Financial and Business Statistics.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
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
ABS Asset-backed security
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FAMC Federal Agricultural Mortgage Corporation
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
FSA Farm Service Agency
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GDP Gross domestic product
GNMA Government National Mortgage Association
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-back securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-back securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
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)
2000
Monetary or credit aggregate
Q1(r) Q2(r) Q3(r) Q4
Reserves of depository
institutions(2)
1 Total 1.8 -9.5 -7.1 -8.0
2 Required .1 -5.9 -7.4 -9.8
3 Nonborrowed 2.4 -11.1 -8.8 -5.7
4 Monetary base(3) 4.5 -3.9 2.7 2.8
Concepts of money and debt(4)
5 M1 2.0 -1.8 -3.7 -2.7
6 M2 5.8 6.4 5.8 6.7
7 M3 10.6 9.0 8.9 7.1
8 Debt 5.6 6.1 4.8 4.0
Nontransaction components
9 In M2(5) 7.0 8.9 8.6 9.4
10 In M3 only(6) 22.6 15.3 16.4 8.3
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 2.5 7.8 11.8 12.0
12 Small time(7) 9.4 13.2 10.5 5.7
13 Large time(8,9) 20.2 17.1 11.5 2.4
Thrift institutions
14 Savings, including MMDAs -2.9 1.6 3.2 .6
15 Small time(7) 7.2 3.3 11.2 10.1
16 Large time(8) 14.5 .4 20.8 16.1
Money market mutual funds
17 Retail 17.6 13.3 4.2 12.6
18 Institution-only 23.0 18.0 29.4 18.7
Repurchase agreements and
eurodollars
19 Repurchase agreements(10) 20.2 11.1 8.2 -3.5
20 Eurodollars(10) 39.8 15.6 .6 9.2
Debt components(4)
21 Federal -4.8 -7.5 -7.2 -7.9
22 Nonfederal 8.4 9.6 7.8 6.8
2000
Monetary or credit aggregate
Aug.(r) Sept.(r) Oct.(r)
Reserves of depository
institutions(2)
1 Total -9.4 -2.5 -9.7
2 Required -8.0 -5.3 -10.8
3 Nonborrowed -9.8 .6 -8.0
4 Monetary base(3) 1.4 3.3 3.2
Concepts of money and debt(4)
5 M1 -4.7 -4.3 .7
6 M2 7.8 8.2 5.6
7 M3 10.4 9.2 4.6
8 Debt 4.1 5.1 2.8
Nontransaction components
9 In M2(5) 11.6 11.9 7.1
10 In M3 only(6) 16.5 11.4 2.1
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 15.4 19.4 5.1
12 Small time(7) 9.2 4.9 3.3
13 Large time(8,9) 18.9 -4.1 -8.2
Thrift institutions
14 Savings, including MMDAs 6.1 .0 4.2
15 Small time(7) 15.1 10.0 10.2
16 Large time(8) 22.1 14.5 22.6
Money market mutual funds
17 Retail 8.9 12.6 13.3
18 Institution-only 27.4 28.8 10.2
Repurchase agreements and
eurodollars
19 Repurchase agreements(10) -9.8 2.3 -3.3
20 Eurodollars(10) 15.7 19.3 7.6
Debt components(4)
21 Federal -7.3 -4.8 -10.0
22 Nonfederal 6.8 7.4 5.8
2000
Monetary or credit aggregate
Nov.(r) Dec.
Reserves of depository
institutions(2)
1 Total -3.0 -22.9
2 Required -5.3 -27.5
3 Nonborrowed 1.1 -20.8
4 Monetary base(3) .3 7.1
Concepts of money and debt(4)
5 M1 -7.8 2.3
6 M2 4.3 9.7
7 M3 4.4 12.7
8 Debt 4.2 n.a.
Nontransaction components
9 In M2(5) 7.9 11.9
10 In M3 only(6) 4.5 19.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 10.5 16.4
12 Small time(7) 7.0 8.6
13 Large time(8,9) 4.8 26.2
Thrift institutions
14 Savings, including MMDAs -2.4 -8.2
15 Small time(7) 9.5 5.6
16 Large time(8) 11.7 1.2
Money market mutual funds
17 Retail 9.2 19.6
18 Institution-only 12.9 24.7
Repurchase agreements and
eurodollars
19 Repurchase agreements(10) -14.5 12.7
20 Eurodollars(10) 3.1 -1.3
Debt components(4)
21 Federal -9.2 n.a.
22 Nonfederal 7.3 n.a.
(1.) Unless otherwise noted, rates of change are calculated from
average amounts outstanding during preceding month or quarter.
(2.) Figures incorporate adjustments for discontinuities, or
"breaks," associated with regulatory changes in reserve requirements.
(See also table 1.20.)
(3.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted, break-adjusted total reserves (line 1), plus
(2) the seasonally adjusted currency component of the money stock,
plus (3) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all weekly reporters
whose vault cash exceeds their required reserves) the seasonally
adjusted, break-adjusted difference between current vault cash and the
amount applied to satisfy current reserve requirements.
(4.) Composition of the money stock measures and debt is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions, (2) travelers checks of nonbank
issuers, (3) demand deposits at all commercial banks other than those
owed to depository institutions, the U.S. government, and foreign
banks and official institutions, less cash items in the process of
collection and Federal Reserve float, and (4) other checkable deposits
(OCDs), consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted M1 is computed by summing currency,
travelers checks, demand deposits, and OCDs, each seasonally adjusted
separately.
M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time
deposits (time deposits--including retail RPs--in amounts of less than
$100,000), and (3) balances in retail money market mutual funds.
