12 FHA/VA insured 30,592 31,925 33,770
13 Conventional 256,460 284,753 380,745
14 Mortgage transactions purchased
(during period) 68,618 70,465 188,448
Mortgage commitments (during period)
15 Issued(7) 65,859 69,965 193,795
16 To sell(8) 130 1,298 1,880
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)8
17 Total 137,755 164,421 255,010
18 FHA/VA insured 220 177 785
19 Conventional 137,535 164,244 254,225
Mortgage transactions (during period)
20 Purchases 125,103 117,401 267,402
21 Sales 119,702 114,258 250,565
22 Mortgage commitments contracted
(during period)(9) 128,995 120,089 281,899
Item 1998 1999
Nov. Dec. Jan.
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 192.1 206.0 202.3
2 Amount of loan (thousands of
dollars) 148.1 159.0 153.3
3 Loan-to-price ratio (percent) 79.5 79.4 7.8
4 Maturity (years) 28.3 28.7 28.4
5 Fees and charges (percent of loan
amount)(2) 7.6 9.8 10.1
Yield (percent per year)
6 Contract rate(1) 66.8 68.0 68.1
7 Effective rate(1,3) 68.0 69.4 69.6
8 Contract rate (HUD series)(4) 68.4 68.3 68.0
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)(5) 70.2 70.6 70.8
10 GNMA securities(6) 62.5 61.8 61.8
Activity in second
market
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 399,804 414,515 418,323
12 FHA/VA insured 33,420 33,770 33,483
13 Conventional 366,384 380,745 384,840
14 Mortgage transactions purchased
(during period) 23,557 26,222 14,005
Mortgage commitments (during period)
15 Issued(7) 17,994 16,803 20,754
16 To sell(8) 0 434 0
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)8
17 Total 242,270 255,010 257,062
18 FHA/VA insured 602 785 387
19 Conventional 241,668 254,225 256,675
Mortgage transactions (during period)
20 Purchases 23,986 34,299 27,680
21 Sales 22,660 28,024 31,430
22 Mortgage commitments contracted
(during period)(9) 28,903 29,703 23,900
Item 1999
Feb. Mar.
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 204.1 211.0
2 Amount of loan (thousands of
dollars) 155.4 162.9
3 Loan-to-price ratio (percent) 78.2 79.4
4 Maturity (years) 28.7 28.8
5 Fees and charges (percent of loan
amount)(2) 9.2 8.2
Yield (percent per year)
6 Contract rate(1) 67.8 67.4
7 Effective rate(1,3) 69.2 68.6
8 Contract rate (HUD series)(4) 70.2 70.3
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)(5) 7.1 70.7
10 GNMA securities(6) 64.2 65.8
Activity in second
market
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 431,836 440,139
12 FHA/VA insured 34,000 34,870
13 Conventional 397,836 405,269
14 Mortgage transactions purchased
(during period) 22,029 16,923
Mortgage commitments (during period)
15 Issued(7) 26,509 16,891
16 To sell(8) 0 266
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)8
17 Total 262,921 277,624
18 FHA/VA insured 755 754(r)
19 Conventional 262,166 276,870(r)
Mortgage transactions (during period)
20 Purchases 25,225 29,921
21 Sales 24,231 28,740
22 Mortgage commitments contracted
(during period)(9) 24,829 32,546
Item 1999
Apr. May
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 209.4 207.5
2 Amount of loan (thousands of
dollars) 162.4 161.6
3 Loan-to-price ratio (percent) 79.5 79.8
4 Maturity (years) 28.9 28.7
5 Fees and charges (percent of loan
amount)(2) 7.7 6.9
Yield (percent per year)
6 Contract rate(1) 67.4 67.8
7 Effective rate(1,3) 68.5 68.9
8 Contract rate (HUD series)(4) 69.3 71.7
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)(5) 70.8 75.8
10 GNMA securities(6) 6.5 67.9
Activity in second
market
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total 446,025 464,530
12 FHA/VA insured 36,158 38,938
13 Conventional 409,867 425,592
14 Mortgage transactions purchased
(during period) 14,225 25,640
Mortgage commitments (during period)
15 Issued(7) 20,192 12,517
16 To sell(8) 75 178
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period)8
17 Total 284,006 285,881
18 FHA/VA insured 750 1,610
19 Conventional 282,393 284,271
Mortgage transactions (during period)
20 Purchases 26,473 22,503
21 Sales 25,464 21,972
22 Mortgage commitments contracted
(during period)(9) 24,050 20,052
(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 US Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. (5.) Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market Based on transactions on first day of subsequent month. (6.) Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. (7.) Does not include standby commitments issued, but includes standby commitments converted. (8.) Includes participation loans as well as whole loans. (9.) Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for FNMA exclude swap activity.
1.54 MORTGAGE DEBT OUTSTANDING(1)
Millions of dollars, end of period
Type of holder and property 1995 1996
1 All holders 4,604,408(r) 4,898,791(r)
By type of property
2 One- to four-family residences 3,510,749(r) 3,726,748(r)
3 Multifamily residences 277,001(r) 294,396(r)
4 Nonfarm, nonresidential 732,097(r) 790,513(r)
5 Farm 84,561 87,134
By type of holder
6 Major financial institutions 1,900,089 1,981,885
7 Commercial banks(2) 1,090,189 1,145,389
8 One- to four-family 646,545(r) 677,603(r)
9 Multifamily 42,521(r) 45,451(r)
10 Nonfarm, nonresidential 377,293(r) 397,452(r)
11 Farm 23,830 24,883
12 Savings institutions(3) 596,763 628,335
13 One- to four-family 482,353 513,712
14 Multifamily 61,987 61,570
15 Nonfarm, nonresidential 52,135 52,723
16 Farm 288 331
17 Life insurance companies 213,137 208,161
18 One- to four-family 8,890 6,977
19 Multifamily 28,714 30,750
20 Nonfarm, nonresidential 165,876 160,314
21 Farm 9,657 10,120
22 Federal and related agencies 308,757 295,192
23 Government National Mortgage 2 2
Association
24 One- to four-family 2 2
25 Multifamily 0 0
26 Farmers Home Administration(4) 41,791 41,596
27 One- to four-family 17,705 17,303
28 Multifamily 11,617 11,685
29 Nonfarm, nonresidential 6,248 7
30 Farm 6,221 5,768
31 Federal Housing and Veterans' 9,809 6,244
Administrations
32 One- to four-family 5,180 3,524
33 Multifamily 4,629 2,719
34 Resolution Trust Corporation 1,864 0
35 One- to four-family 691 0
36 Multifamily 647 0
37 Nonfarm, nonresidential 525 0
38 Farm 0 0
39 Federal Deposit Insurance 4,303 2,431
Corporation
40 One- to four-family 492 365
41 Multifamily 428 413
42 Nonfarm, nonresidential 3,383 1,653
43 Farm 0 0
44 Federal National Mortgage 178,807 168,813
Association
45 One- to four-family 163,648 155,008
46 Multifamily 15,159 13,805
47 Federal Land Banks 28,428 29,602
48 One- to four-family 1,673 1,742
49 Farm 26,755 27,860
50 Federal Home Loan Mortgage 43,753 46,504
Corporation
51 One- to four-family 39,901 41,758
52 Multifamily 3,852 4,746
53 Mortgage pools or trusts(5) 1,863,210 2,064,882
54 Government National Mortgage 472,283 506,340
Association
55 One- to four-family 461,438 494,158
56 Multifamily 10,845 12,182
57 Federal Home Loan Mortgage 515,051 554,260
Corporation
58 One- to four-family 512,238 551,513
59 Multifamily 2,813 2,747
60 Federal National Mortgage 582,959 650,780
Association
61 One- to four-family 569,724 633,210
62 Multifamily 13,235 17,570
63 Farmers Home Administration(4) 11 3
64 One- to four-family 2 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 5 0
67 Farm 4 3
68 Private mortgage conduits 292,906 353,499
69 One- to four-family(6) 227,800 261,900
70 Multifamily 15,584 21,967
71 Nonfarm, nonresidential 49,522 69,633
72 Farm 0 0
73 Individuals and others(7) 532,353(r) 556,832(r)
74 One- to four-family 372,468(r) 367,973(r)
75 Multifamily 64,969(r) 68,791(r)
76 Nonfarm, nonresidential 77,109(r) 101,898(r)
77 Farm 17,806 18
Type of holder and property 1997 1998
Q1
1 All holders 5,212,899(r) 5,323,116(r)
By type of property
2 One- to four-family residences 3,969,525(r) 4,055,368(r)
3 Multifamily residences 308,794(r) 314,636(r)
4 Nonfarm, nonresidential 844,281(r) 861,819(r)
5 Farm 90 91,291(r)
By type of holder
6 Major financial institutions 2,083,978 2,114,077(r)
7 Commercial banks(2) 1,245,315 1,270,586(r)
8 One- to four-family 745,510(r) 764,656(r)
9 Multifamily 49,670(r) 51,007(r)
10 Nonfarm, nonresidential 423,148(r) 427,465(r)
11 Farm 26,986 27,458
12 Savings institutions(3) 631,822 637,012
13 One- to four-family 520,672 527,036
14 Multifamily 59,543 59,074
15 Nonfarm, nonresidential 51,252 50,532
16 Farm 354 369
17 Life insurance companies 206,841 206,479(r)
18 One- to four-family 7,187 6,979(r)
19 Multifamily 30,402 30,394(r)
20 Nonfarm, nonresidential 158,780 158,493(r)
21 Farm 10 10,613(r)
22 Federal and related agencies 286,167 286,877
23 Government National Mortgage 8 8
Association
24 One- to four-family 8 8
25 Multifamily 0 0
26 Farmers Home Administration(4) 41,195 40,972
27 One- to four-family 17,253 17,160
28 Multifamily 11,720 11,714
29 Nonfarm, nonresidential 7,370 7,369
30 Farm 4,852 4,729
31 Federal Housing and Veterans' 3,821 3,694
Administrations
32 One- to four-family 1,767 1,641
33 Multifamily 2,054 2,053
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 724 786
Corporation
40 One- to four-family 109 118
41 Multifamily 123 134
42 Nonfarm, nonresidential 492 534
43 Farm 0 0
44 Federal National Mortgage 161,308 160,048
Association
45 One- to four-family 149,831 149,254
46 Multifamily 11,477 10,794
47 Federal Land Banks 30,657 31,005
48 One- to four-family 1,804 1,824
49 Farm 28,853 29,181
50 Federal Home Loan Mortgage 48,454 50,364
Corporation
51 One- to four-family 42,629 44,440
52 Multifamily 5,825 5,924
53 Mortgage pools or trusts(5) 2,272,953(r) 2,330,799(r)
54 Government National Mortgage 536,810 533,011
Association
55 One- to four-family 523,156 519,152
56 Multifamily 13,654 13,859
57 Federal Home Loan Mortgage 579,385 583,144
Corporation
58 One- to four-family 576,846 580,715
59 Multifamily 2,539 2,429
60 Federal National Mortgage 709,582 730,832
Association
61 One- to four-family 687,981 708,125
62 Multifamily 21,601 22,707
63 Farmers Home Administration(4) 2 2
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 2
68 Private mortgage conduits 447,173(r) 483,810(r)
69 One- to four-family(6) 318,000 336,824
70 Multifamily 29,218(r) 33,432(r)
71 Nonfarm, nonresidential 99,955 113,554(r)
72 Farm 0 0
73 Individuals and others(7) 569.802(r) 591,363(r)
74 One- to four-family 376,773(r) 397,437(r)
75 Multifamily 70,966(r) 71,116(r)
76 Nonfarm, nonresidential 103,284(r) 103,871(r)
77 Farm 18,779 18,939(r)
Type of holder and property 1998
Q2 Q3
1 All holders 5,434,606(r) 5,568,971(r)
By type of property
2 One- to four-family residences 4,135,647(r) 4,238,430(r)
3 Multifamily residences 321,223(r) 327,661(r)
4 Nonfarm, nonresidential 884,814(r) 908,635(r)
5 Farm 92.923(r) 94,244(r)
By type of holder
6 Major financial institutions 2.121,531(r) 2,136,776(r)
7 Commercial banks(2) 1,281,440(r) 1,295,173(r)
8 One- to four-family 770,438(r) 770,489(r)
9 Multifamily 51,449(r) 52,443(r)
10 Nonfarm, nonresidential 431.234(r) 443,553(r)
11 Farm 28,319 28,688
12 Savings institutions(3) 632,359 634,244
13 One- to four-family 522,088 525,842
14 Multifamily 58,908 56,706
15 Nonfarm, nonresidential 50,978 51,297
16 Farm 386 399
17 Life insurance companies 207,732(r) 207,359(r)
18 One- to four-family 6,814(r) 6,594(r)
19 Multifamily 30,618(r) 30,565(r)
20 Nonfarm, nonresidential 159,456(r) 159,189(r)
21 Farm 10,844(r) 11,011(r)
22 Federal and related agencies 287,161 287,125
23 Government National Mortgage 8 7
Association
24 One- to four-family 8 7
25 Multifamily 0 0
26 Farmers Home Administration(4) 40,921 40,907
27 One- to four-family 17,059 17,025
28 Multifamily 11,722 11,736
29 Nonfarm, nonresidential 7,497 7,566
30 Farm 4,644 4,579
31 Federal Housing and Veterans' 3,631 3,405
Administrations
32 One- to four-family 1,610 1,550
33 Multifamily 2,021 1,855
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance 564 482
Corporation
40 One- to four-family 85 72
41 Multifamily 96 82
42 Nonfarm, nonresidential 384 328
43 Farm 0 0
44 Federal National Mortgage 159,816 159,104
Association
45 One- to four-family 149,383 149,069
46 Multifamily 10,433 10,035
47 Federal Land Banks 31,352 32,009
48 One- to four-family 1,845 1,883
49 Farm 29,507 30,126
50 Federal Home Loan Mortgage 50,869 51,211
Corporation
51 One- to four-family 44,597 44,254
52 Multifamily 6,272 6,957
53 Mortgage pools or trusts(5) 2,442,558(r) 2,548,192(r)
54 Government National Mortgage 537,586 541,431
Association
55 One- to four-family 523,243 526,934
56 Multifamily 14,343 14,497
57 Federal Home Loan Mortgage 609,791 635,726
Corporation
58 One- to four-family 607,469 633,124
59 Multifamily 2,322 2,602
60 Federal National Mortgage 761,359 798,460
Association
61 One- to four-family 737,631 770,979
62 Multifamily 23,728 27,481
63 Farmers Home Administration(4) 2 2
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 2
68 Private mortgage conduits 533,820(r) 572,573(r)
69 One- to four-family(6) 364,316 391,736
70 Multifamily 38,098(r) 40,895(r)
71 Nonfarm, nonresidential 131,406(r) 139,942(r)
72 Farm 0 0
73 Individuals and others(7) 583,357(r) 596,877(r)
74 One- to four-family 389,063(r) 398,871(r)
75 Multifamily 71,213(r) 71,806(r)
76 Nonfarm, nonresidential 103,860(r) 106,761(r)
77 Farm 19,221(r) 19,440(r)
Type of holder and property 1998 1999
Q4 Q1(p)
1 All holders 5,723,504(r) 5,860,041
By type of property
2 One- to four-family residences 4,343,358(r) 4,441,804
3 Multifamily residences 337,736(r) 347,448
4 Nonfarm, nonresidential 946.096(r) 973,710
5 Farm 96,315(r) 97,080
By type of holder
6 Major financial institutions 2,194,959(r) 2,198,641
7 Commercial banks(2) 1,337,545(r) 1,337,140
8 One- to four-family 797,746(r) 783,291
9 Multifamily 53,123(r) 56,430
10 Nonfarm, nonresidential 457,642(r) 467,907
11 Farm 29,034 29,512
12 Savings institutions(3) 643,773 646,202
13 One- to four-family 533,680 534,490
14 Multifamily 56,806 56,761
15 Nonfarm, nonresidential 52,871 54,516
16 Farm 417 435
17 Life insurance companies 213,640(r) 215,299
18 One- to four-family 6,590(r) 6,631
19 Multifamily 31,522(r) 31,004
20 Nonfarm, nonresidential 1 64,004(r) 166,060
21 Farm 11,524(r) 11,604
22 Federal and related agencies 292,636(r) 288,312
23 Government National Mortgage 7 7
Association
24 One- to four-family 7 7
25 Multifamily 0 0
26 Farmers Home Administration(4) 40,851 40,691
27 One- to four-family 16,895 16,777
28 Multifamily 11,739 11,731
29 Nonfarm, nonresidential 7,705 7,769
30 Farm 4,513 4,413
31 Federal Housing and Veterans' 3,674(r) 3,675
Administrations
32 One- to four-family 1,849(r) 1,850
33 Multifamily 1,825(r) 1,825
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance 361 315
Corporation
40 One- to four-family 54 47
41 Multifamily 61 54
42 Nonfarm, nonresidential 245 214
43 Farm 0 0
44 Federal National Mortgage 157,675 157,185
Association
45 One- to four-family 147,594 147,063
46 Multifamily 10,081 10,122
47 Federal Land Banks 32,983(r) 33,128
48 One- to four-family 1,941(r) 1,949
49 Farm 31,042(r) 31,179
50 Federal Home Loan Mortgage 57,085 53,312
Corporation
51 One- to four-family 49,106 44,139
52 Multifamily 7,979 9,173
53 Mortgage pools or trusts(5) 2,632,893(r) 2,761,941
54 Government National Mortgage 537,431 542,409
Association
55 One- to four-family 522,483 527,461
56 Multifamily 14,948 14,948
57 Federal Home Loan Mortgage 646,459 687,179
Corporation
58 One- to four-family 643,465 684,240
59 Multifamily 2,994 2,939
60 Federal National Mortgage 834,518 881,815
Association
61 One- to four-family 804,205 849,513
62 Multifamily 30,313 32,302
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 614,484(r) 650,537
69 One- to four-family(6) 410,900 430,653
70 Multifamily 44,654(r) 48,403
71 Nonfarm, nonresidential 158,930(r) 171,482
72 Farm 0 0
73 Individuals and others(7) 603,017(r) 611,147
74 One- to four-family 406,843(r) 413,692
75 Multifamily 71,691(r) 71,756
76 Nonfarm, nonresidential 104,699(r) 105,763
77 Farm 19,784(r) 19,937
(1.) Multifamily debt refers to loans on structures of five or more units. (2.) Includes loans held by nondeposit trust companies but not loans held by bank trust departments. (3.) Includes savings banks and savings and loan associations, (4.) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (5.) Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. (6.) Includes securitized home equity loans. (7.) Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources.
