Financial and business statistics.
A3 GUIDE TO TABLES
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
A4 Reserves and money stock measures
A5 Reserves of depository institutions and Reserve Bank
credit
A6 Reserves and borrowings--Depository
institutions
Policy Instruments
A7 Federal Reserve Bank interest rates
A8 Reserve requirements of depository institutions
A9 Federal Reserve open market transactions
Federal Reserve Banks
A10 Condition and Federal Reserve note statements
A11 Maturity distribution of loans and securities
Monetary and Credit Aggregates
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock measures
Commercial Banking Institutions--Assets
and Liabilities
A15 All commercial banks in the United States
A16 Domestically chartered commercial banks
A17 Large domestically chartered commercial banks
A19 Small domestically chartered commercial banks
A20 Foreign-related institutions
Financial Markets
A22 Commercial paper outstanding
A22 Prime rate charged by banks on short-term
business loans
A23 Interest rates--Money and capital markets
A24 Stock market--Selected statistics
Federal Finance
A25 Federal debt subject to statutory limitation
A25 Gross public debt of U.S. Treasury--Types
and ownership
A26 U.S. government securities
dealers--Transactions
A27 U.S. government securities dealers--Positions
and financing
A28 Federal and federally sponsored credit
agencies--Debt outstanding
Securities Markets and Corporate Finance
A29 New security issues Tax-exempt state and local
governments and U.S. corporations
A30 Open-end investment companies--Net sales
and assets
A30 Domestic finance companies--Assets and liabilities
A31 Domestic finance companies--Owned and managed
receivables
Real Estate
A32 Mortgage markets--New homes
A33 Mortgage debt outstanding
Consumer Credit
A34 Total outstanding
A34 Terms
Flow of Funds
A35 Funds raised in U.S. credit markets
A37 Summary of financial transactions
A38 Summary of credit market debt outstanding
A39 Summary of financial assets and liabilities
DOMESTIC NONFINANCIAL STATISTICS
Selected Measures
A40 Output, capacity, and capacity utilization
A42 Industrial production--Indexes and gross value
INTERNATIONAL STATISTICS
Summary Statistics
A44 U.S. international transactions
A44 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
A45 Liabilities to, and claims on, foreigners
A46 Liabilities to foreigners
A48 Banks' own claims on foreigners
A49 Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
A50 Liabilities to unaffiliated foreigners
A52 Claims on unaffiliated foreigners
Securities Holdings and Transactions
A54 Foreign transactions in securities
A55 Marketable U.S. Treasury bonds and
notes--Foreign transactions
Interest and Exchange Rates
A56 Foreign exchange rates
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A70 INDEX TO STATISTICAL TABLES
A72 BOARD OF GOVERNORS AND STAFF
A74 FEDERAL OPEN MARKET COMMITTEE AND
STAFF; ADVISORY COUNCILS
A76 FEDERAL RESERVE BOARD PUBLICATIONS
A78 MAPS OF THE FEDERAL RESERVE SYSTEM
A80 FEDERAL RESERVE BANKS, BRANCHES,
AND OFFICES
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 beading
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 Agricultural Mortgage Corporation
FFB Federal Financing Bank
FFIEC Federal Financial Institutions Examination Council
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)
Monetary or credit aggregate 2002 2003
Q3 Q4 Q1 Q2
Reserves of depository
institutions (3)
1 Total -2.2 1.0 11.3 6.7
2 Required -1.9 -1.4 11.4 8.1
3 Nonbonuwed -3.7 1.9 12.8 6.2
4 Monclary bane 6.9 5.1 7.6 5.9
Cormepty of money (4)
5 M1 3.0 4.9 7.5 9.2
6 M2 8.8 7.0 6.4 8.4
7 M3 7.2 7.8 5.6 6.3
Nontransaction components
8 In M2 (5) 10.4 7.6 6.0 8.2
9 In M3 only (6) 3.6 9.5 3.9 1.8
Time and savings deposits
Commercial banks
10 Saving, including MMDAs 20.1 16.8 13.6 16.5
11 Small time (7) -4.0 -7.4 -7.1 -8.6
12 Large time (8,9) .5 -5.6 -4.5 2.1
Thirft institutions
13 Saving including MMDAs 20.6 20.0 21.9 24.6
14 Small time (7) -10.5 -6.0 -6.6 -9.0
15 Large time (8) -2.6 11.9 8.9 -2.1
Money market mutual
funds
16 Retail .9 -6.3 -10.0 -8.2
17 Institution-only -.7 2.1 -4.9 -14.7
Repurchase agreements
and eurodollars
19 Repurchase agreements (10) 28.7 47.7 31.4 27.8
19 Eurodollar (10) -3.5 28.9 19.2 32.1 (r)
Monetary or credit aggregate
Apr. May June
Reserves of depository
institutions (3)
1 Total 4.9 5.3 53.0
2 Required -1.9 2.8 48.0
3 Nonbonuwed -5.1 4.5 49.9
4 Monclary bane 5.3 5.1 3.4
Cormepty of money (4)
5 M1 .4 20.3 13.3
6 M2 4.6 17.8 9.5
7 M3 2.5 (r) 12.9 (r) 9.1 (r)
Nontransaction components
8 In M2 (5) 5.8 17.1 8.5
9 In M3 only (6) -2.2 (r) -2.2 (r) 8.2 (r)
Time and savings deposits
Commercial banks
10 Saving, including MMDAs 17.7 23.5 21.5
11 Small time (7) -8.5 -10.2 -10.9
12 Large time (8,9) -1.0 7.0 -6.6
Thirft institutions
13 Saving including MMDAs 19.1 40.5 13.2
14 Small time (7) -7.3 -11.8 -13.2
15 Large time (8) 2.0 -10.2 11.3
Money market mutual
funds
16 Retail -20.1 9.1 -7.9
17 Institution-only -22.4 20.1 20.3
Repurchase agreements
and eurodollars
18 Repurchase agreements (10) 23.8 19.3 6.3
19 Eurodollar (10) 37.1 (r) 62.3 (r) -1.8 (r)
2003
Monetary or credit aggregate July Aug.
Reserves of depository
institutions (3)
1 Total 31.7 64.7
2 Required 31.1 (r) 14.8
3 Nonbonuwed 32.7 59.4
4 Monclary bane .6 9.7
Cormepty of money (4)
5 M1 5.3 7.0
6 M2 9.6 7.9
7 M3 22.0 3.2
Nontransaction components
8 In M2 (5) 10.8 8.1
9 In M3 only (6) 49.4 (r) -7.0
Time and savings deposits
Commercial banks
10 Saving, including MMDAs 28.1 18.9
11 Small time (7) -19.1 -16.8
12 Large time (8,9) 153.1 (r) -2.5
Thirft institutions
13 Saving including MMDAs 21.4 22.2
14 Small time (7) -14.6 -16.8
15 Large time (8) 34.6 15.8
Money market mutual
funds
16 Retail -15.0 -9.0
17 Institution-only 42.1 -19.6
Repurchase agreements
and eurodollars
18 Repurchase agreements (10) -57.9 -8.5
19 Eurodollar (10) 29.2 (r) 29.4
(1.) Unless otherwise noted rates of change are calculated from
average amounts outstand-ing during preceding month or quarter.
(2.) Figures incorporate adjustments (See also table 1.20).
(3.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted currency component of the money stock, plus
(3) (for all quarterly reporters on teh "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:
MI: (1) currency outside the U.S. Treasury, Federal Reserve Banks,
and the vaults of depository institutions, (2) travelers checks of
nonbank issuers, (3) demand deposits at all commercial banks other
than those owed to depository institutions, the U.S. government,
and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float, and (4) other
checkabel 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 MI 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 accoutns (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 separetely, and adding this result to seasonally
adjusted MI.
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 al 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.
