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 Agriculture 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 2001
Monetary or
credit aggregate
Q3 Q4 Q1 Q2
Reserves of depository
institutions(2)
1 Total -8.3 -8.7 -2.1 1.7
2 Required -8.6 -10.4 -3.5 3.3
3 Nonborrowed -9.9 -6.4 .5 .6
4 Monetary base(3) 2.5 2.8 6.4 5.4
Concepts of money and debt(4)
5 M1 -3.7 -3.3 5.1 5.6
6 M2 5.6 6.3 10.7 10.2
7 M3 8.8 7.0 12.3(r) 13.7
8 Debt 4.6 4.5 4.8 n.a.
Nontransaction components
9 In M2(5) 8.5 9.1 12.3 11.5
10 In M3 only(6) 16.3 8.9(r) 16.0(r) 21.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.8 12.0 17.4 20.4
12 Small time(7) 10.5 5.6 2.5 -8.2
13 Large time(8,9) 11.5 4.1 -1.3 -3.4
Thrift institutions
14 Savings, including MMDAs 3.1 .4 6.4 21.8
15 Small time(7) 10.8 9.5 6.4 .7
16 Large time(8) 23.2 14.0 11.9 11.4
Money market mutual funds
17 Retail 3.9 11.6 16.9 11.2
18 Institution-only 29.0 18.6 49.8 54.8
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 8.2 -3.3(r) -12.9(r) 14.6
20 Eurodollars(10) .6 10.3 3.1 -12.9
Debt components(4)
21 Federal -7.3 -8.0 -5.4 n.a.
22 Nonfederal 7.6 7.5 7.2 n.a.
2001
Monetary or
credit aggregate
Feb. Mar. Apr.(r)
Reserves of depository
institutions(2)
1 Total 1.2 -18.8 16.6
2 Required -4.5 -18.0 20.8
3 Nonborrowed 1.9 -19.0 16.9
4 Monetary base(3) 3.5 2.6 7.1
Concepts of money and debt(4)
5 M1 .9 13.8 5.4
6 M2 10.9 14.4 10.4
7 M3 9.9 9.5 17.7
8 Debt 5.0 6.1(r) 3.8
Nontransaction components
9 In M2(5) 13.7 14.6 11.9
10 In M3 only(6) 7.5 -1.6(r) 34.5
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 24.7 19.7 20.5
12 Small time(7) -4.8 -6.9(r) -9.0
13 Large time(8,9) -57.4 -47.0(r) 34.9
Thrift institutions
14 Savings, including MMDAs 26.5 23.6 10.2
15 Small time(7) 2.7 -3.4 1.0
16 Large time(8) 6.8 2.3 20.2
Money market mutual funds
17 Retail 8.7 24.6 18.1
18 Institution-only 86.6 40.7 42.4
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) -33.6(r) -24.2(r) 71.3
20 Eurodollars(10) 4.9 14.7 -58.2
Debt components(4)
21 Federal -3.0(r) 1.2 -10.9
22 Nonfederal 6.8 7.1 7.2
2001
Monetary or
credit aggregate
May(r) June
Reserves of depository
institutions(2)
1 Total 3.1 -4.0
2 Required 11.5 -14.3
3 Nonborrowed -1.9 -4.5
4 Monetary base(3) 6.3 5.6
Concepts of money and debt(4)
5 M1 -.6 6.4
6 M2 5.2 9.6
7 M3 13.6 12.5
8 Debt 4.0 n.a.
Nontransaction components
9 In M2(5) 6.8 10.5
10 In M3 only(6) 32.6 18.9
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 18.0 18.9
12 Small time(7) -8.9 -11.6
13 Large time(8,9) 10.0 3.1
Thrift institutions
14 Savings, including MMDAs 32.1 24.1
15 Small time(7) 7.2 -7.2
16 Large time(8) 19.9 -9.8
Money market mutual funds
17 Retail -11.8 12.1
18 Institution-only 67.2 44.1
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 3.3 -2.0
20 Eurodollars(10) 10.8 5.0
Debt components(4)
21 Federal -17.6 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. (1) 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 2001
Apr. May June
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 580,694 585,031 587,457
U.S. government
securities(2)
2 Bought outright--
System account(3) 523,962 526,810 532,187
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 20,009 21,907 18,444
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 29 129 105
9 Seasonal credit 35 80 119
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 251 -91 539
13 Other Federal Reserve assets 36,398 36,187 36,052
14 Gold stock 11,046 11,046 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,349 32,488(r) 32,612
ABSORBING RESERVE FUNDS
17 Currency in circulation 588,086 591,535(r) 594,536
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 500 514 469
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,903 5,149 5,605
21 Foreign 92 100 88
22 Service-related
balances and adjustments 6,940 6,946 7,185
23 Other 352 350 298
24 Other Federal Reserve
liabilities and capital 17,806 17,971 18,027
25 Reserve balances with
Federal Reserve Banks(5) 6,609 8,199(r) 7,106
Average of daily figures for week
ending on date indicated
Factor 2001
May 16 May 23 May 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 584,842 582,062 590,572
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,258 526,099 529,168
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 20,053 20,915 26,534
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 525 3 22
9 Seasonal credit 88 83 86
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -153 130 -507
13 Other Federal Reserve assets 37,061 34,823 35,259
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,475(r) 32,504(r) 32,533(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 590,329(r) 590,981(r) 594,970(r)
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 517 511 510
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,169 4,993 5,148
21 Foreign 104 76 148
22 Service-related
balances and adjustments 6,843 7,087 6,878(r)
23 Other 395 342 294
24 Other Federal Reserve
liabilities and capital 17,946 17,944 17,960
25 Reserve balances with
Federal Reserve Banks(5) 9,261 5,877 10,442(r)
Average of daily figures for week
ending on date indicated
Factor 2001
June 6 June 13 June 20 June 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 587,740 585,179 587,588 586,991
