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Domestic Financial Statistics.

RESERVE, MONEY STOCK, AND MEASURES

Percent annual rate of change, seasonally adjusted(1)
 1998 1999
 Monetary or credit aggregate
 Q4 Q1 Q2

 Reserves of depository institutions(2)
 1 Total -1.8 -1.2 -6.6
 2 Required -2.5 1.0 -5.6
 3 Nonborrowed -.6 -1.3 -6.7
 4 Monetary base(3) 8.7 9.1 10.1

 Concepts of money and debt(4)
 5 M1 5.0 2.8 3.5
 6 M2 11.0 7.2 5.6
 7 M3 12.9 7.6 5.7(r)
 8 Debt 6.3 6.5 6.8

Nontransaction components
 9 In M2(5) 13.0 8.7 6.4
10 In M3 only(6) 18.4 8.6 5.9(r)

 Time and savings deposits
 Commercial banks
11 Savings, including MMDAs 17.6 11.6 9.7
12 Small time(7) -5.5 -3.3
13 Large time(8,9) 3.8 -.3 -3.2
 Thrift institutions
14 Savings, including MMDAs 10.1 12.8 14.6
15 Small time(7) -6.7 -6.5 -7.9
16 Large times 10.4 7.6 -7.0

 Money market mutual funds
17 Retail 28.5 20.5 10.2
18 Institution-only 41.8 17.9 14.5

 Repurchase agreements and Eurodollars
19 Repurchase agreements(10) 18.9 14.1 -2.7
20 Eurodollars(10) 3.2 -.8 32.0(r)

 Debt components(4)
21 Federal -2.8 -3.1 -2.3
22 Nonfederal 9.2 9.4 9.5

 1999 1999
 Monetary or credit aggregate
 Q3 May

 Reserves of depository institutions(2)
 1 Total -15.4 10.4
 2 Required -15.0 8.0
 3 Nonborrowed -17.1 11.5
 4 Monetary base(3) 8.5 13.9

 Concepts of money and debt(4)
 5 M1 -2.3 -3.9(r)
 6 M2 5.0 4.5
 7 M3 5.5 5.5(r)
 8 Debt n.a. 5.1

Nontransaction components
 9 In M2(5) 7.4 7.3
10 In M3 only(6) 7.0 8.3(r)

 Time and savings deposits
 Commercial banks
11 Savings, including MMDAs 11.5 8.0
12 Small time(7) 1.2 -1.8
13 Large time(8,9) 6.6 -2.5
 Thrift institutions
14 Savings, including MMDAs 15.1 27.0
15 Small time(7) -5.1 -9.4
16 Large times 4.2 -14.8

 Money market mutual funds
17 Retail 6.5 9.1
18 Institution-only 7.5 13.8

 Repurchase agreements and Eurodollars
19 Repurchase agreements(10) 15.3 23.2
20 Eurodollars(10) -6.9 11.0(r)

 Debt components(4)
21 Federal n.a. -5.1
22 Nonfederal n.a. 8.0(r)

 1999
 Monetary or credit aggregate
 June July

 Reserves of depository institutions(2)
 1 Total -40.4 -24.9
 2 Required -41.7 -20.3
 3 Nonborrowed -41.0 -29.6
 4 Monetary base(3) 6.2 8.0

 Concepts of money and debt(4)
 5 M1 -4.0(r) -1.7
 6 M2 4.2 5.4
 7 M3 6.2(r) 5.0(r)
 8 Debt 5.4 5.4(r)

Nontransaction components
 9 In M2(5) 6.8 7.6
10 In M3 only(6) 11.9(r) 4.0(r)

 Time and savings deposits
 Commercial banks
11 Savings, including MMDAs 12.1 13.7
12 Small time(7) -2.0 1.0
13 Large time(8,9) -7.4 21.0
 Thrift institutions
14 Savings, including MMDAs 18.5(r) 19.3(r)
15 Small time(7) -14.4 -4.6
16 Large times -1.4 10.9

 Money market mutual funds
17 Retail 7.8 1.5
18 Institution-only 7.7 -4.6

 Repurchase agreements and Eurodollars
19 Repurchase agreements(10) 53.2 .4
20 Eurodollars(10) 22.5(r) -17.8(r)

 Debt components(4)
21 Federal .3 1.5(r)
22 Nonfederal 6.8 6.5(r)

 1999
 Monetary or credit aggregate
 Aug. Sept.

 Reserves of depository institutions(2)
 1 Total 2.5 1.3
 2 Required 1.1 -.7
 3 Nonborrowed 1.6 1.4
 4 Monetary base(3) 7.1(r) 11.2

 Concepts of money and debt(4)
 5 M1 3.2(r) -9.7
 6 M2 5.5 4.8
 7 M3 5.2(r) 6.2
 8 Debt 6.1 n.a.

Nontransaction components
 9 In M2(5) 6.3 9.4
10 In M3 only(6) 4.2(r) 10.1

 Time and savings deposits
 Commercial banks
11 Savings, including MMDAs 7.6 14.1
12 Small time(7) 3.1 7.0
13 Large time(8,9) -4.7(r) 23.4
 Thrift institutions
14 Savings, including MMDAs 4.0 5.0
15 Small time(7) 1.5 3.5
16 Large times 6.8 9.4

 Money market mutual funds
17 Retail 9.9 8.8
18 Institution-only 22.9 6.3

 Repurchase agreements and Eurodollars
19 Repurchase agreements(10) 6.2 -1.9
20 Eurodollars(10) -32.6(r) 1.5

 Debt components(4)
21 Federal 1.0 n.a.
22 Nonfederal 7.5 n.a.


(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.

(2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.)

(3.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements.

(4.) Composition of the money stock measures and debt is as follows:

M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.

M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.

Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels).

(5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately.

(6.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately.

(7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits.

(8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.

(9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions.

(10.) Includes both overnight and term.

1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)

Millions of dollars
 Average of
 daily figures

 Factor 1999

 July Aug. Sept.

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 525,806 528,020 536,558
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 496,633 487,746 490,477
 System
 account(3)
 3 Held under repur- 1,718 1,296 2,373
 chase agreement
 Federal agency
 obligations
 4 Bought outright 255 247 238
 5 Held under repur- 3,451 4,751 9,515
 chase agreements
 6 Acceptances 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 75 84 57
 8 Seasonal credit 226 273 283
 9 Extended credit 0 0 0
10 Float 388 430 288
11 Other Federal 33,061 33,193 33,328
 Reserve assets

12 Gold stock 11,046 11,047 11,046
13 Special drawing 8,200 8,200 7,667
 rights certificate
 account
14 Treasury currency 27,084 27,231(r) 27,333
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 533,769 536,083(r) 542,316
 circulation
16 Treasury cash 70 69 89
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 5,221 5,076 6,389
18 Foreign 213 196 226
19 Service-related 7,110 7,020 7,101
 balances and
 adjustments
20 Other 271 274 248
21 Other Federal Reserve 17,611 18,110 18,524
 liabilities and
 capital
22 Reserve balances with 7,872 7,669(r) 7,712
 Federal Reserve
 Banks(4)

 Average of dally figures for week
 ending on date indicated

 Factor 1999

 Aug. 18 Aug. 25 Sept. 1

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 527,977 527,445 530,311
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 487,185 489,467 490,139
 System
 account(3)
 3 Held under repur- 1,052 642 917
 chase agreement
 Federal agency
 obligations
 4 Bought outright 249 247 238
 5 Held under repur- 5,647 4,527 5,358
 chase agreements
 6 Acceptances 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 25 36 56
 8 Seasonal credit 267 279 291
 9 Extended credit 0 0 0
10 Float 341 195 858
11 Other Federal 33,210 32,052 32,455
 Reserve assets

12 Gold stock 11,047 11,047 11,046
13 Special drawing 8,200 8,200 8,200
 rights certificate
 account
14 Treasury currency 27,227(r) 27,262(r) 27,298
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 536,406(r) 536,203(r) 536,933
 circulation
16 Treasury cash 62 83 84
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 5,080 4,851 5,403
18 Foreign 207 180 212
19 Service-related 7,005 7,033 6,919
 balances and
 adjustments
20 Other 267 282 256
21 Other Federal Reserve 17,860 18,044 18,178
 liabilities and
 capital
22 Reserve balances with 7,564 7,279 8,871
 Federal Reserve
 Banks(4)

 Average of dally figures for week
 ending on date indicated

 Factor 1999

 Sept. 8 Sept. 15 Sept. 22 Sept. 29

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 534,561 534,616 538,420 537,386
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 490,522 490,649 491,006 489,966
 System
 account(3)
 3 Held under repur- 2,458 1,268 1,938 2,871
 chase agreement
 Federal agency
 obligations
 4 Bought outright 238 238 238 238
 5 Held under repur- 8,387 8,224 11,155 9,728
 chase agreements
 6 Acceptances 0 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 14 23 72 101
 8 Seasonal credit 279 268 283 304
 9 Extended credit 0 0 0 0
10 Float -42 948 153 199
11 Other Federal 32,708 32,998 33,575 33,979
 Reserve assets

12 Gold stock 11,045 11,046 11,046 11,048
13 Special drawing 8,200 8,057 7,200 7,200
 rights certificate
 account
14 Treasury currency 27,312 27,326 27,340 27,354
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 541,794 542,585 542,522 542,494
 circulation
16 Treasury cash 87 87 86 93
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 5,113 5,480 7,512 7,403
18 Foreign 196 229 265 218
19 Service-related 7,019 7,119 6,925 7,325
 balances and
 adjustments
20 Other 257 269 248 223
21 Other Federal Reserve 18,582 18,245 18,601 18,606
 liabilities and
 capital
22 Reserve balances with 8,069 7,031 7,848 6,626
 Federal Reserve
 Banks(4)

 End-of-month figures
 Factor
 July Aug. Sept.

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 527,785 534,796 546,150
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 486,103 490,198 489,037
 System
 account(3)
 3 Held under repur- 3,195 2,575 7,607
 chase agreement
 Federal agency
 obligations
 4 Bought outright 249 238 238
 5 Held under repur- 3,280 9,195 14,456
 chase agreements
 6 Acceptances 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 82 53 179
 8 Seasonal credit 266 285 300
 9 Extended credit 0 0 0
10 Float 81 -291 65
11 Other Federal 34,529 32,544 34,268
 Reserve assets

12 Gold stock 11,048 11,045 11,047
13 Special drawing 8,200 8,200 7,200
 rights certificate
 account
14 Treasury currency 27,151 27,298(r) 27,368
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 533,517 538,466(r) 544,012
 circulation
16 Treasury cash 57 84 93
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 4,984 5,559 6,641
18 Foreign 257 166 243
19 Service-related 7,010 6,919(r) 7,393
 balances and
 adjustments
20 Other 229 225 191
21 Other Federal Reserve 18,389 18,728 19,105
 liabilities and
 capital
22 Reserve balances with 9,739 11,194(r) 14,088
 Federal Reserve
 Banks(4)

 Wednesday figures
 Factor
 Aug. 18 Aug. 25 Sept. 1

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 526,596 532,627 535,708
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 488,290 490,096 490,257
 System
 account(3)
 3 Held under repur- 665 1,195 3,825
 chase agreement
 Federal agency
 obligations
 4 Bought outright 249 238 238
 5 Held under repur- 4,900 8,250 8,528
 chase agreements
 6 Acceptances 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 20 33 53
 8 Seasonal credit 282 289 284
 9 Extended credit 0 0 0
10 Float 599 222 -230
11 Other Federal 31,590 32,304 32,752
 Reserve assets

12 Gold stock 11,047 11,046 11,045
13 Special drawing 8,200 8,200 8,200
 rights certificate
 account
14 Treasury currency 27,227(r) 27,262(r) 27,298
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 537,139(r) 537,307(r) 539,713
 circulation
16 Treasury cash 83 84 87
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 4,903 5,401 6,481
18 Foreign 241 164 175
19 Service-related 7,005 7,033(r) 6,919
 balances and
 adjustments
20 Other 263 266 264
21 Other Federal Reserve 17,525 17,934 18,362
 liabilities and
 capital
22 Reserve balances with 5,911 10,948 10,250
 Federal Reserve
 Banks(4)

 Wednesday figures
 Factor
 Sept. 8 Sept. 15 Sept. 22 Sept. 29

SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit 541,915 540,481 544,833 543,003
 outstanding
 U.S. government
 securities(2)
 2 Bought outright-- 490,474 491,129 491,054 491,019
 System
 account(3)
 3 Held under repur- 3,430 1,335 4,893 5,220
 chase agreement
 Federal agency
 obligations
 4 Bought outright 238 238 238 238
 5 Held under repur- 13,350 13,040 14,877 11,183
 chase agreements
 6 Acceptances 0 0 0 0
 Loans to depository
 institutions
 7 Adjustment credit 8 28 132 105
 8 Seasonal credit 271 278 287 313
 9 Extended credit 0 0 0 0
10 Float 1,098 1,241 -504 583
11 Other Federal 33,046 33,192 33,857 34,342
 Reserve assets

12 Gold stock 11,046 11,046 11,048 11,048
13 Special drawing 8,200 7,200 7,200 7,200
 rights certificate
 account
14 Treasury currency 27,312 27,326 27,340 27,354
 outstanding

ABSORBING RESERVE FUNDS

15 Currency in 543,558 543,474 543,163 544,173
 circulation
16 Treasury cash 88 85 93 93
 holdings
 Deposits, other than
 reserve balances,
 with Federal
 Reserve Banks
17 Treasury 4,146 10,128 7,721 8,232
18 Foreign 216 242 161 191
19 Service-related 7,019 7,119 6,925 7,325
 balances and
 adjustments
20 Other 264 256 244 191
21 Other Federal Reserve 18,239 18,108 18,552 18,485
 liabilities and
 capital
22 Reserve balances with 14,942 6,641 13,562 9,915
 Federal Reserve
 Banks(4)


(1.) Amounts of cash held as reserves are shown in table 1.12, line 2.

(2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions.

(3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities.

(4.) Excludes required clearing balances and adjustments to compensate for float.

1.12 RESERVES AND BORROWINGS

Millions of dollars
 Prorated monthly averages
 of biweekly averages

 Reserve classification 1996 1997 1998

 Dec. Dec. Dec.

 1 Reserve balances with 13,330 10,664 9,021
 Reserve Banks(2)
 2 Total vault cash(3) 44,525 44,740 44,305
 3 Applied vault cash(4) 37,844 37,255 35,997
 4 Surplus vault cash(5) 6,681 7,485 8,308
 5 Total reserves(6) 51,174 47,920 45,018
 6 Required reserves 49,758 46,235 43,435
 7 Excess reserve balances 1,416 1,685 1,583
 at Reserve Banks(7)
 8 Total borrowings at 155 324 117
 Reserve Banks(8)
 9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0

 Prorated monthly averages
 of biweekly averages

 Reserve classification 1999

 Mar. Apr. May

 1 Reserve balances with 8,851 9,238 10,070
 Reserve Banks(2)
 2 Total vault cash(3) 42,898 42,164 42,459
 3 Applied vault cash(4) 34,270 34,407 34,805
 4 Surplus vault cash(5) 8,628 7,757 7,654
 5 Total reserves(6) 43,121 43,645 44,875
 6 Required reserves 41,816 42,486 43,619
 7 Excess reserve balances 1,305 1,159 1,256
 at Reserve Banks(7)
 8 Total borrowings at 65 166 127
 Reserve Banks(8)
 9 Seasonal borrowings 18 39 89
10 Extended credit(9) 0 0 0

 Prorated monthly averages
 of biweekly averages

 Reserve classification 1999

 June July Aug. Sept.

 1 Reserve balances with 8,539 7,797 7,802 7,697
 Reserve Banks(2)
 2 Total vault cash(3) 42,632 44,059 44,664 44,519
 3 Applied vault cash(4) 33,856 34,005 34,069(r) 34,089
 4 Surplus vault cash(5) 8,776 10,054 10,595(r) 10,430
 5 Total reserves(6) 42,394 41,802 41,871 41,785
 6 Required reserves 41,133 40,726 40,742(r) 40,590
 7 Excess reserve balances 1,261 1,076 1,129(r) 1,196
 at Reserve Banks(7)
 8 Total borrowings at 145 309 344 338
 Reserve Banks(8)
 9 Seasonal borrowings 127 226 271 282
10 Extended credit(9) 0 0 0 0

 Biweekly averages of daily
 figures for two week periods
 ending on dates indicated

 1999

 June 2 June 16 June 30

 1 Reserve balances with 10,096 8,546 8,309
 Reserve Banks(2)
 2 Total vault cash(3) 42,697 41,829 43,426
 3 Applied vault cash(4) 34,962 33,492 34,062
 4 Surplus vault cash(5) 7,736 8,337 9,365
 5 Total reserves(6) 45,058 42,037 42,371
 6 Required reserves 43,623 40,883 41,027
 7 Excess reserve balances 1,434 1,154 1,343
 at Reserve Banks(7)
 8 Total borrowings at 117 114 180
 Reserve Banks(8)
 9 Seasonal borrowings 106 100 158
10 Extended credit(9) 0 0 0

 Biweekly averages of daily
 figures for two week periods
 ending on dates indicated

 1999

 July 14 July 28 Aug. 11 Aug. 25

 1 Reserve balances with 7,526 8,041 7,923 7,421
 Reserve Banks(2)
 2 Total vault cash(3) 44,019 43,899 44,994 44,786
 3 Applied vault cash(4) 33,788 34,198 34,123 34,003
 4 Surplus vault cash(5) 10,231 9,702 10,871 10,783
 5 Total reserves(6) 41,314 42,238 42,046 41,423
 6 Required reserves 40,303 41,098 40,967 40,289
 7 Excess reserve balances 1,011 1,140 1,078 1,134
 at Reserve Banks(7)
 8 Total borrowings at 331 266 409 304
 Reserve Banks(8)
 9 Seasonal borrowings 196 249 263 273
10 Extended credit(9) 0 0 0 0

 Biweekly averages of daily
 figures for two week periods
 ending on dates indicated

 1999

 Sept. 8(r) Sept. 22 Oct. 6

 1 Reserve balances with 8,470 7,440 7,375
 Reserve Banks(2)
 2 Total vault cash(3) 43,774 44,556 45,199
 3 Applied vault cash(4) 34,126 34,327 33,635
 4 Surplus vault cash(5) 9,648 10,229 11,564
 5 Total reserves(6) 42,596 41,766 41,010
 6 Required reserves 41,388 40,744 39,523
 7 Excess reserve balances 1,207 1,022 1,486
 at Reserve Banks(7)
 8 Total borrowings at 318 323 385
 Reserve Banks(8)
 9 Seasonal borrowings 284 276 294
10 Extended credit(9) 0 0 0


(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.

(2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments.

(3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.

(4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.

(5.) Total vault cash (line 2) less applied vault cash (line 3).

(6.) Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).

(7.) Total reserves (line 5) less required reserves (line 6).

(8.) Also includes adjustment credit.

(9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves.

1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year

 Current and previous levels

 Adjustment credit(1)
Federal Reserve
 Bank On Effective Previous
 11/5/99 date rate

Boston 4.75 8/24/99 4.50
New York 4.75 8/24/99 4.50
Philadelphia 4.75 8/24/99 4.50
Cleveland 4.75 8/24/99 4.50
Richmond 4.75 8/24/99 4.50
Atlanta 4.75 8/24/99 4.50
Chicago 4.75 8/24/99 4.50
St. Louis 4.75 8/24/99 4.50
Minneapolis 4.75 8/25/99 4.50
Kansas City 4.75 8/24/99 4.50
Dallas 4.75 8/26/99 4.50
San Francisco 4.75 8/24/99 4.50

 Current and previous levels

 Seasonal credit(2)
Federal Reserve
 Bank On Effective Previous
 11/5/99 date rate

Boston 5.70 11/4/99 5.65
New York 5.70 11/4/99 5.65
Philadelphia 5.70 11/4/99 5.65
Cleveland 5.70 11/4/99 5.65
Richmond 5.70 11/4/99 5.65
Atlanta 5.70 11/4/99 5.65
Chicago 5.70 11/4/99 5.65
St. Louis 5.70 11/4/99 5.65
Minneapolis 5.70 11/4/99 5.65
Kansas City 5.70 11/4/99 5.65
Dallas 5.70 11/4/99 5.65
San Francisco 5.70 11/4/99 5.65

 Current and previous levels

 Extended credit(3)
Federal Reserve
 Bank On Effective Previous
 11/5/99 date rate

Boston 6.20 11/4/99 6.15
New York 6.20 11/4/99 6.15
Philadelphia 6.20 11/4/99 6.15
Cleveland 6.20 11/4/99 6.15
Richmond 6.20 11/4/99 6.15
Atlanta 6.20 11/4/99 6.15
Chicago 6.20 11/4/99 6.15
St. Louis 6.20 11/4/99 6.15
Minneapolis 6.20 11/4/99 6.15
Kansas City 6.20 11/4/99 6.15
Dallas 6.20 11/4/99 6.15
San Francisco 6.20 11/4/99 6.15

 Current and previous levels

 Special Liquidity Facility credit(4)
Federal Reserve
 Bank On Effective Previous
 11/5/99 date rate

Boston 6.75 10/1/99 n.a.
New York 6.75 10/1/99 n.a.
Philadelphia 6.75 10/1/99 n.a.
Cleveland 6.75 10/1/99 n.a.
Richmond 6.75 10/1/99 n.a.
Atlanta 6.75 10/1/99 n.a.
Chicago 6.75 10/1/99 n.a.
St. Louis 6.75 10/1/99 n.a.
Minneapolis 6.75 10/1/99 n.a.
Kansas City 6.75 10/1/99 n.a.
Dallas 6.75 10/1/99 n.a.
San Francisco 6.75 10/1/99 n.a.

Range of rates for adjustment credit in recent years(5)

 Range (or ER. Bank
Effective date level)--All of
 F.R. Banks N.Y.

In effect Dec. 31, 1977 6 6
1978--Jan. 9 6-6.5 6.5
 20 6.5 6.5
 May 11 6.5-7 7
 12 7 7
 July 3 7-7.25 7.25
 10 7.25 7.25
 Aug. 21 7.75 7.75
 Sept. 22 8 8
 Oct. 16 8-8.5 8.5
 20 8.5 8.5
 Nov. 1 8.5-9.5 9.5
 3 9.5 9.5
1979--July 20 10 10
 Aug. 17 10-10.5 10.5
 20 10.5 10.5
 Sept. 19 10.5-11 11
 21 11 11
 Oct. 8 11-12 12
 10 12 12
1980--Feb. 15 12-13 13
 19 13 13
 May 29 12-13 13
 30 12 12
 June 13 11-12 11
 16 11 11
 July 28 10-11 10
 29 10 10
 Sept. 26 11 11
 Nov. 17 12 12
 Dec. 5 12-13 13
 8 13 13
1981--May 5 13-14 14
 8 14 14
 Nov. 2 13-14 13
 6 13 13
 Dec. 4 12 12
1982--July 20 11.5-12 11.5
 23 11.5 11.5
 Aug. 2 11-11.5 11
 3 11 11
 16 10.5 10.5
 27 10-10.5 10
 30 10 10
 Oct. 12 9.5-10 9.5
 13 9.5 9.5
 Nov. 22 9-9.5 9
 26 9 9
 Dec. 14 8.5-9 9
 15 8.5-9 8.5
 17 8.5 8.5
1984--Apr. 9 8.5-9 9
 13 9 9
 Nov. 21 8.5-9 8.5
 26 8.5 8.5
 Dec. 24 8 8
1985--May 20 7.5-8 7.5
 24 7.5 7.5
1986--May 7 7-7.5 7
 10 7 7
 Apr. 21 6.5-7 6.5
 23 6.5 6.5
 July 11 6 6
 Aug. 21 5.5-6 5.5
 22 5.5 5.5
1987--Sept. 4 5.5-6 6
 11 6 6
1988--Aug. 9 6-6.5 6.5
 11 6.5 6.5
1989--Feb. 24 6.5-7 7
 27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
 4 6 6
 Apr. 30 5.5-6 5.5
 May. 2 5.5 5.5
 Sept. 13 5-5.5 5
 17 5 5
 Nov. 6 4.5-5 4.5
 7 4.5 4.5
 Dec. 20 3.5-4.5 3.5
 24 3.5 3.5
1992--July 2 3-3.5 3
 7 3 3
1994--May 17 3-3.5 3.5
 18 3.5 3.5
 Aug. 16 3.5-4 4
 18 4 4
 Nov. 15 4-4.75 4.75
 17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
 9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
 Feb. 5 5 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 4.5 4.50
1999--Aug. 24 4.50-4.75 4.75
 26 4.75 4.75
In effect Nov.5,1999 4.75 4.75


(1.) Available on a short-term basis to help depository institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. The highest rate established for loans to depository institutions may be charged on adjustment credit loans of unusual size that result from a major operating problem at the borrower's facility.

(2.) Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans and that cannot be met through special industry lenders. The discount rate on seasonal credit takes into account rates charged by market sources of funds and ordinarily is reestablished on the first business day of each two-week reserve maintenance period; however, it is never less than the discount rate applicable to adjustment credit.

(3.) May be made available to depository institutions when similar assistance is not reasonably available from other sources, including special industry lenders. Such credit may be provided when exceptional circumstances (including sustained deposit drains, impaired access to money market funds, or sudden deterioration in loan repayment performance) or practices involve only a particular institution, or to meet the needs of institutions experiencing difficulties adjusting to changing market conditions over a longer period (particularly at times of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is charged on extended-credit loans outstanding less than thirty days; however, at the discretion of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a flexible rate somewhat above rates charged on market sources of funds is charged. The rate ordinarily is reestablished on the first business day of each two-week reserve maintenance period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis points.

(4.) Available in the period between October 1, 1999, and April 7, 2000, to help depository institutions in sound financial condition meet unusual needs for funds in the period around the century date change. The interest rate on loans from the special facility is the Federal Open Market Committee's intended federal funds rate plus 150 basis points.

(5.) For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 1970-1979.

In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment-credit borrowings by institutions with deposits of $500 million or more that had borrowed in successive weeks or in more than four weeks in a calendar quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2 percent was reimposed on Nov. 17, 1980; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the surcharge was changed from a calendar quarter to a moving thirteen-week period. The surcharge was eliminated on Nov. 17, 1981.

1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
 Requirement

 Type of deposit
 Percentage of Effective date
 deposits

 Net transaction accounts(2)
1 $0 million--$46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12/31/98

3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90


(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations,

(2.) Transaction accounts include all deposits against which the account bolder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the rules that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts.

(3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million, Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million.

(4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly.

(5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 11/2 years was reduced from 3 percent to 1 V2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 11/2 years was reduced from 3 percent to zero on Jan. 17, 1991.

The reserve requirement on nonpersonal time deposits with an original maturity of 11/2 years or more has been zero since Oct. 6, 1983.

(6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 11/2 years (see note 5).

