Printer Friendly

Financial and business statistics.

Financial and Business Statistics

A3    GUIDE TO TABLES

      DOMESTIC FINANCIAL STATISTICS

      Money Stock and Bank Credit

A4    Reserves, money stock, and debt measures
A5    Reserves of depository institutions and Reserve Bank
      credit
A6    Reserves and borrowings--Depository
      institutions

      Policy Instruments

A7    Federal Reserve Bank interest rates
A8    Reserve requirements of depository institutions
A9    Federal Reserve open market transactions

      Federal Reserve Banks

A10   Condition and Federal Reserve note statements
A11   Maturity distribution of loan and security
      holding

      Monetary and Credit Aggregates

A12   Aggregate reserves of depository institutions
      and monetary base
A13   Money stock and debt measures

      Commercial Banking Institutions--Assets
      and Liabilities

A15   All commercial banks in the United States
A16   Domestically chartered commercial banks
A17   Large domestically chartered commercial banks
A19   Small domestically chartered commercial banks
A20   Foreign-related institutions

      Financial Markets

A22   Commercial paper outstanding
A22   Prime rate charged by banks on short-term
      business loans
A23   Interest rates--Money and capital markets
A24   Stock market--Selected statistics

      Federal Finance

A25   Federal fiscal and financing operations
A26   U.S. budget receipts and outlays
A27   Federal debt subject to statutory limitation
A27   Gross public debt of U.S. Treasury--Types
      and ownership
A28   U.S. government securities
      dealers--Transactions
A29   U.S. government securities dealers--Positions
      and financing
A30   Federal and federally sponsored credit
      agencies--Debt outstanding

      Securities Markets and Corporate Finance

A31   New security issues--Tax-exempt state and local
      governments and corporations
A32   Open-end investment companies--Net sales
      and assets
A32   Corporate profits and their distribution
A32   Domestic finance companies--Assets and liabilities
A33   Domestic finance companies--Owned and managed
      receivables

      Real Estate

A34   Mortgage markets--New homes
A35   Mortgage debt outstanding

      Consumer Credit

A36   Total outstanding
A36   Terms

      Flow of Funds

A37   Funds raised in U.S. credit markets
A39   Summary of financial transactions
A40   Summary of credit market debt outstanding
A41   Summary of financial assets and liabilities

      DOMESTIC NONFINANCIAL STATISTICS

      Selected Measures

A42   Nonfinancial business activity
A42   Labor force, employment, and unemployment
A43   Output, capacity, and capacity utilization
A44   Industrial production--Indexes and gross value
A46   Housing and construction
A47   Consumer and producer prices
A48   Gross domestic product and income
A49   Personal income and saving

      INTERNATIONAL STATISTICS

      Summary Statistics

A50   U.S. international transactions
A51   U.S. foreign trade
A51   U.S. reserve assets
A51   Foreign official assets held at Federal Reserve
      Banks
A52   Selected U.S. liabilities to foreign official
      institutions

      Reported by Banks in the United States

A52   Liabilities to, and claims on, foreigners
A53   Liabilities to foreigners
A55   Banks' own claims on foreigners
A56   Banks' own and domestic customers' claims on
      foreigners
A56   Banks' own claims on unaffiliated foreigners
A57   Claims on foreign countries--Combined
      domestic offices and foreign branches

      Reported by Nonbanking Business
      Enterprises in the United States

A58   Liabilities to unaffiliated foreigners
A59   Claims on unaffiliated foreigners

      Securities Holdings and Transactions

A60   Foreign transactions in securities
A61   Marketable U.S. Treasury bonds and
      notes--Foreign transactions

      Interest and Exchange Rates

A62   Foreign exchange rates

A63   GUIDE TO STATISTICAL RELEASES AND
      SPECIAL TABLES

      SPECIAL TABLE

A64   Pro forma balance sheet and income statement
      for priced service operations, September 30, 2001

A66   INDEX TO STATISTICAL TABLES
Guide to Tables

SYMBOLS AND ABBREVIATIONS

c        Corrected
e        Estimated
n.a.     Not available
n.e.c.   Not elsewhere classified
p        Preliminary
r        Revised (Notation appears in column heading
           when about half the figures in the column have
           been revised from the most recently published
           table.)
*        Amount insignificant in terms of the last decimal
           place shown in the table (for example, less than
           500,000 when the smallest unit given in millions)
0        Calculated to be zero
...      Cell not applicable
ABS      Asset-backed security
ATS      Automatic transfer service
BIF      Bank insurance fund
CD       Certificate of deposit
CMO      Collateralized mortgage obligation
CRA      Community Reinvestment Act of 1977
FAMC     Federal Agriculture Mortgage Corporation
FFB      Federal Financing Bank
FHA      Federal Housing Administration
FHLBB    Federal Home Loan Bank Board
FHLMC    Federal Home Loan Mortgage Corporation
FmHA     Farmers Home Administration
FNMA     Federal National Mortgage Association
FSA      Farm Service Agency
FSLIC    Federal Savings and Loan Insurance Corporation
G-7      Group of Seven
G-10     Group of Ten
GDP      Gross domestic product
GNMA     Government National Mortgage Association
GSE      Government-sponsored enterprise
HUD      Department of Housing and Urban
           Development
IMF      International Monetary Fund
IOs      Interest only, stripped, mortgage-backed securities
IPCs     Individuals, partnerships, and corporations
IRA      Individual retirement account
MMDA     Money market deposit account
MSA      Metropolitan statistical area
NAICS    North American Industry Classification System
NOW      Negotiable order of withdrawal
OCDs     Other checkable deposits
OPEC     Organization of Petroleum Exporting Countries
OTS      Office of Thrift Supervision
PMI      Private mortgage insurance
POs      Principal only, stripped, mortgage-backed securities
REIT     Real estate investment trust
REMICs   Real estate mortgage investment conduits
RHS      Rural Housing Service
RP       Repurchase agreement
RTC      Resolution Trust Corporation
SCO      Securitized credit obligation
SDR      Special drawing right
SIC      Standard Industrial Classification
TIIS     Treasury inflation-indexed securities
VA       Department of Veterans Affairs


GENERAL INFORMATION

In many of the tables, components do not sum to totals because of rounding.

Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.

"U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.

"State and local government" also includes municipalities, special districts, and other political subdivisions.
1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES

Percent annual rate of change, seasonally adjusted (1)

                            2000                   2001

  Monetary or credit
     aggregate             Q4 (r)   Q1 (r)   Q2 (r)   Q3 (r)   June (r)

   Reserves of
     depository
     institutions (2)
 1 Total                     -9.0     -2.1      1.9     71.7       -3.9
 2 Required                 -11.3     -3.6      4.3     10.4      -14.7
 3 Nonborrowed               -6.7       .4       .9     60.4       -4.4
 4 Monetary base (3)          2.8      6.4      5.4     14.7        5.6

   Concepts of money and
     debt (4)
 5 M1                        -3.3      5.0      5.5     14.5        6.6
 6 M2                         6.0      9.8      9.7     10.7        9.9
 7 M3                         7.3     13.1     14.7      9.7       13.0
 8 Debt                       4.4      4.8      5.9      5.8        6.1

   Nontransaction
     components
 9 In M2 (5)                  8.8     11.2     10.9      9.6       10.8
10 In M3 only (6)            10.4     20.7     25.9      7.6       19.7

   Time and savings
     deposits
   Commercial banks
11   Savings, including
       MMDAs                 12.1     17.4     20.4     19.8       19.1
12   Small time (7)           5.6      2.5     -7.8    -10.3      -10.3
13   Large time (8,9)         4.1     -1.3      -.2     -4.0        9.2
   Thrift institutions
14   Savings, including
       MMDAs                   .4      6.5     22.3     25.3       25.1
15   Small time (7)           9.3      6.5      4.0     -4.8       -3.1
16   Large time (8)          10.6     11.1     12.8     16.0       -8.7

   Money market mutual
     funds
17 Retail                    10.4     12.2      7.0      4.9       10.5
18 Institution-only          20.5     50.8     55.1     21.9       44.9

   Repurchase agreements
     and eurodollars
19 Repurchase
     agreements (10)          2.1     -7.1     21.0     -9.6        1.6
20 Eurodollars (10)          10.3     38.6      8.1      6.4      -16.0

   Debt components (4)
21 Federal                   -8.0     -5.2     -7.0      3.1        1.6
22 Nonfederal                 7.4      7.1      8.7      6.3        7.1

                                            2001

  Monetary or credit
     aggregate             July (r)   Aug. (r)   Sept. (r)   Oct.

   Reserves of
     depository
     institutions (2)
 1 Total                       25.8        8.7       540.1   -266.0
 2 Required                    26.1       14.4         4.4    160.2
 3 Nonborrowed                 24.3       11.8       445.8   -210.8
 4 Monetary base (3)           11.6       15.4        47.2    -19.1

   Concepts of money and
     debt (4)
 5 M1                          13.8        8.6        58.1    -41.3
 6 M2                           9.1        8.2        26.7     -1.5
 7 M3                           6.9         .8        25.0     10.6
 8 Debt                         3.8        6.7         8.0    n.a.

   Nontransaction
     components
 9 In M2 (5)                    7.8        8.1        18.0      9.9
10 In M3 only (6)               2.2      -14.8        21.1     37.0

   Time and savings
     deposits
   Commercial banks
11   Savings, including
       MMDAs                   12.4       24.5        32.9     12.4
12   Small time (7)           -13.9       -7.5        -8.6    -11.2
13   Large time (8,9)         -11.4      -19.4         6.7     23.7
   Thrift institutions
14   Savings, including
       MMDAs                   23.1       24.3        22.9     33.4
15   Small time (7)            -8.2       -9.9        -4.5    -14.9
16   Large time (8)            20.7       31.1        13.6      1.0

   Money market mutual
     funds
17 Retail                      13.4       -9.6        17.1     16.2
18 Institution-only             9.7      -20.1        53.0     76.4

   Repurchase agreements
     and eurodollars
19 Repurchase
     agreements (10)          -12.4      -11.5       -40.8    -11.1
20 Eurodollars (10)            28.5       -4.9        26.8    -12.3

   Debt components (4)
21 Federal                      4.5        7.6        12.3    n.a.
22 Nonfederal                   3.6        6.5         7.1    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

                                            2001

            Factor                Aug.      Sept.         Oct.

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               599,962   628,193       613,448
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             539,769   533,581       541,533
 3     Held under repurchase
         agreements                    0         0             0
     Federal agency
         obligations
 4     Bought outright                10        10            10
 5     Held under repurchase
         agreements                    0         0             0
 6   Repurchase agreements--
       triparty (4)               22,971    44,704        33,035
 7   Acceptances                       0         0             0
     Loans to depository
         institutions
 8     Adjustment credit              23     3,344             9
 9     Seasonal credit               165        89            68
10     Special Liquidity
         Facility credit               0         0             0
11     Extended credit                 0         0             0
12   Float                            35     7,551           490
13   Other Federal Reserve
       assets                     36,989    38,914        38,302

14 Gold stock                     11,044    11,044        11,045
15 Special drawing rights
     certificate account           2,200     2,200         2,200
16 Treasury currency
     outstanding                  32,846    32,984        33,045

   ABSORBING RESERVE FUNDS

17 Currency in circulation       607,335   613,474       615,444
18 Reverse repurchase
     agreements--triparty (4)          0         0             0
19 Treasury cash holdings            413       424           438
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      5,040     6,644         5,234
21   Foreign                          89       292           505
22   Service-related balances
       and adjustments             7,558     7,796         8,160
23   Other                           303       342           262
24 Other Federal Reserve
     liabilities and capital      18,220    19,081        17,892
25 Reserve balances with
     Federal Reserve Banks (5)     7,092    26,368 (r)    11,802

                                      End-of-month figures

                                  Aug.      Sept.         Oct.

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               608,399   619,548       625,350
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             541,807   534,136       544,287
 3     Held under repurchase
         agreements                    0         0             0
     Federal agency
         obligations
 4     Bought outright                10        10            10
 5     Held under repurchase
         agreements                    0         0             0
 6   Repurchase agreements--
       triparty (4)               29,755    47,880        45,050
 7   Acceptances                       0         0             0
     Loans to depository
         institutions
 8     Adjustment credit               6         7            15
 9     Seasonal credit               117        81            40
10     Special Liquidity
         Facility credit               0         0             0
11     Extended credit                 0         0             0
12   Float                           463      -549           244
13   Other Federal Reserve
       assets                     36,241    37,983        35,703

14 Gold stock                     11,044    11,045        11,045
15 Special drawing rights
     certificate account           2,200     2,200         2,200
16 Treasury currency
     outstanding                  32,957    33,013        33,069

   ABSORBING RESERVE FUNDS

17 Currency in circulation       613,266   612,069       616,853
18 Reverse repurchase
     agreements--triparty (4)          0         0             0
19 Treasury cash holdings            416       422           435
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      5,533     9,796         5,112
21   Foreign                          80       609            75
22   Service-related balances
       and adjustments             7,569     8,016         8,223
23   Other                           276       191           271
24 Other Federal Reserve
     liabilities and capital      18,139    17,875        17,773
25 Reserve balances with
     Federal Reserve Banks (5)     9,321    16,829        22,923

                                  Average of daily figures for week
                                      ending on date indicated

                                                 2001

            Factor               Sept. 19       Sept. 26        Oct. 3

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               671,614        611,158        612,892
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             523,359        530,998        534,515
 3     Held under repurchase
         agreements                    0              0              0
     Federal agency
         obligations
 4     Bought outright                10             10             10
 5     Held under repurchase
         agreements                    0              0              0
 6   Repurchase agreements--
       triparty (4)               75,296         39,333         41,250
 7   Acceptances                       0              0              0
     Loans to depository
         institutions
 8     Adjustment credit           1,502          1,065             11
 9     Seasonal credit                95             67             83
10     Special Liquidity
         Facility credit               0              0              0
11     Extended credit                 0              0              0
12   Float                        27,252          1,906           -665
13   Other Federal Reserve
       assets                     44,101         37,778         37,689

14 Gold stock                     11,043         11,043         11,045
15 Special drawing rights
     certificate account           2,200          2,200          2,200
16 Treasury currency
     outstanding                  32,985         32,999         33,013

   ABSORBING RESERVE FUNDS

17 Currency in circulation       615,347        612,964        613,154
18 Reverse repurchase
     agreements--triparty (4)          0              0              0
19 Treasury cash holdings            426            429            422
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      6,291          8,462          7,728
21   Foreign                         157            605            619
22   Service-related balances
       and adjustments             7,707 (r)      8,139 (r)      8,016
23   Other                           382            298            235
24 Other Federal Reserve
     liabilities and capital      20,660         18,787         17,855
25 Reserve balances with
     Federal Reserve Banks (5)    66,873 (r)      7,716         11,121

                                           Wednesday figures

                                 Sept. 19      Sept. 26        Oct. 3

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               607,777        614,659        608,192
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             526,624        526,817        537,834
 3     Held under repurchase
         agreements                    0              0              0
     Federal agency
         obligations
 4     Bought outright                10             10             10
 5     Held under repurchase
         agreements                    0              0              0
 6   Repurchase agreements--
       triparty (4)               39,600         51,290         32,755
 7   Acceptances                       0              0              0
     Loans to depository
         institutions
 8     Adjustment credit           2,587             20              0
 9     Seasonal credit                87             75             85
10     Special Liquidity
         Facility credit               0              0              0
11     Extended credit                 0              0              0
12   Float                         1,258         -1,560             50
13   Other Federal Reserve
       assets                     37,613         38,007         37,459

14 Gold stock                     11,043         11,043         11,045
15 Special drawing rights
     certificate account           2,200          2,200          2,200
16 Treasury currency
     outstanding                  32,985         32,999         33,013

   ABSORBING RESERVE FUNDS

17 Currency in circulation       615,464        613,590        615,245
18 Reverse repurchase
     agreements--triparty (4)          0              0              0
19 Treasury cash holdings            430            422            426
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      5,413          9,668          5,972
21   Foreign                         258            635            609
22   Service-related balances
       and adjustments             7,707 (r)      8,139 (r)      8,016
23   Other                           288            237            283
24 Other Federal Reserve
     liabilities and capital      20,071         17,760         17,663
25 Reserve balances with
     Federal Reserve Banks (5)     4,374 (r)     10,450 (r)      6,237

                                    Average of daily figures for week
                                         ending on date indicated

                                                  2001

            Factor               Oct. 10   Oct. 17   Oct. 24   Oct. 31

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               615,543   616,686   606,617   617,176
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             540,135   541,322   543,577   543,435
 3     Held under repurchase
         agreements                    0         0         0         0
     Federal agency
         obligations
 4     Bought outright                10        10        10        10
 5     Held under repurchase
         agreements                    0         0         0         0
 6   Repurchase agreements--
       triparty (4)               32,719    33,154    27,405    37,843
 7   Acceptances                       0         0         0         0
     Loans to depository
         institutions
 8     Adjustment credit               8         7        10        10
 9     Seasonal credit                81        67        64        54
10     Special Liquidity
         Facility credit               0         0         0         0
11     Extended credit                 0         0         0         0
12   Float                         1,737       915       -38      -146
13   Other Federal Reserve
       assets                     40,852    41,213    35,589    35,968

14 Gold stock                     11,045    11,045    11,045    11,045
15 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
16 Treasury currency
     outstanding                  33,027    33,041    33,055    33,069

   ABSORBING RESERVE FUNDS

17 Currency in circulation       616,701   616,113   614,807   614,653
18 Reverse repurchase
     agreements--triparty (4)          0         0         0         0
19 Treasury cash holdings            428       442       451       438
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      5,076     4,722     5,321     5,121
21   Foreign                         649       632       579       112
22   Service-related balances
       and adjustments             8,327     8,096     8,057     8,223
23   Other                           283       257       262       236
24 Other Federal Reserve
     liabilities and capital      17,898    17,958    17,844    17,879
25 Reserve balances with
     Federal Reserve Banks (5)    12,454    14,753     5,595    16,827

                                           Wednesday figures

                                 Oct. 10   Oct. 17   Oct. 24   Oct. 31

   SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               620,130   624,125   610,745   625,350
     U.S. government
         securities (2)
 2     Bought outright--System
         account (3)             540,111   544,024   544,190   544,287
 3     Held under repurchase
         agreements                    0         0         0         0
     Federal agency
         obligations
 4     Bought outright                10        10        10        10
 5     Held under repurchase
         agreements                    0         0         0         0
 6   Repurchase agreements--
       triparty (4)               33,505    37,045    30,050    45,050
 7   Acceptances                       0         0         0         0
     Loans to depository
         institutions
 8     Adjustment credit              46         1        42        15
 9     Seasonal credit                75        64        60        40
10     Special Liquidity
         Facility credit               0         0         0         0
11     Extended credit                 0         0         0         0
12   Float                         5,323     1,640       646       244
13   Other Federal Reserve
       assets                     41,061    41,342    35,747    35,703

14 Gold stock                     11,045    11,045    11,045    11,045
15 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
16 Treasury currency
     outstanding                  33,027    33,041    33,055    33,069

   ABSORBING RESERVE FUNDS

17 Currency in circulation       618,009   616,220   615,437   616,853
18 Reverse repurchase
     agreements--triparty (4)          0         0         0         0
19 Treasury cash holdings            440       453       439       435
   Deposits, other than
       reserve balances, with
       Federal Reserve Banks
20   Treasury                      5,107     5,038     4,297     5,112
21   Foreign                         603       744       282        75
22   Service-related balances
       and adjustments             8,327     8,096     8,057     8,223
23   Other                           259       256       251       271
24 Other Federal Reserve
     liabilities and capital      17,838    17,734    17,597    17,773
25 Reserve balances with
     Federal Reserve Banks (5)    15,819    21,872    10,685    22,923

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

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

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

(4.) Cash value of agreements arranged through third-party custodial
banks. These agreements are collateralized by U.S. government and
federal agency securities.

(5.) Excludes required clearing balances and adjustments to
compensate for float.
1.12 RESERVES AND BORROWINGS Depository Institutions (1)

Millions of dollars

                                Prorated monthly averages of
                                     biweekly averages

                              1998          1999          2000

      Reserve
   classification             Dec.          Dec.        Dec. (r)

 1 Reserve balances
     with Reserve
     Banks (2)                9,026         5,262         7,022
 2 Total vault
       cash (3)              44,294        60,619        45,245
 3   Applied vault
       cash (4)              36,183        36,392        31,451
 4   Surplus vault
       cash (5)               8,111        24,227        13,794
 5 Total reserves (6)        45,209        41,654        38,473
 6   Required
       reserves              43,695        40,357        37,046
 7   Excess reserve
       balances at
       Reserve
       Banks (7)              1,514         1,297         1,427
 8 Total borrowing at
       Reserve Banks            117           320           210
 9   Adjustment                 101           179            99
10   Seasonal                    15            67           111
11   Special
       Liquidity
       Facility (8)               0            74             0
12   Extended
       credit (9)                 0             0             0

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

                                         2001

                        June 27 (r)   July 11 (r)   July 25 (r)

 1 Reserve balances
     with Reserve
     Banks (2)                7,257         7,346         7,927
 2 Total vault
       cash (3)              43,820        44,214        43,328
 3   Applied vault
       cash (4)              31,961        31,429        31,478
 4   Surplus vault
       cash (5)              11,859        12,785        11,850
 5 Total reserves (6)        39,218        38,775        39,405
 6   Required
       reserves              37,797        37,241        38,043
 7   Excess reserve
       balances at
       Reserve
       Banks (7)              1,421         1,534         1,361
 8 Total borrowing at
       Reserve Banks            166           244           344
 9   Adjustment                  36            89           159
10   Seasonal                   130           155           185
11   Special
       Liquidity
       Facility (8)             ...           ...           ...
12   Extended
       credit (9)                 0             0             0

                              Prorated monthly averages of
                                   biweekly averages

                            2001

      Reserve
   classification         Apr. (r)       May (r)      June (r)

 1 Reserve balances
     with Reserve
     Banks (2)               6,860         7,604         7,041
 2 Total vault
       cash (3)             43,672        43,267        43,139
 3   Applied vault
       cash (4)             31,729        31,771        31,174
 4   Surplus vault
       cash (5)             11,943        11,497        11,966
 5 Total reserves (6)       38,589        39,374        38,215
 6   Required
       reserves             37,312        38,355        36,855
 7   Excess reserve
       balances at
       Reserve
       Banks (7)             1,277         1,019         1,360
 8 Total borrowing at
       Reserve Banks            51           213           229
 9   Adjustment                 15           134           110
10   Seasonal                   35            79           120
11   Special
       Liquidity
       Facility (8)            ...           ...           ...
12   Extended
       credit (9)                0             0             0

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

                                          2001

                        Aug. 8 (r)   Aug. 22 (r)   Sept. 5 (r)

 1 Reserve balances
     with Reserve
     Banks (2)               7,642         7,029         8,287
 2 Total vault
       cash (3)             44,716        44,326        42,883
 3   Applied vault
       cash (4)             32,298        32,111        31,739
 4   Surplus vault
       cash (5)             12,418        12,215        11,145
 5 Total reserves (6)       39,940        39,140        40,026
 6   Required
       reserves             38,799        38,088        38,523
 7   Excess reserve
       balances at
       Reserve
       Banks (7)             1,141         1,052         1,502
 8 Total borrowing at
       Reserve Banks           214           184           156
 9   Adjustment                 27             9            29
10   Seasonal
11   Special                   188           175           127
       Liquidity
       Facility (8)            ...           ...           ...
12   Extended
       credit (9)                0             0             0

                                  Prorated monthly averages of
                                       biweekly averages

                                              2001

      Reserve
   classification           July (r)     Aug. (r)   Sept. (r)     Oct.

 1 Reserve balances
     with Reserve
     Banks (2)                 7,665        7,552      25,564    12,127
 2 Total vault
       cash (3)               43,911       44,007      43,436    45,022
 3   Applied vault
       cash (4)               31,619       32,051      31,940    32,477
 4   Surplus vault
       cash (5)               12,291       11,956      11,496    12,546
 5 Total reserves (6)         39,285       39,603      57,504    44,604
 6   Required
       reserves               37,904       38,397      38,491    43,590
 7   Excess reserve
       balances at
       Reserve
       Banks (7)               1,380        1,206      19,013     1,015
 8 Total borrowing at
       Reserve Banks             283          183       3,385       127
 9   Adjustment                  109           19       3,292        60
10   Seasonal                    174          164          93        67
11   Special
       Liquidity
       Facility (8)              ...          ...         ...       ...
12   Extended
       credit (9)                  0            0           0         0

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

                                              2001

                        Sept. 19 (r)   Oct. 3 (r)     Oct. 17   Oct. 31

 1 Reserve balances
     with Reserve
     Banks (2)                44,460        9,368      13,635    11,212
 2 Total vault
       cash (3)               42,992       44,254      45,739    44,471
 3   Applied vault
       cash (4)               30,976       33,260      32,392    32,394
 4   Surplus vault
       cash (5)               12,016       10,994      13,347    12,077
 5 Total reserves (6)         75,436       42,628      46,027    43,606
 6   Required
       reserves               37,301       39,992      45,187    42,763
 7   Excess reserve
       balances at
       Reserve
       Banks (7)              38,134        2,635         839       842
 8 Total borrowing at
       Reserve Banks           6,717          613          82        69
 9   Adjustment                6,622          538           8        10
10   Seasonal
11   Special                      95           75          74        59
       Liquidity
       Facility (8)              ...          ...         ...       ...
12   Extended
       credit (9)                  0            0           0         0

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

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

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

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

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

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

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

(8.) Borrowing at the discount window under the terms and
conditions established for the Century Date Change Special
Liquidity Facility in effect from October 1, 1999, through
April 7, 2000.

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

Percent per year

                         Current and previous levels

                            Adjustment credit (1)

Federal Reserve      On
     Bank         12/14/01   Effective date   Previous rate

Boston              1.25        12/11/01          1.50
New York            1.25        12/11/01          1.50
Philadelphia        1.25        12/11/01          1.50
Cleveland           1.25        12/13/01          1.50
Richmond            1.25        12/13/01          1.50
Atlanta             1.25        12/13/01          1.50

Chicago             1.25        12/11/01          1.50
St. Louis           1.25        12/12/01          1.50
Minneapolis         1.25        12/13/01          1.50
Kansas City         1.25        12/13/01          1.50
Dallas              1.25        12/13/01          1.50
San Francisco       1.25        12/11/01          1.50

                       Current and previous levels

                           Seasonal credit (2)

Federal Reserve      On
     Bank         12/14/01   Effective date   Previous rate

Boston              1.90        12/13/01          2.00
New York            1.90        12/13/01          2.00
Philadelphia        1.90        12/13/01          2.00
Cleveland           1.90        12/13/01          2.00
Richmond            1.90        12/13/01          2.00
Atlanta             1.90        12/13/01          2.00

Chicago             1.90        12/13/01          2.00
St. Louis           1.90        12/13/01          2.00
Minneapolis         1.90        12/13/01          2.00
Kansas City         1.90        12/13/01          2.00
Dallas              1.90        12/13/01          2.00
San Francisco       1.90        12/13/01          2.00

                         Current and previous levels

                            Extended credit (3)

Federal Reserve      On
     Bank         12/14/01   Effective date   Previous rate

Boston              2.40        12/13/01          2.50
New York            2.40        12/13/01          2.50
Philadelphia        2.40        12/13/01          2.50
Cleveland           2.40        12/13/01          2.50
Richmond            2.40        12/13/01          2.50
Atlanta             2.40        12/13/01          2.50

Chicago             2.40        12/13/01          2.50
St. Louis           2.40        12/13/01          2.50
Minneapolis         2.40        12/13/01          2.50
Kansas City         2.40        12/13/01          2.50
Dallas              2.40        12/13/01          2.50
San Francisco       2.40        12/13/01          2.50

Range of rates for adjustment credit in recent years (4)

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

In effect Dec. 31, 1981       12          12

1982-July  20               11.5-12       11.5
           23                11.5         11.5
     Aug.   2               11-11.5       11
            3                 11          11
           16                10.5         10.5
           27               10-10.5       10
           30                 10          10
     Oct.  12               9.5-10         9.5
           13                 9.5          9.5
     Nov.  22                9-9.5         9
           26                  9           9
     Dec.  14                8.5-9         9
           15                8.5-9         8.5
           17                 8.5          8.5

1984-Apr.   9                8.5-9         9
           13                  9           9
     Nov.  21                8.5-9         8.5
           26                 8.5          8.5
     Dec.  24                  8           8

1985-May   20                7.5-8         7.5
           24                 7.5          7.5

1986-Mar.   7                7-7.5         7
           10                  7           7
     Apr.  21                6.5-7         6.5
           23                 6.5          6.5
     July  11                  6           6
     Aug.  21                5.5-6         5.5
           22                 5.5          5.5

1987-Sept.  4                5.5-6         6
           11                  6           6

1988-Aug.   9                6-6.5         6.5
           11                 6.5          6.5

1989-Feb.  24                6.5-7         7
           27                  7           7

1990-Dec.  19                 6.5          6.5

1991-Feb.   1                6-6.5         6
            4                  6           6
     Apr.  30                5.5-6         5.5
     May    2                 5.5          5.5

1991-Sept. 13                5-5.5         5
           17                  5           5
     Nov.   6                4.5-5         4.5
            7                 4.5          4.5
     Dec.  20               3.5-4.5        3.5
           24                 3.5          3.5

1992-July   2                3-3.5         3
            7                  3           3

1994-May   17                3-3.5         3.5
           18                 3.5          3.5
     Aug.  16                3.5-4         4
           18                  4           4
     Nov.  15               4-4.75         4.75
           17                4.75          4.75

1995-Feb.   1              4.75-5.25       5.25
            9                5.25          5.25

1996-Jan.  31              5.00-5.25       5.00
     Feb.   3                5.00          5.00

1998-Oct.  15              4.75-5.00       4.75
           16                4.75          4.75
     Nov.  17              4.50-4.75       4.50
           19                4.50          4.50

1999-Aug.  24              4.50-4.75       4.75
           26                4.75          4.75
     Nov.  16              4.75-5.00       4.75
           18                5.00          5.00

2000-Feb.   2              5.00-5.25       5.25
            4                5.25          5.25
     Mar.  21              5.25-5.50       5.50
           23                5.50          5.50
     May   16              5.50-6.00       5.50
           19                6.00          6.00

2001-Jan.   3              5.75-6.00       5.75
            4              5.50-5.75       5.50
            5                5.50          5.50
           31              5.00-5.50       5.00
     Feb.   1                5.00          5.00
     Mar.  20              4.50-5.00       4.50
           21                4.50          4.50
     Apr.  18              4.00-4.50       4.00
           20                4.00          4.00

2001-May   15              3.50-4.00       3.50
           17                3.50          3.50
     June  27              3.25-3.50       3.25
           29                3.25          3.25
     Aug.  21              3.00-3.25       3.00
           23                3.00          3.00
     Sept. 17              2.50-3.00       2.50
           18                2.50          2.50
     Oct.   2              2.00-2.50       2.00
            4                2.00          2.00
     Nov.   6              1.50-2.00       1.50
            8                1.50          1.50
     Dec.  11              1.25-1.50       1.25
           13                1.25          1.25

In effect Dec. 14, 2001      1.25          1.25

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

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

(3.) May be made available to depository institutions when similar
assistance is not reasonably available from other sources, including
special industry lenders. Such credit may be provided when exceptional
circumstances (including sustained deposit drains, impaired access to
money market funds, or sudden deterioration in loan repayment
performance) or practices 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.) For earlier data, see the following publications of the Board of
Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970;
and the Annual Statistical Digest, 1970-1979, and 1980-1989. See also
the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).
1.51 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)

                                            Requirement

                                  Percentage of
        Type of deposit             deposits      Effective date

  Net transaction accounts (2)
1 $0 million-$42.8 million (3)          3            12/30/99
2 More than $42.8 million (4)          10            12/30/99

3 Nonpersonal time deposits (5)         0            12/27/90

4 Eurocurrency liabilities (6)          0            12/27/90

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

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

(3.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change
in transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance
period beginning December 28, 2000, for depository institutions that
report weekly, and with the period beginning January 18, 2001, for
institutions that report quarterly, the amount was decreased
from $44.3 million to $42.8 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 28, 2000, for depository
institutions that report weekly, and with the period beginning January
18, 2001, for institutions that report quarterly, the exemption was
raised from $5.0 million to $5.5 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 1.5
years was reduced from 3 percent to 1.5 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 1.5 years was reduced from 3 percent to zero on
Jan. 17, 1991.

The reserve requirement on nonpersonal time deposits with an original
maturity of 1.5 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 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS (1)

Millions of dollars

       Type of transaction
           and maturity             1998        1999        2000

   U.S. TREASURY SECURITIES (2)

   Outright transactions
     (excluding matched
     transactions)
   Treasury bills
 1   Gross purchases                  3,550           0       8,676
 2   Gross sales                          0           0           0
 3   Exchanges                      450,835     464,218     477,904
 4   For new bills                  450,835     464,218     477,904
 5   Redemptions                      2,000           0      24,522
   Others within one year
 6   Gross purchases                  6,297      11,895       8,809
 7   Gross sales                          0           0           0
 8   Maturity shifts                 46,062      50,590      62,025
 9   Exchanges                      -49,434     -53,315     -54,656
10   Redemptions                      2,676       1,429       3,779
   One to five years
11   Gross purchases                 12,901      19,731      14,482
12   Gross sales                          0           0           0
13   Maturity shifts                -37,777     -44,032     -52,068
14   Exchanges                       37,154      42,604      46,177
   Five to ten years
15   Gross purchases                  2,294       4,303       5,871
16   Gross sales                          0           0           0
17   Maturity shifts                 -5,908      -5,841      -6,801
18   Exchanges                        7,439       7,583       6,585
   More than ten years
19   Gross purchases                  4,884       9,428       5,833
20   Gross sales                          0           0           0
21   Maturity shifts                 -2,377        -717      -3,155
22   Exchanges                        4,842       3,139       1,894
   All maturities
23   Gross purchases                 29,926      45,357      43,670
24   Gross sales                          0           0           0
25   Redemptions                      4,676       1,429      28,301

   Matched transactions
26   Gross purchases              4,430,457   4,413,430   4,399,257
27   Gross sales                  4,434,358   4,431,685   4,381,188

   Repurchase agreements
28   Gross purchases                512,671     281,599           0
29   Gross sales                    514,186     301,273           0

30 Net change in U.S. Treasury
     securities                      19,835       5,999      33,439

    FEDERAL AGENCY OBLIGATIONS

   Outright transactions
31   Gross purchases                      0           0           0
32   Gross sales                         25           0           0
33   Redemptions                        322         157          51

   Repurchase agreements
34   Gross purchases                284,316     360,069           0
35   Gross sales                    276,266     370,772           0

36 Net change in federal agency
     obligations                      7,703     -10,859         -51

   Reverse repurchase
       agreements
37   Gross purchases                      0           0           0
38   Gross sales                          0           0           0

   Repurchase agreements
39   Gross purchases                      0     304,989     890,236
40   Gross sales                          0     164,349     987,501

41 Net change in triparty
     obligations                          0     140,640     -97,265

42 Total net change in System
     Open Market Account             27,538     135,780     -63,877

                                                 2001

       Type of transaction
           and maturity            Mar.      Apr.       May      June

   U.S. TREASURY SECURITIES (2)

   Outright transactions
     (excluding matched
     transactions)
   Treasury bills
 1   Gross purchases                  579       308       624     2,165
 2   Gross sales                        0         0         0         0
 3   Exchanges                     46,712    38,317    47,112    40,363
 4   For new bills                 46,712    38,317    47,112    40,363
 5   Redemptions                      211     3,537     3,939         0
   Others within one year
 6   Gross purchases                   67     3,027     2,174     1,410
 7   Gross sales                        0         0         0         0
 8   Maturity shifts                    0    12,204     8,117         0
 9   Exchanges                          0    -7,000    -8,965         0
10   Redemptions                        0     4,368     2,287         0
   One to five years
11   Gross purchases                1,883     4,480     2,685     1,428
12   Gross sales                        0         0         0         0
13   Maturity shifts                    0   -12,204    -1,913         0
14   Exchanges                          0     7,000     6,508         0
   Five to ten years
15   Gross purchases                    0     1,390       657         0
16   Gross sales                        0         0         0         0
17   Maturity shifts                    0         0    -5,130         0
18   Exchanges                          0         0     2,457         0
   More than ten years
19   Gross purchases                1,000       913     1,241     1,419
20   Gross sales                        0         0         0         0
21   Maturity shifts                    0         0    -1,074         0
22   Exchanges                          0         0         0         0
   All maturities
23   Gross purchases                3,529    10,118     7,380     6,422
24   Gross sales                        0         0         0         0
25   Redemptions                      211     7,905     6,226         0

   Matched transactions
26   Gross purchases              396,029   381,667   398,039   367,462
27   Gross sales                  395,151   381,895   397,600   366,411

   Repurchase agreements
28   Gross purchases                    0         0         0         0
29   Gross sales                        0         0         0         0

30 Net change in U.S. Treasury
     securities                     4,196     1,984     1,592     7,472

    FEDERAL AGENCY OBLIGATIONS

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

   Repurchase agreements
34   Gross purchases                    0         0         0         0
35   Gross sales                        0         0         0         0

36 Net change in federal agency
     obligations                        0         0         0         0

   Reverse repurchase
       agreements
37   Gross purchases                    0         0         0         0
38   Gross sales                        0         0         0         0

   Repurchase agreements
39   Gross purchases               86,472    85,166   120,135    65,005
40   Gross sales                   88,142    82,154   114,832    72,065

41 Net change in triparty
     obligations                   -1,670     3,012     5,303    -7,060

42 Total net change in System
     Open Market Account            2,526     4,996     6,895       412

                                            2001

       Type of transaction
           and maturity            July      Aug.      Sept.

   U.S. TREASURY SECURITIES (2)

   Outright transactions
     (excluding matched
     transactions)
   Treasury bills
 1   Gross purchases                  718     2,899       348
 2   Gross sales                        0         0         0
 3   Exchanges                     42,001    55,231    42,268
 4   For new bills                 42,001    55,231    42,268
 5   Redemptions                        0         0     1,543
   Others within one year
 6   Gross purchases                  235     1,385         0
 7   Gross sales                        0         0         0
 8   Maturity shifts                7,088     9,379         0
 9   Exchanges                     -7,667    -6,873         0
10   Redemptions                    4,668     1,055         0
   One to five years
11   Gross purchases                4,193       810       851
12   Gross sales                        0         0         0
13   Maturity shifts                1,838    -9,379         0
14   Exchanges                      7,667     5,290         0
   Five to ten years
15   Gross purchases                  756       935         0
16   Gross sales                        0         0         0
17   Maturity shifts               -8,926     1,043         0
18   Exchanges                          0     1,043         0
   More than ten years
19   Gross purchases                  815       720         0
20   Gross sales                        0         0         0
21   Maturity shifts                    0    -1,043         0
22   Exchanges                          0       540         0
   All maturities
23   Gross purchases                6,716     6,749     1,199
24   Gross sales                        0         0         0
25   Redemptions                    4,668     1,055     1,543

   Matched transactions
26   Gross purchases              392,721   406,143   508,129
27   Gross sales                  394,381   405,627   515,429

   Repurchase agreements
28   Gross purchases                    0         0         0
29   Gross sales                        0         0         0

30 Net change in U.S. Treasury
     securities                       388     6,211    -7,645

    FEDERAL AGENCY OBLIGATIONS

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

   Repurchase agreements
34   Gross purchases                    0         0         0
35   Gross sales                        0         0         0

36 Net change in federal agency
     obligations                        0         0         0

   Reverse repurchase
       agreements
37   Gross purchases                    0         0         0
38   Gross sales                        0         0         0

   Repurchase agreements
39   Gross purchases              106,355   103,255   406,930
40   Gross sales                  103,255    99,850   388,805

41 Net change in triparty
     obligations                    3,100     3,405    18,125

42 Total net change in System
     Open Market Account            3,488     9,616    10,480

(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 Note Statements (1)

Millions of dollars

                                             Wednesday

                                               2001

             Account              Oct. 3    Oct. 10   Oct. 17   Oct. 24

                                     Consolidated condition statement

              ASSETS

 1 Gold certificate account        11,045    11,045    11,045    11,045
 2 Special drawing rights
     certificate account            2,200     2,200     2,200     2,200
 3 Coin                             1,122     1,110     1,105     1,113

   Loans
 4 To depository institutions          85       121        65       102
 5 Other                                0         0         0         0
 6 Acceptances held under
     repurchase agreements              0         0         0         0

   Triparty obligations
 7 Repurchase agreements--
     triparty (2)                  32,755    33,505    37,045    30,050

   Federal agency
     obligations (3)
 8 Bought outright                     10        10        10        10
 9 Held under repurchase
     agreements                         0         0         0         0

10 Total U.S. Treasury
     securities (3)               537,834   540,111   544,024   544,190

11 Bought outright (4)            537,834   540,l11   544,024   544,190
12   Bills                        179,276   181,553   183,373   183,033
13   Notes                        256,557   256,557   258,389   258,389
14   Bonds                        102,001   102,001   102,261   102,768
15 Held under repurchase
     agreements                         0         0         0         0

16 Total loans and securities     570,684   573,747   581,144   574,352

17 Items in process of
     collection                    10,074    16,088     8,097     7,709
18 Bank premises                    1,509     1,510     1,511     1,514

   Other assets
19 Denominated in foreign
     currencies (5)                15,341    15,311    15,233    15,009
20 All other (6)                   20,492    20,935    21,278    21,751

21 Total assets                   632,467   641,946   641,612   634,694

           LIABILITIES

22 Federal Reserve notes          583,780   586,533   584,736   583,933
23 Reverse repurchase
     agreements--triparty (2)           0         0         0         0

24 Total deposits                  22,242    26,413    31,333    25,958

25 Depository institutions         15,378    20,445    25,295    21,128
26 U.S. Treasury--General
     account                        5,972     5,107     5,038     4,297
27 Foreign--Official accounts         609       603       744       282
28 Other                              283       259       256       251

29 Deferred credit items            8,782    11,162     7,810     7,205
30 Other liabilities and
     accrued dividends (7)          2,926     2,916     2,847     2,827

31 Total liabilities              617,730   627,024   626,725   619,923

         CAPITAL ACCOUNTS

32 Capital paid in                  7,266     7,268     7,271     7,275
33 Surplus                          6,745     6,741     6,744     6,735
34 Other capital accounts             725       913       872       760

35 Total liabilities and
     capital accounts             632,467   641,946   641,612   634,694

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

                                      Federal Reserve note statement

37 Federal Reserve notes
       outstanding (issued to
       Banks)                     742,915   743,447   743,345   742,877
38   LESS: Held by Federal
       Reserve Banks              159,136   156,915   158,610   158,944
39   Federal Reserve notes, net   583,780   586,533   584,736   583,933

   Collateral held against
     notes, net
40 Gold certificate account        11,045    11,045    11,045    11,045
41 Special drawing rights
     certificate account            2,200     2,200     2,200     2,200
42 Other eligible assets                0         0         0         0
43 U.S. Treasury and agency
     securities                   570,535   573,288   571,491   570,689

44 Total collateral               583,780   586,533   584,736   583,933

                                  Wednes-
                                    day            End of month

                                   2001                2001

             Account              Oct. 31    Aug.      Sept.     Oct.

                                    Consolidated condition statement

              ASSETS

 1 Gold certificate account        11,045    11,044    11,045    11,045
 2 Special drawing rights
     certificate account            2,200     2,200     2,200     2,200
 3 Coin                             1,123     1,096     1,141     1,123

   Loans
 4 To depository institutions          55       123        88        55
 5 Other                                0         0         0         0
 6 Acceptances held under
     repurchase agreements              0         0         0         0

   Triparty obligations
 7 Repurchase agreements--
     triparty (2)                  45,050    29,755    47,880    45,050

   Federal agency
     obligations (3)
 8 Bought outright                     10        10        10        10
 9 Held under repurchase
     agreements                         0         0         0         0

10 Total U.S. Treasury
     securities (3)               544,287   541,807   534,136   544,287

11 Bought outright (4)            544,287   541,807   534,136   544,287
12   Bills                        182,652   183,600   175,104   182,652
13   Notes                        258,389   256,196   257,030   258,389
14   Bonds                        103,246   102,012   102,002   103,246
15 Held under repurchase
     agreements                         0         0         0         0

16 Total loans and securities     589,403   571,694   582,114   589,403

17 Items in process of
     collection                     7,676     5,821     5,089     7,676
18 Bank premises                    1,513     1,510     1,508     1,513

   Other assets
19 Denominated in foreign
     currencies (5)                15,090    15,365    15,366    15,090
20 All other (6)                   21,633    19,203    20,947    21,633

21 Total assets                   649,682   627,932   639,410   649,682

           LIABILITIES

22 Federal Reserve notes          585,342   581,820   580,619   585,342
23 Reverse repurchase
     agreements--triparty (2)           0         0         0         0

24 Total deposits                  38,735    22,808    35,532    38,735

25 Depository institutions         33,278    16,918    24,937    33,278
26 U.S. Treasury--General
     account                        5,112     5,533     9,796     5,112
27 Foreign--Official accounts          75        80       609        75
28 Other                              271       276       191       271

29 Deferred credit items            7,833     5,166     5,384     7,833
30 Other liabilities and
     accrued dividends (7)          2,773     3,137     2,971     2,773

31 Total liabilities              634,683   612,931   624,506   612,931

         CAPITAL ACCOUNTS

32 Capital paid in                  7,269     7,191     7,266     7,269
33 Surplus                          6,738     6,747     6,741     6,738
34 Other capital accounts             993     1,063       896       993

35 Total liabilities and
     capital accounts             649,682   627,932   639,410   649,682

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

                                      Federal Reserve note statement

37 Federal Reserve notes
       outstanding (issued to
       Banks)                     741,957   739,560   742,539   741,957
38   LESS: Held by Federal
       Reserve Banks              156,615   157,740   161,920   156,615
39   Federal Reserve notes, net   585,342   581,820   580,619   585,342

   Collateral held against
     notes, net
40 Gold certificate account        11,045    11,044    11,045    11,045
41 Special drawing rights
     certificate account            2,200     2,200     2,200     2,200
42 Other eligible assets                0         0         0         0
43 U.S. Treasury and agency
     securities                   572,097   568,576   567,374   572,097

44 Total collateral               585,342   581,820   580,619   585,342

(1.) Some of the data in this table also appear in the Board's H.4.1
(503) weekly statistical release. For ordering address, see inside
front cover.

(2.) Cash value of agreements arranged through third-party custodial
banks.

(3.) Face value of the securities.

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

(5.) Valued monthly at market exchange rates.

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

(7.) Includes exchange-translation account reflecting the monthly
revaluation at market exchange rates of foreign exchange commitments.
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security
Holding

Millions of dollars

                                               Wednesday

                                                 2001

   Type of holding and maturity   Oct. 3    Oct. 10   Oct. 17   Oct. 24

 1 Total loans                         85       121        65       102

 2 Within fifteen days (1)             15        54        61        98
 3 Sixteen days to ninety days         70        67         4         4
 4 91 days to 1 year                    0         0         0         0

 5 Total U.S. Treasury
     securities (2)               537,834   540,111   544,024   544,190

 6 Within fifteen days (1)         15,876    13,296    22,407    22,095
 7 Sixteen days to ninety days    116,513   122,288   115,828   116,721
 8 Ninety-one days to one year    129,490   128,573   130,569   129,647
 9 One year to five years         141,805   141,805   146,198   146,198
10 Five years to ten years         55,570    55,570    50,204    50,204
11 More than ten years             78,579    78,579    78,817    79,324

12 Total federal agency
     obligations                       10        10        10        10

13 Within fifteen days (1)              0         0         0         0
14 Sixteen clays to ninety days         0         0         0         0
15 Ninety-one days to one year          0         0         0         0
16 One year to five years              10        10        10        10
17 Five years to ten years              0         0         0         0
18 More than ten years                  0         0         0         0

                                  Wednes-
                                    day            End of month

                                   2001                2001

   Type of holding and maturity   Oct. 31    Aug.      Sept.     Oct.

 1 Total loans                         55       123        88        55

 2 Within fifteen days (1)             44       106        69        44
 3 Sixteen days to ninety days         11        17        19        11
 4 91 days to 1 year                    0         0         0         0

 5 Total U.S. Treasury
     securities (2)               544,287   541,807   534,137   544,287

 6 Within fifteen days (1)         19,638     3,906    10,737    19,638
 7 Sixteen days to ninety days    113,438   125,620   117,454   113,438
 8 Ninety-one days to one year    134,127   136,653   129,491   134,127
 9 One year to five years         147,078   141,453   142,304   147,078
10 Five years to ten years         50,204    55,584    55,571    50,204
11 More than ten years             79,802    78,590    78,581    79,802

12 Total federal agency
     obligations                       10        10        10        10

13 Within fifteen days (1)              0         0         0         0
14 Sixteen clays to ninety days         0         0         0         0
15 Ninety-one days to one year          0         0         0         0
16 One year to five years              10        10        10        10
17 Five years to ten years              0         0         0         0
18 More than ten years                  0         0         0         0

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

(2.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND
MONETARY BASE (1)

Billions of dollars, averages of daily figures

                                                             2000
                                  1997     1998     1999     Dec.
              Item                Dec.     Dec.     Dec.     (r)

                                        Seasonally adjusted

          ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (2)

 1 Total reserves (3)             46.85    45.18    41.78    38.44
 2 Nonborrowed reserves (4)       46.52    45.07    41.46    38.23
 3 Nonborrowed reserves plus
     extended credit (5)          46.52    45.07    41.46    38.23
 4 Required reserves              45.16    43.67    40.48    37.01
 5 Monetary base (6)             479.47   513.49   593.09   583.82

                                       Not seasonally adjusted

 6 Total reserves (7)             48.01    45.31    41.89    38.53
 7 Nonborrowed reserves           47.69    45.19    41.57    38.32
 8 Nonborrowed reserves plus
     extended credit (5)          47.69    45.19    41.57    38.32
 9 Required reserves (8)          46.33    43.80    40.59    37.10
10 Monetary base (9)             484.98   518.27   600.72   590.06

        NOT ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (10)

11 Total reserves (11)            47.92    45.21    41.65    38.47
12 Nonborrowed reserves           47.60    45.09    41.33    38.26
13 Nonborrowed reserves plus
     extended credit (5)          47.60    45.09    41.33    38.26
14 Required reserves              46.24    43.70    40.36    37.05
15 Monetary base (12)            491.79   525.06   608.02   596.98
16 Excess reserves (13)            1.69     1.51     1.30     1.43
17 Borrowings from the Federal
     Reserve                        .32      .12      .32      .21

                                                2001

                                  Mar.                  May      June
              Item                (r)      Apr.         (r)      (r)

                                        Seasonally adjusted

          ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (2)

 1 Total reserves (3)             38.27    38.79        38.88    38.76
 2 Nonborrowed reserves (4)       38.21    38.74        38.67    38.53
 3 Nonborrowed reserves plus
     extended credit (5)          38.21    38.74        38.67    38.53
 4 Required reserves              36.87    37.51        37.86    37.40
 5 Monetary base (6)             592.42   595.93       599.08   601.87

                                          Not seasonally adjusted

 6 Total reserves (7)             37.77    38.65 (r)    39.46    38.31
 7 Nonborrowed reserves           37.71    38.60 (r)    39.24    38.08
 8 Nonborrowed reserves plus
     extended credit (5)          37.71    38.60 (r)    39.24    38.08
 9 Required reserves (8)          36.37    37.38        38.44    36.95
10 Monetary base (9)             591.37   594.92       598.57   601.67

        NOT ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (10)

11 Total reserves (11)            37.72    38.59        39.37    38.22
12 Nonborrowed reserves           37.67    38.54        39.16    37.99
13 Nonborrowed reserves plus
     extended credit (5)          37.67    38.54        39.16    37.99
14 Required reserves              36.32    37.31        38.36    36.86
15 Monetary base (12)            598.20   601.84       605.48   608.81
16 Excess reserves (13)            1.40     1.28         1.02     1.36
17 Borrowings from the Federal
     Reserve                        .06      .05          .21      .23

                                             2001

                                  July     Aug.    Sept.
              Item                (r)      (r)      (r)      Oct.

                                       Seasonally adjusted

          ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (2)

 1 Total reserves (3)             39.59    39.88    57.82    45.01
 2 Nonborrowed reserves (4)       39.31    39.69    54.44    44.88
 3 Nonborrowed reserves plus
     extended credit (5)          39.31    39.69    54.44    44.88
 4 Required reserves              38.21    38.67    38.81    43.99
 5 Monetary base (6)             607.67   615.48   639.71   629.51

                                       Not seasonally adjusted

 6 Total reserves (7)             39.40    39.73    57.66    44.79
 7 Nonborrowed reserves           39.12    39.55    54.28    44.66
 8 Nonborrowed reserves plus
     extended credit (5)          39.12    39.55    54.28    44.66
 9 Required reserves (8)          38.02    38.53    38.65    43.77
10 Monetary base (9)             608.22   614.51   637.94   627.86

        NOT ADJUSTED FOR
       CHANGES IN RESERVE
        REQUIREMENTS (10)

11 Total reserves (11)            39.29    39.60    57.50    44.60
12 Nonborrowed reserves           39.00    39.42    54.12    44.48
13 Nonborrowed reserves plus
     extended credit (5)          39.00    39.42    54.12    44.48
14 Required reserves              37.90    38.40    38.49    43.59
15 Monetary base (12)            615.55   621.99   645.68   635.96
16 Excess reserves (13)            1.38     1.21    19.01     1.02
17 Borrowings from the Federal
     Reserve                        .28      .18     3.39      .13

(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

                                   1997           1998           1999
              Item                 Dec.           Dec.         Dec. (r)

                                            Seasonally adjusted

   Measures (2)
 1 M1                             1,073.4        1,097.0        1,124.8
 2 M2                             4,030.0 (r)    4,384.1 (r)    4,651.8
 3 M3                             5,432.3 (r)    6,029.7 (r)    6,531.0
 4 Debt                          15,227.9 (r)   16,279.9 (r)   17,363.5

   M1 components
 5 Currency (3)                     424.3          459.2          516.7
 6 Travelers checks (4)               8.1            8.2            8.2
 7 Demand deposits (5)              395.4          379.4          356.2
 8 Other checkable
     deposits (6)                   245.7          250.1          243.6

   Nontransaction components
 9 In M2 (7)                      2,956.6 (r)    3,287.1 (r)    3,527.0
10 In M3 only (8)                 1,402.3 (r)    1,645.6 (r)    1,879.2

   Commercial banks
11 Savings deposits, including
     MMDAs                        1,021.1        1,185.8        1,287.2
12 Small time deposits (9)          625.5          626.4          635.5
13 Large time deposits (10,11)      517.3 (r)      575.1 (r)      648.4

   Thrift institutions
14 Savings deposits, including
     MMDAs                          376.8          414.1          449.0
15 Small time deposits (9)          342.9          325.8          320.6
16 Large time deposits (10)          85.5           88.7           91.3

   Money market mutual funds
17 Retail                           590.2 (r)      735.1 (r)      834.7
18 Institution-only                 395.2 (r)      535.5 (r)      628.1

   Repurchase agreements
     and eurodollars
19 Repurchase agreements (12)       254.3          294.5          338.2
20 Eurodollars (12)                 150.0          151.8          173.3

   Debt components
21 Federal debt                   3,800.4        3,751.1        3,660.1
22 Nonfederal debt               11,427.5 (r)   12,528.9 (r)   13,703.4

                                          Not seasonally adjusted

   Measures (2)
23 M1                             1,096.9        1,120.4        1,148.3
24 M2                             4,051.4 (r)    4,406.4 (r)    4,675.9
25 M3                             5,457.7 (r)    6,061.9 (r)    6,568.6
26 Debt                          15,222.4 (r)   16,267.5 (r)   17,355.0

   M1 components
27 Currency (3)                     428.1          463.3          521.5
28 Travelers checks (4)               8.3            8.4            8.4
29 Demand deposits (5)              412.4          395.9          371.8
30 Other checkable
     deposits (6)                   248.2          252.8          246.6

   Nontransaction components
31 In M2 (7)                      2,954.5 (r)    3,286.0 (r)    3,527.6
32 In M3 only (8)                 1,406.3 (r)    1,655.5 (r)    1,892.8

   Commercial banks
33 Savings deposits, including
     MMDAs                        1,020.4        1,186.0        1,288.8
34 Small time deposits (9)          625.3          626.5          635.7
35 Large time deposits (10,11)      516.7 (r)      574.5          647.7

   Thrift institutions
36 Savings deposits, including
     MMDAs                          376.5          414.2          449.6
37 Small time deposits (9)          342.8          325.8          320.7
38 Large time deposits (10)          85.4           88.6           91.2

   Money market mutual funds
39 Retail                           589.5 (r)      733.5 (r)      832.8
40 Institution-only                 402.3 (r)      547.5 (r)      643.2

   Repurchase agreements
     and eurodollars
41 Repurchase agreements (12)       249.5          290.4          334.7
42 Eurodollars (12)                 152.3          154.5          176.0

   Debt components
43 Federal debt                   3,805.8        3,754.9        3,663.2
44 Nonfederal debt               11,416.6 (r)   12,512.5 (r)   13,691.8

                                                2001

                                   2000
              Item               Dec. (r)   July (r)   Aug. (r)

                                       Seasonally adjusted

   Measures (2)
 1 M1                             1,088.1    1,136.0    1,144.1
 2 M2                             4,937.4    5,225.5    5,261.2
 3 M3                             7,114.3    7,674.5    7,679.9
 4 Debt                          18,282.5   18,841.6   18,947.3

   M1 components
 5 Currency (3)                     529.9      553.8      562.6
 6 Travelers checks (4)               8.0        8.6        8.8
 7 Demand deposits (5)              311.2      313.4      315.2
 8 Other checkable
     deposits (6)                   239.0      260.2      257.4

   Nontransaction components
 9 In M2 (7)                      3,849.3    4,089.4    4,117.1
10 In M3 only (8)                 2,176.9    2,449.0    2,418.7

   Commercial banks
11 Savings deposits, including
     MMDAs                        1,422.2    1,581.2    1,613.5
12 Small time deposits (9)          699.8      672.9      668.7
13 Large time deposits (10,11)      726.3      706.1      694.7

   Thrift institutions
14 Savings deposits, including
     MMDAs                          451.6      508.0      518.3
15 Small time deposits (9)          344.8      350.3      347.4
16 Large time deposits (10)         103.1      111.8      114.7

   Money market mutual funds
17 Retail                           930.9      977.0      969.2
18 Institution-only                 783.1    1,036.8    1,019.4

   Repurchase agreements
     and eurodollars
19 Repurchase agreements (12)       367.3      374.2      370.6
20 Eurodollars (12)                 197.1      220.2      219.3

   Debt components
21 Federal debt                   3,400.4    3,317.9    3,339.0
22 Nonfederal debt               14,882.1   15,523.7   15,608.2

                                      Not seasonally adjusted

   Measures (2)
23 M1                             1,112.3    1,135.9    1,141.3
24 M2                             4,966.0    5,199.7    5,240.8
25 M3                             7,159.7    7,616.1    7,637.8
26 Debt                          18,273.5   18,753.7   18,862.7

   M1 components
27 Currency (3)                     535.2      554.5      561.9
28 Travelers checks (4)               8.1        8.2        8.4
29 Demand deposits (5)              326.5      314.7      315.5
30 Other checkable
     deposits (6)                   242.5      258.5      255.5

   Nontransaction components
31 In M2 (7)                      3,853.7    4,063.8    4,099.5
32 In M3 only (8)                 2,193.7    2,416.4    2,397.0

   Commercial banks
33 Savings deposits, including
     MMDAs                        1,426.9    1,579.7    1,607.4
34 Small time deposits (9)          700.0      671.2      667.9
35 Large time deposits (10,11)      725.6      704.3      690.7

   Thrift institutions
36 Savings deposits, including
     MMDAs                          453.1      507.6      516.3
37 Small time deposits (9)          345.0      349.4      347.0
38 Large time deposits (10)         103.0      111.5      114.0

   Money market mutual funds
39 Retail                           928.7      955.9      960.8
40 Institution-only                 801.4    1,008.9    1,005.2

   Repurchase agreements
     and eurodollars
41 Repurchase agreements (12)       364.2      374.1      370.1
42 Eurodollars (12)                 199.5      217.6      217.0

   Debt components
43 Federal debt                   3,403.5    3,247.7    3,281.0
44 Nonfederal debt               14,870.0   15,506.0   15,581.7

                                        2001

              Item               Sept. (r)    Oct.

                                 Seasonally adjusted

   Measures (2)
 1 M1                              1,199.5   1,158.2
 2 M2                              5,378.4   5,371.7
 3 M3                              7,839.7   7,908.9
 4 Debt                           19,073.2    n.a.

   M1 components
 5 Currency (3)                      568.0     571.5
 6 Travelers checks (4)                8.4       8.1
 7 Demand deposits (5)               365.6     327.4
 8 Other checkable
     deposits (6)                    257.4     251.2

   Nontransaction components
 9 In M2 (7)                       4,178.9   4,213.5
10 In M3 only (8)                  2,461.3   2,537.2

   Commercial banks
11 Savings deposits, including
     MMDAs                         1,657.7   1,674.8
12 Small time deposits (9)           663.9     657.7
13 Large time deposits (10,11)       698.6     712.4

   Thrift institutions
14 Savings deposits, including
     MMDAs                           528.2     542.9
15 Small time deposits (9)           346.1     341.8
16 Large time deposits (10)          116.0     116.1

   Money market mutual funds
17 Retail                            983.0     996.3
18 Institution-only                1,064.4   1,132.2

   Repurchase agreements
     and eurodollars
19 Repurchase agreements (12)        358.0     354.7
20 Eurodollars (12)                  224.2     221.9

   Debt components
21 Federal debt                    3,373.2    n.a.
22 Nonfederal debt                15,700.1    n.a.

                                    Not seasonally
                                       adjusted

   Measures (2)
23 M1                              1,194.3   1,155.5
24 M2                              5,363.0   5,343.7
25 M3                              7,791.7   7,855.9
26 Debt                           18,990.2    n.a.

   M1 components
27 Currency (3)                      566.3     569.9
28 Travelers checks (4)                8.3       8.1
29 Demand deposits (5)               364.6     327.5
30 Other checkable
     deposits (6)                    255.2     249.9

   Nontransaction components
31 In M2 (7)                       4,168.8   4,188.2
32 In M3 only (8)                  2,428.6   2,512.2

   Commercial banks
33 Savings deposits, including
     MMDAs                         1,655.7   1,662.4
34 Small time deposits (9)           664.1     658.7
35 Large time deposits (10,11)       693.9     708.5

   Thrift institutions
36 Savings deposits, including
     MMDAs                           527.5     538.8
37 Small time deposits (9)           346.2     342.3
38 Large time deposits (10)          115.2     115.5

   Money market mutual funds
39 Retail                            975.2     986.0
40 Institution-only                1,042.4   1,117.8

   Repurchase agreements
     and eurodollars
41 Repurchase agreements (12)        355.3     349.9
42 Eurodollars (12)                  221.8     220.5

   Debt components
43 Federal debt                    3,319.1    n.a.
44 Nonfederal debt                15,671.1    n.a.

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 institutions and money
market funds. Seasonally adjusted M2 is calculated by summing
savings deposits, small-denomination time deposits, and retail
money fund balances, each seasonally adjusted separately, and
adding this result to seasonally adjusted M1.

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

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).

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

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

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

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

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

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

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

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

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

(12.) Includes both overnight and term.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)

A. All commercial banks

Billions of dollars

                                            Monthly averages

                               2000                   2001

                                             Apr.                June
           Account             Oct.           (r)     May (r)     (r)

                                        Seasonally adjusted

   Assets
 1 Bank credit                5,143.7 (r)   5,314.7   5,323.7   5,320.3
 2   Securities in bank
         credit               1,314.1 (r)   1,360.4   1,368.0   1,377.7
 3     U.S. government
         securities             793.2 (r)     762.7     766.7     766.1
 4     Other securities         520.8 (r)     597.7     601.3     611.7
 5   Loans and leases in
         bank credit (2)      3,829.7 (r)   3,954.2   3,955.8   3,942.5
 6     Commercial and
         industrial           1,080.5       1,098.6   1,095.7   1,078.8
 7     Real estate            1,639.9       1,691.8   1,702.9   1,706.2
 8       Revolving home
            equity              125.0         133.9     135.2     136.3
 9       Other                1,514.9       1,557.8   1,567.6   1,569.8
10     Consumer                 530.0         548.4     552.6     551.0
11     Security (3)             163.9         179.6     168.1     172.0
12     Other loans and
         leases                 415.4 (r)     435.9     436.5     434.6
13 Interbank loans              246.4 (r)     289.9     283.3     268.1
14 Cash assets (4)              285.7         288.3     282.0     275.2
15 Other assets (5)             396.0 (r)     423.6     416.6     408.9

16 Total assets (6)           6,009.5 (r)   6,250.8   6,239.9   6,206.6

   Liabilities
17 Deposits                   3,788.8       3,992.6   4,007.3   4,041.3
18   Transaction                611.1         609.0     612.7     600.7
19   Nontransaction           3,177.7       3,383.7   3,394.6   3,440.6
20     Large time               916.2         951.3     966.1     979.1
21     Other                  2,261.5       2,432.3   2,428.5   2,461.5
22 Borrowings                 1,194.8 (r)   1,269.1   1,237.0   1,203.7
23   From banks in the U.S.     372.2         404.8     383.7     381.6
24   From others                822.6 (r)     864.3     853.3     822.2
25 Net due to related
     foreign offices            252.5         190.0     207.4     184.5
26 Other liabilities            359.7 (r)     363.5     352.8     364.6

27 Total liabilities          5,595.8 (r)   5,815.2   5,804.6   5,794.1

28 Residual (assets less
     liabilities) (7)           413.8 (r)     435.6     435.3     412.5

                                         Not seasonally adjusted

   Assets
29 Bank credit                5,151.5 (r)   5,307.1   5,313.0   5,313.1
30   Securities in bank
         credit               1,310.9 (r)   1,362.0   1,367.2   1,377.1
31     U.S. government
         securities             788.2 (r)     767.5     767.5     766.4
32     Other securities         522.7 (r)     594.5     599.7     610.6
33   Loans and leases in
         bank credit (2)      3,840.2 (r)   3,945.8   3,945.8   3,936.0
34     Commercial and
         industrial           1,080.1       1,103.3   1,097.9   1,081.0
35     Real estate            1,643.2       1,687.4   1,703.2   1,705.5
36       Revolving home
           equity               126.0         133.0     135.3     136.5
37       Other                1,517.2       1,554.4   1,568.0   1,569.0
38     Consumer                 529.7         545.3     550.4     548.3
39       Credit cards and
           related plans        204.8         213.9     218.8     216.9
40       Other                  324.9         331.4     331.7     331.5
41     Security (3)             171.0         175.2     162.1     167.4
42     Other loans and
         leases                 416.1 (r)     433.9     432.1     433.7
43 Interbank loans              241.9 (r)     296.0     276.7     265.9
44 Cash assets (4)              286.5 (r)     283.5     279.8     271.4
45 Other assets (5)             392.5 (r)     423.5     417.0     409.8

46 Total assets (6)           6,010.0 (r)   6,244.6   6,220.5   6,194.1

   Liabilities
47 Deposits                   3,777.3       4,011.9   3,995.3   4,022.3
48   Transaction                605.1         615.2     603.0     600.3
49   Nontransaction           3,172.2       3,396.7   3,392.3   3,422.1
50     Large time               911.2         952.6     964.8     969.5
51     Other                  2,261.0       2,444.1   2,427.5   2,452.5
52 Borrowings                 1,192.9 (r)   1,269.8   1,242.1   1,204.6
53   From banks in the U.S.     367.6         408.0     386.8     382.4
54   From others                825.3 (r)     861.8     855.2     822.2
55 Net due to related
     foreign offices            252.9         183.0     206.6     180.7
56 Other liabilities            359.9 (r)     358.4     353.6     362.5

57 Total liabilities          5,583.0 (r)   5,823.1   5,797.6   5,770.1

58 Residual (assets less
     liabilities) (7)           427.0 (r)     421.5     422.9     424.0

                                       Monthly averages

                                             2001

                               July      Aug.      Sept.
           Account              (r)       (r)       (r)      Oct.

