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Financial and business statistics.(reserve and money stock measures; statistical list for 2002)
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2002
Monetary or credit aggregate Q1 Q2 Q3
Reserves of depository
institutions (2)
1 Total -12.6 (r) -13.5 (r) -2.0 (r)
2 Required -12.3 (r) -12.4 (r) -4.8 (r)
3 Nonborrowed -12.2 (r) -14.0 (r) -3.5 (r)
4 Monetary base (3) 8.8 (r) 7.5 (r) 6.9
Concepts of money (4)
5 M1 5.7 -.6 3.1
6 M2 6.7 4.1 9.1 (r)
7 M3 5.8 4.1 7.7
Nontransaction components
8 In M2 (5) 7.0 5.4 10.8
9 In M3 only (6) 3.8 4.2 4.5
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.4 15.1 20.1
11 Small time (7) -16.1 -6.3 -6.3
12 Large time (8,9) 5.1 (r) 12.4 3.7
Thrift institutions
13 Savings, including MMDAs 31.0 24.0 20.5 (r)
14 Small time (7) -12.3 -16.6 -12.3 (r)
15 Large time (8) 1.5 -8.1 -3.2 (r)
Money market mutual funds
16 Retail -7.8 -9.2 4.7
17 Institution-only 3.5 (r) 3.9 -.8
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 3.0 -.7 27.5
19 Eurodollars (10) 3.6 -4.7 .2
2002
Monetary or credit aggregate Q4 (r) Sept. (r) Oct. (r)
Reserves of depository
institutions (2)
1 Total .3 -21.8 -2.1
2 Required -2.1 -17.7 -4.5
3 Nonborrowed 1.2 -18.8 .6
4 Monetary base (3) 5.0 2.7 5.1
Concepts of money (4)
5 M1 4.5 6.3 11.2
6 M2 7.1 5.5 8.3
7 M3 7.5 6.2 .8
Nontransaction components
8 In M2 (5) 7.8 5.3 7.5
9 In M3 only (6) 8.2 7.5 -15.3
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 16.9 16.7 14.3
11 Small time (7) -9.1 -12.2 -8.7
12 Large time (8,9) -4.0 -3.2 9.9
Thrift institutions
13 Savings, including MMDAs 20.5 21.7 22.3
14 Small time (7) -6.4 -10.2 -5.9
15 Large time (8) 11.1 1.1 10.7
Money market mutual funds
16 Retail -4.4 -13.0 -2.8
17 Institution-only 1.9 -8.3 -41.3
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 45.0 67.8 -4.8
19 Eurodollars (10) 14.4 21.2 11.6
2002 2003
Monetary or credit aggregate Nov. (r) Dec. (r) Jan.
Reserves of depository
institutions (2)
1 Total 15.4 13.0 14.2
2 Required 13.9 1.6 25.5
3 Nonborrowed 11.5 19.0 15.8
4 Monetary base (3) 5.7 7.5 6.8
Concepts of money (4)
5 M1 -.9 7.8 1.8
6 M2 8.1 3.2 6.1
7 M3 17.2 7.4 -.8
Nontransaction components
8 In M2 (5) 10.5 1.9 7.2
9 In M3 only (6) 37.2 16.7 -15.4
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.9 3.6 18.6
11 Small time (7) -7.3 -9.0 -8.0
12 Large time (8,9) -13.3 -32.6 14.4
Thrift institutions
13 Savings, including MMDAs 13.9 21.7 21.3
14 Small time (7) -4.4 -2.4 -5.2
15 Large time (8) 16.9 15.6 13.4
Money market mutual funds
16 Retail 1.9 -8.0 -14.6
17 Institution-only 68.7 25.0 -35.3
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 55.3 77.7 -23.8
19 Eurodollars (10) 12.0 5.7 7.9
(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 MI 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 (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 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS (1)
Millions of dollars
Average of
daily figures
2002 2002 2003
Factor Nov. (r) Dec. (r) Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 666,517 690,026 694,979
2 Securities held outright 608,699 621,828 629,416
3 U.S. Treasury (2) 608,689 621,818 629,406
4 Bills (3) 206,652 219,169 226,682
5 Notes and bonds,
nominal (3) 388,566 389,156 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,228 1,251 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 19,308 29,476 25,395
10 Loans to depository
institutions 273 89 28
11 Primary credit (6) n.a. n.a. 15
12 Secondary credit (6) n.a. n.a. 0
13 Seasonal credit 61 46 11
14 Adjustment credit (6) 213 42 2
15 Float 104 604 565
16 Other Federal Reserve
assets 38,133 38,029 39,575
17 Gold stock 11,042 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,424 34,539 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 668,237 678,660 677,745
21 Reverse repurchase
agreements (7) n.a. 12,862 18,534
22 Foreign official and
international accounts n.a. 12,862 18,534
23 Dealers n.a. 0 0
24 Treasury cash holdings 387 370 366
25 Deposits with Federal Reserve
Banks, other than reserve
balances 15,853 16,074 17,053
26 U.S. Treasury, general
account 5,024 4,891 5,773
27 Foreign official 118 134 126
28 Service-related 10,483 10,808 10,907
29 Required clearing
balances 10,184 10,407 10,484
30 Adjustments to compensate
for float 299 402 423 (r)
31 Other 228 242 247
32 Other liabilities and capital 19,765 20,061 19,651
33 Reserve balances with Federal
Reserve Banks (8) 9,943 9,781 9,469
Average of daily figures
for week ending on date
indicated
2002
Factor Dec. 18 (r) Dec. 25 (r)
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 692,554 703,577
2 Securities held outright 626,479 629,410
3 U.S. Treasury (2) 626,469 629,400
4 Bills (3) 223,757 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,250 1,256
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 28,179 34,321
10 Loans to depository
institutions 55 59
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 49 46
14 Adjustment credit(6) 6 13
15 Float -161 1,078
16 Other Federal Reserve
assets 38,003 38,708
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,535 34,566
ABSORBING RESERVE FUNDS
20 Currency in circulation 675,482 681,523
21 Reverse repurchase
agreements (7) 18,202 20,908
22 Foreign official and
international accounts 18,202 20,908
23 Dealers 0 0
24 Treasury cash holdings 370 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 17,216 16,185
26 U.S. Treasury, general
account 5,959 4,678
27 Foreign official 148 114
28 Service-related 10,899 11,181
29 Required clearing
balances 10,450 10,452
30 Adjustments to compensate
for float 450 729
31 Other 210 212
32 Other liabilities and capital 20,203 20,441
33 Reserve balances with Federal
Reserve Banks (8) 8,858 11,969
Average of daily figures
for week ending on date
indicated
2003
Factor Jan. 1 Jan. 8
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 706,734 697,458
2 Securities held outright 629,415 629,416
3 U.S. Treasury (2) 629,405 629,406
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,261 1,263
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 38,107 28,393
10 Loans to depository
institutions 45 27
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 40 17
14 Adjustment credit(6) 5 10
15 Float 93 718
16 Other Federal Reserve
assets 39,073 38,904
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 686,685 683,223
21 Reverse repurchase
agreements (7) 20,865 18,533
22 Foreign official and
international accounts 20,865 18,533
23 Dealers 0 0
24 Treasury cash holdings 368 370
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,278 16,033
26 U.S. Treasury, general
account 5,016 4,829
27 Foreign official 137 107
28 Service-related 10,648 10,886
29 Required clearing
balances 10,534 10,535
30 Adjustments to compensate
for float 114 (r) 351 (r)
31 Other 476 211
32 Other liabilities and capital 19,918 19,217
33 Reserve balances with Federal
Reserve Banks (8) 10,461 7,922
Average of daily figures for
week ending on date indicated
2003
Factor Jan. 15 Jan. 22 Jan. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 692,996 696,984 690,574