1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars

 Type of transaction 1996 1997 1998
 and maturity

 U.S. TREASURY
 SECURITIES(2)

 Outright transactions
 (excluding matched
 transactions)
 Treasury bills

1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
 Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30,512 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
10 Redemptions 2,015 1,996 2,676
 One to five years
11 Gross purchases 3,898 20,080 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
 Five to ten years
15 Gross purchases 1,116 3,449 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
 More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
 All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
 Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
 Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in U.S.
 Treasury securities 19,919 41,022 19,835

FEDERAL AGENCY OBLIGATIONS

 Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25

33 Redemptions 409 1,540 322

 Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in federal 103 -500 7,703
 agency obligations
37 Total net change in 20,021 40,522 27,538
 System Open Market Account

 1999
 Type of transaction
 and maturity Feb. Mar. Apr.

 U.S. TREASURY
 SECURITIES(2)

 Outright transactions
 (excluding matched
 transactions)
 Treasury bills

1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 36,862 35,065 48,142
4 For new bills 36,862 35,065 48,142
5 Redemptions 0 0 0
 Others within one year
6 Gross purchases 2,103 1,060 1,677
7 Gross sales 0 0 0
8 Maturity shifts 5,578 3,015 3,768
9 Exchanges -7,458 -5,956 -3,370
10 Redemptions 0 0 726
 One to five years
11 Gross purchases 2,752 2,428 3,362
12 Gross sales 0 0 0
13 Maturity shifts -4,928 -3,015 -3,768
14 Exchanges 4,778 5,956 3,020
 Five to ten years
15 Gross purchases 335 346 945
16 Gross sales 0 0 0
17 Maturity shifts -650 0 0
18 Exchanges 1,340 0 0
 More than ten years
19 Gross purchases 0 2,404 262
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 1,340 0 350
 All maturities
23 Gross purchases 5,190 6,238 6,246
24 Gross sales 0 0 0
25 Redemptions 0 0 726
 Matched transactions
26 Gross purchases 324,078 393,267 366,838
27 Gross sales 322,669 394,865 364,476
 Repurchase agreements
28 Gross purchases 26,098 62,878 45,067
29 Gross sales 27,025 53,706 48,867
30 Net change in U.S.
 Treasury securities 5,672 13,812 4,082

FEDERAL AGENCY OBLIGATIONS

 Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 25 0

 Repurchase agreements
34 Gross purchases 37,416 35,731 20,623
35 Gross sales 36,067 34,009 22,937
36 Net change in federal 1,349 1,697 -2,314
 agency obligations
37 Total net change in 7,021 15,509 1,768
 System Open Market Account

 1999
 Type of transaction
 and maturity May June

 U.S. TREASURY
 SECURITIES(2)

 Outright transactions
 (excluding matched
 transactions)
 Treasury bills

1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 37,107 35,045
4 For new bills 37,107 35,045
5 Redemptions 0 0
 Others within one year
6 Gross purchases 1,421 880
7 Gross sales 0 0
8 Maturity shifts 3,768 2,740
9 Exchanges -4,607 -5,540
10 Redemptions 0 0
 One to five years
11 Gross purchases 4,442 948
12 Gross sales 0 0
13 Maturity shifts -3,768 -2,740
14 Exchanges 2,562 5,540
 Five to ten years
15 Gross purchases 1,584 65
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 2,045 0
 More than ten years
19 Gross purchases 21,890 0
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
 All maturities
23 Gross purchases 10,337 1,893
24 Gross sales 0 0
25 Redemptions 0 0
 Matched transactions
26 Gross purchases 356,960 380,872
27 Gross sales 358,362 380,464
 Repurchase agreements
28 Gross purchases 27,605 17,710
29 Gross sales 30,531 14,614
30 Net change in U.S.
 Treasury securities 6,008 5,397

FEDERAL AGENCY OBLIGATIONS

 Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 52

 Repurchase agreements
34 Gross purchases 38,167 32,786
35 Gross sales 36,962 32,104
36 Net change in federal 1,205 630
 agency obligations
37 Total net change in 7,213 6,028
 System Open Market Account

 1999
 Type of transaction
 and maturity July Aug.

 U.S. TREASURY
 SECURITIES(2)

 Outright transactions
 (excluding matched
 transactions)
 Treasury bills

1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 42,037 37,052
4 For new bills 42,037 37,052
5 Redemptions 0 0
 Others within one year
6 Gross purchases 951 429
7 Gross sales 0 0
8 Maturity shifts 3,279 7,669
9 Exchanges -368 -10,798
10 Redemptions 41 0
 One to five years
11 Gross purchases 0 1,272
12 Gross sales 0 0
13 Maturity shifts -3,279 -4,751
14 Exchanges 0 8,433
 Five to ten years
15 Gross purchases 0 447
16 Gross sales 0 0
17 Maturity shifts 0 -2,918
18 Exchanges 373 1,290
 More than ten years
19 Gross purchases 0 1,075
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 1,075
 All maturities
23 Gross purchases 951 3,223
24 Gross sales 0 0
25 Redemptions 41 0
 Matched transactions
26 Gross purchases 347,067 374,032
27 Gross sales 346,747 373,159
 Repurchase agreements
28 Gross purchases 27,707 23,097
29 Gross sales 33,612 23,717
30 Net change in U.S.
 Treasury securities -4,675 3,476

FEDERAL AGENCY OBLIGATIONS

 Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 10 11

 Repurchase agreements
34 Gross purchases 46,941 61,968
35 Gross sales 48,840 56,053
36 Net change in federal -1,909 5,904
 agency obligations
37 Total net change in -6,584 9,380
 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.

1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1)
Millions of dollars
 Wednesday

 1999

ASSETS Sept. 1 Sept. 8 Sept. 15

 Consolidated condition
 statement

1 Gold certificate account 11,045 11,046 11,046
2 Special drawing rights 8,200 8,200 7,200
 certificate account
3 Coin 288 283 283

Loans
4 To depository institutions 337 279 306
5 Other 0 0 0
6 Acceptances held 0 0 0
 under repurchase agreements

Federal agency obligations
7 Bought outright 238 238 238
8 Held under repurchase 8,528 13,350 13,040
 agreements

9 Total U.S. Treasury 494,082 493,904 492,464
 securities

10 Bought outfight(2) 490,257 490,474 491,129
11 Bills 199,379 199,592 199,283
12 Notes 210,829 210,832 211,795
13 Bonds 80,049 80,050 80,051
14 Held under 3,825 3,430 1,335
 repurchase agreements

15 Total loans and securities 503,185 507,772 506,048

16 Items in process of collection 7,731 10,644 8,399
17 Bank premises 1,332 1,332 1,333

Other assets
18 Denominated in 15,846 15,850 15,854
 foreign currencies(3)
19 All other(4) 15,656 15,946 16,075

20 Total assets 563,283 571,073 566,238

LIABILITIES

21 Federal Reserve notes 512,790 516,617 516,516

22 Total deposits 24,498 26,716 24,075

23 Depository institutions 17,577 22,089 13,449
24 U.S. Treasury--General account 6,481 4,146 10,128
25 Foreign-Official accounts 175 216 242
26 Other 264 264 256

27 Deferred credit items 7,633 9,500 7,539
28 Other liabilities 4,648 4,790 4,660
 and accrued dividends(5)

29 Total liabilities 549,569 557,624 552,790

CAPITAL ACCOUNTS

30 Capital paid in 6,308 6,308 6,312
31 Surplus 5,952 5,952 5,952
32 Other capital accounts 1,454 1,189 1,184

33 Total liabilities 563,283 571,073 566,238
 and capital accounts

MEMO
34 Marketable U.S. Treasury n.a. n.a. n.a.
 securities held in
 custody for foreign and
 international accounts

35 Federal Reserve notes 781,767 787,402 800,028
 outstanding
 (issued to Banks)
36 LESS: Held by Federal 268,978 270,784 283,512
 Reserve Banks
37 Federal Reserve notes, net 512,790 516,617 516,516

 Collateral held
 against notes, net
38 Gold certificate account
39 Special drawing rights 11,045 11,046 11,046
 certificate account 8,200 8,200 7,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and 493,544 497,372 498,271
 agency securities

42 Total collateral 512,790 516,617 516,516

 Wednesday

 1999

ASSETS Sept. 22 Sept. 29

 Consolidated condition
 statement

1 Gold certificate account 11,048 11,048
2 Special drawing rights 7,200 7,200
 certificate account
3 Coin 284 287

Loans
4 To depository institutions 418 418
5 Other 0
6 Acceptances held 0 0
 under repurchase agreements

Federal agency obligations
7 Bought outright 238 238
8 Held under repurchase 14,877 11,183
 agreements

9 Total U.S. Treasury 495,946 496,239
 securities

10 Bought outfight(2) 491,054 491,019
11 Bills 199,204 199,165
12 Notes 211,798 211,801
13 Bonds 80,052 80,053
14 Held under 4,893 5,220
 repurchase agreements

15 Total loans and securities 511,480 508,078

16 Items in process of collection 6,892 6,978
17 Bank premises 1,334 1,337

Other assets
18 Denominated in 15,862 15,861
 foreign currencies(3)
19 All other(4) 16,729 17,149

20 Total assets 570,827 567,937

LIABILITIES

21 Federal Reserve notes 516,199 517,199

22 Total deposits 28,966 25,609

23 Depository institutions 20,840 16,996
24 U.S. Treasury--General account 7,721 8,232
25 Foreign-Official accounts 161 191
26 Other 244 191

27 Deferred credit items 7,110 6,643
28 Other liabilities 5,068 5,012
 and accrued dividends(5)

29 Total liabilities 557,343 554,464

CAPITAL ACCOUNTS

30 Capital paid in 6,318 6,329
31 Surplus 5,952 5,952
32 Other capital accounts 1,215 1,192

33 Total liabilities 570,827 567,937
 and capital accounts

MEMO
34 Marketable U.S. Treasury n.a. n.a.
 securities held in
 custody for foreign and
 international accounts

35 Federal Reserve notes 815,877 824,276
 outstanding
 (issued to Banks)
36 LESS: Held by Federal 299,677 307,076
 Reserve Banks
37 Federal Reserve notes, net 516,199 517,199

 Collateral held
 against notes, net
38 Gold certificate account
39 Special drawing rights 11,048 11,048
 certificate account 7,200 7,200
40 Other eligible assets 0 0
41 U.S. Treasury and 497,952 498,952
 agency securities

42 Total collateral 516,199 517,199

 End of month

 1999

ASSETS July 31 Aug. 31 Sept. 30

 Consolidated condition
 statement

1 Gold certificate account 11,048 11,045 11,047
2 Special drawing rights 8,200 8,200 7,200
 certificate account
3 Coin 322 294 298

Loans
4 To depository institutions 3408 338 480
5 Other 0
6 Acceptances held 0 0 0
 under repurchase agreements

Federal agency obligations
7 Bought outright 249 238 238
8 Held under repurchase 3,280 9,195 14,456
 agreements

9 Total U.S. Treasury 489,298 492,773 496,644
 securities

10 Bought outfight(2) 486,103 490,198 489,037
11 Bills 198,447 199,320 197,183
12 Notes 209,771 210,829 211,801
13 Bonds 77,884 80,049 80,053
14 Held under 3,195 2,575 7,607
 repurchase agreements

15 Total loans and securities 493,175 502,544 511,817

16 Items in process of collection 5,087 9,328 5,649
17 Bank premises 1,327 1,332 1,336

Other assets
18 Denominated in 15,498 15,845 16,105
 foreign currencies(3)
19 All other(4) 17,723 15,445 16,864

20 Total assets 552,378 564,033 570,317

LIABILITIES

21 Federal Reserve notes 506,746 511,545 517,035

22 Total deposits 22,112 24,750 28,759

23 Depository institutions 16,642 18,800 21,684
24 U.S. Treasury--General account 4,984 5,559 6,641
25 Foreign-Official accounts 257 166 243
26 Other 229 225 191

27 Deferred credit items 5,131 9,011 5,418
28 Other liabilities 4,402 4,605 5,323
 and accrued dividends(5)

29 Total liabilities 538,391 549,911 556,535

CAPITAL ACCOUNTS

30 Capital paid in 6,296 6,308 6,330
31 Surplus 5,952 5,952 5,952
32 Other capital accounts 1,739 1,863 1,499

33 Total liabilities 552,378 564,033 570,317
 and capital accounts

MEMO
34 Marketable U.S. Treasury n.a. n.a. n.a.
 securities held in
 custody for foreign and
 international accounts

35 Federal Reserve notes 746,929 780,358 827,075
 outstanding
 (issued to Banks)
36 LESS: Held by Federal 240,184 268,813 310,040
 Reserve Banks
37 Federal Reserve notes, net 506,746 511,545 517,035

 Collateral held
 against notes, net
38 Gold certificate account
39 Special drawing rights 11,048 11,045 11,047
 certificate account 8,200 8,200 7,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and 487,498 492,300 498,788
 agency securities

42 Total collateral 506,746 511,545 517,035


(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 loaned--fully guaranteed by U.S. Treasury securities pledged with Federal Reserve Banks--and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions.

(3.) Valued monthly at market exchange rates.

(4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days.

(5.) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments.

1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding
Millions of dollars

 Wednesday

 Type of holding and maturity 1999

 Sept. 1 Sept. 8 Sept. 15

1 Total loans 337 279 306
2 Within fifteen days(1) 105 72 198
3. Sixteen days to ninety days 232 207 108
4 Total U.S. Treasury securities(2) 494,072 493,894 492,454
5 Within fifteen days(1) 15,830 14,583 17,471
6 Sixteen days to ninety days 99,846 100,852 100,875
7 Ninety-one days to one year 141,081 141,141 136,787
8 One year to five years 122,346 122,347 122,347
9 Five years to ten years 50,194 50,197 50,199
10 More than ten years 64,773 64,774 64,775
11 Total federal agency obligations 4,501 9,323 9,013
12 Within fifteen days(1) 4,263 9,085 8,775
13 Sixteen days to ninety days 27 27 57
14 Ninety-one days to one year 41 41 51
15 One year to five years 20 20 10
16 Five years to ten years 150 50 120
17 More than ten years 0 0 0

 Wednesday

Type of holding and maturity 1999

 Sept. 22 Sept. 29

1 Total loans 418 418
2 Within fifteen days(1) 384 372
3. Sixteen days to ninety days 35 46
4 Total U.S. Treasury securities(2) 495,946 496,239
5 Within fifteen days(1) 14,729 19,310
6 Sixteen days to ninety days 101,811 97,374
7 Ninety-one days to one year 142,082 142,227
8 One year to five years 122,348 122,349
9 Five years to ten years 50,201 50,204
10 More than ten years 64,776 64,777
11 Total federal agency obligations 15,115 11,421
12 Within fifteen days(1) 14,887 11,223
13 Sixteen days to ninety days 47 17
14 Ninety-one days to one year 51 51
15 One year to five years 10 10
16 Five years to ten years 120 120
17 More than ten years 0 0

 End of month

Type of holding and maturity 1999

 July 31 Aug. 31 Sept. 30

1 Total loans 348 338 480
2 Within fifteen days(1) 228 189 330
3. Sixteen days to ninety days 120 149 150
4 Total U.S. Treasury securities(2) 489,298 492,763 496,644
5 Within fifteen days(1) 7,883 11,187 10,704
6 Sixteen days to ninety days 107,061 100,038 96,836
7 Ninety-one days to one year 139,477 144,224 152,924
8 One year to five years 122,393 122,346 121,199
9 Five years to ten years 49,861 50,195 50,204
10 More than ten years 62,623 64,773 64,777
11 Total federal agency obligations 3,529 5,168 14,694
12 Within fifteen days(1) 3,280 4,930 14,496
13 Sixteen days to ninety days 31 27 17
14 Ninety-one days to one year 48 41 51
15 One year to five years 20 20 10
16 Five years to ten years 150 150 120
17 More than ten years 0 0 0


(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements,

(2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities.

1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures

 1995 1996 1997 1998
 Item Dec. Dec. Dec. Dec.

 ADJUSTED FOR CHANGES IN
 RESERVE REQUIREMENTS(2) Seasonally adjusted

1 Total reserves(3) 56.45 50.16 46.86 44.90
2 Nonborrowed reserves(4) 56.20 50.01 46.54 44.79
3 Nonborrowed reserves 56.20 50.01 46.54 44.79
 plus extended credit(5)
4 Required reserves 55.16 48.75 45.18 43.32
5 Monetary base(6) 434.10 451.37 478.88 512.32

 Not seasonally adjusted

6 Total reserves(7) 58.02 51.45 48.01 45.12
7 Nonborrowed reserves 57.76 51.30 47.69 45.00
8 Nonborrowed reserves 57.76 51.30 47.69 45.00
 plus extended credit

9 Required reserves(8) 56.73 50.04 46.33 43.54
10 Monetary base(9) 439.03 456.63 484.98 518.28

 NOT ADJUSTED FOR CHANGES
 IN RESERVE
 REQUIREMENTS(10)

11 Total reserves(11) 57.90 51.17 47.92 45.02
12 Nonborrowed reserves 57.64 51.02 47.60 44.90
13 Nonborrowed reserves plus 57.64 51.02 47.60 44.90
 extended credit(15)
14 Required reserves 56.61 49.76 46.24 43.44
15 Monetary base(12) 444.45 463.40 491.79 525.06
16 Excess reserves(13) 1.29 1.42 1.69 1.58
17 Borrowings from the .26 .16 .32 .12
 Federal Reserve

Item Feb. Mar. Apr. May

 ADJUSTED FOR CHANGES IN Seasonally adjusted
 RESERVE REQUIREMENTS(2)

1 Total reserves(3) 44.55 43.72 43.98 44.36
2 Nonborrowed reserves(4) 44.44 43.65 43.81 44.23
3 Nonborrowed reserves 44.44 43.65 43.81 44.23
 plus extended credit(5)
4 Required reserves 43.34 42.41 42.82 43.11
5 Monetary base(6) 520.84 524.23 528.74 534.86

 Not seasonally adjusted

6 Total reserves(7) 45.25 43.14 43.67 44.91
7 Nonborrowed reserves 45.13 43.08 43.50 44.78
8 Nonborrowed reserves 45.13 43.08 43.50 44.78
 plus extended credit

9 Required reserves(8) 44.03 41.84 42.51 43.65
10 Monetary base(9) 519.70 523.35 526.77 533.12

 NOT ADJUSTED FOR CHANGES IN
 RESERVE REQUIREMENTS(10)

11 Total reserves(11) 45.24 43.12 43.65 44.88
12 Nonborrowed reserves 45.12 43.06 43.48 44.75
13 Nonborrowed reserves plus 45.12 43.06 43.48 44.75
 extended credit(15)
14 Required reserves 44.02 41.82 42.49 43.62
15 Monetary base(12) 526.85 530.30 533.49 539.98
16 Excess reserves(13) 1.22 1.31 1.16 1.26
17 Borrowings from the .12 .07 .17 .13
 Federal Reserve

Item June July Aug. Sept.

 ADJUSTED FOR
 CHANGES IN RESERVE Seasonally adjusted
 REQUIREMENTS(2)

1 Total reserves(3) 42.87 41.98 42.07 42.11
2 Nonborrowed reserves(4) 42.72 41.67 41.72 41.77
3 Nonborrowed reserves 42.72 41.67 41.72 41.77
 plus extended
 credit(5)
4 Required reserves 41.61 40.90 40.94 40.92
5 Monetary base(6) 537.63 541.20 544.41(r) 549.51

 Not seasonally adjusted

6 Total reserves(7) 42.43 41.85 41.92 41.85
7 Nonborrowed reserves 42.29 41.54 41.58 41.51
8 Nonborrowed reserves 42.29 41.54 41.58 41.51
 plus extended credit

9 Required reserves(8) 41.17 40.77 40.79(r) 40.65
10 Monetary base(9) 535.88 540.98 543.87(r) 548.08

 NOT ADJUSTED FOR
 CHANGES IN RESERVE
 REQUIREMENTS(10)

11 Total reserves(11) 42.39 41.80 41.87 41.79
12 Nonborrowed reserves 42.25 41.49 41.53 41.45
13 Nonborrowed reserves 42.25 41.49 41.53 41.45
 plus extended
 credit(15)
14 Required reserves 41.13 40.73 40.74 40.59
15 Monetary base(12) 542.82 548.07(r) 550.86(r) 555.14
16 Excess reserves(13) 1.26 1.08 1.13 1.20
17 Borrowings from the .15 .31 .34 .34
 Federal 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 depository institutions from the Federal Reserve (line 17).

(5.) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves.

(6.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements.

(7.) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16).

(8.) To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).

(9.) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements.

(10.) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements.

(11.) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.

(12.) The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays.

(13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).

1.21 MONEY STOCK AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures

 1995 1996 1997
Item Dec. Dec. Dec.

 Seasonally adjusted

 Measures(2)
1 M1 1,126.7 1,081.3 1,074.9
2 M2 3,649.1 3,823.9 4,046.4
3 M3 4,618.5 4,955.6 5,403.4
4 Debt 13,716.1 14,460.8 15,223.5(r)

 M1 components
 5 Currency?(3) 372.3 394.1 424.5
 6 Travelers checks(4) 8.3 8.0 7.7
 7 Demand deposits(5) 389.4 403.0 396.5
 8 Other checkable deposits(6) 356.7 276.2 246.2

 Nontransaction components
 9 In M2(7) 2,522.4 2,742.6 2,971.5
10 In M3 only(8) 969.4 1,131.7 1,357.0

 Commercial banks
11 Savings deposits, including
 MMDAs 775.3 905.2 1,022.9
12 Small time deposits(9) 575.0 593.7 626.1
13 Large time deposits(10, 11) 346.6 414.8 490.2

 Thrift institutions
14 Savings deposits, including
 MMDAs 359.8 367.1 377.3
15 Small time deposits(9) 356.7 353.8 343.2
16 Large time deposits(10) 74.5 78.4 85.9

 Money market mutual funds
17 Retail 455.5 522.8 602.0
18 Institution-only 255.9 313.3 379.9

 Repurchase agreements and
 Eurodollars
19 Repurchase agreements(12) 198.7 211.3 251.7
20 Eurodollars(12) 93.7 113.9 149.3

 Debt components
21 Federal debt 3,639.1 3,781.3 3,800.3
22 Nonfederal debt 10,077.0 10,679.5 11,423.2(r)

 Not seasonally adjusted

 Measures(2)
23 M1 1,152.4 1,104.9 1,097.4
24 M2 3,671.7 3,843.7 4,064.6
25 M3 4,638.0 4,972.5 5,419.6
26 Debt 13,716.6 14,459.3 15,220.6(r)

 M1 components
27 Currency(3) 376.2 397.9 428.9
28 Travelers checks(4) 8.5 8.3 7.9
29 Demand deposits(5) 407.2 419.9 412.3
30 Other checkable deposits(6) 360.5 278.8 248.3

 Nontransaction components
31 In M2(7) 2,519.3 2,738.9 2,967.2
32 In M3 only(8) 966.4 1,128.8 1,355.0

 Commercial banks
33 Savings deposits, including
 MMDAs 774.1 903.3 1,020.4
34 Small time deposits(9) 573.8 592.7 625.3
35 Large time deposits(10, 11) 345.8 413.3 487.7

 Thrift institutions
36 Savings deposits, including
 MMDAs 359.2 366.3 376.4
37 Small time deposits(9) 355.9 353.2 342.8
38 Large time deposits(10) 74.3 78.1 85.4

 Money market mutual funds
39 Retail 456.1 523.2 602.3
40 Institution-only 257.7 316.0 384.5

 Repurchase agreements and
 Eurodollars

41 Repurchase agreements 193.8 205.7 245.1
42 Eurodollars(12) 94.9 115.7 152.3

 Debt components
43 Federal debt 3,645.9 3,787.9 3,805.8
44 Nonfederal debt 10,070.7 10,671.4 11,414.8(r)

 1999
 1998
Item Dec. June July

 Seasonally adjusted

 Measures(2)
1 M1 1,093.4 1,101.1 1,099.5
2 M2 4,401.0 4,520.9(r) 4,541.1(r)
3 M3 5,995.8 6,163.9(r) 6,189.5(r)
4 Debt 16,244.9 16,776.0(r) 16,851.2(r)

 M1 components
 5 Currency(3) 459.2 484.1 491.0(r)
 6 Travelers checks(4) 7.8 8.2 8.6(r)
 7 Demand deposits(5) 377.5 363.0(r) 363.2(r)
 8 Other checkable
 deposits(6) 248.8 245.9 239.7

 Nontransaction components
 9 In M2(7) 3,307.6 3,307.6 3,419.8
10 In M3 only(8) 1,594.8 1,594.8 1,643.0(r)

 Commercial banks
11 Savings deposits,
 including MMDAs 1,189.8 1,246.3 1,260.5
12 Small time deposits(9) 626.0 612.5 613.0
13 Large time
 deposits(10, 11) 541.0 530.2 539.5

 Thrift institutions
14 Savings deposits, 415.2 447.9(r) 455.1
 including MMDAs
15 Small time deposits(9) 325.9 312.9 311.7
16 Large time deposits(10) 89.1 87.9 88.7

 Money market mutual funds
17 Retail 750.7 800.3 801.3
18 Institution-only 516.2 548.1 546.0

 Repurchase agreements and
 Eurodollars
19 Repurchase agreements(12) 297.8 308.7 308.6
20 Eurodollars(12) 150.7 168.1(r) 165.6(r)

 Debt components
21 Federal debt 3,750.8 3,703.6 3,708.1(r)
22 Nonfederal debt 12,494.2 13,072.4(r) 13,143.1(r)

 Not seasonally adjusted

 Measures(2)
23 M1 1,115.3 1,098.4(r) 1,098.1(r)
24 M2 4,417.8 4,508.8(r) 4,531.3(r)
25 M3 6,011.9 6,147.2(r) 6,160.2(r)
26 Debt 16,241.8 16,724.2(r) 16,785.8(r)

 M1 components
27 Currency(3) 464.2 483.2 487.8
28 Travelers checks(4) 8.0 8.1 8.3
29 Demand deposits(5) 392.4 361.4(r) 362.6
30 Other checkable
 deposits(6) 250.7 245.7 239.5(r)

 Nontransaction components
31 In M2(7) 3,302.5 3,410.4 3,433.2
32 In M3 only(8) 1,594.1 1,638.4(r) 1,628.9(r)

 Commercial banks
33 Savings deposits,
 including MMDAs 1,186.8 1,249.8 1,261.4
34 Small time deposits(9) 625.4 611.1 612.8
35 Large time
 deposits(10, 11) 537.4 535.7 539.3

 Thrift institutions
36 Savings deposits,
 including MMDAs 414.1 449.1 455.4
37 Small time deposits(9) 325.6 312.2 311.6
38 Large time deposits(10) 88.5 88.8 88.7

 Money market mutual funds
39 Retail 750.6 788.2 792.1
40 Institution-only 523.3 540.6 533.4

 Repurchase agreements and
 Eurodollars

41 Repurchase agreements 290.5 308.6 305.9
42 Eurodollars(12) 154.5 164.7(r) 161.6(r)

 Debt components
43 Federal debt 3,754.9 3,662.8 3,652.3
44 Nonfederal debt 12,486.9(r) 13,061.4(r) 13,133.5(r)

 1999
Item Aug. Sept.

 Seasonally adjusted

 Measures(2)
1 M1 1,102.4(r) 1,093.5
2 M2 4,562.1(r) 4,580.4
3 M3 6,216.4(r) 6,248.5
4 Debt 16,936.7 n.a.

 M1 components
 5 Currency(3) 491.0(r) 495.0
 6 Travelers checks(4) 8.6(r) 8.3
 7 Demand deposits(5) 363.2(r) 352.6
 8 Other checkable deposits(6) 239.7 237.6

 Nontransaction components
 9 In M2(7) 3,459.7 3,486.9
10 In M3 only(8) 1,654.3(r) 1,668.2

 Commercial banks
11 Savings deposits, including
 MMDAs 1,268.5 1,283.4
12 Small time deposits(9) 614.6 618.2
13 Large time deposits(10, 11) 537.4(r) 547.9

 Thrift institutions
14 Savings deposits, including
 MMDAs 456.6 458.5
15 Small time deposits(9) 312.1 313.0
16 Large time deposits(10) 89.2 89.9

 Money market mutual funds
17 Retail 807.9 813.8
18 Institution-only 556.4 559.3

 Repurchase agreements and
 Eurodollars
19 Repurchase agreements(12) 310.2 309.7
20 Eurodollars(12) 161.1(r) 161.3

 Debt components
21 Federal debt 3,711.3 n.a.
22 Nonfederal debt 13,225.4 n.a.

 Not seasonally adjusted

 Measures(2)
23 M1 1,097.6(r) 1,088.1
24 M2 4,556.5(r) 4,566.1
25 M3 6,199.4(r) 6,220.4
26 Debt 16,874.5(r) n.a.

 M1 components
27 Currency(3) 490.2 493.4
28 Travelers checks(4) 8.2 8.1
29 Demand deposits(5) 361.8(r) 350.6
30 Other checkable deposits(6) 237.4 235.9

 Nontransaction components
31 In M2(7) 3,458.8 3478.0
32 In M3 only(8) 1,642.9(r) 1654.3

 Commercial banks
33 Savings deposits, including
 MMDAs 1,267.7 1276.5
34 Small time deposits(9) 614.2 617.9
35 Large time deposits(10, 11) 537.6(r) 548.3

 Thrift institutions
36 Savings deposits, including
 MMDAs 456.3 456.0
37 Small time deposits(9) 311.9 312.8
38 Large time deposits(10) 89.2 90.0

 Money market mutual funds
39 Retail 808.8 814.8
40 Institution-only 548.0 547.5

 Repurchase agreements and
 Eurodollars

41 Repurchase agreements 308.4 308.4
42 Eurodollars(12) 159.7(r) 160.1

 Debt components
43 Federal debt 3,666.1 n.a.
44 Nonfederal debt 13,208.4 n.a.


Footnotes appear on following page.

NOTES TO TABLE 1.21

(1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.

(2.) Composition of the money stock measures and debt is as follows:

M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.

M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) issued by all depository institutions, (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.

Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels).

(3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions.

(4.) Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.

(5.) Demand deposits at commercial banks and foreign-related institutions other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.

(6.) Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions.

(7.) Sum of (1) savings deposits (including MMDAs),(2) small time deposits, and (3) retail money fund balances.

(8.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees.

(9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits.

(10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.

(11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions.

(12.) Includes both overnight and term.

