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 loan and security
holding
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 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
A45 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A46 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
A46 Liabilities to, and claims on, foreigners
A47 Liabilities to foreigners
A49 Banks' own claims on foreigners
A50 Banks' own and domestic customers' claims on
foreigners
A50 Banks' own claims on unaffiliated foreigners
A51 Claims on foreign countries--Combined
domestic offices and foreign branches
Reported by Nonbanking Business
Enterprises in the United States
A52 Liabilities to unaffiliated foreigners
A53 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
SPECIAL TABLES
A58 Residential lending reported under the
Home Mortgage Disclosure Act, 2001
A69 Disposition of applications for
private mortgage insurance, 2001
A70 Small loans to businesses and farms, 2001
A73 Community development lending reported
under the Community Reinvestment Act, 2001
A74 INDEX TO STATISTICAL TABLES
Discontinuation of Certain Statistical Tables
in the Federal Reserve Bulletin
The following ten tables have been discontinued in the Financial and
Business Statistics section of the Federal Reserve Bulletin.
Information on the sources of data in these tables appears in the
Announcements section of the June 2002 issue of the Bulletin, page 290.
Discontinued tables:
1.38 1.39 1.48 2.10 2.11
2.14 2.15 2.16 2.17 3.11
Page numbers of the tables in the Financial and Business Statistics
section have been revised.
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. Domestic Financial Statistics Money Stock and Bank Credit
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2001
Monetary or credit aggregate Q3 Q4 Q1
Reserves of depository
institutions (2)
1 Total 76.3 -31.2 -9.7
2 Required 14.8 22.1 -9.3
3 Nonborrowed 65.0 -21.4 -9.4
4 Monetary base (3) 14.8 6.4 9.1
Concepts of money (4)
5 M1 16.0 2.1 5.8
6 M2 11.0 9.4 5.8
7 M3 10.1 (r) 12.2 4.9 (r)
Nontransaction components
8 In M2 (5) 9.6 11.5 5.8
9 In M3 only (6) 8.1 18.1 (r) 3.1 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 19.7 23.2 20.4
11 Small time (7) -10.3 -12.1 -15.3
12 Large time (8),(9) -7.4 -9.2 4.9
Thrift institutions
13 Savings, including MMDAs 25.2 27.2 25.5 (r)
14 Small time (7) -5.1 -11.2 -15.3 (r)
15 Large time (8) 14.9 2.5 -.8
Money market mutual funds
16 Retail 5.0 7.9 -9.4
17 Institution-only 27.5 49.2 -.5
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) -9.0 -1.4 7.7 (r)
19 Eurodollars (10) -3.7 (r) -4.8 (r) 12.0 (r)
2001 2002
Monetary or credit aggregate Q2 Feb. Mar.
Reserves of depository
institutions (2)
1 Total -16.3 -8.5 -12.7
2 Required -15.4 -8.2 -14.5
3 Nonborrowed -16.9 -8.0 -14.1
4 Monetary base (3) 8.1 10.0 6.5 (r)
Concepts of money (4)
5 M1 -.7 1.9 3.0 (r)
6 M2 3.4 7.5 -.7 (r)
7 M3 3.2 6.3 (r) -.1 (r)
Nontransaction components
8 In M2 (5) 4.5 9.0 -1.8
9 In M3 only (6) 2.8 3.9 (r) 1.2 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 13.3 22.1 5.2
11 Small time (7) -3.5 -13.1 -11.2 (r)
12 Large time (8),(9) 8.8 -2.7 (r) 2.7 (r)
Thrift institutions
13 Savings, including MMDAs 21.2 38.8 27.9
14 Small time (7) -14.8 -13.5 (r) -9.6
15 Large time (8) -9.0 -7.3 -7.3
Money market mutual funds
16 Retail -10.1 -10.3 -24.1
17 Institution-only 2.4 -1.8 -.2
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) -8.3 12.0 (r) -8.0
19 Eurodollars (10) 11.7 49.3 (r) 24.2 (r)
2002
Monetary or credit aggregate Apr. (r) May (r) June
Reserves of depository
institutions (2)
1 Total -7.4 -48.4 4.7
2 Required -1.4 -51.9 5.8
3 Nonborrowed -7.2 -49.8 3.8
4 Monetary base (3) 7.9 7.3 11.2
Concepts of money (4)
5 M1 -11.3 6.6 7.0
6 M2 -3.6 14.1 7.4
7 M3 -2.2 11.8 6.2
Nontransaction components
8 In M2 (5) -1.5 16.1 7.5
9 In M3 only (6) .7 6.8 3.8
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 7.0 25.5 13.6
11 Small time (7) -7.0 11.5 1.7
12 Large time (8),(9) 17.0 14.3 -2.9
Thrift institutions
13 Savings, including MMDAs 17.5 13.3 14.5
14 Small time (7) -10.4 -29.7 -11.2
15 Large time (8) 6.3 -30.4 -17.2
Money market mutual funds
16 Retail -23.3 18.4 .9
17 Institution-only -2.0 10.1 10.0
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) -22.2 -3.6 3.3
19 Eurodollars (10) .5 2.2 2.7
(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.
