Financial and Business Statistics.Guide to Tables
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
p Preliminary
r Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
* Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in 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
GSE Government-sponsored enterprise
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-backed securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NAICS North American Industry Classification System
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-backed 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
TIIS Treasury inflation-indexed securities
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 U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions.
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2001 2002
Monetary or credit aggregate Q4 Q1 Q2
Reserves of depository
institutions (2)
1 Total -31.2 -9.7 -16.3
2 Required 22.1 -9.3 -15.4
3 Nonborrowed -21.4 -9.4 -16.9
4 Monetary base (3) 6.4 9.1 8.1
Concepts of money (4)
5 M1 2.1 5.7 (r) -.6
6 M2 9.5 5.5 (r) 3.3 (r)
7 M3 12.2 (r) 4.7 (r) 3.1 (r)
Nontransaction components
8 In M2 (5) 11.5 5.4 (r) 4.4 (r)
9 In M3 only (6) 18.3 (r) 3.1 (r) 2.5 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 23.2 20.4 13.3
11 Small time (7) -12.1 -15.3 -4.9
12 Large time (8),(9) -9.3 4.8 11.3
Thrift institutions
13 Savings, including MMDAs 27.3 25.6 22.1
14 Small time (7) -11.0 -15.7 -14.8
15 Large time (8) 2.6 -.8 -8.4
Money market mutual funds
16 Retail 7.9 -11.0 (r) -10.6 (r)
17 Institution-only 49.5 -.3 2.8
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) .7 9.6 -5.9 (r)
19 Eurodollars (10) -8.0 (r) 7.1 (r) -6.1 (r)
2002 2002
July
Monetary or credit aggregate Q3 (r) June (r)
Reserves of depository
institutions (2)
1 Total -.5 4.6 12.0
2 Required -3.1 5.7 8.3
3 Nonborrowed -1.9 3.7 10.6
4 Monetary base (3) 7.2 11.2 8.5
Concepts of money (4)
5 M1 2.9 7.2 8.0
6 M2 10.5 7.7 (r) 13.1
7 M3 8.3 5.9 8.5
Nontransaction components
8 In M2 (5) 12.6 7.9 (r) 14.5
9 In M3 only (6) 3.6 2.1 (r) -1.6
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 21.0 13.6 17.2
11 Small time (7) -5.3 -.6 -7.2
12 Large time (8),(9) 4.7 -2.9 (r) 7.9
Thrift institutions
13 Savings, including MMDAs 21.6 16.2 22.9
14 Small time (7) -8.2 -10.8 -4.3
15 Large time (8) -1.8 -16.1 1.1
Money market mutual funds
16 Retail 8.7 3.0 (r) 23.9
17 Institution-only .1 10.7 -4.8
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 25.8 5.5 (r) -1.6
19 Eurodollars (10) -17.3 -27.7 (r) -17.5
2002
Aug. Sept.
Monetary or credit aggregate (r) (r) Oct.
Reserves of depository
institutions (2)
1 Total 12.1 -23.2 -10.9
2 Required 4.2 -19.1 -13.9
3 Nonborrowed 7.8 -20.2 -8.3
4 Monetary base (3) 4.3 .7 3.7
Concepts of money (4)
5 M1 -13.5 8.5 8.7
6 M2 9.7 5.3 10.4
7 M3 10.6 4.1 1.4
Nontransaction components
8 In M2 (5) 15.9 4.4 10.8
9 In M3 only (6) 12.6 1.6 -18.3
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 32.8 15.8 15.9
11 Small time (7) -9.8 -14.8 -17.2
12 Large time (8),(9) 3.9 -2.2 -6.8
Thrift institutions
13 Savings, including MMDAs 24.5 25.5 43.3
14 Small time (7) -3.5 -3.1 2.4
15 Large time (8) 16.3 10.7 19.1
Money market mutual funds
16 Retail -.7 -18.5 -2.1
17 Institution-only -1.5 -13.8 -36.3
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 81.4 59.1 -5.2
19 Eurodollars (10) -3.7 -12.3 -1.2
(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 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.
(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.
Money Stock and Bank Credit
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT (1)
Millions of dollars
Average of daily figures
2002
Factor Aug. Sept. Oct.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 656,967 659,221 659,702
U.S. government
securities (2)
2 Bought outright--System
account (3) 601,681 604,667 609,157
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) 16,532 16,617 11,242
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 191 14 13
9 Seasonal credit 187 168 120
10 Special Liquidity Facility
credit 0 0 0
11 Extended credit 0 0 0
12 Float -311 -262 363
13 Other Federal Reserve assets 38,676 38,008 38,797
14 Gold stock 11,042 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency outstanding 34,134 34,282 (r) 34,349
ABSORBING RESERVE FUNDS
17 Currency in circulation 660,865 661,583 (r) 662,719
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 373 367 389
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,068 5,838 4,873
21 Foreign 95 101 164
22 Service-related balances and
adjustments 10,168 10,178 10,266
23 Other 210 221 223
24 Other Federal Reserve
liabilities and capital 19,428 19,399 19,530
25 Reserve balances with Federal
Reserve Banks (5) 8,135 9,056 9,128
End-of-month figures
Factor Aug. Sept. Oct.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 663,956 664,726 662,905
U.S. government
securities (2)
2 Bought outright--System
account (3) 602,825 604,191 607,865
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) 23,000 21,750 16,500
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 150 1 0
9 Seasonal credit 179 176 80
10 Special Liquidity Facility
credit 0 0 0
11 Extended credit 0 0 0
12 Float -92 396 -695
13 Other Federal Reserve assets 37,882 38,202 39,144
14 Gold stock 11,042 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency outstanding 34,247 34,315 (r) 34,385
ABSORBING RESERVE FUNDS
17 Currency in circulation 664,116 660,082 (r) 663,370
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 361 380 397
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,874 7,879 5,878
21 Foreign 86 150 89
22 Service-related balances and
adjustments 10,184 10,170 10,423
23 Other 194 221 233
24 Other Federal Reserve
liabilities and capital 19,526 19,719 19,720
25 Reserve balances with Federal
Reserve Banks (5) 12,104 13,682 10,422
Average of daily figures for week
ending on date indicated
2002
Factor Sept. 18 Sept. 25 Oct. 2
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 657,910 655,922 661,636
U.S. government
securities (2)
2 Bought outright--System
account (3) 605,114 605,242 605,400
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) 15,500 12,214 17,607
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 7 1 0
9 Seasonal credit 162 168 171
10 Special Liquidity Facility
credit 0 0 0
11 Extended credit 0 0 0
12 Float -762 47 50
13 Other Federal Reserve assets 37,880 38,239 38,397
14 Gold stock 11,042 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency outstanding 34,281 (r) 34,298 (r) 34,315
ABSORBING RESERVE FUNDS
17 Currency in circulation 661,153 (r) 659,713 (r) 660,138
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 364 372 379
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,773 6,832 6,182
21 Foreign 106 80 87
22 Service-related balances and
adjustments 10,117 10,245 10,170
23 Other 218 234 224
24 Other Federal Reserve
liabilities and capital 19,174 19,423 19,482
25 Reserve balances with Federal
Reserve Banks (5) 8,529 6,563 12,531
Wednesday figures
Factor Sept. 18 Sept. 25 Oct. 2
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 660,975 660,189 661,234
U.S. government
securities (2)
2 Bought outright--System
account (3) 606,272 606,248 606,190
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) 16,750 15,500 17,250
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 0 2 1
9 Seasonal credit 167 174 156
10 Special Liquidity Facility
credit 0 0 0
11 Extended credit 0 0 0
12 Float -372 -185 -619
13 Other Federal Reserve assets 38,148 38,441 38,246
14 Gold stock 11,042 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency outstanding 34,281 (r) 34,298 (r) 34,315
ABSORBING RESERVE FUNDS
17 Currency in circulation 661,609 (r) 660,760 (r) 662,131