Excludes individual retirement accounts (IRAs) and Keogh balances at
depository institutions and money market funds. Seasonally adjusted M2
is calculated by summing savings deposits, small-denomination time
deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted 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
2000
Oct. Nov. Dec.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 561,406 568,061 578,893
U.S. government securities(2)
2 Bought outright--System
account(3) 510,713 512,368 514,072
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 130 130 130
5 Held under repurchase 0 0 0
agreements
6 Repurchase agreements--
triparty(4) 12,875 19,549 27,923
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 120 121 96
9 Seasonal credit 298 157 114
10 Special Liquidity Facility 0 0 0
credit
11 Extended credit 0 0 0
12 Float 1,192 962(r) 1,503
13 Other Federal Reserve assets 36,078 34,774 35,054
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200 2,652
16 Treasury currency outstanding 30,975 31,286 31,528
ABSORBING RESERVE FUNDS
17 Currency in circulation 571,604 576,006 584,582
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 248 289 403
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,338 5,093 5,758
21 Foreign 95 86 115
22 Service-related balances and
adjustments 6,733 6,767 6,959
23 Other 251 234 355
24 Other Federal Reserve
liabilities and capital 15,717 17,529 18,401
25 Reserve balances with Federal
Reserve Banks(5) 6,640 7,589 7,545
Average of daily figures for
week ending on date indicated
Factor
2000
Nov. 15 Nov. 22 Nov. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 566,709 568,001 573,552
U.S. government securities(2)
2 Bought outright--System
account(3) 512,336 513,025 513,689
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 130 130 130
5 Held under repurchase 0 0 0
agreements
6 Repurchase agreements--
triparty(4) 17,427 19,618 24,720
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 38 416 48
9 Seasonal credit 155 148 148
10 Special Liquidity Facility 0 0 0
credit
11 Extended credit 0 0 0
12 Float 1,071 952 650
13 Other Federal Reserve assets 35,552 33,712 34,166
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200 3,200
16 Treasury currency outstanding 31,266 31,311 31,356
ABSORBING RESERVE FUNDS
17 Currency in circulation 574,203 576,550 580,489
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 274 289 315
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,279 5,175 4,940
21 Foreign 79 92 74
22 Service-related balances and
adjustments 6,947 6,600 6,758
23 Other 200 238 229
24 Other Federal Reserve
liabilities and capital 17,528 17,755 18,027
25 Reserve balances with Federal
Reserve Banks(5) 7,709 6,859 8,321(r)
Average of daily
figures for week
ending on date
indicated
Factor
2000
Dec. 6 Dec. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 571,891 572,875
U.S. government securities(2)
2 Bought outright--System
account(3) 513,267 513,715
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 130 130
5 Held under repurchase 0 0
agreements
6 Repurchase agreements--
triparty(4) 23,677 22,621
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 69 4
9 Seasonal credit 121 124
10 Special Liquidity Facility 0 0
credit
11 Extended credit 0 0
12 Float 520 1,702
13 Other Federal Reserve assets 34,107 34,579
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200
16 Treasury currency outstanding 31,401 31,493
ABSORBING RESERVE FUNDS
17 Currency in circulation 579,278 580,186
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 353 404
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,275 5,382
21 Foreign 81 75
22 Service-related balances and
adjustments 6,606 6,980
23 Other 263 244
24 Other Federal Reserve
liabilities and capital 18,272 18,507
25 Reserve balances with Federal
Reserve Banks(5) 7,409 6,836
Average of daily
figures for week
ending on date
indicated
Factor
2000
Dec. 20 Dec. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 578,282 584,314
U.S. government securities(2)
2 Bought outright--System
account(3) 514,737 515,595
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 130 130
5 Held under repurchase 0 0
agreements
6 Repurchase agreements--
triparty(4) 25,021 31,759
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 295 41
9 Seasonal credit 121 112
10 Special Liquidity Facility 0 0
credit
11 Extended credit 0 0
12 Float 2,975 1,182
13 Other Federal Reserve assets 35,002 35,494
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 2,343 2,200
16 Treasury currency outstanding 31,543 31,593
ABSORBING RESERVE FUNDS
17 Currency in circulation 583,205 589,803
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 404 416
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 8,105 4,340
21 Foreign 160 103
22 Service-related balances and
adjustments 6,696 7,236
23 Other 222 258
24 Other Federal Reserve
liabilities and capital 18,581 18,417
25 Reserve balances with Federal
Reserve Banks(5) 5,840 8,579
End-of-month figures
Factor
Oct. Nov. Dec.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 566,215 575,908 593,092
U.S. government securities(2)
2 Bought outright--System
account(3) 508,961 512,327 511,703
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 130 130 130
5 Held under repurchase 0 0 0
agreements
6 Repurchase agreements--
triparty(4) 19,440 27,270 43,375
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 29 6 33
9 Seasonal credit 219 130 77
10 Special Liquidity Facility 0 0 0
credit
11 Extended credit 0 0 0
12 Float 1,438 2,096 901
13 Other Federal Reserve assets 35,999 33,949 36,873
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200 2,200
16 Treasury currency outstanding 31,093 31,401 31,643
ABSORBING RESERVE FUNDS
17 Currency in circulation 572,397 579,782 593,694
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 289 344 450
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,360 4,382 5,149
21 Foreign 115 104 216
22 Service-related balances and
adjustments 6,829 6,606 7,428
23 Other 245 276 1,382
24 Other Federal Reserve
liabilities and capital 16,416 18,199 17,962
25 Reserve balances with Federal
Reserve Banks(5) 9,903 11,861 11,701
Wednesday figures
Factor
Nov. 15 Nov. 22 Nov. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 570,798 573,538 574,811
U.S. government securities(2)
2 Bought outright--System
account(3) 511,748 513,813 514,308
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 130 130 130
5 Held under repurchase 0 0 0
agreements
6 Repurchase agreements--
triparty(4) 25,795 24,615 25,630
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 251 1 286
9 Seasonal credit 156 145 152
10 Special Liquidity Facility 0 0 0
credit
11 Extended credit 0 0 0
12 Float 95 874 -136
13 Other Federal Reserve assets 32,622 33,959 34,440
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200 3,200
16 Treasury currency outstanding 31,266 31,311 31,356
ABSORBING RESERVE FUNDS
17 Currency in circulation 575,884 580,287 581,077
18 Reverse repurchase agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 285 311 344
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,850 4,413 5,056
21 Foreign 90 71 73
22 Service-related balances and
adjustments 6,947 6,600 6,758
23 Other 266 233 227
24 Other Federal Reserve
liabilities and capital 17,318 17,669 17,913
25 Reserve balances with Federal
Reserve Banks(5) 10,670 9,511 8,964(r)
Wednesday figures
Factor
Dec. 6 Dec. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 570,733 581,584
U.S. government securities(2)
2 Bought outright--System
account(3) 513,100 515,115
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 130 130
5 Held under repurchase 0 0
agreements
6 Repurchase agreements--
triparty(4) 22,525 27,260
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 13 5
9 Seasonal credit 121 129
10 Special Liquidity Facility 0 0
credit
11 Extended credit 0 0
12 Float 524 4,105
13 Other Federal Reserve assets 34,319 34,841
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 3,200 3,200
16 Treasury currency outstanding 31,401 31,493
ABSORBING RESERVE FUNDS
17 Currency in circulation 580,379 582,550
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 403 412
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,215 4,947
21 Foreign 89 72
22 Service-related balances and
adjustments 6,606 6,980
23 Other 244 248
24 Other Federal Reserve
liabilities and capital 18,074 18,400
25 Reserve balances with Federal
Reserve Banks(5) 5,370 13,714
Wednesday figures
Factor
Dec. 20 Dec. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 579,269 597,301
U.S. government securities(2)
2 Bought outright--System
account(3) 514,539 515,491
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 130 130
5 Held under repurchase 0 0
agreements
6 Repurchase agreements--
triparty(4) 25,710 43,985
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 5 21
9 Seasonal credit 120 96
10 Special Liquidity Facility 0 0
credit
11 Extended credit 0 0
12 Float 3,541 1,828
13 Other Federal Reserve assets 35,225 35,750
14 Gold stock 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200
16 Treasury currency outstanding 31,543 31,593
ABSORBING RESERVE FUNDS
17 Currency in circulation 586,969 593,356
18 Reverse repurchase agreements--
triparty(4) 0 0
19 Treasury cash holdings 410 450
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,781 5,320
21 Foreign 227 83
22 Service-related balances and
adjustments 6,696 7,236
23 Other 211 235
24 Other Federal Reserve
liabilities and capital 18,140 18,062
25 Reserve balances with Federal
Reserve Banks(5) 6,625 17,396
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2.