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,940 531,105 532,906 535,009
3 Held under
repurchase agreements 0 0 0 0
Federal agency obligations
4 Bought outright 10 10 10 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase agreements--
triparty(4) 24,054 17,643 17,286 14,931
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 120 268 57 14
9 Seasonal credit 95 106 122 138
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 455 455 1,002 147
13 Other Federal Reserve assets 35,067 35,592 36,205 36,742
14 Gold stock 11,046 11,045 11,044 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 32,562 32,593 32,618 32,644
ABSORBING RESERVE FUNDS
17 Currency in circulation 595,205 594,278 594,018 593,979
18 Reverse repurchase
agreements--triparty(4) 0 0 0 0
19 Treasury cash holdings 506 481 463 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 4,796 4,878 5,194 6,748
21 Foreign 83 85 101 79
22 Service-related
balances and adjustments 7,044 7,008 7,204 7,299
23 Other 332 311 284 279
24 Other Federal Reserve
liabilities and capital 17,909 18,130 18,065 18,100
25 Reserve balances with
Federal Reserve Banks(5) 7,671 5,846 8,121 5,951
End-of-month figures
Factor 2001
Apr. May June
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 587,708 591,914(r) 595,137
U.S. government
securities(2)
2 Bought outright--
System account(3) 525,911 527,562 535,110
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 25,007 30,310 23,250
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 44 67 3
9 Seasonal credit 36 86 146
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -370 -998(r) -373
13 Other Federal Reserve assets 37,069 34,877(r) 36,992
14 Gold stock 11,046 11,046 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,417 32,562(r) 32,670
ABSORBING RESERVE FUNDS
17 Currency in circulation 588,191 595,911(r) 596,674
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 516 510 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 7,894 4,396 7,188
21 Foreign 102 85 102
22 Service-related
balances and adjustments 7,241 7,044(r) 7,571
23 Other 403 321 271
24 Other Federal Reserve
liabilities and capital 18,232 17,845 17,583
25 Reserve balances with
Federal Reserve Banks(5) 10,792 11,609(r) 11,217
Wednesday figures
Factor
May 16 May 23 May 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 594,063 584,945 608,194
U.S. government
securities(2)
2 Bought outright--
System account(3) 528,380 525,608 529,372
3 Held under
repurchase agreements 0 0 0
Federal agency obligations
4 Bought outright 10 10 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase agreements--
triparty(4) 31,747 23,705 42,380
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 24 1 1
9 Seasonal credit 86 84 89
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -683 478 846
13 Other Federal Reserve assets 34,500 35,058 35,495
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 32,475(r) 32,504(r) 32,533(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 591,648(r) 593,311(r) 596,594(r)
18 Reverse repurchase
agreements--triparty(4) 0 0 0
19 Treasury cash holdings 511 510 510
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,309 4,788 4,301
21 Foreign 76 84 72
22 Service-related
balances and adjustments 6,843 7,087 6,878(r)
23 Other 355 328 295
24 Other Federal Reserve
liabilities and capital 17,654 17,685 17,738
25 Reserve balances with
Federal Reserve Banks(5) 17,389 6,901 27,584(r)
Wednesday figures
Factor
June 6 June 13 June 20 June 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 585,309 589,447 584,961 591,383
U.S. government
securities(2)
2 Bought outright--
System account(3) 527,124 531,874 534,482 535,191
3 Held under
repurchase agreements 0 0 0 0
Federal agency obligations
4 Bought outright 10 10 10 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase agreements--
triparty(4) 19,050 20,500 13,750 19,505
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 12 29 83 10
9 Seasonal credit 101 111 128 142
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 3,670 1,104 43 -417
13 Other Federal Reserve assets 35,341 35,820 36,465 36,942
14 Gold stock 11,046 11,044 11,044 11,044
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 32,562 32,593 32,618 32,644
ABSORBING RESERVE FUNDS
17 Currency in circulation 595,733 595,384 595,172 596,044
18 Reverse repurchase
agreements--triparty(4) 0 0 0 0
19 Treasury cash holdings 483 466 444 444
Deposits, other than
reserve balances, with
Federal Reserve Banks
20 Treasury 5,926 4,729 6,758 6,857
21 Foreign 82 82 133 73
22 Service-related
balances and adjustments 7,044 7,008 7,204 7,299
23 Other 327 288 266 279
24 Other Federal Reserve
liabilities and capital 17,667 17,766 17,851 17,869
25 Reserve balances with
Federal Reserve Banks(5) 3,855 9,560 2,996 8,405
(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 though 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 5,262 7,159
2 Total vault cash(3) 44,294 60,619 45,229
3 Applied vault cash(4) 36,183 36,392 31,381
4 Surplus vault cash(5) 8,111 24,227 13,848
5 Total reserves(6) 45,209 41,654 38,540
6 Required reserves 43,695 40,357 37,216
7 Excess reserve balances at
Reserve Banks(7) 1,514 1,297 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 2001
Dec. Jan. Feb. Mar.
