Financial and business statistics.Financial and Business Statistics
Guide to Tables
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
p Preliminary
(r) Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
* Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
0 Calculated to be zero
... Cell not applicable
ABS Asset-backed security
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FAMC Federal Agricultural Mortgage Corporation
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSA Farm Service Agency
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GDP Gross domestic product
GNMA Government National Mortgage Association
GSE Government-sponsored enterprise
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-backed securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NAICS North American Industry Classification System
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-backed securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
TIIS Treasury inflation-indexed securities
VA Department of Veterans Affairs
GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions.
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2002
Monetary or credit aggregate
Q3 Q4
Reserves of depository institutions (2)
1 Total -2.2 1.0
2 Required -4.9 -1.4
3 Nonborrowed -3.7 1.9
4 Monetary base (3) 6.9 5.1
Concepts of money (4)
5 M1 3.0 4.9
6 M2 8.8 7.0
7 M3 7.1 (r) 7.7
Nontransaction components
8 In M2 (5) 10.4 7.6
9 In M3 only (6) 3.4 (r) 9.2
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.1 16.8
11 Small time (7) -4.0 -7.3
12 Large time (8,9) .5 (r) -5.6
Thrift institutions
13 Savings, including MMDAs 20.5 20.0
14 Small time (7) -10.5 -6.0
15 Large time (8) -2.6 11.9
Money market mutual funds
16 Retail .9 -6.3
17 Institution-only -.7 2.1
Repurchase agreements and eurodollars
18 Repurchase agreements (10) 27.5 45.7
19 Eurodollars (10) -3.5 28.9
2003
Monetary or credit aggregate
Q1 Q2
Reserves of depository institutions (2)
1 Total 11.3 6.7
2 Required 11.4 8.1
3 Nonborrowed 12.8 6.2
4 Monetary base (3) 7.6 5.9
Concepts of money (4)
5 M1 7.5 (r) 9.2
6 M2 6.5 8.5
7 M3 5.6 (r) 6.1
Nontransaction components
8 In M2 (5) 6.3 8.3
9 In M3 only (6) 3.6 (r) .8
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 13.6 16.5
11 Small time (7) -7.2 -8.7
12 Large time (8,9) -4.5 (r) 5.6
Thrift institutions
13 Savings, including MMDAs 22.0 (r) 24.5
14 Small time (7) -6.5 -7.3
15 Large time (8) 8.9 -2.1
Money market mutual funds
16 Retail -8.8 -7.7
17 Institution-only -4.9 -14.7
Repurchase agreements and eurodollars
18 Repurchase agreements (10) 29.8 23.7
19 Eurodollars (10) 18.8 (r) 19.4
2003
Monetary or credit aggregate
Feb. Mar.
Reserves of depository institutions (2)
1 Total 2.6 4.5
2 Required -5.2 14.9
3 Nonborrowed 2.7 4.6
4 Monetary base (3) 9.8 6.7
Concepts of money (4)
5 M1 20.3 (r) 3.4 (r)
6 M2 11.3 2.9 (r)
7 M3 6.7 (r) 3.9 (r)
Nontransaction components
8 In M2 (5) 9.0 (r) 2.8 (r)
9 In M3 only (6) -3.2 (r) 6.0 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 16.0 4.3
11 Small time (7) -7.4 (r) -6.8
12 Large time (8,9) -4.0 (r) 9.5 (r)
Thrift institutions
13 Savings, including MMDAs 26.9 19.5 (r)
14 Small time (7) -10.0 -6.0
15 Large time (8) .0 -8.1
Money market mutual funds
16 Retail -4.6 -5.5
17 Institution-only -19.8 -13.1
Repurchase agreements and eurodollars
18 Repurchase agreements (10) 36.4 44.6
19 Eurodollars (10) 5.6 (r) 20.4 (r)
2003
Monetary or credit aggregate
Apr. May (r)
Reserves of depository institutions (2)
1 Total -4.9 5.3
2 Required -1.9 2.8
3 Nonborrowed -5.1 4.5
4 Monetary base (3) 5.3 5.1
Concepts of money (4)
5 M1 .4 (r) 20.3
6 M2 4.7 17.6
7 M3 2.1 (r) 12.3
Nontransaction components
8 In M2 (5) 5.9 (r) 16.9
9 In M3 only (6) -3.6 (r) .8
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 17.6 (r) 23.4
11 Small time (7) -8.7 (r) -10.4
12 Large time (8,9) 3.0 (r) 13.4
Thrift institutions
13 Savings, including MMDAs 18.9 40.2
14 Small time (7) -4.5 (r) -9.7
15 Large time (8) 2.0 -10.2
Money market mutual funds
16 Retail -19.7 7.7
17 Institution-only -22.4 -20.1
Repurchase agreements and eurodollars
18 Repurchase agreements (10) 18.5 13.4
19 Eurodollars (10) 21.6 (r) 42.4
2004
Monetary or credit aggregate
June
Reserves of depository institutions (2)
1 Total 53.0
2 Required 48.0
3 Nonborrowed 50.0
4 Monetary base (3) 3.4
Concepts of money (4)
5 M1 13.3
6 M2 9.3
7 M3 8.7
Nontransaction components
8 In M2 (5) 8.2
9 In M3 only (6) 7.4
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 21.4
11 Small time (7) -11.3
12 Large time (8,9) .0
Thrift institutions
13 Savings, including MMDAs 12.9
14 Small time (7) -11.1
15 Large time (8) 11.3
Money market mutual funds
16 Retail -9.4
17 Institution-only 20.3
Repurchase agreements and eurodollars
18 Repurchase agreements (10) 3.1
19 Eurodollars (10) -22.9
(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 have 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 chekable 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 eurodollers, 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 banked 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
Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 710,451 714,217
2 Securities held outright 645,586 649,309
3 U.S.Treasury (2) 645,576 649,299
4 Bills (3) 235,465 237,126
5 Notes and bonds, nominal (3) 395,917 397,882
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,380 1,477
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 25,792 26,121
10 Loans to depository institutions 30 57
11 Primary credit 8 4
12 Secondary credit 0 0
13 Seasonal credit 22 53
14 Float -115 -350
15 Other Federal Reserve assets 39,158 39,080
16 Gold stock 11,043 11,043
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,852 (r) 34,937 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 687,355 (r) 690,751 (r)
20 Reverse repurchase agreements (6) 20,639 21,137
21 Foreign official and international
accounts 20,564 21,137
22 Dealers 75 0
23 Treasury cash holding 356 391
24 Deposits with Federal Reserve Banks,
other than reserve balances 19,183 18,232
25 U.S. Treasury, general account 7,533 6,678
26 Foreign official 118 122
27 Service-related 11,261 11,178
28 Required clearing balances 10,835 10,849
29 Adjustments to compensate for float 426 329
30 Other 270 254
31 Other liabilities and capital 20,024 20,300
32 Reserve balances with Federal Reserve
Banks (7) 10,989 11,626
Average Average of
of daily
daily figures
figures for week
ending
on date
indicated
Factor 2003
June May 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 715,547 714,344
