Financial and Business Statistics.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding,
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow,
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct
obligations of the Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES
Percent annual rate of change, seasonally adjusted(1)
1999
Monetary or credit aggregate
Q1 Q2 Q3(r)
Reserves of depository
institutions(2)
1 Total -1.2 -6.6 -15.4
2 Required 1.0 -5.6 -15.0
3 Nonborrowed -1.3 -6.7 -17.1
4 Monetary base(3) 8.7 9.6 9.2
Concepts of money and debt(4)
5 M1 1.9 2.1 -1.8
6 M2 7.5 6.0 5.2
7 M3 8.2 6.0 4.9
8 Debt 6.7 7.0(r) 6.1
Nontransaction components
9 In M2(5) 9.3 7.3 7.5
10 In M3 only(6) 10.1 5.9 4.0
Time and savings deposits
Commercial banks
11 Savings including MMDAs 14.0 10.7 10.6
12 Small time(7) -5.2 -2.0 2.1
13 Large time(8,9) .5 -.9 .2
Thrift institutions
14 Savings, including MMDAs 14.2 14.5 13.3
15 Small time(7) -6.7(r) -6.3 -3.2
16 Large time(8) 8.0 -4.4 1.2
Money market mutual funds
17 Retail 18.7 11.2 8.0
18 Institution-only 19.8 14.1 9.3
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 17.4 -1.2(r) 9.1
20 Eurodollars(10) -1.3 21.7 -9.7
Debt components(4)
21 Federal -3.1 -2.3 -.3
22 Nonfederal 9.6 9.7 8.0
1999 1999(r)
Monetary or credit aggregate
Q4(r) Oct. Nov. Dec.
Reserves of depository
institutions(2)
1 Total -7.9 -33.3 7.5 9.4
2 Required -9.4 -33.0 2.2 10.4
3 Nonborrowed -7.5 -32.0 8.9 7.0
4 Monetary base(3) 20.0 16.4 25.6 44.2
Concepts of money and debt(4)
5 M1 4.9 5.6 9.0 15.6
6 M2 5.0 4.2 4.9 7.3
7 M3 9.7 9.2 14.4 16.8
8 Debt 6.4 6.4 4.7 6.8
Nontransaction components
9 In M2(5) 5.0 3.8 3.7 4.6
10 In M3 only(6) 22.8 22.9 39.9 41.9
Time and savings deposits
Commercial banks
11 Savings including MMDAs 4.2 3.7 -.7 -3.1
12 Small time(7) 6.8 6.6 9.0 8.2
13 Large time(8,9) 36.9 50.2 52.7 47.8
Thrift institutions
14 Savings, including MMDAs -3.3 -6.1 -4.5 -8.0
15 Small time(7) 5.0 4.2 8.3 6.4
16 Large time(8) 6.3 .0 20.1 5.3
Money market mutual funds
17 Retail 9.4 7.1 9.2 20.2
18 Institution-only 21.4 22.9 29.9 31.0
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 12.8 -.4 31.0 49.3
20 Eurodollars(10) 9.1 -11.6 61.4 65.8
Debt components(4)
21 Federal -4.4 -5.8 -7.7 .8
22 Nonfederal 9.4 9.8 8.1 8.4
2000
Monetary or credit aggregate
Jan.(r) Feb.
Reserves of depository
institutions(2)
1 Total 47.0 -46.3
2 Required 27.2 -22.0
3 Nonborrowed 45.8 -39.2
4 Monetary base(3) 1.3 -38.1
Concepts of money and debt(4)
5 M1 -3.1 -17.0
6 M2 5.9 2.2
7 M3 8.1 4.2
8 Debt 6.0 n.a.
Nontransaction components
9 In M2(5) 8.8 8.2
10 In M3 only(6) 13.7 9.2
Time and savings deposits
Commercial banks
11 Savings including MMDAs 2.1 12.4
12 Small time(7) 7.4 9.2
13 Large time(8,9) 6.3 19.0
Thrift institutions
14 Savings, including MMDAs -3.7 7.2
15 Small time(7) 8.2 2.2
16 Large time(8) 36.8 7.6
Money market mutual funds
17 Retail 26.9 4.1
18 Institution-only 31.8 -11.5
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) -20.4 47.4
20 Eurodollars(10) 29.5 -21.2
Debt components(4)
21 Federal -4.4 n.a.
22 Nonfederal 8.8 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 1999 2000
Dec. Jan. Feb.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 595,909 582,309 556,692
U.S. government
securities(2)
2 Bought outright--System
account(3) 492,467 491,902 501,923
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 180 158
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 68,012 53,099 19,991
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 160 315 40
9 Seasonal credit 69 30 44
10 Special Liquidity
Facility credit 74 48 17
11 Extended credit 0 0 0
12 Float 761 1,344 679
13 Other Federal Reserve
assets 34,186 35,392 33,840
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,652 6,200 6,200
16 Treasury currency
outstanding 27,928 28,177 28,314
ABSORBING RESERVE FUNDS
17 Currency in circulation 601,159 587,982 565,424
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 110 121 148
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 8,250 8,148 5,259
21 Foreign 136 93 92
22 Service-related balances
and adjustments 7,513 7,676(r) 7,415
23 Other 248 361 244
24 Other Federal Reserve
liabilities and capital 18,505 18,240 18,684
25 Reserve balances with Federal
Reserve Banks(5) 5,616 5,114 4,987
Average of daily figures for
week ending on date indicated
Factor 2000
Jan. 12 Jan. 19 Jan. 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 589,581 571,877 565,741
U.S. government
securities(2)
2 Bought outright--System
account(3) 484,695 494,824 497,578
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 181 181 179
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 67,421 40,754 28,821
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 856 242 117
9 Seasonal credit 31 28 27
10 Special Liquidity
Facility credit 127 16 17
11 Extended credit 0 0 0
12 Float 1,032 403 3,365
13 Other Federal Reserve
assets 35,238 35,430 35,637
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,146 28,192 28,237
ABSORBING RESERVE FUNDS
17 Currency in circulation 599,272 581,666 571,880
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 121 122 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,326 5,390 7,205
21 Foreign 74 101 83
22 Service-related balances
and adjustments 7,967 7,473 7,771
23 Other 191 250 237
24 Other Federal Reserve
liabilities and capital 18,188 18,446 18,491
25 Reserve balances with Federal
Reserve Banks(5) 3,835 3,870 5,434
Average of daily figures for
week ending on date indicated
Factor 2000
Feb. 2 Feb. 9 Feb. 16
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 558,370 555,751 557,686
U.S. government
securities(2)
2 Bought outright--System
account(3) 500,503 501,838 502,470
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 175 175 150
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 21,143 18,419 19,826
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 82 41 27
9 Seasonal credit 24 29 44
10 Special Liquidity
Facility credit 33 17 19
11 Extended credit 0 0 0
12 Float 976 201 667
13 Other Federal Reserve
assets 35,434 35,030 34,483
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,282 28,296 28,310
ABSORBING RESERVE FUNDS
17 Currency in circulation 566,817 565,669 565,704
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 126 131 146
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 6,131 5,259 5,306