[TABULAR 1.26 DATA NOT REPRODUCIBLE IN ASCII]

1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING A. Commercial Paper

Millions of dollars, seasonally adjusted, end of period
 Year ending December

 Item

 1994 1995 1996

1 All issuers 595,382 674,904 775,371
 Financial companies(1)
2 Dealer-placed paper,
 total(2) 223,038 275,815 361,147
3 Directly placed paper,
 total(3) 207,701 210,829 229,662
4 Nonfinancial companies(4) 164,643 188,260 184,563

 Year ending December

 Item
 1997 1998

1 All issuers 966,699 1,163,303
 Financial companies(1)
2 Dealer-placed paper, 513,307 614,142
 total(2)
3 Directly placed paper,
 total(3) 252,536 322,030
4 Nonfinancial companies(4) 200,857 227,132

 1999

 Item

 Mar. Apr. May

1 All issuers 1,204,627 1,219,789 1,230,009
 Financial companies(1)
2 Dealer-placed paper, 684,616 697,030 710,857
 total(2)
3 Directly placed paper,
 total(3) 276,424 276,721 268,129
4 Nonfinancial companies(4) 243,587 246,038 251,023

 1998

 Item

 June July Aug.

1 All issuers 1,221,020 1,242,107 1,257,658
 Financial companies(1)
2 Dealer-placed paper, 705,603 712.718 710,320
 total(2)
3 Directly placed paper,
 total(3) 272,014 277,570 290,228
4 Nonfinancial companies(4) 243,404 251,819 257,110


(1.) Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending: insurance underwriting; and other investment activities,

(2.) Includes all financial-company paper sold by dealers in the open market,

(3.) As reported by financial companies that place their paper directly with investors.

(4.) Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services.

B. Bankers Dollar Acceptances(1)

Millions of dollars, not seasonally adjusted, year ending September(2)
 Item 1995 1996

1 Total amount of reporting
 banks' acceptances in
 existence 29,242 25,832

2 Amount of other banks'
 eligible acceptances held
 by reporting banks 1,249 7119
3 Amount of own eligible
 acceptances held by reporting
 banks (included in item 1) 10,516 7,770
4 Amount of eligible
 acceptances representing
 goods stored in, or shipped
 between, foreign countries
 (included in item 1) 11,373 9,361

 Item 1997 1998

1 Total amount of reporting
 banks' acceptances in
 existence 25,774 14,363

2 Amount of other banks'
 eligible acceptances held
 by reporting banks 736 523
3 Amount of own eligible
 acceptances held by reporting
 banks (included in item 1) 6,862 4,884
4 Amount of eligible
 acceptances representing
 goods stored in, or shipped
 between, foreign countries
 (included in item 1) 10,467 5,413


1. Includes eligible, dollar-denominated bankers acceptances legally payable in the United States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks; that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal Reserve Act (12 U.S.C. [sections] 372).

2. Data on bankers dollar acceptances are gathered from approximately 65 institutions; includes U.S. chartered commerical banks (domestic and foreign offices), U.S. branches and agencies of foreign banks, and Edge and agreement corporations. The reporting group is revised every year.

1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)

Percent per year
Date of change Rate Period Average
 rate

1996--Jan. 1 8.50 1996 8.27
 Feb. 1 8.25 1997 8.44
 1998 8.35
1997--Mar. 26 8.50
 1996--Jan. 8.50
1998--Sept. 30 8.25 Feb. 8.25
 Oct. 16 8.00 Mar. 8.25
 Nov. 18 7.75 Apr. 8.25
 May 8.25
1999--July 1 8.00 June 8.25
 Aug. 25 8.25 July 8.25
 Aug. 8.25
 Sept. 8.25
 Oct. 8.25
 Nov. 8.25
 Dec. 8.25

Date of change Period Average Period Average
 rate rate

1996--Jan. 1 1997--Jan. 8.25 1999--Aug. 8.50
 Feb. 1 Feb. 8.25 Sept. 8.49
 Mar. 8.30 Oct. 8.12
1997--Mar. 26 Apr. 8.50 Nov. 7.89
 May. 8.50 Dec. 7.75
1998--Sept. 30 June. 8.50 1999--Jan. 7.75
 Oct. 16 July 8.50 Feb. 7.75
 Nov. 18 Aug. 8.50 Mar. 7.75
 Sept. 8.50 Apr. 7.75
1999--July 1 Oct. 8.50 May 7.75
 Aug. 25 Nov. 8.50 June 7.75
 Dec. 8.50 July 8.00
 1998--Jan. 8.50 Aug. 8.06
 Feb. 8.50 Sept. 8.25
 Mar. 8.50 Oct. 8.25
 Apr. 8.50
 May 8.50
 June 8.50
 July 8.50


(1.) The prime rate is one of several base rates that banks use to price short-term business loans, The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover.

1.35 INTEREST RATES Money and Capital Markets

Percent per year: figures are averages of business day data unless otherwise noted
 Item 1996 1997 1998

 MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35
2 Discount window
 borrowing(2,4) 5.02 5.00 4.92

 Commercial paper(3,5,6)
 Nonfinancial
3 1-month n.a. 5.57 5.40
4 2-month n.a. 5.57 5.38
5 3-month n.a. 5.56 5.34

 Financial
6 1-month n.a. 5.59 5.42
7 2-month n.a. 5.59 5.40
8 3-month n.a. 5.61 5.37

 Commercial paper
 (historical)(3,5,7)
9 1-month 5.43 5.54 n.a.
10 3-month 5.41 5.58 n.a.
11 6-month 5.42 5.62 n.a.

 Finance paper, directly
 placed
 (historical)(3,5,8)
12 1-month 5.31 5.44 n.a.
13 3-month 5.29 5.48 n.a.
14 6 month 5.21 5.48 n.a.

 Bankers
 acceptances(3,59)
15 3-month 5.31 5.54 5.39
16 6-month 5.31 5.57 5.30

 Certificates of deposits,
 secondary marker(3,10)
17 1-month 5.35 5.54 5.49
18 3-month 5.39 5.62 5.47
19 6-month 5.47 5.73 5.44

20 Eurodollar deposits,
 3-month(3,11) 538 5.61 5.45

 US. Treasury bills
 Secondary market(3,5)
21 3-month 5.01 5.06 4.78
22 6-month 5.08 5.18 4.83
23 1-year 5.22 5.32 4.80
 Auction high(3,5,12)
24 3-month 5.02 5.07 4.81
25 6-month 5.09 5.18 4.85
26 1-year 5.23 5.36 4.85

 U.S. TREASURY NOTES AND
 BONDS

 Constant maturities(13)
27 1-year 5.52 5.63 5.05
28 2-year 5.84 5.99 5.13
29 3-year 5.99 6.10 5.14
30 5-year 6.18 6.22 5.15
31 7-year 6.34 6.33 5.28
32 10-year 6.44 6.35 5.26
33 20-year 6.83 6.69 5.72
34 30-year 6.71 6.61 5.58

 Composite
35 More than 10 years
 (long-term) 6.80 6.67 5.69

 STATE AND LOCAL NOTES
 AND BONDS

 Moody's series(14)
36 Aaa 5.52 5.32 4.93
37 Baa 5.79 5.50 5.14
38 Bond Buyer series(15) 5.76 5.52 5.09

 CORPORATE BONDS

39 Seasoned issues,
 all industries(16) 7.66 7.54 6.87

 Rating group
40 Aaa 7.37 7.27 6.53
41 Aa 7.55 7.48 6.80
42 A 7.69 7.54 6.93
43 Baa 8.05 7.87 7.22

 MEMO
 Dividend price ratio(17)
44 Common stocks 2.19 1.77 1.49

 1999
 Item
 June July Aug. Sept.

 MONEY MARKET INSTRUMENTS

1 Federal funds(1,2,3) 4.76 4.99 5.07 5.22
2 Discount window
 borrowing(2,4) 4.50 4.50 4.56 4.75

 Commercial paper(3,5,6)
 Nonfinancial
3 1-month 4.95 5.06 5.18 5.28
4 2-month 4.98 5.08 5.23 5.29
5 3-month 4.98 5.11 5.25 5.32

 Financial
6 1-month 4.96 5.08 5.20 5.29
7 2-month 5.00 5.10 5.24 5.31
8 3-month 5.04 5.14 5.28 5.32

 Commercial paper
 (historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.

 Finance paper, directly
 placed
 (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n,a.
14 6 month n.a. n.a. n.a. n.a.

 Bankers
 acceptances(3,59)
15 3-month 5.04 5.16 5.30 5.37
16 6-month 5.14 5.42 5.64 5.75

 Certificates of deposits,
 secondary marker(3,10)
17 1-month 5.01 5.13 5.25 5.34
18 3-month 5.13 5.24 5.41 5.50
19 6-month 5.31 5.58 5.83 5.89

20 Eurodollar deposits,
 3-month(3,11) 5.09 5.21 5.36 5.48

 US. Treasury bills
 Secondary market(3,5)
21 3-month 4.57 4.55 4.72 4.68
22 6-month 4.82 4.58 4.87 4.88
23 1-year 4.82 4.75 4.91 4.96
 Auction high(3,5,12)
24 3-month 4.59 4.60 4.76 4.73
25 6-month 4.81 4.62 4.88 4.91
26 1-year 4.89 4.71 4.95 5.00

 U.S. TREASURY NOTES AND
 BONDS

 Constant maturities(13)
27 1-year 5.10 5.03 5.20 5.25
28 2-year 5.62 5.55 5.68 5.66
29 3-year 5.70 5.62 5.77 5.75
30 5-year 5.81 5.68 5.84 5.80
31 7-year 6.05 5.94 6.15 6.12
32 10-year 5.90 5.79 5.94 5.92
33 20-year 6.36 6.28 6.43 6.50
34 30-year 6.04 5.98 6.07 6.07

 Composite
35 More than 10 years
 (long-term) 6.31 6.22 6.37 6.43

 STATE AND LOCAL NOTES
 AND BONDS

 Moody's series(14)
36 Aaa 5.22 5.24 5.47 5.56
37 Baa 5.59 5.64 5.93 6.06
38 Bond Buyer series(15) 5.37 5.36 5.58 5.69

 CORPORATE BONDS

39 Seasoned issues,
 all industries(16) 7.62 7.57 7.77 7.78

 Rating group
40 Aaa 7.23 7.19 7.40 7.39
41 Aa 7.52 7.48 7.68 7.68
42 A 7.69 7.65 7.84 7.84
43 Baa 8.02 7.95 8.15 8.20

 MEMO
 Dividend price ratio(17)
44 Common stocks 1.25 1.20 1.25 1.27

 1999, week ending
 Item
 Aug. 27 Sept. 3 Sept. 10
 MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.02 5.34 5.16
2 Discount window
 borrowing(2,4) 4.57 4.75 4.75

 Commercial paper(3,5,6)
 Nonfinancial
3 1-month 5.23 5.28 5.28
4 2-month 5.28 5.29 5.29
5 3-month 5.30 5.31 5.31

 Financial
6 1-month 5.26 5.29 5.29
7 2-month 5.30 5.31 5.31
8 3-month 5.32 5.32 5.32

 Commercial paper
 (historical)(3,5,7)
9 1-month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.

 Finance paper, directly
 placed
 (historical)(3,5,8)
12 1-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6 month n.a. n.a. n.a.

 Bankers
 acceptances(3,59)
15 3-month 5.36 5.37 5.36
16 6-month 5.70 5.71 5.76

 Certificates of deposits,
 secondary marker(3,10)
17 1-month 5.30 5.32 5.34
18 3-month 5.42 5.45 5.45
19 6-month 5.86 5.88 5.89

20 Eurodollar deposits,
 3-month(3,11) 5.39 5.4l 5.44

 US. Treasury bills
 Secondary market(3,5)
21 3-month 4.81 4.82 4.67
22 6-month 4.89 4.97 4.93
23 1-year 4.91 5.00 4.99
 Auction high(3,5,12)
24 3-month 4.85 4.88 4.72
25 6-month 4.95 4.99 4.95
26 1-year n.a. n.a. n.a.

 U.S. TREASURY NOTES AND
 BONDS

 Constant maturities(13)
27 1-year 5.19 5.29 5.28
28 2-year 5.61 5.72 5.68
29 3-year 5.69 5.80 5.78
30 5-year 5.71 5.86 5.82
31 7-year 6.02 6.18 6.15
32 10-year 5.81 5.97 5.94
33 20-year 6.35 6.50 6.51
34 30-year 5.93 6.08 6.07

 Composite
35 More than 10 years
 (long-term) 6.28 6.43 6.44

 STATE AND LOCAL NOTES
 AND BONDS

 Moody's series(14)
36 Aaa 5.49 5.51 5.50
37 Baa 5.95 6.00 5.99
38 Bond Buyer series(15) 5.61 5.67 5.66

 CORPORATE BONDS

39 Seasoned issues,
 all industries(16) 7.67 7.81 7.81

 Rating group
40 Aaa 7.29 7.44 7.43
41 Aa 7.58 7.72 7.72
42 A 7.74 7.88 7.87
43 Baa 8.06 8.21 8.20

 MEMO
 Dividend price ratio(17)
44 Common stocks 1.20 1.25 1.24

 1989, week ending
 Item
 Sept. 17 Sept. 24
 MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.24 5.16
2 Discount window
 borrowing(2,4) 4.75 4.75

 Commercial paper(3,5,6)
 Nonfinancial
3 1-month 5.28 5.29
4 2-month 5.30 5.29
5 3-month 5.33 5.33

 Financial
6 1-month 5.28 5.29
7 2-month 5.31 5.31
8 3-month 5.31 5.33

 Commercial paper
 (historical)(3,5,7)
9 1-month n.a. n.a.
10 3-month n.a. n.a.
11 6-month n.a. n.a.

 Finance paper, directly
 placed
 (historical)(3,5,8)
12 1-month n.a. n.a.
13 3-month n.a. n.a.
14 6 month n.a. n.a.

 Bankers
 acceptances(3,59)
15 3-month 5.36 5.38
16 6-month 5.76 5.77

 Certificates of deposits,
 secondary marker(3,10)
17 1-month 5.34 5.34
18 3-month 5.45 5.45
19 6-month 5.88 5.88

20 Eurodollar deposits,
 3-month(3,11) 5.44 5.44

 US. Treasury bills
 Secondary market(3,5)
21 3-month 4.61 4.65
22 6-month 4.89 4.85
23 1-year 4.97 4.95
 Auction high(3,5,12)
24 3-month 4.66 4.66
25 6-month 4.93 4.89
26 1-year 5.00 n.a.

 U.S. TREASURY NOTES AND
 BONDS

 Constant maturities(13)
27 1-year 5.26 5.23
28 2-year 5.66 5.64
29 3-year 5.76 5.71
30 5-year 5.80 5.77
31 7-year 6.12 6.07
32 10-year 5.92 5.88
33 20-year 6.52 6.46
34 30-year 6.08 6.06

 Composite
35 More than 10 years
 (long-term) 6.45 6.40

 STATE AND LOCAL NOTES
 AND BONDS

 Moody's series(14)
36 Aaa 5.62 5.60
37 Baa 6.11 6.10
38 Bond Buyer series(15) 5.69 5.71

 CORPORATE BONDS

39 Seasoned issues,
 all industries(16) 7.78 7.75

 Rating group
40 Aaa 7.40 7.35
41 Aa 7.68 7.63
42 A 7.85 7.81
43 Baa 8.18 8.19

 MEMO
 Dividend price ratio(17)
44 Common stocks 1.27 1.27


(1.) The daily effective federal funds rate is a weighted average of rates on trades through New York brokers,

(2.) Weekly figures are averages of seven calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month,

(3.) Annualized using a 360-day year or bank interest,

(4.) Rate for the Federal Reserve Bank of New York.

(5.) Quoted on a discount basis,

(6.) Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information,

(7.) An average of offering rates on commercial paper for firms whose bond rating is AA or the equivalent. Series ended August 29, 1997.

(8.) An average of offering rates on paper directly placed by finance companies. Series ended August 29, 1997.

(9.) Representative closing yields for acceptances of the highest-rated money center banks.

(10.) An average of dealer offering rates on nationally traded certificates of deposit.

(11.) Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only.

(12.) Auction date for daily data; weekly and monthly averages computed on an issue-date basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before that, they are weighted average yields from multiple-price auctions.

(13.) Yields on actively traded issues adjusted to constant maturities. Source: U.S. Department of the Treasury.

(14.) General obligation bonds based on Thursday figures; Moody's Investors Service.

(15.) State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' At rating. Based on Thursday figures.

(16.) Daily figures from Moody's Investors Service. Based on yields to maturity on selected long-term bonds.

(17.) Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks m the price index.

NOTE. Some of the data in this table also appear in the Board's H. 15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover.

1.36 STOCK MARKET Selected Statistics
 Indicator 1996 1997

 Prices and trading
 volume
 (averages of daily
 figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 357.98 456.99
2 Industrial 453.57 574.97
3 Transportation 327.30 415.08
4 Utility 126.36 143.87
5 Finance 303.94 424.84

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 670.49 873.43

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 570.86 628.34

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 409,740 523,254
9 American Stock Exchange 22,567 24,390

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 97,400 126,090

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 22,540 31,410
12 Cash accounts 40,430 52,160

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 Mar. 11, 1968
13 Margin stocks 70
14 Convertible bonds 50
15 Short sales 70

 1999

 1998
 Jan.
 Indicator

 Prices and
 trading volume
 (averages of
 daily figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 550.65 595.43
2 Industrial 684.35 741.43
3 Transportation 468.61 479.72
4 Utility 190.52 224.75
5 Finance 516.65 523.38

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 1,085.50 1,248.77

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 682.69 704.22

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 666,534 847,135
9 American Stock Exchange 28,870 31,015

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 140,980 153,240

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 40,250 36,880
12 Cash accounts 62,450 59,600

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 June 8, 1968
13 Margin stocks 80
14 Convertible bonds 60
15 Short sales 80

 1999
 Indicator
 Feb. Mar.

 Prices and
 trading volume
 (averages of
 daily figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 588.70 603.69
2 Industrial 736.20 751.93
3 Transportation 477.47 491.25
4 Utility 218.24 218.11
5 Finance 514.75 544.08

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 1,246.58 1,281.66

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 699.15 711.08

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 756,932 776,538
9 American Stock Exchange 31,774 29,563

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 151,530 156,440

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 38,850 40,120
12 Cash accounts 57,910 59,435

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 May 6, 1970
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65

 1999
 Indicator

 Apr. May

 Prices and
 trading volume
 (averages of daily
 figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 627.75 635.62
2 Industrial 780.84 791.72
3 Transportation 523.08 537.88
4 Utility 228.48 242.98
5 Finance 564.99 562.66

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 1.334.76 1,332.12

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 748.29 787.02

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 874,818 785,778
9 American Stock Exchange 38,895 35,241

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 172,880 177,984

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 41,200 41,250
12 Cash accounts 60,870 6,665

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 Dec. 6, 1971
13 Margin stocks 55
14 Convertible bonds 50
15 Short sales 55

 1999
 Indicator
 June July

 Prices and
 trading volume
 (averages of daily
 figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 629.53 648.83
2 Industrial 783.96 809.33
3 Transportation 520.66 528.72
4 Utility 241.36 250.50
5 Finance 546.43 557.92

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 1,322.55 1,380.99

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 772.01 803.75

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 723,025 721,294
9 American Stock Exchange 28,806 25,754

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 176,930 178,360

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 42,865 44,330
12 Cash accounts 64,100 60,000

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 Nov. 24, 1972
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65

 1999
 Indicator

 Aug. Sept.

 Prices and
 trading volume
 (averages of daily
 figures)(1)

 Common stock prices (indexes)
1 New York Stock Exchange
 (Dec. 31, 1965 = 50) 621.03 607.87
2 Industrial 778.82 769.47
3 Transportation 492.13 462.33
4 Utility 241.84 237.71
5 Finance 521.59 493.37

6 Standard & Poor's Corporation
 (1941-43 = 10)(2) 1,327.49 1,318.17

7 American Stock Exchange
 (Aug. 31, 1973 = 50)(3) 781.33 788.74

 Volume of trading (thousands
 of shares)
8 New York Stock Exchange 709,569 772,627
9 American Stock Exchange 27,795 32,540

 Customer financing
 (millions of
 dollars, end-of-period
 balances)

10 Margin credit at
 broker--dealers(4) 176,390 179,316

 Free credit balances at
 brokers(5)
11 Margin accounts(6) 44,230 47,125
12 Cash accounts 62,600 62,810

 Margin requirements
 (percent of
 market values and
 effective date)(7)

 Jan. 3, 1974
13 Margin stocks 50
14 Convertible bonds 50
15 Short sales 50


(1.) Daily data on prices are available upon request to the Board of Governors. For ordering address, see inside front cover.

(2.) In July 1976 a financial group, composed of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 4251, 20 transportation (formerly 15 rail), 40 public utility (formerly 601, and 40 financial,

(3.) On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half.

(4.) Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984.

(5.) Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand.

(6.) Series initiated in June 1984.

(7.) Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.

On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission.

1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars

 Fiscal year
Type of account or operation
 1997 1998 1999

 U.S. budget(1)
1 Receipts, total 1,579,292 1,721,798 1,827,285
2 On budget 1,187,302 1,305,999 1,382,817
3 Off budget 391,990 415,799 444,468
4 Outlays, total 1,601,235 1,652,552 1,704,545
5 Off-budget 1,290,609 1,335,948 1,383,767
6 Off-budget 310,626 316,604 320,778
7 Surplus or -21,943 69,246 122,740
 deficit (-), total
8 On-budget -103,307 -29,949 -951
9 Off-budget 81,364 99,195 123,691

Source of financing (total)
10 Borrowing from the public 38,171 -5,121 -88,304
11 Operating cash
 (decrease, or increase) 604 4,743 -17,580
12 Other(2) -16,832 -22,778 -16,856

 MEMO
13 Treasury operating balance
 (level, end of period) 43,621 38,878 56,458
14 Federal Reserve Banks 7,692 4,952 6,641
15 Tax and loan accounts 35,930 33,926 49,817

 Calendar year

Type of account or operation 1999

 Apr. May

 U.S. budget(1)
1 Receipts, total 266,229(r) 98,663(r)
2 On budget 219,490(r) 62,722(r)
3 Off budget 46,739 35,941
4 Outlays, total 152,770(r) 122,631(r)
5 Off-budget 120,474(r) 91,434(r)
6 Off-budget 29,296(r) 31,197
7 Surplus or 113,459 -23,969
 deficit (-), total
8 On-budget 99,016(r) -28,712
9 Off-budget 17,443(r) 4,744

Source of financing (total)
10 Borrowing from the public -85,208 -551
11 Operating cash
 (decrease, or increase) -36,512 32,495
12 Other(2) 8,261 -7,975

 MEMO
13 Treasury operating balance
 (level, end of period) 58,138 25,643
14 Federal Reserve Banks 10,040 5,506
15 Tax and loan accounts 48,098 20,586

 Calendar year

Type of account or operation 1999

 June July
 U.S. budget(1)
1 Receipts, total 199,507(r) 121,923(r)
2 On budget 156,929(r) 87,959(r)
3 Off budget 42,578 33,964
4 Outlays, total 145,939(r) 147,086(r)
5 Off-budget 136,141(r) 117,652(r)
6 Off-budget 9,799 29,434
7 Surplus or 53,568 -25,164
 deficit (-), total
8 On-budget 20,788 -29,693
9 Off-budget 32,779 4,530

Source of financing (total)
10 Borrowing from the public -22,246 1,193
11 Operating cash
 (decrease, or increase) -27,459 13,553
12 Other(2) -3,863 10,418

 MEMO
13 Treasury operating balance
 (level, end of period) 53,102 39,549
14 Federal Reserve Banks 6,720 4,984
15 Tax and loan accounts 46,382 34,565

 Calendar year

Type of account or operation 1999

 Aug. Sept.
 U.S. budget(1)
1 Receipts, total 126,324(r) 200,396
2 On budget 91,554 161,304
3 Off budget 34,770 39,092
4 Outlays, total 129,127(r) 143,966
5 Off-budget 97,984(r) 108,846
6 Off-budget 31,143 35,119
7 Surplus or -2,803(r) 56,430
 deficit (-), total
8 On-budget -6,430(r) 52,458
9 Off-budget 3,627 3,973

Source of financing (total)
10 Borrowing from the public 26,470 -47,718
11 Operating cash
 (decrease, or increase) 3,160 -20,069
12 Other(2) 26,827(r) 11,357

 MEMO
13 Treasury operating balance
 (level, end of period) 36,389 56,458
14 Federal Reserve Banks 5,559 6,641
15 Tax and loan accounts 30,831 49,817


(1.) Since 1990, off-budget hems have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the U.S. Postal Service.

(2.) Includes special drawing rights (SDRs): reserve position on the U.S. quota in the International Monetary Fund (IMF); loans to the IMF: other cash and monetary assets: accrued interest payable to the public: allocations of SDRs: deposit funds; miscellaneous liability including checks outstanding 1 and asset accounts; seigniorage: increment on gold: net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loan-valuation adjustment; and profit on sale of gold.

SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government; fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government.

1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars

 Fiscal year

 Source or type 1998 1999

1 All sources 1,721,798 1,827,285

2 Individual income taxes, net 828,586 894,480
3 Withheld 646,483 693,940
4 Nonwithheld 281,527 308,185
5 Refunds 99,476 122,706
 Corporation income taxes
6 Gross receipts 213,249 216,325
7 Refunds 24,593 31,645
8 Social insurance taxes and
 contributions, net 571,831 611,832
9 Employment taxes and contributions 540,014 580,880
10 Unemployment insurance 27,484 26,480
11 Other net receipts(3) 4,333 4,472

12 Excise taxes 57,673 70,399
13 Customs deposits 18,297 18,336
14 Estate and gift taxes 27,076 27,782
15 Miscellaneous receipts(4) 32,658 34,777

 OUTLAYS

16 All types 1,652,552 1,704,545

17 National defense 268,456 276,762
18 International affairs 13,109 15,264
19 General science, space,
 and technology 18,219 19,397
20 Energy 1,270 981
21 Natural resources and environment 22,396 22,303
22 Agriculture 12,206 24,359

23 Commerce and housing credit 1,014 2,966
24 Transportation 40,332 38,856
25 Community and regional development 9,720 12,791
26 Education, training, employment, and
 social services 54,919 57,438
27 Health 131,440 140,803
28 Social security and Medicare 572,047 580,491
29 Income security 233,202 237,180

30 Veterans benefits and services 41,787 43,210
31 Administration of justice 22,832 25,837
32 General government 13,444 16,058
33 Net interest(5) 243,359 230,265
34 Undistributed offsetting receipts(6) -58,194 -40,445

 Calendar year

 1997 1998
 Source or type
 H2 H1

1 All sources 773,810 922,630

2 Individual income taxes, net 354,072 447,514
3 Withheld 306,865 316,309
4 Nonwithheld 58,069 219,136
5 Refunds 10,869 87,989
 Corporation income taxes
6 Gross receipts 104,659 109,353
7 Refunds 10,135 14,220
8 Social insurance taxes and
 contributions, net 260,795 312,713
9 Employment taxes and contributions 247,794 293,520
10 Unemployment insurance 10,724 17,080
11 Other net receipts(3) 2,280 2,112

12 Excise taxes 31,133 29,922
13 Customs deposits 9,376 8,546
14 Estate and gift taxes 10,262 12,971
15 Miscellaneous receipts(4) 13,348 15,829

 OUTLAYS

16 All types 824,368 815,884

17 National defense 140,873 129,351
18 International affairs 9,420 4,610
19 General science, space,
 and technology 10,040 9,426
20 Energy 411 957
21 Natural resources and environment 11,106 10,051
22 Agriculture 10,590 2,387

23 Commerce and housing credit -3,526 -2,483
24 Transportation 20,414 16,196
25 Community and regional development 5,749 4,863
26 Education, training, employment, and
 social services 26,851 25,928
27 Health 63,552 65,053
28 Social security and Medicare 283,109 286,305
29 Income security 106,353 128,196

30 Veterans benefits and services 22,077 19,615
31 Administration of justice 10,212 11,287
32 General government 7,302 6,139
33 Net interest(5) 122,620 12,235
34 Undistributed offsetting receipts(6) -22,795 -21,340

 Calendar year

 1998 1999
 Source or type
 H2 H1

1 All sources 825,057 966,045(r)

2 Individual income taxes, net 392,332 481,527
3 Withheld 339,144 351,068
4 Nonwithheld 65,204 240,278
5 Refunds 12,032 109,467(r)
 Corporation income taxes
6 Gross receipts 104,163 106,861
7 Refunds 14,250 17,092
8 Social insurance taxes and
 contributions, net 268,466 324,831
9 Employment taxes
 and contributions 256,142 306,235
10 Unemployment insurance 10,121 16,378
11 Other net receipts(3) 2,202 2,216

12 Excise taxes 33,366 31,015
13 Customs deposits 9,838 8,440
14 Estate and gift taxes 12,359 14,915
15 Miscellaneous receipts(4) 18,735 15,140

 OUTLAYS

16 All types 877,414(r) 817,235(r)

17 National defense 140,196 134,414
18 International affairs 8,297 6,879
19 General science, space,
 and technology 10,142 9,319
20 Energy 699 797
21 Natural resources

 and environment 12,671 10,351
22 Agriculture 16,757 9,803

23 Commerce and housing credit 4,046 1,629
24 Transportation 20,836 17,082
25 Community and regional
 development 6,972 5,368
26 Education, training,
 employment, and
 social services 27,762(r) 29,003
27 Health 67,838(r) 69,320
28 Social security and Medicare 316,809 261,146
29 Income security 109,481 126,552(r)

30 Veterans benefits and services 22,750 20,105
31 Administration of justice 12,041 13,149
32 General government 9,136 6,650
33 Net interest(5) 116,954 116,655
34 Undistributed
 offsetting receipts(6) -25,793 -17,724

 Calendar year

 1999
 Source or type
 July Aug. Sept.

1 All sources 121,923(r) 126,324(r) 200,396

2 Individual income
 taxes, net 59,975 60,709 89,250
3 Withheld 59,717 57,476 49,244
4 Nonwithheld 3,262 5,163 43,077
5 Refunds 2,988(r) 1,921(r) 3,072
 Corporation income taxes
6 Gross receipts 5,303 5,115 42,571
7 Refunds 1,898 1,418 2,336
8 Social insurance
 taxes and
 contributions, net 46,368 49,389 55,481
9 Employment taxes
 and contributions 44,392 44,960 54,794
10 Unemployment insurance 1,576 4,085 332
11 Other net receipts(3) 403 344 356

12 Excise taxes 5,723 5,397 7,167
13 Customs deposits 1,725 1,814 1,727
14 Estate and gift taxes 1,938 2,175 2,294
15 Miscellaneous receipts(4) 2,771 3,131 4,242

 OUTLAYS

16 All types 147,086(r) 129,127(r) 143,966

17 National defense 26,153 20,867 24,279
18 International affairs 569 530 1,371
19 General science, space,
 and technology 1,597 1,681 1,773
20 Energy -13 26 375
21 Natural resources
 and environment 1,935 1,961 2,249
22 Agriculture 489 726 1,196

23 Commerce and
 housing credit 64 -1,097(r) 7,361
24 Transportation 3,375 3,838 4,260
25 Community and
 regional development 755 879 1,330
26 Education, training,
 employment, and
 social services 3,980 4,363 5,437
27 Health 11,685 11,959 13,031
28 Social security
 and Medicare 51,157 45,607 48,681
29 Income security 20,532(r) 16,505(r) 16,897

30 Veterans
 benefits and services 5,130 1,895 3,615
31 Administration of justice 1,935 2,349 2,306
32 General government 1,360 200 1,712
33 Net interest(5) 19,598 19,931 15,259
34 Undistributed
 offsetting receipts(6) -3,214 -3,095 -7,164


(1.) Functional details do not sum to outlays for calendar year data because revisions to monthly totals have not been distributed among functions. Fiscal year total for receipts and outlays do not correspond to calendar year data because revisions from the Budget have not bee fully distributed across months.