                                       Seasonally adjusted

   Assets
 1 Bank credit                5,318.2   5,332.0   5,400.0   5,373.3
 2   Securities in bank
         credit               1,382.8   1,416.8   1,435.8   1,456.8
 3     U.S. government
         securities             773.5     786.7     797.1     813.5
 4     Other securities         609.3     630.1     638.7     643.2
 5   Loans and leases in
         bank credit (2)      3,935.4   3,915.2   3,964.2   3,916.5
 6     Commercial and
         industrial           1,068.4   1,061.4   1,064.6   1,048.3
 7     Real estate            1,714.6   1,709.6   1,715.4   1,727.6
 8       Revolving home
           equity               137.6     139.4     141.9     145.4
 9       Other                1,577.0   1,570.3   1,573.6   1,582.2
10     Consumer                 548.5     546.0     545.9     548.8
11     Security (3)             169.9     170.2     179.9     148.3
12     Other loans and
         leases                 434.0     427.9     458.3     443.5
13 Interbank loans              272.8     288.0     356.4     316.6
14 Cash assets (4)              288.1     282.5     326.7     297.8
15 Other assets (5)             419.1     428.8     464.8     483.5

16 Total assets (6)           6,232.0   6,264.6   6,481.1   6,402.7

   Liabilities
17 Deposits                   4,065.3   4,073.4   4,195.3   4,146.2
18   Transaction                605.6     610.6     688.7     637.1
19   Nontransaction           3,459.7   3,462.9   3,506.7   3,509.1
20     Large time               972.8     960.0     956.5     966.1
21     Other                  2,486.9   2,502.8   2,550.2   2,542.9
22 Borrowings                 1,214.3   1,222.6   1,273.7   1,248.6
23   From banks in the U.S.     389.3     396.9     441.7     419.5
24   From others                824.9     825.7     832.0     829.1
25 Net due to related
     foreign offices            190.9     194.0     169.8     174.2
26 Other liabilities            343.5     353.7     405.2     378.3

27 Total liabilities          5,814.1   5,843.7   6,044.0   5,947.2

28 Residual (assets less
     liabilities) (7)           417.9     420.8     437.1     455.4

                                      Not seasonally adjusted

   Assets
29 Bank credit                5,297.5   5,314.6   5,394.3   5,381.1
30   Securities in bank
         credit               1,373.8   1,409.9   1,432.0   1,454.5
31     U.S. government
         securities             769.4     782.0     794.1     808.6
32     Other securities         604.3     627.9     638.0     645.9
33   Loans and leases in
         bank credit (2)      3,923.8   3,904.7   3,962.3   3,926.5
34     Commercial and
         industrial           1,067.6   1,055.3   1,061.4   1,047.8
35     Real estate            1,713.6   1,712.8   1,719.0   1,731.3
36       Revolving home
           equity               138.0     140.2     143.2     146.6
37       Other                1,575.6   1,572.6   1,575.8   1,584.7
38     Consumer                 546.0     547.1     548.2     548.5
39       Credit cards and
           related plans        215.9     216.5     215.3     216.4
40       Other                  330.1     330.6     332.9     332.1
41     Security (3)             162.2     161.8     173.8     154.6
42     Other loans and
         leases                 434.4     427.9     460.0     444.3
43 Interbank loans              265.1     276.6     344.5     310.1
44 Cash assets (4)              279.1     270.7     322.1     298.2
45 Other assets (5)             417.6     425.9     464.8     479.1

46 Total assets (6)           6,193.2   6,221.1   6,458.6   6,400.2

   Liabilities
47 Deposits                   4,033.7   4,032.9   4,169.9   4,133.7
48   Transaction                599.3     596.7     682.6     631.3
49   Nontransaction           3,434.4   3,436.2   3,487.4   3,502.5
50     Large time               959.0     946.6     945.2     960.1
51     Other                  2,475.4   2,489.6   2,542.2   2,542.3
52 Borrowings                 1,205.1   1,201.1   1,268.4   1,246.2
53   From banks in the U.S.     386.1     388.6     431.9     414.3
54   From others                819.0     812.4     836.5     831.9
55 Net due to related
     foreign offices            184.6     193.2     171.6     174.8
56 Other liabilities            339.0     353.5     405.6     378.4

57 Total liabilities          5,762.3   5,780.7   6,015.6   5,933.1

58 Residual (assets less
     liabilities) (7)           430.9     440.3     443.0     467.1

                                        Wednesday figures

                                               2001

           Account            Oct. 10   Oct. 17   Oct. 24   Oct. 31

                                      Seasonally adjusted

   Assets
 1 Bank credit                5,372.4   5,364.0   5,360.5   5,408.4
 2   Securities in bank
         credit               1,447.4   1,443.2   1,449.5   1,488.0
 3     U.S. government
         securities             810.0     802.6     807.4     835.8
 4     Other securities         637.4     640.7     642.1     652.3
 5   Loans and leases in
         bank credit (2)      3,925.0   3,920.7   3,911.0   3,920.4
 6     Commercial and
         industrial           1,052.4   1,050.5   1,045.7   1,042.5
 7     Real estate            1,730.3   1,728.2   1,724.7   1,734.0
 8       Revolving home
           equity               144.6     145.3     146.1     146.8
 9       Other                1,585.7   1,582.9   1,578.6   1,587.3
10     Consumer                 544.7     549.9     550.9     550.6
11     Security (3)             152.4     146.8     145.8     147.0
12     Other loans and
         leases                 445.2     445.4     443.8     446.2
13 Interbank loans              312.5     324.6     320.6     311.0
14 Cash assets (4)              318.1     272.9     290.6     308.1
15 Other assets (5)             476.3     477.5     494.8     481.4

16 Total assets (6)           6,411.0   6,370.1   6,397.7   6,440.6

   Liabilities
17 Deposits                   4,162.4   4,125.2   4,137.8   4,159.0
18   Transaction                632.7     613.6     653.7     657.1
19   Nontransaction           3,529.7   3,511.6   3,484.1   3,501.9
20     Large time               969.8     967.9     962.3     964.1
21     Other                  2,559.9   2,543.7   2,521.8   2,537.8
22 Borrowings                 1,240.3   1,245.4   1,244.1   1,266.7
23   From banks in the U.S.     417.1     425.9     414.4     421.6
24   From others                823.2     819.5     829.7     845.1
25 Net due to related
     foreign offices            172.8     174.0     172.3     185.8
26 Other liabilities            379.4     368.4     379.7     375.6

27 Total liabilities          5,954.8   5,912.9   5,933.9   5,987.0

28 Residual (assets less
     liabilities) (7)           456.1     457.2     463.8     453.6

                                    Not seasonally adjusted

   Assets
29 Bank credit                5,370.5   5,374.4   5,362.9   5,430.6
30   Securities in bank
         credit               1,443.7   1,439.1   1,446.1   1,490.8
31     U.S. government
         securities             803.9     796.5     801.3     834.3
32     Other securities         639.8     642.6     644.9     656.5
33   Loans and leases in
         bank credit (2)      3,926.7   3,935.4   3,916.7   3,939.8
34     Commercial and
         industrial           1,050.4   1,050.3   1,043.3   1,044.3
35     Real estate            1,734.0   1,732.5   1,727.3   1,738.4
36       Revolving home
           equity               145.7     146.6     147.3     147.9
37       Other                1,588.3   1,585.9   1,580.1   1,590.5
38     Consumer                 543.3     549.6     551.4     551.0
39       Credit cards and
           related plans        210.8     217.5     219.2     219.4
40       Other                  332.5     332.0     332.2     331.7
41     Security (3)             153.5     155.2     153.7     157.9
42     Other loans and
         leases                 445.5     447.9     441.0     448.1
43 Interbank loans              304.4     318.2     303.8     315.3
44 Cash assets (4)              320.9     288.1     272.3     313.1
45 Other assets (5)             473.9     472.9     482.4     479.9

46 Total assets (6)           6,401.5   6,385.2   6,352.9   6,470.7

   Liabilities
47 Deposits                   4,160.6   4,125.9   4,089.0   4,156.7
48   Transaction                630.2     621.0     621.3     658.0
49   Nontransaction           3,530.4   3,504.9   3,467.6   3,498.8
50     Large time               961.7     958.4     958.5     962.8
51     Other                  2,568.7   2,546.4   2,509.1   2,536.0
52 Borrowings                 1,233.4   1,244.8   1,237.4   1,271.8
53   From banks in the U.S.     410.8     421.2     407.7     419.7
54   From others                822.6     823.6     829.7     852.1
55 Net due to related
     foreign offices            169.7     174.6     172.2     191.5
56 Other liabilities            375.0     367.4     381.6     380.5

57 Total liabilities          5,938.7   5,912.7   5,880.3   6,000.6

58 Residual (assets less
     liabilities) (7)           462.8     472.5     472.7     470.1
B. Domestically chartered commercial banks

Billions of dollars

                                        Monthly averages

                              2000                2001

                                         Apr.                June
           Account             Oct.       (r)     May (r)     (r)

                                     Seasonally adjusted

   Assets
 1 Bank credit                4,556.9   4,688.0   4,712.3   4,717.4
 2   Securities in bank
         credit               1,112.0   1,139.5   1,153.4   1,161.7
 3     U.S. government
         securities             723.6     688.3     697.0     698.0
 4     Other securities         388.5     451.2     456.4     463.7
 5   Loans and leases in
         bank credit (2)      3,444.9   3,548.6   3,558.9   3,555.7
 6     Commercial and
         industrial             877.0     879.8     877.8     868.0
 7     Real estate            1,621.8   1,673.8   1,684.7   1,688.1
 8       Revolving home
           equity               125.0     133.9     135.2     136.3
 9       Other                1,496.8   1,539.9   1,549.4   1,551.7
10     Consumer                 530.0     548.4     552.6     551.0
11     Security (3)              67.7      78.8      75.2      80.8
12     Other loans and
         leases                 348.4     367.8     368.6     367.7
13 Interbank loans              219.1     262.2     253.7     246.2
14 Cash assets (4)              243.8     249.6     244.7     238.9
15 Other assets (5)             359.3     384.0     379.4     371.8

16 Total assets (6)           5,317.3   5,518.4   5,524.6   5,508.8

   Liabilities
17 Deposits                   3,405.1   3,598.3   3,598.8   3,622.6
18   Transaction                600.4     598.2     602.2     591.2
19   Nontransaction           2,804.7   3,000.1   2,996.7   3,031.4
20     Large time               545.4     570.0     570.4     572.2
21     Other                  2,259.3   2,430.0   2,426.2   2,459.2
22 Borrowings                   974.1   1,028.8   1,018.0     988.0
23   From banks in the U.S.     353.2     379.5     363.4     359.1
24   From others                621.0     649.4     654.6     628.9
25 Net due to related
     foreign offices            236.1     185.5     211.8     204.1
26 Other liabilities            283.6     274.7     266.7     280.1

27 Total liabilities          4,898.9   5,087.3   5,095.3   5,094.8

28 Residual (assets less
     liabilities) (7)           418.4     431.1     429.3     414.0

                                      Not seasonally adjusted

   Assets
29 Bank credit                4,560.3   4,683.3   4,706.3   4,713.9
30   Securities in bank
         credit               1,108.9   1,141.1   1,152.6   1,161.0
31     U.S. government
         securities             718.5     693.1     697.9     698.4
32     Other securities         390.4     447.9     454.8     462.7
33   Loans and leases in
         bank credit (2)      3,451.4   3,542.3   3,553.6   3,552.9
34     Commercial and
         industrial             876.4     886.2     883.1     871.4
35     Real estate            1,625.1   1,669.5   1,685.1   1,687.4
36       Revolving home
           equity               126.0     133.0     135.3     136.5
37       Other                1,499.0   1,536.5   1,549.8   1,550.9
38     Consumer                 529.7     545.3     550.4     548.3
39       Credit cards and
           related plans        204.8     213.9     218.8     216.9
40       Other                  324.9     331.4     331.7     331.5
41     Security (3)              70.6      75.8      70.0      78.2
42     Other loans and
         leases                 349.6     365.5     365.0     367.5
43 Interbank loans              214.7     268.2     247.2     244.0
44 Cash assets (4)              243.8     246.3     243.3     236.2
45 Other assets (5)             356.3     384.7     380.2     374.0

46 Total assets (6)           5,313.4   5,517.5   5,511.4   5,502.5

   Liabilities
47 Deposits                   3,399.9   3,614.7   3,585.6   3,610.8
48   Transaction                594.3     605.0     592.8     590.9
49   Nontransaction           2,805.6   3,009.7   2,992.8   3,019.8
50     Large time               546.8     567.9     567.6     569.6
51     Other                  2,258.8   2,441.8   2,425.2   2,450.3
52 Borrowings                   972.2   1,029.6   1,023.0     988.8
53   From banks in the U.S.     348.5     382.7     366.5     359.9
54   From others                623.8     646.9     656.5     628.9
55 Net due to related
     foreign offices            236.2     183.1     214.1     203.4
56 Other liabilities            283.7     271.7     269.0     279.5

57 Total liabilities          4,892.0   5,099.1   5,091.8   5,082.5

58 Residual (assets less
     liabilities) (7)           421.3     418.4     419.6     420.0

                                        Monthly averages

                                             2001

                               July      Aug.      Sept.
           Account              (r)       (r)       (r)      Oct.

                                     Seasonally adjusted

   Assets
 1 Bank credit                4,725.7   4,739.8   4,813.1   4,797.4
 2   Securities in bank
         credit               1,166.3   1,197.2   1,215.3   1,237.9
 3     U.S. government
         securities             706.4     719.9     727.3     741.4
 4     Other securities         459.9     477.3     488.0     496.5
 5   Loans and leases in
         bank credit (2)      3,559.4   3,542.6   3,597.8   3,559.5
 6     Commercial and
         industrial             862.6     856.9     860.1     846.4
 7     Real estate            1,696.3   1,690.9   1,696.2   1,708.2
 8       Revolving home
           equity               137.6     139.4     141.9     145.4
 9       Other                1,558.7   1,551.6   1,554.3   1,562.7
10     Consumer                 548.5     546.0     545.9     548.8
11     Security (3)              83.5      86.4     102.4      77.2
12     Other loans and
         leases                 368.6     362.2     393.2     378.9
13 Interbank loans              251.5     267.6     330.3     292.4
14 Cash assets (4)              251.3     245.2     281.5     258.7
15 Other assets (5)             387.4     399.6     433.3     453.0

16 Total assets (6)           5,550.1   5,585.9   5,791.6   5,733.3

   Liabilities
17 Deposits                   3,652.9   3,670.2   3,792.1   3,732.5
18   Transaction                596.4     600.7     675.8     625.6
19   Nontransaction           3,056.5   3,069.5   3,116.4   3,106.9
20     Large time               572.0     569.0     568.5     566.3
21     Other                  2,484.5   2,500.5   2,547.9   2,540.6
22 Borrowings                 1,003.6   1,012.3   1,052.6   1,044.4
23   From banks in the U.S.     367.0     376.0     410.7     395.8
24   From others                636.5     636.3     641.9     648.6
25 Net due to related
     foreign offices            207.1     205.7     188.1     192.9
26 Other liabilities            264.0     275.1     324.5     302.0

27 Total liabilities          5,127.5   5,163.2   5,357.3   5,271.8

28 Residual (assets less
     liabilities) (7)           422.5     422.6     434.3     461.5

                                      Not seasonally adjusted

   Assets
29 Bank credit                4,709.6   4,728.8   4,809.1   4,802.3
30   Securities in bank
         credit               1,157.3   1,190.4   1,211.5   1,235.7
31     U.S. government
         securities             702.3     715.2     724.3     736.5
32     Other securities         454.9     475.1     487.2     499.2
33   Loans and leases in
         bank credit (2)      3,552.3   3,538.4   3,597.6   3,566.6
34     Commercial and
         industrial             862.5     852.1     857.2     845.7
35     Real estate            1,695.3   1,694.1   1,699.8   1,711.9
36       Revolving home
           equity               138.0     140.2     143.2     146.6
37       Other                1,557.3   1,553.9   1,556.6   1,565.2
38     Consumer                 546.0     547.1     548.2     548.5
39       Credit cards and
           related plans        215.9     216.5     215.3     216.4
40       Other                  330.1     330.6     332.9     332.1
41     Security (3)              78.6      81.8      97.3      80.4
42     Other loans and
         leases                 369.9     363.4     395.2     380.1
43 Interbank loans              243.8     256.3     318.4     285.8
44 Cash assets (4)              243.6     234.6     277.8     258.4
45 Other assets (5)             386.7     397.0     433.5     449.1

46 Total assets (6)           5,517.9   5,550.2   5,772.1   5,727.7

   Liabilities
47 Deposits                   3,631.4   3,641.4   3,774.6   3,727.3
48   Transaction                590.0     586.8     669.3     619.6
49   Nontransaction           3,041.5   3,054.6   3,105.3   3,107.7
50     Large time               568.3     567.3     565.4     567.7
51     Other                  2,473.1   2,487.3   2,539.9   2,540.0
52 Borrowings                   994.3     990.8   1,047.3   1,042.0
53   From banks in the U.S.     363.8     367.7     400.9     390.5
54   From others                630.6     623.0     646.3     651.5
55 Net due to related
     foreign offices            204.0     206.1     187.5     193.2
56 Other liabilities            260.9     275.4     323.8     301.9

57 Total liabilities          5,090.6   5,113.7   5,333.2   5,264.4

58 Residual (assets less
     liabilities) (7)           427.3     436.5     438.9     463.2

                                       Wednesday figures

                                              2001

           Account            Oct. 10   Oct. 17   Oct. 24   Oct. 31

                                       Seasonally adjusted

   Assets
 1 Bank credit                4,799.2   4,794.2   4,788.1   4,820.2
 2   Securities in bank
         credit               1,231.0   1,228.9   1,231.3   1,263.2
 3     U.S. government
         securities             740.8     732.9     734.5     759.0
 4     Other securities         490.2     495.9     496.8     504.2
 5   Loans and leases in
         bank credit (2)      3,568.3   3,565.4   3,556.9   3,557.0
 6     Commercial and
         industrial             851.4     848.7     844.1     839.1
 7     Real estate            1,711.0   1,708.8   1,705.2   1,714.3
 8       Revolving home
           equity               144.6     145.3     146.1     146.8
 9       Other                1,566.4   1,563.5   1,559.0   1,567.6
10     Consumer                 544.7     549.9     550.9     550.6
11     Security (3)              81.4      77.0      77.2      71.5
12     Other loans and
           leases               379.7     381.0     379.5     381.4
13 Interbank loans              289.6     293.8     298.3     288.8
14 Cash assets (4)              279.1     231.6     252.4     270.6
15 Other assets (5)             445.3     448.8     463.6     451.9

16 Total assets (6)           5,745.2   5,699.9   5,733.9   5,763.4

   Liabilities
17 Deposits                   3,750.7   3,707.5   3,724.2   3,744.9
18   Transaction                621.3     601.8     642.0     645.3
19   Nontransaction           3,129.4   3,105.7   3,082.2   3,099.5
20     Large time               571.9     564.3     562.8     564.1
21     Other                  2,557.6   2,541.4   2,519.4   2,535.4
22 Borrowings                 1,039.4   1,045.6   1,045.9   1,051.1
23   From banks in the U.S.     395.3     401.0     393.8     396.5
24   From others                644.0     644.6     652.2     654.7
25 Net due to related
     foreign offices            193.8     187.0     186.8     208.0
26 Other liabilities            302.5     294.8     302.9     299.8

27 Total liabilities          5,286.4   5,234.9   5,259.7   5,303.8

28 Residual (assets less
     liabilities) (7)           458.7     465.0     474.2     459.6

                                      Not seasonally adjusted

   Assets
29 Bank credit                4,797.8   4,801.2   4,788.0   4,835.7
30   Securities in bank
         credit               1,227.3   1,224.7   1,228.0   1,265.9
31     U.S. government
         securities             734.7     726.9     728.3     757.6
32     Other securities         492.6     497.9     499.6     508.3
33   Loans and leases in
         bank credit (2)      3,570.4   3,576.5   3,560.0   3,569.7
34     Commercial and
         industrial             849.9     848.5     841.9     839.6
35     Real estate            1,714.7   1,713.1   1,707.7   1,718.7
36       Revolving home
           equity               145.7     146.6     147.3     147.9
37       Other                1,569.0   1,566.5   1,560.5   1,570.8
38     Consumer                 543.3     549.6     551.4     551.0
39       Credit cards and
           related plans        210.8     217.5     219.2     219.4
40       Other                  332.5     332.0     332.2     331.7
41     Security (3)              81.4      81.6      81.6      77.2
42     Other loans and
         leases                 381.1     383.8     377.3     383.2
43 Interbank loans              281.4     287.4     281.5     293.1
44 Cash assets (4)              282.4     246.1     233.1     273.8
45 Other assets (5)             443.1     444.5     451.9     450.8

46 Total assets (6)           5,736.8   5,711.0   5,686.3   5,785.5

   Liabilities
47 Deposits                   3,758.0   3,718.4   3,681.3   3,746.9
48   Transaction                619.1     609.0     609.6     645.7
49   Nontransaction           3,139.0   3,109.4   3,071.7   3,101.2
50     Large time               572.6     565.3     564.9     567.5
51     Other                  2,566.4   2,544.1   2,506.8   2,533.7
52 Borrowings                 1,032.5   1,045.1   1,039.2   1,056.3
53   From banks in the U.S.     389.0     396.3     387.0     394.6
54   From others                643.4     648.8     652.2     661.7
55 Net due to related
     foreign offices            189.9     185.9     190.5     211.8
56 Other liabilities            297.8     293.1     306.4     303.9

57 Total liabilities          5,278.2   5,242.4   5,217.3   5,318.9

58 Residual (assets less
     liabilities) (7)           458.6     468.6     469.0     466.6
C. Large domestically chartered commercial banks

Billions of dollars

                                           Monthly averages

                                   2000                 2001

             Account               Oct.      Apr.       May      June

                                            Seasonally adjusted

   Assets
 1 Bank credit                    2,554.0   2,620.3   2,631.6   2,629.3
 2   Securities in bank credit      580.0     598.6     608.7     612.4
 3     U.S. government
           securities               360.8     346.3     354.4     352.6
 4       Trading account             21.2      33.7      35.3      35.1
 5       Investment account         339.6     312.6     319.2     317.5
 6     Other securities             219.2     252.3     254.2     259.7
 7       Trading account            111.7     135.9     137.0     143.5
 8       Investment account         107.5     116.3     117.2     116.3
 9         State and local
             government              25.9      28.4      28.1      27.9
10         Other                     81.6      88.0      89.1      88.4
11   Loans and leases in bank
         credit (2)               1,974.0   2,021.7   2,022.9   2,016.9
12     Commercial and
           industrial               593.7     585.2     582.8     570.8
13       Bankers acceptances           .9        .8        .8        .7
14       Other                      592.8     584.4     582.0     570.1
15     Real estate                  824.4     848.3     854.1     852.9
16       Revolving home equity       80.1      86.2      86.7      86.9
17       Other                      744.2     762.1     767.4     766.0
18     Consumer                     238.0     249.8     252.3     254.2
19     Security (3)                  61.0      70.4      66.8      72.5
20       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           43.2      53.9      49.4      54.7
21       Other                       17.8      16.5      17.4      17.8
22     State and local
         government                  12.8      13.0      13.0      13.3
23     Agricultural                   9.6      10.4      10.6      10.3
24     Federal funds sold to
         and repurchase
         agreements with
         others                      17.1      23.0      23.6      25.5
25     All other loans               87.6      87.7      85.5      84.7
26     Lease-financing
         receivables                129.8     133.8     134.4     132.6
27 Interbank loans                  138.5     147.9     134.3     131.0
28   Federal funds sold to and
       repurchase agreements
       with commercial banks         60.7      84.0      72.9      72.3
29   Other                           77.9      63.9      61.4      58.7
30 Cash assets (4)                  144.7     145.6     139.9     135.7
31 Other assets (5)                 266.8     276.9     274.0     261.8

32 Total assets (6)               3,068.2   3,152.7   3,142.2   3,120.0

   Liabilities
33 Deposits                       1,668.8   1,741.2   1,732.1   1,736.7
34   Transaction                    306.6     303.2     304.1     299.7
35   Nontransaction               1,362.2   1,438.0   1,428.0   1,437.0
36     Large time                   259.7     268.4     270.7     274.1
37     Other                      1,102.5   1,169.6   1,157.3   1,162.9
38 Borrowings                       650.1     696.5     682.4     654.5
39   From banks in the U.S.         198.8     230.7     213.4     211.0
40   From others                    451.2     465.8     469.0     443.5
41 Net due to related foreign
     offices                        212.6     172.7     195.2     190.9
42 Other liabilities                234.8     221.1     211.5     223.7

43 Total liabilities              2,766.3   2,831.5   2,821.2   2,805.9

44 Residual (assets less
     liabilities) (7)               301.9     321.3     321.0     314.1

                                         Not seasonally adjusted

   Assets
45 Bank credit                    2,555.9   2,615.9   2,625.1   2,623.9
46   Securities in bank credit      579.3     597.6     606.4     610.0
47     US government securities     358.2     348.5     353.8     351.3
48       Trading account             21.1      34.0      35.2      35.0
49       Investment account         337.1     314.5     318.6     316.3
50         Mortgage-backed
             securities             215.6     227.2     233.9     230.3
51         Other                    121.5      87.3      84.6      86.1
52           One year or less        32.2      30.0      26.9      25.4
53           One to five years       52.0      31.4      31.1      34.2
54           More than five
               years                 37.3      25.9      26.6      26.5
55     Other securities             221.1     249.0     252.6     258.7
56       Trading account            112.7     134.2     136.1     142.9
57       Investment account         108.4     114.9     116.5     115.8
58         State and local
             government              26.1      28.0      28.0      27.8
59         Other                     82.3      86.8      88.5      88.1
60   Loans and leases in bank
         credit (2)               1,976.6   2,018.3   2,018.7   2,013.8
61     Commercial and
           industrial               593.4     589.5     585.5     572.4
62       Bankers acceptances           .9        .8        .8        .7
63       Other                      592.6     588.7     584.7     571.6
64     Real estate                  826.8     844.3     853.7     851.5
65       Revolving home equity       80.9      85.3      86.7      87.1
66       Other                      453.8     462.1     468.6     465.0
67       Commercial                 292.0     297.0     298.4     299.4
68     Consumer                     235.8     250.4     252.7     253.6
69       Credit cards and
           related plans             76.6      84.7      87.0      88.0
70       Other                      159.2     165.8     165.8     165.7
71     Security (3)                  63.8      67.4      61.9      70.1
72       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           45.2      51.5      45.8      52.9
73       Other                       18.6      15.8      16.1      17.2
74     State and local
         government                  12.8      13.0      13.0      13.3
75     Agricultural                   9.7      10.2      10.5      10.4
76     Federal funds sold to
         and repurchase
         agreements with
         others                      17.1      23.0      23.6      25.5
77     All other loans               87.7      86.6      84.0      84.8
78     Lease-financing
         receivables                129.5     133.9     133.7     132.2
79 Interbank loans                  133.0     150.0     136.7     135.4
80   Federal funds sold to and
       repurchase agreements
       with commercial banks         58.3      85.1      74.1      74.7
81   Other                           74.7      64.9      62.5      60.7
82 Cash assets (4)                  144.1     145.9     140.1     134.1
83 Other assets (5)                 263.8     277.6     274.9     264.0

84 Total assets (6)               3,061.3   3,151.7   3,138.9   3,119.5

   Liabilities
85 Deposits                       1,662.7   1,750.3   1,725.3   1,736.2
86   Transaction                    301.1     310.5     299.9     299.8
87   Nontransaction               1,361.6   1,439.8   1,425.4   1,436.5
88     Large time                   261.1     266.3     267.8     271.5
89     Other                      1,100.4   1,173.5   1,157.6   1,165.0
90 Borrowings                       648.2     697.3     687.4     655.3
91   From banks in the U.S.         194.2     233.9     216.5     211.8
92   From nonbanks in the U.S.      454.0     463.3     470.9     443.6
93 Net due to related foreign
     offices                        212.7     170.3     197.5     190.3
94 Other liabilities                234.8     218.1     213.8     223.1

95 Total liabilities              2,758.4   2,836.0   2,824.1   2,805.0

96 Residual (assets less
     liabilities) (7)               302.8     315.7     314.8     314.6

                                          Monthly averages

                                                  2001

             Account               July      Aug.      Sept.     Oct.

                                            Seasonally adjusted

   Assets
 1 Bank credit                    2,622.5   2,622.8   2,686.0   2,627.0
 2   Securities in bank credit      609.7     630.9     641.9     648.5
 3     U.S. government
           securities               353.3     361.0     364.2     365.6
 4       Trading account             38.3      36.3      37.9      35.7
 5       Investment account         315.0     324.8     326.3     329.9
 6     Other securities             256.4     269.9     277.7     282.8
 7       Trading account            140.8     153.1     160.9     165.4
 8       Investment account         115.6     116.8     116.8     117.4
 9         State and local
             government              27.8      27.6      27.5      26.8
10         Other                     87.8      89.2      89.3      90.7
11   Loans and leases in bank
         credit (2)               2,012.8   1,991.8   2,044.1   1,978.5
12     Commercial and
           industrial               561.7     556.6     560.7     546.2
13       Bankers acceptances       n.a.      n.a.      n.a.      n.a.
14       Other                      561.7     556.6     560.7     546.2
15     Real estate                  853.9     844.5     844.4     841.1
16       Revolving home equity       86.8      87.3      88.9      90.4
17       Other                      767.1     757.2     755.6     750.7
18     Consumer                     253.8     250.9     252.3     241.9
19     Security (3)                  75.1      78.0      93.6      69.4
20       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           59.6      63.5      66.3      56.5
21       Other                       15.5      14.5      27.3      12.8
22     State and local
         government                  14.2      14.1      14.3      14.5
23     Agricultural                  10.0       9.4       9.2       9.1
24     Federal funds sold to
         and repurchase
         agreements with
         others                      30.8      31.8      32.5      28.6
25     All other loans               81.5      75.5     105.6      81.4
26     Lease-financing
         receivables                131.7     131.0     131.5     146.2
27 Interbank loans                  135.8     150.1     207.9     187.8
28   Federal funds sold to and
       repurchase agreements
       with commercial banks         70.9      79.6     132.1     106.1
29   Other                           64.9      70.4      75.8      81.7
30 Cash assets (4)                  146.2     140.1     173.7     151.4
31 Other assets (5)                 267.8     277.1     302.6     320.9

32 Total assets (6)               3,134.3   3,151.9   3,332.3   3,247.7

   Liabilities
33 Deposits                       1,748.8   1,751.2   1,855.9   1,789.1
34   Transaction                    306.0     303.6     374.7     322.2
35   Nontransaction               1,442.8   1,447.5   1,481.2   1,466.9
36     Large time                   271.1     264.4     264.3     259.5
37     Other                      1,171.7   1,183.1   1,216.9   1,207.4
38 Borrowings                       667.7     673.3     704.6     688.1
39   From banks in the U.S.         218.8     226.4     257.2     232.3
40   From others                    449.0     446.9     447.4     455.7
41 Net due to related foreign
     offices                        192.4     190.2     177.6     183.5
42 Other liabilities                205.4     215.7     263.8     239.8

43 Total liabilities              2,814.4   2,830.4   3,001.9   2,900.4

44 Residual (assets less
     liabilities) (7)               319.9     321.5     330.4     347.3

                                        Not seasonally adjusted

   Assets
45 Bank credit                    2,606.3   2,608.6   2,676.5   2,630.0
46   Securities in bank credit      600.8     624.8     638.3     648.6
47     US government securities     349.4     357.1     361.3     363.1
48       Trading account             37.9      35.9      37.6      35.4
49       Investment account         311.5     321.2     323.7     327.7
50         Mortgage-backed
             securities             230.7     243.7     249.2     259.5
51         Other                     80.9      77.5      74.4      68.2
52           One year or less        21.0      20.0      20.0      18.3
53           One to five years       34.2      33.7      34.4      32.6
54           More than five
               years                 25.8      23.9      20.0      17.3
55     Other securities             251.4     267.7     277.0     285.5
56       Trading account            138.1     151.9     160.5     167.0
57       Investment account         113.4     115.8     116.5     118.5
58         State and local
             government              27.3      27.3      27.4      27.0
59         Other                     86.1      88.5      89.1      91.5
60   Loans and leases in bank
         credit (2)               2,005.4   1,983.8   2,038.2   1,981.4
61     Commercial and
           industrial               561.7     553.4     559.3     545.9
62       Bankers acceptances       n.a.      n.a.      n.a.      n.a.
63       Other                      561.7     553.4     559.3     545.9
64     Real estate                  852.4     845.9     846.3     843.7
65       Revolving home equity       87.4      88.4      90.0      91.3
66       Other                      465.5     458.5     457.6     455.1
67       Commercial                 299.5     299.0     298.7     297.3
68     Consumer                     252.1     249.7     251.1     239.5
69       Credit cards and
           related plans             87.3      85.1      84.6      75.7
70       Other                      164.8     164.6     166.5     163.8
71     Security (3)                  70.4      73.5      88.6      72.5
72       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           55.9      59.8      62.8      59.0
73       Other                       14.5      13.7      25.8      13.4
74     State and local
         government                  14.2      14.1      14.3      14.5
75     Agricultural                  10.1       9.6       9.3       9.2
76     Federal funds sold to
         and repurchase
         agreements with
         others                      30.8      31.8      32.5      28.6
77     All other loans               82.4      75.6     106.8      81.6
78     Lease-financing
         receivables                131.2     130.2     130.1     146.0
79 Interbank loans                  135.6     144.5     200.1     180.1
80   Federal funds sold to and
       repurchase agreements
       with commercial banks         70.8      76.7     127.1     101.7
81   Other                           64.8      67.8      73.0      78.4
82 Cash assets (4)                  139.8     132.3     169.4     150.4
83 Other assets (5)                 267.1     274.4     302.9     317.0

84 Total assets (6)               3,110.9   3,121.6   3,310.5   3,238.4

   Liabilities
85 Deposits                       1,740.6   1,735.2   1,844.7   1,782.5
86   Transaction                    301.1     292.5     368.3     316.5
87   Nontransaction               1,439.5   1,442.7   1,476.4   1,466.0
88     Large time                   267.5     262.7     261.3     260.9
89     Other                      1,172.0   1,180.0   1,215.1   1,205.2
90 Borrowings                       658.5     651.7     699.2     685.7
91   From banks in the U.S.         215.5     218.1     247.4     227.1
92   From nonbanks in the U.S.      443.0     433.6     451.8     458.6
93 Net due to related foreign
     offices                        189.2     190.6     177.0     183.7
94 Other liabilities                202.3     216.1     263.1     239.7

95 Total liabilities              2,790.7   2,793.7   2,984.0   2,891.7

96 Residual (assets less
     liabilities) (7)               320.2     327.9     326.5     346.8

                                           Wednesday figures

                                                   2001

             Account              Oct. 10   Oct. 17   Oct. 24   Oct. 31

                                           Seasonally adjusted

   Assets
 1 Bank credit                    2,632.3   2,622.7   2,608.9   2,642.4
 2   Securities in bank credit      642.7     639.1     637.9     672.1
 3     U.S. government
           securities               366.7     357.9     355.2     381.1
 4       Trading account             33.9      35.6      35.5      38.4
 5       Investment account         332.8     322.3     319.7     342.7
 6     Other securities             276.0     281.2     282.7     291.0
 7       Trading account            159.7     162.8     164.9     173.6
 8       Investment account         116.3     118.4     117.8     117.4
 9         State and local
             government              26.7      26.8      26.7      26.7
10         Other                     89.6      91.6      91.2      90.7
11   Loans and leases in bank
         credit (2)               1,989.6   1,983.6   1,971.0   1,970.3
12     Commercial and
           industrial               549.7     548.5     544.4     539.8
13       Bankers acceptances       n.a.      n.a.      n.a.      n.a.
14       Other                      549.7     548.5     544.4     539.8
15     Real estate                  844.4     842.1     836.3     844.4
16       Revolving home equity       89.9      90.1      90.7      91.4
17       Other                      754.5     752.0     745.6     753.1
18     Consumer                     241.7     241.3     240.7     240.1
19     Security (3)                  73.5      69.2      69.4      63.7
20       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           60.5      57.0      56.9      51.6
21       Other                       12.9      12.2      12.6      12.1
22     State and local
         government                  14.2      14.3      14.9      14.9
23     Agricultural                   9.1       9.1       9.1       9.2
24     Federal funds sold to
         and repurchase
         agreements with
         others                      28.1      29.4      26.7      31.1
25     All other loans               80.9      81.8      81.6      79.6
26     Lease-financing
         receivables                148.2     147.9     147.8     147.5
27 Interbank loans                  185.8     189.9     193.6     184.6
28   Federal funds sold to and
       repurchase agreements
       with commercial banks        105.3     108.2     109.4      99.0
29   Other                           80.5      81.7      84.2      85.6
30 Cash assets (4)                  167.5     129.7     145.9     162.3
31 Other assets (5)                 308.8     317.1     335.3     320.8

32 Total assets (6)               3,254.9   3,219.8   3,244.2   3,271.2

   Liabilities
33 Deposits                       1,805.2   1,771.4   1,782.7   1,791.8
34   Transaction                    328.1     308.5     329.4     326.6
35   Nontransaction               1,477.1   1,463.0   1,453.3   1,465.2
36     Large time                   264.8     257.7     256.4     256.2
37     Other                      1,212.3   1,205.3   1,196.9   1,209.0
38 Borrowings                       682.3     688.2     687.5     694.8
39   From banks in the U.S.         234.2     236.7     228.6     228.4
40   From others                    448.1     451.6     458.9     466.3
41 Net due to related foreign
     offices                        184.4     177.7     177.0     199.0
42 Other liabilities                240.4     232.2     240.0     237.4

43 Total liabilities              2,912.2   2,869.6   2,887.1   2,923.0

44 Residual (assets less
     liabilities) (7)               342.7     350.2     357.1     348.2

                                            Not seasonally adjusted

   Assets
45 Bank credit                    2,629.7   2,627.1   2,607.5   2,655.4
46   Securities in bank credit      641.2     637.6     637.2     677.1
47     US government securities     362.8     354.5     351.7     381.9
48       Trading account             33.5      35.3      35.2      38.5
49       Investment account         329.2     319.2     316.5     343.4
50         Mortgage-backed
             securities             261.4     254.3     250.3     271.4
51         Other                     67.8      64.9      66.2      72.0
52           One year or less        16.2      16.2      17.3      23.6
53           One to five years       33.7      31.3      32.0      32.0
54           More than five
               years                 18.0      17.5      16.8      16.4
55     Other securities             278.5     283.2     285.5     295.2
56       Trading account            161.1     163.9     166.5     176.1
57       Investment account         117.3     119.2     119.0     119.1
58         State and local
             government              27.0      27.0      26.9      27.1
59         Other                     90.4      92.2      92.1      92.0
60   Loans and leases in bank
         credit (2)               1,988.5   1,989.5   1,970.3   1,978.3
61     Commercial and
           industrial               548.9     548.4     542.3     540.5
62       Bankers acceptances       n.a.      n.a.      n.a.      n.a.
63       Other                      548.9     548.4     542.3     540.5
64     Real estate                  847.3     845.1     837.7     847.6
65       Revolving home equity       90.8      91.1      91.5      92.2
66       Other                      459.0     456.2     449.3     458.4
67       Commercial                 297.5     297.7     296.9     297.0
68     Consumer                     238.9     238.7     238.3     238.1
69       Credit cards and
           related plans             75.3      75.4      74.9      74.2
70       Other                      163.6     163.3     163.4     163.8
71     Security (3)                  73.3      73.7      74.1      69.1
72       Federal funds sold to
           and repurchase
           agreements with
           broker--dealers           60.4      60.7      60.7      56.0
73       Other                       12.9      13.0      13.4      13.1
74     State and local
         government                  14.2      14.3      14.9      14.9
75     Agricultural                   9.2       9.2       9.2       9.2
76     Federal funds sold to
         and repurchase
         agreements with
         others                      28.1      29.4      26.7      31.1
77     All other loans               80.6      83.1      79.8      80.5
78     Lease-financing
         receivables                147.9     147.7     147.4     147.4
79 Interbank loans                  174.5     181.9     180.2     185.6
80   Federal funds sold to and
       repurchase agreements
       with commercial banks         98.9     103.6     101.9      99.6
81   Other                           75.6      78.3      78.3      86.0
82 Cash assets (4)                  167.3     140.0     133.3     163.1
83 Other assets (5)                 306.7     312.9     323.6     319.8

84 Total assets (6)               3,238.9   3,222.4   3,205.4   3,285.1

   Liabilities
85 Deposits                       1,804.4   1,775.9   1,751.1   1,790.7
86   Transaction                    322.9     312.2     306.4     326.1
87   Nontransaction               1,481.5   1,463.7   1,444.7   1,464.7
88     Large time                   265.5     258.7     258.5     259.7
89     Other                      1,216.0   1,205.0   1,186.2   1,205.0
90 Borrowings                       675.4     687.7     680.8     699.9
91   From banks in the U.S.         227.9     232.0     221.9     226.5
92   From nonbanks in the U.S.      447.5     455.7     458.9     473.4
93 Net due to related foreign
     offices                        180.5     176.6     180.6     202.8
94 Other liabilities                235.7     230.5     243.5     241.5

95 Total liabilities              2,895.9   2,870.8   2,856.1   2,934.9

96 Residual (assets less
     liabilities) (7)               343.0     351.7     349.4     350.2
D. Small domestically chartered commercial banks

Billions of dollars

                                        Monthly averages

                                 2000                 2001

            Account            Oct.           Apr.           May

                                        Seasonally adjusted

   Assets
 1 Bank credit              2,003.0 (r)   2,067.7 (r)   2,080.7 (r)
 2   Securities in bank
         credit               532.0         540.9         544.7
 3     U.S. government
         securities           362.8 (r)     342.0 (r)     342.6 (r)
 4     Other securities       169.3 (r)     198.9 (r)     202.2 (r)
 5   Loans and leases in
         bank credit (2)    1,470.9 (r)   1,526.9 (r)   1,535.9 (r)
 6     Commercial and
         industrial           283.3         294.6 (r)     295.0 (r)
 7     Real estate            797.4         825.5 (r)     830.6 (r)
 8       Revolving home
           equity              44.9          47.8          48.5
 9       Other                752.5         777.8 (r)     782.1 (r)
10     Consumer               291.9         298.6         300.4
11     Security (3)             6.7           8.4           8.5
12     Other loans and
         leases                91.5 (r)      99.8 (r)     101.5 (r)
13 Interbank loans             80.6 (r)     114.3 (r)     119.4 (r)
14 Cash assets (4)             99.1         103.9         104.7
15 Other assets (5)            92.5         107.1         105.3

16 Total assets (6)         2,249.1       2,365.6       2,382.4

   Liabilities
17 Deposits                 1,736.3       1,857.1       1,866.7 (r)
18   Transaction              293.8         295.0         298.1
19   Nontransaction         1,442.5       1,562.1       1,568.7
20     Large time             285.7         301.6         299.8
21     Other                1,156.8       1,260.5       1,268.9
22 Borrowings                 324.1         332.3         335.6
23   From banks in the
       U.S.                   154.3         148.8         150.0
24   From others              169.7         183.6 (r)     185.6
25 Net due to related
     foreign offices           23.4          12.8          16.6
26 Other liabilities           48.8          53.6          55.2

27 Total liabilities        2,132.6       2,255.8       2,274.1

28 Residual (assets less
     liabilities) (7)         116.4 (r)     109.8         108.3

                                   Not seasonally adjusted

   Assets
29 Bank credit              2,004.3 (r)   2,067.5 (r)   2,081.2 (r)
30   Securities in bank
         credit               529.6         543.5         546.3
31     U.S. government
         securities           360.3 (r)     344.6 (r)     344.1 (r)
32     Other securities       169.3 (r)     198.9 (r)     202.2 (r)
33   Loans and leases in
         bank credit (2)    1,474.7 (r)   1,523.9 (r)   1,534.9 (r)
34     Commercial and
         industrial           282.9         296.7 (r)     297.6 (r)
35     Real estate            798.3         825.2 (r)     831.4 (r)
36       Revolving home
           equity              45.1          47.7          48.6
37       Other                753.2         777.5 (r)     782.8 (r)
38     Consumer               293.9         294.8         297.7
39       Credit cards and
           related plans      128.2         129.2         131.8
40       Other                165.7         165.6         165.9
41     Security (3)             6.8           8.5           8.1
42     Other loans and
         leases                92.7 (r)      98.7 (r)     100.1 (r)
43 Interbank loans             81.7 (r)     118.2 (r)     110.5 (r)
44 Cash assets (4)             99.7         100.4         103.2
45 Other assets (5)            92.5         107.1         105.3

46 Total assets (6)         2,252.1       2,365.8       2,372.5

   Liabilities
47 Deposits                 1,737.2       1,864.4       1,860.3
48   Transaction              293.2         294.5         292.9
49   Nontransaction         1,444.0       1,569.9       1,567.4
50     Large time             285.7         301.6         299.8
51     Other                1,158.4       1,268.2 (r)   1,267.6
52 Borrowings                 324.1         332.3         335.6
53   From banks in the
       U.S.                   154.3         148.8         150.0
54   From others              169.7         183.6 (r)     185.6
55 Net due to related
     foreign offices           23.4          12.8          16.6
56 Other liabilities           48.8          53.6          55.2

57 Total liabilities        2,133.6       2,263.1       2,267.7

58 Residual (assets less
     liabilities) (7)         118.5         102.7         104.8

                                 Monthly averages

                                       2001

                             June      July      Aug.
          Account            (r)        (r)       (r)

                                Seasonally adjusted

   Assets
 1 Bank credit              2,088.1   2,103.2   2,117.0
 2   Securities in bank
         credit               549.4     556.6     566.3
 3     U.S. government
         securities           345.4     353.1     358.9
 4     Other securities       204.0     203.5     207.4
 5   Loans and leases in
         bank credit (2)    1,538.8   1,546.6   1,550.7
 6     Commercial and
         industrial           297.2     301.0     300.3
 7     Real estate            835.2     842.3     846.4
 8       Revolving home
           equity              49.4      50.8      52.0
 9       Other                785.7     791.5     794.4
10     Consumer               296.9     294.7     295.1
11     Security (3)             8.3       8.4       8.5
12     Other loans and
         leases               101.2     100.3     100.3
13 Interbank loans            115.2     115.8     117.6
14 Cash assets (4)            103.2     105.1     105.1
15 Other assets (5)           110.0     119.6     122.5

16 Total assets (6)         2,388.8   2,415.8   2,434.0

   Liabilities
17 Deposits                 1,885.9   1,904.0   1,919.0
18   Transaction              291.5     290.4     297.1
19   Nontransaction         1,594.4   1,613.7   1,622.0
20     Large time             298.1     300.8     304.6
21     Other                1,296.3   1,312.8   1,317.4
22 Borrowings                 333.5     335.8     339.1
23   From banks in the
       U.S.                   148.2     148.3     149.6
24   From others              185.3     187.6     189.5
25 Net due to related
     foreign offices           13.1      14.7      15.5
26 Other liabilities           56.3      58.6      59.3

27 Total liabilities        2,889.0   2,313.2   2,332.9

28 Residual (assets less
     liabilities) (7)          99.9     102.6     101.1

                              Not seasonally adjusted

   Assets
29 Bank credit              2,090.0   2,103.3   2,120.2
30   Securities in bank
         credit               551.0     556.4     565.6
31     U.S. government
         securities           347.0     352.9     358.2
32     Other securities       204.0     203.5     207.4
33   Loans and leases in
         bank credit (2)    1,539.0   1,546.9   1,554.6
34     Commercial and
         industrial           299.1     300.8     298.7
35     Real estate            835.9     842.8     848.2
36       Revolving home
           equity              49.4      50.5      51.8
37       Other                786.5     792.3     796.4
38     Consumer               294.7     293.9     297.4
39       Credit cards and
           related plans      128.9     128.6     131.4
40       Other                165.8     165.3     165.9
41     Security (3)             8.1       8.2       8.3
42     Other loans and
         leases               101.3     101.2     102.1
43 Interbank loans            108.6     108.2     111.7
44 Cash assets (4)            102.0     103.8     102.3
45 Other assets (5)           110.0     119.6     122.5

46 Total assets (6)         2,382.9   2,407.1   2,428.6

   Liabilities
47 Deposits                 1,874.5   1,890.8   1,906.2
48   Transaction              291.2     288.8     294.3
49   Nontransaction         1,583.4   1,602.0   1,611.9
50     Large time             298.1     300.8     304.6
51     Other                1,285.3   1,301.2   1,307.3
52 Borrowings                 333.5     335.8     339.1
53   From banks in the
       U.S.                   148.2     148.3     149.6
54   From others              185.3     187.6     189.5
55 Net due to related
     foreign offices           13.1      14.7      15.5
56 Other liabilities           56.3      58.6      59.3

57 Total liabilities        2,277.5   2,300.0   2,320.1

58 Residual (assets less
     liabilities) (7)         105.4     107.1     108.5

                                                 Wed-
                                                nesday
                            Monthly averages    figures

                                   2001          2001

                             Sept.
          Account             (r)      Oct.     Oct. 10

                                Seasonally adjusted

   Assets
 1 Bank credit              2,127.1   2,170.4   2,166.9
 2   Securities in bank
         credit               573.4     589.5     588.2
 3     U.S. government
         securities           363.1     375.8     374.1
 4     Other securities       210.3     213.7     214.2
 5   Loans and leases in
         bank credit (2)    1,553.7   1,580.9   1,578.7
 6     Commercial and
         industrial           299.4     300.2     301.7
 7     Real estate            851.8     867.1     866.7
 8       Revolving home
           equity              53.0      55.1      54.7
 9       Other                798.8     812.0     811.9
10     Consumer               293.6     306.9     303.1
11     Security (3)             8.8       7.9       8.0
12     Other loans and
         leases               100.2      99.0      99.3
13 Interbank loans            122.3     104.6     103.8
14 Cash assets (4)            107.7     107.3     111.7
15 Other assets (5)           130.6     132.1     136.5

16 Total assets (6)         2,459.3   2,485.6   2,490.2

   Liabilities
17 Deposits                 1,936.2   1,943.4   1,945.6
18   Transaction              301.0     303.4     293.2
19   Nontransaction         1,635.1   1,640.0   1,652.3
20     Large time             304.2     306.8     307.1
21     Other                1,331.0   1,333.1   1,345.3
22 Borrowings                 348.0     356.3     357.1
23   From banks in the
       U.S.                   153.5     163.4     161.1
24   From others              194.5     192.9     196.0
25 Net due to related
     foreign offices           10.5       9.5       9.5
26 Other liabilities           60.7      62.2      62.1

27 Total liabilities        2,355.4   2,371.4   2,374.2

28 Residual (assets less
     liabilities) (7)         103.9     114.2     116.0

                              Not seasonally adjusted

   Assets
29 Bank credit              2,132.6   2,172.2   2,168.0
30   Securities in bank
         credit               573.2     587.1     586.1
31     U.S. government
         securities           363.0     373.4     371.9
32     Other securities       210.3     213.7     214.2
33   Loans and leases in
         bank credit (2)    1,559.4   1,585.2   1,582.0
34     Commercial and
         industrial           297.9     299.8     301.0
35     Real estate            853.5     868.2     867.4
36       Revolving home
           equity              53.2      55.3      54.9
37       Other                800.3     812.8     812.5
38     Consumer               297.1     309.0     304.4
39       Credit cards and
           related plans      130.7     140.7     135.5
40       Other                166.4     168.4     168.9
41     Security (3)             8.7       7.9       8.1
42     Other loans and
         leases               102.2     100.2     101.1
43 Interbank loans            118.3     105.7     107.0
44 Cash assets (4)            108.4     108.0     115.0
45 Other assets (5)           130.6     132.1     136.5

46 Total assets (6)         2,461.6   2,489.2   2,497.9

   Liabilities
47 Deposits                 1,929.9   1,944.8   1,953.6
48   Transaction              301.0     303.1     296.2
49   Nontransaction         1,628.9   1,641.7   1,657.4
50     Large time             304.2     306.8     307.1
51     Other                1,324.8   1,334.9   1,350.3
52 Borrowings                 348.0     356.3     357.1
53   From banks in the
       U.S.                   153.5     163.4     161.1
54   From others              194.5     192.9     196.0
55 Net due to related
     foreign offices           10.5       9.5       9.5
56 Other liabilities           60.7      62.2      62.1

57 Total liabilities        2,349.1   2,372.8   2,382.3

58 Residual (assets less
     liabilities) (7)         112.4     116.5     115.6

                                 Wednesday figures

                                       2001

          Account           Oct. 17   Oct. 24   Oct. 31

                                Seasonally adjusted

   Assets
 1 Bank credit              2,171.5   2,179.2   2,177.7
 2   Securities in bank
         credit               589.8     593.4     591.0
 3     U.S. government
         securities           375.1     379.2     377.9
 4     Other securities       214.7     214.1     213.1
 5   Loans and leases in
         bank credit (2)    1,581.8   1,585.8   1,586.7
 6     Commercial and
         industrial           300.1     299.7     299.4
 7     Real estate            866.7     868.9     869.9
 8       Revolving home
           equity              55.2      55.5      55.4
 9       Other                811.5     813.4     814.5
10     Consumer               308.5     310.2     310.5
11     Security (3)             7.8       7.7       7.9
12     Other loans and
         leases                98.6      99.3      99.1
13 Interbank loans            103.9     104.7     104.2
14 Cash assets (4)            101.9     106.5     108.2
15 Other assets (5)           131.6     128.3     131.0

16 Total assets (6)         2,480.1   2,489.7   2,492.2

   Liabilities
17 Deposits                 1,936.1   1,941.5   1,953.1
18   Transaction              293.4     312.6     318.8
19   Nontransaction         1,642.7   1,628.9   1,634.3
20     Large time             306.6     306.4     307.9
21     Other                1,336.1   1,322.5   1,326.4
22 Borrowings                 357.4     358.4     356.4
23   From banks in the
       U.S.                   164.3     165.1     168.0
24   From others              193.1     193.3     188.3
25 Net due to related
     foreign offices            9.3       9.8       9.0
26 Other liabilities           62.5      62.9      62.4

27 Total liabilities        2,365.3   2,372.6   2,380.8

28 Residual (assets less
     liabilities) (7)         114.8     117.1     111.3

                              Not seasonally adjusted

   Assets
29 Bank credit              2,174.1   2,180.5   2,180.2
30   Securities in bank
         credit               587.1     590.8     588.8
31     U.S. government
         securities           372.4     376.6     375.7
32     Other securities       214.7     214.1     213.1
33   Loans and leases in
         bank credit (2)    1,587.0   1,589.7   1,591.4
34     Commercial and
         industrial           300.1     299.6     299.1
35     Real estate            868.0     870.1     871.2
36       Revolving home
           equity              55.5      55.8      55.8
37       Other                812.6     814.3     815.4
38     Consumer               310.8     313.1     313.0
39       Credit cards and
           related plans      142.1     144.3     145.1
40       Other                168.7     168.8     167.8
41     Security (3)             7.9       7.6       8.1
42     Other loans and
         leases               100.1      99.4     100.1
43 Interbank loans            105.6     101.3     107.5
44 Cash assets (4)            106.2      99.8     110.7
45 Other assets (5)           131.6     128.3     131.0

46 Total assets (6)         2,488.6   2,480.9   2,500.4

   Liabilities
47 Deposits                 1,942.4   1,930.2   1,956.2
48   Transaction              296.7     303.2     319.6
49   Nontransaction         1,645.7   1,627.0   1,636.5
50     Large time             306.6     306.4     307.9
51     Other                1,339.1   1,320.6   1,328.7
52 Borrowings                 357.4     358.4     356.4
53   From banks in the
       U.S.                   164.3     165.1     168.0
54   From others              193.1     193.3     188.3
55 Net due to related
     foreign offices            9.3       9.8       9.0
56 Other liabilities           62.5      62.9      62.4

57 Total liabilities        2,371.6   2,361.3   2,383.9

58 Residual (assets less
     liabilities) (7)         116.9     119.6     116.5
E. Foreign-related institutions

Billions of dollars

                                         Monthly averages

                                     2000         2001

              Account               Oct.    Apr.         May

                                        Seasonally adjusted

   Assets
 1 Bank credit                      586.8   626.6 (r)   611.5
 2   Securities in bank credit      202.0   221.0       214.6
 3     U.S. government securities    69.7    74.4        69.7
 4     Other securities             132.3   146.5       144.9
 5   Loans and leases in bank
         credit (2)                 384.7   405.7       396.9 (r)
 6     Commercial and industrial    203.5   218.8 (r)   217.9 (r)
 7     Real estate                   18.1    17.9 (r)    18.2 (r)
 8     Security (3)                  96.2   100.8        92.9
 9     Other loans and leases        67.0    68.2        67.9
10 Interbank loans                   27.2    27.7        29.5
11 Cash assets (4)                   41.9    38.7        37.3
12 Other assets (5)                  36.7    39.7        37.3

13 Total assets (6)                 692.3   732.4 (r)   715.3

   Liabilities
14 Deposits                         383.7   394.3       408.5
15   Transaction                     10.7    10.7        10.6
16   Nontransaction                 373.0   383.6       397.9
17 Borrowings                       220.6   240.2       219.1
18   From banks in the U.S.          19.1    25.3        20.3
19   From others                    201.6   214.9       198.7
20 Net due to related foreign
     offices                         16.5     4.6        -4.3
21 Other liabilities                 76.1    88.8        86.1

22 Total liabilities                696.9   727.9       709.3

23 Residual (assets less
     liabilities) (7)                -4.6     4.5 (r)     6.0

                                      Not seasonally adjusted

   Assets
24 Bank credit                      590.8   623.7 (r)   606.7 (r)
25   Securities in bank credit      202.0   221.0       214.6
26     U.S. government securities    69.7    74.4        69.7
27       Trading account             12.0    14.8        13.8
28       Investment account          57.6    59.6        55.9
29     Other securities             132.3   146.5       144.9
30       Trading account             90.7    99.6        99.4
31       Investment account          41.7    47.0        45.6
32   Loans and leases in bank
         credit (2)                 388.8   402.8       392.2
33     Commercial and industrial    203.7   217.0 (r)   214.8 (r)
34     Real estate                   18.1    17.9 (r)    18.2 (r)
35     Security (3)                 100.4    99.4        92.1
36     Other loans and leases        66.6    68.4        67.1
37 Interbank loans                   27.2    27.7        29.5
38 Cash assets (4)                   42.7    37.2        36.4
39 Other assets (5)                  36.2    38.8        36.7

40 Total assets (6)                 696.6   727.1 (r)   709.1 (r)

   Liabilities
41 Deposits                         377.4   397.2       409.7
42   Transaction                     10.8    10.2        10.2
43   Nontransaction                 366.6   387.0       399.5
44 Borrowings                       220.6   240.2       219.1
45   From banks in the U.S.          19.1    25.3        20.3
46   From others                    201.6   214.9       198.7
47 Net due to related foreign
     offices                         16.8     -.1        -7.5
48 Other liabilities                 76.2    86.7        84.6

49 Total liabilities                691.0   724.0       705.8

50 Residual (assets less
     liabilities) (7)                 5.6     3.1 (r)     3.3 (r)

                                          Monthly averages

                                                2001

              Account               June        July        Aug.

                                          Seasonally adjusted

   Assets
 1 Bank credit                      602.9       592.4 (r)   592.2
 2   Securities in bank credit      216.0       216.5       219.5
 3     U.S. government securities    68.1        67.1        66.8
 4     Other securities             148.0       149.4       152.7
 5   Loans and leases in bank
         credit (2)                 386.8 (r)   375.9 (r)   372.7
 6     Commercial and industrial    210.7 (r)   205.7 (r)   204.5   (r)
 7     Real estate                   18.1 (r)    18.3 (r)    18.7   (r)
 8     Security (3)                  91.2        86.5        83.8
 9     Other loans and leases        66.8        65.4        65.7
10 Interbank loans                   21.9        21.3        20.4
11 Cash assets (4)                   36.3        36.8        37.3
12 Other assets (5)                  37.1        31.7        29.2

13 Total assets (6)                 697.8 (r)   681.9       678.7

   Liabilities
14 Deposits                         418.7       412.5       403.3
15   Transaction                      9.5         9.3         9.9
16   Nontransaction                 409.2       403.2       393.4
17 Borrowings                       215.8       210.7       210.3
18   From banks in the U.S.          22.5        22.3        20.9
19   From others                    193.3       188.4       189.4
20 Net due to related foreign
     offices                        -19.6       -16.2       -11.7
21 Other liabilities                 84.6        79.5        78.6

22 Total liabilities                699.4       686.5       680.5

23 Residual (assets less
     liabilities) (7)                -1.5        -4.6        -1.8

                                        Not seasonally adjusted

   Assets
24 Bank credit                      599.1 (r)   588.0       585.8
25   Securities in bank credit      216.0       216.5       219.5
26     U.S. government securities    68.1        67.1        66.8
27       Trading account             13.7        13.0        12.3
28       Investment account          54.4        54.1        54.5
29     Other securities             148.0       149.4       152.7
30       Trading account            105.7       108.0       110.9
31       Investment account          42.2        41.4        41.8
32   Loans and leases in bank
         credit (2)                 383.1       371.5       366.3
33     Commercial and industrial    209.6 (r)   205.0 (r)   203.2   (r)
34     Real estate                   18.1 (r)    18.3 (r)    18.7   (r)
35     Security (3)                  89.2        83.6        80.0
36     Other loans and leases        66.2        64.4        64.5
37 Interbank loans                   21.9        21.3        20.4
38 Cash assets (4)                   35.2        35.5        36.1
39 Other assets (5)                  35.8        30.9        28.9

40 Total assets (6)                 691.7       675.3       670.8   (r)

   Liabilities
41 Deposits                         411.6       402.3       391.6
42   Transaction                      9.3         9.4         9.9
43   Nontransaction                 402.2       392.9       381.7   (r)
44 Borrowings                       215.8       210.7       210.3
45   From banks in the U.S.          22.5        22.3        20.9
46   From others                    193.3       188.4       189.4
47 Net due to related foreign
     offices                        -22.7       -19.4       -12.9
48 Other liabilities                 83.1        78.1        78.1

49 Total liabilities                687.6       671.7       667.0

50 Residual (assets less
     liabilities) (7)                 4.1         3.6         3.9

                                                     Wed-
                                      Monthly       nesday
                                      averages      figures

                                         2001        2001

                                    Sept.            Oct.
              Account                (r)    Oct.      10

                                      Seasonally adjusted

   Assets
 1 Bank credit                      587.0   575.9     573.2
 2   Securities in bank credit      220.5   218.8     216.4
 3     U.S. government securities    69.8    72.1      69.2
 4     Other securities             150.7   146.7     147.2
 5   Loans and leases in bank
         credit (2)                 366.4   357.1     356.7
 6     Commercial and industrial    204.6   201.9     201.0
 7     Real estate                   19.2    19.5      19.3
 8     Security (3)                  77.6    71.1      71.0
 9     Other loans and leases        65.1    64.6      65.5
10 Interbank loans                   26.2    24.3      23.0
11 Cash assets (4)                   45.2    39.1      39.0
12 Other assets (5)                  31.5    30.4      31.0

13 Total assets (6)                 689.5   669.4     665.8

   Liabilities
14 Deposits                         403.2   413.7     411.6
15   Transaction                     12.9    11.5      11.4
16   Nontransaction                 390.3   402.1     400.2
17 Borrowings                       221.1   204.2     200.9
18   From banks in the U.S.          31.0    23.7      21.8
19   From others                    190.1   180.5     179.2
20 Net due to related foreign
     offices                        -18.4   -18.7     -21.0
21 Other liabilities                 80.7    76.3      76.9

22 Total liabilities                686.7   675.5     668.4

23 Residual (assets less
     liabilities) (7)                 2.8    -6.1      -2.6

                                    Not seasonally adjusted

   Assets
24 Bank credit                      585.2   578.8     572.7
25   Securities in bank credit      220.5   218.8     216.4
26     U.S. government securities    69.8    72.1      69.2
27       Trading account             13.7    11.6      11.5
28       Investment account          56.2    60.5      57.8
29     Other securities             150.7   146.7     147.2
30       Trading account            109.7   105.8     106.9
31       Investment account          41.0    40.9      40.3
32   Loans and leases in bank
         credit (2)                 364.7   360.0     356.3
33     Commercial and industrial    204.2   202.1     200.5
34     Real estate                   19.2    19.5      19.3
35     Security (3)                  76.4    74.2      72.1
36     Other loans and leases        64.8    64.2      64.4
37 Interbank loans                   26.2    24.3      23.0
38 Cash assets (4)                   44.2    39.8      38.6
39 Other assets (5)                  31.2    30.0      30.7

40 Total assets (6)                 686.5   672.6     664.7

   Liabilities
41 Deposits                         395.3   406.4     402.5
42   Transaction                     13.2    11.7      11.1
43   Nontransaction                 382.1   394.7     391.5
44 Borrowings                       221.1   204.2     200.9
45   From banks in the U.S.          31.0    23.7      21.8
46   From others                    190.1   180.5     179.2
47 Net due to related foreign
     offices                        -15.9   -18.4     -20.2
48 Other liabilities                 81.9    76.4      77.3

49 Total liabilities                682.4   668.7     660.5

50 Residual (assets less
     liabilities) (7)                 4.1     3.8       4.1

                                     Wednesday figures

                                            2001

                                    Oct.    Oct.    Oct.
              Account                17      24      31

                                    Seasonally adjusted

   Assets
 1 Bank credit                      569.7   572.4   588.3
 2   Securities in bank credit      214.4   218.2   224.9
 3     U.S. government securities    69.6    73.0    76.7
 4     Other securities             144.7   145.2   148.1
 5   Loans and leases in bank
         credit (2)                 355.4   354.2   363.4
 6     Commercial and industrial    201.9   201.7   203.4
 7     Real estate                   19.4    19.6    19.7
 8     Security (3)                  69.8    68.6    75.4
 9     Other loans and leases        64.3    64.3    64.9
10 Interbank loans                   30.8    22.3    22.2
11 Cash assets (4)                   41.3    38.2    37.5
12 Other assets (5)                  28.7    31.2    29.6

13 Total assets (6)                 670.2   663.8   677.2

   Liabilities
14 Deposits                         417.7   413.6   414.1
15   Transaction                     11.7    11.7    11.8
16   Nontransaction                 406.0   401.9   402.3
17 Borrowings                       199.7   198.2   215.6
18   From banks in the U.S.          24.9    20.7    25.2
19   From others                    174.8   177.5   190.4
20 Net due to related foreign
     offices                        -13.0   -14.4   -22.3
21 Other liabilities                 73.6    76.9    75.8

22 Total liabilities                678.0   674.2   683.2

23 Residual (assets less
     liabilities) (7)                -7.8   -10.3    -6.0

                                        Not seasonally
                                           adjusted

   Assets
24 Bank credit                      573.3   574.9   594.9
25   Securities in bank credit      214.4   218.2   224.9
26     U.S. government securities    69.6    73.0    76.7
27       Trading account             11.5    11.2    11.0
28       Investment account          58.1    61.8    65.8
29     Other securities             144.7   145.2   148.1
30       Trading account            104.0   104.6   106.1
31       Investment account          40.7    40.7    42.1
32   Loans and leases in bank
         credit (2)                 358.9   356.7   370.1
33     Commercial and industrial    201.8   201.4   204.7
34     Real estate                   19.4    19.6    19.7
35     Security (3)                  73.7    72.1    80.8
36     Other loans and leases        64.1    63.7    64.9
37 Interbank loans                   30.8    22.3    22.2
38 Cash assets (4)                   42.0    39.2    39.3
39 Other assets (5)                  28.4    30.5    29.1

40 Total assets (6)                 674.2   666.6   685.2

   Liabilities
41 Deposits                         407.5   407.7   409.8
42   Transaction                     12.0    11.7    12.3
43   Nontransaction                 395.4   396.0   397.6
44 Borrowings                       199.7   198.2   215.6
45   From banks in the U.S.          24.9    20.7    25.2
46   From others                    174.8   177.5   190.4
47 Net due to related foreign
     offices                        -11.3   -18.2   -20.3
48 Other liabilities                 74.3    75.3    76.6

49 Total liabilities                670.3   662.9   681.7

50 Residual (assets less
     liabilities) (7)                 3.9     3.7     3.5
F. Memo items

Billions of dollars

                                         Monthly averages

                                     2000             2001

              Account               Oct.        Apr.         May

                                      Not seasonally adjusted

   MEMO
   Large domestically chartered
     banks, adjusted for mergers
 1 Revaluation gains on
     off-balance-sheet items (8)     71.0        79.9        82.0
 2 Revaluation losses on
     off-balance-sheet items (8)     72.8        74.9        74.7
 3 Mortgage-backed securities (9)   245.1       259.1       266.0
 4   Pass-through                   177.2       195.3       200.8
 5   CMO, REMIC, and other           67.9        63.8        65.2
 6 Net unrealized gains (losses)
     on available-for-sale
     securities (10)                 -2.3         6.0         4.8
 7 Off-shore credit to U.S.
     residents (11)                  22.3        21.7        21.0
 8 Securitized consumer
       loans (12)                    77.5 (r)    81.9 (r)    80.3 (r)
 9   Credit cards and related
       plans                         67.9 (r)    72.4 (r)    71.1 (r)
10   Other                            9.6         9.5         9.2
11 Securitized business
     loans (12)                      12.0 (r)    14.2 (r)    14.2 (r)

   Small domestically chartered
     commercial banks, adjusted
     for mergers
12 Mortgage-backed securities (9)   207.5 (r)   224.6 (r)   229.3 (r)
13 Securitized consumer
       loans (12)                   224.5       234.7       234.5
14   Credit cards and related
       plans                        215.2       226.1       226.1
15   Other                            9.3         8.6         8.4

   Foreign-related institutions
16 Revaluation gains on
     off-balance-sheet items (8)     47.9        56.5        56.4
17 Revaluation losses on
     off-balance-sheet items (8)     45.0        52.2        51.9
18 Securitized business
     loans (12)                      34.5        31.3        29.5

                                          Monthly averages

                                                2001

              Account               June        July        Aug.