addresses, 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 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS (1)
Millions of dollars
Average of daily figures
Factor 2003
June July Aug
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 715,547 716,576 718,212
2 Securities held outright 651,774 692,630 653,374
3 U.S. Treasury (2) 651,764 652,620 653,364
4 Bills (3) 238,596 239,480 240,227
5 Notes and bonds nominal (3) 398,853 398,853 398,853
6 Notes and bond, inflation-
indexed (3) 12,814 12,814 12,814
7 Inflation compensation (4) 1,500 1,473 1,470
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 25,074 24,153 25,774
10 Loans to depository institutions 174 114 330
11 Primary credit 100 5 168
12 Secondary credit 0 0 0
13 Seasonal credit 74 109 147
14 Float -166 147 346
14 Other Federal Reserve Assets 38,692 39,532 38,387
16 Gold stock 11,044 11,044 11,043
17 Special drawing right certificate
account 2,200 2,200 2,200
18 Treasury currency oulstanding 35,022 35,104 (r) 35,171
ABSORBING RESERVE FUNDS
19 Currency in circulation 691,893 694,590 (r) 695,319
20 Reverse repurchase agreements (6) 22,038 20,180 19,541
21 Foreign official and
international accounts 21,530 20,180 19,541
22 Dealers 508 0 0
23 Treasury holdings 375 334 354
24 Deposits with Federal Reserve
Banks, other than
reserve balances 18,169 17,943 17,322
25 U.S. Treasury, general account 6,747 6,213 5,599
26 Foreign official 157 224 151
27 Service-related 11,028 11,192 11,280
28 Required clearing balances 10,832 10,864 10,909
29 Adjustments to compensate
for float 196 327 372
30 Other 237 315 292
31 Other liabilities and capital 20,170 19,956 20,112
32 Reserve balances with Federal
Reserve Banks (7) 11,168 11,921 13,958
End-of-month figures
June July Aug
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 722,933 721,467 726,172
2 Securities held outright 652,128 652,913 653,909
3 U.S. Treasury (2) 652,118 652,903 653,899
4 Bills (3) 238,965 239,773 240,754
5 Notes and bonds, nominal (3) 398,893 398,853 398,853
6 Note and bonds, inflation-
indexed (3) 12,814 12,814 12,814
7 Inflation compensation (3) 1,485 1,462 1,478
9 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 31,750 29,000 35,005
10 Loans to depository institutions 768 145 158
11 Primary credit 686 11 0
12 Secondary credit 0 0 0
13 Seasonal credit 82 133 158
14 Float -525 -195 -265
15 Other Federal Reserve assets 38,812 39,605 37,171
16 Gold stuck 11,044 11,0143 11,043
17 Special drawing rights
certificate account 2,200 2,200 2,201
I8 Treasury currency outstanding 35,065 35,145 (r) 35,201
ABSORBING RESERVE FUNDS
19 Currency Incirculation 693,315 694,073 (r) 700,102
20 Reverse repurchase
agreements (6) 22,080 19,827 20,190
21 Foreign official and
international accounts 22,080 19,827 20,190
Dealers 0 0 0
23 Treasury cash holdings 365 364 335
24 Deposits with Federal
Reserve Banks, other than
reserve balances 19,222 18,219 16,735
25 U.S. Treasury, general account 6,939 6,356 4,589
26 Foreign official 898 318 81
27 Service-related 11,136 11,288 (r) 11,455
28 Required clearing balances 10,835 10,898 10,912
29 Adjustments to compensate
for float 297 390 543
30 Other 249 258 225
31 Other liabilities and capital 19,898 19,674 20,251
32 Reserve balances with Federal
Reserve Bank (7) 16,364 17,696 (r) 17,387
Average of daily figures for week
ending on date indicated
Factor 2003
July 16 July 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 715,976 711,824
2 Securities held outright 652,496 652,764
3 U.S. Treasury (2) 652,986 652,754
4 Bills (3) 239,385 239,616
5 Notes and bonds nominal (3) 398,853 398,853
6 Notes and bond, inflation-
indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,475 1,470
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 22,893 24,250
10 Loans to depository institutions 114 114
11 Primary credit 6 4
12 Secondary credit 1 0
13 Seasonal credit 107 115
14 Float 452 42
14 Other Federal Reserve Assets 39,472 39,531
16 Gold stock 11,044 11,044
17 Special drawing right certificate
account 2,200 2,200
18 Treasury currency oulstanding 35,097 (r) 35,113 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,526 (r) 692,719 (r)
20 Reverse repurchase agreements (6) 20,067 19,677
21 Foreign official and
international accounts 20,067 19,677
22 Dealers 0 0
23 Treasury holdings 327 330
24 Deposits with Federal Reserve
Banks, other than
reserve balances 17,957 18,098
25 U.S. Treasury, general account 6,479 6,067
26 Foreign official 109 124
27 Service-related 11,062 11,400
28 Required clearing balances 10,863 10,863
29 Adjustments to compensate
for float 199 538
30 Other 307 506
31 Other liabilities and capital 19,878 20,000
32 Reserve balances with Federal
Reserve Banks (7) 11,054 14,238
End-of-month figures
July 16 July 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 716,149 724,764
2 Securities held outright 652,700 652,837
3 U.S. Treasury (2) 652,690 652,827
4 Bills (3) 239,550 239,692
5 Notes and bonds, nominal (3) 398,853 398,853
6 Note and bonds, inflation-
indexed (3) 12,814 12,814
7 Inflation compensation (3) 1,473 1,468
9 Federal agency (3) 10 10
9 Repurchase agreements (5) 24,000 32,000
10 Loans to depository institutions 121 118
11 Primary credit 8 1
12 Secondary credit 0 0
13 Seasonal credit 113 118
14 Float 97 -32
15 Other I cvlcral Reserve assets 39,230 39,841
16 Gold stuck 11,044 11,044
17 Special drawing rights
certificate account 2,200 2,200
18 Treasury currency outstanding 35,097 (r) 35,113 (r)
ABSORBING RESERVE FUNDS
19 Currency Incirculation 694,752 (r) 693,632 (r)
20 Reverse repurchase
agreements (6) 20,346 19,672
21 Foreign official and
international accounts 20,346 19,672
Dealers
23 Treasury cash holdings 329 339
24 Deposits with Federal
Reserve Banks. other than
reserve balances 17,233 18,014
25 U.S. Treasury, general account 5,724 6,058
26 Foreign official 128 134
27 Service-related 11,062 11,400
28 Required clearing balances 10,863 10,862
29 Adjustments to compensate
for float 199 538
30 Other
31 Other liabilities and capital 318 423
32 Reserve balances with Federal 19,649 20,085
Reserve Bank (7) 12,180 21,380
Average of daily figures for week
ending on date indicated
Factor 2003
July 30 Aug. 6 Aug. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 726,539 715,976 711,824
2 Securities held outright 652,843 652,996 653,072
3 U.S. Treasury (2) 652,833 652,986 653,062
4 Bills (3) 239,701 239,855 239,927
5 Notes and bonds nominal (3) 398,853 398,853 398,853
6 Notes and bond, inflation-
indexed (3) 12,814 12,814 12,814
7 Inflation compensation (4) 1,465 1,464 1,467
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 20,857 22,500 17,679
10 Loans to depository institutions 126 154 145
11 Primary credit 1 21 7
12 Secondary credit 0 0 0
13 Seasonal credit 125 133 138
14 Float -477 470 595
14 Other Federal Reserve Assets 40,033 39,856 40,334
16 Gold stock 11,044 11,013 11,043
17 Special drawing right certificate
account 2,200 2,200 2,200
18 Treasury currency oulstanding 35,129 (r) 35,145 35,159
ABSORBING RESERVE FUNDS
19 Currency in circulation 692,566 (r) 694,304 694,979
20 Reverse repurchase agreements (6) 19,916 18,946 19,563
21 Foreign official and
international accounts 19,916 18,946 19,563
22 Dealers 0 0 0
23 Treasury holdings 343 365 369
24 Deposits with Federal Reserve
Banks, other than
reserve balances 18,005 17,399 17,205
25 U.S. Treasury, general account 6,205 5,639 5,611
26 Foreign official 259 177 149
27 Service-related 11,290 11,288 11,157
28 Required clearing balances 10,896 10,898 10,912
29 Adjustments to compensate
for float 394 390 245
30 Other 251 294 287
31 Other liabilities and capital 20,228 19,850 20,190
32 Reserve balances with Federal
Reserve Banks (7) 10,696 13,500 7,919
Wednesday figures
July 30 Aug. 6 Aug. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 718,066 711,908 715,472
2 Securities held outright 652,866 653,034 653,288
3 U.S. Treasury (2) 652,856 653,024 653,278
4 Bills (3) 239,726 239,892 240,142
5 Notes and bonds, nominal (3) 398,853 398,853 398,853
6 Note and bonds, inflation-
indexed (3) 12,814 12,814 12,814
7 Inflation compensation (3) 1,463 1,465 1,469
9 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 26,250 18,250 19,000
10 Loans to depository institutions 141 143 164
11 Primary credit 5 3 16
12 Secondary credit 0 0 0
13 Seasonal credit 137 140 148
14 Float -1,187 429 2,583
15 Other I cvlcral Reserve assets 39,996 40,053 40,438
16 Gold stuck 11,043 11,043 11,043
17 Special drawing rights
certificate account 2,200 2,200 2,200
18 Treasury currency outstanding 35,129 (r) 35,145 35,159
ABSORBING RESERVE FUNDS
19 Currency Incirculation 694,586 696,134 695,930
(r)
20 Reverse repurchase
agreements (6) 19,316 19,062 19,138
21 Foreign official and
international accounts 19,316 19,062 19,138
Dealers
23 Treasury cash holdings 364 371 358
24 Deposits with Federal
Reserve Banks. other than
reserve balances 18,561 18,135 17,683
25 U.S. Treasury, general account 6,174 6,400 5,720
26 Foreign official 852 141 525
27 Service-related 11,290 11,288 11,157
28 Required clearing balances 10,896 10,898 10,912
29 Adjustments to compensate
for float 394 390 245
30 Other
31 Other liabilities and capital 246 307 281
32 Reserve balances with Federal 19,745 19,872 20,043
Reserve Bank (7) 13,866 6,722 10,722
Average of daily figures for week
ending on date indicated
Factor 2003
Aug. 20 Aug. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 726,539 715,403
2 Securities held outright 653,446 653,644
3 U.S. Treasury (2) 653,436 653,634
4 Bills (3) 240,298 241,492
5 Notes and bonds nominal (3) 398,853 398,853
6 Notes and bond, inflation-
indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,471 1,474
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 34,071 24,067
10 Loans to depository institutions 937 157
11 Primary credit 719 1
12 Secondary credit 66 0
13 Seasonal credit 152 156
14 Float 842 160
14 Other Federal Reserve Assets 37,243 36,834
16 Gold stock 11,049 11,143
17 Special drawing right certificate
account 2,200 2,200
18 Treasury currency oulstanding 35,173 35,187
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,709 694,738
20 Reverse repurchase agreements (6) 20,106 19,223
21 Foreign official and
international accounts 20,115 19,223
22 Dealers 0 0
23 Treasury holdings 355 338
24 Deposits with Federal Reserve
Banks, other than
reserve balances 17,518 17,612
25 U.S. Treasury, general account 5,644 5,974
26 Foreign official 238 86
27 Service-related 11,131 11,246
28 Required clearing balances 10,912 10,911
29 Adjustments to compensate
for float 419 337
30 Other 304 316
31 Other liabilities and capital 20,304 19,997
32 Reserve balances with Federal
Reserve Banks (7) 21,963 11,924
Wednesday figures
Aug. 20 Aug. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 730,576 718.942
2 Securities held outright 651,526 653,681
3 U.S. Treasury (2) 653,516 653,671
4 Bills (3) 240,376 240,528
5 Notes and bonds, nominal (3) 398,853 398,853
6 Note and bonds, inflation-
indexed (3) 12,514 12,814
7 Inflation compensation (3) 1,472 1,476
9 Federal agency (3) 10 10
9 Repurchase agreements (5) 39,500 29,000
10 Loans to depository institutions 262 161
11 Primary credit 105 2
12 Secondary credit 0 0
13 Seasonal credit 157 159
14 Float 499 -458
15 Other I cvlcral Reserve assets 36,789 36,558
16 Gold stuck 11,043 11,043
17 Special drawing rights
certificate account 2,200 2,200
18 Treasury currency outstanding 35,173 35,187
ABSORBING RESERVE FUNDS
19 Currency Incirculation 695,668 697,386
20 Reverse repurchase
agreements (6) 20,344 19,119
21 Foreign official and
international accounts 20,344 19,119
Dealers
23 Treasury cash holdings 338 335
24 Deposits with Federal
Reserve Banks. other than
reserve balances 18,246 17,050
25 U.S. Treasury, general account 6,533 5,441
26 Foreign official 81 81
27 Service-related 11,331 11,246
28 Required clearing balances 10,912 10,910
29 Adjustments to compensate
for float 419 337
30 Other
31 Other liabilities and capital 301 282
32 Reserve balances with Federal 19,884 19,912
Reserve Bank (7) 24,511 13,570
(1.) Amounts of value cash held as reserves are shown in 1.12, line 2.