1 Reserve balances with Reserve
Banks(2) 7,159 7,190 6,615 6,737
2 Total vault cash(3) 45,229 47,683 48,517 44,104
3 Applied vault cash(4) 31,381 32,601 32,734 30,978
4 Surplus vault cash(5) 13,848 15,083 15,783 13,127
5 Total reserves(6) 38,540 38,538 39,349 37,715
6 Required reserves 37,216 38,538 37,917 36,329
7 Excess reserve balances at
Reserve Banks(7) 1,325 1,253 1,432 1,385
8 Total borrowing at
Reserve Banks 210 73 51 58
9 Adjustment 99 39 30 38
10 Seasonal 111 34 21 20
11 Special Liquidity Facility(8) 0 0 ... ...
12 Extended credit(9) 0 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2001
Apr. May June
1 Reserve balances with Reserve
Banks(2) 6,863 7,610(r) 7,041
2 Total vault cash(3) 43,656 43,263 43,133
3 Applied vault cash(4) 31,728 31,772(r) 31,176
4 Surplus vault cash(5) 11,929 11,491(r) 11,956
5 Total reserves(6) 38,591 39,382(r) 38,218
6 Required reserves 37,314 38,363 36,876
7 Excess reserve balances at
Reserve Banks(7) 1,277 1,019(r) 1,342
8 Total borrowing at
Reserve Banks 51 213 229
9 Adjustment 15 134 110
10 Seasonal 35 79 120
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 2001
Mar. 7 Mar. 21 Apr. 4
1 Reserve balances with Reserve
Banks(2) 6,836 6,296 7,287
2 Total vault cash(3) 44,107 43,875 44,424
3 Applied vault cash(4) 31,547 30,304 31,523
4 Surplus vault cash(5) 12,561 13,571 12,902
5 Total reserves(6) 38,382 36,600 38,809
6 Required reserves 37,103 35,419 37,062
7 Excess reserve balances at
Reserve Banks(7) 1,279 1,180 1,747
8 Total borrowing at
Reserve Banks 95 38 60
9 Adjustment 76 17 42
10 Seasonal 19 21 18
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 2001
Apr. 18 May 2 May 16
1 Reserve balances with Reserve
Banks(2) 6,326 7,350 7,159
2 Total vault cash(3) 43,409 43,690 42,645
3 Applied vault cash(4) 31,199 32,413 31,031(r)
4 Surplus vault cash(5) 12,210 11,277 11,615(r)
5 Total reserves(6) 37,525 39,763 38,189(r)
6 Required reserves 36,329 38,549 37,302(r)
7 Excess reserve balances at
Reserve Banks(7) 1,196 1,214 887(r)
8 Total borrowing at
Reserve Banks 42 59 346
9 Adjustment 4 20 267
10 Seasonal 38 39 79
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 2001
May 30 June 13
1 Reserve balances with Reserve
Banks(2) 8,159(r) 6,756(r)
2 Total vault cash(3) 43,900 42,155
3 Applied vault cash(4) 32,530 30,270(r)
4 Surplus vault cash(5) 11,370 11,885(r)
5 Total reserves(6) 40,689(r) 37,026(r)
6 Required reserves 39,582(r) 35,776
7 Excess reserve balances at
Reserve Banks(7) 1,107(r) 1,249(r)
8 Total borrowing at
Reserve Banks 97 295
9 Adjustment 13 195
10 Seasonal 85 101
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 2001
June 27 July 11
1 Reserve balances with Reserve
Banks(2) 7,279 7,170
2 Total vault cash(3) 43,811 44,209
3 Applied vault cash(4) 31,964 31,431
4 Surplus vault cash(5) 11,846 12,777
5 Total reserves(6) 39,243 38,601
6 Required reserves 37,819 37,243
7 Excess reserve balances at
Reserve Banks(7) 1,424 1,358
8 Total borrowing at
Reserve Banks 166 244
9 Adjustment 36 89
10 Seasonal 130 155
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
8/3/01 date rate
Boston 3.25 6/27/01 3.50
New York 3.25 6/27/01 3.50
Philadelphia 3.25 6/27/01 3.50
Cleveland 3.25 6/28/01 3.50
Richmond 3.25 6/28/01 3.50
Atlanta 3.25 6/27/01 3.50
Chicago 3.25 6/27/01 3.50
St. Louis 3.25 6/29/01 3.50
Minneapolis 3.25 6/28/01 3.50
Kansas City 3.25 6/28/01 3.50
Dallas 3.25 6/27/01 3.50
San Francisco 3.25 6/27/01 3.50
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank On Effective Previous
8/3/01 date rate
Boston 3.70 7/26/01 3.75
New York 3.70 7/26/01 3.75
Philadelphia 3.70 7/26/01 3.75
Cleveland 3.70 7/26/01 3.75
Richmond 3.70 7/26/01 3.75
Atlanta 3.70 7/26/01 3.75
Chicago 3.70 7/26/01 3.75
St. Louis 3.70 7/26/01 3.75
Minneapolis 3.70 7/26/01 3.75
Kansas City 3.70 7/26/01 3.75
Dallas 3.70 7/26/01 3.75
San Francisco 3.70 7/26/01 3.75
Current and previous levels
Extended credit(3)
Federal Reserve
Bank On Effective Previous
8/3/01 date rate
Boston 4.20 7/26/01 4.25
New York 4.20 7/26/01 4.25
Philadelphia 4.20 7/26/01 4.25
Cleveland 4.20 7/26/01 4.25
Richmond 4.20 7/26/01 4.25
Atlanta 4.20 7/26/01 4.25
Chicago 4.20 7/26/01 4.25
St. Louis 4.20 7/26/01 4.25
Minneapolis 4.20 7/26/01 4.25
Kansas City 4.20 7/26/01 4.25
Dallas 4.20 7/26/01 4.25
San Francisco 4.20 7/26/01 4.25
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
Mar. 20 4.50-5.00 4.50
21 4.50 4.50
Apr. 18 4.00-4.50 4.00
20 4.00 4.00
May 15 3.50-4.00 3.50
17 3.50 3.50
June 27 3.25-3.50 3.25
June 29 3.25 3.25
In effect Aug. 3, 2001 3.25 3.25
(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
he 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 Gennain 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 1.5
years was reduced from 3 percent to 1.5 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 1.5 years was reduced from 3
percent to zero on Jan. 17, 1991. The reserve requirement on
nonpersonal time deposits with an original maturity of 1.5 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 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1998 1999 2000
and maturity
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,550 0 8,676
2 Gross sales 0 0 0
3 Exchanges 450,835 464,218 477,904
4 For new bills 450,835 464,218 477,904
5 Redemptions 2,000 0 24,522
Others within one year
6 Gross purchases 6,297 11,895 8,809
7 Gross sales 0 0 0
8 Maturity shifts 46,062 50,590 62,025
9 Exchanges -49,434 -53,315 -54,656
10 Redemptions 2,676 1,429 3,779
One to five years
11 Gross purchases 12,901 19,731 14,482
12 Gross sales 0 0 0
13 Maturity shifts -37,777 -44,032 -52,068
14 Exchanges 37,154 42,604 46,177
Five to ten years
15 Gross purchases 2,294 4,303 5,871
16 Gross sales 0 0 0
17 Maturity shifts -5,908 -5,841 -6,801
18 Exchanges 7,439 7,583 6,585
More than ten years
19 Gross purchases 4,884 9,428 5,833
20 Gross sales 0 0 0
21 Maturity shifts -2,377 -717 -3,155
22 Exchanges 4,842 3,139 1,894
All maturities
23 Gross purchases 29,926 45,357 43,670
24 Gross sales 0 0 0
25 Redemptions 4,676 1,429 28,301
Matched transactions
26 Gross purchases 4,430,457 4,413,430 4,399,257
27 Gross sales 4,434,358 4,431,685 4,381,188
Repurchase agreements
28 Gross purchases 512,671 281,599 0