2 Securities held outright 651,774 647,817
3 U.S.Treasury (2) 651,764 647,807
4 Bills (3) 238,596 236,754
5 Notes and bonds, nominal (3) 398,853 396,776
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,500 1,463
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 25,074 25,644
10 Loans to depository institutions 174 51
11 Primary credit 100 2
12 Secondary credit 0 0
13 Seasonal credit 74 49
14 Float -166 -7
15 Other Federal Reserve assets 38,692 40,839
16 Gold stock 11,044 11,043
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 35,005 34,925 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 691,876 689,722 (r)
20 Reverse repurchase agreements (6) 22,038 20,641
21 Foreign official and international
accounts 21,530 20,641
22 Dealers 508 0
23 Treasury cash holding 375 343
24 Deposits with Federal Reserve Banks,
other than reserve balances 18,169 18,775
25 U.S. Treasury, general account 6,747 7,139
26 Foreign official 157 86
27 Service-related 11,028 11,291
28 Required clearing balances 10,832 10,882
29 Adjustments to compensate for float 196 409
30 Other 237 259
31 Other liabilities and capital 20,170 20,438
32 Reserve balances with Federal Reserve
Banks (7) 11,168 12,592
Average of daily figures
for week ending on date
indicated
Factor 2003
May 21 May 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 711,802 720,472
2 Securities held outright 650,403 650,852
3 U.S.Treasury (2) 650,393 650,842
4 Bills (3) 237,390 237,672
5 Notes and bonds, nominal (3) 398,707 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,482 1,502
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 24,608 31,857
10 Loans to depository institutions 56 59
11 Primary credit 2 2
12 Secondary credit 0 0
13 Seasonal credit 54 57
14 Float -869 -413
15 Other Federal Reserve assets 37,603 38,116
16 Gold stock 11,043 11,043
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,942 (r) 34,959 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 689,396 (r) 693,612 (r)
20 Reverse repurchase agreements (6) 20,415 21,598
21 Foreign official and international
accounts 20,415 21,598
22 Dealers 0 0
23 Treasury cash holding 350 359
24 Deposits with Federal Reserve Banks,
other than reserve balances 18,563 17,049 (r)
25 U.S. Treasury, general account 6,899 5,543
26 Foreign official 116 160
27 Service-related 11,280 11,104 (r)
28 Required clearing balances 10,819 10,819 (r)
29 Adjustments to compensate for float 461 285
30 Other 266 242
31 Other liabilities and capital 20,280 20,281
32 Reserve balances with Federal Reserve
Banks (7) 10,443 15,774 (r)
Average of daily
figures for week
ending on date
indicated
Factor 2003
June 4 June 11
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 716,896 713,208
2 Securities held outright 651,202 651,585
3 U.S.Treasury (2) 651,192 651,575
4 Bills (3) 238,010 238,400
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,514 1,508
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 27,813 23,286
10 Loans to depository institutions 76 62
11 Primary credit 12 2
12 Secondary credit 0 0
13 Seasonal credit 64 61
14 Float -342 -100
15 Other Federal Reserve assets 38,147 38,375
16 Gold stock 11,044 11,044
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,976 34,990
ABSORBING RESERVE FUNDS
19 Currency in circulation 692,938 692,182
20 Reverse repurchase agreements (6) 21,987 20,816
21 Foreign official and international
accounts 21,808 20,816
22 Dealers 179 0
23 Treasury cash holding 376 385
24 Deposits with Federal Reserve Banks,
other than reserve balances 17,842 17,773
25 U.S. Treasury, general account 6,487 6,515
26 Foreign official 123 139
27 Service-related 11,003 10,878
28 Required clearing balances 10,832 10,832
29 Adjustments to compensate for float 170 45
30 Other 229 241
31 Other liabilities and capital 19,990 20,190
32 Reserve balances with Federal Reserve
Banks (7) 11,983 10,096
Average of daily
figures for week
ending on date
indicated
Factor
June 18 June 25
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 713,851 717,693
2 Securities held outright 651,783 651,960
3 U.S.Tresury (2) 651,773 651,950
4 Bills (3) 238,605 238,790
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,501 1,493
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 23,179 26,321
10 Loans to depository institutions 74 407
11 Primary credit 3 322
12 Secondary credit 0 0
13 Seasonal credit 71 84
14 Float 4 22
15 Other Federal Reserve assets 38,811 38,983
16 Gold stock 11,044 11,044
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 35,004 35,018
ABSORBING RESERVE FUNDS
19 Currency in circulation 691,523 691,121
20 Reverse repurchase agreements (6) 21,464 22,714
21 Foreign official and international
accounts 21,142 21,036
22 Dealers 321 1,679
23 Treasury cash holding 379 368
24 Deposits with Federal Reserve Banks,
other than reserve balances 18,555 18,637
25 U.S. Treasury, general account 7,147 7,199
26 Foreign official 88 162
27 Service-related 11,088 11,056
28 Required clearing balances 10,830 10,830
29 Adjustments to compensate for float 258 226
30 Other 232 220
31 Other liabilities and capital 20,322 20,106
32 Reserve balances with Federal Reserve
Banks (7) 9,855 13,009
Factor End-of-month figures
Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 724,444 719,092
2 Securities held outright 647,281 651,127
3 U.S.Treasury (2) 647,271 651,117
4 Bills (3) 236,249 237,933
5 Notes and bonds, nominal (3) 396,776 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,431 1,517
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 37,501 30,240
10 Loans to depository institutions 35 80
11 Primary credit 0 15
12 Secondary credit 0 0
13 Seasonal credit 35 65
14 Float -101 -599
15 Other Federal Reserve assets 39,728 38,244
16 Gold stock 11,043 11,044
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,890 (r) 34,976 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 688,760 (r) 692,355 (r)
20 Reverse repurchase agreements (6) 20,814 22,285
21 Foreign official and international
accounts 20,814 22,285
22 Dealers 0 0
23 Treasury cash holding 340 375
24 Deposits with Federal Reserve Banks,
other than reserve balances 22,135 17,803 (r)
25 U.S. Treasury, general account 10,583 6,505
26 Foreign official 313 79
27 Service-related 11,008 11,003
28 Required clearing balances 10,829 10,832 (r)
29 Adjustments to compensate for float 179 170
30 Other 231 217
31 Other liabilities and capital 20,049 19,973
32 Reserve balances with Federal Reserve
Banks (7) 20,479 14,521 (r)
End-of- Wednesday
month figures
figures
Factor 2003
June May 14
