Financial and Business Statistics.Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted(1)
Monetary or credit aggregate 1998
Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -3.6(r) -7.7(r) - 1.8(r)
2 Required -2.5 -8.9(r) -2.5(r)
3 Nonborrowed -4.1(r) -8.6(r) -.6(r)
4 Monetary base(3) 5.4(r) 6.9(r) 8.7(r)
Concepts of money, liquid
assets, and debt(4)
5 M1 1.0 -2.0 5.0
6 M2 7.5 6.9 11.0
7 M3 10.1 8.6 12.9
8 Debt 5.9(r) 5.9(r) 6.4
Nontransaction components
9 In M2(5) 9.8 9.9 13.0
10 In M3 only(6) 17.8 13.5 18.4
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 13.4 15.8 17.6
12 Small time(7) .1 -5.4 -4.2
13 Large time(8,9) 16.4 3.5 3.9
Thrift institutions
14 Savings, including MMDAs 10.8 9.0 10.1
15 Small time(7) -4.4 -7.3 -6.7
16 Large time(8) -45.0 .5 10.4
Money market mutual funds
17 Retail 20.9 19.0 28.4
18 Institution-only 34.7 26.6 41.8
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 14.5 11.7 16.4
20 Eurodollars(10) -3.3 21.7 7.6
Debt components(4)
21 Federal -1.4 -1.5 -2.0
22 Nonfederal 8.4 8.3(r) 9.0(r)
1999 1998 1999
Q1(r) Dec. Jan.(r)
Reserves of depository
institutions(2)
1 Total -1.2 10.9(r) 6.0
2 Required 1.0 12.5(r) 7.5
3 Nonborrowed -1.3 10.0(r) 3.6
4 Monetary base(3) 9.1 7.5(r) 10.5
Concepts of money, liquid
assets, and debt(4)
5 M1 2.7 4.8(r) -2.6
6 M2 7.2 10.1 6.6
7 M3 7.2 12.0 4.0
8 Debt 5.7 6.1 5.3
Nontransaction components
9 In M2(5) 8.7 11.9(r) 9.6
10 In M3 only(6) 7.1 17.3 -3.2
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.6 19.2 12.6
12 Small time(7) -5.4 -7.7 -7.5
13 Large time(8,9) -2.4 8.0 10.6
Thrift institutions
14 Savings, including MMDAs 12.7 10.8 15.0
15 Small time(7) -6.2 -5.9 -4.8
16 Large time(8) 7.4 16.4 25.6
Money market mutual funds
17 Retail 20.5 22.4(r) 22.7
18 Institution-only 17.9 29.5 -2.8
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 11.2 34.0 -25.0
20 Eurodollars(10) -2.7 -20.0 -28.1
Debt components(4)
21 Federal -2.6 .4 -2.1
22 Nonfederal 8.2 8.2(r) 7.5
1999
Feb.(r) Mar.(r) Apr.
Reserves of depository
institutions(2)
1 Total -15.3 -22.5 7.2
2 Required -7.0 -25.6 11.5
3 Nonborrowed -13.0 -21.1 4.5
4 Monetary base(3) 9.4 7.8 10.3
Concepts of money, liquid
assets, and debt(4)
5 M1 1.6 10.1 6.9
6 M2 5.7 2.8 8.8
7 M3 8.7 -2.2 7.9
8 Debt 4.7 6.3 n.a.
Nontransaction components
9 In M2(5) 7.0 .3 9.4
10 In M3 only(6) 16.9 -15.7 5.2
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 5.4 .2 17.5
12 Small time(7) -7.5 -3.5 -3.3
13 Large time(8,9) -26.8 -23.2 14.7
Thrift institutions
14 Savings, including MMDAs 14.3 7.3 9.5
15 Small time(7) -59.0 -7.8 -4.1
16 Large time(8) -14.5 -16.0 4.1
Money market mutual funds
17 Retail 22.6 3.1 12.6
18 Institution-only 34.7 -1.8 21.1
Repurchase agreements
and Eurodollars
19 Repurchase agreements(10) 68.7 -50.2 -39.0
20 Eurodollars(10) 34.4 31.9 3.0
Debt components(4)
21 Federal -7.3 -1.1 n.a.
22 Nonfederal 8.3 8.5 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (1)seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (4.) Composition of the money stock measures and debt is as follows: MI: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float Federal Reserve float Float is checkbook money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve's check collection process. To promote efficiency in the payments system and provide certainly about the date that deposited funds will become available to the receiving depository institutions (and the payee), the Federal, and (4) other checkable deposits
(OCDs), consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
Seasonally adjusted M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted MI. M3: M2 plus (1) large-denomination time deposits (in amounts of $I00,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money :fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1) Millions of dollars
Average of
daily figures
Factor 1999
Feb. Mar. Apr.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 501,636 507,920 512,869
outstanding U.S.
government securities(2)
2 Bought outright--System
account(3) 458,706 464,000 469,926
3 Held under repurchase
agreements 3,310 6,499 6,691
Federal agency obligations
4 Bought outfight 336 318 311
5 Held under repurchase
agreements 3,222 3,408 2,110
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 118 32 167
8 Seasonal credit 10 17 38
9 Extended credit 0 0 0
10 Float 446 210 297
11 Other Federal Reserve
assets 35,488 33,436 33,330
12 Gold stock 11,009 11,008 11,050
13 Special drawing rights
certificate account 9,200 8,329 8,200
14 Treasury currency 26,454 26,581(r) 26,675
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 510,631 514,736(r) 519,355
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 114 132 144
17 Treasury 4,800 5,463 6,379
18 Foreign 202 177 208
19 Service-related balances
and adjustments 7,129 6,979(r) 6,716
20 Other 270 247 283
21 Other Federal Reserve 16,686 17,002 17,275
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,507 9,143(R) 8,435
End-of-month figures
Feb. Mar. Apr.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,077 516,387 519,959
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 461,036 465,686 473,573
3 Held under repurchase
agreements 3,558 12,730 8,930
Federal agency obligations
4 Bought outright 336 311 311
5 Held under repurchase
agreements 3,884 5,606 3,292
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 4 223 2
8 Seasonal credit 12 22 65
9 Extended credit 0 0 0
10 Float 39 -882 36
11 Other Federal Reserve
assets 34,208 32,690 33,749
12 Gold stock 11,047 11,009 11,050
13 Special drawing rights
certificate account 9,200 8,200 8,200
14 Treasury currency
outstanding 26,508 26,638(r) 26,708
ABSORBING RESERVE FUNDS
15 Currency in circulation 511,709 517,790(r) 519,702
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 120 135 167
17 Treasury 4,538 5,374 10,000
18 Foreign 200 166 260
19 Service-related balances
and adjustments 7,030 6,815(r) 6,788
20 Other 225 235 263
21 Other Federal Reserve
liabilities and capital 16,460 16,805 17,214
22 Reserve balances with
Federal Reserve Banks(4) 9,551 14,954(r) 11,484
Average of daily figures
for week ending
on date indicated
Factor 1999
Mar. 17 Mar. 24 Mar. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 507,613 508,369 509,500
outstanding U.S.