(2.) Includes securities loaned--fully guaranteed by U.S. government
securities pledged with Federal Reserve Banks--and excludes securities
sold and scheduled to be bought back under matched sale-purchase
transactions.
(3.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
(4.) Cash value of agreements arranged through third-party custodial
banks. These agreements are collateralized by U.S. government and
federal agency securities.
(5.) Excludes required clearing balances and adjustments to compensate
for float.
1.12 RESERVES AND BORROWINGS Depository Institutions(1)
Millions of dollars
Prorated monthly averages
of biweekly averages
Reserve classification 1998 1999 2000
Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks(2) 9,026 5,263 7,160
2 Total vault cash(3) 44,294 60,619 45,120
3 Applied vault cash(4) 36,183 36,392 31,381
4 Surplus vault cash(5) 8,111 24,227 13,739
5 Total reserves(6) 45,209 41,655 38,541
6 Required reserves 43,695 40,348 37,215
7 Excess reserve balances
at Reserve Banks(7) 1,514 1,307 1,325
8 Total borrowing at Reserve
Banks 117 320 210
9 Adjustment 101 179 99
10 Seasonal 15 67 111
11 Special Liquidity Facility(8) 0 74 0
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2000
June July Aug.
1 Reserve balances with Reserve
Banks(2) 6,460 6,582 6,875
2 Total vault cash(3) 44,560 45,473 45,319
3 Applied vault cash(4) 32,757 33,086 32,611
4 Surplus vault cash(5) 11,802 12,387 12,708
5 Total reserves(6) 39,217 39,668 39,486
6 Required reserves 38,153 38,600 38,471
7 Excess reserve balances
at Reserve Banks(7) 1,064 1,068 1,014
8 Total borrowing at Reserve
Banks 479 570 579
9 Adjustment 90 60 25
10 Seasonal 389 510 554
11 Special Liquidity Facility(8) 0 0 0
12 Extended credit(9) 0 0 0
Prorated monthly
averages of
biweekly averages
Reserve classification 2000
Sept. Oct.
1 Reserve balances with Reserve
Banks(2) 6,829 6,782
2 Total vault cash(3) 44,807 45,178
3 Applied vault cash(4) 32,429 32,072
4 Surplus vault cash(5) 12,378 13,106(r)
5 Total reserves(6) 39,257 38,854
6 Required reserves 38,155 37,725
7 Excess reserve balances
at Reserve Banks(7) 1,102 1,129
8 Total borrowing at Reserve
Banks 477 418
9 Adjustment 50 119
10 Seasonal 427 299
11 Special Liquidity Facility(8) 0 0
12 Extended credit(9) 0 0
Prorated monthly
averages of
biweekly averages
Reserve classification 2000
Nov. Dec.
1 Reserve balances with Reserve
Banks(2) 7,157 7,160
2 Total vault cash(3) 44,546(r) 45,120
3 Applied vault cash(4) 31,632(r) 31,381
4 Surplus vault cash(5) 12,914(r) 13,739
5 Total reserves(6) 38,789(r) 38,541
6 Required reserves 37,587(r) 37,215
7 Excess reserve balances
at Reserve Banks(7) 1,202 1,325
8 Total borrowing at Reserve
Banks 283 210
9 Adjustment 124 99
10 Seasonal 159 111
11 Special Liquidity Facility(8) 0 0
12 Extended credit(9) 0 0
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
Reserve classification 2000
Sept. 6 Sept. 20 Oct. 4
1 Reserve balances with Reserve
Banks(2) 6,911 6,578 7,131
2 Total vault cash(3) 44,097 44,823 45,210
3 Applied vault cash(4) 32,184 32,077 33,068
4 Surplus vault cash(5) 11,913 12,746 12,142
5 Total reserves(6) 39,095 38,655 40,198
6 Required reserves 38,118 37,612 38,938
7 Excess reserve balances
at Reserve Banks(7) 977 1,043 1,260
8 Total borrowing at Reserve
Banks 604 473 409
9 Adjustment 45 70 26
10 Seasonal 559 403 383
11 Special Liquidity Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
Reserve classification 2000
Oct. 18 Nov. 1 Nov. 15
1 Reserve balances with Reserve
Banks(2) 6,502 6,976 6,709
2 Total vault cash(3) 45,778 44,523(r) 44,633(r)
3 Applied vault cash(4) 31,601 32,274 31,056
4 Surplus vault cash(5) 14,177 12,249(r) 13,577(r)
5 Total reserves(6) 38,103 39,250 37,765
6 Required reserves 37,073 38,056 36,762
7 Excess reserve balances
at Reserve Banks(7) 1,030 1,194 1,003
8 Total borrowing at Reserve
Banks 480 355 190
9 Adjustment 167 97 25
10 Seasonal 313 259 165
11 Special Liquidity Facility(8) ... ... ...
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
Reserve classification 2000
Nov. 29(r) Dec. 13(r)
1 Reserve balances with Reserve
Banks(2) 7,620 7,131
2 Total vault cash(3) 44,539 43,452
3 Applied vault cash(4) 32,261 30,255
4 Surplus vault cash(5) 12,278 13,197
5 Total reserves(6) 39,881 37,386
6 Required reserves 38,474 36,253
7 Excess reserve balances
at Reserve Banks(7) 1,407 1,133
8 Total borrowing at Reserve
Banks 380 159
9 Adjustment 232 37
10 Seasonal 148 123
11 Special Liquidity Facility(8) ... ...
12 Extended credit(9) 0 0
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
Reserve classification 2000
Dec. 27 Jan. 10
1 Reserve balances with Reserve
Banks(2) 7,208 7,085
2 Total vault cash(3) 46,220 46,696
3 Applied vault cash(4) 32,370 31,579
4 Surplus vault cash(5) 13,850 15,117
5 Total reserves(6) 39,578 38,664
6 Required reserves 38,124 37,165
7 Excess reserve balances
at Reserve Banks(7) 1,454 1,499
8 Total borrowing at Reserve
Banks 285 110
9 Adjustment 169 56
10 Seasonal 117 55
11 Special Liquidity Facility(8) ... ...
12 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 thrift institutions that are
not exempt from reserve requirements. Dates refer to the maintenance
periods in which the vault cash can be used to satisfy reserve
requirements.
(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonbound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current reserve
requirements.
(5.) Total vault cash (line 2) less applied vault cash (line 3).
(6.) Reserve balances with Federal Reserve Banks (line 1) plus applied
vault cash (line 3).
(7.) Total reserves (line 5) less required reserves (line 6).
(8.) Borrowing at the discount window under the terms and conditions
established for the Century Date Change Special Liquidity Facility in
effect from October 1, 1999, through April 7, 2000.
(9.) Consists of borrowing at the discount window under the terms and
conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures.
Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit(1)
Federal Reserve
Bank On Effective Previous
2/16/01 date rate
Boston 5.00 1/31/01 5.50
New York 5.00 1/31/01 5.50
Philadelphia 5.00 1/31/01 5.50
Cleveland 5.00 1/31/01 5.50
Richmond 5.00 1/31/01 5.50
Atlanta 5.00 1/31/01 5.50
Chicago 5.00 1/31/01 5.50
St. Louis 5.00 2/1/01 5.50
Minneapolis 5.00 1/31/01 5.50
Kansas City 5.00 2/1/01 5.50
Dallas 5.00 1/31/01 5.50
San Francisco 5.00 1/31/01 5.50
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On Effective Previous
2/16/01 date rate
Boston 5.55 2/8/01 5.80
New York 5.55 2/8/01 5.80
Philadelphia 5.55 2/8/01 5.80
Cleveland 5.55 2/8/01 5.80
Richmond 5.55 2/8/01 5.80
Atlanta 5.55 2/8/01 5.80
Chicago 5.55 2/8/01 5.80
St. Louis 5.55 2/8/01 5.80
Minneapolis 5.55 2/8/01 5.80
Kansas City 5.55 2/8/01 5.80
Dallas 5.55 2/8/01 5.80
San Francisco 5.55 2/8/01 5.80
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On Effective Previous
2/16/01 date rate
Boston 6.05 2/8/01 6.30
New York 6.05 2/8/01 6.30
Philadelphia 6.05 2/8/01 6.30
Cleveland 6.05 2/8/01 6.30
Richmond 6.05 2/8/01 6.30
Atlanta 6.05 2/8/01 6.30
Chicago 6.05 2/8/01 6.30
St. Louis 6.05 2/8/01 6.30
Minneapolis 6.05 2/8/01 6.30
Kansas City 6.05 2/8/01 6.30
Dallas 6.05 2/8/01 6.30
San Francisco 6.05 2/8/01 6.30
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,
1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
1982--Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999--Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000--Feb. 2 5.00-5.25 5.25
4 5.25 5.25
Mar. 21 5.25-5.50 5.50
23 5.50 5.50
May 16 5.50-6.00 5.50
19 6.00 6.00
2001--Jan. 3 5.75-6.00 5.75
4 5.50-5.75 5.50
5 5.50 5.50
31 5.00-5.50 5.00
Feb. 1 5.00 5.00
In effect Feb. 16,
2001 5.00 5.00
(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-$42.8 million(3) 3 12/28/00
2 More than $42.8 million(4) 10 12/28/00
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 28, 2000, for depository
institutions that report weekly, and with the period beginning
January 18, 2001, for institutions that report quarterly, the amount
was decreased from $44.3 million to $42.8 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 28, 2000, for
depository institutions that report weekly, and with the period
beginning January 18, 2001, for institutions that report quarterly,
the exemption was raised from $5.0 million to $5.5 million.
(4.) The reserve requirement was reduced from 12 percent to 10 percent
on Apr. 2, 1992, for institutions that report weekly, and on Apr.
16, 1992, for institutions that report quarterly.
(5.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1
1/2 years was reduced from 3 percent to 1 1/2 percent for the
maintenance period that began Dec. 13, 1990, and to zero for the
maintenance period that began Dec. 27, 1990. For institutions that
report quarterly, the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1 1/2 years was
reduced from 3 percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an
original maturity of 1 1/2 years or more has been zero since Oct. 6,
1983.
(6.) The reserve requirement on Eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as
the reserve requirement on nonpersonal time deposits with an
original maturity of less than 1 1/2 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1997 1998 1999
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 9,147 3,550 0
2 Gross sales 0 0 0
3 Exchanges 435,907 450,835 464,218
4 For new hills 435,907 450,835 464,218
5 Redemptions 0 2,000 0
Others within one year
6 Gross purchases 5,549 6,297 11,895
7 Gross sales 0 0 0
8 Maturity shifts 41,716 46,062 50,590
9 Exchanges -27,499 -49,434 -53,315
10 Redemptions 1,996 2,676 1,429
One to five years
11 Gross purchases 20,080 12,901 19,731
12 Gross sales 0 0 0
13 Maturity shifts -37,987 -37,777 -44,032
14 Exchanges 20,274 37,154 42,604
Five to ten years
15 Gross purchases 3,449 2,294 4,303
16 Gross sales 0 0 0
17 Maturity shifts -1,954 -5,908 -5,841
18 Exchanges 5,215 7,439 7,583
More than ten years
19 Gross purchases 5,897 4,884 9,428
20 Gross sales 0 0 0
21 Maturity shifts -1,775 -2,377 -717
22 Exchanges 2,360 4,842 3,139
All maturities
23 Gross purchases 44,122 29,926 45,357
24 Gross sales 0 0 0
25 Redemptions 1,996 4,676 1,429
Matched transactions
26 Gross purchases 3,591,210 4,430,457 4,413,430
27 Gross sales 3,593,530 4,434,358 4,431,685
Repurchase agreements
28 Gross purchases 810,485 512,671 281,599
29 Gross sales 809,268 514,186 301,273
30 Net change in U.S.
Treasury securities 41,022 19,835 5,999
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 25 0
33 Redemptions 1,540 322 157
Repurchase agreements
34 Gross purchases 160,409 284,316 360,069
35 Gross sales 159,369 276,266 370,772
36 Net change in federal agency
obligations -500 7,703 -10,859
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 304,989
40 Gross sales 0 0 164,349
41 Net change in triparty
obligations 0 0 140,640
42 Total net change in System Open
Market Account 40,522 27,538 135,780
Type of transaction 2000
and maturity
May June July
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0 1,825
2 Gross sales 0 0 0
3 Exchanges 36,386 44,008 33,718
4 For new hills 36,386 44,008 33,718
5 Redemptions 2,297 4,188 4,902
Others within one year
6 Gross purchases 164 1,875 1,284
7 Gross sales 0 0 0
8 Maturity shifts 13,063 4,672 5,152
9 Exchanges -12,633 -3,109 -3,333
10 Redemptions 0 0 367
One to five years
11 Gross purchases 890 706 2,259
12 Gross sales 0 0 0
13 Maturity shifts -10,334 -4,672 -5,152
14 Exchanges 10,063 3,109 3,333
Five to ten years
15 Gross purchases 0 0 0
16 Gross sales 0 0 0
17 Maturity shifts -1,552 0 0
18 Exchanges 2,570 0 0
More than ten years
19 Gross purchases 528 1,151 500
20 Gross sales 0 0 0
21 Maturity shifts -1,177 0 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 1,582 3,732 5,868
24 Gross sales 0 0 0
25 Redemptions 2,297 4,188 5,269
Matched transactions
26 Gross purchases 357,355 368,396 344,935
27 Gross sales 356,640 369,739 344,384
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S.