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 722,933 720,072
2 Securities held outright 652,128 647,947
3 U.S.Treasury (2) 652,118 647,937
4 Bills (3) 238,965 236,877
5 Notes and bonds, nominal (3) 398,853 396,776
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,485 1,470
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 31,750 30,752
10 Loans to depository institutions 768 60
11 Primary credit 686 4
12 Secondary credit 0 0
13 Seasonal credit 82 56
14 Float -525 302
15 Other Federal Reserve assets 38,812 41,011
16 Gold stock 11,044 11,043
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 35,032 34,925 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 693,282 690,993 (r)
20 Reverse repurchase agreements (6) 22,080 21,073
21 Foreign official and international
accounts 22,080 21,073
22 Dealers 0 0
23 Treasury cash holding 365 349
24 Deposits with Federal Reserve Banks,
other than reserve balances 19,222 18,876
25 U.S. Treasury, general account 6,939 7,199
26 Foreign official 898 122
27 Service-related 11,136 11,291
28 Required clearing balances 10,838 10,882
29 Adjustments to compensate for float 297 409
30 Other 249 264
31 Other liabilities and capital 19,898 20,053
32 Reserve balances with Federal Reserve
Banks (7) 16,364 16,895
Wednesday figures
Factor 2003
May 21 May 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 713,790 722,207
2 Securities held outright 650,735 650,869
3 U.S.Treasury (2) 650,725 650,859
4 Bills (3) 237,568 237,683
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,489 1,508
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 26,251 32,000
10 Loans to depository institutions 55 62
11 Primary credit 1 0
12 Secondary credit 0 0
13 Seasonal credit 54 62
14 Float -1,050 1,172
15 Other Federal Reserve assets 37,800 38,103
16 Gold stock 11,043 11,043
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,942 (r) 34,959 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 691,948 (r) 694,835 (r)
20 Reverse repurchase agreements (6) 20,709 21,857
21 Foreign official and international
accounts 20,709 21,857
22 Dealers 0 0
23 Treasury cash holding 356 375
24 Deposits with Federal Reserve Banks,
other than reserve balances 19,262 16,302 (r)
25 U.S. Treasury, general account 7,608 4,825
26 Foreign official 126 129
27 Service-related 11,280 11,104 (r)
28 Required clearing balances 10,819 10,819 (r)
29 Adjustments to compensate for float 461 285
30 Other 247 243
31 Other liabilities and capital 19,968 19,818
32 Reserve balances with Federal Reserve
Banks (7) 9,731 17,222 (r)
Wednesday figures
Factor 2003
June 4 June 11
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 708,863 722,077
2 Securities held outright 651,413 651,613
3 U.S.Treasury (2) 651,403 651,603
4 Bills (3) 238,223 238,430
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,512 1,505
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 19,000 32,500
10 Loans to depository institutions 65 65
11 Primary credit 7 0
12 Secondary credit 0 0
13 Seasonal credit 58 64
14 Float 308 -691
15 Other Federal Reserve assets 38,078 38,591
16 Gold stock 11,044 11,044
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 34,976 34,990
ABSORBING RESERVE FUNDS
19 Currency in circulation 693,763 693,073
20 Reverse repurchase agreements (6) 21,673 21,211
21 Foreign official and international
accounts 20,423 21,211
22 Dealers 1,250 0
23 Treasury cash holding 385 381
24 Deposits with Federal Reserve Banks,
other than reserve balances 17,448 17,221
25 U.S. Treasury, general account 6,126 6,031
26 Foreign official 77 80
27 Service-related 11,003 10,878
28 Required clearing balances 10,832 10,832
29 Adjustments to compensate for float 170 45
30 Other 243 233
31 Other liabilities and capital 19,836 20,119
32 Reserve balances with Federal Reserve
Banks (7) 3,978 18,306
Wednesday figures
Factor 2003
June 18 June 25
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 714,955 723,424
2 Securities held outright 651,932 652,003
3 U.S.Treasury (2) 651,922 651,993
4 Bills (3) 238,756 238,835
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds,
inflation-indexed (3) 12,814 12,814
7 Inflation compensation (4) 1,498 1,491
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 23,000 32,000
10 Loans to depository institutions 86 95
11 Primary credit 3 3
12 Secondary credit 0 0
13 Seasonal credit 83 92
14 Float 1,131 323
15 Other Federal Reserve assets 38,806 39,003
16 Gold stock 11,044 11,044
17 Special drawing rights certificate
account 2,200 2,200
18 Treasury currency outstanding 35,004 35,018
ABSORBING RESERVE FUNDS
19 Currency in circulation 692,509 692,685
20 Reverse repurchase agreements (6) 22,901 21,592
21 Foreign official and international
accounts 20,651 21,592
22 Dealers 2,250 0
23 Treasury cash holding 368 365
24 Deposits with Federal Reserve Banks,
other than reserve balances 19,499 16,987
25 U.S. Treasury, general account 8,086 5,306
26 Foreign official 96 404
27 Service-related 11,088 11,056
28 Required clearing balances 10,830 10,830
29 Adjustments to compensate for float 258 226
30 Other 229 220
31 Other liabilities and capital 19,937 20,021
32 Reserve balances with Federal Reserve
Banks (7) 7,990 20,036
1. Amounts of vault cash held as reserves are shown in table 1.12, line
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. Cash value of agreements, which are fully collateralized 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
averages
2000 2001 2002
Reserve classification
Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks (2) 7,022 9,053 9,926
2 Total vault cash (3) 45,246 43,918 43,368
3 Applied vault cash (4) 31,451 32,024 30,347
4 Surplus vault cash (5) 13,795 11,894 13,021
5 Total reserves (6) 38,473 41,077 40,274
6 Required reserves 37,046 39,428 38,264
7 Excess reserve balances at Reserve
Banks (7) 1,427 1,649 2,009
8 Total borrowing at Reserve Banks 210 67 80
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 111 33 45
12 Adjustment 99 34 35
Prorated monthly
averages of
biweekly averages
2002 2003
Reserve classification
Dec. Jan.
1 Reserve balances with Reserve
Banks (2) 9,926 10,075
2 Total vault cash (3) 43,368 46,208 (r)
3 Applied vault cash (4) 30,347 32,794
4 Surplus vault cash (5) 13,021 13,414 (r)
5 Total reserves (6) 40,274 42,869
6 Required reserves 38,264 41,162
7 Excess reserve balances at Reserve
Banks (7) 2,009 1,707
8 Total borrowing at Reserve Banks 80 27
9 Primary ... 12
10 Secondary ... 0
11 Seasonal 45 13
12 Adjustment 35 2
Prorated monthly
averages of biweekly
averages
2003
Reserve classification
Feb. Mar.