government securities(2)
2 Bought outright--System
account(3) 464,197 464,809 465,257
3 Held under repurchase
agreements 4,497 8,006 7,863
Federal agency obligations
4 Bought outfight 311 311 311
5 Held under repurchase
agreements 3,690 3,944 3,387
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 4 87 44
8 Seasonal credit 16 20 21
9 Extended credit 0 0 0
10 Float 62 -453 -41
11 Other Federal Reserve
assets 34,837 31,646 32,657
12 Gold stock 11,049 11,048 11,048
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency 26,573(r) 26,605(r) 26,638(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 514,779(r) 515,112(r) 515,762(r)
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 132 134 135
17 Treasury 6,313 5,309 5,160
18 Foreign 180 166 168
19 Service-related balances
and adjustments 6,896 7,227(r) 6,815(r)
20 Other 261 236 227
21 Other Federal Reserve 17,117 17,184 17,091
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 7,758 8,856(r) 10,029(r)
Wednesday figures
Mar. 17 Mar. 24 Mar. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 508,228 516,531 516,387
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 464,506 464,744 465,686
3 Held under repurchase
agreements 4,495 17,013 12,730
Federal agency obligations
4 Bought outright 311 311 311
5 Held under repurchase
agreements 3,840 4,533 5,606
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 1 2 223
8 Seasonal credit 20 17 22
9 Extended credit 0 0 0
10 Float 163 -305 -882
11 Other Federal Reserve
assets 34,893 30,217 32,690
12 Gold stock 11,049 11,047 11,049
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,573(r) 26,605(r) 26,638(r)
ABSORBING RESERVE FUNDS
15 Currency in circulation 515,774(r) 516,177(r) 517,797
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 134 134 135
17 Treasury 6,318 5,199 5,374
18 Foreign 173 169 166
19 Service-related balances
and adjustments 6,896 7,227(r) 6,815(r)
20 Other 247 220 235
21 Other Federal Reserve
liabilities and capital 16,906 17,089 16,805
22 Reserve balances with
Federal Reserve Banks(4) 7,602 16,167(r) 14,954(r)
Average of daily figures
for week ending
on date indicated
Factor 1999
Apr. 7 Apr. 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 511,052 511,893
outstanding U.S.
2 government securities(2)
account(3) 466,781 469,667
3 Held under repurchase
agreements 9,002 6,496
Federal agency obligations
4 Bought outfight 311 311
5 Held under repurchase
agreements 2,212 1,660
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 168 32
8 Seasonal credit 27 30
9 Extended credit 0 0
10 Float 13 264
11 Other Federal Reserve
assets 32,538 33,433
12 Gold stock 11,051 11,050
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency 26,652 26,666
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 518,373 519,963
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 135 141
17 Treasury 5,644 4,853
18 Foreign 245 188
19 Service-related balances
and adjustments 6,636 6,672
20 Other 311 305
21 Other Federal Reserve 17,188 17,322
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,422 8,365
Wednesday figures
Apr. 7 Apr. 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 512,559 512,417
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 467,237 471,409
3 Held under repurchase
agreements 8,910 5,880
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 2,096 1,334
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,030 74
8 Seasonal credit 28 32
9 Extended credit 0 0
10 Float 146 -319
11 Other Federal Reserve
assets 32,802 33,695
12 Gold stock 11,051 11,008
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,652 26,666
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,543 520,911
16 Treasury cash holdings 140 145
Deposits, other than reserve
balances, with Federal
Reserve Banks
17 Treasury 5,438 4,157
18 Foreign 183 191
19 Service-related balances
and adjustments 6,636 6,672
20 Other 300 306
21 Other Federal Reserve
liabilities and capital 17,135 17,000
22 Reserve balances with
Federal Reserve Banks(4) 8,083 8,909
Average of daily figures
for week ending
on date indicated
Factor 1999
Apr. 21 Apr. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 513,556 513,033
outstanding U.S.
2 government securities(2)
account(3) 470,563 471,697
3 Held under repurchase
agreements 6,685 3,904
Federal agency obligations
4 Bought outfight 311 311
5 Held under repurchase
agreements 2,022 2,371
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 199 316
8 Seasonal credit 36 51
9 Extended credit 0 0
10 Float 103 905
11 Other Federal Reserve
assets 33,638 33,478
12 Gold stock 11,049 11,049
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency 26,680 26,694
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 519,632 519,289
16 Treasury cash holdings
Deposits, other than
reserve balances, with
Federal Reserve Banks 145 148
17 Treasury 6,790 7,182
18 Foreign 215 182
19 Service-related balances
and adjustments 6,717 6,818
20 Other 283 241
21 Other Federal Reserve 17,269 17,300
liabilities and capital
22 Reserve balances with
Federal Reserve Banks(4) 8,435 7,812
Wednesday figures
Apr. 21 Apr. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 514,232 518,657
outstanding U.S.
government securities(2)
2 Bought outfight--System
account(3) 470,506 473,627
3 Held under repurchase
agreements 5,880 6,730
Federal agency obligations
4 Bought outright 311 311
5 Held under repurchase
agreements 1,334 3,015
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,367 6
8 Seasonal credit 41 60
9 Extended credit 0 0
10 Float 1,050 736
11 Other Federal Reserve
assets 33,744 34,172
12 Gold stock 11,009 11,048
13 Special drawing rights
certificate account 8,200 8,200
14 Treasury currency
outstanding 26,680 26,694
ABSORBING RESERVE FUNDS
15 Currency in circulation 520,370 520,718
16 Treasury cash holdings 145 167
Deposits, other than reserve
balances, with Federal
Reserve Banks
17 Treasury 6,690 8,545
18 Foreign 193 168
19 Service-related balances
and adjustments 6,717 6,818
20 Other 240 237
21 Other Federal Reserve
liabilities and capital 17,007 17,055
22 Reserve balances with
Federal Reserve Banks(4) 8,800 10,890
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2. (2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. (4.) Excludes required clearing balances and adjustments to compensate for float. 1.12 RESERVES AND BORROWINGS Depository Institutions(1) Millions of dollars
Prorated monthly
averages of biweekly
averages
Reserve classification 1996 1997 1998
Dec.(r) Dec.(r) Dec.
1 Reserve balances with
Reserve Banks(2) 13,330 10,664 9,021(r)
2 Total vault cash(3) 44,525 44,740 44,305
3 Applied vault cash(4) 37,844 37,255 35,997
4 Surplus vault cash(5) 6,681 7,485 8,308
5 Total reserves(6) 51,174 47,920 45,018(r)
6 Required reserves 49,758 46,235 43,435
7 Excess reserve balances
at Reserve Banks(7) 1,416 1,685 1,583(r)
8 Total borrowings at
Reserve Banks(8) 155 324 117
9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1998 1999
Dec. 30 Jan. 13(r) Jan.27
1 Reserve balances with
Reserve Banks(2) 9,057 9,550 10,019
2 Total vault cash(3) 45,470 45,023 44,837
3 Applied vault cash(4) 36,748 35,911 36,847
4 Surplus vault cash(5) 8,722 9,112 7,990
5 Total reserves(6) 45,805 45,461 46,866
6 Required reserves 43,999 43,241 45,878
7 Excess reserve balances
at Reserve Banks(7) 1,806 2,220 988
8 Total borrowings at
Reserve Banks(8) 195 370 68
9 Seasonal borrowings 18 9 5
10 Extended credit(9) 0 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification 1998
Oct.(r) Nov. Dec.