29 Gross sales 514,186 301,273 0
30 Net change in U.S. Treasury
securities 19,835 5,999 33,439
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 25 0 0
33 Redemptions 322 157 51
Repurchase agreements
34 Gross purchases 284,316 360,069 0
35 Gross sales 276,266 370,772 0
36 Net change in federal agency
obligations 7,703 -10,859 -51
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 0 304,989 890,236
40 Gross sales 0 164,349 987,501
41 Net change in triparty
obligations 0 140,640 -97,265
42 Total net change in System
Open Market Account 27,538 135,780 -63,877
2000 2001
Type of transaction
and maturity
Nov. Dec. Jan.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 2,507 509 520
2 Gross sales 0 0 0
3 Exchanges 45,182 39,428 40,769
4 For new bills 45,182 39,428 40,769
5 Redemptions 1,145 1,145 228
Others within one year
6 Gross purchases 580 1,420 0
7 Gross sales 0 0 0
8 Maturity shifts 7,957 0 10,296
9 Exchanges -7,012 0 -6,667
10 Redemptions 780 0 2,422
One to five years
11 Gross purchases 1,332 1,045 925
12 Gross sales 0 0 0
13 Maturity shifts -5,997 0 -10,296
14 Exchanges 5,737 0 6,667
Five to ten years
15 Gross purchases 510 771 1,283
16 Gross sales 0 0 0
17 Maturity shifts -699 0 0
18 Exchanges 1,275 0 0
More than ten years
19 Gross purchases 0 0 296
20 Gross sales 0 0 0
21 Maturity shifts -1,261 0 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 4,929 3,745 3,024
24 Gross sales 0 0 0
25 Redemptions 1,802 1,145 2,650
Matched transactions
26 Gross purchases 351,391 345,680 356,250
27 Gross sales 351,232 348,917 352,336
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S. Treasury
securities 3,286 -637 4,289
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 87,125 95,470 104,930
40 Gross sales 79,295 79,365 129,385
41 Net change in triparty
obligations 7,830 16,105 -24,455
42 Total net change in System
Open Market Account 11,116 15,468 -20,166
2001
Type of transaction
and maturity
Feb. Mar. Apr. May
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 2,683 579 308 624
2 Gross sales 0 0 0 0
3 Exchanges 42,767 46,712 38,317 47,112
4 For new bills 42,767 46,712 38,317 47,112
5 Redemptions 638 211 3,537 3,939
Others within one year
6 Gross purchases 1,605 67 3,027 2,174
7 Gross sales 0 0 0 0
8 Maturity shifts 5,609 0 12,204 8,117
9 Exchanges -6,799 0 -7,000 -8,965
10 Redemptions 1,529 0 4,368 2,287
One to five years
11 Gross purchases 2,983 1,883 4,480 2,685
12 Gross sales 0 0 0 0
13 Maturity shifts -2,784 0 -12,204 -1,913
14 Exchanges 4,945 0 7,000 6,508
Five to ten years
15 Gross purchases 0 0 1,390 657
16 Gross sales 0 0 0 0
17 Maturity shifts -1,855 0 0 -5,130
18 Exchanges 971 0 0 2,457
More than ten years
19 Gross purchases 495 1,000 913 1,241
20 Gross sales 0 0 0 0
21 Maturity shifts -971 0 0 -1,074
22 Exchanges 883 0 0 0
All maturities
23 Gross purchases 7,766 3,529 10,118 7,380
24 Gross sales 0 0 0 0
25 Redemptions 2,166 211 7,905 6,226
Matched transactions
26 Gross purchases 320,060 396,029 381,667 398,039
27 Gross sales 322,056 395,151 381,895 397,600
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S. Treasury
securities 3,604 4,196 1,984 1,592
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 120 0 0 0
Repurchase agreements
34 Gross purchases 0 0 0 0
35 Gross sales 0 0 0 0
36 Net change in federal agency
obligations -120 0 0 0
Reverse repurchase
agreements
37 Gross purchases 0 0 0 0
38 Gross sales 0 0 0 0
Repurchase agreements
39 Gross purchases 67,655 86,472 85,166 120,135
40 Gross sales 62,910 88,142 82,154 114,832
41 Net change in triparty
obligations 4,745 -1,670 3,012 5,303
42 Total net change in System
Open Market Account 8,229 2,526 4,996 6,895
(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 2001
May 30 June 6
Consolidated condition
statement
ASSETS
1 Gold certificate account 1,046 11,046
2 Special drawing rights certificate
account 2,200 2,200
3 Coin 1,070 1,074
Loans
4 To depository institutions 90 114
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 42,380 19,050
Federal agency obligations(3)
8 Bought outright 10 10
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities(3) 529,372 527,124
11 Bought outright(4) 529,372 527,124
12 Bills 178,786 177,467
13 Notes 252,357 251,419
14 Bonds 98,230 98,238
15 Held under repurchase agreements 0 0
16 Total loans and securities 571,853 546,298
17 Items in process of collection 10,612 11,706
18 Bank premises 1,499 1,504
Other assets
19 Denominated in foreign currencies(5) 14,793 14,764
20 All other(6) 19,020 18,843
21 Total assets 632,094 607,435
LIABILITIES
22 Federal Reserve notes 565,642 564,727
23 Reverse repurchase agreements--
triparty(2) 0 0
24 Total deposits 38,664 16,594
25 Depository institutions 33,995 10,259
26 U.S. Treasury--General account 4,301 5,926
27 Foreign--Official accounts 72 82
28 Other 295 327
29 Deferred credit items 10,050 8,447
30 Other liabilities and accrued
dividends(7) 3,390 3,370
31 Total liabilities 617,746 593,138
CAPITAL ACCOUNTS
32 Capital paid in 7,069 7,061
33 Surplus 6,566 6,584
34 Other capital accounts 712 653
35 Total liabilities and capital accounts 632,094 607,435
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) 737,129 736,621
38 LESS: Held by Federal Reserve Banks 171,487 171,894
39 Federal Reserve notes, net 565,642 564,727
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 0 5,297
43 U.S. Treasury and agency securities 552,396 546,184
44 Total collateral 565,642 564,727
Wednesday
Account 2001
June 13 June 20 June 27
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,105 1,121 1,120
Loans
4 To depository institutions 139 211 152
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 20,500 13,750 19,505
Federal agency obligations(3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 531,874 534,482 535,191
11 Bought outright(4) 531,874 534,482 535,191
12 Bills 181,228 181,249 181,211
13 Notes 251,425 253,531 254,225
14 Bonds 99,221 99,702 99,754
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 552,523 548,453 554,858
17 Items in process of collection 8,787 8,869 7,888
18 Bank premises 1,507 1,507 1,505
Other assets
19 Denominated in foreign currencies(5) 14,770 14,776 14,782
20 All other(6) 19,371 20,018 20,490