(2.) Includes securities lent to dealers, which are fully collteralized
by othe U.S. treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjust for the effect of inflation on the
original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collaterized by U.S.
Treasury and federal agency securities.
(6.) Cash value of agreements, which are fully collaterized by U.S.
Treasury securities.
(7.) 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
avarges
Reserve classification 2000 2001 2002
Dec. Dec. Dec. Feb.
1 Reserve balances with
Reserve Banks (2) 7,022 9,053 9,926 9,860
2 Total vault cash (3) 45,246 43,918 43,368 45,942
3 Applied vault cash (4) 31,451 32,024 30,347 32,079
4 Surplus vault cash (5) 13,795 11,894 13,021 13,863
5 Total reserves (6) 38,473 41,077 40,274 41,939
6 Required reserves 37,046 39,428 38,264 39,973
7 Excess reserve
balances at Reserve
Bunks (7) 1,427 1,649 20,119 1,965
8 Total borrowing at
Reserve Banks 210 67 80 25
9 Primary ... ... ... 21
10 Secondary ... ... ... 0
11 Seasonal 111 73 45 5
12 Adjustment 99 34 35 ...
Biweekly averages of daily figures for
two-week periods ending on dates
indicated
2003
Apr. 30 May 14 May 28 June 11
1 Reserve balances with
Reserve Banks (2) 11,852 9,772 13,116 11,050
2 Total vault cash (3) 42,024 41,432 41,968 41,040
3 Applied vault cash (4) 31,136 29,696 31,211 29,854
4 Surplus vault cash (5) 10,889 11,736 10,758 11,186
5 Total reserves (6) 42,987 39,468 44,326 40,904
6 Required reserves 41,436 37,924 42,712 38,909
7 Excess reserve
balances at Reserve
Banks (7) 1,551 1,543 1,614 1,994
8 Total borrowing at
Reserve Banks 29 51 58 69
9 Primary 2 3 2 7
10 Secondary 0 0 -1 0
11 Seasonal 27 48 56 63
12 Adjustment ... ... ... ...
Prorated monthly averages of biweekly
avarges
Reserve classification 2003
Mar. Apr. May June
1 Reserve balances with
Reserve Banks (2) 7,022 9,053 9,926 9,860
2 Total vault cash (3) 43,088 41,991 41,636 41,961
3 Applied vault cash (4) 30,757 30,574 30,395 30,574
4 Surplus vault cash (5) 12,331 11,417 11,241 11,386
5 Total reserves (6) 40,597 41,172 41,801 41,872
6 Required reserves 38,961 39,640 40,182 40,018
7 Excess reserve
balances at Reserve
Bunks (7) 1,636 15,32 1,619 1,854
8 Total borrowing at
Reserve Banks 2 29 55 161
9 Primary 14 8 3 87
10 Secondary -1 0 0 0
11 Seasonal 8 21 53 74
12 Adjustment ... ... ... ...
Biweekly averages of daily figures for
two-week periods ending on dates
indicated
2003
June 25 July 9 July 23 Aug. 6 (r)
1 Reserve balances with
Reserve Banks (2) 11,437 11,453 12,674 12,099
2 Total vault cash (3) 42,303 43,030 41,789 43,758
3 Applied vault cash (4) 30,798 31,534 30,545 32,890
4 Surplus vault cash (5) 11,505 11,497 11,244 10,869
5 Total reserves (6) 42,235 42,986 43,189 44,988
6 Required reserves 40,631 40,744 41,601 42,836
7 Excess reserve
balances at Reserve
Banks (7) 1,604 2,242 1,588 2,152
8 Total borrowing at
Reserve Banks 241 144 117 140
9 Primary 163 54 5 11
10 Secondary 0 0 1 0
11 Seasonal 78 90 111 129
12 Adjustment ... ... ... ...
Prorated monthly averages of biweekly
avarges
Reserve classification 2003
July Aug.
1 Reserve balances with
Reserve Banks (2) 12,157 14,107
2 Total vault cash (3) 42,657 43,034
3 Applied vault cash (4) 31,437 31,989
4 Surplus vault cash (5) 11,220 11,046
5 Total reserves (6) 43,594 46,096
6 Required reserves 41,671 42,322
7 Excess reserve
balances at Reserve
Bunks (7) 1,924 3,773
8 Total borrowing at
Reserve Banks 130 329
9 Primary 21 168
10 Secondary 11 15
11 Seasonal 110 146
12 Adjustment ... ...
Biweekly averages of daily figures for
two-week periods ending on dates indicated
2003
Aug. 20 Sept. 3
1 Reserve balances with
Reserve Banks (2) 14,940 14,142
2 Total vault cash (3) 43,490 42,060
3 Applied vault cash (4) 31,553 32,052
4 Surplus vault cash (5) 11,937 10,007
5 Total reserves (6) 46,493 46,194
6 Required reserves 40,806 43,973
7 Excess reserve
balances at Reserve
Banks (7) 5,687 2,221
8 Total borrowing at
Reserve Banks 541 162
9 Primary 363 5
10 Secondary 33 0
11 Seasonal 145 157
12 Adjustment ... ...
(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 olf-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 requoentenls. Dates refer to the maintenance
periods in which the vault cash can he 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 "nonhound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current reserve
requirements.
(5.) Total vital 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).
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit (1)
Federal Reserve On
Bank 10/17/03 Effective date Previous rate
Boston 2.00 6/25/03 2.25
New York 6/25/03
Philadelphia 6/26/03
Cleveland 6/26/03
Richmond 6/26/03
Atlanta 6/26/03
Chicago 6/26/03
St. Louis 6/26/83
Minneapolis 6/26/03
Kansas City 6/25/03
Dallas 6/26/03
San Francisco 2.00 6/25/03 2.25
Current and previous levels
Secondary credit (2)
Federal Reserve On
Bank 10/17/03 Effective date Previous rate
Boston 2.50 6/25/03 2.75
New York 6/25/03
Philadelphia 6/26/03
Cleveland 6/26/03
Richmond 6/26/03
Atlanta 6/26/03
Chicago 6/26/03
St. Louis 6/26/03
Minneapolis 6/26/03
Kansas City 6/25/03
Dallas 6/26/03
San Francisco 2.50 6/25/03 2.75
Current and previous levels
Seasonal credit (3)
Federal Reserve On
Bank 10/17/03 Effective date Previous rate
Boston 1.05 9/4/03 1.10
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco 1.05 9/4/03 1.10
Range of rates for primary credit
Range (or F.R. Bank
Effective date level)--All of Effective date
FR. Banks N.Y.
In effect Jan. 9, 2003 2.25 2.25
(beginning of program)
2003--June 25 2.00-2.25 2.00
26 2.00 2.00
In effect October 17, 2003 2.00 2.00
Range of rates for primary credit
Range (or F.R. Bank
Effective date level)-All of Effective date
FR. Bank, N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003--June 25
26
In effect October 17, 2003
Range of rates for primary credit
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003--June 25
26
In effect October 17, 2003
Range of rates for adjustment credit in
recent years (4)
Range (or FR. Bank
Effective date level)--All of Effective date
F.R. Banks N.Y.
In effect Dec. 31, 1995 5.25 5.25 2000--Feb. 2
4
1996--Jan. 31 5.00-5.25 5.00 Mar. 21
Feb. 3 5.00 5.00 23
May 16
1998--Oct. 15 4.75-5.01 4.75 19
16 4.75 4.75
Nov. 17 4.50-4.75 4.50 2001--Jan. 3
19 4.50 4.50 4
5
1999-Aug. 24 4.50-4.75 4.75 31
26 4.75 4.75 Feb. 1
Nov. 16 4.75-5.00 4.75 Mar. 20
19 5.00 5.00 21
Apr. 18
20
2001--May 15
17
Range of rates for adjustment credit in
recent years (4)
Range for F.R. Bank
Effective date level)--All of Effective date
F.R. Banks N.Y.