21 Foreign 146 91 88
22 Service-related balances
and adjustments 7,230 7,872 7,895
23 Other 248 249 237
24 Other Federal Reserve
liabilities and capital 18,344 18,469 18,795
25 Reserve balances with Federal
Reserve Banks(5) 4,859 3,556 5,074
Average
of daily
figures for
week ending on End-of-month
date indicated figures
Factor 2000 1999 2000
Feb. 23 Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 557,049 653,561 561,444
U.S. government
securities(2)
2 Bought outright--System
account(3) 502,193 477,963 500,228
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 150 181 175
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 21,041 140,640 23,105
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 42 140 86
9 Seasonal credit 52 47 21
10 Special Liquidity
Facility credit 15 47 22
11 Extended credit 0 0 0
12 Float 1,010 -237 2,986
13 Other Federal Reserve
assets 32,546 34,781 34,820
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,324 28,013 28,282
ABSORBING RESERVE FUNDS
17 Currency in circulation 565,747 628,359 566,568
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 162 109 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,334 28,402 6,119
21 Foreign 81 71 82
22 Service-related balances
and adjustments 6,960 7,867 7,230
23 Other 238 1,261 265
24 Other Federal Reserve
liabilities and capital 18,823 17,256 18,101
25 Reserve balances with Federal
Reserve Banks(5) 5,278 15,498 8,484
End-of-month
figures Wednesday figures
Factor 2000 2000
Feb. Jan. 12 Jan. 19
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 558,483 585,632 568,808
U.S. government
securities(2)
2 Bought outright--System
account(3) 500,771 485,719 496,110
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 150 181 181
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 24,768 62,895 34,610
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 29 946 127
9 Seasonal credit 64 32 32
10 Special Liquidity
Facility credit 16 22 13
11 Extended credit 0 0 0
12 Float 339 365 2,335
13 Other Federal Reserve
assets 32,347 35,472 35,401
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency
outstanding 28,338 28,146 28,192
ABSORBING RESERVE FUNDS
17 Currency in circulation 564,593 589,928 577,837
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 162 121 125
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 5,004 5,454 3,716
21 Foreign 129 110 80
22 Service-related balances
and adjustments 6,917 7,967 7,473
23 Other 243 229 256
24 Other Federal Reserve
liabilities and capital 18,785 18,019 18,187
25 Reserve balances with Federal
Reserve Banks(5) 8,237 9,200 6,574
Wednesday figures
Factor 2000
Jan. 26 Feb. 2 Feb. 9
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 571,162 554,775 563,385
U.S. government
securities(2)
2 Bought outright--System
account(3) 499,138 501,078 502,331
3 Held under repurchase
agreements 0 0 0
Federal agency obligations
4 Bought outright 175 175 175
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 25,105 19,110 25,280
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 154 77 37
9 Seasonal credit 23 27 41
10 Special Liquidity
Facility credit 21 23 17
11 Extended credit 0 0 0
12 Float 10,713 -629 242
13 Other Federal Reserve
assets 35,832 34,914 35,262
14 Gold stock 11,048 11,048 11,048
15 Special drawing rights
certificate account 6,200 6,200 6,200
16 Treasury currency outstanding 28,237 28,282 28,296
ABSORBING RESERVE FUNDS
17 Currency in circulation 569,593 566,771 566,967
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 125 129 143
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 8,780 4,896 4,860
21 Foreign 81 143 81
22 Service-related balances
and adjustments 7,771 7,231 7,872
23 Other 237 266 247
24 Other Federal Reserve
liabilities and capital 18,363 17,802 18,487
25 Reserve balances with Federal
Reserve Banks(5) 11,697 3,069 10,273
Wednesday figures
Factor 2000
Feb. 16 Feb. 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding
U.S. government 557,308 560,717
securities(2)
2 Bought outright--System
account(3)
3 Held under repurchase 502,699 500,423
agreements
Federal agency obligations 0 0
4 Bought outright
5 Held under repurchase 150 150
agreements
6 Repurchase agreements-- 0 0
triparty(4)
7 Acceptances 21,505 24,255
Loans to depository 0 0
institutions
8 Adjustment credit
9 Seasonal credit 19 48
10 Special Liquidity 49 53
Facility credit
11 Extended credit 18 16
12 Float 0 0
13 Other Federal Reserve 482 2,998
assets
14 Gold stock 32,385 32,775
15 Special drawing rights 11,048 11,048
certificate account
16 Treasury currency 6,200 6,200
outstanding 28,310 28,324
ABSORBING RESERVE FUNDS
17 Currency in circulation 566,545 566,033
18 Reverse repurchase
agreements--triparty(4) 0 0
19 Treasury cash holdings 162 162
Deposits, other than reserve
balances, with
Federal Reserve Banks
20 Treasury 4,775 4,818
21 Foreign 108 107
22 Service-related balances
and adjustments 7,895 6,960
23 Other 256 238
24 Other Federal Reserve
liabilities and capital 18,548 18,609
25 Reserve balances with Federal
Reserve Banks(5) 4,578 9,362
(1.) Amounts of cash held as reserves are shown in table 1.12,
line 2.
(2.) Includes securities loaned--fully guaranteed by U.S.
government securities pledged with Federal Reserve Banks--and
excludes securities sold and scheduled to be bought back
under matched sale-purchase transactions.
(3.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
(4.) Cash value of agreements arranged through third-party custodial
banks. These agreements are collateralized by U.S. government
and federal agency securities.
(5.) Excludes required clearing balances and adjustments to
compensate for float.
1.12 RESERVES AND BORROWINGS Depository Institutions(1)
Millions of dollars
Prorated monthly averages
of biweekly averages
Reserve classification 1997 1998 1999
Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks(2) 10,664 9,021 5,260
2 Total vault cash(3) 44,742 44,293 60,499
3 Applied vault cash(4) 37,255 35,997 36,384
4 Surplus vault cash(5) 7,486 8,296 24,116
5 Total reserves(6) 47,920 45,018 41,643
6 Required reserves 46,235 43,435 40,332
7 Excess reserve balances at
Reserve Banks(7) 1,685 1,583 1,311
8 Total borrowing at Reserve Banks 324 117 320
9 Adjustment 245 101 179
10 Seasonal 79 15 67
11 Special Liquidity Facility(8) ... ... 74
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 1999
Aug. Sept. Oct.