21 Total assets 611,307 607,986 613,887
LIABILITIES
22 Federal Reserve notes 564,362 564,118 564,964
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 21,693 18,231 23,675
25 Depository institutions 16,594 11,074 16,466
26 U.S. Treasury--General account 4,729 6,758 6,857
27 Foreign--Official accounts 82 133 73
28 Other 288 266 279
29 Deferred credit items 7,485 7,787 7,380
30 Other liabilities and accrued
dividends(7) 3,389 3,358 3,305
31 Total liabilities 596,929 593,494 599,324
CAPITAL ACCOUNTS
32 Capital paid in 7,064 7,133 7,139
33 Surplus 6,617 6,645 6,671
34 Other capital accounts 696 715 753
35 Total liabilities and capital accounts 611,307 607,986 613,887
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) 736,154 736,351 736,246
38 LESS: Held by Federal Reserve Banks 171,792 172,233 171,282
39 Federal Reserve notes, net 564,362 564,118 564,964
Collateral held against notes, net
40 Gold certificate account 11,044 11,044 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 2,633 0
43 U.S. Treasury and agency securities 551,119 548,242 551,721
44 Total collateral 564,362 564,118 564,964
End of month
Account 2001
Apr. 30 May 31 June 30
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 1,046 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,129 1,075 1,126
Loans
4 To depository institutions 80 154 150
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase agreements--triparty(2) 25,007 30,310 23,250
Federal agency obligations(3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities(3) 525,911 527,562 535,110
11 Bought outright(4) 525,911 527,562 535,110
12 Bills 180,787 177,911 181,126
13 Notes 247,965 251,415 254,228
14 Bonds 97,159 98,236 99,756
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 551,008 558,035 558,519
17 Items in process of collection 2,569 7,670 5,573
18 Bank premises 1,497 1,504 1,509
Other assets
19 Denominated in foreign currencies(5) 14,766 14,759 14,428
20 All other(6) 20,602 18,441 20,667
21 Total assets 604,818 614,730 615,066
LIABILITIES
22 Federal Reserve notes 557,418 564,934 565,574
23 Reverse repurchase agreements--
triparty(2) 0 0 0
24 Total deposits 26,571 24,040 26,208
25 Depository institutions 18,172 19,238 18,647
26 U.S. Treasury--General account 7,894 4,396 7,188
27 Foreign--Official accounts 102 85 102
28 Other 403 321 271
29 Deferred credit items 2,596 7,910 5,701
30 Other liabilities and accrued
dividends(7) 3,520 3,467 3,140
31 Total liabilities 590,105 600,351 600,623
CAPITAL ACCOUNTS
32 Capital paid in 7,043 7,070 7,143
33 Surplus 6,371 6,557 6,584
34 Other capital accounts 1,299 751 716
35 Total liabilities and capital accounts 604,818 614,730 615,066
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) 739,839 736,954 735,805
38 LESS: Held by Federal Reserve Banks 182,421 172,020 170,231
39 Federal Reserve notes, net 557,418 564,934 565,574
Collateral held against notes, net
40 Gold certificate account 11,046 11,046 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 544,172 551,689 552,330
44 Total collateral 557,418 564,934 565,574
(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 2001
May 30 June 6 June 13 June 20
1 Total loans 91 114 139 211
2 Within fifteen days(2) 86 26 49 202
3 Sixteen days to ninety
days 5 88 90 9
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(3) 529,372 527,124 531,874 534,482
6 Within fifteen days(2) 18,608 15,867 14,586 19,475
7 Sixteen days to ninety
days 116,467 118,440 123,727 118,433
8 Ninety-one days to one
year 120,387 120,883 120,639 122,474
9 One year to five years 141,641 139,659 139,659 140,350
10 Five years to ten years 57,507 57,511 57,516 57,520
11 More than ten years 74,762 74,764 75,747 76,228
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days(2) 0 0 0 0
14 Sixteen days to ninety
days 0 0 0 0
15 Ninety-one days to one
year 0 0 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 0 0 0 0
18 More than ten years 0 0 0 0
Wednesday End of month(1)
Type of holding and maturity 2001
June 27 Apr. 30 May 31 June 30
1 Total loans 152 80 154 150
2 Within fifteen days(2) 146 72 132 114
3 Sixteen days to ninety
days 6 8 21 36
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities(3) 535,191 525,912 527,562 535,108
6 Within fifteen days(2) 21,211 18,127 4,645 10,105
7 Sixteen days to ninety
days 115,867 113,525 115,568 126,214
8 Ninety-one days to one
year 123,266 127,821 135,422 123,941
9 One year to five years 141,089 135,551 139,658 141,089
10 Five years to ten years 57,526 56,337 57,508 57,527
11 More than ten years 76,232 74,551 74,762 76,232
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days(2) 0 0 0 0
14 Sixteen days to ninety
days 0 0 0 0
15 Ninety-one days to one
year 0 0 0 0
16 One year to five years 10 10 10 10
17 Five years to ten years 0 0 0 0
18 More than ten years 0 0 0 0
(1.) Denotes last calendar day of the month, but data reflect last
business day of the month.
(2.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of the
agreements.
(3.) 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) 46.85 45.18 41.78 38.51
2 Nonborrowed reserves(4) 46.52 45.07 41.46 38.30
3 Nonborrowed reserves plus
extended credit(5) 46.52 45.07 41.46 38.30
4 Required reserves 45.16 43.67 40.48 37.18
5 Monetary base(6) 479.47 513.49 593.09 583.96
Not seasonally adjusted
6 Total reserves(7) 48.01 45.31 41.89 38.60
7 Nonborrowed reserves 47.69 45.19 41.57 38.39
8 Nonborrowed reserves plus
extended credit(5) 47.69 45.19 41.57 38.39
9 Required reserves(8) 46.33 43.80 40.59 37.27
10 Monetary base(9) 484.98 518.27 600.72 590.20
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 47.92 45.21 41.65 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 40.36 37.22
15 Monetary base(12) 491.79 525.06 608.02 597.12
16 Excess reserves(13) 1.69 1.51 1.30 1.33
17 Borrowings from the Federal
Reserve .32 .12 .32 .21
2000 2001
Item
Nov. Dec. Jan. Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 39.02 38.51 38.83 38.87
2 Nonborrowed reserves(4) 38.74 38.30 38.75 38.82
3 Nonborrowed reserves plus
extended credit(5) 38.74 38.30 38.75 38.82
4 Required reserves 37.82 37.18 37.57 37.43
5 Monetary base(6) 581.40 583.96 589.39 591.12