                                       Not seasonally adjusted

   MEMO
   Large domestically chartered
     banks, adjusted for mergers
 1 Revaluation gains on
     off-balance-sheet items (8)     87.3        77.6        87.7
 2 Revaluation losses on
     off-balance-sheet items (8)     81.6        71.8 (r)    78.4
 3 Mortgage-backed securities (9)   262.2       261.8       273.9
 4   Pass-through                   200.8       200.1       212.2
 5   CMO, REMIC, and other           61.4        61.7        61.7
 6 Net unrealized gains (losses)
     on available-for-sale
     securities (10)                  3.6         3.1         5.3
 7 Off-shore credit to U.S.
     residents (11)                  20.6        20.2        19.6
 8 Securitized consumer
       loans (12)                    81.7 (r)    96.2 (r)    96.1 (r)
 9   Credit cards and related
       plans                         72.8 (r)    86.1        85.6
10   Other                            9.0 (r)    10.1 (r)    10.5 (r)
11 Securitized business
     loans (12)                      14.7 (r)    14.8 (r)    15.0 (r)

   Small domestically chartered
     commercial banks, adjusted
     for mergers
12 Mortgage-backed securities (9)   232.9 (r)   239.6 (r)   243.9 (r)
13 Securitized consumer
       loans (12)                   237.8 (r)   227.8 (r)   230.8 (r)
14   Credit cards and related
       plans                        229.3 (r)   219.5 (r)   222.5 (r)
15   Other                            8.5         8.3         8.3

   Foreign-related institutions
16 Revaluation gains on
     off-balance-sheet items (8)     57.3        54.9        57.3
17 Revaluation losses on
     off-balance-sheet items (8)     52.1        49.8        52.1
18 Securitized business
     loans (12)                      28.3        27.1        26.6

                                                     Wed-
                                       Monthly      nesday
                                       averages     figures

                                         2001        2001

                                    Sept.            Oct.
              Account                (r)    Oct.      10

                                    Not seasonally adjusted

   MEMO
   Large domestically chartered
     banks, adjusted for mergers
 1 Revaluation gains on
     off-balance-sheet items (8)     95.8    98.1      92.6
 2 Revaluation losses on
     off-balance-sheet items (8)     84.8    85.6      80.3
 3 Mortgage-backed securities (9)   279.7   289.2     290.6
 4   Pass-through                   218.1   222.2     227.2
 5   CMO, REMIC, and other           61.6    67.1      63.3
 6 Net unrealized gains (losses)
     on available-for-sale
     securities (10)                  7.3     9.6       9.4
 7 Off-shore credit to U.S.
     residents (11)                  20.1    19.6      19.6
 8 Securitized consumer
       loans (12)                    97.1    98.1      97.7
 9   Credit cards and related
       plans                         86.8    87.8      87.4
10   Other                           10.3    10.3      10.4
11 Securitized business
     loans (12)                      15.1    15.4      15.5

   Small domestically chartered
     commercial banks, adjusted
     for mergers
12 Mortgage-backed securities (9)   249.1   255.4     253.5
13 Securitized consumer
       loans (12)                   234.0   236.1     239.0
14   Credit cards and related
       plans                        225.7   228.1     230.4
15   Other                            8.3     8.0       8.5

   Foreign-related institutions
16 Revaluation gains on
     off-balance-sheet items (8)     56.5    54.8      55.4
17 Revaluation losses on
     off-balance-sheet items (8)     51.5    50.4      51.0
18 Securitized business
     loans (12)                      26.5    26.6      26.5

                                      Wednesday figures

                                            2001

                                    Oct.    Oct.    Oct.
              Account                17      24      31

                                       Not seasonally
                                          adjusted

   MEMO
   Large domestically chartered
     banks, adjusted for mergers
 1 Revaluation gains on
     off-balance-sheet items (8)     94.1    97.3   106.6
 2 Revaluation losses on
     off-balance-sheet items (8)     81.1    84.3    93.5
 3 Mortgage-backed securities (9)   283.4   281.1   301.6
 4   Pass-through                   221.0   218.8   219.6
 5   CMO, REMIC, and other           62.4    62.3    82.0
 6 Net unrealized gains (losses)
     on available-for-sale
     securities (10)                  9.1     9.1    10.3
 7 Off-shore credit to U.S.
     residents (11)                  19.5    20.1    19.4
 8 Securitized consumer
       loans (12)                    97.5    98.2    99.0
 9   Credit cards and related
       plans                         87.2    88.0    88.8
10   Other                           10.3    10.2    10.2
11 Securitized business
     loans (12)                      15.4    15.3    15.4

   Small domestically chartered
     commercial banks, adjusted
     for mergers
12 Mortgage-backed securities (9)   253.7   257.3   258.7
13 Securitized consumer
       loans (12)                   234.1   234.0   235.9
14   Credit cards and related
       plans                        226.7   226.7   227.5
15   Other                            7.3     7.3     8.4

   Foreign-related institutions
16 Revaluation gains on
     off-balance-sheet items (8)     53.0    53.9    55.9
17 Revaluation losses on
     off-balance-sheet items (8)     49.0    49.8    50.9
18 Securitized business
     loans (12)                      27.0    26.8    26.4

NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes
in the Board's H.8 statistical release, "Assets and Liabilities of
Commercial Banks in the United States." Table 1.27, "Assets and
Liabilities of Large Weekly Reporting Commercial Banks," and table
1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign
Banks," are no longer being published in the Bulletin. Instead,
abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data
are both merger-adjusted and break-adjusted. In addition, data from
large weekly reporting U.S. branches and agencies of foreign banks have
been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are
break-adjusted.

The not-seasonally-adjusted data for all tables now contain additional
balance sheet items, which were available as of October 2, 1996.

(1.) Covers the following types of institutions in the fifty states and
the District of Columbia: domestically chartered commercial banks that
submit a weekly report of condition (large domestic); other
domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and agreement corporations
(foreign-related institutions). Excludes International Banking
Facilities. Data are Wednesday values or pro rata averages of Wednesday
values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on
weekly samples and on quarter-end condition reports. Data are adjusted
for breaks caused by reclassifications of assets and liabilities.

The data for large and small domestic banks presented on pp. A17-19 are
adjusted to remove the estimated effects of mergers between these two
groups. The adjustment for mergers changes past levels to make them
comparable with current levels. Estimated quantities of balance sheet
items acquired in mergers are removed from past data for the bank group
that contained the acquired bank and put into past data for the group
containing the acquiring bank. Balance sheet data for acquired banks
are obtained from Call Reports, and a ratio procedure is used to adjust
past levels.

(2.) Excludes federal funds sold to, reverse RPs with, and loans made
to commercial banks in the United States, all of which are included in
"Interbank loans."

(3.) Consists of reverse RPs with brokers and dealers and loans to
purchase and carry securities.

(4.) Includes vault cash, cash items in process of collection, balances
due from depository institutions, and balances due from Federal Reserve
Banks.

(5.) Excludes the due-from position with related foreign offices, which
is included in "Net due to related foreign offices."

(6.) Excludes unearned income, reserves for losses on loans and leases,
and reserves for transfer risk. Loans are reported gross of these
items.

(7.) This balancing item is not intended as a measure of equity capital
for use in capital adequacy analysis. On a seasonally adjusted basis,
this item reflects any differences in the seasonal patterns estimated
for total assets and total liabilities.

(8.) Fair value of derivative contracts (interest rate, foreign
exchange rate, other commodity and equity contracts) in a gain/loss
position, as determined under FASB Interpretation No. 39.

(9.) Includes mortgage-backed securities issued by U.S. government
agencies, U.S. government-sponsored enterprises, and private entities.

(10.) Difference between fair value and historical cost for securities
classified as available-for-sale under FASB Statement No. 115. Data are
reported net of tax effects. Data shown are restated to include an
estimate of these tax effects.

(11.) Mainly commercial and industrial loans but also includes an
unknown amount of credit extended to other than nonfinancial
businesses.

(12.) Total amount outstanding.
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING

Millions of dollars, seasonally adjusted, end of period

                                   Year ending December

          Item            1996      1997       1998        1999

1 All issuers            775,371   966,699   1,163,303   1,403,023

  Financial
      companies (1)
2   Dealer-placed
      paper, total (2)   361,147   513,307     614,142     786,643
3   Directly placed
      paper, total (3)   229,662   252,536     322,030     337,240

4 Nonfinancial
    companies (4)        184,563   200,857     227,132     279,140

                           Year
                          ending
                         December                  2001

          Item             2000        Apr.         May        June

1 All issuers            1,615,341   1,519,528   1,501,113   1,468,919

  Financial
      companies (1)
2   Dealer-placed
      paper, total (2)     973,060     995,072     986,369     982,216
3   Directly placed
      paper, total (3)     298,848     247,333     245,768     244,520

4 Nonfinancial
    companies (4)          343,433     277,123     268,976     242,183

                                       2001

          Item             July        Aug.        Sept.

1 All issuers            1,453,770   1,434,238   1,423,004

  Financial
      companies (1)
2   Dealer-placed
      paper, total (2)     958,911     957,792     950,346
3   Directly placed
      paper, total (3)     265,824     248,974     255,122

4 Nonfinancial
    companies (4)          229,035     227,473     217,537

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

Percent per year

Date of change   Rate

1998--Jan. 1     8.50
      Sept. 30   8.25
      Oct. 16    8.00
      Nov. 18    7.75

1999--July 1     8.00
      Aug. 25    8.25
      Nov. 17    8.50

2000--Feb. 3     8.75
      Mar. 22    9.00
      May 17     9.50

2001--Jan. 4     9.00
      Feb. 1     8.50
      Mar. 21    8.00
      Apr. 19    7.50
      May 16     7.00
      June 28    6.75
      Aug. 22    6.50
      Sept. 18   6.00
      Oct. 3     5.50
      Nov. 7     5.00

              Average
Period         rate

1998           8.35
1999           8.00
2000           9.23

1998--Jan.     8.50
      Feb.     8.50
      Mar.     8.50
      Apr.     8.50
      May      8.50
      June     8.50
      July     8.50
      Aug.     8.50
      Sept.    8.49
      Oct.     8.12
      Nov.     7.89
      Dec.     7.75

1999--Jan.     7.75
      Feb.     7.75
      Mar.     7.75
      Apr.     7.75
      May      7.75
      June     7.75
      July     8.00
      Aug.     8.06
      Sept.    8.25
      Oct.     8.25
      Nov.     8.37
      Dec.     8.50

2000--Jan.     8.50
      Feb.     8.73
      Mar.     8.83
      Apr.     9.00
      May      9.24
      June     9.50
      July     9.50
      Aug.     9.50
      Sept.    9.50
      Oct.     9.50
      Nov.     9.50
      Dec.     9.50

2001--Jan.     9.05
      Feb.     8.50
      Mar.     8.32
      Apr.     7.80
      May      7.24
      June     6.98
      July     6.75
      Aug.     6.67
      Sept.    6.28
      Oct.     5.53
      Nov.     5.10

(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

                                                          2001

                Item                 1998   1999   2000   July

      MONEY MARKET INSTRUMENTS

 1 Federal funds (1,2,3)             5.35   4.97   6.24   3.77
 2 Discount window borrowing (2,4)   4.92   4.62   5.73   3.25

   Commercial paper (3,5,6)
   Non financial
 3   1-month                         5.40   5.09   6.27   3.71
 4   2-month                         5.38   5.14   6.29   3.63
 5   3-month                         5.34   5.18   6.31   3.59

   Financial
 6   1-month                         5.42   5.11   6.28   3.73
 7   2-month                         5.40   5.16   6.30   3.66
 8   3-month                         5.37   5.22   6.33   3.62

   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 (3,5,9)
15   3-month                         5.39   5.24   6.23   n.a.
13   6-month                         5.30   5.30   6.37   n.a.

   Certificates of deposit,
       secondary market (3,10)
17   1-month                         5.49   5.19   6.35   3.76
18   3-month                         5.47   5.33   6.46   3.66
19   6-month                         5.44   5.46   6.59   3.70

20 Eurodollar deposits,
     3-month (3,11)                  5.45   5.31   6.45   3.66

   U.S. Treasury bills
   Secondary market (3,5)
21   3-month                         4.78   4.64   5.82   3.51
22   6-month                         4.83   4.75   5.90   3.45
23   1-year                          4.80   4.81   5.78   3.39
   Auction high (3,5,12)
24   3-month                         4.81   4.66   5.66   n.a.
25   6-month                         4.85   4.76   5.85   n.a.
26   1-year                          4.85   4.78   5.85   n.a.

    U.S. TREASURY NOTES AND BONDS

   Constant maturities (13)
27   1-year                          5.05   5.08   6.11   3.62
28   2-year                          5.13   5.43   6.26   4.04
29   3-year                          5.14   5.49   6.22   4.31
30   5-year                          5.15   5.55   6.16   4.76
31   7-year                          5.28   5.79   6.20   5.06
32   10-year                         5.26   5.65   6.03   5.24
33   20-year                         5.72   6.20   6.23   5.75
34   30-year                         5.58   5.87   5.94   5.61

   Composite
35 More than 10 years (long-term)    5.69   6.14   6.41   n.a.

   STATE AND LOCAL NOTES AND BONDS

   Moody's series (14)
36 Aaa                               4.93   5.28   5.58   4.79
37 Baa                               5.14   5.70   6.19   5.81
38 Bond Buyer series (15)            5.09   5.43   5.71   5.20

           CORPORATE BONDS

39 Seasoned issues,
     all industries (16)             6.87   7.45   7.98   7.51

   Rating group
40 Aaa                               6.53   7.05   7.62   7.13
41 Aa                                6.80   7.36   7.83   7.27
42 A                                 6.93   7.53   8.11   7.65
43 Baa                               7.22   7.88   8.36   7.97

   MEMO
   Dividend-price ratio (17)
44 Common stocks                     1.49   1.25   1.15   1.30

                                                           2001,
                                                            week
                                            2001           ending

                                                           Sept.
                Item                 Aug.   Sept.   Oct.     28

      MONEY MARKET INSTRUMENTS

 1 Federal funds (1,2,3)             3.65    3.07   2.49     2.99
 2 Discount window borrowing (2,4)   3.16    2.77   2.02     2.50

   Commercial paper (3,5,6)
   Non financial
 3   1-month                         3.54    2.96   2.40     2.62
 4   2-month                         3.47    2.87   2.30     2.49
 5   3-month                         3.42    2.81   2.28     2.42

   Financial
 6   1-month                         3.57    2.97   2.42     2.62
 7   2-month                         3.48    2.87   2.31     2.52
 8   3-month                         3.44    2.84   2.29     2.47

   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 (3,5,9)
15   3-month                         n.a.    n.a.   n.a.    n.a.
13   6-month                         n.a.    n.a.   n.a.    n.a.

   Certificates of deposit,
       secondary market (3,10)
17   1-month                         3.59    2.99   2.43     2.61
18   3-month                         3.48    2.87   2.31     2.52
19   6-month                         3.49    2.84   2.26     2.48

20 Eurodollar deposits,
     3-month (3,11)                  3.47    2.85   2.31     2.50

   U.S. Treasury bills
   Secondary market (3,5)
21   3-month                         3.36    2.64   2.16     2.34
22   6-month                         3.29    2.63   2.12     2.29
23   1-year                          3.26    n.a.   n.a.    n.a.
   Auction high (3,5,12)
24   3-month                         n.a.    n.a.   n.a.    n.a.
25   6-month                         n.a.    n.a.   n.a.    n.a.
26   1-year                          n.a.    n.a.   n.a.    n.a.

    U.S. TREASURY NOTES AND BONDS

   Constant maturities (13)
27   1-year                          3.47    2.82   2.33     2.49
28   2-year                          3.76    3.12   2.73     2.86
29   3-year                          4.04    3.45   3.14     3.22
30   5-year                          4.57    4.12   3.91     3.94
31   7-year                          4.84    4.51   4.31     4.40
32   10-year                         4.97    4.73   4.57     4.66
33   20-year                         5.58    5.53   5.34     5.53
34   30-year                         5.48    5.48   5.32     5.51

   Composite
35 More than 10 years (long-term)    n.a.    n.a.   n.a.    n.a.

   STATE AND LOCAL NOTES AND BONDS

   Moody's series (14)
36 Aaa                               4.89    4.93   4.89     4.99
37 Baa                               5.55    5.62   5.55     5.75
38 Bond Buyer series (15)            5.03    n.a.   5.05     5.14

           CORPORATE BONDS

39 Seasoned issues,
     all industries (16)             7.37    7.54   7.41     7.64

   Rating group
40 Aaa                               7.02    7.17   7.03     7.27
41 Aa                                7.11    7.28   7.13     7.38
42 A                                 7.48    7.67   7.59     7.79
43 Baa                               7.85    8.03   7.91     8.12

   MEMO
   Dividend-price ratio (17)
44 Common stocks                     1.34    1.48   1.45     1.56

                                         2001, week ending

                                     Oct.   Oct.   Oct.   Oct.
                Item                  5      12     19     26

      MONEY MARKET INSTRUMENTS

 1 Federal funds (1,2,3)             2.71   2.44   2.44   2.49
 2 Discount window borrowing (2,4)   2.36   2.00   2.00   2.00

   Commercial paper (3,5,6)
   Non financial
 3   1-month                         2.50   2.46   2.41   2.32
 4   2-month                         2.42   2.32   2.31   2.22
 5   3-month                         2.40   2.32   2.29   2.22

   Financial
 6   1-month                         2.52   2.48   2.43   2.34
 7   2-month                         2.43   2.35   2.32   2.24
 8   3-month                         2.40   2.32   2.30   2.23

   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 (3,5,9)
15   3-month                         n.a.   n.a.   n.a.   n.a.
13   6-month                         n.a.   n.a.   n.a.   n.a.

   Certificates of deposit,
       secondary market (3,10)
17   1-month                         2.55   2.50   2.44   2.34
18   3-month                         2.46   2.37   2.32   2.22
19   6-month                         2.38   2.31   2.28   2.20

20 Eurodollar deposits,
     3-month (3,11)                  2.46   2.37   2.32   2.22

   U.S. Treasury bills
   Secondary market (3,5)
21   3-month                         2.21   2.20   2.17   2.13
22   6-month                         2.20   2.17   2.15   2.08
23   1-year                          n.a.   n.a.   n.a.   n.a.
   Auction high (3,5,12)
24   3-month                         n.a.   n.a.   n.a.   n.a.
25   6-month                         n.a.   n.a.   n.a.   n.a.
26   1-year                          n.a.   n.a.   n.a.   n.a.

    U.S. TREASURY NOTES AND BONDS

   Constant maturities (13)
27   1-year                          2.40   2.39   2.37   2.31
28   2-year                          2.76   2.80   2.78   2.72
29   3-year                          3.14   3.22   3.18   3.15
30   5-year                          3.88   3.99   3.94   3.94
31   7-year                          4.30   4.39   4.34   4.33
32   10-year                         4.53   4.65   4.60   4.60
33   20-year                         5.35   5.43   5.37   5.33
34   30-year                         5.33   5.40   5.35   5.32

   Composite
35 More than 10 years (long-term)    n.a.   n.a.   n.a.   n.a.

   STATE AND LOCAL NOTES AND BONDS

   Moody's series (14)
36 Aaa                               4.88   4.89   4.89   4.90
37 Baa                               5.51   5.55   5.55   5.58
38 Bond Buyer series (15)            5.03   5.05   5.05   5.05

           CORPORATE BONDS

39 Seasoned issues,
     all industries (16)             7.45   7.49   7.42   7.39

   Rating group
40 Aaa                               7.06   7.10   7.04   7.01
41 Aa                                7.18   7.20   7.13   7.12
42 A                                 7.62   7.67   7.61   7.56
43 Baa                               7.94   7.98   7.92   7.89

   MEMO
   Dividend-price ratio (17)
44 Common stocks                     1.46   1.42   1.45   1.43

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.) 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 the 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' A1 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 in the price index.
1.36 STOCK MARKET Selected Statistics

                Indicator                  1998       1999

                                         Prices and trading
                                          volume (averages
                                          of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                550.65     619.52
 2   Industrial                            684.35     775.29
 3   Transportation                        468.61     491.62
 4   Utility                               190.52     284.82
 5   Finance                               516.65     530.97

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                    1,085.50   1,327.33

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)              682.69     770.90

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange                666,534    799,554
 9 American Stock Exchange                 28,870     32,629

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

10 Margin credit at broker-dealers (3)    140,980    228,530

   Free credit balances at brokers (4)
11 Margin accounts (5)                     40,250     55,130
12 Cash accounts                           62,450     79,070

                                         Margin requirements
                                         (percent of market
                                         value and effective
                                              date) (6)

                                            Mar. 11, 1968

13 Margin stocks                                  70
14 Convertible bonds                              50
15 Short sales                                    70

                                                       2001

                Indicator                  2000        Feb.

                                           Prices and trading
                                            volume (averages
                                            of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                 643.71      648.05
 2   Industrial                             809.40      799.38
 3   Transportation                         414.73      482.26
 4   Utility                                478.99      424.53
 5   Finance                                552.48      626.41

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                     1,427.22    1,305.75

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)               922.22      923.99

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange               1,026,867   1,117,977
 9 American Stock Exchange                  51,437      70,648

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

10 Margin credit at broker-dealers (3)     198,790     186,810

   Free credit balances at brokers (4)
11   Margin accounts (5)                   100,680      99,390
12   Cash accounts                          84,400      78,660

                                          Margin requirements
                                          (percent of market
                                          value and effective
                                              date) (6)

                                              June 8, 1968

13 Margin stocks                                   80
14 Convertible bonds                               60
15 Short sales                                     80

                                                2001

                Indicator                  Mar.        Apr.

                                          Prices and trading
                                           volume (averages
                                          of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                 603.44      607.06
 2   Industrial                             744.21      747.48
 3   Transportation                         452.36      455.22
 4   Utility                                395.34      400.49
 5   Finance                                583.38      587.88

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                     1,185.85    1,189.84

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)               891.22      891.18

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange               1,251,569   1,247,382
 9 American Stock Exchange                  81,666      77,612

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

10 Margin credit at broker-dealers (3)     165,350     166,940

   Free credit balances at brokers (4)
11   Margin accounts (5)                   106,300      97,470
12   Cash accounts                          77,520      77,460

                                          Margin requirements
                                          (percent of market
                                          value and effective
                                              date) (6)

                                              May 6, 1970

13 Margin stocks                                   65
14 Convertible bonds                               50
15 Short sales                                     65

                                                2001

                Indicator                   May        June

                                          Prices and trading
                                           volume (averages
                                           of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                 644.44      630.86
 2   Industrial                             798.94      782.73
 3   Transportation                         477.21      458.60
 4   Utility                                414.69      382.98
 5   Finance                                618.74      622.17

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                     1,270.37    1,238.71

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)               940.73      923.06

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange               1,091,366   1,152,193
 9 American Stock Exchange                  66,103      65,395

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

10 Margin credit at broker-dealers (3)     174,180     170,000

   Free credit balances at brokers (4)
11   Margin accounts (5)                    91,990      98,430
12   Cash accounts                          76,260      75,270

                                          Margin requirements
                                          (percent of market
                                          value and effective
                                              date) (6)

                                              Dec. 6, 1971

13 Margin stocks                                   55
14 Convertible bonds                               50
15 Short sales                                     55

                                                2001

                Indicator                  July        Aug.

                                          Prices and trading
                                           volume (averages
                                          of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                 613.36      604.52
 2   Industrial                             756.04      748.65
 3   Transportation                         469.80      458.35
 4   Utility                                374.11      357.76
 5   Finance                                614.54      605.59

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                     1,204.45    1,178.51

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)               892.74      883.01

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange               1,120,074   1,012,907
 9 American Stock Exchange                  56,735      48,304

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

10 Margin credit at broker-dealers (3)     165,250     161,130

   Free credit balances at brokers (4)
11   Margin accounts (5)                    97,950     103,990
12   Cash accounts                          73,490      73,710

                                          Margin requirements
                                          (percent of market
                                          value and effective
                                              date) (6)

                                              Nov. 24, 1972

13 Margin stocks                                   65
14 Convertible bonds                               50
15 Short sales                                     65

                                                2001

               Indicator                  Sept.       Oct.

                                          Prices and trading
                                           volume (averages
                                          of daily figures)

   Common stock prices (indexes)
 1 New York Stock Exchange
       (Dec. 31, 1965 = 50)                 544.39      556.04
 2   Industrial                             672.89      688.35
 3   Transportation                         382.68      371.56
 4   Utility                                339.72      341.51
 5   Finance                                538.01      553.16

 6 Standard & Poor's Corporation
     (1941-43=10) (1)                     1,044.64    1,076.59

 7 American Stock Exchange
     (Aug. 31, 1973 = 50) (2)               823.78      825.91

   Volume of trading
     (thousands of shares)
 8 New York Stock Exchange               1,666,980   1,293,019
 9 American Stock Exchange                  72,319      66,765

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

10 Margin credit at broker-dealers (3)     144,670     144,620

   Free credit balances at brokers (4)
11   Margin accounts (5)                   115,450     102,150
12   Cash accounts                          74,220      68,570

                                          Margin requirements
                                          (percent of market
                                          value and effective
                                              date) (6)

                                              Jan. 3, 1974

13 Margin stocks                                   50
14 Convertible bonds                               50
15 Short sales                                     50

(1.) 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 425),
20 transportation (formerly 15 rail), 40 public utility (formerly 60),
and 40 financial.

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

(3.) 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.

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

(5.) Series initiated in June 1984.

(6.) 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

                                                            Calendar
                                Fiscal year                   year

   Type of
   account or
   operation          1999        2000         2001           May

   U.S. budget
     (1)
 1 Receipts,
       total        1,827,302   2,025,218   1,990,205 (r)   125,590
 2   On-budget      1,382,986   1,544,634   1,482,686 (r)    84,759
 3   Off-budget       444,468     480,584     507,519        40,831
 4 Outlays, total   1,702,875   1,788,826   1,863,184 (r)   153,508
 5   On-budget      1,382,097   1,458,061   1,516,346 (r)   118,517
 6   Off-budget       320,778     330,765     346,838        34,992
 7 Surplus or
       deficit
       (-), total     124,579     236,392     127,021 (r)   -27,919
 8   On-budget            889      86,573     -33,660 (r)   -33,758
 9   Off-budget       123,690     149,819     160,682         5,839

   Source of
     financing
     (total)
10 Borrowing from
     the public       -88,674    -222,807     -90,118       -20,608
11 Operating cash
     (decrease,
     or increase
     [-])             -17,580       3,799       8,440        58,856
12 Other (2)          -18,325     -17,384     -45,343 (r)   -10,329

   MEMO
13 Treasury
       operating
       balance
       (level,
       end of
       period)         56,458      52,659      44,219         6,274
14   Federal
       Reserve
       Banks            6,641       8,459       9,796         4,396
15   Tax and loan
       accounts        49,817      44,199      34,423         1,878

                                         Calendar year

                                             2001

   Type of
   account or
   operation         June      July      Aug.      Sept.         Oct.

   U.S. budget
     (1)
 1 Receipts,
       total        202,887   127,842   122,559   158,496 (r)   157,163
 2   On-budget      151,482    89,473    84,011   116,598 (r)   122,004
 3   Off-budget      51,405    38,369    38,548    41,898        35,159
 4 Outlays, total   171,025   125,022   202,549   123,250 (r)   166,548
 5   On-budget      167,796    92,145   138,167   111,255 (r)   134,014
 6   Off-budget       3,229    32,877    64,382    11,996        32,534
 7 Surplus or
       deficit
       (-), total    31,862     2,820   -79,990    35,245 (r)    -9,385
 8   On-budget      -16,314    -2,672   -54,156     5,343 (r)   -12,010
 9   Off-budget      48,176     5,492   -25,834    29,902         2,625

   Source of
     financing
     (total)
10 Borrowing from
     the public      -1,212    -7,460    74,101     1,996        -3,695
11 Operating cash
     (decrease,
     or increase
     [-])           -37,413    20,589    16,769   -37,890        16,612
12 Other (2)          6,763   -15,949   -10,880       649 (r)    -3,532

   MEMO
13 Treasury
       operating
       balance
       (level,
       end of
       period)       43,687    23,098     6,329    44,219        27,607
14   Federal
       Reserve
       Banks          7,188     5,592     5,533     9,796         5,112
15   Tax and loan
       accounts      36,498    17,506       795    34,423        22,495

(1.) Since 1990, off-budget items have been the social security trust
funds (Federal Old-Age, Survivors, and 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) 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; and
fiscal year totals: U.S. Office of Management and Budget, Budget of the
U.S. Government when available.
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS (1)

Millions of dollars

                        Fiscal year             Calendar year

                                               1999        2000

      Source
     or type        2000          2001          H2         H1

     RECEIPTS

 1 All sources    2,025,218   1,990,205 (r)   892,266   1,089,763

 2 Individual
       income
       taxes,
       net        1,004,462     994,339       425,451     550,208
 3   Withheld       780,397     793,386       372,012     388,526
 4   Nonwith-
       held         358,049     383,146        68,302     281,103
 5   Refunds        134,046     182,251        14,841     119,477
   Corporation
       income
       taxes
 6   Gross
       receipts     235,655     186,732       110,111     119,166
 7   Refunds         28,367      35,657        13,996      13,781
 8 Social insu-
       rance
       taxes
       and
       contri-
       butions,
       net          652,852     693,967       292,551     353,514
 9   Employment
       taxes
       and
       contri-
       butions
       (2)          620,451     661,442       280,059     333,584
10   Unemploy-
       ment in-
       surance       27,640      27,812        10,173      17,562
11   Other net
       receipts
       (3)            4,761       4,712         2,319       2,368

12 Excise taxes      68,865      66,232        34,262      33,532
13 Customs
     deposits        19,914      19,616        10,287       9,218
14 Estate and
     gift taxes      29,010      28,400        14,001      15,073
15 Miscella-
     neous re-
     ceipts (4)      42,826      36,576        19,569      22,831

     OUTLAYS

16 All types      1,788,826   1,863,184 (r)   882,465     892,947

17 National
     defense        294,494     304,486       149,573     143,476
18 Interna-
     tional
     affairs         17,216      16,522         8,530       7,250
19 General
     science,
     space, and
     technology      18,637      20,715        10,089       9,601
20 Energy            -1,060        -677           -90        -893
21 Natural re-
     sources
     and envi-
     ronment         25,031      23,738        12,100      10,814
22 Agriculture       36,641      28,339        20,887      11,164

23 Commerce and
     housing
     credit           3,211       5,801         7,353      -2,497
24 Transporta-
     tion            46,854      53,882        23,199      21,054
25 Community
     and re-
     gional
     develop
     ment            10,629      12,827         6,806       5,050
26 Education,
     training,
     employ-
     ment, and
     social
     services        59,201      62,869        27,532      31,234

27 Health           154,534     171,912        74,490      75,871
28 Social secu-
     rity and
     Medicare       606,549     650,407       295,030     306,966
29 Income
     security       247,895     263,274       113,504     133,915

30 Veterans be-
     nefits and
     services        47,083      45,029        23,412      23,174
31 Administra-
     tion of
     justice         27,820      29,754        13,459      13,981
32 General
     government      13,454      15,084         7,010       6,198
33 Net interest
     (5)            223,218     206,088       112,420     115,545
34 Undistribu-
     ted off-
     setting
     receipts
     (6)            -42,581     -47,011       -22,850     -19,346

                                    Calendar year

                   2000       2001                 2001

      Source
     or type        H2         H1        Aug.      Sept.         Oct.

     RECEIPTS

 1 All sources    952,942   1,120,040   122,559   158,496 (r)   157,163

 2 Individual
       income
       taxes,
       net        458,679     580,632    52,020    81,277        77,772
 3   Withheld     395,572     402,417    66,415    49,679        69,963
 4   Nonwith-
       held        77,732     308,418     6,435    45,676         9,858
 5   Refunds       14,628     130,256    20,831    14,078         2,049
   Corporation
       income
       taxes
 6   Gross
       receipts   123,962     102,947     4,618     9,533        30,134
 7   Refunds       15,776      20,262     1,475     2,057        10,388
 8 Social insu-
       rance
       taxes
       and
       contri-
       butions,
       net        310,122     379,878    53,692    56,147        48,794
 9   Employment
       taxes
       and
       contri-
       butions
       (2)        297,665     359,648    49,974    55,433        46,887
10   Unemploy-
       ment in-
       surance     10,097      17,842     3,294       349         1,529
11   Other net
       receipts
       (3)          2,360       2,387       424       365           378

12 Excise taxes    35,501      32,490     5,438     6,443         3,657
13 Customs
     deposits      10,676       9,370     1,926     1,563         1,920
14 Estate and
     gift taxes    13,216      15,471     2,196     1,761         2,488
15 Miscella-
     neous re-
     ceipts (4)    16,556      19,517     4,142     3,828         2,786

     OUTLAYS

16 All types      894,905     948,750   202,549   123,250 (r)   166,548

17 National
     defense      147,651     153,154    30,393    23,987        26,373
18 Interna-
     tional
     affairs       11,902       6,522       260     1,350         2,519
19 General
     science,
     space, and
     technology    10,389      10,073     2,014     1,668         2,025
20 Energy            -595        -244       -68       697          -355
21 Natural re-
     sources
     and envi-
     ronment       12,907      11,059     2,087     2,521         2,248
22 Agriculture     20,977      10,832     6,226    -1,149         5,288

23 Commerce and
     housing
     credit         4,408      -1,539     4,287    15,844         1,194
24 Transporta-
     tion          25,841      23,810     5,433     7,358         5,423
25 Community
     and re-
     gional
     develop
     ment           5,962       5,265     1,450     1,347         1,509
26 Education,
     training,
     employ-
     ment, and
     social
     services      29,263      35,698     1,751     4,927         6,113

27 Health          81,413      87,427    15,419    14,088        17,549
28 Social secu-
     rity and
     Medicare     307,473     328,072    86,197    26,044        53,444
29 Income
     security     113,212     146,913    24,025    15,738        21,664

30 Veterans be-
     nefits and
     services      22,615      23,171     6,199     2,123         4,294
31 Administra-
     tion of
     justice       14,635      14,694     2,647     2,428         3,230
32 General
     government     6,461       8,887       261     1,733         1,581
33 Net interest
     (5)          104,685     107,824    17,426     9,113        16,157
34 Undistribu-
     ted off-
     setting
     receipts
     (6)          -24,070     -22,865    -3,459    -6,711        -3,727

(1.) Functional details do not sum to total 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 been 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 asset
sales.

SOURCE. Fiscal year totals: U.S. Office of Management and Budget,
Budget of the U.S. Government, Fiscal year 2002; 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

                               1999                     2000

                         Sept.                                   Sept.
          Item            30      Dec. 31   Mar. 31   June 30     30

 1 Federal debt
     outstanding        5,685.2   5,805.0   5,801.5   5,714.2   5,701.9

 2 Public debt
       securities       5,656.3   5,776.1   5,773.4   5,685.9   5,674.2
 3   Held by public     3,667.2   3,715.5   3,688.0   3,495.7   3,438.5
 4   Held by agencies   1,989.1   2,060.6   2,085.4   2,190.2   2,235.7

 5 Agency securities       28.9      28.9      28.1      28.3      27.7
 6   Held by public        28.3      28.3      27.8      28.2      27.6
 7   Held by agencies        .6        .6        .4        .1        .1

 8 Debt subject to
     statutory limit    5,567.7   5,686.9   5,686.5   5,600.6   5,591.6

 9 Public debt
     securities         5,567.6   5,686.7   5,686.3   5,600.5   5,591.4
10 Other debt (1)            .1        .1        .2        .2        .2

   MEMO
11 Statutory debt
     limit              5,950.0   5,950.0   5,950.0   5,950.0   5,950.0

                          2000               2001
                                                       Sept.
          Item          Dec. 31   Mar. 31   June 30     30

 1 Federal debt
     outstanding        5,689.6   5,800.6   5,753.9   5,834.5

 2 Public debt
       securities       5,662.2   5,773.7   5,726.8   5,807.5
 3   Held by public     3,413.5   3,434.4   3,274.2   3,338.7
 4   Held by agencies   2,248.7   2,339.4   2,452.6   2,468.8

 5 Agency securities       27.4      26.8      27.1      27.0
 6   Held by public        27.3      26.8      27.1      27.0
 7   Held by agencies        .1        .1        .0        .0

 8 Debt subject to
     statutory limit    5,580.5   5,692.5   5,645.0   5,732.6

 9 Public debt
     securities         5,580.2   5,692.3   5,644.8   5,807.5
10 Other debt (1)            .2        .2        .2        .2

   MEMO
11 Statutory debt
     limit              5,950.0   5,950.0   5,950.0   5,950.0

(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 Monthly Treasury Statement.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership

Billions of dollars, end of period

   Type and holder     1997          1998          1999

 1 Total gross
     public debt      5,502.4       5,614.2       5,776.1

   By type
 2 Interest-bearing   5,494.9       5,605.4       5,766.1
 3   Marketable       3,456.8       3,355.5       3,281.0
 4     Bills            715.4         691.0         737.1
 5     Notes          2,106.1       1,960.7       1,784.5
 6     Bonds            587.3         621.2         643.7
 7     Inflation-
         indexed
         notes and
         bonds (1)       33.0          67.6         100.7
 8   Nonmarketable
         (2)          2,038.1       2,249.9       2,485.1
 9     State and
         local go-
         vernment
         series         124.1         165.3         165.7
10     Foreign
           issues
           (3)           36.2          34.3          31.3
11       Government      36.2          34.3          31.3
12       Public            .0            .0            .0
13     Savings
         bonds and
         notes          181.2         180.3         179.4
14     Government
         account
         series (4)   1,666.7       1,840.0       2,078.7
15 Non-interest-
     bearing              7.5           8.8          10.0

   By holder (5)
16 U.S. Treasury
     and other fe-
     deral agencies
     and trust
     funds            1,657.1       1,821.1       2,064.2
17 Federal Reserve
     Banks (6)          430.7         452.1         478.0
18 Private
       investors      3,414.6       3,334.0       3,233.9
19   Depository
       institutions     300.3         237.3         246.5
20   Mutual funds       321.6 (r)     343.3 (r)     335.4 (r)
21   Insurance
       companies        176.6         141.7 (r)     123.4 (r)
22   State and
       local trea-
       suries (7)       239.3         269.3         266.8
     Individuals
23   Savings bonds      186.5         186.6         186.5 (r)
24   Pension funds      360.5         356.9 (r)     349.7 (r)
25     Private          143.5         139.2 (r)     138.5 (r)
26     State and
       Local            217.0 (r)     217.7         211.2
27   Foreign and
       internatio-
       nal (8)        1,241.6       1,278.7       1,268.7
28   Other misce-
       llaneous
       investors
       (7,9)            589.5         517.5 (r)     444.1 (r)

                                    2000           2001

   Type and holder     2000           Q4            Q1

 1 Total gross
     public debt      5,662.2       5,662.2       5,773.7

   By type
 2 Interest-bearing   5,618.1       5,618.1       5,752.0
 3   Marketable       2,966.9       2,966.9       2,982.0 (r)
 4     Bills            646.9         646.9         712.0
 5     Notes          1,557.3       1,557.3       1,499.0
 6     Bonds            626.5         626.5         627.9
 7     Inflation-
         indexed
         notes and
         bonds (1)      121.2         121.2         128.0
 8   Nonmarketable
         (2)          2,651.2       2,651.2       2,770.0
 9     State and
         local go-
         vernment
         series         151.0         151.0         152.9
10     Foreign
           issues
           (3)           27.2          27.2          24.7
11       Government      27.2          27.2          24.7
12       Public            .0            .0            .0
13     Savings
         bonds and
         notes          176.9         176.9         177.4
14     Government
         account
         series (4)   2,266.1       2,266.1       2,360.3
15 Non-interest-
     bearing             44.2          44.2          46.5

   By holder (5)
16 U.S. Treasury
     and other fe-
     deral agencies
     and trust
     funds            2,249.0 (r)   2,249.0 (r)   2,357.0
17 Federal Reserve
     Banks (6)          511.7         511.7         523.9
18 Private
       investors      2,880.4       2,880.4       2,892.9
19   Depository
       institutions     199.2 (r)     199.2 (r)     187.9 (r)
20   Mutual funds       312.6 (r)     312.6 (r)     322.8 (r)
21   Insurance
       companies        110.2 (r)     110.2 (r)     101.9
22   State and
       local trea-
       suries (7)       236.2 (r)     236.2 (r)     224.0
     Individuals
23   Savings bonds      184.8         184.8         184.8
24   Pension funds      333.4 (r)     333.4 (r)     326.5
25     Private          137.7 (r)     137.7 (r)     131.2
26     State and
       Local            195.7 (r)     195.7 (r)     195.3
27   Foreign and
       internatio-
       nal (8)        1,201.3 (r)   1,201.3 (r)   1,196.1
28   Other misce-
       llaneous
       investors
       (7,9)            276.9 (r)     276.9 (r)     323.6 (r)

                               2001

   Type and holder      Q2            Q3

 1 Total gross
     public debt      5,726.8       5,807.5

   By type
 2 Interest-bearing   5,682.8       5,763.6
 3   Marketable       2,822.3       2,897.3
 4     Bills            620.1         734.9
 5     Notes          1,441.0       1,399.6
 6     Bonds            616.9         612.9
 7     Inflation-
         indexed
         notes and
         bonds (1)      129.3         134.9
 8   Nonmarketable
         (2)          2,860.5       2,866.4
 9     State and
         local go-
         vernment
         series         153.3         146.4
10     Foreign
           issues
           (3)           24.0          18.3
11       Government      24.0          18.3
12       Public            .0            .0
13     Savings
         bonds and
         notes          178.4         179.6
14     Government
         account
         series (4)   2,474.7       2,492.1
15 Non-interest-
     bearing             44.0          43.8

   By holder (5)
16 U.S. Treasury
     and other fe-
     deral agencies
     and trust
     funds            2,469.1       2,493.7
17 Federal Reserve
     Banks (6)          535.1         534.1
18 Private
       investors      2,722.6       2,779.7
19   Depository
       institutions     190.1 (r)     189.0
20   Mutual funds       333.2 (r)     362.7
21   Insurance
       companies         94.8 (r)      88.5
22   State and
       local trea-
       suries (7)       216.6 (r)     188.9
     Individuals
23   Savings bonds      185.5 (r)     186.4
24   Pension funds      324.6 (r)     314.7
25     Private          127.5 (r)     122.7
26     State and
       Local            197.1 (r)     192.0
27   Foreign and
       internatio-
       nal (8)        1,167.1       1,170.0
28   Other misce-
       llaneous
       investors
       (7,9)            195.8        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 in 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.) U.S. Treasury securities bought outright by Federal Reserve Banks,
see Bulletin table 1.18.

(7.) 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.

(8.) 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.

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

SOURCES. Data by type of security, U.S. Treasury Department, Monthly
Statement of the Public Debt of the United States; data by holder,
Federal Reserve Board of Governors, Flow of Funds Accounts of the
United States and U.S. Treasury Department, Treasury Bulletin, unless
otherwise noted.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions (1)

Millions of dollars, daily averages

                                                                2001,
                                         2001                   week
                                                                ending

             Item              July      Aug.      Sept.        Sept. 5

   By type of security
 1 U.S. Treasury bills         27,315    35,361    29,627        43,936
   Treasury coupon
       securities by
       maturity
 2   Three years or less       92,942    90,953    96,124       109,931
 3   More than three but
       less than or equal
       to six years            65,463    69,717    76,258        89,143
 4   More than six but
       less than or equal
       to eleven years         53,709    65,251    60,808 (r)    73,266
 5   More than eleven          16,682    16,847    18,764        18,649
 6   Inflation-indexed (2)      2,433     1,491     1,653         2,004

   Federal agency and
       government-sponsored
       enterprises
 7   Discount notes            55,388    57,141    70,486        65,764
     Coupon securities by
         maturity
 8     Three years or less     11,194    11,514    11,891        11,068
 9     More than three
         years but less
         than or equal to
         six years              7,594     8,769     8,913        11,004
10     More than six years
         but less than or
         equal to eleven
         years                  6,802     6,502    10,595         7,784
11     More than eleven
         years                    966     1,332     1,010         1,120

12   Mortgage-backed           95,997   106,708   129,615        95,827

   Corporate securities
13   One year or less          75,223    79,388    95,488        91,264
14   More than one year        16,050    17,259    14,825        11,256

   By type of counterparty
   With interdealer broker
15   U.S. Treasury            120,946   133,598   125,189       155,757
16   Federal agency and
       government-sponsored
       enterprises             10,018    11,532    11,668        13,601
17   Mortgage-backed           28,194    32,160    33,296        30,632
18   Corporate                  1,012       813       793           568
   With other
19   U.S. Treasury            137,597   146,023   158,044 (r)   181,172
20   Federal agency and
       government-sponsored
       enterprises             71,926    73,725    91,226        83,140
21   Mortgage-backed           67,804    74,548    96,318        65,195
22   Corporate                 90,261    95,833   109,520       101,952

                                         2001, week ending

             Item             Sept. 12   Sept. 19   Sept. 26   Oct. 3

   By type of security
 1 U.S. Treasury bills          26,364     25,630     32,052    27,408
   Treasury coupon
       securities by
       maturity
 2   Three years or less        86,245     68,074    121,901   112,694
 3   More than three but
       less than or equal
       to six years             72,391     59,108     89,673    82,377
 4   More than six but
       less than or equal
       to eleven years          60,446     49,789     65,141    65,974
 5   More than eleven           14,560     14,955     23,304    27,558
 6   Inflation-indexed (2)         882      1,690      2,305     1,505

   Federal agency and
       government-sponsored
       enterprises
 7   Discount notes             61,515     91,437     63,187    63,505
     Coupon securities by
         maturity
 8     Three years or less      10,034     10,471     14,126    15,321
 9     More than three
         years but less
         than or equal to
         six years               6,850      6,256     12,010    10,876
10     More than six years
         but less than or
         equal to eleven
         years                  10,802      5,618     16,876     9,629
11     More than eleven
         years                     851        511      1,486     1,353

12   Mortgage-backed           127,544    146,954    127,386   130,802

   Corporate securities
13   One year or less          103,540    100,158     89,783    82,169
14   More than one year         17,494      6,834     20,774    16,829

   By type of counterparty
   With interdealer broker
15   U.S. Treasury             126,807     86,088    146,105   136,037
16   Federal agency and
       government-sponsored
       enterprises              11,812      7,763     14,836    11,222
17   Mortgage-backed            38,252     22,682     39,335    35,009
18   Corporate                     792        369      1,399       563
   With other
19   U.S. Treasury             134,081    133,157    188,271   181,478
20   Federal agency and
       government-sponsored
       enterprises              78,239    106,530     92,850    89,462
21   Mortgage-backed            89,292    124,272     88,051    95,793
22   Corporate                 120,242    106,623    109,158    98,435

                                        2001, week ending

             Item             Oct. 10   Oct. 17   Oct. 24   Oct. 31

   By type of security
 1 U.S. Treasury bills         26,555    24,338    32,937    32,351
   Treasury coupon
       securities by
       maturity
 2   Three years or less       85,341   103,453   119,295   110,220
 3   More than three but
       less than or equal
       to six years            85,233    84,124    78,869    87,813
 4   More than six but
       less than or equal
       to eleven years         63,938    52,884    50,928    66,353
 5   More than eleven          19,610    16,814    22,759    34,983
 6   Inflation-indexed (2)      4,143     2,141     2,760     2,168

   Federal agency and
       government-sponsored
       enterprises
 7   Discount notes            60,364    61,487    60,286    63,560
     Coupon securities by
         maturity
 8     Three years or less      9,685    11,484    10,921    11,480
 9     More than three
         years but less
         than or equal to
         six years              9,624    12,414    16,332     9,211
10     More than six years
         but less than or
         equal to eleven
         years                  7,447     8,780     7,344     9,484
11     More than eleven
         years                  1,604       856     1,443     1,989

12   Mortgage-backed          182,422   158,842    96,765    92,084

   Corporate securities
13   One year or less          92,566    81,955    76,528    67,299
14   More than one year        20,319    18,470    23,482    22,731

   By type of counterparty
   With interdealer broker
15   U.S. Treasury            130,368   133,046   144,839   150,216
16   Federal agency and
       government-sponsored
       enterprises             10,412    11,344    13,737    12,120
17   Mortgage-backed           47,825    45,799    29,636    25,614
18   Corporate                  1,042       612       590       558
   With other
19   U.S. Treasury            154,452   150,708   162,709   183,672
20   Federal agency and
       government-sponsored
       enterprises             78,313    83,677    82,589    83,603
21   Mortgage-backed          134,598   113,044    67,129    66,470
22   Corporate                111,842    99,814    99,420    89,471

(1.) The figures represent purchases and sales in the market by the
primary U.S. government securities dealers reporting to the Federal
Reserve Bank of New York. Outright transactions include all U.S.
government, federal agency, government-sponsored enterprise,
mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as all U.S. government securities traded on
a when-issued basis between the announcement and issue date. Data do
not include transactions under repurchase and reverse repurchase
(resale) agreements. Averages are based on the number of trading days
in the week.

(2.) Outright Treasury inflation-indexed securities (TIIS) transactions
are reported at principal value, excluding accrued interest, where
principal value reflects the original issuance par amount (unadjusted
for inflation) times the price times the index ratio.

NOTE. Major changes in the report form filed by primary dealers induced
a break in the dealer data series as of the week ending July 4, 2001.
Current weekly data may be found at the Federal Reserve Bank of New
York web site (http:www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing (1)

Millions of dollars

                                                         2001,
                                         2001         week ending

           Item              July        Aug.       Sept.    Sept. 5

                                   NET OUTRIGHT POSITIONS (2)

   By type of security
 1 U.S. Treasury bills         7,014      22,281    29,542    34,763
   Treasury coupon
       securities by
       maturity
 2   Three years or less     -16,714     -17,171   -13,889   -16,343
 3   More than three
       years but less
       than or equal to
       six years             -15,174     -11,233   -10,010   -12,472
 4   More than six but
       less than or
       equal to eleven
       years                 -18,610     -14,383   -13,631   -13,047
 5   More than eleven         10,090       8,486    10,701     8,674
 6   Inflation-indexed         2,311       3,202     3,918     3,270

   Federal agency and
       government-
       sponsored
       enterprises
 7   Discount notes           56,172      56,726    58,480    59,834
     Coupon securities,
         by maturity
 8     Three years or
         less                 23,494      18,353    14,089    15,617
 9     More than three
         years but less
         than or equal
         to six years         -1,445      -1,895    -1,937    -1,009
10     More than six but
         less than or
         equal to eleven
         years                 3,962       3,486     2,516     3,613
11     More than eleven        3,910       3,686     3,231     3,406

12 Mortgage-backed            12,840      12,198     7,506    10,235

   Corporate securities
13   One year or less         15,038      15,756    18,108    18,295
14   More than one year       25,410      29,747    29,098    26,807

                                            FINANCING (3)

   Securities in
   U.S. Treasury
15 Overnight and
     continuing              532,092     555,619   536,941   550,527
16 Term                      751,848     688,830   660,031   655,695
   Federal agency and
     government-spon-
     sored enterprises
17 Overnight and
     continuing              113,178     116,534   112,778   116,321
18 Term                      163,334     177,889   171,037   177,852
   Mortgage-backed
     securities
19 Overnight and
     continuing               23,186      24,844    24,748    24,755
20 Term                      199,969     220,176   208,146   210,910
   Corporate securities
21 Overnight and
     continuing               34,288      33,956    34,799    37,503
22 Term                       13,672      13,216    12,781    13,534
   MEMO: Reverse repur-
     chase agreements
23 Overnight and
     continuing              347,687     366,386   338,279   363,656
24 Term                    1,004,418     976,454   929,665   934,150

   Securities out
   U.S. Treasury
25 Overnight and
     continuing              521,688     565,431   556,068   565,442
26 Term                      688,710     620,092   596,767   584,351
   Federal agency and
     government-spon-
    sored enterprises
27 Overnight and
     continuing              215,274     213,057   200,899   223,566
28 Term                      123,248     144,850   131,482   133,931
   Mortgage-backed
     securities
29 Overnight and
     continuing              254,481     277,441   258,259   249,380
30 Term                      101,794     110,410   112,292   108,835
   Corporate securities
31 Overnight and
     continuing               81,804      82,922    80,776    86,574
32 Term                       11,043      11,698     8,333     9,817
   MEMO: Repurchase
     agreements
33 Overnight and
     continuing              940,177   1,006,856   965,270   997,155
34 Term                      890,275     865,731   832,229   820,287

                                      2001, week ending

           Item            Sept. 12   Sept. 19    Sept. 26     Oct. 3

                                   NET OUTRIGHT POSITIONS (2)

   By type of security
 1 U.S. Treasury bills       33,144      32,117      23,027      23,605
   Treasury coupon
       securities by
       maturity
 2   Three years or less    -16,699     -11,810     -10,642     -15,222
 3   More than three
       years but less
       than or equal to
       six years            -10,728      -8,352      -7,341     -13,247
 4   More than six but
       less than or
       equal to eleven
       years                -16,749     -12,237     -12,253     -13,756
 5   More than eleven         7,952      11,599      13,389      11,769
 6   Inflation-indexed        3,821       3,719       4,704       3,867

   Federal agency and
       government-
       sponsored
       enterprises
 7   Discount notes          62,102      57,904      58,678      51,113
     Coupon securities,
         by maturity
 8     Three years or
         less                14,377      12,274      13,864      15,247
 9     More than three
         years but less
         than or equal
         to six years        -2,803      -1,383      -2,860        -933
10     More than six but
         less than or
         equal to eleven
         years                2,608       1,509       2,558       2,676
11     More than eleven       2,749       3,072       3,512       3,643

12 Mortgage-backed            6,258       9,386       4,691       7,914

   Corporate securities
13   One year or less        24,806      13,109      14,605      21,033
14   More than one year      30,036      30,707      29,337      27,089

                                            FINANCING (3)

   Securities in
   U.S. Treasury
15 Overnight and
     continuing             462,217     562,569     560,308     564,986
16 Term                     681,161     658,858     684,893     587,017
   Federal agency and
     government-spon-
     sored enterprises
17 Overnight and
     continuing              94,158     117,976     117,469     123,630
18 Term                     175,643     166,442     169,472     165,236
   Mortgage-backed
     securities
19 Overnight and
     continuing              17,632      22,523      32,256      27,948
20 Term                     208,702     208,175     207,964     203,982
   Corporate securities
21 Overnight and
     continuing              31,939      34,091      34,264      38,602
22 Term                      12,320      12,086      12,560      14,247
   MEMO: Reverse repur-
     chase agreements
23 Overnight and
     continuing             255,462     352,771     375,723     360,601
24 Term                     951,686     930,595     949,738     848,766

   Securities out
   U.S. Treasury
25 Overnight and
     continuing             497,109     558,008     585,170     593,206
26 Term                     628,116     583,539     627,144     527,418
   Federal agency and
     government-spon-
    sored enterprises
27 Overnight and
     continuing             146,391     217,450     212,883     218,018
28 Term                     146,525     118,311     134,871     119,215
   Mortgage-backed
     securities
29 Overnight and
     continuing             216,023     281,213     279,875     265,276
30 Term                     116,875     102,984     120,774     110,038
   Corporate securities
31 Overnight and
     continuing              63,717      81,965      86,246      91,730
32 Term                      10,255       6,470       6,826       9,009
   MEMO: Repurchase
     agreements
33 Overnight and
     continuing             812,032   1,008,659   1,022,890   1,016,816
34 Term                     884,532     796,376     872,924     747,151

                                  2001, week ending

           Item             Oct. 10     Oct. 17     Oct. 24

                                NET OUTRIGHT POSITIONS (2)

   By type of security
 1 U.S. Treasury bills        22,438      22,590      18,336
   Treasury coupon
       securities by
       maturity
 2   Three years or less     -17,728     -20,821     -21,452
 3   More than three
       years but less
       than or equal to
       six years             -19,193     -18,954     -21,775
 4   More than six but
       less than or
       equal to eleven
       years                  -7,642      -8,694      -6,976
 5   More than eleven         11,197       9,745       9,651
 6   Inflation-indexed         5,290       4,437       4,333

   Federal agency and
       government-
       sponsored
       enterprises
 7   Discount notes           58,372      57,327      44,499
     Coupon securities,
         by maturity
 8     Three years or
         less                 15,847      16,680      14,959
 9     More than three
         years but less
         than or equal
         to six years          2,786         695       1,728
10     More than six but
         less than or
         equal to eleven
         years                 1,826       2,511       2,525
11     More than eleven        3,426       3,556       4,000

12 Mortgage-backed             9,534       8,753      18,528

   Corporate securities
13   One year or less         19,301      19,157      17,640
14   More than one year       32,273      30,689      33,218

                                      FINANCING (3)

   Securities in
   U.S. Treasury
15 Overnight and
     continuing              572,274     558,485     559,013
16 Term                      611,781     665,616     687,012
   Federal agency and
     government-spon-
     sored enterprises
17 Overnight and
     continuing              117,524     121,157     121,265
18 Term                      168,441     172,761     182,881
   Mortgage-backed
     securities
19 Overnight and
     continuing               27,742      30,203      22,371
20 Term                      202,805     211,124     226,802
   Corporate securities
21 Overnight and
     continuing               36,535      36,767      36,433
22 Term                       14,199      14,557      13,777
   MEMO: Reverse repur-
     chase agreements
23 Overnight and
     continuing              357,363     348,798     354,913
24 Term                      871,048     937,926     981,485

   Securities out
   U.S. Treasury
25 Overnight and
     continuing              592,422     578,417     561,541
26 Term                      540,399     583,625     624,158
   Federal agency and
     government-spon-
    sored enterprises
27 Overnight and
     continuing              217,125     225,136     224,837
28 Term                      121,235     127,938     134,711
   Mortgage-backed
     securities
29 Overnight and
     continuing              251,548     284,640     297,432
30 Term                      121,481     138,676     147,547
   Corporate securities
31 Overnight and
     continuing               91,857      91,312      93,083
32 Term                        9,458       9,595       9,826
   MEMO: Repurchase
     agreements
33 Overnight and
     continuing            1,003,565   1,033,208   1,037,783
34 Term                      773,130     843,261     897,956

(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.) Net outright positions include all U.S. government, federal
agency, government-sponsored enterprise, mortgage-backed, and corporate
securities scheduled for immediate and forward delivery, as well as
U.S. government securities traded on a when-issued basis between the
announcement and issue date.

(3.) Figures cover financing U.S. government, federal agency,
government-sponsored enterprise, mortgage-backed, and corporate
securities. Financing transactions for Treasury inflation-indexed
securities (TIIS) are reported in actual funds paid or received, except
for pledged securities. TIIS that are issued as pledged securities are
reported at par value, which is the value of the security at original
issuance (unadjusted for inflation).

NOTE. Major changes in the report form filed by primary dealers
included a break in many series as of the week ending July 4, 2001.
Current weekly data may be found at the Federal Reserve Bank of New
York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding

Millions of dollars, end of period

                Agency                  1997        1998        1999

 1 Federal and federally sponsored
     agencies                         1,022,609   1,296,477   1,616,492

 2 Federal agencies                      27,792      26,502      26,376
 3   Defense Department (1)                   6           6           6
 4   Export-Import Bank (2,3)               552     n.a.        n.a.
 5   Federal Housing Administration
       (4)                                  102         205         126
 6   Government National Mortgage
       Association certificates of
       participation (5)                n.a.        n.a.        n.a.
 7   Postal Service (6)                 n.a.        n.a.        n.a.
 8   Tennessee Valley Authority          27,786      26,496      26,370
 9   United States Railway Associa-
       tion (6)                         n.a.        n.a.        n.a.

10 Federally sponsored agencies (7)     994,817   1,269,975   1,590,116
11   Federal Home Loan Banks            313,919     382,131     529,005
12   Federal Home Loan Mortgage
       Corporation                      169,200     287,396     360,711
13   Federal National Mortgage
       Association                      369,774     460,291     547,619
14   Farm Credit Banks (8)               63,517      63,488      68,883
15   Student Loan Marketing Asso-
       ciation (9)                       37,717      35,399      41,988
16   Financing Corporation (10)           8,170       8,170       8,170
17   Farm Credit Financial Assis-
       tance Corporation (11)             1,261       1,261       1,261
18   Resolution Funding Corporation
       (12)                              29,996      29,996      29,996

   MEMO
19 Federal Financing Bank debt (13)      49,090      44,129      42,152

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

   Other lending (14)
25 Farmers Home Administration           13,530       9,500       6,665
26 Rural Electrification Adminis-
     tration                             14,898      14,091      14,085
27 Other                                 20,110      20,538      21,402

                                                       2001

                Agency                  2000        Apr.         May

 1 Federal and federally sponsored
     agencies                         1,851,632   1,946,961   1,967,515

 2 Federal agencies                      25,666      25,024      25,070
 3   Defense Department (1)                   6           6           6
 4   Export-Import Bank (2,3)           n.a.        n.a.        n.a.
 5   Federal Housing Administration
       (4)                                  255         315         201
 6   Government National Mortgage
       Association certificates of
       participation (5)                n.a.        n.a.        n.a.
 7   Postal Service (6)                 n.a.        n.a.        n.a.
 8   Tennessee Valley Authority          25,660      25,018      25,064
 9   United States Railway Associa-
       tion (6)                         n.a.        n.a.        n.a.

10 Federally sponsored agencies (7)   1,825,966   1,921,937   1,942,445
11   Federal Home Loan Banks            594,404     595,562     592,406
12   Federal Home Loan Mortgage
       Corporation                      426,899     478,447     490,442
13   Federal National Mortgage
       Association                      642,700     682,500     693,600
14   Farm Credit Banks (8)               74,181      74,456      75,363
15   Student Loan Marketing Asso-
       ciation (9)                       45,375      48,468      48,255
16   Financing Corporation (10)           8,170       8,170       8,170
17   Farm Credit Financial Assis-
       tance Corporation (11)             1,261       1,261       1,261
18   Resolution Funding Corporation
       (12)                              29,996      29,996      29,996

   MEMO
19 Federal Financing Bank debt (13)      40,575      39,065      42,837

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

   Other lending (14)
25 Farmers Home Administration            5,275       5,155       5,540
26 Rural Electrification Adminis-
     tration                             13,126      13,371      12,989
27 Other                                 22,174      20,539      24,308

                                                    2001

                Agency                  June        July        Aug.

 1 Federal and federally sponsored
     agencies                         1,986,146   2,009,746   2,028,562

 2 Federal agencies                      25,495      25,325      26,623
 3   Defense Department (1)                   6           6           6
 4   Export-Import Bank (2,3)           n.a.        n.a.        n.a.
 5   Federal Housing Administration
       (4)                                  204         210         224
 6   Government National Mortgage
       Association certificates of
       participation (5)                n.a.        n.a.        n.a.
 7   Postal Service (6)                 n.a.        n.a.        n.a.
 8   Tennessee Valley Authority          25,489      25,319      26,617
 9   United States Railway Associa-
       tion (6)                         n.a.        n.a.        n.a.