1 Reserve balances with Reserve
Banks(2) 7,802 7,698 6,768
2 Total vault cash(3) 44,603 44,447 47,030
3 Applied vault cash(4) 34,069 34,089 33,933
4 Surplus vault cash(5) 10,533 10,359 13,096
5 Total reserves(6) 41,871 41,787 40,702
6 Required reserves 40,742 40,590 39,549
7 Excess reserve balances at
Reserve Banks(7) 1,129 1,197 1,153
8 Total borrowing at Reserve Banks 344 338 281
9 Adjustment 72 56 52
10 Seasonal 271 282 221
11 Special Liquidity Facility(8) ... 0 8
12 Extended credit(9) 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 1999 2000
Nov. Dec. Jan.(r)
1 Reserve balances with Reserve
Banks(2) 6,285 5,260 5,207
2 Total vault cash(3) 50,754 60,499 73,898
3 Applied vault cash(4) 34,660 36,384 39,097
4 Surplus vault cash(5) 16,094 24,116 34,802
5 Total reserves(6) 40,944 41,643 44,304
6 Required reserves 39,610 40,332 42,279
7 Excess reserve balances at
Reserve Banks(7) 1,334 1,311 2,025
8 Total borrowing at Reserve Banks 236 320 374
9 Adjustment 157 179 296
10 Seasonal 71 67 31
11 Special Liquidity Facility(8) 7 74 46
12 Extended credit(9) 0 0 0
Prorated Biweekly averages
monthly of daily figures
averages of for two week period
biweekly ending on dates
averages indicated
Reserve classification 2000 1999
Feb. Nov. 3
1 Reserve balances with Reserve
Banks(2) 5,072 6,721
2 Total vault cash(3) 63,745 47,593
3 Applied vault cash(4) 37,015 34,014
4 Surplus vault cash(5) 26,731 13,579
5 Total reserves(6) 42,087 40,735
6 Required reserves 40,971 39,742
7 Excess reserve balances at
Reserve Banks(7) 1,116 993
8 Total borrowing at Reserve Banks 108 246
9 Adjustment 45 72
10 Seasonal 44 153
11 Special Liquidity Facility(8) 19 22
12 Extended credit(9) 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 1999
Nov. 17 Dec. 1 Dec. 15
1 Reserve balances with Reserve
Banks(2) 6,524 5,927 5,434
2 Total vault cash(3) 49,519 52,813 56,693
3 Applied vault cash(4) 34,046 35,470 35,346
4 Surplus vault cash(5) 15,474 17,343 21,347
5 Total reserves(6) 40,569 41,397 40,780
6 Required reserves 39,196 40,027 39,682
7 Excess reserve balances at
Reserve Banks(7) 1,373 1,370 1,098
8 Total borrowing at Reserve Banks 329 133 181
9 Adjustment 263 64 94
10 Seasonal 62 62 61
11 Special Liquidity Facility(8) 5 7 27
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 1999 2000
Dec. 29 Jan. 12 Jan. 26(r)
1 Reserve balances with Reserve
Banks(2) 4,888 6,308 4,644
2 Total vault cash(3) 63,663 68,851 75,759
3 Applied vault cash(4) 37,329 37,491 40,031
4 Surplus vault cash(5) 26,334 31,360 35,728
5 Total reserves(6) 42,217 43,799 44,675
6 Required reserves 40,956 40,674 43,278
7 Excess reserve balances at
Reserve Banks(7) 1,261 3,125 1,396
8 Total borrowing at Reserve Banks 425 657 224
9 Adjustment 222 530 180
10 Seasonal 79 38 28
11 Special Liquidity Facility(8) 124 90 17
12 Extended credit(9) 0 0 0
Biweekly averages of
daily figures for two
week periods ending on dates
indicated
Reserve classification 2000
Feb. 9(r) Feb. 23 Mar. 8
1 Reserve balances with Reserve
Banks(2) 4,145 5,172 6,233
2 Total vault cash(3) 80,804 58,780 49,745
3 Applied vault cash(4) 40,334 36,271 33,772
4 Surplus vault cash(5) 40,470 22,509 15,973
5 Total reserves(6) 44,479 41,443 40,005
6 Required reserves 43,333 40,260 39,090
7 Excess reserve balances at
Reserve Banks(7) 1,146 1,183 915
8 Total borrowing at Reserve Banks 114 100 119
9 Adjustment 62 35 44
10 Seasonal 27 48 61
11 Special Liquidity Facility(8) 25 17 15
12 Extended credit(9) 0 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front 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
4/7/00 date rate
Boston 5.50 3/21/00 5.25
New York 5.50 3/21/00 5.25
Philadelphia 5.50 3/21/00 5.25
Cleveland 5.50 3/21/00 5.25
Richmond 5.50 3/21/00 5.25
Atlanta 5.50 3/21/00 5.25
Chicago 5.50 3/21/00 5.25
St. Louis 5.50 3/22/00 5.25
Minneapolis 5.50 3/21/00 5.25
Kansas City 5.50 3/21/00 5.25
Dallas 5.50 3/23/00 5.25
San Francisco 5.50 3/22/00 5.25
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 6.15 4/6/00 59.95
New York 6.15 4/6/00 59.95
Philadelphia 6.15 4/6/00 59.95
Cleveland 6.15 4/6/00 59.95
Richmond 6.15 4/6/00 59.95
Atlanta 6.15 4/6/00 59.95
Chicago 6.15 4/6/00 59.95
St. Louis 6.15 4/6/00 59.95
Minneapolis 6.15 4/6/00 59.95
Kansas City 6.15 4/6/00 59.95
Dallas 6.15 4/6/00 59.95
San Francisco 6.15 4/6/00 59.95
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 6.65 4/6/00 6.45
New York 6.65 4/6/00 6.45
Philadelphia 6.65 4/6/00 6.45
Cleveland 6.65 4/6/00 6.45
Richmond 6.65 4/6/00 6.45
Atlanta 6.65 4/6/00 6.45
Chicago 6.65 4/6/00 6.45
St. Louis 6.65 4/6/00 6.45
Minneapolis 6.65 4/6/00 6.45
Kansas City 6.65 4/6/00 6.45
Dallas 6.65 4/6/00 6.45
San Francisco 6.65 4/6/00 6.45
Current and previous levels
Special Liquidity Facility credit(4)
Federal Reserve
Bank On Effective Previous
4/7/00 date rate
Boston 7.50 3/21/00 7.25
New York 7.50 3/21/00 7.25
Philadelphia 7.50 3/21/00 7.25
Cleveland 7.50 3/21/00 7.25
Richmond 7.50 3/21/00 7.25
Atlanta 7.50 3/21/00 7.25
Chicago 7.50 3/21/00 7.25
St. Louis 7.50 3/21/00 7.25
Minneapolis 7.50 3/21/00 7.25
Kansas City 7.50 3/21/00 7.25
Dallas 7.50 3/21/00 7.25
San Francisco 7.50 3/21/00 7.25
Range of rates for adjustment
credit in recent years(5)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 9.5 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
1982--Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999--Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000--Feb. 2 5.00-5.25 5.25
4 5.25 5.25
Mar. 21 5.25-5.50 5.50
23 5.50 5.50
In effect Apr. 7, 2000 5.50 5.50
(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.) Available in the period between October 1, 1999, and April 7,
2000, to help depository institutions in sound financial condition
meet unusual needs for funds in the period around the century date
change. The interest rate on loans from the special facility is the
Federal Open Market Committee's intended federal funds rate plus
150 basis points.
(5.) For earlier data, see the following publications of the Board of
Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970;
and the Annual Statistical Digest, 1970-1979.
In 1980 and 1981, the Federal Reserve applied a surcharge to
short-term adjustment-credit borrowings by institutions with deposits
of $500 million or more that had borrowed in successive weeks or in
more than four weeks in a calendar quarter. A 3 percent surcharge was
in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2
percent was reimposed on Nov. 17, 1980; the surcharge was
subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on
May 5, 1981. The surcharge was reduced to 3 percent effective Sept.
22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1,
1981, the formula for applying the surcharge was changed from a
calendar quarter to a moving thirteen-week period. The surcharge was
eliminated on Nov. 17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$44.3 million(3) 3 12/30/99
2 More than $44.3 million(4) 10 12/30/99
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with
Federal Reserve Banks or vault cash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly, on
a pass-through basis, with certain approved institutions. For
previous reserve requirements, see earlier editions of the Annual
Report or the Federal Reserve Bulletin. Under the Monetary Control
Act of 1980, depository institutions include commercial banks,
savings banks, savings and loan associations, credit unions,
agencies and branches of foreign banks, and Edge Act corporations.