1 Reserve balances with Reserve
Banks (2) 9,860 9,840
2 Total vault cash (3) 45,941 (r) 43,087 (r)
3 Applied vault cash (4) 32,079 30,757
4 Surplus vault cash (5) 13,862 (r) 12,330 (r)
5 Total reserves (6) 41,939 40,597
6 Required reserves 39,973 38,961
7 Excess reserve balances at Reserve
Banks (7) 1,965 1,636
8 Total borrowing at Reserve Banks 25 22
9 Primary 21 14
10 Secondary 0 0
11 Seasonal 5 8
12 Adjustment ... ...
Prorated monthly
averages of biweekly
averages
2003
Reserve classification
Apr. May (r)
1 Reserve balances with Reserve
Banks (2) 10,598 11,405
2 Total vault cash (3) 41,990 (r) 41,635
3 Applied vault cash (4) 30,574 30,395
4 Surplus vault cash (5) 11,416 (r) 11,240
5 Total reserves (6) 41,172 41,801
6 Required reserves 39,640 40,182
7 Excess reserve balances at Reserve
Banks (7) 1,532 1,619
8 Total borrowing at Reserve Banks 29 55
9 Primary 8 3
10 Secondary 0 0
11 Seasonal 21 53
12 Adjustment ... ...
Prorated Biweekly
monthly averages of
averages daily figures
of bi- for two-week
weekly periods ending
averages on dates
indicated
2003
Reserve classification
June Mar. 5
1 Reserve balances with Reserve
Banks (2) 11,299 10,781
2 Total vault cash (3) 41,960 43,569 (r)
3 Applied vault cash (4) 30,574 32,043
4 Surplus vault cash (5) 11,385 11,526 (r)
5 Total reserves (6) 41,874 42,824
6 Required reserves 40,018 41,221
7 Excess reserve balances at Reserve
Banks (7) 1,856 1,603
8 Total borrowing at Reserve Banks 161 21
9 Primary 87 17
10 Secondary 0 0
11 Seasonal 74 5
12 Adjustment ... ...
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
2003
Reserve classification
Mar. 19 Apr. 2
1 Reserve balances with Reserve
Banks (2) 9,502 9,843
2 Total vault cash (3) 42,204 (r) 43,917 (r)
3 Applied vault cash (4) 29,379 31,830
4 Surplus vault cash (5) 12,825 (r) 12,088 (r)
5 Total reserves (6) 38,881 41,672
6 Required reserves 37,215 40,058
7 Excess reserve balances at Reserve
Banks (7) 1,665 1,614
8 Total borrowing at Reserve Banks 32 11
9 Primary 23 3
10 Secondary 0 0
11 Seasonal 9 8
12 Adjustment ... ...
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
2003
Reserve classification
Apr. 16 Apr. 30
1 Reserve balances with Reserve
Banks (2) 9,452 11,852
2 Total vault cash (3) 41,681 (r) 42,023 (r)
3 Applied vault cash (4) 29,833 31,136
4 Surplus vault cash (5) 11,848 (r) 10,888 (r)
5 Total reserves (6) 39,285 42,987
6 Required reserves 37,784 41,436
7 Excess reserve balances at Reserve
Banks (7) 1,501 1,551
8 Total borrowing at Reserve Banks 33 29
9 Primary 15 2
10 Secondary 0 0
11 Seasonal 18 27
12 Adjustment ... ...
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
2003
Reserve classification
May 14 May 28
1 Reserve balances with Reserve
Banks (2) 9,772 13,116
2 Total vault cash (3) 41,431 (r) 41,967 (r)
3 Applied vault cash (4) 29,696 31,211
4 Surplus vault cash (5) 11,735 (r) 10,757 (r)
5 Total reserves (6) 39,468 44,326
6 Required reserves 37,924 42,712
7 Excess reserve balances at Reserve
Banks (7) 1,543 1,614
8 Total borrowing at Reserve Banks 51 58
9 Primary 3 2
10 Secondary 0 0
11 Seasonal 48 56
12 Adjustment ... ...
Biweekly averages of
daily figures for
two-week periods ending
on dates indicated
2003
Reserve classification
June 11 (r) June 25
1 Reserve balances with Reserve
Banks (2) 11,050 11,437
2 Total vault cash (3) 41,039 42,302
3 Applied vault cash (4) 29,854 30,798
4 Surplus vault cash (5) 11,185 11,504
5 Total reserves (6) 40,904 42,235
6 Required reserves 38,909 40,631
7 Excess reserve balances at Reserve
Banks (7) 1,994 1,604
8 Total borrowing at Reserve Banks 69 241
9 Primary 7 163
10 Secondary 0 0
11 Seasonal 63 78
12 Adjustment ... ...
Biweekly
averages
of daily
figures
for two-
week
periods
ending
on dates
indicated
2003
Reserve classification
July 9
1 Reserve balances with Reserve
Banks (2) 11,465
2 Total vault cash (3) 43,029
3 Applied vault cash (4) 31,534
4 Surplus vault cash (5) 11,496
5 Total reserves (6) 42,998
6 Required reserves 40,743
7 Excess reserve balances at Reserve
Banks (7) 2,255
8 Total borrowing at Reserve Banks 144
9 Primary 54
10 Secondary 0
11 Seasonal 90
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 off-balanced-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).
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit (1)
Federal Reserve
Bank On Effective Previous
8/15/03 date rate
Boston 2.00 6/25/03 2.25
New York [up arrow] 6/25/03 [up arrow]
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 [down arrow] 6/26/03 [down arrow]
San Francisco 2.00 6/25/03 2.25
Current and previous levels
Secondary credit (2)
Federal Reserve
Bank On Effective Previous
8/15/03 date rate
Boston 2.50 6/25/03 2.75
New York [up arrow] 6/25/03 [up arrow]
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 [down arrow] 6/26/03 [down arrow]
San Francisco 2.50 6/25/03 2.75
Current and previous levels
Seasonal credit (3)
Federal Reserve
Bank On Effective Previous
8/15/03 date rate
Boston 1.05 7/10/03 1.10
New York [up arrow] [up arrow] [up arrow]
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas [down arrow] [down arrow] [down arrow]
San Francisco 1.05 7/10/03 1.10
Range of rates for primary credit
Range (or F.R. Bank Effective date
Effective date level)--All of
F.R. 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 August 15, 2003 2.00 2.00
Range of rates for primary credit
Range (or F.R. Bank Effective date
Effective date level)--All of
F.R. Banks N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003-June 25
26
In effect August 15, 2003
Range of rates for primary credit
Range (or F.R. Bank Effective date
Effective date level)--All of
F.R. Banks N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003-June 25
26
In effect August 15, 2003
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, 1995 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
2001-June 27 3.25-3.50 3.25
29 3.25 3.25
Aug. 21 3.00-3.25 3.00
23 3.00 3.00
Sept. 17 2.50-3.00 2.50
18 2.50 2.50
Oct. 2 2.00-2.50 2.00
4 2.00 2.00
Nov. 6 1.50-2.00 1.50
8 1.50 1.50
Dec. 11 1.25-1.50 1.25
13 1.25 1.25
2002-Nov. 6 0.75-1.25 0.75
7 0.75 0.75
In effect Jan. 8, 2003 0.75 0.75
(end of program)
(1.) Available for very short terms as a backup source 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 circumstances 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 front a clear pattern of
intra-yearly movements in their deposits and loans and that cannot be
met through special industry lenders. The discount takes into account
rates charged by market sources of funds and ordinarily is
re-established 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 for funds that could not be
met through reasonable alternative sources. For earlier data.