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 370 380 376
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 7,175 7,209 5,160
21 Foreign 139 75 77
22 Service-related balances and
adjustments 10,117 10,245 10,170
23 Other 215 232 248
24 Other Federal Reserve
liabilities and capital 19,260 19,276 19,327
25 Reserve balances with Federal
Reserve Banks (5) 9,614 9,552 11,303
Average of daily
figures for week
ending on date
indicated
2002
Factor Oct. 9 Oct. 16
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 655,642 661,669
U.S. government
securities (2)
2 Bought outright--System
account (3) 609,110 609,633
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty (4) 7,429 12,536
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 45 5
9 Seasonal credit 136 124
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float 440 658
13 Other Federal Reserve assets 38,473 38,703
14 Gold stock 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200
16 Treasury currency outstanding 34,329 34,343
ABSORBING RESERVE FUNDS
17 Currency in circulation 661,683 664,412
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 376 384
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,106 4,327
21 Foreign 116 77
22 Service-related balances and
adjustments 10,291 10,299
23 Other 252 216
24 Other Federal Reserve
liabilities and capital 19,526 19,535
25 Reserve balances with Federal
Reserve Banks (5) 5,863 10,005
Wednesday figures
Factor Oct. 9 Oct. 16
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 655,425 667,216
U.S. government
securities (2)
2 Bought outright--System
account (3) 609,516 610,360
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty (4) 7,000 13,750
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 0 30
9 Seasonal credit 137 129
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float 35 4,273
13 Other Federal Reserve assets 38,727 38,664
14 Gold stock 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200
16 Treasury currency outstanding 34,329 34,343
ABSORBING RESERVE FUNDS
17 Currency in circulation 663,579 665,022
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 381 399
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,401 4,592
21 Foreign 76 75
22 Service-related balances and
adjustments 10,291 10,299
23 Other 258 215
24 Other Federal Reserve
liabilities and capital 19,422 19,283
25 Reserve balances with Federal
Reserve Banks (5) 4,588 14,916
Average of daily
figures for week
ending on date
indicated
2002
Factor Oct. 23 Oct. 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 657,682 662,436
U.S. government
securities (2)
2 Bought outright--System
account (3) 610,273 608,693
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty (4) 8,143 14,071
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 4 3
9 Seasonal credit 116 98
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float 366 211
13 Other Federal Reserve assets 38,771 39,350
14 Gold stock 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200
16 Treasury currency outstanding 34,357 34,371
ABSORBING RESERVE FUNDS
17 Currency in circulation 662,855 662,102
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 399 400
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,064 4,799
21 Foreign 341 157
22 Service-related balances and
adjustments 10,297 10,183
23 Other 212 205
24 Other Federal Reserve
liabilities and capital 19,391 19,651
25 Reserve balances with Federal
Reserve Banks (5) 6,723 12,552
Wednesday figures
Factor Oct. 23 Oct. 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 657,136 669,906
U.S. government
securities (2)
2 Bought outright--System
account (3) 610,231 608,665
3 Held under repurchase
agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase
agreements 0 0
6 Repurchase agreements--
triparty (4) 7,500 20,500
7 Acceptances 0 0
Loans to depository
institutions
8 Adjustment credit 4 4
9 Seasonal credit 103 85
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float 221 1,004
13 Other Federal Reserve assets 39,067 39,639
14 Gold stock 11,042 11,042
15 Special drawing rights
certificate account 2,200 2,200
16 Treasury currency outstanding 34,357 34,371
ABSORBING RESERVE FUNDS
17 Currency in circulation 663,303 664,065
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 400 397
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,713 5,388
21 Foreign 128 238
22 Service-related balances and
adjustments 10,297 10,183
23 Other 205 206
24 Other Federal Reserve
liabilities and capital 19,372 19,581
25 Reserve balances with Federal
Reserve Banks (5) 5,316 17,461
(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
1999 2000 2001 2002
Reserve classification Dec. Dec. Dec. Apr.
1 Reserve balances with Reserve
Banks (2) 5,262 7,022 9,054 9,740
2 Total vault cash (3) 60,620 45,245 43,935 42,013
3 Applied vault cash (4) 36,392 31,451 32,024 31,156
4 Surplus vault cash (5) 24,228 13,794 11,911 10,857
5 Total reserves (6) 41,654 38,473 41,077 40,896
6 Required reserves 40,357 37,046 39,433 39,688
7 Excess reserve balances at
Reserve Banks (7) 1,297 1,427 1,645 1,208
8 Total borrowing at Reserve
Banks 320 210 67 71
9 Adjustment 179 99 34 21
10 Seasonal 67 111 33 50
11 Special Liquidity
Facility (8) 74 0 ... ...
12 Extended credit (9) 0 0 0 0
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
2002
July July Aug.
10 24 Aug. 7 21
1 Reserve balances with Reserve
Banks (2) 7,909 8,266 8,024 7,697
2 Total vault cash (3) 42,968 42,170 43,479 43,488
3 Applied vault cash (4) 31,438 30,738 32,213 31,351
4 Surplus vault cash (5) 11,531 11,433 11,266 12,137
5 Total reserves (6) 39,347 39,004 40,236 39,048
6 Required reserves 37,828 37,709 38,916 37,712
7 Excess reserve balances at
Reserve Banks (7) 1,518 1,294 1,320 1,336
8 Total borrowing at Reserve
Banks 194 189 194 195
9 Adjustment 27 9 14 9
10 Seasonal 168 180 180 186
11 Special Liquidity
Facility (8) ... ... ... ...
12 Extended credit (9) 0 0 0 0
Prorated monthly averages of
biweekly averages
2002
Reserve classification May June July
1 Reserve balances with Reserve
Banks (2) 9,209 7,929 8,096
2 Total vault cash (3) 41,819 41,662 42,723
3 Applied vault cash (4) 31,033 30,642 31,296
4 Surplus vault cash (5) 10,786 11,021 11,427
5 Total reserves (6) 40,242 38,571 39,392
6 Required reserves 38,969 37,329 38,020
7 Excess reserve balances at
Reserve Banks (7) 1,273 1,242 1,373
8 Total borrowing at Reserve
Banks 112 142 191
9 Adjustment 7 6 16
10 Seasonal 105 136 176
11 Special Liquidity
Facility (8) ... ... ...
12 Extended credit (9) 0 0 0
Biweekly averages of daily
figures fro two-week periods
ending on dates indicated
2002
Sept. Oct. 2
Sept. 4 18 (r)
1 Reserve balances with Reserve
Banks (2) 10,021 7,668 9,545
2 Total vault cash (3) 41,628 41,577 43,186
3 Applied vault cash (4) 30,709 28,537 (r) 31,931
4 Surplus vault cash (5) 10,919 13,040 (r) 11,255
5 Total reserves (6) 40,730 36,205 (r) 41,476
6 Required reserves 38,446 35,233 39,680
7 Excess reserve balances at
Reserve Banks (7) 2,284 972 1,795
8 Total borrowing at Reserve
Banks 626 167 170
9 Adjustment 438 4 1
10 Seasonal 188 163 170
11 Special Liquidity
Facility (8) ... ... ...
12 Extended credit (9) 0 0 0
Prorated monthly averages of
biweekly averages
2002
Sept.
Reserve classification Aug. (r) Oct.
1 Reserve balances with Reserve
Banks (2) 8,520 8,732 8,844
2 Total vault cash (3) 42,886 42,227 42,931
3 Applied vault cash (4) 31,338 30,184 29,850
4 Surplus vault cash (5) 11,547 12,043 13,081
5 Total reserves (6) 39,859 38,916 38,694
6 Required reserves 38,220 37,440 37,137
7 Excess reserve balances at
Reserve Banks (7) 1,638 1,476 1,557
8 Total borrowing at Reserve
Banks 333 229 143
9 Adjustment 148 60 23
10 Seasonal 185 169 120
11 Special Liquidity
Facility (8) ... ... ...