(2.) Transaction accounts include all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or
telephone or preauthorized transfers for the purpose of making
payments to third persons or others. However, accounts subject to
the rules that permit no more than six preauthorized, automatic, or
other transfers per month (of which no more than three may be by
check, draft, debit card, or similar order payable directly to third
parties) are savings deposits, not transaction accounts.
(3.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change
in transaction accounts held by all depository institutions,
determined as of June 30 of each year. Effective with the reserve
maintenance period beginning December 30, 1999, for depository
institutions that report weekly, and with the period beginning
January 20, 2000, for institutions that report quarterly, the amount
was decreased from $46.5 million to $44.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a zero
percent reserve requirement each year for the succeeding calendar
year by 80 percent of the percentage increase in the total
reservable liabilities of all depository institutions, measured on
an annual basis as of June 30. No corresponding adjustment is made
in the event of a decrease. The exemption applies only to accounts
that would be subject to a 3 percent reserve requirement. Effective
with the reserve maintenance period beginning December 30, 1999, for
depository institutions that report weekly, and with the period
beginning January 20, 2000, for institutions that report quarterly,
the exemption was raised from $4.9 million to $5.0 million.
(4.) The reserve requirement was reduced from 12 percent to 10 percent
on Apr. 2, 1992, for institutions that report weekly, and on Apr.
16, 1992, for institutions that report quarterly.
(5.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1
1/2 years was reduced from 3 percent to 1 1/2 percent for the
maintenance period that began Dec. 13, 1990, and to zero for the
maintenance period that began Dec. 27, 1990. For institutions that
report quarterly, the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1 1/2 years was
reduced from 3 percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an
original maturity of 1 1/2 years or more has been zero since Oct. 6,
1983.
(6.) The reserve requirement on Eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as
the reserve requirement on nonpersonal time deposits with an
original maturity of less than 1 1/2 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1997 1998 1999
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury 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 3,577,954 4,395,430 4,395,998
27 Gross sales 3,580,274 4,399,330 4,414,253
Repurchase agreements
28 Gross purchases 810,485 512,671 281,599
29 Gross sales 809,268 514,186 301,273
30 Net change in U.S.
Treasury securities 41,022 19,835 5,999
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 25 0
33 Redemptions 1,540 322 157
Repurchase agreements
34 Gross purchases 160,409 284,316 360,069
35 Gross sales 159,369 276,266 370,772
36 Net change in federal agency
obligations -500 7,703 -10,859
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 304,989
40 Gross sales 0 0 164,349
41 Net change in triparty
obligations 0 0 140,640
42 Total net change in System Open
Market Account 40,522 27,538 135,780
1999
Type of transaction
and maturity
July Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 42,037 37,052 42,643
4 For new hills 42,037 37,052 42,643
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 951 429 960
7 Gross sales 0 0 0
8 Maturity shifts 3,279 7,669 3,468
9 Exchanges -368 -10,798 -2,125
10 Redemptions 41 0 0
One to five years
11 Gross purchases 0 1,272 0
12 Gross sales 0 0 0
13 Maturity shifts -3,279 -4,751 -3,468
14 Exchanges 0 8,433 2,125
Five to ten years
15 Gross purchases 0 447 0
16 Gross sales 0 0 0
17 Maturity shifts 0 -2,918 0
18 Exchanges 373 1,290 0
More than ten years
19 Gross purchases 0 1,075 0
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 1,075 0
All maturities
23 Gross purchases 951 3,223 960
24 Gross sales 0 0 0
25 Redemptions 41 0 0
Matched transactions
26 Gross purchases 347,067 374,032 348,014
27 Gross sales 346,747 373,159 350,151
Repurchase agreements
28 Gross purchases 27,707 23,097 29,369
29 Gross sales 33,612 23,717 24,337
30 Net change in U.S.
Treasury securities -4,675 3,476 3,855
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 10 11 0
Repurchase agreements
34 Gross purchases 46,941 61,968 53,224
35 Gross sales 48,840 56,053 47,963
36 Net change in federal agency
obligations -1,909 5,904 5,261
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 0 0
40 Gross sales 0 0 0
41 Net change in triparty
obligations 0 0 0
42 Total net change in System Open
Market Account -6,584 9,380 9,116
1999
Type of transaction
and maturity
Oct. Nov.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 35,844 36,882
4 For new hills 35,844 36,882
5 Redemptions 0 0
Others within one year
6 Gross purchases 0 964
7 Gross sales 0 0
8 Maturity shifts 3,831 6,675
9 Exchanges -368 -10,150
10 Redemptions 170 0
One to five years
11 Gross purchases 0 1,014
12 Gross sales 0 0
13 Maturity shifts -3,831 -3,685
14 Exchanges 0 8,015
Five to ten years
15 Gross purchases 0 0
16 Gross sales 0 0
17 Maturity shifts 0 -2,273
18 Exchanges 0 2,135
More than ten years
19 Gross purchases 0 925
20 Gross sales 0 0
21 Maturity shifts 0 -717
22 Exchanges 374 0
All maturities
23 Gross purchases 0 2,903
24 Gross sales 0 0
25 Redemptions 170 0
Matched transactions
26 Gross purchases 332,708 317,537
27 Gross sales 330,856 318,294
Repurchase agreements
28 Gross purchases 100 0
29 Gross sales 7,707 0
30 Net change in U.S.
Treasury securities -5,924 2,146
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 50 7
Repurchase agreements
34 Gross purchases 9,636 0
35 Gross sales 24,092 0
36 Net change in federal agency
obligations -14,506 -7
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 68,061 81,350
40 Gross sales 45,501 54,470
41 Net change in triparty
obligations 22,560 26,880
42 Total net change in System Open
Market Account 2,130 29,019
1999
Type of transaction
and maturity
Dec. Jan.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury hills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 42,468 37,029