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT (1)
Millions of dollars
Average of
daily figures
2002
Factor Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 642,176 647,403
U.S. government securities (2)
2 Bought outright--System
account (3) 578,737 584,747
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) 25,430 24,845
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 75 7
9 Seasonal credit 50 107
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -397 -237
13 Other Federal Reserve assets 38,271 37,925
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,675 (r) 33,793 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 643,853 (r) 649,546 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 400 407
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 6,127 5,056
21 Foreign 98 93
22 Service-related balances and
adjustments 10,049 10,098
23 Other 255 223
24 Other Federal Reserve liabilities
and capital 18,813 19,343
25 Reserve balances with Federal
Reserve Banks (5) 9,500 9,675
End-of-month figures
Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 651,320 651,329 (r)
U.S. government securities (2)
2 Bought outright--System
account (3) 581,308 587,189
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) 31,500 28,000
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 13 0
9 Seasonal credit 60 124
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -402 -666 (r)
13 Other Federal Reserve assets 38,832 36,672 (r)
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,710 (r) 33,871 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 645,495 (r) 653,796 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 393 416
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,387 5,883
21 Foreign 111 128
22 Service-related balances and
adjustments 10,012 9,799
23 Other 287 207
24 Other Federal Reserve liabilities
and capital 19,202 19,504
25 Reserve balances with Federal
Reserve Banks (5) 17,388 8,712 (r)
Average of
Average daily
of figures for
daily week ending
figures on date
indicated
2002 2002
Factor June May 15
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 653,265 645,894
U.S. government securities (2)
2 Bought outright--System
account (3) 590,187 583,972
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) 25,285 22,787
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 5 6
9 Seasonal credit 135 95
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -245 -99
13 Other Federal Reserve assets 37,888 39,124
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,898 33,775 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 655,168 647,781 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 405 408
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 6,126 5,134
21 Foreign 101 99
22 Service-related balances and
adjustments 10,114 10,042
23 Other 238 214
24 Other Federal Reserve liabilities
and capital 19,921 19,099
25 Reserve balances with Federal
Reserve Banks (5) 8,333 10,135
End-of-
month Wednesday
figures figures
June May 15
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 661,834 649,265
U.S. government securities (2)
2 Bought outright--System
account (3) 590,683 585,767
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) 32,000 28,251
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 17 9
9 Seasonal credit 166 95
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -238 -816
13 Other Federal Reserve assets 39,196 35,948
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,927 33,775 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 657,832 649,169 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 395 410
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 8,116 4,968
21 Foreign 90 108
22 Service-related balances and
adjustments 10,134 10,042
23 Other 212 216
24 Other Federal Reserve liabilities
and capital 20,186 18,978
25 Reserve balances with Federal
Reserve Banks (5) 12,039 12,392
Average of daily figures
for week ending on date
indicated
2002
Factor May 22 May 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 643,811 655,846
U.S. government securities (2)
2 Bought outright--System
account (3) 585,122 587,669
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) 22,893 31,204
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 12 7
9 Seasonal credit 105 129
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -753 -185
13 Other Federal Reserve assets 36,422 37,012
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,807 (r) 33,839 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 648,855 (r) 654,071 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 411 412
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,914 5,012
21 Foreign 76 109
22 Service-related balances and
adjustments 10,159 10,159
23 Other 217 207
24 Other Federal Reserve liabilities
and capital 19,460 19,701
25 Reserve balances with Federal
Reserve Banks (5) 6,771 13,258
Wednesday figures
May 22 May 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 644,369 673,629
U.S. government securities (2)
2 Bought outright--System
account (3) 584,602 587,559
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) 23,500 47,425
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 24 3
9 Seasonal credit 111 143
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -688 1,174
13 Other Federal Reserve assets 36,810 37,314
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,807 (r) 33,839 (r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 651,277 (r) 656,342 (r)
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 411 416
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 4,024 3,947
21 Foreign 72 208
22 Service-related balances and
adjustments 10,159 10,159
23 Other 217 210
24 Other Federal Reserve liabilities
and capital 19,406 19,306
25 Reserve balances with Federal
Reserve Banks (5) 5,854 30,124
Average of daily
figures for week
ending on date
indicated
2002
Factor June 5 June 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 651,306 650,290
U.S. government securities (2)
2 Bought outright--System
account (3) 587,403 589,060
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) 26,929 23,936
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 0 5
9 Seasonal credit 120 106
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -45 -224
13 Other Federal Reserve assets 36,890 37,397
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,871 33,885
ABSORBING RESERVE FUNDS
17 Currency in circulation 654,441 654,381
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 415 411
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,338 5,289
21 Foreign 100 85
22 Service-related balances and
adjustments 9,799 10,004
23 Other 226 238
24 Other Federal Reserve liabilities
and capital 19,579 19,749
25 Reserve balances with Federal
Reserve Banks (5) 8,523 7,262
Wednesday figures
June 5 June 12
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 648,791 661,251
U.S. government securities (2)
2 Bought outright--System
account (3) 588,363 589,396
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) 22,750 34,500
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 1 2
9 Seasonal credit 107 105
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float 510 -306
13 Other Federal Reserve assets 37,050 37,543
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,871 33,885
ABSORBING RESERVE FUNDS
17 Currency in circulation 655,358 655,998
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 412 408
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,776 4,727
21 Foreign 96 109
22 Service-related balances and
adjustments 9,799 10,004
23 Other 251 243
24 Other Federal Reserve liabilities
and capital 19,450 19,529
25 Reserve balances with Federal
Reserve Banks (5) 4,764 17,362
Average of daily
figures for week
ending on date
indicated
2002
Factor June 19 June 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 650,779 656,055
U.S. government securities (2)
2 Bought outright--System
account (3) 591,354 591,688
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) 22,036 25,821
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 3 5
9 Seasonal credit 131 162
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -505 -150
13 Other Federal Reserve assets 37,750 38,518
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,899 33,913
ABSORBING RESERVE FUNDS
17 Currency in circulation 654,786 655,385
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 407 397
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 5,894 6,963
21 Foreign 124 104
22 Service-related balances and
adjustments 10,248 10,303
23 Other 255 237
24 Other Federal Reserve liabilities
and capital 19,819 20,253
25 Reserve balances with Federal
Reserve Banks (5) 6,389 9,570
Wednesday figures
June 19 June 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 649,869 665,851
U.S. government securities (2)
2 Bought outright--System
account (3) 592,187 592,390
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) 20,750 34,250
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 0 1
9 Seasonal credit 150 179
10 Special Liquidity Facility
credit 0 0
11 Extended credit 0 0
12 Float -1,206 110
13 Other Federal Reserve assets 37,978 38,911
14 Gold stock 11,044 11,144
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,899 33,913
ABSORBING RESERVE FUNDS
17 Currency in circulation 656,080 657,982
18 Reverse repurchase agreements--
triparty (4) 0 0
19 Treasury cash holdings 397 395
Deposits, other than reserve
balances, with Federal
Reserve Banks
20 Treasury 6,899 7,620
21 Foreign 113 74
22 Service-related balances and
adjustments 10,248 10,303
23 Other 251 239
24 Other Federal Reserve liabilities
and capital 19,708 20,129
25 Reserve balances with Federal
Reserve Banks (5) 3,316 16,266
(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 2001
Reserve classification Dec. Dec. Dec. Dec.