10 Federally sponsored agencies (7)   1,960,651   1,984,421   2,001,939
11   Federal Home Loan Banks            595,148     601,490     599,070
12   Federal Home Loan Mortgage
       Corporation                      496,711     508,944     515,671
13   Federal National Mortgage
       Association                      702,300     706,800     718,000
14   Farm Credit Banks (8)               76,330      76,307      76,264
15   Student Loan Marketing Asso-
       ciation (9)                       47,687      48,427      50,356
16   Financing Corporation (10)           8,170       8,170       8,170
17   Farm Credit Financial Assis-
       tance Corporation (11)             1,261       1,261       1,261
18   Resolution Funding Corporation
       (12)                              29,996      29,996      29,996

   MEMO
19 Federal Financing Bank debt (13)      38,235      37,510      37,789

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

   Other lending (14)
25 Farmers Home Administration            5,155       5,155       5,155
26 Rural Electrification Adminis-
     tration                             13,381      13,483      13,602
27 Other                                 19,699      18,872      19,032

(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 Agriculture 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                1998      1999      2000

 1 All issues, new and
     refunding (1)                 262,342   215,427   180,403

   By type of issue
 2 General obligation               87,015    73,308    64,475
 3 Revenue                         175,327   142,120   115,928

   By type of issuer
 4 State                            23,506    16,376    19,944
 5 Special district or statutory
     authority (2)                 178,421   152,418   111,695
 6 Municipality, county, or
     township                       60,173    46,634    39,273

 7 Issues for new capital          160,568   161,065   154,257

   By use of proceeds
 8 Education                        36,904    36,563    38,665
 9 Transportation                   19,926    17,394    19,730
10 Utilities and conservation       21,037    15,098    11,917
11 Social welfare                   n.a.      n.a.      n.a.
12 Industrial aid                    8,594     9,099     7,122
13 Other purposes                   42,450    47,896    47,309

                                                  2001

     Type of issue or issuer,
              or use                Mar.     Apr.      May      June

 1 All issues, new and
     refunding (1)                 24,495    16,985   26,248   29,298

   By type of issue
 2 General obligation               7,668     6,890    8,385    9,691
 3 Revenue                         16,827    10,094   17,863   19,606

   By type of issuer
 4 State                            1,893     1,900    3,123    2,905
 5 Special district or statutory
     authority (2)                 17,280   113,344   17,281   20,672
 6 Municipality, county, or
     township                       5,323     3,740    5,845    5,721

 7 Issues for new capital          15,387    12,264   20,002   20,044

   By use of proceeds
 8 Education                        5,343     3,731    5,714    6,460
 9 Transportation                   1,219     1,381    2,522    1,258
10 Utilities and conservation       1,677     1,447    2,969    3,191
11 Social welfare                   n.a.     n.a.      n.a.     n.a.
12 Industrial aid                     396       436      422      443
13 Other purposes                   4,368     3,010    4,736    5,047

                                                  2001

     Type of issue or issuer,
              or use                July     Aug.    Sept.     Oct.

 1 All issues, new and
     refunding (1)                 19,232   21,152   13,159   30,446

   By type of issue
 2 General obligation               5,836    8,796    3,926   14,302
 3 Revenue                         13,396   12,356    9,233   16,144

   By type of issuer
 4 State                            2,029    2,713    1,504    6,008
 5 Special district or statutory
     authority (2)                 11,784   12,351    9,137   17,382
 6 Municipality, county, or
     township                       5,419    6,088    2,518    7,056

 7 Issues for new capital          15,015   13,550   10,110   21,249

   By use of proceeds
 8 Education                        3,379    2,950    3,017    4,279
 9 Transportation                   3,160    1,669    1,195    1,587
10 Utilities and conservation       1,055    1,228    1,025    2,324
11 Social welfare                   n.a.     n.a.     n.a.     n.a.
12 Industrial aid                     508      708      663      688
13 Other purposes                   3,803    4,524    1,732    9,158

(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               1998        1999       2000

 1 All issues (1)                 1,128,491   1,072,866   942,198
 2 Bonds (2)                      1,001,736     941,298   807,281

   By type of offering
 3 Sold in the United States        923,771     818,683   684,484
 4 Sold abroad                       77,965     122,615   122,798

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

   By industry group
 6 Nonfinancial                     307,711     293,963   242,452
 7 Financial                        694,025     647,335   564,829

 8 Stocks (3)                       182,055     223,968   283,717

   By type of offering
 9 Public                           126,755     131,568   134,917
10 Private placement (4)             55,300      92,400   148,800

   By industry group
11 Nonfinancial                      74,113     110,284   118,369
12 Financial                         52,642      21,284    16,548

                                                   2001

     Type of issue, offering,
            or issuer              Feb.     Mar.      Apr.      May

 1 All issues (1)                 96,206   139,267   92,778   164,563
 2 Bonds (2)                      88,806   127,956   86,274   154,623

   By type of offering
 3 Sold in the United States      86,146   118,779   81,156   146,164
 4 Sold abroad                     2,660     9,177    5,117     8,459

   MEMO
 5 Private placements, domestic    1,897       652        0     2,563

   By industry group
 6 Nonfinancial                   34,604    44,385   33,549    67,142
 7 Financial                      54,201    83,571   52,725    87,481

 8 Stocks (3)                      7,400    11,311    6,504     9,940

   By type of offering
 9 Public                          7,400    11,311    6,504     9,940
10 Private placement (4)           n.a.     n.a.      n.a.     n.a.

   By industry group
11 Nonfinancial                    4,463     7,718    4,822     6,809
12 Financial                       2,937     3,593    1,682     3,131

                                                  2001

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

 1 All issues (1)                 122,773   93,451     97,944   89,855
 2 Bonds (2)                      102,476   84,872     89,990   84,509

   By type of offering
 3 Sold in the United States       96,382   79,508     86,759   80,223
 4 Sold abroad                      6,094    5,364      3,231    4,286

   MEMO
 5 Private placements, domestic     3,146       12         48        0

   By industry group
 6 Nonfinancial                    34,996   18,904     28,546   31,920
 7 Financial                       67,480   65,968     61,443   52,589

 8 Stocks (3)                      20,297    8,579      7,954    5,346

   By type of offering
 9 Public                          20,297    8,579      7,954    5,346
10 Private placement (4)           n.a.      n.a.      n.a.      n.a.

   By industry group
11 Nonfinancial                    16,630    4,237      5,487       81
12 Financial                        3,667    4,342      2,467    5,265

(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

                                                        2001

         Item            1999        2000        Mar.        Apr.

1 Sales of own
    shares (2)         1,791,894   2,279,315     162,548     152,327

2 Redemptions of own
    shares             1,621,987   2,057,277     175,633     130,454
3 Net sales (3)          169,906     222,038     -13,085      21,873

4 Assets (4)           5,233,191   5,123,747   4,594,182   4,910,568

5 Cash (5)               219,189     277,386     241,518     247,169
6 Other                5,014,002   4,846,361   4,352,664   4,663,399

                                     2001

         Item             May        June        July

1 Sales of own
    shares (2)           158,361     139,270     138,428

2 Redemptions of own
    shares               132,574     125,097     129,021
3 Net sales (3)           25,787      14,173       9,407

4 Assets (4)           4,956,982   4,888,874   4,825,144

5 Cash (5)               237,487     240,199     240,392
6 Other                4,719,495   4,648,675   4,584,752

                                     2001

         Item            Aug.      Sept. (r)     Oct.

1 Sales of own
    shares (2)           142,577     105,038     153,395

2 Redemptions of own
    shares               131,408     127,995     137,565
3 Net sales (3)           11,169     -22,957      15,830

4 Assets (4)           4,635,477   4,253,850   4,376,430

5 Cash (5)               240,329     223,077     227,592
6 Other                4,395,148   4,030,773   4,148,838

(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

                                                                 1999

                Account                  1998    1999    2000     Q4

1 Profits with inventory valuation and
    capital consumption adjustment       777.4   825.2   876.4   857.6
2 Profits before taxes                   721.1   776.3   845.4   825.0
3 Profits-tax liability                  238.8   253.0   271.5   267.3
4 Profits after tax                      482.3   523.3   573.9   557.7
5   Dividends                            348.7   343.5   379.6   349.6
6   Undistributed profits                133.6   179.8   194.3   208.1

7 Inventory valuation                     18.3    -2.9   -12.4   -21.0
8 Capital consumption adjustment          38.0    51.7    43.4    53.6

                                                      2000

                Account                   Q1      Q2      Q3      Q4

1 Profits with inventory valuation and
    capital consumption adjustment       870.3   892.8   895.0   847.6
2 Profits before taxes                   844.9   862.0   858.3   816.5
3 Profits-tax liability                  277.0   280.4   274.9   253.5
4 Profits after tax                      567.8   581.6   583.4   563.0
5   Dividends                            361.5   373.7   386.2   397.0
6   Undistributed profits                206.3   207.9   197.2   165.9

7 Inventory valuation                    -23.8   -14.8    -3.6    -7.3
8 Capital consumption adjustment          49.2    45.5    40.4    38.4

                                                 2001

                Account                   Q1      Q2      Q3

1 Profits with inventory valuation and
    capital consumption adjustment       789.8   759.8   n.a.
2 Profits before taxes                   755.7   738.3   n.a.
3 Profits-tax liability                  236.8   228.0   n.a.
4 Profits after tax                      518.9   510.3   n.a.
5   Dividends                            405.2   412.3   420.4
6   Undistributed profits                113.7    98.0   n.a.

7 Inventory valuation                     -1.9    -8.8   n.a.
8 Capital consumption adjustment          36.0    30.3    12.6

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

                                                           2000

       Account       1998 (r)   1999 (r)   2000 (r)   Q1 (r)    Q2 (r)

       ASSETS

 1 Accounts
       receivable,
       gross (2)        742.1      845.4      958.6     883.2     921.5
 2   Consumer           280.0      304.4      327.9     311.4     321.8
 3   Business           340.9      395.1      458.4     422.7     441.9
 4   Real estate        121.2      145.8      172.3     149.1     157.7

 5 LESS: Reserves
           for un-
           earned
           income        62.7       61.4       69.7      62.4      66.1
 6       Reserves
           for
           losses        14.7       14.7       16.7      15.2      15.7

 7 Accounts recei-
     vable, net         664.7      769.3      872.2     805.6     839.6
 8 All other            335.8      406.6      461.5     413.8     419.4

 9 Total assets       1,000.5    1,175.9    1,333.7   1,219.4   1,259.0

   LIABILITIES AND
       CAPITAL

10 Bank loans            26.5       35.4       35.9      28.8      32.8
11 Commercial
     paper              233.3      230.4      238.8     233.0     224.3

   Debt
12 Owed to parent        34.3       87.8      102.5     107.2      95.1
13 Not elsewhere
     classified         365.6      429.9      502.2     446.6     483.7
14 All other
     liabilities        216.0      237.8      301.8     264.4     277.5
15 Capital,
     surplus, and
     undivided
     profits            124.7      154.5      152.5     139.4     145.7

16 Total
     liabilities
     and capital      1,000.5    1,175.9    1,333.7   1,219.4   1,259.0

                            2000                    2001

       Account       Q3 (r)    Q4 (r)    Q1 (r)    Q2 (r)      Q3

       ASSETS

 1 Accounts
       receivable,
       gross (2)       939.9     958.6     954.4     988.7     967.7
 2   Consumer          331.5     327.9     319.2     324.5     329.2
 3   Business          443.0     458.4     459.1     481.9     451.1
 4   Real estate       165.4     172.3     176.1     182.3     187.4

 5 LESS: Reserves
           for un-
           earned
           income       68.3      69.7      69.9      61.5      60.8
 6       Reserves
           for
           losses       15.6      16.7      17.2      17.4      18.0

 7 Accounts recei-
     vable, net        856.1     872.2     867.3     909.7     888.9
 8 All other           442.3     461.5     474.8     459.0     478.2

 9 Total assets      1,298.4   1,333.7   1,342.1   1,368.7   1,367.1

   LIABILITIES AND
       CAPITAL

10 Bank loans           35.7      35.9      41.6      45.3      44.5
11 Commercial
     paper             218.8     238.8     180.9     181.6     171.0

   Debt
12 Owed to parent      100.0     102.5      97.2      93.4      90.8
13 Not elsewhere
     classified        507.3     502.2     533.8     542.1     555.9
14 All other
     liabilities       288.1     301.8     325.1     336.3     327.7
15 Capital,
     surplus, and
     undivided
     profits           148.5     152.5     163.5     170.0     177.3

16 Total
     liabilities
     and capital     1,298.4   1,333.7   1,342.1   1,368.7   1,367.1

(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. Excludes pools
of securitized assets.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables (1)

Billions of dollars, amounts outstanding

             Type of credit             1998 (r)   1999 (r)   2000 (r)

                                               Seasonally adjusted

 1 Total                                   904.4    1,027.0    1,181.3

 2   Consumer                              369.1      409.0      464.0
 3   Real estate                           150.3      174.0      198.9
 4   Business                              385.0      444.0      518.4

                                             Not seasonally adjusted

 5 Total                                   912.7    1,036.4    1,192.1

 6   Consumer                              372.5      412.7      468.3
 7     Motor vehicle loans                 113.5      129.2      141.6
 8     Motor vehicle leases                 96.6      102.9      108.2
 9     Revolving (2)                        31.9       32.5       37.6
10     Other (3)                            37.9       39.8       40.7
       Securitized assets (4)
11       Motor vehicle loans                54.8       73.1       97.1
12       Motor vehicle leases               12.7        9.7        6.6
13       Revolving                           5.5        6.7       19.6
14       Other                              19.6       18.8       17.1
15   Real estate                           150.3      174.0      198.9
16     One- to four-family                  90.0      108.2      130.6
17     Other                                31.2       37.6       41.7
       Securitized real estate
           assets (4)
18       One- to four-family                29.0       28.0       24.7
19       Other                                .1         .2        1.9
20   Business                              389.9      449.6      525.0
21     Motor vehicles                       64.8       69.4       75.5
22       Retail loans                       19.5       21.1       18.3
23       Wholesale loans (5)                32.8       34.8       39.7
24       Leases                             12.5       13.6       17.6
25     Equipment                           212.2      238.7      283.5
26       Loans                              59.2       64.5       70.2
27       Leases                            153.0      174.2      213.3
28     Other business receivables (6)       63.9       87.0       99.4
       Securitized assets (4)
29       Motor vehicles                     29.2       31.5       37.8
30         Retail loans                      2.6        2.9        3.2
31         Wholesale loans                  24.7       26.4       32.5
32         Leases                            1.9        2.1        2.2
33       Equipment                          13.0       14.6       23.1
34         Loans                             6.6        7.9       15.5
35         Leases                            6.4        6.7        7.6
36       Other business
           receivables (6)                   6.8        8.4        5.6

                                                    2001

             Type of credit             Apr. (r)   May (r)   June (r)

                                              Seasonally adjusted

 1 Total                                 1,218.7   1,221.7    1,235.7

 2   Consumer                              488.4     485.9      490.4
 3   Real estate                           207.8     210.0      208.5
 4   Business                              522.6     525.7      536.8

                                            Not seasonally adjusted

 5 Total                                 1,220.5   1,224.6    1,241.8

 6   Consumer                              482.7     483.3      491.3
 7     Motor vehicle loans                 147.1     148.0      144.6
 8     Motor vehicle leases                107.1     106.8      110.2
 9     Revolving (2)                        35.5      37.0       36.8
10     Other (3)                            34.9      32.7       32.8
       Securitized assets (4)
11       Motor vehicle loans               106.1     107.7      114.6
12       Motor vehicle leases                7.0       6.9        7.6
13       Revolving                          29.1      28.4       29.1
14       Other                              16.0      15.7       15.5
15   Real estate                           207.8     210.0      208.5
16     One- to four-family                 139.0     141.5      140.1
17     Other                                42.3      42.4       42.2
       Securitized real estate
           assets (4)
18       One- to four-family                23.8      23.6       23.4
19       Other                               2.6       2.6        2.8
20   Business                              530.0     531.3      542.0
21     Motor vehicles                       71.1      70.8       83.9
22       Retail loans                       17.6      17.4       16.6
23       Wholesale loans (5)                35.4      35.3       49.3
24       Leases                             18.1      18.1       18.1
25     Equipment                           288.1     291.4      292.6
26       Loans                              72.3      73.1       76.1
27       Leases                            215.8     218.3      216.4
28     Other business receivables (6)      102.7     101.8      105.4
       Securitized assets (4)
29       Motor vehicles                     40.3      40.0       31.4
30         Retail loans                      3.1       3.0        3.1
31         Wholesale loans                  34.6      34.3       25.8
32         Leases                            2.6       2.7        2.6
33       Equipment                          22.2      21.6       22.6
34         Loans                            14.4      13.9       15.2
35         Leases                            7.8       7.7        7.5
36       Other business
           receivables (6)                   5.7       5.7        6.0

                                                     2001

             Type of credit             July (r)   Aug. (r)    Sept.

                                              Seasonally adjusted

 1 Total                                 1,242.4    1,244.1   1,244.3

 2   Consumer                              491.6      497.9     496.0
 3   Real estate                           212.7      214.9     213.1
 4   Business                              538.1      531.2     535.2

                                            Not seasonally adjusted

 5 Total                                 1,237.2    1,238.3   1,239.5

 6   Consumer                              493.6      499.5     498.0
 7     Motor vehicle loans                 146.1      153.6     151.5
 8     Motor vehicle leases                110.0      110.3     108.3
 9     Revolving (2)                        36.9       37.1      35.9
10     Other (3)                            33.2       33.7      33.4
       Securitized assets (4)
11       Motor vehicle loans               115.8      113.6     117.5
12       Motor vehicle leases                7.4        7.2       7.0
13       Revolving                          29.1       28.9      29.3
14       Other                              15.2       15.2      15.0
15   Real estate                           212.7      214.9     213.1
16     One- to four-family                 144.7      146.9     144.8
17     Other                                42.0       42.2      42.6
       Securitized real estate
           assets (4)
18       One- to four-family                23.2       23.0      22.8
19       Other                               2.8        2.8       2.9
20   Business                              531.0      523.9     528.4
21     Motor vehicles                       79.7       56.9      57.8
22       Retail loans                       16.6       16.7      16.7
23       Wholesale loans (5)                45.0       22.2      23.6
24       Leases                             18.0       18.0      17.5
25     Equipment                           288.0      290.0     288.2
26       Loans                              74.0       75.2      76.8
27       Leases                            214.0      214.8     211.4
28     Other business receivables (6)      103.7      102.9     105.1
       Securitized assets (4)
29       Motor vehicles                     30.6       45.2      48.0
30         Retail loans                      2.9        2.8       2.6
31         Wholesale loans                  25.1       39.8      42.8
32         Leases                            2.6        2.6       2.7
33       Equipment                          23.0       22.7      23.1
34         Loans                            15.2       14.8      15.1
35         Leases                            7.8        7.9       8.0
36       Other business
           receivables (6)                   6.0        6.2       6.1

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 reclassificaton
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 (422) 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

                                                             2001

          Item           1998      1999      2000      Apr.       May

                                   Terms and yields in primary and
                                          secondary markets

    PRIMARY MARKETS

   Terms (1)
 1 Purchase price
     (thousands of
     dollars)             195.2     210.7     234.5     240.8     241.4
 2 Amount of loan
     (thousands of
     dollars)             151.1     161.7     177.0     181.5     181.4
 3 Loan-to-price
     ratio (percent)       80.0      78.7      77.4      77.6      77.6
 4 Maturity (years)        28.4      28.8      29.2      28.5      28.6
 5 Fees and charges
     (percent of
     loan amount) (2)       .89       .77       .70       .71       .69

   Yield (percent per
     year)
 6 Contract rate (1)       6.95      6.94      7.41      6.96      7.02
 7 Effective
     rate (1,3)            7.08      7.06      7.52      7.07      7.12
 8 Contract rate
     (HUD series) (4)      7.00      7.45    n.a.      n.a.      n.a.

   SECONDARY MARKETS

   Yield (percent per
     year)
 9 FHA mortgages
     (section
     203) (5)              7.04      7.74    n.a.      n.a.      n.a.
10 GNMA
     securities (6)        6.43      7.03      7.57      6.53      6.61

                                    Activity in secondary markets

   FEDERAL NATIONAL
       MORTGAGE
      ASSOCIATION

   Mortgage holdings
     (end of period)
11 Total                414,515   523,941   610,122    n.a.      n.a.
12   FHA/VA insured      33,770    55,318    61,539    n.a.      n.a.
13   Conventional       380,745   468,623   548,583    n.a.      n.a.

14 Mortgage transac-
     tions purchased
     (during period)    188,448   195,210   154,231    24,015    16,825

   Mortgage
     commitments
     (during period)
15 Issued (7)           193,795   187,948   163,689    n.a.      n.a.
16 To sell (8)            1,880     5,900    11,786    n.a.      n.a.

   FEDERAL HOME LOAN
       MORTGAGE
      CORPORATION

   Mortgage holdings
     (end of
     period) (8)
17 Total                255,010   324,443   385,693   430,960   437,582
18   FHA/VA insured         785     1,836     3,332     2,878     2,785
19   Conventional       254,225   322,607   382,361   428,082   434,797

   Mortgage
     transactions
     (during period)
20 Purchases            267,402   239,793   174,043    n.a.      n.a.
21 Sales                250,565   233,031   166,901    31,219    33,670

22 Mortgage
     commitments con-
     tracted (during
     period) (9)        281,899   228,432   169,231    32,758    39,897

                                             2001

          Item           June      July      Aug.      Sept.     Oct.

                                   Terms and yields in primary and
                                          secondary markets

    PRIMARY MARKETS

   Terms (1)
 1 Purchase price
     (thousands of
     dollars)             250.6     242.9     241.5     246.6     242.9
 2 Amount of loan
     (thousands of
     dollars)             188.7     182.7     181.3     184.3     181.2
 3 Loan-to-price
     ratio (percent)       77.3      77.3      76.6      77.1      76.9
 4 Maturity (years)        28.7      28.8      28.7      29.0      28.5
 5 Fees and charges
     (percent of
     loan amount) (2)       .66       .66       .61       .61       .67

   Yield (percent per
     year)
 6 Contract rate (1)       7.02      7.01      7.06      6.80      6.63
 7 Effective
     rate (1,3)            7.12      7.11      7.15      6.89      6.73
 8 Contract rate
     (HUD series) (4)    n.a.      n.a.      n.a.      n.a.      n.a.

   SECONDARY MARKETS

   Yield (percent per
     year)
 9 FHA mortgages
     (section
     203) (5)            n.a.      n.a.      n.a.      n.a.      n.a.
10 GNMA
     securities (6)        6.55      6.49      6.29      6.03      5.86

                                    Activity in secondary markets

   FEDERAL NATIONAL
       MORTGAGE
      ASSOCIATION

   Mortgage holdings
     (end of period)
11 Total                 n.a.      n.a.      n.a.      n.a.      n.a.
12   FHA/VA insured      n.a.      n.a.      n.a.      n.a.      n.a.
13   Conventional        n.a.      n.a.      n.a.      n.a.      n.a.

14 Mortgage transac-
     tions purchased
     (during period)     24,430    26,082    22,111    16,016    20,020

   Mortgage
     commitments
     (during period)
15 Issued (7)            n.a.      n.a.      n.a.      n.a.      n.a.
16 To sell (8)           n.a.      n.a.      n.a.      n.a.      n.a.

   FEDERAL HOME LOAN
       MORTGAGE
      CORPORATION

   Mortgage holdings
     (end of
     period) (8)
17 Total                443,810   454,485   465,553   470,850   477,588
18   FHA/VA insured       2,738     2,689     2,643     2,597     2,553
19   Conventional       441,072   451,796   462,910   468,253   475,035

   Mortgage
     transactions
     (during period)
20 Purchases             n.a.      n.a.      n.a.      n.a.      n.a.
21 Sales                 38,133    44,574    33,933    32,666    31,646

22 Mortgage
     commitments con-
     tracted (during
     period) (9)         37,312    43,788    34,087    31,140    41,346

(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 the Federal
National Mortgage Association exclude swap activity.
1.54 MORTGAGE DEBT OUTSTANDING (1)

Millions of dollars, end of period

                                                               2000

     Type of holder
      and property         1997        1998        1999         Q2

 1 All holders           5,195,235   5,707,172   6,343,995   6,615,662

   By type of property
 2 One- to four-family
     residences          3,966,639   4,351,496   4,780,203   4,970,215
 3 Multifamily
     residences            301,817     333,873     378,811     398,667
 4 Nonfarm,
     nonresidential        836,479     925,297   1,082,019   1,140,329
 5 Farm                     90,300      96,506     102,962     106,451

   By type of holder
 6 Major financial
       institutions      2,084,000   2,195,869   2,396,265   2,550,401
 7   Commercial
         banks (2)       1,245,334   1,338,273   1,496,844   1,615,794
 8     One- to
         four-family       745,777     798,009     880,208     949,223
 9     Multifamily          50,705      54,174      67,666      75,795
10     Nonfarm, non-
         residential       421,865     457,054     517,130     557,059
11     Farm                 26,987      29,035      31,839      33,717
12   Savings insti-
         tutions (3)       631,826     643,957     668,634     701,992
13     One- to
         four-family       520,782     533,895     549,046     578,612
14     Multifamily          59,540      56,847      59,168      59,174
15     Nonfarm, non-
         residential        51,150      52,798      59,945      63,688
16     Farm                    354         417         475         518
17   Life insurance
         companies         206,840     213,640     230,787     232,615
18     One- to
         four-family         7,187       6,590       5,934       5,242
19     Multifamily          30,402      31,522      32,818      33,150
20     Nonfarm, non-
         residential       158,779     164,004     179,048     180,856
21     Farm                 10,472      11,524      12,987      13,367

22 Federal and related
       agencies            286,194     293,602     322,132     332,568
23   Government Natio-
         nal Mortgage
         Association             8           7           7           7
24     One- to
         four-family             8           7           7           7
25     Multifamily               0           0           0           0
26   Farmers Home
         Adminis-
         tration (4)        41,195      40,851      73,871      72,896
27     One- to
         four-family        17,253      16,895      16,506      16,435
28     Multifamily          11,720      11,739      11,741      11,729
29     Nonfarm, non-
         residential         7,370       7,705      41,355      40,554
30     Farm                  4,852       4,513       4,268       4,179
31   Federal Housing
         and Veterans'
         Adminis-
         trations            3,811       3,674       3,712       3,845
32     One- to
         four-family         1,767       1,849       1,851       1,832
33     Multifamily           2,044       1,825       1,861       2,013
34   Resolution Trust
         Corporation          -278          24         -10           0
35     One- to
         four-family             0           0           0           0
36     Multifamily               0           0           0           0
37     Nonfarm, non-
         residential             0           0           0           0
38     Farm                      0           0           0           0
39   Federal Deposit
         Insurance
         Corporation           724         361         152          72
40     One- to
         four-family           117          58          25          12
41     Multifamily             140          70          29          14
42     Nonfarm, non-
         residential           467         233          98          46
43     Farm                      0           0           0           0
44   Federal National
         Mortgage
         Association       161,308     157,675     151,500     153,507
45     One- to
         four-family       149,831     147,594     141,195     142,478
46     Multifamily          11,477      10,081      10,305      11,029
47   Federal Land
         Banks              30,657      32,983      34,187      34,830
48     One- to
         four-family         1,804       1,941       2,012       2,049
49     Farm                      0           0           0           0
50   Federal Home Loan
         Mortgage
         Corporation        48,454      57,085      56,676      56,972
51     One- to
         four-family        42,629      49,106      44,321      42,892
52     Multifamily           5,825       7,979      12,355      14,080

53 Mortgage pools or
       trusts (5)        2,232,848   2,581,969   2,947,760   3,035,546
54   Government Natio-
         nal Mortgage
         Association       536,879     537,446     582,263     590,708
55     One- to
         four-family       523,225     522,498     565,189     572,661
56     Multifamily          13,654      14,948      17,074      18,047
57   Federal Home Loan
         Mortgage
         Corporation       579,385     646,459     749,081     768,641
58     One- to
         four-family       576,846     643,465     744,619     763,890
59     Multifamily           2,539       2,994       4,462       4,751
60   Federal National
         Mortgage
         Association       709,582     834,517     960,883     995,815
61     One- to
         four-family       687,981     804,204     924,941     957,584
62     Multifamily          21,601      30,313      35,942      38,231
63   Farmers Home
         Adminis-
         tration (4)             2           1           0           0
64     One- to
         four-family             0           0           0           0
65     Multifamily               0           0           0           0
66     Nonfarm, non-
         residential             0           0           0           0
67     Farm                      2           1           0           0
68   Private mortgage
         conduits          407,000     563,546     655,533     680,382
69     One- to four-
         family (6)        310,659     405,153     455,021     464,593
70     Multifamily          20,907      33,754      42,226      44,413
71     Nonfarm, non-
         residential        75,434     124,639     158,287     171,376
72     Farm                      0           0           0           0

73 Individuals and
       others (7)          592,193     635,732     677,838     697,147
74   One- to
       four-family         380,736     419,278     447,532     462,493
75   Multifamily            71,263      77,617      82,932      86,015
76   Nonfarm, non-
       residential         121,415     118,863     126,156     126,750
77   Farm                   18,779      19,974      21,217      21,889

                                  2000                    2001
     Type of holder
      and property          Q3          Q4          Q1          Q2

 1 All holders           6,767,922   6,914,156   7,036,854   7,253,938

   By type of property
 2 One- to four-family
     residences          5,095,720   5,201,362   5,293,734   5,452,224
 3 Multifamily
     residences            407,112     417,555     426,993     442,399
 4 Nonfarm,
     nonresidential      1,157,134   1,186,403   1,206,253   1,246,425
 5 Farm                    107,957     108,836     109,873     112,889

   By type of holder
 6 Major financial
       institutions      2,606,592   2,620,886   2,664,837   2,714,965
 7   Commercial
         banks (2)       1,650,294   1,661,411   1,688,673   1,727,255
 8     One- to
         four-family       968,831     966,502     978,144     999,307
 9     Multifamily          77,031      77,821      79,890      80,542
10     Nonfarm, non-
         residential       570,513     583,071     596,405     612,247
11     Farm                 33,919      34,016      34,234      35,159
12   Savings insti-
         tutions (3)       721,563     723,534     741,114     751,660
13     One- to
         four-family       595,518     595,053     608,289     616,506
14     Multifamily          60,077      61,094      62,666      63,193
15     Nonfarm, non-
         residential        65,437      66,852      69,589      71,378
16     Farm                    531         535         569         583
17   Life insurance
         companies         234,735     235,941     235,050     236,050
18     One- to
         four-family         4,907       4,903       4,877       4,876
19     Multifamily          33,478      33,681      33,557      33,553
20     Nonfarm, non-
         residential       182,646     183,757     183,078     184,084
21     Farm                 13,704      13,600      13,538      13,537

22 Federal and related
       agencies            336,575     343,962     346,276     355,218
23   Government Natio-
         nal Mortgage
         Association             6           6           6           6
24     One- to
         four-family             6           6           6           6
25     Multifamily               0           0           0           0
26   Farmers Home
         Adminis-
         tration (4)        73,009      73,323      73,361      73,206
27     One- to
         four-family        16,444      16,372      16,297      16,153
28     Multifamily          11,734      11,733      11,725      11,720
29     Nonfarm, non-
         residential        40,665      41,070      41,247      41,262
30     Farm                  4,167       4,148       4,093       4,072
31   Federal Housing
         and Veterans'
         Adminis-
         trations            3,395       3,507       2,873       2,918
32     One- to
         four-family         1,327       1,308       1,276       1,267
33     Multifamily           2,068       2,199       1,597       1,651
34   Resolution Trust
         Corporation             0           0           0           0
35     One- to
         four-family             0           0           0           0
36     Multifamily               0           0           0           0
37     Nonfarm, non-
         residential             0           0           0           0
38     Farm                      0           0           0           0
39   Federal Deposit
         Insurance
         Corporation            82          45          50          24
40     One- to
         four-family            13           7           8           4
41     Multifamily              16           9          10           5
42     Nonfarm, non-
         residential            53          29          32          15
43     Farm                      0           0           0           0
44   Federal National
         Mortgage
         Association       152,815     155,363     156,294     159,221
45     One- to
         four-family       141,786     144,150     145,014     147,730
46     Multifamily          11,029      11,213      11,280      11,491
47   Federal Land
         Banks              35,549      36,326      37,072      38,686
48     One- to
         four-family         2,092       2,137       2,181       2,276
49     Farm                      0           0           0           0
50   Federal Home Loan
         Mortgage
         Corporation        57,046      59,240      60,110      61,542
51     One- to
         four-family        42,138      42,871      42,771      42,537
52     Multifamily          14,908      16,369      17,339      19,005

53 Mortgage pools or
       trusts (5)        3,116,180   3,232,338   3,303,742   3,450,274
54   Government Natio-
         nal Mortgage
         Association       602,628     611,553     601,534     598,106
55     One- to
         four-family       584,152     592,624     581,754     577,315
56     Multifamily          18,476      18,929      19,780      20,792
57   Federal Home Loan
         Mortgage
         Corporation       790,891     822,310     833,616     873,750
58     One- to
         four-family       786,007     816,602     827,769     867,924
59     Multifamily           4,884       5,708       5,847       5,826
60   Federal National
         Mortgage
         Association     1,020,828   1,057,750   1,099,049   1,163,978
61     One- to
         four-family       981,206   1,016,398   1,055,412   1,116,534
62     Multifamily          39,622      41,352      43,637      47,444
63   Farmers Home
         Adminis-
         tration (4)             0           0           0           0
64     One- to
         four-family             0           0           0           0
65     Multifamily               0           0           0           0
66     Nonfarm, non-
         residential             0           0           0           0
67     Farm                      0           0           0           0
68   Private mortgage
         conduits          701,833     740,725     769,543     814,440
69     One- to four-
         family (6)        477,899     499,834     523,300     539,200
70     Multifamily          46,142      49,513      50,749      56,974
71     Nonfarm, non-
         residential       177,792     191,378     195,494     218,266
72     Farm                      0           0           0           0

73 Individuals and
       others (7)          708,575     716,971     721,999     733,482
74   One- to
       four-family         478,944     486,664     490,345     501,192
75   Multifamily            87,423      87,714      88,699      89,989
76   Nonfarm, non-
       residential         120,028     120,245     120,408     119,172
77   Farm                   22,179      22,348      22,547      23,129

(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 credit             1998            1999            2000

                                       Seasonally adjusted

 1 Total                 1,315,797 (r)   1,413,564 (r)   1,557,931 (r)

 2 Revolving               560,155 (r)     594,339 (r)     663,170 (r)
 3 Nonrevolving (2)        755,642 (r)     819,225 (r)     894,761 (r)

                                      Not seasonally adjusted

 4 Total                 1,346,596 (r)   1,446,127 (r)   1,593,051 (r)

   By major holder
 5 Commercial banks        508,932         499,758         541,470
 6 Finance companies       183,345 (r)     201,549 (r)     219,783 (r)
 7 Credit unions           155,406         167,921         184,434
 8 Savings
     institutions           51,611          61,527          64,557
 9 Nonfinancial
     business               74,877          80,311          82,662
10 Pools of
     securitized
     assets (3)            372,425         435,061         500,145

   By major type of
     credit (4)
11 Revolving               586,163 (r)     621,914 (r)     692,955 (r)
12   Commercial banks      210,346         189,352         218,063
13   Finance companies      31,944 (r)      32,483 (r)      37,561 (r)
14   Credit unions          19,930          20,641          22,226
15   Savings
       institutions         12,450          15,838          16,560
16   Nonfinancial
       business             39,166          42,783          42,430
17   Pools of
       securitized
       assets (3)          272,327         320,817         356,114

18 Nonrevolving            760,433 (r)     824,213 (r)     900,095 (r)
19   Commercial banks      298,586         310,406         323,407
20   Finance companies     151,401 (r)     169,066 (r)     182,221 (r)
21   Credit unions         135,476         147,280         162,208
22   Savings
       institutions         39,161          45,689          47,997
23   Nonfinancial
       business             35,711          37,528          40,232
24   Pools of
       securitized
       assets (3)          100,098         114,244         144,031

                                       2001

    Holder and type
        of credit        Apr. (r)     May (r)    June (r)

                                  Seasonally adjusted

 1 Total                 1,610,889   1,617,041   1,616,293

 2 Revolving               695,830     698,536     699,651
 3 Nonrevolving (2)        915,059     918,505     916,642

                                Not seasonally adjusted

 4 Total                 1,596,536   1,602,128   1,608,104

   By major holder
 5 Commercial banks        540,740     543,048     540,213
 6 Finance companies       217,481     217,697     214,271
 7 Credit unions           184,089     185,683     186,357
 8 Savings
     institutions           65,453      65,396      65,340
 9 Nonfinancial
     business               71,490      69,963      68,013
10 Pools of
     securitized
     assets (3)            517,282     520,340     533,911

   By major type of
     credit (4)
11 Revolving               688,633     691,141     693,662
12   Commercial banks      214,683     216,268     213,014
13   Finance companies      35,477      37,033      36,848
14   Credit unions          21,054      21,207      21,268
15   Savings
       institutions         16,788      16,589      16,389
16   Nonfinancial
       business             33,815      32,690      31,366
17   Pools of
       securitized
       assets (3)          366,815     367,354     374,776

18 Nonrevolving            907,904     910,987     914,442
19   Commercial banks      326,057     326,780     327,199
20   Finance companies     182,004     180,664     177,422
21   Credit unions         163,035     164,476     165,089
22   Savings
       institutions         48,665      48,807      48,951
23   Nonfinancial
       business             37,674      37,274      36,647
24   Pools of
       securitized
       assets (3)          150,468     152,986     159,134

                                       2001

    Holder and type
        of credit        July (r)    Aug. (r)      Sept.

                                 Seasonally adjusted

 1 Total                 1,615,308   1,619,629   1,621,615

 2 Revolving               694,785     693,486     692,732
 3 Nonrevolving (2)        920,524     926,143     928,882

                               Not seasonally adjusted

 4 Total                 1,607,705   1,621,982   1,622,820

   By major holder
 5 Commercial banks        535,459     537,724     535,255
 6 Finance companies       216,191     224,310     220,849
 7 Credit unions           185,081     186,274     185,732
 8 Savings
     institutions           66,584      67,828      69,072
 9 Nonfinancial
     business               65,228      63,310      60,212
10 Pools of
     securitized
     assets (3)            539,164     542,536     551,700

   By major type of
     credit (4)
11 Revolving               687,439     689,874     688,512
12   Commercial banks      208,852     206,279     203,126
13   Finance companies      36,949      37,082      35,901
14   Credit unions          21,799      22,195      21,879
15   Savings
       institutions         16,568      16,746      16,925
16   Nonfinancial
       business             29,314      27,603      25,207
17   Pools of
       securitized
       assets (3)          373,958     379,968     385,474

18 Nonrevolving            920,267     932,108     934,308
19   Commercial banks      326,607     331,445     332,129
20   Finance companies     179,242     187,228     184,948
21   Credit unions         163,282     164,079     163,853
22   Savings
       institutions         50,016      51,082      52,147
23   Nonfinancial
       business             35,914      35,707      35,005
24   Pools of
       securitized
       assets (3)          165,207     162,567     166,226

(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals, excluding loans
secured by real estate. 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 carried 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 CREDIT (1)

Percent per year except as noted

                                                             2001

            Item             1998     1999     2000     Mar.     Apr.

       INTEREST RATES

   Commercial banks (2)
 1 48-month new car           8.72     8.44     9.34    n.a.     n.a.
 2 24-month personal         13.74    13.39    13.90    n.a.     n.a.

   Credit card plan
 3 All accounts              15.71    15.21    15.71    n.a.     n.a.
 4 Accounts assessed
     interest                15.59    14.81    14.91    n.a.     n.a.

   Auto finance companies
 5 New car                    6.30     6.66     6.61     6.80     6.80
 6 Used car                  12.64    12.60    13.55    13.19    12.82

      OTHER TERMS (3)

   Maturity (months)
 7 New car                    52.1     52.7     54.9     55.6     56.3
 8 Used car                   53.5     55.9     57.0     58.0     57.9

   Loan-to-value ratio
 9 New car                      92       92       92       91       91
10 Used car                     99       99       99      100      100

   Amount financed
     (dollars)
11 New car                  19,083   19,880   20,923   22,131   21,914
12 Used car                 12,691   13,642   14,058   14,214   14,347

                                               2001

            Item             May      June     July     Aug.    Sept.

       INTEREST RATES

   Commercial banks (2)
 1 48-month new car           8.67    n.a.     n.a.      8.31    n.a.
 2 24-month personal         13.28    n.a.     n.a.     13.25    n.a.

   Credit card plan
 3 All accounts              15.07    n.a.     n.a.     14.60    n.a.
 4 Accounts assessed
     interest                14.63    n.a.     n.a.     14.64    n.a.

   Auto finance companies
 5 New car                    6.56     6.15     6.20     6.41     5.42
 6 Used car                  12.57    12.05    11.79    12.06    12.01

      OTHER TERMS (3)

   Maturity (months)
 7 New car                    57.0     57.2     57.3     57.7     57.2
 8 Used car                   57.8     57.6     57.6     57.6     57.6

   Loan-to-value ratio
 9 New car                      92       91       91       91       92
10 Used car                    100      100      100      100      101

   Amount financed
     (dollars)
11 New car                  21,871   22,124   22,687   22,591   23,049
12 Used car                 14,350   14,586   14,571   14,321   14,408

(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      1995          1996          1997
         or sector                          (r)           (r)

                                         Nonfinancial

 1 Total net borrowing by
     domestic nonfinan-
     cial sectors             705.9         733.6 (r)     805.5 (r)

   By sector and
     instrument
 2 Federal government         144.4         145.0          23.1
 3   Treasury securities      142.9         146.6          23.2
 4   Budget agency
       securities and
       mortgages                1.5          -1.6           -.1

 5 Nonfederal                 561.5         588.6 (r)     782.4 (r)

     By instrument
 6   Commercial paper          18.1           -.9          13.7
 7   Municipal securities
       and loans              -48.2           2.6          71.4
 8   Corporate bonds           91.1         116.3         150.5
 9   Bank loans n.e.c.        103.7          70.4 (r)     106.4 (r)
10   Other loans and
       advances                67.2          28.7 (r)      59.5 (r)
11   Mortgages                190.6         280.4 (r)     323.3 (r)
12     Home                   179.1         245.7 (r)     258.3 (r)
13     Multifamily
         residential            4.5           9.4 (r)       7.5 (r)
14     Commercial               5.7          22.5          54.4 (r)
15     Farm                     1.4           2.7           3.1
16   Consumer credit          138.9          91.3 (r)      57.5

     By borrowing sector
17   Household                339.3         343.8 (r)     332.7 (r)
18   Nonfinancial
         business             273.7         251.6 (r)     393.6 (r)
19     Corporate              224.9         179.4 (r)     292.7 (r)
20     Nonfarm non-
         corporate             46.1          67.3 (r)      94.7 (r)
21     Farm                     2.7           4.9           6.2
22   State and local
       government             -51.5          -6.8          56.1

23 Foreign net borrowing
       in United States        78.5          88.4          71.8
24   Commercial paper          13.5          11.3           3.7
25   Bonds                     57.1          67.0          61.4
26   Bank loans n.e.c.          8.5           9.1           8.5
27   Other loans and
       advances                 -.5           1.0          -1.8

28 Total domestic plus
     foreign                  784.5         822.0 (r)     877.3 (r)

                                        Financial sectors

29 Total net borrowing by
     financial sectors        454.0         550.1 (r)     662.2 (r)

   By instrument
30 Federal government-
       related                204.2         231.4         212.9
31   Government-sponsored
       enterprise secu-
       rities                 105.9          90.4          98.4
32   Mortgage pool
       securities              98.3         141.0         114.6
33   Loans from U.S.
       government                .0            .0            .0

34 Private                    249.8         318.7 (r)     449.3 (r)
35   Open market paper         42.7          92.2         166.7
36   Corporate bonds          195.9         178.1 (r)     218.9 (r)
37   Bank loans n.e.c.          2.5          12.6          13.3 (r)
38   Other loans and
       advances                 3.4          27.9          35.6
39   Mortgages                  5.3           7.9          14.9

   By borrowing sector
40 Commercial banking          22.5          13.0          46.1
41 Savings institutions         2.6          25.5          19.7
42 Credit unions                -.1            .1            .1
43 Life insurance
     companies                  -.1           1.1            .2
44 Government-sponsored
     enterprises              105.9          90.4          98.4
45 Federally related
     mortgage pools            98.3         141.0         114.6
46 Issuers of asset-
     backed securities
     (ABSs)                   142.4         150.8         202.2
47 Finance companies           50.2          50.6 (r)      57.8 (r)
48 Mortgage companies          -2.2           4.1          -4.6
49 Real estate investment
     trusts (REITs)             4.5          11.9          39.6
50 Brokers and dealers         -5.0          -2.0           8.1
51 Funding corporations        34.9          63.8 (r)      79.9 (r)

                                           All sectors

52 Total net borrowing,
     all sectors            1,238.5       1,372.1       1,539.5

53 Open market paper           74.3         102.6         184.1
54 U.S. government
     securities               348.6         376.4         236.0
55 Municipal securities       -48.2           2.6          71.4
56 Corporate and foreign
     bonds                    344.1         361.3         430.8
57 Bank loans n.e.c.          114.7          92.1         128.2
58 Other loans and
     advances                  70.1          57.7          93.2
59 Mortgages                  196.0         288.2         338.2
60 Consumer credit            138.9          91.3          57.5

                                  Funds raised through mutual
                                  funds and corporate equities

61 Total net issues           147.2 (r)     232.9         185.2

62 Corporate equities           -.2 (r)      -4.7         -79.9
63   Nonfinancial
       corporation            -58.3         -69.5        -114.4
64   Foreign shares pur-
       chased by U.S.
       residents               65.4          82.8          57.6
65   Financial corpora-        -7.3 (r)     -18.1         -23.1
       tions
66 Mutual fund shares         147.4         237.6         265.1

                                                         2000

   Transaction category      1998          1999         Q1 (r)
         or sector            (r)           (r)

                                          Nonfinancial

 1 Total net borrowing by
     domestic nonfinan-
     cial sectors           1,048.8 (r)   1,099.8 (r)     951.1 (r)

   By sector and
     instrument
 2 Federal government         -52.6         -71.2        -217.2
 3   Treasury securities      -54.6         -71.0        -215.2
 4   Budget agency
       securities and
       mortgages                2.0           -.2          -2.1

 5 Nonfederal               1,101.5 (r)   1,171.1 (r)   1,168.4

     By instrument
 6   Commercial paper          24.4          37.4          29.8
 7   Municipal securities
       and loans               96.8          68.2          20.0
 8   Corporate bonds          218.7         229.9         186.2
 9   Bank loans n.e.c.        108.1 (r)      82.6 (r)     139.5
10   Other loans and
       advances                82.1 (r)      57.1 (r)     140.1 (r)
11   Mortgages                496.4 (r)     596.3 (r)     502.9 (r)
12     Home                   389.9 (r)     435.2 (r)     361.9 (r)
13     Multifamily
         residential           23.8          40.5 (r)      29.2 (r)
14     Commercial              76.1 (r)     114.8 (r)     104.4 (r)
15     Farm                     6.5           5.8           7.4
16   Consumer credit           75.0 (r)      99.5 (r)     149.9 (r)

     By borrowing sector
17   Household                467.2 (r)     517.1 (r)     526.9 (r)
18   Nonfinancial
         business             554.0 (r)     601.6 (r)     628.5 (r)
19     Corporate              406.3 (r)     440.8 (r)     479.7 (r)
20     Nonfarm non-
         corporate            139.7 (r)     155.4 (r)     135.0 (r)
21     Farm                     8.0           5.5          13.8
22   State and local
       government              80.3          52.3          12.9

23 Foreign net borrowing
       in United States        43.4          27.9         120.3 (r)
24   Commercial paper           7.8          16.3          57.8
25   Bonds                     34.9          16.8          47.6 (r)
26   Bank loans n.e.c.          6.7            .5          15.4
27   Other loans and
       advances                -6.0          -5.7           -.5

28 Total domestic plus
     foreign                1,092.2 (r)   1,127.8 (r)   1,071.4 (r)

                                        Financial sectors

29 Total net borrowing by
     financial sectors      1,087.2 (r)   1,084.4 (r)     608.0 (r)

   By instrument
30 Federal government-
       related                470.9         592.0         224.4
31   Government-sponsored
       enterprise secu-
       rities                 278.3         318.2         104.9
32   Mortgage pool
       securities             192.6         273.8         119.5
33   Loans from U.S.
       government                .0            .0            .0

34 Private                    616.3 (r)     492.5 (r)     383.6
35   Open market paper        161.0         176.2         114.6
36   Corporate bonds          310.1 (r)     218.2 (r)     171.8
37   Bank loans n.e.c.         30.1         -14.2 (r)       3.2 (r)
38   Other loans and
       advances                90.2         107.1          87.0
39   Mortgages                 24.8           5.1           7.0

   By borrowing sector
40 Commercial banking          72.9          67.2          78.3
41 Savings institutions        52.2          48.0          57.5
42 Credit unions                 .6           2.2          -2.9
43 Life insurance
     companies                   .7            .7           -.7
44 Government-sponsored
     enterprises              278.3         318.2         104.9
45 Federally related
     mortgage pools           192.6         273.8         119.5
46 Issuers of asset-
     backed securities
     (ABSs)                   321.4         223.4         175.0
47 Finance companies           57.1 (r)      70.3 (r)      61.1 (r)
48 Mortgage companies           1.6            .2          -3.0
49 Real estate investment
     trusts (REITs)            62.7           6.3          11.5
50 Brokers and dealers          7.2         -17.2          44.4
51 Funding corporations        40.0 (r)      91.5 (r)     -37.5 (r)

                                           All sectors

52 Total net borrowing,
     all sectors            2,179.4       2,212.2       1,679.4

53 Open market paper          193.1         229.9         202.1
54 U.S. government
     securities               418.3         520.7           7.2
55 Municipal securities        96.8          68.2          20.0
56 Corporate and foreign
     bonds                    563.7         465.0         405.6
57 Bank loans n.e.c.          145.0          68.9         158.0
58 Other loans and
     advances                 166.3         158.5         226.6
59 Mortgages                  521.2         601.4         509.9
60 Consumer credit             75.0          99.5         149.9

                                  Funds raised through mutual
                                  funds and corporate equities

61 Total net issues           108.8         153.7         390.1

62 Corporate equities        -165.8         -34.6          82.8
63   Nonfinancial
       corporation           -267.0        -143.5          61.2
64   Foreign shares pur-
       chased by U.S.
       residents              101.3         114.4          62.6
65   Financial corpora-         -.1          -5.6         -41.0
       tions
66 Mutual fund shares         274.6         188.3         307.3

                                           2000

   Transaction category
         or sector          Q2 (r)        Q3 (r)        Q4 (r)

                                         Nonfinancial

 1 Total net borrowing by
     domestic nonfinan-
     cial sectors             978.2 (r)     792.0 (r)     772.1 (r)

   By sector and
     instrument
 2 Federal government        -408.7        -226.2        -331.3
 3   Treasury securities     -410.5        -223.8        -330.2
 4   Budget agency
       securities and
       mortgages                1.8          -2.4          -1.2

 5 Nonfederal               1,386.9 (r)   1,018.2 (r)   1,103.5 (r)

     By instrument
 6   Commercial paper         110.4          56.1          -4.0
 7   Municipal securities
       and loans               30.1          31.0          60.1
 8   Corporate bonds          153.8         168.8 (r)     175.6
 9   Bank loans n.e.c.        166.5 (r)      47.0 (r)      59.3 (r)
10   Other loans and
       advances               124.2 (r)      16.5 (r)     125.2
11   Mortgages                659.6 (r)     570.7 (r)     551.6 (r)
12     Home                   490.3 (r)     441.9 (r)     395.9 (r)
13     Multifamily
         residential           48.0 (r)      28.8 (r)      41.7
14     Commercial             111.2 (r)      93.4 (r)     112.0 (r)
15     Farm                    10.1           6.5           2.0 (r)
16   Consumer credit          142.1 (r)     128.2 (r)     135.6 (r)

     By borrowing sector
17   Household                624.3 (r)     554.5 (r)     514.0 (r)
18   Nonfinancial
         business             744.4 (r)     440.0 (r)     535.8 (r)
19     Corporate              550.2 (r)     303.7 (r)     388.8 (r)
20     Nonfarm non-
         corporate            184.5 (r)     129.1 (r)     134.2
21     Farm                     9.7           7.2          12.8 (r)
22   State and local
       government              18.2          23.8          53.7

23 Foreign net borrowing
       in United States        -7.9 (r)      88.6 (r)      66.8 (r)
24   Commercial paper          12.0           7.0          50.1
25   Bonds                    -27.3 (r)      71.4 (r)       9.0 (r)
26   Bank loans n.e.c.          5.7          11.9          12.2
27   Other loans and
       advances                 1.7          -1.7          -4.6

28 Total domestic plus
     foreign                  970.3 (r)     880.6 (r)     838.9 (r)

                                         Financial sectors

29 Total net borrowing by
     financial sectors        897.1 (r)     794.0 (r)     963.1 (r)

   By instrument
30 Federal government-
       related                381.1         514.8         613.6
31   Government-sponsored
       enterprise secu-
       rities                 248.9         278.1         304.5
32   Mortgage pool
       securities             132.2         236.7         309.1
33   Loans from U.S.
       government                .0            .0            .0

34 Private                    516.1 (r)     279.2 (r)     349.5 (r)
35   Open market paper        136.7         106.5         153.2
36   Corporate bonds          243.3 (r)     205.0 (r)     203.7 (r)
37   Bank loans n.e.c.          6.9 (r)      -6.7 (r)      -4.4
38   Other loans and
       advances               119.2         -31.6          -4.8
39   Mortgages                 10.0           6.0           1.8

   By borrowing sector
40 Commercial banking          99.3          43.4          18.8
41 Savings institutions        69.0         -37.9          20.4
42 Credit unions                 .9           1.1           1.0
43 Life insurance
     companies                 -1.1           -.3           -.7
44 Government-sponsored
     enterprises              248.9         278.1         304.5
45 Federally related
     mortgage pools           132.2         236.7         309.1
46 Issuers of asset-
     backed securities
     (ABSs)                   146.0         156.2         307.9
47 Finance companies          139.4 (r)      98.1 (r)      26.1 (r)
48 Mortgage companies           2.7           -.3           1.0
49 Real estate investment
     trusts (REITs)             9.8          -2.4          -8.1
50 Brokers and dealers          -.7          25.4          -6.6
51 Funding corporations        50.6 (r)      -4.2 (r)     -10.4 (r)

                                           All sectors

52 Total net borrowing,
     all sectors            1,867.4       1,674.6       1,802.0

53 Open market paper          259.1         169.7         199.3
54 U.S. government
     securities               -27.6         288.6         282.2
55 Municipal securities        30.1          31.0          60.1
56 Corporate and foreign
     bonds                    369.8         445.2         388.3
57 Bank loans n.e.c.          179.2          52.2          67.1
58 Other loans and
     advances                 245.1         -16.8         115.8
59 Mortgages                  669.6         576.7         553.5
60 Consumer credit            142.1         128.2         135.6

                                  Funds raised through mutual
                                  funds and corporate equities

61 Total net issues           209.9         245.6         -14.8

62 Corporate equities         -22.2         -33.8        -171.5
63   Nonfinancial
       corporation           -245.2         -67.6        -350.8
64   Foreign shares pur-
       chased by U.S.
       residents              185.9          61.1          89.4
65   Financial corpora-        37.2         -27.3          89.8
       tions
66 Mutual fund shares         232.0         279.4         156.7

                                     2001

   Transaction category
         or sector          Q1 (r)    Q2 (r)      Q3

                                     Nonfinancial

 1 Total net borrowing by
     domestic nonfinan-
     cial sectors           1,006.5   1,018.6   1,275.5

   By sector and
     instrument
 2 Federal government          -4.3    -256.0     255.7
 3   Treasury securities       -2.1    -257.1     256.0
 4   Budget agency
       securities and
       mortgages               -2.2       1.1       -.4

 5 Nonfederal               1,010.9   1,274.6   1,019.8

     By instrument
 6   Commercial paper        -207.2    -141.5     -74.1
 7   Municipal securities
       and loans              110.7     112.4      56.0
 8   Corporate bonds          400.9     428.0     187.7
 9   Bank loans n.e.c.         -5.9    -153.2      -9.9
10   Other loans and
       advances               -12.0     117.7      78.4
11   Mortgages                564.6     837.7     760.6
12     Home                   434.3     622.9     544.7
13     Multifamily
         residential           39.3      55.5      57.7
14     Commercial              86.8     146.8     151.6
15     Farm                     4.2      12.4       6.5
16   Consumer credit          159.9      73.6      21.3

     By borrowing sector
17   Household                554.4     671.2     616.2
18   Nonfinancial
         business             352.6     494.7     360.6
19     Corporate              225.2     354.3     248.9
20     Nonfarm non-
         corporate            121.3     130.6     108.6
21     Farm                     6.0       9.8       3.1
22   State and local
       government             103.9     108.7      43.0

23 Foreign net borrowing
       in United States        -6.9     -57.2    -126.8
24   Commercial paper         -25.4      -5.6     -26.5

25   Bonds                     17.1     -15.9    -101.4
26   Bank loans n.e.c.         13.0     -31.0       4.4
27   Other loans and
       advances               -11.6      -4.7      -3.4

28 Total domestic plus
     foreign                  999.6     961.5   1,148.7

                                    Financial sectors

29 Total net borrowing by
     financial sectors        864.2     795.7   1,086.3

   By instrument
30 Federal government-
       related                432.6     674.8     820.6
31   Government-sponsored
       enterprise secu-
       rities                 262.3     268.3     328.0
32   Mortgage pool
       securities             170.3     406.5     492.6
33   Loans from U.S.
       government                .0        .0        .0

34 Private                    431.7     120.9     265.7
35   Open market paper       -134.6     -85.4     -85.6
36   Corporate bonds          438.9     186.8     309.6
37   Bank loans n.e.c.         27.1      14.3      -8.1
38   Other loans and
       advances               107.8     -11.0      58.0
39   Mortgages                 -7.5      16.2      -8.2

   By borrowing sector
40 Commercial banking         148.3     -15.8      69.8
41 Savings institutions        62.5      16.1      12.6
42 Credit unions                -.6        .8       1.5
43 Life insurance
     companies                 -2.4        .1       3.5
44 Government-sponsored
     enterprises              262.3     268.3     328.0
45 Federally related
     mortgage pools           170.3     406.5     492.6
46 Issuers of asset-
     backed securities
     (ABSs)                   295.8     172.3     303.2
47 Finance companies          -72.8      64.1      22.1
48 Mortgage companies            .7        .6        .8
49 Real estate investment
     trusts (REITs)            -6.1      10.5     -10.2
50 Brokers and dealers        -23.9      35.7      12.3
51 Funding corporations        30.1    -163.5    -150.0

                                      All sectors

52 Total net borrowing,
     all sectors            1,863.8   1,757.2   2,235.0

53 Open market paper         -367.2    -232.5    -186.3
54 U.S. government
     securities               428.2     418.8   1,076.3
55 Municipal securities       110.7     112.4      56.0
56 Corporate and foreign
     bonds                    856.9     598.9     395.9
57 Bank loans n.e.c.           34.1    -170.0     -13.6
58 Other loans and
     advances                  84.2     102.0     133.0
59 Mortgages                  557.1     853.9     752.3
60 Consumer credit            159.9      73.6      21.3

                            Funds raised through mutual
                            funds and corporate equities

61 Total net issues           233.7     387.5      88.9

62 Corporate equities         137.3     119.5     -80.9
63   Nonfinancial
       corporation            -25.6     -72.6    -118.5
64   Foreign shares pur-
       chased by U.S.
       residents              109.2     208.8      10.9
65   Financial corpora-        53.7     -16.7      26.7
       tions
66 Mutual fund shares          96.4     268.0     169.8

(1.) Data in this table also appear in the Board's Z.1
(780) quarterly statistical release, tables F.2 through F4.
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 sector                1995          1996          1997

    NET LENDING IN CREDIT
         MARKETS (2)

 1 Total net lending in
     credit markets             1,238.5       1,372.1 (r)   1,539.5 (r)

 2 Domestic nonfederal
       nonfinancial sectors       -79.3          74.0 (r)     -21.3 (r)
 3   Household                     16.5         113.7 (r)     -11.8 (r)
 4   Nonfinancial corporate
       business                    -8.8         -10.2         -12.7
 5   Nonfarm noncorporate
       business                     4.4           4.2           3.0
 6   State and local
       governments                -91.4         -33.7            .1
 7 Federal government               -.5          -7.2           5.1
 8 Rest of the world              273.9         414.4         311.3
 9 Financial sectors            1,044.4         890.9 (r)   1,244.5 (r)
10   Monetary authority            12.7          12.3          38.3
11   Commercial banking           265.9         187.5         324.3
12     U.S.-chartered banks       186.5         119.6         274.9
13     Foreign banking
         offices in United
         States                    75.4          63.3          40.2
14     Bank holding companies        .3           3.9           5.4
15     Banks in U.S.-
         affiliated  areas          4.2            .7           3.7
16 Savings institutions            -7.6          19.9          -4.7
17 Credit unions                   16.2          25.5          16.8
18 Bank personal trusts and
     estates                       -8.3          -7.7         -25.0
19 Life insurance companies       100.0          69.6         104.8
20 Other insurance companies       21.5          22.5          25.2
21 Private pension funds           19.9          -4.1          47.6
22 State and local government
     retirement funds              38.3          35.8          67.1
23 Money market mutual funds       86.5          88.8          87.5
24 Mutual funds                    52.5          48.9          80.9
25 Closed-end funds                10.2           4.6          -2.6
26 Government-sponsored
     enterprises                   95.4          97.4         106.6
27 Federally related mortgage
     pools                         98.3         141.0         114.6
28 Asset-backed securities
     issuers (ABSs)               120.6         120.5         163.8
29 Finance companies               49.9          18.9 (r)      23.1 (r)
30 Mortgage companies              -3.4           8.2          -9.1
31 Real estate investment
     trusts (REITs)                 1.4           4.4          20.2
32 Brokers and dealers             90.1         -15.7          14.9
33 Funding corporations           -15.7          12.6          50.4

   RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Net flows through credit
     markets                    1,238.5       1,372.1 (r)   1,539.5 (r)

   Other financial sources
35 Official foreign exchange        8.8          -6.3            .7
36 Special drawing rights
     certificates                   2.2           -.5           -.5
37 Treasury currency                 .7            .5            .5
38 Foreign deposits                35.3          85.9         107.7
39 Net interbank transactions      10.0         -51.6         -19.7
40 Checkable deposits and
     currency                     -12.8          15.7          41.2
41 Small time and savings
     deposits                      96.6          97.2          97.1
42 Large time deposits             65.6         114.0         122.5
43 Money market fund shares       141.2         145.4         155.9
44 Security repurchase
     agreements                   110.5          41.4         120.9
45 Corporate equities               -.2 (r)      -4.7 (r)     -79.9 (r)
46 Mutual fund shares             147.4         237.6         265.1
47 Trade payables                 133.7         123.3         139.7
48 Security credit                 26.7          52.4         111.0
49 Life insurance reserves         45.8          44.5          59.3
50 Pension fund reserves          158.8         148.3         201.4
51 Taxes payable                    7.8          19.5          22.3
52 Investment in bank
     personal  trusts               6.4          -5.3         -49.9
53 Noncorporate proprietors'
     equity                         -.2         -31.1 (r)     -70.9 (r)
54 Miscellaneous                  496.9         526.1 (r)     492.8 (r)

55 Total financial sources      2,719.7 (r)   2,924.5 (r)   3,256.8 (r)

   Liabilities not identified
     as assets (-)
56 Treasury currency                -.3           -.4           -.2
57 Foreign deposits                25.0 (r)      59.4 (r)     106.2
58 Net interbank liabilities       -3.1          -3.3         -19.9
59 Security repurchase
     agreements                    25.7           2.4          63.2
60 Taxes payable                   21.1          23.1          28.0
61 Miscellaneous                 -198.7 (r)    -173.7 (r)    -245.5 (r)

   Floats not included in
     assets (-)
62 Federal government
     checkable deposits            -6.0            .5          -2.7
63 Other checkable deposits        -3.8          -4.0          -3.9
64 Trade credit                    17.4         -25.4         -29.2

65 Total identified to
     sectors  as assets         2,842.5 (r)   3,046.2 (r)   3,360.7 (r)

                                                              2000

    Transaction category
          or sector                1998          1999           Q1

    NET LENDING IN CREDIT
         MARKETS (2)

 1 Total net lending in
     credit markets             2,179.4 (r)   2,212.2 (r)   1,679.4 (r)

 2 Domestic nonfederal
       nonfinancial sectors        99.5 (r)     196.3 (r)    -218.5 (r)
 3   Household                    -37.1 (r)     148.6 (r)    -274.4 (r)
 4   Nonfinancial corporate
       business                   -16.0          -2.8          56.8 (r)
 5   Nonfarm noncorporate
       business                    18.1           7.1          -2.1
 6   State and local
       governments                134.5          43.4           1.2
 7 Federal government              13.5           5.8           6.5
 8 Rest of the world              254.2         208.8         315.2
 9 Financial sectors            1,812.1 (r)   1,801.3 (r)   1,576.1 (r)
10   Monetary authority            21.1          25.7         102.0
11   Commercial banking           305.2         308.2         415.8
12     U.S.-chartered banks       312.0         317.6         448.2
13     Foreign banking
         offices in United
         States                   -11.9         -20.1           4.5
14     Bank holding companies       -.9           6.2         -42.2
15     Banks in U.S.-
         affiliated areas           6.0           4.4           5.4
16 Savings institutions            36.1          68.6          55.6
17 Credit unions                   19.0          27.5          35.7
18 Bank personal trusts and
     estates                      -12.8          27.8          18.9
19 Life insurance companies        76.9          53.5          65.0
20 Other insurance companies        5.8          -3.0         -11.2
21 Private pension funds           56.4          45.0          46.8
22 State and local government
     retirement funds              72.1          46.9          63.3
23 Money market mutual funds      244.0         182.0         161.5
24 Mutual funds                   124.8          47.2         -66.9
25 Closed-end funds                 5.5           7.4          -8.4
26 Government-sponsored
     enterprises                  314.6         291.7         205.4
27 Federally related mortgage
     pools                        192.6         273.8         119.5
28 Asset-backed securities
     issuers (ABSs)               281.7         205.2         154.2
29 Finance companies               77.3 (r)      97.0 (r)     145.4 (r)
30 Mortgage companies               3.2            .3          -6.0
31 Real estate investment
     trusts (REITs)                -5.1          -2.6         -16.3
32 Brokers and dealers              6.8         -34.7         102.9 (r)
33 Funding corporations           -12.9         133.8          -7.2

   RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Net flows through credit
     markets                    2,179.4 (r)   2,212.2 (r)   1,679.4 (r)

   Other financial sources
35 Official foreign exchange        6.6          -8.7           1.5
36 Special drawing rights
     certificates                    .0          -3.0            .0
37 Treasury currency                 .6           1.0           2.2
38 Foreign deposits                 6.5          61.0         313.3
39 Net interbank transactions     -32.3          17.6         -72.9
40 Checkable deposits and
     currency                      47.4         151.4        -206.8
41 Small time and savings
     deposits                     152.4          44.7         104.6
42 Large time deposits             92.1         130.6         154.1
43 Money market fund shares       287.2         249.1         239.7
44 Security repurchase
     agreements                    91.3         169.7         275.8 (r)
45 Corporate equities            -165.8 (r)     -34.6 (r)      82.8 (r)
46 Mutual fund shares             274.6         188.3         307.3
47 Trade payables                 109.2         222.3         193.6 (r)
48 Security credit                103.3         104.3         507.8 (r)
49 Life insurance reserves         48.0          50.8          54.9
50 Pension fund reserves          202.1         184.4 (r)     206.9 (r)
51 Taxes payable                   21.3          22.3         310.0 (r)
52 Investment in bank
     personal trusts              -41.8          -6.5         -28.4
53 Noncorporate proprietors'
     equity                       -80.6 (r)     -64.8 (r)     -63.4 (r)
54 Miscellaneous                  986.8 (r)     749.8 (r)     904.3 (r)

55 Total financial sources      4,288.2 (r)   4,441.8 (r)   4,687.7 (r)

   Liabilities not identified
     as assets (-)
56 Treasury currency                -.1           -.7          -1.8
57 Foreign deposits                -8.5          45.8         263.1 (r)
58 Net interbank liabilities        3.4           3.5          25.3
59 Security repurchase
     agreements                    60.6          30.0         567.2 (r)
60 Taxes payable                   19.7           6.5           9.5 (r)
61 Miscellaneous                 -127.4 (r)    -418.9 (r)    -501.0 (r)

   Floats not included in
     assets (-)
62 Federal government
     checkable deposits             2.6          -7.4          18.7
63 Other checkable deposits        -3.1           -.8           1.0
64 Trade credit                   -51.3          42.9         -71.8 (r)