4 For new hills 42,468 37,029
5 Redemptions 0 0
Others within one year
6 Gross purchases 1,450 0
7 Gross sales 0 0
8 Maturity shifts 3,936 3,566
9 Exchanges -2,175 -4,360
10 Redemptions 0 390
One to five years
11 Gross purchases 3,514 160
12 Gross sales 0 0
13 Maturity shifts -3,936 -3,566
14 Exchanges 2,175 4,045
Five to ten years
15 Gross purchases 581 809
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 316
More than ten years
19 Gross purchases 1,257 1,069
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 6,802 2,038
24 Gross sales 0 0
25 Redemptions 0 390
Matched transactions
26 Gross purchases 488,845 492,277
27 Gross sales 510,605 471,663
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
30 Net change in U.S.
Treasury securities -14,959 22,262
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 6
Repurchase agreements
34 Gross purchases 0 0
35 Gross sales 0 0
36 Net change in federal agency
obligations 0 -6
Reverse repurchase
agreements
37 Gross purchases 0 0
38 Gross sales 0 0
Repurchase agreements
39 Gross purchases 155,578 61,345
40 Gross sales 64,378 178,880
41 Net change in triparty
obligations 91,200 -117,535
42 Total net change in System Open
Market Account 76,241 -95,279
(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 2000
Jan. 26 Feb. 2 Feb. 9
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200 6,200
3 Coin 325 351 389
Loans
4 To depository institutions 198 127 95
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 25,105 19,110 25,280
Federal agency obligations(3)
8 Bought outright 175 175 175
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 499,138 501,078 502,331
11 Bought outright(4) 499,138 501,078 502,331
12 Bills 197,111 197,981 199,234
13 Notes 219,012 219,013 219,013
14 Bonds 83,015 84,084 84,084
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 524,617 520,490 527,881
17 Items in process of collection 17,122 7,756 7,649
18 Bank premises 1,366 1,365 1,374
Other assets
19 Denominated in foreign currencies(5) 16,155 15,500 15,504
20 All other(6) 18,307 18,023 18,369
21 Total assets 595,140 580,733 588,414
LIABILITIES
22 Federal Reserve notes 541,807 538,969 539,203
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 28,592 16,116 23,243
25 Depository institutions 19,494 10,812 18,055
26 U.S. Treasury--General account 8,780 4,896 4,860
27 Foreign--Official accounts 81 143 81
28 Other 237 266 247
29 Deferred credit items 6,379 7,845 7,481
30 Other liabilities and
accrued dividends 4,465 4,410 4,715
31 Total liabilities 581,243 567,341 574,642
CAPITAL ACCOUNTS
32 Capital paid in 6,648 6,650 6,664
33 Surplus 6,432 6,325 6,364
34 Other capital accounts 818 417 744
35 Total liabilities and
capital accounts 595,140 580,733 588,414
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) 811,652 807,687 805,873
38 LESS: Held by Federal
Reserve Banks 269,846 268,717 266,670
39 Federal Reserve notes, net 541,807 538,969 539,203
Collateral held against notes, net
40 Gold certificate account 11,048 11,048 11,048
41 Special drawing rights 6,200 6,200 6,200
certificate account
42 Other eligible assets 140 1,358 0
43 U.S. Treasury and agency securities 524,418 520,363 521,955
44 Total collateral 541,807 538,969 539,203
Wednesday
Account 2000
Feb. 16 Feb. 23
Consolidated conditions
statement
ASSETS
1 Gold certificate account 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200
3 Coin 408 425
Loans
4 To depository institutions 86 117
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 21,505 24,255
Federal agency obligations(3)
8 Bought outright 150 150
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 502,699 500,423
11 Bought outright(4) 502,699 500,423
12 Bills 199,601 197,326
13 Notes 217,843 217,843
14 Bonds 85,254 85,254
15 Held under repurchase agreements 0 0
16 Total loans and securities 524,440 524,945
17 Items in process of collection 7,965 13,285
18 Bank premises 1,375 1,375
Other assets
19 Denominated in foreign currencies(5) 15,508 15,513
20 All other(6) 15,479 15,874
21 Total assets 582,423 588,665
LIABILITIES
22 Federal Reserve notes 538,804 538,296
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 17,632 21,703
25 Depository institutions 12,493 16,539
26 U.S. Treasury--General account 4,775 4,818
27 Foreign--Official accounts 108 107
28 Other 256 238
29 Deferred credit items 7,439 10,056
30 Other liabilities and
accrued dividends 4,716 4,689
31 Total liabilities 568,591 574,744
CAPITAL ACCOUNTS
32 Capital paid in 6,678 6,697
33 Surplus 6,404 6,431
34 Other capital accounts 751 792
35 Total liabilities and
capital accounts 582,423 588,665
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) 804,031 801,624
38 LESS: Held by Federal
Reserve Banks 265,227 263,327
39 Federal Reserve notes, net 538,804 538,296
Collateral held against notes, net
40 Gold certificate account 11,048 11,048
41 Special drawing rights 6,200 6,200
certificate account
42 Other eligible assets 0 0
43 U.S. Treasury and agency securities 521,556 521,048
44 Total collateral 538,804 538,296
End of month
Account 1999 2000
Dec. 31 Jan. 31 Feb. 29
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,048 11,048
2 Special drawing rights
certificate account 6,200 6,200 6,200
3 Coin 207 357 422
Loans
4 To depository institutions 233 130 109
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--
triparty(2) 140,640 23,105 24,768
Federal agency obligations(3)
8 Bought outright 181 175 150
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 477,963 500,228 500,771
11 Bought outright(4) 477,963 500,228 500,771
12 Bills 176,517 197,131 197,674
13 Notes 218,467 219,013 217,843
14 Bonds 82,978 84,084 85,254
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 619,017 523,638 525,798
17 Items in process of collection 6,524 4,511 9,642
18 Bank premises 1,365 1,365 1,380
Other assets
19 Denominated in foreign currencies(5) 16,140 15,528 15,234
20 All other(6) 17,294 17,949 15,633
21 Total assets 677,795 580,597 585,357
LIABILITIES
22 Federal Reserve notes 600,662 538,768 536,839
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 53,760 21,789 20,548
25 Depository institutions 24,027 15,322 15,173
26 U.S. Treasury--General account 28,402 6,119 5,004
27 Foreign--Official accounts 71 82 129
28 Other 1,261 265 243
29 Deferred credit items 6,117 1,939 9,186
30 Other liabilities and
accrued dividends 4,392 4,461 4,683
31 Total liabilities 664,931 566,957 571,256
CAPITAL ACCOUNTS
32 Capital paid in 6,432 6,650 6,699
33 Surplus 6,432 6,314 6,404
34 Other capital accounts 0 676 999
35 Total liabilities and
capital accounts 677,795 580,597 585,357
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) 821,959 809,367 799,674
38 LESS: Held by Federal
Reserve Banks 221,297 270,599 262,835
39 Federal Reserve notes, net 600,662 538,768 536,839
Collateral held against notes, net
40 Gold certificate account 11,048 11,048 11,048
41 Special drawing rights 6,200 6,200 6,200
certificate account
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 583,414 521,520 519,590
44 Total collateral 600,662 538,768 536,839
(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
Jan. 26 Feb. 2 Feb. 9
1 Total loans 198 127 95
2 Within fifteen days(1) 175 79 54
3. Sixteen days to ninety days 23 48 41
4. 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities(2) 499,138 501,078 502,331
6 Within fifteen days(1) 16,070 20,579 15,184
7 Sixteen days to ninety days 100,111 101,043 102,705
8 Ninety-one days to one year 141,636 136,588 141,573
9 One year to five years 124,330 124,808 124,808
10 Five years to ten years 50,720 50,720 50,720
11 More than ten years 66,271 67,340 67,340
12 Total federal agency obligations 175 175 175
13 Within fifteen days(1) 25 25 25
14 Sixteen days to ninety days 10 10 10
15 Ninety-one days to one year 10 10 10
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 0 0 0
Wednesday
Type of holding and maturity 2000
Feb. 16 Feb. 23
1 Total loans 86 117
2 Within fifteen days(1) 71 99
3. Sixteen days to ninety days 15 18
4. 91 days to 1 year 0 0
5 Total U.S. Treasury securities(2) 502,699 500,423
6 Within fifteen days(1) 16,535 14,512
7 Sixteen days to ninety days 102,973 102,796
8 Ninety-one days to one year 139,878 139,803
9 One year to five years 124,578 124,578
10 Five years to ten years 50,941 50,941
11 More than ten years 67,793 67,793
12 Total federal agency obligations 150 150
13 Within fifteen days(1) 0 0
14 Sixteen days to ninety days 10 10
15 Ninety-one days to one year 10 10
16 One year to five years 10 10
17 Five years to ten years 120 120
18 More than ten years 0 0
End of month
Type of holding and maturity 2000
Dec. 31 Jan. 31 Feb. 29
1 Total loans 233 130 109
2 Within fifteen days(1) 207 101 81
3. Sixteen days to ninety days 20 29 28
4. 91 days to 1 year 7 0 0
5 Total U.S. Treasury securities(2) 477,963 500,228 500,771
6 Within fifteen days(1) 4,632 20,547 13,372
7 Sixteen days to ninety days 91,919 100,224 106,030
8 Ninety-one days to one year 139,866 136,588 138,688
9 One year to five years 124,169 124,808 123,947
10 Five years to ten years 51,107 50,720 50,941
11 More than ten years 66,270 67,340 67,793
12 Total federal agency obligations 181 175 150
13 Within fifteen days(1) 0 25 0
14 Sixteen days to ninety days 31 10 10
15 Ninety-one days to one year 20 10 10
16 One year to five years 10 10 10
17 Five years to ten years 120 120 120
18 More than ten years 0 0 0
(1.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of the
agreements.