In effect Dec. 31, 1995 5.00-5.25 5.25 2001--June 17
5.25 5.25 29
1996--Jan. 31 5.25-5.50 5.50 Aug. 21
Feb. 3 5.50 5.50 23
5.50-6.00 5.50 Sept. 17
1998--Oct. 15 6.00 6.00 18
16 Oct. 2
Nov. 17 5.75-6.00 5.75 4
19 5.50-5.75 5.50 Nov. 6
5.50 5.50 8
1999-Aug. 24 5.00-5.50 5.50 Dec. 11
26 5.00 5.50 13
Nov. 16 4.50-5.00 4.50
19 4.50 4.50 2002--Nov. 6
4.00-4.50 4.00 7
4.00 4.00
3.50-4.00 3.50 In effect Jan. 8.
3.50 3.50 2003
(end of program)
Range of rates for adjustment credit in
recent years (4)
Range (or FR. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 1995 3.25-3.50 3.25
3.25 3.25
1996--Jan. 31 3.00-3.25 3.00
Feb. 3 3.00 3.00
2.50-3.00 2.50
1998--Oct. 15 2.50 2.50
16 2.00-2.50 2.00
Nov. 17 2.00 2.00
19 1.50-2.00 1.50
1.50 1.50
1999-Aug. 24 1.25-1.50 1.25
26 1.25 1.25
Nov. 16
19 0.75-1.25 0.75
0.75 0.75
0.75 0.75
(1.) Available for every short terms as a backup of liquidity to
depository institutions that are in generally sound financial condition
in the judgment of the lending Federal Reserve Bank.
(2.) Available in appropriate circumstance, to depository institutions
that do not qualify for primary credit.
(3.) Available to help relatively small depository institutions meet
regular. seasonal needs for funds that arise from a clear pattern of
intrayearly movements in then deposits and loans and that cannot he
met through special industry lender. The discount rule 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.
(4.) Was available until January 8, 2003, to help depository
institutions meet temporary needs lot funds that could not be met
through reasonable alternative source. For earlier data, see the
following publications of the Board of Governors: Banking and Monetary
Statistics 1914-1941. and 1941-1970; and the Souisrical Digest,
1970-1979, 1980-19899, and 1990-1995. See also the Board's Statistics:
Releases and Historical Data web pages (http://www.federalreserve.
gov/ieleases/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Type of deposit Percentage Effective
deposits date
Net transaction accounts (2)
1 $0 million-$6.6 million (3) 0 12/25/03
2 More heat 36.6 million-$45.4 million (4) 3 12/25/03
3 More than $45.4 million 10 12/25/03
4 Nonpersonal time deposits (6) 0 12/27/03
5 Eurocurrency 0 12/27/03
(1.) Required reserves must be held in the form of deposits with
Federal Reserves Banks or vault rash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly, on
a pass-through basis, with certain approved insulations, For previous
reserve requirements, see earlier editions of the Annual Report or the
Federal Reserve Bulletin. Under the Monetary Control of Act of 1980,
depository institutions include commercial banks, savings hanks,
savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.
(2.) Transaction recoil 111S Itslude 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 similar order
payable directly to third parties) are savings deposits, not transaction
accounts.
(3.) Under the Garn-St. Germain Depository Institutions Act of 1982,
the Board adjust 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 weekly,
and with the period beginning January 15, 2004, for institutions that
report quarterly, the exemption was raised from $6.0 million to
$6.6 million.
(4.) The Monetary Control Act of 1980 requires that the amount of
transaction account against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change in
trasaction accounts held by all depository institutions, determined
December 25, 2003, for depository institutions that report weekly, the
amount was increased from $42.1 million to $45.4 million.
(5.) The reserve requirement was reduced from 12 percent on April 2,
for institutions that report weekly, and April 16, 1992, for
installations that report quarterly.
(6.) For institutions that report weekly, the reserve requirements 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. 27, 1990. For institutions that report
quarterly, the resereve requirement on nonpersonal time deposits with
an original maturity of less than 1.5 years was reduced from 3 percent
to zero since October 6, 1983.
(7.) 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 2000 2001 2002
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasure bills
1 Gross purchases 8,676 15,503 21,421
2 Gross sales 0 0 0
3 Exchange 477,904 542,736 657,931
4 For new bills 477,904 542,736 657,931
5 Redemptions 24,522 10,095 0
Others within one year
6 Gross purchases 8,809 15,663 12,720
7 Gross sales 0 0 0
8 Maturity shifts 62,025 70,336 89,108
9 Exchanges -54,656 -72,004 -92,075
10 Redemption 3,779 16,802 0
One to five years
11 Gross purchases 14,482 22,814 12,748
12 Gross sales 0 0 0
13 Maturity shifts -52,068 -45,211 -73,093
14 Exchanges 46,177 64,519 88,276
Five to ten years
15 Gross purchases 5,871 6,003 5,074
16 Gross sales 0 0 0
17 Maturity shifts -6,801 -21,063 -11,588
18 Exchanges 6,585 6,063 3,800
More than ten years
19 Gross purchase 5,833 8,531 2,280
20 Gross sales 0 0 0
21 Maturity shifts -3,155 -4,062 -4,427
22 Exchanges 1,894 1,423 0
All maturities
23 Gross purchases 43,670 68,513 54,242
24 Gross sales 0 0 0
25 Redemptions 28,301 26,897 0
26 Net change in U.S.
Treasury securities 15,369 41,616 54,242
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0
28 Gross sales 0 0 0
29 Redemptions 51 120 0
30 Net change in federal
agency obligations -51 -120 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 890,236 1,497,713 1,143,126
32 Gross sales 987,501 1,490,838 1,153,876
Matched sale--purchase
agreements
33 Gross purchases 4,415,905 4,722,667 4,981,624
34 Gross sales 4,397,835 4,724,743 4,958,437
Reverse repurchase
agreements (4)
35 Gross purchase 0 0 231,272
36 Gross sales 0 0 252,363
37 Net change in temporary
transactions -79,195 4,800 -8,653
38 Total net change in
System Open Market
Account -63,877 46,295 45,589
2003
Type of transaction
and maturity Jan. Feb. Mar. Apr.
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasure bills
1 Gross purchases 0 4,161 1,863 3,543
2 Gross sales 0 0 0 0
3 Exchange 71,075 53,860 47,424 51,834
4 For new bills 71,075 53,860 47,424 51,834
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 0 478 1,318 1,422
7 Gross sales 0 0 0 0
8 Maturity shifts 6,216 3,214 8,334 8,333
9 Exchanges -6,834 -13,313 -8,211 -7,293
10 Redemption 0 0 0 0
One to five years
11 Gross purchases 0 2,127 710 733
12 Gross sales 0 0 0 0
13 Maturity shifts -6,216 2,160 -8,334 -8,333
14 Exchanges 6,834 11,817 8,211 7,293
Five to ten years
15 Gross purchases 0 769 522 0
16 Gross sales 0 0 0 0
17 Maturity shifts 0 -3,877 0 0
18 Exchanges 0 1,497 0 0
More than ten years
19 Gross purchase 0 0 50 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 -1,497 0 0
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 0 7,534 4,463 5,699
24 Gross sales 0 0 0 0
25 Redemptions 0 0 0 0
26 Net change in U.S.
Treasury securities 0 7,534 4,463 5,699
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0 0
28 Gross sales 0 0 0 0
29 Redemptions 0 0 0 0
30 Net change in federal
agency obligations 0 0 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 135,749 121,896 95,001 112,251
32 Gross sales 150,499 119,746 90,151 106,500
Matched sale--purchase
agreements
33 Gross purchases 0 0 0 0
34 Gross sales 0 0 0 0
Reverse repurchase
agreements (4)
35 Gross purchase 392,530 343,748 388,069 451,149
36 Gross sales 389,810 343,395 389,469 452,545
37 Net change in temporary
transactions -12,029 2 2,200 2,104
38 Total net change in
System Open Market
Account -12,029 7,537 6,664 7,803
2003
Type of transaction
and maturity May June July
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasure bills
1 Gross purchases 1,684 1,032 808
2 Gross sales 0 0 0
3 Exchange 76,354 60,706 68,544
4 For new bills 76,354 60,706 68,544
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 786 0 0
7 Gross sales 0 0 0
8 Maturity shifts 7,228 7,511 6,662
9 Exchanges -6,999 -6,700 -4,996
10 Redemption 0 0 0
One to five years
11 Gross purchases 1,057 0 0
12 Gross sales 0 0 0
13 Maturity shifts -1,513 -7,531 -6,662
14 Exchanges 6,747 67,081 4,996
Five to ten years
15 Gross purchases 234 0 0
16 Gross sales 0 0 0
17 Maturity shifts -5,463 0 0
18 Exchanges 252 0 0
More than ten years
19 Gross purchase 0 0 0
20 Gross sales 0 0 0
21 Maturity shifts -252 0 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 3,761 1,032 808
24 Gross sales 0 0 0
25 Redemptions 0 0 0
26 Net change in U.S.
Treasury securities 3,761 1,032 808
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0
28 Gross sales 0 0 0
29 Redemptions 0 0 0
30 Net change in federal
agency obligations 0 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 124,741 90,500 145,750
32 Gross sales 132,002 88,990 148,500
Matched sale--purchase
agreements
33 Gross purchases 0 0 0
34 Gross sales 0 0 0
Reverse repurchase
agreements (4)
35 Gross purchase 441,555 456,652 445,346
36 Gross sales 443,025 456,447 443,093
37 Net change in temporary
transactions -8,731 -6,535 -497
38 Total net change in
System Open Market
Account -4,971 -5,504 311
(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.
(3.) Cash value of agreements, which are collateralized by U.S.
government and federal agency obligations.
(4.) Cash value of agreements, which are collateralized by U.S.
Treasury securities.