See the following publications of the Board of Governors: Banking
and Monetary Statistics, 1914-1941, and 1941-1970; and the
Statistical Digest, 1970-1979, 1980-1989, and 1990-1995. See also
the Board's Statistics: Releases and Historical
Data web pages (http://www.federalreserve.gov/releases/H15/data.html).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Type of deposit Percentage of
deposits Effective date
Net transaction accounts (2)
1 $0 million-$6 million (3) 0 12/26/02
2 More than $6 million-$42.1
million (4) 3 12/26/02
3 More than $42.1 million (5) 10 12/26/02
4 Nonpersonal time deposit (6) 0 12/27/90
5 Eurocurrency liabilities (7) 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.) Under the Garn--St German Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a zero
reserve requirements 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 requirements. Effective with the reserve maintenance period
beginning December 16, 2003, for institutions that report quarterly,
the exemption was raised from $5.7 million to $6.0 million.
(4.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change in
transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance
period beginning December 26, 2002, for depository institutions that
report weekly, and with the period beginning January 16, 2003 for
institutions that report quarterly, the amount was increased from $41.3
million to $42.1 million.
(5.) 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.
(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 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 January 17, 1991.
The reserve requirement on nonpersonal time deposits wish an original
maturity of 1.5 years or more has been 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
and maturity 2000 2001
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 8,676 15,503
2 Gross sales 0 0
3 Exchanges 477,904 542,736
4 For new bills 477,904 542,736
5 Redemptions 24,522 10,095
Others within one year
6 Gross purchase 8,809 15,663
7 Gross sales 0 0
8 Maturity shifts 62,025 70,336
9 Exchanges -54,656 -72,004
10 Redemptions 3,779 16,802
One to five years
11 Gross purchases 14,482 22,814
12 Gross sale 0 0
13 Minors shift -52,068 -45,211
14 Exchanges 46,177 64,519
Five to ten years
15 Gross purchases 5,871 6,003
16 Gross sales 0 0
17 Maturity shifts -6,801 -21,063
15 Exchanges 6,585 6,063
More than ten years
19 Gross purchases 5,833 8,531
20 Gross sale 0 O
21 Maturity shifts -3,155 -4,062
22 Exchanges 1,894 1,423
All maturities
23 Gross purchases 43,670 68,513
24 Gross sales 0 0
25 Redemptions 28,301 26,897
26 Net change in U.S. Treasury securities 15,369 41,616
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0
28 Gross sales 0 0
29 Redemptions 51 120
30 Net change in federal agency obligations -51 -120
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 890,236 1,497,713
32 Gross sales 987,501 1,490,838
Matched sale--purchase agreements
33 Gross purchases 4,415,905 4,722,667
34 Gross sales 4,397,835 4,724,743
Reverse repurchase agreements (4)
35 Gross purchases 0 0
36 Gross sales 0 0
37 Net change in temporary transactions -79,195 4,800
38 Total net change in System Open Market
Account -63,877 46,295
2002
Type of transaction
and maturity 2002 Nov.
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 21,421 250
2 Gross sales 0 0
3 Exchanges 657,931 51,394
4 For new bills 657,931 51,394
5 Redemptions 0 0
Others within one year
6 Gross purchase 12,720 0
7 Gross sales 0 0
8 Maturity shifts 89,108 3,688
9 Exchanges -92,075 -1,419
10 Redemptions 0 0
One to five years
11 Gross purchases 12,748 0
12 Gross sale 0 0
13 Minors shift -73,093 -2,380
14 Exchanges 88,276 1,308
Five to ten years
15 Gross purchases 5,074 0
16 Gross sales 0 0
17 Maturity shifts -11,588 722
15 Exchanges 3,800 111
More than ten years
19 Gross purchases 2,280 0
20 Gross sale 0 0
21 Maturity shifts -4,427 -2,030
22 Exchanges 0 0
All maturities
23 Gross purchases 54,242 250
24 Gross sales 0 0
25 Redemptions 0 0
26 Net change in U.S. Treasury securities 54,242 250
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0
28 Gross sales 0 0
29 Redemptions 0 0
30 Net change in federal agency obligations 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 1,143,126 113,501
32 Gross sales 1,153,876 101,501
Matched sale--purchase agreements
33 Gross purchases 4,981,624 378,381
34 Gross sales 4,958,437 377,535
Reverse repurchase agreements (4)
35 Gross purchases 231,272 0
36 Gross sales 252,363 0
37 Net change in temporary transactions -8,653 12,847
38 Total net change in System Open Market
Account 45,589 13,096
2002 2003
Type of transaction
and maturity Dec. Jan.
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 53,374 71,075
4 For new bills 53,374 71,075
5 Redemptions 0 0
Others within one year
6 Gross purchase 0 0
7 Gross sales 0 0
8 Maturity shifts 13,448 6,216
9 Exchanges -12,059 -6,834
10 Redemptions 0 0
One to five years
11 Gross purchases 339 0
12 Gross sale 0 0
13 Minors shift -13,448 -6,216
14 Exchanges 12,059 6,834
Five to ten years
15 Gross purchases 314 0
16 Gross sales 0 0
17 Maturity shifts 0 0
15 Exchanges 0 0
More than ten years
19 Gross purchases 0 0
20 Gross sale 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 653 0
24 Gross sales 0 0
25 Redemptions 0 0
26 Net change in U.S. Treasury securities 653 0
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0
28 Gross sales 0 0
29 Redemptions 0 0
30 Net change in federal agency obligations 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 112,750 135,749
32 Gross sales 101,750 150,499
Matched sale--purchase agreements
33 Gross purchases 195,565 0
34 Gross sales 175,820 0
Reverse repurchase agreements (4)
35 Gross purchases 231,272 392,530
36 Gross sales 252,363 389,810
37 Net change in temporary transactions 9,654 -12,029
38 Total net change in System Open Market
Account 10,307 -12,029
2003
Type of transaction
and maturity Feb. Mar.
