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Z.l June 12, 1991 Flow of Funds 1991:QI Flow of Funds Accounts, First Quarter 1991 Seasonally Adjusted and Unadjusted Board of Governors of the Federal Reserve System, Washington, D.C. 20551 CONTENTS PAGE i-iii General Information iv-v Data Availability for Preliminary Estimates vi-viii Debt Aggregate Growth Rates SUMMARY TABLES 1 2 4 Income and Product Distribution Funds Raised in Credit Markets Credit Market Supply of Funds SECTOR TABLES 6 8 10 12 14 16 18 20,22 24 26 28 30,32 Households Total Nonfinancial Business, Farm Business, Noncorporate Business Nonfinancial Corporate Business State and Local Governments U.S. Government and Credit Agencies Foreign (Rest of World) Banking System: Monetary Authority, Commercial Banking Summary Commercial Banking Subsectors: U.S. Chartered Commercial Banks, Foreign Banking Offices in U.S., Domestic Affiliates of Commercial Banks (BHCs), Banks in U.S. Possessions Nonbank Finance Summary Savings Institutions: Savings and Loan Associations, Mutual Savings Banks, Credit Unions Insurance and Pension Funds: Life Insurance Companies, Private Pension Funds, State and Local Government Employee Retirement Funds, Other Insurance Companies Finance N.E.C.: Finance Companies, Mutual Funds, MMMFs REITs, Security Brokers and Dealers, Securitized Credit Obligations (SCOs) TRANSACTION TABLES 34 36 38,40 Monetary and Insurance Reserves Interbank Claims Deposit Claims —continued TRANSACTION TABLES—continued 42 44 46,48 50 52 54 56,58 60 62 64 U.S. Government Securities Private Securities: Tax-Exempt Debt Securities and Loans, Corporate and Foreign Bonds, Mutual Funds and Other Corporate Equities Mortgages: Home Mortgages, Multifamily Residential Mortgages, Commercial Mortgages, Farm Mortgages Consumer Credit and Bank Loans N.E.C. Open-Market Paper and Other Loans Security Credit, Trade Credit, Taxes Payable, Proprietors' Equity in Noncorporate Business Miscellaneous Total Net Borrowing and Lending in Credit Markets Total Liabilities in Relation to Total Financial Assets Saving by Individuals System Discrepancies FLOW OF FUNDS ACCOUNTS First Quarter 1991 ******************************** * This release incorporates Balance of Payments data that * * * were published by the Department of Commerce after the * Flow of Funds Summary Statistics (Z.7 release) went to * * press. As a result, the tables for the household sector, * * nonfinancial corporate sector, credit market borrowing, * * and quarterly growth rates of debt differ slightly from * * those in the Z.7 dated June 11, 1991. * ******************************** Data in the accounts presented in this publication have been revised from the first quarter of 1990 onward. There have been no structural changes in the accounts. Revisions to the series for net purchases of U.S. government securities by brokers and dealers for 1990:4 reflect year-end volatility well outside the previous seasonal patterns. In order to limit distortions in other parts of the accounts, this series is presented in the seasonally adjusted tables exclusive of seasonal factors for the quarters of 1989, 1990, and 1991. Preliminary estimates. Figures shown for the most recent quarter are based on preliminary and incomplete information. A list of the principal sources of information available when the first quarter data were compiled follows this preface. The significance of individual items in the tables should be judged on the basis of that list, which is summary in form and is by no means a complete statement of sources of data or of derivation methods. For nonfinancial activity included in the accounts, such as sector income and capital outlays, the Commerce Department's National Income and Product Accounts (NIPA) are the principal source. Virtually all quarterly data sources are compiled within five or six months of the end of the quarter, and the distinction between "available" data and "missing" data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the first quarterly estimate is put together and those that are not yet * completed. However, the items that are shown as available are, in general, also preliminary in the sense that many series are subject to regular quarterly or annual revision by source agencies. Margins of Uncertainty. Flow of Funds statistics, like data in all social accounts, are subject to uncertainties resulting from incompatibilities among source data, potential revisions in both financial and nonfinancial series, and incomplete data in certain parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of "discrepancies" for various sectors and transaction types. The size of such discrepancies relative to the main asset or liability components is one indication of the degree of measurement difficulty with source data, especially on an annual basis. For quarterly data, differing seasonal adjustment methods in financial and nonfinancial components sometimes result in discrepancies that cancel in annual data. Experience also suggests that many discrepancies for the latest few quarters -i- tend to be reduced with the introduction of revised national accounts figures or with annual revisions in financial data. Availability of Flows and Outstandings. Flow of Funds statistics are usually compiled and available about two months following the last quarter reported. The next benchmark revisions to the Flow of Funds Accounts are scheduled now for January 1992, owing to the delayed release of the annual revisions to the NIPA until late November. The Z.7 release, Flow of Funds Summary Statistics, is made available as soon as a new quarter's data have been compiled. The Z.7 provides an overview of major credit market demands and supplies, together with developments in a few key sectors. The Z.7 is available from the Board's Publications Services and electronically through the Economic Bulletin Board of the Department of Commerce. The current publication—which is the Z.l release and covers the full range of the accounts—is subject to printing and mailing delays of up to two weeks from the time the estimates are completed. To facilitate access in the meantime, preliminary copies are distributed to Federal Reserve Bank information offices for use by the public. This release presents data on flows for economic sectors and transactions. The outstandings counterparts of these flows are published once a year with the annual revision in Flow of Funds Accounts: Financial Assets and Liabilities, which constitutes part of the same release as the flow accounts. All subscribers to the Z.l release, therefore, receive both the quarterly flow and the annual outstandings publications. Summary annual and quarterly data on major credit market developments, including flows and positions, also are regularly published in four tables in the statistical appendix of the Federal Reserve Bulletin. The current quarterly tables are an extension of a body of data that begins in 1946 in annual form and in 1952 quarterly. Annual flows and year-end positions for almost the entire period covered by the accounts have been published in two volumes: Flow of Funds Accounts 1946-1969, Annual Total Flows and Year-End Assets and Liabilities, and Flow of Funds Accounts, 1970-1987, Annual Total Flows and Year-End Assets and Liabilities. Each volume costs $5.00 and can be ordered from: Publications Services, Stop 138 Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D.C. 20551 (202) 452-3245 Subscription Information. The Federal Reserve Board charges nominal amounts for subscriptions to all statistical releases. The annual price of the Z.7 Summary Statistics release is set at $5.00; the price of the full Z.l release is $15.00. The Flow of Funds Section also publishes Balance Sheets for the U.S. Economy, which is designated as the Federal Reserve Board's C.9 release and appears twice a year, usually in April and October. The price of that release is $5.00 per year. Subscription inquiries for these releases should also be directed to Publications Services. Computer tapes for the entire published data base, or data on diskettes, may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, -ii- Virginia 22161. The NTIS phone number is: (703) 487-4808. Tape and diskette prices are determined by NTIS. Quarterly or annual data for specific sectors of the accounts, in reasonable scope, are available in printed form on request from the Flow of Funds Section, Stop 95, at the Federal Reserve Board. The phone number of the section is (202) 452-3482. -iii- Availability of Data for Preliminary Estimates for 1991:1 Available at time of publication Major items missing Preliminary estimates, seasonally adjusted, for 1991:1. None, NONFINANCIAL DATA 1. National Income and Product Accounts (NIPA) FINANCIAL DATA 2. Households Estimates for this sector are almost entirely residual and derived from data for other sectors. Availability of data is dependent on schedules for other sectors. Data for consumer credit borrowing, which are estimated directly rather than through a residual calculation, are available for 1991:1. 3. Farms Bank loans for 1991:1. For sponsored agency loans, see item 9 below. U.S. government loans for 1991:1. See item 8 below. 4. Nonfarm noncorporate business Partial Internal Revenue Service Statistics of Income data for 1988; bank and finance company loans, mortgage borrowing, and consumer credit for 1991:1. Detail for partnership balance sheets since 1987. Statistics of Income data since 1988. 5. Nonfinancial corporate business Security offerings, mortgages, bank loans, open-market paper, finance company loans, bank loans, open-market paper, finance company loans, and foreign direct investment for 1991:1. Source data for estimates of trade debt, trade credit, and other asset items for 1991:1. 6. State and local governments Gross security offerings, deposits at banks, and nonmarketable U.S. government securities issues for 1991:1. Security retirements, other asset items for 1991:1. 7. Rest of the world (U.S. international transactions) NIPA estimates, data from bank reports of condition, partial Treasury International Capital System data for banks and securities transactions for 1991:1; Balance of Payments data for 1991:1. None. 8. U.S. government Data on federal receipts and outlays from the Monthly Treasury Statement of Receipts and Outlays for 1991:1; data from the Federal Financing Bank statement for 1991:1. Loans outstanding for 1990:4 and 1991:1 except at the Federal Financing Bank. 9. Sponsored credit agencies Balance sheet data for FNMA, Federal Home Loan Banks, FHLMC, SLMA, FICO, REFCORP, and FCA for 1991:1. None. -iv- 10. Federally related mortgage pools All data for 1991:1 are available. None. 11. Monetary authority All data for 1991:1 are available. None. 12. Commercial banking Bank report of condition data for domestic banks and foreign banking offices in the U.S. for 1991:lz for 1990:4 for bank holding companies. Data for bank holding companies for 1991:1. 13. Savings and loan associations Data are available through 1990:4. Data from report of condition for 1991:1. 14. Mutual savings banks Data are avilable through 1990:4. Data from report of condition for 1991:1. 15. Credit unions All data for 1991:1 are available. None. 16. Life insurance companies Data are available through 1990:4. Data for 1991:1. 17. Private pension funds (including FERS) All data for 1991:1 are available. None. 18. State and local government retirement funds Data are available through 1990:3. Data for 1990:4 and 1991:1. 19. Other insurance conpanies Data are available through 1990:4. Data for 1991:1. 20. Finance conpanies All data for 1991:1 are available. None. 21. Real estate investment trusts Data are available through 1990:4. Data for 1991:1. 22. Open-end investment conpanies and money market funds All data are available for 1991:1. None. 23. Security brokers and dealers Data are available through 1990:4. Data for 1991:1. 24. Issuers of securitized credit obligations Conplete data from Trepp/PSA Information Services and securitized consumer credit data for 1991:1. None. -v- JUNE 12, 1991 NONFINANCIAL DEBT GROWTH NONFINANCIAL DEBT GROWTH GROWTH RATES OF DEBT BY SECTOR TOTAL U.S. GOVT. - -DOMESTIC NONFINANCIAL SECTORS ------- HOUSEHOLDS ------- NONFINANCIAL BUSINESS HOME CONSUMER LONG SHORT PVT. TOTAL MTGES CREDIT TERM TERM NONFIN TOTAL STATE & LOCAL GOVTS FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL (PERCENT) 1978 1979 1980 1981 1982 13.2 12.0 9.5 9.8 9.3 9.4 6.0 11.9 11.8 19.4 14.2 13.5 8.9 9.4 6.9 17.0 15.1 8.9 8.0 5.4 17.5 16.2 11.3 7.8 4.5 16.9 13.0 0.7 4.8 4.4 13.2 13.6 9.9 11.5 7.8 10.6 9.9 9.1 7.9 7.7 18.1 20.3 11.2 17.2 8.1 7.3 5.8 4.2 6.0 9.1 18.6 9.5 14.0 11.9 7.2 13.5 11.9 9.7 9.9 9.2 11.5 11.8 9.6 10.8 10.3 1983 1984 1985 1986 1987 11.5 14.4 14.2 12.3 9.0 18.8 16.9 16.2 13.4 8.0 9.6 13.7 13.6 11.9 9.3 11.4 12.9 14.1 12.8 11.6 11.0 11.7 11.9 14.9 14.0 12.6 18.7 15.9 9.6 5.1 8.3 15.6 11.4 12.0 7.0 9.3 13.4 14.2 14.4 8.2 6.9 18.9 7.5 8.4 5.1 7.1 7.9 23.7 7.6 9.6 8.2 3.7 0.5 4.1 1.9 11.4 14.0 13.7 12.0 8.8 11.8 13.4 12.0 9.1 7.8 1988 1989 1990 9.1 7.5 6.5 8.0 7.2 12.0 9.5 7.5 4.9 10.9 8.9 7.3 12.2 10.5 9.1 7.2 5.3 1.8 8.2 6.7 2.9 8.2 5.7 3.1 8.3 8.2 2.6 8.2 4.9 2.3 2.6 4.3 12.3 8.9 7.4 6.7 8.7 7.4 4.4 QUARTERLY (PERCENT , SAAR) 1986 I II III IV 9.6 11.8 12.6 13.0 10.3 14.9 14.3 11.8 9.4 10.9 12.1 13.4 9.6 11.8 14.0 13.2 10.9 12.9 16.7 15.8 10.6 9.4 8.9 8.3 11.4 10.1 10.6 14.1 16.1 13.7 13.0 12.1 4.1 4.4 6.7 17.4 -1.9 11.1 10.3 10.4 14.8 3.8 6.0 -8.1 9.8 11.6 12.4 12.3 6.5 9.7 8.3 10.7 1987 I II III IV 7.4 10.0 8.4 8.9 6.9 9.6 5.3 9.3 7.6 10.1 9.4 8.8 9.8 13.3 10.8 11.0 14.5 14.6 12.3 12.2 -.4 5.0 7.8 7.6 5.3 7.6 7.4 6.8 9.6 7.6 8.0 6.3 -1.6 7.6 6.5 7.8 8.5 7.4 12.9 8.2 -.5 -2.5 5.1 5.6 7.2 9.6 8.3 8.8 3.1 9.0 8.5 9.8 1988 I II III IV 9.1 9.5 8.9 7.8 9.0 6.5 8.7 7.0 9.1 10.4 9.0 8.1 10.1 12.3 10.4 9.2 10.3 14.8 11.5 10.1 8.2 7.1 5.9 7.0 8.6 8.9 7.8 6.7 7.5 9.0 7.8 7.6 10.5 8.8 7.7 5.2 6.2 8.8 7.7 9.0 2.9 1.5 1.8 4.0 8.9 9.3 8.7 7.7 8.0 9.7 10.7 5.3 1989 I II III IV 8.2 7.2 7.2 6.4 7.0 4.6 8.0 8.3 8.6 7.9 6.9 5.9 9.2 8.0 8.7 8.5 10.6 9.7 10.2 9.6 5.1 4.9 4.8 5.7 8.4 8.3 5.6 3.8 6.7 6.7 4.5 4.5 11.2 10.9 7.4 2.5 6.6 5.4 4.6 2.6 1.3 -2.7 12.1 6.5 8.0 6.9 7.3 6.4 7.5 8.0 8.4 4.6 1990 I II III IV 8.2 6.1 6.4 4.6 10.9 9.7 11.8 13.2 7.5 5.0 4.7 1.9 10.4 7.4 5.9 4.2 12.1 9.4 7.1 5.8 3.8 0.4 2.6 0.3 5.5 2.9 3.4 -.2 3.8 3.2 2.6 2.8 8.4 2.4 4.7 -5.1 1.4 2.8 4.5 0.5 0.9 15.6 16.6 14.2 8.1 6.3 6.6 4.9 7.4 5.1 3.7 1.0 1991 I 4.5 8.0 3.4 5.0 7.1 -2.9 2.0 2.9 0.6 1.1 4.0 4.5 5.8 -VI- JUNE 12, 1991 NONFINANCIAL BORROWING NONFINANCIAL BORROWING BORROWING BY SECTOR TOTAL U.S. GOVT. PVT. NONFIN DOMESTIC NONFINANCIAL SECTORS --------------------------------- - HOUSEHOLDS ------- NONFINANCIAL BUSINESS STATE & HOME CONSUMER LONG SHORT LOCAL TOTAL MTGES CREDIT GOVTS TOTAL TERM TERM FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL FLOWS (BILLIONS OF DOLLARS) 1978 1979 1980 1981 1982 372.1 381.0 337.8 383.6 398.9 53.7 37.9 79.2 87.9 161.3 318.9 393.7 258.7 296.2 237.1 165.6 171.5 117.3 119.3 