1 Reserve balances with
Reserve Banks (2) 5,262 7,022 9,054 9,054
2 Total vault cash (3) 60,620 45,245 43,935 43,935
3 Applied vault cash (4) 36,392 31,451 32,024 32,024
4 Surplus vault cash (5) 24,228 13,794 11,911 11,911
5 Total reserves (6) 41,654 38,473 41,077 41,077
6 Required reserves 40,357 37,046 39,433 39,433
7 Excess reserve balances
at Reserve Banks (7) 1,297 1,427 1,645 1,645
8 Total borrowing at Reserve
Banks 320 210 67 67
9 Adjustment 179 99 34 34
10 Seasonal 67 111 33 33
11 Special Liquidity
Facility (8) 74 0 ... ...
12 Extended credit (9) 0 0 0 0
Prorated monthly averages
of biweekly averages
2002
Reserve classification Jan. Feb. Mar. Apr.
1 Reserve balances with
Reserve Banks (2) 9,995 9,273 9,146 9,740
2 Total vault cash (3) 45,730 45,696 42,633 42,014 (r)
3 Applied vault cash (4) 33,730 33,218 31,151 31,156
4 Surplus vault cash (5) 11,999 12,478 11,482 10,858 (r)
5 Total reserves (6) 43,725 42,491 40,297 40,896
6 Required reserves 42,339 41,124 38,883 39,688
7 Excess reserve balances
at Reserve Banks (7) 1,387 1,367 1,414 1,208
8 Total borrowing at Reserve
Banks 50 30 79 71
9 Adjustment 33 12 59 21
10 Seasonal 17 17 20 50
11 Special Liquidity
Facility (8) ... ... ... ...
12 Extended credit (9) 0 0 0 0
Biweekly averages
Prorated monthly of daily figures
averages of for two-week
biweekly averages periods ending on
dates indicated
2002
Reserve classification May (r) June Mar. 6 Mar. 20
1 Reserve balances with
Reserve Banks (2) 9,209 7,930 9,855 8,569
2 Total vault cash (3) 41,819 41,662 42,690 42,267
3 Applied vault cash (4) 31,033 30,643 31,885 30,565
4 Surplus vault cash (5) 10,786 11,019 10,805 11,702
5 Total reserves (6) 40,242 38,573 41,740 39,134
6 Required reserves 38,969 37,329 40,460 37,849
7 Excess reserve balances
at Reserve Banks (7) 1,273 1,243 1,280 1,285
8 Total borrowing at Reserve
Banks 112 142 22 24
9 Adjustment 7 6 9 4
10 Seasonal 105 136 13 20
11 Special Liquidity
Facility (8) ... ... ... ...
12 Extended credit (9) 0 0 0 0
Biweekly averages of daily figures
for two-week periods ending on
dates indicated
2002
May 15
Reserve classification Apr. 3 Apr. 17 May 1 (r)
1 Reserve balances with
Reserve Banks (2) 9,493 9,325 10,243 8,524
2 Total vault cash (3) 43,069 41,730 42,077 (r) 41,828
3 Applied vault cash (4) 31,497 30,301 31,999 30,366
4 Surplus vault cash (5) 11,572 11,429 10,079 (r) 11,462
5 Total reserves (6) 40,990 39,626 42,242 38,890
6 Required reserves 39,340 38,501 41,046 37,699
7 Excess reserve balances
at Reserve Banks (7) 1,650 1,124 1,195 1,191
8 Total borrowing at Reserve
Banks 180 47 71 100
9 Adjustment 157 2 10 6
10 Seasonal 23 45 62 95
11 Special Liquidity
Facility (8) ... ... ... ...
12 Extended credit (9) 0 0 0 0
Biweekly averages of daily figures
for two-week periods ending on
dates indicated
2002
May 29 June
Reserve classification (r) 12 (r) June 26 July 10
1 Reserve balances with
Reserve Banks (2) 10,011 7,878 7,980 7,910
2 Total vault cash (3) 41,954 40,682 42,130 42,968
3 Applied vault cash (4) 31,858 29,441 31,446 31,440
4 Surplus vault cash (5) 10,096 11,241 10,684 11,528
5 Total reserves (6) 41,869 37,319 39,426 39,349
6 Required reserves 40,491 36,174 38,178 37,828
7 Excess reserve balances
at Reserve Banks (7) 1,378 1,145 1,248 1,521
8 Total borrowing at Reserve
Banks 127 116 151 194
9 Adjustment 10 3 4 27
10 Seasonal 117 113 147 168
11 Special Liquidity
Facility (8) ... ... ... ...
12 Extended credit (9) 0 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 Effective Previous
Bank 8/16/02 date rate
Boston 1.25 12/11/01 1.50
New York 1.25 12/11/01 1.50
Philadelphia 1.25 12/11/01 1.50
Cleveland 1.25 12/13/01 1.50
Richmond 1.25 12/13/01 1.50
Atlanta 1.25 12/13/01 1.50
Chicago 1.25 12/11/01 1.50
St. Louis 1.25 12/12/01 1.50
Minneapolis 1.25 12/13/01 1.50
Kansas City 1.25 12/13/01 1.50
Dallas 1.25 12/13/01 1.50
San Francisco 1.25 12/11/01 1.50
Current and previous levels
Seasonal credit (2)
Federal Reserve On Effective Previous
Bank 8/16/02 date rate
Boston 1.75 07/11/02 1.80
New York 1.75 07/11/02 1.80
Philadelphia 1.75 07/11/02 1.80
Cleveland 1.75 07/11/02 1.80
Richmond 1.75 07/11/02 1.80
Atlanta 1.75 07/11/02 1.80
Chicago 1.75 07/11/02 1.80
St. Louis 1.75 07/11/02 1.80
Minneapolis 1.75 07/11/02 1.80
Kansas City 1.75 07/11/02 1.80
Dallas 1.75 07/11/02 1.80
San Francisco 1.75 07/11/02 1.80
Current and previous levels
Extended credit (3)
Federal Reserve On Effective Previous
Bank 8/16/02 date rate
Boston 2.25 07/11/02 2.30
New York 2.25 07/11/02 2.30
Philadelphia 2.25 07/11/02 2.30
Cleveland 2.25 07/11/02 2.30
Richmond 2.25 07/11/02 2.30
Atlanta 2.25 07/11/02 2.30
Chicago 2.25 07/11/02 2.30
St. Louis 2.25 07/11/02 2.30
Minneapolis 2.25 07/11/02 2.30
Kansas City 2.25 07/11/02 2.30
Dallas 2.25 07/11/02 2.30
San Francisco 2.25 07/11/02 2.30
Range of rates for adjustment credit in
recent years (4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 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
In effect August 16, 2002 1.25 1.25
(1.) Available on a short-term basis to help depository institutions
meet temporary needs for funds that cannot be met through reasonable
alternative sources. The highest rate established for loans to
depository institutions may be charged on adjustment credit loans of
unusual size that result from a major operating problem at the
borrower's facility.
(2.) Available to help relatively small depository institutions meet
regular seasonal needs for funds that arise from a clear pattern of
intrayearly movements in their deposits and loans and that cannot be
met through special industry lenders. The discount rate on seasonal
credit takes into account rates charged by market sources of funds and
ordinarily is reestablished on the first business day of each two-week
reserve maintenance period; however, it is never less than the discount
rate applicable to adjustment credit.
(3.) May be made available to depository institutions when similar
assistance is not reasonably available from other sources, including
special industry lenders. Such credit may be provided when exceptional
circumstances (including sustained deposit drains, impaired access to
money market funds, or sudden deterioration in loan repayment
performance) or practices 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-$41.3 million (3) 3 12/27/01
2 More than $41.3 million (4) 10 12/27/01
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 27, 2001, for depository institutions that report
weekly, and with the period beginning January 17, 2002, for
institutions that report quarterly, the amount was decreased from $42.8
million to $41.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a zero
percent reserve requirement each year for the succeeding calendar year
by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis
as of June 30. No corresponding adjustment is made in the event of a
decrease. The exemption applies only to accounts that would be subject
to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 27, 2001, for depository
institutions that report weekly, and with the period beginning January
17, 2002, for institutions that report quarterly, the exemption was
raised from $5.5 million to $5.7 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 7,583 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 3,139 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
2001 2002
Type of transaction
and maturity Nov. Dec. Jan. Feb.
U.S. TREASURY SECURITIES (2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,075 812 2,772 1,042
2 Gross sales 0 0 0 0
3 Exchanges 59,292 43,771 55,521 54,619
4 For new bills 59,292 43,771 55,521 54,619
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 1,408 2,942 0 2,894
7 Gross sales 0 0 0 0
8 Maturity shifts 5,873 5,235 5,850 7,537
9 Exchanges -9,559 -6,666 -5,766 -8,432
10 Redemptions 0 0 0 0
One to five years
11 Gross purchases 1,920 634 2,872 1,101
12 Gross sales 0 0 0 0
13 Maturity shifts -3,073 -5,235 -5,850 -6,283
14 Exchanges 7,967 6,666 5,766 7,679
Five to ten years
15 Gross purchases 459 101 0 334
16 Gross sales 0 0 0 0
17 Maturity shifts -1,824 0 0 -501
18 Exchanges 1,592 0 0 753
More than ten years
19 Gross purchases 0 448 582 1,054
20 Gross sales 0 0 0 0
21 Maturity shifts -975 0 0 -753
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 6,862 4,937 6,226 6,425
24 Gross sales 0 0 0 0
25 Redemptions 0 0 0 0
Matched transactions
26 Gross purchases 377,247 387,033 407,791 367,906
27 Gross sales 378,129 390,617 404,296 368,060
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S. Treasury
securities 5,980 1,354 9,720 6,271
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 121,530 117,650 118,550 101,749
40 Gross sales 130,080 103,900 131,300 104,750
41 Net change in triparty
obligations -8,550 13,750 -12,750 -3,001
42 Total net change in System
Open Market Account -2,570 15,104 -3,030 3,270
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 0
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 0
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 0
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
(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.
Federal Reserve Banks
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve
Note Statements (1)
Millions of dollars
Wednesday
2002
Account May 29 June 5 June 12 June 19
Consolidated condition statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044 11,044
2 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
3 Coin 928 929 932 945
Loans
4 To depository institutions 146 109 107 150
5 Other 0 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0 0
Triparty obligations
7 Repurchase agreements--
triparty (2) 47,425 22,750 34,500 20,750
Federal agency
obligations (3)
8 Bought outright 10 10 10 10
9 Held under repurchase
agreements 0 0 0 0
10 Total U.S. Treasury
securities (3) 587,559 588,363 589,396 592,187
11 Bought outright (4) 587,559 588,363 589,396 592,187
12 Bills 194,822 194,372 195,389 198,163
13 Notes 287,329 288,576 288,582 288,595
14 Bonds 105,408 105,415 105,422 105,429
15 Held under repurchase
agreements 0 0 0 0
16 Total loans and securities 635,140 611,231 624,014 613,097
17 Items in process of
collection 10,850 8,957 7,740 7,116
18 Bank premises 1,516 1,514 1,516 1,517
Other assets
19 Denominated in foreign
currencies (5) 15,396 15,463 15,462 15,624
20 All other (6) 20,152 20,086 20,567 20,844
21 Total assets 697,225 671,424 683,476 672,387
LIABILITIES
22 Federal Reserve notes 623,847 622,827 623,453 623,523
23 Reverse repurchase
agreements--triparty (2) 0 0 0 0
24 Total deposits 44,379 20,677 33,009 21,604
25 Depository institutions 40,014 14,554 27,930 14,341
26 U.S. Treasury--General
account 3,947 5,776 4,727 6,899
27 Foreign--Official accounts 208 96 109 113
28 Other 210 251 243 251
29 Deferred credit items 9,693 8,470 7,485 7,552
30 Other liabilities and
accrued dividends (7) 2,522 2,508 2,563 2,554
31 Total liabilities 680,441 654,482 666,510 655,233
CAPITAL ACCOUNTS
32 Capital paid in 8,267 8,282 8,294 8,320
33 Surplus 7,312 7,312 7,312 7,312
34 Other capital accounts 1,206 1,349 1,360 1,523
35 Total liabilities and
capital accounts 697,225 671,424 683,476 672,387
MEMO
36 Marketable U.S. Treasury
securities held in
custody for foreign and
international accounts n.a. n.a. n.a. n.a.