Treasury securities -1 -1,800 1,150
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 0 0
Repurchase agreements
34 Gross purchases 0 0 0
35 Gross sales 0 0 0
36 Net change in federal agency
obligations 0 0 0
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 107,375 70,850 66,485
40 Gross sales 105,885 70,315 75,925
41 Net change in triparty
obligations 1,490 535 -9,440
42 Total net change in System Open
Market Account 1,489 -1,265 -8,290
Type of transaction 2000
and maturity
Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 531 231
2 Gross sales 0 0
3 Exchanges 42,797 37,006
4 For new hills 42,797 37,006
5 Redemptions 3,438 3,898
Others within one year
6 Gross purchases 2,770 716
7 Gross sales 0 0
8 Maturity shifts 7,040 0
9 Exchanges -7,396 0
10 Redemptions 887 0
One to five years
11 Gross purchases 2,508 2,385
12 Gross sales 0 0
13 Maturity shifts -3,439 0
14 Exchanges 5,418 0
Five to ten years
15 Gross purchases 1,914 448
16 Gross sales 0 0
17 Maturity shifts -3,601 0
18 Exchanges 1,254 0
More than ten years
19 Gross purchases 727 547
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 724 0
All maturities
23 Gross purchases 8,450 4,326
24 Gross sales 0 0
25 Redemptions 4,325 3,898
Matched transactions
26 Gross purchases 381,349 335,321
27 Gross sales 381,475 334,530
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S.
Treasury securities 3,999 1,219
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 10
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal agency
obligations 0 -10
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 47,265 66,080
40 Gross sales 46,230 67,285
41 Net change in triparty
obligations 1,035 -1,205
42 Total net change in System Open
Market Account 5,034 4
Type of transaction 2000
and maturity
Oct. Nov.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 779 2,507
2 Gross sales 0 0
3 Exchanges 38,142 45,182
4 For new hills 38,142 45,182
5 Redemptions 2,656 1,021
Others within one year
6 Gross purchases 0 580
7 Gross sales 0 0
8 Maturity shifts 8,663 7,957
9 Exchanges -6,608 -7,012
10 Redemptions 787 780
One to five years
11 Gross purchases 734 1,332
12 Gross sales 0 0
13 Maturity shifts -8,663 -5,997
14 Exchanges 6,608 5,737
Five to ten years
15 Gross purchases 0 510
16 Gross sales 0 0
17 Maturity shifts 0 -699
18 Exchanges 0 1,275
More than ten years
19 Gross purchases 982 0
20 Gross sales 0 0
21 Maturity shifts 0 -1,261
22 Exchanges 0 0
All maturities
23 Gross purchases 2,495 4,929
24 Gross sales 0 0
25 Redemptions 3,443 1,802
Matched transactions
26 Gross purchases 344,920 351,391
27 Gross sales 346,428 351,232
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S.
Treasury securities -2,457 3,286
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 0
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal agency
obligations 0 0
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 64,428 87,125
40 Gross sales 62,308 79,295
41 Net change in triparty
obligations 2,120 7,830
42 Total net change in System Open
Market Account -337 11,116
(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
2000
Account
Nov. 29 Dec. 6 Dec. 13
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 11,046 11,046
2 Special drawing rights
certificate account 3,200 3,200 3,200
3 Coin 892 914 948
Loans
4 To depository institutions 438 134 133
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 25,630 22,525 27,260
Federal agency obligations(3)
8 Bought outright 130 130 130
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 514,308 513,100 515,115
11 Bought outright(4) 514,308 513,100 515,115
12 Bills 183,817 183,384 183,206
13 Notes 237,804 237,028 239,127
14 Bonds 92,687 92,688 92,783
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 540,506 535,889 542,639
17 Items in process of collection 7,198 9,378 12,048
18 Bank premises 1,441 1,441 1,442
Other assets
19 Denominated in foreign currencies(5) 15,323 15,354 15,360
20 All other(6) 17,677 17,444 17,970
21 Total assets 597,282 594,665 604,654
LIABILITIES
22 Federal Reserve notes 550,957 550,295 552,417
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 21,718 17,702 26,084
25 Depository institutions 16,362 12,155 20,817
26 U.S. Treasury--General account 5,056 5,215 4,947
27 Foreign--Official accounts 73 89 72
28 Other 227 244 248
29 Deferred credit items 6,694 8,594 7,752
30 Other liabilities and
accrued dividends(7) 4,409 4,397 4,622
31 Total liabilities 583,778 580,988 590,876
CAPITAL ACCOUNTS
32 Capital paid in 7,071 7,088 7,103
33 Surplus 2,679 2,679 2,679
34 Other capital accounts 3,754 3,910 3,995
35 Total liabilities and
capital accounts 597,282 594,665 604,654
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 756,715 755,565 754,835
38 LESS: Held by Federal
Reserve Banks 205,757 205,270 202,417
39 Federal Reserve notes, net 550,957 550,295 552,417
Collateral held against notes, net
40 Gold certificate account 11,046 11,046 11,004
41 Special drawing rights
certificate account 3,200 3,200 3,200
42 Other eligible assets 0 295 0
43 U.S. Treasury and agency securities 536,712 535,755 538,172
44 Total collateral 550,957 550,295 552,417
Wednesday
2000
Account
Dec. 20 Dec. 27
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,046 11,046
2 Special drawing rights
certificate account 2,200 2,200
3 Coin 954 946
Loans
4 To depository institutions 125 117
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 25,710 43,985
Federal agency obligations(3)
8 Bought outright 130 130
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 514,539 515,491
11 Bought outright(4) 514,539 515,491
12 Bills 182,627 182,530
13 Notes 239,129 240,176
14 Bonds 92,783 92,784
15 Held under repurchase agreements 0 0
16 Total loans and securities 540,504 559,723
17 Items in process of collection 12,334 10,087
18 Bank premises 1,452 1,455
Other assets
19 Denominated in foreign currencies(5) 15,367 15,374
20 All other(6) 18,353 18,894
21 Total assets 602,210 619,724
LIABILITIES
22 Federal Reserve notes 556,790 563,160
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 19,084 30,426
25 Depository institutions 13,866 24,787
26 U.S. Treasury--General account 4,781 5,320
27 Foreign--Official accounts 227 83
28 Other 211 235
29 Deferred credit items 8,197 8,077
30 Other liabilities and
accrued dividends(7) 4,375 4,341
31 Total liabilities 588,446 606,003
CAPITAL ACCOUNTS
32 Capital paid in 7,022 7,024
33 Surplus 2,679 2,679
34 Other capital accounts 4,063 4,018
35 Total liabilities and
capital accounts 602,210 619,724
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a.