2 Securities held outright 629,416 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406 629,406
4 Bills (3) 226,682 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 24,428 27,036 20,143
10 Loans to depository
institutions 16 19 52
11 Primary credit (6) 6 12 45
12 Secondary credit (6) 0 0 0
13 Seasonal credit 11 7 7
14 Adjustment credit(6) n.a. n.a. n.a.
15 Float -291 786 744
16 Other Federal Reserve
assets 39,426 39,726 40,220
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,597 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 676,426 675,941 674,782
21 Reverse repurchase
agreements (7) 18,152 18,567 18,397
22 Foreign official and
international accounts 18,152 18,567 18,397
23 Dealers 0 0 0
24 Treasury cash holdings 369 368 360
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,755 17,637 18,034
26 U.S. Treasury, general
account 5,244 6,133 7,162
27 Foreign official 173 113 114
28 Service-related 11,128 11,166 10,538
29 Required clearing
balances 10,538 10,539 10,355
30 Adjustments to compensate
for float 590 (r) 627 (r) 183
31 Other 210 225 221
32 Other liabilities and capital 19,738 19,916 19,873
33 Reserve balances with Federal
Reserve Banks (8) 9,395 12,395 6,968
End-of-month figures
Factor Nov. (r) Dec. (r) Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 674,241 708,078 697,826
2 Securities held outright 608,995 629,416 629,416
3 U.S. Treasury (2) 608,985 629,406 629,406
4 Bills (3) 206,937 226,682 226,682
5 Notes and bonds,
nominal (3) 388,566 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,239 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 28,500 39,500 24,750
10 Loans to depository
institutions 59 40 7
11 Primary credit (6) n.a. n.a. 1
12 Secondary credit (6) n.a. n.a. 0
13 Seasonal credit 57 31 6
14 Adjustment credit(6) 2 9 n.a.
15 Float -334 418 3,768
16 Other Federal Reserve
assets 37,022 38,703 39,884
17 Gold stock 11,042 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,472 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 673,853 687,518 674,736
21 Reverse repurchase
agreements (7) n.a. 21,091 18,370
22 Foreign official and
international accounts n.a. 21,091 18,370
23 Dealers n.a. 0 0
24 Treasury cash holdings 377 367 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 15,943 16,356 16,558
26 U.S. Treasury, general
account 4,928 4,420 5,509
27 Foreign official 78 136 102
28 Service-related 10,684 10,648 10,724
29 Required clearing
balances 10,280 10,534 10,356
30 Adjustments to compensate
for float 404 114 368 (r)
31 Other 253 1,152 223
32 Other liabilities and capital 19,616 18,977 19,478
33 Reserve balances with Federal
Reserve Banks (8) 12,167 11,608 16,163
Wednesday figures
Factor Dec. 18 (r) Dec. 25 (r)
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 698,549 708,372
2 Securities held outright 629,407 629,412
3 U.S. Treasury (2) 629,397 629,402
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,253 1,258
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 30,000 37,250
10 Loans to depository
institutions 45 59
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 43 50
14 Adjustment credit(6) 2 9
15 Float 895 2,693
16 Other Federal Reserve
assets 38,202 38,958
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,535 34,566
ABSORBING RESERVE FUNDS
20 Currency in circulation 678,744 685,083
21 Reverse repurchase
agreements (7) 21,905 20,396
22 Foreign official and
international accounts 21,905 20,396
23 Dealers 0 0
24 Treasury cash holdings 360 367
25 Deposits with Federal Reserve
Banks, other than reserve
balances 17,879 16,184
26 U.S. Treasury, general
account 6,595 4,662
27 Foreign official 172 139
28 Service-related 10,899 11,181
29 Required clearing
balances 10,450 10,452
30 Adjustments to compensate
for float 450 729
31 Other 213 203
32 Other liabilities and capital 19,907 20,670
33 Reserve balances with Federal
Reserve Banks (8) 7,532 13,482
Wednesday figures
Factor Jan. 1 Jan. 8
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 708,471 701,273
2 Securities held outright 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 39,500 33,750
10 Loans to depository
institutions 40 18
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 31 18
14 Adjustment credit(6) 9 0
15 Float 812 -1,032
16 Other Federal Reserve
assets 38,703 39,122
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 687,516 680,307
21 Reverse repurchase
agreements (7) 21,091 18,709
22 Foreign official and
international accounts 21,091 18,709
23 Dealers 0 0
24 Treasury cash holdings 370 369
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,356 16,825
26 U.S. Treasury, general
account 4,420 5,490
27 Foreign official 136 99
28 Service-related 10,648 10,886
29 Required clearing
balances 10,534 10,535
30 Adjustments to compensate
for float 114 (r) 351 (r)
31 Other 1,152 350
32 Other liabilities and capital 18,977 19,383
33 Reserve balances with Federal
Reserve Banks (8) 12,002 13,521
Wednesday figures
Factor Jan. 15 Jan. 22 Jan. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 698,283 711,435 692,303
2 Securities held outright 629,416 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406 629,406
4 Bills (3) 226,682 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 30,000 36,750 20,500
10 Loans to depository
institutions 15 13 11
11 Primary credit (6) 5 6 4
12 Secondary credit (6) 0 0 0
13 Seasonal credit 10 7 7
14 Adjustment credit(6) n.a. n.a. n.a.
15 Float -507 5,372 1,961
16 Other Federal Reserve
assets 39,359 39,884 40,414
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,597 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 676,076 676,437 675,733
21 Reverse repurchase
agreements (7) 17,813 18,523 18,466
22 Foreign official and
international accounts 17,813 18,523 18,466
23 Dealers 0 0 0
24 Treasury cash holdings 369 360 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,785 17,635 17,882
26 U.S. Treasury, general
account 5,192 6,119 7,030
27 Foreign official 253 122 100
28 Service-related 11,128 11,166 10,538
29 Required clearing
balances 10,538 10,539 10,355
30 Adjustments to compensate
for float 590 (r) 627 (r) 183
31 Other 213 228 214
32 Other liabilities and capital 19,631 19,549 19,574
33 Reserve balances with Federal
Reserve Banks (8) 15,449 26,771 8,127
(1.) Amounts of vault cash held as reserves are shown in
table 1.12, line 2.
(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation on the
original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized by
U.S. Treasury and federal agency securities.
(6.) The Federal Reserve Banks began offering primary credit and
secondary credit on January 9, 2003. The adjustment credit program
was discontinued.
(7.) Cash value of agreements, which are fully collateralized by
U.S. Treasury securities. The Federal Reserve Banks began using
these agreements on December 13, 2002.
(8.) 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
2000 2001 2002
Reserve classification Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks (2) 7,022 9,053 9,873
2 Total vault cash (3) 45,245 43,919 43,334
3 Applied vault cash (4) 31,451 32,024 30,300
4 Surplus vault cash (5) 13,794 11,895 13,033
5 Total reserves (6) 38,473 41,077 40,173
6 Required reserves 37,046 39,428 38,176
7 Excess reserve balances at Reserve
Banks (7) 1,427 1,649 1,997
8 Total borrowing at Reserve Banks 210 67 80
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 111 33 45
12 Adjustment 99 34 35
Prorated monthly averages
of biweekly averages
2002
Reserve classification July Aug. Sept.