Not seasonally adjusted
6 Total reserves(7) 38.85 38.60 39.78 39.38
7 Nonborrowed reserves 38.56 38.39 39.70 39.33
8 Nonborrowed reserves plus
extended credit(5) 38.56 38.39 39.70 39.33
9 Required reserves(8) 37.65 37.27 38.52 37.95
10 Monetary base(9) 582.36 590.20 591.50 589.04
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 38.79 38.54 39.79 39.35
12 Nonborrowed reserves 38.50 38.33 39.72 39.30
13 Nonborrowed reserves plus
extended credit(5) 38.50 38.33 39.72 39.30
14 Required reserves 37.58 37.22 38.54 37.92
15 Monetary base(12) 589.12 597.12 598.38 595.59
16 Excess reserves(13) 1.20 1.33 1.25 1.43
17 Borrowings from the Federal
Reserve .28 .21 .07 .05
2001
Item
Mar. Apr. May June
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 38.26 38.79 38.89 38.76
2 Nonborrowed reserves(4) 38.20 38.74 38.68 38.53
3 Nonborrowed reserves plus
extended credit(5) 38.20 38.74 38.68 38.53
4 Required reserves 36.87 37.51 37.87 37.42
5 Monetary base(6) 592.42 595.92 599.06(r) 601.84
Not seasonally adjusted
6 Total reserves(7) 37.76 38.66 39.46(r) 38.32
7 Nonborrowed reserves 37.71 38.61 39.25 38.09
8 Nonborrowed reserves plus
extended credit(5) 37.71 38.61 39.25 38.09
9 Required reserves(8) 36.38 37.38 38.44 36.97
10 Monetary base(9) 591.36 594.92 598.57(r) 601.65
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 37.72 38.59 39.38(r) 38.22
12 Nonborrowed reserves 37.66 38.54 39.17 37.99
13 Nonborrowed reserves plus
extended credit(5) 37.66 38.54 39.17 37.99
14 Required reserves 36.33 37.31 38.36 36.88
15 Monetary base(12) 598.20 601.84 605.48(r) 608.79
16 Excess reserves(13) 1.39 1.28 1.02 1.34
17 Borrowings from the Federal
Reserve .06 .05 .21 .23
(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 1999
Item Dec. Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,073.4 1,097.0 1,124.8
2 M2 4,031.9 4,385.9 4,653.3
3 M3 5,430.8 6,030.8 6,530.6
4 Debt 15,223.2 16,246.1 17,315.1
M1 components
5 Currency(3) 424.3 459.2 516.7
6 Travelers checks(4) 8.1 8.2 8.2
7 Demand deposits(5) 395.4 379.4 356.1
8 Other checkable deposits(6) 245.7 250.1 243.7
Nontransaction components
9 In M2(7) 2,958.5 3,288.9 3,528.5
10 In M3 only(8) 1,399.0 1,645.0 1,877.3
Commercial banks
11 Savings deposits, including
MMDAs 1,021.1 1,185.8 1,287.0
12 Small time deposits(9) 625.5 626.4 635.2
13 Large time deposits(10, 11) 517.4 575.2 648.3
Thrift institutions
14 Savings deposits, including
MMDAs 376.8 414.1 449.3
15 Small time deposits(9) 342.9 325.8 320.9
16 Large time deposits(10) 85.5 88.7 91.3
Money market mutual funds
17 Retail 592.1 736.8 836.2
18 Institution-only 391.8 531.8 623.5
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 254.3 297.5 340.8
20 Eurodollars(12) 150.0 151.8 173.3
Debt components
21 Federal debt 3,800.6 3,751.2 3,660.3
22 Nonfederal debt 11,422.6 12,494.9 13,654.9
Not seasonally adjusted
Measures(2)
23 M1 1,096.9 1,120.4 1,148.3
24 M2 4,053.2 4,408.2 4,677.3
25 M3 5,456.2 6,062.9 6,568.1
26 Debt 15,218.9 16,241.4 17,310.5
M1 components
27 Currency(3) 428.1 463.3 521.5
28 Travelers checks(4) 8.3 8.4 8.4
29 Demand deposits(5) 412.4 395.9 371.7
30 Other checkable deposits(6) 248.2 252.8 246.6
Nontransaction components
31 In M2(7) 2,956.3 3,287.8 3,529.1
32 In M3 only(8) 1,403.0 1,654.8 1,890.7
Commercial banks
33 Savings deposits, including 1,020.4 1,186.0 1,288.5
MMDAs
34 Small time deposits(9) 625.3 626.5 635.4
35 Large time deposits(10, 11) 516.8 574.5 647.7
Thrift institutions
36 Savings deposits, including 376.5 414.2 449.8
MMDAs
37 Small time deposits(9) 342.8 325.8 321.0
38 Large time deposits(10) 85.4 88.6 91.2
Money market mutual funds
39 Retail 591.3 735.2 834.3
40 Institution-only 398.9 543.7 638.4
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 249.5 293.4 337.4
42 Eurodollars(12) 152.3 154.5 176.0
Debt components
43 Federal debt 3,805.8 3,754.9 3,663.2
44 Nonfederal debt 11,413.1 12,486.5 13,647.3
2001
2000
Item Dec.
Mar. Apr.(r)
Seasonally adjusted
Measures(2)
1 M1 1,088.2 1,113.1 1,118.1
2 M2 4,945.1(r) 5,101.1 5,145.5
3 M3 7,101.3(r) 7,311.3(r) 7,419.3
4 Debt 18,222.0(r) 18,440.4 18,499.5
M1 components
5 Currency(3) 529.9 539.8 542.6
6 Travelers checks(4) 8.0 7.9 7.8
7 Demand deposits(5) 311.3 316.5 312.9
8 Other checkable deposits(6) 239.0 248.9 254.8
Nontransaction components
9 In M2(7) 3,856.9(r) 3,988.0 4,027.4
10 In M3 only(8) 2,156.2(r) 2,210.2(r) 2,273.8
Commercial banks
11 Savings deposits, including
MMDAs 1,421.7 1,491.7 1,517.2
12 Small time deposits(9) 699.6(r) 695.9 690.7
13 Large time deposits(10, 11) 726.6(r) 677.4 697.1
Thrift institutions
14 Savings deposits, including
MMDAs 451.9 471.1 475.1
15 Small time deposits(9) 346.6 349.6 349.9
16 Large time deposits(10) 103.2 106.8 108.6
Money market mutual funds
17 Retail 937.2 979.8 994.6
18 Institution-only 768.3 888.0 919.4
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 361.1(r) 340.0(r) 360.2
20 Eurodollars(12) 197.1 198.0 188.4
Debt components
21 Federal debt 3,400.5 3,375.4 3,344.7
22 Nonfederal debt 14,821.5(r) 15,064.9(r) 15,154.8
Not seasonally adjusted
Measures(2)
23 M1 1,112.4 1,107.8 1,123.2
24 M2 4,973.7(r) 5,135.6 5,209.5
25 M3 7,146.3(r) 7,373.4(r) 7,482.0
26 Debt 18,214.6(r) 18,439.3(r) 18,472.3
M1 components
27 Currency(3) 535.2 539.8 543.0
28 Travelers checks(4) 8.1 8.0 7.9
29 Demand deposits(5) 326.6 311.4 313.0
30 Other checkable deposits(6) 242.5 248.6 259.3
Nontransaction components
31 In M2(7) 3,861.3(r) 4,027.8 4,086.2
32 In M3 only(8) 2,172.7(r) 2,237.8(r) 2,272.5
Commercial banks
33 Savings deposits, including 1,426.4 1,498.6(r) 1,542.2
MMDAs
34 Small time deposits(9) 699.8(r) 697.7 691.2
35 Large time deposits(10, 11) 725.9(r) 682.9(r) 702.0
Thrift institutions
36 Savings deposits, including 453.4 473.2 482.9
MMDAs
37 Small time deposits(9) 346.8 350.5 350.2
38 Large time deposits(10) 103.1 107.6 109.4
Money market mutual funds
39 Retail 935.0 1,007.9 1,019.6
40 Institution-only 786.2 905.6 915.3
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 358.0(r) 342.7(r) 356.9
42 Eurodollars(12) 199.5 199.0 188.9
Debt components
43 Federal debt 3,403.5 3,392.5 3,341.0
44 Nonfederal debt 14,811.1(r) 15,046.8 15,131.2
2001
Item
May(r) June
Seasonally adjusted
Measures(2)