Federal Reserve note statement
37 Federal Reserve notes
outstanding (issued
to Banks) 752,137 751,995 752,193 752,271
38 LESS: Held by Federal
Reserve Banks 128,290 129,168 128,740 128,748
39 Federal Reserve notes, net 623,847 622,827 623,453 623,523
Collateral held against
notes, net
40 Gold certificate account 11,044 11,044 11,044 11,044
41 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
42 Other eligible assets 0 0 0 0
43 U.S. Treasury and agency
securities 610,603 609,584 610,209 610,279
44 Total collateral 623,847 622,827 623,453 623,523
Wed-
nesday End of month
2002 2002
Account June 26 Apr. May June
Consolidated condition statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044 11,044
2 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
3 Coin 931 989 947 948
Loans
4 To depository institutions 180 72 124 184
5 Other 0 0 0 0
6 Acceptances held under
repurchase agreements 0 0 0 0
Triparty obligations
7 Repurchase agreements--
triparty (2) 34,250 31,500 28,000 32,000
Federal agency
obligations (3)
8 Bought outright 10 10 10 10
9 Held under repurchase
agreements 0 0 0 0
10 Total U.S. Treasury
securities (3) 592,390 581,308 587,189 590,683
11 Bought outright (4) 592,390 581,308 587,189 590,683
12 Bills 198,350 192,466 163,752 196,633
13 Notes 288,604 283,535 288,027 288,610
14 Bonds 105,436 105,307 105,410 105,440
15 Held under repurchase
agreements 0 0 0 0
16 Total loans and securities 626,830 612,891 615,323 622,877
17 Items in process of
collection 7,238 9,541 5,059 5,299
18 Bank premises 1,518 1,512 1,514 1,516
Other assets
19 Denominated in foreign
currencies (5) 16,133 14,872 15,432 16,161
20 All other (6) 21,266 22,220 19,728 21,512
21 Total assets 687,160 675,268 671,247 681,555
LIABILITIES
22 Federal Reserve notes 625,395 613,166 621,288 625,248
23 Reverse repurchase
agreements--triparty (2) 0 0 0 0
24 Total deposits 34,536 33,279 24,779 30,743
25 Depository institutions 26,603 27,495 18,561 22,324
26 U.S. Treasury--General
account 7,620 5,387 5,883 8,116
27 Foreign--Official accounts 74 111 128 90
28 Other 239 287 207 212
29 Deferred credit items 7,099 9,621 5,677 5,378
30 Other liabilities and
accrued dividends (7) 2,583 2,388 2,556 2,354
31 Total liabilities 669,614 658,455 654,299 663,723
CAPITAL ACCOUNTS
32 Capital paid in 8,330 8,056 8,268 8,330
33 Surplus 7,312 7,290 7,312 7,312
34 Other capital accounts 1,905 1,468 1,368 2,191
35 Total liabilities and
capital accounts 687,160 675,268 671,247 681,555
MEMO
36 Marketable U.S. Treasury
securities held in
custody for foreign and
international accounts n.a. n.a. n.a. n.a.
Federal Reserve note statement
37 Federal Reserve notes
outstanding (issued
to Banks) 752,219 749,056 751,591 752,137
38 LESS: Held by Federal
Reserve Banks 126,824 135,890 130,303 126,890
39 Federal Reserve notes, net 625,395 613,166 621,288 625,248
Collateral held against
notes, net
40 Gold certificate account 11,044 11,044 11,044 11,044
41 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
42 Other eligible assets 0 0 0 0
43 U.S. Treasury and agency
securities 612,151 599,923 608,044 612,004
44 Total collateral 625,395 613,166 621,288 625,248
(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
Wednesday
2002
Type of holding and maturity May 29 June 5 June 12 June 19
1 Total loans 146 109 107 150
2 Within fifteen days (1) 140 19 26 137
3 Sixteen days to ninety days 7 89 81 13
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (2) 587,559 588,363 589,396 592,187
6 Within fifteen days (1) 26,248 17,597 17,505 20,213
7 Sixteen days to ninety days 128,379 137,743 137,822 136,072
8 Ninety-one days to one year 133,249 131,539 132,570 134,387
9 One year to five years 166,469 167,481 167,483 167,485
10 Five years to ten years 51,685 52,467 52,473 52,479
11 More than ten years 81,529 81,536 81,543 81,551
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 June 26 Apr. May June
1 Total loans 180 72 124 184
2 Within fifteen days (1) 164 66 101 144
3 Sixteen days to ninety days 16 6 23 39
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (2) 592,390 581,308 587,189 590,679
6 Within fifteen days (1) 22,133 16,152 3,941 8,675
7 Sixteen days to ninety days 134,033 129,556 143,242 144,837
8 Ninety-one days to one year 134,694 138,748 139,075 135,633
9 One year to five years 167,488 161,353 167,479 167,488
10 Five years to ten years 52,484 53,998 51,920 52,486
11 More than ten years 81,558 81,501 81,531 81,560
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.
Monetary and Credit Aggregates
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
2001 2002
Item Nov. Dec. Jan. Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (2)
1 Total reserves (3) 40.87 41.22 41.75 41.45
2 Nonborrowed reserves (4) 40.78 41.15 41.70 41.42
3 Nonborrowed reserves
plus extended credit
(5) 40.78 41.15 41.70 41.42
4 Required reserves 39.42 39.58 40.36 40.08
5 Monetary base (6) 629.37 634.41 640.86 646.18
