Financial and business statistics.
A3 GUIDE TO TABLES
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
A4 Reserves and money stock measures
A5 Reserves of depository institutions and Reserve Bank
credit
A6 Reserves and borrowings--Depository
institutions
Policy Instruments
A7 Federal Reserve Bank interest rates
A8 Reserve requirements of depository institutions
A9 Federal Reserve open market transactions
Federal Reserve Banks
A10 Condition and Federal Reserve note statements
A11 Maturity distribution of loans and securities
Monetary and Credit Aggregates
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock measures
Commercial Banking Institutions--Assets
and Liabilities
A15 All commercial banks in the United States
A16 Domestically chartered commercial banks
A17 Large domestically chartered commercial banks
A19 Small domestically chartered commercial banks
A20 Foreign-related institutions
Financial Markets
A22 Commercial paper outstanding
A22 Prime rate charged by banks on short-term
business loans
A23 Interest rates--Money and capital markets
A24 Stock market--Selected statistics
Federal Finance
A25 Federal debt subject to statutory limitation
A25 Gross public debt of U.S. Treasury--Types
and ownership
A26 U.S. government securities
dealers--Transactions
A27 U.S. government securities dealers--Positions
and financing
A28 Federal and federally sponsored credit
agencies--Debt outstanding
Securities Markets and Corporate Finance
A29 New security issues--Tax-exempt state and local
governments and U.S. corporations
A30 Open-end investment companies--Net sales
and assets
A30 Domestic finance companies--Assets and liabilities
A31 Domestic finance companies--Owned and managed
receivables
Real Estate
A32 Mortgage markets--New homes
A33 Mortgage debt outstanding
Consumer Credit
A34 Total outstanding
A34 Terms
Flow of Funds
A35 Funds raised in U.S. credit markets
A37 Summary of financial transactions
A38 Summary of credit market debt outstanding
A39 Summary of financial assets and liabilities
DOMESTIC NONFINANCIAL STATISTICS
Selected Measures
A40 Output, capacity, and capacity utilization
A42 Industrial production--Indexes and gross value
INTERNATIONAL STATISTICS
Summary Statistics
A44 U.S. international transactions
A44 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
A45 Liabilities to, and claims on, foreigners
A46 Liabilities to foreigners
A48 Banks' own claims on foreigners
A49 Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
A50 Liabilities to unaffiliated foreigners
A52 Claims on unaffiliated foreigners
Securities Holdings and Transactions
A54 Foreign transactions in securities
A55 Marketable U.S. Treasury bonds and
notes--Foreign transactions
Interest and Exchange Rates
A56 Foreign exchange rates
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A58 INDEX TO STATISTICAL TABLES
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
lOs Interest only, stripped, mortgage-backed securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NAICS North American Industry Classification System
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-backed securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
TIIS Treasury inflation-indexed securities
VA Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations
of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
Monetary or credit aggregate 2002
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 7.2 (r) 7.8 (r)
Nontransaction components
8 In M2 (5) 10.4 7.6
9 In M3 only (6) 3.6 (r) 9.5 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.1 16.8
11 Small time (7) -4.0 -7.4 (r)
12 Large time (8), (9) .5 -5.6
Thrift institutions
13 Savings, including MMDAs 20.6 (r) 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 agreement (10) 28.7 (r) 47.7 (r)
19 Eurodollars (10) -3.5 28.9
2003
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 (3)
5 M1 7.5 9.2
6 M2 6.4 (r) 8.4
7 M3 5.6 6.0
Nontransaction components
8 In M2 (5) 6.0 (r) 8.2
9 In M3 only (6) 3.9 (r) .8
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 13.6 16.5
11 Small time (7) -7.1 (r) -8.6
12 Large time (8), (9) -4.5 2.1
Thrift institutions
13 Savings, including MMDAs 21.9 (r) 24.6
14 Small time (7) -6.6 (r) -9.0
15 Large time (8) 8.9 -2.1
Money market mutual funds
16 Retail -10.0 (r) 8.2
17 Institution-only -4.9 -14.7
Repurchase agreements and eurodollars
18 Repurchase agreement (10) 31.4 (r) 27.8
19 Eurodollars (10) 19.2 (r) 20.9
2003
Mar. Apr. (r)
Reserves of depository institutions (2)
1 Total 4.5 -4.9
2 Required 14.9 -1.9
3 Nonborrowed 4.6 -5.1
4 Monetary base (3) 6.7 5.3
Concepts of money (3)
5 M1 3.5 (r) .4
6 M2 2.5 (r) 4.6
7 M3 3.7 (r) 2.1
Nontransaction components
8 In M2 (5) 2.3 (r) 5.8
9 In M3 only (6) 6.4 (r) -3.5
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 4.3 17.7
11 Small time (7) -6.8 -8.5
12 Large time (8), (9) 9.5 -1.0
Thrift institutions
13 Savings, including MMDAs 19.5 19.1
14 Small time (7) 6.4 (r) -7.3
15 Large time (8) -8.1 2.0
Money market mutual funds
16 Retail -8.1 (r) 20.1
17 Institution-only -13.1 -22.4
Repurchase agreements and eurodollars
18 Repurchase agreement (10) 46.2 (r) 23.8
19 Eurodollars (10) 20.9 (r) 23.1
May (r) June (r)
Reserves of depository institutions (2)
1 Total 5.3 53.0
2 Required 2.8 48.0
3 Nonborrowed 4.5 49.9
4 Monetary base (3) 5.1 3.4
Concepts of money (3)
5 M1 20.3 13.3
6 M2 17.8 9.5
7 M3 12.4 8.6
Nontransaction components
8 In M2 (5) 17.1 8.5
9 In M3 only (6) .6 6.5
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 23.5 21.5
11 Small time (7) -10.2 -10.9
12 Large time (8), (9) 7.0 -6.6
Thrift institutions
13 Savings, including MMDAs 40.5 13.2
14 Small time (7) 11.8 -13.2
15 Large time (8) 10.2 11.3
Money market mutual funds
16 Retail 9.1 -7.9
17 Institution-only 20.1 20.3
Repurchase agreements and eurodollars
18 Repurchase agreement (10) 19.3 6.3
19 Eurodollars (10) 44.8 -20.9
July
Reserves of depository institutions (2)
1 Total 31.7
2 Required 31.3
3 Nonborrowed 32.7
4 Monetary base (3) .6
Concepts of money (3)
5 M1 5.3
6 M2 9.6
7 M3 22.0
Nontransaction components
8 In M2 (5) 10.8
9 In M3 only (6) 49.5
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 28.1
11 Small time (7) -19.1
12 Large time (8), (9) 154.0
Thrift institutions
13 Savings, including MMDAs 21.4
14 Small time (7) -14.6
15 Large time (8) 34.6
Money market mutual funds
16 Retail -15.0
17 Institution-only 42.1
Repurchase agreements and eurodollars
18 Repurchase agreement (10) -57.9
19 Eurodollars (10) 27.0
(1.) Unless otherwise noted, rates of
change are calculated from average amounts outstanding
during preceding month or quarter.
(2.) Figures incorporate adjustment for
discontinuities, or "breaks," associated with regulation
changes in reserve requirement (See also table 1.20.)
(3.) The seasonally adjusted, break-adjusted base
consist 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 reports on the "Report of
Transaction Accounts. Other Deposits and Vault
Cash" and for all weekly reports whose
vault cash exceeds their required reserves)
the seasonally adjusted, break-adjusted difference
between current vault cash and the amount
applied to satisfy current 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
OCD's, each seasonally adjusted separately.