1 Reserve balances with Reserve
Banks (2) 8,099 8,520 8,731
2 Total vault cash (3) 42,718 42,892 42,231
3 Applied vault cash (4) 31,313 31,335 30,176
4 Surplus vault cash (5) 11,406 11,557 12,055
5 Total reserves (6) 39,412 39,854 38,907
6 Required reserves 38,038 38,217 37,431
7 Excess reserve balances at Reserve
Banks (7) 1,374 1,637 1,476
8 Total borrowing at Reserve Banks 191 333 229
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 176 185 169
12 Adjustment 16 148 60
Prorated monthly
averages of
biweekly averages
2002
Reserve classification Oct. Nov.
1 Reserve balances with Reserve
Banks (2) 8,836 9,695
2 Total vault cash (3) 42,933 42,144
3 Applied vault cash (4) 29,849 29,446
4 Surplus vault cash (5) 13,084 12,698
5 Total reserves (6) 38,685 39,141
6 Required reserves 37,134 37,525
7 Excess reserve balances at Reserve
Banks (7) 1,550 1,616
8 Total borrowing at Reserve Banks 143 272
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 120 60
12 Adjustment 23 211
Prorated monthly
averages of
biweekly averages
2002 2003
Reserve classification Dec. Jan.
1 Reserve balances with Reserve
Banks (2) 9,873 10,004
2 Total vault cash (3) 43,334 46,210
3 Applied vault cash (4) 30,300 32,738
4 Surplus vault cash (5) 13,033 13,471
5 Total reserves (6) 40,173 42,743
6 Required reserves 38,176 41,082
7 Excess reserve balances at Reserve
Banks (7) 1,997 1,660
8 Total borrowing at Reserve Banks 80 27
9 Primary ... 12
10 Secondary ... 0
11 Seasonal 45 13
12 Adjustment 35 2
Biweekly averages
of daily figures
for two-week
periods ending on
dates indicated
2002
Reserve classification Oct. 2 Oct. 16
1 Reserve balances with Reserve
Banks (2) 9,543 7,935
2 Total vault cash (3) 43,190 43,452
3 Applied vault cash (4) 31,925 28,939
4 Surplus vault cash (5) 11,265 14,513
5 Total reserves (6) 41,468 36,874
6 Required reserves 39,670 35,337
7 Excess reserve balances at Reserve
Banks (7) 1,797 1,537
8 Total borrowing at Reserve Banks 170 155
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 170 130
12 Adjustment 1 25
Biweekly averages
of daily figures
for two-week
periods ending on
dates indicated
2002
Reserve classification Oct. 30 Nov. 13
1 Reserve balances with Reserve
Banks (2) 9,634 8,864
2 Total vault cash (3) 42,465 41,720
3 Applied vault cash (4) 30,573 28,302
4 Surplus vault cash (5) 11,892 13,418
5 Total reserves (6) 40,207 37,166
6 Required reserves 38,688 35,492
7 Excess reserve balances at Reserve
Banks (7) 1,519 1,674
8 Total borrowing at Reserve Banks 111 366
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 107 67
12 Adjustment 4 299
Biweekly averages of daily
figures for two-week
periods ending on dates
indicated
2002
Reserve classification Nov. 27 Dec. 11 Dec. 25
1 Reserve balances with Reserve
Banks (2) 10,497 9,559 10,408
2 Total vault cash (3) 42,605 41,827 43,740
3 Applied vault cash (4) 30,514 29,419 30,292
4 Surplus vault cash (5) 12,092 12,408 13,448
5 Total reserves (6) 41,010 38,978 40,700
6 Required reserves 39,441 37,394 38,225
7 Excess reserve balances at Reserve
Banks (7) 1,569 1,583 2,475
8 Total borrowing at Reserve Banks 214 133 57
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 57 50 48
12 Adjustment 157 83 10
Biweekly averages of daily
figures for two-week
periods ending on dates
indicated
2003
Reserve classification Jan. 8 Jan. 22 Feb. 5
1 Reserve balances with Reserve
Banks (2) 9,200 10,894 9,336
2 Total vault cash (3) 45,148 44,363 50,026
3 Applied vault cash (4) 31,935 31,500 35,378
4 Surplus vault cash (5) 13,213 12,863 14,648
5 Total reserves (6) 41,135 42,394 44,714
6 Required reserves 39,495 40,631 43,196
7 Excess reserve balances at Reserve
Banks (7) 1,640 1,763 1,518
8 Total borrowing at Reserve Banks 36 18 34
9 Primary ... 9 28
10 Secondary ... 0 0
11 Seasonal 29 9 6
12 Adjustment 8 ... ...
(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).
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit (1)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 2.25 1/9/03 n/a
New York 2.25 1/9/03 n/a
Philadelphia 2.25 1/9/03 n/a
Cleveland 2.25 1/9/03 n/a
Richmond 2.25 1/9/03 n/a
Atlanta 2.25 1/9/03 n/a
Chicago 2.25 1/9/03 n/a
St. Louis 2.25 1/9/03 n/a
Minneapolis 2.25 1/9/03 n/a
Kansas City 2.25 1/9/03 n/a
Dallas 2.25 1/9/03 n/a
San Francisco 2.25 1/9/03 n/a
Secondary credit (2)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 2.75 1/9/03 n/a
New York 2.75 1/9/03 n/a
Philadelphia 2.75 1/9/03 n/a
Cleveland 2.75 1/9/03 n/a
Richmond 2.75 1/9/03 n/a
Atlanta 2.75 1/9/03 n/a
Chicago 2.75 1/9/03 n/a
St. Louis 2.75 1/9/03 n/a
Minneapolis 2.75 1/9/03 n/a
Kansas City 2.75 1/9/03 n/a
Dallas 2.75 1/9/03 n/a
San Francisco 2.75 1/9/03 n/a
Seasonal credit (3)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 1.25 1/9/03 1.30
New York 1.25 1/9/03 1.30
Philadelphia 1.25 1/9/03 1.30
Cleveland 1.25 1/9/03 1.30
Richmond 1.25 1/9/03 1.30
Atlanta 1.25 1/9/03 1.30
Chicago 1.25 1/9/03 1.30
St. Louis 1.25 1/9/03 1.30
Minneapolis 1.25 1/9/03 1.30
Kansas City 1.25 1/9/03 1.30
Dallas 1.25 1/9/03 1.30
San Francisco 1.25 1/9/03 1.30
Range of rates for primary credit
Range (or F.R. Bank
level)--All of
Effective date F.R. Banks N.Y.
In effect Jan. 9, 2003 2.25 2.25
(beginning of program)
Range of rates for adjustment credit in recent years (4)
Range (or F.R. Bank
level)--All of
Effective date F.R. Banks N.Y.
In effect Dec. 31, 1995 5.25 5.25
1996-Jan. 31 5.00-5.25 5.00
Feb. 3 5.00 5.00
1998-Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999-Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
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
2001-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
2002-Nov. 6 0.75-1.25 0.75
7 0.75 0.75
In effect Jan. 8, 2003 0.75 0.75
(end of program)
(1.) Available for very short terms as a backup source of liquidity
to depository institutions that are in generally sound financial
condition in the judgment of the lending Federal Reserve Bank.
(2.) Available in appropriate circumstances to depository
institutions that do not qualify for primary credit.
(3.) Available to help relatively small depository institutions
meet regular seasonal needs for funds that arise from a clear
pattern of 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.