12 Extended credit (9) 0 0 0
Biweekly averages of daily
figures fro two-week periods
ending on dates indicated
2002
Oct. 16 Oct. 30 Nov. 13
1 Reserve balances with Reserve
Banks (2) 7,935 9,653 8,872
2 Total vault cash (3) 43,449 42,463 41,719
3 Applied vault cash (4) 28,940 30,577 28,240
4 Surplus vault cash (5) 14,509 11,886 13,479
5 Total reserves (6) 36,875 40,230 37,112
6 Required reserves 35,337 38,691 35,495
7 Excess reserve balances at
Reserve Banks (7) 1,537 1,538 1,616
8 Total borrowing at Reserve
Banks 155 111 366
9 Adjustment 25 4 299
10 Seasonal 130 107 67
11 Special Liquidity
Facility (8) ... ... ...
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.
Policy Instruments
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit (1)
Federal Reserve On
Bank 12/13/02 Effective date Previous rate
Boston 0.75 11/7/02 1.25
New York 0.75 11/6/02 1.25
Philadelphia 0.75 11/7/02 1.25
Cleveland 0.75 11/7/02 1.25
Richmond 0.75 11/7/02 1.25
Atlanta 0.75 11/7/02 1.25
Chicago 0.75 11/7/02 1.25
St. Louis 0.75 11/7/02 1.25
Minneapolis 0.75 11/7/02 1.25
Kansas City 0.75 11/7/02 1.25
Dallas 0.75 11/6/02 1.25
San Francisco 0.75 11/6/02 1.25
Current and previous levels
Seasonal credit (2)
Federal Reserve On
Bank 12/13/02 Effective date Previous rate
Boston 1.30 11/28/02 1.45
New York 1.30 11/28/02 1.45
Philadelphia 1.30 11/28/02 1.45
Cleveland 1.30 11/28/02 1.45
Richmond 1.30 11/28/02 1.45
Atlanta 1.30 11/28/02 1.45
Chicago 1.30 11/28/02 1.45
St. Louis 1.30 11/28/02 1.45
Minneapolis 1.30 11/28/02 1.45
Kansas City 1.30 11/28/02 1.45
Dallas 1.30 11/28/02 1.45
San Francisco 1.30 11/28/02 1.45
Current and previous levels
Extended credit (3)
Federal Reserve On
Bank 12/13/02 Effective date Previous rate
Boston 1.80 11/28/02 1.95
New York 1.80 11/28/02 1.95
Philadelphia 1.80 11/28/02 1.95
Cleveland 1.80 11/28/02 1.95
Richmond 1.80 11/28/02 1.95
Atlanta 1.80 11/28/02 1.95
Chicago 1.80 11/28/02 1.95
St. Louis 1.80 11/28/02 1.95
Minneapolis 1.80 11/28/02 1.95
Kansas City 1.80 11/28/02 1.95
Dallas 1.80 11/28/02 1.95
San Francisco 1.80 11/28/02 1.95
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, 1981 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
1991--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. 3 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
2001--May 15 3.50-4.00 3.50
17 3.50 3.50
June 27 3.25-3.50 3.25
29 3.25 3.25
Aug. 21 3.00-3.25 3.00
23 3.00 3.00
Sept. 17 2.50-3.00 2.50
18 2.50 2.50
Oct. 2 2.00-2.50 2.00
4 2.00 2.00
Nov. 6 1.50-2.00 1.50
8 1.50 1.50
Dec. 11 1.25-1.50 1.25
13 1.25 1.25
2002--Nov. 6 0.75-1.25 0.75
7 0.75 0.75
In effect Dec 13, 2002 0.75 0.75
(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 involved only a particular institution, or to
meet the needs of institutions experiencing difficulties adjusting to
changing market conditions over a longer period (particularly at times
of deposit disintermediation). The discount rate applicable to
adjustment credit ordinarily is charged on extended-credit loans
outstanding less than thirty days; however, at the discretion of the
Federal Reserve Bank, this time period may be shortened. Beyond this
initial period, a flexible rate somewhat above rates charged on market
sources of funds is charged. The rate ordinarily is reestablished on
the first business day of each two-week reserve maintenance period, but
it is never less than the discount rate applicable to adjustment credit
plus 50 basis points.
(4.) For earlier data, see the following publications of the Board of
Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970;
and the Annual Statistical Digest, 1970-1979, and 1980-1989; and
Statistical Digest, 1996-2000. See also the Board's Statistics:
Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Percentage of
Type of deposit deposits Effective date
Net transaction accounts (2)
1 $0 million-$42.1 million (3) 3 12/26/02
2 More than $42.1 million (4) 10 12/26/02
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 26, 2002, for depository institutions that
report weekly, and with the period beginning January 16, 2003, for
institutions that report quarterly, the amount was increased from
$41.3 million to $42.1 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 26, 2002, for depository
institutions that report weekly, and with the period beginning January
16, 2003, for institutions that report quarterly, the exemption was
raised from $5.7 million to $6.0 million.
(4.) The reserve requirement was reduced from 12 percent to 10 percent
on April 2, 1992, for institutions that report weekly, and on April
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 December 13, 1990, and to zero for the maintenance
period that began December 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 January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original
maturity of 1.5 years or more has been zero since October 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
and maturity 1999 2000 2001
U.S. TREASURY SECURITIES (2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 8,676 15,503
2 Gross sales 0 0 0
3 Exchanges 464,218 477,904 542,736
4 For new bills 464,218 477,904 542,736
5 Redemptions 0 24,522 10,095
Others within one year
6 Gross purchases 11,895 8,809 15,663
7 Gross sales 0 0 0
8 Maturity shifts 50,590 62,025 70,336
9 Exchanges -53,315 -54,656 -72,004
10 Redemptions 1,429 3,779 16,802
One to five years
11 Gross purchases 19,731 14,482 22,814
12 Gross sales 0 0 0
13 Maturity shifts -44,032 -52,068 -45,211
14 Exchanges 42,604 46,177 64,519
Five to ten years
15 Gross purchases 4,303 5,871 6,003
16 Gross sales 0 0 0
17 Maturity shifts -5,841 -6,801 -21,063
18 Exchanges 7,578 6,585 6,063
More than ten years
19 Gross purchases 9,428 5,833 8,531
20 Gross sales 0 0 0
21 Maturity shifts -717 -3,155 -4,062
22 Exchanges 3,133 1,894 1,423
All maturities
23 Gross purchases 45,357 43,670 68,513
24 Gross sales 0 0 0
25 Redemptions 1,429 28,301 26,897
Matched transactions
26 Gross purchases 4,413,430 4,415,905 4,722,667
27 Gross sales 4,431,685 4,397,835 4,724,743
Repurchase agreements
28 Gross purchases 281,599 0 0
29 Gross sales 301,273 0 0
30 Net change in U.S. Treasury
securities 5,999 33,439 39,540
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 157 51 120
Repurchase agreements
34 Gross purchases 360,069 0 0
35 Gross sales 370,772 0 0
36 Net change in federal
agency obligations -10,859 -51 -120
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 304,989 890,236 1,497,713
40 Gross sales 164,349 987,501 1,490,838
41 Net change in triparty
obligations 140,640 -97,265 6,875
42 Total net change in System
Open Market Account 135,780 -63,877 46,295
2002
Type of transaction
and maturity Mar. Apr. May
U.S. TREASURY SECURITIES (2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,013 1,047 3,524
2 Gross sales 0 0 0
3 Exchanges 48,483 45,376 70,978
4 For new bills 48,483 45,376 70,978
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 1,455 2,709 2,826
7 Gross sales 0 0 0
8 Maturity shifts 0 14,515 6,714
9 Exchanges 0 -15,522 -9,031
10 Redemptions 0 0 0
One to five years
11 Gross purchases 2,181 1,142 1,439
12 Gross sales 0 0 0
13 Maturity shifts 0 -14,515 -1,620
14 Exchanges 0 15,522 8,639
Five to ten years
15 Gross purchases 637 1,670 259
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -5,094
18 Exchanges 0 0 391
More than ten years
19 Gross purchases 291 210 0
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 7,577 6,777 8,048
24 Gross sales 0 0 0
25 Redemptions 0 0 0
Matched transactions
26 Gross purchases 393,273 436,936 466,807
27 Gross sales 393,151 437,881 469,046
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S. Treasury
securities 7,699 5,833 5,810
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 70,850 102,200 106,426
40 Gross sales 75,849 100,200 109,926
41 Net change in triparty
obligations -4,999 2,000 -3,500
42 Total net change in System
Open Market Account 2,700 7,833 2,310
2002
Type of transaction
and maturity June July Aug. Sept.