Federal Reserve
note statement
37 Federal Reserve notes outstanding
(issued to Banks) 753,551 752,359
38 LESS: Held by Federal
Reserve Banks 196,761 189,199
39 Federal Reserve notes, net 556,790 563,160
Collateral held against notes, net
40 Gold certificate account 11,046 11,046
41 Special drawing rights
certificate account 2,200 2,200
42 Other eligible assets 3,165 0
43 U.S. Treasury and agency securities 540,379 549,914
44 Total collateral 556,790 563,160
End of month
2000
Account
Oct. 31 Nov. 30 Dec. 31
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 11,046 11,046
2 Special drawing rights
certificate account 3,200 3,200 2,200
3 Coin 887 901 949
Loans
4 To depository institutions 248 136 110
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 19,440 27,270 43,375
Federal agency obligations(3)
8 Bought outright 130 130 130
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 508,961 512,327 511,703
11 Bought outright(4) 508,961 512,327 511,703
12 Bills 180,971 182,615 178,741
13 Notes 235,603 237,025 240,178
14 Bonds 92,387 92,687 92,784
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 528,779 539,863 555,318
17 Items in process of collection 10,945 5,237 7,105
18 Bank premises 1,433 1,440 1,461
Other assets
19 Denominated in foreign currencies(5) 15,297 15,348 15,670
20 All other(6) 19,616 17,083 19,766
21 Total assets 591,203 594,118 613,514
LIABILITIES
22 Federal Reserve notes 542,479 549,627 563,450
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 22,793 20,621 25,792
25 Depository institutions 17,074 15,858 19,045
26 U.S. Treasury--General account 5,360 4,382 5,149
27 Foreign--Official accounts 115 104 216
28 Other 245 276 1,382
29 Deferred credit items 9,514 5,672 6,310
30 Other liabilities and
accrued dividends(7) 4,325 4,590 4,170
31 Total liabilities 579,111 580,510 599,723
CAPITAL ACCOUNTS
32 Capital paid in 6,986 7,076 6,997
33 Surplus 2,679 2,679 6,794
34 Other capital accounts 2,426 3,853 0
35 Total liabilities and
capital accounts 591,203 594,118 613,514
MEMO
36 Marketable U.S. Treasury securities
held in custody for
foreign and international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 760,004 756,527 751,714
38 LESS: Held by Federal
Reserve Banks 217,525 206,900 188,264
39 Federal Reserve notes, net 542,479 549,627 563,450
Collateral held against notes, net
40 Gold certificate account 11,046 11,046 11,046
41 Special drawing rights
certificate account 3,200 3,200 2,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 528,233 535,381 550,205
44 Total collateral 542,479 549,627 563,450
(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.) Cash value of agreements arranged through third-party custodial
banks.
(3.) Face value of the securities.
(4.) Includes securities loaned--fully guaranteed by U.S. Treasury
securities pledged with Federal Reserve Banks--and includes
compensation that adjusts for the effects of inflation on the principal
of inflation-indexed securities. Excludes securities sold and scheduled
to be bought back under matched sale-purchase transactions.
(5.) Valued monthly at market exchange rates.
(6.) Includes special investment account at the Federal Reserve Bank of
Chicago in Treasury bills maturing within ninety days.
(7.) Includes exchange-translation account reflecting the monthly
revaluation at market exchange rates of foreign exchange commitments.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and
Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 2000
Nov. 29 Dec. 6 Dec. 13
1 Total loans 438 134 133
2 Within fifteen days(1) 421 41 34
3 Sixteen days to ninety days 18 93 99
4 91 days to 1 year 0 0 0
5 Total US Treasury securities(2) 514,318 513,100 515,115
6 Within fifteen days(1) 15,478 17,413 13,288
7 Sixteen days to ninety days 114,311 115,290 118,117
8 Ninety-one days to one year 126,364 123,073 125,612
9 One year to five years 132,581 131,746 131,746
10 Five years to ten years 54,681 54,684 55,457
11 More than ten years 70,893 70,894 70,895
12 Total federal agency obligations 130 130 130
13 Within fifteen days(1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 0 0 0
16 One year to five years 30 130 130
17 Five years to ten years 100 0 0
18 More than ten years 0 0 0
Wednesday
Type of holding and maturity 2000
Dec. 20 Dec. 27
1 Total loans 125 117
2 Within fifteen days(1) 119 110
3 Sixteen days to ninety days 6 7
4 91 days to 1 year 0 0
5 Total US Treasury securities(2) 514,539 515,491
6 Within fifteen days(1) 18,935 19,889
7 Sixteen days to ninety days 111,849 110,832
8 Ninety-one days to one year 125,654 125,620
9 One year to five years 131,746 132,792
10 Five years to ten years 55,459 55,461
11 More than ten years 70,895 70,896
12 Total federal agency obligations 130 130
13 Within fifteen days(1) 0 0
14 Sixteen days to ninety days 0 0
15 Ninety-one days to one year 0 0
16 One year to five years 130 130
17 Five years to ten years 0 0
18 More than ten years 0 0
End of Month
Type of holding and maturity 2000
Oct. 31 Nov. 30 Dec. 31
1 Total loans 248 136 110
2 Within fifteen days(1) 152 86 96
3 Sixteen days to ninety days 96 50 14
4 91 days to 1 year 0 0 0
5 Total US Treasury securities(2) 508,961 512,327 511,702
6 Within fifteen days(1) 12,494 4,706 18,053
7 Sixteen days to ninety days 109,123 119,433 108,961
8 Ninety-one days to one year 131,002 130,868 125,539
9 One year to five years 130,667 131,745 132,792
10 Five years to ten years 53,530 54,682 55,461
11 More than ten years 72,145 70,893 70,896
12 Total federal agency obligations 130 130 130
13 Within fifteen days(1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 0 0 0
16 One year to five years 30 30 130
17 Five years to ten years 100 100 0
18 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)
Billions of dollars, averages of daily figures