(4.) Was available until January 8, 2003, to help depository
institutions meet temporary needs for funds that could not be
met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors:
Banking and Monetary Statistics, 1914-1941, and 1941-1970; and
the Statistical Digest, 1970-1979, 1980-1989, and 1990-1995.
See also the Board's Statistics: Releases and Historical Data
web pages (http://www.federalreserve.gov/releases/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Percentage of
Type of deposit deposits Effective date
Net transaction accounts (2)
1 $0 million-$6 million (3) 0 12/26/02
2 More than $6 million-$42.1
million (4) 3 12/26/02
3 More than $42.1 million (5) 10 12/26/02
4 Nonpersonal time deposits (6) 0 12/27/90
5 Eurocurrency liabilities (7) 0 12/27/90
(1.) Required reserves must be held in the 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 hanks, 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.) 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 26, 2002, for depository
institutions that report weekly, and with the period beginning
January 16, 2003, for institutions that report quarterly, the
exemption was raised from $5.7 million to $6.0 million.
(4.) The Monetary Control Act of 1980 requires that the amount of
transaction accounts against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change in
transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance
period beginning December 26, 2002, for depository institutions that
report weekly, and with the period beginning January 16, 2003, for
institutions that report quarterly, the amount was increased from
$41.3 million to $42.1 million.
(5.) The reserve requirement was reduced from 12 percent to 10 percent
on April 2, 1992, for institutions that report weekly, and on
April 16, 1992, for institutions that report quarterly.
(6.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1.5
years was reduced from 3 percent to 1.5 percent for the maintenance
period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report
quarterly, the reserve requirement on nonpersonal time deposits with
an original maturity of less than 1.5 years was reduced from 3
percent to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original
maturity of 1.5 years or more has been zero since October 6, 1983.
(7.) The reserve requirement on eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as
the reserve requirement on nonpersonal time deposits with an original
maturity of less than 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS (1)
Millions of dollars
Type of transaction 2000 2001 2002
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 8,676 15,503 21,421
2 Gross sales 0 0 0
3 Exchanges 477,904 542,736 657,931
4 For new bills 477,904 542,736 657,931
5 Redemptions 24,522 10,095 0
Others within one year
6 Gross purchases 8,809 15,663 12,720
7 Gross sales 0 0 0
8 Maturity shifts 62,025 70,336 89,108
9 Exchanges -54,656 -72,004 -92,075
10 Redemptions 3,779 16,802 0
One to five years
11 Gross purchases 14,482 22,814 12,748
12 Gross sales 0 0 0
13 Maturity shifts -52,068 -45,211 -73,093
14 Exchanges 46,177 64,519 88,276
Five to ten years
15 Gross purchases 5,871 6,003 5,074
16 Gross sales 0 0 0
17 Maturity shifts -6,801 -21,063 -11,588
18 Exchanges 6,585 6,063 3,800
More than ten years
19 Gross purchases 5,833 8,531 2,280
20 Gross sales 0 0 0
21 Maturity shifts -3,155 -4,062 -4,427
22 Exchanges 1,894 1,423 0
All maturities
23 Gross purchases 43,670 68,513 54,242
24 Gross sales 0 0 0
25 Redemptions 28,301 26,897 0
Matched transactions
26 Gross purchases 4,415,905 4,722,667 4,981,624
27 Gross sales 4,397,835 4,724,743 4,958,437
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
Reverse repurchase agreements
30 Gross purchases 0 0 0
31 Gross sales 0 0 0
32 Net change in U.S. Treasury
securities 33,439 39,540 77,430
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0 0
34 Gross sales 0 0 0
35 Redemptions 51 120 0
Repurchase agreements
36 Gross purchases 0 0 0
37 Gross sales 0 0 0
38 Net change in federal agency
obligations -51 -120 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 890,236 1,497,713 1,143,126
40 Gross sales 987,501 1,490,838 1,153,876
41 Net change in triparty obligations -97,265 6,875 -10,750
42 Total net change in System Open
Market Account -63,877 46,295 66,680
2002
Type of transaction
and maturity June July Aug.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 3,656 4,838 529
2 Gross sales 0 0 0
3 Exchanges 53,015 45,828 63,083
4 For new bills 53,015 45,828 63,083
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 0 1,104 445
7 Gross sales 0 0 0
8 Maturity shifts 0 11,052 8,987
9 Exchanges 0 -14,183 -5,040
10 Redemptions 0 0 0
One to five years
11 Gross purchases 0 1,755 1,921
12 Gross sales 0 0 0
13 Maturity shifts 0 -11,052 -629
14 Exchanges 0 13,283 3,396
Five to ten years
15 Gross purchases 542 577 690
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -6,714
18 Exchanges 0 900 1,645
More than ten years
19 Gross purchases 0 63 80
20 Gross sales 0 0 0
21 Maturity shifts 0 0 -1,645
22 Exchanges 0 0 0
All maturities
23 Gross purchases 4,198 8,336 3,665
24 Gross sales 0 0 0
25 Redemptions 0 0 0
Matched transactions
26 Gross purchases 447,555 513,400 495,729
27 Gross sales 448,330 511,902 497,031
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 0 (r) 0 (r)
31 Gross sales 0 0 0
32 Net change in U.S. Treasury
securities 3,423 (r) 9,834 (r) 2,363 (r)
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0 0
34 Gross sales 0 0 0
35 Redemptions 0 0 0
Repurchase agreements
36 Gross purchases 0 0 0
37 Gross sales 0 0 0
38 Net change in federal agency
obligations 0 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 98,850 68,750 84,000
40 Gross sales 94,850 81,250 80,500
41 Net change in triparty obligations 4,000 -12,500 3,500
42 Total net change in System Open
Market Account 7,423 -2,666 5,863
2002
Type of transaction
and maturity Sept. Oct.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 750 0
2 Gross sales 0 0
3 Exchanges 53,314 62,947
4 For new bills 53,314 62,947
5 Redemptions 0 0
Others within one year
6 Gross purchases 1,286 0
7 Gross sales 0 0
8 Maturity shifts 11,174 6,143
9 Exchanges -15,189 -5,435
10 Redemptions 0 0
One to five years
11 Gross purchases 0 0
12 Gross sales 0 0
13 Maturity shifts -11,174 -6,143
14 Exchanges 15,189 5,435
Five to ten years
15 Gross purchases 51 0
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 0
More than ten years
19 Gross purchases 0 0
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 2,087 0
24 Gross sales 0 0
25 Redemptions 0 0
Matched transactions
26 Gross purchases 449,250 429,029
27 Gross sales 449,986 425,399
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 0 (r)
31 Gross sales 0 0
32 Net change in U.S. Treasury
securities 1,351 (r) 3,630 (r)
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0
34 Gross sales 0 0
35 Redemptions 0 0
Repurchase agreements
36 Gross purchases 0 0
37 Gross sales 0 0
38 Net change in federal agency
obligations 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 93,500 72,000
40 Gross sales 94,750 77,250
41 Net change in triparty obligations -1,250 -5,250
42 Total net change in System Open
Market Account 101 -1,620
2002
Type of transaction
and maturity Nov. Dec.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 250 0
2 Gross sales 0 0
3 Exchanges 51,394 53,374
4 For new bills 51,394 53,374
5 Redemptions 0 0
Others within one year
6 Gross purchases 0 0
7 Gross sales 0 0
8 Maturity shifts 3,688 13,448
9 Exchanges -1,419 -12,059
10 Redemptions 0 0
One to five years
11 Gross purchases 0 339
12 Gross sales 0 0
13 Maturity shifts -2,380 -13,448
14 Exchanges 1,308 12,059
Five to ten years
15 Gross purchases 0 314
16 Gross sales 0 0
17 Maturity shifts 722 0
18 Exchanges 111 0
More than ten years
19 Gross purchases 0 0
20 Gross sales 0 0
21 Maturity shifts -2,030 0
22 Exchanges 0 0
All maturities
23 Gross purchases 250 653
24 Gross sales 0 0
25 Redemptions 0 0
Matched transactions
26 Gross purchases 378,381 195,565
27 Gross sales 377,535 175,820
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 231,272
31 Gross sales 0 252,363
32 Net change in U.S. Treasury
securities 1,096 (r) -693
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0
34 Gross sales 0 0
35 Redemptions 0 0
Repurchase agreements
36 Gross purchases 0 0
37 Gross sales 0 0
38 Net change in federal agency
obligations 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 113,501 112,750
40 Gross sales 101,501 101,750
41 Net change in triparty obligations 12,000 11,000
42 Total net change in System Open
Market Account 13,096 10,307
(1.) Sales, redemptions, and negative figures reduce holdings
of the System Open Market Account; all Other figures increase
such holdings.