U.S. TREASURY SECURITIES (2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,656 4,838 529 750
2 Gross sales 0 0 0 0
3 Exchanges 53,015 45,828 63,083 53,314
4 For new bills 53,015 45,828 63,083 53,314
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 0 1,104 445 1,286
7 Gross sales 0 0 0 0
8 Maturity shifts 0 11,052 8,987 11,174
9 Exchanges 0 -14,183 -5,040 -15,189
10 Redemptions 0 0 0 0
One to five years
11 Gross purchases 0 1,755 1,921 0
12 Gross sales 0 0 0 0
13 Maturity shifts 0 -11,052 -629 -11,174
14 Exchanges 0 13,283 3,396 15,189
Five to ten years
15 Gross purchases 542 577 690 51
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 -6,714 0
18 Exchanges 0 900 1,645 0
More than ten years
19 Gross purchases 0 63 80 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -1,645 0
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 4,198 8,336 3,665 2,087
24 Gross sales 0 0 0 0
25 Redemptions 0 0 0 0
Matched transactions
26 Gross purchases 447,555 513,400 495,729 449,250
27 Gross sales 448,330 511,902 497,031 449,986
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S. Treasury
securities 3,423 9,834 2,363 1,351
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 0 0
33 Redemptions 0 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 0 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 98,850 68,750 84,000 93,500
40 Gross sales 94,850 81,250 80,500 94,750
41 Net change in triparty
obligations 4,000 -12,500 3,500 -1,250
42 Total net change in System
Open Market Account 7,423 -2,666 5,863 101
(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.
Transactions include the rollover of inflation compensation
into new securities.
Federal Reserve Banks
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements (1)
Millions of dollars
Wednesday
2002
Account Oct. 2 Oct. 9 Oct. 16
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,038 11,038 11,038
2 Special drawing rights
certificate account 2,200 2,200 2,200
3 Coin 1,078 1,072 1,059
Loans
4 To depository institutions 157 137 159
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty obligations
7 Repurchase agreements--
triparty (2) 17,250 7,000 13,750
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) 606,190 609,516 610,360
11 Bought outright (4) 606,190 609,516 610,360
12 Bills 204,206 207,522 208,357
13 Notes 295,883 295,889 295,895
14 Bonds 106,100 106,104 106,108
15 Held under repurchase
agreements 0 0 0
16 Total loans and securities 623,607 616,663 624,280
17 Items in process of
collection 8,811 7,517 16,095
18 Bank premises 1,519 1,523 1,526
Other assets
19 Denominated in foreign
currencies (5) 16,008 16,014 15,936
20 All other (6) 20,754 21,176 21,201
21 Total assets 685,014 677,203 693,335
LIABILITIES
22 Federal Reserve notes 629,265 630,700 632,133
23 Reverse repurchase
agreements--triparty (2) 0 0 0
24 Total deposits 27,518 19,803 30,353
25 Depository institutions 22,033 15,069 25,470
26 U.S. Treasury--General
account 5,160 4,401 4,592
27 Foreign--Official accounts 77 76 75
28 Other 248 258 215
29 Deferred credit items 8,904 7,278 11,567
30 Other liabilities and
accrued dividends (7) 2,407 2,454 2,393
31 Total liabilities 668,095 660,234 676,445
CAPITAL ACCOUNTS
32 Capital paid in 8,265 8,268 8,270
33 Surplus 7,312 7,312 7,312
34 Other capital accounts 1,343 1,389 1,309
35 Total liabilities and
capital accounts 685,014 677,203 693,335
MEMO
36 Marketable U.S. Treasury
securities held in
custody for foreign and
international accounts 812,633 807,968 806,678
Federal Reserve note
statement
37 Federal Reserve notes
outstanding (issued
to Banks) 750,804 750,654 750,752
38 LESS: Held by Federal
Reserve Banks 121,538 119,954 118,619
39 Federal Reserve notes, net 629,265 630,700 632,133
Collateral held against
notes, net
40 Gold certificate account 11,038 11,038 11,038
41 Special drawing rights
certificate account 2,200 2,200 2,200
42 Other eligible assets 0 936 0
43 U.S. Treasury and agency
securities 616,027 616,526 618,895
44 Total collateral 629,265 630,700 632,133
End of
Wednesday month
2002 2002
Account Oct. 23 Oct. 30 Aug.
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,038 11,038 11,038
2 Special drawing rights
certificate account 2,200 2,200 2,200
3 Coin 1,074 1,079 1,031
Loans
4 To depository institutions 107 88 330
5 Other 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0
Triparty obligations
7 Repurchase agreements--
triparty (2) 7,500 20,500 23,000
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) 610,231 608,665 602,825
11 Bought outright (4) 610,231 608,665 602,825
12 Bills 208,217 206,641 202,196
13 Notes 295,901 295,907 294,640
14 Bonds 106,113 106,117 105,989
15 Held under repurchase
agreements 0 0 0
16 Total loans and securities 617,848 629,263 626,165
17 Items in process of
collection 7,839 9,359 5,419
18 Bank premises 1,528 1,528 1,520
Other assets
19 Denominated in foreign
currencies (5) 15,906 16,043 16,240
20 All other (6) 21,607 22,038 20,127
21 Total assets 679,040 692,547 683,739
LIABILITIES
22 Federal Reserve notes 630,417 631,165 631,256
23 Reverse repurchase
agreements--triparty (2) 0 0 0
24 Total deposits 21,973 34,453 27,570
25 Depository institutions 15,927 28,620 22,415
26 U.S. Treasury--General
account 5,713 5,388 4,874
27 Foreign--Official accounts 128 238 86
28 Other 205 206 194
29 Deferred credit items 7,278 7,347 5,388
30 Other liabilities and
accrued dividends (7) 2,424 2,452 2,412
31 Total liabilities 662,092 675,418 666,625
CAPITAL ACCOUNTS
32 Capital paid in 8,275 8,271 8,248
33 Surplus 7,312 7,312 7,312
34 Other capital accounts 1,362 1,546 1,554
35 Total liabilities and
capital accounts 679,040 692,547 683,739
MEMO
36 Marketable U.S. Treasury
securities held in
custody for foreign and
international accounts 803,483 806,831 803,479
Federal Reserve note
statement
37 Federal Reserve notes
outstanding (issued
to Banks) 750,811 751,565 747,686
38 LESS: Held by Federal
Reserve Banks 120,394 120,400 116,430
39 Federal Reserve notes, net 630,417 631,165 631,256
Collateral held against
notes, net
40 Gold certificate account 11,038 11,038 11,038
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 617,179 617,927 618,018
44 Total collateral 630,417 631,165 631,256
End of month
2002
Account Sept. Oct.