1997 1998 1999 2000
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS(2)
1 Total reserves(3) 46.87 45.19 41.74 38.69
2 Nonborrowed reserves(4) 46.54 45.07 41.42 38.48
3 Nonborrowed reserves
plus extended
credit(5) 46.54 45.07 41.42 38.48
4 Required reserves 45.18 43.68 40.44 37.36
5 Monetary base(6) 479.37(r) 513.19(r) 592.03(r) 584.10
Not seasonally adjusted
6 Total reserves(7) 48.01 45.31 41.89 38.58
7 Nonborrowed reserves 47.69 45.19 41.57 38.37
8 Nonborrowed reserves
plus extended
credit(5) 47.69 45.19 41.57 38.37
9 Required reserves(8) 46.33 43.80 40.58 37.26
10 Monetary base(9) 484.98 518.27 600.63 590.20
NOT ADJUSTED FOR CHANGES
IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 47.92 45.21 41.66 38.54
12 Nonborrowed reserves 47.60 45.09 41.33 38.33
13 Nonborrowed reserves
plus extended
credit(5) 47.60 45.09 41.33 38.33
14 Required reserves 46.24 43.70 40.35 37.22
15 Monetary base(12) 491.79 525.06 607.94 597.12
16 Excess reserves(13) 1.69 1.51 1.31 1.33
17 Borrowings from the
Federal Reserve .32 .12 .32 .21
2000
Item
May June July
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS(2)
1 Total reserves(3) 41.36 39.96 40.26
2 Nonborrowed reserves(4) 41.00 39.48 39.69
3 Nonborrowed reserves
plus extended
credit(5) 41.00 39.48 39.69
4 Required reserves 40.41 38.89 39.19
5 Monetary base(6) 573.93(r) 575.06(r) 576.75(r)
Not seasonally adjusted
6 Total reserves(7) 41.58 39.24 39.70
7 Nonborrowed reserves 41.22 38.76 39.13
8 Nonborrowed reserves
plus extended
credit(5) 41.22 38.76 39.13
9 Required reserves(8) 40.64 38.18 38.63
10 Monetary base(9) 573.26 574.55 577.19
NOT ADJUSTED FOR CHANGES
IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.56 39.22 39.67
12 Nonborrowed reserves 41.20 38.74 39.10
13 Nonborrowed reserves
plus extended
credit(5) 41.20 38.74 39.10
14 Required reserves 40.62 38.15 38.60
15 Monetary base(12) 580.09 581.44 583.99
16 Excess reserves(13) .94 1.06 1.07
17 Borrowings from the
Federal Reserve .36 .48 .57
2000
Item
Aug. Sept. Oct.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS(2)
1 Total reserves(3) 39.94 39.86 39.54
2 Nonborrowed reserves(4) 39.37 39.38 39.12
3 Nonborrowed reserves
plus extended
credit(5) 39.37 39.38 39.12
4 Required reserves 38.93 38.76 38.41
5 Monetary base(6) 577.43(r) 579.01(r) 580.55(r)
Not seasonally adjusted
6 Total reserves(7) 39.52 39.29 38.90
7 Nonborrowed reserves 38.94 38.82 38.48
8 Nonborrowed reserves
plus extended
credit(5) 38.94 38.82 38.48
9 Required reserves(8) 38.50 38.19 37.77
10 Monetary base(9) 576.60 576.79 578.34
NOT ADJUSTED FOR CHANGES
IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 39.49 39.26 38.85
12 Nonborrowed reserves 38.91 38.78 38.44
13 Nonborrowed reserves
plus extended
credit(5) 38.91 38.78 38.44
14 Required reserves 38.47 38.16 37.73
15 Monetary base(12) 583.34 583.48 585.07
16 Excess reserves(13) 1.01 1.10 1.13
17 Borrowings from the
Federal Reserve .58 .48 .42
2000
Item
Nov. Dec.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS(2)
1 Total reserves(3) 39.44(r) 38.69
2 Nonborrowed reserves(4) 39.16 38.48
3 Nonborrowed reserves
plus extended
credit(5) 39.16 38.48
4 Required reserves 38.24 37.36
5 Monetary base(6) 580.69(r) 584.10
Not seasonally adjusted
6 Total reserves(7) 38.83(r) 38.58
7 Nonborrowed reserves 38.55 38.37
8 Nonborrowed reserves
plus extended
credit(5) 38.55 38.37
9 Required reserves(8) 37.63 37.26
10 Monetary base(9) 582.36(r) 590.20
NOT ADJUSTED FOR CHANGES
IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 38.79 38.54
12 Nonborrowed reserves 38.51 38.33
13 Nonborrowed reserves
plus extended
credit(5) 38.51 38.33
14 Required reserves 37.59 37.22
15 Monetary base(12) 589.12(r) 597.12
16 Excess reserves(13) 1.20 1.33
17 Borrowings from the
Federal Reserve .28 .21
(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 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
1997 1998
Item Dec.(r) Dec.(r)
Seasonally adjusted
Measures(2)
1 M1 1,073.4 1,097.0
2 M2 4,029.9 4,382.6
3 M3 5,428.3 6,028.2
4 Debt 15,223.1 16,276.0
M1 components
5 Currency(3) 424.3 459.2
6 Travelers checks(4) 8.1 8.2
7 Demand deposits(5) 395.4 379.4
8 Other checkable deposits(6) 245.7 250.1
Nontransaction components
9 In M2(7) 2,956.6 3,285.6
10 In M3 only(8) 1,398.3 1,645.7
Commercial banks
11 Savings deposits, including MMDAs 1,021.1 1,185.8
12 Small time deposits(9) 625.5 626.4
13 Large time deposits(10, 11) 517.7 575.5
Thrift institutions
14 Savings deposits including MMDAs 376.8 414.1
15 Small time deposits(9) 342.9 325.8
16 Large time deposits(10) 85.5 88.7
Money market mutual funds
17 Retail 590.2 733.5
18 Institution-only 389.9 530.0
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 255.3 299.6
20 Eurodollars(12) 150.0 151.8
Debt components
21 Federal debt 3,800.6 3,751.2
22 Nonfederal debt 11,422.5 12,524.7
Not seasonally adjusted
Measures(2)
23 M1 1,096.9 1,120.4
24 M2 4,051.3 4,404.9
25 M3 5,453.6 6,060.3
26 Debt 15,218.5 16,271.3
M1 components
27 Currency(3) 428.1 463.3
28 Travelers checks(4) 8.3 8.4
29 Demand deposits(5) 412.4 395.9
30 Other checkable deposits(6) 248.2 252.8
Nontransaction components
31 In M2(7) 2,954.4 3,284.5
32 In M3 only(8) 1,402.3 1,655.4
Commercial banks
33 Savings deposits, including MMDAs 1,020.4 1,186.0
34 Small time deposits(9) 625.3 626.5
35 Large time deposits(10, 11) 517.1 574.9
Thrift institutions
36 Savings deposits including MMDAs 376.5 414.2
37 Small time deposits(9) 342.8 325.8
38 Large time deposits(10) 85.4 88.6
Money market mutual funds
39 Retail 589.4 731.9
40 Institution-only 397.0 541.9
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 250.5 295.4
42 Eurodollars(12) 152.3 154.5
Debt components
43 Federal debt 3,805.8 3,754.9
44 Nonfederal debt 11,412.7 12,516.3
Item 1999 2000
Dec.(r) Dec.(r)
Seasonally adjusted
Measures(2)