(2.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures
Item 1996 1997 1998 1999
Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 50.16 46.86 44.90 41.52
2 Nonborrowed reserves(4) 50.01 46.54 44.79 41.20
3 Nonborrowed reserves plus
extended credit(5) 50.01 46.54 44.79 41.20
4 Required reserves 48.75 45.18 43.32 40.21
5 Monetary base(6) 451.61 479.16 512.59 590.65(r)
Not seasonally adjusted
6 Total reserves(7) 51.45 48.01 45.12 41.72
7 Nonborrowed reserves 51.30 47.69 45.00 41.40
8 Nonborrowed reserves plus
extended credit(5) 51.30 47.69 45.00 41.40
9 Required reserves(8) 50.04 46.33 43.54 40.41
10 Monetary base(9) 456.63 484.98 518.28 600.46(r)
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 51.17 47.92 45.02 41.64
12 Nonborrowed reserves 51.02 47.60 44.90 41.32
13 Nonborrowed reserves plus
extended credit(5) 51.02 47.60 44.90 41.32
14 Required reserves 49.76 46.24 43.44 40.33
15 Monetary base(12) 463.40 491.79 525.06 607.93(r)
16 Excess reserves(13) 1.42 1.69 1.58 1.31
17 Borrowings from the
Federal Reserve .16 .32 .12 .32
1999
Item
July Aug. Sept. Oct.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.98 42.07 42.11 40.94
2 Nonborrowed reserves(4) 41.67 41.72 41.77 40.66
3 Nonborrowed reserves plus
extended credit(5) 41.67 41.72 41.77 40.66
4 Required reserves 40.90 40.94 40.92 39.79
5 Monetary base(6) 541.25 544.63 550.22 557.75(r)
Not seasonally adjusted
6 Total reserves(7) 41.85 41.92 41.85 40.77
7 Nonborrowed reserves 41.54 41.58 41.51 40.49
8 Nonborrowed reserves plus
extended credit(5) 41.54 41.58 41.51 40.49
9 Required reserves(8) 40.77 40.79 40.65 39.62
10 Monetary base(9) 540.98 543.87 548.13 555.51
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 41.80 41.87 41.79 40.70
12 Nonborrowed reserves 41.49 41.53 41.45 40.42
13 Nonborrowed reserves plus
extended credit(5) 41.49 41.53 41.45 40.42
14 Required reserves 40.73 40.74 40.59 39.55
15 Monetary base(12) 548.07 550.86 555.19 562.64
16 Excess reserves(13) 1.08 1.13 1.20 1.15
17 Borrowings from the
Federal Reserve .31 .34 .34 .28
1999 2000
Item
Nov. Dec. Jan.(r) Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 41.20 41.52 43.15 41.48
2 Nonborrowed reserves(4) 40.96 41.20 42.77 41.38
3 Nonborrowed reserves plus
extended credit(5) 40.96 41.20 42.77 41.38
4 Required reserves 39.86 40.21 41.12 40.37
5 Monetary base(6) 569.66(r) 590.65(r) 591.30 572.51
Not seasonally adjusted
6 Total reserves(7) 41.02 41.72 44.29 42.10
7 Nonborrowed reserves 40.78 41.40 43.92 41.99
8 Nonborrowed reserves plus
extended credit(5) 40.78 41.40 43.92 41.99
9 Required reserves(8) 39.68 40.41 42.27 40.98
10 Monetary base(9) 571.89 600.46(r) 597.03 571.68
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 40.94 41.64 44.30 42.09
12 Nonborrowed reserves 40.71 41.32 43.93 41.98
13 Nonborrowed reserves plus
extended credit(5) 40.71 41.32 43.93 41.98
14 Required reserves 39.61 40.33 42.28 40.97
15 Monetary base(12) 579.02 607.93(r) 604.76 579.02
16 Excess reserves(13) 1.33 1.31 2.03 1.12
17 Borrowings from the
Federal Reserve .24 .32 .37 .11
(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
Item 1996 1997 1998
Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,081.1 1,073.9 1,097.4
2 M2 3,822.9 4,040.8 4,397.0
3 M3 4,952.4 5,402.2 5,996.9(r)
4 Debt 14,446.5(r) 15,209.2(r) 16,230.9(r)
M1 components
5 Currency(3) 394.3 424.8 459.5
6 Travelers checks(4) 8.3 8.1 8.2
7 Demand deposits(5) 402.3 395.3 379.3
8 Other checkable
deposits(6) 276.1 245.8 250.3
Nontransaction
components
9 In M2(7) 2,741.8 2,966.9 3,299.6
10 In M3 only(8) 1,129.5 1,361.3 1,599.9
Commercial banks
11 Savings deposits,
including MMDAs 904.0 1,020.5 1,184.8
12 Small time deposits(9) 593.3 625.4 626.1
13 Large time
deposits(10,11) 413.9 488.3 539.3
Thrift institutions
14 Savings deposits,
including MMDAs 366.6 376.6 413.8
15 Small time deposits(9) 353.6 342.8 325.6
16 Large time deposits(10) 78.3 85.6 88.9
Money market mutual
funds
17 Retail 524.4 601.7 749.4
18 Institution-only 312.0 380.8 518.4
Repurchase agreements
and Eurodollars
19 Repurchase 210.7 256.0 300.8(r)
agreements(12)
20 Eurodollars(12) 114.6 150.7 152.6
Debt components
21 Federal debt 3,781.3 3,800.3 3,750.8
22 Nonfederal debt 10,665.2(r) 11,408.9(r) 12,480.1(r)
Not seasonally adjusted
Measures(2)
23 M1 1,105.1 1,097.7 1,121.3
24 M2 3,845.1 4,063.9 4,422.2
25 M3 4,973.4 5,426.1 6,026.5
26 Debt 14,443.3(r) 15,206.3(r) 16,227.8(r)
M1 components
27 Currency(3) 397.9 428.9 464.1
28 Travelers checks(4) 8.6 8.3 8.4
29 Demand deposits(5) 419.9 412.4 395.9
30 Other checkable
deposits(6) 278.8 248.2 252.8
Nontransaction
components
31 In M2(7) 2,740.0 2,966.3 3,300.9
32 In M3 only(8) 1,128.2 1,362.2 1,604.3
Commercial banks
33 Savings deposits,
including MMDAs 903.3 1,020.4 1,186.0
34 Small time deposits(9) 592.7 625.3 626.5
35 Large time
deposits(10,11) 413.2 487.2 537.8
Thrift institutions
36 Savings deposits,
including MMDAs 366.3 376.5 414.2
37 Small time deposits(9) 353.2 342.8 325.8
38 Large time deposits(10) 78.1 85.4 88.6
Money market
mutual funds
39 Retail 524.3 601.3 748.3
40 Institution-only 315.6 386.7 527.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 205.7 250.5 295.4(r)
42 Eurodollars(12) 115.7 152.3 154.5
Debt components
43 Federal debt 3,787.9 3,805.8 3,754.9
44 Nonfederal debt 10,655.4(r) 11,400.5(r) 12,472.9(r)
1999(r)
Item 1999(r)
Dec.