M2: M1 plus (1) savings (including MMDAs),
(2) small-denomination time deposits (time
deposit--including retails RPs--in amounts
of less than $100,000), and (3) balance in retail
money market mutual funds. Excludes individual
retirement accounts (IRAs) and Keogh
balance 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)
balance 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 bank
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
May June
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 714,217 715,547
outstanding
2 Securities held outright 649,309 651,774
3 U.S. Treasury (2) 649,299 651,764
Bills (3) 237,126 238,596
Notes and bonds nominal (3) 397,882 398,853
6 Notes and bonds, 12,814 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,477 1,500
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 26,121 25,074
10 Loans to depository institutions 57 174
11 Primary credit 4 100
12 Secondary credit 0 0
13 Seasonal credit 53 74
14 Float -350 -166
15 Other Federal Reserve assets 39,080 38,692
16 Gold stock 11,043 11,044
17 Special drawing rights 2,200 2,200
certificate account
18 Treasury currency outstanding 34,937 35,022 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 690,751 691,893 (r)
20 Reverse repurchase agreements (6) 21,137 22,038
21 Foreign official and 21,137 21,530
international accounts
22 Dealers 0 508
23 Treasury cash holdings 351 375
24 Deposits with Federal Reserve
Banks, other than reserve balances 18,232 18,169
25 U.S. Treasury, general account 6,678 6,747
26 Foreign official 122 157
27 Service-related 11,178 11,028
28 Required clearing balances 10,849 10,832
29 Adjustments to compensate for float 329 196
30 Other 254 237
31 Other liabilities and capital 20,300 20,170
32 Reserve balances with Federal 11,626 11,168
Reserve Banks (7)
SUPPLYING RESERVE FUNDS End-of-month figures
1 Reserve Bank credit outstanding May June
2 Securities held outright
3 U.S. Treasury (2)
4 Bills (3)
5 Notes and bonds, nominal (3) 719,092 722,933
6 Notes and bonds, 651,127 652,128
Inflation-indexed (3) 651,117 652,118
7 Inflation compensation (4) 237,933 238,965
8 Federal agency (3) 398,853 398,853
9 Repurchase agreements (5) 12,814 1,12,814
10 Loans to depository institutions
11 Priamary credit 1,517 1,485
12 Secondary credit 10 10
13 Seasonal credit 30,240 31,750
14 Float 80 768
15 Other Federal Reserve assets 15 686
16 Gold stock 0 0
17 Special drawing rights 65 82
certificate account -599 -525
18 Treasury currency outstanding 38,244 38,812
11,044 11,044
ABSORBING RESERVE FUNDS 2,200 2,200
19 Currency in circulation 34,976 35,065
20 Reverse repurchase
agreements (6)
21 Foreign official and
international accounts 692,355 693,315
22 Dealers 22,285 22,080
23 Treasury cash holdings
24 Deposits with Federal Reserve , 22,285 22,080
Banks, other than
reserve balances 0 0
25 U.S. Treasury, general account 375 365
26 Foreign official
27 Service-related 17,803 19,222
28 Required clearing balances
29 Adjustments to compensate 6,505 6,939
for float 79 898
30 Other 11,003 11,136
31 Other liabilities and capital 10,832 10'838
32 Reserve balances with Federal 170 297
Reserve Banks (7)
217 249
19,973 19,898
14,521 16,364
July
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 716,576
outstanding
2 Securities held outright 652,630
3 U.S. Treasury (2) 652,620
4 Bills (3) 239,480
5 Notes and bonds nominal (3) 398,853
6 Notes and bonds, 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,473
8 Federal agency (3) 10
9 Repurchase agreements (5) 24,153
10 Loans to depository institutions 114
11 Primary credit 5
12 Secondary credit 0
13 Seasonal credit 109
14 Float 147
15 Other Federal Reserve assets 39,532
16 Gold stock 11,044
17 Special drawing rights 2,200
certificate account
18 Treasury currency outstanding 35,099
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,585
20 Reverse repurchase agreements (6) 20,180
21 Foreign official and 20,180
international accounts
22 Dealers 0
23 Treasury cash holdings 334
24 Deposits with Federal Reserve
Banks, other than reserve balances 17,943
25 U.S. Treasury, general account 6,213
26 Foreign official 224
27 Service-related 11,192
28 Required clearing balances 10,864
29 Adjustments to compensate for float 327
30 Other 315
31 Other liabilities and capital 19,956
32 Reserve balances with Federal 11,921
Reserve Banks (7)
July
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 721,467
2 Securities held outright 652,913
3 U.S. Treasury (2) 652,903
4 Bills (3) 239,773
5 Notes and bonds, nominal (3) 398,853
6 Notes and bonds, 12,814
Inflation-indexed (3)
7 Inflation compensation (4) 1,462
8 Federal agency (3) 10
9 Repurchase agreements (5) 29,000
10 Loans to depository institutions 145
11 Primary credit 11
12 Secondary credit 0
13 Seasonal credit 133
14 Float -195
15 Other Federal Reserve assets 39,605
16 Gold stock 11,043
17 Special drawing rights 2,200
certificate account
18 Treasury currency outstanding 35,135
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,064
20 Reverse repurchase 19,827
agreements (6)
21 Foreign official and 19,827
international accounts
22 Dealers 0
23 Treasury cash holdings 364
24 Deposits with Federal Reserve ,
Banks, other than 18,219
reserve balances
25 U.S. Treasury, general account 6,356
26 Foreign official 318
27 Service-related 11,287
28 Required clearing balances 10,898
29 Adjustments to compensate 390
for float
30 Other 258
31 Other liabilities and capital 19,674
32 Reserve balances with Federal
17,697
Reserve Banks (7)
Average daily figures for
week ending on date indicated
Factor 2003
June 18 June 25
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 713,851 717,693
outstanding
2 Securities held outright 651,783 651,960
3 U.S. Treasury (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, 12,814 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,501 1,493
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 23,179 23,321
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 2,200 2,200
certificate account
18 Treasury currency outstanding 35,020 (r) 35,043 (r)
ABSORBING RESERVE FUNDS
19 Currency in circulation 691,540 (r) 691,146 (r)
20 Reverse repurchase agreements (6) 21,464 22,714
21 Foreign official and 21'142 21,036
international accounts
22 Dealers 321 1,679
23 Treasury cash holdings 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 258 226
float
30 Other 232 220
31 Other liabilities and capital 20,322 20,106
32 Reserve balances with Federal 9,855 13,009
Reserve Banks (7)
SUPPLYING RESERVE FUNDS Wednesday figures
1 Reserve Bank credit outstanding June 18 June 25
2 Securities held outright
3 U.S. Treasury (2)
4 Bills (3)
5 Notes and bonds, nominal (3) 714,955 723,424
6 Notes and bonds, 651,932 652,003
Inflation-indexed (3) 651,922 651,993
7 Inflation compensation (4) 238,756 238,835
8 Federal agency (3) 398,853 398,853
9 Repurchase agreements (5) 12,814 12,814
10 Loans to depository institutions
11 Primary credit 1,498 1,491
12 Secondary credit 10 10
13 Seasonal credit 23,000 32,000
14 Float 86 95
15 Other Federal Reserve assets 3 3
16 Gold stock 0 0
17 Special drawing rights 83 92
certificate account 1,131 323
18 Treasury currency outstanding 38,806 39,003
11,044 11,044
ABSORBING RESERVE FUNDS 2,200 2,200
19 Currency in circulation 35,020 35,043
20 Reverse repurchase
agreements (6)
21 Foreign official and
international accounts 692,525 692,710
22 Dealers 22,901 21,592
23 Treasury cash holdings
24 Deposits with Federal Reserve , 20,651 21,592
Banks, other than
reserve balances 2,250 0
25 U.S. Treasury, general account 368 365
26 Foreign official
27 Service-related 19,499 16,987
28 Required clearing balances
29 Adjustments to compensate 8,086 5,306
for float 96 404
30 Other 11,088 11,056
31 Other liabilities and capital 10,830 10,830
32 Reserve balances with Federal 258 226
Reserve Banks (7)
229 220
19,937 20,021
7,990 20,036
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 719,477 718,395
outstanding
2 Securities held outright 652,162 652,443
3 U.S. Treasury (2) 652,152 652,433
4 Bills (3) 238,998 239,285
5 Notes and bonds nominal (3) 398,853 398,853
6 Notes and bonds, 12,814 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,486 1,480
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 28,714 26,000
10 Loans to depository institutions 188 99
11 Primary credit 99 8
12 Secondary credit 0 0
15 Other Federal Reserve assets 39,040 39,233
16 Gold stock 11,044 11,044
17 Special drawing rights 2,200 2,200
certificate account
18 Treasury currency outstanding 35,065 35,079
ABSORBING RESERVE FUNDS