1.55 CONSUMER CREDIT(1)
Millions of dollars, amounts outstanding, end of period
Holder and type of credit 1996 1997 1998
Seasonally adjusted
1 Total 1,181,913 1,233,099 1,299,207
2 Automobile 392,321 413,369 447,013
3 Revolving 499,486 531,140 560,515
4 Other (2) 290,105 288,590 291,680
Not seasonally adjusted
5 Total 1,211,590 1,264,103 1,331,742
By major holder
6 Commercial banks 526,769 512,563 508,932
7 Finance companies 152,391 160,022 168,491
8 Credit unions 144,148 152,362 155,406
9 Savings institutions 44,711 47,172 51,611
10 Nonfinancial
business(3) 77,745 78,927 74,877
11 Pools of securitized
assets(4) 2,658,261 313,057 372,425
By major type of
credit(5)
12 Automobile 395,609 416,962 450,968
13 Commercial banks 157,047 155,254 158,072
14 Finance companies 86,690 87,015 103,094
15 Pools of securitized
assets(4) 51,719 64,950 72,955
16 Revolving 522,860 555,858 586,528
17 Commercial banks 228,615 219,826 210,346
18 Finance companies 32,493 38,608 32,309
19 Nonfinancial
business(3) 44,901 44,966 39,166
20 Pools of securitized
assets(4) 188,712 221,465 272,327
21 Other 293,121 291,283 294,246
22 Commercial banks 141,107 137,483 140,514
23 Finance companies 33,208 34,399 33,088
24 Nonfinancial
business(3) 32,844 33,961 35,711
25 Pools of securitized 25,395 26,642 27,143
assets(4)
Holder and type of credit 1998 1999
Nov. Dec. Jan.(r)
Seasonally adjusted
1 Total 1,296,630 1,299,207 1,315,755
2 Automobile 442,430 447,013 454,723
3 Revolving 556,535 560,515 565,928
4 Other (2) 297,665 291,680 295,104
Not seasonally adjusted
5 Total 1,304,499 1,331,742 1,324,528
By major holder
6 Commercial banks 498,838 508,932 508,635
7 Finance companies 166,622 168,491 166,979
8 Credit unions 155,221 155,406 155,726
9 Savings institutions 51,625 51,611 52,283
10 Nonfinancial
business(3) 66,615 74,877 70,947
11 Pools of securitized
assets(4) 365,578 372,425 369,958
By major type of
credit(5)
12 Automobile 446,566 450,968 452,805
13 Commercial banks 157,126 158,072 160,273
14 Finance companies 98,954 103,094 102,822
15 Pools of securitized
assets(4) 72,582 72,955 73,232
16 Revolving 559,211 586,528 574,901
17 Commercial banks 196,923 210,346 204,774
18 Finance companies 33,056 32,309 32,088
19 Nonfinancial
business(3) 33,756 39,166 36,401
20 Pools of securitized
assets(4) 265,311 272,327 269,918
21 Other 298,722 294,246 296,822
22 Commercial banks 144,789 140,514 143,588
23 Finance companies 34,612 33,088 32,069
24 Nonfinancial
business(3) 32,859 35,711 34,546
25 Pools of securitized 27,685 27,143 26,808
assets(4)
Holder and type of credit 1999
Feb.(r) Mar.(r) Apr.
Seasonally adjusted
1 Total 1,325,731 1,330,768 1,334,509
2 Automobile 460,340 465,670 467,924
3 Revolving 567,537 567,056 570,289
4 Other (2) 297,854 298,043 296,296
Not seasonally adjusted
5 Total 1,318,872 1,318,611 1,323,067
By major holder
6 Commercial banks 500,429 494,039 495,556
7 Finance companies 169,013 167,815 170,275
8 Credit unions 155,203 155,110 157,485
9 Savings institutions 52,953 53,623 54,294
10 Nonfinancial
business(3) 67,948 67,138 67,113
11 Pools of securitized
assets(4) 373,326 380,886 378,344
By major type of
credit(5)
12 Automobile 455,199 460,889 462,063
13 Commercial banks 159,922 160,231 160,768
14 Finance companies 104,987 104,652 104,836
15 Pools of securitized
assets(4) 73,232 77,829 74,989
16 Revolving 567,549 561,542 563,775
17 Commercial banks 197,623 190,028 191,179
18 Finance companies 31,544 31,197 31,457
19 Nonfinancial
business(3) 34,337 33,754 33,726
20 Pools of securitized
assets(4) 272,444 275,296 276,044
21 Other 296,124 296,180 297,229
22 Commercial banks 142,884 143,780 143,609
23 Finance companies 32,482 31,966 31,982
24 Nonfinancial
business(3) 33,611 33,384 33,387
25 Pools of securitized 27,650 27,761 27,311
assets(4)
(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover. (2.) Comprises mobile home loans and all other loans that are not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. (3.) Includes retailers and gasoline companies. (4.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. (5.) Totals include estimates for certain holders for which only consumer credit totals are available.
1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
Item 1996 1997 1998
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.05 9.02 8.72
2 24-month personal 13.54 13.90 13.74
Credit card plan
3 All accounts 15.63 15.77 15.71
4 Accounts assessed interest 15.50 15.57 15.59
Auto finance companies
5 New car 9.84 7.12 6.30
6 Used car 13.53 13.27 12.64
OTHER TERMS(3)
Maturity (months)
7 New car 51.6 54.1 52.1
8 Used car 51.4 51.0 53.5
Loan-to-value ratio
9 New car 91 92 92
10 Used car 100 99 99
Amount financed (dollars)
11 New car 16,987 18,077 19,083
12 Used car 12,182 12,281 12,691
Item 1998
Oct. Nov. Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.62 n.a.
2 24-month personal n.a. 13.75 n.a.
Credit card plan
3 All accounts n.a. 15.69 n.a.
4 Accounts assessed interest n.a. 15.54 n.a.
Auto finance companies
5 New car 6.33 6.79 6.43
6 Used car 12.58 12.41 12.31
OTHER TERMS(3)
Maturity (months)
7 New car 53.1 52.8 52.2
8 Used car 54.2 54.3 54.2
Loan-to-value ratio
9 New car 92 91 91
10 Used car 100 100 100
Amount financed (dollars)
11 New car 19,199 19,590 19,734
12 Used car 12,914 13,112 13,202
Item 1999
Jan. Feb. Mar. Apr.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.34 n.a. n.a.
2 24-month personal n.a. 13.41 n.a. n.a.
Credit card plan
3 All accounts n.a. 15.41 n.a. n.a.
4 Accounts assessed interest n.a. 14.73 n.a. n.a.
Auto finance companies
5 New car 6.22 6.43 6.31 6.52
6 Used car 11.81 12.08 12.09 12.17
OTHER TERMS(3)
Maturity (months)
7 New car 52.1 53.4 53.0 52.8
8 Used car 56.0 55.9 56.0 56.0
Loan-to-value ratio
9 New car 92 92 91 92
10 Used car 99 99 99 99
Amount financed (dollars)
11 New car 19,628 19,304 19,339 19,435
12 Used car 13,497 13,604 13,653 13,647
(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. [TABULAR DATA 1.57 NOT REPRODUCIBLE IN ASCII] 1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1) Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector 1993 1994 1995
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit 950.8 1,030.2 1,227.6
markets
2 Domestic nonfederal 38.3 238.1 -99.1
nonfinancial sectors
3 Household -2.3 274.9 -3.7
4 Nonfinancial corporate 9.1 17.7 -8.8
business
5 Nonfarm noncorporate -1.1 .6 4.7
business
6 State and local governments 32.6 -55.0 -91.4
7 Federal government -18.4 -27.5 .2
8 Rest of the world 129.3 132.3 273.9
9 Financial sectors 801.6 687.1 1,053.0
10 Monetary authority 36.2 31.5 12.7
11 Commercial banking 142.2 163.4 265.9
12 U.S.-chartered banks 149.6 148.1 186.5
13 Foreign banking offices in -9.8 11.2 75.4
United States
14 Bank holding companies .0 .9 .3
15 Banks in U.S.-affiliated 2.4 3.3 4.2
areas
16 Savings institutions -23.3 6.7 -7.6
17 Credit unions 21.7 28.1 16.2
18 Bank personal trusts and 9.5 7.1 -8.3
estates
19 Life insurance companies 100.4 72.0 100.0
20 Other insurance companies 277.0 249.0 215.0
21 Private pension funds 50.2 46.1 56.0
22 State and local government 22.7 22.3 27.5
retirement funds
23 Money market mutual funds 20.4 30.0 86.5
24 Mutual funds 159.5 -7.1 52.5
25 Closed-end funds 20.0 -3.7 10.5
26 Government-sponsored 87.8 117.8 86.7
enterprises
27 Federally related mortgage 84.7 115.4 98.2
pools
28 Asset-backed securities 82.8 69.4 120.6
issuers (ABSs)
29 Finance companies -20.9 48.3 49.9
30 Mortgage companies .0 -24.0 -3.4
31 Real estate investment .6 4.7 .8
trusts (REITs)
32 Brokers and dealers 14.8 -44.2 90.1
33 Funding corporations -35.1 -16.2 -23.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit 950.8 1,030.2 1,227.6
markets
Other financial sources
35 Official foreign exchange .8 -5.8 8.8
36 Special drawing rights .0 .0 2.2
certificates
37 Treasury currency .4 .7 .6
38 Foreign deposits -18.5 52.9 35.3
39 Net interbank transactions 50.5 89.8 9.9
40 Checkable deposits and 117.3 -9.7 -12.7
currency
41 Small time and savings -70.3 -39.9 96.6
deposits
42 Large time deposits -23.5 19.6 65.6
43 Money market fund shares 20.2 43.3 142.3
44 Security repurchase 71.3 78.2 110.5
agreements
45 Corporate equities 137.7 24.6 -3.1
46 Mutual fund shares 292.0 100.6 147.4
47 Trade payables 52.2 94.0 101.5
48 Security credit 61.4 .1 26.7
49 Life insurance reserves 37.1 35.5 45.8
50 Pension fund reserves 267.4 259.6 229.2
51 Taxes payable 11.4 2.6 6.2
trusts .9 17.8 4.0
52 Investment in bank personal
trusts
53 Noncorporate proprietors' 24.1 53.6 60.3
equity
54 Miscellaneous 345.3 241.3 455.6
55 Total financial sources 2,328.5 2,088.8 2,760.3
Liabilities not identified
as assets (-)
56 Treasury currency -.2 .2 .5
57 Foreign deposits -5.7 43.0 25.1
58 Net interbank liabilities 4.2 -2.7 -3.1
59 Security repurchase 46.4 69.4 17.5
agreements
60 Taxes payable 15.8 16.6 21.1
61 Miscellaneous -163.5 -192.8 -229.6
Floats not included in
assets (-)
62 Federal government checkable -1.5 -4.8 -6.0
deposits
63 Other checkable deposits -1.3 -2.8 -3.8
64 Trade credit -4.0 1.5 -11.7
65 Total identified to sectors 2,438.1 2,161.7 2,951.3
as assets
Transaction category or sector 1996 1997 1997
Q3
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit
markets 1,327.3 1,431.5 1,508.4
2 Domestic nonfederal
nonfinancial sectors -30.0 -125.9 -175.5
3 Household
4 Nonfinancial corporate 3.8 -128.2 -152.9
business 4.2 2.7 18.6
5 Nonfarm noncorporate
business -4.3 .6 .6
6 State and local governments
7 Federal government -33.7 .1 -40.7
8 Rest of the world -7.7 4.9 3.3
9 Financial sectors 417.3 310.1 402.9
10 Monetary authority 947.8 1,242.4 1,277.6
11 Commercial banking 12.3 38.3 22.9
12 U.S.-chartered banks 187.5 324.3 226.2
13 Foreign banking offices in 119.6 274.9 220.7
United States 63.3 40.2 4.6
14 Bank holding companies
15 Banks in U.S.-affiliated 3.9 5.4 -5.0
areas .7 3.7 5.8
16 Savings institutions
17 Credit unions 19.9 -4.7 -35.3
18 Bank personal trusts and 25.5 16.8 13.6
estates -7.7 7.6 7.3
19 Life insurance companies
20 Other insurance companies 69.6 94.3 92.9
21 Private pension funds 22.5 25.2 32.0
22 State and local government 52.3 65.5 64.6
retirement funds 45.9 36.6 79.1
23 Money market mutual funds 88.8 87.5 121.5
24 Mutual funds 48.9 80.9 108.0
25 Closed-end funds 4.7 -3.4 -3.4
26 Government-sponsored 84.2 94.3 55.6
enterprises
27 Federally related mortgage 141.1 114.4 114.6
pools
28 Asset-backed securities 123.6 162.3 162.4
issuers (ABSs)
29 Finance companies 18.4 21.9 68.3
30 Mortgage companies 8.2 -9.1 82.9
31 Real estate investment .3 9.1 6.6
trusts (REITs)
32 Brokers and dealers -15.7 14.9 18.0
33 Funding corporations 13.5 54.8 30.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit 1,327.3 1,431.5 1,508.4
markets
Other financial sources
35 Official foreign exchange -6.3 .7 2.4
36 Special drawing rights .5 .5 .0
certificates
37 Treasury currency .1 .0 1.3
38 Foreign deposits 85.9 107.4 116.1
39 Net interbank transactions -51.6 -19.7 -25.0
40 Checkable deposits and 15.8 41.5 -38.4
currency
41 Small time and savings 97.2 97.1 47.0
deposits
42 Large time deposits 114.0 122.5 188.4
43 Money market fund shares 145.8 157.6 226.2
44 Security repurchase 41.4 120.9 115.5
agreements
45 Corporate equities -8.7 -78.8 -60.5
46 Mutual fund shares 237.6 265.1 299.9
47 Trade payables 83.4 100.4 137.9
48 Security credit 52.4 111.0 91.1
49 Life insurance reserves 44.5 54.3 63.9
50 Pension fund reserves 244.3 307.6 338.1
51 Taxes payable 16.0 16.8 30.7
trusts -8.6 75.0 80.8
52 Investment in bank personal
trusts
53 Noncorporate proprietors' .1 6.7 15.0
equity
54 Miscellaneous 521.5 590.1 722.7
55 Total financial sources 2951.9 3507.3 3861.5
Liabilities not identified
as assets (-)
56 Treasury currency .9 .6 .7
57 Foreign deposits 59.6 107.4 93.7
58 Net interbank liabilities -3.3 -19.9 -50.0
59 Security repurchase .5 65.3 23.9
agreements
60 Taxes payable 20.4 18.8 15.2
61 Miscellaneous -50.2 -235.3 -54.9
Floats not included in
assets (-)
62 Federal government checkable .5 -2.7 10.0
deposits
63 Other checkable deposits -4.0 -3.9 -3.0
64 Trade credit -52.6 8.5 66.9
65 Total identified to sectors 2,981.8 3,569.7 3,758.8
as assets
Transaction category or sector 1997 1998
Q4 Q1 Q2
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit 1,870.5 1,906.9 1,983.1
markets
2 Domestic nonfederal 10.5 -236.3 394.3
nonfinancial sectors
3 Household -18.0 -253.2 295.2
4 Nonfinancial corporate -12.8 4.2 -61.0
business
5 Nonfarm noncorporate .6 .0 .0
business
6 State and local governments 42.0 12.8 160.1
7 Federal government 9.0 15.5 12.8
8 Rest of the world 208.7 238.6 314.2
9 Financial sectors 1,642.4 1,889.1 1,261.8
10 Monetary authority 52.9 27.4 7.7
11 Commercial banking 464.9 292.9 136.1
12 U.S.-chartered banks 386.2 260.5 130.5
13 Foreign banking offices in 58.2 11.6 18.1
United States
14 Bank holding companies 19.4 15.3 -17.6
15 Banks in U.S.-affiliated 1.1 5.5 5.1
areas
16 Savings institutions -2.0 10.8 -1.8
17 Credit unions 7.7 16.5 22.7
18 Bank personal trusts and 8.8 2.4 3.1
estates
19 Life insurance companies 34.1 88.4 62.6
20 Other insurance companies 347.0 23.4 -1.5
21 Private pension funds 79.5 74.5 130.1
22 State and local government 9.5 80.7 61.6
retirement funds
23 Money market mutual funds 144.2 172.0 200.1
24 Mutual funds 61.8 146.3 155.7
25 Closed-end funds -3.4 -2.4 -24.0
26 Government-sponsored 158.5 198.9 150.2
enterprises
27 Federally related mortgage 140.3 84.8 247.0
pools
28 Asset-backed securities 320.3 222.7 327.4
issuers (ABSs)
29 Finance companies -21.3 28.7 27.1
30 Mortgage companies -93.6 58.8 -564.0
31 Real estate investment 15.6 11.3 13.1
trusts (REITs)
32 Brokers and dealers 71.7 245.8 -183.1
33 Funding corporations 134.8 90.6 -30.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit 1,870.5 1,906.9 19,831.0
markets
Other financial sources
35 Official foreign exchange 17.5 1.0 8.1
36 Special drawing rights .0 .0 .0
certificates
37 Treasury currency -1.9 .3 0.2
38 Foreign deposits 103.0 -45.3 89.0
39 Net interbank transactions 79.8 -124.8 30.0
40 Checkable deposits and 71.9 65.6 109.3
currency
41 Small time and savings 155.9 154.9 362.0
deposits
42 Large time deposits 70.7 186.2 -16.5
43 Money market fund shares 147.8 248.0 186.4
44 Security repurchase 117.9 259.5 -1,136.0
agreements
45 Corporate equities -103.3 -107.5 -1,159.0
46 Mutual fund shares 261.0 325.2 392.7
47 Trade payables 146.9 63.8 -580.0
48 Security credit 116.8 165.3 1,283.0
49 Life insurance reserves 37.4 49.3 53.3
50 Pension fund reserves 301.1 262.2 265.8
51 Taxes payable .6 8.5 -10.0
trusts 78.4 50.3 57.5
52 Investment in bank personal
trusts
53 Noncorporate proprietors' -43.7 -6.3 -54.0
equity
54 Miscellaneous 386.1 1,164.0 294.2
55 Total financial sources 3,813.3 4,627.1 3,323.7
Liabilities not identified
as assets (-)
56 Treasury currency -2.4 .2 0.3
57 Foreign deposits 147.9 -94.5 144.3
58 Net interbank liabilities -33.0 30.7 11.4
59 Security repurchase 190.8 148.7 -170.5
agreements
60 Taxes payable 11.6 4.4 53.0
61 Miscellaneous -566.5 -62.0 -2,036.0
Floats not included in
assets (-)
62 Federal government checkable
deposits -7.9 7.5 -41.7
63 Other checkable deposits
64 Trade credit -5.0 -4.0 -3.0
46.4 6.6 -148.8
65 Total identified to sectors
as assets 4,031.5 4,589.9 37,306.0
Transaction category or sector 1998 1999
Q3 Q4 Q1
NET LENDING IN CREDIT MARKETS(2)
1 Total net lending in credit 1,871.1 2,349.1 2,224.9
markets
2 Domestic nonfederal 15.4 -326.7 190.5
nonfinancial sectors
3 Household -138.0 -426.0 123.0
4 Nonfinancial corporate 17.4 10.3 31.2
business
5 Nonfarm noncorporate .0 .0 .0
business
6 State and local governments 136.0 89.0 36.2
7 Federal government 13.9 11.8 18.2
8 Rest of the world 58.6 3,918.0 194.4
9 Financial sectors 1,783.3 2,272.2 1,821.8
10 Monetary authority 48.3 .8 71.3
11 Commercial banking 242.7 554.9 52.1
12 U.S.-chartered banks 286.8 570.1 124.5
13 Foreign banking offices in -53.1 -24.2 -61.9
United States
14 Bank holding companies 6.0 -7.4 -6.0
15 Banks in U.S.-affiliated 2.9 16.4 -4.5
areas
16 Savings institutions 34.0 102.1 104.2
17 Credit unions 19.3 17.4 37.0
18 Bank personal trusts and 2.0 3.9 3.1
estates
19 Life insurance companies 70.9 86.6 105.9
20 Other insurance companies -7.7 675.0 207.0
21 Private pension funds 95.6 174.4 60.7
22 State and local government 50.9 48.0 52.1
retirement funds
23 Money market mutual funds 247.5 356.4 239.7
24 Mutual funds 97.7 102.7 84.3
25 Closed-end funds -2.4 -2.0 -2.0
26 Government-sponsored 264.0 430.0 158.4
enterprises
27 Federally related mortgage 267.5 171.2 372.0
pools
28 Asset-backed securities 245.5 311.1 284.7
issuers (ABSs)
29 Finance companies 79.7 72.1 73.3
30 Mortgage companies 4.5 6.0 10.0
31 Real estate investment 2.8 -13.7 -1.4
trusts (REITs)
32 Brokers and dealers 77.0 -209.1 86.1
33 Funding corporations -42.4 19.1 4.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit 1,871.1 2,349.1 2,224.9
markets
Other financial sources
35 Official foreign exchange 11.4 8.6 -17.4
36 Special drawing rights .0 .0 -4.0
certificates
37 Treasury currency 1.7 -2.3 0.0
38 Foreign deposits 87.3 36.8 72.2
39 Net interbank transactions 49.8 -89.7 125.8
40 Checkable deposits and -61.7 80.7 79.8
currency
41 Small time and savings 111.6 309.0 -1.2
deposits
42 Large time deposits 81.5 119.2 -14.2
43 Money market fund shares 400.7 306.6 248.1
44 Security repurchase 228.6 -164.3 255.3
agreements
45 Corporate equities -319.0 -196.7 -96.1
46 Mutual fund shares 152.5 243.5 221.1
47 Trade payables 56.7 -97.1 73.0
48 Security credit 179.6 -39.6 -89.6
49 Life insurance reserves 51.7 59.0 54.7
50 Pension fund reserves 278.8 318.7 280.2
51 Taxes payable 36.0 8.2 12.2
trusts 47.8 67.1 64.1
52 Investment in bank personal
trusts
53 Noncorporate proprietors' -59.9 15.8 19.0
equity
54 Miscellaneous 661.9 975.1 192.5
55 Total financial sources 3,868.2 4,307.7 3,700.2
Liabilities not identified
as assets (-)
56 Treasury currency 1.1 -3.4 -1.2
57 Foreign deposits 73.7 26.5 25.0
58 Net interbank liabilities 19.4 -49.0 54.3
59 Security repurchase 106.0 -3.0 198.9
agreements
60 Taxes payable 26.4 17.3 3.4
61 Miscellaneous -91.8 -72.7 -503.9
Floats not included in
assets (-)
62 Federal government checkable 24.1 20.4 -3.2
deposits
63 Other checkable deposits -3.2 -2.1 -2.0
64 Trade credit -76.4 -49.6 -48.4
65 Total identified to sectors 3,788.8 4,423.2 3,977.3
as assets
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly statistical release, tables F.1 and F.5. For ordering address, see inside front cover. (2.) Excludes corporate equities and mutual fund shares.
1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING(1)