Nov. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,123.8 1,109.4 1,123.8
2 M2 4,652.2 4,624.2 4,652.2
3 M3 6,467.3 6,378.0 6,467.3
4 Debt 17,314.9 17,217.5 17,314.9
M1 components
5 Currency(3) 515.6 504.3 515.6
6 Travelers checks(4) 8.3 8.2 8.3
7 Demand deposits(5) 355.9 355.7 355.9
8 Other checkable
deposits(6) 244.0 241.2 244.0
Nontransaction
components
9 In M2(7) 3,528.4 3,514.9 3,528.4
10 In M3 only(8) 1,815.1 1,753.8 1,815.1
Commercial banks
11 Savings deposits,
including MMDAs 1,285.8 1,289.1 1,285.8
12 Small time deposits(9) 634.5 630.2 634.5
13 Large time
deposits(10,11) 610.5 587.1 610.5
Thrift institutions
14 Savings deposits,
including MMDAs 448.7 451.7 448.7
15 Small time deposits(9) 320.6 318.9 320.6
16 Large time deposits(10) 91.4 91.0 91.4
Money market mutual
funds
17 Retail 838.9 825.0 838.9
18 Institution-only 607.4 592.1 607.4
Repurchase agreements
and Eurodollars
19 Repurchase 334.7 321.5 334.7
agreements(12)
20 Eurodollars(12) 171.1 162.2 171.1
Debt components
21 Federal debt 3,658.9 3,656.5 3,658.9
22 Nonfederal debt 13,656.0 13,561.0 13,656.0
Not seasonally adjusted
Measures(2)
23 M1 1,148.3 1,112.8 1,148.3
24 M2 4,680.5 4,626.6 4,680.5
25 M3 6,502.3 6,389.6 6,502.3
26 Debt 17,313.0 17,192.2 17,313.0
M1 components
27 Currency(3) 521.3 505.2 521.3
28 Travelers checks(4) 8.4 8.3 8.4
29 Demand deposits(5) 371.9 359.0 371.9
30 Other checkable
deposits(6) 246.7 240.4 246.7
Nontransaction
components
31 In M2(7) 3,532.2 3,513.7 3,532.2
32 In M3 only(8) 1,821.9 1,763.1 1,821.9
Commercial banks
33 Savings deposits,
including MMDAs 1,288.6 1,288.8 1,288.6
34 Small time deposits(9) 635.3 631.7 635.3
35 Large time
deposits(10,11) 608.6 590.1 608.6
Thrift institutions
36 Savings deposits,
including MMDAs 449.7 451.6 449.7
37 Small time deposits(9) 321.0 319.7 321.0
38 Large time deposits(10) 91.1 91.4 91.1
Money market
mutual funds
39 Retail 837.5 822.0 837.5
40 Institution-only 618.9 595.1 618.9
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 330.0 324.1 330.0
42 Eurodollars(12) 173.2 162.4 173.2
Debt components
43 Federal debt 3,662.5 3,641.4 3,662.5
44 Nonfederal debt 13,650.5 13,550.8 13,650.5
2000
Item
Jan.(r) Feb.
Seasonally adjusted
Measures(2)
1 M1 1,120.9 1,105.0
2 M2 4,675.2 4,683.7
3 M3 6,511.0 6,533.6
4 Debt 17,401.7 n.a.
M1 components
5 Currency(3) 524.3 518.2
6 Travelers checks(4) 8.2 8.1
7 Demand deposits(5) 345.4 338.1
8 Other checkable
deposits(6) 243.0 240.6
Nontransaction
components
9 In M2(7) 3,554.4 3,578.7
10 In M3 only(8) 1,835.8 1,849.9
Commercial banks
11 Savings deposits,
including MMDAs 1,288.1 1,301.4
12 Small time deposits(9) 638.4 643.3
13 Large time
deposits(10,11) 613.7 623.4
Thrift institutions
14 Savings deposits,
including MMDAs 447.3 450.0
15 Small time deposits(9) 322.8 323.4
16 Large time deposits(10) 94.2 94.8
Money market mutual
funds
17 Retail 857.7 860.6
18 Institution-only 623.5 617.5
Repurchase agreements
and Eurodollars
19 Repurchase 329.0 342.0
agreements(12)
20 Eurodollars(12) 175.3 172.2
Debt components
21 Federal debt 3,645.6 n.a.
22 Nonfederal debt 13,756.1 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,127.6 1,096.5
24 M2 4,685.8 4,681.8
25 M3 6,527.4 6,553.0
26 Debt 17,382.9 n.a.
M1 components
27 Currency(3) 523.1 517.2
28 Travelers checks(4) 8.4 8.3
29 Demand deposits(5) 350.1 331.7
30 Other checkable
deposits(6) 246.0 239.3
Nontransaction
components
31 In M2(7) 3,558.2 3,585.3
32 In M3 only(8) 1,841.6 1,871.2
Commercial banks
33 Savings deposits,
including MMDAs 1,286.3 1,294.0
34 Small time deposits(9) 640.0 645.8
35 Large time
deposits(10,11) 604.9 619.0
Thrift institutions
36 Savings deposits,
including MMDAs 446.7 447.4
37 Small time deposits(9) 323.6 324.7
38 Large time deposits(10) 92.9 94.1
Money market
mutual funds
39 Retail 861.5 873.4
40 Institution-only 638.2 640.6
Repurchase agreements
and Eurodollars
41 Repurchase
agreements(12) 329.2 343.9
42 Eurodollars(12) 176.5 173.6
Debt components
43 Federal debt 3,638.4 n.a.
44 Nonfederal debt 13,744.5 n.a.
NOTES TO TABLE 1.21
(1.) Latest monthly and weekly figures are available from the Board's
H.6 (508) weekly statistical release. Historical data starting in 1959
are available from the Money and Reserves Projections Section,
Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
(2.) Composition of the money stock measures and debt is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions, (2) travelers checks of
nonbank issuers, (3) demand deposits at all commercial banks other
than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float, and (4) other
checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and
demand deposits at thrift institutions. Seasonally adjusted M1 is
computed by summing currency, travelers checks, demand deposits,
and OCDs, each seasonally adjusted separately.
M2: M1 plus (1) savings deposits (including MMDAs),
(2) small-denomination time deposits (time deposits--including
retail RPs--in amounts of less than $100,000), and (3) balances in
retail money market mutual funds. Excludes individual retirement
accounts (IRAs) and Keogh balances at depository institutions and
money market funds. Seasonally adjusted M2 is calculated by summing
savings deposits, small-denomination time deposits, and retail
money fund balances, each seasonally adjusted separately, and
adding this result to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and
term) issued by all depository institutions, and (4) Eurodollars
(overnight and term) held by U.S. residents at foreign branches of
U.S. banks worldwide and at all banking offices in the United
Kingdom and Canada. Excludes amounts held by depository institutions,
the U.S. government, money market funds, and foreign banks and
official institutions. Seasonally adjusted M3 is calculated by
summing large time deposits, institutional money fund balances, RP
liabilities, and Eurodollars, each seasonally adjusted separately,
and adding this result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of
the domestic nonfinancial sectors--the federal sector (U.S.
government, not including government-sponsored enterprises or
federally related mortgage pools) and the nonfederal sectors
(state and local governments, households and nonprofit
organizations, nonfinancial corporate and nonfarm noncorporate
businesses, and farms). Nonfederal debt consists of mortgages,
tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived
from the Federal Reserve Board's flow of funds accounts, are
break-adjusted (that is, discontinuities in the data have been
smoothed into the series) and month-averaged (that is, the data
have been derived by averaging adjacent month-end levels).