1 M1 1,124.3 1,091.3
2 M2 4,648.2 4,945.7
3 M3 6,524.1 7,090.5
4 Debt 17,376.7 n.a.
M1 components
5 Currency(3) 516.7 530.5
6 Travelers checks(4) 8.2 8.0
7 Demand deposits(5) 355.6 313.7
8 Other checkable deposits(6) 243.7 239.1
Nontransaction components
9 In M2(7) 3,523.9 3,854.4
10 In M3 only(8) 1,875.9 2,144.7
Commercial banks
11 Savings deposits, including MMDAs 1,287.0 1,420.6
12 Small time deposits(9) 635.2 698.8
13 Large time deposits(10, 11) 648.8 720.1
Thrift institutions
14 Savings deposits including MMDAs 449.3 452.7
15 Small time deposits(9) 320.9 347.0
16 Large time deposits(10) 91.3 103.7
Money market mutual funds
17 Retail 831.6 935.3
18 Institution-only 622.0 767.7
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 343.0 362.5
20 Eurodollars(12) 170.8 190.8
Debt components
21 Federal debt 3,660.2 n.a.
22 Nonfederal debt 13,716.5 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,147.8 1,115.7
24 M2 4,672.2 4,974.5
25 M3 6,561.4 7,135.6
26 Debt 17,372.0 n.a.
M1 components
27 Currency(3) 521.5 535.8
28 Travelers checks(4) 8.4 8.1
29 Demand deposits(5) 371.2 329.1
30 Other checkable deposits(6) 246.6 242.6
Nontransaction components
31 In M2(7) 3,524.5 3,858.8
32 In M3 only(8) 1,889.2 2,161.1
Commercial banks
33 Savings deposits, including MMDAs 1,288.5 1,425.3
34 Small time deposits(9) 635.4 699.0
35 Large time deposits(10, 11) 648.2 719.5
Thrift institutions
36 Savings deposits including MMDAs 449.8 454.2
37 Small time deposits(9) 321.0 347.1
38 Large time deposits(10) 91.2 103.6
Money market mutual funds
39 Retail 829.7 933.1
40 Institution-only 636.9 785.6
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 339.5 359.4
42 Eurodollars(12) 173.4 193.0
Debt components
43 Federal debt 3,663.1 n.a.
44 Nonfederal debt 13,709.0 n.a.
2000
Item
Sept.(r) Oct.(r)
Seasonally adjusted
Measures(2)
1 M1 1,095.7 1,096.3
2 M2 4,865.3 4,888.2
3 M3 6,963.9 6,990.5
4 Debt 18,078.0 18,119.8
M1 components
5 Currency(3) 524.7 526.4
6 Travelers checks(4) 8.9 8.4
7 Demand deposits(5) 323.6 322.1
8 Other checkable deposits(6) 238.5 239.4
Nontransaction components
9 In M2(7) 3,769.6 3,791.8
10 In M3 only(8) 2,098.6 2,102.3
Commercial banks
11 Savings deposits, including MMDAs 1,383.5 1,389.4
12 Small time deposits(9) 687.9 689.8
13 Large time deposits(10, 11) 706.7 701.9
Thrift institutions
14 Savings deposits including MMDAs 455.1 456.7
15 Small time deposits(9) 339.8 342.7
16 Large time deposits(10) 100.7 102.6
Money market mutual funds
17 Retail 903.3 913.3
18 Institution-only 737.9 744.2
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 364.1 363.1
20 Eurodollars(12) 189.3 190.5
Debt components
21 Federal debt 3,475.0 3,446.0
22 Nonfederal debt 14,603.1 14,673.9
Not seasonally adjusted
Measures(2)
23 M1 1,090.2 1,093.7
24 M2 4,850.5 4,865.7
25 M3 6,922.1 6,948.5
26 Debt 18,018.5 18,070.7
M1 components
27 Currency(3) 523.3 525.1
28 Travelers checks(4) 8.7 8.4
29 Demand deposits(5) 321.7 322.2
30 Other checkable deposits(6) 236.4 238.1
Nontransaction components
31 In M2(7) 3,760.4 3,772.0
32 In M3 only(8) 2,071.6 2,082.8
Commercial banks
33 Savings deposits, including MMDAs 1,381.1 1,380.0
34 Small time deposits(9) 688.0 690.9
35 Large time deposits(10, 11) 702.3 698.8
Thrift institutions
36 Savings deposits including MMDAs 454.4 453.6
37 Small time deposits(9) 339.8 343.2
38 Large time deposits(10) 100.1 102.1
Money market mutual funds
39 Retail 897.1 904.4
40 Institution-only 721.5 734.7
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 360.8 358.0
42 Eurodollars(12) 187.0 189.1
Debt components
43 Federal debt 3,426.5 3,395.5
44 Nonfederal debt 14,592.0 14,675.3
2000
Item
Nov.(r) Dec.
Seasonally adjusted
Measures(2)
1 M1 1,089.2 1,091.3
2 M2 4,905.9 4,945.7
3 M3 7,016.0 7,090.5
4 Debt 18,183.2 n.a.
M1 components
5 Currency(3) 528.0 530.5
6 Travelers checks(4) 8.0 8.0
7 Demand deposits(5) 315.2 313.7
8 Other checkable deposits(6) 238.0 239.1
Nontransaction components
9 In M2(7) 3,816.7 3,854.4
10 In M3 only(8) 2,110.1 2,144.7
Commercial banks
11 Savings deposits, including MMDAs 1,401.5 1,420.6
12 Small time deposits(9) 693.8 698.8
13 Large time deposits(10, 11) 704.7 720.1
Thrift institutions
14 Savings deposits including MMDAs 455.8 452.7
15 Small time deposits(9) 345.4 347.0
16 Large time deposits(10) 103.6 103.7
Money market mutual funds
17 Retail 920.3 935.3
18 Institution-only 752.2 767.7
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 358.7 362.5
20 Eurodollars(12) 191.0 190.8
Debt components
21 Federal debt 3,419.7 n.a.
22 Nonfederal debt 14,763.5 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,095.3 1,115.7
24 M2 4,898.1 4,974.5
25 M3 7,011.6 7,135.6
26 Debt 18,161.9 n.a.
M1 components
27 Currency(3) 528.6 535.8
28 Travelers checks(4) 8.2 8.1
29 Demand deposits(5) 320.5 329.1
30 Other checkable deposits(6) 238.1 242.6
Nontransaction components
31 In M2(7) 3,802.8 3,858.8
32 In M3 only(8) 2,113.5 2,161.1
Commercial banks
33 Savings deposits, including MMDAs 1,397.2 1,425.3
34 Small time deposits(9) 695.2 699.0
35 Large time deposits(10, 11) 705.8 719.5
Thrift institutions
36 Savings deposits including MMDAs 454.4 454.2
37 Small time deposits(9) 346.1 347.1
38 Large time deposits(10) 103.8 103.6
Money market mutual funds
39 Retail 909.9 933.1
40 Institution-only 755.9 785.6
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 357.9 359.4
42 Eurodollars(12) 190.2 193.0
Debt components
43 Federal debt 3,401.3 n.a.
44 Nonfederal debt 14,760.7 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 $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market
funds. Seasonally adjusted M2 is calculated by summing savings
deposits, small-denomination time deposits, and retail money fund
balances, each seasonally adjusted separately, and adding this result
to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the
domestic nonfinancial sectors--the federal sector (U.S. government, not
including government-sponsored enterprises or federally related
mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal
debt consists of mortgages, tax-exempt and corporate bonds, consumer
credit, bank loans, commercial paper, and other loans. The data, which
are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data have
been derived by averaging adjacent month-end levels).
(3) Currency outside the U.S. Treasury, Federal Reserve Banks, and
vaults of depository institutions.
(4) Outstanding amount of U.S. dollar-denominated travelers checks of
nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
(5) Demand deposits at commercial banks and foreign-related institutions
other than those owed to depository institutions, the U.S. government,
and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float.
(6) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.
(7) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.
(8) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by
depository institutions, and (4) eurodollars (overnight and term)
of U.S. addressees.
(9) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at commercial
banks and thrift institutions are subtracted from small time deposits.
(10) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(11) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.
(12) Includes both overnight and term.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1999 2000
Dec.(r) June
Seasonally adjusted
Assets
1 Bank credit 4,773.9 5,041.8
2 Securities in bank credit 1,272.5 1,313.5
3 U.S. government securities 808.4 818.4(r)
4 Other securities 464.1 495.1(r)
5 Loans and leases in bank credit(2) 3,501.3 3,728.3
6 Commercial and industrial 1,001.9 1,066.6
7 Real estate 1,475.1 1,598.4
8 Revolving home equity 101.4 115.0(r)
9 Other 1,373.7 1,483.4(r)
10 Consumer 490.5 516.0
11 Security(3) 153.3 149.4
12 Other loans and leases 380.6 397.8
13 Interbank loans 228.9 227.1
14 Cash assets(4) 286.9 270.6
15 Other assets(5) 374.2 377.6(r)
16 Total assets(6) 5,604.2 5,857.1
Liabilities
17 Deposits 3,528.9 3,667.0
18 Transaction 631.3 617.0
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