1 Reserve balances with
Reserve Banks(2) 9,027 8,855 9,021(r)
2 Total vault cash(3) 43,268 43,104 44,305
3 Applied vault cash(4) 35,089 35,297 35,997
4 Surplus vault cash(5) 8,179 7,807 8,308
5 Total reserves(6) 44,117 44,152 45,018(r)
6 Required reserves 42,543 42,528(r) 43,435
7 Excess reserve balances
at Reserve Banks(7) 1,574 1,624 1,583(r)
8 Total borrowings at
Reserve Banks(8) 174 83(r) 117
9 Seasonal borrowings 107 37 15
10 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
Feb. 10 Feb. 24 Mar. 10
1 Reserve balances with
Reserve Banks(2) 8,750 8,233 9,356
2 Total vault cash(3) 49,363 45,597 42,284
3 Applied vault cash(4) 38,649 35,997 34,007
4 Surplus vault cash(5) 10,714 9,600 8,277
5 Total reserves(6) 47,399 44,230 43,362
6 Required reserves 46,181 43,041(r) 42,062
7 Excess reserve balances
at Reserve Banks(7) 1,217 1,189 1,300
8 Total borrowings at
Reserve Banks(8) 158 112 22
9 Seasonal borrowings 8 9 14
10 Extended credit(9) 0 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification 1999
Jan. Feb.
1 Reserve balances with
Reserve Banks(2) 9,658(r) 8,578
2 Total vault cash(3) 45,499 46,468
3 Applied vault cash(4) 36,687 36,660
4 Surplus vault cash(5) 8,812 9,809
5 Total reserves(6) 46,345(r) 45,237
6 Required reserves 44,811 44,022
7 Excess reserve balances
at Reserve Banks(7) 1,534(r) 1,215
8 Total borrowings at
Reserve Banks(8) 206 116
9 Seasonal borrowings 7 9
10 Extended credit(9) 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
Mar. 24 Apr. 7(r)
1 Reserve balances with
Reserve Banks(2) 8,309 9,213
2 Total vault cash(3) 43,524 42,525
3 Applied vault cash(4) 34,521 34,147
4 Surplus vault cash(5) 9,004 8,378
5 Total reserves(6) 42,830 43,360
6 Required reserves 41,613 41,872
7 Excess reserve balances
at Reserve Banks(7) 1,217 1,487
8 Total borrowings at
Reserve Banks(8) 63 130
9 Seasonal borrowings 18 24
10 Extended credit(9) 0 0
Prorated monthly
averages of biweekly
averages
Reserve classification
Mar.(r) Apr.
1 Reserve balances with
Reserve Banks(2) 8,851 9,240
2 Total vault cash(3) 42,898 42,162
3 Applied vault cash(4) 34,270 34,407
4 Surplus vault cash(5) 8,628 7,755
5 Total reserves(6) 43,121 43,647
6 Required reserves 41,816 42,483
7 Excess reserve balances
at Reserve Banks(7) 1,305 1,164
8 Total borrowings at
Reserve Banks(8) 65 166
9 Seasonal borrowings 18 39
10 Extended credit(9) 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
Apr. 21 May. 5
1 Reserve balances with
Reserve Banks(2) 8,409 10,554
2 Total vault cash(3) 42,348 41,592
3 Applied vault cash(4) 34,422 34,587
4 Surplus vault cash(5) 7,926 7,006
5 Total reserves(6) 42,831 45,141
6 Required reserves 41,915 43,842
7 Excess reserve balances
at Reserve Banks(7) 916 1,299
8 Total borrowings at
Reserve Banks(8) 149 223
9 Seasonal borrowings 33 59
10 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements, (4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. (5.) Total vault cash (line 2) less applied vault cash (line 3). (6.) Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). (7.) Total reserves (line 5) less required reserves (line 6). (8.) Also includes adjustment credit. (9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. 1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit(1)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 4.50 11/18/98 4.75
New York 4.50 11/17/98 4.75
Philadelphia 4.50 11/17/98 4.75
Cleveland 4.50 11/19/98 4.75
Richmond 4.50 11/18/98 4.75
Atlanta 4.50 11/18/98 4.75
Chicago 4.50 11/19/98 4.75
St. Louis 4.50 11/19/98 4.75
Minneapolis 4.50 11/19/98 4.75
Kansas City 4.50 11/18/98 4.75
Dallas 4.50 11/17/98 4.75
San Francisco 4.50 11/17/98 4.75
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 4.85 6/3/99 4.80
New York 4.85 6/3/99 4.80
Philadelphia 4.85 6/3/99 4.80
Cleveland 4.85 6/3/99 4.80
Richmond 4.85 6/3/99 4.80
Atlanta 4.85 6/3/99 4.80
Chicago 4.85 6/3/99 4.80
St. Louis 4.85 6/3/99 4.80
Minneapolis 4.85 6/3/99 4.80
Kansas City 4.85 6/3/99 4.80
Dallas 4.85 6/3/99 4.80
San Francisco 4.85 6/3/99 4.80
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On
6/11/99 Effective date Previous rate
Boston 5.35 6/3/99 5.30
New York 5.35 6/3/99 5.30
Philadelphia 5.35 6/3/99 5.30
Cleveland 5.35 6/3/99 5.30
Richmond 5.35 6/3/99 5.30
Atlanta 5.35 6/3/99 5.30
Chicago 5.35 6/3/99 5.30
St. Louis 5.35 6/3/99 5.30
Minneapolis 5.35 6/3/99 5.30
Kansas City 5.35 6/3/99 5.30
Dallas 5.35 6/3/99 5.30
San Francisco 5.35 6/3/99 5.30
Range of rates for adjustment credit in recent years(4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 19977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
Oct. 16 4.75 4.75
1998--Nov. 17 4.50--4.75 4.50
Nov. 19 4.50 4.50
Ineffect June 11, 1999 4.50 4.50
(1.) Available on a short-term basis to help depository institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. The highest rate established for loans to depository institutions may be charged on adjustment credit loans of unusual size that result from a major operating problem at the borrower's facility. (2.) Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans and that cannot be met through special industry lenders. The discount rate on seasonal credit takes into account rates charged by market sources of funds and ordinarily is reestablished on the first business day of each two-week reserve maintenance period; however, it is never less than the discount rate applicable to adjustment credit. (3.) May be made available to depository institutions when similar assistance is not reasonably available from other sources, including special industry lenders. Such credit may be provided when exceptional circumstances (including sustained deposit drains, impaired access to money market funds, or sudden deterioration in loan repayment performance) or practices involve only a particular institution, or to meet the needs of institutions experiencing difficulties adjusting to changing market conditions over a longer period (particularly at times of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is charged on extended-credit loans outstanding less than thirty days; however, at the discretion of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a flexible rate somewhat above rates charged on market sources of funds is charged. The rate ordinarily is reestablished on the first business day of each two-week reserve maintenance period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis points. (4.) For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 1970-1979. In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment-credit borrowings by institutions with deposits of $500 million or more that had borrowed in successive weeks or in more than four weeks in a calendar quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2 percent was reimposed on Nov. 17, 1980; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the surcharge was changed from a calendar quarter to a moving thirteen-week period. The surcharge was eliminated on Nov. 17, 1981. 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12131/98
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations. (2.) Transaction accounts include all deposits against which the account holder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the rules that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts. (3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million. (4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. (5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to zero on Jan. 17, 1991. The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983. (6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5). 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
Type of transaction 1996 1997 1998
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30.51 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