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements (1)
Millions of dollars
Wednesday
2003
Account July 30 Aug. 6 Aug. 13 Aug. 20
Consolidated condition statement
ASSETS
1 Gold certificate account 11,039 11,039 11,039 11,039
2 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
3 Coin 869 870 888 897
4 Securities, repurchase
agreements, and loans 679,257 671,427 672,451 693,288
5 Securities held outright 652,866 653,034 653,288 653,526
6 U.S. Treasury (2) 652,856 653,024 653,278 653,516
7 Bills (3) 239,726 239,892 240,142 240,376
8 Notes and bonds,
nominal (3) 398,853 398,953 398,853 398,853
9 Notes and bonds,
inflation-indexed
(3) 12,814 12,814 12,814 12,814
10 Inflation
compensation (4) 1,463 1,465 1,469 1,472
11 Federal agency (3) 10 10 10 10
12 Repurchase agreements
(5) 26,250 18,250 19,000 39,511
13 Loans 141 143 164 262
14 Items in process of
collection 7,843 9,337 9,284 7,556
15 Bank premises 1,586 1,586 1,587 1,590
16 Other assets 38,377 38,431 38,805 35,154
17 Denominated in foreign
currencies (6) 17,707 17,717 17,770 17,646
18 All other (7) 20,670 20,714 21,035 17,509
19 Total assets 741,172 734,891 736,255 751,724
LIABILITIES
20 Federal Reserve notes, net
of F.R. Bank holdings 660,686 662,226 662,014 661,727
21 Reverse repurchase
agreements (8) 19,316 19,062 19,138 20,344
22 Deposits 33,151 25,188 27,215 42,103
23 Depository institutions 25,879 18,340 20,690 35,188
24 U.S. Treasury, general
account 6,174 6,400 5,720 6,533
25 Foreign official 852 141 525 81
26 Other 246 307 281 301
27 Deferred availability cash
items 8,275 8,543 7,844 7,667
28 Other liabilities and
accrued dividends (9) 2,151 2,125 2,159 2,162
29 Total liabilities 723,578 717,144 718,370 734,003
CAPITAL ACCOUNTS
30 Capital paid in 8,719 8,721 8,724 8,725
31 Surplus 8,363 8,380 8,380 8,380
32 Other capital accounts 513 646 780 617
33 Total capital 17,594 17,747 17,884 17,722
MEMO
34 Marketable securities held
in custody for foreign
official and
international accounts
(3,10) 930,019 935,715 937,857 945,863
35 U.S. treasury 746,813 753,009 751,156 759,937
36 Federal agency 183,207 182,707 186,701 185,925
37 Securities lent to dealers 2,534 4,784 2,689 2,196
Federal Reserve notes and collateral
statement
38 Federal Reserve notes
outstanding 774,095 775,502 777,982 779,566
39 Less: Notes held by F.R.
Banks not subject to
collateralization 108,713 108,511 111,177 113,140
40 Federal Reserve notes
to be collateralized 665,381 666,991 666,805 666,426
41 Collateral held against
Federal Reserve notes 665,381 666,991 666,805 666,426
42 Gold certificate account 11,039 11,039 11,039 11,039
43 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
44 U.S. Treasury and agency
securities pledged
(11) 652,142 652,217 653,145 653,187
45 Other eligible assets 0 1,534 420 0
MEMO
46 Total U.S. Treasury and
agency securities (11) 679,116 671,284 672,288 693,026
47 Less: face value of
securities under
reverse repurchase
agreements (12) 19,321 19,067 19,142 20,349
48 U.S. Treasury and agency
securities eligible
to be pledged 659,795 652.217 653,145 672,677
Wednesday End of month
2003 2003
Account Aug. 27 June July Aug.
Consolidated condition statement
ASSETS
1 Gold certificate account 11,039 11,040 11,039 11,039
2 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
3 Coin 887 942 878 881
4 Securities, repurchase
agreements, and loans 682,842 684,646 682,057 689,066
5 Securities held outright 653,681 652,128 652,913 653,909
6 U.S. Treasury (2) 653,671 652,118 652,903 653,899
7 Bills (3) 240,528 238,965 239,773 240,754
8 Notes and bonds,
nominal (3) 398,853 398,853 398,853 398,853
9 Notes and bonds,
inflation-indexed
(3) 12,814 12,814 12,814 12,814
10 Inflation
compensation (4) 1,476 1,485 1,462 1,478
11 Federal agency (3) 10 10 10 10
12 Repurchase agreements
(5) 29,000 31,750 29,000 35,000
13 Loans 161 768 145 158
14 Items in process of
collection 7,586 2,330 6,558 5,997
15 Bank premises 1,590 1,580 1,586 1,590
16 Other assets 35,389 37,195 38,004 35,729
17 Denominated in foreign
currencies (6) 17,511 17,849 17,598 17,654
18 All other (7) 17,878 19,346 20,406 18,075
19 Total assets 741,534 739,932 742,321 746,503
LIABILITIES
20 Federal Reserve notes, net
of F.R. Bank holdings 663,418 659,552 660,167 666,113
21 Reverse repurchase
agreements (8) 19,119 22,080 19,827 20,190
22 Deposits 31,731 35,806 35,972 33,793
23 Depository institutions 25,927 27,720 29,041 28,898
24 U.S. Treasury, general
account 5,441 6,939 6,356 4,589
25 Foreign official 81 898 318 81
26 Other 282 249 258 225
27 Deferred availability cash
items 7,355 2,596 6,681 6,155
28 Other liabilities and
accrued dividends (9) 2,204 2,227 2,143 2,195
29 Total liabilities 723,825 722,262 724,789 728,446
CAPITAL ACCOUNTS
30 Capital paid in 8,748 8,657 8,719 8,750
31 Surplus 8,380 8,356 8,327 8,380
32 Other capital accounts 580 657 486 927
33 Total capital 17,708 17,670 17,532 18,057
MEMO
34 Marketable securities held
in custody for foreign
official and
international accounts
(3,10) 949,401 945,930 936,251 951.036
35 U.S. treasury 761,587 760,406 754,101 765,022
36 Federal agency 187,814 185,524 182,150 186,013
37 Securities lent to dealers 2,346 4,950 2,390 2,631
Federal Reserve notes and collateral
statement
38 Federal Reserve notes
outstanding 780,878 766,845 774,672 780,991
39 Less: Notes held by F.R.
Banks not subject to
collateralization 112,697 102,691 109,856 110,234
40 Federal Reserve notes
to be collateralized 668,181 664,155 664,816 670,757
41 Collateral held against
Federal Reserve notes 668,181 664,155 664,816 670,757
42 Gold certificate account 11,039 11,040 11,039 11,039
43 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
44 U.S. Treasury and agency
securities pledged
(11) 654,942 650,915 651,577 657,518
45 Other eligible assets 0 0 0 0
MEMO
46 Total U.S. Treasury and
agency securities (11) 682,681 683,878 681,913 688,909
47 Less: face value of
securities under
reverse repurchase
agreements (12) 19,124 22,086 19,831 20,198
48 U.S. Treasury and agency
securities eligible
to be pledged 663,558 661,792 662,081 668,711
(1.) Some of the data in this table also appear in the Board's H.4.1
(503) weekly statistical release. For ordering address, see inside
front cover.
(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation on the
original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized by U.S.
Treasury and federal agency securities.
(6.) Valued daily at market exchange rates.
(7.) Includes special investment account at the Federal Reserve Bank of
Chicago in Treasury bills maturing within ninety days.
(8.) Cash value of agreements, which are fully collateralized by U.S.
Treasury securities.
(9.) Includes exchange-translation account reflecting the daily
revaluation at market exchange rates of foreign exchange commitments.
(10.) Includes U.S. Treasury STRIPS and other zero coupon bonds at face
value.
(11.) Includes face value of U.S. Treasury and agency securities held
outright compensation to adjust for the effect of inflation on the
original face value of inflation-indexed securities, and cash value of
repurchase agreements.
(12.) Face value of agreements, which are fully collateralized by U.S.
Treasury securities.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loans and
Securities
Millions of dollars
Wednesday
2003
Type of holding and maturity July 30 Aug. 6 Aug. 13 Aug. 20
1 Total loans 141 103 164 262
2 Within 15 days 116 37 40 261
3 16 days to 90 days 25 106 123 1
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (1) 652,856 653,024 653,278 653,516
6 Within 15 days 46,148 51,281 52,151 49,409
7 16 days to 90 days 141,180 137,369 136,584 135,851
8 91 days to 1 year 159,660 161,900 162,065 160,914
9 Over 1 year to 5 years 179,349 177,684 177,685 180,032
10 Over 5 years to 10 years 46,654 44,824 44,825 50,383
11 Over 10 years 79,965 79,966 79,967 76,928
12 Total federal agency
securities 10 10 10 10
13 Within 15 days 0 0 0 0
14 16 days to 90 days 0 0 0 0
15 91 days to 1 year 10 10 10 10
16 Over 1 year to 5 years 0 0 0 0
17 Over 5 years to 10 years 0 0 0 0
18 Over 10 years 0 0 0 0
19 Total repurchase
agreements (2) 26,250 18,250 19,000 39,500
20 Within 15 days 24,250 15,250 14,000 32,500
21 16 days to 90 days 2,000 3,000 5,000 7,000
22 Total reverse repurchase
agreements (2) 19,316 19,062 19,138 20,344
23 Within 15 days 19,316 19,062 19,138 20,344
24 16 days to 90 days 0 0 0 0
Wednesday End of month
2003 2003
Type of holding and maturity Aug. 27 June July Aug.