19 Currency in circulation 693,612 697,860
20 Reverse repurchase agreements (6) 23,129 20,844
21 Foreign official and 23,129 20,844
international accounts
22 Dealers 0 0
23 Treasury cash holdings 360 327
24 Deposits with Federal Reserve
Banks, other than reserve balances 17,882 17,742
25 U.S. Treasury, general account 6,087 6,218
26 Foreign official 412 279
27 Service-related 11,136 11,016
28 Required clearing balances 10,838 10,838
29 Adjustments to compensate for 297 178
float
30 Other 248 229
31 Other liabilities and capital 20,045 19,817
32 Reserve balances with Federal 12,758 10,128
Reserve Banks (7)
July 2 July 9
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 717,341 722,448
2 Securities held outright 652,363 652,461
3 U.S. Treasury (2) 652,353 652,451
4 Bills (3) 239,201 239,305
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds, 12,814 12,814
Inflation-indexed (3)
7 Inflation compensation (4) 1,484 1,479
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 26,000 29,250
10 Loans to depository institutions 92 104
11 Primary credit 1 1
12 Secondary credit 0 2
13 Seasonal credit 91 102
14 Float -144 1,336
15 Other Federal Reserve assets 39,030 39,298
16 Gold stock 11,044 11,044
17 Special drawing rights 2,200 2,200
certificate account
18 Treasury currency outstanding 35,065 35,079
ABSORBING RESERVE FUNDS
19 Currency in circulation 698,314 697,411
20 Reverse repurchase 21,045 20,254
agreements (6)
21 Foreign official and 21,045 20,254
international accounts
22 Dealers 0 0
23 Treasury cash holdings 327 327
24 Deposits with Federal Reserve ,
Banks, other than 17,539 17,925
reserve balances
25 U.S. Treasury, general account 5,707 6,356
26 Foreign official 476 327
27 Service-related 11,136 11,016
28 Required clearing balances 10,838 10,838
29 Adjustments to compensate 297 178
for float
30 Other 220 225
31 Other liabilities and capital 19,635 19,675
32 Reserve balances with Federal 8,790 15,180
Reserve Banks (7)
July 16 July 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 715,469 716,706
outstanding
2 Securities held outright 652,538 652,764
3 U.S. Treasury (2) 652,528 652,754
4 Bills (3) 239,385 239,616
5 Notes and bonds nominal (3) 398,853 398,583
6 Notes and bonds, 12,814 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,475 1,470
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 22,893 24,250
10 Loans to depository institutions 114 119
11 Primary credit 6 4
12 Secondary credit 1 0
13 Seasonal credit 107 115
14 Float 452 42
15 Other Federal Reserve assets 39,472 39,531
16 Gold stock 11,044 11,044
17 Special drawing rights 2,200 2,200
certificate account
18 Treasury currency outstanding 35,093 35,107
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,522 692,713
20 Reverse repurchase agreements (6) 20,067 19,677
21 Foreign official and 20,067 19,677
international accounts
22 Dealers 0 0
23 Treasury cash holdings 327 330
24 Deposits with Federal Reserve
Banks, other than reserve balances 17,957 18,098
25 U.S. Treasury, general account 6,479 6,067
26 Foreign official 109 124
27 Service-related 11,062 11,401
28 Required clearing balances 10,863 10,863
29 Adjustments to compensate for 199 538
float
30 Other 307 506
31 Other liabilities and capital 19,878 20,000
32 Reserve balances with Federal 11,054 14,238
Reserve Banks (7)
July 16 July 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 716,149 724,764
2 Securities held outright 652,700 652,837
3 U.S. Treasury (2) 652,690 652,827
4 Bills (3) 239,550 239,692
5 Notes and bonds, nominal (3) 398,853 398,853
6 Notes and bonds, 12,814 12,814
Inflation-indexed (3)
7 Inflation compensation (4) 1,473 1,468
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 24,000 32,000
10 Loans to depository institutions 121 118
11 Primary credit 8 1
12 Secondary credit 0 0
13 Seasonal credit 113 118
14 Float 37 -32
15 Other Federal Reserve assets 39,230 39,841
16 Gold stock 11,044 11,044
17 Special drawing rights 2,200 2,200
certificate account
18 Treasury currency outstanding 35,093 35,107
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,748 693,626
20 Reverse repurchase 20,346 19,672
agreements (6)
21 Foreign official and 20,346 19,672
international accounts
22 Dealers 0 0
23 Treasury cash holdings 329 329
24 Deposits with Federal Reserve ,
Banks, other than 17,233 18,014
reserve balances
25 U.S. Treasury, general account 5,724 6,058
26 Foreign official 128 134
27 Service-related 11,062 11,400
28 Required clearing balances 10,863 10,862
29 Adjustments to compensate 199 538
for float
30 Other 318 423
31 Other liabilities and capital 19,649 20,085
32 Reserve balances with Federal 12,180 21,380
Reserve Banks (7)
July 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 713,382
outstanding
2 Securities held outright 652,843
3 U.S. Treasury (2) 652,833
4 Bills (3) 239,701
5 Notes and bonds nominal (3) 398,853
6 Notes and bonds, 12,814
inflation-indexed (3)
7 Inflation compensation (4) 1,465
8 Federal agency (3) 10
9 Repurchase agreements (5) 20,857
10 Loans to depository institutions 126
11 Primary credit 1
12 Secondary credit 0
13 Seasonal credit 125
14 Float -477
15 Other Federal Reserve assets 40,033
16 Gold stock 11,044
17 Special drawing rights 2,200
certificate account
18 Treasury currency outstanding 35,121
ABSORBING RESERVE FUNDS
19 Currency in circulation 692,558
20 Reverse repurchase agreements (6) 19,916
21 Foreign official and 19,916
international accounts
22 Dealers 0
23 Treasury cash holdings 343
24 Deposits with Federal Reserve
Banks, other than reserve balances 18,005
25 U.S. Treasury, general account 6,205
26 Foreign official 259
27 Service-related 11,209
28 Required clearing balances 10,896
29 Adjustments to compensate for 394
float
30 Other 251
31 Other liabilities and capital 20,228
32 Reserve balances with Federal) 10,696
Reserve Banks (7)
July 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 718,066
2 Securities held outright 652,866
3 U.S. Treasury (2) 652,856
4 Bills (3) 239,726
5 Notes and bonds, nominal (3) 398,853
6 Notes and bonds, 12,814
Inflation-indexed (3)
7 Inflation compensation (4) 1,463
8 Federal agency (3) 10
9 Repurchase agreements (5) 26,250
10 Loans to depository institutions 141
11 Primary credit 5
12 Secondary credit 0
13 Seasonal credit 137
14 Float -1,187
15 Other Federal Reserve assets 39,996
16 Gold stock 11,043
17 Special drawing rights 2,200
certificate account
18 Treasury currency outstanding 35,121
ABSORBING RESERVE FUNDS
19 Currency in circulation 694,578
20 Reverse repurchase 19,316
agreements (6)
21 Foreign official and 19,316
international accounts
22 Dealers 0
23 Treasury cash holdings 364
24 Deposits with Federal Reserve,
Banks, other than 18,561
reserve balances
25 U.S. Treasury, general account 6,174
26 Foreign official 11,290
27 Service-related 10,896
28 Required clearing balances 10,896
29 Adjustments to compensate 394
for float
30 Other 246
31 Other liabilities and capital 19,745
32 Reserve balances with Federal 13,866
Reserve Banks (7)
(1.) Amounts of vault cash held as reserves are shown in table 1.12,
line 2.
(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 if 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 RESERVE AND BORROWINGS Depository Institutions (1)
Million of dollars
Prorated monthly averages
of biweekly average
Reserve classification 2000 2001
Dec. Dec.
1 Reserve balance with 7,022 9,053
Reserve Banks (2)
2 Total vault cash (3) 45,246 43,918
3 Applied vault cash (4) 31,451 32,024
4 Surplus vault cash (5) 13,795 11,894
5 Total reserve (6) 38,473 41,077
6 Required reserves 37,046 39,428
7 Excess reserve balance 1,427 1,649
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 210 67
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 111 33
12 Adjustment 99 34
2002
Dec.
1 Reserve balance with 9,926
Reserve Banks (2)
2 Total vault cash (3) 43,368
3 Applied vault cash (4) 30,347
4 Surplus vault cash (5) 13,021
5 Total reserve (6) 40,274
6 Required reserves 38,264
7 Excess reserve balance 2,009
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 80
9 Primary ...
10 Secondary ...
11 Seasonal 45
12 Adjustment 35
2003
Jan. Feb.
1 Reserve balance with 10,075 9,860
Reserve Banks (2)
2 Total vault cash (3) 46,209 (r) 45,924 (r)
3 Applied vault cash (4) 32,794 32,079
4 Surplus vault cash (5) 13,415 (r) 13,863 (r)
5 Total reserve (6) 42,869 41,939
6 Required reserves 41,162 39,973
7 Excess reserve balance 1,707 1,965
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 27 25
9 Primary 12 21
10 Secondary 0 0
11 Seasonal 13 5
12 Adjustment 2 ...
2003
Mar. Apr.