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,038 11,038
2 Special drawing rights
certificate account 2,200 2,200
3 Coin 1,085 1,091
Loans
4 To depository institutions 177 80
5 Other 0 0
6 Acceptances held under
repurchase agreements 0 0
Triparty obligations
7 Repurchase agreements--
triparty (2) 21,750 16,500
Federal agency
obligations (3)
8 Bought outright 10 10
9 Held under repurchase
agreements 0 0
10 Total U.S. Treasury
securities (3) 604,191 607,865
11 Bought outright (4) 604,191 607,865
12 Bills 202,210 205,840
13 Notes 295,882 295,908
14 Bonds 106,099 106,117
15 Held under repurchase
agreements 0 0
16 Total loans and securities 626,129 624,456
17 Items in process of
collection 2,116 6,256
18 Bank premises 1,519 1,527
Other assets
19 Denominated in foreign
currencies (5) 16,130 16,091
20 All other (6) 20,597 21,553
21 Total assets 680,813 684,212
LIABILITIES
22 Federal Reserve notes 627,228 630,469
23 Reverse repurchase
agreements--triparty (2) 0 0
24 Total deposits 31,418 27,077
25 Depository institutions 23,168 20,878
26 U.S. Treasury--General
account 7,879 5,878
27 Foreign--Official accounts 150 89
28 Other 221 233
29 Deferred credit items 2,448 6,946
30 Other liabilities and
accrued dividends (7) 2,422 2,479
31 Total liabilities 663,516 666,971
CAPITAL ACCOUNTS
32 Capital paid in 8,264 8,278
33 Surplus 7,312 7,312
34 Other capital accounts 1,722 1,652
35 Total liabilities and
capital accounts 680,813 684,212
MEMO
36 Marketable U.S. Treasury
securities held in
custody for foreign and
international accounts 813,094 812,239
Federal Reserve
note statement
37 Federal Reserve notes
outstanding (issued
to Banks) 751,190 752,063
38 LESS: Held by Federal
Reserve Banks 123,962 121,595
39 Federal Reserve notes, net 627,228 630,469
Collateral held against
notes, net
40 Gold certificate account 11,038 11,038
41 Special drawing rights
certificate account 2,200 2,200
42 Other eligible assets 0 0
43 U.S. Treasury and agency
securities 613,990 617,231
44 Total collateral 627,228 630,469
(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
2002
Type of holding and maturity Oct. 2 Oct. 9 Oct. 16 Oct. 23
1 Total loans 157 137 159 107
2 Within fifteen days (1) 35 50 101 103
3 Sixteen days to ninety days 122 86 58 4
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (2) 606,190 609,516 610,360 610,231
6 Within fifteen days (1) 16,475 18,269 24,991 25,974
7 Sixteen days to ninety days 133,435 135,392 130,389 129,987
8 Ninety-one days to one year 146,234 145,800 144,915 144,194
9 One year to five years 176,885 176,886 176,887 176,889
10 Five years to ten years 51,439 51,444 51,448 51,453
11 More than ten years 81,722 81,726 81,730 81,734
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days (1) 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
Wed-
nesday End of month
2002 2002
Type of holding and maturity Oct. 30 Aug. Sept. Oct.
1 Total loans 88 330 177 80
2 Within fifteen days (1) 82 293 131 62
3 Sixteen days to ninety days 6 37 47 18
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (2) 608,665 602,825 604,191 607,865
6 Within fifteen days (1) 24,792 12,470 13,316 6,607
7 Sixteen days to ninety days 129,673 123,482 128,403 129,715
8 Ninety-one days to one year 144,114 160,910 152,429 162,163
9 One year to five years 176,890 172,868 176,885 176,182
10 Five years to ten years 51,458 51,381 51,438 51,458
11 More than ten years 81,739 81,715 81,721 81,739
12 Total federal agency
obligations 10 10 10 10
13 Within fifteen days (1) 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.) 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
1998 1999 2000 2001
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (2)
1 Total reserves (3) 45.14 41.82 38.54 41.22
2 Nonborrowed reserves (4) 45.02 41.50 38.33 41.15
3 Nonborrowed reserves
plus extended credit
(5) 45.02 41.50 38.33 41.15
4 Required reserves 43.62 40.53 37.11 39.58
5 Monetary base (6) 513.55 593.12 584.04 634.41
Not seasonally adjusted
6 Total reserves (7) 45.31 41.89 38.53 41.20
7 Nonborrowed reserves 45.19 41.57 38.32 41.13
8 Nonborrowed reserves
plus extended credit
(5) 45.19 41.57 38.32 41.13
9 Required reserves (8) 43.80 40.59 37.10 39.55
10 Monetary base (9) 518.27 600.72 590.06 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (10)
11 Total reserves (11) 45.21 41.65 38.47 41.08
12 Nonborrowed reserves 45.09 41.33 38.26 41.01
13 Nonborrowed reserves
plus extended credit
(5) 45.09 41.33 38.26 41.01
14 Required reserves 43.70 40.36 37.05 39.43
15 Monetary base (12) 525.06 608.02 596.98 648.74
16 Excess reserves (13) 1.51 1.30 1.43 1.65
17 Borrowings from the
Federal Reserve .12 .32 .21 .07
2002
Item Mar. Apr. May June
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (2)
1 Total reserves (3) 41.01 40.76 39.12 39.27
2 Nonborrowed reserves (4) 40.94 40.69 39.00 39.12
3 Nonborrowed reserves
plus extended credit
(5) 40.94 40.69 39.00 39.12
4 Required reserves 39.60 39.55 37.84 38.02
5 Monetary base (6) 649.65 653.95 657.91 664.07
Not seasonally adjusted
6 Total reserves (7) 40.27 40.85 40.18 38.49
7 Nonborrowed reserves 40.19 40.78 40.06 38.25
8 Nonborrowed reserves
plus extended credit
(5) 40.19 40.78 40.06 38.35
9 Required reserves (8) 38.85 39.64 38.90 37.25
10 Monetary base (9) 649.23 653.29 658.00 662.84
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (10)
11 Total reserves (11) 40.30 40.90 40.24 38.57
12 Nonborrowed reserves 40.22 40.83 40.13 38.43
13 Nonborrowed reserves
plus extended credit
(5) 40.22 40.83 40.13 38.43
14 Required reserves 38.88 39.69 38.97 37.33
15 Monetary base (12) 658.78 663.37 668.14 672.98
16 Excess reserves (13) 1.41 1.21 1.27 1.24
17 Borrowings from the
Federal Reserve .08 .07 .11 .14
2002
Item July Aug.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (2)
1 Total reserves (3) 39.66 40.06
2 Nonborrowed reserves (4) 39.47 39.73
3 Nonborrowed reserves
plus extended credit
(5) 39.47 39.73
4 Required reserves 38.29 38.42
5 Monetary base (6) 668.76 (r) 671.15 (r)
Not seasonally adjusted
6 Total reserves (7) 39.30 39.75
7 Nonborrowed reserves 39.11 39.41
8 Nonborrowed reserves
plus extended credit
(5) 39.11 39.41
9 Required reserves (8) 37.93 38.11
10 Monetary base (9) 668.76 669.32 (r)
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (10)
11 Total reserves (11) 39.39 39.86
12 Nonborrowed reserves 39.20 39.53
13 Nonborrowed reserves
plus extended credit
(5) 39.20 39.53
14 Required reserves 38.02 38.22
15 Monetary base (12) 678.98 679.55 (r)
16 Excess reserves (13) 1.37 1.64
17 Borrowings from the
Federal Reserve .19 .33
2002
Item Sept. Oct.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (2)
1 Total reserves (3) 39.28 (r) 38.93
2 Nonborrowed reserves (4) 39.06 38.79
3 Nonborrowed reserves
plus extended credit
(5) 39.06 38.79
4 Required reserves 37.81 37.37
5 Monetary base (6) 671.56 (r) 673.62
Not seasonally
adjusted
6 Total reserves (7) 38.79 (r) 38.55
7 Nonborrowed reserves 38.56 (r) 38.41
8 Nonborrowed reserves
plus extended credit
(5) 38.56 (r) 38.41
9 Required reserves (8) 37.32 37.00
10 Monetary base (9) 669.72 (r) 671.49
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (10)
11 Total reserves (11) 38.92 38.69
12 Nonborrowed reserves 38.69 38.55
13 Nonborrowed reserves
plus extended credit
(5) 38.69 38.55
14 Required reserves 37.44 37.14
15 Monetary base (12) 679.95 (r) 681.83
16 Excess reserves (13) 1.48 1.56
17 Borrowings from the
Federal Reserve .23 .14
(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).