(2.) Old-age disability, and hospital insurance, and railroad retirement accounts.

(3.) Federal employee retirement contributions and civil service retirement and disability fund.

(4.) Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.

(5.) Includes interest received by trust funds.

(6.) Rents and royalties for the outer continental shelf, U.S. government contributions for employee retirement and certain sales.

SOURCE: Fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 2000; monthly and half-year totals: U.S. Department of the Treasury. Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.

1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month

 1997 1998

 Sept. 30 Dec. 31 Mar. 31

1 Federal debt outstanding 5,446 5,536 5,573
2 Public debt securities 5,413 5,502 5,542
3 Held by public 3,815 3,847 3,872
4 Held by agencies 1,599 1,656 1,670

5 Agency securities 33 34 31
6 Held by public 26 27 26
7 Held by agencies 7 7 5
8 Debt subject to statutory limit 5,328 5,417 5,457
9 Public debt securities 5,328 5,416 5,456
10 Other debt(1) 0 0 0

 MEMO
11 Statutory debt limit 5,950 5,950 5,950

 1998

 June 30 Sept. 30 Dec. 31

1 Federal debt outstanding 5,578 5,556 5,643
2 Public debt securities 5,548 5,526 5,614
3 Held by public 3,790 3,761 3,787
4 Held by agencies 1,758 1,766 1,827

5 Agency securities 30 29 29
6 Held by public 26 26 29
7 Held by agencies 4 4 1
8 Debt subject to statutory limit 5,460 5,440 5,530
9 Public debt securities 5,460 5,439 5,530
10 Other debt(1) 0 0 0

 MEMO
11 Statutory debt limit 5,950 5,950 5,950

 1999

 Mar. 31 June 30 Sept. 30

1 Federal debt outstanding 5,681 5,668 n.a.
2 Public debt securities 5,652 5,639 5,656
3 Held by public 3,795 3,685 5,656
4 Held by agencies 1,857 1,954 5,656

5 Agency securities 29 29 n.a.
6 Held by public 28 28 n.a.
7 Held by agencies 1 1 n.a.
8 Debt subject to statutory limit 5,566 5,552 5,568
9 Public debt securities 5,566 5,552 5,568
10 Other debt(1) 0 0 0

 MEMO
11 Statutory debt limit 5,950 5,950 5,950


(1.) Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Treasury Bulletin.

1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period

 Type and holder 1995 1996

1 Total gross public debt 4,988.7 5,323.2

 By type
2 Interest-bearing 4,964.4 5,317.2
3 Marketable 3,307.2 3,459.7
4 Bills 760.7 777.4
5 Notes 2,010.3 2,112.3
6 Bonds 521.2 555.1
7 Inflation-indexed notes and bonds(1) n.a. n.a.
8 Nonmarketable(2) 1,657.2 1,857.5
9 State and local government series 104.5 101.3
10 Foreign issues(3) 40.8 37.4
11 Government 40.8 47.4
12 Public .0 .0
13 Savings bonds and notes 181.9 182.4
14 Government account series(4) 1,299.6 15,115.9
15 Non-interest-bearing 24.3 60.0

 By holders
16 U.S. Treasury and other
 federal agencies and trust funds 1,304.5 1,497.2
17 Federal Reserve Banks 391.0 410.9
18 Private investors 33,117.7 3,431.2
19 Depository institutions 315.4 296.6
20 Mutual funds 286.5(r) 315.8
21 Insurance companies 241.5 214.1
22 State and local treasuries(6) 289.8 257.0
 Individuals
23 Savings bonds 185.0 187.0
24 Pension funds 474.5 505.1
25 Private 298.7 314.6
26 State and Local 175.8 190.5
27 Foreign and international(7) 835.2 1,102.1
28 Other miscellaneous investors(6,8) 679.7(r) 553.5

 Type and holder 1997 1998

1 Total gross public debt 5,502.4 5,614.2

 By type
2 Interest-bearing 5,494.9 5,605.4
3 Marketable 3,456.8 3,355.5
4 Bills 715.4 691.0
5 Notes 2,106.1 1,960.7
6 Bonds 587.3 621.2
7 Inflation-indexed notes and bonds(1) 33.0 50.6
8 Nonmarketable(2) 2,038.1 2,249.9
9 State and local government series 124.1 165.3
10 Foreign issues(3) 36.2 34.3
11 Government 36.2 34.3
12 Public .0 .0
13 Savings bonds and notes 181.2 180.3
14 Government account series(4) 1,666.7 1,840.0
15 Non-interest-bearing 7.5 8.8

 By holders
16 U.S. Treasury and other
 federal agencies and trust funds 1,655.7 1,826.8
17 Federal Reserve Banks 451.9 471.7
18 Private investors 3,414.6 3,334.0
19 Depository institutions 300.3 237.4(r)
20 Mutual funds 321.3 339.5(r)
21 Insurance companies 176.6 144.6(r)
22 State and local treasuries(6) 239.3 269.3(r)
 Individuals
23 Savings bonds 186.5 186.7
24 Pension funds 539.1 547.0(r)
25 Private 334.3 345.4(r)
26 State and Local 204.8 201.6(r)
27 Foreign and international(7) 1,241.6 1,278.8(r)
28 Other miscellaneous investors(6,8) 4,119.9 330.8(r)

 1998 1999
 Type and holder
 Q4 Q1

1 Total gross public debt 5,614.2 5,651.6

 By type
2 Interest-bearing 5,605.4 5,643.1
3 Marketable 3,355.5 3,361.3
4 Bills 691.0 725.5
5 Notes 1,960.7 1,912.0
6 Bonds 621.2 632.5
7 Inflation-indexed notes and bonds(1) 50.6 59.2
8 Nonmarketable(2) 2,249.9 2,281.8
9 State and local government series 165.3 167.5
10 Foreign issues(3) 34.3 33.5
11 Government 34.3 33.5
12 Public .0 .0
13 Savings bonds and notes 180.3 180.6
14 Government account series(4) 1,840.0 1,870.2
15 Non-interest-bearing 8.8 8.5

 By holders
16 U.S. Treasury and other
 federal agencies and trust funds 1,826.8 1,857.1
17 Federal Reserve Banks 471.7 464.5
18 Private investors 334.0 3,276.0
19 Depository institutions 237.4(r) 247.6
20 Mutual funds 339.5(r) 341.3
21 Insurance companies 144.6(r) 137.7
22 State and local treasuries(6) 269.3(r) 266.6
 Individuals
23 Savings bonds 186.7 186.6
24 Pension funds 547.0(r) 544.9
25 Private 345.4(r) 347.3
26 State and Local 201.6(r) 197.6
27 Foreign and international(7) 1,278.7(r) 1,270.8(r)
28 Other miscellaneous investors(6,8) 330.8(r) 332.1

 1999
 Type and holder

 Q2 Q3

1 Total gross public debt 5,638.8 5,656.3

 By type
2 Interest-bearing 5,629.5 5,647.2
3 Marketable 3,248.5 3,233.0
4 Bills 647.8 653.2
5 Notes 1,868.5 1,828.8
6 Bonds 632.5 643.7
7 Inflation-indexed notes and bonds(1) 59.9 67.6
8 Nonmarketable(2) 2,381.0 2,414.2
9 State and local government series 172.6 168.1
10 Foreign issues(3) 30.9 31.0
11 Government 309.0 30.8
12 Public .0 .0
13 Savings bonds and notes 180.0 180.0
14 Government account series(4) 1,967.5 2,005.2
15 Non-interest-bearing 93.0 9.0

 By holders
16 U.S. Treasury and other
 federal agencies and trust funds 1,953.6 n.a.
17 Federal Reserve Banks 493.8 n.a.
18 Private investors 3,199.3 n.a.
19 Depository institutions n.a. n.a.
20 Mutual funds n.a. n.a.
21 Insurance companies n.a. n.a.
22 State and local treasuries(6) n.a. n.a.
 Individuals
23 Savings bonds 186.6 n.a.
24 Pension funds n.a. n.a.
25 Private n.a. n.a.
26 State and Local n.a. n.a.
27 Foreign and international(7) 1,257.3 n.a.
28 Other miscellaneous investors(6,8) n.a. n.a.


(1.) The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997.

(2.) Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement! bonds.

(3.) Nonmarketable series denominated m dollars, and series denominated in foreign currency held by foreigners.

(4.) Held almost entirely by U.S. Treasury and other federal agencies and trust funds.

(5.) Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings: data for other groups are Treasury estimates.

(6.) In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly.

(7.) Includes nonmarketable foreign series treasury securities and treasury deposit funds. Excludes treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York.

(8.) Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors.

SOURCE. U.S. Treasury Department, data by type of security, Monthly Statement of the Public Debt of the United States; data by holder, Treasury Bulletin.

1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages

 1999
 Item
 June July Aug.
 OUTRIGHT TRANSACTIONS(2)

 Be type of security

1 U.S. Treasury bills 28,954 24,009 26,323
 Coupon securities, by maturity
2 Five years or less 98,738 93,047 99,186
3 More than five years 61,981 53,586 68,592
4 Inflation-indexed 1,278 1,372 826
 Federal agency
5 Discount notes 44,580 43,320 45,889
 Coupon securities, by maturity
6 One year or less 677 652 777
7 More than one year, but less than
 or equal to five years 5,526 4,592 5,126
8 More than live years 4,256 4,278 4,832
9 Mortgage-backed 72,636 69,129 66,417

 By type of counterparty
 With interdealer broker
10 U.S. Treasury 103,512 93,223 105,210
11 Federal agency 3,636 3,677 4,070
12 Mortgage-backed 26,565 25,013 25,261

 With other
13 U.S. Treasury 87,439 78,790 89,717
14 Federal agency 51,402 49,164 52,553
15 Mortgage-backed 46,072 44,117 41,156

 FUTURES TRANSACTIONS
 By type of deliverable security
16 U.S. Treasury bills 0 0 0
 Coupon securities, by maturity
17 Five years or less 3,813 2,469 4,701
18 More than live years 14,278 12,348 14,980
19 Inflation-indexed 0 0 0
 Federal agency
20 Discount notes 0 0 0
 Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but
 less than or equal
 to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0

 OPTIONS TRANSACTIONS(4)

 By type of underlying security
25 U.S. Treasury bills 0 0 0
 Coupon securities, by maturity
26 Five years or less 1,725 951 1,197
27 More than five years 4,992 3,892 4,480
28 Inflation-indexed 0 0 0
 Federal agency
29 Discount notes 0 0 0
 Coupon securities,
 by maturity
30 One year or less 0 0 0
31 More than one
 year, but less than
 or equal to live years 0 0 0
32 More than live years 0 0 0
33 Mortgage-backed 779 1,175 1,033

 1999, week ending
 Item
 Aug. 4 Aug. 11 Aug. 18
 OUTRIGHT TRANSACTIONS(2)

 Be type of security

1 U.S. Treasury bills 22,956 20,259 25,938
 Coupon securities, by maturity
2 Five years or less 93,758 109,543 96,467
3 More than five years 59,602 82,361 78,109
4 Inflation-indexed 630 1,011 882
 Federal agency
5 Discount notes 43,379 42,671 45,086
 Coupon securities, by maturity
6 One year or less 788 475 930
7 More than one year, but less than
 or equal to five years 5,109 6,285 5,273
8 More than live years 5,814 7,213 3,870
9 Mortgage-backed 63,647 95,043 66,965

 By type of counterparty
 With interdealer broker
10 U.S. Treasury 92,648 118,908 108,038
11 Federal agency 5,008 4,831 4,854
12 Mortgage-backed 22,485 30,892 27,936

 With other
13 U.S. Treasury 84,297 94,267 93,358
14 Federal agency 50,082 51,813 50,305
15 Mortgage-backed 41,162 64,152 39,028

 FUTURES TRANSACTIONS
 By type of deliverable security
16 U.S. Treasury bills 0 0 0
 Coupon securities, by maturity
17 Five years or less 3,640 4,586 4,381
18 More than live years 12,391 15,454 14,282
19 Inflation-indexed 0 0 0
 Federal agency
20 Discount notes 0 0 0
 Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but
 less than or equal
 to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0

 OPTIONS TRANSACTIONS(4)

 By type of underlying security
25 U.S. Treasury bills 11 0 0
 Coupon securities, by maturity
26 Five years or less 923 1,978 883
27 More than five years 3,647 6,026 4,592
28 Inflation-indexed 0 0 0
 Federal agency
29 Discount notes 0 0 0
 Coupon securities,
 by maturity
30 One year or less 0 0 0
31 More than one
 year, but less than
 or equal to live years 0 0 0
32 More than live years 0 0 0
33 Mortgage-backed 0 0 0

 1999, week ending
 Item
 Aug. 25 Sept. 1 Sept. 8
 OUTRIGHT TRANSACTIONS(2)

 Be type of security

1 U.S. Treasury bills 25,259 38,241 27,843
 Coupon securities, by maturity
2 Five years or less 97,441 95,890 81,430
3 More than five years 57,413 60,198 49,912
4 Inflation-indexed 558 1,006 475
 Federal agency
5 Discount notes 49,259 48,585 46,278
 Coupon securities, by maturity
6 One year or less 885 818 964
7 More than one year, but less than
 or equal to five years 31,176 6,068 4,235
8 More than live years 2,400 5,361 2,843
9 Mortgage-backed 49,728 52,887 79,337

 By type of counterparty
 With interdealer broker
10 U.S. Treasury 97,926 103,077 85,541
11 Federal agency 2,494 3,407 3,470
12 Mortgage-backed 20,003 23,534 23,324

 With other
13 U.S. Treasury 82,745 92,258 74,118
14 Federal agency 53,126 57,426 50,850
15 Mortgage-backed 29,725 29,353 56,013

 FUTURES TRANSACTIONS
 By type of deliverable security
16 U.S. Treasury bills 0 0 n.a.
 Coupon securities, by maturity
17 Five years or less 6,014 4,400 2,538
18 More than live years 15,022 17,151 13,485
19 Inflation-indexed 0 0 0
 Federal agency
20 Discount notes 0 0 0
 Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but
 less than or equal
 to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0

 OPTIONS TRANSACTIONS(4)

 By type of underlying security
25 U.S. Treasury bills 0 0 0
 Coupon securities, by maturity
26 Five years or less 994 1,074 879
27 More than five years 4,868 2,546 4,611
28 Inflation-indexed 0 0 0
 Federal agency
29 Discount notes 0 0 0
 Coupon securities,
 by maturity
30 One year or less 0 0 0
31 More than one
 year, but less than
 or equal to live years 0 0 0
32 More than live years 0 0 0
33 Mortgage-backed 0 0 0

 1999, week ending
 Item
 Sept. 15 Sept. 22 Sept. 29
 OUTRIGHT TRANSACTIONS(2)

 Be type of security

1 U.S. Treasury bills 32,118 23,234 24,693
 Coupon securities, by maturity
2 Five years or less 77,284 68,958 95,035
3 More than five years 59,754 44,882 62,209
4 Inflation-indexed 462 347 629
 Federal agency
5 Discount notes 47,150 43,798 47,373
 Coupon securities, by maturity
6 One year or less 987 898 1,279
7 More than one year,
 but less than
 or equal to five years 4,681 5,336 9,346
8 More than live years 7,416 4,031 4,149
9 Mortgage-backed 93,477 41,392 44,491

 By type of counterparty
 With interdealer broker
10 U.S. Treasury 90,150 72,030 100,747
11 Federal agency 4,800 5,686 4,507
12 Mortgage-backed 34,704 17,418 20,472

 With other
13 U.S. Treasury 79,468 65,392 81,819
14 Federal agency 55,435 48,377 57,639
15 Mortgage-backed 58,773 23,974 24,019

 FUTURES TRANSACTIONS
 By type of deliverable security
16 U.S. Treasury bills n.a. n.a. 0
 Coupon securities, by maturity
17 Five years or less 2,167 1,720 1,819
18 More than live years 14,803 11,765 14,028
19 Inflation-indexed 0 0 0
 Federal agency
20 Discount notes 0 0 0
 Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but
 less than or equal
 to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0

 OPTIONS TRANSACTIONS(4)

 By type of underlying security
25 U.S. Treasury bills 0 0 0
 Coupon securities, by maturity
26 Five years or less 989 754 645
27 More than five years 2,935 2,705 3,710
28 Inflation-indexed 0 0 0
 Federal agency
29 Discount notes 0 0 0
 Coupon securities,
 by maturity
30 One year or less 0 0 0
31 More than one
 year, but less than
 or equal to live years 0 0 0
32 More than live years 0 0 0
33 Mortgage-backed 0 0 0


(1). Transactions are market purchases and sales of securities as reported to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Monthly averages are based on the number of trading days m the month. Transactions are assumed to be evenly distributed among the trading days of the report week. Immediate, forward, and futures transactions are reported at principal value, which does not include accrued interest; options transactions are reported at the face value of the underlying securities.

Dealers report cumulative transactions for each week ending Wednesday.

(2.) Outright transactions include immediate and forward transactions, Immediate delivery refers to purchases or sales of securities (other than mortgage-backed federal agency securities) for which delivery is scheduled in five business days or less and "when-issued" securities that settle on the issue date of offering. Transactions for immediate delivery of mortgage-backed agency securities include purchases and sales for which delivery is scheduled in thirty business days or less. Stripped securities are reported at market value by maturity of coupon or corpus.

Forward transactions are agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than live business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days.

(3.) Futures transactions arc standardized agreements arranged on an exchange. All futures transactions are included regardless of time to delivery.

(4.) Options transactions are purchases or sales of put and call options, whether arranged on an organized exchange or in the over-the-counter market, and include options on futures contracts on U.S. Treasury and federal agency securities.

NOTE: "n.a." indicates that data are not published because of insufficient activity.

1.43 U.S. GOVERNMENT SECURITIES DEALERS Position and Financing(1)

Millions of dollars
 1999
 Item
 June July Aug.

 Positions(2)

 NET OUTRIGHT POSITIONS(3)

By type of security

1 U.S. Treasury bills 3,929 4,005 165
 Coupon securities,
 by maturity
2 Five years or less 30,024 -25,332 31,236
3 More than five years -15,615 -14,263 -7,689
4 Inflation-indexed 2,036 3,202 3,370
 Federal agency
5 Discount notes 16,953 21,732 29,448
 Coupon securities,
 by maturity
6 One year or less 2,518 3,233 4,065
7 More than one year,
 but less than
 or equal to five
 years 6,288 7,633 6,923
8 More than five years 6,450 2,882 1,023
9 Mortgage-backed 14,787 18,844 17,990

 NET FUTURES POSITIONS(4)

 By type of deliverable
 security
10 U.S. Treasury bills 0 0 0
 Coupon securities,
 by maturity
11 Five years or less 8,731 7,576 10,940
12 More than five years -827 -4,401 -5,879
13 Inflation-indexed 0 0 0
 Federal agency
14 Discount notes 0 0 0
 Coupon securities,
 by maturity
15 One year or less 0 0 0
16 More than one year,
 but less than
 or equal to
 five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0

 NET OPTIONS POSITIONS

 By type of deliverable
 security
19 U.S. Treasury bills 0 0 0
 Coupon securities,
 by maturity
20 Five years or less -2,266 2,059 -1,661
21 More than five years -1,000 89 -553
22 Inflation-indexed 0 0 0
 Federal agency
23 Discount notes 0 0 0
 Coupon securities,
 by maturity
24 One year or less 0 0 0
25 More than one year,
 but less than
 or equal to
 five years 0 n.a. n.a.
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 5,880 2,070 3,540

 Financing(5)

 Reverse repurchase
 agreements
28 Overnight and continuing 272,933 258,349 273,639
29 Term 790,804 821,067 780,367

 Securities borrowed
30 Overnight and continuing 244,326 254,405 254,149
31 Term 91,955 90,588 87,850

 Securities received as
 pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term 0 n.a. n.a.

 Repurchase agreements
34 Overnight and continuing 651,952 675,629 694,296
35 Term 674,583 688,157 650,774

 Securities loaned
36 Overnight and continuing 13,306 11,458 9,885
37 Term 5,886 6,991 7,269

 Securities pledged
38 Overnight and continuing 49,670 55,853 53,526
39 Term 9,290 9,530 8,213

 Collateralized loans
40 Total 14,760 17,509 18,826

 1999, week ending
 Item
 Aug. 4 Aug. 11 Aug. 18

 Positions(2)

 NET OUTRIGHT POSITIONS(3)

 By type of security
1 U.S. Treasury bills 2,580 82 -105
 Coupon securities,
 by maturity
2 Five years or less -31,534 -32,317 -33,271
3 More than five years -11,258 -6,537 -8,053
4 Inflation-indexed 3,095 3328 3,286
 Federal agency
5 Discount notes 22,734 25,937 26,270
 Coupon securities,
 by maturity
6 One year or less 3,867 4,051 3,406
7 More than one year,
 but less than
 or equal to five
 years 5,376 5,924 6,975
8 More than five years 347 331 1,978
9 Mortgage-backed 13,840 20,397 18,723

 NET FUTURES POSITIONS(4)

 By type of deliverable
 security
10 U.S. Treasury bills 0 0 0
 Coupon securities,
 by maturity
11 Five years or less 12,151 13,851 12,925
12 More than five years -2,218 -3,923 -6,173
13 Inflation-indexed 0 0 0
 Federal agency
14 Discount notes 0 0 0
 Coupon securities,
 by maturity
15 One year or less 0 0 0
16 More than one year,
 but less than
 or equal to
 five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0

 NET OPTIONS POSITIONS

 By type of deliverable
 security
19 U.S. Treasury bills 0 0 0
 Coupon securities,
 by maturity
20 Five years or less -1,972 3,326 -2,192
21 More than five years 725 1,748 -307
22 Inflation-indexed n.a. 0 0
 Federal agency
23 Discount notes 0 0 0
 Coupon securities,
 by maturity
24 One year or less 0 0 0
25 More than one year,
 but less than
 or equal to
 five years n.a. n.a. n.a.
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 3,716 3,533 2,464

 Financing(5)

 Reverse repurchase
 agreements
28 Overnight and continuing 256,246 265,179 284,331
29 Term 855,989 905,104 703,068

 Securities borrowed
30 Overnight and continuing 252,560 250,398 260,815
31 Term 91,564 90,094 88,964

 Securities received as
 pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n.a. n.a.

 Repurchase agreements
34 Overnight and continuing 675,359 686,176 700,660
35 Term 721,927 764,896 580,375

 Securities loaned
36 Overnight and continuing 11,626 9,344 9,109
37 Term 7,337 7,461 7,317

 Securities pledged
38 Overnight and continuing 55,603 52,507 56,013
39 Term 9,467 9,294 7,145

 Collateralized loans
40 Total 19,340 15,807 19,308

 1999, week ending
 Item
 Aug. 25 Sept. 1 Sept. 8

Positions(2)

 NET OUTRIGHT POSITIONS(3)

 By type of security
1 U.S. Treasury bills -6,972 7,295 5,816
 Coupon securities,
 by maturity
2 Five years or less -28,766 -30,286 33,085
3 More than five years -6,845 -7,215 -9,493
4 Inflation-indexed 3,306 3,774 3,703
 Federal agency
5 Discount notes 37,455 32,385 36,636
 Coupon securities,
 by maturity
6 One year or less 3,795 5,297 4,905
7 More than one year,
 but less than
 or equal to five
 years 7,645 8,216 7,354
8 More than five years 996 1,200 1,736
9 Mortgage-backed 18,721 16,238 17,132

 NET FUTURES POSITIONS(4)

 By type of deliverable
 security
10 U.S. Treasury bills 0 0 n.a.
 Coupon securities,
 by maturity
11 Five years or less 8,173 7,650 8,136
12 More than five years -8,300 -7,434 -4,965
13 Inflation-indexed 0 0 0
 Federal agency
14 Discount notes 0 0 0
 Coupon securities,
 by maturity
15 One year or less 0 0 0
16 More than one year,
 but less than
 or equal to
 five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0

 NET OPTIONS POSITIONS

 By type of deliverable
 security
19 U.S. Treasury bills 0 0 0
 Coupon securities,
 by maturity
20 Five years or less 41 -878 -555
21 More than five years -2,826 -1,725 -2,364
22 Inflation-indexed 0 0 0
 Federal agency
23 Discount notes 0 0 0
 Coupon securities,
 by maturity
24 One year or less 0 0 0
25 More than one year,
 but less than
 or equal to
 five years n.a. n.a. n.a.
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 3,586 4,630 2,468

 Financing(5)

 Reverse repurchase
 agreements
28 Overnight and continuing 280,908 274,150 276,844
29 Term 729,755 733,653 757,629

 Securities borrowed
30 Overnight and continuing 253,055 253,055 252,062
31 Term 86,402 86,402 84,953

 Securities received as
 pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n.a. n.a.

 Repurchase agreements
34 Overnight and continuing 705,359 696,064 686,295
35 Term 604,961 605,775 631,178

 Securities loaned
36 Overnight and continuing 10,542 9,492 9,022
37 Term 7,194 7,031 7,012

 Securities pledged
38 Overnight and continuing 52,282 51,878 52,453
39 Term 7,735 7,920 7,914

 Collateralized loans
40 Total 19,308 20,879 20,804

 1999, week ending
 Item
 Sept. 15 Sept. 22

 Positions(2)

 NET OUTRIGHT POSITIONS(3)

 By type of security
1 U.S. Treasury bills -1,306 2,541
 Coupon securities,
 by maturity
2 Five years or less -34,425 -35,223
3 More than five years -15,435 -18,404
4 Inflation-indexed 3,799 3,940
 Federal agency
5 Discount notes 40,505 40,704
 Coupon securities,
 by maturity
6 One year or less 4,771 5,392
7 More than one year,
 but less than
 or equal to five
 years 6,918 64.43
8 More than five years 2,877 2,418
9 Mortgage-backed 20,159 22,066

 NET FUTURES POSITIONS(4)

 By type of deliverable
 security
10 U.S. Treasury bills 0 0
 Coupon securities,
 by maturity
11 Five years or less 8,176 8,247
12 More than five years 2,020 203
13 Inflation-indexed 0 0
 Federal agency
14 Discount notes 0 0
 Coupon securities,
 by maturity
15 One year or less 0 0
16 More than one year,
 but less than
 or equal to
 five years 0 0
17 More than five years 0 0
18 Mortgage-backed 0 0

 NET OPTIONS POSITIONS

 By type of deliverable
 security
19 U.S. Treasury bills 0 0
 Coupon securities,
 by maturity
20 Five years or less -456 523
21 More than five years -1,304 -671
22 Inflation-indexed 0 0
 Federal agency
23 Discount notes 0 0
 Coupon securities,
 by maturity
24 One year or less 0 0
25 More than one year,
 but less than
 or equal to
 five years n.a. n.a.
26 More than five years n.a. n.a.
27 Mortgage-backed 1,443 2,097

 Financing(5)

 Reverse repurchase
 agreements
28 Overnight and continuing 297,141 286,250
29 Term 793,309 821,609

 Securities borrowed
30 Overnight and continuing 251,946 253,559
31 Term 91,765 95,900

 Securities received as
 pledge
32 Overnight and continuing n.a. n.a.
33 Term n.a. n.a.