65 Total identified to
     sectors as assets          4,392.3 (r)   4,740.8 (r)   4,377.5 (r)

                                               2000

    Transaction category
          or sector                Q2            Q3            Q4

    NET LENDING IN CREDIT
         MARKETS (2)

 1 Total net lending in
     credit markets             1,867.4 (r)   1,674.6 (r)   1,802.0 (r)

 2 Domestic nonfederal
       nonfinancial sectors        90.3 (r)    -255.1 (r)    -227.2 (r)
 3   Household                    -10.4 (r)    -183.3 (r)    -212.1 (r)
 4   Nonfinancial corporate
       business                    60.4 (r)     -51.4 (r)     -24.5 (r)
 5   Nonfarm noncorporate
       business                      .4          -4.0          -2.7
 6   State and local
       governments                 39.9         -16.4          12.1
 7 Federal government               7.7           4.5          10.6
 8 Rest of the world              197.9         216.2         387.8
 9 Financial sectors            1,571.4 (r)   1,709.0 (r)   1,630.7 (r)
10   Monetary authority            -5.4          39.1           -.9
11   Commercial banking           497.4         363.2         157.0
12     U.S.-chartered banks       510.9         324.8          75.3
13     Foreign banking
         offices in United
         States                   -22.3          32.8          81.1
14     Bank holding companies       3.5          -6.7          -3.2
15     Banks in U.S.-
         affiliated areas           5.4          12.3           3.8
16 Savings institutions            65.0          62.7          42.5
17 Credit unions                   31.6          21.2          33.6
18 Bank personal trusts and
     estates                       13.8          17.6          18.1
19 Life insurance companies        52.9          74.8          38.8
20 Other insurance companies      -18.1           6.2         -11.7
21 Private pension funds           24.7          64.9          28.7
22 State and local government
     retirement funds              31.5          37.6          86.1 (r)
23 Money market mutual funds     -118.2         256.1         296.0
24 Mutual funds                    63.1          50.1          60.8
25 Closed-end funds                -8.4          -8.4          -8.4
26 Government-sponsored
     enterprises                  250.9         188.6         318.8
27 Federally related mortgage
     pools                        132.2         236.7         309.1
28 Asset-backed securities
     issuers (ABSs)               111.4         120.9         278.9
29 Finance companies              147.6 (r)     102.8 (r)      36.2 (r)
30 Mortgage companies               5.5           -.5           2.0
31 Real estate investment
     trusts (REITs)                -2.5          -3.6          -2.8
32 Brokers and dealers             89.8 (r)     152.1 (r)     -69.0
33 Funding corporations           206.8 (r)     -73.0 (r)      17.0 (r)

   RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Net flows through credit
     markets                    1,867.4 (r)   1,674.6 (r)   1,802.0 (r)

   Other financial sources
35 Official foreign exchange       -8.8            .7           4.9
36 Special drawing rights
     certificates                  -8.0          -4.0          -4.0
37 Treasury currency                3.2           4.2            .0
38 Foreign deposits                 3.4         -40.8         207.4
39 Net interbank transactions     151.9        -170.6          10.6
40 Checkable deposits and
     currency                     -33.8           5.0         -50.2
41 Small time and savings
     deposits                     123.0         224.5         310.8
42 Large time deposits            101.2         152.9          65.2
43 Money market fund shares        71.5         250.9         371.1
44 Security repurchase
     agreements                   155.1 (r)     277.1 (r)    -265.4 (r)
45 Corporate equities             -22.2 (r)     -33.8 (r)    -171.5 (r)
46 Mutual fund shares             232.0         279.4         156.7
47 Trade payables                 212.9 (r)     138.5 (r)     119.3 (r)
48 Security credit                -95.3 (r)      97.5 (r)      74.4 (r)
49 Life insurance reserves         45.6          53.0          47.3
50 Pension fund reserves          260.7 (r)     227.0 (r)     168.8 (r)
51 Taxes payable                   26.5 (r)       3.3 (r)      26.0 (r)
52 Investment in bank
     personal trusts              -33.1         -29.2         -28.0
53 Noncorporate proprietors'
     equity                       -45.0 (r)     -26.7 (r)     -49.7 (r)
54 Miscellaneous                1,084.0 (r)   1,399.2 (r)     733.1 (r)

55 Total financial sources      4,092.3 (r)   4,482.8 (r)   3,528.8 (r)

   Liabilities not identified
     as assets (-)
56 Treasury currency                -.7            .9          -3.3
57 Foreign deposits               -82.2 (r)    -100.2 (r)     200.3 (r)
58 Net interbank liabilities        5.4         -12.1          51.1
59 Security repurchase
     agreements                    51.9 (r)     126.5 (r)    -301.4 (r)
60 Taxes payable                    4.8 (r)      -2.6 (r)      44.6 (r)
61 Miscellaneous                 -353.3 (r)    -232.2 (r)    -390.1 (r)

   Floats not included in
     assets (-)
62 Federal government
     checkable deposits            16.3           3.0          -2.1
63 Other checkable deposits         1.4           1.9           2.4
64 Trade credit                   -36.5 (r)     -51.9 (r)      24.3 (r)

65 Total identified to
     sectors as assets          4,485.3 (r)   4,749.6 (r)   3,903.1 (r)

                                            2001

    Transaction category
          or sector                Q1          Q2 (r)      Q3

    NET LENDING IN CREDIT
         MARKETS (2)

 1 Total net lending in
     credit markets             1,863.8 (r)   1,757.2   2,235.0

 2 Domestic nonfederal
       nonfinancial sectors      -171.6 (r)    -153.8    -178.8
 3   Household                   -172.5 (r)    -140.5    -118.5
 4   Nonfinancial corporate
       business                     4.1 (r)      16.6     -23.7
 5   Nonfarm noncorporate
       business                    -4.8          -5.2      -6.2
 6   State and local
       governments                  1.5         -24.8     -30.4
 7 Federal government               4.6           4.0       1.0
 8 Rest of the world              411.2 (r)     349.6     381.9
 9 Financial sectors            1,619.7 (r)   1,557.4   2,030.9
10   Monetary authority            53.7          26.4       8.7
11   Commercial banking           152.8         133.9     234.8
12     U.S.-chartered banks       107.9         179.7     215.4
13     Foreign banking
         offices in United
         States                    41.3         -48.6      16.5
14     Bank holding companies       7.3          -2.8      -1.4
15     Banks in U.S.-
         affiliated areas          -3.6           5.6       4.2
16 Savings institutions            52.5          57.3      -6.0
17 Credit unions                   23.2 (r)       7.6      61.7
18 Bank personal trusts and
     estates                       10.7          13.4       8.8
19 Life insurance companies        95.3         124.9     162.4
20 Other insurance companies        2.1            .1       9.0
21 Private pension funds           26.1          -7.1       -.9
22 State and local government
     retirement funds             -70.7 (r)      53.4      18.5
23 Money market mutual funds      303.4         166.2     379.1
24 Mutual funds                    69.4         165.1     123.9
25 Closed-end funds                -8.4          -8.4      -8.4
26 Government-sponsored
     enterprises                  347.8         296.2     267.7
27 Federally related mortgage
     pools                        170.3         406.5     492.6
28 Asset-backed securities
     issuers (ABSs)               269.8         150.0     276.4
29 Finance companies                -.9 (r)     126.7     -42.1
30 Mortgage companies               1.4           1.1       1.7
31 Real estate investment
     trusts (REITs)                 4.0           1.1       7.7
32 Brokers and dealers            289.5 (r)      35.4     250.1
33 Funding corporations          -172.5 (r)    -192.4    -214.6

   RELATION OF LIABILITIES
     TO FINANCIAL ASSETS

34 Net flows through credit
     markets                    1,863.8 (r)   1,757.2   2,235.0

   Other financial sources
35 Official foreign exchange       -1.5           4.7      19.1
36 Special drawing rights
     certificates                    .0            .0        .0
37 Treasury currency               -1.1           1.1        .0
38 Foreign deposits               235.5        -146.5      15.4
39 Net interbank transactions     -45.7 (r)      19.3      19.7
40 Checkable deposits and
     currency                      90.3         100.8     245.3
41 Small time and savings
     deposits                     288.3         194.2     229.2
42 Large time deposits            130.6          51.9      14.9
43 Money market fund shares       621.4         322.5     367.7
44 Security repurchase
     agreements                   -12.8 (r)     177.7     262.2
45 Corporate equities             137.3 (r)     119.5     -80.9
46 Mutual fund shares              96.4         268.0     169.8
47 Trade payables                 -16.2 (r)    -100.0     -81.4
48 Security credit               -140.9 (r)     -28.5     485.8
49 Life insurance reserves         52.7          53.2      56.5
50 Pension fund reserves          255.5 (r)     168.7     192.9
51 Taxes payable                    3.3 (r)      16.3     114.4
52 Investment in bank
     personal trusts              -26.1         -22.7     -28.2
53 Noncorporate proprietors'
     equity                       -48.5 (r)     -25.1     -60.2
54 Miscellaneous                  500.7 (r)     789.8     571.8

55 Total financial sources      3,983.1 (r)   3,722.3   4,749.2

   Liabilities not identified
     as assets (-)
56 Treasury currency               -3.6           -.5       -.7
57 Foreign deposits               181.5 (r)    -121.2      24.8
58 Net interbank liabilities       16.7          13.6       8.3
59 Security repurchase
     agreements                  -161.7 (r)     171.9      36.6
60 Taxes payable                    4.4 (r)      -9.7      12.9
61 Miscellaneous                   27.3 (r)    -477.6     -87.0

   Floats not included in
     assets (-)
62 Federal government
     checkable deposits           -29.8          10.1      18.5
63 Other checkable deposits         3.8           3.9       5.1
64 Trade credit                    20.0 (r)      32.3     -10.7

65 Total identified to
     sectors as assets          3,942.5 (r)   4,099.7   4,741.5

(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 address, 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               1996           1997           1998

                                      Nonfinancial sectors

 1 Total credit market
    debt owed by domestic
    nonfinancial sectors     14,441.1 (r)   15,245.1 (r)   16,293.9 (r)

   By sector and
     instrument
 2 Federal government         3,781.8        3,804.9        3,752.2
 3   Treasury securities      3,755.1        3,778.3        3,723.7
 4   Budget agency securi-
       ties and mortgages        26.6           26.5           28.5

 5 Nonfederal                10,659.4 (r)   11,440.2 (r)   12,541.7 (r)

   By instrument
 6 Commercial paper             156.4          168.6          193.0
 7 Municipal securities
     and loans                1,296.0        1,367.5        1,464.3
 8 Corporate bonds            1,460.4        1,610.9        1,829.6
 9 Bank loans n.e.c.            934.0 (r)    1,040.4 (r)    1,148.5 (r)
10 Other loans and
     advances                   765.6 (r)      825.1 (r)      907.2 (r)
11 Mortgages                  4,832.9 (r)    5,156.2 (r)    5,652.6 (r)
12   Home                     3,720.0 (r)    3,978.3 (r)    4,368.2 (r)
13   Multifamily
       residential              278.2          285.7 (r)      309.5 (r)
14   Commercial                 747.8          802.2 (r)      878.3 (r)
15   Farm                        86.9           90.0           96.6
16 Consumer credit            1,214.1 (r)    1,271.6 (r)    1,346.6 (r)

   By borrowing sector
17 Households                 5,223.9 (r)    5,556.9 (r)    6,024.1 (r)
18 Nonfinancial business      4,372.0 (r)    4,763.8 (r)    5,317.8 (r)
19   Corporate                3,093.0 (r)    3,383.9 (r)    3,790.2 (r)
20   Nonfarm noncorporate     1,129.3 (r)    1,224.0 (r)    1,363.7 (r)
21   Farm                       149.7          155.9          163.9
22 State and local
     government               1,063.4        1,119.5        1,199.8

23 Foreign credit market
     debt held in United
     States                     542.2          608.0          651.5

24 Commercial paper              67.5           65.1           72.9
25 Bonds                        366.3          427.7          462.6
26 Bank loans n.e.c.             43.7           52.1           58.9
27 Other loans and
     advances                    64.7           63.0           57.2

28 Total credit market
     debt owed by non-
     financial sectors,
     domestic and foreign    14,983.3 (r)   15,853.1 (r)   16,945.4 (r)

                                         Financial sectors

29 Total credit market
     debt owed by
     financial sectors        4,828.8 (r)    5,458.0 (r)    6,545.2 (r)

   By instrument
30 Federal government-
       related                2,608.2        2,821.1        3,292.0
31   Government-sponsored
       enterprise
       securities               896.9          995.3        1,273.6
32   Mortgage pool
       securities             1,711.3        1,825.8        2,018.4
33   Loans from U.S.
       government                  .0             .0             .0
34 Private                    2,220.6 (r)    2,636.9 (r)    3,253.2 (r)
35   Open market paper          579.1          745.7          906.7
36   Corporate bonds          1,382.7 (r)    1,568.6 (r)    1,878.7 (r)
37   Bank loans n.e.c.           64.0           77.3 (r)      107.5 (r)
38   Other loans and
       advances                 162.9          198.5          288.7
39   Mortgages                   31.9           46.8           71.6

   By borrowing sector
40 Commercial banks             113.6          140.6          188.6
41 Bank holding companies       150.0          168.6          193.5
42 Savings institutions         140.5          160.3          212.4
43 Credit unions                   .4             .6            1.1
44 Life insurance
     companies                    1.6            1.8            2.5
45 Government-sponsored
     enterprises                896.9          995.3        1,273.6
46 Federally related
     mortgage pools           1,711.3        1,825.8        2,018.4
47 Issuers of asset-backed
     securities (ABSs)          863.3        1,076.6        1,398.0
48 Brokers and dealers           27.3           35.3           42.5
49 Finance companies            534.5 (r)      568.3 (r)      625.5 (r)
50 Mortgage companies            20.6          160.0           17.7
51 Real estate investment
     trusts (REITs)              56.5           96.1          158.8
52 Funding corporations         312.4 (r)      372.6 (r)      412.6 (r)

                                            All sectors

53 Total credit market
     debt, domestic and
     foreign                 19,812.1 (r)   21,311.1 (r)   23,490.6 (r)

54 Open market paper            803.0          979.4        1,172.6
55 U.S. government
     securities               6,389.9        6,626.0        7,044.3
56 Municipal securities       1,296.0        1,367.5        1,464.3
57 Corporate and foreign
     bonds                    3,209.4 (r)    3,607.2 (r)    4,170.8 (r)
58 Bank loans n.e.c.          1,041.7        1,169.8        1,314.9
59 Other loans and
     advances                   993.2 (r)    1,086.6 (r)    1,253.0 (r)
60 Mortgages                  4,864.8 (r)    5,203.0 (r)    5,724.2 (r)
61 Consumer credit             1214.1 (r)    1,271.6 (r)    1,346.6 (r)

                                                    2000

   Transaction category
         or sector               1999            Q1             Q2

                                      Nonfinancial sectors

 1 Total credit market
    debt owed by domestic
    nonfinancial sectors     17,428.5 (r)   17,658.2 (r)   17,839.9 (r)

   By sector and
     instrument
 2 Federal government         3,681.0        3,653.5        3,464.0
 3   Treasury securities      3,652.8        3,625.8        3,435.7
 4   Budget agency securi-
       ties and mortgages        28.3           27.8           28.2

 5 Nonfederal                13,747.4 (r)   14,004.7 (r)   14,376.0 (r)

   By instrument
 6 Commercial paper             230.3          260.8          296.8
 7 Municipal securities
     and loans                1,532.5        1,539.2        1,551.6
 8 Corporate bonds            2,059.5        2,106.0        2,144.5
 9 Bank loans n.e.c.          1,231.2 (r)    1,258.7 (r)    1,306.9 (r)
10 Other loans and
     advances                   964.5 (r)    1,008.3 (r)    1,037.2 (r)
11 Mortgages                  6,283.3 (r)    6,394.6 (r)    6,562.6 (r)
12   Home                     4,803.4 (r)    4,879.4 (r)    5,005.1 (r)
13   Multifamily
       residential              350.2 (r)      357.5 (r)      369.5 (r)
14   Commercial               1,027.3 (r)    1,053.4 (r)    1,081.2 (r)
15   Farm                       102.3          104.2          106.8
16 Consumer credit            1,446.1 (r)    1,437.0 (r)    1,476.5 (r)

   By borrowing sector
17 Households                 6,541.5 (r)    6,608.3 (r)    6,772.9 (r)
18 Nonfinancial business      5,953.8 (r)    6,139.1 (r)    6,337.4 (r)
19   Corporate                4,265.3 (r)    4,415.3 (r)    4,562.2 (r)
20   Nonfarm noncorporate     1,519.1 (r)    1,553.1 (r)    1,599.1 (r)
21   Farm                       169.4          170.7          176.2
22 State and local
     government               1,252.1        1,257.3        1,265.7

23 Foreign credit market
     debt held in United
     States                     679.6          707.9 (r)      702.5 (r)

24 Commercial paper              89.2          101.6          101.2
25 Bonds                        479.4          491.3 (r)      484.5 (r)
26 Bank loans n.e.c.             59.4           63.3           64.7
27 Other loans and
     advances                    51.7           51.7           52.1

28 Total credit market
     debt owed by non-
     financial sectors,
     domestic and foreign    18,108.1 (r)   18,366.1 (r)   18,542.5 (r)

                                         Financial sectors

29 Total credit market
     debt owed by
     financial sectors        7,629.6 (r)    7,769.2 (r)    7,993.5 (r)

   By instrument
30 Federal government-
       related                3,884.0        3,940.1        4,035.3
31   Government-sponsored
       enterprise
       securities             1,591.7        1,618.0        1,680.2
32   Mortgage pool
       securities             2,292.2        2,322.1        2,355.2
33   Loans from U.S.
       government                  .0             .0             .0
34 Private                    3,745.6 (r)    3,829.1 (r)    3,958.1 (r)
35   Open market paper        1,082.9        1,115.7        1,135.2
36   Corporate bonds          2,096.9 (r)    2,138.8 (r)    2,212.0 (r)
37   Bank loans n.e.c.           93.2 (r)       91.8 (r)       93.1 (r)
38   Other loans and
       advances                 395.8          404.4          436.9
39   Mortgages                   76.7           78.5           81.0

   By borrowing sector
40 Commercial banks             230.0          242.2          265.4
41 Bank holding companies       219.3          221.4          229.3
42 Savings institutions         260.4          266.9          280.7
43 Credit unions                  3.4            2.6            2.9
44 Life insurance
     companies                    3.2            3.0            2.7
45 Government-sponsored
     enterprises              1,591.7        1,618.0        1,680.2
46 Federally related
     mortgage pools           2,292.2        2,322.1        2,355.2
47 Issuers of asset-backed
     securities (ABSs)        1,621.4        1,655.8        1,697.0
48 Brokers and dealers           25.3           36.4           36.2
49 Finance companies            695.7 (r)      708.4 (r)      740.8 (r)
50 Mortgage companies            17.8           17.1           17.8
51 Real estate investment
     trusts (REITs)             165.1          167.9          170.4
52 Funding corporations         504.0 (r)      507.4 (r)      515.0 (r)

                                         All sectors

53 Total credit market
     debt, domestic and
     foreign                 25,737.7 (r)   26,135.3 (r)   26,535.9 (r)

54 Open market paper          1,402.4        1,478.1        1,533.3
55 U.S. government
     securities               7,565.0        7,593.6        7,499.3
56 Municipal securities       1,532.5        1,539.2        1,551.6
57 Corporate and foreign
     bonds                    4,635.8 (r)    4,736.1 (r)    4,841.0 (r)
58 Bank loans n.e.c.          1,383.8        1,413.7        1,464.6
59 Other loans and
     advances                14,120.0 (r)    1,464.4 (r)    1,526.2 (r)
60 Mortgages                  6,360.0 (r)    6,473.1 (r)    6,643.5 (r)
61 Consumer credit            1,446.1 (r)    1,437.0 (r)    1,476.5 (r)

                                     2000                  2001

   Transaction category
         or sector                Q3             Q4           Q1 (r)

                                      Nonfinancial sectors

 1 Total credit market
    debt owed by domestic
    nonfinancial sectors     18,038.3 (r)   18,320.9 (r)   18,563.5

   By sector and
     instrument
 2 Federal government         3,410.2        3,385.2        3,408.8
 3   Treasury securities      3,382.6        3,357.8        3,382.1
 4   Budget agency securi-
       ties and mortgages        27.6           27.3           26.8

 5 Nonfederal                14,628.1 (r)   14,935.7 (r)   15,154.7

   By instrument
 6 Commercial paper             307.0          278.4          253.2
 7 Municipal securities
     and loans                1,550.3        1,567.8        1,597.5
 8 Corporate bonds            2,186.7 (r)    2,230.6 (r)    2,330.8
 9 Bank loans n.e.c.          1,311.3 (r)    1,334.2 (r)    1,323.9
10 Other loans and
     advances                 1,039.5 (r)    1,077.1 (r)    1,083.4
11 Mortgages                  6,713.9 (r)    6,854.5 (r)    6,980.6
12   Home                     5,124.3 (r)    5,225.9 (r)    5,319.5
13   Multifamily
       residential              376.7 (r)      387.2 (r)      397.0
14   Commercial               1,104.5 (r)    1,132.5 (r)    1,154.2
15   Farm                       108.3          108.8 (r)      109.9
16 Consumer credit            1,519.6 (r)    1,593.1 (r)    1,585.3

   By borrowing sector
17 Households                 6,938.9 (r)    7,115.5 (r)    7,186.3
18 Nonfinancial business      6,426.2 (r)    6,540.9 (r)    6,660.9
19   Corporate                4,618.0 (r)    4,695.9 (r)    4,785.7
20   Nonfarm noncorporate     1,630.3 (r)    1,664.8 (r)    1,695.5
21   Farm                       177.9          180.2 (r)      179.7
22 State and local
     government               1,263.1        1,279.3        1,307.5

23 Foreign credit market
     debt held in United
     States                     731.0 (r)      746.7 (r)      743.4

24 Commercial paper             109.8          120.9          112.8
25 Bonds                        502.4 (r)      504.6 (r)      508.9
26 Bank loans n.e.c.             67.7           70.7           73.9
27 Other loans and
     advances                    51.2           50.5           47.7

28 Total credit market
     debt owed by non-
     financial sectors,
     domestic and foreign    18,769.3 (r)   19,067.6 (r)   19,306.9

                                         Financial sectors

29 Total credit market
     debt owed by
     financial sectors        8,190.8 (r)    8,457.1 (r)    8,657.3

   By instrument
30 Federal government-
       related                4,164.0        4,317.4        4,422.9
31   Government-sponsored
       enterprise
       securities             1,749.7        1,825.8        1,888.7
32   Mortgage pool
       securities             2,414.3        2,491.6        2,534.2
33   Loans from U.S.
       government                  .0             .0             .0
34 Private                    4,026.7 (r)    4,139.7 (r)    4,234.4
35   Open market paper        1,151.6        1,210.7        1,180.8
36   Corporate bonds          2,269.7 (r)    2,314.8 (r)    2,424.3
37   Bank loans n.e.c.           92.8 (r)       93.0 (r)       97.3
38   Other loans and
       advances                 430.2          467.2          450.9
39   Mortgages                   82.5           82.9           81.1

   By borrowing sector
40 Commercial banks             265.2          266.7          273.8
41 Bank holding companies       236.9          242.5          266.5
42 Savings institutions         276.0          287.7          295.1
43 Credit unions                  3.1            3.4            3.2
44 Life insurance
     companies                    2.7            2.5            1.9
45 Government-sponsored
     enterprises              1,749.7        1,825.8        1,888.7
46 Federally related
     mortgage pools           2,414.3        2,491.6        2,534.2
47 Issuers of asset-backed
     securities (ABSs)        1,742.3        1,829.6        1,893.7
48 Brokers and dealers           42.6           40.9           35.0
49 Finance companies            761.8 (r)      776.9 (r)      756.2
50 Mortgage companies            17.7           17.9           18.1
51 Real estate investment
     trusts (REITs)             169.8          167.8          166.2
52 Funding corporations         508.7 (r)      503.7 (r)      524.7

                                         All sectors

53 Total credit market
     debt, domestic and
     foreign                 26,960.1 (r)   27,524.7 (r)   27,964.2

54 Open market paper          1,568.3        1,610.0        1,546.8
55 U.S. government
     securities               7,574.2        7,702.6        7,831.7
56 Municipal securities       1,550.3        1,567.8        1,597.5
57 Corporate and foreign
     bonds                    4,958.7 (r)    5,050.0 (r)    5,264.0
58 Bank loans n.e.c.          1,471.7        1,497.9        1,495.1
59 Other loans and
     advances                 1,520.9 (r)    1,565.9 (r)    1,582.0
60 Mortgages                  6,796.4 (r)    6,937.4 (r)    7,061.7
61 Consumer credit            1,519.6 (r)    1,593.1 (r)    1,585.3

                                    2001

   Transaction category
         or sector            Q2 (r)       Q3

                             Nonfinancial sectors

 1 Total credit market
    debt owed by domestic
    nonfinancial sectors     18,746.8   19,054.8

   By sector and
     instrument
 2 Federal government         3,251.4    3,320.1
 3   Treasury securities      3,224.4    3,293.1
 4   Budget agency securi-
       ties and mortgages        27.0       27.0

 5 Nonfederal                15,495.3   15,734.8

   By instrument
 6 Commercial paper             223.3      201.3
 7 Municipal securities
     and loans                1,629.8    1,635.3
 8 Corporate bonds            2,437.8    2,484.7
 9 Bank loans n.e.c.          1,292.9    1,282.9
10 Other loans and
     advances                 1,110.6    1,116.0
11 Mortgages                  7,192.8    7,391.9
12   Home                     5,477.9    5,623.1
13   Multifamily
       residential              410.9      425.3
14   Commercial               1,190.9    1,228.9
15   Farm                       113.1      114.6
16 Consumer credit            1,608.1    1,622.8

   By borrowing sector
17 Households                 7,362.9    7,531.7
18 Nonfinancial business      6,794.6    6,862.4
19   Corporate                4,881.5    4,922.8
20   Nonfarm noncorporate     1,727.9    1,753.9
21   Farm                       185.2      185.8
22 State and local
     government               1,337.8    1,340.6

23 Foreign credit market
     debt held in United
     States                     727.8      698.5

24 Commercial paper             110.1      106.3
25 Bonds                        504.9      479.6
26 Bank loans n.e.c.             66.2       67.3
27 Other loans and
     advances                    46.6       45.3

28 Total credit market
     debt owed by non-
     financial sectors,
     domestic and foreign    19,474.6   19,753.3

                             Financial sectors

29 Total credit market
     debt owed by
     financial sectors        8,856.2    9,121.0

   By instrument
30 Federal government-
       related                4,591.6    4,796.8
31   Government-sponsored
       enterprise
       securities             1,955.8    2,037.8
32   Mortgage pool
       securities             2,635.8    2,759.0
33   Loans from U.S.
       government                  .0         .0
34 Private                    4,264.6    4,324.3
35   Open market paper        1,144.5    1,110.2
36   Corporate bonds          2,483.9    2,563.8
37   Bank loans n.e.c.          100.4      100.0
38   Other loans and
       advances                 450.7      467.2
39   Mortgages                   85.1       83.0

   By borrowing sector
40 Commercial banks             274.7      283.0
41 Bank holding companies       269.0      273.8
42 Savings institutions         294.4      303.9
43 Credit unions                  3.5        3.8
44 Life insurance
     companies                    1.9        2.8
45 Government-sponsored
     enterprises              1,955.8    2,037.8
46 Federally related
     mortgage pools           2,635.8    2,759.0
47 Issuers of asset-backed
     securities (ABSs)        1,942.4    2,020.2
48 Brokers and dealers           43.9       47.0
49 Finance companies            769.0      771.3
50 Mortgage companies            18.2       18.5
51 Real estate investment
     trusts (REITs)             168.9      166.3
52 Funding corporations         478.6      433.6

                             All sectors

53 Total credit market
     debt, domestic and
     foreign                 28,330.8   28,874.3

54 Open market paper          1,477.9    1,417.8
55 U.S. government
     securities               7,843.0    8,116.8
56 Municipal securities       1,629.8    1,635.3
57 Corporate and foreign
     bonds                    5,426.6    5,528.1
58 Bank loans n.e.c.          1,459.5    1,450.2
59 Other loans and
     advances                 1,607.9    1,628.5
60 Mortgages                  7,277.9    7,474.9
61 Consumer credit            1,608.1    1,622.8

(1.) Data in this table 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 sector               1996           1997           1998

   CREDIT MARKET DEBT
     OUTSTANDING (2)

 1 Total credit market
     assets                  19,812.1 (r)   21,311.1 (r)   23,490.6 (r)

 2 Domestic nonfederal
       nonfinancial
       sectors                3,011.5 (r)    2,946.5 (r)    3,017.7 (r)
 3   Household                2,086.8 (r)    2,031,3 (r)    1,967.7 (r)
 4   Nonfinancial corpo-        270.2          257.5          241.5
       rate business
 5   Nonfarm noncorporate
       business                  49.7           52.7           69.1
 6   State and local
       governments              604.8          605.0          739.4
 7 Federal government           200.2          205.4          219.1
 8 Rest of the world          1,926.6        2,257.3        2,539.8
 9 Financial sectors         14,673.8 (r)   15,901.8 (r)   17,714.0 (r)
10   Monetary authority         393.1          431.4          452.5
11   Commercial banking       3,707.7        4,031.9        4,335.7
12     U.S.-chartered
         banks                3,175.8        3,450.7        3,761.2
13     Foreign banking
         offices in United
         States                 475.8          516.1          504.2
14     Bank holding
         companies               22.0           27.4           26.5
15     Banks in U.S.-
         affiliated areas        34.1           37.8           43.8
16 Savings institutions         933.2          928.5          964.6
17 Credit unions                288.5          305.3          324.2
18 Bank personal trusts
     and estates                232.0          207.0          194.1
19 Life insurance
     companies                1,657.0        1,751.1        1,828.0
20 Other insurance
     companies                  491.2          515.3          521.1
21 Private pension funds        627.0          674.6          731.0
22 State and local
     government retirement
     funds                      565.4          632.5          704.6
23 Money market mutual
     funds                      634.3          721.9          965.9
24 Mutual funds                 820.2          901.1        1,025.9
25 Closed-end funds             100.8           98.3          103.7
26 Government-sponsored
     enterprises                832.8          939.4        1,253.9
27 Federally related
     mortgage pools           1,711.3        1,825.8        2,018.4
28 Asset-backed securities
     (ABSs) issuers             773.9          937.7        1,219.4
29 Finance companies            545.1 (r)      568.2 (r)      645.5 (r)
30 Mortgage companies            41.2           32.1           35.3
31 Real estate investment
     trusts (REITs)              30.4           50.6           45.5
32 Brokers and dealers          167.7          182.6          189.4
33 Funding corporations         121.0          166.7          155.3

 RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Total credit market
     debt                    19,812.1 (r)   21,311.1 (r)   23,490.6 (r)

   Other liabilities
35 Official foreign
     exchange                    53.7           48.9           60.1
36 Special drawing rights
     certificates                 9.7            9.2            9.2
37 Treasury currency             18.9           19.3           19.9
38 Foreign deposits             521.7          618.5          642.3
39 Net interbank
     liabilities                240.8          219.4          189.0
40 Checkable deposits and
     currency                 1,244.8        1,286.1        1,333.4
41 Small time and savings
     deposits                 2,377.0        2,474.1        2,626.5
42 Large time deposits          590.9          713.4          805.5
43 Money market fund
     shares                     886.7        1,042.5        1,329.7
44 Security repurchase
     agreements                 701.5          822.4          913.7
45 Mutual fund shares         2,342.4        2,989.4        3,610.5
46 Security credit              358.1          469.1          572.3
47 Life insurance reserves      610.6          665.0          718.3
48 Pension fund reserves      6,325.1        7,323.4        8,193.7
49 Trade payables             1,827.6        1,967.3        2,076.5
50 Taxes payable                128.8          151.1          172.4
51 Investment in bank
     personal trusts            871.3          942.5        1,001.0
52 Miscellaneous              6,387.1 (r)    6,730.7 (r)    7,692.9 (r)

53 Total liabilities         45,308.7 (r)   49,803.3 (r)   55,457.6 (r)

   Financial assets not
     included in
     liabilities (+)
54 Gold and special
     drawing rights              21.4           21.1           21.6
55 Corporate equities        10,281.6 (r)   13,301.7 (r)   15,577.3 (r)
56 Household equity in
     noncorporate business    3,786.6 (r)    4,051.0 (r)    4,394.1 (r)

   Liabilities not identi-
     fied as assets (-)
57 Treasury currency             -6.1           -6.3           -6.4
58 Foreign deposits             434.9 (r)      535.0 (r)      542.8 (r)
59 Net interbank
     transactions               -10.6          -32.2          -27.0
60 Security repurchase
     agreements                 109.8          172.9          233.5
61 Taxes payable                 81.9          104.2          122.9
62 Miscellaneous             -1,226.5 (r)   -1,548.9 (r)   -2,323.1 (r)

   Floats not included in
     assets (-)
63 Federal government
     checkable deposits          -1.6           -8.1           -3.9
64 Other checkable
     deposits                    30.1           26.2           23.1
65 Trade credit                 165.7          126.8           76.6

66 Totals identified to
     sectors as assets       59,820.7 (r)   67,807.3 (r)   76,812.0 (r)

                                                       2000

   Transaction category
         or sector               1999            Q1             Q2

   CREDIT MARKET DEBT
     OUTSTANDING (2)

 1 Total credit market
     assets                  25,737.7 (r)   26,135.3 (r)   26,535.9 (r)

 2 Domestic nonfederal
       nonfinancial
       sectors                3,284.1 (r)    3,205.6 (r)    3,209.3 (r)
 3   Household                2,184.5 (r)    2,114.4 (r)    2,089.7 (r)
 4   Nonfinancial corpo-        238.7          230.8          246.1 (r)
       rate business
 5   Nonfarm noncorporate
       business                  78.0           77.5           77.6
 6   State and local
       governments              782.8          782.9          795.8
 7 Federal government           258.0          259.6          261.6
 8 Rest of the world          2,676.2        2,760.7        2,809.9
 9 Financial sectors         19,519.4 (r)   19,909.4 (r)   20,255.2 (r)
10   Monetary authority         478.1          501.9          505.1
11   Commercial banking       4,643.9        4,725.0        4,847.4
12     U.S.-chartered
         banks                4,078.9        4,171.3        4,295.4
13     Foreign banking
         offices in United
         States                 484.1          482.0          478.1
14     Bank holding
         companies               32.7           22.1           23.0
15     Banks in U.S.-
         affiliated areas        48.3           49.6           51.0
16 Savings institutions       1,033.2        1,045.8        1,062.5
17 Credit unions                351.7          359.0          370.1
18 Bank personal trusts
     and estates                222.0          226.7          230.2
19 Life insurance
     companies                1,886.0        1,902.2        1,914.1
20 Other insurance
     companies                  518.2          515.4          510.8
21 Private pension funds        775.9          787.6          793.8
22 State and local
     government retirement
     funds                      751.4          767.2          775.1
23 Money market mutual
     funds                    1,147.8        1,217.1        1,159.4
24 Mutual funds               1,073.1        1,053.7        1,073.9
25 Closed-end funds             111.1          109.0          106.9
26 Government-sponsored
     enterprises              1,545.6        1,584.0        1,649.2
27 Federally related
     mortgage pools           2,292.2        2,322.1        2,355.2
28 Asset-backed securities
     (ABSs) issuers           1,424.6        1,453.8        1,486.3
29 Finance companies            742.5 (r)      776.6 (r)      812.3 (r)
30 Mortgage companies            35.6           34.1           35.5
31 Real estate investment
     trusts (REITs)              42.9           38.8           38.2
32 Brokers and dealers          154.7          194.8 (r)      188.2 (r)
33 Funding corporations         288.8          294.5          341.0 (r)

 RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Total credit market
     debt                    25,737.7 (r)   26,135.3 (r)   26,535.9 (r)

   Other liabilities
35 Official foreign
     exchange                    50.1           46.6 (r)       46.0 (r)
36 Special drawing rights
     certificates                 6.2            6.2            4.2
37 Treasury currency             20.9           21.4           22.1
38 Foreign deposits             703.6          781.9          782.8
39 Net interbank
     liabilities                204.5          169.7          210.6
40 Checkable deposits and
     currency                 1,484.8        1,392.9        1,409.7
41 Small time and savings
     deposits                 2,671.2        2,728.0        2,738.8
42 Large time deposits          936.1          966.5          987.4
43 Money market fund
     shares                   1,578.8        1,666.0        1,627.1
44 Security repurchase
     agreements               1,083.4        1,149.4 (r)    1,185.2 (r)
45 Mutual fund shares         4,553.4        4,863.3        4,759.6
46 Security credit              676.6          801.1 (r)      780.3 (r)
47 Life insurance reserves      783.9          801.0          806.5
48 Pension fund reserves      9,041.7        9,237.9        9,166.7
49 Trade payables             2,298.8        2,321.7        2,371.6 (r)
50 Taxes payable                194.7          210.1          211.4 (r)
51 Investment in bank
     personal trusts          1,130.4        1,158.0        1,114.4
52 Miscellaneous              8,269.8 (r)    8,464.3 (r)    8,731.9 (r)

53 Total liabilities         61,426.6 (r)   62,921.3 (r)   63,492.5 (r)

   Financial assets not
     included in
     liabilities (+)
54 Gold and special
     drawing rights              21.4           21.4           21.5
55 Corporate equities        19,581.2 (r)   20,276.3 (r)   19,395.9 (r)
56 Household equity in
     noncorporate business    4,623.6 (r)    4,652.1 (r)    4,745.9 (r)

   Liabilities not identi-
     fied as assets (-)
57 Treasury currency             -7.1           -7.6           -7.9
58 Foreign deposits             588.9 (r)      654.7 (r)      634.2 (r)
59 Net interbank
     transactions               -25.5          -13.9          -11.6
60 Security repurchase
     agreements                 263.6          410.5 (r)      423.0 (r)
61 Taxes payable                122.7          118.7 (r)      134.5 (r)
62 Miscellaneous             -2,740.5 (r)   -2,908.3 (r)   -2,939.4 (r)

   Floats not included in
     assets (-)
63 Federal government
     checkable deposits          -9.9           -9.2 (r)       -5.6 (r)
64 Other checkable
     deposits                    22.3           18.7           22.5
65 Trade credit                 120.9           50.2 (r)       16.5 (r)

66 Totals identified to
     sectors as assets       87,317.3 (r)   89,557.3 (r)   89,389.6 (r)

                                      2000                   2001

   Transaction category
         or sector               Q3             Q4             Q1

   CREDIT MARKET DEBT
     OUTSTANDING (2)

 1 Total credit market
     assets                  26,960.1 (r)   27,524.7 (r)   27,964.2 (r)

 2 Domestic nonfederal
       nonfinancial
       sectors                3,144.7 (r)    3,094.4 (r)    3,021.4 (r)
 3   Household                2,040.3 (r)    1,977.4 (r)    1,928.0 (r)
 4   Nonfinancial corpo-        239.0 (r)      249.1 (r)      226.3 (r)
       rate business
 5   Nonfarm noncorporate
       business                  76.6           75.9           74.7
 6   State and local
       governments              788.7          792.0          792.4
 7 Federal government           262.7          265.4          266.6
 8 Rest of the world          2,861.7        3,004.6        3,113.0 (r)
 9 Financial sectors         20,691.0 (r)   21,160.3 (r)   21,563.2 (r)
10   Monetary authority         511.5          511.8          523.9
11   Commercial banking       4,931.0        5,002.3        5,015.7
12     U.S.-chartered
         banks                4,368.2        4,418.7        4,424.4
13     Foreign banking
         offices in United
         States                 487.5          508.1          515.0
14     Bank holding
         companies               21.3           20.5           22.3
15     Banks in U.S.-
         affiliated areas        54.0           55.0           54.1
16 Savings institutions       1,082.2        1,089.7        1,101.6
17 Credit unions                376.0          382.2          386.5 (r)
18 Bank personal trusts
     and estates                234.6          239.1          241.8
19 Life insurance
     companies                1,935.1        1,943.9        1,967.2
20 Other insurance
     companies                  512.4          509.4          510.0
21 Private pension funds        810.0          817.2          823.7
22 State and local
     government retirement
     funds                      784.5          806.0 (r)      788.3 (r)
23 Money market mutual
     funds                    1,212.5        1,296.7        1,403.8
24 Mutual funds               1,088.5        1,099.9        1,113.8
25 Closed-end funds             104.8          102.7          100.6
26 Government-sponsored
     enterprises              1,704.3        1,793.7        1,864.7 (r)
27 Federally related
     mortgage pools           2,414.3        2,491.6        2,534.2
28 Asset-backed securities
     (ABSs) issuers           1,522.9        1,602.9        1,660.5
29 Finance companies            830.0 (r)      850.5 (r)      848.0 (r)
30 Mortgage companies            35.4           35.9           36.2
31 Real estate investment
     trusts (REITs)              37.3           36.6           37.6
32 Brokers and dealers          243.3          223.6          312.3 (r)
33 Funding corporations         320.4 (r)      324.7 (r)      292.7 (r)

 RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Total credit market
     debt                    26,960.1 (r)   27,524.7 (r)   27,964.2 (r)

   Other liabilities
35 Official foreign
     exchange                    44.9           46.1 (r)       42.8 (r)
36 Special drawing rights
     certificates                 3.2            2.2            2.2
37 Treasury currency             23.2           23.2           22.9
38 Foreign deposits             772.6          824.5          883.4
39 Net interbank
     liabilities                173.2          188.0          155.1 (r)
40 Checkable deposits and
     currency                 1,385.7        1,413.3        1,385.2
41 Small time and savings
     deposits                 2,790.9        2,861.9        2,965.3
42 Large time deposits        1,025.9        1,054.5        1,078.0
43 Money market fund
     shares                   1,697.8        1,812.1        1,994.7
44 Security repurchase
     agreements               1,238.6 (r)    1,194.1 (r)    1,199.7 (r)
45 Mutual fund shares         4,814.4        4,457.2        3,999.8
46 Security credit              805.8 (r)      822.7 (r)      785.4 (r)
47 Life insurance reserves      818.7          819.1          823.0
48 Pension fund reserves      9,307.9        9,054.8        8,588.9 (r)
49 Trade payables             2,418.2 (r)    2,464.9 (r)    2,436.3 (r)
50 Taxes payable                214.7 (r)      216.4          224.8 (r)
51 Investment in bank
     personal trusts          1,106.7        1,019.4          929.1
52 Miscellaneous              9,221.0 (r)    9,104.9 (r)    9,536.4 (r)

53 Total liabilities         64,823.6 (r)   64,903.9 (r)   65,017.3 (r)

   Financial assets not
     included in
     liabilities (+)
54 Gold and special
     drawing rights              21.4           21.6 (r)       21.4 (r)
55 Corporate equities        19,249.0 (r)   17,566.4 (r)   15,311.6 (r)
56 Household equity in
     noncorporate business    4,782.7 (r)    4,850.2 (r)    4,882.4 (r)

   Liabilities not identi-
     fied as assets (-)
57 Treasury currency             -7.6           -8.5           -9.4
58 Foreign deposits             609.1 (r)      659.3 (r)      704.6 (r)
59 Net interbank
     transactions               -17.6           -4.3            1.7
60 Security repurchase
     agreements                 446.0          374.6 (r)      353.7 (r)
61 Taxes payable                124.4          128.4 (r)      113.3 (r)
62 Miscellaneous             -2,727.8 (r)   -3,224.6 (r)   -3,066.2 (r)

   Floats not included in
     assets (-)
63 Federal government
     checkable deposits          -7.8           -2.3 (r)      -22.3 (r)
64 Other checkable
     deposits                    15.5           24.0           21.1
65 Trade credit                   6.0           91.6 (r)       38.4 (r)

66 Totals identified to
     sectors as assets       90,436.5 (r)   89,303.8 (r)   87,097.8 (r)

                                    2001

   Transaction category
         or sector            Q2 (r)      Q3

   CREDIT MARKET DEBT
     OUTSTANDING (2)

 1 Total credit market
     assets                  28,330.8   28,874.3

 2 Domestic nonfederal
       nonfinancial
       sectors                2,964.3    2,914.0
 3   Household                1,869.6    1,832.7
 4   Nonfinancial corpo-        232.1      231.1
       rate business
 5   Nonfarm noncorporate
       business                  73.4       71.9
 6   State and local
       governments              789.1      778.3
 7 Federal government           267.6      267.8
 8 Rest of the world          3,200.4    3,293.2
 9 Financial sectors         21,898.6   22,399.3
10   Monetary authority         535.1      534.1
11   Commercial banking       5,044.4    5,096.5
12     U.S.-chartered
         banks                4,463.2    4,508.8
13     Foreign banking
         offices in United
         States                 504.2      509.9
14     Bank holding
         companies               21.6       21.3
15     Banks in U.S.-
         affiliated areas        55.5       56.5
16 Savings institutions       1,116.4    1,119.0
17 Credit unions                391.8      407.8
18 Bank personal trusts
     and estates                245.1      247.3
19 Life insurance
     companies                1,996.9    2,040.0
20 Other insurance
     companies                  510.0      512.3
21 Private pension funds        822.0      821.7
22 State and local
     government retirement
     funds                      801.7      806.3
23 Money market mutual
     funds                    1,414.6    1,498.0
24 Mutual funds               1,160.1    1,193.0
25 Closed-end funds              98.5       96.4
26 Government-sponsored
     enterprises              1,941.1    2,009.5
27 Federally related
     mortgage pools           2,635.8    2,759.0
28 Asset-backed securities
     (ABSs) issuers           1,703.7    1,774.7
29 Finance companies            878.5      859.4
30 Mortgage companies            36.5       36.9
31 Real estate investment
     trusts (REITs)              37.9       39.8
32 Brokers and dealers          288.4      369.9
33 Funding corporations         240.1      177.8

 RELATION OF LIABILITIES
   TO FINANCIAL ASSETS

34 Total credit market
     debt                    28,330.8   28,874.3

   Other liabilities
35 Official foreign
     exchange                    43.4       49.0
36 Special drawing rights
     certificates                 2.2        2.2
37 Treasury currency             23.2       23.2
38 Foreign deposits             846.8      850.6
39 Net interbank
     liabilities                163.1      176.8
40 Checkable deposits and
     currency                 1,416.8    1,453.0
41 Small time and savings
     deposits                 2,992.3    3,047.1
42 Large time deposits        1,087.1    1,090.4
43 Money market fund
     shares                   2,014.8    2,116.1
44 Security repurchase
     agreements               1,240.5    1,287.8
45 Mutual fund shares         4,275.3    3,705.2
46 Security credit              781.5      904.6
47 Life insurance reserves      840.3      841.5
48 Pension fund reserves      8,849.7    8,281.0
49 Trade payables             2,406.9    2,412.2
50 Taxes payable                224.0      254.9
51 Investment in bank
     personal trusts            964.4      859.6
52 Miscellaneous              9,763.7   10,222.5

53 Total liabilities         66,266.6   66,452.1

   Financial assets not
     included in
     liabilities (+)
54 Gold and special
     drawing rights              21.5       22.0
55 Corporate equities        16,239.1   13,625.2
56 Household equity in
     noncorporate business    4,893.8    4,897.1

   Liabilities not identi-
     fied as assets (-)
57 Treasury currency             -9.5       -9.7
58 Foreign deposits             674.3      680.5
59 Net interbank
     transactions                 5.5        6.3
60 Security repurchase
     agreements                 396.2      394.1
61 Taxes payable                133.2      152.1
62 Miscellaneous             -3,040.8   -2,760.7

   Floats not included in
     assets (-)
63 Federal government
     checkable deposits         -40.1      -38.4
64 Other checkable
     deposits                    25.5       19.2
65 Trade credit                  21.8       35.7

66 Totals identified to
     sectors as assets       89,254.8   86,517.1

(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.
2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures

Monthly data seasonally adjusted, and indexes 1992=100, except as noted

                                                               2001

        Measure             1998        1999        2000        Feb.

 1 Industrial
     production (1)       134.5 (r)   139.4 (r)   145.7 (r)   143.5 (r)

   Market groups
 2 Products, total        126.8 (r)   129.6 (r)   133.5 (r)   132.2 (r)
 3   Final, total         128.9 (r)   131.8 (r)   135.8 (r)   134.7 (r)
 4     Consumer goods     118.3 (r)   119.9 (r)   121.9 (r)   121.2 (r)
 5     Equipment          148.1 (r)   153.5 (r)   161.8 (r)   159.8 (r)
 6   Intermediate         120.2 (r)   123.2 (r)   126.4 (r)   124.4 (r)
 7 Materials              146.9 (r)   155.6 (r)   166.4 (r)   162.5 (r)
   Industry groups
 8 Manufacturing          138.8 (r)   144.7 (r)   151.6 (r)   148.4 (r)

 9 Capacity utiliza-
     tion, manufactu-
     ring (percent) (2)    81.4 (r)    80.6 (r)    80.7 (r)    77.2 (r)

10 Construction
     contracts (3)        122.6 (r)   135.2 (r)   142.1 (r)   153.0 (r)

11 Nonagricultural
     employment, total
     (4)                  115.9       118.6       121.0       122.1
12   Goods-producing,
         total            109.4       109.7       110.5       110.3
13     Manufacturing,
         total            103.9       102.4       101.8       100.5
14     Manufacturing,
         production
         workers          105.4       103.7       102.9       100.3
15   Service-producing    117.7       121.0       123.9       125.3
16 Personal income,
       total              137.8       144.3       154.3       160.3
17   Wages and salary
         disbursements    140.6       149.9       162.2       169.4
18     Manufacturing      129.7       134.0       142.3       146.3
19   Disposable
       personal
       income (5)         133.7       139.2       147.9       153.4
20 Retail sales (5)       142.8       155.1       167.0       170.4

   Prices (6)
21 Consumer
     (1982-84=100)        163.0       166.6       172.2       175.8
22 Producer finished
     goods (1982=100)     130.7       133.0       138.0       141.4

                                             2001

        Measure             Mar.        Apr.         May      June (r)

 1 Industrial
     production (1)       142.9 (r)   142.0 (r)   141.6 (r)    140.3

   Market groups
 2 Products, total        132.1 (r)   131.0 (r)   130.9 (r)    130.0
 3   Final, total         135.1 (r)   134.0 (r)   133.9 (r)    132.9
 4     Consumer goods     121.8 (r)   121.3 (r)   121.4 (r)    121.1
 5     Equipment          159.6 (r)   157.3 (r)   156.5 (r)    154.1
 6   Intermediate         123.4 (r)   122.2 (r)   122.2 (r)    121.4
 7 Materials              160.9 (r)   160.3 (r)   159.4 (r)    157.4
   Industry groups
 8 Manufacturing          147.9 (r)   146.7 (r)   146.4 (r)    145.0

 9 Capacity utiliza-
     tion, manufactu-
     ring (percent) (2)    76.7 (r)    76.0 (r)    75.8 (r)     75.0

10 Construction
     contracts (3)        141.0 (r)   144.0 (r)   147.0 (r)    151.0

11 Nonagricultural
     employment, total
     (4)                  122.2       122.0       122.0        122.0
12   Goods-producing,
         total            110.2       109.4       109.0        108.4
13     Manufacturing,
         total            100.1        99.5        98.7         98.1
14     Manufacturing,
         production
         workers           99.7        99.0        98.2         97.3
15   Service-producing    125.4       125.4       125.6        125.6
16 Personal income,
       total              161.0       161.3       161.6        162.1
17   Wages and salary
         disbursements    170.1       170.8       170.7        171.5
18     Manufacturing      146.3       146.8       145.4        144.9
19   Disposable
       personal
       income (5)         154.1       154.5       154.8        155.2
20 Retail sales (5)       169.6       172.2       172.4        172.3

   Prices (6)
21 Consumer
     (1982-84=100)        176.2       176.9       177.7        178.0
22 Producer finished
     goods (1982=100)     140.9       141.8       142.7        142.2

                                           2001

        Measure           July (r)   Aug. (r)   Sept.   Oct. (p)

 1 Industrial
     production (1)        140.4      139.8     138.5    136.9

   Market groups
 2 Products, total         130.3      129.1     127.7    126.4
 3   Final, total          133.2      131.7     130.1    128.8
 4     Consumer goods      122.2      120.9     120.0    119.5
 5     Equipment           152.7      150.7     147.4    144.5
 6   Intermediate          121.4      121.1     120.5    119.0
 7 Materials               157.2      157.8     156.5    154.5
   Industry groups
 8 Manufacturing           145.2      144.4     142.9    141.1

 9 Capacity utiliza-
     tion, manufactu-
     ring (percent) (2)     75.1       74.6      73.7     72.8

10 Construction
     contracts (3)         143.0      142.0     149.0    148.0

11 Nonagricultural
     employment, total
     (4)                   122.0      121.9     121.7    121.3
12   Goods-producing,
         total             108.1      107.5     107.1    106.3
13     Manufacturing,
         total              97.7       96.8      96.3     95.6
14     Manufacturing,
         production
         workers            96.8       95.9      95.3     94.5
15   Service-producing     125.7      125.9     125.7    125.4
16 Personal income,
       total               162.7      162.8     162.8    162.7
17   Wages and salary
         disbursements     171.8      171.8     171.9    171.4
18     Manufacturing       144.9      144.1     143.5    142.3
19   Disposable
       personal
       income (5)          158.0      161.0     159.1    156.4
20 Retail sales (5)        172.6      172.9     169.2    182.2

   Prices (6)
21 Consumer
     (1982-84=100)         177.5      177.5     178.3    177.7
22 Producer finished
     goods (1982=100)      140.7      141.1     141.7    139.6

(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in November 2001. The recent annual
revision will be described in an article in an upcoming issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.

(2.) Ratio of index of production to index of capacity. Based on data
from the Federal Reserve, U.S. Department of Commerce,
and other sources.

(3.) Index of dollar value of total construction contracts, including
residential, nonresidential, and heavy engineering, from McGraw-Hill
Information Systems Company, F.W. Dodge Division.

(4.) Based on data from the U.S. Department of Labor, Employment and
Earnings. Series covers employees only, excluding personnel in the
armed forces.

(5.) Based on data from U.S. Department of Commerce, Survey of
Current Business.

(6.) Based on data not seasonally adjusted. Seasonally adjusted data
for changes in the price indexes can be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Monthly Labor Review.

NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5,
and indexes for series mentioned in notes 3 and 6, can also be found
in the Survey of Current Business.
2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Thousands of persons; monthly data seasonally adjusted

           Category               1998      1999      2000

  HOUSEHOLD SURVEY DATA (1)

 1 Civilian labor force (2)      137,673   139,368   140,863
     Employment
 2   Nonagricultural
       industries (3)            128,085   130,207   131,903
 3   Agriculture                   3,378     3,281     3,305
     Unemployment
 4   Number                        6,210     5,880     5,655
 5   Rate (percent of civilian
       labor force)                  4.5       4.2       4.0

  ESTABLISHMENT SURVEY DATA

 6 Nonagricultural payroll
     employment (4)              125,865   128,786   131,417

 7 Manufacturing                  18,805    18,543    18,437
 8 Mining                            590       535       538
 9 Contract construction           6,020     6,404     6,687
10 Transportation and public
     utilities                     6,611     6,826     6,993
11 Trade                          29,095    29,712    30,191
12 Finance                         7,389     7,569     7,618
13 Service                        37,533    39,027    40,384
14 Government                     19,823    20,170    20,570

                                                 2001

           Category               Mar.      Apr.       May      June

  HOUSEHOLD SURVEY DATA (1)

 1 Civilian labor force (2)      141,868   141,757   141,272   141,354
     Employment
 2   Nonagricultural
       industries (3)            132,618   132,162   131,910   131,937
 3   Agriculture                   3,161     3,192     3,193     2,995
     Unemployment
 4   Number                        6,088     6,402     6,169     6,422
 5   Rate (percent of civilian
       labor force)                  4.3       4.5       4.4       4.5

  ESTABLISHMENT SURVEY DATA

 6 Nonagricultural payroll
     employment (4)              132,654   132,489   132,530   132,431

 7 Manufacturing                  18,116    18,009    17,879    17,757
 8 Mining                            557       560       564       565
 9 Contract construction           6,929     6,852     6,881     6,864
10 Transportation and public
     utilities                     7,127     7,119     7,130     7,118
11 Trade                          30,523    30,583    30,584    30,583
12 Finance                         7,618     7,626     7,644     7,631
13 Service                        41,073    40,993    41,078    41,085
14 Government                     20,711    20,747    20,770    20,828

                                                 2001

                                            Aug.                Oct.
           Category               July       (r)      Sept.      (p)

  HOUSEHOLD SURVEY DATA (1)

 1 Civilian labor force (2)      141,774   141,350   142,190   142,303
     Employment
 2   Nonagricultural
       industries (3)            132,334   131,276   131,961   131,362
 3   Agriculture                   3,045     3,117     3,220     3,200
     Unemployment
 4   Number                        6,395     6,957     7,009     7,741
 5   Rate (percent of civilian
       labor force)                  4.5       4.9       4.9       5.4

  ESTABLISHMENT SURVEY DATA

 6 Nonagricultural payroll
     employment (4)              132,449   132,395   132,182   131,767

 7 Manufacturing                  17,688    17,533    17,443    17,301
 8 Mining                            567       569       568       566
 9 Contract construction           6,867     6,861     6,862     6,832
10 Transportation and public
     utilities                     7,108     7,082     7,062     7,007
11 Trade                          30,623    30,593    30,510    30,406
12 Finance                         7,618     7,623     7,628     7,633
13 Service                        41,046    41,129    41,106    40,995
14 Government                     20,932    21,005    21,003    21,027

(1.) Beginning January 1994, reflects redesign of current population
survey and population controls from the 1990 census.

(2.) Persons sixteen years of age and older, including Resident Armed
Forces. Monthly figures are based on sample data collected during the
calendar week that contains the twelfth day; annual data are averages
of monthly figures. By definition, seasonality does not exist in
population figures.

(3.) Includes self-employed, unpaid family, and domestic service
workers.

(4.) Includes all full- and part-time employees who worked during, or
received pay for, the pay period that includes the twelfth day of the
month; excludes proprietors, self-employed persons, household and
unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted
data are available at this time.

SOURCE. Based on data from U.S. Department of Labor, Employment and
Earnings.
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION (1)

Seasonally adjusted

                                   2000              2001

              Series              Q4 (r)   Q1 (r)   Q2 (r)   Q3 (r)

                                           Output (1992=100)

 1 Total industry                  145.7    143.5    141.3    139.6

 2 Manufacturing                   151.1    148.4    146.0    144.2

 3   Primary processing (3)        177.2    172.0    168.9    166.9
 4   Advanced processing (4)       136.7    135.3    133.3    131.5

 5   Durable goods                 189.7    185.0    181.9    178.3
 6     Lumber and products         114.1    110.2    113.2    115.0
 7     Primary metals              126.5    120.8    120.5    117.7
 8       Iron and steel            119.6    113.7    117.3    116.3
 9       Nonferrous                134.9    129.5    124.6    119.7
10     Industrial machinery and
         equipment                 229.1    226.9    217.0    208.5
11     Electrical machinery        566.8    544.2    509.2    483.7
12     Motor vehicles and parts    165.7    155.2    166.8    169.5
13     Aerospace and
         miscellaneous trans-
         portation equipment       100.1    100.2     99.0     95.6

14   Nondurable goods              114.2    113.2    111.5    111.0
15     Textile mill products        92.4     91.4     88.0     85.7
16     Paper and products          112.6    109.2    108.9    107.9
17     Chemicals and products      122.7    121.6    119.6    121.2
18       Plastics materials        115.7    121.0    116.4    125.0
19     Petroleum products          115.1    114.8    115.5    113.2

20 Mining                          101.1    102.0    102.9    102.0
21 Utilities                       124.6    123.5    120.0    118.8
22   Electric                      126.2    125.6    123.6    122.5

                                   2000              2001

              Series              Q4 (r)   Q1 (r)   Q2 (r)   Q3 (r)

                                   Capacity (percent of 1992 output)

 1 Total industry                  180.6    181.8    182.6    183.2

 2 Manufacturing                   191.0    192.3    193.2    193.6

 3   Primary processing (3)        218.6    221.4    223.0    223.8
 4   Advanced processing (4)       175.6    176.2    176.6    176.9

 5   Durable goods                 241.3    244.4    246.3    247.5
 6     Lumber and products         147.6    148.2    148.5    148.8
 7     Primary metals              151.2    151.0    150.8    150.6
 8       Iron and steel            148.4    147.9    147.4    146.8
 9       Nonferrous                155.0    155.1    155.3    155.6
10     Industrial machinery and
         equipment                 292.2    295.3    297.3    298.8
11     Electrical machinery        684.9    716.8    735.6    745.4
12     Motor vehicles and parts    217.2    218.7    220.1    221.5
13     Aerospace and
         miscellaneous trans-
         portation equipment       135.4    135.4    135.3    135.2

14   Nondurable goods              143.1    143.1    143.0    142.9
15     Textile mill products       119.4    118.4    117.4    116.4
16     Paper and products          138.2    138.5    138.7    138.8
17     Chemicals and products      157.9    158.1    158.3    158.5
18       Plastics materials        151.5    152.0    152.5    153.0
19     Petroleum products          121.9    122.0    122.2    122.4

20 Mining                          111.9    111.9    112.0    112.2
21 Utilities                       133.1    134.6    136.2    138.1
22   Electric                      131.3    133.1    135.1    137.4

                                   2000              2001

              Series              Q4 (r)   Q1 (r)   Q2 (r)   Q3 (r)

                                      Capacity utilization rate
                                             (percent) (2)

 1 Total industry                   80.7     78.9     77.4     76.2

 2 Manufacturing                    79.1     77.2     75.6     74.4

 3   Primary processing (3)         81.1     77.7     75.8     74.6
 4   Advanced processing (4)        77.9     76.8     75.5     74.3

 5   Durable goods                  78.6     75.7     73.8     72.0
 6     Lumber and products          77.3     74.4     76.2     77.3
 7     Primary metals               83.6     80.0     79.9     78.2
 8       Iron and steel             80.6     76.9     79.6     79.2
 9       Nonferrous                 87.0     83.5     80.2     77.0
10     Industrial machinery and
         equipment                  78.4     76.8     73.0     69.8
11     Electrical machinery         82.8     75.9     69.2     64.9
12     Motor vehicles and parts     76.3     71.0     75.8     76.5
13     Aerospace and
         miscellaneous trans-
         portation equipment        74.0     74.0     73.2     70.7

14   Nondurable goods               79.8     79.1     77.9     77.6
15     Textile mill products        77.4     77.2     74.9     73.6
16     Paper and products           81.5     78.9     78.5     77.7
17     Chemicals and products       77.7     76.9     75.6     76.5
18       Plastics materials         76.4     79.6     76.3     77.1
19     Petroleum products           94.5     94.1     94.5     92.5

20 Mining                           90.3     91.1     91.8     90.8
21 Utilities                        93.6     91.8     88.1     86.1
22   Electric                       96.1     94.4     91.5     89.1

                                                  Previous
                                  1973    1975    cycle (5)

              Series              High    Low    High   Low

                                  Capacity utilization rate
                                         (percent) (2)

 1 Total industry                  89.2   72.6   87.3   71.1

 2 Manufacturing                   88.5   70.5   86.9   69.0

 3   Primary processing (3)        91.2   68.2   88.1   66.2
 4   Advanced processing (4)       87.2   71.8   86.7   70.4

 5   Durable goods                 89.2   68.9   87.7   63.9
 6     Lumber and products         88.7   61.2   87.9   60.8
 7     Primary metals             100.2   65.9   94.2   45.1
 8       Iron and steel           105.8   66.6   95.8   37.0
 9       Nonferrous                90.8   59.8   91.1   60.1
10     Industrial machinery and
         equipment                 96.0   74.3   93.2   64.0
11     Electrical machinery        89.2   64.7   89.4   71.6
12     Motor vehicles and parts    93.4   51.3   95.0   45.5
13     Aerospace and
         miscellaneous trans-
         portation equipment       78.4   67.6   81.9   66.6

14   Nondurable goods              87.8   71.7   87.5   76.4
15     Textile mill products       91.4   60.0   91.2   72.3
16     Paper and products          97.1   69.2   96.1   80.6
17     Chemicals and products      87.6   69.7   84.6   69.9
18       Plastics materials       102.0   50.6   90.9   63.4
19     Petroleum products          96.7   81.1   90.0   66.8

20 Mining                          94.3   88.2   96.0   80.3
21 Utilities                       96.2   82.9   89.1   75.9
22   Electric                      99.0   82.7   88.2   78.9

                                    Latest
                                   cycle (6)    2000     2001

              Series              High   Low    Oct.     May

                                    Capacity utilization rate
                                          (percent) (2)

 1 Total industry                 85.4   78.1   81.2   77.5 (r)

 2 Manufacturing                  85.7   76.6   79.8   75.8 (r)

 3   Primary processing (3)       88.9   77.7   82.6   75.9 (r)
 4   Advanced processing (4)      84.2   76.1   78.1   75.6 (r)

 5   Durable goods                84.6   73.1   79.6   74.2 (r)
 6     Lumber and products        93.6   75.5   78.6   76.5
 7     Primary metals             92.7   73.7   84.5   80.1 (r)
 8       Iron and steel           95.2   71.8   81.8   80.3 (r)
 9       Nonferrous               89.3   74.2   87.5   79.8 (r)
10     Industrial machinery and
         equipment                85.4   72.3   79.1   73.0 (r)
11     Electrical machinery       84.0   75.0   84.0   69.5 (r)
12     Motor vehicles and parts   89.1   55.9   80.1   77.1 (r)
13     Aerospace and
         miscellaneous trans-
         portation equipment      87.3   79.2   73.1   73.1 (r)

14   Nondurable goods             87.3   80.7   80.1   77.9 (r)
15     Textile mill products      90.4   77.7   78.8   73.9 (r)
16     Paper and products         93.5   85.0   82.8   78.4 (r)
17     Chemicals and products     86.2   79.3   78.2   75.7 (r)
18       Plastics materials       97.0   74.8   80.7   76.5 (r)
19     Petroleum products         88.5   85.1   94.8   94.5 (r)

20 Mining                         88.0   87.0   90.3   91.9 (r)
21 Utilities                      92.6   83.4   91.8   87.9 (r)
22   Electric                     95.0   87.1   94.7   90.9 (r)

                                                    2001

                                             July   Aug.   Sept.   Oct.
              Series                June     (r)    (r)     (r)    (p)

                                         Capacity utilization rate
                                               (percent) (2)

 1 Total industry                 76.7 (r)   76.7   76.3    75.5   74.6

 2 Manufacturing                  75.0 (r)   75.1   74.6    73.7   72.8

 3   Primary processing (3)       74.9 (r)   74.9   74.7    74.2   73.1
 4   Advanced processing (4)      75.0 (r)   75.1   74.4    73.4   72.5

 5   Durable goods                73.0 (r)   72.8   72.3    71.0   69.4
 6     Lumber and products        76.8 (r)   76.6   77.3    77.8   76.0
 7     Primary metals             79.3 (r)   79.3   78.3    76.8   73.4
 8       Iron and steel           79.9       80.8   79.5    77.4   71.8
 9       Nonferrous               78.5 (r)   77.7   77.0    76.2   75.0
10     Industrial machinery and
         equipment                71.8 (r)   70.5   70.6    68.4   67.5
11     Electrical machinery       67.3 (r)   65.4   65.1    64.2   63.2
12     Motor vehicles and parts   76.0 (r)   79.0   76.7    73.8   70.2
13     Aerospace and
         miscellaneous trans-
         portation equipment      72.7 (r)   71.8   70.6    69.9   68.7

14   Nondurable goods             77.7 (r)   78.0   77.6    77.3   77.1
15     Textile mill products      74.1 (r)   72.2   74.1    74.5   73.9
16     Paper and products         77.2 (r)   77.9   77.3    77.9   77.0
17     Chemicals and products     75.5 (r)   76.5   76.4    76.5   76.2
18       Plastics materials       76.3 (r)   76.9   77.6    76.8   76.2
19     Petroleum products         94.5 (r)   93.6   92.4    91.3   94.0

20 Mining                         91.4 (r)   90.9   90.8    90.9   89.2
21 Utilities                      87.0 (r)   86.0   86.7    85.5   85.6
22   Electric                     90.4 (r)   88.5   90.4    88.4   88.7

(1.) Data in this table also appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in November 2001. The recent annual
revision will be described in an article in an upcoming issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.