Monetary and Credit Aggregates
1.21 MONEY STOCK MEASURES (1)
Billion of dollars, averages of daily figures
1998 1999
Item Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,096.5 1,124.4
2 M2 4,383.9 4,654.2
3 M3 6,037.7 (r) 6,539.6 (r)
M1 components
4 Currency (3) 459.3 516.9
5 Travelers checks (4) 8.2 8.3
6 Demand deposits (5) 378.4 354.5
7 Other checkable deposits (6) 250.5 244.7
Nontransaction components
8 In M2 (7) 3,287.4 3,529.8
9 In M3 only (8) 1,653.8 (r) 1,885.4 (r)
Commercial banks
10 Savings deposits, including
MMDAs 1,187.5 1,289.1
11 Small time deposits (9) 626.1 635.0
12 Large time deposits (10),(11) 582.8 651.3
Thrift institutions
13 Savings deposits, including
MMDAs 414.7 449.7
14 Small time deposits (9) 325.6 320.4
15 Large time deposits (10) 88.6 91.1
Money market mutual funds
16 Retail 733.6 835.7
17 Institution-only 540.1 638.6
Repurchase agreements and
eurodollars
18 Repurchase agreements (12) 293.4 335.9
19 Eurodollars (12) 148.8 (r) 168.5 (r)
Not seasonally adjusted
Measures (2)
20 M1 1,120.4 1,148.3
21 M2 4,404.0 4,675.0
22 M3 6,066.5 (r) 6,571.1 (r)
M1 components
23 Currency (3) 463.3 521.5
24 Travelers checks (4) 8.4 8.4
25 Demand deposits (5) 395.9 371.8
26 Other checkable deposits (6) 252.8 246.6
Nontransaction components
27 In M2 (7) 3,283.6 3,526.7
28 In M3 only (8) 1,662.5 (r) 1,896.2 (r)
Commercial banks
29 Savings deposits, including
MMDAs 1,186.0 1,288.8
30 Small time deposits (9) 626.5 635.7
31 Large time deposits (10),(11) 583.1 651.7
Thrift institutions
32 Savings deposits, including
MMDAs 414.2 449.6
33 Small time deposits (9) 325.8 320.8
34 Large time deposits (10) 88.6 91.2
Money market mutual funds
35 Retail 731.1 832.0 (r)
36 Institution-only 549.5 648.2
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 290.4 334.7
38 Eurodollars (12) 150.8 (r) 170.4 (r)
2000 2001
Item Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,088.9 1,179.3
2 M2 4,938.6 (r) 5,458.1 (r)
3 M3 7,109.9 (r) 8,025.5 (r)
M1 components
4 Currency (3) 530.1 579.9
5 Travelers checks (4) 8.0 7.8
6 Demand deposits (5) 309.9 330.4
7 Other checkable deposits (6) 240.9 261.2
Nontransaction components
8 In M2 (7) 3,849.7 4,278.8 (r)
9 In M3 only (8) 2,171.3 (r) 2,567.5 (r)
Commercial banks
10 Savings deposits, including
MMDAs 1,423.7 1,745.8
11 Small time deposits (9) 699.1 638.9
12 Large time deposits (10),(11) 717.2 670.0
Thrift institutions
13 Savings deposits, including
MMDAs 452.1 561.8
14 Small time deposits (9) 344.5 334.4
15 Large time deposits (10) 102.9 114.0
Money market mutual funds
16 Retail 930.2 997.8 (r)
17 Institution-only 796.6 1,206.5
Repurchase agreements and
eurodollars
18 Repurchase agreements (12) 364.0 375.7
19 Eurodollars (12) 190.7 (r) 201.2 (r)
Not seasonally adjusted
Measures (2)
20 M1 1,112.3 1,203.5
21 M2 4,962.3 (r) 5,483.0 (r)
22 M3 7,145.0 (r) 8,063.8 (r)
M1 components
23 Currency (3) 535.2 584.9
24 Travelers checks (4) 8.1 7.9
25 Demand deposits (5) 326.5 348.2
26 Other checkable deposits (6) 242.5 262.5
Nontransaction components
27 In M2 (7) 3,849.9 4,279.5 (r)
28 In M3 only (8) 2,182.8 (r) 2,580.7 (r)
Commercial banks
29 Savings deposits, including
MMDAs 1,426.9 1,750.2
30 Small time deposits (9) 700.0 639.6
31 Large time deposits (10),(11) 717.6 670.1
Thrift institutions
32 Savings deposits, including
MMDAs 453.1 563.2
33 Small time deposits (9) 345.0 334.8
34 Large time deposits (10) 103.0 114.0
Money market mutual funds
35 Retail 925.0 (r) 991.7 (r)
36 Institution-only 805.6 1,217.7
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 364.2 376.5
38 Eurodollars (12) 192.4 (r) 202.4 (r)
2002
Item July (r) Aug. (r)
Seasonally adjusted
Measures (2)
1 M1 1,197.8 1,184.3
2 M2 5,639.2 5,684.6
3 M3 8,214.1 8,286.5
M1 components
4 Currency (3) 615.1 617.2
5 Travelers checks (4) 8.6 8.4
6 Demand deposits (5) 303.7 288.7
7 Other checkable deposits (6) 270.5 270.0
Nontransaction components
8 In M2 (7) 4,441.4 4,500.3
9 In M3 only (8) 2,574.9 2,601.9
Commercial banks
10 Savings deposits, including
MMDAs 1,911.8 1,964.0
11 Small time deposits (9) 613.8 608.8
12 Large time deposits (10),(11) 704.0 706.3
Thrift institutions
13 Savings deposits, including
MMDAs 641.4 654.5
14 Small time deposits (9) 307.4 306.5
15 Large time deposits (10) 110.3 111.8
Money market mutual funds
16 Retail 967.0 966.4
17 Institution-only 1,191.6 1,190.1
Repurchase agreements and
eurodollars
18 Repurchase agreements (12) 372.8 398.1
19 Eurodollars (12) 196.2 195.6
Not seasonally
adjusted
Measures (2)
20 M1 1,195.4 1,179.4
21 M2 5,612.9 5,659.1
22 M3 8,164.7 8,234.7
M1 components
23 Currency (3) 615.3 616.3
24 Travelers checks (4) 8.2 8.1
25 Demand deposits (5) 303.9 287.4
26 Other checkable deposits (6) 268.0 267.7
Nontransaction components
27 In M2 (7) 4,417.5 4,479.7
28 In M3 only (8) 2,551.7 2,575.6
Commercial banks
29 Savings deposits, including
MMDAs 1,907.9 1,957.5
30 Small time deposits (9) 611.8 608.0
31 Large time deposits (10),(11) 703.7 703.7
Thrift institutions
32 Savings deposits, including
MMDAs 640.1 652.4
33 Small time deposits (9) 306.4 306.1
34 Large time deposits (10) 110.3 111.4
Money market mutual funds
35 Retail 951.3 955.8
36 Institution-only 1,169.2 1,170.0
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 374.0 397.4
38 Eurodollars (12) 194.6 193.2
2002
Item Sept. (r) Oct.