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 4,161 1,863
2 Gross sales 0 0
3 Exchanges 53,860 47,424
4 For new bills 53,860 47,424
5 Redemptions 0 0
Others within one year
6 Gross purchase 478 1,318
7 Gross sales 0 0
8 Maturity shifts 3,214 8,334
9 Exchanges -13,313 -8,211
10 Redemptions 0 0
One to five years
11 Gross purchases 2,127 710
12 Gross sale 0 0
13 Minors shift 2,160 -8,334
14 Exchanges 11,817 8,211
Five to ten years
15 Gross purchases 769 522
16 Gross sales 0 0
17 Maturity shifts -3,877 0
15 Exchanges 1,497 0
More than ten years
19 Gross purchases 0 50
20 Gross sale 0 0
21 Maturity shifts -1,497 0
22 Exchanges 0 0
All maturities
23 Gross purchases 7,534 4,463
24 Gross sales 0 0
25 Redemptions 0 0
26 Net change in U.S. Treasury securities 7,534 4,463
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0
28 Gross sales 0 0
29 Redemptions 0 0
30 Net change in federal agency obligations 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 121,896 95,001
32 Gross sales 119,746 90,151
Matched sale--purchase agreements
33 Gross purchases 0 0
34 Gross sales 0 0
Reverse repurchase agreements (4)
35 Gross purchases 343,748 388,069
36 Gross sales 343,395 389,469
37 Net change in temporary transactions 2 2,200
38 Total net change in System Open Market
Account 7,537 6,664
2003
Type of transaction
and maturity Apr. May
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 3,543 1,684
2 Gross sales 0 0
3 Exchanges 51,834 76,354
4 For new bills 51,834 76,354
5 Redemptions 0 0
Others within one year
6 Gross purchase 1,422 786
7 Gross sales 0 0
8 Maturity shifts 8,333 7,228
9 Exchanges -7,293 -6,999
10 Redemptions 0 0
One to five years
11 Gross purchases 733 1,057
12 Gross sale 0 0
13 Minors shift -8,333 -1,513
14 Exchanges 7,293 6,747
Five to ten years
15 Gross purchases 0 234
16 Gross sales 0 0
17 Maturity shifts 0 -5,463
15 Exchanges 0 252
More than ten years
19 Gross purchases 0 0
20 Gross sale 0 0
21 Maturity shifts 0 -252
22 Exchanges 0 0
All maturities
23 Gross purchases 5,699 3,761
24 Gross sales 0 0
25 Redemptions 0 0
26 Net change in U.S. Treasury securities 5,699 3,761
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0
28 Gross sales 0 0
29 Redemptions 0 0
30 Net change in federal agency obligations 0 0
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 112,251 124,741
32 Gross sales 106,500 132,102
Matched sale--purchase agreements
33 Gross purchases 0 0
34 Gross sales 0 0
Reverse repurchase agreements (4)
35 Gross purchases 451,149 441,555
36 Gross sales 452,545 443,025
37 Net change in temporary transactions 2,104 -8,731
38 Total net change in System Open Market
Account 7,803 -4,971
(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 in nation-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)
Million of dollars
Wednesday
Account 2003
May 28 June 4
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,039 11,040
2 Special drawing rights certificate account 2,200 2,200
3 Coin 920 909
4 Securities, repurchase agreement, and loans 682,931 670,477
5 Securities held outright 650,869 651,413
6 U.S. Treasury (2) 650,859 651,403
7 Bills (3) 237,683 239,223
8 Notes and bonds, nominal (3) 398,853 398,853
9 Notes and bonds, inflation-
indexed (3) 12,814 12,814
10 Inflation compensation (4) 1,508 1,512
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 32,000 19,000
13 Loans 62 65
14 Items in process of collection 10,632 9,883
15 Bank premises 1,581 1,579
16 Other asset 36,514 36,505
17 Denominated in foreign currencies (6) 18,108 18,093
18 All other (7) 18,405 18,412
19 Total assets 745,817 732,594
LIABILITIES
20 Federal Reserve notes, net of F.R. Bank
holdings 661,167 660,078
21 Reverse repurchase agreements (8) 21,857 21,673
22 Deposits 33,558 22,192
23 Depository institutions 28,360 15,747
24 U.S. Treasury general account 4,825 6,126
25 Foreign official 129 77
26 Other 243 243
27 Deferred availability cash items 9,417 8,815
28 Other liabilities and accrued dividends
(8) 2,326 2,305
29 Total liabilities 728,326 715,063
CAPITAL ACCOUNTS
30 Capital paid in 8,574 8,584
31 Surplus 8,380 8,380
32 Other capital accounts 537 566
33 Total capital 17,491 17,530
MEMO
34 Marketable securities held in custody for
foreign official and international
accounts (3,10) 928,892 935,950
35 U.S. Treasury 741,441 747,892
36 Federal agency 187,451 188,059
37 Securities lent to dealers 1,661 (r) 656
Federal Reserve notes
and collateral
statement
38 Federal Reserve notes outstanding 760,695 (r) 761,219
39 Less: Notes held by F.R. Banks not
subject to collateralization 95,376 (r) 97,120
40 Federal Reserve notes to be
collateralized 665,319 (r) 664,099
41 Collateral held against Federal Reserve
notes 665,319 (r) 664,099
42 Gold certificate account 11,039 (r) 11,040
43 Special drawing rights certificate
account 2,200 (r) 2,200
44 U.S. Treasury and agency securities
pledged (11) 652,080 (r) 648,732
45 Other eligible assets 0 (r) 2,127
MEMO
46 Total U.S. Treasury and agency
securities (11) 682,869 670,413
47 Less: face value of securities under
reverse repurchase agreements (12) 21,863 21,680
48 U.S. Treasury and agency securities
eligible to be pledged 661,006 648,732
Wednesday
Account 2003
June 11 June 18
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,040 11,040
2 Special drawing rights certificate account 2,200 2,200
3 Coin 926 937
4 Securities, repurchase agreement, and loans 684,177 675,017
5 Securities held outright 651,613 651,932
6 U.S. Treasury (2) 651,603 651,922
7 Bills (3) 238,430 238,756
8 Notes and bonds, nominal (3) 398,853 398,853
9 Notes and bonds, inflation-
indexed (3) 12,814 12,814
10 Inflation compensation (4) 1,505 1,498
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 32,500 23,000
13 Loans 65 86
14 Items in process of collection 7,231 8,832
15 Bank premises 1,579 1,58
16 Other asset 371,110 37,243
17 Denominated in foreign currencies (6) 18,208 18,118
18 All other (7) 18,802 19,125
19 Total assets 744,164 736,850
LIABILITIES
20 Federal Reserve notes, net of F.R. Bank
holdings 659,386 658,805
21 Reverse repurchase agreements (8) 21,211 22,901
22 Deposits 35,693 27,211
23 Depository institutions 29,349 18,800
24 U.S. Treasury general account 6,031 8,086
25 Foreign official 80 96
26 Other 233 229
27 Deferred availability cash items 7,755 7,996
28 Other liabilities and accrued dividends
(8) 2,355 2,326
29 Total liabilities 726,400 719,239
CAPITAL ACCOUNTS
30 Capital paid in 8,656 8,657
31 Surplus 8,380 8,380
32 Other capital accounts 728 574
33 Total capital 17,764 17,611
MEMO
34 Marketable securities held in custody for
foreign official and international
accounts (3,10) 936,154 934,711
35 U.S. Treasury 749,192 751,560
36 Federal agency 186,962 183,151
37 Securities lent to dealers 318 792
Federal Reserve
notes and
collateral
statement
38 Federal Reserve notes outstanding 762,447 763,602
39 Less: Notes held by F.R. Banks not
subject to collateralization 98,811 100,588
40 Federal Reserve notes to be
collateralized 663,636 663,014
41 Collateral held against Federal Reserve
notes 663,636 663,014
42 Gold certificate account 11,040 11,040
43 Special drawing rights certificate
account 2,200 2,200
44 U.S. Treasury and agency securities
pledged (11) 650,396 649,774
45 Other eligible assets 0 0
MEMO
46 Total U.S. Treasury and agency
securities (11) 684,113 674,932
47 Less: face value of securities under
reverse repurchase agreements (12) 21,222 22,908
48 U.S. Treasury and agency securities
eligible to be pledged 662,891 652,023
End of
Wednesday month
Account 2003
June 25 Apr.