1 Total loans 161 768 145 158
2 Within 15 days 138 752 99 109
3 16 days to 90 days 23 16 45 48
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (1) 653,671 652,118 652,903 653,899
6 Within 15 days 50,191 27,419 36,979 35,599
7 16 days to 90 days 135,304 153,840 134,047 138,773
8 91 days to 1 year 160,830 157,337 172,745 172,179
9 Over 1 year to 5 years 180,032 186,886 184,345 180,033
10 Over 5 years to 10 years 50,384 46,661 44,823 50,384
11 Over 10 years 76,929 79,974 79,965 76 930
12 Total federal agency
securities 10 10 10 10
13 Within 15 days 0 0 0 0
14 16 days to 90 days 0 0 0 0
15 91 days to 1 year 10 10 10 10
16 Over 1 year to 5 years 0 0 0 0
17 Over 5 years to 10 years 0 0 0 0
18 Over 10 years 0 0 0 0
19 Total repurchase
agreements (2) 29,000 31,750 29,000 35,000
20 Within 15 days 24,000 23,750 24,000 26,000
21 16 days to 90 days 5,000 8,000 5,000 9,000
22 Total reverse repurchase
agreements (2) 19,119 22,080 19,827 20,190
23 Within 15 days 19,119 22,080 19,827 20,190
24 16 days to 90 days 0 0 0 0
Note. Components may not sum to totals because of rounding.
(1.) Includes the original face value of inflation-indexed securities
and compensation that adjusts for the effect of inflation on the
original face value of such securities.
(2.) Cash value of agreements classified by remaining maturity of the
agreements.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY
BASE (1)
Billions of dollars, averages of daily figures
1999 2000 2001 2002
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.81 38.54 41.24 40.22
2 Nonborrowed reserves (4) 41.49 38.33 41.18 40.14
3 Required reserves 40.51 32.11 39.60 38.21
4 Monetary base (5) 593.16 584.77 635.62 681.90
Not seasonally adjusted
5 Total reserves (6) 41.89 38.53 41.20 40.13
6 Nonborrowed reserves 41.57 38.32 41.13 40.05
7 Required rescrves (7) 40.59 37.10 39.55 38.12
8 Monetary base (8) 600.72 590.06 639.91 686.23
NOT ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.65 38.47 41.08 40.27
10 Nonborrowed reserves 41.31 38.26 41.01 40.19
11 Required reserves 40.36 37.05 39.43 38.26
12 Monetary base (11) 608.02 596.98 648.74 697.15
13 Excess reserves (12) 1.30 1.43 1.65 2.01
14 Borrowings from the
Federal Reserve .32 .21 .07 .08
2003
Item Jan. Feb. Mar. Apr.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.73 40.82 40.97 40.81
2 Nonborrowed reserves (4) 40.70 40.80 40.95 40.78
3 Required reserves 39.02 38.86 39.34 39.27
4 Monetary base (5) 685.72 691.31 695.14 698.23
Not seasonally adjusted
5 Total reserves (6) 42.85 41.94 40.60 41.16
6 Nonborrowed reserves 42.83 41.91 40.57 41.14
7 Required rescrves (7) 41.15 39.97 38.96 39.63
8 Monetary base (8) 688.33 690.25 693.91 697.83
NOT ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (9)
9 Total reserves (10) 42.87 41.94 40.60 41.17
10 Nonborrowed reserves 42.84 41.91 40.58 41.14
11 Required reserves 41.16 39.97 38.96 39.64
12 Monetary base (11) 699.25 701.04 705.14 709.10
13 Excess reserves (12) 1.71 1.97 1.64 1.53
14 Borrowings from the
Federal Reserve .03 .03 .02 .03
2003
Item May June July Aug.
Seasonally adjusted
ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.81 42.80 43.93 46.29
2 Nonborrowed reserves (4) 40.93 42.63 43.80 45.97
3 Required reserves 39.37 40.94 42.00 (r) 42.52
4 Monetary base (5) 701.18 703.17 703.53 709.21
Not seasonally adjusted
5 Total reserves (6) 41.79 41.86 43.58 46.07
6 Nonborrowed reserves 41.73 41.70 43.41 (r) 45.74
7 Required rescrves (7) 40.17 40.00 41.65 (r) 42.30
8 Monetary base (8) 701.58 703.33 705.80 709.18
NOT ADJUSTED FOR CHANGES IN
RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.80 41.87 43.59 (r) 46.10
10 Nonborrowed reserves 41.75 41.71 43.46 (r) 45.77
11 Required reserves 40.18 40.02 41.67 (r) 42.32
12 Monetary base (11) 712.76 714.36 717.01 720.49
13 Excess reserves (12) 1.62 1.85 1.92 3.77
14 Borrowings from the
Federal Reserve .06 .16 .13 .33
(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.) 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.
(6.) Break-adjusted total reserves equal break-adjusted required
reserves (line 9) plus excess reserves (line 16).
(7.) 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).
(8.) 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.
(9.) 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.
(10.) Reserve balances with Federal Reserve Banks plus vault cash used
to satisfy reserve requirements.
(11.) The monetary base, not break-adjusted and not seasonally
adjusted, consist 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 Account,
Other Deposits and Vault Cash" and for all those weekly reporters whose
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.
(12.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures
1999 2000 2001 2002
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,121.4 1,084.7 1,172.9 1,210.4
2 M2 4,649.7 4,931.5 5,444.6 5,791.8
3 M3 6,534.9 7,099.4 8,004.5 8,522.7
M1 components
4 Currency (3) 517.7 531.5 581.9 627.3
5 Travelers checks (4) 8.3 8.0 7.8 7.5
6 Demand deposits (5) 352.1 306.9 326.1 297.1
7 Other checkable deposits
(6) 243.4 238.7 257.2 278.5
Nontransaction components
8 In M2 (7) 3,528.3 3,846.8 4,271.7 4,581.4
9 In M3 only (8) 1,885.1 2,167.9 2,559.9 2,730.9
Commercial banks
10 Savings deposits,
including MMDAs 1,288.8 1,422.9 1,734.6 2,047.9
11 Small time deposits (9) 634.6 699.5 634.2 591.0
12 Large time deposits
(10,11) 652.2 718.3 671.1 676.6
Thrift institutions
13 Savings deposits,
including MMDAs 452.0 454.3 572.4 714.5
14 Small time deposits (9) 319.5 344.8 339.1 302.2
15 Large time deposits (10) 91.9 103.0 114.9 117.3
Money market mutual funds
16 Retail 833.4 925.4 991.5 925.9
17 Institution-only 634.8 788.8 1,190.3 1,234.5
Repurchase agreements and
eurodollars
18 Repurchase agreements
(12) 335.7 363.5 3,751.1 474.6
19 Eurodollars (12) 170.5 194.3 208.6 227.9
Not seasonally adjusted
Measures (2)
20 M1 1,147.8 1,112.1 1.211.2 1,240.3
21 M2 4,676.8 4,966.9 5,487.6 5,841.1
22 M3 6,577.5 7,154.0 8,076.3 8,600.3
M1 components
23 Currency (3) 521.7 535.6 585.4 630.6
24 Travelers checks (4) 8.4 8.1 7.9 7.7
25 Demand deposits (5) 371.7 326.7 348.1 317.5
26 Other checkable deposits
(6) 246.0 241.6 261.5 284.5
Nontransaction components
27 In M2 (7) 3,529.0 3,854.8 4,284.6 4,600.8
28 In M3 only (8) 1,900.7 2,187.1 2,588.7 2,759.2
Commercial banks
29 Savings deposits,
including MMDAs 1,288.7 1,427.5 1,742.4 2,060.4
30 Small time deposits (9) 635.6 700.6 635.1 591.7
31 Large time deposits
(10,11) 653.6 718.5 670.0 675.0
Thrift institutions
32 Savings deposits,
including MMDAs 451.9 455.8 575.0 718.9
33 Small time deposits (9) 320.0 345.4 339.6 302.5
34 Large time deposits (10) 92.1 103.0 114.7 117.0
Money market mutual funds
35 Retail 832.7 925.5 992.5 927.4
36 Institution-only 648.6 806.1 1,218.3 1,262.3
Repurchase agreements and
eurodollars
37 Repurchase agreements
(12) 334.7 364.2 376.5 476.4
38 Eurodollars (12) 171.7 195.2 209.1 228.5
2003
Item May June July
Seasonally adjusted
Measures (2)
1 M1 1,158.3 1,272.2 1,277.8
2 M2 5,996.2 6,043.6 6,092.1
3 M3 8,706.1 (r) 8,772.1 (r) 8,932.9 (r)
M1 components
4 Currency (3) 645.8 646.5 646.2
5 Travelers checks (4) 7.5 7.9 8.2
6 Demand deposits (5) 315.4 322.5 322.5
7 Other checkable deposits
(6) 289.6 295.3 300.9
Nontransaction components
8 In M2 (7) 4,737.9 4,771.4 4,814.3
9 In M3 only (8) 2,709.9 (r) 2,728.5 (r) 2,840.9 (r)
Commercial banks
10 Savings deposits,
including MMDAs 2,188.4 2,227.6 2,279.8
11 Small time deposits (9) 571.6 566.4 557.4
12 Large time deposits
(10,11) 691.1 687.3 775.0 (r)
Thrift institutions
13 Savings deposits,
including MMDAs 793.3 802.0 816.3
14 Small time deposits (9) 291.7 288.5 285.0
15 Large time deposits (10) 116.9 118.0 121.4
Money market mutual funds
16 Retail 892.8 886.9 875.8
17 Institution-only 1,124.8 1,143.8 1,183.9
Repurchase agreements and
eurodollars
18 Repurchase agreements
(12) 517.5 520.2 495.1
19 Eurodollars (12) 259.5 (r) 259.1 (r) 265.4 (r)
Not seasonally adjusted
Measures (2)
20 M1 1,251.8 1,269.4 1,274.2
21 M2 5,961.6 6,012.6 6,058.1
22 M3 8,681.8 (r) 8,741.1 (r) 8,874.3 (r)
M1 components
23 Currency (3) 646.5 647.7 648.7
24 Travelers checks (4) 7.5 7.7 7.8
25 Demand deposits (5) 308.0 318.8 319.9
26 Other checkable deposits
(6) 289.7 295.2 297.8
Nontransaction components
27 In M2 (7) 4,709.8 4,743.3 4,783.8
28 In M3 only (8) 2,720.3 (r) 2,728.5 (r) 2,816.2 (r)
Commercial banks
29 Savings deposits,
including MMDAs 2,177.5 2,217.5 2,263.9
30 Small time deposits (9) 571.0 565.8 557.2
31 Large time deposits
(10,11) 696.9 691.8 (r) 774.9 (r)
Thrift institutions
32 Savings deposits,
including MMDAs 789.4 798.3 810.7
33 Small time deposits (9) 291.3 288.1 284.9
34 Large time deposits (10) 117.9 118.8 121.4
Money market mutual funds
35 Retail 880.6 873.5 867.2
36 Institution-only 1,118.9 1,131.0 1,161.6
Repurchase agreements and
eurodollars
37 Repurchase agreements
(12) 525.0 529.5 496.6
38 Eurodollars (12) 261.5 (r) 257.4 (r) 261.8 (r)
2003
Item Aug.