Seasonally adjusted
Measures (2)
1 M1 1,192.7 1,201.3
2 M2 5,709.5 5,758.9
3 M3 8,314.8 8,324.5
M1 components
4 Currency (3) 617.9 619.8
5 Travelers checks (4) 8.0 7.7
6 Demand deposits (5) 292.6 295.9
7 Other checkable deposits (6) 274.2 277.8
Nontransaction components
8 In M2 (7) 4,516.8 4,557.6
9 In M3 only (8) 2,605.4 2,565.7
Commercial banks
10 Savings deposits, including
MMDAs 1,989.9 2,016.3
11 Small time deposits (9) 601.3 592.7
12 Large time deposits (10),(11) 705.0 701.0
Thrift institutions
13 Savings deposits, including
MMDAs 668.4 692.5
14 Small time deposits (9) 305.7 306.3
15 Large time deposits (10) 112.8 114.6
Money market mutual funds
16 Retail 951.5 949.8
17 Institution-only 1,176.4 1,140.8
Repurchase agreements and
eurodollars
18 Repurchase agreements (12) 417.7 415.9
19 Eurodollars (12) 193.6 193.4
Not seasonally
adjusted
Measures (2)
20 M1 1,184.0 1,195.1
21 M2 5,685.3 5,725.2
22 M3 8,246.9 8,257.7
M1 components
23 Currency (3) 616.0 617.9
24 Travelers checks (4) 7.8 7.7
25 Demand deposits (5) 289.5 295.1
26 Other checkable deposits (6) 270.6 274.5
Nontransaction components
27 In M2 (7) 4,501.4 4,530.0
28 In M3 only (8) 2,561.6 2,532.5
Commercial banks
29 Savings deposits, including
MMDAs 1,985.6 2,000.9
30 Small time deposits (9) 601.8 594.3
31 Large time deposits (10),(11) 702.6 699.9
Thrift institutions
32 Savings deposits, including
MMDAs 667.0 687.2
33 Small time deposits (9) 306.0 307.1
34 Large time deposits (10) 112.4 114.4
Money market mutual funds
35 Retail 941.0 940.5
36 Institution-only 1,143.9 1,118.9
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 411.2 408.8
38 Eurodollars (12) 191.6 190.6
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 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.
(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.
Commercial Banking Institutions--Assets and Liabilities
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)
A. All commercial banks
Billions of dollars
Monthly averages
2001 2002
Account Oct. Apr. (r) May (r) June (r)
Seasonally adjusted
Assets
1 Bank credit 5,422.9 (r) 5,449.4 5,507.7 5,553.7
2 Securities in bank
credit 1,470.8 (r) 1,501.7 1,536.9 1,565.9
3 U.S. government
securities 825.0 869.5 895.2 912.4
4 Other securities 645.8 (r) 632.1 641.8 653.5
5 Loans and leases in
bank credit (2) 3,952.1 (r) 3,947.8 3,970.8 3,987.8
6 Commercial and
industrial 1,051.7 (r) 1,009.0 1,004.3 997.0
7 Real estate 1,753.0 (r) 1,796.0 1,819.2 1,841.7
8 Revolving home
equity 150.8 172.1 179.7 186.4
9 Other 1,602.2 (r) 1,623.9 1,639.4 1,655.3
10 Consumer 551.1 (r) 567.9 571.1 570.7
11 Security (3) 154.1 (r) 167.0 168.7 169.1
12 Other loans and
leases 442.3 (r) 407.9 407.5 409.4
13 Interbank loans 301.6 270.7 288.4 282.4
14 Cash assets (4) 302.3 (r) 300.0 302.0 307.1
15 Other assets (5) 495.9 482.1 488.0 483.5
16 Total assets (6) 6,452.0 (r) 6,426.9 6,510.4 6,551.0
Liabilities
17 Deposits 4,181.5 4,334.2 4,368.6 4,392.8
18 Transaction 640.8 602.0 609.5 598.8
19 Nontransaction 3,540.7 3,732.3 3,759.1 3,794.1
20 Large time 982.7 1,042.9 1,046.2 1,039.3
21 Other 2,558.0 2,689.3 2,712.9 2,754.8
22 Borrowings 1,266.2 1,220.0 1,245.6 1,241.3
23 From banks in the
U.S. 412.6 382.6 385.1 380.4
24 From others 853.7 837.5 860.4 860.9
25 Net due to related
foreign offices 178.2 103.7 92.2 90.9
26 Other liabilities 373.3 320.7 336.7 368.6
27 Total liabilities 5,999.3 5,978.6 6,043.1 6,093.6
28 Residual (assets less
liabilities) (7) 452.7 (r) 448.3 467.4 457.4
Not seasonally adjusted
Assets
29 Bank credit 5,425.7 (r) 5,446.3 5,501.6 5,548.2
30 Securities in bank
credit 1,470.5 (r) 1,501.1 1,534.2 1,561.7
31 U.S. government
securities 821.8 871.3 892.8 909.6
32 Other securities 648.7 (r) 629.7 641.3 652.1
33 Loans and leases in
bank credit (2) 3,955.2 (r) 3,945.2 3,967.4 3,986.5
34 Commercial and
industrial 1,053.1 (r) 1,013.1 1,007.8 999.2
35 Real estate 1,754.8 (r) 1,792.7 1,821.8 1,842.6
36 Revolving home
equity 151.2 171.5 180.1 186.6
37 Other 1,603.6 (r) 1,621.2 1,641.7 1,656.0
38 Consumer 551.5 (r) 564.5 569.3 566.5
39 Credit cards and
related plans 216.3 223.5 222.8 221.0
40 Other 335.2 (r) 340.9 346.5 345.5
41 Security (3) 156.3 (r) 166.1 162.3 168.1
42 Other loans and
leases 439.5 (r) 408.9 406.2 410.0
43 Interbank loans 296.6 280.6 285.0 284.5
44 Cash assets (4) 304.1 (r) 299.1 299.2 299.4
45 Other assets (5) 494.6 482.6 487.7 481.6
46 Total assets (6) 6,450.6 (r) 6,433.4 6,497.8 6,537.9
Liabilities
47 Deposits 4,166.8 4,358.4 4,361.6 4,380.6
48 Transaction 635.1 610.4 601.5 595.7
49 Nontransaction 3,531.7 3,748.0 3,760.1 3,784.8
50 Large time 977.1 1,045.5 1,049.8 1,037.0
51 Other 2,554.5 2,702.5 2,710.3 2,747.8
52 Borrowings 1,268.1 1,226.2 1,252.0 1,240.3
53 From banks in the
U.S. 410.7 387.5 386.4 377.9
54 From others 857.4 838.7 865.6 862.4
55 Net due to related
foreign offices 177.6 95.1 91.7 87.0
56 Other liabilities 373.6 313.3 336.2 365.8
57 Total liabilities 5,986.0 5,993.0 6,041.5 6,073.7
58 Residual (assets less
liabilities) (7) 464.5 (r) 440.4 456.3 464.2
Monthly averages
2002
Account July (r) Aug. (r) Sept. (r) Oct.
