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A3 GUIDE TO TABLES
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
A4 Reserves and money stock measures
A5 Reserves of depository institutions and Reserve Bank
credit
A6 Reserves and borrowings--Depository
institutions
Policy Instruments
A7 Federal Reserve Bank interest rates
A8 Reserve requirements of depository institutions
A9 Federal Reserve open market transactions
Federal Reserve Banks
A10 Condition and Federal Reserve note statements
A11 Maturity distribution of loan and security
holding
Monetary and Credit Aggregates
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock measures
Commercial Banking Institutions--
Assets and Liabilities
A15 All commercial banks in the United States
A16 Domestically chartered commercial banks
A17 Large domestically chartered commercial banks
A19 Small domestically chartered commercial banks
A20 Foreign-related institutions
Financial Markets
A22 Commercial paper outstanding
A22 Prime rate charged by banks on short-term
business loans
A23 Interest rates--Money and capital markets
A24 Stock market--Selected statistics
Federal Finance
A25 Federal debt subject to statutory limitation
A25 Gross public debt of U.S. Treasury--
Types and ownership
A26 U.S. government securities
dealers--Transactions
A27 U.S. government securities dealers--
Positions and financing
A28 Federal and federally sponsored credit
agencies--Debt outstanding
Securities Markets and Corporate Finance
A29 New security issues--Tax--exempt state and local
governments and corporations
A30 Open-end investment companies--Net sales
and assets
A30 Domestic finance companies--Assets and liabilities
A31 Domestic finance companies--Owned and managed
receivables
Real Estate
A32 Mortgage markets--New homes
A33 Mortgage debt outstanding
Consumer Credit
A34 Total outstanding
A34 Terms
Flow of Funds
A35 Funds raised in U.S. credit markets
A37 Summary of financial transactions
A38 Summary of credit market debt outstanding
A39 Summary of financial assets and liabilities
DOMESTIC NONFINANCIAL STATISTICS
Selected Measures
A40 Output, capacity, and capacity utilization
A42 Industrial production--Indexes and gross value
INTERNATIONAL STATISTICS
Summary Statistics
A44 U.S. international transactions
A45 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A46 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
A46 Liabilities to, and claims on, foreigners
A47 Liabilities to foreigners
A49 Banks' own claims on foreigners
A50 Banks' own and domestic customers' claims on
foreigners
A50 Banks' own claims on unaffiliated foreigners
A51 Claims on foreign countries--Combined
domestic offices and foreign branches
Reported by Nonbanking Business
Enterprises in the United States
A52 Liabilities to unaffiliated foreigners
A53 Claims on unaffiliated foreigners
Securities Holdings and Transactions
A54 Foreign transactions in securities
A55 Marketable U.S. Treasury bonds and
notes--Foreign transactions
Interest and Exchange Rates
A56 Foreign exchange rates
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
SPECIAL TABLES
A58 Assets and liabilities of commercial
banks, March 31, 2002
A60 Terms of lending at commercial banks,
May 2002
A66 Assets and liabilities of U.S. branches and
agencies of foreign banks, March 31, 2002
A70 INDEX TO STATISTICAL TABLES
Discontinuation of Certain Statistical Tables in
the Federal Reserve Bulletin
The following ten tables have been discontinued in
the Financial and Business Statistics section of
the Federal Reserve Bulletin. Information on the
sources of data in these tables appears in the
Announcements section of the June 2002 issue of
the Bulletin, page 290.
Discontinued tables:
1.38 1.39 1.48 2.10 2.11
2.14 2.15 2.16 2.17 3.11
Page numbers of the tables in the Financial and
Business Statistics section have been revised.
Guide to Tables
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
p Preliminary
r Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
* Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
0 Calculated to be zero
... Cell not applicable
ABS Asset-backed security
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FAMC Federal Agriculture Mortgage Corporation
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSA Farm Service Agency
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GDP Gross domestic product
GNMA Government National Mortgage Association
GSE Government-sponsored enterprise
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-backed securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NAICS North American Industry Classification System
NOW Negotiable order of withdrawal
OCDs Other checkable deposits
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
POs Principal only, stripped, mortgage-backed securities
REIT Real estate investment trust
REMICs Real estate mortgage investment conduits
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
TIIS Treasury inflation-indexed securities
VA Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct
obligations of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
A4 Domestic Financial Statistics [] August 2002
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2001
Monetary or credit aggregate
Q2 Q3 Q4
Reserves or depository
institutions (2)
1 Total 4.0 76.3 -31.2
2 Required 6.4 14.8 22.1
3 Nonborrowed 2.9 65.0 -21.4
4 Monetary base (3) 6.2 14.8 6.4
Concepts or money (4)
5 M1 6.0 16.0 2.1
6 M2 9.6 (r) 11.0 (r) 9.4 (r)
7 M3 13.8 (r) 10.0 (r) 12.2 (r)
Nontransaction components
8 In M2 (5) 10.6 (r) 9.6 (r) 11.5 (r)
9 In M3 only (6) 23.1 8.1 18.2
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.1 19.7 23.2
11 Small time (7) -7.6 -10.3 -12.1
12 Large time (8,9) -1.2 -7.4 -9.2
Thrift institutions
13 Savings, including MMDAs 22.0 25.2 27.2
14 Small time (7) 4.1 -5.1 -11.2
15 Large time (8) 11.5 14.9 2.5
Money market mutual funds
16 Retail 6.3 (r) 5.0 (r) 7.9 (r)
17 Institution-only 49.7 27.5 49.2
Repurchase agreements
and eurodollars
18 Repurchase agreements (10) 19.0 -9.0 -1.4
19 Eurodollars (10) 7.0 -3.9 -3.6
2002 2002
Monetary or credit aggregate
Q1 Jan. Feb.
Reserves or depository
institutions (2)
1 Total -9.7 15.3 -8.5
2 Required -9.3 23.8 -8.2
3 Nonborrowed -9.4 15.9 -8.0
4 Monetary base (3) 9.1 12.2 10.0
Concepts or money (4)
5 M1 5.8 3.3 1.9
6 M2 5.8 (r) 2.6 (r) 7.5 (r)
7 M3 4.8 (r) -1.2 (r) 6.0 (r)
Nontransaction components
8 In M2 (5) 5.8 (r) 2.4 (r) 9.1 (r)
9 In M3 only (6) 2.7 -9.3 2.7
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.4 19.0 22.1
11 Small time (7) -15.3 -16.2 -13.1
12 Large time (8,9) 4.9 14.9 -2.5
Thrift institutions
13 Savings, including MMDAs 25.6 21.8 38.8
14 Small time (7) -15.4 -20.8 -13.9
15 Large time (8) -.8 13.7 -7.3
Money market mutual funds
16 Retail -9.4 (r) -17.8 (r) -10.3 (r)
17 Institution-only -.5 -27.8 -1.8
Repurchase agreements
and eurodollars
18 Repurchase agreements (10) 8.0 -1.6 11.9
19 Eurodollars (10) 6.3 (r) -6.3 35.5
2002
Monetary or credit aggregate
Mar. Apr. May
Reserves or depository
institutions (2)
1 Total -12.7 -7.4 -48.3
2 Required -14.5 -1.4 -51.5
3 Nonborrowed -14.1 -7.2 -49.6
4 Monetary base (3) 6.4 7.9 7.2
Concepts or money (4)
5 M1 2.9 -11.4 6.2
6 M2 -.7 (r) -3.8 (r) 13.9
7 M3 -.5 (r) -2.5 (r) 10.8
Nontransaction components
8 In M2s -1.8 (r) -1.7 (r) 15.9
9 In M3 only (6) .0 (r) .4 (r) 4.1
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 5.2 6.9 25.4
11 Small time (7) -11.4 -7.6 10.8
12 Large time (8,9) 2.3 16.6 4.2
Thrift institutions
13 Savings, including MMDAs 27.9 17.3 13.3
14 Small time (7) -9.6 -10.1 -29.7
15 Large time (8) -7.3 6.3 -31.5
Money market mutual funds
16 Retail -24.1 (r) -23.3 (r) 18.4
17 Institution-only -2.0 -2.0 10.1
Repurchase agreements
and eurodollars
18 Repurchase agreements (10) -8.0 -22.2 -3.3
19 Eurodollars (10) 11.7 (r) -1.7 (r) 2.2
(1.) Unless otherwise noted, rates of change are calculated from
average amounts outstanding during preceding month or quarter.
(2.) Figures incorporate adjustments for discontinuities, or
"breaks," associated with regulatory changes in reserve
requirements (See also table 1.20.)
(3.) The seasonally adjusted, break-adjusted monetary base
consists of (1) seasonally adjusted, break-adjusted total
reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other
Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves)the seasonally
adjusted, break-adjusted difference between current vault
cash and the amount applied to satisfy current reserve
requirements.
4. Composition of the money stock measures is as follows:
M1: (1) currency outside the U.S. Treasury, Federal
Reserve Banks, and the vaults of depository institutions,
(2) travelers checks of nonbank issuers, (3) demand deposits
at all commercial banks other than those owed to depository
institutions, the U.S. government, and foreign banks and
official institutions, less cash items in the process of
collection and Federal Reserve float, and (4) other
checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts
at depository institutions, credit union share draft accounts
and demand deposits at thrift institutions. Seasonally
adjusted M1 is computed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2: M1 plus (1) savings (including MMDAs), (2) small-denomination
time deposits (time deposits--including retail RPs--in amounts of
less than $100,000), and (3) balances in retail money market
mutual funds. Excludes individual retirement accounts (IRAs)
and Keogh balances at depository institutions and money market
funds.
Seasonally adjusted M2 is calculated by summing savings deposits,
small-denomination time deposits, and retail money fund balances,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more), (2) balances in institutional money funds,
(3) RP liabilities (overnight and term) issued by all depository
institutions, and (4) eurodollars (overnight and term) held by U.S.
residents at foreign branches of U.S. banks worldwide and at all
banking offices in the United Kingdom and Canada. Excludes amounts
held by depository institutions, the U.S. government, money market
funds, and foreign banks and official institutions. Seasonally
adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
(5.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances, each seasonally
adjusted separately.
(6.) Sum of (1) large time deposits, (2) institutional money
fund balances, (3) RP liabilities (overnight and term) issued by
depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
(7.) Small time deposits--including retail RPs--are those issued
in amounts of less than $100,000. All IRA and Keogh account
balances at commercial banks and thrift institutions are
subtracted from small time deposits.
(8.) Large time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking
facilities.
(9.) Large time deposits at commercial banks less those held by
money market funds, depository institutions, the U.S. government,
and foreign banks and official institutions.
(10.) Includes both overnight and term.
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT (1)
Millions of dollars
Average of
daily figures
2002
Factor Mar. Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 636,572 642,176 647,403
U.S. government securities (2)
2 Bought outright--System
account (3) 573,087 578,737 584,747
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 agreeements--triparty (4) 26,689 25,430 24,845
7 Acceptances 0 0 0
Loans to depository institutions
8 Adjustment credit 6 75 7
9 Seasonal credit 19 50 107
10 Special Liquidity Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -38 -397 -237
13 Other Federal Reserve assets 36,799 38,271 37,925
14 Gold stock 11,044 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200 2,200
16 Treasury currency outstanding 33,575 33,635 33,697
ABSORBING RESERVE FUNDS
17 Currency in circulation 640,031 643,813 649,450
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 421 400 407
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 5,551 6,127 5,056
21 Foreign 126 98 93
22 Service-related balances and
adjustments 9,549 10,049 10,098
23 Other 218 255 223
24 Other Federal Reserve liabilities and
capital 18,244 18,813 19,343
25 Reserve balances with Federal Reserve
Banks (5) 9,250 9,500 9,675
Average daily figures
for week ending on
date indicated
2002
Factor Apr. 17 Apr. 24 May 1
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 644,014 640,393 647,387
U.S. government securities (2)
2 Bought outright--System
account (3) 578,332 580,266 580,919
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 agreeements--triparty (4) 28,200 21,964 27,429
7 Acceptances 0 0 0
Loans to depository institutions
8 Adjustment credit 4 8 12
9 Seasonal credit 48 56 67
10 Special Liquidity Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -698 -533 -200
13 Other Federal Reserve assets 38,119 38,621 39,151
14 Gold stock 11,044 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200 2,200
16 Treasury currency outstanding 33,633 33,647 33,661
ABSORBING RESERVE FUNDS
17 Currency in circulation 643,798 643,464 644,218
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 403 399 393
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 5,957 6,994 6,946
21 Foreign 116 82 90
22 Service-related balances and
adjustments 10,053 10,130 10,012
23 Other 242 232 237
24 Other Federal Reserve liabilities and
capital 18,736 18,858 19,044
25 Reserve balances with Federal Reserve
Banks (5) 11,586 7,124 13,351
Average daily
figures for week
ending on date
indicated
2002
Factor May 8 May 15
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 641,549 645,894
U.S. government securities (2)
2 Bought outright--System
account (3) 582,167 583,972
3 Held under repurchase agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase agreements 0 0
6 Repurchase agreeements--triparty (4) 19,929 22,787
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 5 6
9 Seasonal credit 94 95
10 Special Liquidity Facility credit 0 0
11 Extended credit 0 0
12 Float 80 -99
13 Other Federal Reserve assets 39,265 39,124
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,675 33,689
ABSORBING RESERVE FUNDS
17 Currency in circulation 646,424 647,695
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 396 408
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 5,145 5,134
21 Foreign 87 99
22 Service-related balances and
adjustments 10,128 10,042
23 Other 260 214
24 Other Federal Reserve liabilities and
capital 19,123 19,099
25 Reserve balances with Federal Reserve
Banks (5) 6,903 10,135
Average daily
figures for week
ending on date
indicated
2002
Factor May 22 May 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 643,811 655,846
U.S. government securities (2)
2 Bought outright--System
account (3) 585,122 587,669
3 Held under repurchase agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase agreements 0 0
6 Repurchase agreeements--triparty (4) 22,893 31,204
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 12 7
9 Seasonal credit 105 129
10 Special Liquidity Facility credit 0 0
11 Extended credit 0 0
12 Float -753 -185
13 Other Federal Reserve assets 36,422 37,012
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,703 33,717
ABSORBING RESERVE FUNDS
17 Currency in circulation 648,751 653,948
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 411 412
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 4,914 5,012
21 Foreign 76 109
22 Service-related balances and
adjustments 10,159 10,159
23 Other 217 207
24 Other Federal Reserve liabilities and
capital 19,460 19,701
25 Reserve balances with Federal Reserve
Banks (5) 6,771 13,258
End-of-month figures
Factor Mar. Apr. May
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 642,186 651,320 651,330
U.S. government securities (2)
2 Bought outright--System
account (3) 575,356 581,308 587,189
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 agreeements--triparty (4) 29,500 31,500 28,000
7 Acceptances 0 0 0
Loans to depository institutions
8 Adjustment credit 0 13 0
9 Seasonal credit 19 60 124
10 Special Liquidity Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -476 -402 -665
13 Other Federal Reserve assets 37,776 38,832 36,673
14 Gold stock 11,044 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200 2,200
16 Treasury currency outstanding 33,605 33,661 33,731
ABSORBING RESERVE FUNDS
17 Currency in circulation 641,848 645,445 653,655
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 412 393 416
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 5,692 5,387 5,883
21 Foreign 256 111 128
22 Service-related balances and
adjustments 9,869 10,012 9,799
23 Other 181 287 207
24 Other Federal Reserve liabilities and
capital 18,163 19,202 19,504
25 Reserve balances with Federal Reserve
Banks (5) 12,614 17,388 8,713
Wednesday figures
Factor Apr. 17 Apr. 24 May 1
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 645,066 641,475 654,341
U.S. government securities (2)
2 Bought outright--System
account (3) 580,046 582,038 580,860
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 agreeements--triparty (4) 27,200 21,000 34,500
7 Acceptances 0 0 0
Loans to depository institutions
8 Adjustment credit 1 11 8
9 Seasonal credit 49 55 88
10 Special Liquidity Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float -560 -574 -144
13 Other Federal Reserve assets 38,320 38,935 39,018
14 Gold stock 11,044 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200 2,200
16 Treasury currency outstanding 33,633 33,647 33,661
ABSORBING RESERVE FUNDS
17 Currency in circulation 644,684 644,691 646,309
18 Reverse repurchase
agreements--triparty (4) 0 0 0
19 Treasury cash holdings 400 393 394
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 7,740 6,255 4,323
21 Foreign 76 76 92
22 Service-related balances and
adjustments 10,053 10,130 10,012
23 Other 231 231 212
24 Other Federal Reserve liabilities and
capital 18,558 18,688 18,868
25 Reserve balances with Federal Reserve
Banks (5) 10,200 7,901 21,035
Wednesday figures
Factor May 8 May 15
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 643,099 649,265
U.S. government securities (2)
2 Bought outright--System
account (3) 583,672 585,767
3 Held under repurchase agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase agreements 0 0
6 Repurchase agreeements--triparty (4) 19,000 28,251
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 2 9
9 Seasonal credit 89 95
10 Special Liquidity Facility credit 0 0
11 Extended credit 0 0
12 Float 954 -816
13 Other Federal Reserve assets 39,371 35,948
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,675 33,689
ABSORBING RESERVE FUNDS
17 Currency in circulation 648,573 649,083
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 407 410
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 5,452 4,968
21 Foreign 82 108
22 Service-related balances and
adjustments 10,128 10,042
23 Other 251 216
24 Other Federal Reserve liabilities and
capital 18,754 18,978
25 Reserve balances with Federal Reserve
Banks (5) 6,368 12,392
Wednesday figures
Factor May 22 May 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding 644,369 673,629
U.S. government securities (2)
2 Bought outright--System
account (3) 584,602 587,559
3 Held under repurchase agreements 0 0
Federal agency obligations
4 Bought outright 10 10
5 Held under repurchase agreements 0 0
6 Repurchase agreeements--triparty (4) 23,500 47,425
7 Acceptances 0 0
Loans to depository institutions
8 Adjustment credit 24 3
9 Seasonal credit 111 143
10 Special Liquidity Facility credit 0 0
11 Extended credit 0 0
12 Float -688 1,174
13 Other Federal Reserve assets 36,810 37,314
14 Gold stock 11,044 11,044
15 Special drawing rights certificate
account 2,200 2,200
16 Treasury currency outstanding 33,703 33,717
ABSORBING RESERVE FUNDS
17 Currency in circulation 651,172 656,219
18 Reverse repurchase
agreements--triparty (4) 0 0
19 Treasury cash holdings 411 416
Deposits, other than reserve balances,
with Federal Reserve Banks
20 Treasury 4,024 3,947
21 Foreign 72 208
22 Service-related balances and
adjustments 10,159 10,159
23 Other 217 210
24 Other Federal Reserve liabilities and
capital 19,406 19,306
25 Reserve balances with Federal Reserve
Banks (5) 5,854 30,124
(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
Reserve classification 1999 2000
Dec. Dec.
1 Reserve balances with Reserve Banks (2) 5,262 7,022
2 Total vault cash (3) 60,620 45,245
3 Applied vault cash (4) 36,392 31,451
4 Surplus vault cash (5) 24,228 13,794
5 Total reserves (6) 41,654 38,473
6 Required reserves 40,357 37,046
7 Excess reserve balances at Reserve
Banks (7) 1,297 1,427
8 Total borrowing at Reserve Banks 320 210
9 Adjustment 179 99
10 Seasonal 67 111
11 Special Liquidity Facility (8) 74 0
12 Extended credit (9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
Feb. 6 (r) Feb. 20 (r)
1 Reserve balances with Reserve Banks (2) 9,181 8,981
2 Total vault cash (3) 50,354 45,418
3 Applied vault cash (4) 36,383 32,623
4 Surplus vault cash (5) 13,971 12,795
5 Total reserves (6) 45,564 41,604
6 Required reserves 44,173 40,198
7 Excess reserve balances at Reserve
Banks (7) 1,391 1,406
8 Total borrowing at Reserve Banks 26 37
9 Adjustment 8 17
l0 Seasonal 18 20
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2001 2001
Dec. (r) Nov. (r)
1 Reserve balances with Reserve Banks (2) 9,054 8,833
2 Total vault cash (3) 43,935 43,104
3 Applied vault cash (4) 32,024 31,291
4 Surplus vault cash (5) 11,911 11,813
5 Total reserves (6) 41,077 40,124
6 Required reserves 39,433 38,672
7 Excess reserve balances at Reserve
Banks (7) 1,645 1,452
8 Total borrowing at Reserve Banks 67 84
9 Adjustment 34 51
10 Seasonal 33 33
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
Mar. 6 (r) Mar. 20 (r)
1 Reserve balances with Reserve Banks (2) 9,855 8,569
2 Total vault cash (3) 42,690 42,267
3 Applied vault cash (4) 31,885 30,565
4 Surplus vault cash (5) 10,805 11,702
5 Total reserves (6) 41,740 39,134
6 Required reserves 40,460 37,849
7 Excess reserve balances at Reserve
Banks (7) 1,280 1,285
8 Total borrowing at Reserve Banks 22 24
9 Adjustment 9 4
l0 Seasonal 13 20
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2002
Dec. (r) Jan. (r)
1 Reserve balances with Reserve Banks (2) 9,054 9,995
2 Total vault cash (3) 43,935 45,730
3 Applied vault cash (4) 32,024 33,730
4 Surplus vault cash (5) 11,911 11,999
5 Total reserves (6) 41,077 43,725
6 Required reserves 39,433 42,339
7 Excess reserve balances at Reserve 1,645 1,387
Banks (7)
8 Total borrowing at Reserve Banks 67 50
9 Adjustment 34 33
10 Seasonal 33 17
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
Apr. 3 (r) Apr. 17 (r)
1 Reserve balances with Reserve Banks (2) 9,493 9,325
2 Total vault cash (3) 43,069 41,730
3 Applied vault cash (4) 31,497 30,301
4 Surplus vault cash (5) 11,572 11,429
5 Total reserves (6) 40,990 39,626
6 Required reserves 39,340 38,501
7 Excess reserve balances at Reserve 1,650 1,124
Banks (7)
8 Total borrowing at Reserve Banks 180 47
9 Adjustment 157 2
l0 Seasonal 23 45
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Prorated monthly averages
of biweekly averages
Reserve classification
Feb. (r) Mar. (r)
1 Reserve balances with Reserve Banks (2) 9,273 9,146
2 Total vault cash (3) 45,696 42,633
3 Applied vault cash (4) 33,218 31,151
4 Surplus vault cash (5) 12,478 11,482
5 Total reserves (6) 42,491 40,297
6 Required reserves 41,124 38,883
7 Excess reserve balances at Reserve
Banks (7) 1,367 1,414
8 Total borrowing at Reserve Bank 30 79
9 Adjustment 12 59
10 Seasonal 17 20
11 Special Liquidity Faculty (8) ... ...
12 Extended credit (9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
May 1 (r) May 15
1 Reserve balances with Reserve Banks (2) 10,243 8,524
2 Total vault cash (3) 42,082 41,833
3 Applied vault cash (4) 31,999 30,368
4 Surplus vault cash (5) 10,084 11,464
5 Total reserves (6) 42,242 38,892
6 Required reserves 41,046 37,700
7 Excess reserve balances at Reserve
Banks (7) 1,195 1,192
8 Total borrowing at Reserve Banks 71 100
9 Adjustment l0 6
l0 Seasonal 62 95
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Prorated monthly averages
of biweekly averages
Reserve classification
Apr. May
1 Reserve balances with Reserve Banks (2) 9,740 9,211
2 Total vault cash (3) 42,016 (r) 41,824
3 Applied vault cash (4) 31,156 (r) 31,035
4 Surplus vault cash (5) 10,860 (r) 10,789
5 Total reserves (6) 40,896 (r) 40,246
6 Required reserves 39,688 (r) 38,982
7 Excess reserve balances at Reserve 1,208 1,263
Banks (7)
8 Total borrowing at Reserve Banks 71 112
9 Adjustment 21 7
10 Seasonal 50 105
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 0 0
Biweekly averages of
daily figures for two-week
periods ending on dates
indicated
May 29 June 12
1 Reserve balances with Reserve Banks (2) 10,014 7,894
2 Total vault cash (3) 41,959 40,687
3 Applied vault cash (4) 31,860 29,442
4 Surplus vault cash (5) 10,098 11,245
5 Total reserves (6) 41,874 37,335
6 Required reserves 40,516 36,197
7 Excess reserve balances at Reserve 1,358 1,138
Banks (7)
8 Total borrowing at Reserve Banks 127 116
9 Adjustment 10 3
l0 Seasonal 117 113
11 Special Liquidity Facility (8) ... ...
12 Extended credit (9) 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, 2001).
(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 similar to that of nonborrowed reserves.
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit (1)
Federal Reserve
Bank On Effective date Previous rate
7/12/02
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
Bank On Effective date Previous rate
7/12/02
Boston 1.75 7/11/02 1.80
New York 1.75 7/11/02 1.80
Philadelphia 1.75 7/11/02 1.80
Cleveland 1.75 7/11/02 1.80
Richmond 1.75 7/11/02 1.80
Atlanta 1.75 7/11/02 1.80
Chicago 1.75 7/11/02 1.80
St. Louis 1.75 7/11/02 1.80
Minneapolis 1.75 7/11/02 1.80
Kansas City 1.75 7/11/02 1.80
Dallas 1.75 7/11/02 1.80
San Francisco 1.75 7/11/02 1.80
Current and previous levels
Extended credit (3)
Federal Reserve
Bank On Effective date Previous rate
7/12/02
Boston 2.25 7/11/02 2.30
New York 2.25 7/11/02 2.30
Philadelphia 2.25 7/11/02 2.30
Cleveland 2.25 7/11/02 2.30
Richmond 2.25 7/11/02 2.30
Atlanta 2.25 7/11/02 2.30
Chicago 2.25 7/11/02 2.30
St. Louis 2.25 7/11/02 2.30
Minneapolis 2.25 7/11/02 2.30
Kansas City 2.25 7/11/02 2.30
Dallas 2.25 7/11/02 2.30
San Francisco 2.25 7/11/02 2.30
Range of rates for adjustment credit in recent years (4)
Range (or F.R. Bank
Effective date level)--All of
F.R. Banks N.Y.
In effect Dec. 31, 1981 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
Oct. 12 9.5-10 9.5
13 9.5 9.5
Nov. 22 9-9.5 9
26 9 9
Dec. 14 8.5-9 9
15 8.5-9 8.5
17 8.5 8.5
1984--Apr. 9 8.5-9 9
13 9 9
Nov. 21 8.5-9 8.5
26 8.5 8.5
Dec. 24 8 8
1985--May 20 7.5-8 7.5
24 7.5 7.5
1986--Mar. 7 7-7.5 7
10 7 7
Apr. 21 6.5-7 6.5
23 6.5 6.5
July 11 6 6
Aug. 21 5.5-6 5.5
22 5.5 5.5
1987--Sept. 4 5.5-6 6
11 6 6
1988--Aug. 9 6-6.5 6.5
11 6.5 6.5
1989--Feb. 24 6.5-7 7
27 7 7
1990--Dec. 19 6.5 6.5
1991--Feb. 1 6-6.5 6
4 6 6
Apr. 30 5.5-6 5.5
May 2 5.5 5.5
1991--Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 3 5.00 5.00
1998--Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999--Aug. 24 4.50.4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000--Feb. 2 5.00-5.25 5.25
4 5.25 5.25
Mar. 21 5.25-5.50 5.50
23 5.50 5.50
May 16 5.50-6.00 5.50
19 6.00 6.00
2001--Jan. 3 5.75-6.00 5.75
4 5.50-5.75 5.50
5 5.50 5.50
31 5.00-5.50 5.00
Feb. 1 5.00 5.00
Mar. 20 4.50-5.00 4.50
21 4.50 4.50
Apr. 18 4.00-4.50 4.00
20 4.00 4.00
2001--May 15 3.50-4.00 3.50
17 3.50 3.50
June 27 3.25-3.50 3.25
29 3.25 3.25
Aug. 21 3.00-3.25 3.00
23 3.00 3.00
Sept. 17 2.50-3.00 2.50
18 2.50 2.50
Oct. 2 2.00-2.50 2.00
4 2.00 2.00
Nov. 6 1.50-2.00 1.50
8 1.50 1.50
Dec. 11 1.25-1.50 1.25
13 1.25 1.25
In effect July 12, 2002 1.25 1.25
(1.) Available on a short-term basis to help depository institutions
meet temporary needs for funds that cannot be met through reasonable
alternative sources. The highest rate established for loans to
depository institutions may be charged on adjustment credit loans of
unusual size that result from a major operating problem at the
borrower's facility.
(2.) Available to help relatively small depository institutions meet
regular seasonal needs for funds that arise from a clear pattern of
intrayearly movements in their deposits and loans and that cannot
be met through special industry lenders. The discount rate on seasonal
credit takes into account rates charged by market sources of funds and
ordinarily is reestablished on the first business day of each two-week
reserve maintenance period; however, it is never less than the discount
rate applicable to adjustment credit.
(3.) May be made available to depository institutions when similar
assistance is not reasonably available from other sources, including
special industry lenders. Such credit may be provided when exceptional
circumstances (including sustained deposit drains, impaired access
to money market funds, or sudden deterioration in loan repayment
performance) or practices 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, 1914-194l, and 1941-1970;
and the Annual Statistical Digest, 1970-1979, and 1980-1989; and
Statistical Digest, 1996-2000. See also the Board's Statistics:
Releases and Historical Data web pages (http://www.federalreserve.
gov/releases/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts (2)
1 $0 million-S41.3 million (3) 3 12/27/01
2 More than $41.3 million (4) 10 12/27/01
3 Nonpersonal time deposits (5) 0 12/27/90
4 Eurocurrency liabilities (6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with
Federal Reserve Banks or vault cash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly,
on a pass-through basis, with certain approved institutions. For
previous reserve requirements, see earlier editions of the Annual
Report or the Federal Reserve Bulletin. Under the Monetary Control
Act of 1980, depository institutions include commercial banks,
savings banks, savings and loan associations, credit unions, agencies
and branches of foreign banks, and Edge Act corporations.
(2.) Transaction accounts include all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or telephone
or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit
no more than six preauthorized, automatic, or other transfers per
month (of which no more than three may be by check, draft, debit card,
or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
(3.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage of the
change in transaction accounts held by all depository institutions,
determined as of June 30 of each year. Effective with the reserve
maintenance period beginning December 27, 2001, for depository
institutions that report weekly, and with the period beginning January
17, 2002, for institutions that report quarterly, the amount was
decreased from $42.8 million to $41.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the
Board adjusts the amount of reservable liabilities subject to a zero
percent reserve requirement each year for the succeeding calendar
year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual
basis as of June 30. No corresponding adjustment is made in the event
of a decrease. The exemption applies only to accounts that would be
subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 27, 2001, for depository
institutions that report weekly, and with the period beginning January
17, 2002, for institutions that report quarterly, the exemption was
raised from $5.5 million to $5.7 million.
(4.) The reserve requirement was reduced from 12 percent to 10 percent
on April 2, 1992, for institutions that report weekly, and on April 16,
1992, for institutions that report quarterly.
(5.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1.5
years was reduced from 3 percent to 1.5 percent for the maintenance
period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report
quarterly, the reserve requirement on nonpersonal time deposits with
an original maturity of less than 1.5 years was reduced from 3 percent
to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an
original maturity of 1.5 years or more has been zero since October
6, 1983.
(6.) The reserve requirement on eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as the
reserve requirement on nonpersonal time deposits with an original
maturity of less than 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS (1)
Millions of dollars
Type of transaction 1999 2000 2001
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 0 8,676 15,503
2 Gross sales 0 0 0
3 Exchanges 464,218 477,904 542,736
4 For new hills 464,218 477,904 542,736
5 Redemptions 0 24,522 10,095
Others within one year
6 Gross purchases 11,895 8,809 15,663
7 Gross sales 0 0 0
8 Maturity shifts 50,590 62,025 70,336
9 Exchanges -53,315 -54,656 -72,004
10 Redemptions 1,429 3,779 16,802
One to five years
11 Gross purchases 19,731 14,482 22,814
12 Gross sales 0 0 0
13 Maturity shifts -44,032 -52,068 -45,211
14 Exchanges 42,604 46,177 64,519
Five to ten years
15 Gross purchases 4,303 5,871 6,003
16 Gross sales 0 0 0
17 Maturity shifts -5,841 -6,801 -21,063
18 Exchanges 7,583 6,585 6,063
More than ten years
19 Gross purchases 9,428 5,833 8,531
20 Gross sales 0 0 0
21 Maturity shifts -717 -3,155 -4,062
22 Exchanges 3,139 1,894 1,423
All maturities
23 Gross purchases 45,357 43,670 68,513
24 Gross sales 0 0 0
25 Redemptions 1,429 28,301 26,897
Matched transactions
26 Gross purchases 4,413,430 4,415,905 4,722,667
27 Gross sales 4,431,685 4,397,835 4,724,743
Repurchase agreements
28 Gross purchases 281,599 0 0
29 Gross sales 301,273 0 0
30 Net change in U.S.
Treasury securities 5,999 33,439 39,540
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 157 51 120
Repurchase agreements
34 Gross purchases 360,069 0 0
35 Gross sales 370,772 0 0
36 Net change in federal
agency obligations -10,859 -51 -120
Reverse repurchase agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 304,989 890,236 1,497,713
40 Gross sales 164,349 987,501 1,490,838
41 Net change in triparty
obligations 140,640 -97,265 6,875
42 Total net change in System
Open Market Account 135,780 -63,877 46,295
2001
Type of transaction Oct. Nov. Dec.
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 772 3,075 812
2 Gross sales 0 0 0
3 Exchanges 44,132 59,292 43,771
4 For new hills 44,132 59,292 43,771
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 1,411 1,408 2,942
7 Gross sales 0 0 0
8 Maturity shifts 6,535 5,873 5,235
9 Exchanges -11,809 -9,559 -6,666
10 Redemptions 473 0 0
One to five years
11 Gross purchases 22 1,920 634
12 Gross sales 0 0 0
13 Maturity shifts -2,164 -3,073 -5,235
14 Exchanges 11,809 7,967 6,666
Five to ten years
15 Gross purchases 422 459 101
16 Gross sales 0 0 0
17 Maturity shifts -4,372 -1,824 0
18 Exchanges 0 1,592 0
More than ten years
19 Gross purchases 1,184 0 448
20 Gross sales 0 0 0
21 Maturity shifts 0 -975 0
22 Exchanges 0 0 0
All maturities
23 Gross purchases 3,811 6,862 4,937
24 Gross sales 0 0 0
25 Redemptions 473 0 0
Matched transactions
26 Gross purchases 431,887 377,247 387,033
27 Gross sales 425,110 378,129 390,617
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S.
Treasury securities 10,114 5,980 1,354
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 110,885 121,530 117,650
40 Gross sales 113,715 130,080 103,900
41 Net change in triparty
obligations -2,830 -8,550 13,750
42 Total net change in System
Open Market Account 7,284 -2,570 15,104
2002
Type of transaction Jan. Feb. Mar. Apr.
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 2,772 1,042 3,013 1,047
2 Gross sales 0 0 0 0
3 Exchanges 55,521 54,619 48,483 45,376
4 For new hills 55,521 54,619 48,483 45,376
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 0 2,894 1,455 2,709
7 Gross sales 0 0 0 0
8 Maturity shifts 5,850 7,537 0 14,515
9 Exchanges -5,766 -8,432 0 -15,522
10 Redemptions 0 0 0 0
One to five years
11 Gross purchases 2,872 1,101 2,181 1,142
12 Gross sales 0 0 0 0
13 Maturity shifts -5,850 -6,283 0 -14,515
14 Exchanges 5,766 7,679 0 15,522
Five to ten years
15 Gross purchases 0 334 637 1,670
16 Gross sales 0 0 0 0
17 Maturity shifts 0 -501 0 0
18 Exchanges 0 753 0 0
More than ten years
19 Gross purchases 582 1,054 291 210
20 Gross sales 0 0 0 0
21 Maturity shifts 0 -753 0 0
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 6,226 6,425 7,577 6,777
24 Gross sales 0 0 0 0
25 Redemptions 0 0 0 0
Matched transactions
26 Gross purchases 407,791 367,906 393,273 436,936
27 Gross sales 404,296 368,060 393,151 437,881
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S.
Treasury securities 9,720 6,271 7,699 5,833
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 118,550 101,749 70,850 102,200
40 Gross sales 131,300 104,750 75,849 100,200
41 Net change in triparty
obligations -12,750 -3,001 -4,999 2,000
42 Total net change in System
Open Market Account -3,030 3,270 2,700 7,833
(1.) Sales, redemptions, and negative figures reduce holdings of the
System Open Market Account; all other figures increase such holdings.
(2.) Transactions exclude changes in compensation for the effects of
inflation on the principal of inflation-indexed securities.
1.18 FEDERAL RESERVE BANKS Condition and
Federal Reserve Note Statements (1)
Millions of dollars
Wednesday
2002
Account May 1 May 8 May 15
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 982 973 962
Loans
4 To depository institutions 96 92 104
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty obligations
7 Repurchase agreements--triparty (2) 34,500 19,000 28,251
Federal agency obligations (3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities (3) 580,860 583,672 585,767
11 Bought outright (4) 580,860 583,672 585,767
12 Bills 192,016 194,812 195,376
13 Notes 283,536 283,545 285,069
14 Bonds 105,308 105,315 105,322
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 615,467 602,774 614,132
17 Items in process of collection 8,587 8,527 6,583
18 Bank premises 1,512 1,514 1,514
Other assets
19 Denominated in foreign currencies (5) 14,981 14,899 14,974
20 All other (6) 22,294 22,745 19,230
21 Total assets 677,066 664,674 670,639
LIABILITIES
22 Federal Reserve notes 614,024 616,279 616,766
23 Reverse repurchase
agreements--triparty (2) 0 0 0
24 Total deposits 35,582 21,955 27,546
25 Depository institutions 30,954 16,169 22,254
26 U.S. Treasury--General account 4,323 5,452 4,968
27 Foreign--Official accounts 92 82 108
28 Other 212 251 216
29 Deferred credit items 8,592 7,686 7,348
30 Other liabilities and accrued
dividends (7) 2,373 2,415 2,447
31 Total liabilities 660,571 648,335 654,108
CAPITAL ACCOUNTS
32 Capital paid in 8,056 8,101 8,080
33 Surplus 7,300 7,303 7,310
34 Other capital accounts 1,139 936 1,140
35 Total liabilities and capital accounts 677,066 664,674 670,639
MEMO
36 Marketable U.S. Treasury securities
held in custody for foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 748,783 749,316 750,911
38 LESS: Held by Federal Reserve Banks 134,759 133,037 134,145
39 Federal Reserve notes, net 614,024 616,279 616,766
Collateral held against notes, net
40 Gold certificate account 11,044 11,044 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 353 0
43 U.S. Treasury and agency securities 600,780 602,682 603,523
44 Total collateral 614,024 616,279 616,766
Wednesday
2002
Account May 22 May 29
Consolidated
condition
statement
ASSETS
1 Gold certificate account 11,044 11,044
2 Special drawing rights certificate
account 2,200 2,200
3 Coin 937 928
Loans
4 To depository institutions 135 146
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Triparty obligations
7 Repurchase agreements--triparty (2) 23,500 47,425
Federal agency obligations (3)
8 Bought outright 10 10
9 Held under repurchase agreements 0 0
10 Total U.S. Treasury securities (3) 584,602 587,559
11 Bought outright (4) 584,602 587,559
12 Bills 193,218 194,822
13 Notes 286,010 287,329
14 Bonds 105,374 105,408
15 Held under repurchase agreements 0 0
16 Total loans and securities 608,247 635,140
17 Items in process of collection 6,470 10,850
18 Bank premises 1,515 1,516
Other assets
19 Denominated in foreign currencies (5) 15,362 15,396
20 All other (6) 19,681 20,152
21 Total assets 665,456 697,225
LIABILITIES
22 Federal Reserve notes 618,818 623,847
23 Reverse repurchase
agreements--triparty (2) 0 0
24 Total deposits 20,211 44,379
25 Depository institutions 15,897 40,014
26 U.S. Treasury--General account 4,024 3,947
27 Foreign--Official accounts 72 208
28 Other 217 210
29 Deferred credit items 7,022 9,693
30 Other liabilities and accrued
dividends (7) 2,469 2,522
31 Total liabilities 648,519 680,441
CAPITAL ACCOUNTS
32 Capital paid in 8,096 8,267
33 Surplus 7,312 7,312
34 Other capital accounts 1,530 1,206
35 Total liabilities and capital accounts 665,456 697,225
MEMO
36 Marketable U.S. Treasury securities
held in custody for foreign and
international accounts n.a. n.a.
Federal Reserve
note statement
37 Federal Reserve notes outstanding
(issued to Banks) 751,975 752,137
38 LESS: Held by Federal Reserve Banks 133,157 128,290
39 Federal Reserve notes, net 618,818 623,847
Collateral held against notes, net
40 Gold certificate account 11,044 11,044
41 Special drawing rights certificate
account 2,200 2,200
42 Other eligible assets 0 0
43 U.S. Treasury and agency securities 605,574 610,603
44 Total collateral 618,818 623,847
End of month
2002
Account Mar. Apr. May
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,044 11,044 11,044
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,094 989 947
Loans
4 To depository institutions 20 72 124
5 Other 0 0 0
6 Acceptances held under repurchase
agreements 0 0 0
Triparty obligations
7 Repurchase agreements--triparty (2) 29,500 31,500 28,000
Federal agency obligations (3)
8 Bought outright 10 10 10
9 Held under repurchase agreements 0 0 0
10 Total U.S. Treasury securities (3) 575,356 581,308 587,189
11 Bought outright (4) 575,356 581,308 587,189
12 Bills 192,364 192,466 193,752
13 Notes 278,463 283,535 288,027
14 Bonds 104,530 105,307 105,410
15 Held under repurchase agreements 0 0 0
16 Total loans and securities 604,886 612,891 615,323
17 Items in process of collection 5,306 9,541 5,059
18 Bank premises 1,511 1,512 1,514
Other assets
19 Denominated in foreign currencies (5) 14,379 14,872 15,432
20 All other (6) 21,681 22,220 19,728
21 Total assets 662,100 675,268 671,247
LIABILITIES
22 Federal Reserve notes 609,749 613,166 621,288
23 Reverse repurchase
agreements--triparty (2) 0 0 0
24 Total deposits 28,544 33,279 24,779
25 Depository institutions 22,415 27,495 18,561
26 U.S. Treasury--General account 5,692 5,387 5,883
27 Foreign--Official accounts 256 111 128
28 Other 181 287 207
29 Deferred credit items 5,645 9,621 5,677
30 Other liabilities and accrued
dividends (7) 2,436 2,388 2,556
31 Total liabilities 646,373 658,455 654,299
CAPITAL ACCOUNTS
32 Capital paid in 7,648 8,056 8,268
33 Surplus 7,270 7,290 7,312
34 Other capital accounts 809 1,468 1,368
35 Total liabilities and capital accounts 662,100 675,268 671,247
MEMO
36 Marketable U.S. Treasury securities
held in custody for foreign and
international accounts n.a. n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes outstanding
(issued to Banks) 747,765 749,056 751,591
38 LESS: Held by Federal Reserve Banks 138,016 135,890 130,303
39 Federal Reserve notes, net 609,749 613,166 621,288
Collateral held against notes, net
40 Gold certificate account 11,044 11,044 11,044
41 Special drawing rights certificate
account 2,200 2,200 2,200
42 Other eligible assets 0 0 0
43 U.S. Treasury and agency securities 596,505 599,923 608,044
44 Total collateral 609,749 613,166 621,288
(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
2002
Type of holding and maturity May 1 May 8 May 15
1 Total loans 96 92 104
2 Within fifteen days (1) 19 14 19
3 Sixteen days to ninety days 77 78 85
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 580,860 583,672 585,767
6 Within fifteen days (1) 22,521 27,663 23,438
7 Sixteen days to ninety days 122,738 125,948 127,337
8 Ninety-one days to one year 138,748 133,193 136,341
9 One year to five years 161,353 161,355 165,488
10 Five years to ten years 53,999 54,005 51,648
11 More than ten years 81,502 81,509 81,515
12 Total federal agency obligations 10 10 10
13 Within fifteen days (1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 0 0 0
16 One year to five years 10 10 10
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
Wednesday
2002
Type of holding and maturity May 22 May 29
1 Total loans 135 146
2 Within fifteen days (1) 130 140
3 Sixteen days to ninety days 6 7
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities (2) 584,602 587,559
6 Within fifteen days (1) 26,794 26,248
7 Sixteen days to ninety days 126,403 128,379
8 Ninety-one days to one year 131,761 133,249
9 One year to five years 166,467 166,469
10 Five years to ten years 51,654 51,685
11 More than ten years 81,522 81,529
12 Total federal agency obligations 10 10
13 Within fifteen days (1) 0 0
14 Sixteen days to ninety days 0 0
15 Ninety-one days to one year 0 0
16 One year to five years 10 10
17 Five years to ten years 0 0
18 More than ten years 0 0
End of month
2002
Type of holding and maturity Mar. Apr. May
1 Total loans 20 72 124
2 Within fifteen days (1) 18 66 101
3 Sixteen days to ninety days 1 6 23
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 575,355 581,308 587,189
6 Within fifteen days (1) 9,609 16,152 3,941
7 Sixteen days to ninety days 139,985 129,556 143,242
8 Ninety-one days to one year 133,054 138,748 139,075
9 One year to five years 159,198 161,353 167,479
10 Five years to ten years 52,250 53,998 51,920
11 More than ten years 81,259 81,501 81,531
12 Total federal agency obligations 10 10 10
13 Within fifteen days (1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 0 0 0
16 One year to five years 10 10 10
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
(1.) Holdings under repurchase agreements are classified as maturing
within fifteen days in accordance with maximum maturity of the
agreements.
(2.) Includes compensation that adjusts for the effects of inflation
on the principal of inflation-indexed securities.
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND
MONETARY BASE (1)
Billions of dollars, averages of daily figures
1998 1999
Item Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 45.14 41.82
2 Nonborrowed reserves (4) 45.02 41.50
3 Nonborrowed reserves plus
extended credit (5) 45.02 41.50
4 Required reserves 43.62 40.53
5 Monetary base (6) 513.55 593.12
Not seasonally
adjusted
6 Total reserves (7) 45.31 41.89
7 Nonborrowed reserves 45.19 41.57
8 Nonborrowed reserves plus extended
credits (5) 45.19 41.57
9 Required reserves (8) 43.80 40.59
10 Monetary base (9) 518.27 600.72
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (10)
11 Total reserves (11) 45.21 41.65
12 Nonborrowed reserves 45.09 41.33
13 Nonborrowed reserves plus extended
credits (5) 45.09 41.33
14 Required reserves 43.70 40.36
15 Monetary base (12) 525.06 608.02
16 Excess reserves (13) 1.51 1.30
17 Borrowings from the Federal
Reserve .12 .32
2000 2001
Item Dec. Dec. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 38.54 41.22
2 Nonborrowed reserves (4) 38.33 41.15
3 Nonborrowed reserves plus
extended credit (5) 38.33 41.15
4 Required reserves 37.11 39.58
5 Monetary base (6) 584.04 634.41
Not seasonally
adjusted
6 Total reserves (7) 38.53 41.20
7 Nonborrowed reserves 38.32 41.13
8 Nonborrowed reserves plus extended
credits (5) 38.32 41.13
9 Required reserves (8) 37.10 39.55
10 Monetary base (9) 590.06 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (10)
11 Total reserves (11) 38.47 41.08
12 Nonborrowed reserves 38.26 41.01
13 Nonborrowed reserves plus extended
credits (5) 38.26 41.01
14 Required reserves 37.05 39.43
15 Monetary base (12) 596.98 648.74
16 Excess reserves (13) 1.43 1.65
17 Borrowings from the Federal
Reserve .21 .07
2001
Item Oct. (r) Nov. (r) Dec. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 45.22 40.87 41.22
2 Nonborrowed reserves (4) 45.10 40.78 41.15
3 Nonborrowed reserves plus
extended credit (5) 45.10 40.78 41.15
4 Required reserves 43.90 39.42 39.58
5 Monetary base (6) 629.95 629.37 634.41
Not seasonally adjusted
6 Total reserves (7) 44.76 40.25 41.20
7 Nonborrowed reserves 44.63 40.17 41.13
8 Nonborrowed reserves plus extended
credits (5) 44.63 40.17 41.13
9 Required reserves (8) 43.43 38.80 39.55
10 Monetary base (9) 627.79 629.68 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (10)
11 Total reserves (11) 44.63 40.12 41.08
12 Nonborrowed reserves 44.51 40.04 41.01
13 Nonborrowed reserves plus extended
credits (5) 44.51 40.04 41.01
14 Required reserves 43.31 38.67 39.43
15 Monetary base (12) 635.90 637.64 648.74
16 Excess reserves (13) 1.33 1.45 1.65
17 Borrowings from the Federal
Reserve .13 .08 .07
2002
Item Jan. (r) Feb. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.75 41.45
2 Nonborrowed reserves (4) 41.70 41.42
3 Nonborrowed reserves plus
extended credit (5) 41.70 41.42
4 Required reserves 40.36 40.08
5 Monetary base (6) 640.86 646.18
Not seasonally
adjusted
6 Total reserves (7) 43.71 42.47
7 Nonborrowed reserves 43.66 42.44
8 Nonborrowed reserves plus extended
credits (5) 43.66 42.44
9 Required reserves (8) 42.33 41.11
10 Monetary base (9) 644.27 645.71
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (10)
11 Total reserves (11) 43.73 42.49
12 Nonborrowed reserves 43.68 42.46
13 Nonborrowed reserves plus extended
credits (5) 43.68 42.46
14 Required reserves 42.34 41.12
15 Monetary base (12) 653.28 654.93
16 Excess reserves (13) 1.39 1.37
17 Borrowings from the Federal
Reserve .05 .03
2002
Item Mar. (r) Apr. (r) May
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.01 40.76 39.12
2 Nonborrowed reserves (4) 40.94 40.69 39.01
3 Nonborrowed reserves plus
extended credit (5) 40.94 40.69 39.01
4 Required reserves 39.60 39.55 37.86
5 Monetary base (6) 649.64 653.90 657.80
Not seasonally adjusted
6 Total reserves (7) 40.27 40.85 40.18
7 Nonborrowed reserves 40.19 40.78 40.07
8 Nonborrowed reserves plus extended
credits (5) 40.19 40.78 40.07
9 Required reserves (8) 38.85 39.64 38.92
10 Monetary base (9) 649.22 653.25 657.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (10)
11 Total reserves (11) 40.30 40.90 40.25
12 Nonborrowed reserves 40.22 40.83 40.13
13 Nonborrowed reserves plus extended
credits (5) 40.22 40.83 40.13
14 Required reserves 38.88 39.69 38.98
15 Monetary base (12) 658.76 663.34 668.05
16 Excess reserves (13) 1.41 1.21 1.26
17 Borrowings from the Federal
Reserve .08 .07 .11
(1.) Latest monthly and biweekly figures are available from the Board's
H.3 (502) weekly statistical release. Historical data startingn 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 credits 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,ncluding those on nondeposit
liabilities, with no adjustments to eliminate the effects of
discontinuities associated with regulatory changes in reserve
requirements.
(11.) Reserve balances with Federal Reserve Banks plus vault cash used
to satisfy reserve requirements.
(12.) The monetary base, not break-adjusted and not seasonally
adjusted, consists of (1) total reserves (line 11), plus (2) required
clearing balances and adjustments to compensate for float at Federal
Reserve Banks, plus (3) the currency component of the money stock, plus
(4) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all those weekly
reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy
current reserve requirements. Since February 1984, currency and vault
cash figures have been measured over the computation periods ending on
Mondays.
(13.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures
1998 1999
Item Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,096.5 1,124.4
2 M2 4,380.5 (r) 4,650.3 (r)
3 M3 6,041.0 (r) 6,541.8 (r)
M1 components
4 Currency (3) 459.3 516.9
5 Travelers checks (4) 8.2 8.3
6 Demand deposits (5) 378.4 354.5
7 Other checkable deposits (6) 250.5 244.7
Nontransaction components
8 In M2 (7) 3,284.0 (r) 3,525.9 (r)
9 In M3 only (8) 1,660.5 1,891.6
Commercials banks
10 Savings deposits, including MMDAs 1,187.5 1,289.1
11 Small time deposits (9) 626.1 635.0
12 Large time deposits (10,11) 582.9 651.6
Thrift institutions
13 Savings deposits, including MMDAs 414.7 449.7
14 Small time deposits (9) 325.6 320.4
15 Large time deposits (10) 88.6 91.1
Money marker mutual funds
16 Retail 730.2 (r) 821.8 (r)
17 Institution-only 543.1 639.0
Repurchase agreements and eurodollars
18 Repurchase agreements (12) 293.4 336.0
19 Eurodollars(12) 152.5 174.0
Not seasonally adjusted
Measures (2)
20 M1 1,120.4 1,148.3
21 M2 4,400.6 (r) 4,671.1 (r)
22 M3 6,069.8 (r) 6,573.5 (r)
M1 components
23 Currency (3) 463.3 521.5
24 Travelers checks (4) 8.4 8.4
25 Demand deposits (5) 395.9 371.8
26 Other checkable deposits (6) 252.8 246.6
Nontransaction components
27 In M2 (7) 3,280.2 (r) 3,522.8 (r)
28 In M3 only (8) 1,669.2 1,902.4
Commercial banks
29 Savings deposits, including MMDAs 1,186.0 1,288.8
30 Small time deposits (9) 626.5 635.7
31 Large time deposits (10,11) 583.2 652.0
Thrift institutions
32 Savings deposits, including MMDAs 414.2 449.6
33 Small time deposits (9) 325.8 320.8
34 Large time deposits (10) 88.6 91.2
Money market mutual funds
35 Retail 727.7 (r) 828.1 (r)
36 Institution-only 552.6 648.6
Repurchase agreements and eurodollars
37 Repurchase agreements (12) 290.4 334.7
38 Eurodollars (12) 154.5 176.0
2000 2001
Item Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,088.9 1,179.3
2 M2 4,936.0 (r) 5,454.8 (r)
3 M3 7,115.5 (r) 8,029.1 (r)
M1 components
4 Currency (3) 530.1 579.9
5 Travelers checks (4) 8.0 7.8
6 Demand deposits (5) 309.9 330.4
7 Other checkable deposits (6) 240.9 261.1
Nontransaction components
8 In M2 (7) 3,847.1 (r) 4,275.5 (r)
9 In M3 only (8) 2,179.5 2,574.4
Commercials banks
10 Savings deposits, including MMDAs 1,423.7 1,745.8
11 Small time deposits (9) 699.1 638.9
12 Large time deposits (10,11) 717.2 670.4
Thrift institutions
13 Savings deposits, including MMDAs 452.1 561.5
14 Small time deposits (9) 344.5 334.2
15 Large time deposits (10) 102.9 113.9
Money marker mutual funds
16 Retail 927.6 (r) 995.1 (r)
17 Institution-only 799.1 1,207.2
Repurchase agreements and eurodollars
18 Repurchase agreements (12) 364.0 372.1
19 Eurodollars(12) 196.4 210.7
Not seasonally adjusted
Measures (2)
20 M1 1,112.3 1,203.5
21 M2 4,959.7 (r) 5,479.7 (r)
22 M3 7,150.8 (r) 8,067.4 (r)
M1 components
23 Currency (3) 535.2 584.9
24 Travelers checks (4) 8.1 7.9
25 Demand deposits (5) 326.5 348.2
26 Other checkable deposits (6) 242.5 262.5
Nontransaction components
27 In M2 (7) 3,847.4 (r) 4,276.3 (r)
28 In M3 only (8) 2,191.1 2,587.7
Commercial banks
29 Savings deposits, including MMDAs 1,426.9 1,750.2
30 Small time deposits (9) 700.0 639.6
31 Large time deposits (10,11) 717.6 670.5
Thrift institutions
32 Savings deposits, including MMDAs 453.1 562.9
33 Small time deposits (9) 345.0 334.5
34 Large time deposits (10) 103.0 114.0
Money market mutual funds
35 Retail 922.4 (r) 989.0 (r)
36 Institution-only 808.1 1,218.5
Repurchase agreements and eurodollars
37 Repurchase agreements (12) 364.2 372.9
38 Eurodollars (12) 198.2 211.9
2002
Item Feb. Mar.
Seasonally adjusted
Measures (2)
1 M1 1,184.4 1,187.3
2 M2 5,500.6 (r) 5,497.2 (r)
3 M3 8,060.9 (r) 8,057.5 (r)
M1 components
4 Currency (3) 591.4 595.1
5 Travelers checks (4) 7.8 7.7
6 Demand deposits (5) 24.7 324.0
7 Other checkable deposits (6) 260.4 260.5
Nontransaction components
8 In M2 (7) 4,316.3 (r) 4,309.9 (r)
9 In M3 only (8) 2,560.2 2,560.3 (r)
Commercials banks
10 Savings deposits, including MMDAs 1,806.2 1,814.1
11 Small time deposits (9) 623.4 617.5
12 Large time deposits (10,11) 677.3 678.6
Thrift institutions
13 Savings deposits, including MMDAs 590.2 603.9
14 Small time deposits (9) 324.6 322.0
15 Large time deposits (10) 114.5 113.8
Money marker mutual funds
16 Retail 971.9 (r) 952.4 (r)
17 Institution-only 1,177.4 1,177.2
Repurchase agreements and eurodollars
18 Repurchase agreements (12) 375.3 372.8
19 Eurodollars(12) 215.8 217.9 (r)
Not seasonally adjusted
Measures (2)
20 M1 1,171.7 1,189.3
21 M2 5,491.7 (r) 5,542.8 (r)
22 M3 8,092.3 (r) 8,139.6 (r)
M1 components
23 Currency (3) 591.0 596.1
24 Travelers checks (4) 8.0 7.9
25 Demand deposits (5) 316.9 322.7
26 Other checkable deposits (6) 255.8 262.7
Nontransaction components
27 In M2 (7) 4,320.0 (r) 4,353.5 (r)
28 In M3 only (8) 2,600.6 2,596.9 (r)
Commercial banks
29 Savings deposits, including MMDAs 1,796.1 1,824.8
30 Small time deposits (9) 625.2 617.9
31 Large time deposits (10,11) 675.7 681.0
Thrift institutions
32 Savings deposits, including MMDAs 586.9 607.4
33 Small time deposits (9) 325.6 322.3
34 Large time deposits (10) 114.2 114.2
Money market mutual funds
35 Retail 986.2 (r) 981.0 (r)
36 Institution-only 1,215.6 1,208.0
Repurchase agreements and eurodollars
37 Repurchase agreements (12) 376.9 373.7
38 Eurodollars (12) 218.2 220.0 (r)
2002
Item Apr. May
Seasonally adjusted
Measures (2)
1 M1 1,176.0 1,182.1
2 M2 5,479.8 (r) 5,543.2
3 M3 8,040.9 (r) 8,113.1
M1 components
4 Currency (3) 599.5 605.2
5 Travelers checks (4) 7.7 7.8
6 Demand deposits (5) 309.4 305.8
7 Other checkable deposits (6) 259.4 263.3
Nontransaction components
8 In M2 (7) 4,303.9 (r) 4,361.1
9 In M3 only (8) 2,561.1 (r) 2,569.9
Commercials banks
10 Savings deposits, including MMDAs 1,824.5 |