1 Reserve balance with 9,840 10,598
Reserve Banks (2)
2 Total vault cash (3) 43,088 (r) 41,991 (r)
3 Applied vault cash (4) 30,757 30,574
4 Surplus vault cash (5) 12,331 (r) 11,417 (r)
5 Total reserve (6) 40,597 41,172
6 Required reserves 38,961 39,640
7 Excess reserve balance 1,636 1,532
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 22 29
9 Primary 14 8
10 Secondary 0 0
11 Seasonal 8 21
12 Adjustment ... ...
May June
1 Reserve balance with 11,405 11,297 (r)
Reserve Banks (2)
2 Total vault cash (3) 41,636 (r) 41,961 (r)
3 Applied vault cash (4) 30,395 30,574
4 Surplus vault cash (5) 11,241 (r) 11,386 (r)
5 Total reserve (6) 41,801 41,872 (r)
6 Required reserves 40,182 40,018
7 Excess reserve balance 1,619 1,854 (r)
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 55 161
9 Primary 3 87
10 Secondary 0 0
11 Seasonal 53 74
12 Adjustment ... ...
July
1 Reserve balance with 12,158
Reserve Banks (2)
2 Total vault cash (3) 42,657 (r)
3 Applied vault cash (4) 31,438
4 Surplus vault cash (5) 11,220
5 Total reserve (6) 43,595
6 Required reserves 41,679
7 Excess reserve balance 1,916
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 130
9 Primary 21
10 Secondary 0
11 Seasonal 110
12 Adjustment ...
Reserve classification
Biweekly average of daily figures for
for two-week periods
ending on dates indicated
2003
Apr. 2 Apr. 16
1 Reserve balance with 9,843 9,452
Reserve Banks (2)
2 Total vault cash (3) 43,918 (r) 41,682 (r)
3 Applied vault cash (4) 31,830 29,833
4 Surplus vault cash (5) 12,098 (r) 11,849 (r)
5 Total reserve (6) 41,672 39,285
6 Required reserves 40,058 37,784
7 Excess reserve balance 1,614 1,501
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 11 33
9 Primary 3 15
10 Secondary 0 0
11 Seasonal 8 18
12 Adjustment ... ...
Apr. 30 May. 14
1 Reserve balance with 11,852 9,772
Reserve Banks (2)
2 Total vault cash (3) 42,024 (r) 41,432 (r)
3 Applied vault cash (4) 31,136 29,696
4 Surplus vault cash (5) 10,889 (r) 11,736 (r)
5 Total reserve (6) 42,987 39,468
6 Required reserves 41,436 37,924
7 Excess reserve balance 1,551 1,543
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 29 51
9 Primary 2 3
10 Secondary 0 0
11 Seasonal 27 48
12 Adjustment ... ...
May 28 June 11
1 Reserve balance with 13,116 11,050
Reserve Banks (2)
2 Total vault cash (3) 41,968 (r) 41,040 (r)
3 Applied vault cash (4) 31,211 29,854
4 Surplus vault cash (5) 10,758 (r) 11,186 (r)
5 Total reserve (6) 44,326 40,904
6 Required reserves 42,712 38,909
7 Excess reserve balance 1,614 1,994
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 58 69
9 Primary 2 7
10 Secondary 0 0
11 Seasonal 56 63
12 Adjustment ... ...
June 25 July 9 (r)
1 Reserve balance with 11,437 11,453
Reserve Banks (2)
2 Total vault cash (3) 42,303 (r) 43,030
3 Applied vault cash (4) 30,798 31,534
4 Surplus vault cash (5) 11,505 (r) 11,497
5 Total reserve (6) 42,235 42,986
6 Required reserves 40,631 40,744
7 Excess reserve balance 1,604 2,242
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 241 144
9 Primary 163 54
10 Secondary 0 0
11 Seasonal 78 90
12 Adjustment ... ...
July 23 Aug. 6
1 Reserve balance with 12,644 12,00
Reserve Banks (2)
2 Total vault cash (3) 41,789 43,758
3 Applied vault cash (4) 30,545 32,892
4 Surplus vault cash (5) 11,244 10,866
5 Total reserve (6) 43,189 44,991
6 Required reserves 41,601 42,867
7 Excess reserve balance 1,588 2,124
at Reserve Banks (7)
8 Total borrowing at Reserve Banks 117 140
9 Primary 5 11
10 Secondary 1 0
11 Seasonal 111 129
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 balance 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 reserve 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
9/19/2003 Effective date Previous rate
Boston 2.00 6/25/03 2.25
New York 2.00 6/25/03 2.25
Philadelphia 2.00 6/26/03 2.25
Cleveland 2.00 6/26/03 2.25
Richmond 2.00 6/26/03 2.25
Atlanta 2.00 6/26/03 2.25
Chicago 2.00 6/26/03 2.25
St. Louis 2.00 6/26/03 2.25
Minneapolis 2.00 6/26/03 2.25
Kansas City 2.00 6/26/03 2.25
Dallas 2.00 6/25/03 2.25
San Francisco 2.00 6/26/03 2.25
Secondary credit (2)
Federal Reserve
Bank On
9/19/2003 Effective date Previous rate
Boston 2.50 6/25/03 2.75
New York 2.5 6/25/03 2.75
Philadelphia 2.50 6/26/03 2.75
Cleveland 2.50 6/25/03 2.75
Richmond 2.50 6/25/03 2.75
Atlanta 2.50 6/25/03 2.75
Chicago 2.50 6/26/03 2.75
St. Louis 2.50 6/26/03 2.75
Minneapolis 2.50 6/26/03 2.75
Kansas City 2.50 6/25/03 2.75
Dallas 2.50 6/26/03 2.75
San Francisco 2.50 6/25/03 2.75
Seasonal credit (3)
Federal Reserve
Bank On
9/19/03 Effective date Previous rate
Boston 1.05 9/4/03 1.10
New York 1.05 9/4/03 1.10
Philadelphia 1.05 9/4/03 1.10
Cleveland 1.05 9/4/03 1.10
Richmond 1.05 9/4/03 1.10
Atlanta 1.05 9/4/03 1.10
Chicago 1.05 9/4/03 1.10
St. Louis 1.05 9/4/03 1.10
Minneapolis 1.05 9/4/03 1.10
Kansas City 1.05 9/4/03 1.10
Dallas 1.05 9/4/03 1.10
San Francisco 1.05 9/4/03 1.10
Range of rates for primary credit
Range (or F.R. Bank
Effective date level)--All of
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 September 19, 2003 2.00 2.00
Range (or
Effective date Effective date level)--All
F.R. Banks
In effect Jan. 9, 2003
(beginning of program)
2003--June 25
26
In effect September 19, 2003
F.R. Bank
Effective date level)--All Effective date
N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003--June 25
26
In effect September 19, 2003
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Jan. 9, 2003
(beginning of program)
2003--June 25
26
In effect September 19, 2003
Range of rates for adjustment credit in recent year (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
Range (or
Effective date Effective date level)--All
F.R. Banks
In effect Dec. 31, 1995 2000--Feb. 2 5.00-5.25
4 5.25
1996--Jan. 31 Mar. 21 5.25-5.50
Feb. 3 23 5.50
May 16 5.50-6.00
1998--Oct. 15 19 6.00
16
Nov. 17 2001--Jan. 3 5.75-6.00
19 4 5.50-5.75
5 5.50
1999--Aug. 24 31 5.00-5.50
26 Feb. 1 5.00
Nov. 16 Mar. 20 4.50-5.00
18 21 4.50
Apr. 18 4.00-4.50
20 4.00
2001--May 15 3.50-4.00
17 3.50
F.R. Bank
Effective date level)--All Effective date
N.Y.
In effect Dec. 31, 1995 5.25 2001--June 27
5.25 29
1996--Jan. 31 5.5 Aug. 21
Feb. 3 5.50 23
5.50 Sept. 17
1998--Oct. 15 6.00 18
16 Oct. 2
Nov. 17 5.75 4
19 5.50 Nov. 6
5.50 8
1999--Aug. 24 5.00 Dec. 11
26 5.00 13
Nov. 16 4.50
18 4.50 2002--Nov. 6
4.00 7
4.00
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 1995 3.25-3.50 3.25
3.25 3.25
1996--Jan. 31 3.00-3.25 3.00
Feb. 3 3.00 3.00
2.50-3.00 2.50
1998--Oct. 15 2.50 2.50
16 2.00-2.50 2.00
Nov. 17 2.00 2.00
19 1.50-2.00 1.50
1.50 1.50
1999--Aug. 24 1.25-1.50 1.25
26 1.25 1.25
Nov. 16
18 0.75-1.25 0.75
0.75 0.75
(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 from a clear pattern of intra yearly
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.
(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 publication 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:
Release and Historical Data web pages
(http://www.federalreserve.gov/release/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Type of deposit Percentage Effective date
Net transactions (2)
1 $0 millions-$6 millions (3) 0 12/26/02
2 More than $6 3 12/26/02
millions-$42.1 million (4)
3 More than $42.1 millions (5) 10 12/26/02
4 Nonpersonal time deposits (6) 0 12/27/90
5 Eurocurrency liabilities (7) 0 12/27/90
(1.) Required reserves must be held in
the from 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 requirement 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 bank, savings and loan associations,
credit unions, agencies and branches of
foreign bank, 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 transfer 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 transfer 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 Germain Depository
Institutions Act of 1982, the Board adjusts the
amount of reversible liabilities subject to a
zero percent reserve requirement each year for the
succeeding calendar year by 80 percent of the
percentage increase in the total reservable
liabilities of all depository institutions,
measured on an annual basis as of June 30. No
corresponding adjustment is made in the
event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent
reserve requirement. Effective with the reserve
maintenance period beginning December 26, 2002,
for depository institutions that report
weekly, and with the period beginning January 16, 2003,
for institutions that 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 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 millions 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 reports quarterly.
(6.) 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.
(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 transactions 2000 2001 2002
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 8,676 15,503 21,421
2 Gross sales 0 0 0
3 Exchanges 477,904 542,736 657,931
4 For new bills 477,904 542,736 657,931
5 Redemptions 24,522 10,095 0
Others within one year
6 Gross purchases 8,809 15,663 12,720
7 Gross sales 0 0 0
8 Maturity shifts 62,025 70,336 89,108
9 Exchanges -54,656 -72,004 -92,075
10 Redemptions 3,799 16,802 0
One to five years
11 Gross purchases 14,482 22,814 12,748
12 Gross sales 0 0 0
13 Maturity shifts -52,068 -45,211 -73,093
14 Exchanges 46,177 64,519 88,276
Five to ten years
15 Gross purchases 5,871 6,003 5,074
16 Gross sales 0 0 0
17 Maturity shifts -6,801 -21,063 -11,588
18 Exchanges 6,585 6,063 3,800
More than ten years
19 Gross purchases 5,833 8,531 2,280
20 Gross sales 0 0 0
21 Maturity shifts -3,155 -4,062 -4,427
22 Exchanges 1,894 1,423 0
All maturities
23 Gross purchases 43,670 68,513 54,242
24 Gross sales 0 0 0
25 Redemptions 28,301 26,897 0
26 Net change in U.S. 15,369 41,616 54,242
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0
28 Gross sales 0 0 0
29 Redemptions 51 120 0
30 Net change in -51 -120 0
federal agency
obligations
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 890,236 1,497,713 1,143,126
32 Gross sales 987,501 1,490,838 1,153,876
Matched sale-purchase
agreements
33 Gross purchase 4,415,905 4,722,667 4,981,624
34 Gross sales 4,397,835 4,724,743 4,958,437
Reverse repurchase
agreements (4)
35 Gross purchases 0 0 231,272
36 Gross sales 0 0 252,363
37 Net change in -79,195 4,800 -8,653
temporary
transactions
38 Total net change in -63,877 46,295 45,589
System Open Market
Account
2002
Type of transactions
and maturity Dec. Jan. Feb.
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 0 0 4,161
2 Gross sales 0 0 0
3 Exchanges 53,374 71,075 53,860
4 For new bills 53,374 71,075 53,860
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 0 0 478
7 Gross sales 0 0 0
8 Maturity shifts 13,448 6,216 3,214
9 Exchanges -12,059 -6,834 -13,313
10 Redemptions 0 0 0
One to five years
11 Gross purchases 339 0 2,127
12 Gross sales 0 0 0
13 Maturity shifts -13,448 -6,216 2,160
14 Exchanges 12,059 6,834 11,817
Five to ten years
15 Gross purchases 314 0 769
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -3,877
18 Exchanges 0 0 1,497
More than ten years
19 Gross purchases 0 0 0
20 Gross sales 0 0 0
21 Maturity shifts 0 0 -1,497
22 Exchanges 0 0 0
All maturities
23 Gross purchases 653 0 7,534
24 Gross sales 0 0 0
25 Redemptions 0 0 0
26 Net change in U.S. 653 0 7,534
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0
28 Gross sales 0 0 0
29 Redemptions 0 0 0
30 Net change in 0 0 0
federal agency
obligations
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 112,750 135,749 121,896
32 Gross sales 101,750 150,499 119,746
Matched sale-purchase
agreements
33 Gross purchase 195,565 0 0
34 Gross sales 175,820 0 0
Reverse repurchase
agreements (4)
35 Gross purchases 231,272 392,530 343,748
36 Gross sales 252,363 389,810 343,395
37 Net change in 9,654 -12,029 2
temporary
transactions
38 Total net change in 10,307 -12,029 7,537
System Open Market
Account
2003
Type of transactions
and maturity Mar. Apr. May June
U.S. TREASURY SECURITIES (2)
Outright transactions
Treasury bills
1 Gross purchases 1,863 3,543 1,684 1,032
2 Gross sales 0 0 0 0
3 Exchanges 47,424 51,834 76,354 60,706
4 For new bills 47,424 51,834 76,354 60,706
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 1,318 1,422 786 0
7 Gross sales 0 0 0 0
8 Maturity shifts 8,334 8,333 7,228 7,531
9 Exchanges -8,211 -7,293 -6,999 -6,700
10 Redemptions 0 0 0 0
One to five years
11 Gross purchases 710 733 1,057 0
12 Gross sales 0 0 0 0
13 Maturity shifts -8,334 -8,333 -1,513 -7,531
14 Exchanges 8,211 7,293 6,747 6,700
Five to ten years
15 Gross purchases 522 0 234 0
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 -5,463 0
18 Exchanges 0 0 252 0
More than ten years
19 Gross purchases 50 0 0 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -252 0
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 4,463 5,699 3,761 1,032
24 Gross sales 0 0 0 0
25 Redemptions 0 0 0 0
26 Net change in U.S. 4,463 5,699 3,761 1,032
Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases 0 0 0 0
28 Gross sales 0 0 0 0
29 Redemptions 0 0 0 0
30 Net change in federal 0 0 0 0
agency obligations
TEMPORARY TRANSACTIONS
Repurchase agreements (3)
31 Gross purchases 95,001 112,251 124,741 90,500
32 Gross sales 90,151 106,500 132,002 88,990
Matched sale-purchase
agreements
33 Gross purchase 0 0 0 0
34 Gross sales 0 0 0 0
Reverse repurchase
agreements (4)
35 Gross purchases 388,069 451,149 441,555 456,652
36 Gross sales 389,469 452,545 443,025 456,447
37 Net change in 2,200 2,104 -8,731 -6,535
temporary
transactions
38 Total net change in 6,664 7,803 -4,971 -5,504
System Open Market
Account
(1.) Sales, redemptions, and negative figures reduce holdings of the
system Open Market Account; all other figures increase such holdings.
(2.) Transactions exclude changes in compensation for the effects of
inflation
on the principal of inflation-indexed securities. Transactions include
the rollover of inflation compensation into new securities.
(3.) Cash value of agreements, which are collateralized by U.S.
government and federal agency obligations.
(4.) Cash value of agreements, which are collateralized by U.S.
securities.
1.18 FEDERAL RESERVE BANKS Condition and Federal
Reserve Note Statements (1)
Millions of dollars
Wednesday
2003
Account
July 2 July 9 July 16
Consolidated condition statement
ASSETS
1 Gold certificate account 11,039 11,039 11,039
2 Special drawing rights 2,200 2,200 2,200
certificate account
3 Coin 904 874 872
4 Securities, repurchase 678,454 681,815 676,822
agreements, and loans
5 Securities held outright 652,363 652,461 652,700
6 U.S. Treasury (2) 652,353 652,451 652,690
7 Bills (3) 239,201 239,305 239,550
8 Notes and bonds, 398,853 398,853 398,853
nominal (3)
9 Notes and bonds, 12,814 12,814 12,814
inflation-indexed (3)
10 Inflation 1,484 1,479 1,473
compensation (4)
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 26,000 29,250 24,000
13 Loans 92 104 121
14 Items in process of 9,457 10,110 8,534
collection
15 Bank premises 1,581 1,582 1,585
16 Other assets 37,400 37,712 37,607
17 Denominated in foreign 17,951 17,824 17,714
currencies (6)
18 All other (7) 19,448 19,888 19,893
19 Total assets 741,035 745,332 738,658
LIABILITIES
20 Federal Reserve notes, 664,475 663,529 660,851
net of F.R. Bank holdings
21 Reserve repurchase 21,045 20,254 20,346
agreements (8)
22 Deposits 26,422 33,497 29,600
23 Depository institutions 20,019 26,571 23,429
24 U.S. Treasury, general 5,707 6,356 5,724
account
25 Foreign official 476 327 128
26 Other 220 225 318
27 Deferred availability cash 9,457 8,395 8,211
items
28 Other liabilities and 2,101 2,107 2,080
accrued dividends (9)
29 Total liabilities 723,500 727,764 721,089
CAPITAL ACCOUNTS
30 Capital paid in 8,659 8,660 8,662
31 Surplus 8,380 8,378 8,378
32 Other capital accounts 496 529 529
33 Total capital 17,535 17,567 17,569
MEMO
34 Marketable securities
held in custody for foreign
official and international
accounts (3,10) 951,017 938,109 939,558
35 U.S. Treasury 763,039 755,623 756,862
36 Federal agency 187,977 182,486 182,696
37 Securities lent to dealers 2,461 609 661
38 Federal Reserve notes
outstanding 767,466 768,847 770,017
39 Less: Notes held by F.R.
Banks not subject to
collateralization 98,395 100,612 104,446
40 Federal Reserve notes
to be collateralized 669,071 668,236 665,571
41 Collateral held against
Federal Reserve notes 669,071 668,236 665,571
42 Gold certificate account 11,039 11,039 11,039
43 Special drawing rights
certificate account 2,200 2,200 2,200
44 U.S. Treasury and agency
securities pledged (11) 655,832 654,996 652,331
45 Other eligible assets 0 0 0
MEMO
46 Total U.S. Treasury and
agency securities (11) 678,363 681,711 676,700
47 Less: face value of
securities under reverse
repurchase agreements (12) 21,050 20,258 20,351
48 U.S. Treasury and agency
securities eligible to be
pledged 657,313 661,453 656,349
Wednesday
2003
July 23 July 30
Consolidated condition statement
ASSETS
1 Gold certificate account 11,039 11,039
2 Special drawing rights 2,200 2,200
certificate account
3 Coin 872 869
4 Securities, repurchase 684,956 679,257
agreements, and loans
5 Securities held outright 652,837 652,866
6 U.S. Treasury (2) 652,827 652,856
7 Bills (3) 239,692 239,726
8 Notes and bonds, 398,853 398,853
nominal (3)
9 Notes and bonds, 12,814 12,814
inflation-indexed (3)
10 Inflation compensation 1,468 1,463
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 32,000 26,250
13 Loans 118 141
14 Items in process of 7,680 7,843
collection
15 Bank premises 1,588 1,586
16 Other assets 38,216 38,377
17 Denominated in foreign 17,921 17,707
currencies (6)
18 All other (7) 20,295 20,670
19 Total assets 746,550 741,172
LIABILITIES
20 Federal Reserve notes, 659,725 660,686
net of F.R. Bank holdings
21 Reserve repurchase 19,672 19,316
agreements (8)
22 Deposits 39,452 33,151
23 Depository institutions 32,837 25,879
24 U.S. Treasury, general 6,058 6,174
account
25 Foreign official 134 852
26 Other 423 246
27 Deferred availability cash 7,617 8,275
items
28 Other liabilities and 2,138 2,151
accrued dividends (9)
29 Total liabilities 728,603 723,578
CAPITAL ACCOUNTS
30 Capital paid in 8,714 8,719
31 Surplus 8,380 8,363
32 Other capital accounts 852 513
33 Total capital 17,947 17,594
MEMO
34 Marketable securities
held in custody for foreign
official and international
accounts (3,10) 931,836 930,019
35 U.S. Treasury 749,564 746,813
36 Federal agency 182,272 183,207
37 Securities lent to dealers 1,688 2,534
Federal Reserve notes and
collateral statement
38 Federal Reserve notes
outstanding 772,010 774,095
39 Less: Notes held by F.R.
Banks not subject to
collateralization 107,559 108,713
40 Federal Reserve notes
to be collateralized 664,451 665,381
41 Collateral held against
Federal Reserve notes 664,451 665,381
42 Gold certificate account 11,039 11,039
43 Special drawing rights
certificate account 2,200 2,200
44 U.S. Treasury and agency
securities pledged (11) 651,211 652,142
45 Other eligible assets 0 0
MEMO
46 Total U.S. Treasury and
agency securities (11) 684,837 679,116
47 Less: face value of
securities under reverse
repurchase agreements (12) 19,677 19,321
48 U.S. Treasury and agency
securities eligible to be
pledged 665,161 659,795
End of month
2003
Account
May June July
ASSETS
1 Gold certificate account 11,040 11,040 11,039
2 Special drawing rights 2,200 2,200 2,200
certificate account
3 Coin 924 942 878
4 Securities, repurchase 681,447 684,646 682,057
agreements, and loans
5 Securities held outright 651,127 652,128 652,913
6 U.S. Treasury (2) 651,117 652,118 652,903
7 Bills 237,933 238,965 239,773
8 Notes and bonds, 398,853 398,853 398,853
nominal (3)
9 Notes and bonds, 12,814 12,814 12,814
inflation-indexed (3)
10 Inflation 1,517 1,485 1,462
compensation (4)
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 30,240 31,750 29,000
13 Loans 80 768 145
14 Items in process of 5,684 2,330 6,558
collection
15 Bank premises 1,579 1,580 1,586
16 Other assets 36,689 37,195 38,004
17 Denominated in foreign 18,080 17,849 17,598
currencies (6)
18 All other 18,609 19,346 20,406
19 Total assets 739,563 739,932 742,321
LIABILITIES
20 Federal Reserve notes, 658,674 659,552 660,167
net of F.R. Bank holdings
21 Reserve repurchase 22,285 22,080 19,827
agreements (8)
22 Deposits 32,470 35,806 35,972
23 Depository institutions 25,669 27,720 29,041
24 U.S. Treasury, general 6,505 6,939 6,356
account
25 Foreign official 79 898 318
26 Other 217 249 258
27 Deferred availability cash 6,161 2,596 6,681
items
28 Other liabilities and 2,329 2,227 2,143
accrued dividends (9)
29 Total liabilities 721,919 722,262 724,789
CAPITAL ACCOUNTS
30 Capital paid in 8,575 8,657 8,719
31 Surplus 8,380 8,356 8,327
32 Other capital accounts 689 657 486
33 Total capital 17,644 17,670 17,532
MEMO
34 Marketable securities
held in custody for foreign
official and international
accounts (3,10) 931,570 945,930 936,251
35 U.S. Treasury 741,378 760,406 754,101
36 Federal agency 190,191 185,524 182,150
37 Securities lent to dealers 597 4,950 2,390
Federal Reserve notes and
collateral statement
38 Federal Reserve notes
outstanding 760,717 766,845 774,672
39 Less: Notes held by F.R.
Banks not subject to
collateralization 97,928 102,691 109,856
40 Federal Reserve notes
to be collateralized 662,789 664,155 664,816
41 Collateral held against
Federal Reserve notes 662,789 664,155 664,816
42 Gold certificate account 11,040 11,040 11,039
43 Special drawing rights
certificate account 2,200 2,200 2,200
44 U.S. Treasury and agency
securities pledged (11) 649,549 650,915 651,577
45 Other eligible assets 0 0 0
MEMO
46 Total U.S. Treasury and
agency securities (11) 681,367 683,878 681,913
47 Less: face value of
securities under reverse
repurchase agreements (12) 22,295 22,086 19,831
48 U.S. Treasury and agency
securities eligible to be
pledged 659,072 661,792 662,081
(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 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 exchanged 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 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.
(12.) Face value of agreements, which are fully collateralized
by U.S. Treasury securities.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loans
and Securities
Millions of dollars
Wednesday
2003
Type of holding and maturity
July 2 July 9 July 16 July 23
1 Total loans 92 104 121 118
2 Within 15 days 13 44 64 102
3 16 days to 90 days 79 60 57 16
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities (1) 652,353 652,451 652,690 652,827
6 Within 15 days 41,102 40,668 46,121 46,160
7 16 days to 90 days 146,726 147,314 141,599 140,922
8 91 days to 1 year 158,535 158,485 158,993 159,773
9 Over 1 year to 5 years 179,355 179,353 179,352 179,350
10 Over 5 years to 10 years 46,661 46,659 46,657 46,656
11 Over 10 years 79,973 79,971 79,969 79,967
12 Total federal agency
securities 10 10 10 10
13 Within 15 days 0 0 0 0
14 16 days to 90 days 0 0 0 0
15 91 days to 1 year 10 10 10 10
16 Over 1 year to 5 years 0 0 0 0
17 Over 5 years to 10 years 0 0 0 0
18 Over 10 years 0 0 0 0
19 Total repurchase
agreements (2) 26,000 29,250 24,000 32,000
20 Within 15 days 21,000 24,250 19,000 29,000
21 16 days to 90 days 5,000 5,000 5,000 3,000
22 Total reverse repurchase
agreements (2) 21,045 20,254 20,346 19,672
23 Within 15 days 21,045 20,254 20,346 19,672
24 16 days to 90 days 0 0 0 0
Millions of dollars
End of month
2003
Type of holding and maturity July 30 May June July
1 Total loans 141 80 768 145
2 Within 15 days 116 66 752 99
3 16 days to 90 days 25 14 16 45
4 91 days to 1 year 0 0 0 0
5 Total U.S. Treasury
securities 652,856 651,117 652,118 652,903
6 Within 15 days 46,048 36,449 27,419 36,979
7 16 days to 90 days 141,180 153,457 153,840 134,047
8 91 days to 1 year 159,660 154,081 157,337 172,745
9 Over 1 year to 5 years 179,349 180,472 186,886 184,345
10 Over 5 years to 10 years 46,654 46,672 46,661 44,823
11 Over 10 years 79,965 79,987 79,974 79,965
12 Total federal agency
securities 10 10 10 10
13 Within 15 days 0 0 0 0
14 16 days to 90 days 0 0 0 0
15 91 days to 1 year 10 10 10 10
16 Over 1 year to 5 years 0 0 0 0
17 Over 5 years to 10 years 0 0 0 0
18 Over 10 years 0 0 0 0
19 Total repurchase
agreements 26,250 30,240 31,750 29,000
20 Within 15 days 24,250 22,240 23,750 24,000
21 16 days to 90 days 2,000 8,000 8,000 5,000
22 Total reverse repurchase
agreements 19,316 22,285 22,080 19,827
23 Within 15 days 19,316 22,285 22,080 19,827
24 16 days to 90 days 0 0 0 0
Note. Components may not sum to totals because of rounding.
(1.) Includes the original face value of inflation-indexed
securities and compensation that adjust 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 INSTITUTION AND
MONETARY BASE (1)
Billions of dollars, average of daily figures
Item 1999 2000 2001
Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES 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 Nonborowed reserves 41.33 38.26 41.01
11 Required reserves 40.36 37.05 39.43
12 Monetary base (11) 608.02 596.98 648.74
13 Excess reserves (12) 1.30 1.43 1.65
14 Borrowings from the Federal .32 .21 .07
Reserve
Item 2002 2002 2003
Dec. Dec. Jan.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.22 40.22 40.73
2 Nonborrowed reserves (4) 40.14 40.14 40.70
3 Required reserves 38.21 38.21 39.02
4 Monetary base (5) 681.90 681.90 685.72
Not seasonally adjusted
5 Total reserves (6) 40.13 40.13 42.85
6 Nonborrowed reserves 40.05 40.05 42.83
7 Required reserves (7) 38.12 38.12 41.15
8 Monetary base (8) 686.23 686.23 688.33
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 40.27 40.27 42.87
10 Nonborrowed reserves 40.19 40.19 42.84
11 Required reserves 38.26 38.26 41.16
12 Monetary base (11) 697.15 697.15 699.25
13 Excess reserves (12) 2.01 2.01 1.71
14 Borrowings from the Federal .08 .08 .03
Reserve
Item 2003 2003 2003
Feb. Mar. Apr.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.82 40.97 40.81
2 Nonborrowed reserves (4) 40.80 40.95 40.78
3 Required reserves 38.86 39.34 39.27
4 Monetary base (5) 691.31 695.14 698.23
Not seasonally adjusted
5 Total reserves (6) 41.94 40.60 41.16
6 Nonborrowed reserves 41.91 40.57 41.14
7 Required reserves (7) 39.97 38.96 39.63
8 Monetary base (8) 690.25 693.83 697.83
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.94 40.60 41.17
10 Nonborowed reserves 41.91 40.58 41.14
11 Required reserves 39.97 38.96 39.64
12 Monetary base (11) 701.04 705.04 709.10
13 Excess reserves (12) 1.97 1.64 1.53
14 Borrowings from the Federal .03 .02 .03
Reserve
Item 2003 2003 2003
May June July
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.99 42.80 43.93
2 Nonborrowed reserves (4) 40.93 42.63 (r) 43.80
3 Required reserves 39.37 40.94 42.01
4 Monetary base (5) 701.18 703.17 (r) 703.53
Not seasonally adjusted
5 Total reserves (6) 41.79 41.86 43.58
6 Nonborrowed reserves 41.73 41.70 43.45
7 Required reserves (7) 40.17 40.00 41.66
8 Monetary base (8) 701.58 703.33 (r) 705.80
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.80 41.87 43.60
10 Nonborowed reserves 41.75 41.71 43.47
11 Required reserves 40.18 40.02 41.68
12 Monetary base (11) 712.76 714.36 (r) 717.01
13 Excess reserves (12) 1.62 1.85 (r) 1.92
14 Borrowings from the Federal .06 .16 .13
Reserve
(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 depositor institutions from the Federal Reserve
(line 17).
(5.) The seasonally adjusted, break-adjusted monetary base consist
of (1) seasonally adjusted, break-adjusted total reserves (line 1),
plus (2) the seasonally adjusted currency component of the money
stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required
reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to
satisfy current reserve requirements.
(6.) Break-adjusted total reserves equal break-adjusted required
reserves (line 9) plus excess reserves (line 16).
(7.) To adjust required reserves for discontinuities that are due
to regulatory changes in reserve requirements, a multiplicative
procedure is used to estimate what required reserves would have
been in past periods had current reserve requirements been in effect.
Break-adjusted required reserves include required reserves against
transactions deposits and nonpersonal time and savings deposits
(but not reservable nondeposit liabilities).
(8.) The break-adjusted monetary base equals (1) break-adjusted total
reserves (line 6), plus (2) the (unadjusted) currency component
of the money stock, plus (3) (for all quarterly reporters on the
"Report of Transaction Accounts, Other Deposits and Vault Cash"
and for all those weekly reporters whose vault cash exceeds their
required reserves) the break-adjusted difference between current
vault cash and the amount applied to satisfy current reserve
requirements.
(9.) Reflects actual reserve requirements, including those on
nondeposit liabilities with no adjustments to eliminate the effects
of discontinuities associated with regulatory changes in reserve
requirements.
(10.) Reserve balances with Federal Reserve Banks plus vault cash
used to satisfy reserve requirements.
(11.) The monetary base, not break-adjusted and not seasonally
adjusted, 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, averages of daily figures
Item 1999 2000 2001
Dec. Dec. Dec.
Seasonally
adjusted
Measures (2)
1 M1 1,121.4 1,084.7 1,172.9
2 M2 4,649.7 4,931.5 (r) 5,444.6 (r)
3 M3 6,534.9 7,099.4 (r) 8,004.5 (r)
M1 components
4 Currency (3) 517.7 531.5 581.9
5 Travelers checks (4) 8.3 8.0 7.8
6 Demand deposits (5) 352.1 306.9 326.1
7 Other checkable 243.4 238.2 257.2
deposits (6)
Nontransaction components
8 In M2 (7) 3,528.3 3,846.8 4,271.7
9 In M3 only (8) 1,885.1 2,167.9 2,559.9
Commercial banks
10 Savings deposits, 1,288.8 1,422.9 1,734.6
including MMDAs
11 Small time deposits
(9) 634.6 699.5 634.2
12 Large time deposits
(10,11) 652.2 718.3 671.1
Thrift institutions
13 Savings deposits, 452.0 454.3 572.4
including MMDAs
14 Small time deposits
(9) 319.5 344.8 339.1
15 Large time deposits
(10) 91.9 103.0 114.9
Money market mutual
funds
16 Retail 833.4 925.4 (r) 991.5 (r)
17 Institution-only 34.8 788.8 1,190.3
Repurchase agreements and
eurodollars
18 Repurchase agreements
(12) 335.7 363.5 375.0
19 Eurodollars (12) 0.5 194.3 208.6
Not seasonally adjusted
Measures (2)
20 M1 1,147.8 1,112.1 1,202.9
21 M2 4,676.8 4,966.9 (r) 5,487.6 (r)
22 M3 6,577.5 7,154.0 (r) 8,076.3 (r)
M1 components
23 Currency (3) 521.7 535.6 585.4
24 Travelers checks
(4) 8.4 8.1 7.9
25 Demand deposits (5) 371.7 326.7 348.1
26 Other checkable
deposits (6) 246.0 241.6 261.5
Nontransaction components
27 In M2 (7) 3,529.0 3,854.8 (r) 4,284.6 (r)
28 In M3 only (8) 1,900.7 2,187.1 2,588.7
Commercial banks
29 Savings deposits, 1,288.7 1,427.5 1,742.4
including MMDAs
30 Small time deposits
(9) 635.6 700.6 635.1
31 Large time deposits
(10,11) 653.6 718.5 670.0
Thrift institutions
32 Savings deposits 451.9 455.8 575.0
including MMDAs
33 Small time deposits
(9) 320.0 345.4 339.6
34 Large time deposits
(10) 92.1 103.0 114.7
Money market mutual funds
35 Retail 832.7 925.5 (r) 992.5 (r)
36 Institution-only 648.6 806.1 1,218.3
Repurchase agreements and
eurodollars
37 Repurchase agreements
(12) 334.7 364.2 376.5
38 Eurodollars (12) 171.7 195.2 209.1
2002
Dec.
Seasonally adjusted
Measures (2)
1 M1 1,210.4
2 M2 5,791.8 (r)
3 M3 8,522.7 (r)
M1 components
4 Currency (3) 627.3
5 Travelers checks (4) 7.5
6 Demand deposits (5) 297.1
7 Other checkable 278.5
deposits (6)
Nontransaction components
8 In M2 (7) 4,581.4
9 In M3 only (8) 2,730.9
Commercial banks
10 Savings deposits, 2,047.9
including MMDAs
11 Small time deposits
(9) 591.0 (r)
12 Large time deposits
(10,11) 676.6
Thrift institutions
13 Savings deposits, 714.5
including MMDAs
14 Small time deposits
(9) 302.2
15 Large time deposits
(10) 117.3
Money market mutual
funds
16 Retail 925.9 (r)
17 Institution-only 1,234.5
Repurchase agreements and
eurodollars
18 Repurchase agreements
(12) 474.6 (r)
19 Eurodollars (12) 227.9
Not seasonally adjusted
Measures (2)
20 M1 1,240.3
21 M2 5,841.1 (r)
22 M3 8,600.3 (r)
M1 components
23 Currency (3) 630.6
24 Travelers checks
(4) 7.7
25 Demand deposits (5) 317.5
26 Other checkable
deposits (6) 284.5
Nontransaction components
27 In M2 (7) 4,600.8
28 In M3 only (8) 2,759.2
Commercial banks
29 Savings deposits, 2,060.4
including MMDAs
30 Small time deposits
(9) 591.7
31 Large time deposits
(10,11) 675.0
Thrift institutions
32 Savings deposits 718.9 (r)
including MMDAs
33 Small time deposits
(9) 302.5
34 Large time deposits
(10) 17.0
Money market mutual funds
35 Retail 927.4 (r)
36 Institution-only 1,262.3
Repurchase agreements and
eurodollars
37 Repurchase agreements
(12) 476.4 (r)
38 Eurodollars (12) 228.5
Item 2003 2003 2003
Apr. May June
Seasonally adjusted
Measures (2)
1 M1 1,237.4 1,258.3 1,272.2
2 M2 5,908.5 5,996.2 6,043.6
3 M3 8,610.7 8,699.6 8,761.6
M1 components
4 Currency (3) 643.2 645.8 646.5
5 Travelers checks (4) 7.4 7.5 7.9
6 Demand deposits (5) 304.4 315.4 322.5
7 Other checkable
deposits (6) 282.4 289.6 295.3
Nontransaction components
8 In M2 (7) 4,671.2 4,737.9 4,771.4
9 In M3 only (8) 2,702.1 2,703.4 2,718.0
Commercial banks
10 Savings deposits,
including MMDAs 2,146.4 2,188.4 2,227.6
11 Small time deposits
(9) 576.5 571.6 566.4
12 Large time deposits
(10,11) 687.1 691.1 687.3
Thrift institutions
13 Savings deposits,
including MMDAs 767.4 793.3 802.0
14 Small time deposits
(9) 294.6 291.7 288.5
15 Large time deposits
(10) 117.9 116.9 118.0
Money market mutual funds
16 Retail 886.1 892.8 886.9
17 Institution-only 1,114.0 1,124.8 1,143.8
Repurchase agreements and
eurodollars
18 Repurchase
agreements (12) 509.3 517.5 520.2
19 Eurodollars (12) 243.9 253.0 248.6
Not seasonally adjusted
Measures(2)
20 M1 1,253.5 1,251.8 1,269.4
21 M2 5,975.2 5,961.6 6,012.6
22 M3 8,672.5 8,675.3 8,730.7
M1 Components
23 Currency(3) 643.3 646.5 647.7
24 Travelers checks(4) 7.5 7.5 7.7
25 Demand deposits(5) 308.2 308.0 318.8
26 Other checkable 294.5 289.7 295.2
deposits (6)
Nontransaction
components
27 In M2(7) 4,721.7 4,709.8 4,743.3
28 In M3 only(8) 2,697.3 2,713.7 2,718.1
Commercial banks
29 Savings deposits,
including MMDAs 2,171.0 2,177.5 2,217.5
30 Small time deposits (9) 575.5 571.0 565.8
31 Large time 685.6 696.9 691.9
deposits (10,11)
Thrift institutions
32 Savings deposits,
including MMDAS 776.2 789.4 798.3
33 Small time deposits(9) 294.1 291.3 288.1
34 Large time deposits(10) 117.6 117.9 118.8
Money market mutual
funds
35 Retail 904.9 880.6 873.5
36 Institution-only 1,141.1 1,118.9 1,131.0
Repurchase agreements
and eurodollars
37 Repurchase 505.4 525.0 529.5
agreements (12)
38 Eurodollars(12) 247.5 255.0 246.9
2003
July
Seasonally adjusted
Measures (2)
1 M1 1,277.8
2 M2 6,092.1
3 M3 8,922.2
M1 components
4 Currency (3) 646.2
5 Travelers checks (4) 8.2
6 Demand deposits (5) 322.5
7 Other checkable
deposits (6) 300.9
Nontransaction components
8 In M2 (7) 4,814.3
9 In M3 only (8) 2,830.2
Commercial banks
10 Savings deposits,
including MMDAs 2,279.8
11 Small time deposits
(9) 557.4
12 Large time deposits
(10,11) 775.5
Thrift institutions
13 Savings deposits,
including MMDAs 816.3
14 Small time deposits
(9) 285.0
15 Large time deposits
(10) 121.4
Money market mutual funds
16 Retail 875.8
17 Institution-only 1,183.9
Repurchase agreements and
eurodollars
18 Repurchase
agreements (12) 495.1
19 Eurodollars (12) 254.2
Not seasonally adjusted
Measures(2)
20 M1 1,274.2
21 M2 6,058.1
22 M3 8,863.8
M1 Components
23 Currency (3) 648.7
24 Travelers checks (4) 7.8
25 Demand deposits (5) 319.9
26 Other checkable
deposits (6) 297.8
Nontransaction
components
27 In M2 (7) 4,783.8
28 In M3 only (8) 2,805.7
Commercial banks
29 Savings deposits,
including MMDAs 2,263.9
30 Small time
deposits (9) 557.2
31 Large time
deposits (10,11) 775.4
Thrift institutions
32 Savings deposits,
including MMDAS 810.7
33 Small time
deposits (9) 284.9
34 Large time
deposits (10) 121.4
Money market mutual
funds
35 Retail 867.2
36 Institution-only 1,161.6
Repurchase agreements
and eurodollars
37 Repurchase
agreements (12) 496.6
38 Eurodollars (12) 250.7
(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 owned 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 su |