Not seasonally adjusted
6 Total reserves (7) 40.25 41.20 43.71 42.47
7 Nonborrowed reserves 40.17 41.13 43.66 42.44
8 Nonborrowed reserves
plus extended credit
(5) 40.17 41.13 43.66 42.44
9 Required reserves (8) 38.80 39.55 42.33 41.11
10 Monetary base (9) 629.68 639.91 644.27 645.71
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS (10)
11 Total reserves (11) 40.12 41.08 43.73 42.49
12 Nonborrowed reserves 40.04 41.01 43.68 42.46
13 Nonborrowed reserves
plus extended credit
(5) 40.04 41.01 43.68 42.46
14 Required reserves 38.67 39.43 42.34 41.12
15 Monetary base (12) 637.64 648.74 653.28 654.93
16 Excess reserves (13) 1.45 1.65 1.39 1.37
17 Borrowings from the
Federal Reserve .08 .07 .05 .03
2002
May
Item Mar. Apr. (r) 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 39.13
3 Nonborrowed reserves
plus extended credit
(5) 40.94 40.69 39.00 39.13
4 Required reserves 39.60 39.55 37.84 38.03
5 Monetary base (6) 649.65 (r) 653.94 (r) 657.89 664.04
Not seasonally adjusted
6 Total reserves (7) 40.27 40.85 40.18 38.50
7 Nonborrowed reserves 40.19 40.78 40.06 38.35
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 (r) 653.29 (r) 658.00 662.81
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 (r) 663.37 (r) 668.14 672.95
16 Excess reserves (13) 1.41 1.21 1.27 1.24
17 Borrowings from the
Federal Reserve .08 .07 .11 .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).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures
1998 1999 2000
Item Dec. Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,096.5 1,124.4 1,088.9
2 M2 4,380.5 4,650.3 4,936.0
3 M3 6,041.0 6,541.3 (r) 7,115.0 (r)
M1 components
4 Currency (3) 459.3 516.9 530.1
5 Travelers checks (4) 8.2 8.3 8.0
6 Demand deposits (5) 378.4 354.5 309.9
7 Other checkable deposits (6) 250.5 244.7 240.9
Nontransaction components
8 In M2 (7) 3,284.0 3,525.9 3,847.1
9 In M3 only (8) 1,660.5 1,891.0 (r) 2,179.0 (r)
Commercial banks
10 Savings deposits, including
MMDAs 1,187.5 1,289.1 1,423.7
11 Small time deposits (9) 626.1 635.0 699.1
12 Large time deposits (10),(11) 582.9 651.6 717.2
Thrift institutions
13 Savings deposits, including
MMDAs 414.7 449.7 452.1
14 Small time deposits (9) 325.6 320.4 344.5
15 Large time deposits (10) 88.6 91.1 102.9
Money market mutual funds
16 Retail 730.2 831.8 927.6
17 Institution-only 543.1 639.0 799.1
Repurchase agreements and
eurodollars
18 Repurchase agreements (2) 293.4 336.0 364.0
19 Eurodollars (12) 152.5 173.4 (r) 195.9 (r)
Not seasonally adjusted
Measures (2)
20 M1 1,120.4 1,148.3 1,112.3
21 M2 4,400.6 4,671.1 4,959.7
22 M3 6,069.8 6,573.0 (r) 7,150.3 (r)
M1 components
23 Currency (3) 463.3 521.5 535.2
24 Travelers checks (4) 8.4 8.4 8.1
25 Demand deposits (5) 395.9 371.8 326.5
26 Other checkable deposits (6) 252.8 246.6 242.5
Nontransaction components
27 In M2 (7) 3,280.2 3,522.8 3,847.4
28 In M3 only (8) 1,669.2 1,901.9 (r) 2,190.6 (r)
Commercial banks
29 Savings deposits, including
MMDAs 1,186.0 1,288.8 1,426.9
30 Small time deposits (9) 626.5 635.7 700.0
31 Large time deposits (10),(11) 583.2 652.0 717.6
Thrift institutions
32 Savings deposits, including
MMDAs 414.2 449.6 453.1
33 Small time deposits (9) 325.8 320.8 345.0
34 Large time deposits (10) 88.6 91.2 103.0
Money market mutual funds
35 Retail 727.7 828.1 922.4
36 Institution-only 552.6 648.6 808.1
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 290.4 334.7 364.2
38 Eurodollars (12) 154.5 175.4 (r) 197.6 (r)
2002
2001
Item Dec. Mar. (r) Apr. (r)
Seasonally adjusted
Measures (2)
1 M1 1,179.3 1,187.4 1,176.2
2 M2 5,454.8 5,497.4 5,480.8
3 M3 8,027.4 (r) 8,061.9 8,046.8
M1 components
4 Currency (3) 579.9 595.1 599.5
5 Travelers checks (4) 7.8 7.7 7.7
6 Demand deposits (5) 330.4 323.9 309.4
7 Other checkable deposits (6) 261.2 (r) 260.5 259.6
Nontransaction components
8 In M2 (7) 4,275.5 4,310.0 4,304.5
9 In M3 only (8) 2,572.6 (r) 2,564.6 2,566.0
Commercial banks
10 Savings deposits, including
MMDAs 1,745.8 1,814.1 1,824.7
11 Small time deposits (9) 638.9 617.6 614.0
12 Large time deposits (10),(11) 670.4 678.7 688.3
Thrift institutions
13 Savings deposits, including
MMDAs 561.5 603.8 612.6
14 Small time deposits (9) 334.2 322.1 319.3
15 Large time deposits (10) 113.9 113.8 114.4
Money market mutual funds
16 Retail 995.1 952.4 933.9
17 Institution-only 1,207.2 1,177.2 1,175.2
Repurchase agreements and
eurodollars
18 Repurchase agreements (2) 372.1 372.5 365.6
19 Eurodollars (12) 209.0 (r) 222.4 222.5
Not seasonally adjusted
Measures (2)
20 M1 1,203.5 1,189.3 1,188.6
21 M2 5,479.8 (r) 5,542.9 5,558.1
22 M3 8,065.7 (r) 8,144.0 8,138.0
M1 components
23 Currency (3) 584.9 596.1 599.7
24 Travelers checks (4) 7.9 7.9 7.9
25 Demand deposits (5) 348.2 322.6 309.9
26 Other checkable deposits (6) 262.5 262.8 271.1
Nontransaction components
27 In M2 (7) 4,276.3 4,353.6 4,369.5
28 In M3 only (8) 2,585.9 (r) 2,601.2 2,579.9
Commercial banks
29 Savings deposits, including
MMDAs 1,750.2 1,824.9 1,851.3
30 Small time deposits (9) 639.6 618.0 613.4
31 Large time deposits (10),(11) 670.5 681.0 689.6
Thrift institutions
32 Savings deposits, including
MMDAs 562.9 607.4 621.6
33 Small time deposits (9) 334.5 322.3 319.0
34 Large time deposits (10) 114.0 114.2 114.7
Money market mutual funds
35 Retail 989.0 981.0 964.1
36 Institution-only 1,218.5 1,208.0 1,185.1
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 372.9 373.4 365.4
38 Eurodollars (12) 210.2 (r) 224.6 225.2
2002
Item May (r) June
Seasonally
adjusted
Measures (2)
1 M1 1,182.7 1,189.6
2 M2 5,545.1 5,579.3
3 M3 8,125.7 8,168.0
M1 components
4 Currency (3) 605.3 611.5
5 Travelers checks (4) 7.8 8.2
6 Demand deposits (5) 305.9 305.0
7 Other checkable deposits (6) 263.8 264.9
Nontransaction components
8 In M2 (7) 4,362.4 4,389.7
9 In M3 only (8) 2,580.6 2,588.7
Commercial banks
10 Savings deposits, including
MMDAs 1,863.5 1,884.6
11 Small time deposits (9) 619.9 620.8
12 Large time deposits (10),(11) 696.5 694.8
Thrift institutions
13 Savings deposits, including
MMDAs 619.4 626.9
14 Small time deposits (9) 311.4 308.5
15 Large time deposits (10) 111.5 109.9
Money market mutual funds
16 Retail 948.2 948.9
17 Institution-only 1,185.1 1,195.0
Repurchase agreements and
eurodollars
18 Repurchase agreements (2) 364.5 365.5
19 Eurodollars (12) 222.9 223.4
Not seasonally
adjusted
Measures (2)
20 M1 1,178.0 1,187.2
21 M2 5,528.4 5,568.2
22 M3 8,120.3 8,153.6
M1 components
23 Currency (3) 605.4 610.7
24 Travelers checks (4) 7.9 8.0
25 Demand deposits (5) 300.2 302.1
26 Other checkable deposits (6) 264.6 266.4
Nontransaction components
27 In M2 (7) 4,350.3 4,380.9
28 In M3 only (8) 2,591.9 2,585.4
Commercial banks
29 Savings deposits, including
MMDAs 1,861.8 1,889.4
30 Small time deposits (9) 617.7 617.9
31 Large time deposits (10),(11) 702.6 700.0
Thrift institutions
32 Savings deposits, including
MMDAs 618.8 628.5
33 Small time deposits (9) 310.4 307.0
34 Large time deposits (10) 112.4 110.7
Money market mutual funds
35 Retail 941.6 938.0
36 Institution-only 1,182.2 1,180.8
Repurchase agreements and
eurodollars
37 Repurchase agreements (12) 369.5 370.5
38 Eurodollars (12) 225.3 223.4
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 2001 2002
Account June (r) Dec. (r) Jan. (r) Feb. (r)
Seasonally adjusted
Assets
1 Bank credit 5,327.8 5,450.8 5,427.1 5,428.1
2 Securities in bank
credit 1,387.1 1,495.4 1,486.4 1,477.1
3 U.S. government
securities 757.3 845.5 832.9 822.5
4 Other securities 629.8 649.9 653.6 654.7
5 Loans and leases in
bank credit (2) 3,940.7 3,955.4 3,940.7 3,951.0
6 Commercial and
industrial 1,079.7 1,033.6 1,024.7 1,030.3
7 Real estate 1,705.7 1,784.9 1,781.8 1,789.9
8 Revolving home
equity 136.3 155.5 158.6 162.2
9 Other 1,569.4 1,629.4 1,623.2 1,627.7
10 Consumer 552.3 556.5 559.6 562.9
11 Security (3) 168.7 145.6 150.9 151.9
12 Other loans and
leases 434.4 434.7 423.7 416.1
13 Interbank loans 264.7 292.8 293.3 277.7
14 Cash assets (4) 276.8 297.4 299.5 297.7
15 Other assets (5) 422.9 486.7 487.4 490.6
16 Total assets (6) 6,226.1 6,455.2 6,432.9 6,419.5
Liabilities
17 Deposits 4,044.6 4,243.7 4,257.3 4,274.4
18 Transaction 603.6 640.7 635.8 625.0
19 Nontransaction 3,441.0 3,603.0 3,621.6 3,649.4
20 Large time 972.4 983.7 998.3 1,012.3
21 Other 2,468.6 2,619.4 2,623.3 2,637.1
22 Borrowings 1,221.7 1,247.0 1,234.5 1,233.6
23 From banks in the
U.S. 380.1 403.8 401.1 395.0
24 From others 841.5 843.3 833.4 838.6
25 Net due to related
foreign offices 185.4 144.2 115.9 97.9
26 Other liabilities 359.8 356.7 342.5 336.1
27 Total liabilities 5,811.4 5,991.6 5,950.2 5,942.0
28 Residual (assets less
liabilities) (7) 414.7 463.6 482.7 477.5
Not seasonally adjusted
Assets
29 Bank credit 5,322.3 5,483.6 5,444.5 5,433.2
30 Securities in bank
credit 1,383.6 1,502.8 1,494.4 1,484.6
31 U.S. government
securities 755.0 850.3 838.0 829.5
32 Other securities 628.6 652.4 656.4 655.1
33 Loans and leases in
bank credit (2) 3,938.8 3,980.8 3,950.0 3,948.6
34 Commercial and
industrial 1,082.0 1,033.4 1,020.2 1,029.1
35 Real estate 1,706.8 1,789.3 1,781.0 1,784.7
36 Revolving home
equity 136.5 155.6 158.4 162.2
37 Other 1,570.3 1,633.6 1,622.6 1,622.6
38 Consumer 548.5 566.0 567.3 565.2
39 Credit cards and
related plans 217.6 232.4 228.4 223.8
40 Other 330.9 333.6 338.9 341.4
41 Security (3) 167.5 151.9 154.9 153.5
42 Other loans and
leases 434.1 440.2 426.6 416.0
43 Interbank loans 265.8 299.1 291.4 276.4
44 Cash assets (4) 270.5 317.2 312.4 298.9
45 Other assets (5) 420.8 489.8 489.0 489.6
46 Total assets (6) 6,213.3 6,517.1 6,463.1 6,423.4
Liabilities
47 Deposits 4,033.7 4,294.5 4,283.2 4,290.4
48 Transaction 601.0 669.3 648.8 619.7
49 Nontransaction 3,432.8 3,625.1 3,634.5 3,670.6
50 Large time 970.4 998.1 1,011.1 1,019.5
51 Other 2,462.4 2,627.0 2,623.4 2,651.2
52 Borrowings 1,220.5 1,246.9 1,247.9 1,236.6