(3.) Currency outside the U.S. Treasury, Federal Reserve Banks,
and vaults of depository institutions.
(4.) Outstanding amount of U.S. dollar-denominated travelers checks
of nonbank issuers. Travelers checks issued by depository
institutions are included in demand deposits.
(5.) Demand deposits at commercial banks and foreign-related
institutions other than those owed to depository institutions, the
U.S. government, and foreign banks and official institutions, less
cash items in the process of collection and Federal Reserve float.
(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and
demand deposits at thrift institutions.
(7.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.
(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by
depository institutions, and (4) Eurodollars (overnight and
term) of U.S. addressees.
(9.) Small time deposits--including retail RPs--are those issued
in amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small
time deposits.
(10.) Large time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
(11.) Large time deposits at commercial banks less those held by
money market funds, depository institutions, the U.S. government,
and foreign banks and official institutions.
(12.) Includes both overnight and tenn.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1999 1999(r)
Feb. Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 4,520.0 4,583.3 4,607.7
2 Securities in bank credit 1,204.7 1,242.9 1,247.1
3 U.S. government securities 793.3 820.2 817.8
4 Other securities 411.4 422.7 429.3
5 Loans and leases in bank credit(2) 3,315.3 3,340.4 3,360.6
6 Commercial and industrial 950.6 972.3 980.3
7 Real estate 1,348.0 1,380.2 1,396.5
8 Revolving home equity 102.7 99.6 99.4
9 Other 1,245.2 1,280.6 1,297.1
10 Consumer 498.3 479.3 480.2
11 Security(3) 139.0 122.4 116.2
12 Other loans and leases 379.4 386.2 387.5
13 Interbank loans 227.9 215.1 208.2
14 Cash assets(4) 254.6 253.8 264.0
15 Other assets(5) 355.8 343.8 354.0
16 Total assets(6) 5,300.0 5,337.3 5,374.7
Liabilities
17 Deposits 3,378.7 3,384.4 3,394.3
18 Transaction 655.7 635.9 634.0
19 Nontransaction 2,723.0 2,748.4 2,760.3
20 Large time 732.2 718.0 727.7
21 Other 1,990.8 2,030.5 2,032.5
22 Borrowings 994.6 1,028.0 1,047.1
23 From banks in the U.S. 314.1 336.4 340.4
24 From others 680.5 691.6 706.7
25 Net due to related foreign offices 206.6 222.5 218.3
26 Other liabilities 294.3 279.0 282.0
27 Total liabilities 4,874.2 4,913.9 4,941.6
28 Residual (assets less liabilities)(7) 425.9 423.4 433.0
Not seasonally adjusted
Assets
29 Bank credit 4,517.5 4,562.3 4,597.8
30 Securities in bank credit 1,210.1 1,230.0 1,235.9
31 U.S. government securities 797.5 808.4 807.6
32 Other securities 412.6 421.6 428.3
33 Loans and leases in bank credit(2) 3,307.4 3,332.3 3,361.9
34 Commercial and industrial 952.1 963.6 976.4
35 Real estate 1,342.2 1,382.8 1,400.1
36 Revolving home equity 102.3 99.8 100.2
37 Other 1,239.9 1,283.0 1,300.0
38 Consumer 498.1 480.4 483.1
39 Security(3) 138.6 118.7 112.8
40 Other loans and leases 376.3 386.7 389.4
41 Interbank loans 227.7 207.4 204.7
42 Cash assets(4) 255.7 243.4 261.3
43 Other assets(5) 352.5 346.6 356.0
44 Total assets(6) 5,295.2 5,300.7 5,360.3
Liabilities
45 Deposits 3,355.7 3,370.5 3,392.9
46 Transaction 650.8 619.6 628.2
47 Nontransaction 2,704.9 2,750.8 2,764.7
48 Large time 732.9 715.3 729.2
49 Other 1,972.0 2,035.5 2,035.5
50 Borrowings 997.3 1,004.6 1,042.0
51 From banks in the U.S. 314.4 329.3 336.7
52 From others 682.8 675.2 705.3
53 Net due to related foreign offices 216.2 217.4 214.3
54 Other liabilities 296.7 278.9 280.9
55 Total liabilities 4,865.9 4,871.4 4,930.1
56 Residual (assets less liabilities)(7) 429.3 429.3 430.2
MEMO
57 Revaluation gains on off-balance-sheet
items(8) 107.3 96.5 98.5
58 Revaluation losses on off-balance-
sheet items(8) 106.2 98.7 97.2
Monthly averages
Account 1999(r)
Oct. Nov. Dec.
Seasonally adjusted
Assets
1 Bank credit 4,639.5 4,702.8 4,781.4
2 Securities in bank credit 1,256.2 1,250.3 1,268.6
3 U.S. government securities 813.8 799.0 803.7
4 Other securities 442.4 451.3 464.9
5 Loans and leases in bank credit(2) 3,383.3 3,452.5 3,512.8
6 Commercial and industrial 986.0 1,004.2 1,006.9
7 Real estate 1,420.5 1,434.5 1,472.0
8 Revolving home equity 100.3 101.8 107.3
9 Other 1,320.2 1,332.6 1,364.7
10 Consumer 478.7 482.2 492.6
11 Security(3) 111.2 134.1 155.6
12 Other loans and leases 386.9 397.5 385.7
13 Interbank loans 222.6 219.1 223.7
14 Cash assets(4) 270.1 276.2 290.5
15 Other assets(5) 358.2 366.2 372.3
16 Total assets(6) 5,431.3 5,504.9 5,608.0
Liabilities
17 Deposits 3,434.8 3,482.2 3,533.3
18 Transaction 630.4 623.3 630.2
19 Nontransaction 2,804.5 2,859.0 2,903.1
20 Large time 766.0 806.3 836.7
21 Other 2,038.4 2,052.6 2,066.5
22 Borrowings 1,045.2 1,061.6 1,123.6
23 From banks in the U.S. 347.6 349.2 346.2
24 From others 697.6 712.3 777.4
25 Net due to related foreign offices 219.8 226.2 221.5
26 Other liabilities 291.5 297.1 298.8
27 Total liabilities 4,991.3 5,067.0 5,177.3
28 Residual (assets less liabilities)(7) 439.9 437.9 430.7
Not seasonally adjusted
Assets
29 Bank credit 4,643.9 4,716.8 4,797.7
30 Securities in bank credit 1,252.7 1,256.8 1,272.6
31 U.S. government securities 808.2 801.2 805.0
32 Other securities 444.5 455.6 467.7
33 Loans and leases in bank credit(2) 3,391.3 3,460.1 3,525.1
34 Commercial and industrial 987.0 1,004.2 1,005.9
35 Real estate 1,424.2 1,439.2 1,474.5
36 Revolvin |