89.3 108.6 117.6 95.5 73.2 96.9 95.1 90.5 2.6 16.9 16.9 135.1 157.2 129.7 169.8 125.1 70.7 73.1 79.0 69.9 72.9 69.9 89.1 55.8 99.9 52.2 17.7 15.0 11.6 17.1 27.7 29.0 15.0 29.2 23.5 16.0 396.1 396.0 362.0 907.1 919.9 223.6 257.1 233.2 289.9 303.5 1983 1989 1985 1986 1987 538.1 752.3 898.1 836.9 687.0 186.6 198.8 223.6 215.0 199.9 351.5 553.5 629.5 621.9 592.1 185.6 231.8 289.5 293.0 302.2 116.9 139.7 153.3 219.9 233.0 98.9 81.7 82.5 58.0 33.5 192.3 293.6 299.1 292.7 191.0 99.9 152.3 182.7 212.3 137.6 97.9 191.3 66.9 80.9 53.9 23.6 28.1 90.9 36.2 98.8 17.3 8.9 1.2 9.7 9.5 555.9 760.6 899.3 896.6 691.5 383.5 987.7 993.3 919.0 393.9 1988 1989 1990 760.8 678.2 691.2 157.5 151.6 272.5 603.3 526.6 368.7 319.9 285.0 259.3 230.8 221.6 219.1 50.2 39.1 19.3 292.8 211.9 99.8 151.6 113.3 66.1 91.2 98.7 33.7 95.6 29.6 19.6 6.3 10.9 32.1 767.1 689.1 673.3 979.5 937.2 281.7 QUARTERLY FLOWS (BILLIONS OF DOLLARS, SAAR) 1986 — I II III IV 653.1 826.7 905.5 962.3 169.9 299.0 293.6 207.6 988.2 582.7 661.9 759.7 221.0 277.8 390.8 332.9 156.6 192.5 257.2 253.2 69.1 58.0 56.9 53.9 276.9 252.8 271.2 370.9 237.1 209.6 205.9 197.1 39.3 93.2 65.8 173.2 -9.1 52.2 99.9 51.9 35.1 9.1 19.9 -19.8 688.3 835.8 919.8 992.5 298.0 953.9 398.3 525.8 1987 — I II III IV 567.9 779.0 672.8 728.3 125.3 177.0 99.5 177.9 992.5 602.0 573.9 550.9 255.0 350.7 299.9 308.3 291.2 250.0 218.3 222.7 -3.0 33.0 52.1 51.8 199.9 212.5 209.9 197.9 160.8 133.6 191.7 119.9 -16.9 78.9 68.1 83.0 93.2 38.7 68.6 99.7 -1.1 -6.0 12.0 13.3 566.7 773.0 689.8 791.6 157.7 957.7 939.2 521.0 1988 — I II III IV 756.8 812.8 778.7 699.9 175.9 131.2 178.0 199.8 580.9 681.6 600.7 550.1 292.0 362.7 316.5 288.5 195.9 287.2 231.9 208.9 57.1 50.3 92.3 51.2 259.3 268.7 239.6 208.6 139.2 169.0 150.8 197.2 115.1 99.7 88.8 61.9 39.6 50.2 99.6 53.0 7.1 3.8 9.5 9.9 763.8 816.6 783.2 709.8 935.0 591.2 609.3 312.5 1989 — I II III IV 796.9 666.8 678.8 620.2 197.3 100.1 173.9 185.0 599.6 566.7 509.9 935.2 293.9 269.0 290.8 291.8 229.9 212.9 227.6 221.6 38.2 36.9 37.1 99.1 266.1 269.9 185.9 126.9 132.0 139.7 91.8 99.6 139.0 139.7 93.6 32.9 90.1 33.3 28.6 16.5 3.2 -6.9 30.9 16.9 750.1 659.9 709.2 637.1 997.5 989.9 522.7 289.3 1990 — I II III IV 808.9 617.6 655.7 982.6 297.3 228.2 286.1 328.9 561.6 389.9 369.6 159.2 369.7 271.5 221.7 159.9 285.5 236.9 183.7 150.9 30.9 2.8 21.3 2.5 188.0 100.2 119.9 -8.3 78.9 68.2 56.5 60.7 109.0 32.0 62.9 -69.1 8.9 17.7 28.5 3.1 2.3 91.0 95.1 90.2 811.2 658.6 700.8 522.8 976.8 339.1 295.6 70.0 1991 — I 979.7 209.7 270.0 192.6 189.3 -23.6 70.3 62.0 8.3 7.1 11.7 986.9 390.7 -Vll- JUNE 12, 1991 NONFINANCIAL DEBT NONFINANCIAL DEBT DEBT OUTSTANDING BY SECTOR TOTAL --------------- DOMESTIC NONFINANCIAL SECTORS ------------------------- HOUSEHOLDS ------- NONFINANCIAL BUSINESS U.S. PVT. HOME CONSUMER LONG SHORT GOVT. NONFIN TOTAL MTGES CREDIT TOTAL TERM TERM STATE & LOCAL GOVTS FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS YEAR-END (BILLIONS OF DOLLARS) 1978 1979 1980 1981 1982 3179.2 3560.2 3897.5 4279.6 4667.6 626.2 663.6 742.8 830.1 991.4 2553.0 2896.6 3154.8 3449.5 3676.2 1138.3 1310.4 1430.2 1549.2 1626.3 727.7 846.9 942.4 1020.3 1059.7 312.3 352.8 355.4 372.3 388.7 1154.8 1311.3 1438.1 1596.6 1718.5 739.5 812.8 886.7 951.5 1020.7 415.3 498.5 551.3 645.1 697.8 259.9 274.9 286.6 303.7 331.4 157.6 172.9 197.2 220.7 210.4 3336.9 3733.1 4094.8 4500.3 4878.0 2172.1 2429.2 2667.5 2956.6 3258.7 1983 1984 1985 1986 1987 5208.5 5959.4 6804.5 7646.3 8343.9 1177.9 1376.8 1600.4 1815.4 1960.3 4030.6 4582.6 5204.1 5831.0 6383.6 1791.9 2018.8 2296.0 2596.1 2879.1 1156.0 1290.1 1440.6 1667.3 1887.8 437.6 519.3 601.8 659.8 693.2 1883.7 2180.8 2434.2 2724.8 2945.6 1135.0 1290.8 1472.4 1683.6 1845.7 748.7 890.0 961.8 1041.2 1099.8 355.0 383.0 473.9 510.1 558.9 227.7 235.5 236.7 238.3 244.6 5436.3 6194.9 7041.1 7884.7 8588.5 3648.6 4127.1 4607.8 5027.2 5438.0 1988 1989 1990 9096.0 9805.2 10560.2 2117.8 2269.4 2568.9 6978.2 7535.8 7991.3 3191.5 3501.8 3846.4 2118.5 2352.5 2659.7 743.5 790.6 808.9 3182.2 3400.0 3496.1 1984.1 2102.1 2164.6 1198.1 1297.8 1331.5 604.5 634.1 648.7 253.9 9349.9 261.5 10066.8 293.7 10853.8 5938.2 6420.7 6752.6 QUARTER-END (BILLIONS OF DOLLARS, SAAR) 1986 — I II III IV 6978.8 7184.0 7407.9 7646.3 1641.6 1702.6 1763.5 1815.4 5337.2 5481.4 5644.5 5831.0 2363.2 2432.2 2515.4 2596.1 1492.2 1540.3 1603.4 1667.3 617.8 632.3 646.4 659.8 2502.4 2564.6 2632.0 2724.8 1530.8 1583.2 1634.1 1683.6 971.6 981.4 997.9 1041.2 471.6 484.7 497.1 510.1 237.4 239.7 243.3 238.3 7216.3 7423.7 7651.2 7884.7 4689.6 4802.1 4898.4 5027.2 1987 — I II III IV 7797.9 7991.4 8154.0 8343.9 1846.7 1891.0 1915.8 1960.3 5951.2 6100.4 6238.1 6383.6 2643.6 2734.6 2802.7 2879.1 1712.6 1781.2 1832.3 1887.8 659.0 667.3 680.3 693.2 2786.7 2835.2 2887.6 2945.6 1751.8 1781.8 1817.2 1845.7 1034.9 1053.4 1070.4 1099.8 520.9 530.6 547.7 558.9 238.0 236.3 239.3 244.6 8035.9 8227.7 8393.3 8588.5 5060.5 5180.4 5289.7 5438.0 1988 — I II III IV 8532.9 8736.1 8914.3 9096.0 2004.3 2037.1 2081.6 2117.8 6528.6 6699.0 6832.7 6978.2 2952.0 3042.7 3119.4 3191.5 1936.5 2008.3 2066.3 2118.5 707.5 720.1 730.7 743.5 3009.1 3076.3 3122.1 3182.2 1880.5 1922.8 1947.3 1984.1 1128.6 1153.5 1174.8 1198.1 567.5 580.1 591.2 604.5 246.9 249.0 251.1 253.9 8779.9 8985.1 9165.3 9349.9 5557.0 5693.9 5854.9 5938.2 1989 — I II III IV 9313.8 9480.5 9650.2 9805.2 2154.6 2179.6 2223.1 2269.4 7159.2 7300.8 7427.0 7535.8 3290.1 3356.1 3428.8 3501.8 2187.1 2240.2 2297.1 2352.5 761.0 770.3 779.5 790.6 3254.5 3321.9 3368.2 3400.0 2021.9 2055.5 2078.5 2102.1 1232.6 1266.3 1289.7 1297.8 614.5 622.9 630.0 634.1 254.2 9567.9 251.4 9731.9 257.9 9908.1 261.5 10066.8 6095.4 6217.7 6348.4 6420.7 1990 — I II III IV 10121.2 10275.6 10439.5 10560.2 2358.2 2415.3 2486.8 2568.9 7763.0 7860.3 7952.7 7991.3 3683.3 3751.2 3806.6 3846.4 2516.9 2576.0 2621.9 2659.7 802.3 803.0 808.3 808.9 3443.3 3468.4 3498.2 3496.1 2118.2 2135.3 2149.4 2164.6 1325.1 1333.1 1348.8 1331.5 636.4 640.8 647.9 648.7 262.1 272.4 283.6 293.7 10383.3 10548.0 10723.2 10853.8 6567.1 6661.6 6735.0 6752.6 1991 — I 10678.9 2620.1 8058.8 3893.8 2706.1 803.1 3514.5 2180.9 1333.6 650.5 296.6 10975.5 6850.2 -Vlll- JUNE 12, 1991 Income and Product Distribution Income and Product Distribution GNP Expenditures and Gross Saving Income and Product Accounts: SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 I I 1989 III IV I I 1990 I II III IV | I 1991 I 1 4515.6 4873.7 5200.8 5465.2 5238.6 5289.2 5375.6 5443.4 5514.5 5527.3 5561.7 Total GNP 1 2 3 4 5 6 3930.8 3009.4 423.4 540.2 381.3 4200.7 3238.2 457.5 582.3 380.3 4475.7 3450.1 474.6 625.6 400.0 4755.4 3657.3 480.3 674.1 424.0 4512.1 3484.3 487.1 628.6 399.2 4561.8 3518.5 471.2 643.4 399.9 4658.3 3588.1 492.1 659.6 410.6 4709.2 3622.7 478.4 664.6 421.9 4796.2 3693.4 482.3 677.0 425.8 4857.8 3724.9 468.5 695.3 437.6 4885.4 Current outlays Households 3744.5 Of which consumer durables 453.4 State and local governments 697.4 U.S. government 443.5 2 3 7 8 9 10 11 12 13 699.5 671.2 226.3 5.3 182.8 178.8 1.7 747.1 720.9 232.5 5.3 199.6 198.3 1.1 771.3 743.0 231.0 5.1 208.6 211.2 1.9 741.1 746.1 222.0 4.8 209.1 209.8 2.4 775.8 747.0 228.9 4.8 207.8 213.9 2.2 762.7 737.7 225.9 5.0 207.6 214.5 2.3 747.3 759.0 235.9 4.9 219.6 219.6 2.5 759.1 745.6 229.1 4.9 215.4 214.4 2.5 759.7 750.7 217.9 4.9 206.8 205.1 2.4 698.3 729.2 205.2 4.7 194.4 200.2 2.3 7 8 9 10 11 12 13 14 15 16 2.3 1.1 1.1 .2 .1 .1 -4.5 -2.2 -2.2 -3.2 -1.6 -1.6 -8.2 -4.1 -4.1 -9.2 -4.6 -4.6 -2.5 -1.3 -1.3 -1.5 -.7 -.7 -.7 -.4 -.4 -8.1 -4.0 -4.0 664.2 Gross domestic investment Private fixed investment 695.4 Residential construction 191.2 Mobile homes 4.2 184.1 1-4 family structures 192.4 Household purchases Farm 2.2 Change in work in process -10.4 on nonfarm Noncorporate -5.2 Corporate -5.2 17 18 19 20 21 38.2 19.9 16.6 1.0 .7 27.6 20.8 5.2 1.2 .4 17.3 21.6 -5.6 1.2 X 8.1 7.0 .2 -.1 1.0 16.3 21.7 -6.7 .9 .3 13.4 21.9 -9.7 1.6 -.5 11.4 10.0 .4 1.1 -.1 8.8 8.0 - .2 .7 .3 6.3 6.0 -.6 -2.5 3.3 6.1 4.0 1.2 .5 .4 2.8 2.0 .1 .1 .7 Multifamily units Households (1) Noncorporate business Nonfin. corporations REITs 17 18 19 20 21 22 23 24 25 26 27 444.9 18.3 9.5 52.9 46.2 318.0 488.4 19.0 6.5 57.8 53.4 351.8 512.0 19.5 2.4 63.7 60.9 365.5 524.1 20.1 4.9 57.4 67.7 373.9 518.1 19.5 1.9 64.4 62.5 369.8 511.8 19.7 1.1 65.7 61.7 363.7 523.1 19.8 2.3 61.0 64.9 375.1 516.5 19.9 4.2 59.8 64.6 368.0 532.8 20.0 6.4 58.3 72.1 376.0 524.0 20.7 6.8 50.7 69.1 376.7 504.2 20.7 9.1 50.0 71.1 353.2 Nonres. plant & equipment Nonprofit inst. (HH) Farm Nonfarm noncorp. bus. Financial corporations Nonfin. corporations 22 23 24 25 26 27 28 29 30 31 32 28.3 -4.0 32.2 1.3 30.9 26.2 -3.6 29.8 7.8 22.0 28.3 5.0 23.3 7.9 15.4 -5.0 2.4 -7.4 -.4 -7.0 28.8 2.6 26.2 10.1 16.1 25.0 .9 24.1 8.9 15.2 -11.7 5.3 -17.0 -.8 -16.2 13.5 .5 13.0 .6 12.4 9.0 2.2 6.8 .3 6.5 -30.9 1.5 -32.4 -1.6 -30.8 -31.2 2.9 -34.1 -1.7 -32.4 33 34 35 -114.7 449.6 564.3 -74.1 552.0 626.1 -46.1 626.3 672.3 -31.3 672.8 704.1 -49.3 623.7 673.0 -35.3 642.8 678.1 -30.0 661.3 691.3 -24.9 659.7 684.6 -41.4 672.7 714.1 -28.8 697.4 726.2 12.1 Net exports Exports 687.5 675.4 - Imports 36 37 38 3194.8 92.5 2.9 3479.2 145.6 4.2 3725.6 171.9 4.6 3946.1 180.1 4.6 3743.4 154.5 4.1 3799.6 174.2 4.6 3887.7 191.3 4.9 3925.7 195.1 5.0 3969.1 166.5 4.2 4001.9 167.5 4.2 4018.1 Disposable personal income 164.1 Personal saving 4.1 Saving rate (percent) 39 40 -158.1 51.0 -141.7 46.4 -134.2 46.4 -166.1 35.4 -131.7 48.0 -150.0 38.5 -168.2 37.9 -166.1 38.5 -145.9 39.4 -184.3 25.6 39 -118.0 Federal government surplus 30.4 St. 8 local government surplus 40 41 42 43 44 45 275.3 * 37.5 20.7 217.2 316.7 43.3 22.4 251.0 307.7 .1 50.9 15.4 241.4 304.7 .1 56.9 18.7 229.0 291.4 .1 49.3 9.2 232.8 289.8 .1 56.9 6.9 225.9 296.9 .1 52.9 16.1 227.8 299.3 .1 48.9 18.2 232.1 318.5 .1 57.6 21.7 239.1 Corporate profits, taxes, and dividends: 304.1 Profits - total (book) 282.7 Farms .1 .1 68.0 Foreign subsidiaries 69.4 18.8 Financial corporations 19.8 Dom. nonfin. corporations 217.2 193.4 46 47 48 49 126.9 .3 33.6 92.9 136.2 .4 34.1 101.8 135.1 .4 33.7 101.0 132.2 .3 35.9 95.9 127.8 .4 28.2 99.2 123.5 .4 26.9 96.2 129.9 .4 34.6 94.9 133.1 .4 35.6 97.1 139.1 .4 38.8 99.9 126.5 .1 34.6 91.8 115.1 .2 34.8 80.1 Tax accruals - total Farms Financial corporations Nonfin. corporations 46 47 48 49 50 51 52 53 54 98.2 .3 1.8 14.6 81.5 110.0 .3 .4 28.8 80.5 123.5 .3 -.5 19.2 104.5 133.9 .2 -2.8 19.1 117.5 125.0 .3 -1.7 20.1 106.3 127.7 .3 -3.7 27.3 103.8 130.3 .3 -2.9 14.7 118.2 133.0 .3 -2.9 23.6 112.0 135.1 .3 -2.8 22.4 115.2 137.2 -.3 -2.6 15.5 124.6 137.5 -.2 -2.4 25.2 114.9 Dividends - total Farms Financial corporations Foreign subsidiaries Dom. nonfin. corporations 50 51 52 53 54 55 56 57 58 59 50.3 -.7 -14.8 37.5 42.8 70.6 -.7 -12.1 43.3 68.8 49.1 -.6 -17.7 50.9 35.9 38.7 -.4 -14.4 56.9 15.6 38.6 -.6 -17.4 49.3 27.4 38.6 -.6 -16.2 56.9 25.8 36.8 -.6 -15.5 52.9 14.7 33.2 -.6 -14.6 48.9 23.0 44.3 -.5 -14.2 57.6 23.8 40.4 .2 -13*2 68.0 .8 30.2 .2 -12.7 69.4 -1.6 Undist. prof. - total (book) Farms Financial corporations Foreign subsidiaries Dom. nonfin. corporations 55 56 57 58 59 60 61 62 63 52.4 1.6 4.2 46.6 47.8 2.1 6.0 39.7 25.5 2.5 4.3 18.8 4.9 2.5 3.1 -.7 21.4 2.5 3.9 15.0 15.6 2.6 3.3 9.7 11.3 2.8 3.2 5.3 7.7 2.9 3.6 1.2 2.0 3.0 2.6 -3.6 -1.4 1.6 2.9 -5.9 -3.0 1.9 3.1 -8.0 Cap. cons, adjust. - total Farms Financial corporations Dom. nonfin. corporations 60 61 62 63 64 65 66 67 68 69 70 71 72 487.0 70.0 14.8 19.0 80.0 303.2 22.1 1.5 279.6 514.3 73.0 15.4 19.1 84.7 322.2 25.4 1.5 295.3 554.4 76.0 16.1 19.2 96.7 346.4 29.5 1.4 315.4 575.6 79.4 16.4 20.2 96.6 363.1 33.1 1.8 328.1 567.5 76.3 16.2 19.3 104.1 351.6 30.1 1.4 320.0 572.5 77.1 16.4 19.3 103.3 356.5 30.8 1.4 324.3 567.0 77.8 16.5 19.3 96.6 356.7 31.5 1.4 323.7 571.1 78.6 16.7 19.4 96.8 359.7 32.7 1.4 325.6 579.3 79.3 16.9 19.4 98.2 365.5 33.3 1.4 330.8 585.1 81.8 15.5 22.7 94.9 370.3 35.0 2.9 332.4 590.9 Total capital cons. w/CCAdj Owner-occupied homes (HH) 82.3 Nonprofit institutions (HH) 15.8 Farm noncorporate 22.3 Nonfarm noncorp, business 95.4 Total corporate 375.1 Financial business 35.7 Corporate farms 2.7 Nonfin. corporations 336.7 64 65 66 67 68 69 70 71 72 73 74 305.4 792.3 323.7 838.0 340.7 895.1 355.0 930.6 342.8 910.3 347.1 919.6 351.3 918.3 355.6 926.7 359.8 939.1 353.2 938.3 Memo: Cap. cons, on consumer durables not included above 73 358.8 949.7 Tot. cap. cons. incl. durables 74 75 -10.7 -28.2 -16.9 -1.6 -16.1 -3.1 1.0 -2.9 -4.8 .5 76 77 46.1 15.2 43.0 14.5 43.9 15.0 43.4 15.1 43.9 15.0 42.6 15.0 43.8 14.8 44.5 15.1 43.7 15.2 41.6 15.2 K Inventories Farm Nonfarm Noncorporate Corporate 8.1 Statistical discrepancy 40.7 Profit tax rate (percent) 15.2 Personal tax rate (percent) (1) Purchases of condominium units. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 4 5 6 14 15 16 28 29 30 31 32 33 34 35 36 37 38 41 42 43 44 45 75 76 77 JUNE 12, 1991 Funds Raised in Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised in Credit and Equity Markets 2 UNADJUSTED NET FLOWS> $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I I III 1989 IV I I 1990 I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Net Credit Market Borrowing by Nonfinancial Sectors Total net borrowing by domestic 1 nonfinancial sectors 166,390 200.157 156,707 158,681 159,550 166,272 74,007 538.1 752.3 848.1 836.9 1 2 3 4 U.S. government Treasury issues Agency issues 8 mortgages 55,807 61,806 -5,999 186.6 186.7 -.1 198.8 199.0 -.2 223.6 223.7 -.1 215.0 214.7 .4 2 3 4 5 Private domestic nonfinancial sectors 40,378 38,604 1,774 63,300 64,445 -1,145 64.487 57,093 7,394 40,848 39,508 1,340 68,448 68,779 -331 98,741 98-994 -253 92,220 117,833 91,102 67,531 18,200 351.5 553.5 624.5 621.9 5 6 7 8 9 10 11 12 13 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multifamily resid. Commercial Farm 98,532 11,456 15.686 71,390 59,921 2.900 9,035 -466 93,334 4,847 21,851 66,636 56,745 3,241 7,625 -975 80,271 991 11,289 67,991 57,111 5,104 5,940 -164 89,324 5,014 20,914 63,396 65,026 -4,113 2,387 96 76,163 10,132 11,930 54,101 50.091 994 2,721 295 63,591 2,331 20,396 40,864 39,338 971 864 -309 48,421 -127 21,294 27,254 31,171 -541 -3,119 -257 247.1 43.3 16.0 187.9 120.4 14.1 51.0 2.4 319.9 51.0 46.1 222.8 136*7 25.2 62.2 -1.2 451.2 135.4 73.5 242.2 156.8 29.8 62.2 -6.6 465.8 22.7 126.8 316.3 218.7 33.5 73.6 -9.5 6 7 8 9 10 11 12 13 14 15 16 17 18 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other loans 27,480 14,283 10,417 3,214 -434 43,523 11,949 19,567 -12,390 12,252 -6,425 18,922 -6,161 17.865 11,842 28,509 7,101 5,970 2,625 12,813 3,940 -30,221 14,939 9,271 10,272 -26,632 1,326 -2,278 -5,862 3,152 -14,959 2,998 8,378 7,301 -4,309 104.4 48.9 25.0 -.8 31.3 233.6 81.7 68.0 21.7 62.2 173.3 82.5 40.6 14.6 35.6 156.1 58.0 66.9 -9.3 40.5 14 15 16 17 18 19 20 21 22 23 24 25 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 26 Fgn. net borrowing in U.S. 27 Bonds 28 Bank loans n.e.c. 29 Commercial paper 30 U.S. govt. £ other loans 31 Total domestic plus foreign 126,012 136,857 92,220 117,833 3,310 128 58,527 75,143 33,565 39,380 -609 1,338 434 12,396 21,778 37,608 91,102 10,268 62,375 18,459 2,908 -13 15,564 67,531 875 58,261 8,395 -1,104 -1,737 11.236 18,200 -123 14,600 3,723 -1,072 -3,277 8,072 351.5 23.6 185.6 142.3 3.9 81.9 56.5 553.5 28.1 231.8 293.6 -.4 123.2 170.8 624.5 90.9 284.5 249.1 -14.5 129.3 134.3 621.9 36.2 293.0 292.7 -16.3 99.2 209.7 19 20 21 22 23 24 25 298 8,747 -2,366 -3,730 -2,353 10,323 473 4,372 6,391 -913 10,252 7,157 3,605 3,893 -4,403 2,604 2.867 -7,644 11,673 -4,292 17.3 3.1 3.6 6.5 4.1 8.4 3.8 -6.6 6.2 5.0 1.2 3.8 -2.8 6.2 -6.0 9.7 3.1 -1.0 11.5 -3.9 26 27 28 29 30 173,003 204,631 157,005 169,936 169,873 176,524 76,611 555.4 760.6 849.3 846.6 31 126,012 136,857 10,085 4,194 80,735 90,356 35,192 42,307 -315 65 5,391 12,870 30,116 29,372 6,613 2,105 1,046 4,765 -1,303 4,474 270 -1,205 5,524 -115 11,255 5,175 288 5,770 22 Net Credit Market Borrowing by Financial Sectors Total net borrowing 1 by financial sectors 2 3 4 5 6 7 8 9 10 11 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 12 Total, by sector 13 Sponsored credit agencies 14 Mortgage pools 15 16 17 18 19 20 21 22 29,724 58,515 33,639 48,281 42,118 78,912 15,535 100.3 150.7 201.3 285.1 1 34,062 1,443 32,619 45,741 2,898 42,843 37,141 1,525 35,616 41,937 2,904 39,033 - 37,771 3,436 34,335 - 50,502 9,164 41,338 36,858 3,278 33,580 - 67.8 1.4 66.4 - 74.9 30.4 44.4 - 101.5 20.6 79.9 1.1 154.1 15.2 139.2 -.4 2 3 4 5 -4,338 6,602 78 332 -586 -10,764 12,774 10,023 -101 1,897 10,268 -9,313 -3,502 8,316 -181 -2,741 49 -8,945 6,344 17,747 204 1,553 -6,603 -6,557 4,347 4,921 640 139 7,056 -8,409 28,410 -21,323 19,253 8,928 120 239 1,719 -1,883 8,105 -18,512 -787 -10,095 32.5 18.6 K -.4 21.3 -7.0 75.9 34.3 .4 1.4 24.0 15.7 99.7 50.9 .1 2.6 32.0 14.2 131.0 6 82.9 7 .1 8 4.0 9 24.2 10 19.8 11 29,724 1,443 32,619 58,515 2,898 42,843 33,639 1,525 35,616 48,281 2,904 39,033 42.118 3,436 34,335 78,912 9,164 41,338 15,535 3,278 33,580 100.3 1.4 66.4 150.7 30.4 44.4 201.3 21.7 79.9 285.1 12 14.9 13 139.2 14 28,410 -21,323 5,608 -8,214 -8,478 -5,284 -2,196 -11,136 510 -259 21,438 -4,617 138 100 11,390 8,087 32.5 5.0 13.3 -6.2 -.4 17.5 -.3 3.6 75.9 7.3 16.1 17.2 1.2 24.3 .5 9.3 99.7 -4.9 16.6 17.3 1.5 57.7 -.1 11.5 131.0 -3.6 15.2 20.9 4.2 54.7 .8 39.0 15 16 17 18 19 20 21 22 -4,338 Private financial sectors 12,774 Commercial banks 1,341 385 Domestic affiliates (BHCs) 2,723 -1,500 Savings and loan assns. -12,187 -10,579 Mutual savings banks -180 -258 Finance companies 3,308 15,153 REITs -764 14 SCO issuers 1,421 9,559 -3,502 6,344 4,347 -3,980 -105 -2,602 -503 -7,623 -11,428 -8,097 -11,430 -9,442 -1,856 1,378 -549 3,060 10,920 21,271 -144 -575 224 8,018 13,779 6,873 Total Net Credit Market Borrowing, All Sectors, by Type 1 Total net borrowing 2 U.S. government securities 3 Tax-exempt obligations 4 Corporate 8 foreign bonds 5 Mortgages 202,727 263,146 190,644 218,217 211,991 255,436 74,441 109,041 101,627 82,788 106,220 149,243 11,456 4,847 991 5,014 10,132 2,331 24,393 32,144 28,352 43,836 17,324 46,806 71,467 66,535 67,811 63,597 54,740 40,984 6 7 8 9 14,283 11,795 7,393 -12,501 Consumer credit Bank loans n.e.c. Open-market paper Other loans 19,567 -12,390 12,944 -11,532 9,631 15,241 8,437 544 7,101 7,811 1,792 6,278 9,271 -1,351 16,599 -944 92,146 92,664 -127 33,089 27,494 655.7 254.4 43.3 37.7 187.8 911.4 273.8 51.0 84.2 223.1 1050.6 324.2 135.4 128.2 242.2 1131.7 369.5 22.7 212.8 316.4 1 2 3 4 5 10,272 -26,632 6,650 -11,805 -2,961 -3,841 2,111 -18,696 48.9 28.2 26.9 28.4 81.7 62.7 51.9 82.9 82.5 40.3 52.8 45.0 58.0 69.9 26.4 56.1 6 7 8 9 -2,612 -7.1 6.3 14.4 « 10 76,619 58-419 545.2 193.7 746.0 192.5 833.7 209.3 836.9 11 215.0 12 10 Memo: U.S. govt, cash balance -2,977 -11,810 -10,011 15,954 6,761 -4,384 Totals net of changes in U.S. govt, cash balances: 11 Net borrowing by dom. nonfin. 169,367 211,967 166,718 142,727 152,789 170,656 12 43,355 75,110 74,498 24,894 61,687 103,125 By U.S. government External Corporate Equity Funds Raised in U.S. Markets 1 Total net share issues 2 Mutual funds 3 All other 4 Nonfinancial corporations 5 Financial corporations Foreign shares 6 purchased in U.S. 3,070 -18,344 516 12,897 -6,804 2,246 17,796 10,741 15-368 18,768 7,898 16,890 -29,085 -14,852 -14,726 -5,871 -14,702 -14,644 -36,575 -19-825 -17,250 -12,000 -18,500 -15,250 -28 1,134 2,515 144 3,257 217 7,518 3,839 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 9 5,985 541 389 30,953 28,167 2,786 -4,250 477 54.6 27.2 27.3 20.0 3.6 -40.5 29.3 -69.8 -79.0 8.2 17.2 84.4 -67.2 -84.5 13.6 86.8 159.0 -72.2 -85.0 11.6 1 2 3 4 5 6,559 3.7 .9 3.7 1.2 6 JUNE 12, 1991 Funds Raised in Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised in Credit and Equity Markets SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1989 1990 1987 I 1 1989 III IV I 1 1990 I III II IV I 1991 I I Net Credit Market Borrowing by Nonfinancial Sectors 1 687.0 760.8 678.2 6A1.2 678.8 620.2 808.9 617.6 655.7 A82.6 Total net borrowing by domestic A7A.7 nonfinancial sectors 2 3 A 1AA.9 1A3.A 1.5 157.5 1A0.0 17.A 151.6 150.0 1.6 272.5 26A.A 8.2 173.9 166.8 7.1 185.0 189.6 -A.6 2A7.3 217.8 29.6 228.2 222.9 5.A 286.1 287.5 -1.3 328. A 329.A -1.0 20A.7 228.7 -2A.0 U.S. government Treasury issues Agency issues 8 mortgages 2 3 A 5 5A2.1 603.3 526.6 368.7 50A.9 A35.2 561.6 389. A 369.6 15A.2 270.0 Private domestic nonfinancial sectors 5 6 7 8 9 10 11 12 13 A53.2 A9.3 79.A 32A.5 23A.9 2A.A 71.6 -6.A A59.2 A9.8 102.9 306.5 231.0 16.7 60.8 -2.1 379.8 30.A 73.7 275.7 218.0 16.A A2.7 -1.5 309.3 18.5 6A.5 226.A 211.6 3.0 11.9 -.1 369.2 3A.1 62.7 272.A 221.0 11.8 AO.9 -1.3 3A7.0 19.1 87.A 2A0.5 21A.3 9.5 19.9 -3.2 391.6 12.A A5.2 33A.0 283.5 22.9 27.1 .5 338.7 2A.5 83.7 230.5 235.2 -15.7 13.0 -1.9 280.2 28.0 A7.7 20A.5 183.1 3.8 15.8 1.8 226.9 9.0 81.6 136.3 1AA.A .8 -8.2 -.8 26A.6 7.1 85.2 172.A 181.0 .2 -9.A .5 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multifamily resid. Commercial Farm 6 7 8 9 10 11 12 13 IA 15 16 17 18 88.9 33.5 10.0 2.3 A3.2 1AA.1 50.2 39.8 11.9 A2.2 1A6.8 39.1 39.9 20.A A7.A 59.3 1A.3 -5.0 9.7 AO.3 135.6 37.1 50.8 16.9 30.9 88.2 AA.l 7.7 -6.9 A3.3 170.0 30.A 21.1 69.6 A8.9 50.7 2.8 8.8 -6.2 A5.3 89.3 21.3 -15.8 17.3 66.6 -72.7 2.5 -3A.0 -A1.7 .5 5.A -23.6 38.7 5.1 -1A.9 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other loans IA 15 16 17 18 19 20 21 22 23 2A 25 5A2.1 A8.8 302.2 191.0 -10.6 77.9 123.7 603.3 A5.6 31A.9 2A2.8 -7.5 65.7 18A.6 526.6 29.6 285.0 211.9 1.6 50.8 159.5 368.7 1A.6 25A.3 99.8 2.5 11.1 86.2 50A.9 28.6 290.8 185.A -2.1 AO.2 1A7.3 A35.2 16.5 291.8 126.9 8.9 35.0 83.1 561.6 8.9 36A.7 188.0 6.3 A5.5 136.2 389.A 17.7 271.5 100.2 -10.8 3.5 107.5 369.6 28.5 221.7 119.A 11.6 18.3 89.A 15A.2 3.1 159.A -8.3 3.1 -23.0 11.6 270.0 7.1 192.6 70.3 5.0 -17.0 82.2 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 2A 25 26 27 28 29 30 A.5 7.A -3.6 2.1 -l.A 6.3 6.9 -1.8 8.7 -7.5 10.9 5.3 -.1 13.3 -7.5 32.1 21.6 5.9 12.3 -7.6 30.A 8.1 3.7 20.7 -2.1 16.9 -1.0 -A. 3 22.2 .1 2.3 32.7 -6.7 -16.A -7.3 A1.0 25.8 -2.0 23.1 -5.9 A5.1 1.2 17.A 27.3 -.8 AO.2 26.5 1A.9 15.3 -16.5 11.7 Fgn. net borrowing in U.S. 8.9 Bonds -27.7 Bank loans n.e.c. A5.5 Commercial paper -15.0 U.S. govt. 8 other loans 26 27 28 29 30 31 691.5 767.1 689.1 673.3 709.2 637.1 811.2 658.6 700.8 522.8 A86.A Total domestic plus foreign 31 1 Net Credit Market Borrowing by Financial Sectors Total net borrowing by financial sectors 1 300.2 2A7.6 205.5 203.0 123.9 187.3 191.A 177.5 175.A 267.5 115.1 2 3 A 5 171.8 30.2 1A2.3 -.8 119.8 AA.9 7A.9 - 151.0 25.2 125.8 167.A 17.0 150.3 - 12A.8 13.2 111.6 156.A -A. 7 161.1 - 171.7 9.7 162.0 18A.0 17.1 166.8 139.2 22.3 116.9 - 17A.6 19.0 155.5 168.0 1A.5 153.5 - U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 6 7 8 9 10 11 128.A 78.9 .A -3.2 27.9 2A.A 127.8 51.7 .3 l.A 5A.8 19.7 5A.5 36.8 * 1.8 26.9 -11.0 35.6 50.2 .8 .7 8.6 -2A.7 -.9 26.7 .3 2.0 11.0 -A1.0 30.9 39.6 -.A A.2 36.3 -A8.8 19.7 35.1 -.7 -2.2 9.5 -22.0 -6.5 68.8 .8 -.6 -AA.6 -30.9 36.2 20.3 2.6 1.9 A1.9 -30.5 93.0 76.7 .5 3.6 27.7 -15.5 -52.9 37.5 1.0 1.0 -6A.5 -27.9 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 12 13 IA 300.2 29.5 1A2.3 2A7.6 AA.9 7A.9 205.5 25.2 125.8 203.0 17.0 150.3 123.9 13.2 111.6 187.3 -A. 7 161.1 191.A 9.7 162.0 177.5 17.1 166.8 175.A 22.3 116.9 267.5 19.0 155.5 115.1 Total, by sector Sponsored credit agencies 1A.5 153.5 Mortgage pools 12 13 IA 15 16 17 18 19 20 21 22 128.A 6.2 1A.3 19.6 8.1 AO.8 .3 39.1 127.8 -3.0 5.2 19.9 1.9 67.7 3.5 32.5 5A.5 -l.A 6.2 -1A.1 -l.A A6.3 -1.9 20.8 35.6 -1.1 -28.0 -31.2 -.5 56.7 -.A A0.1 -.9 3.5 16.5 -AA.7 -2.3 23.5 -3.1 5.7 30.9 -.7 -3.9 -56.2 .7 52.6 .1 38.2 19.7 -A.9 -8.0 -15.8 -8.3 25.3 -.6 32.1 -6.5 -7.9 -32.1 -53.5 6.5 27.7 -2.3 55.1 36.2 -12.5 -AO.A -31.9 -A.2 96.9 .9 27.5 93.0 21.0 -31.6 -23.A A.O 76.9 .6 A5.6 -52.9 -22.0 -27.A -29.1 -2.2 -5.0 .A 32.3 15 16 17 18 19 20 21 22 Private financial sectors Commercial banks Domestic affiliates (BHCs) Savings and loan assns. Mutual savings banks Finance companies REITs SCO issuers 1 2 3 A 5 6 7 8 9 10 11 Total Net Credit Market Borrowing). All Sectors, by Type 1 2 3 A 5 991.7 317.5 A9.3 165.7 32A.9 101A.7 277.2 A9.8 161.5 306.7 89A.5 302.6 30.A 115.8 275.7 876.3 A39.9 18.5 136.3 227.1 833.0 298.7 3A.1 97.6 272.7 82A.A 3A1.A 19.1 125.9 2A0.1 1002.5 A19.0 12.A 112.9 333.3 836.1 A12.2 2A.5 178.3 231.3 876.2 A25.A 28.0 69.3 207.1 790.3 503.0 9.0 18A.8 136.8 601.5 Total net borrowing U.S. government securities 372.7 Tax-exempt obligations 7.1 Corporate 8 foreign bonds 131.6 Mortgages 173.3 6 7 8 9 33.5 3.2 32.3 65.5 50.2 39.A 75.A 5A.A 39.1 A1.5 60.6 28.9 1A.3 1.6 30.7 8.0 37.1 56.5 A8.5 -12.2 AA.l 7.5 51.6 -5.A 30.A 12.2 62.6 19.6 2.8 6.2 -27.7 8.5 21.3 3.5 86.5 35.2 2.5 -15.6 1.2 -31.A -23.6 12.1 -13.8 -57.9 10 -7.9 10.A -5.9 8.3 -22.7 -7.3 22.9 -38.1 11 12 69A.9 152.8 750.A 1A7.1 68A.1 157.5 632.9 26A.2 701.6 196.7 627.6 192.A 786.0 22A.A 655.7 266.3 Consumer credit Bank loans n.e.c. Open-market paper Other loans 1 2 3 A 5 6 7 8 9 10 21.1 51.8 Memo: U.S. govt, cash balance 27.A Totals net of changes in U.S. govt, cash balances: 63A.7 A22.9 Net borrowing by dom. nonfin. 11 A55.2 265.1 301.0 152.9 By U.S. government 12 External Corporate Equity Funds Raised in U.S. Markets 1 2 3 A 5 10.9 73.9 -63.0 -75.5 1A.6 -12A.2 1.1 -125.3 -129.5 3.3 -63.7 A1.3 -105.1 -12A.2 2.A 11.A 61.A -A9.9 -63.0 6.1 -61.0 57.9 -118.9 -1A6.3 -.1 1A.9 72. A -57.6 -79.3 A.5 -9.A A7.8 -57.2 -69.0 10.1 A7.3 71.0 -23.6 -A8.0 .6 -15.9 A6.1 -62.0 -7A.0 13.0 23.6 80.6 -56.9 -61.0 .9 6 -2.1 .9 16.7 6.9 27.5 17.2 1.7 23.8 -1.0 3.2 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 101.3 Total net share issues 87.6 Mutual funds 13.7 All other -17.0 Nonfinancial corporations Financial corporations 1.9 Foreign shares 28.8 purchased in U.S. 1 2 3 A 5 6 JUNE 12, 1991 Credit Market Supply of Funds Credit Market Supply of Funds Direct and Indirect Sources of Funds to Credit Markets UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 1 III 1989 IV 11 11 1990 I II IV III Total funds advanced in credit markets to dom. nonfinan. sectors 166,390 200,157 156,707 158,681 159,550 166,272 1 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 74,007 538.1 752.3 848.1 836.9 1 2 3 4 5 6 By Federal agencies and foreign 2 Total net advances, by type 3 U.S. government securities 4 Residential mortgages 5 FHLB advances to thrifts 6 Other loans and securities 62-536 13,566 47,295 -9,313 10,988 38,154 -3,149 40,773 -8,945 9,475 79,599 28,354 48.829 -6,557 8,973 81,234 31,577 45,299 -8.409 12,767 61,987 59,794 17-619 24-525 49,237 41,341 -787 -10.095 4,023 -4,082 117.8 29.0 76.1 -7.0 19.7 157.6 38.9 56.5 15.7 46.6 202.0 45.9 94.6 14.2 47.3 280.2 69.4 136.3 19.8 54.7 7 By type of lender: 54,967 62,536 8 U.S. government -2,673 -19 9 Spons. cr. ags. & mtg. pools 35,689 44,728 10 Monetary authority -10,815 5,695 Foreign 11 32.766 12,132 Agency and foreign borrowing not in line 1: 12 Spons. cr. ags. £ mtg. pools 34,062 45,741 Foreign 13 4,474 6,613 38,154 10,108 37,322 -8,878 -398 79,599 9,750 40,933 13,406 15,510 81,234 15,099 45,505 2,921 17,709 61,987 -2,068 42,965 682 20,408 59,794 8,595 34,754 5,875 10,570 117.8 9.7 69.8 14.7 23.7 157.6 17.1 74.3 8.4 57.9 202.0 17.8 103.5 18.4 62.3 280.2 7 9.7 8 153.3 9 19.4 10 97.8 11 37,141 298 41,937 11.255 37,771 10,323 50,502 10,252 36,858 2,604 67.8 17.3 74.9 8.4 101.5 1.2 154.1 12 9.7 13 152,098 187-836 155,992 132,274 126,410 165,039 53,675 48,542 95,475 104,776 54,434 74,643 131,624 68,139 991 2,331 5,014 10,132 -127 11,456 4,847 16,821 17,101 18,812 22,532 12,208 26,661 19,351 5,785 -8,928 -10,710 26,207 12,691 21,443 12,081 1,025 31,656 15,233 12,564 -33,073 38,308 48,409 -787 -10,095 -10,764 -9,313 -8,945 -6,557 -8,409 505.4 225.4 43.3 14.5 58.3 156.9 -7.0 677.9 234.9 51.0 35.1 105.3 267.2 15.7 748.8 278.2 135.4 40.6 91.8 216.9 14.2 720.5 300.1 22.7 89.7 115.9 212.0 19.8 14 15 16 17 18 19 20 83,142 154,956 100,096 70,109 98*946 152,473 26,952 6,421 50,627 56,963 23,800 40,337 29,948 25,972 -30,668 -49,584 -19,387 -51,847 -38,331 -36,211 -44,004 32,584 50,025 45,873 53,794 55,474 45,907 34,389 30,599 97,552 49,810 27,825 51,855 116,805 30,146 392.3 143.3 134.2 100.1 14.7 590.5 174.0 154.7 121.8 140.1 578.0 188.4 87.9 150.1 151.6 730.0 198.1 107.6 160.1 264.2 21 22 23 24 25 98,946 152,473 26,952 11,785 34,301 52,525 4,347 28,410 -21,323 392.3 220.5 32.5 590.5 321.0 75.9 578.0 212.1 99.7 730.0 26 277.1 27 131.0 28 89,762 -4,250 3,311 -1,741 -5,676 -4,597 36,745 15*650 55,382 -13,562 139.3 14.6 -5.3 115.0 15.1 193.7 8.8 4.0 124.0 56.9 266.1 19.7 10.3 131.7 104.4 321.8 12.9 1.7 119.9 187.3 29 30 31 32 33 40,976 33,858 -3,247 7,235 -3,906 7,036 5,400 25,470 -8,259 -5.732 -6,390 311 145.6 90.2 29.4 -8.6 17.7 17.0 163.2 110.8 25.4 -5.0 7.8 24.2 270.5 157.8 37.7 3.8 51.6 19.6 121.5 27.0 -19.9 52.9 9.9 51.7 34 35 36 37 38 39 49,309 47,820 7,216 7,575 29,707 -18,122 237.9 14.3 29.2 324.5 8.6 28.6 222.8 12.4 41.4 297.5 40 14.4 41 96.4 42 32,548 207 33,430 -10,363 -6,901 -12,791 -9,547 4,184 -5,647 5,572 9,192 10,564 30,336 28,118 10,583 48,315 -9,672 -13,326 3,396 -5,880 -3,227 -11,400 7,792 -12,280 -675 215.4 -39.0 -8.3 23.1 3.1 150.7 49.0 82.9 9.8 -5.1 138.5 7.2 7.4 17.7 -1.7 120.6 43.2 -3.2 20.2 5.9 74,776 69,203 47,389 90,285 53,220 383.5 487.7 493.3 419.0 48 24,301 64,167 1,350 46,840 53,002 18,570 47,820 78,273 45,297 35,115 92,386 23,719 78,048 50,213 8,829 21.2 77.6 38.2 20.7 87.1 66.7 23.8 77.2 82.0 33.1 49 101.3 50 110.7 51 54.967 25.899 36,613 -10,764 3,219 Private domestic funds advanced 14 Total net advances 15 U.S. government securities 16 Tax-exempt obligations 17 Corporate and foreign bonds 18 Residential mortgages 19 Other mortgages and loans 20 Less: FHLB advances Private financial intermediation 21 22 23 24 25 Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 26 Sources of funds 27 Private domestic dep. 8 RPs 28 Credit market borrowing 83,142 154*956 100,096 70,109 63,359 81,782 25,391 -13,143 6,344 -4,338 12,774 -3,502 29 30 31 32 33 24,121 5,651 -4,112 17,459 5,123 Other sources Foreign funds Treasury balances Insurance and pension res. Other, net 60,400 6,598 -4,696 42,003 16,495 78,207 1,748 -8,866 41,125 44,200 76,908 3,060 15,347 56,982 1,519 34 Direct lending in cr. markets 35 U.S. government securities 36 Tax-exempt obligations 37 Corporate and foreign bonds 38 Open-market paper 39 Other 64,618 45,654 48,371 35,174 9,322 6,235 2,906 -535 2,541 -10,530 1,478 15,310 52,394 39,341 -6,999 14,226 5,289 537 68,509 31,811 29,315 41,440 3,743 6,019 7,312 -18*855 -821 17,824 6,304 8,039 40 Deposits and currency Currency 41 42 Checkable deposits 52,829 -1,923 -8,923 94,589 22,382 2,638 7,348 42,562 -24,139 43 44 45 46 47 35,106 28,868 4,299 4,009 -8,607 32,212 12,254 -2,228 -3,018 5,459 82,814 27,588 4,532 35,741 14,953 Private domestic nonfinancial investors 48 Small time 8 svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits Total of credit mkt. instru ments* deposits, and currency 117,447 140,243 49 Public holdings as % of total 50 Pvt. finan. intermediation (Si) 51 Total foreign funds 31,772 54,663 38,417 30,560 82,495 18,730 694 8,265 5,620 15,578 4,468 -9,973 43 44 45 46 47 Corporate Equities Not Included Above 1 Total net issues 2 Mutual fund shares 3 Other equities 3,070 -18,344 516 10,741 15,368 17,796 -29,085 -14,852 -14,726 4 Acq. by financial institutions 3,901 16,699 5 Other net purchases -22,245 -16,183 10,077 -7,007 2,246 12,897 -6,804 7,898 16,890 18,768 -5,871 -14,702 -14,644 30,953 28,167 2,786 54.6 27.2 27.3 -40.5 29.3 -69.8 17.2 84.4 -67.2 86.8 159.0 -72.2 1 2 3 18,399 -13,957 7,153 -5,502 10,384 20,569 50.4 4.2 15.8 -56.3 46.9 -29.7 50.9 35.9 4 5 6,867 -4,621 Line notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages. (12): Credit market funds raised by federally sponsored credit agencies and net issues of federally related mortgage pool securities. (14): Line 1 less line 2 plus lines 12 and 13. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at commercial banks, plus bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 + 13). (50): Line 21 / line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. JUNE 12, 1991 Credit Market Supply of Funds Credit Market Supply of Funds Direct and Indirect Sources of Funds to Credit Markets 5 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 1 687.0 760.8 678.2 641.2 SEASONALLY ADJUSTED ANNUAL RATES 1 1 1989 III 678.8 IV 620.2 I1 11 1990 I 808.9 II 617.6 III 655.7 IV 1 1 1991 I Total funds advanced ln credit markets 482.6 474.7 to dom. nonfinan. sectors 1 By Federal agencies and foreign 2 3 4 5 6 248.8 70.1 139.1 24.4 15.1 210.7 85.2 86.3 19.7 19.4 187.6 30.7 137.9 -11.0 30.0 261.0 74.4 184.1 -24.7 27.1 218.3 115.7 127.7 -41.0 15.8 203.8 27.1 178.3 -48.8 47.1 218.6 16.4 182.3 -22.0 41.8 300.6 99.9 206.7 -30.9 24.8 324.8 139.1 160.8 -30.5 55.3 7 8 9 10 11 248.8 -7.9 169.3 24.7 62.7 210.7 -9.4 112.0 10.5 97.6 187.6 -2.4 125.3 -7.3 72.1 261.0 32.9 166.7 8.1 53.2 218.3 -9.3 126.4 -31.2 132.4 203.8 5.7 158.4 -4.6 44.2 218.6 37.7 184.2 -6.3 3.0 300.6 34.2 166.3 40.4 59.8 324.8 62.5 165.6 24.4 72.3 12 13 171.8 4.5 119.8 6.3 151.0 10.9 167.4 32.1 124.8 30.4 156.4 16.9 171.7 2.3 184.0 41.0 139.2 45.1 14 15 16 17 18 19 20 614.5 247.4 49.3 66.9 120.2 155.2 24.4 676.2 192.1 49.8 91.3 161.3 201.4 19.7 652.5 271.9 30.4 66.1 96.5 176.6 -11.0 579.7 365.5 18.5 80.2 30.4 60.5 -24.7 615.7 183.0 34.1 65.6 105.1 186.9 -41.0 589.7 314.3 19.1 70.6 45.5 91.5 -48.8 764.2 402.6 12.4 68.4 124.1 134.9 -22.0 542.0 312.3 24.5 97.5 12.8 64.1 -30.9 515.2 286.2 28.0 46.7 26.1 97.7 -30.5 200.0 42.1 186.7 -15.5 -13.4 304.5 Total net advances, by type 127.6 U.S. government securities 184.1 Residential mortgages -27.9 FHLB advances to thrifts 20.7 Other loans and securities 200.0 304.5 By type of lender: -2.8 31.6 U.S. government 150.8 172.3 Spons. cr. ags. 8 mtg. pools -25.9 53.3 Monetary authority 77.9 47.3 Foreign Agency and foreign borrowing not in line 1: 174.6 168.0 Spons. cr. ags. 8 mtg. pools 40.2 11.7 Foreign 2 3 4 5 6 7 8 9 10 11 12 13 Private domestic funds advanced 497.4 460.9 9.0 108.3 -41.5 -54.8 -15.5 350.0 Total net advances 245.0 U.S. government securities 7.1 Tax-exempt obligations 69.8 Corporate and foreign bonds -2.9 Residential mortgages 3.0 Other mortgages and loans -27.9 Less: FHLB advances 14 15 16 17 18 19 20 Private financial intermediation Credit market funds advanced by private financial insts. Commercial banking Savings Institutions Insurance and pension funds Other finance 21 22 23 24 25 149.4 Sources of funds 231.4 Private domestic dep. 8 RPs -52.9 Credit market borrowing 26 27 28 21 22 23 24 25 528.4 135.4 136.8 179.7 76.6 562.3 156.3 120.4 198.7 86.9 511.1 177.3 -90.9 177.9 246.8 421.6 120.1 -145.8 201.0 246.3 353.9 183.7 -135.8 136.1 170.0 561.9 184.3 -201.9 205.1 374.5 449.2 188.1 -56.6 160.8 156.8 257.8 126.1 -210.4 226.8 115.3 419.4 102.7 -168.6 228.3 257.0 560.2 63.2 -147.4 188.2 456.1 26 27 28 528.4 162.8 128.4 562.3 229.2 127.8 511.1 225.2 54.5 421.6 58.3 35.6 353.9 284.4 -.9 561.9 208.0 30.9 449.2 125.0 19.7 257.8 20.4 -6.5 419.4 77.8 36.2 560.2 10.1 93.0 29 30 31 32 33 237.1 43.7 -5.8 135.4 63.9 205.3 9.3 7.3 177.6 11.0 231.4 -9.9 -3.4 140.5 104.2 327.7 35.7 5.3 170.6 116.1 70.4 30.4 -19.9 82.6 -22.7 323.1 -20.6 5.0 193.9 144.7 304.5 46.4 13.1 137.9 107.1 243.8 14.1 -13.4 211.9 31.2 305.4 121.2 18.2 162.2 3.8 457.0 -38.9 3.4 170.4 322.1 34 35 36 37 38 39 214.6 86.0 61.8 23.3 15.8 27.6 241.7 129.0 53.5 -9.4 36.4 32.2 195.9 134.3 28.4 .7 5.4 27.1 193.7 144.0 -.5 9.9 18.4 21.9 260.8 188.7 39.0 -4.7 21.4 16.4 58.7 65.8 12.8 14.6 -64.6 30.1 334.7 185.6 -.2 54.8 61.0 33.5 277.8 170.4 12.8 29.0 42.5 23.0 132.0 159.9 15.6 -92.1 7.7 40.9 30.2 59.8 -30.0 48.0 -37.7 -9.8 40 41 42 179.3 19.0 -.9 232.8 14.7 12.9 241.3 11.7 1.5 88.0 22.6 1.2 261.8 6.0 14.7 230.6 10.1 65.8 142.1 26.1 2.2 56.3 23.1 -19.4 113.6 32.2 15.1 39.8 9.1 7.0 43 44 45 46 47 76.0 28.9 37.2 21.6 -2.5 122.4 20.2 40.8 32.9 -11.2 100.5 85.2 23.1 14.9 4.4 52.5 61.8 -42.7 -14.5 7.0 163.1 116.7 -23.8 13.7 -28.6 109.1 65.6 -13.4 -19.2 12.4 110.7 72.2 -25.2 -34.9 -8.9 18.2 4.7 -5.5 22.3 12.8 59.7 110.9 -82.6 -25.2 3.6 21.4 59.3 -57.5 -20.1 20.6 48 393.9 474.5 437.2 281.7 522.7 289.3 476.8 334.1 245.6 70.0 Total of credit mkt. instru390.7 ments, deposits, and currency 48 49 50 51 36.0 86.0 106.4 27.5 83.2 106.9 27.2 78.3 62.2 38.8 72.7 88.9 30.8 57.5 162.8 32.0 95.3 23.6 27.0 58.8 49.4 45.6 47.6 73.8 46.3 81.4 193.5 38.2 112.6 39.0 62.6 Public holdings as % of total 49 42.7 Pvt. finan. intermediation (*) 50 85.9 Total foreign funds 51 149.4 119.3 -154.2 112.6 71.7 -29.1 38.6 30.1 33.9 -131.6 Other sources 29 Foreign funds 30 Treasury balances 31 Insurance and pension res. 32 Other, net 33 Private domestic nonfinancial investors 147.7 Direct lending in cr. markets 121.1 U.S. government securities -2.2 Tax-exempt obligations -24.6 Corporate and foreign bonds 16.6 Open-market paper 36.7 Other 34 35 36 37 38 39 243.0 Deposits and currency 46.0 Currency 27.9 Checkable deposits 40 41 42 103.2 128.5 13.9 -42.2 -34.4 43 44 45 46 47 Small time £ svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits Corporate Equities Not Included Above 1 2 3 10.9 73.9 -63.0 -124.2 1.1 -125.3 -63.7 41.3 -105.1 11.4 61.4 -49.9 -61.0 57.9 -118.9 14.9 72.4 -57.6 -9.4 47.8 -57.2 47.3 71.0 -23.6 -15.9 46.1 -62.0 23.6 80.6 -56.9 4 5 32.0 -21.2 -2.9 -121.4 17.2 -80.9 21.4 -10.0 6.1 -67.1 76.9 -62.1 41.1 -50.5 72.8 -25.5 -66.2 50.3 37.9 -14.2 101.3 Total net issues 87.6 Mutual fund shares 13.7 Other equities 43.1 Acq. by financial institutions 58.2 Other net purchases Line notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages. (12): Credit market funds raised by federally sponsored credit agencies and net issues of federally related mortgage pool securities. (14): Line 1 less line 2 plus lines 12 and 13. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at commercial banks, plus bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 + 13). (50): Line 21 / line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 1 2 3 4 5 JUNE 12, 1991 Households Households Sector Statements of Saving and Investment 6 UNADJUSTED NET -LOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 11 11 1990 I II III IV i 1991 1 I ANNUAL FLOWS, $ BILLIONS 1986 1983 1984 1985 Households, Personal Trusts, and Nonprofit Organizations 1110,6811157,4281104,0101140,1461180,1241221,2201146,359 1 Personal income 160-840 157,477 156,734 198,566 172,468 171.632 166,668 2 - Personal taxes and nontaxes 2838.6 410.5 3108.8 440.2 3325.4 486.7 3526.2 512.9 1 2 - Disposable personal income 949,841 999,951 947,276 941,5801007,6561049,588 979,691 - Personal outlays 890,863 943,914 897,629 927,312 943,041 998.018 936,441 58,978 56,037 49,647 14,268 64,615 51,570 43,250 Personal saving, NIPA basis + Credits from govt, insurance 32,277 24,788 10,545 21-564 33,936 22,181 11,377 ♦ Capital gains dividends 3,000 4,000 2,500 700 1,700 3,200 2,700 + Net durables in consumption 33,742 41,172 24,609 33,553 27,886 39,293 12,656 2428.1 2297.5 130.6 53.5 4.4 62.7 2668.6 2504.5 164.1 63.9 6.0 98.8 2838.7 2713.3 125.4 72.3 4.9 117.6 3013.3 2888.5 124.9 78.7 17.5 125.4 3 4 5 6 7 8 127,997 125,997 87,301 70,085 128-137 116,244 69,983 108,836 110,128 111,420 112,712 114,004 112,599 114,229 236,833 236,125 198,721 182,797 242,141 228,843 184,212 251.2 295.3 546.5 332.8 309.4 642.2 320.2 332.3 652.5 346.4 9 361.7 10 708.1 11 225,332 244,510 214,901 226,298 213,093 227,543 225,358 12 Gross investment 187,812 195,036 175,905 179-437 180,205 186,538 157,673 13 Capital expend, net of sales Residential construction 63,483 62,181 58,518 52,011 57,351 53,780 50,132 14 Consumer durable goods 119,447 127,941 112,442 122,450 117,847 127-586 102,355 15 4,914 4,976 5,007 5,172 5,186 Nonprofit plant and equip. 4,882 4,945 16 616.9 436.5 133.2 289.1 14.2 690.5 506.2 155.4 335.6 15.2 675.6 548.9 161.4 372.2 15.2 766.6 603.8 181.7 406.0 16.1 162.8 17 465.7 18 3 4 5 6 7 8 9 = Net saving 10 ♦ Capital consumption 11 = Gross saving 17 18 37,520 49,474 Net financial investment Net acq. of financial assets 119,664 140,212 19 Dep. 8 cr. mkt. instr. (1) 124,149 111,262 58.823 68.540 284.9 401.7 329.6 302.6 19 24,882 21.532 -3,396 20,751 8,891 8,030 -6,870 -18,193 27,118 10,083 69.407 -3,339 29,357 -3,926 47.315 181.6 24.5 210.1 -22.0 -31.1 276.7 16.4 153.2 63.0 44.0 151.0 20.8 143.9 -22.4 8.7 234.4 91.2 120.4 -16.8 39.6 20 21 22 23 24 37,291 -867 35,009 15,352 -4,122 -10,299 7,235 -5,732 2,075 4,702 -2,906 -4,890 103.3 70.0 28.1 -8.6 .7 13.1 125.0 99.6 24.4 -5.0 1.5 4.4 178.6 82.5 38.1 3.8 3.1 51.1 68.2 -13.0 -22.7 52.9 36.8 14.3 25 26 27 28 29 30 64,995 43,553 39,856 53,601 5,684 7,791 -535 2,906 156 9,078 541 -10,530 35 36 37 Net inv. in noncorp. bus. Security credit Miscellaneous assets 38 39 40 41 42 Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 43 44 45 46 47 48 49 46,445 27,004 -6,340 14,226 4,266 7,289 66,209 25,939 31,476 39,624 5,628 1,952 7,312 -18,855 6,669 6,039 15,124 -2,821 5,097 12,837 4,215 -11.650 23.755 -5,813 24.0 -27.0 24.0 -81.8 69.2 -106.9 139.6 31 -124.5 32 6,590 38,990 6,450 7,366 8.0 151.2 5.2 152.5 10.7 176.0 17.5 33 152.2 34 -8,812 -13,131 -13,002 -18.338 4.281 7,205 -119 -425 3,325 3,160 2,862 3,425 -79.6 2.7 15.3 -86.5 1.0 2.0 -89.2 13.5 30.4 -47.0 35 9.0 36 16.4 37 61.948 16,712 58,261 14,600 42,584 41.265 9,354 -22,838 918 -3,794 199.1 185.6 116.4 44.1 4.8 233.7 231.8 134.7 75.0 6.6 306.6 284.5 153.3 77.0 5.5 302.8 293.0 214.9 55.3 2.7 38 39 40 41 42 43 44 45 46 16,476 9,769 13,939 15,859 -37,026 -28,671 -19,779 -18,536 6,716 53,325 9,168 35,428 -11,718 -27,312 -31,375 -3,627 8,515 -2.132 2,581 2,438 3,696 82,144 80,735 59,109 12,768 1,515 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous 50 Discrepancy 126.7 433.4 50,821 Credit mkt. instruments U.S. govt, securities Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 5,390 29,031 184.3 418.0 61,680 25 26 27 28 29 30 Life insurance reserves Pension fund reserves 180.3 379.4 -4,529 13,643 -2,367 -5,942 -9.863 59,154 -7,346 33,020 6,021 27,459 33 34 67.685 84,397 89,392 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares Mutual fund shares Other corporate equities 32,888 41,005 94,557 102,953 67,709 42,947 36,196 -11,940 28,933 30,650 -9,075 -7,693 11,655 31,930 20 21 22 23 24 31 32 38,996 46,861 99.142 122,531 12 13 14 15 16 90,738 60,146 90,356 58,527 60,225 65,251 19,191 -11,246 376 -1,144 9,469 58,948 8,090 31,859 75,670 75,143 58,538 8,301 -1,200 61,669 62,375 47,741 10,990 -1,719 810 3,890 736 1,907 1,052 2,498 4,204 2,810 929 3,879 -4,802 5,660 1,709 2,545 1.573 3,677 266 3,007 2,962 -872 1,711 1,511 -137 2,320 108 1,544 -3,158 1.473 11.4 2.5 3.2 3.3 10.2 2.5 -.1 2.9 30.2 2.4 6.9 9.3 -2.2 6.1 9.6 6.6 117 1,164 128 -1,264 1.532 114 -47 1,497 169 -1,413 1,783 157 -2,732 1,859 167 2.787 700 200 904 1,009 199 9.4 3.4 .6 -2.4 5.3 -1.0 19.4 2.5 .1 8.2 47 3.0 48 -1.3 49 -8,385 -16,180 -43.501 29,048 1,300 -41.146 -70.4 -48.3 -23.1 -58.5 50 11,501 Cl) Excludes corporate equities. Memoranda: 51 52 53 54 55 56 Net physical investment: (A) Residential construction Expenditures Mobile homes Other - Capital consumption - Home mortgages = Excess net investment 63,483 62,181 58,518 52,011 57,351 1,197 1,239 1,219 1,220 1,216 62,286 60,942 57,299 50,791 56,135 19,082 19,268 19,826 19,454 19,640 59,109 60,225 65,251 58,538 47,741 -14,708 -17,312 -26,187 -26,167 -10,216 53,780 50,132 1,183 1,051 52,597 49,081 20,439 20,572 42,584 41,265 -9,243 -11,705 133.2 6.1 127.1 57.0 116.4 -40.2 155.4 6.2 149.2 60.0 134.7 -39.2 161.4 6.1 155.4 64.4 153.3 -56.2 57 58 59 (B) Consumer durables Expenditures - Capital consumption = Net investment 119,447 127,941 112,442 122,450 117,847 127,586 102,355 85,705 86,769 87,833 88,897 89,961 88.293 89,699 33,742 41,172 24,609 33,553 27,886 39.293 12,656 289.1 226.4 62.7 335.6 236.7 98.8 372.2 254.6 117.6 406.0 57 280.6 58 125.4 59 48.9 13.8 81.7 17.2 82.5 35.1 58.0 60 67.4 61 19,567 -12,390 21,605 36,999 60 61 - Consumer credit s Excess net investment 14,283 19,459 62 63 64 (C) Nonprofit plant and equip. Expenditures - Capital consumption = Net investment 4,882 4,049 833 4,914 4,091 823 14,481 6,209 181.7 5.3 176.4 67.1 214.9 -100.2 51 52 53 54 55 56 7,101 26,452 9,271 18,615 4,945 4,133 812 4,976 4,175 801 5,007 4,217 790 5,172 3,867 1,305 5.186 3,958 1,228 14.2 11.9 2.3 15.2 12.7 2.5 15.2 13.3 1.9 16.1 62 14.1 63 2.0 64 13,<05 5.603 14,196 5,241 17.415 1,515 14,614 6,412 14,054 4,913 14,538 4,414 14.5 5.4 14.2 6.1 14.6 4.4 14.5 65 4.1 66 24,041 22,952 20,693 18,965 23,209 21,288 18,536 22.0 23.5 22.4 22.8 67 19,064 12,147 8,338 8,195 18,958 13,629 8,820 8,783 18,317 10,323 6,263 6,094 18,616 12,712 7,850 7,796 17,272 9,063 5,911 5,978 17,352 9,577 5,762 5,419 15,866 8,492 1,681 1,469 17.6 15.3 8.0 7.5 18.5 15.3 8.5 8.5 18.8 14.9 10.5 9.8 19.4 15.0 9.7 9.4 985,11810128,739 960,321 963.8441043,2921074.969 993,768 insurance credits ♦ capital gains divid.) 2486.0 2738.5 2915.8 10,272 -26,632 29,021 39,288 Percentages: 65 Effective tax rate 66 Saving rate, NIPA basis Percent of adj disposable income (2): 67 Gross saving 68 69 70 71 Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit market borrowing 72 C2) Adj. disposable income = (NIPA disposable income + govt, http://fraser.stlouisfed.org/ LATEST QUARTER BASED ON INCOMPLETE Federal Reserve Bank of St. Louis INFORMATION 68 69 70 71 3109.5 72 JUNE 12, 1991 Households Households Sector Statements of Saving and Investment 7 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1987 1989 1990 I 1 1989 III IV I 1 I 1991 1 I 1990 I II III IV Households, Personal Trusts, and Nonprofit Organizations 1 2 3766.4 571.7 4070.8 591.6 4384.3 658.7 4645.5 699.4 4402.8 659.4 4469.2 669.6 4562.8 675.1 4622.2 696.5 4678.5 709.4 4718.5 716.6 4737.0 Personal income 718.9 - Personal taxes and nontaxes 3 4 5 6 7 8 3194.8 3102.2 92.5 73.9 22.4 118.0 3479.2 3333.6 145.6 84.9 6.3 133.8 3725.6 3553.7 171.9 93.3 15.0 133.9 3946.1 3766.0 180.1 88.2 8.1 125.3 3743.4 3588.9 154.5 96.0 16.7 144.3 3799.6 3625.4 174.2 93.8 8.6 124.1 3887.7 3696.4 191.3 83.0 1.9 140.8 3925.7 3730.6 195.1 83.8 13.6 122.8 3969.1 3802.6 166.5 103.2 10.6 122.5 4001.9 3834.4 167.5 82.9 6.4 115.3 4018.1 3854.0 164.1 87.6 1.2 94.6 9 10 11 306.8 390.1 696.9 370.6 412.1 782.7 414.0 432.8 846.8 401.8 450.7 852.5 411.5 435.3 846.9 400.7 440.5 841.2 416.9 445.7 862.6 415.3 450.8 866.1 402.8 456.0 858.8 372.1 450.4 822.5 347.5 = Net saving 456.9 * Capital consumption 804.4 = Gross saving 9 10 11 12 13 14 15 16 735.6 645.7 204.0 423.4 18.3 854.1 700.8 224.3 457.5 19.0 875.8 731.9 237.8 474.6 19.5 881.8 722.1 221.7 480.3 20.1 923.8 747.0 240.4 487.1 19.5 888.2 732.3 241.4 471.2 19.7 862.5 746.4 234.5 492.1 19.8 984.3 725.5 227.2 478.4 19.9 878.0 718.3 216.0 482.3 20.0 802.6 698.1 208.9 468.5 20.7 898.5 Gross investment 672.7 Capital expend, net of sales Residential construction 198.6 Consumer durable goods 453.4 Nonprofit plant and equip. 20.7 12 13 14 15 16 17 18 89.9 381.3 153.3 475.8 143.9 435.1 159.8 419.2 176.8 467.6 155.9 448.9 116.1 505.8 258.7 518.7 159.6 372.0 104.6 280.1 225.8 446.0 Net financial investment 17 Net acq. of financial assets 18 Dep. 8 cr. mkt. instr. (1) 19 = a ♦ * + Disposable personal income Personal outlays Personal saving, NIPA basis Credits from govt, insurance Capital gains dividends Net durables in consumption 1 2 3 4 5 6 7 8 19 326.5 445.3 409.9 260.7 505.8 315.8 451.7 291.5 210.7 89.0 368.0 20 21 22 23 24 144.6 3.1 66.8 46.6 28.1 194.5 5.4 115.3 50.3 23.5 213.9 20.9 90.5 21.3 81.2 84.8 19.1 45.2 -38.7 59.3 246.8 9.7 152.6 -26.7 111.1 233.4 90.0 97.4 -17.2 63.2 170.4 12.3 103.1 -11.2 66.2 21.4 14.7 8.5 -8.5 6.7 108.0 28.7 53.0 -80.5 106.9 39.5 20.6 16.2 -54.6 57.3 276.2 48.8 99.2 3.6 124.5 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 20 21 22 23 24 25 26 27 28 29 30 182.0 72.3 58.8 23.3 17.5 10.1 250.8 135.6 50.3 -9.4 28.3 46.0 196.0 145.6 27.4 .7 20.9 1.4 175.9 133.1 -2.9 9.9 19.0 16.7 259.0 199.1 32.9 -4.7 7.0 24.8 82.3 89.7 10.6 14.6 26.2 -58.8 281.3 141.4 2.4 54.8 30.6 52.0 270.1 181.3 11.2 29.0 17.2 31.4 102.7 143.4 8.4 -92.1 32.5 10.5 49.5 66.3 -33.5 48.0 -4.1 -27.2 91.8 87.2 -10.4 -24.6 34.1 5.5 Credit mkt. instruments U.S. govt, securities Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 25 26 27 28 29 30 31 32 75.5 -109.5 -2.7 -115.4 38.0 -126.0 50.3 -45.8 54.0 -136.4 66.7 -133.5 40.0 -79.3 61.8 -66.7 34.9 30.0 64.4 -67.0 70.0 -24.1 33 34 26.0 137.8 25.3 181.0 26.2 148.5 33.3 165.2 21.6 88.1 26.9 241.1 36.7 153.4 37.9 220.4 32.4 105.9 26.4 181.2 25.8 40.2 35 36 37 -91.1 -5.8 21.8 -76.5 1.8 17.0 -85.5 12.3 11.6 -66.3 9.2 12.5 -77.6 -2.7 14.8 -99.8 22.1 9.8 -102.9 -4.1 10.3 -34.9 -5.0 13.7 -84.9 29.8 13.3 -42.6 16.3 12.6 38 39 40 41 42 291.3 302.2 233.0 38.0 -4.5 322.5 314.9 230.8 55.0 -4.7 291.2 285.0 221.6 38.8 .2 259.4 254.3 214.1 17.4 -3.1 290.8 290.8 227.6 30.4 6.7 293.0 291.8 221.6 46.0 -1.9 389.8 364.7 285.5 31.9 -1.5 260.0 271.5 236.4 8.0 -5.2 212.4 221.7 183.7 27.3 -6.0 43 44 45 46 -1.0 32.3 -2.6 6.9 .9 27.0 -1.8 7.8 1.7 13.4 1.6 7.6 4.6 10.9 -.4 10.8 3.2 15.6 -.3 7.6 4.2 10.0 .6 11.2 3.7 15.5 6.9 22.6 6.8 10.2 .6 14.7 47 48 49 -15.3 3.2 1.2 3.1 4.1 .4 .8 5.0 .4 -1.4 5.8 .7 -5.2 4.7 .5 -5.4 6.1 .5 18.4 6.0 .7 50 -38.7 -71.4 -29.0 -29.3 -76.9 -47.0 .1 Mutual fund shares Other corporate equities 31 32 Life insurance reserves Pension fund reserves 33 34 -48.3 3.0 11.4 Net inv. in noncorp. bus. Security credit Miscellaneous assets 35 36 37 175.6 159.4 150.9 2.5 M 220.3 192.6 189.3 -11.6 -11.9 Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 38 39 40 41 42 1.1 12.0 7.1 -3.5 6.8 6.0 -16.2 9.3 .4 6.2 14.4 5.9 -19.3 7.1 .6 -17.4 7.4 .7 12.6 2.8 .8 22.8 4.0 .8 -118.1 -19.2 19.8 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous -94.1 Discrepancy 43 44 45 46 47 48 49 50 (1) Excludes corporate equities. Memoranda: 51 52 53 54 55 56 204.0 5.3 198.7 70.0 233.0 -99.0 224.3 5.3 219.1 73.0 230.8 -79.5 237.8 5.1 232.8 76.0 221.6 -59.7 221.7 4.8 216.8 79.4 214.1 -71.8 240.4 4.8 235.6 76.3 227.6 -63.5 241.4 5.0 236.5 77.1 221.6 -57.3 234.5 4.9 229.6 77.8 285.5 -128.8 227.2 4.9 222.4 78.6 236.4 -87.7 216.0 4.9 211.1 79.3 183.7 -47.0 208.9 4.7 204.2 81.8 150.9 -23.8 Net physical investment: (A) Residential construction Expenditures 198.6 Mobile homes 4.2 Other 194.4 - Capital consumption 82.3 - Home mortgages 189.3 = Excess net investment -73.0 51 52 53 54 55 56 57 58 59 423.4 305.4 118.0 457.5 323.7 133.8 474.6 340.7 133.9 480.3 355.0 125.3 487.1 342.8 144.3 471.2 347.1 124.1 492.1 351.3 140.8 478.4 355.6 122.8 482.3 359.8 122.5 468.5 353.2 115.3 (BII Consumer durables Expenditures 453.4 - Capital consumption 358.8 = Net investment 94.6 57 58 59 60 61 33.5 84.5 50.2 83.6 39.1 94.8 14.3 111.1 37.1 107.2 44.1 80.0 30.4 110.4 2.8 120.0 21.3 101.2 2.5 112.8 -23.6 118.2 62 63 64 18.3 14.8 3.5 19.0 15.4 3.5 19.5 16.1 3.4 20.1 16.4 3.7 19.5 16.2 3.3 19.7 16.4 3.3 19.8 16.5 3.2 19.9 16.7 3.2 20.0 16.9 3.2 65 66 15.2 2.9 14.5 4.2 15.0 4.6 15.1 4.6 15.0 4.1 15.0 4.6 14.8 4.9 15.1 5.0 67 21.2 21.9 22.1 21.1 22.0 21.6 21.7 68 69 70 71 19.6 11.6 8.9 9.2 19.6 13.3 9.0 8.8 19.1 11.3 7.6 7.4 17.9 10.4 6.4 6.3 19.4 12.1 7.5 7.5 18.8 11.5 7.5 7.5 18.8 12.7 9.8 9.2 72 3291.0 3570.4 3833.8 4042.4 3856.1 - Consumer credit = Excess net investment 60 61 20.7 15.5 5.2 (Cll Nonprofit plant and equip. Expenditures 20.7 - Capital consumption 15.8 = Net investment 4.9 62 63 64 15.2 4.2 15.2 4.2 15.2 Effective tax rate 4.1 Saving rate, NIPA basis 21.5 21.0 20.1 19.6 Gross saving 18.0 12.9 6.5 6.7 17.6 9.1 5.2 5.4 17.1 6.8 4.3 3.9 16.4 10.9 5.4 4.7 Percentages: 65 66 Percent of adi. disposable income (2): BILLIONS OF DOLLARS. Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit market borrowing 67 68 69 70 71 72 3902.0 3972.6 4023.1 4082.9 4091.1 4106.8 (2) Adj. disposable income = (NIPA disposable income ♦ govt, insurance credits ♦ capital gains divid.) LATEST QUARTER BASED ON INCOMPLETE INFORMATION JUNE 12, 1991 Total and Noncorporate Business Total and Noncorporate Business Sector Statements of Saving and Investment 8 UNADJUSTED NET FLOWS- $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS | 1 III 1989 IV I 1 1990 I II I 1991 1 I IV III Nonfinancial ANNUAL FLOWS, $ BILLIONS 1983 198A 1985 1986 Business - Total 1 Income before taxes 2 Gross saving 159,111 150,8A2 161,066 167,238 169,559 157,059 155,395 131,A86 124,764 116,103 125,95A 126,A06 121,776 118,206 376.1 372.A A57.6 A26.A A55.7 AA5.2 3 Gross investment A65.8 A39.5 1 2 3 116,052 122,817 122,3A0 119,576 119,321 114,644 132,771 3A8.0 A10.0 A1A.6 396.6 4 5 6 7 8 9 10 115,168 106,366 110,536 112,976 113,336 97,302 98,558 Capital expenditures 109,A69 106,180 92,852 119,AA8 113,296 110,096 82,740 Fixed investment 97,319 Business plant 8 equipment 107-399 111,814 103,973 111,190 108,33A 112,81A Home construction (1) 1,589 -3,764 -9,613 8,762 3,551 -3,469 -12,138 751 -2,441 -50A A81 -1,870 -1,508 Multifamily residential 1,411 15,250 -586 -13,847 Change in inventories 5,102 -388 16,974 -7,566 568 1,053 597 1,094 626 Mineral rts. from U.S. govt. 57A 710 3A3.1 3A2.A 323.1 1.5 17.8 -7.1 7.8 A71.5 395.9 370.A 2.5 22.9 67.7 7.9 A32.8 A17.1 390.1 1.3 25.8 11.3 A.A A26.1 A A12.1 5 376.9 6 6.0 7 29.2 8 6.9 9 7.2 10 11 12 13 14 15 16 17 18 19 20 17,342 34,213 88A 5,985 11,804 6,600 Net financial investment 16,451 16-180 10,026 56,039 9,281 41,558 27,169 25,718 Net acq. of financial assets 8,376 -18,033 9,142 39,588 -2,523 34,958 21,184 Net increase in liabilities -36,575 -19,825 -17,250 -12-000 -18-500 -15,250 -A,250 Corporate equities 3,723 18,459 8,395 35,192 42,307 33,565 39,380 Credit market instruments 15,645 21,421 11,928 20-341 21,282 11,473 21,059 Bonds 8,391 2,313 3,353 -3,231 -15,555 Mortgages 3,913 -1,139 880 1,463 8,048 -1,623 Bank loans n.e.c. 9,681 A,397 -8,824 2,998 3,214 -6,161 3,152 -14,959 18,922 2,625 Commercial paper A.781 -5,882 -1,739 15,086 8,986 8,850 Other loans 5,932 A.9 156.1 151.2 20.0 1A2.3 25. A 69.0 21.7 -.8 27.0 -61.5 153.A 21A.9 -79.0 293.6 66.6 85.6 68.1 21.7 51.6 -18.2 125.3 1A3.5 -8A.5 2A9.1 96.1 86.5 33.7 1A.6 18.1 -29.5 192.6 222.1 -85.0 292.7 116.9 95.A 57.3 -9.3 32. A 19,086 20,603 -7,777 5,476 6,551 8,957 11,938 13,463 -9,836 -11,324 -11,923 -18,686 36.7 32.7 -80.5 38.3 50.2 -88.2 39.2 31.0 -91.2 18.1 21 A6.2 22 -A9.9 23 7,132 -14,565 2A.3 16.5 30.6 A3.0 2A 21 22 23 Trade debt Other liabilities Proprietor net investment 11,235 19,121 -9.883 13,098 24,206 20,471 -13,808 -26,221 -29,426 15,434 2A Discrepancy 1,947 -6,237 6,378 7.085 11 12 13 IA 15 16 17 18 19 20 Farm Business 1 Proprietors’ net income w/IVA 8 CCAdj. 2 Net saving (corporate) 3 Capital consumption A Corporate Noncorporate 5 6 Current surplus = gross saving 7 Gross investment 8 Capital expenditures Plant and equipment 9 10 Residential construction Change in inventories 11 9,675 11,425 14,350 12,750 10,600 12,200 12,125 12.5 30.5 30.2 34.7 1 A77 5,173 360 A,813 5,650 508 5,181 358 A,823 5,689 5A0 5,190 356 4,834 5,730 572 5,199 35A 4,845 5,771 605 5,208 352 A,856 5,813 A59 6,384 719 5,665 6.8A3 51A 6,247 671 5,576 6,761 .6 22.A 1.6 20.8 23.0 .7 22.5 1.6 20.9 23.2 .9 22.0 1.6 20.4 22 • 9 .6 21.2 1.5 19.7 21.8 2 3 4 5 6 5,650 1,701 A76 575 650 5,689 1,079 268 586 225 5,730 2,442 555 562 1.325 5,771 1,856 1,080 651 125 5,813 2,763 1,600 613 550 6,843 2,664 1,700 589 375 6,761 3,442 2,238 479 725 23.0 A.l 10.1 1.5 -7.5 23.2 20.1 10.4 2.6 7.2 22.9 7.4 8.8 1.9 -3.3 21.8 7 7.7 8 8.2 9 1.2 10 -1.8 11 3,949 800 61 739 807 -68 A,610 1,080 62 1,018 829 189 3,288 86A 63 801 851 -50 3,915 887 6A 823 873 -50 3,050 910 65 8A5 895 -50 A,179 900 50 850 850 3,319 883 53 830 880 -50 18.8 1.3 .1 1.1 1.0 .1 3.1 .2 .2 .1 N .1 15.5 2.7 2.8 -.3 14.2 3.2 .2 3.0 3.6 -.6 12 13 14 15 16 17 -10.9 -16.3 -9.5 -4.3 -2.5 18 19 20 21 22 12 13 IA 15 16 17 Net financial investment Net acq. of financial assets Checkable dep. a currency Miscellaneous assets Insurance receivables Eq. in spons. ags. (2) 18 19 20 21 22 Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans -3,149 -315 -A66 778 -627 -3,530 65 -975 -703 1,743 -2,A2A -609 -16A -1,425 980 -3,028 1,338 96 2,542 -1,300 -2,140 2,908 295 1,313 1,300 -3,279 -1,104 -309 -295 -500 -2,436 -1,072 -257 -915 100 -17.6 3.9 2.A 2.8 -1.3 -2.8 -.4 -1.2 1.0 -.1 -12.8 -14.5 -6.6 -4.4 -3.5 23 2A Trade debt Proprietor net investment 356 -3,190 381 -3,976 A06 -2,221 A31 -A,797 A56 -5,504 250 -2,425 30A -1,668 -.7 -20.7 -1.1 -1.3 -.3 1.9 2*5 . 2 23 5.1 24 Nonfarm Noncorporate Business 1 Net income w/ IVA and CCAdj 2 Gross svg. = capital consump. 87,361 26,031 88,535 25,818 91,507 24,154 92,230 24,190 94,427 24,551 97,811 23,729 96,490 23,844 204.1 64.2 231.1 67.4 255.2 70.5 274.6 73.4 1 2 3 Gross investment A Capital expenditures Fixed capital 5 Plant and equipment 6 Home construction (1) 7 Multifamily residential 8 Change in inventories 9 26,031 19,210 16.685 16,092 507 86 2,525 25,818 14,171 11,946 16,414 -2,175 -2,293 2,225 24,154 8,505 8,712 15,277 -5,088 -1,477 -207 24,190 18,345 18,185 14,919 4,056 -790 160 24,551 17,982 17,899 14,565 1,469 1,865 83 23,729 10,851 11,246 12,672 -2,029 603 -395 23,844 3,681 4,094 12,544 -6,309 -2,141 -413 64.2 68.5 68.6 52.0 67.4 81.7 72.8 51.6 16.6 -.2 21.2 8.9 70.5 84.2 75.9 51.8 -.3 24.5 8.3 73.4 88.1 82.9 52.7 2.4 27.8 5.2 3 4 5 6 7 8 9 6,821 4,410 755 1,283 150 -32A -A18 1,200 1,764 834 -5 935 11,647 5,032 703 1,283 150 341 -418 1,200 1,773 770 80 923 15,649 3,544 613 800 150 -469 -418 1,200 1,668 782 -25 911 5-845 3,888 546 800 150 -2 -418 1,200 1,612 738 -25 899 6,569 3,386 467 438 150 -42 -418 1,200 1,591 729 -25 887 12,878 4,293 455 455 150 676 -418 1,200 1,775 800 -25 1,000 20,163 2,499 372 181 150 -703 -416 1,200 1,715 768 -25 972 -4.3 32.8 8.2 13.6 2.8 .7 4.3 6.8 -3.7 -4.6 -14.3 48.0 4.8 13.3 -.5 .4 10.0 6.5 13.5 11.0 -13.7 38.8 11.5 11.5 .3 .3 4.7 A.l 6.4 3.8 .9 2.4 2.6 -14.7 38.6 6.0 11.2 1.2 .3 2.7 6.4 10.8 4.8 -.1 6.0 10 11 12 13 14 15 16 17 18 19 20 21 -6,615 -12,105 12,870 12,396 6,000 9,000 2,252 1,583 4,618 1,813 -1,957 A3A -4,800 979 4,255 -3,183 -13 975 -1,458 470 -8,585 -17,664 -1,737 -3,277 -4,250 -2,627 -1,237 -818 3,750 168 37.1 81.9 71.0 -.5 11.3 62.3 123.2 88.2 16.8 18.1 52.5 129.3 111.0 6.2 12.2 53.2 99.2 76.3 11.7 11.2 22 23 24 25 26 400 400 400 416 360 304 2,000 2,000 2-000 -10-618 -22,245 -27,205 400 248 2,000 -5,039 400 250 2,000 -5,820 400 400 250 231 2,000 2,000 -9,498 -17,018 1.8 .5 12.7 -59.8 1.1 5.7 19.2 -86.9 3.4 5.4 7.5 -93.1 1.7 4.2 3.1 -55.0 27 28 29 30 10 11 12 13 IA 15 16 17 18 19 20 21 Net financial investment Net acq. of financial assets Checkable dep. 8 currency Time deposits U.S. govt, securities Consumer credit Mortgages Trade credit Miscellaneous assets Insurance receivables Equity in spons.ags. (2) Other 22 23 24 25 26 Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans 27 28 29 30 Other taxes payable Trade debt Miscellaneous liabilities Proprietor net investment -2,411 5,391 8,000 280 -2,889 (1) Farm plus nonfarm change in work in process. (2) Shares in FICBs, Banks for Cooperatives, and Federal Land Banks. LATEST QUARTER BASED ON INCOMPLETE INFORMATION X X x X X JUNE 12, 1991 Total and Noncorporate Business Total and Noncorporate Business Sector Statements of Savins and Investment 9 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 I 1 1989 III Nonfinancial IV I 1 1990 I II III IV I 1991 1 I Business - Total 1 2 569.5 473.9 636.2 498.0 643.1 499.2 654.9 490.2 621.0 512.3 625.8 500.9 651.2 490.1 652.0 494.6 659.2 487.9 657.3 488.4 627.9 Income before taxes 502.2 Gross savins 1 2 3 3 446.7 444.5 475.0 475.9 497.4 493.2 442.2 480.0 514.5 466.8 469.2 Gross investment 4 5 6 7 8 9 10 433.3 402.1 380.4 4.0 17.6 28.3 2.9 453.3 423.7 416.0 1.3 6.4 26.2 3.3 455.3 424.7 431.5 -2.5 -4.3 28.3 2.4 434.2 435.7 436.3 -.8 .2 -5.0 3.5 455.5 424.3 436.0 -6.0 -5.8 28.8 2.4 442.7 415.4 430.4 -7.0 -8.1 25.0 2.3 431.1 439.9 438.5 1.5 -11.7 2.8 451.4 433.5 432.0 1.1 .5 13.5 4.4 450.7 439.2 440.6 1.7 -3.1 9.0 2.5 403.4 430.1 434.2 -5.8 1.7 -30.9 4.2 375.4 404.3 412.4 -8.3 .2 -31.2 2.3 Capital expenditures 4 Fixed investment 5 Business plant 8 equipment 6 Home construction (1) 7 Multifamily residential 8 9 Chanse in Inventories Mineral rts. from U.S. sovt. 10 11 12 13 14 15 16 17 18 19 20 13.5 128.0 114.5 -75.5 191.0 78.5 59.2 12.6 2.3 38.6 -8.8 137.8 146.6 -129.5 242.8 103.0 48.6 41.6 11.9 37.7 19.7 128.1 108.4 -124.2 211.9 72.6 40.7 38.3 20.4 40.0 41.7 103.7 62.0 -63.0 99.8 64.8 1.3 -4.6 9.7 28.5 41.9 80.4 38.5 -146.3 185.4 62.6 29.2 51.1 16.9 25.7 50.6 109.6 59.0 -79.3 126.9 85.7 8.9 7.1 -6.9 32.2 11.1 125.1 114.0 -69.0 188.0 45.9 33.0 14.1 69.6 25.3 28.6 143.5 114.9 -48.0 100.2 84.2 -16.0 8.2 -6.2 30.0 63.8 151.1 87.3 -74.0 119.4 47.7 8.8 -22.9 17.3 68.5 63.4 -4.9 -68.3 -61.0 -8.3 81.4 -20.6 -17.8 -41.7 -9.5 93.8 150.6 56.8 -17.0 70.3 85.1 -23.1 24.4 5.1 -21.2 Net financial investment Net acq. of financial assets Net increase in liabilities Corporate equities Credit market instruments Bonds Mortsases Bank loans n.e.c. Commercial paper Other loans 21 22 23 24.0 62.8 -87.8 46.8 68.1 -81.6 31.0 79.1 -89.4 35.3 52.4 -62.5 31.8 53.5 -86.0 24.4 82.4 -95.5 18.3 71.9 -95.1 30.1 71.6 -39.0 63.7 55.9 -77.6 29.0 10.3 -38.3 28.2 25.0 -49.7 24 27.1 53.5 24.2 14.4 14.9 7.7 47.9 14.6 -26.6 21.5 33.0 Discrepancy X Trade debt Other liabilities Proprietor net investment 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Farm Business 1 42.8 43.7 48.6 49.9 38.7 45.7 57.4 51.0 42.4 48.8 2 3 4 5 6 .9 20.5 1.5 19.0 21.4 1.4 20.5 1.5 19.1 21.9 1.8 20.7 1.4 19.2 22.5 2.2 22.0 1.8 20.2 24.2 1.9 20.7 1.4 19.3 22.6 2.0 20.7 1.4 19.3 22.8 2.2 20.8 1.4 19.3 22.9 2.3 20.8 1.4 19.4 23.1 2.4 20.8 1.4 19.4 23.3 1.8 25.5 2.9 22.7 27.4 48.5 Proprietors' net Income w/IVA 8 CCAdi. 