1 M1 1,117.5 1,123.5
2 M2 5,167.7 5,208.9
3 M3 7,503.2 7,581.2
4 Debt 18,561.3 n.a.
M1 components
5 Currency(3) 546.1 548.4
6 Travelers checks(4) 8.0 8.2
7 Demand deposits(5) 312.4 310.9
8 Other checkable deposits(6) 251.1 256.0
Nontransaction components
9 In M2(7) 4,050.1 4,085.4
10 In M3 only(8) 2,335.5 2,372.3
Commercial banks
11 Savings deposits, including
MMDAs 1,540.0 1,564.3
12 Small time deposits(9) 685.6 679.0
13 Large time deposits(10, 11) 702.9 704.7
Thrift institutions
14 Savings deposits, including
MMDAs 487.8 497.6
15 Small time deposits(9) 352.0 349.9
16 Large time deposits(10) 110.4 109.5
Money market mutual funds
17 Retail 984.8 994.7
18 Institution-only 970.9 1,006.6
Repurchase agreements and
eurodollars
19 Repurchase agreements(12) 361.2 360.6
20 Eurodollars(12) 190.1 190.9
Debt components
21 Federal debt 3,295.6 n.a.
22 Nonfederal debt 15,265.7 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,111.5 1,123.0
24 M2 5,143.6 5,191.7
25 M3 7,478.7 7,551.0
26 Debt 18,498.1 n.a.
M1 components
27 Currency(3) 546.1 549.1
28 Travelers checks(4) 8.0 8.0
29 Demand deposits(5) 307.2 309.7
30 Other checkable deposits(6) 250.2 256.1
Nontransaction components
31 In M2(7) 4,032.1 4,068.7
32 In M3 only(8) 2,335.1 2,359.3
Commercial banks
33 Savings deposits, including 1,535.6 1,566.9
MMDAs
34 Small time deposits(9) 683.3 675.3
35 Large time deposits(10, 11) 708.7 707.8
Thrift institutions
36 Savings deposits, including 486.4 498.4
MMDAs
37 Small time deposits(9) 350.8 348.0
38 Large time deposits(10) 111.3 110.0
Money market mutual funds
39 Retail 976.0 980.2
40 Institution-only 957.1 985.0
Repurchase agreements and
eurodollars
41 Repurchase agreements(12) 366.1 365.2
42 Eurodollars(12) 191.8 191.3
Debt components
43 Federal debt 3,262.9 n.a.
44 Nonfederal debt 15,235.2 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 2000 2000 2001
June Dec. Jan.(r)
Seasonally adjusted
Assets
1 Bank credit 5,031.8(r) 5,215.5(r) 5,263.0
2 Securities in bank credit 1,303.2 1,335.4 1,356.6
3 U.S. government
securities 817.5 788.7 786.3
4 Other securities 485.8 546.7 570.3
5 Loans and leases in bank
credit(2) 3,728.6 3,880.1(r) 3,906.4
6 Commercial and
industrial 1,064.5(r) 1,089.0 1,101.1
7 Real estate 1,595.6(r) 1,656.1(r) 1,658.6
8 Revolving home equity 115.4 129.9(r) 132.2
9 Other 1,480.2(r) 1,526.2(r) 1,526.4
10 Consumer 517.4 542.3 547.0
11 Security(3) 153.0 168.7 169.9
12 Other loans and leases 398.0(r) 424.1(r) 429.8
13 Interbank loans 225.6 252.2 270.4
14 Cash assets(4) 269.9 267.2 273.4
15 Other assets(5) 378.4 397.1 412.1
16 Total assets(6) 5,845.7(r) 6,068.1(r) 6,154.1
Liabilities
17 Deposits 3,669.2 3,847.7(r) 3,892.1
18 Transaction 616.4 601.9 608.2
19 Nontransaction 3,052.8 3,245.7 3,283.9
20 Large time 897.1 934.7 941.8
21 Other 2,155.7 2,311.0 2,342.1
22 Borrowings 1,206.5 1,242.4 1,264.2
23 From banks in the U.S. 378.7 396.7 397.2
24 From others 827.8 845.7 866.9
25 Net due to related foreign
offices 257.7 225.8 221.2
26 Other liabilities 305.7 345.4 364.8
27 Total liabilities 5,439.1 5,661.4(r) 5,742.4
28 Residual (assets less
liabilities)(7) 406.6(r) 406.7(r) 411.7
Not seasonally adjusted
Assets
29 Bank credit 5,025.6(r) 5,251.9(r) 5,277.9
30 Securities in bank credit 1,302.2 1,341.0 1,361.8
31 U.S. government
securities 817.2 788.5 788.5
32 Other securities 485.1 552.5 573.3
33 Loans and leases in bank
credit(2) 3,723.3(r) 3,910.9(r) 3,916.1
34 Commercial and industrial 1,066.6(r) 1,091.2(r) 1,098.4
35 Real estate 1,594.9(r) 1,660.7(r) 1,657.6
36 Revolving home equity 115.5 130.0(r) 131.3
37 Other 1,479.4(r) 1,530.7(r) 1,526.3
38 Consumer 515.2 548.2 551.4
39 Credit cards and
related plans n.a. 218.2 218.3
40 Other n.a. 330.0(r) 333.1
41 Security(3) 149.3 180.8 177.7
42 Other loans and leases 397.4(r) 430.0(r) 431.0
43 Interbank loans 226.8 260.9 272.4
44 Cash assets(4) 265.8 286.5 289.4
45 Other assets(5) 378.8 403.3 414.0
46 Total assets(6) 5,836.8(r) 6,138.7(r) 6,189.3
Liabilities
47 Deposits 3,653.8 3,894.2 3,907.0
48 Transaction 615.8 631.1 620.0
49 Nontransaction 3,038.0 3,263.1(r) 3,287.0
50 Large time 888.7 948.7(r) 954.8
51 Other 2,149.4 2,314.4 2,332.2
52 Borrowings 1,207.6 1,245.3 1,281.4
53 From banks in the U.S. 379.5 398.6 403.5
54 From others 828.1 846.7 878.0
55 Net due to related foreign
offices 253.5 230.6 225.4
56 Other liabilities 303.6 347.9 367.3
57 Total liabilities 5,418.6 5,718.0 5,781.0
58 Residual (assets less
liabilities)(7) 418.2(r) 420.7(r) 408.2
Monthly averages
Account 2001
Feb.(r) Mar.(r) Apr.(r)
Seasonally adjusted
Assets
1 Bank credit 5,272.6 5,282.5 5,304.2
2 Securities in bank credit 1,350.8 1,345.4 1,360.9
3 U.S. government
securities 777.5 758.7 767.1
4 Other securities 573.3 586.6 593.8