 Repurchase agreements
34 Overnight and continuing 699,375 697,399
35 Term 674,289 710,400

 Securities loaned
36 Overnight and continuing 9,194 8,974
37 Term 6,966 7,453

 Securities pledged
38 Overnight and continuing 53,386 55,262
39 Term 8,034 8,153

 Collateralized loans
40 Total 21,840 26,460


(1.) Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month.

(2.) Securities positions are reported at market value.

(3.) Net outright positions include immediate and forward positions. Net immediate positions include securities purchased or sold (other than mortgage-backed agency securities) that have been delivered or are scheduled to be delivered in five business days or less and "when-issued" securities that settle on the issue date of offering. Net immediate positions for mortgage-backed agency securities include securities purchased or sold that have been delivered or are scheduled to be delivered in thirty business days or less.

Forward positions reflect agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days.

(4.) Futures positions reflect standardized agreements arranged on an exchange. All futures positions are included regardless of time to delivery.

(5.) Overnight financing refers to agreements made on one business day that mature on the next business day; continuing contracts are agreements that remain in effect for more than one business day but have no specific maturity and can be terminated without advance notice by either party; term agreements have a fixed maturity of more than one business day. Financing data are reported in terms of actual funds paid or received, including accrued interest.

NOTE. "n.a." indicates that data are not published because of insufficient activity.

1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding

Millions of dollars, end of period
 Agency 1995(r) 1996(r)

1 Federal and federally
 sponsored agencies 738,928 844,611
2 Federal agencies 39,186 37,347
3 Defense Department(1) 6 6
4 Export-Import Bank(2,3) 3,455 2,050
5 Federal Housing
 Administration(4) 116 97
6 Government National
 Mortgage Association
 certificates of
 participations n.a. n.a.
7 Postal Service(6) 8,073 5,765
8 Tennessee Valley 27,536 29,429
 Authority
9 United States Railway
 Association(6) n.a. n.a.

10 Federally sponsored
 agencies(7) 699,742 807,264
11 Federal Home Loan Banks 205,817 243,194
12 Federal Home Loan
 Mortgage Corporation 93,279 119,961
13 Federal National
 Mortgage Association 257,230 299,174
14 Farm Credit Banks(8) 53,175 57,379
15 Student Loan Marketing
 Association(9) 50,335 47,529
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial
 Assistance
 Corporation(11) 1,261 1,261
18 Resolution Funding
 Corporation(12) 29,996 29,996

 MEMO
19 Federal Financing
 Bank debt(13) 103,817 78,681

 Lending to federal and
 federally sponsored
 agencies
20 Export-Import Bank(3) 3,449 2,044
21 Postal Service(6) 8,073 5,765
22 Student Loan Marketing
 Association n.a. n.a.
23 Tennessee Valley Authority 3,200 3,200
24 United States Railway
 Association(6) n.a. n.a.

 Other lending(14)
25 Farmers Home
 Administration 33,719 21,015
26 Rural Electrification
 Administration 17,392 17,144
27 Other 37,984 29,513

 Agency 1997(r) 1998(r)

1 Federal and federally
 sponsored agencies 925,823 1,022,609
2 Federal agencies 29,380 27,792
3 Defense Department(1) 6 6
4 Export-Import Bank(2,3) 1,447 552
5 Federal Housing
 Administration(4) 84 102
6 Government National
 Mortgage Association
 certificates of
 participations n.a. n.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley 27,853 27,786
 Authority
9 United States Railway
 Association(6) n.a. n.a.

10 Federally sponsored
 agencies(7) 896,443 994,817
11 Federal Home Loan Banks 263,404 313,919
12 Federal Home Loan
 Mortgage Corporation 156,980 169,200
13 Federal National
 Mortgage Association 331,270 369,774
14 Farm Credit Banks(8) 60,053 63,517
15 Student Loan Marketing
 Association(9) 44,763 37,717
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial
 Assistance
 Corporation(11) 1,261 1,261
18 Resolution Funding
 Corporation(12) 29,996 29,996

 MEMO
19 Federal Financing
 Bank debt(13) 58,172 49,090

 Lending to federal and
 federally sponsored
 agencies
20 Export-Import Bank(3) 1,431 552
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing
 Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
 Association(6) n.a. n.a.

 Other lending(14)
25 Farmers Home
 Administration 18,325 13,530
26 Rural Electrification
 Administration 16,702 14,898
27 Other 21,714 20,110

 1999
 Agency
 Mar. Apr.

1 Federal and federally
 sponsored agencies 1,347,872 1,377,524
2 Federal agencies 26,243 26,100
3 Defense Department(1) 6 6
4 Export-Import Bank(2,3) n.a. n.a.
5 Federal Housing
 Administration(4) 80 84
6 Government National
 Mortgage Association
 certificates of
 participations n.a. B.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley 26,237 26,094
 Authority
9 United States Railway
 Association(6) n.a. n.a.

10 Federally sponsored
 agencies(7) 1,321,629 1,351,424
11 Federal Home Loan Banks 402,364 415,602
12 Federal Home Loan
 Mortgage Corporation 299,196 310,387
13 Federal National
 Mortgage Association 475,418 478,994
14 Farm Credit Banks(8) 66,529 67,527
15 Student Loan Marketing
 Association(9) 36,762 37,660
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial
 Assistance
 Corporation(11) 1,261 1,261
18 Resolution Funding
 Corporation(12) 29,996 29,996

 MEMO
19 Federal Financing
 Bank debt(13) 41,454 41,637

 Lending to federal and
 federally sponsored
 agencies
20 Export-Import Bank(3) n.a. n.a.
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing
 Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
 Association(6) n.a. n.a.

 Other lending(14)
25 Farmers Home
 Administration 8,715 8,550
26 Rural Electrification
 Administration 13,980 13,999
27 Other 18,759 19,088

 1999
 Agency
 May June

1 Federal and federally
 sponsored agencies 1,404,576 1,425,396
2 Federal agencies 26,094 26,370
3 Defense Department(1) 6 6
4 Export-Import Bank(2,3) n.a. n.a.
5 Federal Housing
 Administration(4) 88 99
6 Government National
 Mortgage Association
 certificates of
 participations n.a. n.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley 26,088 26,364
 Authority
9 United States Railway
 Association(6) n.a. n.a.

10 Federally sponsored
 agencies(7) 1,378,482 1,399,026
11 Federal Home Loan Banks 421,655 437,109
12 Federal Home Loan
 Mortgage Corporation 317,533 314,412
13 Federal National
 Mortgage Association 492,913 499,897
14 Farm Credit Banks(8) 66,608 67,749
15 Student Loan Marketing
 Association(9) 38,129 37,959
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial
 Assistance
 Corporation(11) 1,261 1,261
18 Resolution Funding
 Corporation(12) 29,996 29,996

 MEMO
19 Federal Financing
 Bank debt(13) 41,131 40,585

 Lending to federal and
 federally sponsored
 agencies
20 Export-Import Bank(3) n.a. n.a.
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing
 Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
 Association(6) n.a. n.a.

 Other lending(14)
25 Farmers Home
 Administration 8,275 7,935
26 Rural Electrification
 Administration 13,997 13,877
27 Other 18,859 18,773

 1999
 Agency
 July

1 Federal and federally
 sponsored agencies n.a.
2 Federal agencies 26,204
3 Defense Department(1) 6
4 Export-Import Bank(2,3) n.a.
5 Federal Housing
 Administration(4) 105
6 Government National
 Mortgage Association
 certificates of
 participations n.a.
7 Postal Service(6) n.a.
8 Tennessee Valley 26,198
 Authority
9 United States Railway
 Association(6) n.a.

10 Federally sponsored
 agencies(7) n.a.
11 Federal Home Loan Banks 444,775
12 Federal Home Loan
 Mortgage Corporation 334,575
13 Federal National
 Mortgage Association 502,653
14 Farm Credit Banks(8) 66,922
15 Student Loan Marketing
 Association(9) n.a.
16 Financing Corporation(10) 8,170
17 Farm Credit Financial
 Assistance
 Corporation(11) 1,261
18 Resolution Funding
 Corporation(12) 29,996

 MEMO
19 Federal Financing
 Bank debt(13) 39,901

 Lending to federal and
 federally sponsored
 agencies
20 Export-Import Bank(3) n.a.
21 Postal Service(6) n.a.
22 Student Loan Marketing
 Association n.a.
23 Tennessee Valley Authority n.a.
24 United States Railway
 Association(6) n.a.

 Other lending(14)
25 Farmers Home
 Administration 7,445
26 Rural Electrification
 Administration 13,944
27 Other 18,512


(1.) Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners assistance programs.

(2.) Includes participation certificates reclassified as debt beginning Oct. 1, 1976.

(3.) On-budget since Sept. 30, 1976.

(4.) Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market.

(5.) Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration, the Department of Health, Education, and Welfare, the Department of Housing and Urban Development, the Small Business Administration, and the Veterans Administration.

(6.) Off-budget.

(7.) Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation, therefore details do not sum to total. Some data are estimated.

(8.) Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17.

(9.) Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.

(10.) The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.

(11.) The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.

(12.) The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989.

(13.) The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting.

(14.) Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans.

1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments

Millions of dollars
 Type of issue or issuer,
 or use 1996 1997 1998

 1 All issues, new and
 refunding(1) 171,222 214,694 262,342

 By type of issue
 2 General obligation 60,409 69,934 87,015
 3 Revenue 110,813 134,989 175,327

 By type of issuer
 4 State 13,651 18,237 23,506
 5 Special district or
 statutory authority(2) 113,228 134,919 178,421
 6 Municipality, county, or
 township 44,343 70,558 60,173

 7 Issues for new capital 112,298 135,519 160,568

 By use of proceeds
 8 Education 26,851 31,860 36,904
 9 Transportation 12,324 13,951 19,926
10 Utilities and conservation 9,791 12,219 21,037
11 Social welfare 24,583 27,794 n.a.
12 Industrial aid 6,287 6,667 8,594
13 Other purposes 32,462 35,095 42,450

 1999
 Type of issue or issuer,
 or use
 Feb. Mar. Apr. May

 1 All issues, new and
 refunding(1) 16,233 24,323 15,758 16,234

 By type of issue
 2 General obligation 6,786 8,323 6,443 5,294
 3 Revenue 9,446 16,000 9,315 10,941

 By type of issuer
 4 State 1,837 1,895 907 1,220
 5 Special district or
 statutory authority(2) 11,145 14,604 10,010 11,279
 6 Municipality, county, or
 township 3,251 7,825 4,841 3,735

 7 Issues for new capital 10,674 16,201 10,474 12,149

 By use of proceeds
 8 Education 3,751 3,537 2,734 2,795
 9 Transportation 628 1,640 1,107 1,791
10 Utilities and conservation 394 2,839 1,372 603
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 343 1,084 618 1,058
13 Other purposes 3,207 3,918 2,592 3,760

 1999
 Type of issue or issuer,
 or use
 June July Aug. Sept.

 1 All issues, new and
 refunding(1) 23,428 18,671 15,746 18,433

 By type of issue
 2 General obligation 10,997 6,206 4,268 5,171
 3 Revenue 12,431 12,465 11,478 13,262

 By type of issuer
 4 State 1,236 2,194 911 2,341
 5 Special district or
 statutory authority(2) 18,414 13,572 11,578 13,449
 6 Municipality, county, or
 township 3,779 2,906 3,257 2,642

 7 Issues for new capital 19,509 12,172 12,530 14,973

 By use of proceeds
 8 Education 3,793 3,415 2,842 2,885
 9 Transportation 1,650 1,264 1,955 1,886
10 Utilities and conservation 1,594 535 1,038 1,976
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 739 850 585 1,271
13 Other purposes 7,195 2,729 3,255 3,941


(1.) Par amounts of long-term issues based on date of sale.

(2.) Includes school districts.

SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then.

1.46 NEW SECURITY ISSUES U.S. Corporations

Millions of dollars
 Type of issue, offering,
 or issuer 1996 1997 1998

 1 All issues(1) 773,110 929,256 1,128,491

 2 Bonds(2) 651,104 811,376 1,001,736

 By type of offering
 3 Sold in the United States 567,671 708,188 923,771
 4 Sold abroad 83,433 103,188 77,965

 MEMO
 5 Private placements,
 domestic 43,688 54,990 37,845

 By industry group
 6 Nonfinancial 167,904 222,603 307,935
 7 Financial 483,200 588,773 693,801

 8 Stocks(3) 122,006 117,880 126,755

 By type of offering
 9 Public 122,006 117,880 126,755
10 Private placement(4) n.a. n.a. n.a.

 By industry group
11 Nonfinancial 80,460 60,386 74,113
12 Financial 41,546 57,494 52,642

 1999
 Type of issue, offering,
 or issuer
 Jan. Feb. Mar. Apr.

 1 All issues(1) 93,665 103,175 126,161 85,862

 2 Bonds(2) 86,529 92,885 116,440 76,721

 By type of offering
 3 Sold in the United States 76,511 82,871 101,024 65,886
 4 Sold abroad 10,018 10,014 15,416 10,834

 MEMO
 5 Private placements,
 domestic 684 648 1,224 n.a.

 By industry group
 6 Nonfinancial 21,193 23,131 39,818 30,676
 7 Financial 65,336 69,754 76,623 46,045

 8 Stocks(3) 7,136 10,290 9,721 9,141

 By type of offering
 9 Public 7,136 10,290 9,721 9,141
10 Private placement(4) n.a. n.a. n.a. n.a.

 By industry group
11 Nonfinancial 3,701 8,911 8,534 7,640
12 Financial 3,435 1,379 1,187 1,501

 1999
 Type of issue, offering,
 or issuer
 May June July(r) Aug.

 1 All issues(1) 110,475 96,608 96,608 83,466

 2 Bonds(2) 94,713 88,338 83,546 75,708

 By type of offering
 3 Sold in the United States 86,730 79,031 69,451 63,383
 4 Sold abroad 7,983 9,306 14,095 12,325

 MEMO
 5 Private placements,
 domestic n.a. n.a. n.a. n.a.

 By industry group
 6 Nonfinancial 32,843 24,531 25,526 22,704
 7 Financial 61,870 63,807 58,020 53,005

 8 Stocks(3) 15,762 8,270 13,062 7,758

 By type of offering
 9 Public 15,762 8,270 13,062 7,758
10 Private placement(4) n.a. n.a. n.a. n.a.

 By industry group
11 Nonfinancial 10,425 6,436 11,589 6,379
12 Financial 5,337 1,834 1,473 1,379


(1.) Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closed-end, intracorporate transactions, and Yankee bonds. Stock data include ownership securities issued by limited partnerships.

(2.) Monthly data include 144(a) offerings.

(3.) Monthly data cover only public offerings.

(4.) Data are not available.

SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System.

1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1) Millions of dollars
 Item 1997 1998

1 Sales of own shares(2) 1,190,900 1,461,430

2 Redemptions of own shares 918,728 1,217,022
3 Net sales(3) 272,172 244,408

4 Assets(4) 3,409,315 4,173,531
5 Cash(5) 174,154 191,393
6 Other 3,235,161 3,982,138

 1999
 Item
 Feb. Mar. Apr.

1 Sales of own shares(2) 132,199 164,290 166,324

2 Redemptions of own shares 128,125 146,479 139,035
3 Net sales(3) 4,074 17,811 27,288

4 Assets(4) 4,180,115 4,328,150 4,505,237
5 Cash(5) 198,134 198,741 211,243
6 Other 3,981,982 4,129,409 4,293,994

 1999
 Item
 May June July

1 Sales of own shares(2) 140,422 138,502 140,926

2 Redemptions of own shares 127,800 117,953 128,173
3 Net sales(3) 12,622 20,550 12,754

4 Assets(4) 4,442,880 4,650,385 4,585,131
5 Cash(5) 211,580 214,779 209,061
6 Other 4,231,300 4,435,607 4,376,070

 1999
 Item
 Aug.(r) Sept.

1 Sales of own shares(2) 132,991 133,399

2 Redemptions of own shares 125,908 129,128
3 Net sales(3) 7,084 4,272

4 Assets(4) 4,548,784 4,499,681
5 Cash(5) 209,349 209,907
6 Other 4,339,435 4,289,774


(1.) Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds.

(2.) Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group.

(3.) Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family,

(4.) Market value at end of period, less current liabilities.

(5.) Includes all U.S. Treasury securities and other short-Term debt securities.

SOURCE. Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities.

1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION

Billions of dollars; quarterly data at seasonally adjusted annual rates
 Account 1996 1997 1998

1 Profits with inventory valuation
 and capital consumption
 adjustment 750.4 817.9 824.6
2 Profits before taxes 680.2 734.4 717.8
3 Profits-tax liability 226.1 246.1 240.1
4 Profits after taxes 454.1 488.3 477.7
5 Dividends 261.9 275.1 279.2
6 Undistributed profits 192.3 213.2 198.5

7 Inventory valuation -1.2 6.9 14.5
8 Capital consumption adjustment 71.4 76.6 92.3

 1997 1998
 Account
 Q3 Q4 Q1 Q2

1 Profits with inventory valuation
 and capital consumption
 adjustment 840.9 820.8 829.2 820.6
2 Profits before taxes 758.9 736.4 719.1 723.5
3 Profits-tax liability 254.2 249.3 239.9 241.6
4 Profits after taxes 504.7 487.1 479.2 481.8
5 Dividends 275.1 276.4 277.3 278.1
6 Undistributed profits 229.5 210.6 201.8 203.7

7 Inventory valuation 4.8 4.3 25.3 7.8
8 Capital consumption adjustment 77.2 80.1 84.9 89.4

 1998 1999
 Account
 Q3 Q4 Q1 Q2(r)

1 Profits with inventory valuation
 and capital consumption
 adjustment 827.0 821.7 868.8 859.3
2 Profits before taxes 720.5 708.1 752.6 768.0
3 Profits-tax liability 243.2 235.6 250.7 257.0
4 Profits after taxes 477.3 472.5 501.9 511.0
5 Dividends 279.0 282.3 285.6 289.7
6 Undistributed profits 198.3 190.2 216.4 221.3

7 Inventory valuation 11.7 13.4 11.6 -17.4
8 Capital consumption adjustment 94.8 100.2 104.6 108.7


SOURCE. U.S. Department of Commerce, Survey of Current Business.

1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1)

Billions of dollars, end of period; not seasonally adjusted
 1997
 Account 1996 1997 1998
 Q4

 ASSETS

 1 Accounts receivable, gross(2) 637.1 663.3 711.7 663.3
 2 Consumer 244.9 256.8 261.8 256.8
 3 Business 309.5 318.5 347.5 318.5
 4 Real estate 82.7 87.9 102.3 87.9

 5 LESS: Reserves for unearned
 income 55.6 52.7 56.3 52.7
 6 Reserves for losses 13.1 13.0 13.8 13.0

 7 Accounts receivable, net 568.3 597.6 641.6 597.6
 8 All other 290.0 312.4 337.9 312.4

 9 Total assets 858.3 910.0 979.5 910.0

 LIABILITIES AND CAPITAL

10 Bank loans 19.7 24.1 26.3 24.1
11 Commercial paper 177.6 201.5 231.5 201.5

 Debt
12 Owed to parent 60.3 647.0 61.8 647.0
13 Not elsewhere classified 332.5 328.8 339.7 328.8
14 All other liabilities 174.7 189.6 203.2 189.6
15 Capital, surplus, and undivided
 profits 93.5 101.3 117.0 101.3

16 Total liabilities and capital 858.3 910.0 979.5 910.0

 1998
 Account
 Q1 Q2 Q3 Q4

 ASSETS

 1 Accounts receivable, gross(2) 667.2 676.0 687.6 711.7
 2 Consumer 251.7 251.3 254.0 261.8
 3 Business 325.9 334.9 335.1 347.5
 4 Real estate 89.6 89.9 98.5 102.3

 5 LESS: Reserves for unearned
 income 52.1 53.2 52.4 56.3
 6 Reserves for losses 13.1 13.2 13.2 13.8

 7 Accounts receivable, net 601.9 609.6 622.0 641.6
 8 All other 329.7 340.1 313.7 337.9

 9 Total assets 931.6 949.7 935.7 979.5

 LIABILITIES AND CAPITAL

10 Bank loans 22.0 22.3 24.9 26.3
11 Commercial paper 211.7 225.9 226.9 231.5

 Debt
12 Owed to parent 64.6 60.0 58.3 61.8
13 Not elsewhere classified 338.2 348.7 337.6 339.7
14 All other liabilities 193.1 188.9 185.4 203.2
15 Capital, surplus, and undivided
 profits 102.1 103.9 103.6 117.0

16 Total liabilities and capital 931.6 949.7 936.6 979.5

 1999
 Account
 Q1 Q2

 ASSETS

 1 Accounts receivable, gross(2) 733.8 756.5
 2 Consumer 261.7 269.2
 3 Business 362.8 373.7
 4 Real estate 109.2 113.5

 5 LESS: Reserves for unearned
 income 52.9 53.4
 6 Reserves for losses 13.4 13.4

 7 Accounts receivable, net 667.6 689.7
 8 All other 363.3 373.2

 9 Total assets 1,030.8 1,062.9

 LIABILITIES AND CAPITAL

10 Bank loans 24.8 25.1
11 Commercial paper 222.9 231.0

 Debt
12 Owed to parent 64.6 654.0
13 Not elsewhere classified 366.7 383.1
14 All other liabilities 220.3 226.1
15 Capital, surplus, and undivided
 profits 131.5 132.2

16 Total liabilities and capital 1,030.8 1,062.9


(1.) Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books.

(2.) Before deduction for unearned income and losses.

1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1)

Billions of dollars, amounts outstanding
 Type of credit 1996 1997 1998

 Seasonally adjusted

 1 Total 762.4(r) 810.5(r) 875.8(r)

 2 Consumer 307.6(r) 327.9(r) 352.8(r)
 3 Real estate 111.9 121.1 131.4
 4 Business 342.9(r) 361.5(r) 391.6(r)

 Not seasonally

 5 Total 769.7 818.1 884.0

 6 Consumer 310.6 330.9 356.1
 7 Motor vehicles loans 86.7 87.0 103.1
 8 Motor vehicle leases 92.5 96.8 93.3
 9 Revolving(2) 32.5 38.6 32.3
10 Other(3) 33.2 34.4 33.1
 Securitized assets(4)
11 Motor vehicle loans 6.8 443.0 54.8
12 Motor vehicle leases 8.7 10.8 12.7
13 Revolving .0 .0 8.7
14 Other 20.1 19.0 18.1
15 Real estate 111.9 121.1 131.4
16 One- to four-family 52.1 59.0 75.7
17 Other 30.5 28.9 26.6
 Securitized real estate
 assets(4)
18 One- to four-family 8.9 33.0 29.0
19 Other .4 .2 .1
20 Business 347.2 366.1 396.5
21 Motor vehicles 67.1 63.5 79.6
22 Retail loans 25.1 25.6 28.1
23 Wholesale loans(5) 33.0 27.7 32.8
24 Leases 9.0 10.2 18.7
25 Equipment 194.8 203.9 198.0
26 Loans 59.9 51.5 50.4
27 Leases 134.9 152.3 147.6
28 Other business
 receivables(6) 47.6 51.1 69.9
 Securitized assets(4)
29 Motor vehicles 24.0 33.0 29.2
30 Retail loans 2.7 2.4 2.6
31 Wholesale loans 21.3 30.5 24.7
32 Leases .0 .0 1.9
33 Equipment 11.3 10.7 13.0
34 Loans 4.7 4.2 6.6
35 Leases 6.6 6.5 6.4
36 Other business
 receivables(6) 2.4 4.0 6.8

 1999
 Type of credit
 Mar. Apr. May

 Seasonally adjusted

 1 Total 909.8 919.5 931.9

 2 Consumer 363.2 364.2 369.5
 3 Real estate 137.5 141.2 142.8
 4 Business 409.1 414.2 419.5

 Not seasonally

 5 Total 911.9 919.4 931.6

 6 Consumer 359.7 360.9 368.3
 7 Motor vehicles loans 104.7 106.8 105.1
 8 Motor vehicle leases 93.9 94.8 95.3
 9 Revolving(2) 31.2 31.3 31.3
10 Other(3) 32.0 32.0 32.0
 Securitized assets(4)
11 Motor vehicle loans 59.0 57.8 65.8
12 Motor vehicle leases 12.0 11.8 11.6
13 Revolving 9.1 8.8 8.7
14 Other 17.8 17.6 18.3
15 Real estate 137.5 141.2 142.8
16 One- to four-family 77.7 81.7 83.6
17 Other 31.6 31.6 31.5
 Securitized real estate
 assets(4)
18 One- to four-family 28.0 27.6 27.4
19 Other .3 .3 .3
20 Business 414.8 417.4 420.5
21 Motor vehicles 84.8 86.2 84.4
22 Retail loans 30.0 30.7 31.6
23 Wholesale loans(5) 36.0 36.5 33.8
24 Leases 18.8 18.9 19.0
25 Equipment 202.3 203.1 203.8
26 Loans 51.6 52.0 51.7
27 Leases 150.7 151.0 152.1
28 Other business
 receivables(6) 75.7 76.9 78.9
 Securitized assets(4)
29 Motor vehicles 31.0 30.5 32.0
30 Retail loans 2.4 2.4 2.2
31 Wholesale loans 26.6 26.2 27.8
32 Leases 1.9 1.9 1.9
33 Equipment 12.8 12.5 13.2
34 Loans 6.1 5.8 6.5
35 Leases 6.7 6.6 6.6
36 Other business
 receivables(6) 8.2 8.3 8.3

 1999
 Type of credit
 June July Aug.

 Seasonally adjusted

 1 Total 938.1 954.7(r) 967.9

 2 Consumer 372.4 375.9 381.4
 3 Real estate 141.2 144.2 146.7
 4 Business 424.5 434.6(r) 439.9

 Not seasonally

 5 Total 942.9 948.9(r) 962.7

 6 Consumer 374.6 378.1 382.5
 7 Motor vehicles loans 108.6 108.5 112.7
 8 Motor vehicle leases 95.6 97.0 98.3
 9 Revolving(2) 32.4 32.8 33.0
10 Other(3) 32.6 32.0 32.1
 Securitized assets(4)
11 Motor vehicle loans 65.3 68.3 68.0
12 Motor vehicle leases 11.3 11.1 10.8
13 Revolving 9.7 9.9(r) 9.4
14 Other 190.0 18.4(r) 18.1
15 Real estate 141.2 144.2 146.7
16 One- to four-family 80.5 83.6 86.0
17 Other 33.0 33.1 33.7
 Securitized real estate
 assets(4)
18 One- to four-family 27.5 27.2 26.8
19 Other .2 .2 .5
20 Business 427.1 426.7(r) 433.5
21 Motor vehicles 82.8 78.8 78.6
22 Retail loans 30.9 31.7 33.3
23 Wholesale loans(5) 32.7 27.9 26.8
24 Leases 19.2 19.3 18.5
25 Equipment 208.3 208.5(r) 210.5
26 Loans 53.3 52.9 53.1
27 Leases 155.1 155.6(r) 157.4
28 Other business
 receivables(6) 82.6 89.2 92.7
 Securitized assets(4)
29 Motor vehicles 32.1 28.4 30.4
30 Retail loans 2.9 2.8 2.7
31 Wholesale loans 27.2 23.5 25.7
32 Leases 2.0 2.0 2.0
33 Equipment 13.3 13.8 13.5
34 Loans 6.7 7.1 6.9
35 Leases 6.6 6.7 6.6
36 Other business
 receivables(6) 8.0 7.9 7.8


NOTE. This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996.

Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (4221 monthly statistical release. For ordering address, see inside front cover.

(1.) Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown before deductions for unearned income and losses. Components may not sum to totals because of rounding.