Seasonally adjusted
Assets
1 Bank credit 5,601.1 5,684.0 5,740.7 5,768.6
2 Securities in bank
credit 1,597.2 1,636.3 1,646.6 1,643.8
3 U.S. government
securities 922.6 950.9 967.7 975.7
4 Other securities 674.6 685.4 678.9 668.1
5 Loans and leases in
bank credit (2) 4,003.8 4,047.7 4,094.1 4,124.8
6 Commercial and
industrial 983.6 983.7 976.9 972.0
7 Real estate 1,872.6 1,903.5 1,937.4 1,970.2
8 Revolving home
equity 193.3 198.0 201.2 205.3
9 Other 1,679.4 1,705.6 1,736.2 1,764.8
10 Consumer 567.2 577.3 585.4 587.5
11 Security (3) 176.3 175.8 180.8 181.8
12 Other loans and
leases 404.1 407.3 413.6 413.4
13 Interbank loans 287.9 303.6 315.0 323.0
14 Cash assets (4) 308.2 314.9 312.1 312.6
15 Other assets (5) 490.3 504.7 501.3 511.8
16 Total assets (6) 6,611.9 6,731.8 6,793.7 6,840.1
Liabilities
17 Deposits 4,433.2 4,476.0 4,485.8 4,493.5
18 Transaction 614.2 601.1 585.9 613.2
19 Nontransaction 3,819.0 3,874.9 3,899.9 3,880.2
20 Large time 1,048.8 1,048.4 1,042.6 1,026.6
21 Other 2,770.2 2,826.5 2,857.3 2,853.7
22 Borrowings 1,241.2 1,301.9 1,323.0 1,327.4
23 From banks in the
U.S. 386.6 405.6 417.0 415.3
24 From others 854.6 896.3 905.9 912.1
25 Net due to related
foreign offices 90.4 90.8 99.6 122.5
26 Other liabilities 397.2 416.3 424.7 427.6
27 Total liabilities 6,162.1 6,284.9 6,333.0 6,371.0
28 Residual (assets less
liabilities) (7) 449.8 446.9 460.7 469.1
Not seasonally adjusted
Assets
29 Bank credit 5,574.4 5,661.5 5,733.9 5,772.7
30 Securities in bank
credit 1,583.1 1,627.6 1,642.9 1,643.1
31 U.S. government
securities 914.3 944.6 964.2 971.9
32 Other securities 668.8 683.1 678.6 671.2
33 Loans and leases in
bank credit (2) 3,991.3 4,033.9 4,091.0 4,129.5
34 Commercial and
industrial 982.5 978.2 974.8 973.3
35 Real estate 1,872.0 1,904.6 1,939.5 1,972.3
36 Revolving home
equity 193.1 198.1 202.2 205.9
37 Other 1,678.9 1,706.6 1,737.3 1,766.4
38 Consumer 561.3 573.9 584.9 588.1
39 Credit cards and
related plans 215.4 224.5 231.3 232.3
40 Other 345.9 349.3 353.5 355.8
41 Security (3) 171.7 171.3 179.0 184.2
42 Other loans and
leases 403.8 405.9 412.8 411.7
43 Interbank loans 282.0 297.2 307.3 317.7
44 Cash assets (4) 299.0 300.7 309.0 314.9
45 Other assets (5) 488.9 501.9 503.9 510.5
46 Total assets (6) 6,569.0 6,685.9 6,778.3 6,840.1
Liabilities
47 Deposits 4,403.9 4,429.0 4,453.8 4,478.4
48 Transaction 606.8 585.7 579.7 608.1
49 Nontransaction 3,797.1 3,843.3 3,874.0 3,870.3
50 Large time 1,037.7 1,032.7 1,028.1 1,020.4
51 Other 2,759.4 2,810.5 2,846.0 2,849.9
52 Borrowings 1,231.1 1,281.5 1,320.4 1,329.4
53 From banks in the
U.S. 382.5 400.4 410.2 413.6
54 From others 848.6 881.1 910.2 915.8
55 Net due to related
foreign offices 81.4 87.9 100.1 122.0
56 Other liabilities 388.7 413.6 424.8 427.7
57 Total liabilities 6,105.0 6,212.0 6,299.0 6,357.4
58 Residual (assets less
liabilities) (7) 464.0 473.9 479.3 482.8
Wednesday figures
2002
Account Oct. 9 Oct. 16 Oct. 23 Oct. 30
Seasonally adjusted
Assets
1 Bank credit 5,771.5 5,747.0 5,765.4 5,788.0
2 Securities in bank
credit 1,652.9 1,611.3 1,636.0 1,664.0
3 U.S. government
securities 971.3 951.4 984.9 991.2
4 Other securities 681.6 659.9 651.1 672.8
5 Loans and leases in
bank credit (2) 4,118.7 4,135.6 4,129.4 4,124.1
6 Commercial and
industrial 969.6 975.1 973.2 971.3
7 Real estate 1,967.3 1,967.0 1,968.6 1,981.4
8 Revolving home
equity 204.7 205.3 205.4 206.3
9 Other 1,762.7 1,761.7 1,763.2 1,775.1
10 Consumer 585.0 588.9 588.0 588.5
11 Security (3) 185.7 187.1 186.5 172.0
12 Other loans and
leases 411.1 417.5 413.2 410.8
13 Interbank loans 310.5 327.1 330.0 324.7
14 Cash assets (4) 292.1 320.4 317.6 317.7
15 Other assets (5) 515.4 507.3 512.0 514.7
16 Total assets (6) 6,814.1 6,825.7 6,848.9 6,869.1
Liabilities
17 Deposits 4,472.1 4,512.0 4,487.8 4,497.8
18 Transaction 561.2 610.3 636.3 660.5
19 Nontransaction 3,910.9 3,901.7 3,851.6 3,837.4
20 Large time 1,037.1 1,022.5 1,023.7 1,021.9
21 Other 2,873.8 2,879.1 2,827.9 2,815.5
22 Borrowings 1,313.0 1,320.8 1,331.5 1,340.7
23 From banks in the
U.S. 410.5 420.9 413.3 414.6
24 From others 902.5 900.0 918.2 926.1
25 Net due to related
foreign offices 115.4 122.5 138.3 122.7
26 Other liabilities 442.8 414.9 409.0 438.7
27 Total liabilities 6,343.3 6,370.3 6,366.6 6,399.9
28 Residual (assets less
liabilities) (7) 470.8 455.4 482.3 469.1
Not seasonally adjusted
Assets
29 Bank credit 5,764.9 5,753.9 5,763.5 5,804.6
30 Securities in bank
credit 1,651.3 1,608.6 1,632.8 1,668.2
31 U.S. government
securities 966.8 946.5 978.9 990.5
32 Other securities 684.5 662.1 653.9 677.6
33 Loans and leases in
bank credit (2) 4,113.6 4,145.2 4,130.7 4,136.4
34 Commercial and
industrial 969.9 976.6 973.3 973.8
35 Real estate 1,969.5 1,970.0 1,969.2 1,983.8
36 Revolving home
equity 205.0 206.0 205.9 207.1
37 Other 1,764.5 1,764.0 1,763.2 1,776.8
38 Consumer 583.1 589.3 590.0 590.9
39 Credit cards and
related plans 228.2 233.6 234.3 234.0
40 Other 355.0 355.7 355.7 356.8
41 Security (3) 182.0 191.4 189.6 178.6
42 Other loans and
leases 409.1 417.9 408.6 409.3
43 Interbank loans 304.8 323.9 315.3 324.7
44 Cash assets (4) 293.2 342.8 301.0 322.1
45 Other assets (5) 516.2 506.3 504.0 514.4
46 Total assets (6) 6,803.9 6,851.2 6,808.0 6,890.1
Liabilities
47 Deposits 4,467.7 4,513.5 4,439.7 4,484.3
48 Transaction 556.8 620.6 609.0 659.5
49 Nontransaction 3,910.9 3,892.8 3,830.7 3,824.8
50 Large time 1,028.5 1,012.6 1,019.0 1,020.3
51 Other 2,882.4 2,880.2 2,811.8 2,804.4
52 Borrowings 1,310.8 1,325.7 1,330.7 1,346.0
53 From banks in the
U.S. 408.1 420.9 410.7 413.5
54 From others 902.7 904.7 920.0 932.5
55 Net due to related
foreign offices 109.5 119.5 140.0 127.7
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