(2.) Transactions exclude changes in compensation for the
effects of inflation on the principal of inflation-indexed
securities. Transactions include the rollover of inflation
compensation into new securities.
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements (1)
Millions of dollars
Wednesday
Account 2003
Jan. 1 Jan. 8 Jan. 15
ASSETS
1 Gold certificate account 11,039 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 988 996 1,043
4 Securities, repurchase agreements,
and loans 668,956 663,184 659,431
5 Securities held outright 629,416 629,416 629,416
6 U.S. Treasury (2) 629,406 629,406 629,406
7 Bills (3) 226,682 226,682 226,682
8 Notes and bonds, nominal (3) 389,219 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242 12,242
10 Inflation compensation (4) 1,263 1,263 1,263
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 39,500 33,750 30,000
13 Loans 40 18 15
14 Items in process of collection 10,291 8,353 8,155
15 Bank premises 1,543 1,541 1,542
16 Other assets 37,031 37,483 37,688
17 Denominated in foreign
currencies (6) 16,913 16,847 17,060
18 All other (7) 20,118 20,636 20,629
19 Total assets 732,048 724,796 721,098
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 654,272 647,070 642,887
21 Reverse repurchase agreements (8) 21,091 18,709 17,813
22 Deposits 28,249 31,135 32,648
23 Depository institutions 22,541 25,196 26,991
24 U.S. Treasury, general account 4,420 5,490 5,192
25 Foreign official 136 99 253
26 Other 1,152 350 213
27 Deferred availability cash items 9,459 8,499 8,119
28 Other liabilities and accrued
dividends (9) 2,217 2,222 2,235
29 Total liabilities 715,288 707,635 703,702
CAPITAL ACCOUNTS
30 Capital paid in 8,380 8,386 8,389
31 Surplus 8,380 8,348 8,478
32 Other capital accounts 0 426 528
33 Total capital 16,760 17,161 17,395
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 855,053 859,867 859,411
35 U.S. Treasury 690,003 695,437 692,999
36 Federal agency 165,050 164,430 166,412
Federal Reserve note and
collateral statement
37 Federal Reserve notes, net of F.R.
Bank holdings 654,272 647,070 642,887
38 Collateral held against Federal
Reserve notes 654,272 647,070 642,887
39 Gold certificate account 11,039 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 641,034 633,832 629,649
42 Other eligible assets 0 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 668,916 663,166 659,416
44 Less: face value of securities
under reverse repurchase
agreements (12) 21,098 18,715 17,818
45 U.S. Treasury and agency securities
eligible to be pledged 647,818 644,451 641,598
Wednesday
Account 2003
Jan. 22 Jan. 29
ASSETS
1 Gold certificate account 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200
3 Coin 1,085 1,111
4 Securities, repurchase agreements,
and loans 666,179 649,927
5 Securities held outright 629,416 629,416
6 U.S. Treasury (2) 629,406 629,406
7 Bills (3) 226,682 226,682
8 Notes and bonds, nominal (3) 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242
10 Inflation compensation (4) 1,263 1,263
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 36,750 20,500
13 Loans 13 11
14 Items in process of collection 16,652 9,250
15 Bank premises 1,541 1,543
16 Other assets 38,273 38747
17 Denominated in foreign
currencies (6) 17,180 17,299
18 All other (7) 21,094 21,448
19 Total assets 736,969 713,818
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 643,281 642604
21 Reverse repurchase agreements (8) 18,523 18,466
22 Deposits 44,098 25,671
23 Depository institutions 37,629 18,327
24 U.S. Treasury, general account 6,119 7,030
25 Foreign official 122 100
26 Other 228 214
27 Deferred availability cash items 11,519 7,503
28 Other liabilities and accrued
dividends (9) 2,213 2,242
29 Total liabilities 719,634 696,486
CAPITAL ACCOUNTS
30 Capital paid in 8,390 8,399
31 Surplus 8,380 8,380
32 Other capital accounts 565 552
33 Total capital 17,335 17,332
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 859,073 858,621
35 U.S. Treasury 691,275 687,352
36 Federal agency 167,798 171,269
Federal Reserve note
and collateral
statement
37 Federal Reserve notes, net of F.R.
Bank holdings 643,281 642,604
38 Collateral held against Federal
Reserve notes 643,281 642,604
39 Gold certificate account 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 630,042 629,365
42 Other eligible assets 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 666,166 649,916
44 Less: face value of securities
under reverse repurchase
agreements (12) 18,528 18,472
45 U.S. Treasury and agency securities
eligible to be pledged 647,638 631,445
End of month
Account 2002 2003
Nov. (r) Dec. (r) Jan.
ASSETS
1 Gold certificate account 11,039 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,051 988 1,148
4 Securities, repurchase agreements,
and loans 637,554 668,956 654,173
5 Securities held outright 608,995 629,416 629,416
6 U.S. Treasury (2) 608,985 629,406 629,406
7 Bills (3) 206,937 226,682 226,682
8 Notes and bonds, nominal (3) 388,566 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242 12,242
10 Inflation compensation (4) 1,239 1,263 1,263
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 28,500 39,500 24,750
13 Loans 59 40 7
14 Items in process of collection 5,147 10,291 9,038
15 Bank premises 1,529 1,543 1,540
16 Other assets 35,501 37,031 38,225
17 Denominated in foreign
currencies (6) 16,161 16,913 17,075
18 All other (7) 19,340 20,118 21,151
19 Total assets 694,021 732,048 717,363
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 640,806 654,272 641,644
21 Reverse repurchase agreements (8) n.a. 21,091 18,370
22 Deposits 28,236 28,249 31,982
23 Depository institutions 22,978 22,541 26,147
24 U.S. Treasury, general account 4,928 4,420 5,509
25 Foreign official 78 136 102
26 Other 253 1,152 223
27 Deferred availability cash items 5,364 9,459 5,890
28 Other liabilities and accrued
dividends (9) 2,443 2,217 2,267
29 Total liabilities 676,848 715,288 700,152
CAPITAL ACCOUNTS
30 Capital paid in 8,349 8,380 8,400
31 Surplus 7,312 8,380 8,380
32 Other capital accounts 1,513 0 431
33 Total capital 17,173 16,760 17,211
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 832,089 855,053 863,815
35 U.S. Treasury 679,885 690,003 694,983
36 Federal agency 152,203 165,050 168,832
Federal Reserve note and
collateral statement
37 Federal Reserve notes, net of F.R.
Bank holdings 640,806 654,272 641,644
38 Collateral held against Federal
Reserve notes 640,806 654,272 641,644
39 Gold certificate account 11,038 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 627,567 641,034 628,405
42 Other eligible assets 0 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 637,495 668,916 654,166
44 Less: face value of securities
under reverse repurchase
agreements (12) n.a. 21,098 18,379
45 U.S. Treasury and agency securities
eligible to be pledged 637,495 647,818 635,787
(1.) Some of the data in this table also appear in the Board's
H.4.1 (503) weekly statistical release. For ordering address,
see inside front cover.
(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation
on the original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized
by U.S. Treasury and federal agency securities.
(6.) Valued daily at market exchange rates.
(7.) Includes special investment account at the Federal
Reserve Bank of Chicago in Treasury bills maturing within
ninety days.
(8.) Cash value of agreements, which are fully collateralized
by U.S. Treasury securities. The Federal Reserve Banks began
using these agreements on December 13, 2002.
(9.) Includes exchange-translation account reflecting the
daily revaluation at market exchange rates of foreign
exchange commitments.
(10.) Includes U.S. Treasury STRIPS and other zero coupon
bonds at face value.
(11.) Includes face value of U.S. Treasury and agency
securities held outright, compensation to adjust for the
effect of inflation on the original face value of
inflation-indexed securities, and cash value of repurchase
agreements.
(12.) Face value of agreements, which are fully collateralized
by U.S. Treasury securities. The Federal Reserve Banks began
using these agreements on December 13, 2002.
1.19 FEDERAL RESERVE BANKS Maturity Distribution
of Loan and Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 2003
Jan. 1 Jan. 8 Jan. 15
1 Total loans 40 18 15
2 Within fifteen days (1) 35 8 6
3 Sixteen days to ninety days 5 10 9
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 629,406 629,406 629,406
6 Within fifteen days (1) 27,444 42,439 43,631
7 Sixteen days to ninety days 154,225 138,513 136,918
8 Ninety-one days to one year 141,840 142,557 142,959
9 One year to five years 172,758 172,758 174,818
10 Five years to ten years 53,300 53,300 51,240
11 More than ten years 79,840 79,840 79,840
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 10 10 10
16 One year to five years 0 0 0
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
Wednesday
Type of holding and maturity 2003
Jan. 22 Jan. 29
1 Total loans 13 11
2 Within fifteen days (1) 13 11
3 Sixteen days to ninety days 0 0
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities (2) 629,406 629,406
6 Within fifteen days (1) 50,618 49,592
7 Sixteen days to ninety days 129,676 130,709
8 Ninety-one days to one year 143,215 143,207
9 One year to five years 174,818 174,818
10 Five years to ten years 51,240 51,240
11 More than ten years 79,840 79,840
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 10 10
16 One year to five years 0 0
17 Five years to ten years 0 0
18 More than ten years 0 0
End of month
Type of holding and maturity 2002 2003
Nov. Dec. Jan.
1 Total loans 59 40 7
2 Within fifteen days (1) 44 35 6
3 Sixteen days to ninety days 15 5 1
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 608,985 629,406 629,406
6 Within fifteen days (1) 12,306 27,444 32,974
7 Sixteen days to ninety days 147,874 154,225 147,674
8 Ninety-one days to one year 142,194 141,840 142,243
9 One year to five years 173,805 172,758 175,436
10 Five years to ten years 52,975 53,300 51,240
11 More than ten years 79,830 79,840 79,840
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 10 10
16 One year to five years 10 0 0
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
1999 2000 2001
Item Dec. (r) Dec. (r) Dec. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.81 38.54 41.24
2 Nonborrowed reserves (4) 41.49 38.33 41.18
3 Required reserves 40.51 37.11 39.60
4 Monetary base (5) 593.14 584.72 635.56
Not seasonally adjusted
5 Total reserves (6) 41.89 38.53 41.20
6 Nonborrowed reserves 41.57 38.32 41.13
7 Required reserves (7) 40.59 37.10 39.55
8 Monetary base (8) 600.72 590.06 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.65 38.47 41.08
10 Nonborrowed reserves 41.33 38.26 41.01
11 Required reserves 40.36 37.05 39.43
12 Monetary base (11) 608.02 596.98 648.74
13 Excess reserves (12) 1.30 1.43 1.65
14 Borrowings from the Federal Reserve .32 .21 .07
2002 2002
Item Dec. (r) June (r) July (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.12 39.47 39.67
2 Nonborrowed reserves (4) 40.04 39.33 39.48
3 Required reserves 38.12 38.23 38.30
4 Monetary base (5) 681.77 662.37 666.91
Not seasonally adjusted
5 Total reserves (6) 40.03 38.54 39.32
6 Nonborrowed reserves 39.95 38.40 39.13
7 Required reserves (7) 38.03 37.30 37.94
8 Monetary base (8) 686.17 662.87 668.75
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 40.17 38.62 39.41
10 Nonborrowed reserves 40.09 38.47 39.22
11 Required reserves 38.18 37.38 38.04
12 Monetary base (11) 697.09 673.01 678.98
13 Excess reserves (12) 2.00 1.24 1.37
14 Borrowings from the Federal Reserve .08 .14 .19
2002
Item Aug. (r) Sept. (r) Oct. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 39.98 39.25 39.18
2 Nonborrowed reserves (4) 39.64 39.02 39.04
3 Required reserves 38.34 37.78 37.63
4 Monetary base (5) 669.93 671.45 674.30
Not seasonally adjusted
5 Total reserves (6) 39.74 38.78 38.54
6 Nonborrowed reserves 39.41 38.55 38.40
7 Required reserves (7) 38.10 37.31 36.99
8 Monetary base (8) 669.31 669.71 671.48
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 39.85 38.91 38.69
10 Nonborrowed reserves 39.52 38.68 38.54
11 Required reserves 38.22 37.43 37.13
12 Monetary base (11) 679.55 679.96 681.83
13 Excess reserves (12) 1.64 1.48 1.55
14 Borrowings from the Federal Reserve .33 .23 .14
2002 2003
Item Nov. (r) Dec. (r) Jan.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 39.69 40.12 40.61
2 Nonborrowed reserves (4) 39.41 40.04 40.58
3 Required reserves 38.07 38.12 38.95
4 Monetary base (5) 677.52 681.77 685.62
Not seasonally adjusted
5 Total reserves (6) 38.98 40.03 42.73
6 Nonborrowed reserves 38.71 39.95 42.70
7 Required reserves (7) 37.37 38.03 41.07
8 Monetary base (8) 676.66 686.17 688.30
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 39.14 40.17 42.74
10 Nonborrowed reserves 38.87 40.09 42.72
11 Required reserves 37.53 38.18 41.08
12 Monetary base (11) 687.23 697.09 699.21
13 Excess reserves (12) 1.62 2.00 1.66
14 Borrowings from the Federal Reserve .27 .08 .03
(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.) 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.
(6.) Break-adjusted total reserves equal break-adjusted
required reserves (line 9) plus excess reserves (line 16).
(7.) To adjust required reserves for discontinuities
that are due to regulatory changes in reserve requirements,
a multiplicative procedure is used to estimate what required
reserves would have been in past periods had current reserve
requirements been in effect. Break-adjusted required reserves
include required reserves against transactions deposits and
nonpersonal time and savings deposits (but not reservable
nondeposit liabilities).
(8.) The break-adjusted monetary base equals (1) break-adjusted
total reserves (line 6), plus (2) the (unadjusted) currency
component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other
Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the
break-adjusted difference between current vault cash and the
amount applied to satisfy current reserve requirements.
(9.) Reflects actual reserve requirements, including those on
nondeposit liabilities, with no adjustments to eliminate the
effects of discontinuities associated with regulatory changes
in reserve requirements.
(10.) Reserve balances with Federal Reserve Banks plus vault
cash used to satisfy reserve requirements.
(11.) The monetary base, not break-adjusted and not seasonally
adjusted, consists of(l)total reserves (line 11), plus (2)
required clearing balances and adjustments to compensate for
float at Federal Reserve Banks, plus (3) the currency component
of the money stock, plus (4) (for all quarterly reporters on
the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash
exceeds their required reserves) the difference between current
vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash
figures have been measured over the computation periods
ending on Mondays.
(12.) Unadjusted total reserves (line 11) less unadjusted
required reserves (line 14).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures
1999 2000 2001 2002
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,121.9 1,084.9 1,173.4 1,210.5
2 M2 4,648.0 4,926.9 5,440.6 5,796.5
3 M3 6,528.6 7,090.5 7,993.5 8,510.7
MI components
4 Currency (3) 517.5 531.0 581.4 626.7
5 Travelers checks (4) 8.3 8.0 7.8 7.5
6 Demand deposits (5) 352.2 306.7 325.6 296.4
7 Other checkable deposits (6) 244.0 239.2 258.8 279.9
Nontransaction components
8 In M2 (7) 3,526.0 3,842.0 4,267.1 4,586.0
9 In M3 only (8) 1,880.6 2,163.6 2,552.9 2,714.2
Commercial banks
10 Savings deposits, including
MMDAs 1,288.8 1,422.3 1,734.5 2,047.4
11 Small time deposits (9) 634.7 698.8 634.2 583.6
12 Large time deposits (10,11) 650.2 717.4 670.8 683.2
Thrift institutions
13 Savings deposits, including
MMDAs 449.6 451.7 569.0 710.3
14 Small time deposits (9) 320.3 344.4 338.7 300.4
15 Large time deposits (10) 91.0 102.9 114.9 116.7
Money market mutual funds
16 Retail 832.7 924.8 990.7 944.3
17 Institution-only 634.4 788.2 1,189.7 1,233.0
Repurchase agreements
and euro dollars
18 Repurchase agreements (12) 335.7 363.5 375.0 468.6
19 Eurodollars (12) 169.2 191.5 202.5 212.6
Not seasonally adjusted
Measures (2)
20 M1 1,148.3 1,112.3 1,203.5 1,240.4
21 M2 4,675.0 4,962.3 5,483.5 5,845.8
22 M3 6,571.1 7,145.0 8,065.2 8,588.2
MI components
23 Currency (3) 521.5 535.2 584.9 629.9
24 Travelers checks (4) 8.4 8.1 7.9 7.7
25 Demand deposits (5) 371.8 326.5 347.6 316.8
26 Other checkable deposits (6) 246.6 242.5 263.2 286.0
Nontransaction components
27 In M2 (7) 3,526.7 3,849.9 4,280.0 4,605.4
28 In M3 only (8) 1,896.2 2,182.8 2,581.7 2,742.4
Commercial banks
29 Savings deposits, including
MMDAs 1,288.8 1,426.9 1,742.3 2,059.9
30 Small time deposits (9) 635.7 700.0 635.2 584.3
31 Large time deposits (10,11) 651.7 717.6 669.7 681.6
Thrift institutions
32 Savings deposits, including
MMDAs 449.6 453.1 571.5 714.7
33 Small time deposits (9) 320.8 345.0 339.2 300.7
34 Large time deposits (10) 91.2 103.0 114.7 116.4
Money market mutual funds
35 Retail 832.0 925.0 991.8 945.8
36 Institution-only 648.2 805.6 1,217.7 1,260.8
Repurchase agreements
and eurodollars
37 Repurchase agreements (12) 334.7 364.2 376.5 470.4
38 Eurodollars (12) 170.4 192.4 203.0 213.2
2002 2003
Item Oct. (r) Nov. (r) Dec. (r) Jan.
Seasonally adjusted
Measures (2)
1 M1 1,203.6 1,202.7 1,210.5 1,212.3
2 M2 5,742.4 5,781.3 5,796.5 5,825.8
3 M3 8,338.9 8,458.3 8,510.7 8,505.2
MI components
4 Currency (3) 620.4 623.0 626.7 630.2
5 Travelers checks (4) 7.7 7.5 7.5 7.6
6 Demand deposits (5) 299.3 294.0 296.4 295.4
7 Other checkable deposits (6) 276.2 278.3 279.9 279.1
Nontransaction components
8 In M2 (7) 4,538.8 4,578.6 4,586.0 4,613.5
9 In M3 only (8) 2,596.5 2,677.0 2,714.2 2,679.4
Commercial banks
10 Savings deposits, including
MMDAs 2,006.4 2,041.3 2,047.4 2,079.1
11 Small time deposits (9) 591.6 588.0 583.6 579.7
12 Large time deposits (10,11) 710.2 702.3 683.2 691.4
Thrift institutions
13 Savings deposits, including
MMDAs 689.7 697.7 710.3 722.9
14 Small time deposits (9) 302.1 301.0 300.4 299.1
15 Large time deposits (10) 113.6 115.2 116.7 118.0
Money market mutual funds
16 Retail 949.1 950.6 944.3 932.8
17 Institution-only 1,142.4 1,207.8 1,233.0 1,196.7
Repurchase agreements
and euro dollars
18 Repurchase agreements (12) 420.7 440.1 468.6 459.3
19 Eurodollars (12) 209.5 211.6 212.6 214.0
Not seasonally adjusted
Measures (2)
20 M1 1,193.3 1,201.4 1,240.4 1,219.3
21 M2 5,721.6 5,795.8 5,845.8 5,834.8
22 M3 8,282.3 8,474.0 8,588.2 8,549.2
MI components
23 Currency (3) 617.8 622.6 629.9 628.1
24 Travelers checks (4) 7.7 7.6 7.7 7.7
25 Demand deposits (5) 294.9 296.1 316.8 300.1
26 Other checkable deposits (6) 272.8 275.1 286.0 283.4
Nontransaction components
27 In M2 (7) 4,528.3 4,594.4 4,605.4 4,615.5
28 In M3 only (8) 2,560.7 2,678.3 2,742.4 2,714.4
Commercial banks
29 Savings deposits, including
MMDAs 2,002.0 2,054.5 2,059.9 2,074.4
30 Small time deposits (9) 592.5 589.4 584.3 579.8
31 Large time deposits (10,11) 712.4 704.5 681.6 685.7
Thrift institutions
32 Savings deposits, including
MMDAs 688.2 702.2 714.7 721.3
33 Small time deposits (9) 302.6 301.7 300.7 299.1
34 Large time deposits (10) 113.9 115.5 116.4 117.0
Money market mutual funds
35 Retail 943.0 946.6 945.8 940.8
36 Institution-only 1,119.4 1,211.8 1,260.8 1,234.0
Repurchase agreements
and eurodollars
37 Repurchase agreements (12) 408.6 435.5 470.4 462.8
38 Eurodollars (12) 206.2 211.0 213.2 214.8
(1.) Latest monthly and weekly figures are available from the
Board's H.6 (508) weekly statistical release. Historical data
starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of
Governors of the Federal Reserve System, Washington, DC 20551.