l0 Redemptions 2,015 1,996 2,676
One to five years
11 Gross purchases 3,898 19,680 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
Five to ten years
15 Gross purchases 1,116 3,849 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in U.S.
Treasury securities 19,919 41,022 19,835
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25
33 Redemptions 409 1,540 322
Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in federal
agency obligations 103 -500 7,703
37 Total net change
in System
Open Market Account 20,021 40,522 27,538
Type of transaction
and maturity 1998
Sept. Oct. Nov. Dec.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0 0
2 Gross sales 0 0 0 0
3 Exchanges 33,140 40,712 34,957 41,393
4 For new bills 33,140 40,712 34,957 41,393
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 1,038 741 662 0
7 Gross sales 0 0 0 0
8 Maturity shifts 2,301 2,423 5,444 2,539
9 Exchanges -2,242 -400 -8,093 -2,555
10 Redemptions 0 602 0 0
One to five years
11 Gross purchases 3,989 725 2,397 0
12 Gross sales 0 0 0 0
13 Maturity shifts -2,301 -2,423 -4,574 -2,539
14 Exchanges 2,242 0 6,013 2,555
Five to ten years
15 Gross purchases 351 0 862 0
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 718 0
18 Exchanges 0 400 1,135 0
More than ten years
19 Gross purchases 0 1,674 698 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -1,589 0
22 Exchanges 0 0 945 0
All maturities
23 Gross purchases 5,377 3,140 4,619 0
24 Gross sales 0 0 0 0
25 Redemptions 0 602 0 0
Matched transactions
26 Gross purchases 380,594 402,581 358,438 418,538
27 Gross sales 382,063 400,995 359,256 420,397
Repurchase agreements
28 Gross purchases 63,924 40,823 23,884 49,296
29 Gross sales 59,731 48,672 19,200 38,592
30 Net change in U.S.
Treasury securities 8,101 -3,725 8,484 8,845
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 48 15 20 30
Repurchase agreements
34 Gross purchases 18,486 51,471 51,419 48,815
35 Gross sales 19,953 50,032 48,785 44,285
36 Net change in federal
agency obligations -1,515 1,424 2,614 4,500
37 Total net change
in System
Open Market Account 6,586 -2,301 11,098 13,345
Type of transaction
and maturity 1999
Jan. Feb. Mar.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 35,069 36,862 35,065
4 For new bills 35,069 36,862 35,065
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 0 2,103 1,060
7 Gross sales 0 0 0
8 Maturity shifts 2,865 5,578 3,015
9 Exchanges -400 -7,458 -5,956
l0 Redemptions 492 0 0
One to five years
11 Gross purchases 0 2,752 2,428
12 Gross sales 0 0 0
13 Maturity shifts -2,865 -4,928 -3,015
14 Exchanges 0 4,778 5,956
Five to ten years
15 Gross purchases 0 335 346
16 Gross sales 0 0 0
17 Maturity shifts 0 -650 0
18 Exchanges 400 1,340 0
More than ten years
19 Gross purchases 615 0 2,404
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 1,340 0
All maturities
23 Gross purchases 615 5,190 6,238
24 Gross sales 0 0 0
25 Redemptions 492 0 0
Matched transactions
26 Gross purchases 365,779 324,078 393,267
27 Gross sales 363,604 322,669 394,865
Repurchase agreements
28 Gross purchases 21,968 26,098 62,878
29 Gross sales 37,157 27,025 53,706
30 Net change in U.S.
Treasury securities -12,891 5,672 13,812
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 2 0 25
Repurchase agreements
34 Gross purchases 23,577 37,416 35,731
35 Gross sales 31,744 36,067 34,009
36 Net change in federal
agency obligations -8,169 1,349 1,697
37 Total net change
in System
Open Market Account -21,060 7,021 15,509
(1.) Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings, (2.) Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1)
Millions of dollars
Wednesday
Account 1999
Mar. 31 Apr. 7 Apr. 14
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,051 11,048
2 Special drawing
rights certificate
account 8,200 8,200 8,200
3 Coin 428 424 408
Loans
4 To depository institutions 246 1,058 107
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Federal agency obligations
7 Bought outright 311 311 311
8 Held under
repurchase agreements 5,606 2,096 1,334
9 Total U.S.
Treasury securities 478,416 476,147 477,289
10 Bought outright(2) 465,686 467,237 471,409
11 Bills 196,759 197,758 199,600
12 Notes 194,968 195,425 197,493
13 Bonds 73,959 74,055 74,317
14 Held under
repurchase agreements 12,730 8,910 5,880
15 Total loans and securities 484,578 479,611 479,041
16 Items in process
of collection 7,097 8,303 7,910
17 Bank premises 1,303 1,304 1,308
Other assets
18 Denominated in
foreign currencies(3) 15,171 15,250 15,254
19 All other(4) 16,126 16,160 16,995
20 Total assets 543,952 540,303 540,165
LIABILITIES
21 Federal Reserve notes 491,715 494,455 494,798
22 Total deposits 28,316 20,893 20,396
23 Depository institutions 22,541 14,968 15,742
24 U.S. Treasury--
General account 5,374 5,438 4,157
25 Foreign--Official accounts 166 183 191
26 Other 235 304 306
27 Deferred credit items 7,117 7,821 7,931
28 Other liabilities
and accrued dividend(5) 4,328 4,379 4,239
29 Total liabilities 531,475 527,547 527,365
CAPITAL ACCOUNTS
30 Capital paid in 6,122 6,123 6,172
31 Surplus 5,944 5,952 5,952
32 Other capital accounts 411 681 677
33 Total liabilities
and capital accounts 543,952 540,303 540,165
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes
outstanding
(issued to Banks) 665,942 671,979 676,627
36 LESS: Held by
Federal Reserve Banks 174,228 177,524 181,829
37 Federal Reserve notes, net 491,715 494,455 494,798
Collateral held
against notes, net
38 Gold certificate account 11,049 11,051 11,048
39 Special drawing
rights
certificate account 8,200 8,200 8,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 472,466 475,204 475,550