Billions of dollars, end of period
Transaction category or sector 1994 1995 1996
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 13,016.0 13,716.0 14,409.2
By sector and instrument
2 Federal government 3,492.3 3,636.7 3,781.8
3 Treasury securities 3,465.6 3,608.5 3,755.1
4 Budget agency securities
and mortgages 26.7 28.2 26.6
5 Nonfederal 9,523.7 10,079.3 10,627.4
By instrument
6 Commercial paper 139.2 157.4 156.4
7 Municipal securities
and loans 1,341.7 1,293.5 1,296.0
8 Corporate bonds 1,253.0 1,326.3 1,398.8
9 Bank loans n.e.c. 759.9 861.0 923.1
10 Other loans and advances 669.6 736.9 773.2
11 Mortgages 4,376.4 4,581.4 4,868.2
12 Home 3,332.1 3,511.8 3,721.2
13 Multifamily
residential 261.5 269.1 284.3
14 Commercial 699.8 716.0 775.6
15 Farm 83.0 84.6 87.1
16 Consumer credit 983.9 1,122.8 1,211.6
By borrowing sector
17 Household 4,429.1 4,783.0 5,100.2
18 Nonfinancial business 3,972.9 4,226.1 4,463.8
19 Corporate 2,708.9 2,928.6 3,077.7
20 Nonfarm noncorporate 1,121.8 1,152.4 1,236.1
21 Farm 142.2 145.1 149.9
22 State and local
government 1,121.7 1,070.2 1,063.4
23 Foreign credit market debt
held in United States 370.8 441.9 518.8
24 Commercial paper 42.7 56.2 67.5
25 Bonds 242.3 291.9 347.7
26 Bank loans n.e.c. 26.1 34.6 43.7
27 Other loans and advances 59.8 59.3 60.0
28 Total credit market debt
owed by nonfinancial
sectors, domestic and 133,86.9 141,58.0 149,28.0
foreign
Financial sectors
29 Total credit market debt
owed by financial sectors 3,822.2 4,281.3 4,838.6
By instrument
30 Federal government-related 2,172.7 2,376.8 2,608.3
31 Government-sponsored 700.6 806.5 896.9
enterprise securities
32 Mortgage pool securities 1,472.1 1,570.3 1,711.4
33 Loans from U.S.
government .0 .0 .0
34 Private 1,649.5 1,904.5 2,230.4
35 Open market paper 441.6 486.9 579.1
36 Corporate bonds 1,008.8 1,204.7 1,381.5
37 Bank loans n.e.c. 48.9 54.0 74.9
38 Other loans and advances 131.6 135.0 162.9
39 Mortgages 18.7 24.1 31.9
By borrowing sector
40 Commercial banks 94.5 102.6 113.6
41 Bank holding companies 133.6 148.0 150.0
42 Savings institutions 112.4 115.0 140.5
43 Credit unions .5 .4 .4
44 Life insurance companies .6 .5 1.6
45 Government-sponsored
enterprises 700.6 806.5 896.9
46 Federally related mortgage
pools 1,472.1 1,570.3 1,711.4
47 Issuers of asset-backed
securities (ABSs) 570.1 712.5 866.4
48 Brokers and dealers 34.3 29.3 27.3
49 Finance companies 433.7 483.9 529.8
50 Mortgage companies 18.7 19.1 31.5
51 Real estate investment
trusts (REITs) 40.0 44.6 56.5
52 Funding corporations 211.0 248.6 312.7
All sectors
53 Total credit market debt,
domestic and foreign 17,209.1 18,439.3 19,766.6
54 Open market paper 623.5 700.4 803.0
55 U.S. government securities 5,665.0 6,013.6 6,390.0
56 Municipal securities 1,341.7 1,293.5 1,296.0
57 Corporate and foreign
bonds 2,504.0 2,822.9 3,128.1
58 Bank loans n.e.c. 834.9 949.6 1,041.7
59 Other loans and advances 860.9 931.1 996.2
60 Mortgages 4,395.1 4,605.5 4,900.1
61 Consumer credit 983.9 1,122.8 1,211.6
1997
Transaction category or sector 1997
Q3 Q4
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 15,130.2 14,881.7 15,130.2
By sector and instrument
2 Federal government 3,804.9 3,771.2 3,804.9
3 Treasury securities 3,778.3 3,745.1 3,778.3
4 Budget agency securities
and mortgages 26.5 26.1 26.5
5 Nonfederal 11,325.4 11,110.5 11,325.4
By instrument
6 Commercial paper 168.6 176.6 168.6
7 Municipal securities
and loans 1,367.5 1,340.2 1,367.5
8 Corporate bonds 1,489.5 1,470.9 1,489.5
9 Bank loans n.e.c. 1,029.8 994.0 1,029.8
10 Other loans and advances 839.5 802.9 839.0
11 Mortgages 5,166.4 5,099.0 5,166.4
12 Home 3,957.0 3,912.1 3,957.0
13 Multifamily
residential 295.1 290.4 295.1
14 Commercial 824.1 807.0 824.1
15 Farm 90.3 89.6 90.3
16 Consumer credit 1,264.1 1,226.7 1,264.1
By borrowing sector
17 Household 5,429.5 5,333.0 5,429.5
18 Nonfinancial business 4,776.4 4,682.0 4,776.4
19 Corporate 3,306.7 3,235.5 3,306.7
20 Nonfarm noncorporate 1,313.6 1,291.3 1,313.6
21 Farm 156.1 155.2 156.1
22 State and local
government 1,119.5 1,095.5 1,119.5
23 Foreign credit market debt
held in United States 569.6 557.7 569.6
24 Commercial paper 65.1 64.3 65.1
25 Bonds 394.4 386.3 394.4
26 Bank loans n.e.c. 52.1 48.2 52.1
27 Other loans and advances 58.0 58.9 58.0
28 Total credit market debt
owed by nonfinancial
sectors, domestic and 156,99.9 15,439.4 15,699.9
foreign
Financial sectors
29 Total credit market debt
owed by financial sectors 5,457.5 5,214.2 5,457.5
By instrument
30 Federal government-related 2,821.0 2,746.5 2,821.0
31 Government-sponsored 995.3 955.8 995.3
enterprise securities
32 Mortgage pool securities 1,825.8 1,790.7 1,825.8
33 Loans from U.S.
government .0 .0 .0
34 Private 2,636.5 2,467.7 2,636.5
35 Open market paper 745.7 684.7 745.7
36 Corporate bonds 1,557.5 1,477.3 1,557.5
37 Bank loans n.e.c. 88.0 80.9 88.0
38 Other loans and advances 198.5 183.0 198.5
39 Mortgages 46.8 41.8 46.8
By borrowing sector
40 Commercial banks 140.6 130.0 140.6
41 Bank holding companies 168.6 164.0 168.6
42 Savings institutions 160.3 149.8 160.3
43 Credit unions .6 .5 .6
44 Life insurance companies 1.8 1.9 1.8
45 Government-sponsored
enterprises 995.3 955.8 995.3
46 Federally related mortgage
pools 1,825.8 1,790.7 1,825.8
47 Issuers of asset-backed
securities (ABSs) 1,078.2 981.0 1,078.2
48 Brokers and dealers 35.3 33.6 35.3
49 Finance companies 554.5 532.7 554.5
50 Mortgage companies 26.8 31.2 26.8
51 Real estate investment
trusts (REITs) 96.1 79.6 96.1
52 Funding corporations 373.7 363.4 373.7
53 Total credit market debt,
domestic and foreign 21,157.4 20,653.6 21,157.4
All sectors
54 Open market paper 979.4 925.7 979.4
55 U.S. government securities 6,625.9 6,517.7 6,625.9
56 Municipal securities 1,367.5 1,340.2 1,367.5
57 Corporate and foreign
bonds 3,441.5 3,334.5 3,441.5
58 Bank loans n.e.c. 1,169.8 1,123.1 1,169.8
59 Other loans and advances 1,095.9 1,044.9 1,095.9
60 Mortgages 5,213.2 5,140.8 5,213.2
61 Consumer credit 1,264.1 1,226.7 1,264.1
1998
Transaction category or sector
Q1 Q2 Q3
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 15,358.2 15,547.0 15,754.7
By sector and instrument
2 Federal government 3,830.8 3,749.0 3,720.2
3 Treasury securities 3,804.8 3,723.4 3,694.7
4 Budget agency securities
and mortgages 25.9 25.6 25.5
5 Nonfederal 11,527.4 11,798.1 12,034.6
By instrument
6 Commercial paper 193.1 202.5 216.9
7 Municipal securities
and loans 1,397.1 1,429.3 1,439.9
8 Corporate bonds 1,528.8 1,569.0 1,590.8
9 Bank loans n.e.c. 1,032.2 1,086.8 1,109.9
10 Other loans and advances 866.1 873.5 886.1
11 Mortgages 5,274.2 5,380.3 5,504.4
12 Home 4,040.9 4,119.4 4,219.5
13 Multifamily
residential 300.7 306.0 310.0
14 Commercial 841.5 862.3 881.1
15 Farm 91.1 92.6 93.7
16 Consumer credit 1,236.0 1,256.8 1,286.6
By borrowing sector
17 Household 5,487.5 5,608.2 5,738.5
18 Nonfinancial business 4,895.6 5,019.0 5,117.3
19 Corporate 3,402.6 3,496.7 3,569.4
20 Nonfarm noncorporate 1,337.9 1,361.8 1,385.5
21 Farm 155.1 160.6 162.5
22 State and local
government 1,144.3 1,170.8 1,178.8
23 Foreign credit market debt
held in United States 584.1 606.6 600.2
24 Commercial paper 76.7 71.4 74.0
25 Bonds 398.0 424.9 416.0
26 Bank loans n.e.c. 53.4 55.5 56.4
27 Other loans and advances 55.9 54.8 53.8
28 Total credit market debt
owed by nonfinancial
sectors, domestic and 15,942.3 16,153.6 16,355.0
foreign
Financial sectors
29 Total credit market debt
owed by financial sectors 5,685.7 5,937.4 6,206.2
By instrument
30 Federal government-related 2,877.9 2,981.2 3,121.6
31 Government-sponsored 1,030.9 1,072.5 1,146.0
enterprise securities
32 Mortgage pool securities 1,847.0 1,908.7 1,975.6
33 Loans from U.S.
government .0 .0 .0
34 Private 2,807.9 2,956.2 3,084.6
35 Open market paper 804.9 838.9 874.2
36 Corporate bonds 1,640.9 1,738.7 1,786.2
37 Bank loans n.e.c. 106.3 99.0 113.9
38 Other loans and advances 206.6 225.6 246.2
39 Mortgages 49.1 54.1 64.0
By borrowing sector
40 Commercial banks 148.7 159.6 169.6
41 Bank holding companies 181.2 190.5 196.1
42 Savings institutions 162.9 170.7 186.6
43 Credit unions .7 .8 1.0
44 Life insurance companies 1.8 1.6 2.0
45 Government-sponsored
enterprises 1,030.9 1,072.5 1,146.0
46 Federally related mortgage
pools 1,847.0 1,908.7 1,975.6
47 Issuers of asset-backed
securities (ABSs) 1,143.0 1,230.4 1,307.0
48 Brokers and dealers 35.1 40.1 39.4
49 Finance companies 571.9 596.9 589.4
50 Mortgage companies 39.1 27.1 27.6
51 Real estate investment
trusts (REITs) 111.9 128.0 147.8
52 Funding corporations 411.6 410.5 417.9
All sectors
53 Total credit market debt,
domestic and foreign 21,628.0 22,091.0 22,561.1
54 Open market paper 1,074.8 112.7 1,165.1
55 U.S. government securities 6,708.6 6,730.2 6,841.8
56 Municipal securities 1,397.1 1,429.3 1,439.9
57 Corporate and foreign
bonds 3,567.7 3,732.6 3,793.1
58 Bank loans n.e.c. 1,191.9 1,241.3 1,280.3
59 Other loans and advances 1,128.7 1,153.9 1,186.1
60 Mortgages 5,323.2 5,434.3 5,568.3
61 Consumer credit 1,236.0 1,256.8 1,286.6
1998 1999
Transaction category or sector
Q4 Q1
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 16,067.3 16,325.9
By sector and instrument
2 Federal government 3,752.2 3,759.7
3 Treasury securities 3,723.7 3,731.6
4 Budget agency securities
and mortgages 28.5 28.1
5 Nonfederal 12,315.1 12,566.2
By instrument
6 Commercial paper 193.0 223.9
7 Municipal securities
and loans 1,464.3 1,481.6
8 Corporate bonds 1,621.8 1,660.5
9 Bank loans n.e.c. 1,139.2 1,151.5
10 Other loans and advances 914.2 949.7
11 Mortgages 1,650.9 5,780.5
12 Home 4,324.8 4,421.7
13 Multifamily
residential 317.7 325.8
14 Commercial 912.9 936.6
15 Farm 95.5 96.3
16 Consumer credit 1,331.7 1,318.6
By borrowing sector
17 Household 5,902.3 5,987.8
18 Nonfinancial business 5,213.0 5,360.8
19 Corporate 3,638.2 3,762.0
20 Nonfarm noncorporate 1,411.9 1,437.4
21 Farm 162.9 161.3
22 State and local
government 1,199.8 1,217.6
23 Foreign credit market debt
held in United States 600.2 596.2
24 Commercial paper 74.0 77.2
25 Bonds 407.8 408.3
26 Bank loans n.e.c. 58.9 59.1
27 Other loans and advances 52.0 51.5
28 Total credit market debt
owed by nonfinancial
sectors, domestic and 16,658.9 16,922.1
foreign
Financial sectors
29 Total credit market debt
owed by financial sectors 6,526.1 6,821.6
By instrument
30 Federal government-related 3,292.0 3,433.2
31 Government-sponsored 1,273.6 1,321.8
enterprise securities
32 Mortgage pool securities 2,018.4 2,111.4
33 Loans from U.S.
government .0 .0
34 Private 3,234.1 3,388.3
35 Open market paper 906.7 926.4
36 Corporate bonds 1,849.4 1,967.2
37 Bank loans n.e.c. 117.7 118.8
38 Other loans and advances 288.7 299.3
39 Mortgages 71.6 76.6
By borrowing sector
40 Commercial banks 188.6 187.6
41 Bank holding companies 193.5 202.6
42 Savings institutions 212.4 226.9
43 Credit unions 1.1 1.5
44 Life insurance companies 2.5 3.3
45 Government-sponsored
enterprises 1,273.6 1,321.8
46 Federally related mortgage
pools 2,018.4 2,111.4
47 Issuers of asset-backed
securities (ABSs) 1,394.6 1,464.2
48 Brokers and dealers 42.5 34.7
49 Finance companies 597.5 614.1
50 Mortgage companies 28.1 28.9
51 Real estate investment
trusts (REITs) 158.8 165.4
52 Funding corporations 414.4 459.1
All sectors
53 Total credit market debt,
domestic and foreign 23,184.9 23,743.7
54 Open market paper 1,172.6 1,227.6
55 U.S. government securities 7,044.2 7,192.9
56 Municipal securities 1,464.3 1,481.6
57 Corporate and foreign
bonds 3,879.0 4,036.1
58 Bank loans n.e.c. 1,315.7 1,329.4
59 Other loans and advances 1,254.9 1,300.4
60 Mortgages 5,434.3 5,568.3
61 Consumer credit 1,331.7 1,318.6
(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover. 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES(1) Billions of dollars except as noted, end of period
Transaction category or sector 1994 1995 1996
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 17,209.1 18,439.3 19,766.6
2 Domestic nonfederal
nonfinancial sectors 303.1 2890.6 2900.7
3 Household 1,974.3 1,929.3 1,982.7
4 Nonfinancial corporate
business 289.2 280.4 275.2
5 Nonfarm noncorporate
business 37.6 42.3 38.0
6 State and local
governments 729.9 638.6 604.8
7 Federal government 203.4 203.2 195.5
8 Rest of the world 121.6 1530.3 1933.8
9 Financial sectors 1,2758.7 1,3815.2 1,4736.6
10 Monetary authority 368.2 380.8 393.1
11 Commercial banking 3,254.3 3,520.1 3,707.7
12 US-chartered banks 2,869.6 3,056.1 3,175.8
13 Foreign banking offices
in United States 337.1 412.6 475.8
14 Bank holding companies 18.4 18.0 22.0
15 Banks in US-affiliated
areas 29.2 33.4 34.1
16 Savings institutions 920.8 913.3 933.2
17 Credit unions 246.8 263.0 288.5
18 Bank personal trusts and
estates 248.0 239.7 232.0
19 Life insurance companies 1,487.5 1,587.5 1,657.0
20 Other insurance companies 446.4 468.7 491.2
21 Private pension funds 660.9 716.9 769.2
22 State and local government
retirement funds 455.8 483.3 529.2
23 Money market mutual funds 459.0 545.5 634.3
24 Mutual funds 718.8 771.3 820.2
25 Closed-end funds 86.0 96.4 101.1
26 Government-sponsored
enterprises 663.3 750.0 807.9
27 Federally related mortgage
pools 1,472.1 1,570.3 1,711.4
28 Asset-backed securities
issuers (ABSs) 532.8 653.4 777.0
29 Finance companies 476.2 526.2 544.5
30 Mortgage companies 36.5 33.0 41.2
31 Real estate investment
trusts (REITs) 13.3 14.1 13.8
32 Brokers and dealers 93.3 183.4 167.7
33 Funding corporations 107.5 86.3 99.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 1,7209.1 1,8439.3 1,9766.6
Other liabilities
35 Official foreign exchange 53.2 63.7 53.7
36 Special drawing rights
certificates 80.0 10.2 9.7
37 Treasury currency 17.6 18.2 18.3
38 Foreign deposits 373.9 418.8 516.1
39 Net interbank liabilities 280.1 290.7 240.8
40 Checkable deposits and
currency 1,242.0 1,229.3 1,245.1
41 Small time and savings
deposits 2,183.2 2,279.7 2,377.0
42 Large time deposits 411.2 476.9 590.9
43 Money market fund shares 602.9 745.3 891.1
44 Security repurchase
agreements 549.5 660.0 701.5
45 Mutual fund shares 1,477.3 1,852.8 2,342.4
46 Security credit 27.9 305.7 358.1
47 Life insurance reserves 520.3 566.2 610.6
48 Pension fund reserves 5,057.5 5,821.1 6,567.8
49 Trade payables 1,140.6 1,242.2 1,325.6
50 Taxes payable 101.4 107.6 123.6
51 Investment in bank personal
trusts 699.4 803.0 871.7
52 Miscellaneous 5,292.2 5,656.0 6,1442.1
53 Total liabilities 37,498.7 40,986.5 44,754.6
Financial assets not included
in liabilities (+)
54 Gold and special drawing
rights 21.1 22.1 21.4
55 Corporate equities 6,237.9 8,331.3 10,062.4
56 Household equity in
noncorporate business 3,410.5 3,658.3 3,865.2
Liabilities not identified as
assets (-)
57 Treasury currency -5.4 -5.8 -6.7
58 Foreign deposits 325.4 360.2 431.4
59 Net interbank transactions -6.5 -9.0 -10.6
60 Security repurchase
agreements 67.8 85.3 85.9
61 Taxes payable 48.8 62.4 76.7
62 Miscellaneous -1,106.4 -1,460.3 -1,706.6
Floats not included in
assets (-)
63 Federal government
checkable deposits 3.4 3.1 -1.6
64 Other checkable deposits 3.8 34.2 30.1
65 Trade credit -245.9 -257.6 -310.1
66 Total identified to
sectors as assets 48,048.8 41,858.0 60,115.1
Transaction category or sector 1997 1997
Q3 Q4
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 21,157.4 20,653.6 21,157.4
2 Domestic nonfederal
nonfinancial sectors 2,724.8 2,710.6 2,724.8
3 Household 1,804.4 1,814.5 1,804.4
4 Nonfinancial corporate
business 27.8 265.1 278.0
5 Nonfarm noncorporate
business 37.4 37.5 37.4
6 State and local
governments 60.5 593.5 605.0
7 Federal government 200.4 198.2 200.4
8 Rest of the world 2,259.0 2,196.4 2,259.0
9 Financial sectors 15,973.2 15,548.4 15,973.2
10 Monetary authority 431.4 412.7 431.4
11 Commercial banking 4,031.9 3,912.9 4,031.9
12 US-chartered banks 3,450.7 3,351.9 3,450.7
13 Foreign banking offices
in United States 516.1 501.0 516.1
14 Bank holding companies 27.4 22.5 27.4
15 Banks in US-affiliated
areas 37.8 37.5 37.8
16 Savings institutions 928.5 929.0 928.5
17 Credit unions 305.3 303.9 305.3
18 Bank personal trusts and
estates 239.5 237.3 239.5
19 Life insurance companies 1,751.3 1,746.7 1,751.3
20 Other insurance companies 515.3 506.6 515.3
21 Private pension funds 834.7 814.8 834.7
22 State and local government
retirement funds 565.8 562.0 565.8
23 Money market mutual funds 721.9 678.7 721.9
24 Mutual funds 901.1 890.4 901.1
25 Closed-end funds 97.7 98.5 97.7
26 Government-sponsored
enterprises 902.2 862.5 902.2
27 Federally related mortgage
pools 1,825.8 1,790.7 1,825.8
28 Asset-backed securities
issuers (ABSs) 939.3 855.3 939.3
29 Finance companies 566.4 564.4 566.4
30 Mortgage companies 32.1 55.5 32.1
31 Real estate investment
trusts (REITs) 22.9 19.0 22.9
32 Brokers and dealers 182.6 164.7 182.6
33 Funding corporations 149.9 120.9 149.9
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 21,157.4 20,653.6 21,157.4
Other liabilities
35 Official foreign exchange 48.9 46.1 48.9
36 Special drawing rights
certificates 9.2 9.2 9.2
37 Treasury currency 18.3 18.7 18.3
38 Foreign deposits 619.4 597.8 619.4
39 Net interbank liabilities 219.4 18.9 219.4
40 Checkable deposits and
currency 1,286.6 1,234.2 1,286.6
41 Small time and savings
deposits 2,474.1 2,438.8 2,474.1
42 Large time deposits 713.4 696.1 713.4
43 Money market fund shares 1,048.7 1,005.1 1,048.7
44 Security repurchase
agreements 822.4 797.7 822.4
45 Mutual fund shares 2,989.4 2,973.6 2,989.4
46 Security credit 469.1 431.8 469.1
47 Life insurance reserves 665.0 655.6 665.0
48 Pension fund reserves 7680.9 7556.4 7680.9
49 Trade payables 142.6 1362.5 142.6
50 Taxes payable 140.4 143.4 140.4
51 Investment in bank personal
trusts 1,082.8 1,058.9 1,082.8
52 Miscellaneous 6,800.8 6,787.7 6,800.8
53 Total liabilities 49,672.1 48,656.2 49,672.1
Financial assets not included
in liabilities (+)
54 Gold and special drawing
rights 21.1 21.0 21.1
55 Corporate equities 12,776.0 12,649.4 12,776.0
56 Household equity in
noncorporate business 4,214.9 4,142.3 4,214.9
Liabilities not identified as
assets (-)
57 Treasury currency -7.3 -6.7 -7.3
58 Foreign deposits 534.6 501.8 534.6
59 Net interbank transactions -32.2 -22.1 -32.2
60 Security repurchase
agreements 151.2 11.3 151.2
61 Taxes payable 93.5 88.2 93.5
62 Miscellaneous -1,913.0 -1,461.4 1,913.0
Floats not included in
assets (-)
63 Federal government
checkable deposits -8.1 -7.8 -8.1
64 Other checkable deposits 26.2 19.5 26.2
65 Trade credit -312.7 -396.2 -312.7
66 Total identified to
sectors as assets 68,151.9 66,640.6 68,151.9
Transaction category or sector 1998
Q1 Q2 Q3
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 2,162.8 2,209.1 2,2561.1
2 Domestic nonfederal
nonfinancial sectors 2,662.1 2,718.7 2,739.1
3 Household 1,759.6 1,786.8 1,769.5
4 Nonfinancial corporate
business 259.1 245.4 251.2
5 Nonfarm noncorporate
business 37.4 37.4 37.4
6 State and local
governments 60.6 649.1 681.1
7 Federal government 204.3 207.5 210.9
8 Rest of the world 232.4 2401.2 2416.4
9 Financial sectors 16,437.6 16,763.6 17,194.7
10 Monetary authority 433.8 440.3 446.5
11 Commercial banking 4,093.3 4,136.4 4,195.7
12 US-chartered banks 3,505.0 3,543.6 3,616.2
13 Foreign banking offices
in United States 517.9 525.6 510.1
14 Bank holding companies 31.2 26.8 28.3
15 Banks in US-affiliated
areas 39.2 40.4 41.1
16 Savings institutions 931.2 930.8 939.3
17 Credit unions 306.7 315.1 320.5
18 Bank personal trusts and
estates 240.1 240.9 241.4
19 Life insurance companies 1,777.3 1,793.2 1,810.6
20 Other insurance companies 521.1 520.8 518.9
21 Private pension funds 853.4 885.9 909.8
22 State and local government
retirement funds 582.2 600.2 613.1
23 Money market mutual funds 77.5 815.9 869.9
24 Mutual funds 940.0 979.1 1,005.9
25 Closed-end funds 97.1 96.5 95.9
26 Government-sponsored
enterprises 951.4 989.4 1,055.4
27 Federally related mortgage
pools 1,847.0 1,908.7 1,975.6
28 Asset-backed securities
issuers (ABSs) 989.3 1,068.9 1,134.2
29 Finance companies 57.2 57.9 592.7
30 Mortgage companies 46.8 32.7 33.8
31 Real estate investment
trusts (REITs) 25.7 29.0 29.7
32 Brokers and dealers 244.0 198.3 217.5
33 Funding corporations 17.9 173.2 162.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 21,628.0 22,209.1 22,561.1
Other liabilities
35 Official foreign exchange 48.2 50.1 54.5
36 Special drawing rights
certificates 9.2 9.2 9.2
37 Treasury currency 18.4 18.4 18.8
38 Foreign deposits 608.1 630.4 652.2
39 Net interbank liabilities 177.9 189.2 196.5
40 Checkable deposits and
currency 1,259.4 1,321.0 1,282.7
41 Small time and savings
deposits 2,525.2 2,530.8 2,553.5
42 Large time deposits 760.9 754.0 776.5
43 Money market fund shares 1,130.7 1,153.7 1,249.7
44 Security repurchase
agreements 891.0 861.5 919.8
45 Mutual fund shares 3,339.3 3,438.4 3,137.3
46 Security credit 505.3 540.6 579.0
47 Life insurance reserves 677.3 690.6 703.5
48 Pension fund reserves 8,246.8 8,344.4 7,805.4
49 Trade payables 1,409.3 1,400.5 1,414.4
50 Taxes payable 151.2 143.5 154.3
51 Investment in bank personal
trusts 1,179.5 1,204.9 1,118.9
52 Miscellaneous 7,039.7 7,094.8 7,370.9
53 Total liabilities 51,605.3 52,466.9 52,558.3
Financial assets not included
in liabilities (+)
54 Gold and special drawing
rights 21.2 21.0 21.2
55 Corporate equities 14,397.6 14,556.1 12,758.4
56 Household equity in
noncorporate business 4,231.1 4,268.5 4,291.6
Liabilities not identified as
assets (-)
57 Treasury currency -7.4 -7.4 -7.2
58 Foreign deposits 51.1 547.1 565.5
59 Net interbank transactions -21.2 -17.1 -15.4
60 Security repurchase
agreements 191.8 14.4 180.8
61 Taxes payable 89.1 94.7 101.5
62 Miscellaneous -1,895.2 -1,916.3 -1,921.8
Floats not included in
assets (-)
63 Federal government
checkable deposits -10.4 -16.1 -12.0
64 Other checkable deposits 21.4 24.2 15.7
65 Trade credit -36.4 -413.2 -438.8
66 Total identified to
sectors as assets 71,740.0 72,872.7 71,161.2
Transaction category or sector 1999
Q4 Q1
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 2,3184.9 2,374.3
2 Domestic nonfederal
nonfinancial sectors 2,686.4 2,733.4
3 Household 1,673.9 1,727.0
4 Nonfinancial corporate
business 270.7 257.0
5 Nonfarm noncorporate
business 37.4 37.4
6 State and local
governments 704.4 711.2
7 Federal government 213.9 218.2
8 Rest of the world 2509.8 256.3
9 Financial sectors 17,774.8 18,228.1
10 Monetary authority 452.5 46.6
11 Commercial banking 4,337.1 4,340.2
12 US-chartered banks 3,761.3 378.2
13 Foreign banking offices
in United States 504.2 488.1
14 Bank holding companies 26.5 25.0
15 Banks in US-affiliated
areas 45.2 44.1
16 Savings institutions 964.8 99.0
17 Credit unions 324.2 330.3
18 Bank personal trusts and
estates 242.4 243.1
19 Life insurance companies 1,828.4 1,858.5
20 Other insurance companies 535.7 540.0
21 Private pension funds 953.4 968.0
22 State and local government
retirement funds 626.1 635.1
23 Money market mutual funds 965.9 1,036.2
24 Mutual funds 1,026.7 1,049.0
25 Closed-end funds 95.4 94.5
26 Government-sponsored
enterprises 116.3 120.2
27 Federally related mortgage
pools 2,018.4 2,111.4
28 Asset-backed securities
issuers (ABSs) 1,216.0 1,281.2
29 Finance companies 618.4 635.0
30 Mortgage companies 35.3 37.0
31 Real estate investment
trusts (REITs) 26.3 25.0
32 Brokers and dealers 165.2 186.0
33 Funding corporations 160.5 171.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 23,184.9 23,743.0
Other liabilities
35 Official foreign exchange 60.1 53.0
36 Special drawing rights
certificates 9.2 8.2
37 Treasury currency 18.3 18.2
38 Foreign deposits 661.4 679.4
39 Net interbank liabilities 187.6 206.5
40 Checkable deposits and
currency 1,335.1 1,313.2
41 Small time and savings
deposits 2,627.0 2,639.2
42 Large time deposits 806.0 803.4
43 Money market fund shares 1,334.2 1,416.0
44 Security repurchase
agreements 875.0 941.2
45 Mutual fund shares 361.0 3763.2
46 Security credit 577.5 550.2
47 Life insurance reserves 718.3 731.0
48 Pension fund reserves 8724.2 8873.0
49 Trade payables 1417.3 1402.5
50 Taxes payable 153.3 165.5
51 Investment in bank personal
trusts 1,274.2 1,317.0
52 Miscellaneous 7,287.2 7,350.5
53 Total liabilities 54,860.6 55,976.2
Financial assets not included
in liabilities (+)
54 Gold and special drawing
rights 21.6 20.0
55 Corporate equities 15,437.7 15,970.2
56 Household equity in
noncorporate business 4,315.1 4,314.2
Liabilities not identified as
assets (-)
57 Treasury currency -8.0 -8.2
58 Foreign deposits 572.2 578.4
59 Net interbank transactions -27.2 -11.2
60 Security repurchase
agreements 171.5 224.0
61 Taxes payable 103.8 96.5
62 Miscellaneous -2201.6 -2340.2
Floats not included in
assets (-)
63 Federal government
checkable deposits -3.9 -7.2
64 Other checkable deposits 23.1 18.9
65 Trade credit -379.7 -445.4
66 Total identified to
sectors as assets 76,384.8 78,176.5
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly statistical release, tables L.1 and L.5. For ordering address, see inside front cover (2.) Excludes corporate equities and mutual fund shares. 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, and indexes 1992=100, except as noted
Measure 1996 1997 1998
1 Industrial production(1) 119.5 126.8 131.3
Market groupings
2 Products, total 114.4 119.6 123.5
3 Final, total 115.5 121.1 125.4
4 Consumer goods 111.3 114.1 115.2
5 Equipment 122.7 133.9 144.2
6 Intermediate 110.9 115.2 118.0
7 Materials 127.8 138.2 144.0
Industry groupings
8 Manufacturing 121.4 129.7 135.1
9 Capacity utilization,
manufacturing (percent)(2) 81.4 82.0 80.8
10 Construction contracts(3) 130.8(r) 142.8 155.1(r)
11 Nonagricultural employment,
total(4) 117.3 120.3 123.4
12 Goods-producing, total 2.4 2.4 2.3
13 Manufacturing, total 97.4 98.2 98.5
14 Manufacturing,
production workers 98.6 99.6 99.6
15 Service-producing 123.1 126.5 130.1
16 Personal income, total 165.2 174.5 183.3
17 Wages and salary
disbursements 159.8 171.2 182.6
18 Manufacturing 135.7 144.7 151.1
19 Disposable personal
income(5) 164.0 171.7 178.6
20 Retail sales(5) 159.6 166.9 175.1
Prices(6)
21 Consumer (1982-84=100) 156.9 160.5 163.0
22 Producer finished goods
(1982=100) 131.3 131.8 130.7
1998
Measure
Sept. Oct. Nov.
1 Industrial production(1) 131.9 132.4 132.2
Market groupings
2 Products, total 124.1 124.9 124.5
3 Final, total 126.0 126.7 126.1
4 Consumer goods 114.8 115.2 114.8
5 Equipment 146.2 147.5 146.5
6 Intermediate 118.3 119.0 119.3
7 Materials 144.4 144.5 144.6
Industry groupings
8 Manufacturing 135.2 136.1 136.4
9 Capacity utilization,
manufacturing (percent)(2) 80.1 80.3 80.1
10 Construction contracts(3) 154.0(r) 155.0(r) 161.0(r)
11 Nonagricultural employment,
total(4) 123.9 124.1 124.4
12 Goods-producing, total 102.7(r) 102.6(r) 102.5(r)
13 Manufacturing, total 98.6(r) 98.4(r) 98.1(r)
14 Manufacturing,
production workers 99.5(r) 99.2(r) 98.9(r)
15 Service-producing 130.7(r) 131.1(4) 131.4(r)
16 Personal income, total 184.8 185.6 187.2
17 Wages and salary
disbursements 184.6 185.7 186.7
18 Manufacturing 152.1 151.8 151.6
19 Disposable personal
income(5) 179.9 180.7 182.4
20 Retail sales(5) 175.6 177.7 178.9
Prices(6)
21 Consumer (1982-84=100) 163.6 164.0 164.0
22 Producer finished goods
(1982=100) 130.6 131.4 130.9
1998 1999
Measure
Dec. Jan. Feb.(r)
1 Industrial production(1) 132.3 132.3 132.5
Market groupings
2 Products, total 124.4 124.5 124.6
3 Final, total 125.9 125.8 125.9
4 Consumer goods 114.9 [15.2 115.3
5 Equipment 145.6 145.0 145.1
6 Intermediate 119.8 120.3 120.4
7 Materials 145.2 144.9 145.3
Industry groupings
8 Manufacturing 136.7 136.4 136.9
9 Capacity utilization,
manufacturing (percent)(2) 80.0 79.5 79.5
10 Construction contracts(3) 163.0(r) 165.0(r) 157.0
11 Nonagricultural employment,
total(4) 124.8(r) 124.9 125.3
12 Goods-producing, total 102.8(r) 102.6(r) 102.7
13 Manufacturing, total 98.0(r) 97.8(r) 97.6
14 Manufacturing,
production workers 98.8(r) 98.6(r) 98.3
15 Service-producing 131.8 132.1 132.5
16 Personal income, total 187.1 188.2(r) 189.1
17 Wages and salary
disbursements 187.6 189.0 190.2
18 Manufacturing 151.7 152.4 152.8
19 Disposable personal
income(5) 182.1 183.2(r) 183.9
20 Retail sales(5) 180.9 183.3 186.4
Prices(6)
21 Consumer (1982-84=100) 163.9 164.3 164.5
22 Producer finished goods
(1982=100) 131.1 131.4(r) 130.9
1999
Measure
Mar.(r) Apr.(r) May
1 Industrial production(1) 133.3 133.8 134.1
Market groupings
2 Products, total 125.3 125.7 125.8
3 Final, total 126.5 126.9 127.1
4 Consumer goods 115.6 115.9 116.1
5 Equipment 146.1 146.7 146.9
6 Intermediate 121.4 121.8 121.5
7 Materials 146.5 147.1 147.8
Industry groupings
8 Manufacturing 137.5 138.1 138.6
9 Capacity utilization,
manufacturing (percent)(2) 79.5 79.6 79.7
10 Construction contracts(3) 153.0 153.0 151.0
11 Nonagricultural employment,
total(4) 125.4 125.7 125.7
12 Goods-producing, total 102.5 102.5 102.1
13 Manufacturing, total 97.4 97.2 97.0
14 Manufacturing,
production workers 98.2 98.0 97.7
15 Service-producing 132.7 133.1 133.2
16 Personal income, total 189.6 190.7 191.4
17 Wages and salary
disbursements 190.6 191.8 192.8
18 Manufacturing 152.9 153.5 154.4
19 Disposable personal
income(5) 184.6 185.5 186.1
20 Retail sales(5) 186.4 187.1 188.9
Prices(6)
21 Consumer (1982-84=100) 165.0 166.2 166.2
22 Producer finished goods
(1982=100) 131.2 131.8 132.4
(1.) Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data are also available on the Board's web site, http://www.federalreserve.gov/releases/g17. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 1998. The recent annual revision is described in an article in the January 1999 issue of the Bulletin. For a description of the methods of estimating industrial production and capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the references cited therein. For details about the construction of individual industrial production series, see "Industrial Production: 1989 Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. (2.) Ratio of index of production to index of capacity. Based on data from the Federal Reserve, DRI McGraw-Hill, U.S. Department of Commerce, and other sources. (3.) Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Information Systems Company, F.W. Dodge Division. (4.) Based on data from the U.S. Department of Labor, Employment and Earnings. Series covers employees only, excluding personnel in the armed forces. (5.) Based on data from U.S. Department of Commerce, Survey of Current Business. (6.) Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Monthly Labor Review. NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for series mentioned in notes 3 and 6, can also be found in the Survey of Current Business. 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data seasonally adjusted
Category 1996 1997 1998
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 133,943 136,297 137,673
Employment
2 Nonagricultural industries(3) 123,264 126,159 128,085
3 Agriculture 3,443 3,399 3,378
Unemployment
4 Number 7,236 6,739 6,210
5 Rate (percent of civilian 5.40 4.90 4.50
labor force)
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll 119,608 122,690 125,833
employment(4)
7 Manufacturing 18,495 18,657 18,716
8 Mining 580 592 575
9 Contract construction 5,418 5,686 5,965
10 Transportation and public 6,253 6,395 6,551
utilities
11 Trade 28,079 28,659 29,299
12 Finance 6,911 7,091 7,341
13 Service 34,454 36,040 37,525
14 Government 19,419 19,570 19,862
1998(r)
Category
Oct. Nov. Dec.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 138,116 138,193 138,547
Employment
2 Nonagricultural industries(3) 128,300 128,765 129,304
3 Agriculture 3,558 3,348 3,222
Unemployment
4 Number 6,258 6,080 6,021
5 Rate (percent of civilian 4.50 4.40 4.30
labor force)
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll 126,567 126,841 127,186
employment(4)
7 Manufacturing 18,686 18,639 18,611
8 Mining 578 574 570
9 Contract construction 6,042 6,085 6,173
10 Transportation and public 6,657 6,671 6,684
utilities
11 Trade 29,268 29,334 29,426
12 Finance 7,494 7,520 7,542
13 Service 37,929 38,070 38,207
14 Government 19,913 19,948 19,973
1999(r)
Category
Jan. Feb. Mar.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,347 139,271 138,816
Employment
2 Nonagricultural industries(3) 130,097 129,817 129,752
3 Agriculture 3,299 3,328 3,281
Unemployment
4 Number 5,950 6,127 5,783
5 Rate (percent of civilian 4.30 4.40 4.20
labor force)
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll 127,378 127,730 127,813
employment(4)
7 Manufacturing 18,585 18,538 18,503
8 Mining 560 553 550
9 Contract construction 6,170 6,238 6,232
10 Transportation and public 6,708 6,723 6,732
utilities
11 Trade 29,480 29,585 29,558
12 Finance 7,570 7,581 7,595
13 Service 38,313 38,458 38,556
14 Government 19,992 20,054 20,087
1999(r)
Category
Apr. May
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,091 139,019
Employment
2 Nonagricultural industries(3) 129,685 129,929
3 Agriculture 3,384 3,295
Unemployment
4 Number 6,022 5,795
5 Rate (percent of civilian 4.30 4.20
labor force)
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll 128,156 128,167
employment(4)
7 Manufacturing 18,475 18,430
8 Mining 538 531
9 Contract construction 6,276 6,236
10 Transportation and public 6,752 6,765
utilities
11 Trade 29,703 29,717
12 Finance 7,614 7,626
13 Service 38,699 38,770
14 Government 20,099 20,092
(1.) Beginning January 1994, reflects redesign of current population survey and population controls from the 1990 census. (2.) Persons sixteen years of age and older, including Resident Armed Forces. Monthly figures are based on sample data collected during the calendar week that contains the twelfth day; annual data are averages of monthly figures. By definition, seasonality does not exist in population figures. (3.) Includes self-employed, unpaid family, and domestic service workers. (4.) Includes all full- and part-time employees who worked during, or received pay for, the pay period that includes the twelfth day of the month; excludes proprietors, self-employed persons, household and unpaid family workers, and members of the armed forces. Data are adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this time. SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings. [TABULAR DATA 2.12-2.13 NOT REPRODUCIBLE IN ASCII] 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted
1998
Item 1996 1997 1998
July
Private residential real
estate activity (thousands
of units except as noted)
NEW UNITS
1 Permits authorized 1,426 1,441 1,604 1,626
2 One-family 1,070 1,062 1,184 1,191
3 Two-family or more 356 379 421 435
4 Started 1,477 1,474 1,617 1,719
5 One-family 1,161 1,134 1,271 1,306
6 Two-family or more 316 340 346 413
7 Under construction at
end of period(1) 819 834 935 938
8 One-family 584 570 638 642
9 Two-family or more 235 264 297 296
10 Completed 1,406 1,406 1,473 1,549
11 One-family 1,123 1,120 1,158 1,230
12 Two-family or more 283 285 315 319
13 Mobile homes shipped 361 354 372 380
Merchant builder
activity in one-
family units
14 Number sold 757 804 886 883
15 Number for sale at end
of period(1) 326 287 300 283
Price of units sold
(thousands of
dollars)(2)
16 Median 140.0 146.0 152.5 149.9
17 Average 166.4 176.2 181.9 179.8
EXISTING UNITS (one-family)
18 Number sold 4,196 4,381 4,970 5,170
Price of units sold
(thousands of
dollars)(2)
19 Median 115.8 121.8 128.4 131.9
20 Average 141.8 150.5 159.1 164.9
Value of new construction
(millions of dollars)(3)
21 Total put in place 581,813 618,051 654,528 658,673
22 Private 444,743 470,969 508,539 511,514
23 Residential 255,570 265,536 295,586 299,300
24 Nonresidential 189,173 205,433 212,953 212,214
25 Industrial buildings 32,563 31,417 30,340 28,616
26 Commercial buildings 75,722 83,727 88,131 88,310
27 Other buildings 30,637 37,382 38,111 37,406
28 Public utilities and
other 50,252 52,906 56,371 57,882
29 Public 137,070 147,082 145,989 147,159
30 Military 2,639 2,625 2,725 3,325
31 Highway 41,326 45,246 44,742 43,809
32 Conservation and
development 5,926 5,628 5,529 5,475
33 Other 87,179 93,583 92,993 94,550
1998
Item
Aug. Sept. Oct.
Private residential real
estate activity (thousands
of units except as noted)
NEW UNITS
1 Permits authorized 1,670 1,569 1,726
2 One-family 1,202 1,171 1,210
3 Two-family or more 468 398 516
4 Started 1,615 1,576 1,698
5 One-family 1,264 1,251 1,298
6 Two-family or more 351 325 400
7 Under construction at
end of period(1) 939 946 968
8 One-family 644 648 659
9 Two-family or more 295 298 309
10 Completed 1,517 1,459 1,455
11 One-family 1,183 1,184 1,164
12 Two-family or more 334 275 291
13 Mobile homes shipped 368 369 352
Merchant builder
activity in one-
family units
14 Number sold 836 861 903
15 Number for sale at end
of period(1) 285 289 293
Price of units sold
(thousands of
dollars)(2)
16 Median 154.9 155.0 154.5
17 Average 186.5 182.7 182.8
EXISTING UNITS (one-family)
18 Number sold 4,810 4,960 4,940
Price of units sold
(thousands of
dollars)(2)
19 Median 130.8 129.4 128.1
20 Average 162.0 158.9 157.7
Value of new construction
(millions of dollars)(3)
21 Total put in place 663,300 670,133 668,287
22 Private 516,601 521,050 523,642
23 Residential 300,612 304,993 306,264
24 Nonresidential 215,989 216,057 217,378
25 Industrial buildings 32,302 30,300 29,246
26 Commercial buildings 86,243 87,553 90,986
27 Other buildings 38,305 38,309 37,538
28 Public utilities and
other 59,139 59,895 59,608
29 Public 146,699 149,083 144,644
30 Military 3,187 2,325 2,568
31 Highway 44,291 45,719 45,166
32 Conservation and
development 5,442 5,904 5,146
33 Other 93,779 95,135 91,764
1998 1999
Item
Nov. Dec. Jan.
Private residential real
estate activity (thousands
of units except as noted)
NEW UNITS
1 Permits authorized 1,688 1,708 1,778
2 One-family 1,254 1,296 1,275(r)
3 Two-family or more 434 412 503(r)
4 Started 1,654 1,750 1,820
5 One-family 1,375 1,383 1,393
6 Two-family or more 279 367 427
7 Under construction at
end of period(1) 971 999 1,011
8 One-family 667 688 697
9 Two-family or more 304 311 314
10 Completed 1,600 1,440 1,648
11 One-family 1,254 1,150 1,292
12 Two-family or more 346 290 356
13 Mobile homes shipped 389 382 390
Merchant builder
activity in one-
family units
14 Number sold 985 958 908
15 Number for sale at end
of period(1) 292 295 295(r)
Price of units sold
(thousands of
dollars)(2)
16 Median 151.0 152.5 152.5
17 Average 178.6 183.3 182.8(r)
EXISTING UNITS (one-family)
18 Number sold 5,020 5,340 5,060
Price of units sold
(thousands of
dollars)(2)
19 Median 129.4 128.5 130.3
20 Average 159.9 159.6 162.8
Value of new construction
(millions of dollars)(3)
21 Total put in place 670,996 679,428 691,050
22 Private 525,453 531,004 537,969
23 Residential 307,259 311,529 317,630
24 Nonresidential 218,194 219,475 220,339
25 Industrial buildings 30,011 28,971 28,659
26 Commercial buildings 93,644 96,033 94,365
27 Other buildings 37,793 39,149 38,380
28 Public utilities and
other 56,746 55,322 58,935
29 Public 145,544 148,425 153,080
30 Military 2,502 2,608 2,060
31 Highway 43,721 44,269 50,434
32 Conservation and
development 5,643 5,539 5,859
33 Other 93,678 96,009 94,727
1999
Item
Feb.(r) Mar.(r) Apr.
Private residential real
estate activity (thousands
of units except as noted)
NEW UNITS
1 Permits authorized 1,738 1,654 1,572
2 One-family 1,306 1,242 1,214
3 Two-family or more 432 412 358
4 Started 1,752 1,746 1,576
5 One-family 1,380 1,394 1,249
6 Two-family or more 372 352 327
7 Under construction at
end of period(1) 1 032 1,035 1,027
8 One-family 712 715 707
9 Two-family or more 320 320 320
10 Completed 1,528 1,699 1,647
11 One-family 1,246 1,362 1,339
12 Two-family or more 282 337 308
13 Mobile homes shipped 381 383 368
Merchant builder
activity in one-
family units
14 Number sold 909 880 936
15 Number for sale at end
of period(1) 297 301 301
Price of units sold
(thousands of
dollars)(2)
16 Median 159.9 154.8 159.0
17 Average 191.4 187.9 189.1
EXISTING UNITS (one-family)
18 Number sold 5,140 5,420 5,250
Price of units sold
(thousands of
dollars)(2)
19 Median 128.1 129.6 130.7
20 Average 159.6 162.3 163.8
Value of new construction
(millions of dollars)(3)
21 Total put in place 705,563 714,789 697,359
22 Private 545,968 556,346 545,692
23 Residential 319,741 327,888 324,664
24 Nonresidential 226,227 228,458 221,028
25 Industrial buildings 28,803 28,752 26,675
26 Commercial buildings 98,734 99,001 96,422
27 Other buildings 40,193 39,545 38,960
28 Public utilities and
other 58,497 61,160 58,971
29 Public 159,595 158,443 151,667
30 Military 2,764 2,278 2,747
31 Highway 53,053 52,947 47,716
32 Conservation and
development 6,398 6,134 5,994
33 Other 97,380 97,084 95,210
(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 1998
1998 1999
May May
June Sept.
CONSUMER PRICES2
(1982-84=100)
1 All items 1.7 2.1 2.2 1.5
2 Food 2.4 2.1 2.3 2.5
3 Energy items -5.6 1.7 -3.4 -9.0
4 All items less
food and energy 2.2 2.0 2.6 2.3
5 Commodities .2 .6 1.7 1.1
6 Services 3.1 2.7 2.8 3.0
PRODUCER PRICES
(1982=100)
7 Finished goods -.8 1.4 -.3 .6
8 Consumer foods -1.2 .6 -.6 1.8
9 Consumer energy -7.2 1.3 -3.1 -9.2
10 Other consumer goods -1.7 2.6 -1.4 3.0
11 Capital equipment -.6 .4 -1.2 .9
Intermediate materials
12 Excluding foods and feeds -1.1 .9 -1.6 -2.2
13 Excluding energy -.2 -1.2 -1.2 -1.8
Crude materials
14 Foods -9.5 -6.1 -3.3 -19.6
15 Energy -10.0 2.3 -14.6 -25.3
16 Other -6.7 10.7 -5.8 -19.9
Change from
3 months
earlier
(annual Change from 1
rate) month earlier
Item 1998 1999 1999
Dec. Mar. Jan. Feb.
CONSUMER PRICES(2)
(1982-84=100)
1 All items 2.0 1.5 .1 .1
2 Food 2.8 1.7 .5 .1
3 Energy items -5.1 5.8 .2 .0
4 All items less
food and energy 2.5 .9 .1 .1
5 Commodities 2.5 -3.0 .0 -.4
6 Services 2.5 2.7 .2 .2
PRODUCER PRICES
(1982=100)
7 Finished goods 2.2 .9 .3(r) -.3(r)
8 Consumer foods .3 2.1 1.5 -1.4
9 Consumer energy -8.9 6.8 .8(r) -.4(r)
10 Other consumer goods 8.3 -.5 -.3(r) .1(r)
11 Capital equipment .3 -.3 -.1 .0(r)
Intermediate materials
12 Excluding foods and feeds -4.5 .7 -.1(r) -.1(r)
13 Excluding energy -2.7 -.9 -.2(r) -.1(r)
Crude materials
14 Foods -7.0 4.1 4.9(r) -2.4(r)
15 Energy 13.5 16.9 -5.0(r) -5.2(r)
16 Other 24.3 1.2 .2(r) 1.0(r)
Change from 1 Index
month earlier level
Item May
Mar. Apr. May 1999(1)
CONSUMER PRICES(2)
(1982-84=100)
1 All items .2 .7 .0 166.2
2 Food -.2 .1 .4 163.7
3 Energy items 1.6 6.1 -1.3 105.6
4 All items less
food and energy .1 .4 .1 176.6
5 Commodities .3 .6 -.1 144.5
6 Services .3 .4 .2 195.0
PRODUCER PRICES
(1982=100)
7 Finished goods .2 .5 .2 132.4
8 Consumer foods .4 -.9 .5 134.4
9 Consumer energy 1.2 5.1 .0 77.3
10 Other consumer goods .1 .0 .0 151.1
11 Capital equipment .0 .0 .2 137.8
Intermediate materials
12 Excluding foods and feeds .3 .7 .2 122.8
13 Excluding energy .1 .2 .2 132.3
Crude materials
14 Foods -1.3 -2.5 2.2 99.7
15 Energy 6.1 8.5 11.9 74.4
16 Other .8 -1.1 2.3 131.4
(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. [TABULAR DATA 2.16-2.17, 3.10 NOT REPRODUCIBLE IN ASCII] 3.11 U.S. FOREIGN TRADE(1) Millions of dollars; monthly data seasonally adjusted
Item 1996(r) 1997(r) 1998(r)
1 Goods and services, balance -104,318 -104,731 -164,282
2 Merchandise -191,270 -196,652 -246,932
3 Services 86,952 91,921 82,650
4 Goods and services, exports 849,806 938,543 933,907
5 Merchandise 612,057 679,715 670,246
6 Services 237,749 258,828 263,661
7 Goods and services, imports -954,124 -1,043,273 -1,098,189
8 Merchandise -803,327 -876,366 -917,178
9 Services -150,797 -166,907 -181,011
1998(r)
Oct. Nov. Dec.
1 Goods and services, balance -14,358 -14,663 -14,241
2 Merchandise -20,990 -21,538 -21,059
3 Services 6,632 6,875 6,818
4 Goods and services, exports 79,617 79,126 78,161
5 Merchandise 57,193 56,926 56,005
6 Services 22,424 22,200 22,156
7 Goods and services, imports -93,975 -93,789 -92,402
8 Merchandise -78,183 -78,464 -77,064
9 Services -15,792 -15,325 -15,338
Item 1999
Jan.(r) Feb.(r) Mar.(r) Apr.(p)
1 Goods and
services, balance -16,269 -18,543 -18,947 -18,940
2 Merchandise -23,349 -25,172 -25,680 -25,545
3 Services 7,080 6,629 6,733 6,605
4 Goods and
services, exports 77,903 77,139 77,054 78,012
5 Merchandise 55,263 54,704 54,326 55,140
6 Services 22,640 22,435 22,728 22,872
7 Goods and
services, imports -94,172 -95,682 -96,001 -96,952
8 Merchandise -78,612 -79,876 -80,006 -80,685
9 Services -15,560 -15,806 -15,995 -16,267
(1.) Data show monthly values consistent with quarterly figures in the U.S. balance of payments accounts. SOURCE: FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of Economic Analysis. 3.12 U.S. RESERVE ASSETS
Millions of dollars, end of period
Asset 1995 1996 1997
1 Total 85,832 75,090 69,954
2 Gold stock, including Exchange
Stabilization Fund(1) 11,050 11,049 11,050
3 Special drawing rights(2),(3) 11,037 10,312 10,027
4 Reserve position in
International Monetary Fund(2) 14,649 15,435 18,071
5 Foreign currencies(4) 49,096 38,294 30,809
1998
Asset
Oct. Nov. Dec.
1 Total 79,183 77,683 81,755
2 Gold stock, including Exchange
Stabilization Fund(1) 11,041 11,04 1 11,041
3 Special drawing rights(2),(3) 10,379 10,393 10,603
4 Reserve position in
International Monetary Fund(2) 22,278 22,049 24,111
5 Foreign currencies(4) 35,485 34,200 36,001
1999
Asset
Jan. Feb. Mar. Apr. May(p)
1 Total 80,675 75,322 74,359 73,694 72,121
2 Gold stock,
including
Exchange
Stabilization
Fund(1) 11,046 11,048 11,049 11,049 11,049
3 Special drawing
rights(2),(3) 10,465 9,474 9,682 9,634 9,784
4 Reserve
position in
International
Monetary
Fund(2) 24,129 24,283 23,231 23,054 21,689
5 Foreign
currencies(4) 35,035 30,517 30,397 29,957 29,599
(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
Asset 1995 1996 1997
(1) Deposits 386 167 457
Held in custody
(2) U.S. Treasury
securities(2) 522,170 638,049 620,885
Earmarked gold(3) 11,702 11,197 10,763
Asset 1998 1999
Oct. Nov. Dec. Jan.
(1) Deposits 154 211 167 233
Held in custody
(2) U.S. Treasury
securities(2) 588,768 608,060 607,574 612,670
Earmarked gold(3) 10,403 10,355 10,343 10,343
Asset 1999
Feb. Mar. Apr. May(p)
(1) Deposits 200 166 260 157
Held in custody
(2) U.S. Treasury
securities(2) 615,139 610,649 606,662 606,579
Earmarked gold(3) 10,347 10,347 10,340 10,340
(1.) Excludes deposits and U.S. Treasury securities held for international and regional organizations. (2.) Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. (3.) Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1998
Item 1996 1997
Oct.
1 Total(1) 756,533 776,505 744,974
By type
2 Liabilities reported
by banks in the
United States(2) 113,098 135,384 134,644
U.S. Treasury
bills and certificate(3) 198,921 148,301 128,598
U.S. Treasury bonds
and notes
4 Marketable 384,045 428,004 415,010
Nonmarketable(4) 5,968 5,994 5,997
5 U.S. securities
other than U.S.
Treasury securities 54,501 58,822 60,725
By area
7 Europe(1) 246,983 252,289 259,698
8 Canada 38,723 36,177 34,644
9 Latin America and Caribbean 79,949 96,942 77,469
10 Asia 403,265 400,144 385,523
11 Africa 7,242 9,981 10,976
12 Other countries 6,457 7,058 2,750
1998 1999
Item
Nov. Dec. Jan.
1 Total(1) 751,523 757,934 761,225(r)
By type
2 Liabilities reported
by banks in the
United States(2) 125,173 123,915 121,834
U.S. Treasury
bills and certificate(3) 133,702 134,141 136,840
U.S. Treasury
bonds and notes
4 Marketable 426,853 432,127 433,590(r)
Nonmarketable(4) 6,035 6,074 6,113
5 U.S. securities
other than U.S.
Treasury securities 59,760 61,677 62,848
By area
7 Europe(1) 261,028 256,026 258,298
8 Canada 36,885 36,715 37,471
9 Latin America
and Caribbean 76,800 79,417 73,986
10 Asia 389,359 398,717 404,414(r)
11 Africa 10,084 10,059 10,144
12 Other countries 3,453 3,086 2,998
1999
Item
Feb. Mar. Apr.(p)
1 Total(1) 760,002(r) 765,947(r) 766,458
By type
2 Liabilities reported
by banks in the
United States(2) 125,275 124,581 135,260
U.S. Treasury
bills and
certificate(3) 135,471 141,941 135,765
U.S. Treasury bonds
and notes
4 Marketable 429,891(r) 425,466(r) 418,770
Nonmarketable(4) 6,151 6,191 6,231
5 U.S. securities
other than U.S.
Treasury securities 63,214 67,768 70,432
By area
7 Europe(1) 256,164 253,808 245,285
8 Canada 38,462 39,611 38,563
9 Latin America
and Caribbean 75,986 72,828 80,955
10 Asia 403,100(r) 412,773(r) 414,579
11 Africa 9,838 9,906 9,656
12 Other countries 2,538 3,107 3,506
(1.) Includes the Bank for International Settlements. (2.) Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. (3.) Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. (4.) Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. (5.) Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the department by banks (including Federal Reserve Banks) and securities dealers in the United States, and on the 1994 benchmark survey of foreign portfolio investment in the United States. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States(1) Payable in Foreign Currencies
Millions of dollars, end of period
Item 1995 1996 1997
1 Banks' liabilities 109,713 103,383 117,524
2 Banks' claims 74,016 66,018 83,038
3 Deposits 22,696 22,467 28,661
4 Other claims 51,320 43,551 54,377
5 Claims of banks'
domestic customers(2) 6,145 10,978 8,191
1998 1999
Item
June Sept. Dec.(r) Mar.
1 Banks' liabilities 187,889 92,934 101,125 101,359
2 Banks' claims 68,286 67,901 78,152 80,642
3 Deposits 27,387 27,293 45,985 42,147
4 Other claims 40,899 40,608 32,167 38,495
5 Claims of banks'
domestic customers(2) 7,354 8,453 20,718 11,039
(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. [TABULAR DATA 3.17 NOT REPRODUCIBLE IN ASCII] 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Area or country 1996 1997 1998
1 Total, all foreigners 599,925 708,225 734,794
2 Foreign countries 597,321 705,762 731,176
3 Europe 165,769 199,880 233,480
4 Austria 1,662 1,354 1,043
5 Belgium and Luxembourg 6,727 6,641 7,187
6 Denmark 492 980 2,383
7 Finland 971 1,233 1,070
8 France 15,246 16,239 15,251
9 Germany 8,472 12,676 15,922
10 Greece 568 402 575
11 Italy 6,457 6,230 7,283
12 Netherlands 7,117 6,141 5,734
13 Norway 808 555 827
14 Portugal 418 777 669
15 Russia 1,669 1,248 789
16 Spain 3,211 2,942 5,735
17 Sweden 1,739 1,854 4,223
18 Switzerland 19,798 28,846 46,880
19 Turkey 1,109 1,558 1,982
20 United Kingdom 85,234 103,143 106,358
21 Yugoslavia(2) 115 52 53
22 Other Europe and other
former U.S.S.R.(3) 3,956 7,009 9,516
23 Canada 26,436 27,189 47,212
24 Latin America and
Caribbean 274,153 343,730 342,081
25 Argentina 7,400 8,924 9,553
26 Bahamas 71,871 89,379 96,455
27 Bermuda 4,129 8,782 4,969
28 Brazil 17,259 21,696 16,193
29 British West Indies 105,510 145,471 153,269
30 Chile 5,136 7,913 8,261
31 Colombia 6,247 6,945 6,523
32 Cuba 0 0 0
33 Ecuador 1,031 1,311 1,400
34 Guatemala 620 886 1,127
35 Jamaica 345 424 239
36 Mexico 18,425 19,428 21,143
37 Netherlands Antilles 25,209 17,838 6,779
38 Panama 2,786 4,364 3,584
39 Peru 2,720 3,491 3,260
40 Uruguay 589 629 1,126
41 Venezuela 1,702 2,129 3,089
42 Other 3,174 4,120 5,111
43 Asia 122,478 125,092 98,650
China
44 Mainland 1,401 1,579 1,311
45 Taiwan 1,894 922 1,041
46 Hong Kong 12,802 13,991 9,082
47 India 1,946 2,200 1,440
48 Indonesia 1,762 2,651 1,954
49 Israel 633 768 1,166
50 Japan 59,967 59,549 46,712
51 Korea (South) 18,901 18,162 8,238
52 Philippines 1,697 1,689 1,465
53 Thailand 2,679 2,259 1,806
54 Middle Eastern
oil-exporting
countries(4) 10,424 10,790 16,145
55 Other 8,372 10,532 8,290
56 Africa 2,776 3,530 3,122
57 Egypt 247 247 257
58 Morocco 524 511 372
59 South Africa 584 805 643
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 420 1,212 936
62 Other 1,001 755 914
63 Other 5,709 6,341 6,631
64 Australia 4,577 5,300 6,167
65 Other 1,132 1,041 464
66 Nonmonetary
international and
regional
organizations(6) 2,604 2,463 3,618
1998 1999
Area or country
Oct. Nov. Dec. Jan.
1 Total, all foreigners 749,546 757,183 734,794 718,269
2 Foreign countries 744,156 751,875 731,176 713,263
3 Europe 224,661 228,924 233,480 225,892
4 Austria 2,358 2,311 1,043 2,634
5 Belgium and Luxembourg 9,245 7,409 7,187 5,599
6 Denmark 1,768 2,524 2,383 1,816
7 Finland 1,149 1,050 1,070 963
8 France 16,307 18,881 15,251 18,575
9 Germany 15,121 17,997 15,922 15,115
10 Greece 415 510 575 533
11 Italy 7,153 6,544 7,283 6,168
12 Netherlands 5,230 5,686 5,734 5,828
13 Norway 662 385 827 645
14 Portugal 885 679 669 584
15 Russia 883 760 789 742
16 Spain 6,051 5,234 5,735 4,560
17 Sweden 4,508 5,087 4,223 4,338
18 Switzerland 43,337 45,858 46,880 46,122
19 Turkey 1,848 1,915 1,982 1,796
20 United Kingdom 98,746 97,072 106,358 98,959
21 Yugoslavia(2) 53 53 53 53
22 Other Europe and other
former U.S.S.R.(3) 8,942 8,969 9,516 10,862
23 Canada 37,316 44,830 47,212 42,925
24 Latin America and
Caribbean 368,394 368,212 342,081 344,347
25 Argentina 9,087 9,225 9,553 9,713
26 Bahamas 88,923 91,171 96,455 93,000
27 Bermuda 6,585 5,702 4,969 5,547
28 Brazil 17,614 17,771 16,193 15,616
29 British West Indies 183,152 179,253 153,269 158,010
30 Chile 8,549 8,824 8,261 8,232
31 Colombia 6,764 6,639 6,523 6,433
32 Cuba 0 0 0 0
33 Ecuador 1,444 1,351 1,400 1,403
34 Guatemala 947 1,483 1,127 1,107
35 Jamaica 330 299 239 333
36 Mexico 22,039 22,483 21,143 21,128
37 Netherlands Antilles 7,323 7,696 6,779 7,403
38 Panama 4,011 3,864 3,584 3,549
39 Peru 3,706 3,618 3,260 3,364
40 Uruguay 958 1,040 1,126 997
41 Venezuela 2,689 2,788 3,089 3,312
42 Other 4,273 5,005 5,111 5,200
43 Asia 104,784 100,771 98,650 90,840
China
44 Mainland 2,275 2,488 1,311 2,691
45 Taiwan 1,079 957 1,041 728
46 Hong Kong 8,244 8,238 9,082 8,332
47 India 1,582 1,533 1,440 1,483
48 Indonesia 2,047 2,072 1,954 1,948
49 Israel 1,504 916 1,166 833
50 Japan 52,904 48,406 46,712 41,817
51 Korea (South) 9,733 8,947 8,238 8,679
52 Philippines 1,128 1,619 1,465 1,310
53 Thailand 1,952 1,895 1,806 1,759
54 Middle Eastern
oil-exporting
countries(4) 13,531 15,077 16,145 14,328
55 Other 8,805 8,623 8,290 6,932
56 Africa 2,785 2,611 3,122 2,899
57 Egypt 322 259 257 302
58 Morocco 405 390 372 378
59 South Africa 665 704 643 802
60 Zaire 0 0 0 0
61 Oil-exporting
countries(5) 533 454 936 516
62 Other 860 804 914 901
63 Other 6,216 6,527 6,631 6,360
64 Australia 5,809 6,008 6,167 5,866
65 Other 407 519 464 494
66 Nonmonetary
international and
regional
organizations(6) 5,390 5,308 3,618 5,006
1999
Area or country
Feb. Mar.(r) Apr.(p)
1 Total, all foreigners 712,979(r) 694,612 720,891
2 Foreign countries 707,553(r) 689,992 716,723
3 Europe 230,424 226,501 236,420
4 Austria 1,824 2,759 2,389
5 Belgium and Luxembourg 7,073 5,451 7,533
6 Denmark 1,656 1,619 2,297
7 Finland 1,233 1,351 1,349
8 France 18,583 15,187 15,942
9 Germany 16,362 16,849 17,158
10 Greece 637 554 651
11 Italy 5,714 6,035 6,727
12 Netherlands 6,048 6,690 7,251
13 Norway 561 596 970
14 Portugal 888 1,205 1,060
15 Russia 724 972 788
16 Spain 4,260 3,041 2,949
17 Sweden 4,664 4,439 4,141
18 Switzerland 50,905 51,673 48,477
19 Turkey 1,870 2,077 1,942
20 United Kingdom 97,431 97,229 105,255
21 Yugoslavia(2) 54 54 55
22 Other Europe and other
former U.S.S.R.(3) 9,937 8,720 9,486
23 Canada 40,801 41,264 40,756
24 Latin America and
Caribbean 340,678(r) 325,162 351,056
25 Argentina 10,184 10,398 10,075
26 Bahamas 91,104 88,641 84,013
27 Bermuda 6,033(r) 4,096 4,436
28 Brazil 15,357 15,143 14,788
29 British West Indies 155,326 146,593 179,242
30 Chile 8,085 8,082 7,810
31 Colombia 6,462 6,223 6,105
32 Cuba 0 0 0
33 Ecuador 1,341 1,219 1,135
34 Guatemala 1,255 1,052 1,062
35 Jamaica 602 318 326
36 Mexico 21,564 20,532 19,434
37 Netherlands Antilles 6,571 6,661 5,711
38 Panama 3,390 3,320 4,329
39 Peru 3,353 3,232 3,111
40 Uruguay 934 838 772
41 Venezuela 3,684 3,506 3,138
42 Other 5,433 5,308 5,569
43 Asia 86,526(r) 88,082 79,259
China
44 Mainland 2,400 3,398 3,481
45 Taiwan 778 1,331 846
46 Hong Kong 6,809(r) 8,017 6,312
47 India 1,529 1,701 1,703
48 Indonesia 2,110 1,897 1,911
49 Israel 774 1,082 803
50 Japan 39,141 39,971 32,631
51 Korea (South) 8,479 9,119 11,119
52 Philippines 1,589 1,540 1,546
53 Thailand 1,708 1,720 1,732
54 Middle Eastern
oil-exporting
countries(4) 12,831 12,167 11,686
55 Other 8,378 6,139 5,489
56 Africa 3,087 2,938 2,688
57 Egypt 264 260 228
58 Morocco 361 422 463
59 South Africa 933 798 567
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 625 325 257
62 Other 904 1,133 1,173
63 Other 6,037 6,045 6,544
64 Australia 5,367 5,638 6,060
65 Other 670 407 484
66 Nonmonetary
international and
regional
organizations(6) 5,426 4,620 4,168
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia. (3.) Includes the Bank for International Settlements. Since December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia. (4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (5.) Comprises Algeria, Gabon, Libya, and Nigeria. (6.) Excludes the Bank for International Settlements, which is included in "Other Europe." 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Type of claim 1996 1997 1998
1 Total 743,919 852,852 875,332
2 Banks' claims 599,925 708,225 734,794
3 Foreign public
borrowers 22,216 20,581 23,540
4 Own foreign
offices(2) 341,574 431,685 484,356
5 Unaffiliated
foreign banks 113,682 109,230 105,732
6 Deposits 33,826 30,995 26,808
7 Other 79,856 78,235 78,924
8 All other
foreigners 122,453 146,729 121,166
9 Claims of banks'
domestic customers(3) 143,994 144,627 140,538
10 Deposits 77,657 73,110 78,167
11 Negotiable and readily
transferable
instruments(4) 51,207 53,967 48,848
12 Outstanding collections
and other claims 15,130 17,550 13,523
MEMO
13 Customer liability on
acceptances 10,388 9,624 4,519
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 39,661 33,816 39,978
1998 1999
Type of claim
Oct. Nov. Dec. Jan.
1 Total ... ... 875,332 ...
2 Banks' claims 749,546 757,183 734,794 718,269
3 Foreign public
borrowers 28,164 27,063 23,540 30,269
4 Own foreign
offices(2) 476,973 487,641 484,356 459,017
5 Unaffiliated
foreign banks 108,524 117,919 105,732 106,557
6 Deposits 25,988 33,774 26,808 30,558
7 Other 82,536 84,145 78,924 75,999
8 All other
foreigners 135,885 124,560 121,166 122,426
9 Claims of banks'
domestic customers(3) ... ... 140,538 ...
10 Deposits ... ... 78,167 ...
11 Negotiable and readily
transferable
instruments(4) ... ... 48,848 ...
12 Outstanding collections
and other claims ... ... 13,523 ...
MEMO
13 Customer liability on
acceptances ... ... 4,519 ...
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 34,265 32,888 39,978 38,941
1999
Type of claim
Feb. Mar.(r) Apr.(p)
1 Total ... ... 845,901
2 Banks' claims 712,979(r) 694,612 720,891
3 Foreign public
borrowers 31,514 34,772 34,384
4 Own foreign
offices(2) 461,705(r) 451,684 471,283
5 Unaffiliated
foreign banks 102,588(r) 93,778 93,618
6 Deposits 29,400 25,044 23,973
7 Other 73,188(r) 68,734 69,645
8 All other
foreigners 117,172(r) 114,378 121,606
9 Claims of banks'
domestic customers(3) ... 151,289 ...
10 Deposits ... 94,438 ...
11 Negotiable and readily
transferable
instruments(4) ... 47,713 ...
12 Outstanding collections
and other claims ... 9,138 ...
MEMO
13 Customer liability on
acceptances ... 4,485 ...
14 Dollar deposits in banks
abroad, reported by
nonbanking business
enterprises in the
United States(5) 39,055 33,038 32,883
(1.) For banks' claims, data are monthly; for claims of banks' domestic customers, data are for quarter ending with month indicated. Reporting banks include all types of depository institution as well as some brokers and dealers. (2.) For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. (3.) Assets held by reporting banks in the accounts of their domestic customers. (4.) Principally negotiable time certificates of deposit, bankers acceptances, and commercial paper. (5.) Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Maturity, by borrower
and area(2) 1995 1996 1997
1 Total 224,932 258,106 276,550
By borrower
2 Maturity of one year
or less 178,857 211,859 205,781
3 Foreign public
borrowers 14,995 15,411 12,081
4 All other foreigners 163,862 196,448 193,700
5 Maturity of more
than one year 46,075 46,247 70,769
6 Foreign public
borrowers 7,522 6,790 8,499
7 All other foreigners 38,553 39,457 62,270
By area
Maturity of one year
or less
8 Europe 55,622 55,690 58,294
9 Canada 6,751 8,339 9,917
10 Latin America and
Caribbean 72,504 103,254 97,207
11 Asia 40,296 38,078 33,964
12 Africa 1,295 1,316 2,211
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)
June Sept.(r) Dec.(r) Mar.(p)
1 Total 293,060(r) 281,505 250,743 242,398
By borrower
2 Maturity of one year
or less 211,599(r) 208,716 186,717 175,504
3 Foreign public
borrowers 16,997 14,613 13,668 20,921
4 All other foreigners 194,602(r) 194,103 173,049 154,583
5 Maturity of more
than one year 81,461(r) 72,789 64,026 66,894
6 Foreign public
borrowers 10,688 10,926 9,839 13,291
7 All other foreigners 70,773(r) 61,863 54,187 53,603
By area
Maturity of one year
or less
8 Europe 73,786(r) 68,995 68,706 66,886
9 Canada 8,766 8,953 11,124 7,836
10 Latin America and
Caribbean 99,864(r) 99,989 81,756 71,234
11 Asia 23,570 22,330 18,031 21,346
12 Africa 1,116 1,762 1,835 1,547
All other(3) 4,497 6,687 5,265 6,655
Maturity of more
than one year
14 Europe 15,607(r) 15,396 15,056 16,980
15 Canada 2,571 2,982 3,140 2,781
16 Latin America and
Caribbean 47,988(r) 39,165 33,423 33,441
17 Asia 12,630 12,172 10,037 10,936
18 Africa 1,259 1,170 1,233 1,184
19 All other(3) 1,406 1,904 1,137 1,572
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Maturity is time remaining until maturity. (3.) Includes nonmonetary international and regional organizations. 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks(1) Billions of dollars, end of period
1997
Area of country 1995 1996
Mar. June
1 Total 551.9 645.3 647.6 678.8
2 G-10 countries and Switzerland 206.0 228.3 231.4 250.0
3 Belgium and Luxembourg 13.6 11.7 14.1 9.4
4 France 19.4 16.6 19.7 17.9
5 Germany 27.3 29.8 32.1 34.1
6 Italy 11.5 16.0 14.4 20.2
7 Netherlands 3.7 4.0 4.5 6.4
8 Sweden 2.7 2.6 3.4 3.6
9 Switzerland 6.7 5.3 6.0 5.4
10 United Kingdom 82.4 104.7 99.2 110.6
11 Canada 10.3 14.0 16.3 15.7
12 Japan 28.5 23.7 21.7 26.8
13 Other industrialized countries 50.2 65.7 66.4 71.7
14 Austria .9 1.1 1.9 1.5
15 Denmark 2.6 1.5 1.7 2.8
16 Finland .8 .8 .7 1.4
17 Greece 5.7 6.7 6.3 6.1
18 Norway 3.2 8.0 5.3 4.7
19 Portugal 1.3 0.9 1.0 1.1
20 Spain 11.6 13.2 14.4 15.4
21 Turkey 1.9 2.7 2.8 3.4
22 Other Western Europe 4.7 4.7 6.3 5.5
23 South Africa 1.2 2.0 1.9 1.9
24 Australia 16.4 24.0 24.4 27.8
25 OPEC(2) 22.1 19.7 21.8 22.3
26 Ecuador .7 1.1 1.1 0.9
27 Venezuela 2.7 2.4 1.9 2.1
28 Indonesia 4.8 5.2 4.9 5.6
29 Middle East countries 13.3 10.7 13.2 12.5
30 African countries .6 .4 .7 1.2
31 Non-OPEC developing countries 112.6 130.3 128.1 140.6
Latin America
32 Argentina 12.9 14.3 14.3 16.4
33 Brazil 13.7 20.7 22.0 27.3
34 Chile 6.8 7.0 6.8 7.6
35 Colombia 2.9 4.1 3.7 3.3
36 Mexico 17.3 16.2 17.2 16.6
37 Peru .8 1.6 1.6 1.4
38 Other 2.8 3.3 3.4 3.4
Asia
China
39 Mainland 1.8 2.5 2.7 3.6
40 Taiwan 9.4 10.3 10.5 10.6
41 India 4.4 4.3 4.9 5.3
42 Israel .5 .5 .6 .8
43 Korea (South) 19.1 21.5 14.6 16.3
44 Malaysia 4.4 6.0 6.5 6.4
45 Philippines 4.1 5.8 6.0 7.0
46 Thailand 4.9 5.7 6.8 7.3
47 Other Asia 4.5 4.1 4.3 4.7
Africa
48 Egypt .4 .7 .9 1.1
49 Morocco .7 .7 .6 .7
50 Zaire .0 .1 .0 .0
51 Other Africa(3) .9 .9 .9 .9
52 Eastern Europe 4.2 6.9 8.9 7.1
53 Russia(4) 1.0 3.7 3.5 4.2
54 Other 3.2 3.2 5.4 2.9
55 Offshore banking centers 99.2 134.7 131.3 129.6
56 Bahamas 11.0 20.3 20.9 16.1
57 Bermuda 6.3 4.5 6.7 7.9
58 Cayman Islands and other
British 32.4 37.2 32.8 35.1
59 Netherlands Antilles 10.3 26.1 19.9 15.8
60 Panama(5) 1.4 2.0 2.0 2.6
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 25.0 27.9 30.8 35.2
63 Singapore 13.1 16.7 17.9 16.7
64 Other(6) .1 .1 .1 .3
65 Miscellaneous and
unallocated(7) 57.6 59.6 59.6 57.6
1997 1998
Area of country
Sept. Dec. Mar. June
1 Total 711.0 719.3 739.1 749.0
2 G-10 countries and Switzerland 247.8 242.8 249.0 275.2
3 Belgium and Luxembourg 11.4 11.0 11.2 13.1
4 France 20.2 15.4 15.5 20.5
5 Germany 34.7 28.6 25.5 28.8
6 Italy 19.3 15.5 19.7 19.5
7 Netherlands 7.2 6.2 7.3 8.3
8 Sweden 4.1 3.3 4.8 3.1
9 Switzerland 4.8 7.2 5.6 6.9
10 United Kingdom 108.3 113.4 120.1 134.9
11 Canada 15.1 13.7 13.5 16.5
12 Japan 22.6 28.6 25.8 23.7
13 Other industrialized countries 73.8 64.5 74.3 72.1
14 Austria 1.7 1.5 1.7 1.9
15 Denmark 3.7 2.4 2.0 2.1
16 Finland 1.9 1.3 1.5 1.4
17 Greece 6.2 5.1 6.1 5.8
18 Norway 4.6 3.6 4.0 3.4
19 Portugal 1.4 0.9 0.7 1.3
20 Spain 13.9 11.7 16.5 15.2
21 Turkey 4.4 4.5 4.9 6.5
22 Other Western Europe 6.1 8.2 9.9 9.6
23 South Africa 1.9 2.2 3.7 5.0
24 Australia 28.0 23.1 23.2 20.0
25 OPEC(2) 22.9 26.0 25.7 25.3
26 Ecuador 1.2 1.3 1.3 1.2
27 Venezuela 2.2 2.5 3.3 3.2
28 Indonesia 6.5 6.7 5.5 5.1
29 Middle East countries 11.8 14.4 14.3 15.5
30 African countries 1.1 1.2 1.4 0.3
31 Non-OPEC developing countries 137.0 138.7 147.4 144.4
Latin America
32 Argentina 17.1 18.4 19.3 20.2
33 Brazil 26.1 28.6 32.4 29.9
34 Chile 8.0 8.7 9.0 9.1
35 Colombia 3.4 3.4 3.3 3.6
36 Mexico 16.4 17.4 17.7 17.9
37 Peru 1.8 2.0 2.1 2.2
38 Other 3.6 4.1 4.0 4.4
Asia
China
39 Mainland 4.3 3.2 4.2 3.9
40 Taiwan 9.7 9.0 11.7 11.3
41 India 4.9 4.9 5.0 4.9
42 Israel 1.0 .7 .7 .9
43 Korea (South) 16.2 15.6 16.2 14.5
44 Malaysia 5.6 5.1 4.5 4.7
45 Philippines 5.7 5.7 5.0 5.4
46 Thailand 6.2 5.4 5.5 4.9
47 Other Asia 4.5 4.3 4.2 3.7
Africa
48 Egypt .9 .9 1.0 1.5
49 Morocco .7 .6 .6 .6
50 Zaire .0 .0 .0 .0
51 Other Africa(3) .9 .8 1.1 .8
52 Eastern Europe 9.8 9.1 12.0 10.9
53 Russia(4) 5.1 5.1 7.5 6.8
54 Other 4.7 4.0 4.6 4.1
55 Offshore banking centers 138.9 139.0 129.3 125.5
56 Bahamas 19.8 23.3 29.2 24.7
57 Bermuda 9.8 9.8 9.0 9.3
58 Cayman Islands and other
British 45.7 43.4 24.9 33.9
59 Netherlands Antilles 21.7 14.6 14.0 10.5
60 Panama(5) 2.1 3.1 3.2 3.3
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 27.2 32.2 33.8 30.0
63 Singapore 12.7 12.7 15.0 13.5
64 Other(6) .1 .1 .1 .2
65 Miscellaneous and
unallocated(7) 80.8 99.1 101.3 95.7
1998 1999
Area of country
Sept. Dec. Mar.(p)
1 Total 724.3 687.5 675.0
2 G-10 countries and Switzerland 258.3 247.0 241.3
3 Belgium and Luxembourg 10.9 13.1 14.0
4 France 19.9 18.0 19.5
5 Germany 28.9 30.7 31.4
6 Italy 17.9 11.3 13.2
7 Netherlands 8.1 7.7 8.9
8 Sweden 2.1 2.2 3.6
9 Switzerland 7.4 8.2 7.3
10 United Kingdom 124.9 114.9 106.4
11 Canada 15.5 16.7 15.7
12 Japan 22.7 24.1 21.3
13 Other industrialized countries 71.3 67.7 76.1
14 Austria 2.1 1.4 2.5
15 Denmark 2.8 2.1 3.2
16 Finland 1.6 1.4 1.4
17 Greece 5.7 5.9 6.2
18 Norway 3.2 3.2 3.3
19 Portugal 1.0 1.3 1.3
20 Spain 17.5 13.5 14.3
21 Turkey 5.2 4.8 5.0
22 Other Western Europe 10.3 10.4 10.1
23 South Africa 3.7 3.5 3.4
24 Australia 18.2 20.3 25.2
25 OPEC(2) 25.8 26.9 25.9
26 Ecuador 1.2 1.2 1.1
27 Venezuela 3.1 3.2 3.4
28 Indonesia 4.7 4.7 4.4
29 Middle East countries 16.1 16.9 16.6
30 African countries 0.8 1.0 0.4
31 Non-OPEC developing countries 139.7 140.9 143.8
Latin America
32 Argentina 22.3 22.3 23.5
33 Brazil 24.9 24.2 23.6
34 Chile 8.5 8.3 8.5
35 Colombia 3.4 3.2 3.2
36 Mexico 18.4 18.4 18.9
37 Peru 2.2 2.2 2.2
38 Other 4.6 5.4 5.4
Asia
China
39 Mainland 2.8 3.0 5.1
40 Taiwan 12.1 12.8 11.6
41 India 5.3 5.3 5.6
42 Israel .9 1.1 1.1
43 Korea (South) 12.9 13.6 13.3
44 Malaysia 5.0 5.6 5.9
45 Philippines 4.7 5.1 5.3
46 Thailand 5.3 4.6 4.5
47 Other Asia 3.1 2.9 3.0
Africa
48 Egypt 1.7 1.3 1.4
49 Morocco .5 .5 .5
50 Zaire .0 .0 .0
51 Other Africa(3) 1.1 1.0 1.2
52 Eastern Europe 6.0 5.2 6.0
53 Russia(4) 2.8 2.2 2.1
54 Other 3.2 3.1 3.9
55 Offshore banking centers 118.6 90.8 83.7
56 Bahamas 28.9 33.0 30.2
57 Bermuda 10.4 4.5 3.8
58 Cayman Islands and other
British 27.4 12.3 7.0
59 Netherlands Antilles 6.0 2.6 2.7
60 Panama(5) 4.0 3.8 3.9
61 Lebanon .2 .1 .1
62 Hong Kong, China 30.6 23.2 22.6
63 Singapore 11.1 11.1 13.1
64 Other(6) .2 .2 .2
65 Miscellaneous and
unallocated(7) 104.5 109.0 98.2
(1.) The banking offices covered by these data include U.S. offices and foreign branches of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository institutions as well as some types of brokers and dealers. To eliminate duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign branch of the same banking institution. These data are on a gross claims basis and do not necessarily reflect the ultimate country risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. (2.) Organization of Petroleum Exporting Countries, shown individually; other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates); and Bahrain and Oman (not formally members of OPEC). (3.) Excludes Liberia. Beginning March 1994 includes Namibia. (4.) As of December 1992, excludes other republics of the former Soviet Union. (5.) Includes Canal Zone. (6.) Foreign branch claims only. (7.) Includes New Zealand, Liberia, and international and regional organizations. 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period
Type of liability, and
area or country 1995 1996 1997
1 Total 46,448 61,782 60,037
2 Payable in dollars 33,903 39,542 41,956
3 Payable in foreign currencies 12,545 22,240 18,081
By type
4 Financial liabilities 24,241 33,049 29,532
5 Payable in dollars 12,903 11,913 13,043
6 Payable in foreign currencies 11,338 21,136 16,489
7 Commercial liabilities 22,207 28,733 30,505
8 Trade payables 11,013 12,720 10,904
9 Advance receipts and other
liabilities 11,194 16,013 19,601
10 Payable in dollars 21,000 27,629 28,913
11 Payable in foreign currencies 1,207 1,104 1,592
By area or country
Financial liabilities
12 Europe 15,622 23,179 19,657
13 Belgium and Luxembourg 369 632 186
14 France 999 1,091 1,684
15 Germany 1,974 1,834 2,018
16 Netherlands 466 556 494
17 Switzerland 895 699 776
18 United Kingdom 10,138 17,161 12,737
19 Canada 632 1,401 2,392
20 Latin America and Caribbean 1,783 1,668 1,386
21 Bahamas 59 236 141
22 Bermuda 147 50 229
23 Brazil 57 78 143
24 British West Indies 866 1,030 604
25 Mexico 12 17 26
26 Venezuela 2 1 1
27 Asia 5,988 6,423 5,394
28 Japan 5,436 5,869 5,085
29 Middle Eastern oil-exporting
countries(1) 27 25 32
30 Africa 150 38 60
31 Oil-exporting countries(2) 122 0 0
32 All other(3) 66 340 643
Commercial liabilities
33 Europe 7,700 9,767 10,228
34 Belgium and Luxembourg 331 479 666
35 France 481 680 764
36 Germany 767 1,002 1,274
37 Netherlands 500 766 439
38 Switzerland 413 624 375
39 United Kingdom 3,568 4,303 4,086
40 Canada 1,040 1,090 1,175
41 Latin America and Caribbean 1,740 2,574 2,176
42 Bahamas 1 63 16
43 Bermuda 205 297 203
44 Brazil 98 196 220
45 British West Indies 56 14 12
46 Mexico 416 665 565
47 Venezuela 221 328 261
48 Asia 10,421 13,422 14,966
49 Japan 3,315 4,614 4,500
50 Middle Eastern oil-exporting
countries(1) 1,912 2,168 3,111
51 Africa 619 1,040 874
52 Oil-exporting countries(2) 254 532 408
53 Other(3) 687 840 1,086
1997 1998
Type of liability, and
area or country
Sept. Dec. Mar.
1 Total 55,891 60,037 58,040
2 Payable in dollars 39,746 41,956 42,258
3 Payable in foreign currencies 16,145 18,081 15,782
By type
4 Financial liabilities 26,461 29,532 28,050
5 Payable in dollars 11,487 13,043 13,568
6 Payable in foreign currencies 14,974 16,489 14,482
7 Commercial liabilities 29,430 30,505 29,990
8 Trade payables 10,885 10,904 10,107
9 Advance receipts and other
liabilities 18,545 19,601 19,883
10 Payable in dollars 28,259 28,913 28,690
11 Payable in foreign currencies 1,171 1,592 1,300
By area or country
Financial liabilities
12 Europe 18,019 19,657 20,307
13 Belgium and Luxembourg 89 186 127
14 France 1,334 1,684 1,795
15 Germany 1,730 2,018 2,578
16 Netherlands 507 494 472
17 Switzerland 645 776 345
18 United Kingdom 12,165 12,737 13,145
19 Canada 651 2,392 1,045
20 Latin America and Caribbean 1,067 1,386 965
21 Bahamas 10 141 17
22 Bermuda 64 229 86
23 Brazil 52 143 91
24 British West Indies 669 604 517
25 Mexico 76 26 21
26 Venezuela 1 1 1
27 Asia 6,239 5,394 5,024
28 Japan 5,725 5,085 4,767
29 Middle Eastern oil-exporting
countries(1) 23 32 23
30 Africa 33 60 33
31 Oil-exporting countries(2) 0 0 0
32 All other(3) 452 643 676
Commercial liabilities
33 Europe 9,343 10,228 9,951
34 Belgium and Luxembourg 703 666 565
35 France 782 764 840
36 Germany 945 1,274 1,068
37 Netherlands 452 439 443
38 Switzerland 400 375 407
39 United Kingdom 3,829 4,086 4,041
40 Canada 1,150 1,175 1,347
41 Latin America and Caribbean 2,224 2,176 2,051
42 Bahamas 38 16 27
43 Bermuda 180 203 174
44 Brazil 233 220 249
45 British West Indies 23 12 5
46 Mexico 562 565 520
47 Venezuela 322 261 219
48 Asia 14,628 14,966 14,672
49 Japan 4,553 4,500 4,372
50 Middle Eastern oil-exporting
countries(1) 2,984 3,111 3,138
51 Africa 929 874 833
52 Oil-exporting countries(2) 504 408 376
53 Other(3) 1,156 1,086 1,136
1998
Type of liability, and
area or country
June Sept. Dec.(p)
1 Total 51,433 49,279(r) 46,553
2 Payable in dollars 40,026 38,410(r) 36,651
3 Payable in foreign currencies 11,407 10,869 9,902
By type
4 Financial liabilities 22,322 19,331 19,255
5 Payable in dollars 11,988 9,812 10,371
6 Payable in foreign currencies 10,334 9,519 8,884
7 Commercial liabilities 29,111 29,948(r) 27,298
8 Trade payables 9,537 10,276 10,961
9 Advance receipts and other
liabilities 19,574 19,672(r) 16,337
10 Payable in dollars 28,038 28,598(r) 26,280
11 Payable in foreign currencies 1,073 1,350 1,018
By area or country
Financial liabilities
12 Europe 15,468 12,905 12,589
13 Belgium and Luxembourg 75 150 79
14 France 1,699 1,457 1,097
15 Germany 2,441 2,167 2,063
16 Netherlands 484 417 1,406
17 Switzerland 189 179 155
18 United Kingdom 8,765 6,610 5,980
19 Canada 539 389 693
20 Latin America and Caribbean 1,320 1,351 1,495
21 Bahamas 6 1 7
22 Bermuda 49 73 101
23 Brazil 76 154 152
24 British West Indies 845 834 957
25 Mexico 51 23 59
26 Venezuela 1 1 2
27 Asia 4,315 4,005 3,785
28 Japan 3,869 3,754 3,612
29 Middle Eastern oil-exporting
countries(1) 0 0 0
30 Africa 29 31 28
31 Oil-exporting countries(2) 0 0 0
32 All other(3) 651 650 665
Commercial liabilities
33 Europe 9,987 11,010 10,032
34 Belgium and Luxembourg 557 623 278
35 France 612 740 920
36 Germany 1,219 1,408 1,394
37 Netherlands 485 440 429
38 Switzerland 349 507 499
39 United Kingdom 3,743 4,286 3,697
40 Canada 1,206 1,504 1,390
41 Latin America and Caribbean 2,285 1,840 1,619
42 Bahamas 14 48 14
43 Bermuda 209 168 198
44 Brazil 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(r) 12,322
49 Japan 3,995 3,779 3,808
50 Middle Eastern oil-exporting
countries(1) 3,194 3,582 2,851
51 Africa 921 810 794
52 Oil-exporting countries(2) 354 372 393
53 Other(3) 1,101 1,245 1,141
(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Comprises Algeria, Gabon, Libya, and Nigeria. (3.) Includes nonmonetary international and regional organizations. [TABULAR DATA 3.23-3.24 NOT REPRODUCIBLE IN ASCII] 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions(1) Millions of dollars; net purchases, or sales (-) during period
1999
Area or country 1997 1998
Jan. -
Apr.
1 Total estimated 184,171 49,039(r) -20,527
2 Foreign countries 183,688 46,570(r) -19,784
3 Europe 144,921 23,797(r) -18,876
4 Belgium and Luxembourg 3,427 3,805 397
5 Germany 22,471 144(r) -276
6 Netherlands 1,746 -5,533 1,704
7 Sweden -465 1,486 -141
8 Switzerland 6,028 5,240 -3,883
9 United Kingdom 98,253 14,384(r) -9,535
10 Other Europe and 13,461 4,271(r) -7,142
former U.S.S.R
11 Canada -811 615(r) 816
12 Latin America and
Caribbean -2,554 -3,662(r) -5,358
13 Venezuela 655 59 3
14 Other Latin
America and Caribbean -549 9,523(r) -2,919
15 Netherlands Antilles -2,660 -13,244 -2,442
16 Asia 39,567 27,433(r) 3,342
17 Japan 20,360 13,048 1,906
18 Africa 1,524 751 -52
19 Other 1,041 -2,364(r) 344
20 Nonmonetary
international and
regional organizations 483 2,469 -743
21 International 621 1,502 -639
22 Latin American regional 170 199 -1
MEMO
23 Foreign countries 183,688 46,570(r) -19,784
24 Official institutions 43,959 4,123 13,357
25 Other foreign 139,729 42,447(r) -6,427
Oil-exporting countries
26 Middle East(2) 7,636 16,554 3,994
27 Africa(1) -12 2 0
1998
Area or country
Oct. Nov. Dec.
1 Total estimated -2,193 25,456 10,549
2 Foreign countries -2,855 25,556 9,426
3 Europe -9,869 5,475 8,077
4 Belgium and Luxembourg -606 510 2,148
5 Germany 1,171 307 -556
6 Netherlands 1,543 -1,156 898
7 Sweden -141 586 581
8 Switzerland 2,811 531 175
9 United Kingdom -13,168 3,207 3,074
10 Other Europe and -1,813 1,490 1,757
former U.S.S.R
11 Canada -1,188 3,694 614
12 Latin America and
Caribbean -491 1,961 -3,817
13 Venezuela -35 327 108
14 Other Latin
America and Caribbean -1,288 -5,411 -165
15 Netherlands Antilles 832 7,045 -3,760
16 Asia 7,756 13,632 4,347
17 Japan 1,233 7,311 3,750
18 Africa 87 145 16
19 Other 850 649 189
20 Nonmonetary
international and
regional organizations 662 -100 1,123
21 International 645 -19 1,084
22 Latin American regional 0 -62
MEMO
23 Foreign countries -2,855 25,556 9,426
24 Official institutions 9,001 11,843 5,274
25 Other foreign -11,856 13,713 4,152
Oil-exporting countries
26 Middle East(2) -276 233 -2,442
27 Africa(1) 0 0 0
1999
Area or country
Jan. Feb. Mar. Apr(p)
1 Total estimated -4,165 -14,623 1,532 -3,271
2 Foreign countries -4,107 -14,182 1,762 -3,257
3 Europe 2,530(r) -7,354 1,342(r) -15,394
4 Belgium
and
Luxembourg -229 204 -54 476
5 Germany -268 217 428 -653
6 Netherlands 2,347 -584 197 -256
7 Sweden 163 -228 386 -462
8 Switzerland -2,171 47 -1,457 -302
9 United Kingdom -1,729(r) -5,721 1,129(r) -6,672
10 Other Europe
and
former
U.S.S.R 959 -1,289 713 -7,525
11 Canada -1,729 1,127 213 1,205
12 Latin America
and Caribbean -5,621 -6,037 1,100 5,200
13 Venezuela -17 463 -445 2
14 Other Latin
America
and
Caribbean -1,979 -2,024 -2,570 3,654
15 Netherlands
Antilles -3,625 -4,476 4,115 1,544
16 Asia 1,299(r) -2,216 -1,714(r) 5,973
17 Japan -2,134 -1,124 -1,311 6,475
18 Africa 17 -6 -52 -11
19 Other -603 304 873 -230
20 Nonmonetary
international
and
regional
organizations -58 -441 -230 -14
21 International -77 -371 -206 15
22 Latin
American
regional 3 1 -5 0
MEMO
23 Foreign
countries -4,107 -14,182 1,762 -3,257
24 Official
institutions 1,463(r) -3,699 -4,425(r) -6,696
25 Other foreign --5,570(r) -10,483 6,187(r) 3,439
Oil-exporting
countries
26 Middle East(2) 3,069(r) -618 1,478(r) 65
27 Africa(1) 0 0 0 0
(1.) Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. (2.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (3.) Comprises Algeria, Gabon, Libya, and Nigeria. [TABULAR DATA 3.28 NOT REPRODUCIBLE IN ASCII] Guide to Statistical Releases and Special Tables [TABULAR DATA 4.20, 4.23, 4.30 NOT REPRODUCIBLE IN ASCII]3 |
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