Seasonally
adjusted
Measures (2)
1 M1 1,285.3
2 M2 6,132.2
3 M3 8,956.7
M1 components
4 Currency (3) 649.2
5 Travelers checks (4) 8.0
6 Demand deposits (5) 321.9
7 Other checkable deposits
(6) 306.2
Nontransaction components
8 In M2 (7) 4,846.9
9 In M3 only (8) 2,824.4
Commercial banks
10 Savings deposits,
including MMDAs 2,315.8
11 Small time deposits (9) 549.6
12 Large time deposits
(10,11) 773.4
Thrift institutions
13 Savings deposits,
including MMDAs 831.4
14 Small time deposits (9) 281.0
15 Large time deposits (10) 123.0
Money market mutual funds
16 Retail 869.2
17 Institution-only 1,164.6
Repurchase agreements and
eurodollars
18 Repurchase agreements
(12) 491.6
19 Eurodollars (12) 271.9
Not seasonally
adjusted
Measures (2)
20 M1 1,279.2
21 M2 6,111.5
22 M3 8,906.7
M1 components
23 Currency (3) 650.4
24 Travelers checks (4) 7.8
25 Demand deposits (5) 320.9
26 Other checkable deposits
(6) 300.0
Nontransaction components
27 In M2 (7) 4,832.3
28 In M3 only (8) 2,795.2
Commercial banks
29 Savings deposits,
including MMDAs 2,307.3
30 Small time deposits (9) 549.9
31 Large time deposits
(10,11) 772.2
Thrift institutions
32 Savings deposits,
including MMDAs 828.4
33 Small time deposits (9) 281.1
34 Large time deposits (10) 122.8
Money market mutual funds
35 Retail 865.6
36 Institution-only 1,144.1
Repurchase agreements and
eurodollars
37 Repurchase agreements
(12) 488.1
38 Eurodollars (12) 267.9
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 scanning 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.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)
A. All commercial banks
Billions of dollars
Monthly averages
2002 2003
Account Aug. Feb. (r) Mar. (r)
Seasonally adjusted
Assets
1 Bank credit 5,661.4 5,962.1 5,992.5
2 Securities in bank
credit 1,629.5 1,754.1 1,766.1
3 U.S. government
securities 943.7 1,059.4 1,072.2
4 Other 685.8 604.7 693.9
5 Loans and leases in bank
credit (2) 4,031.9 4,208.0 4,226.4
6 Commercial and
industrial 978.4 (r) 953.4 947.8
7 Real estate 1,903.7 (r) 2,079.9 2,095.0
8 Revolving home
equity 197.3 222.7 230.5
9 Other 1,706.4 (r) 1,857.2 1,864.5
10 Consumer 574.3 591.8 586.9
11 Security (3) 176.9 181.3 193.6
12 Other loans and leases 398.5 401.6 403.1
13 Interbank loans 304.1 304.2 313.1
14 Cash assets (4) 320.3 318.3 323.6
15 Other assets (5) 504.2 535.2 525.0
16 Total assets (6) 6,714.9 7,043.3 7,077.7
Liabilities
17 Deposits 4,462.5 4,535.3 4,585.6
18 Transaction 598.6 613.7 619.4
19 Nontransaction 3,863.9 3,921.6 3,966.3
20 Large time 1,046.6 995.2 1,001.6
21 Other 2,817.3 2,926.4 2,964.7
22 Borrowings 1,290.6 1,368.7 1,389.8
23 From banks in the U.S. 403.7 388.1 397.3
24 From Others 886.8 980.6 992.6
25 Net due to related foreign
offices 87.3 (r) 144.3 135.8
26 Other liabilities 430.3 455.4 449.8
27 Total liabilities 6,270.7 (r) 6,503.7 6,561.0
28 Residual (assets less
liabilities) (7) 444.2 (r) 539.6 516.7
Not seasonally adjusted
Assets
29 Bank credit 5,642.6 5,965.5 5,981.3
30 Securities in bank
credit 1,622.9 1,763.2 1,771.1
31 U.S. government
securities 940.2 1,065.7 1,077.2
32 Other securities 682.7 697.5 693.9
33 Loans and leases in bank
credit (2) 4,019.7 4,202.2 4,210.2
34 Commercial and
industrial 974.3 (r) 951.5 949.2
35 Real estate 1,903.7 (r) 2,075.7 2,086.0
36 Revolving home
equity 197.4 223.0 228.4
37 Other 1,706.3 (r) 1,852.6 1,857.6
38 Consumer 571.0 595.0 584.7
39 Credit cards and
related plans 224.1 225.8 219.6
40 Other 346.9 369.2 365.0
41 Security (3) 172.4 183.0 189.2
42 Other loans and leases 398.4 (r) 397.2 401.2
43 Interbank loans 298.2 301.4 319.5
44 Cash asset (4) 304.6 318.8 312.8
45 Other assets (5) 501.1 532.6 524.1
46 Total assets (6) 6,671.3 7,041.4 7,061.0
Liabilities
47 Deposits 4,313.8 4,556.2 4,592.8
48 Transaction 583.8 606.1 611.0
49 Nontransaction 3,830.0 3,950.2 3,981.8
50 Large time 1,028.8 1,005.8 1,004.3
51 Other 2,801.2 2,944.3 2,977.4
52 Borrowings 1,273.5 1,370.9 1,386.2
53 From banks in the U.S. 399.4 391.6 400.7
54 From others 874.1 979.3 985.5
55 Net due to related foreign
offices 85.4 (r) 149.6 133.9
56 Other liabilities 428.8 461.7 446.0
57 Total liabilities 6,201.4 6,538.4 6,558.9
58 Residual (assets less
liabilities) (7) 469.8 (r) 503.0 502.1
Monthly averages
2003
Account Apr. (r) May (r) June (r)
Seasonally adjusted
Assets
1 Bank credit 6,027.0 6,134.1 6,195.8
2 Securities in bank
credit 1,778.7 1,837.4 1,862.3
3 U.S. government
securities 1,104.4 1,135.2 1,151.4
4 Other 674.3 702.2 710.9
5 Loans and leases in bank
credit (2) 4,248.3 4,296.7 4,333.5
6 Commercial and
industrial 946.2 938.8 927.0
7 Real estate 2,111.1 2,133.9 2,156.7
8 Revolving home
equity 234.7 238.2 244.5
9 Other 1,876.4 1,895.7 1,912.2
10 Consumer 584.6 589.9 595.8
11 Security (3) 190.6 210.3 212.2
12 Other loans and leases 415.1 423.8 441.9
13 Interbank loans 304.4 316.3 319.7
14 Cash assets (4) 319.7 318.3 331.4
15 Other assets (5) 528.7 546.1 549.6
16 Total assets (6) 7,104.6 7,239.4 7,321.2
Liabilities
17 Deposits 4,612.6 4,643.4 4,702.4
18 Transaction 632.4 634.1 639.3
19 Nontransaction 3,980.2 4,009.3 4,063.1
20 Large time 985.5 999.2 1,003.3
21 Other 2,994.7 3,010.2 3,059.8
22 Borrowings 1,396.7 1,438.2 1,478.1
23 From banks in the U.S. 397.1 389.8 408.6
24 From Others 999.6 1,048.4 1,069.5
25 Net due to related foreign
offices 139.3 146.5 126.4
26 Other liabilities 455.0 479.0 489.3
27 Total liabilities 6,603.5 6,707.1 6,796.2
28 Residual (assets less
liabilities) (7) 501.2 532.3 524.9
Not seasonally adjusted
Assets
29 Bank credit 6,021.6 6,128.8 6,192.3
30 Securities in bank
credit 1,776.5 1,835.1 1,856.2
31 U.S. government
securities 1,104.3 1,133.2 1,146.7
32 Other securities 672.2 702.0 709.5
33 Loans and leases in bank
credit (2) 4,245.1 4,293.7 4,336.2
34 Commercial and
industrial 950.7 942.5 931.0
35 Real estate 2,107.5 2,137.7 2,158.0
36 Revolving home
equity 234.4 239.4 245.4
37 Other 1,873.1 1,898.3 1,912.6
38 Consumer 581.8 588.7 592.4
39 Credit cards and
related plans 215.6 221.5 223.2
40 Other 366.2 367.2 369.3
41 Security (3) 189.8 202.6 210.8
42 Other loans and leases 415.3 422.1 444.0
43 Interbank loans 315.5 312.0 320.9
44 Cash asset (4) 318.0 314.7 322.2
45 Other assets (5) 528.1 544.0 544.2
46 Total assets (6) 7,108.0 7,223.9 7,304.1
Liabilities
47 Deposits 4,637.7 4,636.4 4,691.4
48 Transaction 638.3 623.9 633.9
49 Nontransaction 3,999.4 4,012.5 4,057.6
50 Large time 989.9 1,002.8 1,001.4
51 Other 3,009.5 3,009.6 3,056.2
52 Borrowings 1,400.8 1,443.9 1,477.2
53 From banks in the U.S. 401.2 392.2 406.8
54 From others 999.6 1,051.8 1,070.4
55 Net due to related foreign