(2.) Capacity utilization is calculated as the ratio of the Federal
Reserve's seasonally adjusted index of industrial production to the
corresponding index of capacity.

(3.) Primary processing includes textiles; lumber; paper; industrial
chemicals; synthetic materials; fertilizer materials; petroleum
products; rubber and plastics; stone, clay, and glass; primary
metals; and fabricated metals.

(4.) Advanced processing includes foods, tobacco, apparel, furniture
and fixtures, printing and publishing, chemical products such as drugs
and toiletries, agricultural chemicals, leather and products,
machinery, transportation equipment, instruments, and miscellaneous
manufacturing.

(5.) Monthly highs, 1978-80; monthly lows, 1982.

(6.) Monthly highs, 1988-89; monthly lows, 1990-91.
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value (1)

Monthly data seasonally adjusted

                                             1992
                                    SIC      pro-      2000
             Group                 code      por-      avg.
                                    (2)      tion

         MAJOR MARKETS

  1 Total index                               100.0     145.7

  2 Products                                   60.5     133.5
  3   Final products                           46.3     135.8
  4     Consumer goods, total                  29.1     121.9
  5       Durable consumer
              goods                             6.1     161.2
  6         Automotive products                 2.6     157.0
  7           Autos and trucks                  1.7     169.8
  8             Autos, consumer                  .9     104.4
  9             Trucks,
                  consumer                       .7     239.5
 10           Auto parts and
                allied goods                     .9     137.2
 11         Other                               3.5     164.6
 12           Appliances,
                televisions,
                and air
                conditioners                    1.0     304.9
 13           Carpeting and
                furniture                        .8     128.8
 14           Miscellaneous
                home goods                      1.6     125.0
 15       Nondurable consumer
              goods                            23.0     112.7
 16         Foods and tobacco                  10.3     109.4
 17         Clothing                            2.4      86.4
 18         Chemical products                   4.5     134.8
 19         Paper products                      2.9     106.3
 20         Energy                              2.9     117.0
 21           Fuels                              .8     112.9
 22           Residential
                utilities                       2.1     118.7

 23   Equipment                                17.2     161.8
 24     Business equipment                     13.2     188.9
 25       Information
              processing                        5.4     290.8
 26         Computer and office
              equipment                         1.1     914.2
 27       Industrial                            4.0     138.3
 28       Transit                               2.5     143.4
 29         Autos and trucks                    1.2     170.1
 30       Other                                 1.3     143.2
 31     Defense and space
          equipment                             3.3      74.4
 32     Oil and gas well
          drilling                               .6     132.0
 33     Manufactured homes                       .2     120.6

 34   Intermediate products,
          total                                14.2     126.4
 35     Construction supplies                   5.3     141.5
 36     Business supplies                       8.9     117.5

 37 Materials                                  39.5     166.4
 38   Durable goods materials                  20.8     225.4
 39     Durable consumer parts                  4.0     167.2
 40     Equipment parts                         7.6     459.6
 41     Other                                   9.2     134.7
 42       Basic metal materials                 3.1     127.7
 43   Nondurable goods
          materials                             8.9     113.0
 44     Textile materials                       1.1     106.3
 45     Paper materials                         1.8     115.6
 46     Chemical materials                      3.9     113.4
 47     Other                                   2.1     112.8
 48   Energy materials                          9.7     104.6
 49     Primary energy                          6.3      98.9
 50     Converted fuel
          materials                             3.3     116.2

      SPECIAL AGGREGATES

 51 Total excluding autos and
      tracks                                   97.1     145.1
 52 Total excluding motor
      vehicles and parts                       95.1     144.2
 53 Total excluding computer
      and office equipment                     98.2     139.8
 54 Consumer goods excluding
      autos and tracks                         27.4     119.3
 55 Consumer goods excluding
      energy                                   26.2     122.5
 56 Business equipment
      excluding autos and
      trucks                                   12.0     191.2
 57 Business equipment
      excluding computer and
      office equipment                         12.1     159.6
 58 Materials excluding energy                 29.8     187.2

       MAJOR INDUSTRIES

 59 Total index                       ...     100.0     145.7

 60 Manufacturing                     ...      85.4     151.6
 61   Primary processing              ...      26.5     178.2
 62   Advanced processing             ...      58.9     136.9

 63   Durable goods                   ...      45.0     190.0
 64     Lumber and products            24       2.0     118.8
 65     Furniture and fixtures         25       1.4     146.3
 66     Stone, clay, and glass
          products                     32       2.1     133.9
 67     Primary metals                 33       3.1     131.9
 68       Iron and steel            331,2       1.7     127.3
 69         Raw steel               331PT        .1     117.9
 70       Nonferrous              333-6,9       1.4     137.7
 71     Fabricated metal
          products                     34       5.0     137.2
 72     Industrial machinery
          and equipment                35       8.0     227.1
 73     Computer and office
          equipment                   357       1.8   1,070.0
 74     Electrical machinery           36       7.3     536.6
 75     Transportation
            equipment                  37       9.5     137.1
 76       Motor vehicles and
              parts                   371       4.9     177.6
 77         Autos and light
              trucks                371PT       2.6     164.6
 78       Aerospace and
            miscellaneous
            transportation
            equipment             372-6,9       4.6      99.1
 79     Instruments                    38       5.4     118.6
 80     Miscellaneous                  39       1.3     124.9

 81   Nondurable goods                ...      40.4     114.8
 82     Foods                          20       9.4     113.8
 83     Tobacco products               21       1.6      93.0
 84     Textile mill products          22       1.8      98.9
 85     Apparel products               23       2.2     101.9
 86     Paper and products             26       3.6     113.9
 87     Printing and publishing        27       6.7     106.9
 88     Chemicals and products         28       9.9     122.0
 89     Petroleum products             29       1.4     115.0
 90     Rubber and plastics            30       3.5     144.9
 91     Leather and products           31        .3      71.4

 92 Mining                            ...       6.9     100.7
 93   Metal                            10        .5      97.2
 94   Coal                             12       1.0     107.1
 95   Oil and gas extraction           13       4.8      95.6
 96   Stone and earth minerals         14        .6     130.4

 97 Utilities                         ...       7.7     120.7
 98   Electric                    491,3PT       6.2     123.3
 99   Gas                         491,2PT       1.6     109.9

      SPECIAL AGGREGATES

100 Manufacturing excluding
      motor vehicles and parts        ...      80.5     150.1
101 Manufacturing excluding
      computers and office
      equipment                       ...      83.6     144.6
102 Computers, communications
      equipment, and
      semiconductors                  ...       5.9   1,101.2
103 Manufacturing excluding
      computers and
      semiconductors                  ...      81.1     127.2
104 Manufacturing excluding
      computers, communications
      equipment, and
      semiconductors                  ...      79.5     123.9

                                    Gross value (billions of
                                  1992 dollars, annual rates)

         MAJOR MARKETS

105 Products, total                   ...   2,001.9   2,821.5

106 Final                             ...   1,552.1   2,176.4
107   Consumer goods                  ...   1,049.6   1,323.8
108   Equipment                       ...     502.5     859.5

109 Intermediate                      ...     449.9     645.2

                                               2000

             Group                Oct. (r)   Nov. (r)   Dec. (r)

         MAJOR MARKETS                    Index (1992=100)

  1 Total index                      146.3      145.8      145.1

  2 Products                         133.4      133.8      133.6
  3   Final products                 135.9      136.3      136.3
  4     Consumer goods, total        121.6      122.1      122.5
  5       Durable consumer
              goods                  157.4      154.7      153.2
  6         Automotive products      151.7      148.2      145.3
  7           Autos and trucks       162.5      157.6      150.2
  8             Autos, consumer       99.4       96.0       89.3
  9             Trucks,
                  consumer           229.8      223.4      215.1
 10           Auto parts and
                allied goods         135.0      133.7      138.2
 11         Other                    162.5      160.6      160.9
 12           Appliances,
                televisions,
                and air
                conditioners         303.1      300.8      306.4
 13           Carpeting and
                furniture            126.5      123.4      125.5
 14           Miscellaneous
                home goods           123.3      122.5      120.5
 15       Nondurable consumer
              goods                  113.2      114.3      115.1
 16         Foods and tobacco        108.7      109.3      110.3
 17         Clothing                  83.1       83.8       82.2
 18         Chemical products        138.3      140.9      140.1
 19         Paper products           108.1      107.5      107.9
 20         Energy                   119.0      121.9      125.8
 21           Fuels                  113.0      115.4      112.3
 22           Residential
                utilities            122.0      125.1      133.2

 23   Equipment                      162.5      163.0      162.0
 24     Business equipment           190.7      190.6      189.3
 25       Information
              processing             301.0      302.1      303.4
 26         Computer and office
              equipment              987.7    1,001.7    1,012.9
 27       Industrial                 138.5      138.1      135.9
 28       Transit                    137.9      138.5      134.0
 29         Autos and trucks         155.6      155.5      145.9
 30       Other                      147.4      144.3      148.5
 31     Defense and space
          equipment                   72.7       74.8       75.2
 32     Oil and gas well
          drilling                   136.8      139.0      139.9
 33     Manufactured homes           102.6       95.8       86.0

 34   Intermediate products,
          total                      126.2      126.2      125.3
 35     Construction supplies        140.4      140.3      139.5
 36     Business supplies            117.7      117.8      116.9

 37 Materials                        167.9      166.0      164.5
 38   Durable goods materials        229.2      225.4      223.9
 39     Durable consumer parts       168.7      160.0      157.6
 40     Equipment parts              481.6      483.4      482.4
 41     Other                        133.2      130.8      129.8
 42       Basic metal materials      125.1      122.7      123.5
 43   Nondurable goods
          materials                  112.2      109.6      107.1
 44     Textile materials            100.8       98.0       95.0
 45     Paper materials              116.5      113.3      109.7
 46     Chemical materials           112.5      110.1      106.3
 47     Other                        113.0      111.1      112.7
 48   Energy materials               105.0      106.0      105.8
 49     Primary energy                98.7       99.5       99.5
 50     Converted fuel
          materials                  118.4      119.8      118.9

      SPECIAL AGGREGATES

 51 Total excluding autos and
      tracks                         145.9      145.6      145.2
 52 Total excluding motor
      vehicles and parts             144.9      144.9      144.6
 53 Total excluding computer
      and office equipment           140.1      139.6      139.0
 54 Consumer goods excluding
      autos and tracks               119.5      120.2      121.2
 55 Consumer goods excluding
      energy                         121.9      122.0      122.0
 56 Business equipment
      excluding autos and
      trucks                         195.1      195.1      194.9
 57 Business equipment
      excluding computer and
      office equipment               159.8      159.5      158.0
 58 Materials excluding energy       189.3      185.9      183.9

       MAJOR INDUSTRIES

 59 Total index                      146.3      145.8      145.1

 60 Manufacturing                    152.0      151.2      150.1
 61   Primary processing             179.7      177.1      174.8
 62   Advanced processing            136.8      136.9      136.4

 63   Durable goods                  191.1      189.6      188.5
 64     Lumber and products          115.8      114.4      112.1
 65     Furniture and fixtures       145.8      144.9      146.4
 66     Stone, clay, and glass
          products                   135.1      131.8      130.4
 67     Primary metals               127.9      125.8      125.8
 68       Iron and steel             121.5      119.4      117.8
 69         Raw steel                112.5      106.4      104.3
 70       Nonferrous                 135.6      133.6      135.5
 71     Fabricated metal
          products                   136.9      136.8      136.0
 72     Industrial machinery
          and equipment              230.2      228.9      228.2
 73     Computer and office
          equipment                1,156.3    1,165.3    1,167.3
 74     Electrical machinery         564.5      566.3      569.5
 75     Transportation
            equipment                135.2      131.8      128.8
 76       Motor vehicles and
              parts                  173.7      164.8      158.6
 77         Autos and light
              trucks                 157.7      152.9      145.2
 78       Aerospace and
            miscellaneous
            transportation
            equipment                 99.0      100.8      100.7
 79     Instruments                  118.0      119.0      118.8
 80     Miscellaneous                123.9      123.5      123.6

 81   Nondurable goods               114.7      114.5      113.5
 82     Foods                        114.0      114.0      113.5
 83     Tobacco products              89.2       91.7       98.7
 84     Textile mill products         94.3       92.2       90.5
 85     Apparel products              98.6       99.1       97.8
 86     Paper and products           114.3      112.9      110.6
 87     Printing and publishing      107.7      107.4      106.5
 88     Chemicals and products       123.4      123.5      121.1
 89     Petroleum products           115.5      115.8      114.1
 90     Rubber and plastics          143.5      141.5      139.5
 91     Leather and products          70.6       70.2       67.6

 92 Mining                           101.1      101.2      100.9
 93   Metal                           94.3       90.6       98.7
 94   Coal                           105.2      108.3      107.1
 95   Oil and gas extraction          96.3       96.7       96.2
 96   Stone and earth minerals       132.5      126.7      125.3

 97 Utilities                        121.8      124.2      127.7
 98   Electric                       123.9      126.1      128.7
 99   Gas                            112.7      115.7      122.4

      SPECIAL AGGREGATES

100 Manufacturing excluding
      motor vehicles and parts       150.8      150.6      149.8
101 Manufacturing excluding
      computers and office
      equipment                      144.8      144.0      142.9
102 Computers, communications
      equipment, and
      semiconductors               1,184.0    1,191.1    1,193.6
103 Manufacturing excluding
      computers and
      semiconductors                 126.7      125.8      124.8
104 Manufacturing excluding
      computers, communications
      equipment, and
      semiconductors                 123.2      122.4      121.3

                                    Gross value (billions of
                                  1992 dollars, annual rates)

         MAJOR MARKETS

105 Products, total                2,811.7    2,813.8    2,800.7

106 Final                          2,167.9    2,170.5    2,161.0
107   Consumer goods               1,316.5    1,318.2    1,316.7
108   Equipment                      858.7      859.5      850.5

109 Intermediate                     643.8      643.4      639.8

                                               2001

             Group                Jan. (r)   Feb. (r)   Mar. (r)

         MAJOR MARKETS                 Index (1992=100)

  1 Total index                      143.9      143.5      142.9

  2 Products                         132.7      132.2      132.1
  3   Final products                 135.2      134.7      135.1
  4     Consumer goods, total        121.0      121.2      121.8
  5       Durable consumer
              goods                  147.3      149.1      152.9
  6         Automotive products      138.5      141.8      149.8
  7           Autos and trucks       142.2      147.8      159.6
  8             Autos, consumer       93.4       93.3       97.0
  9             Trucks,
                  consumer           194.4      206.0      226.3
 10           Auto parts and
                allied goods         133.3      132.8      134.7
 11         Other                    155.9      156.1      155.1
 12           Appliances,
                televisions,
                and air
                conditioners         289.5      284.4      284.0
 13           Carpeting and
                furniture            119.8      124.7      123.1
 14           Miscellaneous
                home goods           119.5      118.3      117.7
 15       Nondurable consumer
              goods                  114.5      114.4      114.3
 16         Foods and tobacco        109.4      109.5      109.3
 17         Clothing                  83.0       82.6       82.8
 18         Chemical products        139.4      141.7      143.8
 19         Paper products           109.2      107.3      106.9
 20         Energy                   124.0      122.1      119.8
 21           Fuels                  112.9      114.2      113.9
 22           Residential
                utilities            130.0      126.2      122.8

 23   Equipment                      161.8      159.8      159.6
 24     Business equipment           188.7      186.1      185.4
 25       Information
              processing             304.1      297.5      294.1
 26         Computer and office
              equipment            1,017.4    1,012.6      996.5
 27       Industrial                 137.2      132.4      132.6
 28       Transit                    131.0      131.6      135.6
 29         Autos and trucks         140.0      142.5      151.1
 30       Other                      145.4      151.6      143.3
 31     Defense and space
          equipment                   75.5       74.1       74.5
 32     Oil and gas well
          drilling                   146.7      147.7      151.0
 33     Manufactured homes            79.6       87.1       87.3

 34   Intermediate products,
          total                      125.0      124.4      123.4
 35     Construction supplies        138.8      138.6      139.4
 36     Business supplies            116.9      116.0      113.8

 37 Materials                        162.8      162.5      160.9
 38   Durable goods materials        220.3      219.7      218.0
 39     Durable consumer parts       149.0      154.6      155.0
 40     Equipment parts              474.0      470.1      464.3
 41     Other                        130.3      128.2      127.2
 42       Basic metal materials      121.4      118.1      114.5
 43   Nondurable goods
          materials                  108.4      107.9      104.9
 44     Textile materials             99.3       95.8       95.3
 45     Paper materials              112.2      112.1      106.0
 46     Chemical materials           107.8      108.0      104.8
 47     Other                        110.5      109.9      108.7
 48   Energy materials               104.3      104.6      104.5
 49     Primary energy                99.4       98.9       99.1
 50     Converted fuel
          materials                  113.6      116.1      115.5

      SPECIAL AGGREGATES

 51 Total excluding autos and
      tracks                         144.1      143.6      142.6
 52 Total excluding motor
      vehicles and parts             144.0      143.1      142.0
 53 Total excluding computer
      and office equipment           137.8      137.4      136.9
 54 Consumer goods excluding
      autos and tracks               120.0      119.9      119.8
 55 Consumer goods excluding
      energy                         120.5      121.0      122.0
 56 Business equipment
      excluding autos and
      trucks                         195.0      191.8      189.8
 57 Business equipment
      excluding computer and
      office equipment               157.4      155.1      154.7
 58 Materials excluding energy       182.2      181.6      179.3

       MAJOR INDUSTRIES

 59 Total index                      143.9      143.5      142.9

 60 Manufacturing                    148.9      148.4      147.9
 61   Primary processing             172.9      172.4      170.7
 62   Advanced processing            135.5      135.1      135.1

 63   Durable goods                  185.6      184.6      184.7
 64     Lumber and products          109.3      109.5      111.8
 65     Furniture and fixtures       143.1      144.4      142.5
 66     Stone, clay, and glass
          products                   132.5      132.4      132.9
 67     Primary metals               123.9      121.0      117.5
 68       Iron and steel             115.4      114.4      111.3
 69         Raw steel                106.6      106.9      107.0
 70       Nonferrous                 134.3      128.9      125.1
 71     Fabricated metal
          products                   136.2      133.2      132.2
 72     Industrial machinery
          and equipment              228.1      227.0      225.5
 73     Computer and office
          equipment                1,163.4    1,153.5    1,137.1
 74     Electrical machinery         555.4      543.6      533.6
 75     Transportation
            equipment                123.1      126.4      131.0
 76       Motor vehicles and
              parts                  146.9      154.9      163.7
 77         Autos and light
              trucks                 138.8      143.5      154.2
 78       Aerospace and
            miscellaneous
            transportation
            equipment                100.7       99.5      100.4
 79     Instruments                  119.7      118.4      117.7
 80     Miscellaneous                122.7      120.2      119.9

 81   Nondurable goods               113.5      113.5      112.5
 82     Foods                        113.0      113.5      113.6
 83     Tobacco products              96.2       94.8       93.3
 84     Textile mill products         92.4       90.9       91.0
 85     Apparel products              97.7       97.6       97.4
 86     Paper and products           111.0      110.8      106.0
 87     Printing and publishing      106.9      105.9      104.3
 88     Chemicals and products       121.2      122.2      121.4
 89     Petroleum products           114.5      115.3      114.7
 90     Rubber and plastics          140.4      139.5      138.8
 91     Leather and products          67.8       67.9       67.5

 92 Mining                           101.3      102.2      102.5
 93   Metal                           96.5       91.6       87.9
 94   Coal                           113.8      113.4      115.5
 95   Oil and gas extraction          95.7       96.6       97.1
 96   Stone and earth minerals       130.0      135.0      133.0

 97 Utilities                        125.2      123.4      121.8
 98   Electric                       127.1      125.0      124.7
 99   Gas                            117.0      116.2      110.3

      SPECIAL AGGREGATES

100 Manufacturing excluding
      motor vehicles and parts       149.3      148.2      147.0
101 Manufacturing excluding
      computers and office
      equipment                      141.7      141.3      140.8
102 Computers, communications
      equipment, and
      semiconductors               1,166.2    1,146.7    1,127.5
103 Manufacturing excluding
      computers and
      semiconductors                 124.0      123.7      123.3
104 Manufacturing excluding
      computers, communications
      equipment, and
      semiconductors                 120.5      120.4      120.0

                                    Gross value (billions of
                                  1992 dollars, annual rates)

         MAJOR MARKETS

105 Products, total                2,771.7    2,768.2    2,776.5

106 Final                          2,134.6    2,133.7    2,145.9
107   Consumer goods               1,296.7    1,301.7    1,311.5
108   Equipment                      845.0      837.7      839.5

109 Intermediate                     637.1      634.5      630.8

                                              2001

             Group                Apr. (r)   May (r)   June (r)

         MAJOR MARKETS                 Index (1992=100)

  1 Total index                      142.0     141.6      140.3

  2 Products                         131.0     130.9      130.0
  3   Final products                 134.0     133.9      132.9
  4     Consumer goods, total        121.3     121.4      121.1
  5       Durable consumer
              goods                  152.2     154.2      153.2
  6         Automotive products      149.6     152.8      152.3
  7           Autos and trucks       160.1     165.7      163.4
  8             Autos, consumer       96.0      97.9       97.2
  9             Trucks,
                  consumer           228.4     237.9      234.0
 10           Auto parts and
                allied goods         133.5     132.5      135.1
 11         Other                    153.9     154.5      152.9
 12           Appliances,
                televisions,
                and air
                conditioners         284.0     292.1      285.0
 13           Carpeting and
                furniture            119.9     117.7      118.6
 14           Miscellaneous
                home goods           117.4     117.7      116.2
 15       Nondurable consumer
              goods                  113.9     113.6      113.4
 16         Foods and tobacco        108.9     108.6      108.9
 17         Clothing                  82.0      80.6       78.2
 18         Chemical products        143.4     145.2      145.7
 19         Paper products           107.4     106.7      106.6
 20         Energy                   118.7     116.9      115.8
 21           Fuels                  114.6     115.6      115.2
 22           Residential
                utilities            120.7     117.2      115.8

 23   Equipment                      157.3     156.5      154.1
 24     Business equipment           182.1     181.3      177.8
 25       Information
              processing             288.4     286.8      279.6
 26         Computer and office
              equipment              970.9     950.6      948.7
 27       Industrial                 129.1     129.0      125.2
 28       Transit                    133.8     134.5      133.1
 29         Autos and trucks         148.0     152.5      150.5
 30       Other                      143.1     139.1      140.7
 31     Defense and space
          equipment                   74.4      73.5       73.4
 32     Oil and gas well
          drilling                   152.2     151.9      150.4
 33     Manufactured homes            88.6      91.7       96.0

 34   Intermediate products,
          total                      122.2     122.2      121.4
 35     Construction supplies        139.0     138.7      138.0
 36     Business supplies            112.2     112.4      111.6

 37 Materials                        160.3     159.4      157.4
 38   Durable goods materials        216.4     216.2      212.9
 39     Durable consumer parts       155.1     159.6      157.7
 40     Equipment parts              452.9     446.5      436.1
 41     Other                        127.9     127.5      126.2
 42       Basic metal materials      117.6     116.7      115.5
 43   Nondurable goods
          materials                  104.7     103.0      102.2
 44     Textile materials             95.0      90.9       90.8
 45     Paper materials              110.2     108.3      104.8
 46     Chemical materials           101.8     100.5      100.3
 47     Other                        110.6     109.4      109.3
 48   Energy materials               104.9     103.8      103.1
 49     Primary energy                99.5      99.0       99.5
 50     Converted fuel
          materials                  115.7     113.1      109.1

      SPECIAL AGGREGATES

 51 Total excluding autos and
      tracks                         141.7     141.1      139.9
 52 Total excluding motor
      vehicles and parts             141.0     140.2      139.0
 53 Total excluding computer
      and office equipment           136.0     135.7      134.4
 54 Consumer goods excluding
      autos and tracks               119.3     119.0      118.8
 55 Consumer goods excluding
      energy                         121.6     122.0      121.8
 56 Business equipment
      excluding autos and
      trucks                         186.4     184.9      181.3
 57 Business equipment
      excluding computer and
      office equipment               152.1     151.7      148.5
 58 Materials excluding energy       178.2     177.4      175.0

       MAJOR INDUSTRIES

 59 Total index                      142.0     141.6      140.3

 60 Manufacturing                    146.7     146.4      145.0
 61   Primary processing             170.1     169.4      167.3
 62   Advanced processing            133.7     133.6      132.5

 63   Durable goods                  182.9     182.7      180.1
 64     Lumber and products          111.8     113.7      114.2
 65     Furniture and fixtures       141.8     140.4      138.3
 66     Stone, clay, and glass
          products                   133.1     133.0      130.0
 67     Primary metals               121.2     120.8      119.5
 68       Iron and steel             115.8     118.4      117.7
 69         Raw steel                 99.2     106.2      107.8
 70       Nonferrous                 127.8     124.0      122.0
 71     Fabricated metal
          products                   131.0     131.0      129.5
 72     Industrial machinery
          and equipment              220.2     217.0      213.8
 73     Computer and office
          equipment                1,112.9   1,095.1    1,095.4
 74     Electrical machinery         518.8     511.4      497.6
 75     Transportation
            equipment                130.5     133.2      131.9
 76       Motor vehicles and
              parts                  163.2     169.7      167.7
 77         Autos and light
              trucks                 154.4     159.5      157.2
 78       Aerospace and
            miscellaneous
            transportation
            equipment                 99.9      98.9       98.3
 79     Instruments                  117.2     116.8      114.5
 80     Miscellaneous                120.4     119.0      119.8

 81   Nondurable goods               111.8     111.5      111.1
 82     Foods                        112.6     112.8      112.9
 83     Tobacco products              94.8      92.9       93.8
 84     Textile mill products         90.4      86.7       86.8
 85     Apparel products              97.0      96.5       94.0
 86     Paper and products           110.6     108.8      107.1
 87     Printing and publishing      102.5     102.3      101.3
 88     Chemicals and products       119.5     119.9      119.5
 89     Petroleum products           115.4     115.6      115.5
 90     Rubber and plastics          137.9     137.1      137.7
 91     Leather and products          65.7      63.6       62.2

 92 Mining                           103.1     103.0      102.5
 93   Metal                           92.1      91.3       88.6
 94   Coal                           114.9     113.9      115.9
 95   Oil and gas extraction          97.6      97.4       97.0
 96   Stone and earth minerals       134.3     137.1      133.7

 97 Utilities                        121.3     119.7      119.1
 98   Electric                       125.2     122.8      122.9
 99   Gas                            107.1     107.8      105.2

      SPECIAL AGGREGATES

100 Manufacturing excluding
      motor vehicles and parts       145.8     145.1      143.7
101 Manufacturing excluding
      computers and office
      equipment                      139.8     139.5      138.1
102 Computers, communications
      equipment, and
      semiconductors               1,089.4   1,065.4    1,036.7
103 Manufacturing excluding
      computers and
      semiconductors                 122.6     122.6      121.5
104 Manufacturing excluding
      computers, communications
      equipment, and
      semiconductors                 119.4     119.4      118.5

                                    Gross value (billions of
                                  1992 dollars, annual rates)

         MAJOR MARKETS

105 Products, total                2,754.8   2,759.1    2,741.6

106 Final                          2,129.3   2,133.0    2,118.1
107   Consumer goods               1,307.1   1,312.4    1,307.9
108   Equipment                      825.8     823.3      811.6

109 Intermediate                     625.7     626.3      623.7

                                              2001

                                   July      Aug.      Sept.     Oct.
             Group                  (r)       (r)       (r)       (p)

         MAJOR MARKETS                       Index (1992=100)

  1 Total index                     140.4     139.8     138.5     136.9

  2 Products                        130.3     129.1     127.7     126.4
  3   Final products                133.2     131.7     130.1     128.8
  4     Consumer goods, total       122.2     120.9     120.0     119.5
  5       Durable consumer
              goods                 157.0     154.1     151.6     146.9
  6         Automotive products     161.1     155.6     152.4     146.4
  7           Autos and trucks      178.3     169.1     164.1     154.6
  8             Autos, consumer      97.5      90.6      92.7      86.8
  9             Trucks,
                  consumer          264.3     252.6     240.2     226.7
 10           Auto parts and
                allied goods        133.9     134.5     134.0     133.8
 11         Other                   151.0     151.0     149.4     146.2
 12           Appliances,
                televisions,
                and air
                conditioners        271.7     287.1     285.3     276.4
 13           Carpeting and
                furniture           116.2     117.6     118.4     115.0
 14           Miscellaneous
                home goods          117.7     113.3     110.7     109.3
 15       Nondurable consumer
              goods                 113.9     113.0     112.5     112.8
 16         Foods and tobacco       109.3     108.4     108.0     108.0
 17         Clothing                 79.0      76.7      75.0      74.2
 18         Chemical products       147.5     146.5     146.1     146.1
 19         Paper products          106.0     105.6     105.1     104.8
 20         Energy                  116.0     115.3     114.8     117.6
 21           Fuels                 114.3     112.2     111.8     116.2
 22           Residential
                utilities           116.5     116.7     116.1     118.0

 23   Equipment                     152.7     150.7     147.4     144.5
 24     Business equipment          176.1     173.7     169.1     165.5
 25       Information
              processing            275.2     274.7     270.1     266.1
 26         Computer and office
              equipment             934.2     929.6     906.4     901.8
 27       Industrial                123.1     121.8     119.1     117.1
 28       Transit                   133.8     128.4     123.4     117.8
 29         Autos and trucks        157.1     149.6     142.1     133.8
 30       Other                     140.8     139.3     132.9     132.0
 31     Defense and space
          equipment                  73.6      73.2      73.6      73.5
 32     Oil and gas well
          drilling                  147.1     143.1     140.4     133.5
 33     Manufactured homes           95.4      97.9      95.0       ...

 34   Intermediate products,
          total                     121.4     121.1     120.5     119.0
 35     Construction supplies       137.3     137.9     138.1     135.1
 36     Business supplies           112.0     111.1     110.1     109.4

 37 Materials                       157.2     157.8     156.5     154.5
 38   Durable goods materials       212.6     212.2     209.0     205.4
 39     Durable consumer parts      160.2     160.6     155.0     150.3
 40     Equipment parts             429.9     429.4     427.2     424.0
 41     Other                       126.4     125.8     124.1     121.7
 42       Basic metal materials     115.7     114.2     112.2     107.9
 43   Nondurable goods
          materials                 102.7     103.8     104.0     103.2
 44     Textile materials            87.6      90.2      89.9      89.6
 45     Paper materials             107.7     108.6     109.2     108.0
 46     Chemical materials          100.9     102.3     102.4     101.6
 47     Other                       109.7     109.5     109.7     109.1
 48   Energy materials              102.3     103.4     103.6     102.9
 49     Primary energy               98.5      99.4      99.7      98.5
 50     Converted fuel
          materials                 109.0     110.5     110.5     110.9

      SPECIAL AGGREGATES

 51 Total excluding autos and
      tracks                        139.5     139.2     138.1     136.7
 52 Total excluding motor
      vehicles and parts            138.7     138.3     137.3     136.0
 53 Total excluding computer
      and office equipment          134.6     134.0     132.8     131.2
 54 Consumer goods excluding
      autos and tracks              119.1     118.3     117.6     117.6
 55 Consumer goods excluding
      energy                        122.9     121.6     120.7     119.7
 56 Business equipment
      excluding autos and
      trucks                        178.4     176.6     172.5     169.5
 57 Business equipment
      excluding computer and
      office equipment              147.2     145.0     141.2     137.9
 58 Materials excluding energy      175.0     175.3     173.4     170.8

       MAJOR INDUSTRIES

 59 Total index                     140.4     139.8     138.5     136.9

 60 Manufacturing                   145.2     144.4     142.9     141.1
 61   Primary processing            167.4     167.2     166.2     164.0
 62   Advanced processing           132.9     131.7     129.9     128.4

 63   Durable goods                 180.0     178.8     176.0     172.3
 64     Lumber and products         114.0     115.0     115.8     113.2
 65     Furniture and fixtures      138.4     138.3     136.3     132.6
 66     Stone, clay, and glass
          products                  130.0     130.5     130.9     129.6
 67     Primary metals              119.5     117.9     115.7     110.4
 68       Iron and steel            118.8     116.7     113.4     105.1
 69         Raw steel               108.3     106.2     105.8      97.2
 70       Nonferrous                120.8     119.8     118.6     116.9
 71     Fabricated metal
          products                  131.1     130.8     128.8     126.6
 72     Industrial machinery
          and equipment             210.2     210.9     204.5     202.1
 73     Computer and office
          equipment               1,074.6   1,069.2   1,042.5   1,037.3
 74     Electrical machinery        485.9     485.1     480.2     474.4
 75     Transportation
            equipment               134.6     131.5     128.1     123.5
 76       Motor vehicles and
              parts                 174.6     170.0     163.9     156.0
 77         Autos and light
              trucks                170.2     160.9     156.8     147.5
 78       Aerospace and
            miscellaneous
            transportation
            equipment                97.1      95.4      94.4      92.9
 79     Instruments                 115.0     115.1     114.8     113.6
 80     Miscellaneous               120.7     116.6     115.5     114.6

 81   Nondurable goods              111.5     110.9     110.5     110.2
 82     Foods                       113.1     112.8     112.6     112.9
 83     Tobacco products             95.0      92.3      90.6      90.0
 84     Textile mill products        84.3      86.2      86.5      85.5
 85     Apparel products             95.1      91.6      89.4      87.8
 86     Paper and products          108.1     107.3     108.2     107.0
 87     Printing and publishing     101.1     100.6      99.8      99.1
 88     Chemicals and products      121.2     121.1     121.3     120.9
 89     Petroleum products          114.6     113.2     111.9     115.3
 90     Rubber and plastics         138.0     137.3     136.5     135.3
 91     Leather and products         62.1      62.5      60.8      59.8

 92 Mining                          101.9     101.9     102.0     100.2
 93   Metal                          88.8      88.7      87.5      87.8
 94   Coal                          111.9     111.8     111.8     106.5
 95   Oil and gas extraction         97.0      96.9      97.0      95.3
 96   Stone and earth minerals      130.6     131.3     132.6     132.5

 97 Utilities                       118.2     119.8     118.6     119.4
 98   Electric                      121.0     124.2     122.2     123.3
 99   Gas                           107.4     103.8     105.1     104.9

      SPECIAL AGGREGATES

100 Manufacturing excluding
      motor vehicles and parts      143.5     142.9     141.7     140.3
101 Manufacturing excluding
      computers and office
      equipment                     138.4     137.6     136.2     134.5
102 Computers, communications
      equipment, and
      semiconductors              1,006.7     999.4     987.5     978.7
103 Manufacturing excluding
      computers and
      semiconductors                122.0     121.2     119.9     118.4
104 Manufacturing excluding
      computers, communications
      equipment, and
      semiconductors                119.0     118.3     117.1     115.6

                                         Gross value (billions of
                                        1992 dollars, annual rates)

         MAJOR MARKETS

105 Products, total               2,753.0   2,724.7   2,692.5   2,661.5

106 Final                         2,129.7   2,102.6   2,073.8   2,051.3
107   Consumer goods              1,322.5   1,307.6   1,297.4   1,290.5
108   Equipment                     806.5     793.8     773.0     755.3

109 Intermediate                    623.5     622.2     618.7     610.3

(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site, http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in November 2001. The recent annual
revision will be described in an article in an upcoming issue of the
Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and
Capacity Utilization: Historical Revision and Recent Developments,"
Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the
references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production:
1989 Developments and Historical Revision," Federal Reserve Bulletin,
vol. 76 (April 1990), pp. 187-204.

(2.) Standard Industrial Classification.
2.14 HOUSING AND CONSTRUCTION

Monthly figures at seasonally adjusted annual rates except as noted

             Item               1998          1999          2000

                                 Private residential real estate
                               activity (thousands of units except
                                            as noted)

           NEW UNITS

 1 Permits authorized            1,612         1,664         1,592
 2   One-family                  1,188         1,247         1,198
 3   Two-family or more            425           417           394
 4 Started                       1,617         1,641         1,569
 5   One-family                  1,271         1,302         1,231
 6   Two-family or more            346           339           338
 7 Under construction at end
       of period (1)               971           953           934
 8   One-family                    659           648           623
 9   Two-family or more            312           305           310
10 Completed                     1,474         1,605         1,574
11   One-family                  1,160         1,270         1,242
12   Two-family or more            315           335           332
13 Mobile homes shipped            374           348           250

   Merchant builder activity
     in one-family units
14 Number sold                     886           880           877
15 Number for sale at end of
     period (1)                    300           315           301

   Price of units sold
     (thousands of
     dollars) (2)
16 Median                        152.5         161.0         169.0
17 Average                       181.9         195.6         207.0

        EXISTING UNITS
         (one-family)
18 Number sold                   4,970         5,205         5,113

   Price of units sold
     (thousands of
     dollars) (2)
19 Median                        128.4         133.3         139.0
20 Average                       159.1         168.3         176.2

                                     Value of new construction
                                     (millions of dollars) (3)

         CONSTRUCTION

21 Total put in place          703,533       763,914       817,130

22 Private                     550,754       595,667       641,269
23   Residential               314,514       349,560       375,268
24   Nonresidential            236,240 (r)   246,107 (r)   266,001 (r)
25     Industrial buildings     40,547        32,794        31,984
26     Commercial buildings     95,760       104,531       116,988
27     Other buildings          39,609        40,906        44,505
28     Public utilities and
         other                  60,324        67,876        72,523

29 Public                      152,779       168,247       175,861
30   Military                    2,539         2,142         2,334
31   Highway                    45,251        52,024        52,851
32   Conservation and
       development               5,415         5,995         6,043
33   Other                      99,575       108,086       114,634

                                2000                2001

             Item               Dec.      Jan.      Feb.      Mar.

                                  Private residential real estate
                                   activity (thousands of units
                                           except as noted)

           NEW UNITS

 1 Permits authorized            1,553     1,724     1,663     1,627
 2   One-family                  1,187     1,283     1,228     1,209
 3   Two-family or more            366       441       435       418
 4 Started                       1,532     1,666     1,623     1,592
 5   One-family                  1,236     1,336     1,288     1,208
 6   Two-family or more            296       330       335       384
 7 Under construction at end
       of period (1)               965       985       989     1,002
 8   One-family                    652       669       675       676
 9   Two-family or more            313       316       314       326
10 Completed                     1,527     1,424     1,531     1,478
11   One-family                  1,228     1,090     1,201     1,207
12   Two-family or more            299       334       330       271
13 Mobile homes shipped            176       171       180       179

   Merchant builder activity
     in one-family units
14 Number sold                   1,001       938       959       953
15 Number for sale at end of
     period (1)                    297       295       295       289

   Price of units sold
     (thousands of
     dollars) (2)
16 Median                        162.0     171.3     169.1     166.3
17 Average                       208.1     209.0     211.0     210.2

        EXISTING UNITS
         (one-family)
18 Number sold                   4,940     5,200     5,190     5,430

   Price of units sold
     (thousands of
     dollars) (2)
19 Median                        139.7     137.1     138.6     143.4
20 Average                       178.5     175.8     174.6     179.5

                                    Value of new construction
                                     (millions of dollars) (3)

         CONSTRUCTION

21 Total put in place          838,731   859,815   869,334   869,140

22 Private                     660,849   673,715   681,826   681,176
23   Residential               379,593   386,088   398,863   395,080
24   Nonresidential            281,256   287,627   282,963   286,096
25     Industrial buildings     31,398    35,878    33,386    34,823
26     Commercial buildings    125,234   125,402   124,568   128,792
27     Other buildings          45,707    46,567    46,264    47,117
28     Public utilities and
         other                  78,917    79,780    78,745    75,364

29 Public                      177,883   186,100   187,508   187,964
30   Military                    2,107     2,270     2,342     2,131
31   Highway                    50,189    55,368    56,204    57,443
32   Conservation and
       development               6,339     7,381     7,838     7,573
33   Other                     119,248   121,081   121,124   120,817

                                          2001

             Item               Apr.       May      June

                               Private residential real estate
                               activity (thousands of units
                                      except as noted)

           NEW UNITS

 1 Permits authorized            1,587     1,621     1,587
 2   One-family                  1,218     1,205     1,225
 3   Two-family or more            369       416       362
 4 Started                       1,626     1,610     1,634
 5   One-family                  1,295     1,285     1,292
 6   Two-family or more            331       325       342
 7 Under construction at end
       of period (1)             1,006     1,016     1,012
 8   One-family                    682       688       688
 9   Two-family or more            324       328       324
10 Completed                     1,569     1,499     1,643
11   One-family                  1,232     1,225     1,275
12   Two-family or more            337       274       368
13 Mobile homes shipped            184       186       198

   Merchant builder activity
     in one-family units
14 Number sold                     899       882       889 (r)
15 Number for sale at end of
     period (1)                    293       296       301

   Price of units sold
     (thousands of
     dollars) (2)
16 Median                        175.2     175.3     179.4 (r)
17 Average                       205.5     211.4     211.7 (r)

        EXISTING UNITS
         (one-family)
18 Number sold                   5,220     5,360     5,330

   Price of units sold
     (thousands of
     dollars) (2)
19 Median                        143.1     145.0     152.2
20 Average                       179.9     183.6     191.1

                                Value of new construction
                                (millions of dollars) (3)

         CONSTRUCTION

21 Total put in place          870,826   869,574   861,571

22 Private                     677,429   670,838   665,322
23   Residential               392,160   394,330   391,508
24   Nonresidential            285,269   276,508   273,814
25     Industrial buildings     34,662    31,943    32,966
26     Commercial buildings    124,935   118,601   116,842
27     Other buildings          46,080    46,643    46,020
28     Public utilities and
         other                  79,592    79,321    77,986

29 Public                      193,397   198,736   196,249
30   Military                    2,530     2,274     2,477
31   Highway                    57,717    60,437    61,534
32   Conservation and
       development               6,332     7,216     6,592
33   Other                     126,818   128,809   125,646

                                             2001

             Item               July         Aug. (r)    Sept.

                               Private residential real estate
                                 activity (thousands of units
                                       except as noted)

           NEW UNITS

 1 Permits authorized            1,571          1,571     1,528
 2   One-family                  1,211          1,210     1,164
 3   Two-family or more            360            361       364
 4 Started                       1,660          1,559     1,572
 5   One-family                  1,290          1,271     1,257
 6   Two-family or more            370            288       315
 7 Under construction at end
       of period (1)             1,019          1,009     1,008
 8   One-family                    693            691       688
 9   Two-family or more            326            318       320
10 Completed                     1,583          1,620     1,539
11   One-family                  1,269          1,276     1,255
12   Two-family or more            314            344       284
13 Mobile homes shipped            193            199       206

   Merchant builder activity
     in one-family units

14 Number sold                     902 (r)        876       864
15 Number for sale at end of
     period (1)                    305            304       306

   Price of units sold
     (thousands of
     dollars) (2)
16 Median                        174.2 (r)      171.1     162.4
17 Average                       208.1 (r)      203.4     195.7

        EXISTING UNITS
         (one-family)
18 Number sold                   5,200          5,540     4,890

   Price of units sold
     (thousands of
     dollars) (2)
19 Median                        151.7          153.7     148.1
20 Average                       190.6          193.5     186.7

                                    Value of new construction
                                     (millions of dollars) (3)

         CONSTRUCTION

21 Total put in place          856,674 (r)    846,100   843,107

22 Private                     661,136 (r)    646,368   641,005
23   Residential               390,464 (r)    389,889   385,363
24   Nonresidential            270,672 (r)    256,479   255,642
25     Industrial buildings     34,611 (r)     31,648    30,983
26     Commercial buildings    115,714 (r)    106,001   106,071
27     Other buildings          45,454 (r)     44,354    44,303
28     Public utilities and
         other                  74,893 (r)     74,476    74,285

29 Public                      195,537 (r)    199,731   202,102
30   Military                    2,385 (r)      2,561     2,369
31   Highway                    60,327 (r)     56,131    55,163
32   Conservation and
       development               6,063 (r)      7,064     7,328
33   Other                     126,762 (r)    133,975   137,242

(1.) Not at annual rates.

(2.) Not seasonally adjusted.

(3.) Recent data on value of new construction may not be strictly
comparable with data for previous periods because of changes by the
Bureau of the Census in its estimating techniques. For a description
of these changes, see Construction Reports (C-30-76-5), issued by the
Census Bureau in July 1976.

SOURCE. Bureau of the Census estimates for all series except (1)
mobile homes, which are private, domestic shipments as reported by
the Manufactured Housing Institute and seasonally adjusted by the
Census Bureau, and (2) sales and prices of existing units, which are
published by the National Association of Realtors. All back and
current figures are available from the originating agency. Permit
authorizations are those reported to the Census Bureau from 19,000
jurisdictions beginning in 1994.
2.15 CONSUMER AND PRODUCER PRICES

Percentage changes based on seasonally adjusted data except as noted

                   Change from
                    12 months          Change from 3 months
                     earlier          earlier (annual rate)

                                  2000            2001

                   2000   2001            Mar.    June    Sept.
      Item         Oct.   Oct.    Dec.     (r)     (r)     (r)

    CONSUMER
   PRICES (2)
 (1982-84=100)

 1 All items        3.4     2.1     2.3     4.0     3.7      .7

 2 Food             2.4     3.4     2.1     4.1     3.3     2.8
 3 Energy items    15.9    -5.6     3.8     6.0    16.8   -18.2
 4 All items
       less food
       and
       energy       2.5     2.6     2.0     3.5     2.6     2.4
 5   Commodities
       (2)           .2      .0      .0     1.4    -1.6      .3
 6   Services       3.5     3.7     3.2     4.2     4.5     3.1

PRODUCER PRICES
  (1982=100)

 7 Finished
       goods        3.7     -.4     2.9     4.7      .9    -1.4
 8   Consumer
       foods        1.6     2.8     2.7    10.5      .9     2.0
 9   Consumer
       energy      19.3    -9.5    12.0     9.5    -4.2   -16.3
10   Other
       consumer
       goods        1.2     1.3     1.0     2.3     2.8     1.3
11   Capital
       equipment     .9      .0      .3      .0      .6     1.7

   Intermediate
     materials
12 Excluding
     foods and
     feeds          4.9    -2.8     1.2     1.5    -1.2    -5.6
13 Excluding
     energy         2.1    -1.2     -.3     1.5     -.9    -3.7

   Crude
     materials
14 Foods             .7     5.2    36.5    15.6    -6.8     4.2
15 Energy          63.2   -48.1   102.6   -42.4   -52.0   -61.6
16 Other            -.5   -10.8    -9.2   -10.8   -15.0    -4.5

                            Change from 1 month earlier

                                       2001

                                                                 Index
                                                                 level,
                                                                  Oct.
                                                                  2001
      Item          June       July       Aug.   Sept.    Oct.    (1)

    CONSUMER
   PRICES (2)
 (1982-84=100)

 1 All items          .2        -.3         .1      .4     -.3    177.7

 2 Food               .4         .3         .2      .2      .5    174.9
 3 Energy items      -.9       -5.6       -1.9     2.6    -6.3    122.1
 4 All items
       less food
       and
       energy         .3         .2         .2      .2      .2    187.6
 5   Commodities
       (2)            .0         .1        -.4      .3     -.1    145.6
 6   Services         .5         .2         .5      .1      .2    211.7

PRODUCER PRICES
  (1982=100)

 7 Finished
       goods         -.4 (r)   -1.1 (r)     .4      .4    -1.6    139.6
 8   Consumer
       foods         -.2        -.6         .9      .2     -.4    141.8
 9   Consumer
       energy       -2.5 (r)   -6.2 (r)    1.1      .9    -7.7     90.1
10   Other
       consumer
       goods          .1 (r)     .0 (r)    -.1      .4     -.4    157.5
11   Capital
       equipment      .1 (r)     .4 (r)    -.1      .1     -.7    139.8

   Intermediate
     materials
12 Excluding
     foods and
     feeds           -.2       -1.1        -.5      .1    -1.5    128.2
13 Excluding
     energy          -.1        -.4        -.4     -.1     -.4    135.3

   Crude
     materials
14 Foods              .0 (r)     .5 (r)    -.6     1.1    -2.6    104.7
15 Energy          -15.8 (r)   -7.9 (r)   -4.4   -10.7   -19.2     75.2
16 Other            -1.1 (r)    -.5 (r)    -.8      .2    -1.7    125.8

(1.) Not seasonally adjusted.

(2.) Figures for consumer prices are for all urban consumers
and reflect a rental-equivalence measure of homeownership.

SOURCE. U.S. Department of Labor, Bureau of Labor Statistics.
2.16 GROSS DOMESTIC PRODUCT AND INCOME

Billions of current dollars except as noted; quarterly
data at seasonally adjusted annual rates

                                                             2000

           Account             1998      1999      2000       Q3

    GROSS DOMESTIC PRODUCT

 1 Total                      8,781.5   9,268.6   9,872.9   9,937.5

   By source
 2 Personal consumption
       expenditures           5,856.0   6,250.2   6,728.4   6,785.5
 3   Durable goods              693.2     760.9     819.6     825.4
 4   Nondurable goods         1,708.5   1,831.3   1,989.6   2,012.4
 5   Services                 3,454.3   3,658.0   3,919.2   3,947.7

 6 Gross private domestic
       investment             1,538.7   1,636.7   1,767.5   1,788.4
 7   Fixed investment         1,465.6   1,578.2   1,718.1   1,735.9
 8     Nonresidential         1,101.2   1,174.6   1,293.1   1,314.9
 9       Structures             282.4     283.5     313.6     321.1
10       Producers' durable
           equipment            818.9     891.1     979.5     993.8
11     Residential
         structures             364.4     403.5     425.1     421.0

12   Change in business
         inventories             73.1      58.6      49.4      52.5
13     Nonfarm                   72.3      60.1      51.1      55.3

14 Net exports of goods and
       services                -151.7    -250.9    -364.0    -380.6
15   Exports                    964.9     989.8   1,102.9   1,131.1
16   Imports                  1,116.7   1,240.6   1,466.9   1,511.8

17 Government consumption
       expenditures and
       gross investment       1,538.5   1,632.5   1,741.0   1,744.2
18   Federal                    539.2     564.0     590.2     587.0
19   State and local            999.3   1,068.5   1,150.8   1,157.2

   By major type of product
20 Final sales, total         8,708.4   9,210.0   9,823.6   9,884.9
21   Goods                    3,232.3   3,418.6   3,644.8   3,677.2
22     Durable                1,524.4   1,618.8   1,735.2   1,753.8
23     Nondurable             1,707.9   1,799.8   1,909.7   1,923.5
24   Services                 4,678.6   4,939.1   5,268.5   5,296.1
25   Structures                 797.5     852.4     910.3     911.6

26 Change in business
       inventories               73.1      58.6      49.4      52.5
27   Durable goods               44.7      35.3      34.7      33.0
28   Nondurable goods            28.5      23.3      14.7      19.5

   MEMO
29 Total GDP in chained
     1996 dollars             8,508.9   8,856.5   9,224.0   9,260.1

       NATIONAL INCOME

30 Total                      7,041.4   7,462.1   7,980.9   8,047.2

31 Compensation of
       employees              4,989.6   5,310.7   5,715.2   5,759.3
32   Wages and salaries       4,192.1   4,477.4   4,837.2   4,875.8
33     Government and
         government
         enterprises            692.7     724.3     768.4     772.6
34     Other                  3,499.4   3,753.1   4,068.8   4,103.2
35   Supplement to wages
         and salaries           797.5     833.4     878.0     883.5
36     Employer
         contributions for
         social insurance       306.9     323.6     343.8     345.6
37     Other labor income       490.6     509.7     534.2     537.9

38 Proprietors' income (1)      623.8     672.0     715.0     719.3
39   Business and
       professional (1)         598.2     645.4     684.4     687.6
40   Farm (1)                    25.6      26.6      30.6      31.6

41 Rental income of
     persons (2)                138.6     147.7     141.6     138.3

42 Corporate profits (1)        777.4     825.2     876.4     895.0
43   Profits before tax (3)     721.1     776.3     845.4     858.3
44   Inventory valuation
       adjustment                18.3      -2.9     -12.4      -3.6
45   Capital consumption
       adjustment                38.0      51.7      43.4      40.4

46 Net interest                 511.9     506.5     532.7     535.3

                                2000                2001

           Account               Q4         Q1         Q2         Q3

    GROSS DOMESTIC PRODUCT

 1 Total                      10,027.9   10,141.7   10,202.6   10,247.7

   By source
 2 Personal consumption
       expenditures            6,871.4    6,977.6    7,044.6    7,059.0
 3   Durable goods               818.7      838.1      844.7      842.2
 4   Nondurable goods          2,025.1    2,047.1    2,062.3    2,057.8
 5   Services                  4,027.5    4,092.4    4,137.6    4,158.9

 6 Gross private domestic
       investment              1,780.3    1,722.8    1,669.9    1,622.6
 7   Fixed investment          1,741.6    1,748.3    1,706.5    1,669.2
 8     Nonresidential          1,318.2    1,311.2    1,260.2    1,219.7
 9       Structures              330.9      345.8      338.6      329.7
10       Producers' durable
           equipment             987.3      965.4      921.7      890.0
11     Residential
         structures              423.4      437.0      446.2      449.5

12   Change in business
         inventories              38.7      -25.5      -36.6      -46.6
13     Nonfarm                    37.8      -26.2      -35.3      -44.0

14 Net exports of goods and
       services                 -390.6     -363.8     -347.4     -277.3
15   Exports                   1,121.0    1,117.4    1,079.6    1,028.1
16   Imports                   1,511.6    1,481.2    1,427.0    1,305.4

17 Government consumption
       expenditures and
       gross investment        1,766.8    1,805.2    1,835.4    1,843.5
18   Federal                     594.2      605.3      609.9      617.1
19   State and local           1,172.6    1,199.8    1,225.5    1,226.4

   By major type of product
20 Final sales, total          9,989.2   10,167.2   10,239.1   10,294.3
21   Goods                     3,670.6    3,718.8    3,715.0    3,697.9
22     Durable                 1,740.7    1,755.8    1,737.2    1,704.0
23     Nondurable              1,929.9    1,963.1    1,977.8    1,993.9
24   Services                  5,393.0    5,482.8    5,545.7    5,632.4
25   Structures                  925.6      965.6      978.4      964.0

26 Change in business
       inventories                38.7      -25.5      -36.6      -46.6
27   Durable goods                31.5      -31.0      -42.3      -47.0
28   Nondurable goods              7.2        5.5        5.8         .4

   MEMO
29 Total GDP in chained
     1996 dollars              9,303.9    9,334.5    9,341.7    9,333.4

       NATIONAL INCOME

30 Total                       8,124.0    8,169.7    8,207.9     n.a.

31 Compensation of
       employees               5,868.9    5,955.7    6,010.8    6,043.9
32   Wages and salaries        4,973.2    5,049.4    5,099.8    5,129.4
33     Government and
         government
         enterprises             776.6      788.8      799.6      812.0
34     Other                   4,196.6    4,260.6    4,300.2    4,317.5
35   Supplement to wages
         and salaries            895.7      906.3      911.0      914.5
36     Employer
         contributions for
         social insurance        350.8      357.1      358.8      359.2
37     Other labor income        544.9      549.3      552.2      555.3

38 Proprietors' income (1)       725.2      735.2      745.3      752.3
39   Business and
       professional (1)          693.5      705.4      716.6      720.5
40   Farm (1)                     31.7       29.8       28.7       31.8

41 Rental income of
     persons (2)                 141.7      139.6      139.0      143.6

42 Corporate profits (1)         847.6      789.8      759.8     n.a.
43   Profits before tax (3)      816.5      755.7      738.3     n.a.
44   Inventory valuation
       adjustment                 -7.3       -1.9       -8.8     n.a.
45   Capital consumption
       adjustment                 38.4       36.0       30.3       12.6

46 Net interest                  540.6      549.4      553.0     n.a.

(1.) With inventory valuation and capital consumption adjustments.

(2.) With capital consumption adjustment.

(3.) For after-tax profits, dividends, and the like, see table 1.48.

SOURCE. U.S. Department of Commerce, Survey of Current Business.
2.17 PERSONAL INCOME AND SAVING

Billions of current dollars except as noted; quarterly data at
seasonally adjusted annual rates

              Account                1998       1999       2000

    PERSONAL INCOME AND SAVING

 1 Total personal income            7,426.0    7,777.3    8,319.2

 2 Wage and salary disbursements    4,192.8    4,472.2    4,837.2
 3   Commodity-producing
         industries                 1,038.5    1,088.7    1,163.7
 4     Manufacturing                  756.6      782.0      830.1
 5   Distributive industries          948.9    1,021.0    1,095.6
 6   Service industries             1,512.7    1,638.2    1,809.5
 7   Government and government
       enterprises                    692.7      724.3      768.4

 8 Other labor income                 490.6      509.7      534.2
 9 Proprietors' income (1)            623.8      672.0      715.0
10   Business and
       professional (1)               598.2      645.4      684.4
11   Farm (1)                          25.6       26.6       30.6
12 Rental income of persons (2)       138.6      147.7      141.6
13 Dividends                          348.3      343.1      379.2
14 Personal interest income           964.4      950.0    1,000.6
15 Transfer payments                  983.7    1,019.6    1,069.1
16   Old-age survivors,
       disability, and health
       insurance benefits             578.1      588.0      617.3

17   LESS: Personal
       contributions for social
       insurance                      316.3      337.1      357.7

18 EQUALS: Personal income          7,426.0    7,777.3    8,319.2

19   Less: Personal tax and
       nontax payments              1,070.4    1,159.2    1,288.2

20 EQUALS: Disposable personal
       income                       6,355.6    6,618.0    7,031.0

21   Less: Personal outlays         6,054.1    6,457.2    6,963.3

22 EQUALS: Personal saving            301.5      160.9       67.7

   MEMO
   Per capita
     (chained 1996 dollars)
23 Gross domestic product          31,449.2   32,441.9   33,490.3
24 Personal consumption
     expenditures                  21,007.2   21,862.6   22,720.7
25 Disposable personal income      22,800.0   23,150.0   23,742.0

26 Saving rate (percent)                4.7        2.4        1.0

           GROSS SAVING

27 Gross saving                     1,647.2    1,707.4    1,785.7

28 Gross private saving             1,375.0    1,348.0    1,323.0

29 Personal saving                    301.5      160.9       67.7
30 Undistributed corporate
     profits (1)                      189.9      228.7      225.3
31 Corporate inventory valuation
     adjustment                        18.3       -2.9      -12.4

   Capital consumption
     allowances
32 Corporate                          620.2      669.2      727.1
33 Noncorporate                       264.2      284.1      302.8

34 Gross government saving            272.2      359.4      462.8
35   Federal                          132.0      210.9      315.0
36     Consumption of fixed
         capital                       88.2       91.7       96.4
37     Current surplus or
         deficit (-), national
         accounts                      43.8      119.2      218.6
38   State and local                  140.2      148.5      147.8
39     Consumption of fixed
         capital                       99.5      106.4      114.9
40     Current surplus or
         deficit (-), national
         accounts                      40.7       42.1       32.8

41 Gross investment                 1,616.2    1,634.7    1,655.3

42 Gross private domestic
     investment                     1,538.7    1,636.7    1,767.5
43 Gross government investment        277.1      304.6      318.3
44 Net foreign investment            -199.7     -306.6     -430.5

45 Statistical discrepancy            -31.0      -72.7     -130.4

                                           2000            2001

              Account                 Q3         Q4         Q1

    PERSONAL INCOME AND SAVING

 1 Total personal income            8,381.5    8,519.6    8,640.2

 2 Wage and salary disbursements    4,875.8    4,973.2    5,049.4
 3   Commodity-producing
         industries                 1,173.2    1,195.5    1,206.3
 4     Manufacturing                  838.0      852.2      853.3
 5   Distributive industries        1,102.4    1,125.9    1,140.3
 6   Service industries             1,827.6    1,875.2    1,914.0
 7   Government and government
       enterprises                    772.6      776.6      788.8

 8 Other labor income                 537.9      544.9      549.3
 9 Proprietors' income (1)            719.3      725.2      735.2
10   Business and
       professional (1)               687.6      693.5      705.4
11   Farm (1)                          31.6       31.7       29.8
12 Rental income of persons (2)       138.3      141.7      139.6
13 Dividends                          385.8      396.6      404.8
14 Personal interest income         1,009.2    1,013.1    1,010.9
15 Transfer payments                1,074.6    1,089.0    1,123.1
16   Old-age survivors,
       disability, and health
       insurance benefits             620.9      626.5      651.4

17   LESS: Personal
       contributions for social
       insurance                      359.4      364.1      372.1

18 EQUALS: Personal income          8,381.5    8,519.6    8,640.2

19   Less: Personal tax and
       nontax payments              1,300.2    1,329.8    1,345.2

20 EQUALS: Disposable personal
       income                       7,081.3    7,189.8    7,295.0

21   Less: Personal outlays         7,026.9    7,115.1    7,216.2

22 EQUALS: Personal saving             54.5       74.7       78.8

   MEMO
   Per capita
     (chained 1996 dollars)
23 Gross domestic product          33,587.6   33,661.1   33,698.5
24 Personal consumption
     expenditures                  22,822.4   22,941.7   23,063.1
25 Disposable personal income      23,814.0   24,006.0   24,111.0

26 Saving rate (percent)                 .8        1.0        1.1

           GROSS SAVING

27 Gross saving                     1,807.4    1,799.7    1,754.0

28 Gross private saving             1,329.6    1,332.7    1,307.9

29 Personal saving                     54.5       74.7       78.8
30 Undistributed corporate
     profits (1)                      233.9      197.0      147.8
31 Corporate inventory valuation
     adjustment                        -3.6       -7.3       -1.9

   Capital consumption
     allowances
32 Corporate                          736.0      749.7      763.8
33 Noncorporate                       305.2      311.3      317.5

34 Gross government saving            477.8      467.1      446.1
35   Federal                          326.9      320.5      303.7
36     Consumption of fixed
         capital                       97.0       97.9       98.4
37     Current surplus or
         deficit (-), national
         accounts                     229.9      222.5      205.3
38   State and local                  150.9      146.6      142.5
39     Consumption of fixed
         capital                      116.1      118.0      120.2
40     Current surplus or
         deficit (-), national
         accounts                      34.8       28.6       22.3

41 Gross investment                 1,651.1    1,649.7    1,633.5

42 Gross private domestic
     investment                     1,788.4    1,780.3    1,722.8
43 Gross government investment        314.0      322.8      330.9
44 Net foreign investment            -451.3     -453.4     -420.2

45 Statistical discrepancy           -156.3     -150.0     -120.5

                                          2001

              Account                 Q2         Q3

    PERSONAL INCOME AND SAVING

 1 Total personal income            8,714.6    8,777.3

 2 Wage and salary disbursements    5,099.8    5,129.4
 3   Commodity-producing
         industries                 1,204.4    1,200.8
 4     Manufacturing                  850.2      843.5
 5   Distributive industries        1,148.2    1,148.9
 6   Service industries             1,947.6    1,967.7
 7   Government and government
       enterprises                    799.6      812.0

 8 Other labor income                 552.2      555.3
 9 Proprietors' income (1)            745.3      752.3
10   Business and
       professional (1)               716.6      720.5
11   Farm (1)                          28.7       31.8
12 Rental income of persons (2)       139.0      143.6
13 Dividends                          411.9      420.0
14 Personal interest income         1,001.0      991.3
15 Transfer payments                1,139.4    1,160.0
16   Old-age survivors,
       disability, and health
       insurance benefits             660.1      671.8

17   LESS: Personal
       contributions for social
       insurance                      374.0      374.6

18 EQUALS: Personal income          8,714.6    8,777.3

19   Less: Personal tax and
       nontax payments              1,351.4    1,197.0

20 EQUALS: Disposable personal
       income                       7,363.2    7,580.3

21   Less: Personal outlays         7,281.7    7,293.6

22 EQUALS: Personal saving             81.5      286.7

   MEMO
   Per capita
     (chained 1996 dollars)
23 Gross domestic product          33,639.7   33,537.1
24 Personal consumption
     expenditures                  23,148.7   23,168.5
25 Disposable personal income      24,200.0   24,880.0

26 Saving rate (percent)                1.1        3.8

           GROSS SAVING

27 Gross saving                     1,750.5     n.a.

28 Gross private saving             1,321.2     n.a.

29 Personal saving                     81.5      286.7
30 Undistributed corporate
     profits (1)                      119.5     n.a.
31 Corporate inventory valuation
     adjustment                        -8.8     n.a.

   Capital consumption
     allowances
32 Corporate                          785.6      847.7
33 Noncorporate                       334.6      329.8

34 Gross government saving            429.3     n.a.
35   Federal                          286.2     n.a.
36     Consumption of fixed
         capital                       99.4       99.9
37     Current surplus or
         deficit (-), national
         accounts                     186.7     n.a.
38   State and local                  143.2     n.a.
39     Consumption of fixed
         capital                      121.9      129.5
40     Current surplus or
         deficit (-), national
         accounts                      21.3     n.a.

41 Gross investment                 1,607.3     n.a.

42 Gross private domestic
     investment                     1,669.9    1,622.6
43 Gross government investment        344.0      335.7
44 Net foreign investment            -406.6     n.a.

45 Statistical discrepancy           -143.2     n.a.

(1.) With inventory valuation and capital consumption adjustments.

(2.) With capital consumption adjustment.