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,040 11,039
2 Special drawing rights certificate account 2,200 2,200
3 Coin 941 1,021
4 Securities, repurchase agreement, and loans 684,099 684,817
5 Securities held outright 652,003 647,281
6 U.S. Treasury (2) 651,993 647,271
7 Bills (3) 238,835 236,249
8 Notes and bonds, nominal (3) 398,853 396,776
9 Notes and bonds, inflation-
indexed (3) 12,814 12,814
10 Inflation compensation (4) 1,491 1,431
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 32,100 37,501
13 Loans 95 35
14 Items in process of collection 7,461 8,173
15 Bank premises 1,582 1,577
16 Other asset 37,607 38,412
17 Denominated in foreign currencies (6) 18,079 17,579
18 All other (7) 19,528 20,832
19 Total assets 744,931 747,239
LIABILITIES
20 Federal Reserve notes, net of F.R. Bank
holdings 658,969 655,226
21 Reverse repurchase agreements (8) 21,592 20,814
22 Deposits 36,986 43,007
23 Depository institutions 31,055 31,880
24 U.S. Treasury general account 5,306 10,583
25 Foreign official 404 313
26 Other 220 231
27 Deferred availability cash items 7,363 8,142
28 Other liabilities and accrued dividends
(8) 2,382 2,270
29 Total liabilities 727,292 729,460
CAPITAL ACCOUNTS
30 Capital paid in 8,657 8,545
31 Surplus 8,380 8,380
32 Other capital accounts 601 854
33 Total capital 17,639 17,779
MEMO
34 Marketable securities held in custody for
foreign official and international
accounts (3,10) 931,901 893,534
35 U.S. Treasury 748,986 713,499
36 Federal agency 182,915 180,035
37 Securities lent to dealers 1,497 731
Federal Reserve
notes and
collateral
statement
38 Federal Reserve notes outstanding 765,633 762,034
39 Less: Notes held by F.R. Banks not
subject to collateralization 102,310 102,753
40 Federal Reserve notes to be
collateralized 663,323 659,280
41 Collateral held against Federal Reserve
notes 663,323 659,28
42 Gold certificate account 11,040 11,039
43 Special drawing rights certificate
account 2,200 2,200
44 U.S. Treasury and agency securities
pledged (11) 650,083 646,042
45 Other eligible assets 0 0
MEMO
46 Total U.S. Treasury and agency
securities (11) 684,003 684,782
47 Less: face value of securities under
reverse repurchase agreements (12) 21,597 20,821
48 U.S. Treasury and agency securities
eligible to be pledged 662,406 663,961
End of month
Account 2003
May June
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,040 11,040
2 Special drawing rights certificate account 2,200 2,200
3 Coin 924 942
4 Securities, repurchase agreement, and loans 681,447 684,646
5 Securities held outright 651,127 652,128
6 U.S. Treasury (2) 651,117 652,118
7 Bills (3) 237,933 238,965
8 Notes and bonds, nominal (3) 398,853 398,853
9 Notes and bonds, inflation-
indexed (3) 12,814 12,814
10 Inflation compensation (4) 1,517 1,485
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 30,240 31,750
13 Loans 80 768
14 Items in process of collection 5,684 2,330
15 Bank premises 1,579 1,580
16 Other asset 36,689 37,195
17 Denominated in foreign currencies (6) 18,080 17,849
18 All other (7) 18,609 19,346
19 Total assets 739,563 739,932
LIABILITIES
20 Federal Reserve notes, net of F.R. Bank
holdings 658,674 659,552
21 Reverse repurchase agreements (8) 22,285 22,080
22 Deposits 32,470 35,806
23 Depository institutions 25,669 27,720
24 U.S. Treasury general account 6,505 6,939
25 Foreign official 79 898
26 Other 217 249
27 Deferred availability cash items 6,161 2,596
28 Other liabilities and accrued dividends
(8) 2,329 2,227
29 Total liabilities 721,919 722,262
CAPITAL ACCOUNTS
30 Capital paid in 8,575 8,657
31 Surplus 8,380 8,356
32 Other capital accounts 689 657
33 Total capital 17,644 17,670
MEMO
34 Marketable securities held in custody for
foreign official and international
accounts (3,10) 931,570 949,930
35 U.S. Treasury 741,378 760,406
36 Federal agency 190,191 185,924
37 Securities lent to dealers 597 4,950
Federal Reserve
notes and
collateral
statement
38 Federal Reserve notes outstanding 760,717 766,845
39 Less: Notes held by F.R. Banks not
subject to collateralization 97,928 102,691
40 Federal Reserve notes to be
collateralized 662,789 664,155
41 Collateral held against Federal Reserve
notes 662,789 664,155
42 Gold certificate account 11,140 11,040
43 Special drawing rights certificate
account 2,200 2,200
44 U.S. Treasury and agency securities
pledged (11) 649,549 650,915
45 Other eligible assets 0 0
MEMO
46 Total U.S. Treasury and agency
securities (11) 681,367 683,878
47 Less: face value of securities under
reverse repurchase agreements (12) 22,295 22,086
48 U.S. Treasury and agency securities
eligible to be pledged 659,072 661,792
(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 at
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
Type of holding and maturity 2003
May 28 June 4 June 11
1 Total loans 62 65 65
2 Within 15 class 49 23 20
3 16 days to 90 days 14 41 45
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (1) 650,859 651,403 651,603
6 Within 15 days 51,749 45,801 45,561
7 16 days to 90 days 138,094 143,909 143,282
8 91 days to 1 year 153,894 154,845 155,918
9 Over 1 year to 5 years 180,470 180,193 180,191
10 Over 5 years to 10 years 46,669 46,670 46,668
11 Over 10 years 79,983 79,985 79,982
12 Total federal agency securities 10 10 10
13 Within 15 days 0 0 0
14 16 days to 90 days 0 0 0
15 91 days to 1 year 10 10 10
16 Over 1 year to 5 years 0 0 0
17 Over 5 years to 10 years 0 0 0
18 Over 10 years 0 0 0
19 Total repurchase agreements (2) 32,000 19,000 32,500
20 Within 15 days 29,000 14,000 27,500
21 16 days to 90 days 3,000 5,000 5,000
22 Total reverse repurchase agreements
(2) 21,857 21,673 21,211
23 Within 15 days 21,857 21,673 21,211
24 16 days to 90 days 0 0 0
End of
Wednesday month
Type of holding and maturity 2003
June 18 June 25 Apr.