2.1 Net savins (corporate) 25.0 Capital consumption Corporate 2.7 Noncorporate 22.3 27.0 Current surplus = sross savins 7 8 9 10 11 21.4 7.2 9.5 1.7 -4.0 21.9 4.1 6.5 1.1 -3.6 22.5 9^3 2.4 1.9 5.0 24.2 9.7 4.9 2.4 2.4 22.6 6.7 1.9 2.2 2.6 22.8 4.2 1.1 2.3 .9 22.9 10.1 2.3 2.5 5,3 23.1 7.2 4.2 2.5 .5 23.3 11.0 6.4 2.4 2.2 27.4 10.6 6.8 2.3 1.5 27.0 Gross investment 14.2 Capital expenditures Plant and equipment 9.1 Residential construction 2.2 Chanse in inventories 2.9 12 13 14 15 16 17 14.2 2.4 .2 2.2 2.6 -.5 17.8 3.1 .2 2.9 2.8 .1 13.2 2.8 .2 2.5 3.2 -.7 14.4 3.6 .2 3.3 3.5 -.2 15.9 3.2 .2 3.0 3.2 -.3 18.5 4.3 .2 4.1 3.3 .8 12.8 3.5 .3 3.2 3.4 -.2 15.9 3.5 .3 3.3 3.5 _e2 12.3 3.6 .3 3.4 3.6 -.2 16.8 3.6 .2 3.4 3.4 - 12.9 3.5 .2 3.3 3.5 -.2 Net financial investment Net acq. of financial assets Checkable dep. 8 currency Miscellaneous assets Insurance receivables Eq. in spons. ass. (2) 12 13 14 15 16 17 18 19 20 21 22 -11.8 -10.6 -6.4 -2.2 -2.0 -14.7 -7.5 -2.1 .8 -6.2 -10.4 1.6 -1.5 1.0 2.1 -10.9 2.5 -.1 2.1 .5 -12.7 -2.1 -1.3 1.2 -2.0 -14.2 8.9 -3.2 2.6 9.4 -9.3 6.3 .5 -.6 6.3 -12.3 -10.8 -1.9 1.5 -10.4 -8.6 11.6 1.8 3.4 6.4 -13.2 3.1 -.8 4.2 -.3 -9.3 5.0 .5 1.6 2.9 Net increase in liabilities Credit market instruments Mortsases Bank loans n.e.c. Other loans 18 19 20 21 22 23 24 .6 -1.8 1.0 -8.2 1.4 -13.4 1.5 -14.9 1.4 -12.0 1.5 -24.6 1.6 -17.2 1.7 -3.2 1.8 -22.1 1.0 -17.3 1.2 -15.6 Trade debt Proprietor net Investment 23 24 386.0 Net income w/ IVA and CCAdi 95.4 Gross svs. = capital consump. 1 2 1 2 3 4 5 6 7 8 9 10 11 Nonfarm Noncorporate Business 1 2 309.4 80.0 341.4 84.7 353.1 96.7 376.0 96.6 349.4 104.1 354.1 103.3 366.0 96.6 368.9 96.8 377.7 98.2 391.2 94.9 3 4 5 6 7 8 9 80.0 72.0 70.6 52.9 1.1 16.6 1.3 84.7 70.9 63.1 57.8 .1 5.2 7.8 96.7 63.8 55.9 63.7 -2.2 -5.6 7.9 96.6 55.7 56.0 57.4 -1.6 .2 -.4 104.1 63.7 53.6 64.4 -4.1 -6.7 10.1 103.3 60.2 51.3 65.7 -4.6 -9.7 8.9 96.6 59.3 60.1 61.0 -1.3 .4 -.8 96.8 59.5 58.9 59.8 -.7 - .2 .6 98.2 57.6 57.3 58.3 -.4 -.6 .3 94.9 46.3 47.9 50.7 -4.0 1.2 -1.6 95.4 Gross investment 43.2 Capital expenditures Fixed capital 44.9 Plant and equipment 50.0 Home construction (1) -5.2 Multifamily residential .1 Chanse in inventories -1.7 10 11 12 13 14 15 16 17 18 19 20 21 8.0 13.1 4.0 -5.0 .6 .3 -1.7 4.8 10.0 6.0 32.9 19.1 3.2 5.1 .6 -.1 -1.7 4.8 7.1 3.3 .1 3.8 40.9 15.1 2.1 2.5 .6 .2 -1.7 4.8 6.6 3.0 -.1 3.7 40.5 18.0 3.0 5.1 .6 -1.0 -1.7 4.8 7.1 3.3 37.4 15.8 2.5 3.2 .6 -.3 -1.7 4.8 6.7 3.1 -.1 3.6 37.2 15.6 2.2 3.2 .6 X -1.7 4.8 6.4 3.0 -.1 3.6 -1*7 3.7 43.0 18.2 2.8 5.1 .6 -.6 -1.7 4.8 7.1 3.1 .3 3.7 40.6 14.0 1.9 1.8 .6 4.0 13.8 18.4 4.1 1.7 .6 .4 -1.7 4.8 8.5 4.6 4.0 4.8 6.4 2.9 -.1 3.5 48.6 15.2 1.8 1.8 .6 .7 -1.7 4.8 7.1 3.2 -.1 4.0 52.1 11.6 1.5 .7 .6 -1.2 -1.7 4.8 6.9 3.1 -.1 3.9 22 23 24 25 26 5.0 77.9 50.0 10.7 17.2 4.6 65.7 29.5 8.1 13.1 -13.8 50.8 25.6 4.2 10.9 -25.8 11.1 .9 -. J 10.3 -22.5 40.2 22.0 1.1 7.1 -24.9 35.0 24.0 9.0 2.0 -21.6 45.5 36.0 6.3 3.2 -21.7 3.5 -19.2 3.9 18.8 -26.6 18.3 3.9 -5.8 20.3 -33.4 -23.0 -17.0 -4.9 -1.1 27 28 29 30 1.6 2.6 8.0 -86.0 1.6 2.7 8.0 -72.< ’. .6 i .8 3.0 -76.0 1.6 3 0 -47.4 1.6 1.7 8.0 -73.9 1.6 1.4 8.0 -70.9 1.6 1.2 8.0 -77.9 1.6 1.0 8.0 -35.8 1.6 1.0 8.0 -55.5 1.6 1.0 8.0 -21.0 X BILLION*, SP OIU. >03, X Net financial investment Net acq. of financial assets Checkable dep. 8 currency Time deposits U.S. sovt. securities Consumer credit Mortsases Trade credit Miscellaneous assets Insurance receivables Equity in spons.ass. (2) Other 10 11 12 13 14 15 16 17 18 19 20 21 -40.5 -17.0 -10.5 -3.3 -3.2 Net increase in liabilities Credit market instruments Mortsases Bank loans n.e.c. Other loans 22 23 24 25 26 1.6 .9 8.0 -34.1 Other taxes payable Trade debt Miscellaneous liabilities Proprietor net investment 27 28 29 30 (1) Farm plus nonfarmi chanse in work In process. (2) Shares in FICBs, Banks for Cooperatives;, and Federal Land Banks. LA'-V 3A3f.D CM INCOMPLETE information. 3 4 5 6 7 8 9 JUNE 12, 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statements of Saving and Investment UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS | 1 III 1989 IV I 1 1990 I II IV III I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1984 1985 1986 1983 Nonfinancial Corporate Business, Excluding Farms Profits before tax (book) - Profit tax accruals - Dividends = U.S. undistributed profits 62,075 26,019 26,806 9,687 50,882 21,641 27,464 5,814 55,209 23,268 29,172 -763 62,258 26,041 26,512 7,982 64,532 26,278 29,078 9,065 47,048 20,317 32,715 -715 46,780 19,712 28.346 -5.207 159.5 59.3 66.2 33.9 196.0 73.3 69.2 53.6 170.3 69.6 71.8 28.9 156.5 75.2 74.1 7.3 3 4 5 * Capital consumption adj. 6 ♦ Depreciation charges, NIPA 7 = U.S. internal funds, book 3,741 80,010 93,438 2,414 81,071 89,299 1,337 80,934 81,508 310 81,408 89,700 -892 82,691 90,864 -1,475 83,101 80,911 -1,998 84,172 76,967 16.0 227.7 277.7 30.9 238.1 322.5 55.2 250.5 334.6 49.5 265.3 322.1 5 6 7 8 ♦ Fgn. earnings ret. abroad 9 ♦ Inv. valuation adjustment 10 = Total internal funds ♦ IVA 5,513 854 99,805 8,211 -4,253 93,257 9,650 -4,939 86,219 7,275 -982 95,993 6,876 -1,698 96,042 14-049 -3,756 91,204 11,171 -537 87,601 18.4 -10.9 285.2 19.2 -5.8 335.9 18.9 -1.7 351.8 15.5 8 6.8 9 344.3 10 11 Gross investment 12 Capital expenditures (1) 13 Fixed Investment 14 Plant and equipment 15 Home construction 16 Multifamily residential 17 Inventory change ♦ IVA 18 Mineral rts. from U.S. govt. 84,371 94,257 91,733 90,831 507 395 1,927 597 91,310 91,116 93,380 95,132 -2,175 423 -2,838 574 92,456 99,589 83,023 88,141 -5,087 -31 15,856 710 89,615 92,775 99,532 95,191 4,055 286 -7,851 1,094 88,957 84,072 102,166 92.591 83,787 91,435 93,184 75-929 96,561 92,169 98,442 82,537 1,469 -2,029 -6,308 -454 -300 148 -1,219 -13,827 14-938 568 626 1,053 260.9 270.5 262.2 261.0 319.4 369.7 310.1 308.4 1.2 .6 7.8 1.7 51.7 7.9 321.2 341.2 330.5 329.5 -.3 1.3 6.4 4.4 301.3 330.4 319.8 316.1 2.4 1.3 3.5 7.2 19 20 Net financial investment Net acq. of financial assets -9,886 4,816 194 49,927 -7,133 4,873 -3,160 36,783 -3,634 22,873 285 20,525 10,731 12,798 -9.7 122.1 -50.3 105.2 -20.0 83.9 -29.1 19 150.8 20 21 22 23 24 25 26 27 28 29 Liquid assets Checkable dep. and curr. Time deposits Money mkt. fund shares Security RPs Foreign deposits U.S. govt, securities Tax-exempt obligations Commercial paper -3,091 4,107 -1.000 1,409 -3,000 -8,607 1,000 1,000 2,000 19,099 2-041 7,000 599 4,000 5,459 - -5,500 -853 2,000 1,500 -5,500 -5,647 6,000 -1,000 -2,000 4,950 -4,072 -500 -500 5,572 2,000 -250 2,700 1,250 2,175 -1,000 1,000 -1,250 -675 -1,750 750 2,000 22,750 -3,656 3,208 -1,720 3.500 6,000 1.000 500 2,500 -1,000 7,792 -12,280 7,000 3,500 1,344 250 -1,000 -1,500 35.1 8.7 11.6 -7.9 6.2 3.1 8.0 .7 4.7 24.1 12.7 3.7 4.9 .5 -5.1 4.2 -.1 3.4 29.3 19.4 5.9 -1.5 9.5 -1.7 -3.6 .8 .5 60.8 18.8 7.2 3.6 12.2 5.9 14.5 3.1 -4.4 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dir.invest.(2,4) Equity, etc. Retained earnings 223 170 12,777 -5,263 7,737 1,092 6.645 2,948 249 -2,948 30,579 1,574 2,852 -1.278 -3,804 339 14,804 -966 9,025 2,413 6,612 370 400 9,430 21,633 2,880 -2,950 5,830 283 3,271 490 250 19,417 -17,271 1,433 11,525 18,374 -2,666 12,041 -5,034 6,333 2.368 -3,859 370 12,658 7,285 11,282 2,869 8,413 3.3 1.2 52.2 30.2 9.8 -3.6 13.5 2.0 2.8 48.1 28.1 13.4 -3.9 17.3 1.7 3.7 41.7 7.6 9.7 -4.0 13.7 .1 3.8 29.5 56.7 12.4 3.3 9.0 30 31 32 33 34 35 36 3,500 4 10,687 3,500 498 -7,995 3.5 5.1 16.9 9.6 5.1 .1 -7.3 20.2 37 .1 38 24.0 39 12,006 39,943 26,507 20,240 14,702 49,733 9,547 4,528 25,608 -2,936 -4,014 -6,459 -36,575 -19,825 -17,250 -12,000 -18,500 -15,250 2,067 3,822 -4,250 131.7 76.5 20.0 155.5 91.9 -79.0 103.9 49.8 -84.5 179.8 40 124.7 41 -85.0 42 1 2 3 4 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 3,500 Insurance receivables Equity in sponsored ags. -16,500 Other Net increase in liabilities Net funds raised in mkts. Net new equity issues Debt instruments Tax-exempt debt (3) Corporate bonds (2) Mortgages Bank loans n.e.c. Commercial paper Other loans Savings&loan assns. Finance companies U.S. government Accept.liab.to banks Foreign Profit taxes payable Trade debt Fgn.dir.invest.in U.S.(4) Equity, etc. Retained earnings 4,000 4,500 5 9 25,000 -14,500 3,500 4,000 9 3 14,750 -20,450 K M K N 1 11 12 13 14 15 16 17 18 30,116 -41 15,686 857 8,623 3,214 29,372 -430 21,851 -1,112 6,499 -6,161 21,778 184 11,289 -9.975 -1,781 18,922 37,608 145 20,914 7,017 876 2,625 15,564 8,072 11,236 -12 -2 -55 11,930 20,396 21,294 2,083 1,328 -12,671 -8,679 2,613 2,995 2,998 3,152 -14,959 56.5 9.4 16.0 -4.4 19.4 -.8 170.8 20.5 46.1 -1.3 50.2 21.7 134.3 22.6 73.5 -17.9 32.0 14.6 209.7 -9.9 126.8 28.6 49.9 -9.3 43 44 45 46 47 48 1,777 -449 -1,977 -144 1.037 3,310 8,725 -344 6,148 53 620 2,248 3,139 -567 2,117 50 -2,907 4,446 6,031 -1,177 5,960 50 -2,047 3,245 7.080 -984 2,186 100 -1,130 6.908 1,531 -1,309 5,125 -1,000 -103 -1,182 -6,150 -1,000 918 -5,187 -881 16.9 1.2 6.5 -.5 7.0 2.7 33.6 4.3 12.2 1.2 2.8 13.0 9.5 2.8 9.8 -2.6 -2.1 1.5 23.7 3.3 8.0 1.5 -.2 11.1 49 50 51 52 53 54 1,369 1,188 18.380 -10,593 20,437 16,883 22,144 19,350 -1,707 -2.467 261 4,797 9,277 10,258 -981 2.683 18,380 8,380 9,820 -1,440 -379 20,103 4,530 11,794 -7,264 5,219 -8.312 1,338 5,060 -3,722 6.7 37.0 11.5 11.9 -.3 4.4 33.7 25.6 22.5 3.1 -.4 34.0 20.5 20.4 .1 5.3 13.7 36.1 35.4 .7 55 56 57 58 59 7.085 7,132 -14,565 24.3 16.5 30.6 43.0 60 20,970 22,653 5,622 15.2 55.0 11.8 14.4 70.6 11.8 7.7 74.9 12.2 15.8 61 74.1 62 17.6 63 43,183 42,137 91,867 104,376 13,410 8,828 37.2 94.9 20.9 37.4 110.1 46.2 40.9 97.0 39.3 48.0 64 96.0 65 63.5 66 -974 10,463 11.672 11,171 501 15,434 1,947 -6,237 6,378 2,314 -21,328 27,284 23,827 3,123 9,221 25,397 21,825 3,036 4,633 36,506 6,020 1,037 -37,374 23,308 26,486 3,569 6,425 42,531 42,145 97,704 115,506 32,235 21,867 41,827 96,647 40,536 40,720 96,406 16,809 -2,838 -4,253 1,415 15,856 -4,939 20,795 -7,851 -982 -6,869 -1,219 -13,827 -1,698 -3,756 479 -10,071 14,938 -537 15,475 .6 -10.9 11.5 51.7 -5.8 57.5 6.4 -1.7 8.0 3.5 67 6.8 68 -3.3 69 93,403 95,369 104,528 70 Total cap. expend, before IVA 93,438 89,299 81,508 71 Less: US internal funds, book = Financing gap: Excess of capital expenditures 6,070 23,020 -35 over U.S. internal funds 72 93,757 89,700 94,289 90,864 87,543 80,911 91,972 76,967 281.4 277.7 375.5 322.5 342.9 334.6 323.7 70 322.1 71 4,057 3,425 6,632 15,005 3.7 53.0 8.3 1.6 72 60 Discrepancy 61 62 63 64 65 66 Memorandum items: Trade credit net of trade debt Profits tax payments Earnings rec. from abroad Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. 41,915 94,441 31,950 (1) Capital outlays on book basis: 1.927 67 Inventory change, NIPA 854 Inv. val. adjustment 68 Less: 1,073 69 « Inventory change before IVA (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries: U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Direct investment totals and retained earnings exclude capital 9ains/losses included in balance of payments statistics. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. JUNE 12, 1991 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statenents of Saving and Investment 11 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1989 1990 1987 I 1 1989 III IV I 1 1990 I II III IV I 1991 1 I Nonfinancial Corporate Business, Excluding Farms 1 2 3 4 217.2 92.9 81.5 42.8 251.0 101.8 80.5 68.8 241.4 101.0 104.5 35.9 229.0 95.9 117.5 15.6 232.8 99.2 106.3 27.4 225.9 96.2 103.8 25.8 227.8 94.9 118.2 14.7 232.1 97.1 112.0 23.0 239.1 99.9 115.2 23.8 217.2 91.8 124.6 .8 193.4 80.1 114.9 -1.6 Profits before tax (book) - Profit tax accruals - Dividends = U.S. undistributed profits 1 2 3 4 5 6 7 46.6 279.6 369.0 39.7 295.3 403.8 18.8 315.4 370.1 -.7 328.1 343.0 15.0 320.0 362.4 9.7 324.3 359.8 5.3 323.7 343.8 1.2 325.6 349.8 -3.6 330.8 351.0 -5.9 332.4 327.3 -8.0 * Capital consumption adj. 336.7 ♦ Depreciation charges, NIPA 327.1 = U.S. internal funds, book 5 6 7 8 9 10 22.9 -19.4 372.4 14.5 -27.0 391.4 31.6 -21.7 380.0 37.9 -11.4 369.5 29.2 -6.1 385.5 29.6 -14.5 374.9 38.2 -11.4 370.6 25.4 -.5 374.7 35.2 -19.8 366.4 52.6 -13.8 366.1 44.3 ♦ Fgn. earnings ret. abroad 8.3 + Inv. valuation adjustment 379.7 = Total internal funds ♦ IVA 8 9 10 11 12 13 14 15 16 17 18 345.3 354.1 320.2 318.0 1.1 1.0 30.9 2.9 337.9 378.3 353.1 351.8 .1 1.2 22.0 3.3 355.8 382.2 364.5 365.5 -2.2 1.2 15.4 2.4 355.1 368.7 372.3 373.9 -1.6 -.1 -7.0 3.5 370.7 385.1 366.6 369.8 -4.1 .9 16.1 2.4 367.2 378.2 360.7 363.7 -4.6 1.6 15.2 2.3 322.7 361.7 375.0 375.1 -1.3 1.1 -16.2 2.8 360.2 384.7 367.9 368.0 -.7 .7 12.4 4.4 393.1 382.1 373.1 376.0 -.4 -2.5 6.5 2.5 344.5 346.5 373.2 376.7 -4.0 .5 -30.8 4.2 346.7 Gross Investment 317.9 Capital expenditures (1) 348.1 Fixed investment Plant and equipment 353.2 Home construction -5.2 Multifamily residential .1 -32.4 Inventory change ♦ IVA Mineral rts. from U.S. govt. 2.3 11 12 13 14 15 16 17 18 19 20 -8.8 112.5 -40.5 116.3 -26.5 106.2 -13.6 85.1 -14.4 59.3 -11.0 87.1 -39.0 105.9 -24.5 124.4 10.9 133.6 -2.0 -23.7 28.8 135.5 19 Net financial investment Net acq. of financial assets 20 21 22 23 24 25 26 27 28 29 24.7 9.6 4.1 .8 .8 -2.5 3.6 2.6 5.7 -5.1 15.0 M -3.3 8.2 -11.2 -5.7 1.5 -9.6 15.0 -7.4 7.0 4.0 4.0 4.4 -1.0 4.0 23.5 .5 6.5 2.5 -4.3 7.0 9.8 -.3 1.7 4.6 11.0 5.7 5.6 -4.6 -28.6 15.0 4.0 -3.4 -11.4 -13.0 4.2 2.4 -2.6 12.4 -9.0 -5.8 22.2 8.4 7.0 6.0 -14.3 -8.9 19.1 -4.0 9.0 42.6 -3.4 13.0 -2.0 2.8 12.8 9.2 -1.0 11.2 22.8 4.8 5.0 4.0 2.9 3.6 2.4 3.0 -2.8 6.2 -7.9 1.0 2.0 -8.3 20.6 8.4 1.0 -10.6 26.8 3.5 12.5 4.0 3.6 -34.4 21.1 5.4 11.1 Liquid assets Checkable dep. and curr. Time deposits Money mkt. fund shares Security RPs Foreign deposits U.S. govt, securities Tax-exempt obligations Commercial paper 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 2.8 -2.7 61.5 26.2 26.0 8.3 17.7 1.3 -2.7 61.5 61.4 13.3 .9 12.4 -.8 .5 26.8 64.7 23.7 3.2 20.5 .1 1.5 26.4 33.6 27.6 6.5 21.1 4.7 .7 16.2 33.1 28.7 4.2 24.5 -7.3 1.0 53.3 51.4 7.5 8.7 -1.2 1.0 1.4 32.0 49.4 34.9 9.9 25.0 1.9 1.6 32.3 46.1 14.1 -9.5 23.5 8.1 2.0 39.8 60.9 71.0 47.9 23.1 -10.4 1.0 1.5 -21.9 -9.6 -22.5 12.9 3.2 1.5 21.6 82.4 43.9 11.5 32.5 Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dir.invest.