SOURCE. U.S. Department of Commerce, Survey of Current Business.
3.10 U.S. INTERNATIONAL TRANSACTIONS Summary

Millions of dollars; quarterly data seasonally adjusted
except as noted (1)

     Item credits or debits         1998         1999         2000

 1 Balance on current account      -217,457     -324,364     -444,667
 2   Balance on goods and
         services                  -166,828     -261,838     -375,739
 3     Exports                      932,694      957,353    1,065,702
 4     Imports                   -1,099,522   -1,219,191   -1,441,441
 5   Income, net                     -6,202      -13,613      -14,792
 6     Investment, net               -1,211       -8,511       -9,621
 7       Direct                      66,253       67,044       81,231
 8       Portfolio                  -67,464      -75,555      -90,852
 9     Compensation of
         employees                   -4,991       -5,102       -5,171
10   Unilateral current
       transfers, net               -44,427      -48,913      -54,136

11 Change in U.S. government
     assets other than
     official reserve assets,
     net (increase, -)                 -422        2,751         -944

12 Change in U.S. official
       reserve assets
       (increase, -)                 -6,783        8,747         -290
13   Gold                                 0            0            0
14   Special drawing rights
       (SDRs)                          -147           10         -722
15   Reserve position in
       International
       Monetary Fund                 -5,119        5,484        2,308
16   Foreign currencies              -1,517        3,253       -1,876

17 Change in U.S. private
       assets abroad
       (increase, -)               -352,427     -448,565     -579,718
18   Bank-reported claims (2)       -35,572      -76,263     -138,500
19   Nonbank-reported claims        -38,204      -85,700     -163,846
20   U.S. purchase of foreign
       securities, net             -136,135     -131,217     -124,935
21   U.S. direct investments
       abroad, net                 -142,516     -155,385     -152,437

22 Change in foreign official
       assets in United States
       (increase, +)                -19,948       43,551       37,619
23   U.S. Treasury securities        -9,921       12,177      -10,233
24   Other U.S. government
       obligations                    6,332       20,350       40,909
25   Other U.S. government
       liabilities (2)               -3,371       -2,855       -1,987
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                     -9,501       12,964        5,803
27   Other foreign official
       assets (3)                    -3,487          915        3,127

28 Change in foreign private
       assets in United States
       (increase, +)                524,412      770,193      986,599
29   U.S. bank-reported
       liabilities (4)               39,769       54,232       87,953
30   U.S. nonbank-reported
       liabilities                   23,140       69,075      177,010
31   Foreign private purchases
       of U.S. Treasury
       securities, net               48,581      -20,490      -52,792
32   U.S. currency flows             16,622       22,407        1,129
33   Foreign purchases of
       other U.S. securities,
       net                          218,091      343,963      485,644
34   Foreign direct
       investments in United
       States, net                  178,209      301,006      287,655

35 Capital account
       transactions, net (5)            678       -3,491          705
36 Discrepancy                       71,947      -48,822          696
37   Due to seasonal
       adjustment                    ...          ...          ...
38   Before seasonal
       adjustment                    71,947      -48,822          696

   MEMO
   Changes in official assets
39 U.S. official reserve
     assets (increase, -)            -6,783        8,747         -290
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)          -16,577       46,406       39,606

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States
     (part of line 22)              -11,531        1,621       11,582

                                         2000            2001

     Item credits or debits         Q3         Q4         Q1

 1 Balance on current account    -115,305   -116,324   -111,778
 2   Balance on goods and
         services                 -97,340   -100,293    -95,023
 3     Exports                    272,497    270,131    269,092
 4     Imports                   -369,837   -370,424   -364,115
 5   Income, net                   -4,885        642     -5,021
 6     Investment, net             -3,620      1,971     -3,661
 7       Direct                    21,049     25,703     22,673
 8       Portfolio                -24,669    -23,732    -26,334
 9     Compensation of
         employees                 -1,265     -1,329     -1,360
10   Unilateral current
       transfers, net             -13,080    -16,673    -11,734

11 Change in U.S. government
     assets other than
     official reserve assets,
     net (increase, -)                114       -359         21

12 Change in U.S. official
       reserve assets
       (increase, -)                 -346     -1,410        190
13   Gold                               0          0          0
14   Special drawing rights
       (SDRs)                        -182       -180       -189
15   Reserve position in
       International
       Monetary Fund                1,300     -1,083        574
16   Foreign currencies            -1,464       -147       -195

17 Change in U.S. private
       assets abroad
       (increase, -)             -107,495   -179,779   -243,331
18   Bank-reported claims (2)     -18,147    -71,574   -109,789
19   Nonbank-reported claims      -14,585    -44,514    -61,011
20   U.S. purchase of foreign
       securities, net            -33,129    -24,621    -31,591
21   U.S. direct investments
       abroad, net                -41,634    -39,070    -40,940

22 Change in foreign official
       assets in United States
       (increase, +)               12,247     -3,573      4,898
23   U.S. Treasury securities      -9,001    -13,436     -1,027
24   Other U.S. government
       obligations                 14,272      8,196      3,574
25   Other U.S. government
       liabilities (2)               -220       -293     -1,246
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                    6,884        980      2,594
27   Other foreign official
       assets (3)                     312        980      1,003

28 Change in foreign private
       assets in United States
       (increase, +)              209,861    298,894    341,762
29   U.S. bank-reported
       liabilities (4)             -1,910     43,365      6,890
30   U.S. nonbank-reported
       liabilities                 19,078     48,344    130,624
31   Foreign private purchases
       of U.S. Treasury
       securities, net            -12,503    -10,395        656
32   U.S. currency flows              757      6,230      2,311
33   Foreign purchases of
       other U.S. securities,
       net                        128,393    126,643    148,809
34   Foreign direct
       investments in United
       States, net                 76,046     84,707     52,472

35 Capital account
       transactions, net (5)          175        184        173
36 Discrepancy                        749      2,367      8,065
37   Due to seasonal
       adjustment                  -9,977      3,856      8,821
38   Before seasonal
       adjustment                  10,726     -1,489       -756

   MEMO
   Changes in official assets
39 U.S. official reserve
     assets (increase, -)            -346     -1,410        190
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)         12,467     -3,280      6,144

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States
     (part of line 22)              3,636        164        589

                                         2001

     Item credits or debits       Q2 (r)     Q3 (p)

 1 Balance on current account    -107,576    -94,980
 2   Balance on goods and
         services                 -90,543    -77,587
 3     Exports                    259,315    243,391
 4     Imports                   -349,858   -320,978
 5   Income, net                   -4,995     -5,038
 6     Investment, net             -3,658     -3,716
 7       Direct                    23,426     24,045
 8       Portfolio                -27,084    -27,761
 9     Compensation of
         employees                 -1,337     -1,322
10   Unilateral current
       transfers, net             -12,038    -12,355

11 Change in U.S. government
     assets other than
     official reserve assets,
     net (increase, -)               -786         23

12 Change in U.S. official
       reserve assets
       (increase, -)               -1,343     -3,559
13   Gold                               0          0
14   Special drawing rights
       (SDRs)                        -156       -145
15   Reserve position in
       International
       Monetary Fund               -1,015     -3,242
16   Foreign currencies              -172       -172

17 Change in U.S. private
       assets abroad
       (increase, -)              -70,046    -11,847
18   Bank-reported claims (2)        -105     56,025
19   Nonbank-reported claims       22,232    -29,773
20   U.S. purchase of foreign
       securities, net            -51,109     13,963
21   U.S. direct investments
       abroad, net                -41,064    -52,062

22 Change in foreign official
       assets in United States
       (increase, +)              -20,879     16,814
23   U.S. Treasury securities     -20,783     15,810
24   Other U.S. government
       obligations                  9,932       -216
25   Other U.S. government
       liabilities (2)               -926        113
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                  -10,130       -874
27   Other foreign official
       assets (3)                   1,028      1,981

28 Change in foreign private
       assets in United States
       (increase, +)              247,460     35,297
29   U.S. bank-reported
       liabilities (4)             44,271    -54,015
30   U.S. nonbank-reported
       liabilities                  3,375    -13,298
31   Foreign private purchases
       of U.S. Treasury
       securities, net             -8,678     -9,436
32   U.S. currency flows            2,772      8,203
33   Foreign purchases of
       other U.S. securities,
       net                        140,512     77,455
34   Foreign direct
       investments in United
       States, net                 65,208     26,388

35 Capital account
       transactions, net (5)          177        182
36 Discrepancy                    -47,007     58,070
37   Due to seasonal
       adjustment                  -1,835     -8,617
38   Before seasonal
       adjustment                 -45,172     66,687

   MEMO
   Changes in official assets
39 U.S. official reserve
     assets (increase, -)          -1,343     -3,559
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)        -19,953     16,701

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States
     (part of line 22)             -1,743     -4,057

(1.) Seasonal factors are not calculated for lines 11-16,
18-20, 22-35, and 38-41.

(2.) Associated primarily with military sales contracts and
other transactions arranged with or through foreign
official agencies.

(3.) Consists of investments in U.S. corporate stocks and in debt
securities of private corporations and state and local governments.

(4.) Reporting banks included all types of depository institutions
as well as some brokers and dealers.

(5.) Consists of capital transfers (such as those of accompanying
migrants entering or leaving the country and debt forgiveness)
and the acquisition and disposal of nonproduced nonfinancial assets.

SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
Survey of Current Business.
3.11 U.S. FOREIGN TRADE (1)

Millions of dollars; monthly data seasonally adjusted

        Item               1998         1999         2000

1 Goods and services,
      balance             -166,686     -261,838     -375,739
2   Merchandise           -246,855     -345,434     -452,207
3   Services                79,868       83,596       76,468

4 Goods and services,
      exports              933,053      957,353    1,065,702
5   Merchandise            670,324      684,553      772,210
6   Services               262,729      272,800      293,492

7 Goods and services,
      imports           -1,099,739   -1,219,191   -1,441,441
8   Merchandise           -917,179   -1,029,987   -1,224,417
9   Services              -182,560     -189,204     -217,024

                                           2001

        Item              Mar.       Apr.       May        June

1 Goods and services,
      balance            -32,957    -31,518    -28,210    -29,068
2   Merchandise          -38,781    -37,656    -34,449    -35,553
3   Services               5,824      6,138      6,239      6,485

4 Goods and services,
      exports             88,636     87,064     87,571     85,898
5   Merchandise           63,884     62,170     62,846     60,848
6   Services              24,752     24,894     24,725     25,050

7 Goods and services,
      imports           -121,593   -118,582   -115,781   -114,966
8   Merchandise         -102,665    -99,826    -97,295    -96,401
9   Services             -18,928    -18,756    -18,486    -18,565

                                     2001

        Item              July       Aug.     Sept. (p)

1 Goods and services,
      balance            -29,168    -27,106    -18,692
2   Merchandise          -35,838    -34,073    -35,917
3   Services               6,670      6,967     17,225

4 Goods and services,
      exports             83,595     84,513     77,293
5   Merchandise           58,688     59,533     55,554
6   Services              24,907     24,980     21,739

7 Goods and services,
      imports           -112,763   -111,619    -95,985
8   Merchandise          -94,526    -93,606    -91,471
9   Services             -18,237    -18,013     -4,514

(1.) Data show monthly values consistent with quarterly figures in the
U.S. balance of payments accounts.

SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and
Bureau of Economic Analysis.
3.12 U.S. RESERVE ASSETS

Millions of dollars, end of period

                                                             2001

            Asset                 1998     1999     2000     Apr.

1 Total                          81,761   71,516   67,647   64,731

2 Gold stock (1)                 11,046   11,048   11,046   11,046
3 Special drawing rights (2,3)   10,603   10,336   10,539   10,420
4 Reserve position in
    International Monetary       24,111   17,950   14,824   13,816
    Fund (2)
5 Foreign currencies (4)         36,001   32,182   31,238   29,449

                                                2001

            Asset                 May      June     July     Aug.

1 Total                          65,254   64,847   65,736   67,852

2 Gold stock (1)                 11,044   11,044   11,044   11,044
3 Special drawing rights (2,3)   10,481   10,409   10,518   10,913
4 Reserve position in
    International Monetary       14,283   14,619   14,965   15,297
    Fund (2)
5 Foreign currencies (4)         29,446   28,775   29,209   30,598

                                           2001

            Asset                Sept.     Oct.    Nov. (p)

1 Total                          70,963   69,707    69,158

2 Gold stock (1)                 11,045   11,045    11,045
3 Special drawing rights (2,3)   10,919   10,827    10,864
4 Reserve position in
    International Monetary       18,404   17,787    17,293
    Fund (2)
5 Foreign currencies (4)         30,595   30,048    29,956

(1.) Gold held "under earmark" at Federal Reserve Banks for
foreign and international accounts is not included in the gold
stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.

(2.) Special drawing rights (SDRs) are valued according to a
technique adopted by the International Monetary Fund (IMF) in
July 1974. Values are based on a weighted average of exchange rates
for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five
currencies have been used. U.S. SDR holdings and reserve positions in
the IMF also have been valued on this basis since July 1974.

(3.) Includes allocations of SDRs by the International Monetary
Fund on Jan. 1 of the year indicated, as follows: 1970-$867 million;
1971-$717 million; 1972-$710 million; 1979-$1,139 million;
1980-$1,152 million; 1981-$1,093 million; plus net transactions
in SDRs.

(4.) Valued at current market exchange rates.
3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS (1)

Millions of dollars, end of period

                                                                2001

            Asset                 1998      1999      2000      Apr.

1 Deposits                           167        71       215       101

  Held in custody
2 U.S. Treasury securities (2)   607,574   632,482   594,094   585,710
3 Earmarked gold (3)              10,343     9,933     9,451     9,215

                                                  2001

            Asset                  May      June      July      Aug.

1 Deposits                            86       102        84        80

  Held in custody
2 U.S. Treasury securities (2)   583,655   586,607   578,573   590,820
3 Earmarked gold (3)               9,154     9,100     9,100     9,100

                                            2001

            Asset                 Sept.     Oct.     Nov. (p)

1 Deposits                           608        75        528

  Held in custody
2 U.S. Treasury securities (2)   587,566   599,043    600,129
3 Earmarked gold (3)               9,100     9,099      9,099

(1.) Excludes deposits and U.S. Treasury securities held for
international and regional organizations

(2.) Marketable U.S. Treasury bills, notes, and bonds and
nonmarketable U.S. Treasury securities, in each case measured
at face (not market) value.

(3.) Held in foreign and international accounts and valued at
$42.22 per fine troy ounce; not included in the gold stock of
the United States.
3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS

Millions of dollars, end of period

                                                       2001

        Item             1999      2000      Mar.      Apr.       May

 1 Total (1)            806,318   845,869   865,426   855,098   837,267

   By type
 2 Liabilities
     reported by
     banks in the
     United States
     (2)                138,847   144,593   154,601   158,387   143,921
 3 U.S. Treasury
     bills and
     certificates (3)   156,177   153,010   155,204   144,158   137,933
   U.S. Treasury
       bonds and
       notes
 4   Marketable         422,266   415,964   419,106   410,066   410,979
 5   Nonmarketable
       (4)                6,111     5,348     4,984     5,017     5,049
 6 U.S. securities
     other than U.S.
     Treasury
     securities (5)      82,917   126,954   131,531   137,470   139,385
   By area
 7 Europe (1)           244,805   253,592   250,420   247,128   251,505
 8 Canada                12,503    12,394    10,396    10,474    10,967
 9 Latin America and
     Caribbean           73,518    76,753    79,143    79,410    76,135
10 Asia                 463,703   488,170   511,025   501,085   482,990
11 Africa                 7,523     9,165     9,102     9,341     9,272
12 Other countries        4,266     5,795     5,340     7,660     6,398

                                        2001

                                             Aug.      Sept.
        Item             June      July       (r)       (p)

 1 Total (1)            835,474   845,155   839,457   852,175

   By type
 2 Liabilities
     reported by
     banks in the
     United States
     (2)                144,471   151,858   137,621   143,597
 3 U.S. Treasury
     bills and
     certificates (3)   139,195   143,288   151,850   153,899
   U.S. Treasury
       bonds and
       notes
 4   Marketable         407,736   406,995   407,338   409,887
 5   Nonmarketable
       (4)                5,081     4,846     4,805     4,036
 6 U.S. securities
     other than U.S.
     Treasury
     securities (5)     138,991   138,168   137,843   140,756
   By area
 7 Europe (1)           252,391   262,830   260,593   262,568
 8 Canada                11,573    11,727    12,033    11,299
 9 Latin America and
     Caribbean           79,094    79,359    76,251    75,751
10 Asia                 478,284   475,475   474,650   488,358
11 Africa                 9,054    10,574     9,864    10,249
12 Other countries        5,078     5,190     6,066     3,950

(1.) Includes the Bank for International Settlements.

(2.) Principally demand deposits, time deposits, bankers acceptances,
commercial paper, negotiable time certificates of deposit, and
borrowings under repurchase agreements.

(3.) Includes nonmarketable certificates of indebtedness and Treasury
bills issued to official institutions of foreign countries.

(4.) Excludes notes issued to foreign official nonreserve agencies.
Includes current value of zero-coupon Treasury bond issues to foreign
governments as follows: Mexico, beginning March 1988, 20-year maturity
issue, and beginning March 1990, 30-year maturity issue; Venezuela,
beginning December 1990, 30-year maturity issue; Argentina, beginning
April 1993, 30-year maturity issue.

(5.) Debt securities of U.S. government corporations and federally
sponsored agencies, and U.S. corporate stocks and bonds.

SOURCE. Based on U.S. Department of the Treasury data and on data
reported to the department by banks (including Federal Reserve Banks)
and securities dealers in the United States, and on the 1994 benchmark
survey of foreign portfolio investment in the United States.
3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS

Reported by Banks in the United States (1)

Payable in Foreign Currencies

Millions of dollars, end of period

           Item                1997      1998      1999

1 Banks' liabilities          117,524   101,125   88,537
2 Banks' claims                83,038    78,162   67,365
3   Deposits                   28,661    45,985   34,426
4   Other claims               54,377    32,177   32,939
5 Claims of banks' domestic
    customers (2)               8,191    20,718   20,826

                                   2000              2001

           Item               Sept.     Dec.     Mar.     June

1 Banks' liabilities          78,852   76,345   89,394   107,593
2 Banks' claims               60,355   56,647   73,179    77,423
3   Deposits                  26,306   23,292   29,902    32,765
4   Other claims              34,049   33,355   43,277    44,658
5 Claims of banks' domestic
    customers (2)             19,123   24,411   21,105    21,144

(1.) Data on claims exclude foreign currencies held by U.S.
monetary authorities.

(2.) Assets owned by customers of the reporting bank located in the
United States that represent claims on foreigners held by reporting
banks for the accounts of the domestic customers.
3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the
United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

           Item              1998        1999        2000

  BY HOLDER AND TYPE OF
        LIABILITY

  1 Total, all
      foreigners           1,347,837   1,408,740   1,511,380 (r)

  2 Banks' own
        liabilities          884,939     971,536   1,077,606 (r)
  3   Demand deposits         29,558      42,884      33,365
  4   Time deposits (2)      151,761     163,620     187,883
  5   Other (3)              140,752     155,853     171,401 (r)
  6   Own foreign
        offices (4)          562,868     609,179     684,957

  7 Banks' custodial
        liabilities (5)      462,898     437,204     433,774
  8   U.S. Treasury
        bills and
        certificates (6)     183,494     185,676     177,846
  9   Short-term agency
        securities (7)       n.a.        n.a.        n.a.
 10   Other negotiable
        and readily
        transferable
        instruments (8)      141,699     132,617     145,840
 11   Other                  137,705     118,911     110,088

 12 Nonmonetary
        international
        and regional
        organiza-
        tions (9)             11,883      15,276      12,542
 13   Banks' own
          liabilities         10,850      14,357      12,140
 14     Demand deposits          172          98          41
 15     Time
          deposits (2)         5,793      10,349       6,246
 16     Other (3)              4,885       3,910       5,853

 17   Banks' custodial
          liabili-
          ties (5)             1,033         919         402
 18     U.S. Treasury
          bills and
          certifi-
          cates (6)              636         680         252
 19     Short-term
          agency
          securities (7)     n.a.        n.a.        n.a.
 20     Other negotiable
          and readily
          transferable
          instru-
          ments (8)              397         233         149
 21     Other                      0           6           1

 22 Official
        institu-
        tions (10)           260,060     295,024     297,603
 23   Banks' own
          liabilities         80,256      97,615      96,989
 24     Demand deposits        3,003       3,341       3,952
 25     Time
          deposits (2)        29,506      28,942      35,573
 26     Other (3)             47,747      65,332      57,464

 27   Banks' custodial
          liabili-
          ties (5)           179,804     197,409     200,614
 28     U.S. Treasury
          bills and
          certifi-
          cates (6)          134,177     156,177     153,010
 29     Short-term
          agency
          securities (7)     n.a.        n.a.        n.a.
 30     Other negotiable
          and readily
          transferable
          instru-
          ments (8)           44,953      41,182      47,366
 31     Other                    674          50         238

 32 Banks (11)               885,336     900,379     972,902
 33   Banks' own
          liabilities        676,057     728,492     821,276
 34     Unaffiliated
          foreign banks      113,189     119,313     136,319
 35       Demand
            deposits          14,071      17,583      15,522
 36       Time
            deposits (2)      45,904      48,140      66,904
 37       Other (3)           53,214      53,590      53,893
 38     Own foreign
          offices (4)        562,868     609,179     684,957

 39   Banks' custodial
          liabilities
          (5)                209,279     171,887     151,626
 40     U.S. Treasury
          bills and
          certifi-
          cates (6)           35,359      16,796      16,023
 41     Short-term
          agency
          securities (7)     n.a.        n.a.        n.a.
 42     Other negotiable
          and readily
          transferable
          instru-
          ments (8)           45,332      45,695      36,036
 43     Other                128,588     109,396      99,567

 44 Other foreigners         190,558     198,061     228,333 (r)
 45   Banks' own
          liabilities        117,776     131,072     147,201 (r)
 46     Demand deposits       12,312      21,862      13,850
 47     Time
          deposits (2)        70,558      76,189      79,160
 48     Other (3)             34,906      33,021      54,191 (r)

 49 Banks' custodial
        liabilities (5)       72,782      66,989      81,132
 50   U.S. Treasury
        bills and
        certificates (6)      13,322      12,023       8,561
 51   Short-term agency
        securities (7)       n.a.        n.a.        n.a.
 52   Other negotiable
        and readily
        transferable
        instruments (8)       51,017      45,507      62,289
 53   Other                    8,443       9,459      10,282

    MEMO
 54 Negotiable time
      certificates of
      deposits in
      custody for
      foreigners              27,026      30,345      34,217
 55 Repurchase
      agreements (7)         n.a.        n.a.        n.a.

           AREA

 56 Total, all
      foreigners           1,347,837   1,408,740   1,511,380 (r)

 57 Foreign countries      1,335,954   1,393,464   1,498,837 (r)

 58 Europe                   427,375     441,810     446,788
 59   Austria                  3,178       2,789       2,692
 60   Belgium (12)            42,818      44,692      33,399
 61   Denmark                  1,437       2,196       3,000
 62   Finland                  1,862       1,658       1,411
 63   France                  44,616      49,790      37,833
 64   Germany                 21,357      24,753      35,519
 65   Greece                   2,066       3,748       2,011
 66   Italy                    7,103       6,775       5,072
 67   Luxembourg (12)        n.a.        n.a.        n.a.
 68   Netherlands             10,793       8,143       7,047
 69   Norway                     710       1,327       2,305
 70   Portugal                 3,236       2,228       2,403
 71   Russia                   2,439       5,475      19,018
 72   Spain                   15,781      10,426       7,787
 73   Sweden                   3,027       4,652       6,497
 74   Switzerland             50,654      63,485      74,635
 75   Turkey                   4,286       7,842       7,548
 76   United Kingdom         181,554     172,687     167,757
 77   Channel Islands
        and Isle of
        Man (13)             n.a.        n.a.        n.a.
 78   Yugoslavia (14)            233         286         276
 79   Other Europe and
        other former
        U.S.S.R. (15)         30,225      28,858      30,578

 80 Canada                    30,212      34,214      30,982

 81 Latin America            121,327     117,495     120,041 (r)
 82   Argentina               19,014      18,633      19,451
 83   Brazil                  15,815      12,865      10,852
 84   Chile                    5,015       7,008       5,892
 85   Colombia                 4,624       5,669       4,542
 86   Ecuador                  1,572       1,956       2,112 (r)
 87   Guatemala                1,336       1,626       1,601
 88   Mexico                  37,157      30,717      32,166
 89   Panama                   3,864       4,415       4,240
 90   Peru                       840       1,142       1,427
 91   Uruguay                  2,486       2,386       3,003
 92   Venezuela               19,894      20,192      24,730
 93   Other Latin
        America (16)          9,710      10,886      10,025

 94 Caribbean                433,539     461,200     573,337
 95   Bahamas                118,085     135,811     189,298
 96   Bermuda                  6,846       7,874       9,636
 97   British West
        Indies (17)          302,486     312,278     367,197
 98   Cayman
        Islands (17)         n.a.        n.a.        n.a.
 99   Cuba                        62          75          90
100   Jamaica                    577         520         794
101   Netherlands
        Antilles               5,010       4,047       5,428
102   Trinidad and
        Tobago                   473         595         894
103   Other
        Caribbean (16)       n.a.        n.a.        n.a.

104 Asia                     307,960     319,489     305,524
      China
105     Mainland              13,441      12,325      16,531
106     Taiwan                12,708      13,603      17,352
107     Hong Kong             20,900      27,701      26,462
108   India                    5,250       7,367       4,530
109   Indonesia                8,282       6,567       8,514
110   Israel                   7,749       7,488       8,053
111   Japan                  168,563     159,075     150,415
112   Korea (South)           12,524      12,988       7,955
113   Philippines              3,324       3,268       2,316
114   Thailand                 7,359       6,050       3,117
115   Middle Eastern
        oil-exporting
        countries (18)        15,609      21,314      23,733
116   Other                   32,251      41,743      36,546

117 Africa                     8,905       9,468      10,824
118   Egypt                    1,339       2,022       2,621
119   Morocco                     97         179         139
120   South Africa             1,522       1,495       1,010
121   Congo
        (formerly Zaire)           5          14           4
122   Oil-exporting
        countries (19)         3,088       2,914       4,052
123   Other                    2,854       2,844       2,998

124 Other countries            6,636       9,788      11,341
125   Australia                5,495       8,377      10,070
126   New Zealand (20)       n.a.        n.a.        n.a.
127   All other                1,141       1,411       1,271

128 Nonmonetary
        international
        and regional
        organizations         11,883      15,276      12,543
129   International (21)      10,221      12,876      11,270
130   Latin American
        regional (22)            594       1,150         740
131   Other
        regional (23)          1,068       1,250         533

                                     2001

           Item              Mar.            Apr.

  BY HOLDER AND TYPE OF
        LIABILITY

  1 Total, all
      foreigners           1,505,606       1,530,622 (r)

  2 Banks' own
        liabilities        1,076,302       1,093,322
  3   Demand deposits         33,918          30,210
  4   Time deposits (2)      182,257         189,539
  5   Other (3)              200,280         202,213
  6   Own foreign
        offices (4)          659,847         671,360

  7 Banks' custodial
        liabilities (5)      429,304         437,300 (r)
  8   U.S. Treasury
        bills and
        certificates (6)     171,823         160,702 (r)
  9   Short-term agency
        securities (7)        71,454          69,543
 10   Other negotiable
        and readily
        transferable
        instruments (8)       65,154          78,258 (r)
 11   Other                  120,873         128,797 (r)

 12 Nonmonetary
        international
        and regional
        organiza-
        tions (9)             12,290          12,833
 13   Banks' own
          liabilities         11,746          12,344
 14     Demand deposits           23              14
 15     Time
          deposits (2)         5,302           5,301
 16     Other (3)              6,421           7,029

 17   Banks' custodial
          liabili-
          ties (5)               544             489
 18     U.S. Treasury
          bills and
          certifi-
          cates (6)              229             170
 19     Short-term
          agency
          securities (7)         137             144
 20     Other negotiable
          and readily
          transferable
          instru-
          ments (8)              177             175
 21     Other                      1               0

 22 Official
        institu-
        tions (10)           309,805         302,545
 23   Banks' own
          liabilities         97,028         103,454
 24     Demand deposits        3,511           2,552
 25     Time
          deposits (2)        27,959          31,985
 26     Other (3)             65,558          68,917

 27   Banks' custodial
          liabili-
          ties (5)           212,777         199,091
 28     U.S. Treasury
          bills and
          certifi-
          cates (6)          155,204         144,158
 29     Short-term
          agency
          securities (7)      53,295          51,107
 30     Other negotiable
          and readily
          transferable
          instru-
          ments (8)            4,064           3,325
 31     Other                    214             501

 32 Banks (11)               959,967 (r)     966,229 (r)
 33   Banks' own
          liabilities        812,697 (r)     816,622 (r)
 34     Unaffiliated
          foreign banks      152,850 (r)     145,262 (r)
 35       Demand
            deposits          16,433          13,030
 36       Time
            deposits (2)      72,926          72,535
 37       Other (3)           63,491 (r)      59,697 (r)
 38     Own foreign
          offices (4)        659,847         671,360

 39   Banks' custodial
          liabilities
          (5)                147,270         149,607 (r)
 40     U.S. Treasury
          bills and
          certifi-
          cates (6)            7,922           7,233
 41     Short-term
          agency
          securities (7)       2,324           2,824
 42     Other negotiable
          and readily
          transferable
          instru-
          ments (8)           27,817          25,738 (r)
 43     Other                109,207         113,812 (r)

 44 Other foreigners         223,544 (r)     249,015 (r)
 45   Banks' own
          liabilities        154,831 (r)     160,902 (r)
 46     Demand deposits       13,951          14,614
 47     Time
          deposits (2)        76,070          79,718
 48     Other (3)             64,810 (r)      66,570 (r)

 49 Banks' custodial
        liabilities (5)       68,713          88,113 (r)
 50   U.S. Treasury
        bills and
        certificates (6)       8,468           9,141 (r)
 51   Short-term agency
        securities (7)        15,698          15,468
 52   Other negotiable
        and readily
        transferable
        instruments (8)       33,096          49,020 (r)
 53   Other                   11,451          14,484

    MEMO
 54 Negotiable time
      certificates of
      deposits in
      custody for
      foreigners              24,518          26,238
 55 Repurchase
      agreements (7)         129,671         119,577

           AREA

 56 Total, all
      foreigners           1,505,606       1,530,622 (r)

 57 Foreign countries      1,493,315       1,517,788 (r)

 58 Europe                   429,577         431,297 (r)
 59   Austria                  2,178           2,771
 60   Belgium (12)             5,432           5,309
 61   Denmark                  2,919           3,412
 62   Finland                  1,286           1,769
 63   France                  42,758          39,125
 64   Germany                 30,863          29,591 (r)
 65   Greece                   1,496           1,336
 66   Italy                    5,853           5,272 (r)
 67   Luxembourg (12)         12,585          14,505
 68   Netherlands              7,079          10,146 (r)
 69   Norway                   8,362           4,807 (r)
 70   Portugal                 1,731           1,949
 71   Russia                  18,625          19,917
 72   Spain                    9,503           7,750
 73   Sweden                   6,738           6,025
 74   Switzerland             54,038          66,008 (r)
 75   Turkey                   5,646           4,556 (r)
 76   United Kingdom         147,123         137,957
 77   Channel Islands
        and Isle of
        Man (13)              36,040          36,013
 78   Yugoslavia (14)            292             303
 79   Other Europe and
        other former
        U.S.S.R. (15)         29,030          32,776

 80 Canada                    24,273          27,964 (r)

 81 Latin America            114,697         117,645 (r)
 82   Argentina               12,932          14,671 (r)
 83   Brazil                  10,576          10,860 (r)
 84   Chile                    5,176           5,450 (r)
 85   Colombia                 4,362           4,620 (r)
 86   Ecuador                  2,202           2,187 (r)
 87   Guatemala                1,515           1,564 (r)
 88   Mexico                  34,105          34,290 (r)
 89   Panama                   4,034           3,493 (r)
 90   Peru                     1,792           1,770
 91   Uruguay                  3,366           3,411 (r)
 92   Venezuela               27,462          27,892 (r)
 93   Other Latin
        America (16)           7,175           7,437 (r)

 94 Caribbean                582,825         605,861 (r)
 95   Bahamas                174,156         177,506
 96   Bermuda                  8,402           8,317 (r)
 97   British West
        Indies (17)          n.a.            n.a.
 98   Cayman
        Islands (17)         381,129         401,809
 99   Cuba                        85              83
100   Jamaica                  1,207             867
101   Netherlands
        Antilles               4,510           4,523
102   Trinidad and
        Tobago                 1,038           1,114
103   Other
        Caribbean (16)        12,298          11,642 (r)

104 Asia                     320,705         311,719 (r)
      China
105     Mainland              39,924          34,689
106     Taiwan                17,891          19,963
107     Hong Kong             29,103          26,581
108   India                    4,547           4,113
109   Indonesia                8,605          10,728
110   Israel                   8,803           7,095
111   Japan                  146,446         144,863 (r)
112   Korea (South)            6,541           5,879 (r)
113   Philippines              1,461           1,669 (r)
114   Thailand                 3,253           2,936 (r)
115   Middle Eastern
        oil-exporting
        countries (18)        21,651          20,522 (r)
116   Other                   32,480          32,681

117 Africa                    10,566          10,662 (r)
118   Egypt                    2,282           2,213
119   Morocco                    133             139
120   South Africa               652             794 (r)
121   Congo
        (formerly Zaire)           8               5
122   Oil-exporting
        countries (19)         4,593           4,752
123   Other                    2,898           2,759

124 Other countries           10,672          12,640 (r)
125   Australia                9,472          11,391 (r)
126   New Zealand (20)           427             503
127   All other                  773             746

128 Nonmonetary
        international
        and regional
        organizations         12,291          12,834
129   International (21)      11,379          11,335
130   Latin American
        regional (22)            272             327
131   Other
        regional (23)            640             620

                                      2001
           Item
                              May            June

  BY HOLDER AND TYPE OF
        LIABILITY

  1 Total, all
      foreigners           1,533,304 (r)   1,519,682 (r)

  2 Banks' own
        liabilities        1,115,113       1,096,127 (r)
  3   Demand deposits         29,123          32,833 (r)
  4   Time deposits (2)      181,613         180,645
  5   Other (3)              207,146         212,874
  6   Own foreign
        offices (4)          697,231         669,775

  7 Banks' custodial
        liabilities (5)      418,191 (r)     423,555 (r)
  8   U.S. Treasury
        bills and
        certificates (6)     156,022 (r)     156,525 (r)
  9   Short-term agency
        securities (7)        62,425          60,081
 10   Other negotiable
        and readily
        transferable
        instruments (8)       80,917 (r)      78,790 (r)
 11   Other                  118,827 (r)     128,159 (r)

 12 Nonmonetary
        international
        and regional
        organiza-
        tions (9)             14,668          13,818
 13   Banks' own
          liabilities         14,342          13,479
 14     Demand deposits           15              28
 15     Time
          deposits (2)         3,532           4,228
 16     Other (3)             10,795           9,223

 17   Banks' custodial
          liabili-
          ties (5)               326             339
 18     U.S. Treasury
          bills and
          certifi-
          cates (6)              105              68
 19     Short-term
          agency
          securities (7)         132             134
 20     Other negotiable
          and readily
          transferable
          instru-
          ments (8)               87             137
 21     Other                      2               0

 22 Official
        institu-
        tions (10)           281,854         283,666
 23   Banks' own
          liabilities         96,696         100,053
 24     Demand deposits        2,522           2,465
 25     Time
          deposits (2)        26,625          32,752
 26     Other (3)             67,549          64,836

 27   Banks' custodial
          liabili-
          ties (5)           185,158         183,613
 28     U.S. Treasury
          bills and
          certifi-
          cates (6)          137,933         139,195
 29     Short-term
          agency
          securities (7)      43,193          40,301
 30     Other negotiable
          and readily
          transferable
          instru-
          ments (8)            3,509           3,647
 31     Other                    523             470

 32 Banks (11)               990,190 (r)     969,810 (r)
 33   Banks' own
          liabilities        845,636 (r)     816,666 (r)
 34     Unaffiliated
          foreign banks      148,405 (r)     146,891 (r)
 35       Demand
            deposits          12,143          15,211
 36       Time
            deposits (2)      70,700          64,249
 37       Other (3)           65,562 (r)      67,431 (r)
 38     Own foreign
          offices (4)        697,231         669,775

 39   Banks' custodial
          liabilities
          (5)                144,554 (r)     153,144 (r)
 40     U.S. Treasury
          bills and
          certifi-
          cates (6)            8,535           8,455
 41     Short-term
          agency
          securities (7)       3,772           3,169
 42     Other negotiable
          and readily
          transferable
          instru-
          ments (8)           28,319 (r)      27,836 (r)
 43     Other                103,928 (r)     113,684 (r)

 44 Other foreigners         246,592 (r)     252,388 (r)
 45   Banks' own
          liabilities        158,439 (r)     165,929 (r)
 46     Demand deposits       14,443          15,129 (r)
 47     Time
          deposits (2)        80,756          79,416
 48     Other (3)             63,240 (r)      71,384 (r)

 49 Banks' custodial
        liabilities (5)       88,153 (r)      86,459 (r)
 50   U.S. Treasury
        bills and
        certificates (6)       9,449 (r)       8,807 (r)
 51   Short-term agency
        securities (7)        15,328          16,477
 52   Other negotiable
        and readily
        transferable
        instruments (8)       49,002 (r)      47,170 (r)
 53   Other                   14,374          14,005

    MEMO
 54 Negotiable time
      certificates of
      deposits in
      custody for
      foreigners              25,912          24,884
 55 Repurchase
      agreements (7)         119,901         126,508

           AREA

 56 Total, all
      foreigners           1,533,304 (r)   1,519,682

 57 Foreign countries      1,518,635 (r)   1,505,863

 58 Europe                   464,658 (r)     458,147
 59   Austria                  2,593           2,026
 60   Belgium (12)             5,895           6,270
 61   Denmark                  2,910           3,063
 62   Finland                  1,144           2,395
 63   France                  40,209          40,077
 64   Germany                 30,341 (r)      32,358
 65   Greece                   1,525           1,653
 66   Italy                    5,534 (r)       6,767
 67   Luxembourg (12)         15,046          14,961
 68   Netherlands             10,772           9,621
 69   Norway                   2,573 (r)       4,584
 70   Portugal                 2,041           2,287
 71   Russia                  21,357          22,839
 72   Spain                    7,886           7,412
 73   Sweden                   5,284           5,507
 74   Switzerland             93,211 (r)      73,119
 75   Turkey                   7,171 (r)       5,487
 76   United Kingdom         139,507         146,207
 77   Channel Islands
        and Isle of
        Man (13)              34,742          34,994
 78   Yugoslavia (14)            301             297
 79   Other Europe and
        other former
        U.S.S.R. (15)         34,616          36,223

 80 Canada                    25,984 (r)      25,973

 81 Latin America            113,608 (r)     117,601
 82   Argentina               12,647 (r)      16,485
 83   Brazil                  11,266 (r)      12,588
 84   Chile                    5,702 (r)       5,491
 85   Colombia                 4,746 (r)       4,631
 86   Ecuador                  2,140 (r)       1,981
 87   Guatemala                1,594 (r)       1,515
 88   Mexico                  33,192 (r)      33,349
 89   Panama                   3,654 (r)       3,525
 90   Peru                     1,535           1,614
 91   Uruguay                  3,333 (r)       3,026
 92   Venezuela               26,920          26,940
 93   Other Latin
        America (16)           6,879 (r)       6,456

 94 Caribbean                600,406 (r)     598,251
 95   Bahamas                190,142         187,469
 96   Bermuda                  7,020 (r)       7,816
 97   British West
        Indies (17)          n.a.            n.a.
 98   Cayman
        Islands (17)         385,784         384,439
 99   Cuba                        84              85
100   Jamaica                  1,101             963
101   Netherlands
        Antilles               3,402           3,892
102   Trinidad and
        Tobago                 1,237           1,272
103   Other
        Caribbean (16)        11,636 (r)      12,315

104 Asia                     291,831 (r)     284,087
      China
105     Mainland              23,156          15,390
106     Taiwan                18,119          19,862
107     Hong Kong             27,348          29,180
108   India                    4,281           4,043
109   Indonesia               10,602 (r)      10,567
110   Israel                   8,282           8,696
111   Japan                  141,250 (r)     137,072
112   Korea (South)            5,854 (r)       6,746
113   Philippines              1,684 (r)       1,478
114   Thailand                 3,306 (r)       3,316
115   Middle Eastern
        oil-exporting
        countries (18)        19,651 (r)      20,525
116   Other                   28,298          27,212

117 Africa                    10,622 (r)      10,584
118   Egypt                    2,220 (r)       2,267
119   Morocco                    116             102
120   South Africa               707 (r)         693
121   Congo
        (formerly Zaire)           2              14
122   Oil-exporting
        countries (19)         4,740           4,645
123   Other                    2,837           2,863

124 Other countries           11,526 (r)      11,220
125   Australia               10,419 (r)       9,855
126   New Zealand (20)           437             862
127   All other                  670             503

128 Nonmonetary
        international
        and regional
        organizations         14,669          13,819
129   International (21)      12,965          12,836
130   Latin American
        regional (22)            886             418
131   Other
        regional (23)            518             523

                                           2001

           Item              July          Aug. (r)    Sept. (p)

  BY HOLDER AND TYPE OF
        LIABILITY

  1 Total, all
      foreigners           1,519,393 (r)   1,508,533   1,489,069

  2 Banks' own
        liabilities        1,099,081 (r)   1,077,761   1,057,226
  3   Demand deposits         29,950          33,670      34,262
  4   Time deposits (2)      175,964         175,788     178,677
  5   Other (3)              225,276         206,037     196,294
  6   Own foreign
        offices (4)          667,891 (r)     662,266     647,993

  7 Banks' custodial
        liabilities (5)      420,312 (r)     430,772     431,843
  8   U.S. Treasury
        bills and
        certificates (6)     160,847 (r)     170,605     173,115
  9   Short-term agency
        securities (7)        61,471          62,801      62,114
 10   Other negotiable
        and readily
        transferable
        instruments (8)       76,503 (r)      76,676      74,698
 11   Other                  121,491         120,690     121,916

 12 Nonmonetary
        international
        and regional
        organiza-
        tions (9)             11,255          13,214      13,309
 13   Banks' own
          liabilities         11,020          12,983      13,075
 14     Demand deposits           50              21          36
 15     Time
          deposits (2)         2,896           2,738       2,299
 16     Other (3)              8,074          10,224      10,740

 17   Banks' custodial
          liabili-
          ties (5)               235             231         234
 18     U.S. Treasury
          bills and
          certifi-
          cates (6)               78              92         118
 19     Short-term
          agency
          securities (7)         132             117         102
 20     Other negotiable
          and readily
          transferable
          instru-
          ments (8)               25              21          13
 21     Other                      0               1           1

 22 Official
        institu-
        tions (10)           295,146         289,471     297,496
 23   Banks' own
          liabilities        108,991          94,150     101,385
 24     Demand deposits        2,169           2,934       3,042
 25     Time
          deposits (2)        28,121          26,441      31,971
 26     Other (3)             78,701          64,775      66,372

 27   Banks' custodial
          liabili-
          ties (5)           186,155         195,321     196,111
 28     U.S. Treasury
          bills and
          certifi-
          cates (6)          143,288         151,850     153,899
 29     Short-term
          agency
          securities (7)      39,971          40,727      39,961
 30     Other negotiable
          and readily
          transferable
          instru-
          ments (8)            2,686           2,558       2,230
 31     Other                    210             186          21

 32 Banks (11)               957,696 (r)     955,544     928,908
 33   Banks' own
          liabilities        811,173 (r)     809,835     787,206
 34     Unaffiliated
          foreign banks      143,282 (r)     147,569     139,213
 35       Demand
            deposits          12,548          14,585      14,928
 36       Time
            deposits (2)      64,094          65,652      64,816
 37       Other (3)           66,640 (r)      67,332      59,469
 38     Own foreign
          offices (4)        667,891 (r)     662,266     647,993

 39   Banks' custodial
          liabilities
          (5)                146,523 (r)     145,709     141,702
 40     U.S. Treasury
          bills and
          certifi-
          cates (6)            9,093           9,582       8,781
 41     Short-term
          agency
          securities (7)       2,535           2,421       2,628
 42     Other negotiable
          and readily
          transferable
          instru-
          ments (8)           27,097 (r)      27,042      23,889
 43     Other                107,798         106,664     106,404

 44 Other foreigners         255,296 (r)     250,304     249,356
 45   Banks' own
          liabilities        167,897 (r)     160,793     155,560
 46     Demand deposits       15,183          16,130      16,256
 47     Time
          deposits (2)        80,853          80,957      79,591
 48     Other (3)             71,861 (r)      63,706      59,713

 49 Banks' custodial
        liabilities (5)       87,399 (r)      89,511      93,796
 50   U.S. Treasury
        bills and
        certificates (6)       8,388 (r)       9,081      10,317
 51   Short-term agency
        securities (7)        18,833          19,536      19,423
 52   Other negotiable
        and readily
        transferable
        instruments (8)       46,695 (r)      47,055      48,566
 53   Other                   13,483          13,839      15,490

    MEMO
 54 Negotiable time
      certificates of
      deposits in
      custody for
      foreigners              22,640          24,442      23,228
 55 Repurchase
      agreements (7)         138,328         132,705     111,109

           AREA

 56 Total, all
      foreigners           1,519,393 (r)   1,508,533   1,489,069

 57 Foreign countries      1,508,137 (r)   1,495,319   1,475,760

 58 Europe                   449,630 (r)     431,159     414,092
 59   Austria                  2,040           2,370       2,398
 60   Belgium (12)             7,058           6,624       6,424
 61   Denmark                  2,596           3,294       3,243
 62   Finland                  1,574           1,003       1,267
 63   France                  42,710          39,662      38,264
 64   Germany                 32,336 (r)      27,764      20,385
 65   Greece                   2,288           2,607       2,440
 66   Italy                    5,877           4,761       5,803
 67   Luxembourg (12)         14,568          14,411      15,065
 68   Netherlands             11,372          11,537      11,145
 69   Norway                   3,540 (r)       3,961       3,565
 70   Portugal                 2,662           2,490       2,594
 71   Russia                  23,966          22,687      22,942
 72   Spain                    6,974           7,286       8,927
 73   Sweden                   4,111           3,233       3,760
 74   Switzerland             65,942 (r)      53,148      39,576
 75   Turkey                   6,194 (r)       7,068       6,203
 76   United Kingdom         137,207 (r)     138,121     139,218
 77   Channel Islands
        and Isle of
        Man (13)              35,018          35,745      36,072
 78   Yugoslavia (14)            395             297         321
 79   Other Europe and
        other former
        U.S.S.R. (15)         41,202          43,090      44,480

 80 Canada                    26,378 (r)      28,098      26,117

 81 Latin America            118,679 (r)     120,852     119,370
 82   Argentina               13,297 (r)      11,261      15,140
 83   Brazil                  14,371 (r)      16,143      16,981
 84   Chile                    5,443 (r)       5,322       5,740
 85   Colombia                 4,397 (r)       4,582       4,449
 86   Ecuador                  2,145 (r)       2,170       2,117
 87   Guatemala                1,530 (r)       1,466       1,442
 88   Mexico                  34,697 (r)      37,943      37,432
 89   Panama                   3,705 (r)       3,683       3,773
 90   Peru                     1,599           1,526       1,466
 91   Uruguay                  2,980           2,993       2,684
 92   Venezuela               27,604 (r)      26,969      21,768
 93   Other Latin
        America (16)           6,911 (r)       6,794       6,378

 94 Caribbean                608,489 (r)     613,630     596,511
 95   Bahamas                183,844 (r)     184,763     178,257
 96   Bermuda                  8,230 (r)       7,419       7,533
 97   British West
        Indies (17)          n.a.            n.a.        n.a.
 98   Cayman
        Islands (17)         400,626 (r)     406,074     392,938
 99   Cuba                        88              45         154
100   Jamaica                    975             967         958
101   Netherlands
        Antilles               3,207           3,270       4,505
102   Trinidad and
        Tobago                 1,253           1,428       1,410
103   Other
        Caribbean (16)        10,266 (r)       9,664      10,756

104 Asia                     283,682 (r)     279,112     300,383
      China
105     Mainland              15,586          16,023      16,886
106     Taiwan                23,081          22,772      22,247
107     Hong Kong             26,843          23,838      24,587
108   India                    4,413           4,076       4,024
109   Indonesia               11,630          11,989      11,928
110   Israel                   8,710           7,715       8,818
111   Japan                  134,252 (r)     132,305     149,452
112   Korea (South)            7,366 (r)       7,046       7,723
113   Philippines              1,657 (r)       1,791       1,884
114   Thailand                 3,381 (r)       3,763       3,347
115   Middle Eastern
        oil-exporting
        countries (18)        19,190          20,542      20,844
116   Other                   27,573          27,252      28,643

117 Africa                    12,178 (r)      12,194      11,609
118   Egypt                    3,526 (r)       3,647       3,014
119   Morocco                    118             165         235
120   South Africa               839 (r)       1,324         810
121   Congo
        (formerly Zaire)           5               5           2
122   Oil-exporting
        countries (19)         4,349           3,839       4,431
123   Other                    3,341           3,214       3,117

124 Other countries            9,101 (r)      10,274       7,678
125   Australia                8,058 (r)       9,290       6,822
126   New Zealand (20)           501             517         437
127   All other                  542             467         419

128 Nonmonetary
        international
        and regional
        organizations         11,256          13,214      13,309
129   International (21)      10,241          12,090      12,224
130   Latin American
        regional (22)            441             509         569
131   Other
        regional (23)            502             558         476

(1.) Reporting banks include all types of depository institutions
as well as some brokers and dealers. Excludes bonds and notes of
maturities longer than one year.

(2.) Excludes negotiable time certificates deposit, which are included
in "Other negotiable and readily transferable instruments."

(3.) Includes borrowing under repurchase agreements.

(4.) For U.S. banks, includes amounts owed to own foreign branches
and foreign subsidiaries consolidated in quarterly Consolidated
Reports of Condition filed with bank regulatory agencies. For
agencies, branches, and majority-owned subsidiaries of foreign banks,
consists principally of amounts owed to the head office or parent
foreign bank, and to foreign branches, agencies, or wholly owned
subsidiaries of the head office or parent foreign bank.

(5.) Financial claims on residents of the United States,
other than long-term securities, held by or through reporting banks
fore foreign customers.

(6.) Includes nonmarketable certificates of indebtedness and
Treasury bills issued to official institutions of foreign countries.

(7.) Data available beginning January 2001.

(8.) Principally bankers acceptances, commercial paper, and
negotiable time certificates of deposit.

(9.) Principally the International Bank for Reconstruction and
Development, the Inter-American Development Bank, and the
Asian Development Bank. Excludes "holdings of dollars"
of the International Monetary Fund.

(10.) Foreign central banks, foreign central governments, and
the Bank for International Settlements.

(11.) Excludes central banks, which are included in
"Official institutions."

(12.) Before January 2001, data for Belgium-Luxembourg
were combined.

(13.) Before January 2001, these data were included in data
reported for the United Kingdom.

(14.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia.

(15.) Includes the Bank for International Settlements and the
European Central Bank. Since December 1992, has included all
parts of the former U.S.S.R. (except Russia), and Bosnia,
Croatia, and Slovenia.

(16.) Before January 2001, data for "Other Latin America" and
"Other Caribbean" were combined in "Other Latin America and Caribbean."

(17.) Beginning January 2001, data for the Cayman Islands replaced
data for the British West Indies.

(18.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).

(19.) Comprises Algeria, Gabon, Libya, and Nigeria.

(20.) Before January 2001, these data were included in "All other."

(21.) Principally the International Bank for Reconstruction and
Development. Excludes "holdings of dollars" of the International
Monetary Fund.

(22.) Principally the Inter-American Development Bank.

(23.) Asian, African, Middle Eastern, and European regional
organizations, except the Bank for International Settlements,
which is included in "Other Europe."
3.18 BANKS' OWN CLAIMS ON FOREIGNERS
Reported by Banks in the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

                                                                 2001

      Area or country           1998      1999      2000         Mar.

 1 Total, all foreigners      734,995   793,139   904,697 (r)   980,742

 2 Foreign countries          731,378   788,576   900,011 (r)   977,966

 3 Europe                     233,321   311,686   378,115 (r)   439,499
 4   Austria                    1,043     2,643     2,926         3,101
 5   Belgium (2)                7,187    10,193     5,399         4,852
 6   Denmark                    2,383     1,669     3,272         3,242
 7   Finland                    1,070     2,020     7,382         7,185
 8   France                    15,251    29,142    40,035        45,555
 9   Germany                   15,923    29,205    36,834        45,729
10   Greece                       575       806       646           278
11   Italy                      7,284     8,496     7,629         6,975
12   Luxembourg (2)            n.a.      n.a.      n.a.           2,549
13   Netherlands                5,697    11,810    17,043        22,623
14   Norway                       827     1,000     5,012         8,228
15   Portugal                     669     1,571     1,382         1,426
16   Russia                       789       713       517         1,008
17   Spain                      5,735     3,796     2,603 (r)     4,722
18   Sweden                     4,223     3,264     9,226        10,286
19   Switzerland               46,874    79,158    82,085        96,489
20   Turkey                     1,982     2,617     3,059         2,697
21   United Kingdom           106,349   115,971   144,938       162,563
22   Channel Islands and
       Isle of Man (3)         n.a.      n.a.      n.a.           3,250
23   Yugoslavia (4)                53        50        50            49
24   Other Europe and other
       former U.S.S.R. (5)      9,407     7,562     8,077         6,692

25 Canada                      47,037    37,206    39,858        43,838

26 Latin America               79,976    74,040    76,588        73,717
27   Argentina                  9,552    10,894    11,546        11,242
28   Brazil                    16,184    16,987    20,567        20,232
29   Chile                      8,250     6,607     5,815         5,822
30   Colombia                   6,507     4,524     4,370         4,022
31   Ecuador                    1,400       760       635           534
32   Guatemala                  1,127     1,135     1,244         1,175
33   Mexico                    21,212    17,899    17,415        17,747
34   Panama                     3,584     3,387     2,933         3,006
35   Peru                       3,275     2,529     2,807         2,809
36   Uruguay                    1,126       801       673           364
37   Venezuela                  3,089     3,494     3,518         3,237
38   Other Latin America
       (6)                      4,670     5,023     5,065         3,527

39 Caribbean                  262,678   281,128   319,410 (r)   325,060
40   Bahamas                   96,455    99,066   114,090       105,064
41   Bermuda                    5,011     8,007     9,260 (r)     8,122
42   British West Indies
       (7)                    153,749   167,189   189,296        n.a.
43   Cayman Islands (7)        n.a.      n.a.      n.a.         199,351
44   Cuba                           0         0         0        n.a.
45   Jamaica                      239       295       355           348
46   Netherlands Antilles       6,779     5,982     5,801         6,921
47   Trinidad and Tobago          445       589       608           710
48   Other Caribbean (6)       n.a.      n.a.      n.a.           4,544

49 Asia                        98,607    75,143    77,829 (r)    87,673
     China
50     Mainland                 1,261     2,110     1,606         1,357
51     Taiwan                   1,041     1,390     2,247         1,851
52     Hong Kong                9,080     5,903     6,669        11,069
53   India                      1,440     1,738     2,178         1,827
54   Indonesia                  1,942     1,776     1,914         2,001
55   Israel                     1,166     1,875     2,729         2,339
56   Japan                     46,713    28,641    34,974 (r)    39,250
57   Korea (South)              8,289     9,426     7,776        12,264
58   Philippines                1,465     1,410     1,784         1,195
59   Thailand                   1,807     1,515     1,381         1,258
60   Middle Eastern
       oil-exporting
       countries (8)           16,130    14,267     9,346         9,120
61   Other                      8,273     5,092     5,225         4,142

62 Africa                       3,122     2,268     2,094         2,111
63   Egypt                        257       258       201           343
64   Morocco                      372       352       204           189
65   South Africa                 643       622       309           586
66   Congo (formerly Zaire)         0        24         0        n.a.
67   Oil-exporting
       countries (9)              936       276       471           217
68   Other                        914       736       909           776

69 Other countries              6,637     7,105     6,117         6,068
70   Australia                  6,173     6,824     5,868         5,773
71   New Zealand (10)          n.a.      n.a.      n.a.             166
72   All other                    464       281       249           129

73 Nonmonetary interna-
     tional and regional
     organizations (11)         3,617     4,563     4,686         2,776

                                         2001

      Area or country          Apr.       May      June

 1 Total, all foreigners      990,151   996,701   990,698 (r)

 2 Foreign countries          987,396   992,791   986,000 (r)

 3 Europe                     443,051   461,025   452,017
 4   Austria                    3,728     3,364     2,870
 5   Belgium (2)                4,375     5,627     4,254
 6   Denmark                    2,954     2,505     2,268
 7   Finland                    8,901     8,800     8,460
 8   France                    46,378    42,189    48,835
 9   Germany                   49,062    55,063    51,242
10   Greece                       265       285       313
11   Italy                      7,274     6,867     8,111
12   Luxembourg (2)             2,012     1,876     1,285
13   Netherlands               22,692    16,488    16,993
14   Norway                     5,296     2,915     6,502
15   Portugal                   1,535     1,173     1,304
16   Russia                       813       715       911
17   Spain                      3,445     4,275     3,594
18   Sweden                    11,934    10,986    11,049
19   Switzerland              104,816   137,273   111,492
20   Turkey                     2,770     2,596     2,530
21   United Kingdom           156,161   149,064   161,720
22   Channel Islands and
       Isle of Man (3)          3,151     3,838     3,275
23   Yugoslavia (4)                49        59        49
24   Other Europe and other
       former U.S.S.R. (5)      5,440     5,067     4,960

25 Canada                      45,094    44,583    50,153

26 Latin America               73,829    73,823    73,763 (r)
27   Argentina                 11,541    11,731    11,923 (r)
28   Brazil                    20,287    20,719    21,538 (r)
29   Chile                      5,628     5,443     5,451 (r)
30   Colombia                   3,720     3,740     3,641
31   Ecuador                      526       482       523
32   Guatemala                  1,171     1,226     1,199 (r)
33   Mexico                    18,013    17,960    17,385 (r)
34   Panama                     3,158     2,872     3,086
35   Peru                       2,771     2,534     2,566 (r)
36   Uruguay                      367       366       398
37   Venezuela                  3,154     3,109     2,982
38   Other Latin America
       (6)                      3,493     3,641     3,071 (r)

39 Caribbean                  333,130   324,710   322,559 (r)
40   Bahamas                  112,424   112,802   105,772
41   Bermuda                    6,781     5,507     5,802
42   British West Indies
       (7)                     n.a.      n.a.      n.a.
43   Cayman Islands (7)       200,022   195,790   200,149 (r)
44   Cuba                           1    n.a.      n.a.
45   Jamaica                      336       396       301
46   Netherlands Antilles       9,384     5,738     5,749
47   Trinidad and Tobago          783       804       946
48   Other Caribbean (6)        3,399     3,673     3,840 (r)

49 Asia                        83,546    81,217    80,927
     China
50     Mainland                 3,171     2,252     4,387
51     Taiwan                   2,258     1,985     2,524
52     Hong Kong               10,462     9,127     9,249
53   India                      1,675     1,648     1,634
54   Indonesia                  2,033     2,015     1,932
55   Israel                     2,526     2,715     2,417
56   Japan                     32,908    34,442    32,338
57   Korea (South)             13,971    11,673    11,258
58   Philippines                1,835     1,788     1,831
59   Thailand                   1,062     1,380     1,541
60   Middle Eastern
       oil-exporting
       countries (8)            7,936     9,926     8,621
61   Other                      3,709     2,266     3,195

62 Africa                       2,035     1,904     2,132
63   Egypt                        308       466       530
64   Morocco                      185       185       175
65   South Africa                 444       289       528
66   Congo (formerly Zaire)    n.a.      n.a.      n.a.
67   Oil-exporting
       countries (9)              267       197       142
68   Other                        831       767       757

69 Other countries              6,711     5,529     4,449
70   Australia                  6,261     5,215     4,121
71   New Zealand (10)             269       136       279
72   All other                    181       178        49

73 Nonmonetary interna-
     tional and regional
     organizations (11)         2,755     4,535     4,848

                                            2001

                                              Aug.      Sept.
      Area or country          July           (r)       (p)

 1 Total, all foreigners      975,363 (r)   948,839   958,921

 2 Foreign countries          970,509 (r)   944,288   954,445

 3 Europe                     441,780       413,717   406,885
 4   Austria                    2,714         3,130     3,111
 5   Belgium (2)                9,184         4,451     4,780
 6   Denmark                    1,345         1,570     1,672
 7   Finland                    8,666         8,350    10,917
 8   France                    56,997        56,342    51,729
 9   Germany                   47,378        47,744    37,802
10   Greece                       369           278       288
11   Italy                      5,466         6,227     6,639
12   Luxembourg (2)               914         1,010       910
13   Netherlands               16,875        16,309    18,358
14   Norway                     4,379         3,851     4,835
15   Portugal                   1,050         1,232     1,285
16   Russia                       589           877       676
17   Spain                      3,955         3,431     4,662
18   Sweden                    11,507        11,651    12,203
19   Switzerland               96,036        79,942    72,545
20   Turkey                     2,499         2,407     2,307
21   United Kingdom           161,232       157,531   163,371
22   Channel Islands and
       Isle of Man (3)          3,417         3,162     3,900
23   Yugoslavia (4)                 4             4         4
24   Other Europe and other
       former U.S.S.R. (5)      7,204         4,218     4,891

25 Canada                      43,308        42,847    50,304

26 Latin America               73,432 (r)    76,376    74,377
27   Argentina                 12,344 (r)    13,103    12,075
28   Brazil                    20,941 (r)    22,152    22,460
29   Chile                      5,217 (r)     5,379     5,176
30   Colombia                   3,625         3,720     3,603
31   Ecuador                      515           505       508
32   Guatemala                  1,148 (r)     1,276     1,261
33   Mexico                    17,476 (r)    17,582    16,799
34   Panama                     3,190         3,199     3,199
35   Peru                       2,516 (r)     2,422     2,438
36   Uruguay                      410           453       459
37   Venezuela                  2,913         3,417     3,203
38   Other Latin America
       (6)                      3,137 (r)     3,168     3,196

39 Caribbean                  317,635 (r)   326,668   335,443
40   Bahamas                  100,133        99,046   114,765
41   Bermuda                    7,236         6,803     6,976
42   British West Indies
       (7)                     n.a.          n.a.      n.a.
43   Cayman Islands (7)       198,918       204,760   199,209
44   Cuba                      n.a.          n.a.      n.a.
45   Jamaica                      326           367       369
46   Netherlands Antilles       5,617        10,228     9,818
47   Trinidad and Tobago          989         1,086       974
48   Other Caribbean (6)        4,416 (r)     4,378     3,332

49 Asia                        86,714        77,445    80,688
     China
50     Mainland                 3,785         2,191     3,462
51     Taiwan                   2,906         2,780     3,276
52     Hong Kong                7,488         5,743     6,436
53   India                      1,576         1,622     1,576
54   Indonesia                  2,011         1,975     1,946
55   Israel                     4,483         3,621     3,622
56   Japan                     36,953        34,922    32,338
57   Korea (South)             12,803        10,701    11,788
58   Philippines                2,333         1,740     2,151
59   Thailand                   1,119         1,440     1,179
60   Middle Eastern
       oil-exporting
       countries (8)            8,531         8,267     7,915
61   Other                      2,726         2,443     4,999

62 Africa                       2,038         2,052     1,872
63   Egypt                        391           389       397
64   Morocco                      173           151       154
65   South Africa                 608           661       493
66   Congo (formerly Zaire)    n.a.               2    n.a.
67   Oil-exporting
       countries (9)              130           128       148
68   Other                        736           721       680

69 Other countries              5,602         5,183     4,876
70   Australia                  5,143         4,807     3,956
71   New Zealand (10)             360           264       329
72   All other                     99           112       591

73 Nonmonetary interna-
     tional and regional
     organizations (11)         4,854         4,551     4,476

(1.) Reporting banks include all types of depository institutions as
well as some brokers and dealers.

(2.) Before January 2001, combined data reported for
Belgium-Luxembourg.

(3.) Before January 2001, data included in United Kingdom.

(4.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia.

(5.) Includes the Bank for International Settlements and European
Central Bank. Since December 1992, has included all parts of the
former U.S.S.R. (except Russia) and Bosnia, Croatia, and Slovenia.

(6.) Before January 2001, "Other Latin America" and "Other Caribbean"
were reported as combined "Other Latin America and Caribbean."

(7.) Beginning 2001, Cayman Islands replaced British West Indies in
the data series.

(8.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(9.) Comprises Algeria, Gabon, Libya, and Nigeria.

(10.) Before January 2001, included in "All other."

(11.) Excludes the Bank for International Settlements, which is
included in "Other Europe."
3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Reported by Banks in the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

                                                                2001

     Type of claim         1998      1999       2000            Mar.

 1 Total                  875,891   944,937   1,095,899 (r)   1,202,490

 2 Banks' claims          734,995   793,139     904,697 (r)     980,742
 3   Foreign public
       borrowers           23,542    35,090      37,907          49,123
 4   Own foreign
       offices (2)        484,535   529,682     630,137         670,952
 5   Unaffilliated
         foreign banks    106,206    97,186      95,277         101,718
 6     Deposits            27,230    34,538      23,886          19,948
 7     Other               78,976    62,648      71,391          81,770
 8   All other
       foreigners         120,712   131,181     141,376 (r)     158,949

 9 Claims of banks'
       domestic
       customers (3)      140,896   151,798     191,202         221,748
10   Deposits              79,363    88,006     100,327         116,370
11   Negotiable and
       readily
       transferable
       instruments (4)     47,914    51,161      78,147          92,013
12   Outstanding
       collections and
       other claims        13,619    12,631      12,728          13,365

   MEMO
13 Customer liability
     on acceptances         4,520     4,553       4,258           2,993
14 Banks' loans under
     resale agreements
     (5)                     n.a.      n.a.       n.a.          134,083

15 Dollar deposits in
     banks abroad,
     reported by non-
     banking business
     enterprises in the
     United States (6)     39,978    31,125      53,153          67,204

                                     2001

     Type of claim         Apr.       May       June

 1 Total                    ...       ...     1,185,758 (r)

 2 Banks' claims          990,151   996,701     990,698 (r)
 3   Foreign public
       borrowers           52,357    49,533      52,193
 4   Own foreign
       offices (2)        683,098   709,119     686,065 (r)
 5   Unaffilliated
         foreign banks     95,262    79,947      91,413 (r)
 6     Deposits            21,533    19,717      22,106
 7     Other               73,729    60,230      69,307 (r)
 8   All other
       foreigners         159,434   158,102     161,027 (r)

 9 Claims of banks'
       domestic
       customers (3)        ...       ...       195,060
10   Deposits               ...       ...        97,778
11   Negotiable and
       readily
       transferable
       instruments (4)      ...       ...        81,034
12   Outstanding
       collections and
       other claims         ...       ...        16,248

   MEMO
13 Customer liability
     on acceptances         ...       ...         3,054
14 Banks' loans under
     resale agreements
     (5)                  126,871   116,938     129,693

15 Dollar deposits in
     banks abroad,
     reported by non-
     banking business
     enterprises in the
     United States (6)     60,796    58,137      66,155

                                     2001

                           July      Aug.      Sept.
     Type of claim          (r)       (r)       (p)

 1 Total                    ...       ...       ...

 2 Banks' claims          975,363   948,839   958,921
 3   Foreign public
       borrowers           55,762    47,156    45,739
 4   Own foreign
       offices (2)        660,538   652,434   659,766
 5   Unaffilliated
         foreign banks     94,632    84,584    91,996
 6     Deposits            24,399    15,590    20,037
 7     Other               70,233    68,994    71,959
 8   All other
       foreigners         164,431   164,665   161,420

 9 Claims of banks'
       domestic
       customers (3)        ...       ...       ...
10   Deposits               ...       ...       ...
11   Negotiable and
       readily
       transferable
       instruments (4)      ...       ...       ...
12   Outstanding
       collections and
       other claims         ...       ...       ...

   MEMO
13 Customer liability
     on acceptances         ...       ...       ...
14 Banks' loans under
     resale agreements
     (5)                  131,731   117,224   111,844

15 Dollar deposits in
     banks abroad,
     reported by non-
     banking business
     enterprises in the
     United States (6)     60,152    60,299     ...

(1.) For banks' claims, data are monthly; for claims of banks' domestic
customers, data are for quarter ending with month indicated.

Reporting banks include all types of depository institution as well as
some brokers and dealers.