(2.) Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.

(3.) Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods such as appliances, apparel, boats, and recreation vehicles.

(4.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator.

(5.) Credit arising from transactions between manufacturers and dealers, that is, floor plan financing.

(6.) Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers.

1.53 MORTGAGE MARKETS Mortgages on New Homes

Millions of dollars except as noted
 Item 1996 1997 1998

 PRIMARY MARKETS

 Terms(1)
 1 Purchase price (thous-
 ands of dollars) 182.4 180.1 195.2
 2 Amount of loan (thous-
 ands of dollars) 139.2 140.3 151.1
 3 Loan-to-price ratio
 (percent) 78.2 80.4 80.0
 4 Maturity (years) 27.2 28.2 28.4
 5 Fees and charges (perc-
 ent of loan amount)(2) 1.21 1.02 .89

 Yield (percent per year)
 6 Contract rate(1) 7.56 7.57 6.95
 7 Effective rate(1,3) 7.77 7.73 7.08
 8 Contract rate (HUD
 series)(4) 8.03 7.76 7.00

 SECONDARY MARKETS

 Yield (percent per year)
 9 FHA mortgages
 (Section 203)(5) 8.19 7.89 7.04
10 GNMA securities(6) 7.48 7.26 6.43

 FEDERAL NATIONAL MORTGAGE
 ASSOCIATION

 Mortgage holdings
 (end of period)
11 Total 287,052 316,678 414,515
12 FHA/VA insured 30,592 31,925 33,770
13 Conventional 256,460 284,753 380,745

14 Mortgage transactions
 purchased (during
 period) 68,618 70,465 188,448

 Mortgage commitments
 (during period)
15 Issued(7) 65,859 69,965 193,795
16 To sell(8) 130 1,298 1,880

FEDERAL HOME LOAN MORTGAGE
 CORPORATION

 Mortgage holdings
 (end of period)(8)
17 Total 137,755 164,421 255,010
18 FHA/VA insured 220 177 785
19 Conventional 137,535 164,244 254,225

 Mortgage transactions
 (during period)
20 Purchases 125,103 117,401 267,402
21 Sales 119,702 114,258 250,565

22 Mortgage commitments
 contracted (during
 period)(9) 128,995 120,089 281,899

 1999
 Item
 Mar. Apr. May
 PRIMARY MARKETS

 Terms(1)
 1 Purchase price (thous-
 ands of dollars) 211.0 209.4 207.5
 2 Amount of loan (thous-
 ands of dollars) 162.9 162.4 161.6
 3 Loan-to-price ratio
 (percent) 79.4 79.5 79.8
 4 Maturity (years) 28.8 28.9 28.7
 5 Fees and charges (perc-
 ent of loan amount)(2) .82 .77 .69

 Yield (percent per year)
 6 Contract rate(1) 6.74 6.74 6.78
 7 Effective rate(1,3) 6.86 6.85 6.89
 8 Contract rate (HUD
 series)(4) 7.03 6.93 7.17

 SECONDARY MARKETS

 Yield (percent per year)
 9 FHA mortgages
 (Section 203)(5) 7.07 7.08 7.58
10 GNMA securities(6) 6.58 6.50 6.79

 FEDERAL NATIONAL MORTGAGE
 ASSOCIATION

 Mortgage holdings
 (end of period)
11 Total 440,139 446,025 464,530
12 FHA/VA insured 34,870 36,158 38,938
13 Conventional 405,269 409,867 425,592

14 Mortgage transactions
 purchased (during
 period) 16,923 14,225 25,640

 Mortgage commitments
 (during period)
15 Issued(7) 16,891 20,192 12,517
16 To sell(8) 266 75 178

FEDERAL HOME LOAN MORTGAGE
 CORPORATION

 Mortgage holdings
 (end of period)(8)
17 Total 277,624 284,006 285,881
18 FHA/VA insured 754 1,613 1,610
19 Conventional 276,870 282,393 284,271

 Mortgage transactions
 (during period)
20 Purchases 29,921 26,473 22,503
21 Sales 28,740 25,464 21,972

22 Mortgage commitments
 contracted (during
 period)(9) 32,546 24,050 20,052

 1999
 Item
 June July Aug. Sept.
 PRIMARY MARKETS

 Terms(1)
 1 Purchase price (thous-
 ands of dollars) 211.0 207.6 213.8 210.3
 2 Amount of loan (thous-
 ands of dollars) 162.0 158.2 163.1 161.8
 3 Loan-to-price ratio
 (percent) 79.0 78.6 78.3 78.8
 4 Maturity (years) 28.6 28.5 28.5 29.1
 5 Fees and charges (perc-
 ent of loan amount)(2) .72 .83 .68 .64

 Yield (percent per year)
 6 Contract rate(1) 6.92 7.16 6.99 6.99
 7 Effective rate(1,3) 7.03 7.29 7.09 7.09
 8 Contract rate (HUD
 series)(4) 7.59 7.75 7.87 7.76

 SECONDARY MARKETS

 Yield (percent per year)
 9 FHA mortgages
 (Section 203)(5) 8.13 8.00 8.10 8.05
10 GNMA securities(6) 7.21 7.28 7.53 7.42

 FEDERAL NATIONAL MORTGAGE
 ASSOCIATION

 Mortgage holdings
 (end of period)
11 Total 473,315 480,651 495,302 504,938
12 FHA/VA insured 41,143 44,132 47,846 49,456
13 Conventional 432,172 436,519 447,456 455,482

14 Mortgage transactions
 purchased (during
 period) 15,934 14,004 21,094 15,200

 Mortgage commitments
 (during period)
15 Issued(7) 19,507 12,966 18,153 7,998
16 To sell(8) 351 260 478 609

FEDERAL HOME LOAN MORTGAGE
 CORPORATION

 Mortgage holdings
 (end of period)(8)
17 Total 299,184 300,093 306,214 315,968
18 FHA/VA insured 1,726 1,735 1,708 1,708
19 Conventional 297,458 298,358 304,506 314,260

 Mortgage transactions
 (during period)
20 Purchases 21,950 17,602 18,674 15,238
21 Sales 20,349 16,835 17,468 14,153

22 Mortgage commitments
 contracted (during
 period)(9) 21,610 14,988 18,951 14,608


(1.) Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes: compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation.

(2.) Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan.

(3.) Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years.

(4.) Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month.

(5.) Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month.

(6.) Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(7.) Does not include standby commitments issued, but includes standby commitments converted.

(8.) Includes participation loans as well as whole loans.

(9.) Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for FNMA exclude swap activity.

1.54 MORTGAGE DEBT OUTSTANDING(1)

Millions of dollars, end of period
 Type of holder and property 1995 1996 1997

 1 All holders 4,603,384 4,898,661 5,212,073

 By type of property
 2 One- to four-family
 residences 3,509,721 3,719,010 3,954,854
 3 Multifamily residences 277,002 294,783 310,456
 4 Nonfarm, nonresidential 732,100 797,734 856,464
 5 Farm 84,561 87,134 90,299

 By type of holder
 6 Major financial institutions 1,900,089 1,981,885 2,083,978
 7 Commercial banks(2) 1,090,189 1,145,389 1,245,315
 8 One- to four-family 646,545 677,603 745,510
 9 Multifamily 42,521 45,451 49,670
10 Nonfarm, nonresidential 377,293 397,452 423,148
11 Farm 23,830 24,883 26,986
12 Savings institutions(3) 596,763 628,335 631,822
13 One- to four-family 482,353 513,712 520,672
14 Multifamily 61,987 61,570 59,543
15 Nonfarm, nonresidential 52,135 52,723 51,252
16 Farm 288 331 354
17 Life insurance companies 213,137 208,161 206,841
18 One- to four-family 8,890 6,977 7,187
19 Multifamily 28,714 30,750 30,402
20 Nonfarm, nonresidential 165,876 160,314 158,780
21 Farm 9,657 10,120 10,472

22 Federal and related agencies 308,757 295,192 286,167
23 Government National
 Mortgage Association 2 2 8
24 One- to four-family 2 2 8
25 Multifamily 0 0 0
26 Farmers Home
 Administration(4) 41,791 41,596 41,195
27 One- to four-family 17,705 17,303 17,253
28 Multifamily 11,617 11,685 11,720
29 Nonfarm, nonresidential 6,248 6,841 7,370
30 Farm 6,221 5,768 4,852
31 Federal Housing and Veter-
 ans' Administrations 9,809 6,244 3,821
32 One- to four-family 5,180 3,524 1,767
33 Multifamily 4,629 2,719 2,054
34 Resolution Trust
 Corporation 1,864 0 0
35 One- to four-family 691 0 0
36 Multifamily 647 0 0
37 Nonfarm, nonresidential 525 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance
 Corporation 4,303 2,431 724
40 One- to four-family 492 365 109
41 Multifamily 428 413 123
42 Nonfarm, nonresidential 3,383 1,653 492
43 Farm 0 0 0
44 Federal National Mortgage
 Association 178,807 168,813 161,308
45 One- to four-family 163,648 155,008 149,831
46 Multifamily 15,159 13,805 11,477
47 Federal Land Banks 28,428 29,602 30,657
48 One- to four-family 1,673 1,742 1,804
49 Farm 26,755 27,860 28,853
50 Federal Home Loan Mortgage
 Corporation 43,753 46,504 48,454
51 One- to four-family 39,901 41,758 42,629
52 Multifamily 3,852 4,746 5,825

53 Mortgage pools or trusts(5) 1,863,210 2,064,882 2,273,022
54 Government National Mortg-
 age Association 472,283 506,340 536,879
55 One- to four-family 461,438 494,158 523,225
56 Multifamily 10,845 12,182 13,654
57 Federal Home Loan Mortgage
 Corporation 515,051 554,260 579,385
58 One- to four-family 512,238 551,513 576,846
59 Multifamily 2,813 2,747 2,539
60 Federal National Mortgage
 Association 582,959 650,780 709,582
61 One- to four-family 569,724 633,210 687,981
62 Multifamily 13,235 17,570 21,601
63 Farmers Home
 Administration(4) 11 3 2
64 One- to four-family 2 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 5 0 0
67 Farm 4 3 2
68 Private mortgage conduits 292,906 353,499 447,173
69 One- to four-family(6) 227,800 261,900 318,000
70 Multifamily 15,584 21,967 29,218
71 Nonfarm, nonresidential 49,522 69,633 99,955
72 Farm 0 0 0

73 Individuals and others(7) 531,329 556,702 568,907
74 One- to four-family 371,440 360,235 362,033
75 Multifamily 64,970 69,179 72,629
76 Nonfarm, nonresidential 77,112 109,119 115,467
77 Farm 17,806 18,169 18,779

 1998
 Type of holder and property
 Q2 Q3 Q4

 1 All holders 5,434,008 5,568,417 5,722,421

 By type of property
 2 One- to four-family
 residences 4,117,231 4,217,417 4,322,453
 3 Multifamily residences 323,324 330,595 340,782
 4 Nonfarm, nonresidential 900,453 926,039 962,680
 5 Farm 93,001 94,367 96,506

 By type of holder
 6 Major financial institutions 2,121,961 2,137,438 2,195,376
 7 Commercial banks(2) 1,281,870 1,295,828 1,337,772
 8 One- to four-family 770,116 770,340 797,533
 9 Multifamily 51,227 52,205 52,871
10 Nonfarm, nonresidential 432,208 444,596 458,333
11 Farm 28,319 28,688 29,035
12 Savings institutions(3) 632,359 634,251 643,964
13 One- to four-family 522,088 525,844 533,792
14 Multifamily 58,908 56,696 56,825
15 Nonfarm, nonresidential 50,978 51,312 52,930
16 Farm 386 399 417
17 Life insurance companies 207,732 207,359 213,640
18 One- to four-family 6,814 6,594 6,590
19 Multifamily 30,618 30,565 31,522
20 Nonfarm, nonresidential 159,456 159,189 164,004
21 Farm 10,844 11,011 11,524

22 Federal and related agencies 287,161 287,125 292,636
23 Government National
 Mortgage Association 8 7 7
24 One- to four-family 8 7 7
25 Multifamily 0 0 0
26 Farmers Home
 Administration(4) 40,921 40,907 40,851
27 One- to four-family 17,059 17,025 16,895
28 Multifamily 11,722 11,736 11,739
29 Nonfarm, nonresidential 7,497 7,566 7,705
30 Farm 4,644 4,579 4,513
31 Federal Housing and Veter-
 ans' Administrations 3,631 3,405 3,674
32 One- to four-family 1,610 1,550 1,849
33 Multifamily 2,021 1,855 1,825
34 Resolution Trust
 Corporation 0 0 0
35 One- to four-family 0 0 0
36 Multifamily 0 0 0
37 Nonfarm, nonresidential 0 0 0
38 Farm 0 0 0
39 Federal Deposit Insurance
 Corporation 564 482 361
40 One- to four-family 85 72 54
41 Multifamily 96 82 61
42 Nonfarm, nonresidential 384 328 245
43 Farm 0 0 0
44 Federal National Mortgage
 Association 159,816 159,104 157,675
45 One- to four-family 149,383 149,069 147,594
46 Multifamily 10,433 10,035 10,081
47 Federal Land Banks 31,352 32,009 32,983
48 One- to four-family 1,845 1,883 1,941
49 Farm 29,507 30,126 31,042
50 Federal Home Loan Mortgage
 Corporation 50,869 51,211 57,085
51 One- to four-family 44,597 44,254 49,106
52 Multifamily 6,272 6,957 7,979

53 Mortgage pools or trusts(5) 2,442,715 2,548,301 2,632,839
54 Government National Mortg-
 age Association 537,743 541,540 537,446
55 One- to four-family 523,400 527,043 522,498
56 Multifamily 14,343 14,497 14,948
57 Federal Home Loan Mortgage
 Corporation 609,791 635,726 646,459
58 One- to four-family 607,469 633,124 643,465
59 Multifamily 2,322 2,602 2,994
60 Federal National Mortgage
 Association 761,359 798,460 834,518
61 One- to four-family 737,631 770,979 804,205
62 Multifamily 23,728 27,481 30,313
63 Farmers Home
 Administration(4) 2 2 1
64 One- to four-family 0 0 0
65 Multifamily 0 0 0
66 Nonfarm, nonresidential 0 0 0
67 Farm 2 2 1
68 Private mortgage conduits 533,820 572,573 614,416
69 One- to four-family(6) 364,316 391,736 410,900
70 Multifamily 38,098 40,895 44,654
71 Nonfarm, nonresidential 131,406 139,942 158,862
72 Farm 0 0 0

73 Individuals and others(7) 582,171 595,552 601,570
74 One- to four-family 370,811 377,896 386,025
75 Multifamily 73,536 74,987 74,971
76 Nonfarm, nonresidential 118,525 123,107 120,600
77 Farm 19,299 19,562 19,974

 1999
 Type of holder and property
 Q1 Q2(p)

 1 All holders 5,861,070 6,013,592

 By type of property
 2 One- to four-family
 residences 4,414,500 4,527,176
 3 Multifamily residences 351,652 359,796
 4 Nonfarm, nonresidential 997,514 1,026,903
 5 Farm 97,403 99,717

 By type of holder
 6 Major financial institutions 2,202,494 2,243,008
 7 Commercial banks(2) 1,337,218 1,361,947
 8 One- to four-family 782,441 790,465
 9 Multifamily 56,170 58,572
10 Nonfarm, nonresidential 469,095 482,367
11 Farm 29,512 30,544
12 Savings institutions(3) 646,213 656,383
13 One- to four-family 534,494 544,659
14 Multifamily 56,763 55,002
15 Nonfarm, nonresidential 54,521 56,279
16 Farm 435 444
17 Life insurance companies 219,063 224,677
18 One- to four-family 6,956 7,285
19 Multifamily 31,528 32,321
20 Nonfarm, nonresidential 168,862 173,106
21 Farm 11,717 11,965

22 Federal and related agencies 288,313 288,235
23 Government National
 Mortgage Association 6 8
24 One- to four-family 6 8
25 Multifamily 0 0
26 Farmers Home
 Administration(4) 40,691 40,691
27 One- to four-family 16,777 16,777
28 Multifamily 11,731 11,731
29 Nonfarm, nonresidential 7,769 7,769
30 Farm 4,413 4,413
31 Federal Housing and Veter-
 ans' Administrations 3,675 3,684
32 One- to four-family 1,850 1,818
33 Multifamily 1,825 1,867
34 Resolution Trust
 Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
 Corporation 315 189
40 One- to four-family 47 28
41 Multifamily 54 32
42 Nonfarm, nonresidential 214 129
43 Farm 0 0
44 Federal National Mortgage
 Association 157,185 155,637
45 One- to four-family 147,063 145,033
46 Multifamily 10,122 10,604
47 Federal Land Banks 33,128 33,744
48 One- to four-family 1,949 1,985
49 Farm 31,179 31,758
50 Federal Home Loan Mortgage
 Corporation 53,313 54,282
51 One- to four-family 44,140 43,574
52 Multifamily 9,173 10,708

53 Mortgage pools or trusts(5) 2,762,770 2,861,430
54 Government National Mortg-
 age Association 543,306 553,316
55 One- to four-family 527,912 537,407
56 Multifamily 15,395 15,909
57 Federal Home Loan Mortgage
 Corporation 687,179 718,085
58 One- to four-family 6,842,411 714,844
59 Multifamily 2,939 3,241
60 Federal National Mortgage
 Association 881,815 911,435
61 One- to four-family 849,513 877,863
62 Multifamily 32,302 33,572
63 Farmers Home
 Administration(4) 1 1
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 1 1
68 Private mortgage conduits 650,469 678,594
69 One- to four-family(6) 430,653 447,938
70 Multifamily 48,403 50,713
71 Nonfarm, nonresidential 171,413 179,942
72 Farm 0 0

73 Individuals and others(7) 607,493 620,919
74 One- to four-family 386,458 397,491
75 Multifamily 75,249 75,524
76 Nonfarm, nonresidential 125,640 127,312
77 Farm 20,147 20,592


(1.) Multifamily debt refers to loans on structures of five or more units.

(2.) Includes loans held by nondeposit trust companies but not loans held by bank trust departments.

(3.) Includes savings banks and savings and loan associations

(4.) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration.

(5.) Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated.

(6.) Includes securitized home equity loans.

(7.) Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies.

SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources.

1.55 CONSUMER CREDIT(1)

Millions of dollars, amounts outstanding, end of period
 Holder and type of 1996 1997 1998
 credit

 1 Total 1,182,439 1,234,122 1,300,491

 2 Revolving 499,532 531,295 560,653
 3 Nonrevolving(2) 682,907 702,828 739,838

 Not seasonally adjusted

 4 Total 1,211,590 1,264,103 1,331,742

 By major holder
 5 Commercial banks 526,769 512,563 508,932
 6 Finance companies 152,391 160,022 168,491
 7 Credit unions 144,148 152,362 155,406
 8 Savings
 institutions 44,711 47,172 51,611
 9 Nonfinancial

 business 77,745 78,927 74,877
10 Pools of securiti-
 zed assets(3) 265,826 313,057 372,425

 By major type of
 credit(4)
11 Revolving 522,860 555,858 586,528
12 Commercial banks 228,615 219,826 210,346
13 Finance companies 32,493 38,608 32,309
14 Credit unions 17,826 19,552 19,930

15 Savings
 institutions 10,313 11,441 12,450
16 Nonfinancial
 business 44,901 44,966 39,166
17 Pools of securiti-
 zed assets(3) 188,712 221,465 272,327
18 Nonrevolving credit 688,730 708,245 745,214
19 Commercial banks 298,154 292,737 298,586

20 Finance companies 119,898 121,414 136,182
21 Credit unions 126,322 132,810 135,476
22 Savings
 institutions 34,398 35,731 39,161
23 Nonfinancial
 business 32,844 33,961 35,711
24 Pools of securiti-
 zed assets(3) 77,114 91,592 100,098

 1999
 Holder and type of
 credit Mar. Apr. May

 1 Total 1,332,798(r) 1,332,662(r) 1,343,427(r)

 2 Revolving 567,116(r) 569,860(r) 571,957(r)
 3 Nonrevolving(2) 765,682(r) 762,801(r) 771,470(r)

 Not seasonally adjusted

 4 Total 1,319,263(r) 1,322,021(r) 1,331,267(r)

 By major holder
 5 Commercial banks 494,039 494,663 492,852
 6 Finance companies 167,815 170,145 168,490
 7 Credit unions 155,766(r) 156,797(r) 158,102(r)
 8 Savings
 institutions 53,623 54,803 55,982
 9 Nonfinancial
 business 67,134(r) 67,112(r) 68,051(r)
10 Pools of securiti-
 zed assets(3) 380,886 378,501 387,790

 By major type of
 credit(4)
11 Revolving 561,377(r) 563,907(r) 566,019(r)
12 Commercial banks 190,028 191,295 190,216
13 Finance companies 31,197 31,327 31,296
14 Credit unions 18,729(r) 18,823(r) 18,732(r)

15 Savings
 institutions 12,373 12,507 12,641
16 Nonfinancial
 business 33,754 33,726 34,446
17 Pools of securiti-
 zed assets(3) 275,296 276,299 278,688
18 Nonrevolving credit 757,886(r) 758,114(r) 765,248(r)
19 Commercial banks 304,011 303,368 302636

20 Finance companies 136,618 138,818 137,194
21 Credit unions 137,037(r) 137,974(r) 139,370(r)
22 Savings
 institutions 41,250 42,296 43,341
23 Nonfinancial
 business 33,380(r) 33,386(r) 33,605(r)
24 Pools of securiti-
 zed assets(3) 105,590 102,272 109,102

 1999
 Holder and type of
 credit June(r) July(r) Aug.

 1 Total 1,347,831 1,356,696 1,367,498

 2 Revolving 578,530 584,362 588,681
 3 Nonrevolving(2) 769,301 772,334 778,816

 Not seasonally adjusted

 4 Total 1,340,414 1,349,886 1,368,691

 By major holder
 5 Commercial banks 477,774 477,977 482,683
 6 Finance companies 173,617 173,374 177,863
 7 Credit unions 158,177 159,920 162,509
 8 Savings
 institutions 57,161 58,340 59,519
 9 Nonfinancial
 business 68,042 68,228 69,040
10 Pools of securiti-
 zed assets(3) 405,643 412,047 417,077

 By major type of
 credit(4)
11 Revolving 572,463 576,538 584,822
12 Commercial banks 178,031 177,098 178,702
13 Finance companies 32,408 32,846 33,031
14 Credit unions 18,856 19,054 19,312

15 Savings
 institutions 12,775 12,909 13,043
16 Nonfinancial
 business 34,618 34,794 35,379
17 Pools of securiti-
 zed assets(3) 295,775 299,837 305,355
18 Nonrevolving credit 767,951 773,348 783,869
19 Commercial banks 299,743 300,879 303,981

20 Finance companies 141,209 140,528 144,832
21 Credit unions 139,321 140,866 143,197
22 Savings
 institutions 44,386 45,431 46,476
23 Nonfinancial
 business 33,424 33,434 33,661
24 Pools of securiti-
 zed assets(3) 109,868 112,210 111,722


(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G. 19 (421) monthly statistical release. For ordering address, see inside front cover.

(2.) Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured.

(3.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carded on the balance sheets of the loan originator.

(4.) Totals include estimates for certain holders for which only consumer credit totals are available.

1.56 TERMS OF CONSUMER CREDIT1

Percent per year except as noted
 Item 1996 1997 1998

 INTEREST RATES

 Commercial banks(2)
 1 48-month new car 9.05 9.02 8.72
 2 24-month personal 13.54 13.90 13.74

 Credit card plan
 3 All accounts 15.63 15.77 15.71
 4 Accounts assessed interest 15.50 15.57 15.59

 Auto finance companies
 5 New car 9.84 7.12 6.30
 6 Used car 13.53 13.27 12.64

 OTHER TERMS(3)

 Maturity (months)
 7 New car 51.6 54.1 52.1
 8 Used car 51.4 51.0 53.5

 Loan-to-value ratio
 9 New car 91 92 92
10 Used car 100 99 99

 Amount financed (dollars)
11 New car 16,987 18,077 19,083
12 Used car 12,182 12,281 12,691

 1999
 Item
 Feb. Mar. Apr.
 INTEREST RATES

 Commercial banks(2)
 1 48-month new car 8.34 n.a. n.a.
 2 24-month personal 13.41 n.a. n.a.

 Credit card plan
 3 All accounts 15.41 n.a. n.a.
 4 Accounts assessed interest 14.73 n.a. n.a.

 Auto finance companies
 5 New car 6.43 6.31 6.52
 6 Used car 12.08 12.09 12.17

 OTHER TERMS(3)

 Maturity (months)
 7 New car 53.4 53.0 52.8
 8 Used car 55.9 56.0 56.0

 Loan-to-value ratio
 9 New car 92 91 92
10 Used car 99 99 99

 Amount financed (dollars)
11 New car 19,304 19,339 19,435
12 Used car 13,604 13,653 13,647

 1999
 Item
 May June July Aug.
 INTEREST RATES

 Commercial banks(2)
 1 48-month new car 8.30 n.a. n.a. 8.44
 2 24-month personal 13.26 n.a. n.a. 13.38

 Credit card plan
 3 All accounts 15.21 n.a. n.a. 15.08
 4 Accounts assessed interest 14.94 n.a. n.a. 14.79

 Auto finance companies
 5 New car 6.57 6.60 6.70 6.28
 6 Used car 12.16 12.31 12.69 12.96

 OTHER TERMS(3)

 Maturity (months)
 7 New car 52.4 52.3 52.0 51.7
 8 Used car 56.1 56.0 56.1 55.8

 Loan-to-value ratio
 9 New car 92 92 92 92
10 Used car 99 99 100 100

 Amount financed (dollars)
11 New car 19,539 19,722 19,874 20,012
12 Used car 13,700 13,816 13,604 13,374


(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover.

(2.) Data are available for only the second month of each quarter.

(3.) At auto finance companies.