offices 130.2 146.0 123.5
56 Other liabilities 442.5 478.2 486.1
57 Total liabilities 6,611.2 6,704.5 6,778.3
58 Residual (assets less
liabilities) (7) 496.8 519.3 525.8
Wednesday
Monthly averages figures
2003
Account July (r) Aug. Aug. 6
Seasonally adjusted
Assets
1 Bank credit 6,237.1 6,223.3 6,252.8
2 Securities in bank
credit 1,817.4 1,775.0 1,800.5
3 U.S. government
securities 1,114.9 1,076.4 1,107.1
4 Other 702.5 698.5 693.5
5 Loans and leases in bank
credit (2) 4,419.7 4,448.3 4,452.3
6 Commercial and
industrial 930.3 922.4 923.7
7 Real estate 2,194.6 2,239.8 2,242.0
8 Revolving home
equity 248.7 253.1 251.3
9 Other 1,945.9 1,986.7 1,990.7
10 Consumer 596.2 596.9 594.5
11 Security (3) 214.8 207.0 210.7
12 Other loans and leases 483.8 482.2 481.5
13 Interbank loans 321.1 326.1 333.1
14 Cash assets (4) 336.4 343.8 334.1
15 Other assets (5) 555.2 568.3 573.7
16 Total assets (6) 7,374.6 7,385.4 7,418.5
Liabilities
17 Deposits 4,748.0 4,799.6 4,797.1
18 Transaction 655.3 655.1 625.7
19 Nontransaction 4,092.7 4,144.5 4,171.4
20 Large time 1,020.9 1,031.6 1,040.9
21 Other 3,071.8 3,112.9 3,130.5
22 Borrowings 1,515.0 1,517.9 1,559.8
23 From banks in the U.S. 410.9 416.4 428.3
24 From Others 1,104.0 1,101.5 1,131.4
25 Net due to related foreign
offices 143.0 126.5 120.5
26 Other liabilities 458.6 448.5 449.8
27 Total liabilities 6,864.6 6,892.7 6,927.2
28 Residual (assets less
liabilities) (7) 510.1 492.7 491.3
Not seasonally adjusted
Assets
29 Bank credit 6,212.2 6,203.3 6,235.0
30 Securities in bank
credit 1,802.1 1,767.7 1,792.1
31 U.S. government
securities 1,106.8 1,072.5 1,102.8
32 Other securities 695.3 695.2 689.3
33 Loans and leases in bank
credit (2) 4,410.1 4,435.6 4,442.9
34 Commercial and
industrial 931.4 918.6 922.7
35 Real estate 2,193.0 2,239.8 2,240.5
36 Revolving home
equity 248.7 253.2 251.0
37 Other 1,944.3 1,986.6 1.989.5
38 Consumer 590.6 593.2 588.0
39 Credit cards and
related plans 219.9 220.0 217.0
40 Other 370.7 373.3 371.0
41 Security (3) 208.7 201.7 207.9
42 Other loans and leases 486.3 482.2 483.7
43 Interbank loans 316.6 320.2 332.4
44 Cash asset (4) 325.7 327.2 319.0
45 Other assets (5) 553.4 564.7 572.7
46 Total assets (6) 7,333.0 7,339.3 7,383.6
Liabilities
47 Deposits 4,718.6 4,749.6 4,771.6
48 Transaction 646.6 638.7 614.8
49 Nontransaction 4,072.0 4,110.9 4,156.8
50 Large time 1,009.8 1,015.5 1,015.5
51 Other 3,062.2 3,095.4 3,129.3
52 Borrowings 1,507.9 1,497.9 1,542.7
53 From banks in the U.S. 407.6 411.9 425.7
54 From others 1,100.4 1,086.1 1,117.0
55 Net due to related foreign
offices 133.6 125.1 111.9
56 Other liabilities 448.7 446.7 441.2
57 Total liabilities 6,808.9 6,819.4 6,867.5
58 Residual (assets less
liabilities) (7) 524.1 519.9 516.1
Wednesday figures
2003
Account Aug. 13 Aug. 20 Aug. 27
Seasonally adjusted
Assets
1 Bank credit 6,230.4 6,203.3 6,208.0
2 Securities in bank
credit 1,764.2 1,771.4 1,767.8
3 U.S. government
securities 1,062.9 1,065.6 1,071.5
4 Other 701.3 705.8 696.4
5 Loans and leases in bank
credit (2) 4,466.2 4,431.9 4,440.2
6 Commercial and
industrial 921.7 921.6 923.9
7 Real estate 2,237.6 2,234.3 2,234.7
8 Revolving home
equity 252.2 253.3 254.1
9 Other 1,981.0 1,981.0 1,980.6
10 Consumer 595.7 597.7 597.9
11 Security (3) 226.2 194.9 201.3
12 Other loans and leases 485.1 483.2 482.5
13 Interbank loans 334.4 325.7 323.2
14 Cash assets (4) 338.0. 345.4 350.5
15 Other assets (5) 575.6 568.3 552.0
16 Total assets (6) 7,402.2 7,366.3 7,357.6
Liabilities
17 Deposits 4,828.0 4,779.2 4,784.2
18 Transaction 648.4 664.3 695.6
19 Nontransaction 4,179.6 4,114.9 4,088.6
20 Large time 1,034.8 1,027.4 1,023.8
21 Other 3,144.8 3,087.4 3,064.8
22 Borrowings 1,532.4 1,496.0 1,501.8
23 From banks in the U.S. 418.4 416.1 411.3
24 From Others 1,114.0 1,079.8 1,090.5
25 Net due to related foreign
offices 99.5 144.2 143.1
26 Other liabilities 455.4 446.5 427.7
27 Total liabilities 6,915.4 6,865.8 6,856.8
28 Residual (assets less
liabilities) (7) 486.8 500.5 500.8
Not seasonally adjusted
Assets
29 Bank credit 6,210.2 6,180.5 6,181.0
30 Securities in bank
credit 1,754.5 1,762.9 1,760.2
31 U.S. government
securities 1,057.1 1,061.0 1,067.0
32 Other securities 697.4 701.8 693.3
33 Loans and leases in bank
credit (2) 4,455.7 4,417.7 4,420.8
34 Commercial and
industrial 918.4 917.8 917.2
35 Real estate 2,240.0 2,233.5 2,234.4
36 Revolving home
equity 252.3 253.5 254.5
37 Other 1,987.8 1,980.1 1,979.9
38 Consumer 591.0 594.7 596.1
39 Credit cards and
related plans 218.3 221.2 221.2
40 Other 372.7 373.5 375.0
41 Security (3) 222.2 188.5 194.7
42 Other loans and leases 484.1 483.2 478.4
43 Interbank loans 329.7 320.9 305.3
44 Cash asset (4) 315.7 325.9 323.8
45 Other assets (5) 572.9 562.5 544.2
46 Total assets (6) 7,352.2 7,313.4 7,278.1
Liabilities
47 Deposits 4,779.6 4,720.4 4,698.3
48 Transaction 630.4 644.2 663.4
49 Nontransaction 4,149.2 4,076.2 4,034.9
50 Large time 1,018.2 1,010.4 1,008.1
51 Other 3,131.1 3,065.8 3,026.8
52 Borrowings 1,508.7 1,477.7 1,476.5
53 From banks in the U.S. 413.7 412.9 404.3
54 From others 1,095.0 1,064.8 1,072.2
55 Net due to related foreign
offices 95.3 142.5 148.8
56 Other liabilities 450.7 444.9 433.3
57 Total liabilities 6,834.3 6,785.4 6,756.9
58 Residual (assets less
liabilities) (7) 517.8 528.0 521.2
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
2002 2003
Account Aug. Feb. Mar.
Seasonally adjusted
Assets
1 Bank credit 5,041.4 (r) 5,315.2 (r) 5,329.0
2 Securities in bank
credit 1,381.4 1,474.8 1,482.3 (r)
3 U.S. government
securities 862.0 942.7 949.7
4 Other securities 519.4 532.0 (r) 532.6
5 Loans and leases in bank
credit (2) 3,660.0 3,840.4 (r) 3,846.7
6 Commercial and
industrial 789.3 (r) 779.3 (r) 776.2 (r)
7 Real estate 1,884.8 (r) 2,060.1 (r) 2,075.1 (r)
8 Revolving home
equity 197.3 222.7 230.5
9 Other 1,687.6 (r) 1,837.4 (r) 1,844.6 (r)
10 Consumer 574.3 591.8 (r) 586.9
11 Security (3) 85.4 73.1 (r) 72.2
12 Other loans and leases 326.1 336.0 (r) 336.3 (r)
13 Interbank loans 286.2 277.2 285.8
14 Cash assets (4) 272.5 279.6 279.7
15 Other assets (5) 476.5 (r) 500.7 (r) 495.0 (r)
16 Total assets (6) 6,001.9 6,296.6 (r) 6,313.6 (r)
Liabilities
17 Deposits 3,964.8 4,092.5 4,137.2
18 Transaction 589.5 603.5 607.9
19 Nontransaction 3,376.3 3,489.0 3,529.4
20 Large time 565.0 583.5 583.6
21 Other 2,811.3 2,905.5 2,945.8
22 Borrowings 1,076.7 1,093.8 1,096.7
23 From banks in the U.S. 382.4 357.0 363.6
24 From others 694.3 736.7 733.1 (r)
25 Net due to related foreign
offices 173.5 (r) 222.7 219.6 (r)
26 Other liabilities 332.7 355.8 355.0
27 Total liabili |