5 Loans and leases in bank
credit(2) 3,921.8 3,937.2 3,943.3
6 Commercial and
industrial 1,105.7 1,103.8 1,100.5
7 Real estate 1,669.5 1,677.4 1,683.6
8 Revolving home equity 133.9 135.7 137.0
9 Other 1,535.6 1,541.7 1,546.6
10 Consumer 546.5 544.9 549.3
11 Security(3) 168.2 173.5 174.1
12 Other loans and leases 431.9 437.6 435.8
13 Interbank loans 267.2 276.1 293.2
14 Cash assets(4) 265.4 268.4 270.6
15 Other assets(5) 414.0 431.0 431.6
16 Total assets(6) 6,154.3 6,193.3 6,234.4
Liabilities
17 Deposits 3,890.6 3,925.1 3,987.5
18 Transaction 607.7 606.9 610.3
19 Nontransaction 3,283.0 3,318.2 3,377.2
20 Large time 936.9 935.0 947.8
21 Other 2,346.1 2,383.3 2,429.4
22 Borrowings 1,259.2 1,243.5 1,278.1
23 From banks in the U.S. 396.2 395.5 405.1
24 From others 863.0 848.0 873.1
25 Net due to related foreign
offices 219.4 233.2 189.7
26 Other liabilities 343.1 351.4 346.1
27 Total liabilities 5,712.3 5,753.2 5,801.4
28 Residual (assets less
liabilities)(7) 442.0 440.1 433.0
Not seasonally adjusted
Assets
29 Bank credit 5,267.6 5,269.8 5,296.6
30 Securities in bank credit 1,352.6 1,349.5 1,362.5
31 U.S. government
securities 779.3 764.6 771.9
32 Other securities 573.3 584.9 590.6
33 Loans and leases in bank
credit(2) 3,915.0 3,920.3 3,934.1
34 Commercial and industrial 1,105.1 1,105.3 1,105.2
35 Real estate 1,662.9 1,670.0 1,679.3
36 Revolving home equity 132.7 134.1 136.0
37 Other 1,530.2 1,535.9 1,543.3
38 Consumer 547.2 541.1 546.1
39 Credit cards and
related plans 213.3 209.1 214.2
40 Other 333.9 332.0 331.9
41 Security(3) 171.0 169.6 169.8
42 Other loans and leases 428.8 434.3 433.7
43 Interbank loans 269.0 283.5 299.3
44 Cash assets(4) 266.5 258.6 266.4
45 Other assets(5) 413.2 430.3 431.4
46 Total assets(6) 6,151.3 6,177.3 6,228.8
Liabilities
47 Deposits 3,907.6 3,935.5 4,006.7
48 Transaction 599.5 600.9 616.5
49 Nontransaction 3,308.1 3,334.6 3,390.2
50 Large time 948.5 938.2 949.1
51 Other 2,359.6 2,396.4 2,441.1
52 Borrowings 1,262.8 1,241.9 1,278.8
53 From banks in the U.S. 400.6 399.1 408.3
54 From others 862.3 842.8 870.5
55 Net due to related foreign
offices 225.5 232.2 182.7
56 Other liabilities 347.0 350.1 341.2
57 Total liabilities 5,742.9 5,759.7 5,809.5
58 Residual (assets less
liabilities)(7) 408.4 417.6 419.3
Monthly averages Wednesday
figures
Account 2001 2001
May(r) June June 6
Seasonally adjusted
Assets
1 Bank credit 5,313.1 5,307.4 5,325.6
2 Securities in bank credit 1,369.2 1,378.2 1,388.5
3 U.S. government
securities 769.7 767.9 776.6
4 Other securities 599.5 610.4 612.0
5 Loans and leases in bank
credit(2) 3,943.9 3,929.2 3,937.1
6 Commercial and
industrial 1,097.6 1,080.5 1,087.5
7 Real estate 1,694.1 1,696.4 1,698.6
8 Revolving home equity 138.7 139.8 139.1
9 Other 1,555.5 1,556.7 1,559.6
10 Consumer 553.0 550.9 551.9
11 Security(3) 163.0 166.9 163.3
12 Other loans and leases 436.2 434.5 435.8
13 Interbank loans 287.1 272.2 267.3
14 Cash assets(4) 263.7 255.9 247.6
15 Other assets(5) 425.5 420.1 420.3
16 Total assets(6) 6,224.3 6,190.6 6,195.9
Liabilities
17 Deposits 4,000.9 4,033.8 4,023.4
18 Transaction 613.9 601.8 576.7
19 Nontransaction 3,387.0 3,431.9 3,446.8
20 Large time 962.2 975.0 975.1
21 Other 2,424.8 2,457.0 2,471.6
22 Borrowings 1,248.0 1,214.8 1,228.4
23 From banks in the U.S. 385.0 383.7 382.8
24 From others 863.0 831.1 845.6
25 Net due to related foreign
offices 207.0 184.1 179.0
26 Other liabilities 336.1 347.0 341.4
27 Total liabilities 5,792.0 5,779.6 5,772.3
28 Residual (assets less
liabilities)(7) 432.2 411.0 423.6
Not seasonally adjusted
Assets
29 Bank credit 5,302.4 5,300.3 5,320.7
30 Securities in bank credit 1,368.4 1,377.6 1,393.1
31 U.S. government
securities 770.5 768.2 780.9
32 Other securities 597.9 609.3 612.2
33 Loans and leases in bank
credit(2) 3,933.9 3,922.7 3,927.6
34 Commercial and industrial 1,099.8 1,082.7 1,088.9
35 Real estate 1,694.5 1,695.8 1,699.5
36 Revolving home equity 138.7 139.9 139.0
37 Other 1,555.8 1,555.9 1,560.6
38 Consumer 550.8 548.2 548.3
39 Credit cards and
related plans 218.8 216.7 217.2
40 Other 332.0 331.5 331.2
41 Security(3) 157.0 162.4 155.4
42 Other loans and leases 431.8 433.6 435.5
43 Interbank loans 280.3 269.8 272.9
44 Cash assets(4) 261.7 252.3 246.6
45 Other assets(5) 425.8 420.8 422.3
46 Total assets(6) 6,205.0 6,178.1 6,197.3
Liabilities
47 Deposits 3,988.9 4,014.9 4,030.4
48 Transaction 604.2 601.5 579.5
49 Nontransaction 3,384.7 3,413.5 3,450.9
50 Large time 960.9 965.5 971.5
51 Other 2,423.8 2,448.0 2,479.4
52 Borrowings 1,253.1 1,215.7 1,226.2
53 From banks in the U.S. 388.2 384.5 384.3
54 From others 865.0 831.1 841.9
55 Net due to related foreign
offices 206.2 180.2 179.5
56 Other liabilities 336.7 344.9 341.9
57 Total liabilities 5,784.9 5,7 |