42 Total collateral 491,715 494,455 494,798
End
Wednesday of month
Account 1999 1999
Apr. 21 Apr. 28 Feb. 28
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,048 11,047
2 Special drawing
rights certificate
account 8,200 8,200 9,200
3 Coin 415 416 464
Loans
4 To depository institutions 1,408 66 16
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Federal agency obligations
7 Bought outright 311 311 336
8 Held under
repurchase agreements 1,334 3,015 3,884
9 Total U.S.
Treasury securities 476,386 480,357 464,594
10 Bought outright(2) 470,506 473,627 461,036
11 Bills 198,718 199,175 198,357
12 Notes 197,120 199,721 191,126
13 Bonds 74,667 74,730 71,553
14 Held under
repurchase agreements 5,880 6,730 3,558
15 Total loans and securities 479,439 483,748 468,830
16 Items in process
of collection 9,065 8,254 5,176
17 Bank premises 1,309 1,311 1,302
Other assets
18 Denominated in
foreign currencies(3) 15,258 15,263 18,702
19 All other(4) 17,110 17,496 14,313
20 Total assets 541,845 545,736 529,034
LIABILITIES
21 Federal Reserve notes 494,250 494,606 485,784
22 Total deposits 22,406 26,392 21,798
23 Depository institutions 15,283 17,442 16,835
24 U.S. Treasury--
General account 6,690 8,545 4,538
25 Foreign--Official accounts 193 168 200
26 Other 240 237 225
27 Deferred credit items 8,182 7,682 4,992
28 Other liabilities
and accrued dividend(5) 4,184 4,230 4,205
29 Total liabilities 529,023 532,911 516,779
CAPITAL ACCOUNTS
30 Capital paid in 6,166 6,180 6,063
31 Surplus 5,952 5,952 5,872
32 Other capital accounts 704 693 320
33 Total liabilities
and capital accounts 541,845 545,736 529,034
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes
outstanding
(issued to Banks) 681,449 685,435 641,086
36 LESS: Held by
Federal Reserve Banks 187,199 190,828 155,302
37 Federal Reserve notes, net 494,250 494,606 485,784
Collateral held
against notes, net
38 Gold certificate account 11,049 11,048 11,047
39 Special drawing
rights
certificate account 8,200 8,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 475,001 475,358 465,537
42 Total collateral 494,250 494,606 485,784
End of month
Account 1999
Mar. 31 Apr. 30
Consolidated condition statement
ASSETS
1 Gold certificate account 11,049 11,050
2 Special drawing
rights certificate
account 8,200 8,200
3 Coin 428 430
Loans
4 To depository institutions 246 68
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Federal agency obligations
7 Bought outright 311 311
8 Held under
repurchase agreements 5,606 3,292
9 Total U.S.
Treasury securities 478,416 482,503
10 Bought outright(2) 465,686 473,573
11 Bills 196,759 199,121
12 Notes 194,968 199,721
13 Bonds 73,959 74,731
14 Held under
repurchase agreements 12,730 8,930
15 Total loans and securities 484,578 486,174
16 Items in process
of collection 7,097 5,248
17 Bank premises 1,303 1,310
Other assets
18 Denominated in
foreign currencies(3) 15,171 15,034
19 All other(4) 16,126 17,336
20 Total assets 543,952 544,782
LIABILITIES
21 Federal Reserve notes 491,715 493,590
22 Total deposits 28,316 28,623
23 Depository institutions 22,541 18,061
24 U.S. Treasury--
General account 5,374 10,040
25 Foreign--Official accounts 166 260
26 Other 235 263
27 Deferred credit items 7,117 5,354
28 Other liabilities
and accrued dividend(5) 4,328 4,493
29 Total liabilities 531,475 532,062
CAPITAL ACCOUNTS
30 Capital paid in 6,122 6,182
31 Surplus 5,944 5,952
32 Other capital accounts 411 586
33 Total liabilities
and capital accounts 543,952 544,782
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts n.a. n.a.
Federal Reserve
note statement
35 Federal Reserve notes
outstanding
(issued to Banks) 665,942 687,900
36 LESS: Held by
Federal Reserve Banks 174,228 194,309
37 Federal Reserve notes, net 491,715 493,590
Collateral held
against notes, net
38 Gold certificate account 11,049 11,050
39 Special drawing
rights
certificate account 8,200 8,200
40 Other eligible assets 0 0
41 U.S. Treasury and
agency securities 472,466 474,340
42 Total collateral 491,715 493,590
(1.) Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release. For ordering address, see inside front cover. (2.) Includes securities loaned--fully guaranteed by U.S. Treasury securities pledged with Federal Reserve Banks--and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Valued monthly at market exchange rates. (4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. (5.) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 1999
Mar. 31 Apr. 7 Apr. 14
1 Total loans 246 1,058 107
2 Within fifteen days(1) 243 1,033 77
3 Sixteen days to ninety days 3 26 30
4 Total U.S. Treasury securities(2) 478,416 476,147 477,289
5 Within fifteen days(1) 26,785 18,048 20,396
6 Sixteen days to ninety days 98,303 101,247 97,871
7 Ninety-one days to one year 134,439 137,410 138,060
8 One year to five years 112,263 112,518 113,451
9 Five years to ten years 46,598 46,894 47,220
10 More than ten years 60,029 60,029 60,292
11 Total federal agency obligations 5,917 2,407 1,645
12 Within fifteen days(1) 5,606 2,096 1,334
13 Sixteen days to ninety days 27 27 32
14 Ninety-one days to one year 79 79 84
15 One year to five years 30 30 20
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
End of
Wednesday month
Type of holding and maturity 1999 1999
Apr. 21 Apr. 28 Feb. 26
1 Total loans 1,408 66 445
2 Within fifteen days(1) 1,406 52 445
3 Sixteen days to ninety days 2 14 0
4 Total U.S. Treasury securities(2) 476,386 480,357 470,976
5 Within fifteen days(1) 20,105 22,035 24,996
6 Sixteen days to ninety days 96,179 100,866 98,522
7 Ninety-one days to one year 138,454 134,011 133,298
8 One year to five years 113,786 115,258 110,291
9 Five years to ten years 47,221 47,545 46,246
10 More than ten years 60,642 60,642 57,623
11 Total federal agency obligations 1,645 3,326 7,559
12 Within fifteen days(1) 1,334 3,015 7,248
13 Sixteen days to ninety days 32 37 0
14 Ninety-one days to one year 84 79 106
15 One year to five years 20 20 30
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
End of month
Type of holding and maturity 1999
Mar. 31 Apr. 30
1 Total loans 65 68
2 Within fifteen days(1) 64 40
3 Sixteen days to ninety days 1 28
4 Total U.S. Treasury securities(2) 478,416 482,503
5 Within fifteen days(1) 26,785 13,804
6 Sixteen days to ninety days 98,303 103,293
7 Ninety-one days to one year 134,439 142,071
8 One year to five years 112,263 115,147
9 Five years to ten years 46,598 47,546
10 More than ten years 60,029 60,642
11 Total federal agency obligations 5,917 3,603
12 Within fifteen days(1) 5,606 3,292
13 Sixteen days to ninety days 27 37
14 Ninety-one days to one year 79 79
15 One year to five years 30 20
16 Five years to ten years 175 175
17 More than ten years 0 0
(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements, (2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
1995 1996 1997 1998
Item Dec.(r) Dec.(r) Dec.(r) Dec.(r)
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 56.45 50.16 46.86 44.90(r)
2 Nonborrowed
reserves(4) 56.20 50.01 46.54 44.79
3 Nonborrowed 56.20 50.01 46.54 44.79
4 Required reserves 55.16 48.75 45.18 43.32
5 Monetary base(6) 434.10 541.37 478.88 512.32(r)
Not seasonally adjusted
6 Total reserves(7) 58.02 51.45 48.01 45.12(r)
7 Nonborrowed reserves 57.76 51.30 47.69 45.00(r)
8 Nonborrowed
reserves plus
extended credit(5) 57.76 51.30 47.69 45.00(r)
9 Required
reserves(8) 56.73 50.04 46.33 43.54(r)
10 Monetary base(9) 439.03 456.63 484.98 518.28(r)
NOT ADJUSTED FOR
CHANGES IN RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.17 47.92 45.02
12 Nonborrowed reserves 57.64 51.02 47.60 44.90
13 Nonborrowed reserves
plus extended
credits 57.64 51.02 47.60 44.90
14 Required reserves 56.61 49.76 46.24 43.44
15 Monetary base(12) 444.45 463.40 491.79 525.06
16 Excess reserves(13) 1.29 1.42 1.69 1.58
17 Borrowings from
the Federal
Reserve .26 .16 .32 .12
Item 1998
Sept.(r) Oct.(r) Nov.(r) Dec.