(2.) Composition of the money stock measures is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve
Banks, and the vaults of depository institutions, (2) travelers
checks of nonbank issuers, (3) demand deposits at all commercial
banks other than those owed to depository institutions, the
U.S. government, and foreign banks and official institutions,
less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs),
consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted M1 is computed by summing
currency, travelers checks, demand deposits, and OCDs, each
seasonally adjusted separately.
M2: M1 plus (1) savings deposits (including MMDAs), (2)
small-denomination time deposits (time deposits--including retail
RPs--in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money
market funds. Seasonally adjusted M2 is calculated by summing
savings deposits, small-denomination time deposits, and retail
money fund balances, each seasonally adjusted separately, and
adding this result to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.
(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 BANK IN THE UNITED STATES Assets and Liabilities (1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 2002 2002
Jan. July
Seasonally adjusted
Assets
1 Bank credit 5,428.7 5,591.2 (r)
2 Securities in bank credit 1,491.0 1,594.6
3 U.S. government securities 839.2 918.9
4 Other securities 651.8 675.8
5 Loans and leases in bank credit (2) 3,937.8 3,996.6 (r)
6 Commercial and industrial 1,022.2 981.7 (r)
7 Real estate 1,781.0 1,869.1 (r)
8 Revolving home equity 158.7 192.9
9 Other 1,622.4 (r) 1,676.2 (r)
10 Consumer 560.9 564.6 (r)
11 Security (3) 152.0 178.1
12 Other loans and leases 421.7 403.0
13 Interbank loans 293.7 288.6
14 Cash assets (4) 299.4 309.4
15 Other assets (5) 487.7 484.0
16 Total assets (6) 6,434.3 6,597.9 (r)
Liabilities
17 Deposits 4,253.7 4,414.0
18 Transaction 635.8 612.2
19 Nontransaction 3,617.9 3,801.8
20 Large time 996.8 1,048.1
21 Other 2,621.1 2,753.7
22 Borrowings 1,233.5 1,231.7
23 From banks in the U.S. 399.3 386.1
24 From others 834.2 845.6
25 Net due to related foreign offices 124.4 99.2
26 Other liabilities 344.3 408.0
27 Total liabilities 5,956.0 6,152.9
28 Residual (assets less liabilities) (7) 478.3 445.0 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,446.1 5,564.5 (r)
30 Securities in bank credit 1,499.0 1,580.5
31 U.S. government securities 844.3 910.6
32 Other securities 654.6 669.9
33 Loans and leases in bank credit (2) 3,947.2 3,984.0 (r)
34 Commercial and industrial 1,017.7 (r) 980.7 (r)
35 Real estate 1,780.2 1,868.5
36 Revolving home equity 158.4 192.7
37 Other 1,621.8 (r) 1,675.7 (r)
38 Consumer 568.7 558.8 (r)
39 Credit cards and related plans 228.0 215.3
40 Other 340.6 343.5 (r)
41 Security (3) 156.0 173.5
42 Other loans and leases 424.5 402.6
43 Interbank loans 291.8 282.8
44 Cash assets (4) 312.3 300.2
45 Other assets (5) 489.3 482.8
46 Total assets (6) 6,464.5 6,555.1 (r)
Liabilities
47 Deposits 4,279.6 4,384.9
48 Transaction 648.9 604.7
49 Nontransaction 3,630.7 3,780.1
50 Large time 1,009.5 1,037.1
51 Other 2,621.2 2,743.0
52 Borrowings 1,246.9 1,221.7
53 From banks in the U.S. 404.3 382.1
54 From others 842.6 839.7
55 Net due to related foreign offices 131.8 90.0
56 Other liabilities 350.2 399.1
57 Total liabilities 6,008.5 6,095.7
58 Residual (assets less liabilities) (7) 455.9 459.4 (r)
Monthly averages
Account 2002
Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 5,672.8 (r) 5,730.1 (r)
2 Securities in bank credit 1,632.9 1,643.5
3 U.S. government securities 946.3 963.0 (r)
4 Other securities 686.6 680.5 (r)
5 Loans and leases in bank credit (2) 4,039.9 (r) 4,086.6 (r)
6 Commercial and industrial 981.6 (r) 974.9 (r)
7 Real estate 1,900.6 (r) 1,935.0
8 Revolving home equity 197.7 200.9
9 Other 1,702.9 (r) 1,734.1 (r)
10 Consumer 574.7 (r) 582.7 (r)
11 Security (3) 176.7 181.4
12 Other loans and leases 406.3 412.6
13 Interbank loans 305.6 318.3
14 Cash assets (4) 318.1 317.2
15 Other assets (5) 499.5 498.7
16 Total assets (6) 6,721.0 (r) 6,789.2 (r)
Liabilities
17 Deposits 4,460.5 4,473.4
18 Transaction 599.1 584.0
19 Nontransaction 3,861.4 3,889.4
20 Large time 1,049.2 1,043.3 (r)
21 Other 2,812.2 2,846.2
22 Borrowings 1,292.7 1,322.2
23 From banks in the U.S. 405.0 416.3
24 From others 887.7 905.9
25 Net due to related foreign offices 94.1 100.3
26 Other liabilities 430.4 435.4
27 Total liabilities 6,277.7 6,331.4
28 Residual (assets less liabilities) (7) 443.3 (r) 457.8 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,650.4 (r) 5,723.2 (r)
30 Securities in bank credit 1,624.3 1,639.7
31 U.S. government securities 940.0 959.5 (r)
32 Other securities 684.3 680.3
33 Loans and leases in bank credit (2) 4,026.1 (r) 4,083.5 (r)
34 Commercial and industrial 976.1 (r) 972.8 (r)
35 Real estate 1,901.7 (r) 1,937.1 (r)
36 Revolving home equity 197.8 201.9
37 Other 1,703.9 (r) 1,735.2 (r)
38 Consumer 571.2 (r) 582.2 (r)
39 Credit cards and related plans 224.4 231.2
40 Other 346.8 (r) 351.0 (r)
41 Security (3) 172.2 179.6
42 Other loans and leases 404.9 411.8
43 Interbank loans 299.2 310.5
44 Cash assets (4) 303.8 314.1
45 Other assets (5) 496.8 501.2
46 Total assets (6) 6,675.0 (r) 6,773.7 (r)
Liabilities
47 Deposits 4,413.7 4,441.4
48 Transaction 583.8 577.8
49 Nontransaction 3,829.9 3,863.6
50 Large time 1,033.5 1,028.7 (r)
51 Other 2,796.4 2,834.9
52 Borrowings 1,272.6 1,319.6
53 From banks in the U.S. 399.8 409.5
54 From others 872.8 910.2 (r)
55 Net due to related foreign offices 91.1 100.9
56 Other liabilities 427.6 435.5
57 Total liabilities 6,205.0 6,297.5
58 Residual (assets less liabilities) (7) 470.0 (r) 476.2 (r)
Monthly averages
Account 2002
Oct. (r) Nov. (r)
Seasonally adjusted
Assets
1 Bank credit 5,759.5 5,837.2
2 Securities in bank credit 1,643.2 1,688.1
3 U.S. government securities 972.4 1,001.4
4 Other securities 670.8 686.7
5 Loans and leases in bank credit (2) 4,116.3 4,149.1
6 Commercial and industrial 969.7 967.3
7 Real …
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