1 Total loans 86 95 35
2 Within 15 class 72 85 28
3 16 days to 90 days 13 10 7
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (1) 651,922 651,993 647,271
6 Within 15 days 51,004 49,024 46,750
7 16 days to 90 days 137,572 139,395 126,284
8 91 days to 1 year 156,513 156,748 153,916
9 Over 1 year to 5 years 180,189 180,187 188,832
10 Over 5 years to 10 years 46,665 46,663 51,538
11 Over 10 years 79,979 79,976 79,952
12 Total federal agency securities 10 10 10
13 Within 15 days 0 0 0
14 16 days to 90 days 0 0 0
15 91 days to 1 year 10 10 10
16 Over 1 year to 5 years 0 0 0
17 Over 5 years to 10 years 0 0 0
18 Over 10 years 0 0 0
19 Total repurchase agreements (2) 23,000 32,000 37,501
20 Within 15 days 17,000 29,000 33,500
21 16 days to 90 days 6,000 3,000 4,001
22 Total reverse repurchase agreements
(2) 22,901 21,592 20,814
23 Within 15 days 22,901 21,592 20,814
24 16 days to 90 days 0 0 0
End of month
Type of holding and maturity 2003
May June
1 Total loans 80 768
2 Within 15 class 66 752
3 16 days to 90 days 14 16
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities (1) 651,117 652,118
6 Within 15 days 36,449 27,419
7 16 days to 90 days 153,457 153,840
8 91 days to 1 year 154,081 157,337
9 Over 1 year to 5 years 180,472 186,886
10 Over 5 years to 10 years 46,672 46,661
11 Over 10 years 79,987 79,974
12 Total federal agency securities 10 10
13 Within 15 days 0 0
14 16 days to 90 days 0 0
15 91 days to 1 year 10 10
16 Over 1 year to 5 years 0 0
17 Over 5 years to 10 years 0 0
18 Over 10 years 0 0
19 Total repurchase agreements (2) 30,240 31,750
20 Within 15 days 22,240 23,750
21 16 days to 90 days 8,000 8,000
22 Total reverse repurchase agreements
(2) 22,285 22,080
23 Within 15 days 22,285 22,080
24 16 days to 90 days 0 0
Note. Components may not sum to totals because of rounding.
(1.) Include 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, average of daily figures
1999 2000 2001
Item Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANCES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.81 38.54 41.24
2 Nonborrowed reserves (4) 41.49 38.33 41.18
3 Required reserves 40.51 37.11 39.60
4 Monetary base (5) 593.16 584.77 635.62
Not seasonally adjusted
5 Total reserves (6) 41.89 38.53 41.20
6 Nonborrowed reserves 41.57 38.32 41.13
7 Required reserves (7) 40.59 37.10 39.55
8 Monetary base (8) 600.72 590.06 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.65 38.47 41.08
10 Nonborrowed reserves 41.33 38.26 41.01
11 Required reserves 40.36 37.05 39.43
12 Monetary bases (11) 608.02 596.98 648.74
13 Excess reserves (12) 1.30 1.43 1.65
14 Borrowing from the Federal Reserve .32 .21 .07
2002
2002
Item Dec. Nov. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANCES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.22 39.76 40.22
2 Nonborrowed reserves (4) 40.14 39.49 40.14
3 Required reserves 38.21 38.12 38.21
4 Monetary base (5) 681.90 677.61 681.90
Not seasonally adjusted
5 Total reserves (6) 40.13 39.05 40.13
6 Nonborrowed reserves 40.05 38.78 40.05
7 Required reserves (7) 38.12 37.42 38.12
8 Monetary base (8) 686.23 676.72 686.23
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 40.27 39.21 40.27
10 Nonborrowed reserves 40.19 38.94 40.19
11 Required reserves 38.26 37.58 38.26
12 Monetary bases (11) 697.15 687.29 697.15
13 Excess reserves (12) 2.01 1.64 2.01
14 Borrowing from the Federal Reserve .08 .27 .08
2003 2003
Item Jan. Feb. Mar.
Seasonally adjusted
ADJUSTED FOR
CHANCES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.73 40.82 40.97
2 Nonborrowed reserves (4) 40.70 40.80 40.95
3 Required reserves 39.02 38.86 39.34
4 Monetary base (5) 685.72 691.31 695.14
Not seasonally adjusted
5 Total reserves (6) 42.85 41.94 40.60
6 Nonborrowed reserves 42.83 41.91 40.57
7 Required reserves (7) 41.15 39.97 38.96
8 Monetary base (8) 688.33 690.25 693.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 42.87 41.94 40.60
10 Nonborrowed reserves 42.84 41.91 40.58
11 Required reserves 41.16 39.97 38.96
12 Monetary bases (11) 699.25 701.04 705.04
13 Excess reserves (12) 1.71 1.97 1.64
14 Borrowing from the Federal Reserve .03 .03 .02
2003
Item Apr. May
Seasonally adjusted
ADJUSTED FOR
CHANCES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.81 40.99
2 Nonborrowed reserves (4) 40.78 40.93
3 Required reserves 39.27 39.37
4 Monetary base (5) 698.23 (r) 701.18 (r)
Not seasonally adjusted
5 Total reserves (6) 41.16 41.79
6 Nonborrowed reserves 41.14 41.73
7 Required reserves (7) 39.63 40.17
8 Monetary base (8) 697.83 (r) 701.58 (r)
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.17 41.80
10 Nonborrowed reserves 41.14 41.75
11 Required reserves 39.64 40.18
12 Monetary bases (11) 709.10 (r) 712.76 (r)
13 Excess reserves (12) 1.53 1.62
14 Borrowing from the Federal Reserve .03 .06
2003
Item June
Seasonally
adjusted
ADJUSTED FOR
CHANCES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 42.80
2 Nonborrowed reserves (4) 42.64
3 Required reserves 40.94
4 Monetary base (5) 703.16
Not
seasonally
adjusted
5 Total reserves (6) 41.86
6 Nonborrowed reserves 41.70
7 Required reserves (7) 40.00
8 Monetary base (8) 703.32
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.87
10 Nonborrowed reserves 41.71
11 Required reserves 40.02
12 Monetary bases (11) 714.35
13 Excess reserves (12) 1.86
14 Borrowing from the Federal Reserve .16
(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) few 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 reserve (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, 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.
(12.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, average of daily figures
1999 2000
Item Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,121.4 1,084.7
2 M2 4,649.7 4,931.3
3 M3 6,534.9 7,099.2
M1 components
4 Currency (3) 517.7 531.5
5 Travelers checks (4) 8.3 8.0
6 Demand deposits (5) 352.1 306.9
7 Other checkable deposits (6) 243.4 238.2
Nontransaction components
8 In M2 (7) 3,528.3 3,846.7
9 In M3 only (8) |