ADJUSTED FOR
CHANGES
IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 44.54 44.41 44.50 44.90(r)
2 Nonborrowed
reserves(4) 44.29 44.23 44.41 44.79
3 Nonborrowed 44.29 44.23 44.41 44.79
4 Required reserves 42.85 42.83 42.87 43.32
5 Monetary base(6) 502.04 505.84 509.14 512.32(r)
Not seasonally adjusted
6 Total reserves(7) 44.27 44.20 44.24 45.12(r)
7 Nonborrowed
reserves 44.02 44.03 44.16 45.00(r)
8 Nonborrowed
reserves
plus extended
credit(5) 44.02 44.03 44.16 45.00(r)
9 Required
reserves(8) 42.58 42.63 42.62 43.54(r)
10 Monetary base(9) 500.98 504.47 510.14 518.28(r)
NOT ADJUSTED FOR
CHANGES IN
RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 44.20 44.12 44.15 45.02
12 Nonborrowed
reserves 43.95 43.94 44.07 44.90
13 Nonborrowed
reserves
plus
extended credits 43.95 43.94 44.07 44.90
14 Required reserves 42.50 42.54 42.53 43.44
16 Excess
reserves(13) 1.69 1.57 41.62 1.58
17 Borrowings from
the Federal
Reserve .25 .17 .08 .12
Item 1999
Jan. Feb. Mar.(r) Apr.
ADJUSTED FOR
CHANGES
IN RESERVE
REQUIREMENTS(2) Seasonally adjusted
1 Total reserves(3) 45.13(r) 44.55 43.720 43.98
2 Nonborrowed
reserves(4) 44.92(r) 44.44 43.65 43.82
3 Nonborrowed 44.92(r) 44.44 43.65 43.82
4 Required reserves 43.59(r) 43.34 42.41 42.82
5 Monetary base(6) 516.81(r) 520.84 524.23 528.72
Not seasonally adjusted
6 Total reserves(7) 46.34 45.25 43.14 43.67
7 Nonborrowed reserves 43.14(r) 45.13 45.13 43.61
9 Nonborrowed
reserves
plus extended
credit(5) 46.14(r) 45.13 45.13 43.51
9 Required
reserves(8) 44.81 44.03 44.03 42.51
10 Monetary base(9) 520.01 519.70 523.35 526.75
NOT ADJUSTED
FOR CHANGES
IN RESERVES
REQUIREMENTS(10)
11 Total reserves(11) 46.35 45.24 43.12 43.65
12 Nonborrowed reserves 46.14 45.12 43.06 43.48
13 Nonborrowed reserves
plus extended
credits 46.14 45.12 43.06 43.48
14 Required reserves 44.81 44.02 41.82 42.48
15 Monetary base(12) 527.59 526.85 530.30 533.47
16 Excess reserves(13) 1.53(r) 1.22 1.31 1.16
17 Borrowings
from the
Federal Reserve .21 .12 .07 .17
(1.) Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) (3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). (4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). (5.) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. (6.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (7.) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). (8.) To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods bad current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). (9.) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (10.) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. (11.) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. (12.) The monetary base, not break-adjusted and not seasonally adjusted, consists of(l) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 1.21 MONEY STOCK AND DEBT MEASURES(1) Billions of dollars, averages of daily figures
Item 1995 1996 1997 1998
Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3 1,074.9 1,093.4(r)
2 M2 3,649.1 3,823.9 4,046.6 4,402.1(r)
3 M3 4,618.5 4,955.6 5,404.7 5,999.8(r)
4 Debt 13,703.2 14,425.3 15,141.3 16,085.5(r)
M1 components
5 Currency(3) 372.3 394.1 424.5 459.2
6 Travelers
checks(4) 8.3 8.0 7.7 7.8
7 Demand deposits(5) 389.4 403.0 396.5 377.5
8 Other checkable
deposits(6) 356.7 276.2 246.2 248.8(r)
Nontransaction
components
9 In M2(7) 2,522.4 2,742.6 2,971.8 3,308.7(r)
10 In M3 only(8) 969.4 1,131.7 1,358.0 1,597.7
Commercial banks
11 Savings deposits,
including MMDAs 775.3 905.2 1,022.9 1,189.8
12 Small time
deposits(9) 575.0 593.7 626.1 626.1
13 Large time
deposits(10, 11) 346.6 414.8 490.2 541.1
Thrift
institutions
14 Savings deposits
including MMDAs 359.8 367.1 377.3 415.2
15 Small time
deposits(9) 356.7 353.8 343.2 325.9
16 Large time
deposits(10) 74.5 78.4 85.9 89.1
Money market
mutual funds
17 Retail 455.5 522.8 602.3 751.7(r)
18 Institution-only 255.9 313.3 379.9 516.2
Repurchase
agreements and
Eurodollars
19 Repurchase
agreements(12) 198.7 211.3 252.8 297.7
20 Eurodollars 93.7 113.9 149.2 153.6
Debt components
21 Federal debt 3,638.9 3,780.6 3,798.4 3,747.4
22 Nonfederal debt 10,064.2 10,644.7 11,342.9 12,338.2(r)
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9 1,097.4 1,115.3
24 M2 3,671.7 3,843.7 4,064.8 4,418.9(r)
25 M3 4,638.0 4,972.5 5,420.8 6,016.0(r)
26 Debt 13,704.6 14,425.3 15,140.9 16,086.0(r)
M1 components
27 Currency(3) 376.2 397.9 428.9 464.2
28 Travelers
checks(4) 8.5 8.3 7.9 8.0
29 Demand
deposits(5) 407.2 419.9 412.3 392.4
30 Other checkable
deposits(6) 360.5 278.8 248.3 250.7
Nontransaction
components
31 In M2(7) 2,519.3 2,738.9 2,967.4 3,303.6(r)
32 In M3 only(8) 966.4 1,128.8 1,356.0 1,597.0
Commercial banks
33 Savings deposits
including MMDAs 774.1 903.3 1,020.4 1,186.8(r)
34 Small time
deposits(9) 573.8 592.7 625.3 625.4
35 Large time
deposits(10, 11) 345.8 413.3 487.7 537.5
Thrift
institutions
36 Savings deposits,
including MMDAs 359.2 366.3 376.4 414.1
37 Small time
deposits(9) 355.9 353.2 342.8 325.6
38 Large time
deposits(10) 74.3 78.1 85.4 88.5
Money market
mutual funds
39 Retail 456.1 523.2 602.5 751.7(r)
40 Institution-only 257.7 316.0 384.5 523.3
Repurchase
agreements and
Eurodollars
41 Repurchase
agreements(12) 193.8 205.7 246.1 290.3
42 Eurodollars(12) 94.9 115.7 152.3 157.4
Debt components
43 Federal debt 3,645.9 3,787.9 3,805.8 3,754.9
44 Nonfederal debt 10,058.7 10,637.3 11,335.1 12,331.1(r)
1999
Item
Jan.(r) Feb.(r) Mar.(r) Apr.