(2.) For U.S. banks, includes amounts due from own foreign branches and
foreign subsidiaries consolidated in quarterly Consolidated Reports of
Condition filed with bank regulatory agencies. For agencies, branches,
and majority-owned subsidiaries of foreign banks, consists principally
of amounts due from the head office or parent foreign bank, and from
foreign branches, agencies, or wholly owned subsidiaries of the head
office or parent foreign bank.

(3.) Assets held by reporting banks in the accounts of their domestic
customers.

(4.) Principally negotiable time certificates of deposit and bankers
acceptances, and commercial paper.

(5.) Data available beginning January 2001.

(6.) Includes demand and time deposits and negotiable and nonnegotiable
certificates of deposit denominated in U.S. dollars issued by banks
abroad.
3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS
Reported by Banks in the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

                                                                 2000

     Maturity, by borrower
          and area (2)             1997      1998      1999      Sept.

 1 Total                          276,550   250,418   267,082   262,590

   By borrower
 2 Maturity of one year or less   205,781   186,526   187,894   174,083
 3   Foreign public borrowers      12,081    13,671    22,811    23,646
 4   All other foreigners         193,700   172,855   165,083   150,437
 5 Maturity of more than one
       year                        70,769    63,892    79,188    88,507
 6   Foreign public borrowers       8,499     9,839    12,013    15,818
 7   All other foreigners          62,270    54,053    67,175    72,689

   By area
   Maturity of one year or less
 8   Europe                        58,294    68,679    80,842    69,291
 9   Canada                         9,917    10,968     7,859     8,219
10   Latin America and
       Caribbean                   97,207    81,766    69,498    65,824
11   Asia                          33,964    18,007    21,802    23,448
12   Africa                         2,211     1,835     1,122     1,594
13   All other (3)                  4,188     5,271     6,771     5,707
   Maturity of more than one
       year
14   Europe                        13,240    14,923    22,951    27,432
15   Canada                         2,525     3,140     3,192     3,094
16   Latin America and
       Caribbean                   42,049    33,442    39,051    41,158
17   Asia                          10,235    10,018    11,257    13,228
18   Africa                         1,236     1,232     1,065       902
19   All other (3)                  1,484     1,137     1,672     2,693

                                   2000             2001

     Maturity, by borrower
          and area (2)             Dec.      Mar.          June

 1 Total                          274,089   307,616       301,972

   By borrower
 2 Maturity of one year or less   186,183   195,051       191,706
 3   Foreign public borrowers      21,399    23,741        26,656
 4   All other foreigners         164,784   171,310       165,050
 5 Maturity of more than one
       year                        87,906   112,565       110,266
 6   Foreign public borrowers      15,838    24,951        24,978
 7   All other foreigners          72,068    87,614        85,288

   By area
   Maturity of one year or less
 8   Europe                       142,465    89,553        80,608
 9   Canada                         8,323     7,065         8,639
10   Latin America and
       Caribbean                  151,861    72,272 (r)    72,880
11   Asia                          43,429    20,797        24,124
12   Africa                         2,263       970           971
13   All other (3)                 11,717     4,394         4,484
   Maturity of more than one
       year
14   Europe                        57,770    38,257        39,942
15   Canada                         3,174     3,249         3,992
16   Latin America and
       Caribbean                   82,684    50,110        47,027
17   Asia                          19,536    17,180        15,232
18   Africa                         1,567       763           774
19   All other (3)                  5,954     3,006         3,299

(1.) Reporting banks include all types of depository institutions as
well as some brokers and dealers.

(2.) Maturity is time remaining until maturity.

(3.) Includes nonmonetary international and regional organizations.
3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices
of U.S. Banks (1)

Billions of dollars, end of period

                                                         1999

       Area or country           1997    1998    June    Sept.   Dec.

 1 Total                        721.8   1051.6   941.2   941.6   945.5

 2 G-10 countries and
       Switzerland              242.8    217.7   234.7   219.4   243.4
 3   Belgium and Luxembourg      11.0     10.7    16.2    15.7    14.3
 4   France                      15.4     18.4    20.7    20.0    29.0
 5   Germany                     28.6     30.9    32.1    37.4    38.7
 6   Italy                       15.5     11.5    16.4    15.0    18.1
 7   Netherlands                  6.2      7.8    13.3    11.7    12.3
 8   Sweden                       3.3      2.3     2.6     3.6     3.0
 9   Switzerland                  7.2      8.5     8.3     8.8    10.3
10   United Kingdom             113.4     85.4    85.5    63.5    79.3
11   Canada                      13.7     16.8    17.1    17.9    16.3
12   Japan                       28.6     25.4    22.6    25.7    22.1

13 Other industrialized
       countries                 65.5     69.0    79.7    71.7    68.4
14   Austria                      1.5      1.4     2.8     3.0     3.5
15   Denmark                      2.4      2.2     2.9     2.1     2.6
16   Finland                      1.3      1.4      .9      .9      .9
17   Greece                       5.1      5.9     5.9     6.6     6.0
18   Norway                       3.6      3.2     3.0     3.8     3.3
19   Portugal                      .9      1.4     1.2     1.2     1.0
20   Spain                       12.6     13.7    16.6    15.1    12.1
21   Turkey                       4.5      4.8     4.9     4.7     4.8
22   Other Western Europe         8.3     10.4    10.3     9.2     6.8
23   South Africa                 2.2      4.4     4.7     4.0     3.8
24   Australia                   23.1     20.3    26.6    21.1    23.5

25 OPEC (2)                      26.0     27.1    26.2    30.1    31.4
26   Ecuador                      1.3      1.3     1.1      .9      .8
27   Venezuela                    2.5      3.2     3.2     3.0     2.8
28   Indonesia                    6.7      4.7     5.0     4.4     4.2
29   Middle East countries       14.4     17.0    16.5    21.4    23.1
30   African countries            1.2      1.0      .5      .5      .5

31 Non-OPEC developing
       countries                139.2    143.4   148.6   144.6   149.4

     Latin America
32   Argentina                   18.4     23.1    22.8    22.8    23.2
33   Brazil                      28.6     24.7    25.2    23.5    27.7
34   Chile                        8.7      8.3     8.2     7.7     7.4
35   Colombia                     3.4      3.2     3.1     2.7     2.5
36   Mexico                      17.4     18.9    18.5    19.4    18.7
37   Peru                         2.0      2.2     2.1     1.8     1.7
38   Other                        4.1      5.4     5.5     5.5     5.9

     Asia
     China
39     Mainland                   3.2      3.0     5.3     3.3     3.6
40     Taiwan                     9.5     13.3    12.6    12.3    12.0
41   India                        4.9      5.5     6.7     7.0     7.7
42   Israel                        .7      1.1     2.0     1.0     1.8
43   Korea (South)               15.6     13.7    15.3    16.0    15.2
44   Malaysia                     5.1      5.6     6.0     6.1     6.1
45   Philippines                  5.7      5.1     5.7     5.8     6.2
46   Thailand                     5.4      4.7     4.2     4.0     4.1
47   Other Asia                   4.3      2.9     2.8     2.9     2.9

     Africa
48   Egypt                         .9      1.3     1.4     1.3     1.4
49   Morocco                       .6       .5      .5      .5      .4
50   Zaire                         .0       .0      .0      .0      .0
51   Other Africa (3)              .8      1.0     1.0     1.0     1.0

52 Eastern Europe                 9.1      5.5     5.7     5.4     5.2
53   Russia (4)                   5.1      2.2     2.1     2.0     1.6
54   Other                        4.0      3.3     3.7     3.4     3.6

55 Offshore banking centers     155.1    134.4   107.5   122.5   114.5
56   Bahamas                     24.2     35.4    10.4    18.2    13.7
57   Bermuda                      9.8      4.6     5.7     8.2     8.0
58   Cayman Islands and other
       British West Indies       43.4     12.8     7.2     6.3     1.3
59   Netherlands Antilles        14.6      2.6     1.3     9.1     1.7
60   Panama (5)                   3.1      3.9     3.9     3.9     3.9
61   Lebanon                       .1       .1      .1      .2      .1
62   Hong Kong, China            32.2     23.3    22.0    22.4    21.0
63   Singapore                   12.7     11.1    15.2    10.6    10.1
64   Other (6)                     .1       .2      .1      .2      .1
65 Miscellaneous and
     unallocated (7)             99.1    495.1   380.2   391.2   387.9

                                             2000

       Area or country            Mar.       June       Sept.

 1 Total                        955.0 (r)   991.0 (r)   954.4

 2 G-10 countries and
       Switzerland              272.4 (r)   313.6       280.3
 3   Belgium and Luxembourg      14.2        13.9        13.0
 4   France                      27.1 (r)    32.6        29.0
 5   Germany                     37.3        31.5        37.6
 6   Italy                       19.9        20.5        18.6
 7   Netherlands                 17.0        16.0        17.5
 8   Sweden                       3.9         3.5         4.3
 9   Switzerland                 10.1        13.8        10.9
10   United Kingdom             101.9       138.2       112.8
11   Canada                      17.3        18.2        18.5
12   Japan                       23.5        25.4        18.1

13 Other industrialized
       countries                 62.7 (r)    75.3        73.7
14   Austria                      2.6         2.8         3.5
15   Denmark                      1.5         1.2         1.8
16   Finland                       .8         1.2         2.8
17   Greece                       5.7         6.7         6.4
18   Norway                       3.0         4.6         8.5
19   Portugal                     1.0         2.0         1.5
20   Spain                       11.3        12.2        10.5
21   Turkey                       5.1         5.6         5.6
22   Other Western Europe         8.4         7.9         8.3
23   South Africa                 4.8 (r)     4.6         4.2
24   Australia                   18.6        26.3        20.5

25 OPEC (2)                      28.9        32.1        31.4
26   Ecuador                       .7          .7          .6
27   Venezuela                    3.0         2.9         2.9
28   Indonesia                    3.9         4.1         4.4
29   Middle East countries       21.1        23.8        22.4
30   African countries             .2          .7         1.2

31 Non-OPEC developing
       countries                154.6       158.1       149.5

     Latin America
32   Argentina                   22.4        21.6        21.4
33   Brazil                      28.1        28.3        28.5
34   Chile                        8.2         8.1         7.3
35   Colombia                     2.5         2.4         2.4
36   Mexico                      18.3        20.4        17.5
37   Peru                         1.9         2.1         2.1
38   Other                        6.5         6.7         6.2

     Asia
     China
39     Mainland                   4.6         3.8         3.4
40     Taiwan                    12.6        12.6        12.8
41   India                        7.9         8.2         5.8
42   Israel                       3.3         1.5         1.1
43   Korea (South)               17.7 (r)    21.7 (r)    21.4 (r)
44   Malaysia                     6.5         6.8         6.9
45   Philippines                  5.3         5.3         4.7
46   Thailand                     4.3         4.0         3.9
47   Other Asia                   2.0 (r)     1.9 (r)     1.7 (r)

     Africa
48   Egypt                        1.4         1.3         1.1
49   Morocco                       .3          .3          .4
50   Zaire                         .0          .0          .0
51   Other Africa (3)              .9          .9          .8

52 Eastern Europe                 6.3         9.4         9.0
53   Russia (4)                   1.7         1.5         1.4
54   Other                        4.7         7.9         7.6

55 Offshore banking centers      53.9        55.5        53.5
56   Bahamas                     14.4         8.8         9.3
57   Bermuda                      7.3         6.3         6.3
58   Cayman Islands and other
       British West Indies         .0         5.1         5.9
59   Netherlands Antilles         2.5         2.6         1.9
60   Panama (5)                   3.4         3.3         2.5
61   Lebanon                       .1          .1          .1
62   Hong Kong, China            22.2        20.7        20.6
63   Singapore                    4.1        13.6 (r)    12.6
64   Other (6)                     .1          .1          .1
65 Miscellaneous and
     unallocated (7)            376.1       342.1       351.1

                                   2000             2001

       Area or country             Dec.         Mar.       June

 1 Total                        1027.3       1140.9       1136.1

 2 G-10 countries and
       Switzerland               300.7        333.0        335.0
 3   Belgium and Luxembourg       14.2         15.3         13.0
 4   France                       29.6         30.0         35.9
 5   Germany                      45.1         45.2         51.6
 6   Italy                        21.3         20.4         23.7
 7   Netherlands                  18.4         18.8         15.3
 8   Sweden                        3.6          4.7          4.7
 9   Switzerland                  13.2         13.9         13.5
10   United Kingdom              115.6        141.3        127.5
11   Canada                       16.7         15.4         21.4
12   Japan                        23.0         28.0         28.3

13 Other industrialized
       countries                  74.5         75.7         70.1
14   Austria                       4.1          3.8          3.6
15   Denmark                       1.9          3.1          2.7
16   Finland                       1.5          1.4          1.2
17   Greece                        8.3          4.1          3.6
18   Norway                        8.3         10.2          7.9
19   Portugal                      2.0          1.9          1.4
20   Spain                        10.3         12.6         12.4
21   Turkey                        5.9          5.1          4.5
22   Other Western Europe          6.5          7.3          6.9
23   South Africa                  3.6          4.1          3.8
24   Australia                    22.1         21.9         22.1

25 OPEC (2)                       28.9         28.2         27.0
26   Ecuador                        .6           .6           .6
27   Venezuela                     2.5          2.7          2.6
28   Indonesia                     4.6          4.4          4.1
29   Middle East countries        20.3         20.1         19.3
30   African countries              .8           .5           .4

31 Non-OPEC developing
       countries                 145.5        144.4        152.6

     Latin America
32   Argentina                    21.4         20.8         19.7
33   Brazil                       28.8         29.3         30.8
34   Chile                         7.6          7.3          7.0
35   Colombia                      2.4          2.4          2.4
36   Mexico                       15.7         16.7         16.3
37   Peru                          2.0          2.0          2.0
38   Other                         6.3          8.5          8.2

     Asia
     China
39     Mainland                    2.9          3.4          6.8
40     Taiwan                     10.8         11.1         10.7
41   India                         9.1          6.5         11.8
42   Israel                        2.7          2.2          2.0
43   Korea (South)                15.5 (r)     19.8 (r)     19.2
44   Malaysia                      7.1          6.5          6.7
45   Philippines                   5.1          5.2          5.4
46   Thailand                      4.0          4.2          4.2
47   Other Asia                    1.9 (r)      1.7 (r)      1.8

     Africa
48   Egypt                         1.1          1.2          1.2
49   Morocco                        .3           .3           .3
50   Zaire                          .0           .0           .0
51   Other Africa (3)               .7           .7           .7

52 Eastern Europe                 10.1          9.5          9.5
53   Russia (4)                    1.0          1.5          1.5
54   Other                         9.1          8.0          8.0

55 Offshore banking centers       61.7         57.9         46.2
56   Bahamas                      13.5          7.0           .0
57   Bermuda                       9.0          7.9          5.7
58   Cayman Islands and other
       British West Indies        14.6         14.3         12.6
59   Netherlands Antilles          1.9          2.9          1.7
60   Panama (5)                    3.2          3.8          3.4
61   Lebanon                        .1           .1           .1
62   Hong Kong, China             18.7         21.7         22.4
63   Singapore                    15.2         14.5         12.9
64   Other (6)                      .2           .1           .1
65 Miscellaneous and
     unallocated (7)             391.2        472.4        478.4

(1.) The banking offices covered by these data include U.S. offices and
foreign branches of U.S. banks, including U.S. banks that are
subsidiaries of foreign banks. Offices not covered include U.S.
agencies and branches of foreign banks. Beginning March 1994, the
data include large foreign subsidiaries of U.S. banks. The data
also include other types of U.S. depository institutions as well
as some types of brokers and dealers. To eliminate duplication, the
data are adjusted to exclude the claims on foreign branches held by
a U.S. office or another foreign branch of the same banking institution.

These data are on a gross claims basis and do not necessarily reflect
the ultimate country risk or exposure of U.S. banks. More complete
data on the country risk exposure of U.S. banks are available in the
quarterly Country Exposure Lending Survey published by the Federal
Financial Institutions Examination Council.

(2.) Organization of Petroleum Exporting Countries, shown individually;
other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya,
Nigeria, Qatar, Saudi Arabia, and United Arab Emirates), and Bahrain
and Oman (not formally members of OPEC).

(3.) Excludes Liberia. Beginning March 1994 includes Namibia.

(4.) As of December 1992, excludes other republics of the former
Soviet Union.

(5.) Includes Canal Zone.

(6.) Foreign branch claims only.

(7.) Includes New Zealand, Liberia, and international and regional
organizations.
3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking
Business Enterprises in the United States

Millions of dollars, end of period

                                                            2000

 Type of liability, and
     area or country         1997     1998     1999     Mar.     June

 1 Total                    57,382   46,570   53,044   53,489   70,534
 2 Payable in dollars       41,543   36,668   37,605   35,614   47,864
 3 Payable in foreign
     currencies             15,839    9,902   15,415   17,875   22,670

   By type
 4 Financial liabilities    26,877   19,255   27,980   29,180   44,068
 5   Payable in dollars     12,630   10,371   13,883   12,858   22,803
 6   Payable in foreign
       currencies           14,247    8,884   14,097   16,322   21,265

 7 Commercial liabilities   30,505   27,315   25,064   24,309   26,466
 8   Trade payables         10,904   10,978   12,857   12,401   13,764
 9   Advance receipts and
       other liabilities    19,601   16,337   12,207   11,908   12,702

10   Payable in dollars     28,913   26,297   23,722   22,756   25,061
11   Payable in foreign
       currencies            1,592    1,018    1,318    1,553    1,405

   By area or country
   Financial liabilities
12   Europe                 18,027   12,589   23,241   24,050   30,332
13     Belgium and
         Luxembourg            186       79       31        4      163
14     France                1,425    1,097    1,659    1,849    1,702
15     Germany               1,958    2,063    1,974    1,880    1,671
16     Netherlands             494    1,406    1,996    1,970    2,035
17     Switzerland             561      155      147       97      137
18     United Kingdom       11,667    5,980   16,521   16,579   21,463

19   Canada                  2,374      693      284      313      714

20   Latin America and
         Caribbean           1,386    1,495      892      846    2,874
21     Bahamas                 141        7        1        1       78
22     Bermuda                 229      101        5        1    1,016
23     Brazil                  143      152      126      128      146
24     British West
         Indies                604      957      492      489      463
25     Mexico                   26       59       25       22       26
26     Venezuela                 1        2        0        0        0

27   Asia                    4,387    3,785    3,437    3,275    9,453
28     Japan                 4,102    3,612    3,142    2,985    6,024
29     Middle Eastern
         oil-exporting
         countries (1)          27        0        4        4        5

30   Africa                     60       28       28       28       33
31     Oil-exporting
         countries (2)           0        0        0        0        0

32   All other (3)             643      665       98      668      662

   Commercial liabilities
33   Europe                 10,228   10,030    9,262    8,646    9,293
34     Belgium and
         Luxembourg            666      278      140       78      178
35     France                  764      920      672      539      711
36     Germany               1,274    1,392    1,131      914      948
37     Netherlands             439      429      507      648      562
38     Switzerland             375      499      626      536      565
39     United Kingdom        4,086    3,697    3,071    2,661    2,982

40   Canada                  1,175    1,390    1,775    2,024    2,053

41   Latin America and
         Caribbean           2,176    1,618    2,310    2,286    2,607
42     Bahamas                  16       14       22        9       10
43     Bermuda                 203      198      152      287      300
44     Brazil                  220      152      145      115      119
45     British West
         Indies                 12       10       48       23       22
46     Mexico                  565      347      887      805    1,073
47     Venezuela               261      202      305      193      239

48   Asia                   14,966   12,342    9,886    9,681   10,965
49     Japan                 4,500    3,827    2,609    2,274    2,200
50     Middle Eastern
         oil-exporting
         countries (1)       3,111    2,852    2,551    2,308    3,489

51   Africa                    874      794      950      943      950
52     Oil-exporting
         countries (2)         408      393      499      536      575

53   Other (3)               1,086    1,141      881      729      598

                                 2000              2001

 Type of liability, and
     area or country        Sept.     Dec.     Mar.     June

 1 Total                    76,644   73,904   74,484   68,519
 2 Payable in dollars       51,451   48,931   46,870   42,225
 3 Payable in foreign
     currencies             25,193   24,973   27,614   26,294

   By type
 4 Financial liabilities    49,895   47,419   48,461   42,314
 5   Payable in dollars     26,159   25,246   23,369   18,061
 6   Payable in foreign
       currencies           23,736   22,173   25,092   24,253

 7 Commercial liabilities   26,749   26,485   26,023   26,205
 8   Trade payables         13,918   14,293   12,657   13,213
 9   Advance receipts and
       other liabilities    12,831   12,192   13,366   12,992

10   Payable in dollars     25,292   23,685   23,501   24,164
11   Payable in foreign
       currencies            1,457    2,800    2,522    2,041

   By area or country
   Financial liabilities
12   Europe                 36,175   34,172   37,990   33,173
13     Belgium and
         Luxembourg            169      147      112       98
14     France                1,299    1,480    1,557    1,222
15     Germany               2,132    2,168    2,745    2,463
16     Netherlands           2,040    2,016    2,169    1,763
17     Switzerland             178      104      116       93
18     United Kingdom       28,601   26,362   29,241   25,751

19   Canada                    249      411      719      628

20   Latin America and
         Caribbean           3,447    4,125    3,651    2,118
21     Bahamas                 105        6       18       40
22     Bermuda               1,182    1,739    1,837      461
23     Brazil                  132      148       26       21
24     British West
         Indies                501      406      410      408
25     Mexico                   35       26       32       20
26     Venezuela                 0        2        1        1

27   Asia                    9,320    7,965    5,389    5,639
28     Japan                 4,782    6,216    4,779    3,297
29     Middle Eastern
         oil-exporting
         countries (1)           7       11       15        8

30   Africa                     48       52       38       61
31     Oil-exporting
         countries (2)           0        0        0        0

32   All other (3)             656      694      674      695

   Commercial liabilities
33   Europe                  9,411    9,629    8,950    8,723
34     Belgium and
         Luxembourg            201      293      251      297
35     France                  716      979      689      665
36     Germany               1,023    1,047      982    1,017
37     Netherlands             424      300      373      343
38     Switzerland             647      502      656      697
39     United Kingdom        2,951    2,847    2,619    2,706

40   Canada                  1,889    1,933    1,627    2,043

41   Latin America and
         Caribbean           2,443    2,381    2,166    2,292
42     Bahamas                  15       31        5       31
43     Bermuda                 377      281      280      367
44     Brazil                  167      114      239      279
45     British West
         Indies                 19       76       64       21
46     Mexico                1,079      841      792      762
47     Venezuela               124      284      243      218

48   Asia                   11,133   10,983   11,558   11,384
49     Japan                 1,998    2,757    2,432    2,377
50     Middle Eastern
         oil-exporting
         countries (1)       3,706    2,832    3,359    3,087

51   Africa                  1,220      948    1,072    1,115
52     Oil-exporting
         countries (2)         663      483      566      539

53   Other (3)                 653      614      650      648

(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(2.) Comprises Algeria, Gabon, Libya, and Nigeria.

(3.) Includes nonmonetary international and regional organizations.
3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking
Business Enterprises in the United States

Millions of dollars, end of period

     Type of claim, and area or
               country                1997     1998     1999

 1 Total                             68,128   77,462   76,669

 2 Payable in dollars                62,173   72,171   69,170
 3 Payable in foreign currencies      5,955    5,291    7,472

   By type
 4 Financial claims                  36,959   46,260   40,231
 5   Deposits                        22,909   30,199   18,566
 6     Payable in dollars            21,060   28,549   16,373
 7     Payable in foreign
         currencies                   1,849    1,650    2,193
 8   Other financial claims          14,050   16,061   21,665
 9     Payable in dollars            11,806   14,049   18,593
10     Payable in foreign
         currencies                   2,244    2,012    3,072

11 Commercial claims                 31,169   31,202   36,438
12   Trade receivables               27,536   27,202   32,629
13   Advance payments and other
       claims                         3,633    4,000    3,809

14   Payable in dollars              29,307   29,573   34,204
15   Payable in foreign currencies    1,862    1,629    2,207

   By area or country
   Financial claims
16   Europe                          14,999   12,294   13,023
17     Belgium and Luxembourg           406      661      529
18     France                         1,015      864      967
19     Germany                          427      304      504
20     Netherlands                      677      875    1,229
21     Switzerland                      434      414      643
22     United Kingdom                10,337    7,766    7,561

23   Canada                           3,313    2,503    2,553

24   Latin America and Caribbean     15,543   27,714   18,206
25     Bahamas                        2,308      403    1,593
26     Bermuda                          108       39       11
27     Brazil                         1,313      835    1,476
28     British West Indies           10,462   24,388   12,099
29     Mexico                           537    1,245    1,798
30     Venezuela                         36       55       48

31   Asia                             2,133    3,027    5,457
32     Japan                            823    1,194    3,262
33     Middle Eastern oil-
         exporting countries (1)         11        9       23

34   Africa                             319      159      286
35     Oil-exporting countries (2)       15       16       15

36   All other (3)                      652      563      706

   Commercial claims
37   Europe                          12,120   13,246   16,389
38     Belgium and Luxembourg           328      238      316
39     France                         1,796    2,171    2,236
40     Germany                        1,614    1,822    1,960
41     Netherlands                      597      467    1,429
42     Switzerland                      554      483      610
43     United Kingdom                 3,660    4,769    5,827

44   Canada                           2,660    2,617    2,757

45   Latin America and Caribbean      5,750    6,296    5,959
46     Bahamas                           27       24       20
47     Bermuda                          244      536      390
48     Brazil                         1,162    1,024      905
49     British West Indies              109      104      181
50     Mexico                         1,392    1,545    1,678
51     Venezuela                        576      401      439

52   Asia                             8,713    7,192    9,165
53     Japan                          1,976    1,681    2,074
54     Middle Eastern oil-
         exporting countries (1)      1,107    1,135    1,625

55   Africa                             680      711      631
56     Oil-exporting countries (2)      119      165      171

57   Other (3)                        1,246    1,140    1,537

                                               2000

     Type of claim, and area or
               country                Mar.     June    Sept.

 1 Total                             84,266   80,731   94,803

 2 Payable in dollars                74,331   72,300   82,872
 3 Payable in foreign currencies      9,935    8,431   11,931

   By type
 4 Financial claims                  47,798   44,303   58,303
 5   Deposits                        23,316   17,462   30,928
 6     Payable in dollars            21,442   15,361   27,974
 7     Payable in foreign
         currencies                   1,874    2,101    2,954
 8   Other financial claims          24,482   26,841   27,375
 9     Payable in dollars            19,659   22,384   20,541
10     Payable in foreign
         currencies                   4,823    4,457    6,834

11 Commercial claims                 36,468   36,428   36,500
12   Trade receivables               31,443   31,283   31,530
13   Advance payments and other
       claims                         5,025    5,145    4,970

14   Payable in dollars              33,230   34,555   34,357
15   Payable in foreign currencies    3,238    1,873    2,143

   By area or country
   Financial claims
16   Europe                          16,789   18,254   23,706
17     Belgium and Luxembourg           540      317      304
18     France                         1,835    1,292    1,477
19     Germany                          669      576      696
20     Netherlands                    1,981    1,984    2,486
21     Switzerland                      612      624      626
22     United Kingdom                 9,044   11,668   16,191

23   Canada                           3,175    5,799    7,517

24   Latin America and Caribbean     21,945   14,874   21,691
25     Bahamas                        1,299      655    1,358
26     Bermuda                           11       34       22
27     Brazil                         1,646    1,666    1,568
28     British West Indies           15,814    7,751   15,722
29     Mexico                         1,979    2,048    2,280
30     Venezuela                         65       78      101

31   Asia                             4,430    3,923    4,002
32     Japan                          2,021    1,410    1,726
33     Middle Eastern oil-
         exporting countries (1)         29       42       85

34   Africa                             232      320      284
35     Oil-exporting countries (2)       15       39        3

36   All other (3)                    1,227    1,133    1,103

   Commercial claims
37   Europe                          16,118   15,935   16,486
38     Belgium and Luxembourg           271      425      393
39     France                         2,520    2,693    2,921
40     Germany                        2,034    1,905    2,159
41     Netherlands                    1,337    1,242    1,310
42     Switzerland                      611      562      684
43     United Kingdom                 5,354    4,937    5,193

44   Canada                           3,088    3,250    2,953

45   Latin America and Caribbean      5,899    5,792    5,788
46     Bahamas                           15       48       75
47     Bermuda                          404      381      387
48     Brazil                           849      894      981
49     British West Indies               95       51       55
50     Mexico                         1,529    1,565    1,612
51     Venezuela                        435      466      379

52   Asia                             9,101    9,172    8,986
53     Japan                          2,082    1,881    2,074
54     Middle Eastern oil-
         exporting countries (1)      1,533    1,241    1,199

55   Africa                             716      766      895
56     Oil-exporting countries (2)       82      160      392

57   Other (3)                        1,546    1,513    1,392

                                      2000          2001

     Type of claim, and area or
               country                Dec.     Mar.      June

 1 Total                             90,157   109,443   98,038

 2 Payable in dollars                79,558    96,230   88,258
 3 Payable in foreign currencies     10,599    13,213    9,780

   By type
 4 Financial claims                  53,031    74,458   61,921
 5   Deposits                        23,374    29,119   29,587
 6     Payable in dollars            21,015    26,944   27,380
 7     Payable in foreign
         currencies                   2,359     2,175    2,207
 8   Other financial claims          29,657    45,339   32,334
 9     Payable in dollars            25,142    37,480   27,862
10     Payable in foreign
         currencies                   4,515     7,859    4,472

11 Commercial claims                 37,126    34,985   36,117
12   Trade receivables               33,104    30,493   31,169
13   Advance payments and other
       claims                         4,022     4,492    4,948

14   Payable in dollars              33,401    31,806   33,016
15   Payable in foreign currencies    3,725     3,179    3,101

   By area or country
   Financial claims
16   Europe                          23,136    31,946   23,975
17     Belgium and Luxembourg           296       430      262
18     France                         1,206     3,149    1,376
19     Germany                          848     1,405    1,163
20     Netherlands                    1,396     2,313    1,072
21     Switzerland                      699       605      653
22     United Kingdom                15,900    21,070   15,913

23   Canada                           4,576     4,854    4,787

24   Latin America and Caribbean     19,317    28,674   24,433
25     Bahamas                        1,353       561      818
26     Bermuda                           19     1,729      426
27     Brazil                         1,827     1,564    1,877
28     British West Indies           12,596    16,366   12,539
29     Mexico                         2,448     2,459    2,633
30     Venezuela                         87        31       66

31   Asia                             4,697     7,444    6,829
32     Japan                          1,631     4,065    1,698
33     Middle Eastern oil-
         exporting countries (1)         80        70       76

34   Africa                             411       423      476
35     Oil-exporting countries (2)       57        42       35

36   All other (3)                      894     1,117    1,421

   Commercial claims
37   Europe                          15,938    14,534   14,586
38     Belgium and Luxembourg           452       395      417
39     France                         3,095     3,480    3,173
40     Germany                        1,982     1,763    2,002
41     Netherlands                    1,729       757      854
42     Switzerland                      763       666      472
43     United Kingdom                 4,502     4,031    3,840

44   Canada                           3,502     3,393    3,500

45   Latin America and Caribbean      5,851     5,306    6,119
46     Bahamas                           37        20       39
47     Bermuda                          376       418      650
48     Brazil                           957     1,057    1,376
49     British West Indies              137       131      135
50     Mexico                         1,507     1,418    1,420
51     Venezuela                        328       292      321

52   Asia                             9,630     9,544    9,727
53     Japan                          2,796     2,575    3,152
54     Middle Eastern oil-
         exporting countries (1)      1,024       966    1,054

55   Africa                             672       773      674
56     Oil-exporting countries (2)      180       165      154
57   Other (3)                        1,572     1,435    1,511

(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(2.) Comprises Algeria, Gabon, Libya, and Nigeria.

(3.) Includes nonmonetary international and regional organizations.
3.24 FOREIGN TRANSACTIONS IN SECURITIES

Millions of dollars

                                                      2001       2001

   Transaction, and area                              Jan.-
         or country           1999        2000        Sept.      Mar.

                                     U.S. corporate securities

           STOCKS

 1 Foreign purchases        2,340,659   3,605,196   2,280,483   284,292
 2 Foreign sales            2,233,137   3,430,306   2,196,133   276,864

 3 Net purchases, or
     sales (-)                107,522     174,890      84,350     7,428

 4 Foreign countries          107,578     174,903      84,198     7,302

 5 Europe                      98,060     164,656      67,129     7,983
 6   France                     3,813       5,727       6,376     1,041
 7   Germany                   13,410      31,752       6,239       174
 8   Netherlands                8,083       4,915       7,974       790
 9   Switzerland                5,650      11,960       1,911     1,237
10   United Kingdom            42,902      58,736      29,978     3,280
11 Channel Islands and
     Isle of Man (1)           n.a.        n.a.          -491      -110
12 Canada                        -335       5,956       8,561     2,464
13 Latin America and
     Caribbean                  5,187     -17,812      -9,437    -3,516
14 Middle East (2)             -1,066       9,189       2,166       442
15 Other Asia                   4,445      12,494      16,753        57
16   Japan                      5,723       2,070       5,154      -115
17 Africa                         372         415        -316        93
18 Other countries                915           5        -658      -221

19 Nonmonetary interna-
     tional and regional
     organizations                -56         -11         152       126

         BONDS (3)

20 Foreign purchases          854,692   1,208,386   1,385,558   169,850
21 Foreign sales              602,100     871,416   1,092,723   123,603

22 Net purchases, or
     sales (-)                252,592     336,970     292,835    46,247

23 Foreign countries          252,994     337,074     292,372    46,029

24 Europe                     140,674     180,917     156,336    26,457
25   France                     1,870       2,216       3,827     1,262
26   Germany                    7,723       4,067       8,707       911
27   Netherlands                2,446       1,130       2,227        92
28   Switzerland                4,553       3,973       4,937     1,564
29   United Kingdom           106,344     141,223     124,140    20,347
30 Channel Islands and
     Isle of Man (1)           n.a.        n.a.         1,172       115
31 Canada                       6,043      13,287       2,345       309
32 Latin America and
     Caribbean                 58,783      59,444      61,343     6,564
33 Middle East (1)              1,979       2,076       1,144       624
34 Other Asia                  42,817      78,794      71,455    11,795
35   Japan                     17,541      39,356      18,562     5,596
36 Africa                       1,411         938         463        38
37 Other countries              1,287       1,618        -714       242

38 Nonmonetary interna-
     tional and regional
     organizations               -402         -70         464       218

                                          Foreign securities

39 Stocks, net purchases,
       or sales (-)            15,640     -13,088     -43,348   -15,264
40   Foreign purchases      1,177,303   1,802,185   1,102,985   133,205
41   Foreign sales          1,161,663   1,815,273   1,146,333   148,469
42 Bonds, net purchases,
       or sales (-)            -5,676      -4,054      32,177    -1,290
43   Foreign purchases        798,267     958,932     898,260   115,676
44   Foreign sales            803,943     962,986     866,083   116,966

45 Net purchases, or
      sales (-), of
      stocks and  bonds         9,964     -17,142     -11,171   -16,554

46 Foreign countries            9,679     -17,278     -10,851   -16,249

47 Europe                      59,247     -25,386      -5,498   -13,687
48 Canada                        -999      -3,888       2,800       844
49 Latin America and
     Caribbean                 -4,726     -15,688       2,526        17
50 Asia                       -42,961      24,488      -8,549    -3,511
51   Japan                    -43,637      20,970     -12,913    -4,067
52 Africa                         710         943        -316        24
53 Other countries             -1,592       2,253      -1,814        64

54 Nonmonetary interna-
     tional and regional
     organizations                285         150        -319      -305

                                       2001

   Transaction, and area
         or country          Apr.       May      June

                             U.S. corporate securities

           STOCKS

 1 Foreign purchases        249,747   276,934   259,635
 2 Foreign sales            243,122   259,604   249,196

 3 Net purchases, or
     sales (-)                6,625    17,330    10,439

 4 Foreign countries          6,647    17,315    10,418

 5 Europe                     3,694     9,805     9,307
 6   France                     105       338     3,044
 7   Germany                    199     1,025       133
 8   Netherlands              1,112       573       334
 9   Switzerland                139       448       298
10   United Kingdom             598     4,501     4,006
11 Channel Islands and
     Isle of Man (1)           -144        59      -168
12 Canada                     1,567       628       130
13 Latin America and
     Caribbean               -1,168     3,436    -1,038
14 Middle East (2)              -56      -173       234
15 Other Asia                 2,966     3,532     1,724
16   Japan                    2,048     1,088     1,000
17 Africa                       -44         9       -82
18 Other countries             -312        78       143

19 Nonmonetary interna-
     tional and regional
     organizations              -22        15        21

         BONDS (3)

20 Foreign purchases        148,930   169,528   158,157
21 Foreign sales            111,505   129,146   125,693

22 Net purchases, or
     sales (-)               37,425    40,382    32,464

23 Foreign countries         37,399    40,370    32,445

24 Europe                    18,169    26,116    14,740
25   France                     519       817       618
26   Germany                  1,639     1,500       114
27   Netherlands                -41       509       576
28   Switzerland                709       399       294
29   United Kingdom          12,477    21,489    12,575
30 Channel Islands and
     Isle of Man (1)            318      -218       330
31 Canada                     1,158       240       822
32 Latin America and
     Caribbean                7,546     9,167     7,387
33 Middle East (1)              129      -395       -24
34 Other Asia                10,329     5,412     9,646
35   Japan                      344      -480     5,187
36 Africa                       -33        14       160
37 Other countries              101      -184      -286

38 Nonmonetary interna-
     tional and regional
     organizations               26        12        19

                                  Foreign securities

39 Stocks, net purchases,
       or sales (-)          -4,675    -8,098    -5,292
40   Foreign purchases      121,345   136,046   122,243
41   Foreign sales          126,020   144,144   127,535
42 Bonds, net purchases,
       or sales (-)           5,487     2,267     1,048
43   Foreign purchases       93,828   101,383   101,950
44   Foreign sales           88,341    99,116   100,902

45 Net purchases, or
      sales (-), of
      stocks and  bonds         812    -5,831    -4,244

46 Foreign countries            824    -5,976    -4,241

47 Europe                     3,616    -4,803     3,392
48 Canada                    -1,535       931       405
49 Latin America and
     Caribbean                1,295     3,047    -6,662
50 Asia                      -1,928    -4,379      -485
51   Japan                   -3,494    -3,670       -44
52 Africa                        93      -132       -47
53 Other countries             -717      -640      -844

54 Nonmonetary interna-
     tional and regional
     organizations              -12       145        -3

                                        2001

   Transaction, and area
         or country          July     Aug. (r)   Sept. (p)

                               U.S. corporate securities

           STOCKS

 1 Foreign purchases        244,897    229,427     176,689

 2 Foreign sales            233,422    222,027     186,258

 3 Net purchases, or
     sales (-)               11,475      7,400      -9,569

 4 Foreign countries         11,460      7,401      -9,558

 5 Europe                     6,704      9,048      -5,454
 6   France                      35        434        -733
 7   Germany                  1,048        485        -422
 8   Netherlands                654        568         358
 9   Switzerland               -128       -140        -688
10   United Kingdom           3,750      6,236        -577
11 Channel Islands and
     Isle of Man (1)            -42         32         -73
12 Canada                       948       -247       1,113
13 Latin America and
     Caribbean                   65     -3,063      -4,671
14 Middle East (2)              513        830         668
15 Other Asia                 3,220        613        -881
16   Japan                    1,956         51        -806
17 Africa                       -20         72         -34
18 Other countries               30        148        -299

19 Nonmonetary interna-
     tional and regional
     organizations               15         -1         -11

         BONDS (3)

20 Foreign purchases        138,841    157,642     156,739
21 Foreign sales            111,998    132,934     137,984

22 Net purchases, or
     sales (-)               26,843     24,708      18,755

23 Foreign countries         26,951     24,510      18,600

24 Europe                    11,904      9,631       9,806
25   France                   1,154     -1,035        -573
26   Germany                   -185        472         454
27   Netherlands               -210       -297         438
28   Switzerland                291        628         -51
29   United Kingdom           9,507      8,766       9,835
30 Channel Islands and
     Isle of Man (1)            203        106          93
31 Canada                       485     -1,431        -645
32 Latin America and
     Caribbean                6,222      8,961       2,518
33 Middle East (1)             -345        -22           8
34 Other Asia                 8,815      7,569       7,281
35   Japan                    3,452      1,641       1,066
36 Africa                        79        136          -6
37 Other countries             -209       -334        -362

38 Nonmonetary interna-
     tional and regional
     organizations             -108        198         155

                                   Foreign securities

39 Stocks, net purchases,
       or sales (-)          -5,031     -2,390       4,695
40   Foreign purchases      115,956     95,885     100,870
41   Foreign sales          120,987     98,275      96,175
42 Bonds, net purchases,
       or sales (-)           5,629      9,404      10,319
43   Foreign purchases       91,585     87,584      87,076
44   Foreign sales           85,956     78,180      76,757

45 Net purchases, or
      sales (-), of
      stocks and  bonds         598      7,014      15,014

46 Foreign countries            630      6,874      15,016

47 Europe                     1,026      6,119       6,049
48 Canada                       299     -1,976       1,478
49 Latin America and
     Caribbean                 -444        759       2,931
50 Asia                          69      1,601       4,387
51   Japan                      118        596       1,477
52 Africa                      -111        -24         -34
53 Other countries             -209        395         205

54 Nonmonetary interna-
     tional and regional
     organizations              -32        140          -2

(1.) Before January 2001, data included in United Kingdom.

(2.) Comprises oil-exporting countries as follows: Bahrain, Iran,
Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates
(Trucial States).

(3.) Includes state and local government securities and securities
of U.S. government agencies and corporations. Also includes issues
of new debt securities sold abroad by U.S. corporations organized
to finance direct investments abroad.
3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign
Transactions (1)

Millions of dollars; net purchases, or sales (-) during period

                                                      2001      2001

                                                      Jan.-
       Area or country            1999      2000      Sept.     Mar.

 1 Total estimated                -9,953   -54,032   -19,632    4,897

 2 Foreign countries             -10,518   -53,571   -19,121    4,899

 3   Europe                      -38,228   -50,704   -17,198    5,363
 4     Belgium (2)                   -81        73      -645     -152
 5     Germany                     2,285    -7,304    -2,405    1,236
 6     Luxembourg (2)              n.a.      n.a.        216     -401
 7     Netherlands                 2,122     2,140    -3,743   -3,704
 8     Sweden                      1,699     1,082    -1,152     -993
 9     Switzerland                -1,761   -10,326     1,202     -120
10     United Kingdom            -20,232   -33,669    -9,099    9,838
11     Channel Islands & Isle
         of Man (3)                n.a.      n.a.        -16      222
12     Other Europe and former
         U.S.S.R.                -22,260    -2,700    -1,556     -563
13   Canada                        7,348      -550    -3,592     -169

14   Latin America and
         Caribbean                -7,523    -4,914     1,150      827
15     Venezuela                     362     1,288       313     -142
16     Other Latin America and
         Caribbean                 1,661   -11,581     7,026    3,009
17     Netherlands Antilles       -9,546     5,379    -6,189   -2,040
18   Asia                         29,359     1,639       -48     -119
19     Japan                      20,102    10,580    -4,992   -1,504
20   Africa                       -3,021      -414      -244      -60
21   Other                         1,547     1,372       811     -943

22 Nonmonetary international
       and regional
       organizations                 565      -461      -511       -2
23   International                   190      -483      -404      -11
24   Latin American Caribbean
       regional                      666        76        22       10

   MEMO
25 Foreign countries             -10,518   -53,571   -19,121    4,899
26   Official institutions        -9,861    -6,302    -6,077      249
27   Other foreign                  -657   -47,269   -13,044    4,650

   Oil-exporting countries

28 Middle East (4)                 2,207     3,483    -3,806   -1,240
29 Africa (5)                          0         0        -2        2

                                            2001

       Area or country            Apr.      May      June

 1 Total estimated               -13,711    3,076   -3,445

 2 Foreign countries             -13,517    2,831   -3,237

 3   Europe                       -5,599     -498   -2,522
 4     Belgium (2)                   240     -216      -25
 5     Germany                     1,769    1,176   -1,517
 6     Luxembourg (2)                204       92      145
 7     Netherlands                -2,488   -1,730    1,117
 8     Sweden                        195     -386     -663
 9     Switzerland                   116     -912       -3
10     United Kingdom             -4,736    1,120   -3,180
11     Channel Islands & Isle
         of Man (3)                  -31       -9       22
12     Other Europe and former
         U.S.S.R.                   -868      367    1,582
13   Canada                        1,248      745      161

14   Latin America and
         Caribbean                -7,095      140   -3,812
15     Venezuela                    -148       51     -126
16     Other Latin America and
         Caribbean                -3,228    1,587     -545
17     Netherlands Antilles       -3,719   -1,498   -3,141
18   Asia                         -2,928    2,704    3,464
19     Japan                       3,099    4,658   -3,920
20   Africa                           27       -6      -12
21   Other                           830     -254     -516

22 Nonmonetary international
       and regional
       organizations                -194      245     -208
23   International                  -213      393      -52
24   Latin American Caribbean
       regional                       25       -4       -2

   MEMO
25 Foreign countries             -13,517    2,831   -3,237
26   Official institutions        -9,040      913   -3,243
27   Other foreign                -4,477    1,918        6

   Oil-exporting countries

28 Middle East (4)                  -383     -120      316
29 Africa (5)                          0        1        3

                                            2001

       Area or country            July      Aug.        Sept. (p)

 1 Total estimated               -11,494    4,410 (r)    -1,921

 2 Foreign countries             -11,668    4,590 (r)    -2,069

 3   Europe                       -8,223      321 (r)      -703
 4     Belgium (2)                  -343       42           174
 5     Germany                      -970       67          -113
 6     Luxembourg (2)                168      -64          -348
 7     Netherlands                 1,263    2,437        -2,653
 8     Sweden                       -114      593         1,037
 9     Switzerland                   270      -44           979
10     United Kingdom             -7,844   -4,610 (r)     2,071
11     Channel Islands & Isle
         of Man (3)                  -64       11            -1
12     Other Europe and former
         U.S.S.R.                   -589    1,889 (r)    -1,849
13   Canada                       -1,653     -356          -947

14   Latin America and
         Caribbean                 1,893    3,711 (r)      -541
15     Venezuela                     248     -128            39
16     Other Latin America and
         Caribbean                  -880       67 (r)      -524
17     Netherlands Antilles        2,525    3,772           -56
18   Asia                         -3,940      576 (r)      -160
19     Japan                      -2,126      324        -3,339
20   Africa                          -65     -120 (r)        47
21   Other                           320      458           235

22 Nonmonetary international
       and regional
       organizations                 174     -180           148
23   International                   -90      103           -65
24   Latin American Caribbean
       regional                       -1       -3             0

   MEMO
25 Foreign countries             -11,668    4,590 (r)    -2,069
26   Official institutions          -741      343         2,549
27   Other foreign               -10,927    4,247 (r)    -4,618

   Oil-exporting countries

28 Middle East (4)                  -590     -308          -586
29 Africa (5)                          2       -2            -2

(1.) Official and private transactions in marketable U.S. Treasury
securities having an original maturity of more than one year. Data
are based on monthly transactions reports. Excludes nonmarketable
U.S. Treasury bonds and notes held by official institutions of
foreign countries.

(2.) Before January 2001, combined data reported for Belgium and
Luxembourg.

(3.) Before January 2001, these data were included in the data
reported for the United Kingdom.

(4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi
Arabia, and United Arab Emirates (Trucial States).

(5.) Comprises Algeria, Gabon, Libya, and Nigeria.
3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE
VALUE OF THE U.S. DOLLAR (1)

Currency units per U.S. dollar except as noted

         Item                 1998           1999           2000

                                         Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        62.91         64.54           58.15
 2 Austria/schilling           12.379        n.a.            n.a.
 3 Belgium/franc               36.31         n.a.            n.a.
 4 Brazil/real                  1.1605        1.8207          1.8301
 5 Canada/dollar                1.4836        1.4858          1.4855
 6 China, P.R./yuan             8.3008        8.2783          8.2784
 7 Denmark/krone                6.7030        6.9900          8.0953
 8 European Monetary
     Union/euro (3)            n.a.           1.0653          0.9232
 9 Finland/markka               5.3473       n.a.            n.a.
10 France/franc                 5.8995       n.a.            n.a.
11 Germany/deutsche mark        1.7597       n.a.            n.a.
12 Greece/drachma             295.70        306.30          365.92

13 Hong Kong/dollar             7.7467        7.7594          7.7924
14 India/rupee                 41.36         43.13           45.00
15 Ireland/pound (2)          142.48         n.a.            n.a.
16 Italy/lira               1,736.85         n.a.            n.a.
17 Japan/yen                  130.99        113.73          107.80
18 Malaysia/ringgit             3.9254        3.8000          3.8000
19 Mexico/peso                  9.152         9.553           9.459
20 Netherlands/guilder          1.9837       n.a.            n.a.
21 New Zealand/dollar (2)      53.61         52.94           45.68
22 Norway/krone                 7.5521        7.8071          8.8131
23 Portugal/escudo            180.25          n.a.           n.a.

24 Singapore/dollar             1.6722         1.6951         1.7250
25 South Africa/rand            5.5417         6.1191         6.9468
26 South Korea/won          1,400.40       1,189.84       1,130.90
27 Spain/peseta               149.41          n.a.           n.a.
28 Sri Lanka/rupee             65.006         70.868         76.964
29 Sweden/krona                 7.9522         8.2740         9.1735
30 Switzerland/franc            1.4506         1.5045         1.6904
31 Taiwan/dollar               33.547         32.322         31.260
32 Thailand/baht               41.262         37.887         40.210
33 United Kingdom/
     pound (2)                165.73         161.72         151.56
34 Venezuela/bolivar          548.39         606.82         680.52

                                           Indexes (4)

         NOMINAL

35 Broad (January
     1997=100) (5)            116.48         116.87         119.93
36 Major currencies
     (March 1973=100) (6)      95.79          94.07          98.34
37 Other important
     trading partners
     (January
     1997=100) (7)            126.03         129.94         130.26

          REAL

38 Broad (March
     1973=100) (3)             99.50 (r)      98.82 (r)     102.49 (r)
39 Major currencies
     (March 1973=100) (6)      97.21 (r)      96.64 (r)     102.83 (r)
40 Other important
     trading partners
     (March 1973=100) (7)     108.93 (r)     108.06 (r)     108.51 (r)

                                             2001

         Item                 June           July           Aug.

                                         Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        51.80          50.89          52.46
 2 Austria/schilling           n.a.           n.a.           n.a.
 3 Belgium/franc               n.a.           n.a.           n.a.
 4 Brazil/real                  2.3788         2.4731         2.5122
 5 Canada/dollar                1.5245         1.5308         1.5399
 6 China, P.R./yuan             8.2770         8.2769         8.2770
 7 Denmark/krone                8.7397         8.6442         8.2632
 8 European Monetary
     Union/euro (3)             0.8530         0.8615         0.9014
 9 Finland/markka              n.a.           n.a.           n.a.
10 France/franc                n.a.           n.a.           n.a.
11 Germany/deutsche mark       n.a.           n.a.           n.a.
12 Greece/drachma              n.a.           n.a.           n.a.

13 Hong Kong/dollar             7.7997         7.7999         7.7997
14 India/rupee                 47.04          47.18          47.17
15 Ireland/pound (2)           n.a.           n.a.           n.a.
16 Italy/lira                  n.a.           n.a.           n.a.
17 Japan/yen                  122.35         124.50         121.37
18 Malaysia/ringgit             3.8000         3.8000         3.8000
19 Mexico/peso                  9.088          9.168          9.133
20 Netherlands/guilder         n.a.           n.a.           n.a.
21 New Zealand/dollar (2)      41.41          40.81          43.14
22 Norway/krone                 9.3014         9.2566         8.9427
23 Portugal/escudo             n.a.           n.a.           n.a.

24 Singapore/dollar             1.8170         1.8233         1.7613
25 South Africa/rand            8.0595         8.2094         8.3115
26 South Korea/won          1,295.05       1,305.24       1,285.65
27 Spain/peseta                n.a.           n.a.           n.a.
28 Sri Lanka/rupee             90.371         90.314         89.994
29 Sweden/krona                10.7930        10.7603        10.3329
30 Switzerland/franc            1.7856         1.7570         1.6808
31 Taiwan/dollar               34.328         34.821         34.639
32 Thailand/baht               45.263         45.641         44.907
33 United Kingdom/
     pound (2)                140.20         141.48         143.72
34 Venezuela/bolivar          717.27         722.72         731.97

                                           Indexes (4)

         NOMINAL

35 Broad (January
     1997=100) (5)            127.58         128.07         125.97
36 Major currencies
     (March 1973=100) (6)     105.91         106.07         103.77
37 Other important
     trading partners
     (January
     1997=100) (7)            136.43         137.37         136.03

          REAL

38 Broad (March
     1973=100) (5)            109.94 (r)     110.18 (r)     108.20 (r)
39 Major currencies
     (March 1973=100) (6)     112.03 (r)     112.17 (r)     109.61 (r)
40 Other important
     trading partners
     (March 1973=100) (7)     114.13 (r)     114.49 (r)     113.15 (r)

                                             2001

         Item                Sept.           Oct.           Nov.

                                         Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        50.36          50.42          51.65
 2 Austria/schilling           n.a.           n.a.           n.a.
 3 Belgium/franc               n.a.           n.a.           n.a.
 4 Brazil/real                  2.6767         2.7408         2.5481
 5 Canada/dollar                1.5679         1.5717         1.5922
 6 China, P.R./yuan             8.2768         8.2768         8.2769
 7 Denmark/krone                8.1654         8.2186         8.3832
 8 European Monetary
     Union/euro (3)             0.9114         0.9050         0.8883
 9 Finland/markka              n.a.           n.a.           n.a.
10 France/franc                n.a.           n.a.           n.a.
11 Germany/deutsche mark       n.a.           n.a.           n.a.
12 Greece/drachma              n.a.           n.a.           n.a.

13 Hong Kong/dollar             7.7997         7.7999         7.7996
14 India/rupee                 47.75          48.05          48.04
15 Ireland/pound (2)           n.a.           n.a.           n.a.
16 Italy/lira                  n.a.           n.a.           n.a.
17 Japan/yen                  118.61         121.45         122.41
18 Malaysia/ringgit             3.8000         3.8001         3.8000
19 Mexico/peso                  9.425          9.339          9.225
20 Netherlands/guilder         n.a.           n.a.           n.a.
21 New Zealand/dollar (2)      41.73          41.39          41.58
22 Norway/krone                 8.7691         8.8329         8.9296
23 Portugal/escudo             n.a.           n.a.           n.a.

24 Singapore/dollar             1.7494         1.8113         1.8295
25 South Africa/rand            8.6756         9.2804         9.7388
26 South Korea/won          1,293.83       1,302.36       1,282.10
27 Spain/peseta                n.a.           n.a.           n.a.
28 Sri Lanka/rupee             90.157         90.954         92.670
29 Sweden/krona                10.6353        10.5661        10.6117
30 Switzerland/franc            1.6338         1.6357         1.6509
31 Taiwan/dollar               34.575         34.583         34.498
32 Thailand/baht               44.331         44.750         44.411
33 United Kingdom/
     pound (2)                146.38         145.01         143.56
34 Venezuela/bolivar          743.46         743.22         745.10

                                           Indexes (4)

         NOMINAL

35 Broad (January
     1997=100) (5)            126.28         127.20         127.72
36 Major currencies
     (March 1973=100) (6)     103.32         104.27         105.55
37 Other important
     trading partners
     (January
     1997=100) (7)            137.53         138.21         137.36

          REAL

38 Broad (March
     1973=100) (5)            108.64 (r)     109.09 (r)     109.38
39 Major currencies
     (March 1973=100) (6)     109.46 (r)     110.54 (r)     112.10
40 Other important
     trading partners
     (March 1973=100) (7)     114.39 (r)     114.03 (r)     112.71

(1.) Averages of certified noon buying rates in New York for cable
transfers. Data in this table also appear in the Baord's G.5 (405)
monthly statistical release. For ordering address, see inside front
cover.

(2.) U.S. cents per currency unit.

(3.) The euro is reported in place of the individual euro area
currencies. By convention, the rate is reported in U.S. dollars per
euro. The bilateral currency rates can be derived from the euro rate
by using the fixed conversion rates (in currencies per euro) as
shown below:

Euro equals

13.7603   Austrian schillings
40.3399   Belgian francs
5.94573   Finnish markkas
6.55957   French francs
1.95583   German marks
.787564   Irish pounds
1936.27   Italian lire
40.3399   Luxembourg francs
2.20371   Netherlands guilders
200.482   Portuguese escudos
166.386   Spanish pesetas
340.750   Greek drachmas

(4.) Starting with the February 2001 Bulletin, revised index values
resulting from the annual revision of data that underlie the
calculated trade weights are reported. For more information on the
indexes of the foreign exchange value of the dollar, see Federal
Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.

(5.) Weighted average of the foreign exchange value of the U.S.
dollar against the currencies of a broad group of U.S. trading
partners. The weight for each currency is computed as an average of
U.S. bilateral import shares from and export shares to the issuing
country and of a measure of the importance to U.S. exporters of that
country's trade in third country markets.

(6.) Weighted average of the foreign exchange value of the U.S.
dollar against a subset of broad index currencies that circulate
widely outside the country of issue. The weight for each currency is
its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.

(7.) Weighted average of the foreign exchange value of the U.S.
dollar against a subset of broad index currencies that do not
circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the
subset of currencies in the index sum to one.
4.31 PRO FORMA FINANCIAL STATEMENTS FOR FEDERAL RESERVE
PRICED SERVICES

A. Pro forma balance sheet

Millions of dollars

          Item                   Sept. 30, 2001       Sept. 30, 2000

Short-term assets (Note 1)
Imputed reserve requirement
  on clearing balances           772.1                603.4
Investment in marketable
  securities                   6,948.9              5,430.6
Receivables                       72.1                 71.8
Materials and supplies             3.0                  3.2
Prepaid expenses                  24.2                 22.9
Items in process of
  collection                   3,111.9              3,152.5

  Total short-term assets                10,932.2              9,284.4

Long-term assets (Note 2)
Premises                         472.0                459.9
Furniture and equipment          170.3                163.2
Leases and leasehold
  improvements                    76.2                 46.1
Prepaid pension costs            735.6                629.4

   Total long-term assets                 1,454.1              1,298.5

Total assets                             12,386.3             10,582.9

Short-term liabilities
Clearing balances and
  balances arising from
  early credit of
  uncollected items            7,185.3              5,718.1
Deferred-availability items    3,647.6              3,468.4
Short-term debt                   99.3                 97.9

Total short-term liabilities             10,932.2              9,284.4

Long-term liabilities
Long-term debt                   502.6                417.3
Postretirement/
  postemployment benefits
  obligation                     254.6                239.5

Total long-term liabilities                 757.2                656.7

Total liabilities                        11,689.4              9,941.1

Equity                                      696.9                641.8

Total liabilities and equity
  (Note 3)                               12,386.3             10,582.9

B. Pro forma income statement

Millions of dollars

                                      Quarter ending    Quarter ending
             Item                     Sept. 30, 2001    Sept. 30, 2000

Revenue from services provided to
  depository institutions (Note 4)             230.0             221.5
Operating expense (Note 5)                     199.8             173.3
Income from operations                          30.2              48.2
Imputed costs (Note 6)
  Interest on float                     16.1               2.5
  Interest on debt                       8.0               7.8
  Sales taxes                            3.6               1.9
  FDIC insurance                         0.0    27.7       0.0    12.2

Income from operations after
  imputed costs                                  2.5              36.0
Other income and expenses (Note 7)
  Investment income on clearing
    balances                            88.2             102.5
  Earning credits                     (56.6)    31.6    (94.0)     8.5

Income before taxes                             34.1              44.5
Imputed income taxes (Note 8)                   10.7              14.0

Net income                                      23.3              30.5

MEMO

Targeted return on equity (Note 9)              27.3              24.6

                                       Nine months       Nine months
                                       ending Sept.      ending Sept.
                                         30, 2001          30, 2000

Revenue from services provided to
  depository institutions (Note 4)             693.3             654.9
Operating expense (Note 5)                     598.5             519.7
Income from operations                          94.9             135.2
Imputed costs (Note 6)
  Interest on float                     15.6               5.7
  Interest on debt                      24.0              23.6
  Sales taxes                            8.9               6.1
  FDIC insurance                         0.0    48.5       0.0    35.4

Income from operations after
  imputed costs                                 46.4              99.8
Other income and expenses (Note 7)
  Investment income on clearing
    balances                           233.4             306.2
  Earning credits                    (200.6)    32.8   (275.8)    30.5

Income before taxes                             79.1             130.2
Imputed income taxes (Note 8)                   24.9              41.0

Net income                                      54.2              89.2

MEMO

Targeted return on equity (Note 9)              81.9              73.8

NOTE. Components may not sum to totals because of rounding. The priced
services financial statements consist of these tables and the
accompanying notes.

(l) SHORT-TERM ASSETS

The imputed reserve requirement on clearing balances held at Reserve
Banks by depository institutions reflects a treatment comparable to
that of compensating balances held at correspondent banks by
respondent institutions. The reserve requirement imposed on respondent
balances must be held as vault cash or as nonearning balances
maintained at a Reserve Bank; thus, a portion of priced services
clearing balances held with the Federal Reserve is shown as required
reserves on the asset side of the balance sheet. The remainder of
clearing balances is assumed to be invested in three-month Treasury
bills, shown as investment in marketable securities.

Receivables are (1) amounts due the Reserve Banks for priced services
and (2) the share of suspense-account and difference-account balances
related to priced services.

Materials and supplies are the inventory value of short-term assets.

Items in process of collection are gross Federal Reserve cash
items in process of collection (CIPC) stated on a basis
comparable to that of a commercial bank. It reflects adjustments
for intra-System items that would otherwise be double-counted on a
consolidated Federal Reserve balance sheet; adjustments for items
associated with non-priced items, such as those collected for
government agencies; and adjustments for items associated with
providing fixed availability or credit before items are received and
processed. Among the costs to be recovered under the Monetary
Control Act is the cost of float, or net CIPC, during the period
(the difference between gross CIPC and deferred-availability items,
which is the portion of gross CIPC that involves a financing cost),
valued at the federal funds rate.

(2) LONG-TERM ASSETS

Consists of long-term assets used solely in priced services, the
priced-services portion of long-term assets shared with non-priced
services, and an estimate of the assets of the Board of Governors used
in the development of priced services. Effective January 1, 1987, the
Reserve Banks implemented the Financial Accounting Standards Board's
Statement of Financial Accounting Standards No. 87, Employer's
Accounting for Pensions (SFAS 87). Accordingly, the Federal Reserve
Banks recognized credits to expenses of $86.6 million in the third
quarter of 2000, $57.7 million in the second quarter of 2000, $28.9
million in the first quarter of 2000, $75.7 million in the third
quarter of 2001, $50.4 million in the second quarter of 2001, $25.2
million in the first quarter of 2001, and corresponding increases in
the asset account.

(3) LIABILITIES AND EQUITY

Under the matched-book capital structure for assets that are not
"self-financing," short-term assets are financed with short-term
debt. Long-term assets are financed with long-term debt and equity in
a proportion equal to the ratio of long-term debt to equity for the
fifty largest bank holding companies, which are used in the model for
the private-sector adjustment factor (PSAF). The PSAF consists of the
taxes that would have been paid and the return on capital that would
have been provided had priced services been furnished by a
private-sector firm. Other short-term liabilities include clearing
balances maintained at Reserve Banks and deposit balances arising
from float. Other long-term liabilities consist of obligations on
capital leases.

(4) REVENUE

Revenue represents charges to depository institutions for priced
services and is realized from each institution through one of two
methods: direct charges to an institution's account or charges against
its accumulated earnings credits.

(5) OPERATING EXPENSES

Operating expenses consist of the direct, indirect, and other general
administrative expenses of the Reserve Banks for priced services plus
the expenses for staff members of the Board of Governors working
directly on the development of priced services. The expenses for Board
staff members totaled $3.68 million for the first, second, and third
quarters of 2001 and $3.15 million for the first, second, and third
quarters of 2000. The credit to expenses under SFAS 87 (see note 2) is
reflected in operating expenses.

(6) IMPUTED COSTS

Imputed costs consist of interest on float, interest on debt, sales
taxes, and the FDIC assessment. Interest on float is derived from the
value of float to be recovered, either explicitly or through per-item
fees, during the period. Float costs include costs for checks,
book-entry securities, non-cash collection, ACH, and funds transfers.

Interest is imputed on the debt assumed necessary to finance
priced-service assets. The sales taxes and FDIC assessment that the
Federal Reserve would have paid had it been a private-sector firm are
among the components of the PSAF (see note 3).

Float coats are based on the actual float incurred for each priced
service, multiplied by the appropriate federal funds rate. Other
imputed costs are allocated among priced services according to the
ratio of operating expenses less shipping expenses for each service
to the total expenses for all services less the total shipping
expenses for all services. The following list shows the daily average
recovery of float (before converting to float costs) by the Reserve
Banks for the first quarter of 2001 and 2000 in millions of dollars:

                               2001      2000

Total float                   2,642.0    725.4
Uncovered float                 154.8    145.6
Float subject to recovery     2,487.2    579.8

Sources of float recovery:

Income on clearing balances     248.2     58.0
As-of adjustments               408.7    430.8
Direct charges                1,696.2    314.2
Per-item fees                   134.1   (223.2)

Unrecovered float includes float generated by services to government
agencies and by other central bank services. Float recovered through
income on clearing balances is the result of the increase in
investable clearing balances; the increase is produced by a deduction
for float for cash items in process of collection, which reduces
imputed reserve requirements. The income on clearing balances reduces
the float to be recovered through other means. As-of adjustments are
memorandum adjustments to an institution's reserve or cleating
position to recover float incurred by the institution. Direct charges
are billed to the institution for float incurred when an institution
chooses to close on a normal business day and for float incurred on
interterritory check transportation. Float recovered through direct
charges is valued at cost using the federal funds rate and charged
directly to an institution's account. Float recovered through per-item
fees is valued at the federal funds rate and has been added to the
cost base subject to recovery. The 2001 float levels were unusually
high related to the September 11 events.

(7) OTHER INCOME AND EXPENSES

Consists of imputed investment income on clearing balances and the
actual cost of earnings credits. Investment income on clearing
balances represents the average coupon-equivalent yield on three-month
Treasury bills applied to the total clearing balance maintained,
adjusted for the effect of reserve requirements on clearing balances.
Expenses for earnings credits granted to depository institutions on
their clearing balances are derived by applying the average federal
funds rate to the required portion of the clearing balances, adjusted
for the net effect of reserve requirements on clearing balances.

(8) INCOME TAXES

Imputed income taxes are calculated at the effective tax rate derived
from the PSAF model (see note 3)

(9) RETURN ON EQUITY

Represents the after-tax rate of return on equity that the Federal
Reserve would have earned had it been a private business firm, as
derived from the PSAF model (see note 3)
COPYRIGHT 2002 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 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Federal Reserve Bulletin
Article Type:Statistical Data Included
Geographic Code:1USA
Date:Jan 1, 2002
Words:96472
Previous Article:Membership of the Board of Governors of the Federal Reserve System, 1913-2001.
Next Article:The Evolution of the Federal Reserve's Intraday Credit Policies.
Topics:


Related Articles
Pick a sample: learning statistics - minus the frustrations.
Sophisticated statistical data: broker's ally.
Church directory stuck with outdated statistics.
Statistics Chart Industry's Growth.
Environmental Statistics Center.
Announcements.
Teaching Statistics Courses: some important considerations.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters