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Financial and Business Statistics - of Federal Reserve banks, includes glossary - Illustration - Statistical Data Included
Federal Reserve Bulletin, May, 2001
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
n.e.c. Not elsewhere classified
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is 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
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IOs Interest only, stripped, mortgage-back securities
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
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-back 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
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 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
Monetary or credit aggregate
Q1(r) Q2 Q3(r)
Reserves of depository
institutions(2)
1 Total 2.4 -10.9(r) -8.3
2 Required .6 -7.7(r) -8.6
3 Nonborrowed 3.0 -12.5(r) -9.9
4 Monetary base(3) 4.0 -3.6(r) 2.5
Concepts of money and debt(4)
5 M1 2.0 -1.8 -3.6
6 M2 5.8 6.4 5.8
7 M3 10.7 9.0 8.9
8 Debt 5.6 6.1 4.9
Nontransaction components
9 In M2(5) 7.1 8.9 8.7
10 In M3 only(6) 22.9 15.2(r) 16.3
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 2.5 7.8 11.8
12 Small time(7) 9.4 13.2 10.5
13 Large times(8,9) 20.2 17.1 11.5
Thrift institutions
14 Savings, including MMDAs -2.9 1.6 3.3
15 Small time(7) 7.2 3.3 10.8
16 Large time(8) 14.5 .6(r) 23.0
Money market mutual funds
17 Retail 17.8 13.3 4.6
18 Institution-only 22.8 18.0 29.2
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 20.7 10.7(r) 8.0
20 Eurodollars(10) 42.6 15.0(r) .6
Debt components(4)
21 Federal -4.9 -7.5 -7.3
22 Nonfederal 8.4 9.6 7.9
2000 2000(r)
Monetary or credit aggregate
Q4(r) Oct. Nov.
Reserves of depository
institutions(2)
1 Total -8.7 -11.1 .1
2 Required -10.4 -12.3 -1.7
3 Nonborrowed -6.4 -9.4 4.3
4 Monetary base(3) 2.8 2.8 3.5
Concepts of money and debt(4)
5 M1 -3.0 .4 -8.3
6 M2 6.6 5.5 4.2
7 M3 7.0 3.8 4.2
8 Debt 4.6 3.5 5.4
Nontransaction components
9 In M2(5) 9.4 7.0 7.9
10 In M3 only(6) 7.9 -.2 4.1
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.9 5.0 10.4
12 Small time(7) 6.1 3.7 7.7
13 Large times(8,9) 3.5 -9.0 4.8
Thrift institutions
14 Savings, including MMDAs .0 3.2 -3.4
15 Small time(7) 9.7 9.9 9.1
16 Large time(8) 14.0 20.1 4.6
Money market mutual funds
17 Retail 12.7 13.2 9.3
18 Institution-only 18.6 10.4 12.9
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) -3.4 -3.3 -14.6
20 Eurodollars(10) 2.0 -12.5 2.5
Debt components(4)
21 Federal -8.0 -10.1 -9.2
22 Nonfederal 7.6 6.7 8.8
2000(r) 2001
Monetary or credit aggregate
Dec. Jan.(r) Feb.
Reserves of depository
institutions(2)
1 Total -15.9 10.0 .2
2 Required -20.3 12.7 -3.4
3 Nonborrowed -13.7 14.3 .5
4 Monetary base(3) 5.3 11.2 3.3
Concepts of money and debt(4)
5 M1 2.0 12.0 .0
6 M2 9.6 12.3 10.8
7 M3 13.8 16.0 11.7
8 Debt 5.8 3.8 n.a.
Nontransaction components
9 In M2(5) 11.8 12.4 13.8
10 In M3 only(6) 23.7 24.6 13.7
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 16.3 13.2 23.8
12 Small time(7) 9.5 5.0 -5.8
13 Large times(8,9) 39.2 22.0 -39.9
Thrift institutions
14 Savings, including MMDAs -9.2 1.9 27.6
15 Small time(7) 5.6 14.6 6.8
16 Large time(8) -6.9 34.9 6.8
Money market mutual funds
17 Retail 19.5 21.2 9.2
18 Institution-only 24.9 52.5 86.9
Repurchase agreements
and eurodollars
19 Repurchase agreements(10) 12.4 -10.7 -30.2
20 Eurodollars(10) -1.3 -17.0 .6
Debt components(4)
21 Federal -6.6 -7.1 n.a.
22 Nonfederal 8.6 6.3 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(l) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.S.
addressees, each seasonally adjusted separately.
(7.) Small time deposits--including retail RPs--are those
issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift
institutions are subtracted from small time deposits.
(8.) Large time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
(9.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.
(10.) Includes both overnight and term.
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)
Millions of dollars
Average of daily figures
Factor 2000 2001
Dec. Jan. Feb.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 578,891 577,991 574,233
U.S. government
securities(2)
2 Bought outright--
System account(3) 514,072 515,712 517,974
3 Held under repurchase
agreements 0 0 0
Federal agency
obligations
4 Bought outright 130 130 81
5 Held under repurchase
agreements 0 0 0
6 Repurchase
agreements--
triparty(4) 27,923 24,662 19,085
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 96 43 29
9 Seasonal credit 114 32 19
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 1,502 873 1,231
13 Other Federal Reserve
assets 35,054 36,539 35,815
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,652 2,200 2,200
16 Treasury currency
outstanding 31,528 31,800(r) 31,923
ABSORBING RESERVE FUNDS
17 Currency in circulation 584,582 584,006(r) 582,422
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 403 452 485
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 5,758 6,682 4,894
21 Foreign 115 104 94
22 Service-related balances
and adjustments 6,959 6,841(r) 6,533
23 Other 355 305 302
24 Other Federal Reserve
liabilities
and capital 18,401 18,124 18,168
25 Reserve balances with
Federal Reserve
Banks(5) 7,543 6,521(r) 6,502
Average of daily figures for
week ending on date
indicated
Factor 2,001
Jan. 17 Jan. 24 Jan. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 577,821 577,550 573,706
U.S. government
securities(2)
2 Bought outright--
System account(3) 516,288 516,988 516,799
3 Held under repurchase
agreements 0 0 0
Federal agency
obligations
4 Bought outright 130 130 130
5 Held under repurchase
agreements 0 0 0
6 Repurchase
agreements--
triparty(4) 24,228 22,429 18,986
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 4 79 12
9 Seasonal credit 26 23 31
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 731 1,172 675
13 Other Federal Reserve
assets 36,415 36,730 37,072
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 31,793(r) 31,841(r) 31,888(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 584,339(r) 580,581(r) 578,487(r)
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 456 445 455
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 6,529 7,078 8,903
21 Foreign 106 85 110
22 Service-related balances
and adjustments 6,632 6,948(r) 6,578(r)
23 Other 199 267 277
24 Other Federal Reserve
liabilities
and capital 18,265 18,248 18,198
25 Reserve balances with
Federal Reserve
Banks(5) 6,333 8,984(r) 5,832(r)
Average of daily figures for
week ending on date
indicated
Factor 2001
Feb. 7 Feb. 14 Feb. 21 Feb. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 572,082 572,626 577,131 575,091
U.S. government
securities(2)
2 Bought outright--
System account(3) 515,579 515,909 519,669 520,739
3 Held under repurchase
agreements 0 0 0 0
Federal agency
obligations
4 Bought outright 121 110 81 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase
agreements--
triparty(4) 18,921 17,757 21,976 17,685
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 6 24 13 72
9 Seasonal credit 19 23 17 17
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 623 1,543 955 1,802
13 Other Federal Reserve
assets 36,814 37,260 34,421 34,766
14 Gold stock 11,046 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 31,902 31,916 31,930 31,944
ABSORBING RESERVE FUNDS
17 Currency in circulation 579,960 581,796 584,023 583,909
18 Reverse repurchase
agreements--
triparty(4) 0 0 0 0
19 Treasury cash holdings 478 485 488 489
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 4,849 5,023 4,836 4,868
21 Foreign 89 79 107 100
22 Service-related balances
and adjustments 6,448 6,533 6,531 6,623
23 Other 339 323 257 290
24 Other Federal Reserve
liabilities
and capital 18,032 18,232 18,162 18,246
25 Reserve balances with
Federal Reserve
Banks(5) 7,035 5,317 7,903 5,755
End-of-month-figures
Factor 2000 2001
Dec. Jan. Feb.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 593,092 573,194 578,124
U.S. government
securities(2)
2 Bought outright--
System account(3) 511,703 516,018 519,618
3 Held under repurchase
agreements 0 0 0
Federal agency
obligations
4 Bought outright 130 130 10
5 Held under repurchase
agreements 0 0 0
6 Repurchase
agreements--
triparty(4) 43,375 18,920 23,665
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 33 5 2
9 Seasonal credit 77 30 15
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 901 1,536 1,016
13 Other Federal Reserve
assets 36,873 36,555 33,798
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 31,643 31,888(r) 31,944
ABSORBING RESERVE FUNDS
17 Currency in circulation 593,694 579,781(r) 584,987
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 450 477 505
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 5,149 5,256 4,956
21 Foreign 216 199 196
22 Service-related balances
and adjustments 7,428 6,578(r) 6,623
23 Other 1,382 306 377
24 Other Federal Reserve
liabilities
and capital 17,962 17,648 17,842
25 Reserve balances with
Federal Reserve
Banks(5) 11,701 8,082(r) 7,830
Wednesday figures
Factor 2001
Jan. 17 Jan. 24 Jan. 31
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 578,853 589,511 573,194
U.S. government
securities(2)
2 Bought outright--
System account(3) 516,778 518,441 516,018
3 Held under repurchase
agreements 0 0 0
Federal agency
obligations
4 Bought outright 130 130 130
5 Held under repurchase
agreements 0 0 0
6 Repurchase
agreements--
triparty(4) 22,520 33,000 18,920
7 Acceptances 0 0 0
Loans to depository
institutions
8 Adjustment credit 1 4 5
9 Seasonal credit 24 24 30
10 Special Liquidity
Facility credit 0 0 0
11 Extended credit 0 0 0
12 Float 2,902 924 1,536
13 Other Federal Reserve
assets 36,498 36,989 36,555
14 Gold stock 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200
16 Treasury currency
outstanding 31,793(r) 31,841(r) 31,888(r)
ABSORBING RESERVE FUNDS
17 Currency in circulation 583,690(r) 580,073(r) 579,781(r)
18 Reverse repurchase
agreements--
triparty(4) 0 0 0
19 Treasury cash holdings 445 451 477
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 7,979 7,357 5,256
21 Foreign 103 69 199
22 Service-related balances
and adjustments 6,632 6,948(r) 6,578(r)
23 Other 283 262 306
24 Other Federal Reserve
liabilities
and capital 17,936 17,937 17,648
25 Reserve balances with
Federal Reserve
Banks(5) 6,824 21,501(r) 8,082(r)
Wednesday figures
Factor 2001
Feb. 7 Feb. 14 Feb. 21 Feb. 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 579,003 574,244 587,381 578,124
U.S. government
securities(2)
2 Bought outright--
System account(3) 516,486 514,561 521,118 519,618
3 Held under repurchase
agreements 0 0 0 0
Federal agency
obligations
4 Bought outright 110 110 10 10
5 Held under repurchase
agreements 0 0 0 0
6 Repurchase
agreements--
triparty(4) 23,985 17,510 28,765 23,665
7 Acceptances 0 0 0 0
Loans to depository
institutions
8 Adjustment credit 11 11 17 2
9 Seasonal credit 20 24 15 15
10 Special Liquidity
Facility credit 0 0 0 0
11 Extended credit 0 0 0 0
12 Float 1,345 4,463 2,823 1,016
13 Other Federal Reserve
assets 37,046 37,565 34,633 33,798
14 Gold stock 11,046 11,046 11,046 11,046
15 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
16 Treasury currency
outstanding 31,902 31,916 31,930 31,944
ABSORBING RESERVE FUNDS
17 Currency in circulation 582,088 583,458 584,970 584,987
18 Reverse repurchase
agreements--
triparty(4) 0 0 0 0
19 Treasury cash holdings 485 489 487 505
Deposits, other than
reserve balance
with Federal
Reserve Banks
20 Treasury 3,905 6,713 4,100 4,956
21 Foreign 96 72 77 196
22 Service-related balances
and adjustments 6,448 6,533 6,531 6,623
23 Other 335 286 256 377
24 Other Federal Reserve
liabilities
and capital 17,906 17,921 17,935 17,842
25 Reserve balances with
Federal Reserve
Banks(5) 12,888 3,935 18,201 7,830
(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 1998 1999 2000 2000
Dec. Dec. Dec. Aug.(r)
1 Reserve balances with
Reserve Banks(2) 9,026 5,262(r) 7,159(r) 6,933
2 Total vault cash(3) 44,294 60,619 45,120 45,319
3 Applied vault
cash(4) 36,183 36,392 31,381 32,531
4 Surplus vault
Cash(5) 8,111 24,227 13,739 12,788
5 Total reserves(6) 45,209 41,654(r) 38,540(r) 39,464
6 Required reserves 43,695 40,357(r) 37,216(r) 38,460
7 Excess reserve
balances at
Reserve Banks(7) 1,514 1,297(r) 1,325 1,004
8 Total borrowing at
Reserve Banks 117 320 210 579
9 Adjustment 101 179 99 25
10 Seasonal 15 67 111 554
11 Special Liquidity
Facility(8) 0 74 0 0
12 Extended credit(9) 0 0 0 0
Prorated monthly averages
of biweekly averages
Reserve classification 2000
Sept.(r) Oct.(r) Nov.(r) Dec.
1 Reserve balances with
Reserve Banks(2) 6,852 6,778 7,156 7,159(r)
2 Total vault cash(3) 44,807 45,178 44,546 45,120
3 Applied vault
cash(4) 32,316 31,998 31,629 31,381
4 Surplus vault
Cash(5) 12,491 13,180 12,917 13,739
5 Total reserves(6) 39,168 38,776 38,786 38,540(r)
6 Required reserves 38,050 37,629 37,584 37,216(r)
7 Excess reserve
balances at
Reserve Banks(7) 1,119 1,147 1,201 1,325
8 Total borrowing at
Reserve Banks 477 418 283 210
9 Adjustment 50 119 124 99
10 Seasonal 427 299 159 111
11 Special Liquidity
Facility(8) 0 0 0 0
12 Extended credit(9) 0 0 0 0
Prorated monthly Biweekly averages of
averages of daily figures for
biweekly two-week periods ending
averages on dates indicated
Reserve classification 2001 2000
Jan.(r) Feb. Nov. 1(r) Nov. 15
1 Reserve balances with
Reserve Banks(2) 7,190 6,616 6,965 6,709
2 Total vault cash(3) 47,506 48,397 44,523 44,633
3 Applied vault
cash(4) 32,601 32,687 32,180 31,056
4 Surplus vault
Cash(5) 14,905 15,710 12,343 13,577
5 Total reserves(6) 39,791 39,302 39,145 37,765
6 Required reserves 38,538 37,949 37,961 36,763(r)
7 Excess reserve
balances at
Reserve Banks(7) 1,253 1,353 1,184 1,002(r)
8 Total borrowing at
Reserve Banks 73 51 355 190
9 Adjustment 39 30 97 25
10 Seasonal 34 21 259 165
11 Special Liquidity
Facility(8) 0 ... ... ...
12 Extended credit(9) 0 0 0 0
Biweekly averages of daily figures for
two-week periods ending on
dates indicated
Reserve classification 2000 2001
Nov. 29 Dec. 13 Dec. 27 Jan. 10
1 Reserve balances with
Reserve Banks(2) 7,620 7,131 7,208 7,085
2 Total vault cash(3) 44,539 43,452 46,220 46,696
3 Applied vault
cash(4) 32,262(r) 30,255 32,370 31,579
4 Surplus vault
Cash(5) 12,277(r) 13,197 13,850 15,117
5 Total reserves(6) 39,881 37,386 39,578 38,664
6 Required reserves 38,475(r) 36,254(r) 38,124 37,165
7 Excess reserve
balances at
Reserve Banks(7) 1,406(r) 1,132(r) 1,453(r) 1,499
8 Total borrowing at
Reserve Banks 380 159 285 110
9 Adjustment 232 37 169 56
10 Seasonal 148 123 117 55
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
Reserve classification 2001
Jan. 24 Feb. 7(r) Feb. 21 Mar. 7
1 Reserve balances with
Reserve Banks(2) 7,656 6,410 6,612 6,829
2 Total vault cash(3) 45,558 52,561 48,505 44,017
3 Applied vault
cash(4) 32,316 34,631 32,303 31,512
4 Surplus vault
Cash(5) 13,243 17,930 16,202 12,505
5 Total reserves(6) 39,972 41,041 38,914 38,341
6 Required reserves 38,866 39,844 37,356 37,242
7 Excess reserve
balances at
Reserve Banks(7) 1,106 1,196 1,559 1,098
8 Total borrowing at
Reserve Banks 66 34 38 95
9 Adjustment 42 9 18 76
10 Seasonal 25 25 20 19
11 Special 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
Bank
On Effective date Previous rate
4/6/01
Boston 4.50 3/20/01 5.00
New York 4.50 3/20/01 5.00
Philadelphia 4.50 3/20/01 5.00
Cleveland 4.50 3/20/01 5.00
Richmond 4.50 3/20/01 5.00
Atlanta 4.50 3/20/01 5.00
Chicago 4.50 3/20/01 5.00
St. Louis 4.50 3/21/01 5.00
Minneapolis 4.50 3/20/01 5.00
Kansas City 4.50 3/20/01 5.00
Dallas 4.50 3/20/01 5.00
San Francisco 4.50 3/20/01 5.00
Current and previous levels
Seasonal credit(2)
Federal Reserve
Bank
On Effective date Previous rate
4/6/01
Boston 4.95 4/5/01 5.15
New York 4.95 4/5/01 5.15
Philadelphia 4.95 4/5/01 5.15
Cleveland 4.95 4/5/01 5.15
Richmond 4.95 4/5/01 5.15
Atlanta 4.95 4/5/01 5.15
Chicago 4.95 4/5/01 5.15
St. Louis 4.95 4/5/01 5.15
Minneapolis 4.95 4/5/01 5.15
Kansas City 4.95 4/5/01 5.15
Dallas 4.95 4/5/01 5.15
San Francisco 4.95 4/5/01 5.15
Current and previous levels
Extended credit(3)
Federal Reserve
Bank
On Effective date Previous rate
4/6/01
Boston 5.45 4/5/01 5.65
New York 5.45 4/5/01 5.65
Philadelphia 5.45 4/5/01 5.65
Cleveland 5.45 4/5/01 5.65
Richmond 5.45 4/5/01 5.65
Atlanta 5.45 4/5/01 5.65
Chicago 5.45 4/5/01 5.65
St. Louis 5.45 4/5/01 5.65
Minneapolis 5.45 4/5/01 5.65
Kansas City 5.45 4/5/01 5.65
Dallas 5.45 4/5/01 5.65
San Francisco 5.45 4/5/01 5.65
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, 1977 6 6
1978--Jan. 9 6-6.5 6.5
20 6.5 6.5
May 11 6.5-7 7
12 7 7
July 3 7-7.25 7.25
10 7.25 7.25
Aug. 21 7.75 7.75
Sept. 22 8 8
Oct. 16 8-8.5 8.5
20 8.5 8.5
Nov. 1 8.5-9.5 9.5
3 95 9.5
1979--July 20 10 10
Aug. 17 10-10.5 10.5
20 10.5 10.5
Sept. 19 10.5-11 11
21 11 11
Oct. 8 11-12 12
10 12 12
1980--Feb. 15 12-13 13
19 13 13
May 29 12-13 13
30 12 12
June 13 11-12 11
16 11 11
July 28 10-11 10
29 10 10
Sept. 26 11 11
Nov. 17 12 12
Dec. 5 12-13 13
8 13 13
1981--May 5 13-14 14
8 14 14
Nov. 2 13-14 13
6 13 13
Dec. 4 12 12
1982--July 20 11.5-12 11.5
23 11.5 11.5
Aug. 2 11-11.5 11
3 11 11
16 10.5 10.5
27 10-10.5 10
30 10 10
1982--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
Sept. 13 5-5.5 5
17 5 5
Nov. 6 4.5-5 4.5
7 4.5 4.5
Dec. 20 3.5-4.5 3.5
24 3.5 3.5
1992--July 2 3-3.5 3
7 3 3
1994--May 17 3-3.5 3.5
18 3.5 3.5
Aug. 16 3.5-4 4
18 4 4
Nov. 15 4-4.75 4.75
17 4.75 4.75
1995--Feb. 1 4.75-5.25 5.25
9 5.25 5.25
1996--Jan. 31 5.00-5.25 5.00
Feb. 5 5.00 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 5.00 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
In effect Apr. 6, 2001 4.50 4.50
(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.
In 1980 and 1981, the Federal Reserve applied a surcharge to
short-term adjustment-credit borrowings by institutions with deposits
of $500 million or more that had borrowed in successive weeks or in
more than four weeks in a calendar quarter. A 3 percent surcharge was
in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2
percent was reimposed on Nov. 17, 1980; the surcharge was subsequently
raised to 3 percent on Dec. 5, 1980, and to 4 percent on May 5, 1981.
The surcharge was reduced to 3 percent effective Sept. 22, 1981, and
to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula
for applying the surcharge was changed from a calendar quarter to a
moving thirteen-week period. The surcharge was eliminated on Nov.
17, 1981.
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$42.8 million(3) 3 12/28/00
2 More than $42.8 million 10 12/28/00
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 1998 1999 2000
and maturity
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
2000
Type of transaction
and maturity
July Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 1,825 531 231
2 Gross sales 0 0 0
3 Exchanges 33,718 42,797 37,006
4 For new bills 33,718 42,797 37,006
5 Redemptions 4,902 3,438 3,898
Others within one year
6 Gross purchases 1,284 2,770 716
7 Gross sales 0 0 0
8 Maturity shifts 5,152 7,040 0
9 Exchanges -3,333 -7,396 0
10 Redemptions 367 887 0
One to five years
11 Gross purchases 2,259 2,508 2,385
12 Gross sales 0 0 0
13 Maturity shifts -5,152 -3,439 0
14 Exchanges 3,333 5,418 0
Five to ten years
15 Gross purchases 0 1,914 448
16 Gross sales 0 0 0
17 Maturity shifts 0 -3,601 0
18 Exchanges 0 1,254 0
More than ten years
19 Gross purchases 500 727 547
20 Gross sales 0 0 0
21 Maturity shifts 0 0 0
22 Exchanges 0 724 0
All maturities
23 Gross purchases 5,868 8,450 4,326
24 Gross sales 0 0 0
25 Redemptions 5,269 4,325 3,898
Matched transactions
26 Gross purchases 344,935 381,349 335,321
27 Gross sales 344,384 381,475 334,530
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
30 Net change in U.S.
Treasury securities 1,150 3,999 1,219
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 0 0 10
Repurchase agreements
34 Gross purchases 0 0 0
35 Gross sales 0 0 0
36 Net change in federal
agency obligations 0 0 -10
Reverse repurchase
agreements
37 Gross purchases 0 0 0
38 Gross sales 0 0 0
Repurchase agreements
39 Gross purchases 66,485 47,265 66,080
40 Gross sales 75,925 46,230 67,285
41 Net change in triparty
obligations -9,440 1,035 -1,205
42 Total net change in System
Open Market Account -8,290 5,034 4
2000 2001
Type of transaction
and maturity
Oct. Nov. Dec. Jan.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 779 2,507 509 520
2 Gross sales 0 0 0 0
3 Exchanges 38,142 45,182 39,428 40,769
4 For new bills 38,142 45,182 39,428 40,769
5 Redemptions 2,656 1,021 1,145 228
Others within one year
6 Gross purchases 0 580 1,420 0
7 Gross sales 0 0 0 0
8 Maturity shifts 8,663 7,957 0 5,405
9 Exchanges -6,608 -7,012 0 -6,667
10 Redemptions 787 780 0 2,422
One to five years
11 Gross purchases 734 1,332 1,045 925
12 Gross sales 0 0 0 0
13 Maturity shifts -8,663 -5,997 0 -5,405
14 Exchanges 6,608 5,737 0 6,667
Five to ten years
15 Gross purchases 0 510 771 1,283
16 Gross sales 0 0 0 0
17 Maturity shifts 0 -699 0 0
18 Exchanges 0 1,275 0 0
More than ten years
19 Gross purchases 982 0 0 296
20 Gross sales 0 0 0 0
21 Maturity shifts 0 -1,261 0 0
22 Exchanges 0 0 0 0
All maturities
23 Gross purchases 2,495 4,929 3,745 3,024
24 Gross sales 0 0 0 0
25 Redemptions 3,443 1,802 1,145 2,650
Matched transactions
26 Gross purchases 344,920 351,391 345,680 356,250
27 Gross sales 346,428 351,232 348,917 352,336
Repurchase agreements
28 Gross purchases 0 0 0 0
29 Gross sales 0 0 0 0
30 Net change in U.S.
Treasury securities -2,457 3,286 -637 4,289
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 64,428 87,125 95,470 104,930
40 Gross sales 62,308 79,295 79,365 129,385
41 Net change in triparty
obligations 2,120 7,830 16,105 -24,455
42 Total net change in System
Open Market Account -337 11,116 15,468 -20,166
(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
Account
2001
Jan. 31 Feb. 7 Feb. 14
Consolidated condition statement
ASSETS
1 Gold certificate
account 11,046 11,046 11,046
2 Special drawing
rights certificate
account 2,200 2,200 2,200
3 Coin 1,066 1,095 1,120
Loans
4 To depository
institutions 35 31 35
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase
agreements--
triparty(2) 18,920 23,985 17,510
Federal agency
obligations(3)
8 Bought outright 130 110 110
9 Held under repurchase
agreements 0 0 0
10 Total U.S. Treasury
securities(3) 516,018 516,486 514,561
11 Bought outright(4) 516,018 516,486 514,561
12 Bills 182,949 183,417 179,718
13 Notes 239,725 239,724 240,940
14 Bonds 93,345 93,345 93,904
15 Held under repurchase
agreements 0 0 0
16 Total loans and
securities 535,103 540,611 532,216
17 Items in process of
collection 10,023 10,270 13,497
18 Bank premises 1,467 1,468 1,469
Other assets
19 Denominated in
foreign
currencies(5) 15,495 15,502 15,509
20 All other(6) 19,673 20,115 20,662
21 Total assets 596,072 602,308 597,719
LIABILITIES
22 Federal Reserve notes 549,436 551,766 553,151
23 Reverse repurchase
agreements--
triparty(2) 0 0 0
24 Total deposits 21,182 24,283 18,996
25 Depository
institutions 15,420 19,947 11,925
26 U.S. Treasury--
General account 5,256 3,905 6,713
27 Foreign--Official
accounts 199 96 72
28 Other 306 335 286
29 Deferred credit
items 7,806 8,353 7,651
30 Other liabilities and
accrued
dividends(7) 3,960 3,996 3,980
31 Total liabilities 582,384 588,397 583,778
CAPITAL ACCOUNTS
32 Capital paid in 7,014 7,016 7,012
33 Surplus 6,265 6,299 6,333
34 Other capital
accounts 409 595 595
35 Total liabilities and
capital accounts 596,072 602,308 597,719
MEMO
36 Marketable U.S.
Treasury
securities
held in custody
foreign and
international
accounts n.a. n.a. n.a.
Federal Reserve note statement
37 Federal Reserve notes
outstanding
(issued to Banks) 746,920 746,182 745,878
38 LESS: Held by
Federal
Reserve Banks 197,484 194,416 192,727
39 Federal Reserve
notes, net 549,436 551,766 553,151
Collateral held
against notes, net
40 Gold certificate
account 11,046 11,046 11,046
41 Special drawing rights
certificate
account 2,200 2,200 2,200
42 Other eligible assets 1,122 0 7,724
43 U.S. Treasury and
agency securities 535,068 538,520 532,181
44 Total collateral 549,436 551,766 553,151
Wednesday End of Month
Account
2001 2000
Feb. 21 Feb. 28 Dec. 31
Consolidated condition statement
ASSETS
1 Gold certificate
account 11,046 11,046 11,046
2 Special drawing
rights certificate
account 2,200 2,200 2,200
3 Coin 1,112 1,115 949
Loans
4 To depository
institutions 32 18 110
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Triparty Obligations
7 Repurchase
agreements--
triparty(2) 28,765 23,665 43,375
Federal agency
obligations(3)
8 Bought outright 10 10 130
9 Held under repurchase
agreements 0 0 0
10 Total U.S. Treasury
securities(3) 521,118 519,618 511,703
11 Bought outright(4) 521,118 519,618 511,703
12 Bills 183,912 182,998 178,741
13 Notes 242,437 241,792 240,178
14 Bonds 94,770 94,827 92,784
15 Held under repurchase
agreements 0 0 0
16 Total loans and
securities 549,925 543,311 555,318
17 Items in process of
collection 14,267 9,019 7,105
18 Bank premises 1,469 1,476 1,461
Other assets
19 Denominated in
foreign
currencies(5) 15,516 15,386 15,670
20 All other(6) 17,724 17,534 19,766
21 Total assets 613,259 601,086 613,514
LIABILITIES
22 Federal Reserve notes 554,638 554,662 563,450
23 Reverse repurchase
agreements--
triparty(2) 0 0 0
24 Total deposits 29,427 20,667 25,792
25 Depository
institutions 24,993 15,139 19,045
26 U.S. Treasury--
General account 4,100 4,956 5,149
27 Foreign--Official
accounts 77 196 216
28 Other 256 377 1,382
29 Deferred credit
items 11,259 7,915 6,310
30 Other liabilities and
accrued
dividends(7) 3,907 3,931 4,170
31 Total liabilities 599,231 587,175 599,723
CAPITAL ACCOUNTS
32 Capital paid in 7,014 7,023 6,997
33 Surplus 6,367 6,355 6,794
34 Other capital
accounts 648 534 0
35 Total liabilities and
capital accounts 613,259 601,086 613,514
MEMO
36 Marketable U.S.
Treasury
securities
held in custody
foreign and
international
accounts n.a. n.a. n.a.
Federal Reserve note statement
37 Federal Reserve notes
outstanding
(issued to Banks) 745,316 744,972 751,714
38 LESS: Held by
Federal
Reserve Banks 190,678 190,310 188,264
39 Federal Reserve
notes, net 554,638 554,662 563,450
Collateral held
against notes, net
40 Gold certificate
account 11,046 11,046 11,046
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 541,393 541,417 550,205
44 Total collateral 554,638 554,662 563,450
End of month
Account
2001
Jan. 31 Feb. 28
Consolidated condition
statement
ASSETS
1 Gold certificate
account 11,046 11,046
2 Special drawing
rights certificate
account 2,200 2,200
3 Coin 1,066 1,115
Loans
4 To depository
institutions 35 18
5 Other 0 0
6 Acceptances held
under repurchase
agreements 0 0
Triparty Obligations
7 Repurchase
agreements--
triparty(2) 18,920 23,665
Federal agency
obligations(3)
8 Bought outright 130 10
9 Held under repurchase
agreements 0 0
10 Total U.S. Treasury
securities(3) 516,018 519,618
11 Bought outright(4) 516,018 519,618
12 Bills 182,949 182,998
13 Notes 239,725 241,492
14 Bonds 93,345 94,827
15 Held under repurchase
agreements 0 0
16 Total loans and
securities 535,103 543,311
17 Items in process of
collection 10,023 9,019
18 Bank premises 1,467 1,476
Other assets
19 Denominated in
foreign
currencies(5) 15,495 15,386
20 All other(6) 19,673 17,534
21 Total assets 596,072 601,086
LIABILITIES
22 Federal Reserve notes 549,436 554,662
23 Reverse repurchase
agreements--
triparty(2) 0 0
24 Total deposits 21,182 20,667
25 Depository
institutions 15,420 15,139
26 U.S. Treasury--
General account 5,256 4,956
27 Foreign--Official
accounts 199 196
28 Other 306 377
29 Deferred credit
items 7,806 7,915
30 Other liabilities and
accrued
dividends(7) 3,960 3,731
31 Total liabilities 582,384 587,175
CAPITAL ACCOUNTS
32 Capital paid in 7,014 7,023
33 Surplus 6,265 6,355
34 Other capital
accounts 409 534
35 Total liabilities and
capital accounts 596,072 601,086
MEMO
36 Marketable U.S.
Treasury
securities
held in custody
foreign and
international
accounts n.a. n.a.
Federal Reserve note
statement
37 Federal Reserve notes
outstanding
(issued to Banks) 746,920 744,972
38 LESS: Held by
Federal
Reserve Banks 197,484 190,310
39 Federal Reserve
notes, net 549,436 554,662
Collateral held
against notes, net
40 Gold certificate
account 11,046 11,046
41 Special drawing rights
certificate
account 2,200 2,200
42 Other eligible assets 1,122 0
43 U.S. Treasury and
agency securities 535,068 541,417
44 Total collateral 549,436 554,662
(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
Type of holding and maturity 2001
Jan. 24 Feb. 7 Feb. 14
1 Total loans 28 31 35
2 Within fifteen days(1) 0 17 35
3 Sixteen days to ninety days 0 14 0
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities(2) 518,441 516,486 514,561
6 Within fifteen days(1) 22,272 17,723 22,050
7 Sixteen days to ninety days 111,129 115,089 112,965
8 Ninety-one days to one year 124,918 125,624 120,844
9 One year to five years 132,160 130,088 130,246
10 Five years to ten years 56,750 56,750 56,749
11 More than ten years 71,212 71,212 71,707
12 Total federal agency obligations 130 110 110
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 130 110 110
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
Wednesday End of month
Type of holding and maturity 2001 2000
Feb. 21 Feb. 28 Dec. 31
1 Total loans 32 18 110
2 Within fifteen days(1) 32 16 96
3 Sixteen days to ninety days 0 2 14
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities(2) 521,118 519,618 511,702
6 Within fifteen days(1) 17,859 12,450 18,053
7 Sixteen days to ninety days 118,796 116,644 108,961
8 Ninety-one days to one year 121,988 128,775 125,539
9 One year to five years 134,991 134,268 132,792
10 Five years to ten years 54,894 54,893 55,461
11 More than ten years 72,589 72,589 70,896
12 Total federal agency obligations 10 10 130
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 10 130
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
End of month
Type of holding and maturity 2001
Jan. 31 Feb. 28
1 Total loans 35 18
2 Within fifteen days(1) 30 16
3 Sixteen days to ninety days 5 2
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities(2) 516,018 519,618
6 Within fifteen days(1) 20,921 12,450
7 Sixteen days to ninety days 112,430 116,644
8 Ninety-one days to one year 124,617 128,775
9 One year to five years 130,088 134,268
10 Five years to ten years 56,750 54,893
11 More than ten years 71,212 72,589
12 Total federal agency obligations 130 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 130 10
17 Five years to ten years 0 0
18 More than ten years 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
1997 1998 1999
Item Dec. Dec. Dec.(r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 46.85(r) 45.18(r) 41.78
2 Nonborrowed reserves(4) 46.52(r) 45.07 41.46
3 Nonborrowed reserves plus
extended credit(5) 46.52(r) 45.07 41.46
4 Required reserves 45.16(r) 43.67(r) 40.48
5 Monetary base(6) 479.47(r) 513.49(r) 593.09
Not seasonally adjusted
6 Total reserves(7) 48.01 45.31 41.89
7 Nonborrowed reserves 47.69 45.19 41.57
8 Nonborrowed reserves plus
extended credit(5) 47.69 45.19 41.57
9 Required reserves(8) 46.33 43.80 40.59
10 Monetary base(9) 484.98 518.27 600.72
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 47.92 45.21 41.65
12 Nonborrowed reserves 47.60 45.09 41.33
13 Nonborrowed reserves plus
extended credit(5) 47.60 45.09 41.33
14 Required reserves 46.24 43.70 40.36
15 Monetary base(12) 491.79 525.06 608.02
16 Excess reserves(13) 1.69 1.51 1.30
17 Borrowings from the
Federal Reserve .32 .12 .32
2000(r)
2000
Item Dec.(r)
July Aug.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 38.51 40.12 39.64
2 Nonborrowed reserves(4) 38.30 39.56 39.06
3 Nonborrowed reserves plus
extended credit(5) 38.30 39.56 39.06
4 Required reserves 37.18 38.98 38.64
5 Monetary base(6) 583.97 576.96 577.53
Not seasonally adjusted
6 Total reserves(7) 38.60 39.93 39.51
7 Nonborrowed reserves 38.39 39.36 38.93
8 Nonborrowed reserves plus
extended credit(5) 38.39 39.36 38.93
9 Required reserves(8) 37.27 38.79 38.51
10 Monetary base(9) 590.20 577.49 576.66
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 38.54 39.88 39.46
12 Nonborrowed reserves 38.33 39.32 38.89
13 Nonborrowed reserves plus
extended credit(5) 38.33 39.32 38.89
14 Required reserves 37.22 38.74 38.46
15 Monetary base(12) 597.12 584.28 583.40
16 Excess reserves(13) 1.33 1.14 1.00
17 Borrowings from the
Federal Reserve .21 .57 .58
2000(r)
Item
Sept. Oct. Nov.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 39.39 39.02 39.02
2 Nonborrowed reserves(4) 38.91 38.60 38.74
3 Nonborrowed reserves plus
extended credit(5) 38.91 38.60 38.74
4 Required reserves 38.27 37.87 37.82
5 Monetary base(6) 578.34 579.70 581.40
Not seasonally adjusted
6 Total reserves(7) 39.22 38.84 38.85
7 Nonborrowed reserves 38.75 38.42 38.56
8 Nonborrowed reserves plus
extended credit(5) 38.75 38.42 38.56
9 Required reserves(8) 38.11 37.69 37.65
10 Monetary base(9) 576.84 578.29 582.36
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 39.17 38.78 38.79
12 Nonborrowed reserves 38.69 38.36 38.50
13 Nonborrowed reserves plus
extended credit(5) 38.69 38.36 38.50
14 Required reserves 38.05 37.63 37.58
15 Monetary base(12) 583.52 585.01 589.12
16 Excess reserves(13) 1.12 1.15 1.20
17 Borrowings from the
Federal Reserve .48 .42 .28
2000(r) 2001
Item
Dec. Jan.(r) Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(2)
1 Total reserves(3) 38.51 38.83 38.82
2 Nonborrowed reserves(4) 38.30 38.75 38.77
3 Nonborrowed reserves plus
extended credit(5) 38.30 38.75 38.77
4 Required reserves 37.18 37.57 37.47
5 Monetary base(6) 583.97 589.40 591.03
Not seasonally adjusted
6 Total reserves(7) 38.60 39.78 39.33
7 Nonborrowed reserves 38.39 39.70 39.28
8 Nonborrowed reserves plus
extended credit(5) 38.39 39.70 39.28
9 Required reserves(8) 37.27 38.52 37.98
10 Monetary base(9) 590.20 591.49 588.94
NOT ADJUSTED FOR
CHANGES IN RESERVE
REQUIREMENTS(10)
11 Total reserves(11) 38.54 39.79 39.30
12 Nonborrowed reserves 38.33 39.72 39.25
13 Nonborrowed reserves plus
extended credit(5) 38.33 39.72 39.25
14 Required reserves 37.22 38.54 37.95
15 Monetary base(12) 597.12 598.37 595.49
16 Excess reserves(13) 1.33 1.25 1.35
17 Borrowings from the
Federal Reserve .21 .07 .05
(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 MEASURES1
Billions of dollars, averages of daily figures
1997 1998
Item Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,073.4 1,097.0
2 M2 4,030.4(r) 4,383.4(r)
3 M3 5,427.8(r) 6,027.3(r)
4 Debt 15,223.0(r) 16,277.8(r)
M1 components
5 Currency(3) 424.3 459.2
6 Travelers checks(4) 8.1 8.2
7 Demand deposits(5) 395.4 379.4
8 Other checkable deposits(6) 245.7 250.1
Nontransaction components
9 In M2(7) 2,957.0(r) 3,286.4(r)
10 In M3 only(8) 1,397.4(r) 1,643.9(r)
Commercial banks
11 Savings deposits, including MMDAs 1,021.1 1,185.8
12 Small time deposits(9) 625.5 626.4
13 Large time deposits(l0, 11) 517.6(r) 575.4(r)
Thrift institutions
14 Savings deposits, including MMDAs 376.8 414.1
15 Small time deposits(9) 342.9 325.8
16 Large time deposits(10) 85.5 88.7
Money market mutual funds
17 Retail 590.6(r) 734.3(r)
18 Institution-only 390.0(r) 530.4(r)
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 254.3(r) 297.5(r)
20 Eurodollars 150.0 151.8
Debt components
21 Federal debt 3,800.6 3,751.2
22 Nonfederal debt 11,422.5 12,526.6(r)
Not seasonally adjusted
Measures(2)
23 M1 1,096.9 1,120.4
24 M2 4,051.8 4,405.7(r)
25 M3 5,453.1 6,059.4(r)
26 Debt 15,218.8 16,273.1(r)
M1 components
27 Currency(3) 428.1 463.3
28 Travelers checks(4) 8.3 8.4
29 Demand deposits(5) 412.4 395.9
30 Other checkable deposits(6) 248.2 252.8
Nontransaction components
31 In M2(7) 2,954.9 3,285.3(r)
32 In M3 only(8) 1,401.3 1,653.7(r)
Commercial banks
33 Savings deposits, including MMDAs 1,020.4 1,186.0
34 Small time deposits(9) 625.3 626.5
35 Large time deposits(10, 11) 517.0(r) 574.8(r)
Thrift institutions
36 Savings deposits, including MMDAs 376.5 414.2
37 Small time deposits(9) 342.8 325.8
38 Large time deposits(10) 85.4 88.6
Money market mutual funds
39 Retail 589.9(r)
40 Institution-only 397.0 542.4(r)
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 249.5(r) 293.4(r)
42 Eurodollars(12) 152.3 154.5
Debt components
43 Federal debt 3,805.8 3,754.9
44 Nonfederal debt 11,413.0(r) 12,518.2(r)
1999 2000
Item Dec.(r) Dec.(r)
Seasonally adjusted
Measures(2)
1 M1 1,124.3 1,090.3
2 M2 4,650.0 4,947.3
3 M3 6,526.8 7,095.9
4 Debt 17,379.9 18,304.0
M1 components
5 Currency(3) 516.7 530.1
6 Travelers checks(4) 8.2 8.0
7 Demand deposits(5) 355.6 313.2
8 Other checkable deposits(6) 243.7 239.0
Nontransaction components
9 In M2(7) 3,525.7 3,857.0
10 In M3 only(8) 1,876.8 2,148.6
Commercial banks
11 Savings deposits, including MMDAs 1,287.0 1,420.3
12 Small time deposits(9) 635.2 699.9
13 Large time deposits(l0, 11) 648.6 726.9
Thrift institutions
14 Savings deposits, including MMDAs 449.3 451.7
15 Small time deposits(9) 320.9 346.3
16 Large time deposits(10) 91.3 103.1
Money market mutual funds
17 Retail 833.4 938.8
18 Institution-only 622.4 767.4
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 341.2 360.5
20 Eurodollars 173.3 190.7
Debt components
21 Federal debt 3,660.3 3,400.5
22 Nonfederal debt 13,719.6 14,903.5
Not seasonally adjusted
Measures(2)
23 M1 1,147.8 1,114.6
24 M2 4,674.0 4,976.0
25 M3 6,564.2 7,140.9
26 Debt 17,375.3 18,296.1
M1 components
27 Currency(3) 521.5 535.4
28 Travelers checks(4) 8.4 8.1
29 Demand deposits(5) 371.2 328.6
30 Other checkable deposits(6) 246.6 242.5
Nontransaction components
31 In M2(7) 3,526.3 3,861.4
32 In M3 only(8) 1,890.2 2,164.9
Commercial banks
33 Savings deposits, including MMDAs 1,288.5 1,425.0
34 Small time deposits(9) 635.4 700.1
35 Large time deposits(10, 11) 648.0 726.2
Thrift institutions
36 Savings deposits, including MMDAs 449.8 453.2
37 Small time deposits(9) 321.0 346.4
38 Large time deposits(10) 91.2 103.0
Money market mutual funds
39 Retail 831.5 936.6
40 Institution-only 637.3 785.3
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 337.7 357.5
42 Eurodollars(12) 176.0 193.0
Debt components
43 Federal debt 3,663.2 3,403.5
44 Nonfederal debt 13,712.1 14,892.6
2000(r)
Item
Nov. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,088.5 1,090.3
2 M2 4,908.0 4,947.3
3 M3 7,015.0 7,095.9
4 Debt 18,216.5 18,304.0
M1 components
5 Currency(3) 527.7 530.1
6 Travelers checks(4) 8.0 8.0
7 Demand deposits(5) 314.8 313.2
8 Other checkable deposits(6) 238.0 239.0
Nontransaction components
9 In M2(7) 3,819.5 3,857.0
10 In M3 only(8) 2,107.0 2,148.6
Commercial banks
11 Savings deposits, including MMDAs 1,401.3 1,420.3
12 Small time deposits(9) 694.4 699.9
13 Large time deposits(l0, 11) 703.9 726.9
Thrift institutions
14 Savings deposits, including MMDAs 455.2 451.7
15 Small time deposits(9) 344.7 346.3
16 Large time deposits(10) 103.7 103.1
Money market mutual funds
17 Retail 923.8 938.8
18 Institution-only 751.8 767.4
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 356.8 360.5
20 Eurodollars 190.9 190.7
Debt components
21 Federal debt 3,419.3 3,400.5
22 Nonfederal debt 14,797.2 14,903.5
Not seasonally adjusted
Measures(2)
23 M1 1,094.7 1,114.6
24 M2 4,900.2 4,976.0
25 M3 7,010.6 7,140.9
26 Debt 18,191.7 18,296.1
M1 components
27 Currency(3) 528.3 535.4
28 Travelers checks(4) 8.2 8.1
29 Demand deposits(5) 320.1 328.6
30 Other checkable deposits(6) 238.0 242.5
Nontransaction components
31 In M2(7) 3,805.5 3,861.4
32 In M3 only(8) 2,110.5 2,164.9
Commercial banks
33 Savings deposits, including MMDAs 1,397.1 1,425.0
34 Small time deposits(9) 695.8 700.1
35 Large time deposits(10, 11) 705.0 726.2
Thrift institutions
36 Savings deposits, including MMDAs 453.8 453.2
37 Small time deposits(9) 345.4 346.4
38 Large time deposits(10) 103.9 103.0
Money market mutual funds
39 Retail 913.4 936.6
40 Institution-only 755.5 785.3
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 356.0 357.5
42 Eurodollars(12) 190.1 193.0
Debt components
43 Federal debt 3,401.2 3,403.5
44 Nonfederal debt 14,790.5 14,892.6
2001
Item
Jan.(r) Feb.
Seasonally adjusted
Measures(2)
1 M1 1,101.2 1,101.2
2 M2 4,998.2 5,043.0
3 M3 7,190.8 7,260.7
4 Debt 18,362.0 n.a.
M1 components
5 Currency(3) 534.5 537.3
6 Travelers checks(4) 8.1 8.0
7 Demand deposits(5) 317.0 314.7
8 Other checkable deposits(6) 241.7 241.1
Nontransaction components
9 In M2(7) 3,897.0 3,941.8
10 In M3 only(8) 2,192.6 2,217.7
Commercial banks
11 Savings deposits, including MMDAs 1,435.9 1,464.4
12 Small time deposits(9) 702.8 699.4
13 Large time deposits(l0, 11) 740.2 715.6
Thrift institutions
14 Savings deposits, including MMDAs 452.4 462.8
15 Small time deposits(9) 350.5 352.5
16 Large time deposits(10) 106.1 106.7
Money market mutual funds
17 Retail 955.4 962.7
18 Institution-only 801.0 859.0
Repurchase agreements and eurodollars
19 Repurchase agreements(12) 357.3 348.3
20 Eurodollars 188.0 188.1
Debt components
21 Federal debt 3,380.4 n.a.
22 Nonfederal debt 14,981.6 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,104.4 1,088.6
24 M2 5,007.6 5,041.8
25 M3 7,220.9 7,295.6
26 Debt 18,359.7 n.a.
M1 components
27 Currency(3) 532.3 535.9
28 Travelers checks(4) 8.2 8.2
29 Demand deposits(5) 317.0 305.7
30 Other checkable deposits(6) 243.9 238.9
Nontransaction components
31 In M2(7) 3,906.2 3,953.3
32 In M3 only(8) 2,213.4 2,253.8
Commercial banks
33 Savings deposits, including MMDAs 1,433.6 1,456.1
34 Small time deposits(9) 704.1 701.7
35 Large time deposits(10, 11) 733.9 716.1
Thrift institutions
36 Savings deposits, including MMDAs 451.7 460.2
37 Small time deposits(9) 351.1 353.7
38 Large time deposits(10) 105.2 106.8
Money market mutual funds
39 Retail 965.7 981.5
40 Institution-only 827.8 889.0
Repurchase agreements and eurodollars
41 Repurchase agreements(12) 356.7 352.8
42 Eurodollars(12) 189.8 189.2
Debt components
43 Federal debt 3,373.2 n.a.
44 Nonfederal debt 14,986.5 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:
MI: (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 MI 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
Account 2000 2000(r)
Feb. Aug.
Seasonally adjusted
Assets
1 Bank credit 4,839.9(r) 5,122.7
2 Securities in bank credit 1,272.5(r) 1,321.1
3 U.S. government securities 816.1(r) 813.5
4 Other securities 456.4(r) 507.6
5 Loans and leases in bank credit(2) 3,567.4 3,801.7
6 Commercial and industrial 1,024.7 1,081.3
7 Real estate 1,508.2 1,624.5
8 Revolving home equity 106.2 120.6
9 Other 1,402.0 1,503.9
10 Consumer 500.8 528.7
11 Security(3) 142.8 158.2
12 Other loans and leases 390.8 408.9
13 Interbank loans 225.0 247.6
14 Cash assets(4) 291.1(r) 270.7
15 Other assets(5) 359.7 395.8
16 Total assets(6) 5,656.7(r) 5,974.8
Liabilities
17 Deposits 3,512.1 3,753.4
18 Transaction 648.0 617.1
19 Nontransaction 2,864.1 3,136.2
20 Large time 846.4 931.1
21 Other 2,017.7 2,205.2
22 Borrowings 1,141.3 1,228.0
23 From banks in the U.S. 367.2 389.4
24 From others 774.2 838.6
25 Net due to related foreign offices 231.3 269.7
26 Other liabilities 298.6 312.2
27 Total liabilities 5,183.4 5,563.3
28 Residual (assets less liabilities)(7) 473.3(r) 411.5
Not seasonally
adjusted
Assets
29 Bank credit 4,842.5(r) 5,093.9
30 Securities in bank credit 1,276.6(r) 1,308.3
31 U.S. government securities 820.0(r) 804.6
32 Other securities 456.6(r) 503.7
33 Loans and leases in bank credit(2) 3,565.9 3,785.6
34 Commercial and industrial 1,025.3 1,071.0
35 Real estate 1,505.1 1,624.6
36 Revolving home equity 105.9 120.8
37 Other 1,399.2 1,503.8
38 Consumer 502.9 527.6
39 Credit cards and related plans n.a. 204.4
40 Other n.a. 323.2
41 Security(3) 144.4 153.1
42 Other loans and leases 388.3 409.4
43 Interbank loans 226.4 237.6
44 Cash assets(4) 291.6(r) 258.3
45 Other assets(5)