Seasonally adjusted
Measures(2)
1 M1 1,091.0 1,092.5 1,101.7 1,108.0
2 M2 4,426.2 4,447.1 4,457.3 4,489.9
3 M3 6,019.6 6,063.1 6,052.2 6,091.8
4 Debt 16,156.1 16,219.5 16,304.7 n.a.
M1 components
5 Currency(3) 462.7 467.6 472.0 476.5
6 Travelers
checks(4) 7.8 7.7 7.8 7.8
7 Demand deposits(5) 371.1 371.6 373.9 373.6
8 Other checkable
deposits(6) 249.5 245.5 248.0 250.1
Nontransaction
components
9 In M2(7) 3,335.2 3,354.6 3,355.5 3,381.9
10 In M3 only(8) 1,593.5 1,616.0 1,594.9 1,601.8
Commercial banks
11 Savings deposits,
including MMDAs 1,202.3 1,207.7 1,207.9 1,225.5
12 Small time
deposits(9) 622.1 618.2 616.4 614.7
13 Large time
deposits(10, 11) 545.9 533.7 523.4 529.8
Thrift
institutions
14 Savings deposits
including MMDAs 420.4 425.4 428.0 431.4
15 Small time
deposits(9) 324.6 323.0 320.9 319.8
16 Large time
deposits(10) 91.0 89.9 88.7 89.0
Money market
mutual funds
17 Retail 765.9 780.3 782.3 790.5
18 Institution-only 515.0 529.9 529.1 538.4
Repurchase
agreements and
Eurodollars
19 Repurchase
agreements(12) 291.5 308.2 295.3 285.7
20 Eurodollars 150.0 154.3 158.4 158.8
Debt components
21 Federal debt 3,740.9 3,718.2 3,714.7 n.a.
22 Nonfederal debt 12,415.3 12,501.3 12,590.0 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,098.3 1,083.2 1,096.9 1,113.4
24 M2 4,429.6 4,441.4 4,480.8 4,527.4
25 M3 6,027.9 6,071.8 6,091.1 6,128.8
26 Debt 16,139.7 16,191.5 16,296.9 n.a.
M1 components
27 Currency(3) 462.5 466.5 471.3 476.0
28 Travelers
checks(4) 7.9 7.9 7.9 7.9
29 Demand
deposits(5) 375.7 364.6 368.7 373.7
30 Other checkable
deposits(6) 252.2 244.2 249.0 255.8
Nontransaction
components
31 In M2(7) 3,331.3 3,358.1 3,383.9 3,414.1
32 In M3 only(8) 1,598.3 1,630.5 1,610.4 1,601.4
Commercial banks
33 Savings deposits
including MMDAs 1,197.3 1,203.8 1,217.6 1,241.3
34 Small time
deposits(9) 622.8 619.6 617.3 614.8
35 Large time
deposits(10, 11) 532.2 529.1 527.8 530.6
Thrift
institutions
36 Savings deposits,
including MMDAs 418.6 424.0 431.5 437.0
37 Small time
deposits(9) 324.9 323.7 321.3 319.8
38 Large time
deposits(10) 88.8 89.1 89.5 89.1
Money market
mutual funds
39 Retail 767.6 787.0 796.2 801.1
40 Institution-only 529.3 547.3 537.9 536.7
Repurchase
agreements and
Eurodollars
41 Repurchase
agreements(12) 292.9 307.7 297.9 288.4
42 Eurodollars(12) 155.1 157.1 157.3 156.6
Debt components
43 Federal debt 3,736.6 3,721.8 3,741.2 n.a.
44 Nonfederal debt 12,403.0 12,469.7 12,555.7 n.a.
NOTES TO TABLE 1.21 (1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign hanks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) issued by all depository institutions, (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. (4.) Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. (5.) Demand deposits at commercial banks and foreign-related institutions other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. (6.) Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. (7.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. (8.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees. (9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. (10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (12.) Includes both overnight and term. [TABULAR DATA 1.26 NOT REPRODUCIBLE IN ASCII] 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING A. Commercial Paper Millions of dollars, seasonally adjusted, end of period
Year ending
December
Item
1994 1995 1996 1997
1 All issuers 595,382 674,904 775,371 966,699
Financial
companies(1)
2 Dealer-placed
paper, total(2) 223,038 275,815 361,147 513,307
3 Directly placed
paper, total(3) 207,701 210,829 229,662 252,536
4 Nonfinancial
companies(4) 164,643 188,260 184,563 200,857
Year ending 1998
Item December
1998 Oct. Nov. Dec.
1 All issuers 1,163,303 1,150,213 1,159,027 1,163,303
Financial
companies(1)
2 Dealer-placed
paper, total(2) 614,142 627,170 621,246 614,142
3 Directly placed
paper, total(3) 322,030 289,184 304,545 322,030
4 Nonfinancial
companies(4) 227,132 233,859 233,236 227,132
Item 1999
Jan. Feb. Mar.
1 All issuers 1,178,168 1,178,303 1,204,627
Financial
companies(1)
2 Dealer-placed
paper, total(2) 629,569 615,053 684,616
3 Directly placed
paper, total(3) 314,601 320,468 276,424
4 Nonfinancial
companies(4) 233,998 242,782 243,587
(1.) Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. (2.) Includes all financial-company paper sold by dealers in the open market. (3.) As reported by financial companies that place their paper directly with investors. (4.) Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. B. Bankers Dollar Acceptances(1) Millions of dollars, not seasonally adjusted, year ending September(2) Item 1995 1996 1997 1998 1 Total amount of reporting banks' acceptances in existence 29,242 25,832 25,774 14,363 2 Amount of other banks' eligible acceptances held by reporting banks 1,249 709 736 523 3 Amount of own eligible acceptances held by reporting banks (included in item 1) 10,516 7,770 6,862 4,884 4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries (included in item 1) 11,373 9,361 10,467 5,413 (1.) Includes eligible, dollar-denominated bankers acceptances legally payable in the United States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks; that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal Reserve Act (12 U.S.C. [sections] 372). (2.) Data on bankers dollar acceptances are gathered from approximately 65 institutions; includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and agencies of foreign banks, and Edge and agreement corporations. The reporting group is revised every year. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1) Percent per year
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1996 8.27
Feb. 1 8.25 1997 8.44
1998 8.35
1997--Mar. 26 8.50
1996--Jan. 8.50
199g--Sept. 30 8.25 Feb. 8.25
Oct. 16 8.00 Mar. 8.25
Nov. 18 7.75 Apr. 8.25
May 8.25
June 8.25
July 8.25
Aug. 8.25
Sept. 8.25
Oct. 8.25
Nov. 8.25
Dec. 8.25
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1997--Jan. 8.25
Feb. 1 8.25 Feb. 8.25
Mar. 8.30
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
199g--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.50
Oct. 8.50
Nov. 8.50
Dec. 8.50
Date of change Rate Period Average
rate
1996--Jan. 1 8.50 1998--Jan. 8.50
Feb. 1 8.25 Feb. 8.50
Mar. 8.50
1997--Mar. 26 8.50 Apr. 8.50
May 8.50
199g--Sept. 30 8.25 June 8.50
Oct. 16 8.00 July 8.50
Nov. 18 7.75 Aug. 8.50
Sept. 8.49
Oct. 8.12
Nov. 7.89
Dec. 7.75
1999--Jan. 7.75
Feb. 7.75
Mar. 7.75
Apr. 7.75
May 7.75
1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H. 15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. 1.35 INTEREST RATES Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted
1999
Item 1996 1997 1998
Jan. Feb.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35 4.63 4.76
2 Discount window
borrowing(2,4) 5.02 5.00 4.92 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month n.a. 5.57 5.40 4.80 4.80
4 2-month n.a. 5.57 5.38 4.78 4.80
5 3-month n.a. 5.56 5.34 4.77 4.79
Financial
6 l-month n.a. 5.59 5.42 4.83 4.82
7 2-month n.a. 5.59 5.40 4.81 4.82
8 3-month n.a. 5.60 5.37 4.81 4.82
Commercial paper
(historical)(3,5,7)
9 1-month 5.43 5.54 n.a. n.a. n.a.