1.57 FUNDS RAISED IN U.S. CREDIT MARKETS(1)

Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or
 sector 1993 1994 1995 1996

 Nonfinancial sectors

 1 Total net borrowing by
 domestic nonfinancial
 sectors 584.4 575.8 720.4 743.0

 By sector and instrument
 2 Federal government 256.1 155.8 144.4 145.0
 3 Treasury securities 248.3 155.7 142.9 146.6
 4 Budget agency securities
 and mortgages 7.8 .2 1.5 -1.6

 5 Nonfederal 328.3 420.0 576.0 598.0

 By instrument
 6 Commercial paper 10.0 21.4 18.1 -.9
 7 Municipal securities and
 loans 74.8 -35.9 -48.2 2.6
 8 Corporate bonds 75.2 23.3 91.1 116.3
 9 Bank loans n.e.c 6.4 75.2 103.7 70.5
10 Other loans and advances -18.9 34.0 67.2 33.5
11 Mortgages 122.4 177.0 205.1 287.4
12 Home 160.1 183.4 179.8 243.0
13 Multifamily
 residential -5.1 -2.1 7.6 11.5
14 Commercial -33.6 -6.5 16.2 30.4
15 Farm 1.0 2.2 1.6 2.6
16 Consumer credit 58.4 124.9 138.9 88.8

 By borrowing sector
17 Household 209.4 316.3 350.3 351.7
18 Nonfinancial business 52.7 150.0 277.2 253.2
19 Corporate 46.9 142.3 243.7 164.6
20 Nonfarm noncorporate 3.2 3.3 30.6 83.8
21 Farm 2.6 4.4 2.9 4.8
22 State and local
 government 66.2 -46.2 -51.5 -6.8

23 Foreign net borrowing in
 United States 69.8 -13.9 71.1 77.2
24 Commercial paper -9.6 -26.1 13.5 11.3
25 Bonds 82.9 12.2 49.7 55.8
26 Bank loans n.e.c 7.0 1.4 8.5 9.1
27 Other loans and advances -4.2 -1.4 -.5 1.0

28 Total domestic plus
 foreign 654.2 561.9 791.5 820.3

 Financial sectors

29 Total net borrowing by
 financial sectors 294.4 468.4 453.9 548.9

 By instrument
30 Federal
 government-related 165.3 287.5 204.1 231.5

31 Government-sponsored
 enterprise securities 80.6 176.9 105.9 90.4
32 Mortgage pool securities 84.7 115.4 98.2 141.1
33 Loans from U.S.
 government .0 -4.8 .0 .0

34 Private 129.1 180.9 249.8 317.5
35 Open market paper -5.5 40.5 42.7 92.2
36 Corporate bonds 123.1 121.8 195.9 176.9
37 Bank loans n.e.c -14.4 -13.7 2.5 12.6
38 Other loans and advances 22.4 22.6 3.4 27.9
39 Mortgages 3.6 9.8 5.3 7.9

 By borrowing sector
40 Commercial banking 13.4 20.1 22.5 13.0
41 Savings institutions 11.3 12.8 2.6 25.5
42 Credit unions .2 .2 -.1 .1
43 Life insurance companies .2 .3 -.1 1.1
44 Government-sponsored
 enterprises 80.6 172.1 105.9 90.4
45 Federally related
 mortgage pools 84.7 115.4 98.2 141.1
46 Issuers of asset-backed
 securities (ABSs) 85.4 76.5 142.4 153.9
47 Finance companies -1.4 48.7 50.2 45.9
48 Mortgage companies .0 -11.5 -2.2 4.1
49 Real estate investment
 trusts (REITs) 1.7 10.2 4.5 11.9
50 Brokers and dealers 12.0 .5 -5.0 -2.0
51 Funding corporations 6.3 23.1 34.9 64.1

 All sectors

52 Total net borrowing, all
 sectors 948.6 1,030.3 1,245.4 1,369.2

53 Open market paper -5.1 35.7 74.3 102.6
54 U.S. government
 securities 421.4 448.1 348.5 376.5
55 Municipal securities 74.8 -35.9 -48.2 2.6
56 Corporate and foreign
 bonds 281.2 157.3 336.7 348.9
57 Bank loans n.e.c -7.2 62.9 114.7 92.1
58 Other loans and advances 0.8 50.4 70.1 62.5
59 Mortgages 126.0 186.8 210.5 295.3
60 Consumer credit 58.4 124.9 138.9 88.8

 Funds raised through mutual
 funds and corporate equities

61 Total net issues 429.7 125.2 144.3 228.9

62 Corporate equities 137.7 24.6 -3.1 -8.6
63 Nonfinancial corporations 21.3 -44.9 -58.3 -69.5
64 Foreign shares purchased 63.4 48.1 50.4 60.0
 by U.S. residents
65 Financial corporations 53.0 21.4 4.8 .8
66 Mutual fund shares 292.0 100.6 147.4 237.6

Transaction category or 1997 1998
 sector 1997 Q4 Q1 Q2

 Nonfinancial sectors

 1 Total net borrowing by
 domestic nonfinancial
 sectors 785.3 912.0 1,075.5 1,042.4

 By sector and instrument
 2 Federal government 23.1 -5.5 -14.5 -28.4
 3 Treasury securities 23.2 -7.3 -12.1 -26.9
 4 Budget agency securities
 and mortgages -.1 1.7 -2.4 -1.4

 5 Nonfederal 762.2 917.5 1,090.0 1,070.8

 By instrument
 6 Commercial paper 13.7 12.8 51.1 3.8
 7 Municipal securities and
 loans 71.4 99.9 113.5 101.3
 8 Corporate bonds 150.5 163.6 278.8 294.8
 9 Bank loans n.e.c 106.5 178.1 35.0 169.2
10 Other loans and advances 69.1 141.4 76.3 40.8
11 Mortgages 298.4 278.6 476.4 398.9
12 Home 235.8 188.8 376.5 287.3
13 Multifamily
 residential 10.8 18.3 21.6 21.1
14 Commercial 48.7 68.6 74.1 83.8
15 Farm 3.2 2.9 4.1 6.7
16 Consumer credit 52.5 43.1 58.9 62.1

 By borrowing sector
17 Household 325.5 311.1 463.3 418.5
18 Nonfinancial business
19 Corporate 380.6 520.3 532.5 570.3
20 Nonfarm noncorporate 297.0 425.0 426.9 467.4
21 Farm 77.4 86.6 97.1 95.4
22 State and local 6.2 8.6 8.4 7.5
 government 56.1 86.2 94.2 82.0

23 Foreign net borrowing in
 United States 57.6 44.8 95.0 97.9
24 Commercial paper 3.7 .7 55.3 -25.5
25 Bonds 47.2 34.2 42.5 119.2
26 Bank loans n.e.c 8.5 15.7 5.2 8.4
27 Other loans and advances -1.8 -5.8 -8.0 -4.2

28 Total domestic plus
 foreign 842.9 956.8 1,170.4 1,140.3

 Financial sectors

29 Total net borrowing by
 financial sectors 652.2 961.5 931.3 988.9

 By instrument
30 Federal
 government-related 212.8 290.9 249.2 405.4

31 Government-sponsored
 enterprise securities 98.4 157.9 142.5 166.4
32 Mortgage pool securities 114.5 133.0 106.7 239.0
33 Loans from U.S.
 government .0 .0 .0 .0

34 Private 439.4 670.7 682.1 583.5
35 Open market paper 166.7 244.7 236.7 135.6
36 Corporate bonds 209.0 348.8 346.3 361.8
37 Bank loans n.e.c 13.2 -4.7 57.3 -9.7
38 Other loans and advances 35.6 61.7 32.7 76.0
39 Mortgages 14.9 20.1 9.1 19.9

 By borrowing sector
40 Commercial banking 46.1 61.4 82.8 80.8
41 Savings institutions 19.7 41.7 10.6 31.2
42 Credit unions .1 .3 .5 .2
43 Life insurance companies .2 -.3 .0 -.6
44 Government-sponsored
 enterprises 98.4 157.9 142.5 166.4
45 Federally related
 mortgage pools 114.5 133.0 106.7 239.0
46 Issuers of asset-backed
 securities (ABSs) 200.7 374.8 283.0 352.4
47 Finance companies 48.7 70.7 74.6 -91.9
48 Mortgage companies -4.6 -46.8 29.4 -28.2
49 Real estate investment
 trusts (REITs) 39.6 66.0 63.1 64.4
50 Brokers and dealers 8.1 7.0 -1.0 20.0
51 Funding corporations 80.7 95.9 139.2 -28.6

 All sectors

52 Total net borrowing, all
 sectors 1,495.1 1,918.3 2,101.7 2,129.3

53 Open market paper 184.1 258.2 343.0 113.8
54 U.S. government
 securities 235.9 285.3 234.7 377.1
55 Municipal securities 71.4 99.9 113.5 101.3
56 Corporate and foreign
 bonds 406.7 546.5 667.6 775.8
57 Bank loans n.e.c 128.2 189.2 97.6 167.9
58 Other loans and advances 102.8 197.4 101.0 112.5
59 Mortgages 313.3 298.7 485.5 418.7
60 Consumer credit 52.5 43.1 58.9 62.1

 Funds raised through mutual
 funds and corporate equities

61 Total net issues 188.4 160.9 213.5 268.5

62 Corporate equities -76.7 -100.0 -108.8 -320.6
63 Nonfinancial corporations -144.4 -143.3 -139.2 -308.4
64 Foreign shares purchased 42.0 1.7 14.0 -32.8
 by U.S. residents
65 Financial corporations -4.3 41.6 16.4 20.5
66 Mutual fund shares 265.1 260.9 322.3 173.4

Transaction category or 1998 1999
 sector Q3 Q4 Q1 Q2

 Nonfinancial sectors

 1 Total net borrowing by
 domestic nonfinancial
 sectors 899.2 1,072.8 1,248.1 865.6

 By sector and instrument
 2 Federal government -113.5 -54.1 -75.2 -112.2
 3 Treasury securities -113.1 -66.3 -73.7 -112.8
 4 Budget agency securities
 and mortgages 0.4 12.2 -1.5 0.6

 5 Nonfederal 1,012.6 1,127.0 1,323.3 977.8

 By instrument
 6 Commercial paper 85.6 -43.0 64.4 3.4
 7 Municipal securities and
 loans 82.9 89.6 100.7 48.0
 8 Corporate bonds 108.0 193.2 274.0 260.8
 9 Bank loans n.e.c 107.8 120.9 70.0 21.8
10 Other loans and advances 77.7 102.5 114.1 -5.3
11 Mortgages 471.1 593.8 573.4 595.7
12 Home
13 Multifamily 373.7 427.8 414.6 424.2
 residential 16.1 30.6 35.9 36.8
14 Commercial 75.9 126.8 119.3 125.4
15 Farm 5.5 8.6 3.6 9.3
16 Consumer credit 79.6 69.9 126.6 53.2

 By borrowing sector
17 Household 471.9 527.3 553.3 511.0
18 Nonfinancial business 470.7 524.6 682.6 431.1
19 Corporate 365.8 413.7 574.4 320.6
20 Nonfarm noncorporate 97.6 103.3 101.6 111.2
21 Farm 7.3 7.5 6.6 -.7
22 State and local
 government 70.0 75.1 87.4 35.7

23 Foreign net borrowing in
 United States -19.6 -38.9 17.3 -43.3
24 Commercial paper 6.2 -4.7 18.3 -27.1
25 Bonds -27.2 -34.2 .9 -19.1
26 Bank loans n.e.c 3.6 9.8 .9 5.7
27 Other loans and advances -2.2 -9.7 -2.8 -2.7

28 Total domestic plus
 foreign 879.5 1,034.0 1,265.4 822.4

 Financial sectors

29 Total net borrowing by
 financial sectors 1,056.3 1,298.7 1,216.0 1,014.1

 By instrument
30 Federal
 government-related 555.8 673.3 592.3 579.3

31 Government-sponsored
 enterprise securities 294.0 510.5 193.0 304.7
32 Mortgage pool securities 261.7 162.8 399.3 274.6
33 Loans from U.S.
 government .0 .0 .0 .0

34 Private 500.5 625.4 623.7 434.8
35 Open market paper 141.0 130.7 78.3 57.8
36 Corporate bonds 177.4 281.9 492.5 260.8
37 Bank loans n.e.c 60.2 12.4 -8.8 10.5
38 Other loans and advances 82.3 169.9 41.6 117.9
39 Mortgages 39.6 30.6 20.1 -12.3

 By borrowing sector
40 Commercial banking 61.7 66.3 31.1 61.6
41 Savings institutions 63.7 103.2 58.0 58.6
42 Credit unions 1.0 .4 1.5 1.4
43 Life insurance companies 1.6 1.8 3.3 3.0
44 Government-sponsored
 enterprises 294.0 510.5 193.0 304.7
45 Federally related
 mortgage pools 261.7 162.8 399.3 274.6
46 Issuers of asset-backed
 securities (ABSs) 294.2 335.7 302.2 318.3
47 Finance companies -12.0 17.8 71.2 88.4
48 Mortgage companies 2.3 3.0 -4.6 5.1
49 Real estate investment
 trusts (REITs) 79.3 44.0 25.6 -19.7
50 Brokers and dealers -2.6 12.4 -31.1 -18.3

51 Funding corporations 11.2 40.9 166.5 -63.4

 All sectors

52 Total net borrowing, all
 sectors 1,935.8 2,332.7 2,481.3 1,836.4

53 Open market paper 232.7 83.0 161.1 34.1
54 U.S. government
 securities 442.3 619.1 517.1 467.1
55 Municipal securities 82.9 89.6 100.7 48.0
56 Corporate and foreign
 bonds 258.2 440.9 767.4 502.5
57 Bank loans n.e.c 171.6 143.0 62.1 38.0
58 Other loans and advances 157.8 262.7 152.9 110.0
59 Mortgages 510.7 624.4 593.5 583.5
60 Consumer credit 79.6 69.9 126.6 53.2

 Funds raised through mutual
 and corporate equities

61 Total net issues -147.2 18.3 140.6 6.4

62 Corporate equities -320.6 -206.5 -114.7 -241.5
63 Nonfinancial corporations -308.4 -491.3 -65.7 -354.0
64 Foreign shares purchased
 by U.S. residents -32.8 317.4 -33.4 124.7
65 Financial corporations 20.5 -32.7 -15.6 -12.2
66 Mutual fund shares 173.4 224.8 255.3 247.9


(1.) Data in this table also appear in the Board's Z.1 (780) quarterly statistical release, tables F.2 through F.4. For ordering address, see inside front cover.

1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1)

Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or 1993 1994 1995 1996
 sector

 NET LENDING IN CREDIT
 MARKETS(2)

 1 Total net lending in
 credit markets 948.6 1,030.3 1,245.4 1,369.2
 2 Domestic nonfederal
 nonfinancial sectors 30.0 231.2 -90.0 22.5
 3 Household -10.6 268.0 5.5 61.4
 4 Nonfinancial corporate
 business 9.1 17.7 -8.8 -.8
 5 Nonfarm noncorporate
 business -1.1 .6 4.7 -4.3
 6 State and local
 governments 32.6 -55.0 -91.4 -33.7
 7 Federal government -18.4 -27.4 -.2 -7.4
 8 Rest of the world 129.3 132.3 273.9 414.4
 9 Financial sectors 807.8 694.1 1,061.7 939.7
10 Monetary authority 36.2 31.5 12.7 12.3
11 Commercial banking 142.2 163.4 265.9 187.5
12 U.S.-chartered banks 149.6 148.1 186.5 119.6
13 Foreign banking
 offices in United
 States -9.8 11.2 75.4 63.3
14 Bank holding
 companies .0 .9 -.3 3.9
15 Banks in U.S.-
 affiliated areas 2.4 3.3 4.2 .7
16 Savings institutions -23.3 6.7 -7.6 19.9

17 Credit unions 21.7 28.1 16.2 25.5
18 Bank personal trusts
 and estates 9.5 7.1 -8.3 -7.7
19 Life insurance
 companies 100.4 72.0 100.0 69.6
20 Other insurance
 companies 27.7 24.9 21.5 22.5
21 Private pension funds 50.2 46.1 56.0 52.3
22 State and local
 government retirement
 funds 24.7 30.9 33.6 37.3
23 Money market mutual
 funds 20.4 30.0 86.5 88.8
24 Mutual funds 159.5 -7.1 52.5 48.9
25 Closed-end funds 20.0 -3.7 10.5 4.7
26 Government-sponsored
 enterprises 87.8 117.8 86.7 84.2
27 Federally related 84.7 115.4 98.2 141.1
 mortgage pools
28 Asset-backed securit-
 ies issuers (ABSs) 82.8 69.4 120.6 123.6
29 Finance companies -20.9 48.3 49.9 18.4
30 Mortgage companies .0 -24.0 -3.4 8.2
31 Real estate investment
 trusts (REITs) .4 -.7 1.4 4.4
32 Brokers and dealers 14.8 -44.2 90.1 -15.7
33 Funding corporations -31.0 -17.8 -21.2 14.0

 RELATION OF LIABILITIES
 TO FINANCIAL ASSETS

34 Net flows through
 credit markets 948.6 1,030.3 1,245.4 1,369.2

 Other financial sources
35 Official foreign
 exchange .8 -5.8 8.8 -6.3
36 Special drawing rights
 certificates .0 .0 2.2 -.5
37 Treasury currency .4 .7 0.6 .1
38 Foreign deposits -18.5 52.9 35.3 85.9
39 Net interbank
 transactions 50.5 89.8 10.0 -51.6
40 Checkable deposits and
 currency 117.3 -9.7 -12.7 15.8
41 Small time and savings
 deposits -70.3 -39.9 96.6 97.2
42 Large time deposits -23.5 19.6 65.6 114.0
43 Money market fund
 shares 20.2 43.3 142.3 145.8
44 Security repurchase
 agreements 71.3 78.2 110.5 41.4
45 Corporate equities 137.7 24.6 -3.1 -8.6
46 Mutual fund shares 292.0 100.6 147.4 237.6
47 Trade payables 52.2 94.0 101.6 86.1
48 Security credit 61.4 -.1 26.7 52.4
49 Life insurance reserves 37.1 35.5 45.8 44.5
50 Pension fund reserves 268.0 254.7 235.1 246.9
51 Taxes payable 11.4 2.6 6.2 16.0
52 Investment in bank
 personal trusts .9 17.8 4.0 -8.6
53 Noncorporate
 proprietors' equity 24.1 53.6 60.3 -.6
54 Miscellaneous 356.0 245.6 444.6 498.3

55 Total financial sources 2,337.6 2,088.3 2,773.2 2,975.1

 Liabilities not identi-
 fied as assets (-)
56 Treasury currency -.2 -.2 -.5 -.9
57 Foreign deposits -5.7 43.0 25.1 59.6
58 Net interbank
 liabilities 4.2 -2.7 -3.1 -3.3
59 Security repurchase
 agreements 50.5 67.7 20.2 4.5
60 Taxes payable 15.8 16.6 21.1 20.4
61 Miscellaneous -158.5 -160.1 -221.4 -66.9

 Floats not included in
 assets (-)
62 Federal government
 checkable deposits -1.5 -4.8 -6.0 .5
63 Other checkable
 deposits -1.3 -2.8 -3.8 -4.0
64 Trade credit -4.0 1.5 -11.7 -49.9

65 Total identified to
 sectors as assets 2,438.2 2,130.1 2,953.4 3,015.2

Transaction category or 1997 1998
 sector 1997 Q4 Q1 Q2

 NET LENDING IN CREDIT
 MARKETS(2)

 1 Total net lending in
 credit markets 1,495.1 1,918.3 2,101.7 2,129.3
 2 Domestic nonfederal
 nonfinancial sectors -88.9 48.1 -49.7 512.7
 3 Household -86.2 7.5 -64.2 385.2
 4 Nonfinancial corporate
 business -2.3 -13.0 8.4 -46.9
 5 Nonfarm noncorporate
 business -.6 -.6 .0 .0
 6 State and local
 governments 0.1 54.2 6.1 174.3
 7 Federal government 5.1 9.2 15.7 12.9
 8 Rest of the world 310.7 203.9 223.8 321.8
 9 Financial sectors 1,268.1 1,657.1 1,912.0 1,281.9
10 Monetary authority 38.3 54.3 27.6 11.5
11 Commercial banking 324.3 447.4 306.7 132.7
12 U.S.-chartered banks 274.9 357.6 268.4 130.0
13 Foreign banking
 offices in United
 States 40.2 69.3 17.5 15.2
14 Bank holding
 companies 5.4 19.4 15.3 -17.6
15 Banks in U.S.-
 affiliated areas 3.7 1.1 5.5 5.1
16 Savings institutions -4.7 8.9 11.8 2.1
17 Credit unions 16.8 6.5 16.1 22.7
18 Bank personal trusts
 and estates 7.6 8.8 2.4 3.1
19 Life insurance
 companies 94.3 34.1 92.1 63.4
20 Other insurance
 companies 25.2 34.7 23.4 -1.5
21 Private pension funds 65.5 79.5 74.5 130.1
22 State and local
 government retirement
 funds 63.8 42.7 67.4 78.4
23 Money market mutual
 funds 87.5 141.8 159.3 208.1
24 Mutual funds 80.9 64.8 156.4 146.4
25 Closed-end funds -2.9 -2.9 4.5 4.5
26 Government-sponsored
 enterprises 94.3 158.1 198.3 150.6
27 Federally related 114.5 133.0 106.7 239.0
 mortgage pools
28 Asset-backed securit-
 ies issuers (ABSs) 162.3 321.9 223.9 321.4
29 Finance companies 21.9 -19.7 28.7 24.0
30 Mortgage companies -9.1 -93.6 58.8 -56.4
31 Real estate investment
 trusts (REITs) 20.2 38.9 25.6 6.1
32 Brokers and dealers 14.9 71.7 245.8 -183.1
33 Funding corporations 52.7 126.2 82.0 -21.4

 RELATION OF LIABILITIES
 TO FINANCIAL ASSETS

34 Net flows through
 credit markets 1,495.1 1,918.3 2,101.7 2,129.3

 Other financial sources
35 Official foreign
 exchange .7 17.5 1.0 8.1
36 Special drawing rights
 certificates -.5 .0 .0 .0
37 Treasury currency .0 -1.9 .3 .2
38 Foreign deposits 106.8 100.6 -46.5 92.9
39 Net interbank
 transactions -19.7 54.3 -95.2 39.8
40 Checkable deposits and
 currency 41.5 72.1 52.6 90.1
41 Small time and savings
 deposits 97.1 136.7 99.0 84.9
42 Large time deposits 122.5 59.2 187.8 -5.6
43 Money market fund
 shares 157.6 149.9 213.6 247.2
44 Security repurchase
 agreements 120.9 103.3 250.3 -100.8
45 Corporate equities -76.7 -100.0 -108.8 -109.3
46 Mutual fund shares 265.1 260.9 322.3 377.8
47 Trade payables 96.2 122.6 108.3 -57.4
48 Security credit 111.0 128.0 159.3 134.3
49 Life insurance reserves 54.3 37.4 49.3 53.3
50 Pension fund reserves 304.0 304.1 294.7 272.9
51 Taxes payable 16.8 3.9 12.2 .9
52 Investment in bank
 personal trusts 75.0 78.4 50.3 57.5
53 Noncorporate
 proprietors' equity 6.1 -43.5 -11.0 -5.4
54 Miscellaneous 513.3 222.2 980.1 376.5

55 Total financial sources 3,487.1 3,624.1 4,621.2 3,687.3

 Liabilities not identi-
 fied as assets (-)
56 Treasury currency -.6 -2.4 -.2 -.3
57 Foreign deposits 106.8 145.5 -95.7 119.9
58 Net interbank
 liabilities -19.9 -38.1 35.1 8.9
59 Security repurchase
 agreements 62.3 185.1 120.8 -170.0
60 Taxes payable 18.8 14.4 9.4 2.8
61 Miscellaneous -254.9 -640.7 61.0 -225.9

 Floats not included in
 assets (-)
62 Federal government
 checkable deposits -2.7 -10.0 8.3 -44.4
63 Other checkable
 deposits -3.9 -5.0 -4.0 -2.9
64 Trade credit 3.6 15.7 41.9 -150.7

65 Total identified to
 sectors as assets 3,577.6 3,959.6 4,444.8 4,150.0

Transaction category or 1998 1999
 sector Q3 Q4 Q1 Q2

 NET LENDING IN CREDIT
 MARKETS(2)

 1 Total net lending in
 credit markets 1,935.8 2,332.7 2,481.3 1,836.4
 2 Domestic nonfederal
 nonfinancial sectors 94.9 -318.3 307.5 347.9
 3 Household -44.8 -424.1 244.9 255.1
 4 Nonfinancial corporate
 business 14.0 14.1 10.4 39.5
 5 Nonfarm noncorporate
 business .0 .0 .0 .0
 6 State and local
 governments 125.7 91.7 52.2 53.3
 7 Federal government 13.8 11.7 17.5 6.5
 8 Rest of the world 60.8 390.7 213.3 51.6
 9 Financial sectors 1,766.3 2,248.6 1,943.0 1430.5
10 Monetary authority 41.6 3.5 71.8 62.4
11 Commercial banking 250.1 531.5 68.9 135.0
12 U.S.-chartered banks 309.2 540.2 134.1 231.5
13 Foreign banking
 offices in United
 States -68.1 -12.1 -54.9 -105.8
14 Bank holding
 companies 6.0 -7.4 -6.0 .1
15 Banks in U.S.-
 affiliated areas 2.9 10.7 -4.4 9.2
16 Savings institutions 17.9 113.3 102.7 88.8
17 Credit unions 21.0 16.0 37.7 34.7
18 Bank personal trusts
 and estates 2.0 3.9 3.1 2.2
19 Life insurance
 companies 65.6 86.0 72.6 89.0
20 Other insurance
 companies -7.7 67.5 -19.7 5.0
21 Private pension funds 95.6 174.4 60.5 150.0
22 State and local
 government retirement
 funds 65.6 48.5 74.3 37.4
23 Money market mutual
 funds 255.5 353.1 227.6 -92.6
24 Mutual funds 92.9 103.5 101.5 98.8
25 Closed-end funds 4.5 4.5 4.4 4.4
26 Government-sponsored
 enterprises 264.7 429.5 157.2 259.5
27 Federally related 261.7 162.8 399.3 274.6
 mortgage pools
28 Asset-backed securit-
 ies issuers (ABSs) 248.7 312.7 284.6 301.5
29 Finance companies 79.5 75.3 92.2 79.6
30 Mortgage companies 4.5 6.0 -9.1 10.2
31 Real estate investment
 trusts (REITs) -11.3 -40.8 1.7 -2.2
32 Brokers and dealers 77.0 -209.1 184.5 -204.5
33 Funding corporations -63.3 6.4 27.1 96.8

 RELATION OF LIABILITIES
 TO FINANCIAL ASSETS

34 Net flows through
 credit markets 1,935.8 2,332.7 2,481.3 1,836.4

 Other financial sources
35 Official foreign
 exchange 8.9 8.6 -14.0 -5.4
36 Special drawing rights
 certificates .0 .0 -4.0 .0
37 Treasury currency 1.7 -2.3 0.0 .7
38 Foreign deposits 84.9 -131.9 127.7 114.5
39 Net interbank
 transactions 44.2 -122.9 49.1 68.2
40 Checkable deposits and
 currency -24.9 72.8 61.7 103.0
41 Small time and savings
 deposits 144.7 281.2 -63.8 104.0
42 Large time deposits 81.8 104.4 -5.9 42.6
43 Money market fund
 shares 367.9 313.1 204.9 100.5
44 Security repurchase
 agreements 231.1 -170.3 408.2 -65.6
45 Corporate equities -320.6 -206.5 -114.7 -241.5
46 Mutual fund shares 173.4 224.8 255.3 247.9
47 Trade payables 34.6 -86.8 155.5 98.4
48 Security credit 167.0 -27.2 -86.9 89.3
49 Life insurance reserves 51.7 59.0 40.8 65.9
50 Pension fund reserves 279.5 313.8 284.3 316.4
51 Taxes payable 27.3 11.7 -10.3 24.2
52 Investment in bank
 personal trusts 47.8 67.1 64.1 53.0
53 Noncorporate
 proprietors' equity -61.2 3.2 -2.5 12.3
54 Miscellaneous 712.6 702.0 238.7 1,092.8

55 Total financial sources 3,988.1 3,746.3 4,069.6 3,968.0

 Liabilities not identi-
 fied as assets (-)
56 Treasury currency 1.1 -3.4 -1.5 -.4
57 Foreign deposits 69.9 -156.5 62.0 73.5
58 Net interbank
 liabilities 22.3 -52.8 58.7 -1.7
59 Security repurchase
 agreements 110.2 0.2 362.2 -14.8
60 Taxes payable 24.2 17.4 -22.4 -15.0
61 Miscellaneous -106.7 -43.9 -568.0 -390.0

 Floats not included in
 assets (-)
62 Federal government
 checkable deposits 32.4 14.0 -1.8 -41.4
63 Other checkable
 deposits -3.6 -1.8 -1.9 -1.0
64 Trade credit -94.5 -31.1 55.7 -6.9

65 Total identified to
 sectors as assets 3,932.8 4,004.0 4,126.5 4,365.7


(1) Data in this table also appear in the Board's Z.1 (780) quarterly statistical release, tables F.1 and F.5 For ordering, see inside front cover.

(2.) Excludes corporate equities and mutual fund shares.