53 From banks in the
U.S. 377.3 405.3 406.1 400.0
54 From others 843.1 841.6 841.8 836.6
55 Net due to related
foreign offices 181.1 150.8 123.2 104.3
56 Other liabilities 356.9 362.3 348.3 341.3
57 Total liabilities 5,792.2 6,054.5 6,002.7 5,972.5
58 Residual (assets less
liabilities) (7) 421.1 462.6 460.4 450.9
Monthly averages
2002
Account Mar. (r) Apr. (r) May (r) June
Seasonally adjusted
Assets
1 Bank credit 5,424.0 5,447.3 5,504.5 5,551.3
2 Securities in bank
credit 1,476.9 1,499.0 1,533.2 1,561.0
3 U.S. government
securities 839.8 863.2 885.4 897.7
4 Other securities 637.1 635.8 647.8 663.3
5 Loans and leases in
bank credit (2) 3,947.1 3,948.2 3,971.3 3,990.3
6 Commercial and
industrial 1,026.0 1,011.7 1,006.9 1,000.8
7 Real estate 1,790.9 1,795.1 1,817.5 1,839.9
8 Revolving home
equity 167.6 172.0 179.2 185.4
9 Other 1,623.2 1,623.1 1,638.3 1,654.5
10 Consumer 561.7 566.4 569.1 568.3
11 Security (3) 159.9 167.6 170.2 171.7
12 Other loans and
leases 408.6 407.5 407.6 409.5
13 Interbank loans 269.6 271.1 289.3 284.0
14 Cash assets (4) 300.2 298.8 297.9 301.0
15 Other assets (5) 470.6 483.3 489.6 486.6
16 Total assets (6) 6,389.5 6,426.3 6,506.8 6,548.3
Liabilities
17 Deposits 4,314.1 4,333.7 4,366.8 4,392.7
18 Transaction 621.1 602.8 615.2 608.3
19 Nontransaction 3,693.0 3,730.9 3,751.6 3,784.3
20 Large time 1,027.2 1,042.4 1,049.5 1,045.5
21 Other 2,665.8 2,688.5 2,702.1 2,738.8
22 Borrowings 1,204.5 1,220.5 1,248.4 1,246.7
23 From banks in the
U.S. 382.7 382.1 382.7 376.5
24 From others 821.7 838.4 865.7 870.2
25 Net due to related
foreign offices 101.9 103.4 91.9 91.3
26 Other liabilities 309.5 319.4 331.7 359.8
27 Total liabilities 5,929.9 5,977.1 6,038.7 6,090.5
28 Residual (assets less
liabilities) (7) 459.6 449.2 468.1 457.9
Not seasonally adjusted
Assets
29 Bank credit 5,418.1 5,444.1 5,498.4 5,545.7
30 Securities in bank
credit 1,482.5 1,498.4 1,530.4 1,556.9
31 U.S. government
securities 846.1 865.0 883.1 894.9
32 Other securities 636.5 633.4 647.3 661.9
33 Loans and leases in
bank credit (2) 3,935.5 3,945.7 3,967.9 3,988.8
34 Commercial and
industrial 1,027.5 1,015.8 1,010.4 1,003.1
35 Real estate 1,783.3 1,791.8 1,820.1 1,840.9
36 Revolving home
equity 166.1 171.4 179.5 185.6
37 Other 1,617.2 1,620.4 1,640.6 1,655.3
38 Consumer 559.0 562.9 567.3 564.2
39 Credit cards and
related plans 220.1 223.7 223.3 221.7
40 Other 338.8 339.2 344.1 342.5
41 Security (3) 157.6 166.7 163.7 170.7
42 Other loans and
leases 408.2 408.5 406.3 410.0
43 Interbank loans 274.5 281.0 285.8 286.0
44 Cash assets (4) 290.3 297.9 295.2 293.4
45 Other assets (5) 470.1 483.8 489.3 484.5
46 Total assets (6) 6,378.0 6,432.8 6,494.2 6,535.1
Liabilities
47 Deposits 4,319.5 4,357.9 4,359.7 4,380.4
48 Transaction 616.2 611.3 607.1 605.3
49 Nontransaction 3,703.3 3,746.6 3,752.6 3,775.1
50 Large time 1,028.0 1,045.0 1,053.2 1,043.2
51 Other 2,675.3 2,701.6 2,699.4 2,731.9
52 Borrowings 1,202.5 1,226.6 1,254.8 1,245.7
53 From banks in the
U.S. 386.9 387.0 383.9 374.0
54 From others 815.6 839.6 870.9 871.7
55 Net due to related
foreign offices 103.5 94.8 91.4 87.4
56 Other liabilities 309.3 312.1 331.2 357.1
57 Total liabilities 5,934.7 5,991.4 6,037.1 6,070.5
58 Residual (assets less
liabilities) (7) 443.3 441.3 457.1 464.6
Wednesday figures
2002
Account June 5 June 12 June 19 June 26
Seasonally adjusted
Assets
1 Bank credit 5,534.1 5,531.3 5,566.6 5,567.3
2 Securities in bank
credit 1,556.5 1,546.1 1,562.2 1,572.4
3 U.S. government
securities 906.3 902.1 899.3 888.6
4 Other securities 650.2 644.0 662.9 683.7
5 Loans and leases in
bank credit (2) 3,977.6 3,985.2 4,004.4 3,994.9
6 Commercial and
industrial 1,005.4 1,003.3 1,002.5 998.9
7 Real estate 1,829.2 1,839.2 1,842.3 1,838.4
8 Revolving home
equity 182.8 183.9 185.4 186.7
9 Other 1,646.4 1,655.3 1,656.9 1,651.7
10 Consumer 566.5 567.1 575.4 568.4
11 Security (3) 169.0 168.2 172.9 175.9
12 Other loans and
leases 407.5 407.4 411.4 413.3
13 Interbank loans 287.8 278.3 285.7 291.0
14 Cash assets (4) 286.7 313.3 289.0 315.6
15 Other assets (5) 491.4 493.1 483.7 479.2
16 Total assets (6) 6,525.6 6,541.1 6,550.2 6,578.9
Liabilities
17 Deposits 4,365.9 4,363.5 4,388.8 4,414.3
18 Transaction 583.5 586.7 613.4 656.7
19 Nontransaction 3,782.3 3,776.8 3,775.4 3,757.6
20 Large time 1,033.8 1,032.4 1,051.7 1,055.0
21 Other 2,748.6 2,744.3 2,723.7 2,702.6
22 Borrowings 1,274.5 1,262.6 1,228.6 1,246.5
23 From banks in the
U.S. 395.5 373.9 369.1 376.6
24 From others 879.0 888.7 859.5 869.9
25 Net due to related
foreign offices 87.5 101.6 101.3 80.3
26 Other liabilities 333.8 352.1 367.0 377.4
27 Total liabilities 6,061.6 6,079.7 6,085.7 6,118.5
28 Residual (assets less
liabilities) (7) 464.0 461.4 464.6 460.4
Not seasonally adjusted
Assets
29 Bank credit 5,533.9 5,528.8 5,555.3 5,555.8
30 Securities in bank
credit 1,559.1 1,546.0 1,556.1 1,563.6
31 U.S. government
securities 908.3 901.6 8 |