10 3-month 5.41 5.58 n.a. n.a. n.a.
11 6-month 5.42 5.62 n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month 5.31 5.44 n.a. n.a. n.a.
13 3-month 5.29 5.48 n.a. n.a. n.a.
14 6-month 5.21 5.48 n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.31 5.54 5.39 4.80 4.79
16 6-month 5.31 5.57 5.30 4.73 4.74
Certificates of deposit,
secondary market(3,10)
17 l-month 5.35 5.54 5.49 4.89 4.86
18 3-month 5.39 5.62 5.47 4.89 4.90
19 6-month 5.47 5.73 5.44 4.90 4.95
20 Eurodollar deposits,
3-month(3,11) 5.38 5.61 5.45 4.88 4.86
U.S. Treasury bills
Secondary market(3,5)
21 3-month 5.01 5.06 4.78 4.34 4.44
22 6-month 5.08 5.18 4.83 4.33 4.44
23 1-year 5.22 5.32 4.80 4.31 4.48
Auction high(3,5,12)
24 3-month 5.02 5.07 4.81 4.34 4.45
25 6-month 5.09 5.18 4.85 4.36 4.43
26 l-year 5.23 5.36 4.85 4.34 4.37
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.52 5.63 5.05 4.51 4.70
28 2-year 5.84 5.99 5.13 4.62 4.88
29 3-year 5.99 6.10 5.14 4.61 4.90
30 5-year 6.18 6.22 5.15 4.60 4.91
31 7-year 6.34 6.33 5.28 4.80 5.10
32 10-year 6.44 6.35 5.26 4.72 5.00
33 20-year 6.83 6.69 5.72 5.45 5.66
34 30-year 6.71 6.61 5.58 5.16 5.37
Composite
35 More than 10 years
(long-term) 6.80 6.67 5.69 5.39 5.60
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.52 5.32 4.93 4.85 4.80
37 Baa 5.79 5.50 5.14 5.21 5.21
38 Bond Buyer series(15) 5.76 5.52 5.09 5.01 5.03
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.66 7.54 6.87 6.76 6.89
Rating group
40 Aaa 7.37 7.27 6.53 6.24 6.40
41 Aa 7.55 7.48 6.80 6.68 6.79
42 A 7.69 7.54 6.93 6.84 6.97
43 Baa 8.05 7.87 7.22 7.29 7.39
MEMO
Dividend-price ratio(17)
44 Common stocks 2.19 1.77 1.49 1.30 1.32
1999 1999, week ending
Item
Mar. Apr. Apr. 2 Apr. 9
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.81 4.74 4.84 4.80
2 Discount window
borrowing(2,4) 4.50 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.82 4.79 4.84 4.81
4 2-month 4.82 4.78 4.82 4.80
5 3-month 4.81 4.79 4.82 4.80
Financial
6 l-month 4.84 4.80 4.84 4.82
7 2-month 4.83 4.80 4.83 4.82
8 3-month 4.84 4.80 4.83 4.82
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 4.82 4.80 4.82 4.80
16 6-month 4.82 4.80 4.83 4.80
Certificates of deposit,
secondary market(3,10)
17 l-month 4.88 4.84 4.87 4.86
18 3-month 4.91 4.88 4.90 4.88
19 6-month 4.98 4.94 4.96 4.94
20 Eurodollar deposits,
3-month(3,11) 4.88 4.87 4.88 4.88
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.44 4.29 4.35 4.29
22 6-month 4.47 4.37 4.34 4.35
23 1-year 4.53 4.45 4.48 4.43
Auction high(3,5,12)
24 3-month 4.48 4.28 4.38 4.27
25 6-month 4.52 4.36 4.34 4.35
26 l-year 4.67 4.50 4.50 n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.78 4.69 4.72 4.66
28 2-year 5.05 4.98 4.99 4.91
29 3-year 5.11 5.03 5.06 4.96
30 5-year 5.14 5.08 5.12 5.00
31 7-year 5.36 5.28 5.37 5.24
32 10-year 5.23 5.18 5.24 5.11
33 20-year 5.87 5.82 5.92 5.78
34 30-year 5.58 5.55 5.63 5.50
Composite
35 More than 10 years
(long-term) 5.81 5.77 5.88 5.73
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.96 4.89 4.97 4.93
37 Baa 5.32 5.27 5.34 5.25
38 Bond Buyer series(15) 5.10 5.08 5.11 5.07
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.07 7.05 7.12 7.01
Rating group
40 Aaa 6.62 6.64 6.70 6.59
41 Aa 6.98 6.96 7.02 6.91
42 A 7.14 7.13 7.19 7.08
43 Baa 7.53 7.48 7.56 7.45
MEMO
Dividend-price ratio(17)
44 Common stocks 1.30 1.24 1.29 1.24
1999, week ending
Item
Apr. 16 Apr. 23 Apr. 30
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.68 4.61 4.79
2 Discount window
borrowing(2,4) 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.78 4.76 4.77
4 2-month 4.78 4.77 4.77
5 3-month 4.79 4.78 4.77
Financial
6 l-month 4.79 4.78 4.79
7 2-month 4.81 4.79 4.78
8 3-month 4.80 4.79 4.79
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6-month n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 4.80 4.80 4.80
16 6-month 4.80 4.80 4.80
Certificates of deposit,
secondary market(3,10)
17 l-month 4.85 4.83 4.83
18 3-month 4.88 4.88 4.87
19 6-month 4.94 4.94 4.94
20 Eurodollar deposits,
3-month(3,11) 4.88 4.88 4.87
U.S. Treasury bills
Secondary market(3,5)
21 3-month 4.20 4.26 4.39
22 6-month 4.34 4.38 4.43
23 1-year 4.43 4.45 4.49
Auction high(3,5,12)
24 3-month 4.19 4.23 4.34
25 6-month 4.32 4.37 4.41
26 l-year n.a. n.a. 4.49
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.67 4.70 4.73
28 2-year 4.96 5.00 5.03
29 3-year 5.01 5.06 5.10
30 5-year 5.05 5.10 5.15
31 7-year 5.25 5.29 5.32
32 10-year 5.14 5.20 5.26
33 20-year 5.78 5.83 5.85
34 30-year 5.51 5.56 5.58
Composite
35 More than 10 years
(long-term) 5.73 5.78 5.80
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 4.85 4.85 4.86
37 Baa 5.25 5.26 5.27
38 Bond Buyer series(15) 5.06 5.07 5.07
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.02 7.06 7.09
Rating group
40 Aaa 6.60 6.65 6.68
41 Aa 6.93 6.97 7.00
42 A 7.10 7.14 7.17
43 Baa 7.44 7.48 7.50
MEMO
Dividend-price ratio(17)
44 Common stocks 1.24 1.24 1.23
(1.) The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. (2.) Weekly figures are averages of seven calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. (3.) Annualized using a 360-day year or bank interest. (4.) Rate for the Federal Reserve Bank of New York. (5.) Quoted on a discount basis. (6.) Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releasesdcp) for more information. (7.) An average of offering |