1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING(1)

Billions of dollars, end of period
 Transaction category or sector 1994 1995 1996

Nonfinancial sectors

 1 Total credit market debt owed
 by domestic nonfinancial
 sectors 13,013.9 13,734.3 14,477.4

 By sector and instrument

 2 Federal government 3,492.3 3,636.7 3,781.8
 3 Treasury securities 3,465.6 3,608.5 3,755.1
 4 Budget agency securities and
 mortgages 26.7 28.2 26.6

 5 Nonfederal 9,521.6 10,097.6 10,695.6

 By instrument
 6 Commercial paper 139.2 157.4 156.4
 7 Municipal securities and loans 1,341.7 1,293.5 1,296.0
 8 Corporate bonds 1,253.0 1,344.1 1,460.4
 9 Bank loans n.e.c 759.9 863.6 934.1
10 Other loans and advances 669.6 736.9 770.4
11 Mortgages 4,374.2 4,579.4 4,866.8
12 Home 3,330.0 3,509.8 3,719.0
13 Multifamily residential 261.5 269.1 284.3
14 Commercial 699.8 716.0 776.4
15 Farm 83.0 84.6 87.1
16 Consumer credit 983.9 1,122.8 1,211.6

 By borrowing sector
17 Household 4,427.0 4,782.2 5,105.1
18 Nonfinancial business 3,972.9 4,245.2 4,527.1
19 Corporate 2,708.9 2,947.7 3,141.0
20 Nonfarm noncorporate 1,121.8 1,152.4 1,236.1
21 Farm 142.2 145.1 149.9
22 State and local government 1,121.7 1,070.2 1,063.4

23 Foreign credit market debt held
 in United States 370.3 441.4 518.7

24 Commercial paper 42.7 56.2 67.5
25 Bonds 242.3 291.9 347.7
26 Bank loans n.e.c 26.1 34.6 43.7
27 Other loans and advances 59.3 58.8 59.8

28 Total credit market debt owed
 by nonfinancial sectors,
 domestic and foreign 13,384.2 14,175.8 14,996.0

 Financial sectors

29 Total credit market debt owed
 by financial sectors 3,822.2 4,278.8 4,827.7

 By instrument
30 Federal government-related 2,172.7 2,376.8 2,608.3

31 Government-sponsored
 enterprise securities 700.6 806.5 896.9
32 Mortgage pool securities 1,472.1 11,570.3 1,711.4
33 Loans from U.S. government .0 .0 .0
34 Private 1,649.5 1,901.9 2,219.4
35 Open market paper 441.6 486.9 579.1
36 Corporate bonds 1,008.8 1,204.7 1,381.5
37 Bank loans n.e.c 48.9 51.4 64.0
38 Other loans and advances 131.6 135.0 162.9
39 Mortgages 18.7 24.1 31.9

 By borrowing sector
40 Commercial banks 94.5 102.6 113.6
41 Bank holding companies 133.6 148.0 150.0
42 Savings institutions 112.4 115.0 140.5
43 Credit unions 5.0 0.4 0.4
44 Life insurance companies .6 .5 1.6
45 Government-sponsored
 enterprises 700.6 806.5 896.9
46 Federally related mortgage
 pools 1,472.1 1,570.3 1,711.4
47 Issuers of asset-backed
 securities (ABSs) 570.1 712.5 866.4
48 Brokers and dealers 34.3 29.3 27.3
49 Finance companies 433.7 483.9 529.8
50 Mortgage companies 18.7 16.5 20.6
51 Real estate investment trusts
 (REIT's) 40.0 44.6 56.5
52 Funding corporations 211.0 248.6 312.7

 All sectors

53 Total credit market debt,
 domestic and foreign 17,206.4 18,454.5 19,823.7

54 Open market paper 623.5 700.4 803.0
55 U.S. government securities 5,665.0 6,013.6 6,390.0
56 Municipal securities 1,341.7 1,293.5 1,296.0
57 Corporate and foreign bonds 2,504.0 2,840.7 3,189.6
58 Bank loans n.e.c. 834.9 949.6 1,041.7
59 Other loans and advances 860.5 930.6 993.1
60 Mortgages 4,393.0 4,603.4 4,898.7
61 Consumer credit 983.9 1,122.8 1,211.6

 1997 1997 1998
 Q4 Q1

 1 Total credit market debt owed
 by domestic nonfinancial
 sectors 15,261.1 15,261.1 15,522.2

 By sector and instrument

 2 Federal government 3,804.9 3,804.9 3,749.0
 3 Treasury securities 3,778.3 3,778.3 3,723.4
 4 Budget agency securities and
 mortgages 26.5 26.5 25.6

 5 Nonfederal 11,456.3 11,456.3 11,993.2

 By instrument
 6 Commercial paper 168.6 168.6 193.1
 7 Municipal securities and loans 1,367.5 1,367.5 1,397.1
 8 Corporate bonds 1,610.9 1,610.9 1,680.6
 9 Bank loans n.e.c 1,040.5 1,040.5 1,047.9
10 Other loans and advances 839.5 839.5 863.5
11 Mortgages 5,165.2 5,165.2 5,273.3
12 Home 3,954.8 3,954.8 4,037.9
13 Multifamily residential 295.0 295.0 300.4
14 Commercial 825.1 825.1 843.6
15 Farm 90.3 90.3 91.3
16 Consumer credit 1,264.1 1,264.1 1,236.0

 By borrowing sector
17 Household 5,433.3 5,433.3 5,494.5
18 Nonfinancial business 4,903.5 4,903.5 5,052.6
19 Corporate 3,433.8 3,433.8 3,559.4
20 Nonfarm noncorporate 1,313.6 1,313.6 1,337.9
21 Farm 156.1 156.1 155.3
22 State and local government 1,119.5 1,119.5 1,144.3

23 Foreign credit market debt held
 in United States 570.1 570.1 591.6

24 Commercial paper 65.1 65.1 76.7
25 Bonds 394.9 394.9 405.6
26 Bank loans n.e.c 52.1 52.1 53.4
27 Other loans and advances 58.0 58.0 55.9

28 Total credit market debt owed
 by nonfinancial sectors,
 domestic and foreign 15,831.2 15,831.2 16,113.8

 Financial sectors

29 Total credit market debt owed
 by financial sectors 5,446.8 5,446.8 5,670.1

 By instrument
30 Federal government-related 2,821.1 2,821.1 2,878.0
31 Government-sponsored
 enterprise securities 995.3 995.3 1,030.9
32 Mortgage pool securities 1,825.8 1,825.8 1,847.1
33 Loans from U.S. government .0 .0 .0
34 Private 2,625.7 2,625.7 2,792.1
35 Open market paper 745.7 745.7 804.9
36 Corporate bonds 1,557.5 1,557.5 1,640.8
37 Bank loans n.e.c 77.2 77.2 90.6
38 Other loans and advances 198.5 198.5 206.6
39 Mortgages 46.8 46.8 49.1

 By borrowing sector
40 Commercial banks 140.6 140.6 148.7
41 Bank holding companies 168.6 168.6 181.2
42 Savings institutions 160.3 160.3 162.9
43 Credit unions .6 .6 .7
44 Life insurance companies 1.8 1.8 1.8
45 Government-sponsored
 enterprises 995.3 995.3 1,030.9
46 Federally related mortgage
 pools 1,825.8 1,825.8 1,847.1
47 Issuers of asset-backed
 securities (ABSs) 1,078.2 1,078.2 1,142.9
48 Brokers and dealers 35.3 35.3 35.1
49 Finance companies 554.5 554.5 571.9
50 Mortgage companies 16.0 16.0 23.4
51 Real estate investment trusts
 (REIT's) 96.1 96.1 111.9
52 Funding corporations 373.7 373.7 411.6

 All sectors

53 Total credit market debt,
 domestic and foreign 21,278.1 21,278.1 21,783.9

54 Open market paper 979.4 979.4 1,074.8
55 U.S. government securities 6,626.0 6,526.00 6,708.7
56 Municipal securities 1,367.5 1,367.5 1,397.1
57 Corporate and foreign bonds 3,563.3 3,563.3 3,727.0
58 Bank loans n.e.c. 1,169.8 1,169.8 1,191.9
59 Other loans and advances 1,095.9 1,095.9 1,126.1
60 Mortgages 5,212.0 5,212.0 5,322.4
61 Consumer credit 1,264.1 1,264.1 1,236.0

 1998
 Transaction category or sector Q2 Q3 Q4

Nonfinancial sectors

 1 Total credit market debt owed
 by domestic nonfinancial
 sectors 15,742.1 15,956.2 16,283.6

 By sector and instrument

 2 Federal government 3,720.2 3,752.2 3,752.2
 3 Treasury securities 3,694.7 3,723.7 3,723.7
 4 Budget agency securities and
 mortgages 25.5 28.5 28.5

 5 Nonfederal 12,236.0 12,531.4 12,531.4

 By instrument
 6 Commercial paper 202.5 216.9 193.0
 7 Municipal securities and loans 1,429.3 1,439.9 1,464.3
 8 Corporate bonds 1,754.3 1,781.3 1,829.6
 9 Bank loans n.e.c 1,097.6 1,120.6 1,148.8
10 Other loans and advances 873.1 886.8 913.8
11 Mortgages 5,379.7 5,504.0 5,650.3
12 Home 4,116.4 4,216.4 4,321.1
13 Multifamily residential 305.7 309.7 317.4
14 Commercial 864.6 883.6 915.3
15 Farm 93.0 94.4 96.5
16 Consumer credit 1,256.8 1,286.6 1,331.7

 By borrowing sector
17 Household 5,613.2 5,746.1 5,903.6
18 Nonfinancial business 5,209.2 5,311.1 5,428.0
19 Corporate 3,686.4 3,762.5 3,852.2
20 Nonfarm noncorporate 1,361.8 1,385.5 1,411.9
21 Farm 161.0 163.1 163.8
22 State and local government 1,170.8 1,178.8 1,199.8

23 Foreign credit market debt held
 in United States 617.1 612.8 603.7

24 Commercial paper
25 Bonds 71.4 74.0 72.9
26 Bank loans n.e.c 435.4 428.6 420.0
27 Other loans and advances 55.5 56.4 58.9
 54.8 53.8 52.0
28 Total credit market debt owed
 by nonfinancial sectors,
 domestic and foreign 16,359.2 16,568.9 16,887.3

29 Total credit market debt owed
 by financial sectors 5,926.8 6,195.5 6,515.6

 By instrument
30 Federal government-related 2,981.4 3,121.7 3,292.0

31 Government-sponsored
 enterprise securities 1,072.5 1,146.0 1,273.6
32 Mortgage pool securities 1,908.9 1,975.7 2,018.4
33 Loans from U.S. government .0 .0 .0
34 Private 2,945.4 3,073.8 3,223.6
35 Open market paper 838.9 874.2 906.7
36 Corporate bonds 1,738.7 1,786.2 1,849.4
37 Bank loans n.e.c 88.2 103.2 107.2
38 Other loans and advances 225.6 246.2 288.7
39 Mortgages 54.1 64.0 71.6

 By borrowing sector
40 Commercial banks 159.6 169.6 188.6
41 Bank holding companies 190.5 196.1 193.5
42 Savings institutions 170.7 186.6 212.4
43 Credit unions 0.8 1.0 1.1
44 Life insurance companies 1.6 2.0 2.5
45 Government-sponsored
 enterprises 1,072.5 1,146.0 1,273.6
46 Federally related mortgage
 pools 1,908.9 1,975.7 2,018.4
47 Issuers of asset-backed
 securities (ABSs) 1,230.4 1,307.0 1,394.6
48 Brokers and dealers 40.1 39.4 42.5
49 Finance companies 596.9 589.4 597.5
50 Mortgage companies 16.3 16.9 17.7
51 Real estate investment trusts
 (REIT's) 128.0 147.8 158.8
52 Funding corporations 410.5 417.9 414.4
53 Total credit market debt,
 domestic and foreign 22,286.6 22,764.5 23,402.9

54 Open market paper 1,112.7 1,165.1 1,172.6
55 U.S. government securities 6,841.9 6,841.9 7,044.3
56 Municipal securities 1,439.2 1,439.9 1,464.3
57 Corporate and foreign bonds 3,928.3 3,996.0 4,098.9
58 Bank loans n.e.c. 1,186.8 1,280.3 1,314.9
59 Other loans and advances 1,153.6 1,186.8 1,254.4
60 Mortgages 5,433.70 5,568.0 5,721.9
61 Consumer credit 1,256.8 1,286.6 1,331.7

 1999
 Q1 Q2

 1 Total credit market debt owed
 by domestic nonfinancial
 sectors 16,588.0 16,758.7

 By sector and instrument
 2 Federal government 3,759.7 3,651.7
 3 Treasury securities 3,731.6 3,623.4
 4 Budget agency securities and
 mortgages 28.1 28.3

 5 Nonfederal 12,828.3 13,107.0

 By instrument
 6 Commercial paper 223.9 232.4
 7 Municipal securities and loans 1,491.0 1,510.0
 8 Corporate bonds 1,898.1 1,963.3
 9 Bank loans n.e.c 1,165.2 1,178.4
10 Other loans and advances 947.5 945.8
11 Mortgages 5,784.1 5,939.2
12 Home 4,413.8 4,526.0
13 Multifamily residential 326.6 335.8
14 Commercial 946.3 977.7
15 Farm 97.4 99.7
16 Consumer credit 1,318.6 1,338.0

 By borrowing sector
17 Household 5,985.9 6,128.1
18 Nonfinancial business 5,619.2 5,740.7
19 Corporate 4,019.2 4,107.9
20 Nonfarm noncorporate 1,437.60 1,466.7
21 Farm 162.4 166.2
22 State and local government 1,223.2 1,238.2

23 Foreign credit market debt held
 in United States 607.8 596.5

24 Commercial paper 77.2 70.1
25 Bonds 420.2 415.4
26 Bank loans n.e.c 59.1 60.5
27 Other loans and advances 51.3 50.4

28 Total credit market debt owed
 by nonfinancial sectors,
 domestic and foreign 17,195.8 17,355.2

 Financial sectors

29 Total credit market debt owed
 by financial sectors 6,809.7 7,073.6

 By instrument
30 Federal government-related 3,434.1 3,580.8
31 Government-sponsored
 enterprise securities 1,321.8 1,398.0
32 Mortgage pool securities 2,112.3 2,182.8
33 Loans from U.S. government .0 .0
34 Private 3,375.6 3,492.7
35 Open market paper 926.4 940.9
36 Corporate bonds 1,969.3 2,042.9
37 Bank loans n.e.c 104.1 106.8
38 Other loans and advances 299.1 328.6
39 Mortgages 76.6 73.6

 By borrowing sector
40 Commercial banks 187.5 202.7
41 Bank holding companies 202.6 202.7
42 Savings institutions 226.9 241.6
43 Credit unions 1.5 1.8
44 Life insurance companies 3.3 4.0
45 Government-sponsored
 enterprises 1,321.8 1,398.0
46 Federally related mortgage
 pools 2,112.3 2,182.8
47 Issuers of asset-backed
 securities (ABSs) 1,463.8 1,542.9
48 Brokers and dealers 34.8 30.2
49 Finance companies 614.4 639.2
50 Mortgage companies 16.5 17.8
51 Real estate investment trusts
 (REIT's) 165.2 160.3
52 Funding corporations 459.1 449.6

 All sectors

53 Total credit market debt,
 domestic and foreign 24,005.5 24,428.7

54 Open market paper 1,227.60 1,243.3
55 U.S. government securities 7,193.80 7,232.5
56 Municipal securities 1,491.0 1,510.0
57 Corporate and foreign bonds 4,287.6 4,421.6
58 Bank loans n.e.c. 1,328.3 1,345.60
59 Other loans and advances 1,297.8 1,324.8
60 Mortgages 5,860.7 6,012.7
61 Consumer credit 1,318.6 1,338.0


(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover.

1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES(1)

Billions of dollars except as noted, end of period
Transaction category or 1994 1995 1996 1997
 sector

CREDIT MARKET DEBT
 OUTSTANDING(2)

 1 Total credit market
 assets 17,206.4 18,454.5 19,823.7 21,278.1
 2 Domestic nonfederal
 nonfinancial sectors 2,988.8 2,856.8 2,924.6 2,781.4
 3 Household 1,932.1 1,895.5 2,011.6 1,871.1
 4 Nonfinancial
 corporate business 289.2 280.4 270.2 268.0
 5 Nonfarm noncorporate
 business 37.6 42.3 38.0 37.4
 6 State and local
 governments 729.9 638.6 604.8 605.0
 7 Federal government 202.9 202.7 195.3 200.4
 8 Rest of the world 1,216.0 1,531.1 1,926.6 2,256.8
 9 Financial sectors 12,798.8 13,863.9 14,777.2 16,039.5
10 Monetary authority 368.2 380.8 393.1 431.4
11 Commercial banking 3,254.3 3,520.1 3,707.7 4,031.9
12 U.S.-chartered
 banks 2,869.6 3,056.1 3,175.8 3,450.7
13 Foreign banking
 offices in United
 States 337.1 412.6 475.8 516.1
14 Bank holding
 companies 18.4 18.0 22.0 27.4
15 Banks in U.S.-
 affiliated areas 29.2 33.4 34.1 37.8
16 Savings institutions 920.8 913.3 933.2 928.5
17 Credit unions 246.8 263.0 288.5 305.3
18 Bank personal trusts
 and estates 248.0 239.7 232.0 239.5
19 Life insurance
 companies 1,487.5 1,587.5 1,657.0 1,751.3
20 Other insurance
 companies 446.4 468.7 491.2 515.3
21 Private pension funds 660.9 716.9 769.2 834.7
22 State and local
 government
 retirement funds 497.4 531.0 568.2 632.0
23 Money market mutual
 funds 459.0 545.5 634.3 721.9
24 Mutual funds 718.8 771.3 820.2 901.1
25 Closed-end funds 86.0 96.4 101.1 98.3
26 Government-sponsored
 enterprises 663.3 750.0 807.9 902.2
27 Federally related
 mortgage pools 1,472.1 1,570.3 1,711.4 1,825.8
28 Asset-backed
 securities issuers
 (ABSs) 532.8 653.4 777.0 939.3
29 Finance companies 476.2 526.2 544.5 566.4
30 Mortgage companies 36.5 33.0 41.2 32.1
31 Real estate
 investment trusts
 (REITs) 24.6 26.0 30.4 50.6
32 Brokers and dealers 93.3 183.4 167.7 182.6
33 Funding corporations 106.0 87.4 101.4 149.4

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market
 debt 17,206.4 18,454.5 19,823.7 21,278.1

Other liabilities
35 Official foreign
 exchange 53.2 63.7 53.7 48.9
36 Special drawing
 rights certificates 8.0 10.2 9.7 9.2
37 Treasury currency 17.6 18.2 18.3 18.3
38 Foreign deposits 373.9 418.8 516.1 618.8
39 Net interbank
 liabilities 280.1 290.7 240.8 219.4
40 Checkable deposits
 and currency 1,242.0 1,229.3 1,245.1 1,286.6
41 Small time and
 savings deposits 2,183.2 2,279.7 2,377.0 2,474.1
42 Large time deposits 411.2 476.9 590.9 713.4
43 Money market fund
 shares 602.9 745.3 891.1 1,048.7
44 Security repurchase
 agreements 549.5 660.0 701.5 822.4
45 Mutual fund shares 1,477.3 1,852.8 2,342.4 2,989.4
46 Security credit 279.0 305.7 358.1 469.1
47 Life insurance
 reserves 520.3 566.2 610.6 665.0
48 Pension fund reserves 4,948.1 5,767.8 6,642.5 7,894.4
49 Trade payables 1,140.6 1,242.3 1,328.4 1,424.6
50 Taxes payable 101.4 107.6 123.6 140.4
51 Investment in bank
 personal trusts 699.4 803.0 871.7 1,082.8
52 Miscellaneous 5,287.2 5,634.7 6,098.8 6,663.5
53 Total liabilities 37,381.6 40,927.2 44,843.8 49,867.0

Financial assets not
included in
liabilities (+)
54 Gold and special
 drawing rights 21.1 22.1 21.4 21.1
55 Corporate equities 6,237.9 8,331.3 10,062.4 12,776.0
56 Household equity in
 noncorporate
 business 3,410.5 3,658.3 3,864.5 4,213.4

Liabilities not
identified as assets (-)


57 Treasury currency -5.4 -5.8 -6.7 -7.3
58 Foreign deposits 325.4 360.2 431.4 534.0
59 Net interbank
 transactions -6.5 -9.0 -10.6 -32.2
60 Security repurchase
 agreements 66.2 86.4 90.9 153.1
61 Taxes payable 48.8 62.4 76.7 93.5
62 Miscellaneous -948.1 -1,350.8 -1,714.9 -2,087.0

Floats not included in
assets (-)
63 Federal government
 checkable deposits 3.4 3.1 -1.6 -8.1
64 Other checkable
 deposits 38.0 34.2 30.1 26.2
65 Trade credit -245.9 -257.5 -307.7 -314.5

66 Total identified to
 sectors as assets 47,775.0 54,015.9 60,204.6 68,519.7

 1997 1998
Transaction category or
sector
 Q4 Q1 Q2 Q3
CREDIT MARKET DEBT
OUTSTANDING(2)

 1 Total credit market
 assets 21,278.1 21,783.9 22,286.0 22,764.5
 2 Domestic nonfederal
 nonfinancial sectors 2,781.4 2,761.2 2,847.0 2,876.6
 3 Household 1,871.1 1,868.2 1,919.2 1,913.4
 4 Nonfinancial
 corporate business 268.0 249.6 238.7 244.7
 5 Nonfarm noncorporate
 business 37.4 37.4 37.4 37.4
 6 State and local
 governments 605.0 606.0 651.6 681.1
 7 Federal government 200.4 204.3 207.5 210.9
 8 Rest of the world 2,256.8 2,317.1 2,396.0 2,412.2
 9 Financial sectors 16,039.5 16,501.3 16,835.5 17,264.8
10 Monetary authority 431.4 433.8 440.3 446.5
11 Commercial banking 4,031.9 4,093.4 4,136.4 4,195.7
12 U.S.-chartered
 banks 3,450.7 3,505.1 3,543.6 3,616.2
13 Foreign banking
 offices in United
 States 516.1 517.9 525.6 510.1
14 Bank holding
 companies 27.4 31.2 26.8 28.3
15 Banks in U.S.-
 affiliated areas 37.8 39.2 40.4 41.1
16 Savings institutions 928.5 931.3 930.8 939.3
17 Credit unions 305.3 306.7 315.1 320.5
18 Bank personal trusts
 and estates 239.5 240.1 240.9 241.4
19 Life insurance
 companies 1,751.3 1,777.3 1,793.2 1,810.6
20 Other insurance
 companies 515.3 521.1 520.8 518.9
21 Private pension funds 834.7 853.4 885.9 909.8
22 State and local
 government
 retirement funds 632.0 648.9 668.5 684.9
23 Money market mutual
 funds 721.9 775.0 815.9 869.9
24 Mutual funds 901.1 940.0 979.1 1,005.9
25 Closed-end funds 98.3 99.4 100.5 101.7
26 Government-sponsored
 enterprises 902.2 951.4 989.4 1,055.4
27 Federally related
 mortgage pools 1,825.8 1,847.1 1,908.9 1,975.7
28 Asset-backed
 securities issuers
 (ABSs) 939.3 989.2 1,068.9 1,134.2
29 Finance companies 566.4 572.0 579.0 592.7
30 Mortgage companies 32.1 46.8 32.7 33.8
31 Real estate
 investment trusts
 (REITs) 50.6 57.0 58.5 55.7
32 Brokers and dealers 182.6 244.0 198.3 217.5
33 Funding corporations 149.4 173.5 172.6 155.1

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market
 debt 21,278.1 21,783.9 22,286.0 22,764.5

Other liabilities
35 Official foreign
 exchange 48.9 48.2 50.1 54.5
36 Special drawing
 rights certificates 9.2 9.2 9.2 9.2
37 Treasury currency 18.3 18.4 18.4 18.8
38 Foreign deposits 618.8 607.2 630.4 651.7
39 Net interbank
 liabilities 219.4 179.6 189.1 198.7
40 Checkable deposits
 and currency 1,286.6 1,259.2 1,320.7 1,282.3
41 Small time and
 savings deposits 2,474.1 2,525.4 2,531.0 2,553.8
42 Large time deposits 713.4 760.9 754.0 776.5
43 Money market fund
 shares 1,048.7 1,130.7 1,153.7 1,249.7
44 Security repurchase
 agreements 822.4 889.3 861.5 918.9
45 Mutual fund shares 2,989.4 3,339.3 3,438.4 3,137.3
46 Security credit 469.1 505.3 540.6 579.0
47 Life insurance
 reserves 665.0 677.3 690.6 703.5
48 Pension fund reserves 7,894.4 8,583.1 8,730.8 8,194.6
49 Trade payables 1,424.6 1,419.2 1,405.0 1,418.3
50 Taxes payable 140.4 151.7 144.4 154.7
51 Investment in bank
 personal trusts 1,082.8 1,179.5 1,204.9 1,118.9
52 Miscellaneous 6,663.5 6,737.3 6,807.2 7,024.1
53 Total liabilities 49,867.0 51,804.7 52,765.9 52,809.1

Financial assets not
included in
liabilities (+)
54 Gold and special
 drawing rights 21.1 21.2 21.0 21.2
55 Corporate equities 12,776.0 14,397.6 14,556.1 12,758.4
56 Household equity in
 noncorporate
 business 4,213.4 4,039.4 4,255.1 4,265.5

Liabilities not
identified as assets (-)

57 Treasury currency -7.3 -7.4 -7.4 -7.2
58 Foreign deposits 534.0 510.1 540.1 557.6
59 Net interbank
 transactions -32.2 -21.2 -17.1 -15.4
60 Security repurchase
 agreements 153.1 187.4 140.9 175.2
61 Taxes payable 93.5 89.6 95.6 101.9
62 Miscellaneous -2,087.0 -2,259.2 -2,311.2 -2,449.9

Floats not included in
assets (-)
63 Federal government
 checkable deposits -8.1 -10.4 -16.1 -12.0
64 Other checkable
 deposits 26.2 21.4 24.2 15.7
65 Trade credit -314.5 -358.1 -412.2 -440.1

66 Total identified to
 sectors as assets 68,519.7 72,110.7 73,561.4 71,928.4

 1998 1999
Transaction category or
sector
 Q4 Q1 Q2
CREDIT MARKET DEBT
OUTSTANDING(2)

 1 Total credit market
 assets 23,402.9 24,005.5 24,428.7
 2 Domestic nonfederal
 nonfinancial sectors 2,813.0 2,875.4 2,915.9
 3 Household 1,805.8 1,874.9 1,889.2
 4 Nonfinancial
 corporate business 265.4 246.1 257.0
 5 Nonfarm noncorporate
 business 37.4 37.4 37.4
 6 State and local
 governments 704.4 717.1 732.1
 7 Federal government 213.9 218.3 219.9
 8 Rest of the world 2,534.3 2,591.8 2,603.3
 9 Financial sectors 17,841.7 18,320.0 18,689.7
10 Monetary authority 452.5 466.0 485.1
11 Commercial banking 4,335.7 4,338.4 4,383.3
12 U.S.-chartered
 banks 3,761.2 3,782.9 3,847.6
13 Foreign banking
 offices in United
 States 504.2 487.8 465.7
14 Bank holding
 companies 26.5 25.0 25.0
15 Banks in U.S.-
 affiliated areas 43.8 42.7 45.0
16 Savings institutions 964.8 990.8 1,011.4
17 Credit unions 324.2 331.0 342.5
18 Bank personal trusts
 and estates 242.4 243.1 243.7
19 Life insurance
 companies 1,828.0 1,853.7 1,876.0
20 Other insurance
 companies 535.7 530.8 532.1
21 Private pension funds 953.4 968.5 1,006.0
22 State and local
 government
 retirement funds 697.0 715.6 724.9
23 Money market mutual
 funds 965.9 1,036.2 1,001.8
24 Mutual funds 1,025.9 1,050.5 1,078.1
25 Closed-end funds 102.8 103.9 105.0
26 Government-sponsored
 enterprises 1,163.0 1,201.9 1,267.1
27 Federally related
 mortgage pools 2,018.4 2,112.3 2,182.8
28 Asset-backed
 securities issuers
 (ABSs) 1,216.0 1,280.8 1,355.7
29 Finance companies 618.4 639.9 660.9
30 Mortgage companies 35.3 33.0 35.6
31 Real estate
 investment trusts
 (REITs) 45.5 45.9 45.3
32 Brokers and dealers 165.2 211.4 160.2
33 Funding corporations 151.7 166.4 192.2

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market
 debt 23,402.9 24,005.5 24,428.7

Other liabilities
35 Official foreign
 exchange 60.1 53.6 50.9
36 Special drawing
 rights certificates 9.2 8.2 8.2
37 Treasury currency 18.3 18.3 18.5
38 Foreign deposits 639.9 671.8 700.4
39 Net interbank
 liabilities 187.7 180.5 196.4
40 Checkable deposits
 and currency 1,334.2 1,311.5 1,354.3
41 Small time and
 savings deposits 2,626.5 2,638.6 2,646.6
42 Large time deposits 805.5 804.3 809.0
43 Money market fund
 shares 1,334.2 1,416.0 1,398.1
44 Security repurchase
 agreements 875.0 980.3 961.4
45 Mutual fund shares 3,610.5 3,760.8 4,029.9
46 Security credit 577.4 552.7 576.7
47 Life insurance
 reserves 718.3 730.9 747.4
48 Pension fund reserves 9,160.7 9,335.8 9,770.1
49 Trade payables 1,424.3 1,430.4 1,454.6
50 Taxes payable 153.4 159.6 158.4
51 Investment in bank
 personal trusts 1,274.2 1,317.0 1,402.7
52 Miscellaneous 7,094.4 7,087.4 7,184.8
53 Total liabilities 55,306.8 56,463.3 57,897.0

Financial assets not
included in
liabilities (+)
54 Gold and special
 drawing rights 21.6 20.7 20.8
55 Corporate equities 15,437.7 15,970.3 17,137.5
56 Household equity in
 noncorporate
 business 4,288.4 4,293.4 4,257.7

Liabilities not
identified as assets (-)

57 Treasury currency -8.0 -8.4 -8.5
58 Foreign deposits 539.7 555.1 573.5
59 Net interbank
 transactions -27.0 -11.3 -10.0
60 Security repurchase
 agreements 168.4 263.0 255.6
61 Taxes payable 103.9 90.6 108.1
62 Miscellaneous -2,719.9 -2,953.5 -2,998.9

Floats not included in
assets (-)
63 Federal government
 checkable deposits -3.9 -7.2 -12.4
64 Other checkable
 deposits 23.1 18.9 22.1
65 Trade credit -373.7 -415.3 -432.3

66 Total identified to
 sectors as assets 77,351.9 79,215.7 81,816.2


(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.1 and L.5. For ordering address, see inside front cover.

(2.) Excludes corporate equities and mutual fund shares.
COPYRIGHT 1999 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Federal Reserve Bulletin
Geographic Code:1USA
Date:Dec 1, 1999
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