(2,4) Equity, etc. Retained earnings 30 31 32 33 34 35 36 37 38 39 10.9 .4 -11.0 11.0 M 37.0 16.8 * 24.2 15.5 K -9.5 14.0 -9.6 16.0 M 27.9 18.0 K -3.5 16.0 * 16.0 14.0 M -24.2 14.0 « -26.4 14.0 2.0 22.5 40 41 42 121.3 48.2 -75.5 156.8 55.1 -129.5 132.7 35.4 -124.2 98.7 23.2 -63.0 73.7 1.0 -146.3 98.1 3.8 -79.3 144.9 67.2 -69.0 148.9 59.5 -48.0 122.6 15.4 -74.0 -21.7 -49.4 -61.0 106.7 65.2 -17.0 43 44 45 46 47 48 123.7 -.9 79.4 15.6 4.1 2.3 184.6 .1 102.9 11.1 32.8 11.9 159.5 -1.1 73.7 6.5 33.1 20.4 86.2 .3 64.5 .5 -6.6 9.7 147.3 -.2 62.7 -1.4 48.8 16.9 83.1 -1.7 87.4 -12.0 -4.6 -6.9 136.2 .7 45.2 -3.5 8.4 69.6 107.5 .6 83.7 5.1 2.8 -6.2 89.4 N 47.7 3.1 -20.5 17.3 11.6 -.2 81.6 -2.8 -17.1 -41.7 82.2 w 85.2 -13.1 26.0 5.1 49 50 51 52 53 54 23.4 -.1 17.0 .1 4.4 1.9 25.8 1.3 14.5 -1.0 * 11.0 26.9 -1.1 12.2 -.4 3.2 13.0 17.8 -4.0 15.4 -.8 -6.2 13.4 20.6 -1.4 9.8 -1.2 .2 13.2 20.8 -2.3 8.6 1.0 4.6 9.0 15.8 -1.5 4.6 .3 -5.3 17.8 21.6 -5.1 26.3 .3 -13.0 13.0 41.8 -3.6 26.1 -.2 -8.1 27.6 -8.1 -6.0 4.5 -3.5 1.6 -4.7 -20.9 -3.3 .1 .3 -14.5 -3.5 55 56 57 58 59 5.9 19.9 47.3 45.4 1.9 .9 43.1 57.6 51.9 5.7 -.2 27.8 69.7 72.3 -2.7 3.8 32.7 39.1 51.2 -12.2 -8.8 28.7 52.7 51.7 1.0 8.4 21.4 64.4 66.8 -2.4 -10.5 15.5 72.8 84.4 -11.6 17.3 27.4 44.7 50.0 -5.3 6.4 60.9 40.0 46.8 -6.8 1.9 27.0 -1.2 23.7 -24.9 4.4 26.0 11.0 27.3 -16.3 60 27.1 53.5 24.2 14.4 14.9 7.7 47.9 14.6 -26.6 21.5 37 Insurance receivables Equity in sponsored ags. 38 39 Other Net increase in liabilities Net funds raised in mkts. Net new equity issues Debt instruments Tax-exempt debt (3) Corporate bonds (2) Mortgages Bank loans n.e.c. Commercial paper Other loans SavingsSloan assns. Finance companies U.S. government Accept.liab.to banks Foreign Profit taxes payable Trade debt Fgn.dir.invest.in U.S.(4) Equity, etc. Retained earnings 33.0 Discrepancy 61 62 63 41.6 94.0 14.6 18.4 106.8 28.8 -1.0 111.4 19.2 -6.3 108.1 19.1 -12.5 112.9 20.1 31.9 104.4 27.3 16.5 101.1 14.7 4.8 119.0 23.6 -21.0 97.0 22.4 -25.6 115.4 15.5 -4.5 104.6 25.2 64 65 66 42.8 95.1 35.0 40.5 96.7 48.8 41.8 100.6 41.7 41.9 99.8 23.4 42.6 99.9 38.3 42.6 100.9 22.0 41.7 97.6 37.7 41.8 102.6 27.9 41.8 104.3 23.4 42.2 94.7 3.4 41.4 83.7 25.9 67 68 69 30.9 -19.4 50.3 22.0 -27.0 49.0 15.4 -21.7 37.0 -7.0 -11.4 4.3 16.1 -6.1 22.2 15.2 -14.5 29.7 -16.2 -11.4 -4.8 12.4 -.5 12.9 6.5 -19.8 26.3 -30.8 -13.8 -17.0 70 71 373.5 369.0 405.3 403.8 403.9 370.1 380.1 343.0 391.2 362.4 392.7 359.8 373.1 343.8 385.2 349.8 72 4.5 1.5 33.8 37.1 28.8 32.9 29.3 35.3 Memorandum items: Trade credit net of trade debt Profits tax payments Earnings rec. from abroad Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. (1) Capital outlays on book basis: -32.4 Inventory change, NIPA Inv. val. adjustment 8.3 Less: -40.7 = Inventory change before IVA 401.9 360.3 309.6 Total cap. expend, before IVA 351.0 327.3 327.1 Less: US internal funds, book = Financing gap: Excess of capital expenditures over U.S. internal funds 50.9 33.1 -17.5 (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (A) Direct investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 JUNE 12, 1991 State and l^p’cal Governments State and Local Governments Sector Statements of Saving and Investment ^2 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 III 1989 IV 1990 I 1 I II III IV I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1984 1985 1986 1983 State and Local Governments - General Funds (1) 1 Total receipts, NIPA basis 2 Tax receipts 3 Social insurance receipts 4 Grants-in-aid received 179,693 200,345 197,972 196,237 192,327 213,914 209-830 136*044 154,478 151,213 149,262 144,849 163,476 158.373 14,275 14,525 14,750 14,975 15,350 15,525 15.175 29,374 31,342 32,009 32,000 32,303 35,088 35-932 487.6 362.9 38.5 86.2 540.4 406.7 40.2 93.5 581.8 438.9 43.2 99.7 626.2 472.4 47.1 106.8 1 2 3 4 5 Total expenditures, NIPA basis 181,986 181,932 179-614 189,041 197,978 198,467 192,069 6 Purch. of goods and services 161,975 160,939 158,927 166,879 174.451 173,868 167-998 7 Net interest and transfers 20,011 20,993 20,687 22,162 23,527 24,599 24,071 440.2 391.5 48.7 475.9 425.4 50.6 516.7 465.6 51.1 563.5 505.7 57.8 5 6 7 8 Net surplus, NIPA basis 9 - Retirement credit to HH 10 = Gross saving -2,293 18,500 -20.793 18,413 19,000 -587 18,358 15,000 3,358 7,196 -5,651 16,200 18,500 -9,004 -24,151 15,447 16,500 -1,053 17,761 16-000 1,761 47.4 39.2 8.2 64.5 45.7 18.8 65.1 53.1 12.0 11 Net financial investment 12 Net acq. of financial assets 13 Checkable dep. and curr. 14 Time deposits 15 Security RPs -8,036 2,738 -982 81 7,009 -6,749 -1,841 2,925 1.843 -7,018 -1,217 -347 -3,343 -110 -4,047 -4,362 -12.316 -285 -1,254 1,841 -635 -4-575 -1.078 4,184 -4,630 -7,949 -4-349 -6,324 -3,687 1,642 -2,406 85 4,620 -5,727 -10,400 4.0 28.3 -.7 -6.3 16.9 7.3 36.4 5.0 .2 9.4 14.4 106.3 1.1 7.0 8.2 8.0 45.8 3.5 -4.6 8.0 11 12 13 14 15 16 17 18 19 20 21 Credit market instruments U.S. 9ovt. securities Treasury issues Agency issues Tax-exempt obligations Mortgages -4,008 -6,380 154 -6,534 531 1,841 -920 -4,832 -1,667 -3,165 551 3,361 7,490 6,187 -2,000 8,187 341 962 -2,250 -4,311 -4,000 -311 641 1,420 4,899 3,416 94 3,322 1,041 442 -2,744 -4,801 -1,750 -3,051 625 1,432 4,251 2,968 -1,073 4,041 696 587 17.9 9.4 11.3 -1.9 .6 7.9 18.9 7.6 8.7 -1.1 1.1 10.2 87.3 78.7 57.2 21.5 -1.2 9.8 35.9 24.4 7.9 16.5 -.3 11.8 16 17 18 19 20 21 22 23 Profit taxes receivable Other taxes receivable 238 400 929 400 -737 400 115 400 -210 400 20 400 -152 400 -1.3 1.8 1 .8 1.1 -.7 3.4 24 25 26 27 28 29 Net increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 10,774 10.085 10,687 4,350 6,337 -602 4,908 4,194 4,225 478 3,747 -31 870 128 -122 -2,596 2,474 250 4,077 3,310 3,160 161 2,999 150 11,062 10,268 9,868 6,863 3.005 400 1,625 875 675 655 20 200 662 -123 -223 -1,564 1,341 100 24.4 23.6 22.5 -1.5 24.0 1.1 29.0 28.1 20.3 -3.7 24.0 7.7 91.9 90.9 82.7 1.3 81.4 8.2 37.8 36.2 34.8 4.2 30.6 1.4 689 -12,757 714 6,162 742 4,575 767 794 -4,642 -11,835 750 6,896 785 6,110 .8 4.2 1.0 11.5 1.1 -2.4 1.6 30 -2.9 31 30 Trade debt 31 Discrepancy (1) Employee retirement funds are in insurance sector. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 62.7 8 57.6 9 5.1 10 1.3 22 1.7 23 24 25 26 27 28 29 JUNE 12, 1991 State and Local Governments State and Local Governments Sector Statements of Saving and Investment 13 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 I 1 1989 III IV I 1 1990 I II III IV I 1991 1 I State and Local Governments - General Funds (1) 1 2 3 4 655.2 503.4 49.3 102.6 697.6 533.8 52.7 111.1 749.8 575.0 56.7 118.2 800.5 608.8 60.3 131.4 755.6 580.9 57.1 117.6 764.5 584.9 58.1 121.5 783.5 596.0 59.0 128.5 792.2 600.8 59.9 131.5 808.7 618.2 60.7 129.8 817.4 620.2 61.4 135.8 827.9 Total receipts, NIPA basis 622.1 Tax receipts 62.1 Social insurance receipts Grants-in-aid received 143.7 1 2 3 4 5 6 7 604.2 540.2 64.0 651.2 582.3 68.9 703.5 625.6 77.9 765.1 674.1 91.0 707.6 628.6 79.0 726.0 643.4 82.6 745.6 659.6 86.0 753.7 664.6 89.1 769.3 677.0 92.3 791.8 695.3 96.5 797.5 Total expenditures- NIPA basis 697.4 Purch. of goods and services 100.1 Net interest and transfers 5 6 7 8 9 10 51.0 54.7 -3.7 46.4 64.9 -18.5 46.4 72.1 -25.7 35.4 66.2 -30.9 48.0 75.1 -27.1 38.5 72.4 -33.9 37.9 64.2 -26.3 38.5 63.2 -24.7 39.4 75.1 -35.7 25.6 62.4 -36.8 30.4 Net surplus, NIPA basis 68.3 - Retirement credit to HH -37.9 « Gross saving 8 9 10 11 12 13 14 15 -7.8 43.0 .8 .8 20.7 -18.6 29.3 2.0 -4.0 24.7 -21.1 11.2 -.6 -.4 10.9 -25.8 -8.2 -.5 -5.7 -10.2 -21.7 9.7 3.0 2.5 18.3 -23.3 -4.0 1.2 6.2 -16.6 -17.2 -5.3 3.2 -16.7 -20.6 -20.1 .7 -5.1 -3.6 19.6 -38.0 -6.3 3.7 -2.0 -28.1 -28.1 -21.9 -3.8 -.5 -11.8 -29.0 Net financial investment Net acq. of financial assets -18.8 7.3 Checkable dep. and curr. 1.1 Time deposits Security RPs -45.8 11 12 13 14 15 16 17 18 19 20 21 18.7 9.6 25.1 -15.6 .5 8.7 4.2 -1.4 25.6 -27.0 1.6 4.0 -1.1 -11.9 4.4 -16.3 2.0 8.8 7.4 .5 -7.7 8.1 2.6 4.3 -16.4 -25.9 1.7 -27.6 2.1 7.4 .1 -15.5 -3.4 -12.2 2.2 13.4 29.8 24.6 -9.3 33.9 1.4 3.8 -12.4 -20.7 -19.6 -1.1 2.6 5.7 19.5 13.5 1.8 11.7 4.2 1.8 -7.3 -15.5 -3.6 -11.9 2.5 5.7 17.4 12.2 -6.2 18.4 2.8 2.3 22 23 .4 1.6 .8 1.6 .8 1.6 -.8 1.6 .8 1.6 3.5 1.6 -2.7 1.6 .6 1.6 -1.0 1.6 -.2 1.6 24 25 26 27 28 29 50.8 48.8 51.2 6.2 44.9 -2.4 47.8 45.6 48.9 9.9 39.0 -3.3 32.3 29.6 29.9 -.3 30.2 -.2 17.6 14.6 13.6 5.1 8.5 1.0 31.4 28.6 31.0 5.7 25.3 -2.4 19.3 16.5 16.6 1.6 15.0 -.1 11.9 8.9 7.9 -2.0 9.9 1.0 20.8 17.7 17.1 5.1 12.0 .6 31.7 28.5 26.9 14.9 12.0 1.6 6.1 3.1 2.3 2.3 .1 .8 30 31 2.0 4.1 2.2 .1 2.7 -4.6 3.1 -5.0 2.8 -5.4 2.9 -10.6 3.0 -9.1 3.1 -4.5 3.2 2.3 3.0 -8.7 Credit market instruments U.S. govt. securities Treasury issues Agency issues Tax-exempt obligations Mortgages 16 17 18 19 20 21 -.3 1.6 Profit taxes receivable Other taxes receivable 22 23 10.3 7.1 6.7 1.4 5.4 .4 Net Increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 24 25 26 27 28 29 3.1 Trade debt -8.9 Discrepancy (1) Employee retirement 1Funds are in insurance sector. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 30 31 JUNE 12, 1991 U.S. Government and Credit Agencies U.S. Government and Credit Agencies Sector Statements of Saving and Investment 14 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS. S MILLIONS I 1 III 1989 IV I 1 1990 I II III IV I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1984 1985 1986 1983 U.S. Government 255,195 236,310 266,552 316,974 274.053 252,121 280,262 113,A09 108,384 104,633 146,112 122,267 119,788 111,124 27,681 24,359 24,844 28,585 30,171 24,925 21,910 14,440 15,183 16,522 18,252 15,530 14,543 14,119 99,562 89.AA8 121,892 125,755 107,175 91,878 128,976 659.9 294.4 61.4 51.6 252.5 726.0 310.3 75.3 55.7 284.7 788.7 346.5 76.3 55.1 310.9 827.9 361.5 83.9 50.5 332.1 1 2 3 4 5 6 Total expenditures, NIPA basis 292,082 302,811 312,721 320,683 314.591 327,830 315,097 7 Goods and services 96,737 103,99A 103,149 105,363 103,221 112,242 111,620 8 Transfers, etc. 152,732 154,705 164,873 169,288 164,372 167,017 154,804 9 Net interest 42,613 44,112 44,699 46,032 46,998 48,571 48.673 836.0 283.6 458.2 94.3 895.5 310.5 469.4 115.6 985.6 355.2 500.3 130.2 1034.8 366.5 532.7 135.6 6 7 8 9 -3,709 -40,538 -75,709 -34.835 5,364 15,436 5,681 -4,623 -9,073 -55,974 -81,390 -30,212 1,094 626 1,053 568 -7.979 -55,348 -80,337 -29,644 -176.1 14.2 -190.3 7.8 -182.5 -169.5 18.2 -187.7 7.9 -179.8 -196.9 19.1 -216.0 4.4 -211.6 -206.9 21.1 -227.9 7.2 -220.8 10 11 12 13 14 15 Net financial investment -58,463 -82,472 -58,744 -29,790 -46,569 -95,442 -61,748 16,073 22,019 -11,417 16 3,874 10,070 Net acq. of financial assets -9,033 -13,182 -331 -1,051 17 1,597 598 329 2,941 1,711 Gold, SDRs 8 fgn. exch. 18 4,861 -3,870 5,187 Checkable dep. ft currency -8,886 -12,116 -12,276 16,125 -71 114 19 106 Time deposits 155 -56 -47 -130 -192.6 13.6 2.9 -8.3 -.5 -193.1 32.6 2.6 5.3 .5 -214.8 33.7 1.9 13.0 K -242.3 7.5 -.7 .4 .2 15 16 17 18 19 9.7 .5 9.2 20 21 22 23 1 Total receipts, NIPA basis 2 Personal taxes 3 Corp, profits tax accruals 4 Indirect taxes 5 Social insurance receipts 10 11 12 13 14 Net surplus, NIPA basis - Insurance credits to HH = Gross saving * Mineral rights sales (1) = Nonfinancial surplus -36.887 -66,501 -46.169 5,788 -4,455 13,777 -50,664 -72,289 -41,714 57A 710 597 -50,067 -71,715 -41,004 20 21 22 23 Credit market Instruments Fed. agency securities Mortgages Other loans -2,673 5 -2,678 -19 95 — 11A 2A 25 26 Taxes receivable Trade credit Miscellaneous -1,129 500 3AA -3,084 220 49,430 110 69,290 137 27 28 Net increase in liabilities Treasury curr. 8 SDR ctfs. 9,750 10,743 -993 15,099 13,640 1,459 -2.068 3,832 -5,900 8,595 9,897 -1,302 9.7 1.2 8.4 17.1 .5 16.6 17.8 1.8 15.9 2,392 -10,441 750 1,500 398 291 3,262 -750 484 -6,181 160 -2,772 -1,499 277 5.3 3.8 .7 .6 5.1 1.5 -4.1 3.7 1.4 -.2 24 -2.3 25 .5 26 62,618 150 45,863 161 68.588 99 84,025 1,626 71.818 119 206.2 .5 225.7 .6 248.5 .5 249.8 27 .8 28 68,448 2,043 66,736 -331 215.0 13.6 201.1 .4 10,108 7,360 2.748 29 30 31 32 29 30 31 32 Credit market Instruments Savings bonds Other Treasury issues Agency issues and mtgs. AO,378 1,686 36,918 1.77A 63,300 2,019 62,426 -1,145 64,487 2-156 54,937 7.394 40,848 1,985 37,523 1,340 98,741 2,304 96,690 -253 55,807 3.493 58.313 -5.999 186.6 3.1 183.5 -.1 198.8 3.0 195.9 -.2 223.6 5.3 218.5 -.1 33 3A 35 Life 8 retirement reserves Trade debt Miscellaneous 13,777 1,290 -6,125 5,788 1,352 -1,287 -4,455 -752 3,188 5,364 15,436 5,681 1.981 -508 -858 -2,491 -14,887 -21,165 -4,623 1,826 18,689 14.2 3.0 2.0 18.2 3.3 4.9 19.1 4.7 .6 8.396 10,757 17,740 21,811 -8,779 32.104 10.1 13.3 3.2 21.5 36 39,026 26,909 74.7 80.4 84.0 37 36 Discrepancy Memo: 37 Corp, tax receipts, net 28.810 27,443 22,452 15.105 31,106 24,682 56.1 21.1 33 9.8 34 3.2 35 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies (1) 1,068 819 991 858 1,053 901 1,122 951 1,187 992 1,255 1,041 1,321 1,084 1.9 1.4 2.0 1.5 1.3 1.9 1.0 1.9 1 2 4,736 -237 -1,629 3,884 -878 3,072 -2,380 -229 -2.098 3,514 179 1.813 17 -122 -9,085 18,301 -3 16,268 3,961 -154 4.429 2.0 .2 -2.3 40.9 .6 8.3 28.2 .8 7.2 22.0 1.5 5.0 3 4 5 3,070 8.342 597 1,000 1,885 3,291 1,854 1,803 1,706 10,497 -224 1,172 1,900 6,731 -712 1,210 11,170 17,326 -69 884 1,627 -4,313 1,519 874 1,174 11,752 -2,451 160 3.4 -1.3 .4 1.5 29.8 1.6 -.1 1.9 23.7 3.3 -.6 2.5 14.1 4.6 * 2.4 6 7 8 9 -6,522 4,242 -10,764 -5,054 4,259 -9,313 -9,354 -409 -8.945 -5,355 1,202 -6,557 -6,992 1,417 -8,409 3,545 -8,378 4,332 1,717 -787 -10,095 2.2 9.3 -7.0 27.7 12.1 15.7 27.9 13.7 14.2 16.6 10 -3.2 11 19.8 12 -347 -494 -553 700 3,532 -9 -692 -1,037 1,720 -195 -385 -302 -63 -20 -1,759 26 -274 200 100 -378 21 -179 100 100 -1,946 2 -98 100 409 91 -209 200 100 -1,488 .6 1.1 .9 -1.3 .7 -1.4 .3 -.4 1.2 2.1 -9.4 -4.5 -1.0 -3.9 -3.5 -9.6 -6.5 -.7 -2.3 1.4 13 14 15 16 17 18 Net increase in liabilities 19 Credit market instruments 20 Sponsored agency issues U.S. government loans 21 22 Miscellaneous liabilities 6,286 1,443 1,443 4,843 4,415 2,898 2,898 1,517 -1,467 1,525 1,525 -2,992 3,920 2,904 2,904 1,016 607 3,436 3,436 -2,829 18,897 9,164 9,164 9,733 4,605 3.278 3,278 1.327 1.2 1.4 1.4 -.2 40.7 30.4 30.4 10.2 30.6 21.7 20.6 1.1 8.9 23.2 14.9 15.2 -.4 8.3 18 19 20 21 22 23 Discrepancy 1,799 664 1,065 577 785 810 881 -.3 .4 1.8 1 Gross saving 2 Fixed nonres. Investment 3 Net acq. of financial assets 4 Checkable dep. and currency 5 Fed. funds ft security RPs 6 7 8 9 Credit market instruments U.S. government securities Open-market paper Student loans (SLMA) 10 11 12 Housing credit Residential mortgages FHLB loans to thrifts 13 14 15 16 17 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets .3 23 Federally related mortgage pools (2) 24 Net acq. of mortgages 25 Home mortgages 26 Multifamily mortgages Farm mortgages 27 32,619 31,607 1,013 -1 42,843 42,406 439 -2 35,616 34,519 1,099 —2 39,033 38,700 334 -1 34,335 34,526 -190 -1 41,338 39,537 1,804 -3 33,580 32,784 798 -2 66.4 65.2 1.2 H 44.4 43.4 1.1 K 79.9 78.6 1.5 -.2 139.2 134.3 5.1 - .2 28 Net incr. in pool securities 24 25 26 27 32,619 42,843 35,616 39,033 34,335 41,338 33,580 66.4 44.4 79.9 139.2 28 Memo: Totals for agencies and pools Housing credit 26,098 29 30 Loans to agriculture -348 37,791 -11 26,264 -387 33,679 25 27,344 20 44,886 -1 25,204 89 68.7 .6 72.2 -1.4 107.9 -9.6 156.1 29 -9.8 30 34,062 45,741 37,141 41,937 37,771 50,502 36,858 67.8 74.9 100.5 154.5 31 31 Net security issues (1) Sponsored agencies include: Federal Home Loan Banks, Federal National Mortgage AssnFederal Home Loan Mortage Corp..Student Loan Marketing Assn.. Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, the Financing Corp., and the Resolution Funding Corporation. (2) GNMA. FNMA, FHLMC, and Farmers Home Administration pools. Excludes Federal Financing Bank holdings of pool securities, which are included in U.S. government mortgages and other loans. http://fraser.stlouisfed.org/ LATEST QUARTER BASED Federal Reserve Bank of St. Louis ON INCOMPLETE INFORMATION. JUNE 12, 1991 U.S. Government and Credit Agencies U.S. Government and Credit Agencies Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1989 1990 1988 1987 I 1 1989 III IV I 1 1990 II I III IV I 1991 1 I U.S. Government 1 2 3 A 5 913.8 A05.8 103.2 5A.0 350.9 972.5 A15.1 110.6 57.0 389.9 1052.9 A6A.0 110.5 58.A A20.1 1109.7 A92.8 108.5 61.7 AA6.7 10A8.1 A62.2 10A.7 59.3 A21.9 1055.8 A69.6 101.A 58.7 A26.1 1080.7 A73.6 106.6 60.6 A39.9 1105.8 A92.1 109.2 60.5 AAA.O 1125.8 500.0 11A.2 61.0 A50.6 1126.5 505.5 10A.1 6A.6 A52.3 1138.8 Total receipts, NIPA basis 505.6 Personal taxes 95.0 Corp, profits tax accruals 72.7 Indirect taxes A65.5 Social insurance receipts 1 2 3 A 5 6 7 8 9 1072.0 381.3 5A8.A 1A2.3 111A.2 380.3 582.6 151.3 1187.1 AOO.O 615.1 172.0 1275.8 A2A.0 665.6 186.3 1179.8 399.2 608.5 172.1 1205.8 399.9 630.7 175.2 12A8.9 A10.6 660.2 178.1 1271.9 A21.9 665.7 18A.3 1271.7 A25.8 656.1 189.8 1310.8 A37.6 680.2 193.0 1256.8 Total expenditures, NIPA basis AA3.5 Goods and services 619.5 Transfers, etc. 193.8 Net interest 6 7 8 9 10 11 12 13 IA -158.1 19.2 -177.3 2.9 -17A.A -1A1.7 20.0 -161.6 3.3 -158.3 -13A.2 21.2 -155.A 2.A -153.0 -166.1 22.0 -188.2 3.5 -18A.7 -131.7 21.0 -152.7 2.A -150.3 -150.0 21.A -171.A 2.3 -169.1 -168.2 18.8 -187.0 2.8 -18A.2 -166.1 20.7 -186.8 A.A -182.A -1A5.9 28.1 -17A.0 2.5 -171.5 -18A.3 20.5 -20A.8 A.2 -200.6 -118.0 19.2 -137.2 2.3 -13A.9 15 16 17 18 19 -170.7 -13.2 -5.A -8.1 .2 -191.7 -2.1 l.A 9.0 - .2 -193.0 -10.5 12.7 -1A.2 -.1 -230.5 30.5 .8 A.8 .1 -227.0 -57.3 11.8 -A9.8 -.5 -2A5.0 -7.A 6.8 -9.6 .A -215.2 59.5 6.A 9.9 .6 -232.1 -7.6 -1.3 -22.3 -.3 -17A.A 72.3 -A.2 10.A .5 -300.5 -2.0 2.A 21.A - .2 -218.9 Net financial investment 88.3 Net acq. of financial assets 1.3 Gold* SDRs 8 fgn. exch. Checkable dep. & currency 8A.6 -. 2 Time deposits 20 21 22 23 -7.9 -5.3 -2.6 -9.A -1.1 -8.A -2.A -.8 -1.7 32.9 35.6 -2.7 -9.3 .1 -9.A 5.7 X 5.7 37.7 29.3 8.A 3A.2 A3.5 -9.3 62.5 5A.5 7.9 -2.8 15.0 -17.7 31.6 39.A -7.8 2A 25 26 -1.8 8.3 1.3 -5.1 .2 2.1 -10.A 3.0 1.0 -11.0 1.5 1.3 -12.9 2.0 l.A -11.6 .9 -2.6 6.0 1.6 -22.0 3.0 1.2 A.3 -3.0 1.9 -23.5 .6 -2A.1 -6.0 1.1 27 28 157.5 .5 189.6 .5 182.6 A.l 261.1 2.0 169.7 .A 237.6 .5 27A.7 .6 22A.5 .6 2A6.7 .A 298.5 6.5 307.2 .5 29 30 31 32 1AA.9 7.8 135.6 1.5 157.5 8.5 131.6 17.A 151.6 8.2 1A1.8 1.6 272.5 8.5 255.9 8.2 173.9 7.9 159.0 7.1 185.0 7.5 182.1 -A. 6 2A7.3 6.7 211.0 29.6 228.2 8.9 21A.0 5.A 286.1 9.7 277.8 -1.3 328. A 8.7 320.7 -1.0 20A.7 11.7 217.0 -2A.0 33 3A 35 19.2 2.3 -9.A 20.0 2.0 9.6 21.2 3.9 1.8 22.0 -.1 -35.A 21.0 A.3 -30.0 21.A 1A.5 16.1 18.8 -3.A 11.A 20.7 -.8 -2A.3 28.1 -2.9 -65.1 20.5 6.5 -63.5 19.2 7.0 75.9 36 -3.7 33.A AO.O A5.9 76.7 75.9 31.0 A9.7 2.9 99.9 37 105.0 115.7 120.9 119.5 117.6 113.0 109.2 131.2 109.9 127.6 Net surplus, NIPA basis - Insurance credits to HH = Gross saving ♦ Mineral rights sales (1) = Nonfinancial surplus 10 11 12 13 IA 15 16 17 18 19 Credit market instruments Fed. agency securities Mortgages Other loans 20 21 22 23 Taxes receivable Trade credit Miscellaneous 2A 25 26 Net increase in liabilities 27 Treasury curr. & SDR ctfs. 28 Credit market instruments Savings bonds Other Treasury issues Agency issues and mtgs. 29 30 31 32 Life 8 retirement reserves 33 3A Trade debt 35 Miscellaneous 83.9 Discrepancy Memo: 119.1 Corp, tax receipts, net 36 37 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies (1) 1 2 2.2 1.8 2.8 2.2 A.l 3.1 A.6 3.9 A.3 3.3 A.O 3.A A.2 3.6 A.5 3.8 A.7 A.O 5.0 A.2 3 A 5 27.1 -. 1 -A.2 A5.9 X 6.6 29.7 -1.3 28.0 19.5 -.2 6.9 19.9 -1.0 -6.5 .7 -5.6 12.3 -9.1 2.9 -8. A 28.5 -2.3 7.3 2.3 .3 -36.3 56.1 -1.7 65.1 6 7 8 9 27.0 A.8 X 3.7 37.1 5.9 .A 2.8 -.5 -7.A 2.9 3.A 16.A 30.2 .5 A.l 1A.8 33.5 2.3 A.O -2.7 13.A 7.2 7.2 22.2 Al*8 -.7 A.7 -.6 26.7 -2.6 A.8 A8.7 69.5 -.A 3.5 -A.8 -17.0 5.8 3.5 18.8 A6.8 -9.6 .6 Credit market instruments U.S. government securities Open-market paper Student loans (SLMA) 6 7 8 9 10 11 12 2A.2 -.2 2A.A 30.5 10.8 19.7 .5 11.5 -11.0 -18.2 6.5 -2A.7 -2A.0 17.0 -A1.0 -31.9 16.9 -A8.8 -23.7 -1.7 -22.0 -25.9 A.9 -30.9 -2A.8 5.7 -30.5 1.8 17.3 -15.5 -21.3 6.7 -27.9 Housing credit Residential mortgages FHLB loans to thrifts 10 11 12 13 IA 15 16 17 -5.6 -A.8 .8 -1.6 A.3 -2.6 -1.9 1.6 -2.3 2.3 .1 -1.8 X 1.9 3.5 -.3 -.9 .2 .3 -3.7 -1.0 -2.0 -1.7 2.7 12.7 l.A -2.6 -3.7 7.8 -3.2 .1 -1.1 -1.3 2.5 -25.8 -3.6 -1.2 .5 -2.8 2A.1 1.0 -.7 1.1 .6 -10.5 1.1 -.3 .7 .8 -2.5 2.3 -.6 -.2 3.1 -27.0 Loans to agriculture Farm mortgages Loans to coops (BC) Loan- to farmers (FICB) Miscellaneous assets 13 IA 15 16 17 18 19 20 21 22 27.A 29.5 30.2 -.8 -2.1 A6.0 AA.9 AA.9 1.1 31.7 25.2 25.2 6.5 22.0 17.0 17.0 A.9 2A.6 13.2 13.2 11 .A 2.3 -A. 7 -A.7 7.0 -3.8 9.7 9.7 -13.5 30.8 17.1 17.1 13.7 2.8 22.3 22.3 -19.5 58.1 19.0 19.0 39.0 23 .6 .8 3.0 3.2 5.7 2.0 5.8 3.0 1.3 2.8 2A 25 26 27 1A2.3 137.8 A.5 K 7A.9 69.7 5.2 X 125.8 120.2 5.6 X 150.3 1A7.3 3.0 X 111.6 107.6 A.l * 161.1 159.3 1.8 .1 162.0 157.6 A.A - 166.8 165.5 1.3 X 116.9 117.7 -.8 X 155.5 1A8.3 7.2 * 28 1A2.3 7A.9 125.8 150.3 111.6 161.1 162.0 166.8 116.9 5.3 Gross saving A.3 Fixed nonres. investment 13.5 Net acq. of financial assets 3.9 Checkable dep. and currency 17.7 Fed. funds 8 security RPs 17.9 Net increase in liabilities Credit market instruments 1A.5 Sponsored agency issues 1A.5 U.S. government loans Miscellaneous liabilities 3.3 5.3 Discrepancy 1 2 3 A 5 18 19 20 21 22 23 1Federally related mortgage pools (2) 153.5 Net acq. of mortgages 150.3 Home mortgages 3.2 Multifamily mortgages X Farm mortgages 2A 25 26 27 155.5 153.5 Net incr. in pool securities 28 Memo: Totals for agencies and pools Housing credit 132.2 Loans to agriculture 2.3 29 30 29 30 166.5 -5.6 105.A -2.6 126.2 .1 132.2 -.3 87.7 -1.1 129.1 1.5 138.3 .1 1A0.9 -3.6 92.1 1.0 157.3 1.1 31 172.5 119.8 151.0 167.A 12A.8 156.A 171.7 18A.0 139.2 17A.6 http://fraser.stlouisfed.org/ BILLIONS OF DOLLARS. Federal Reserve Bank of St. Louis 168.0 Net security issues (1) Sponsored agencies include: Federal Home Loan Banks, Federal National Mortgage Assn.,Federal Home Loan Mortage Corp.,Student Loan Marketing Assn., Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, the Financing Corp., and the Resolution Funding Corporation. (2) GNMA. FNMA- FHLMC, and Farmers Home Administration pools. Excludes Federal Financing Bank holdings of pool securities- which are included in U.S. government mortgages and other loans. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 31 JUNE 12, 1991 Foreign sector Foreign sector Sector Statements of Saving and Investment i x UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1991 1 I ANNUAL FLOWS, $ BILLIONS 198A 1985 1986 1983 Foreign Sector 1 Net U.S. exports, NIPA basis 2 U.S. export receipts 3 - U.S. import payments A (Memo: net corporate earnings retained abroad) -17,163 -8,70A -2,937 -5,515 -15,383 -7.AA0 7,681 153,A02 160.671 16A.978 168,287 165,AAA 17A.066 171,580 170,565 169,375 167,915 173,802 180,827 181,506 163,899 6.876 1A.0A9 5,513 9,650 7,275 8,211 11,171 -6.1 352.5 358.6 18.A -59.0 383.5 AA2.5 19.2 -77.9 370.9 AA8.9 18.9 -97.A 396.5 A93.9 15.5 1 2 3 A 15.9 22.6 3,A53 9,012 29,628 A,859 9,363 22,926 3,372 9,319 15,628 A.818 9,683 20,016 A.AA7 9,708 29,538 2,838 -18,886 10.0A0 9,962 20,318 -16.605 9.5 17.8 33.5 12.2 19.8 90.9 15.1 21.3 11A.3 135.8 5 6 7 8 9 Net financial Investment Net acq. of financial assets 10 Gold and SDRs (1) 11 U.S. checkable dep. 12 U.S. time deposits 13 Net interbank claims IA 29,A37 69,1A6 -211 327 A,121 1,281 25,055 A3,610 -20A 160 301 6,379 3,825 3,889 -2A7 -1,572 1,609 l,A05 -3,318 26,5A8 -216 -108 AA8 2,800 22,822 51,058 363 1,739 -8A5 26.7A9 8,233 22,0A9 -93 -35A -909 A,527 3,850 16,301 31 -1,516 9A0 -1,259 28.3 5A.0 -.1 1.6 .5 12.5 71.7 85.1 -1.0 1.9 A.6 2.3 10A.2 108.8 -.9 1.6 3.7 1A.5 132.6 160.6 -.2 2.7 -2.7 12.7 9 10 11 12 13 IA 15 16 17 18 19 20 21 22 23 Security RPs U.S. corporate equities Credit market instruments U.S. govt, securities Official, net Private, net U.S. corporate bonds (2) Loans to US nonbanks Open-market paper -1,260 A,8A2 32,766 28,372 12,961 15,All 970 3,310 11A 2,268 -1,700 12,132 A, 580 -6,773 11,353 5,020 2,2A8 28A -1,616 -3,A26 -398 -A,768 -6,307 1,539 1,22A A,AA6 -1,300 997 -3,8A2 15,510 8,217 2,807 5,A10 3,557 3.2A5 A91 386 -2-6A9 17,709 11,330 11,983 -653 195 6,908 -72A 1,166 -6,058 20,A08 21,250 20,827 A23 892 -1,182 -552 1,166 2,257 10,570 6,898 2,191 A,707 A,810 -881 -257 .5 6.0 23.7 15.6 6.5 9.1 A.6 2.7 .8 .1 -1.3 57.9 28.9 A.7 2A.2 1A.8 13.0 1.2 .8 A.3 62.3 2A.2 -1.1 25.A 36.7 1.5 -.2 3.A 17.2 97.8 A5.A 33.2 12.3 A0.2 11.1 1.1 15 16 17 18 19 20 21 22 23 2A 25 Security credit Trade credit -1.A57 991 805 198 3,098 1,811 1,987 -1.3 1.5 .5 26 27 28 29 30 Miscellaneous assets Dir. investmt.in U.S.(3) Equity, etc. Retained earnings Other 28,737 11,672 11,171 501 17,065 23,283 20,A37 22,1AA -1,707 2,8A6 7,329 16,883 19,350 -2,A67 -9,55A 10,761 9,277 10,258 -981 1,A8A A, 508 8,380 9,820 -1,AAO -3,872 1,551 A,530 11,79A -7,26A -2,979 2,125 1,338 5,060 -3,722 787 10.7 11.5 11.9 -.3 -.8 19.1 25.6 22.5 3.1 -6.A 21.9 20.5 20.A .1 l.A 39,709 18,555 6A 29,866 28,236 13,816 12.A51 25.6 13.A A.6 28.0 31 5,785 -1,589 2,998 2,A79 2,930 -A,975 -587 6,595 -1,376 3,058 999 3,056 38A -6,6A7 1.1 1.3 2.2 -5.8 3.0 -3.9 -.6 32 9.1 33 7,518 6,613 2,105 3,839 A,A7A 270 9 298 8,7A7 5,985 11,255 5,175 5A1 10,323 A73 389 10,252 7,157 6,559 2,60A 2,867 3.7 17.3 3.1 .9 8.A 3.8 3.7 1.2 3.8 1.2 3A 9.7 35 3.1 36 l,0A6 -555 1,287 31A -1,205 -15A -182 -869 -2,366 -30 -1,576 -760 288 -25 -187 500 A,372 963 113 3,296 3.605 -2,075 -9A3 6,623 -7,6AA 515 78 A -8.9A3 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -l.A -1.3 -.1 -1.0 * 1.0 -2.1 A,765 -353 -950 5,52A 73 -188 -3,730 -2,655 302 5,770 -A81 503 6,391 -758 -155 3,893 555 -A, 958 11,673 -2,A65 -1,827 6.5 -.1 A.3 6.2 1.0 A.O 6.2 -7.A l.A 11.5 Al -5.A A2 1.5 A3 778 -566 -765 1,772 1,978 2,637 1,928 -.9 -1.6 -.1 AA -1.2 A5 20,60A 31A 5,331 3A1 13,712 A61 -3,517 212 7,623 293 3.2 .7 -121 -13 23 -52 -16 .1 7,737 1,092 6,6A5 12,523 1,57A 2,852 -1,278 3,537 2,567 32A 7A 9,025 2,A13 6,612 -6,856 A,8A6 30A 30 2,880 -2,950 5,830 1,675 18,37A 12,0Al 6,333 -5.1A6 -2,666 -5,03A 2,368 -1,011 11,282 2,869 8.A13 -3,936 9.8 -3.6 13.5 -7.A 9.A 1.1 .A 13.A -3.9 17.3 -5.5 .8 1.5 -.1 9.7 -A.O 13.7 -10.3 191 -2,129 11,803 23.33A 6,716 12,085 -20.A55 5.1 19.2 10.1 5 6 7 8 31 32 33 3A 35 36 - Transfers to foreign - U.S. govt, interest paid ♦ Net capital grants = Net foreign investment (U.S. balance, sign reversed) Net increase in liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits Foreign corporate equities Credit market instruments Corporate bonds 37 38 39 A0 Bank To To To Al A2 A3 Commercial paper Accept, liabs. to banks U.S. government loans loans n.e.c. foreign official foreign banks other foreign AA A5 Security debt Trade debt A6 A7 AS A9 50 51 52 Miscellaneous liabilities U.S.equity in IBRD, etc. U.S. govt, deposits U.S. dir. invstmt. (2,3) Equity, etc. Retained earnings Other 53 Discrepancy (FOF basis) (A) (1) U.S. net sales, sign reversed. (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Direct investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. (A) BOP discrepancy adjusted to national accounts concepts. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 2A .8 25 29.0 36.1 35.A .7 -7.1 26 27 28 29 30 37 38 39 AO 9.8 A6 1.5 A7 -1.0 A8 12.A 3.3 9.0 -3.1 A9 50 51 52 3.2 53 JUNE 12, 1991 Foreign sector Foreign sector Sector Statements of Saving and Investment 17 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1990 1987 1988 1989 SEASONALLY ADJUSTED ANNUAL RATES I 1 1989 III IV I | 1990 I II III IV I 1991 1 I Foreign Sector 1 2 3 A -11A.7 AA9.6 56A.3 22.9 -7A.1 552.0 626.1 1A.5 -A6.1 626.3 672.3 31.6 -31.3 672.8 70A.1 37.9 -A9.3 623.7 673.0 29.2 -35.3 6A2.8 678.1 29.6 -30.0 661.3 691.3 38.2 -2A.9 659.7 68A.6 25.A -Al.A 672.7 71A.1 35.2 -28.8 697.A 726.2 52.6 5 6 7 8 1A.6 25.3 15A.6 15.0 30.2 119.3 1A.8 36.0 96.8 15.5 38.8 85.5 1A.2 36.2 99.7 18.5 37.1 90.9 1A.0 37.6 81.6 19.A 38.7 83.0 18.3 39.0 98.7 10.2 39.7 78.7 9 10 11 12 13 1A 158.0 172.A -.5 -l.A .9 AA.l 136.6 169.8 .1 -.6 3.1 6.9 86.9 183.A -.5 -.2 -1.9 -7.5 31.6 103.5 -.2 -.3 .3 35.5 121.A 2AA.2 -.8 5.8 19.6 5.A 81.0 85.9 -.8 -3.A -3.5 -12.7 19.6 128.7 -1.0 -3.5 8.1 AO.6 -7.6 122.0 -.9 -3.9 1.8 16.5 96.3 173.A 1.5 11.5 -.3 110.3 18.0 -10.0 -.A -5.2 -8.A -25.5 15 16 17 18 19 20 21 22 23 2.2 15.6 62.7 A0.6 AA.8 -A. 2 19.9 1.9 .3 1.1 -.5 97.6 68.7 A3.1 25.6 18.6 11.0 -.7 3.3 6.6 72.1 A5.A 1.7 A3.7 12.9 13.0 .8 .9 -16.0 53.2 36.0 29.3 6.7 5.9 13.A -2.1 -5.0 1A.6 132.A 113.5 51.8 61.6 5.3 13.2 .5 9.1 3.8 AA.2 18.3 -27.1 A5.A 15.7 9.0 1.1 -6.5 -12.6 3.0 -19.1 -25.2 6.2 9.5 17.8 -5.2 A.O -22.2 59.8 32.9 11.2 21.6 12.0 13.0 2.0 1.5 -16.5 72.3 A5.3 A7.9 -2.6 2.2 27.6 -2.9 A.7 -12.6 77.9 85.0 83.3 1.7 -.2 -A. 7 -2.2 A.7 10.9 A7.3 27.6 8.8 18.8 2A.3 -3.5 -1.0 2A 25 .2 2.9 1.3 5.9 -5.8 A.O 3.2 .8 12.A 7.2 7.9 26 27 28 29 30 A8.6 A7.3 A5.A 1.9 l.A 59.2 57.6 51.9 5.7 1.6 110.3 69.7 72.3 -2.7 A0.6 2A. 1 39.1 51.2 -12.2 -1A.9 78.1 52.7 51.7 1.0 25.A A5.A 6A.A 66.8 -2.A -19.0 97.A 72.8 8A.A -11.6 2A.6 66.1 AA.7 50.0 -5.3 21.5 -19.2 AO.O A6.8 -6.8 -59.2 -A7.7 -1.2 23.7 -2A.9 -A6.5 82.9 11.0 27.3 -16.3 71.9 31 1A.5 33.2 96.A 72.0 122.7 A.9 109.1 129.6 77.1 -27.9 172.5 32 33 -9.7 -3.1 A.O -3.1 2A.8 1.1 2.0 7.7 23.1 -1.7 12.0 l.A 11.7 -13.1 -2.3 2A. 2 -5.5 17.A A.O 2.5 1.5 -19.2 3A 35 36 -2.1 A.5 7.A .9 6.3 6.9 16.7 10.9 5.3 6.9 32.1 21.6 27.5 30.A 8.1 17.2 16.9 -1.0 1.7 2.3 32.7 23.8 A1.0 25.8 -1.0 A5.1 1.2 3.2 AO.2 26.5 28.8 11.7 8.9 37 38 39 A0 -3.6 -.9 -2.9 .2 -1.8 -.5 -1.3 -.1 -l.A .7 .5 5.9 -1.2 -2.6 9.7 3.7 -2.2 A.A 1.5 -A. 3 -.6 .2 -3.9 -6.7 -.1 -3.0 -3.5 -2.0 -.1 -A. 3 2.5 17.A 3.9 -.1 13.7 1A.9 -8.3 -2.9 26.0 -27.7 2.1 6.3 -36.0 Bank To To To A1 A2 A3 2.1 1.0 -2.3 8.7 -2.A -5.1 13.3 -5.3 -2.2 12.3 -3.3 -A.3 20.7 .3 -2. A 22.2 -3.0 3.1 -16.A -6.1 -1.2 23.1 -A.5 -1.5 27.3 -2.0 1.2 15.3 -.8 -15.7 A5.5 -5.1 -10.0 Commercial paper Accept, liabs. to banks U.S. government loans AA A5 2.9 7.A 3.A 5.6 .5 .2 -7.2 11.5 A.7 13.5 2.8 A6 A7 A8 A9 50 51 52 21.9 1.2 .1 26.0 8.3 17.7 -5.A 17.7 2.A -.3 13.3 .9 12.A 2.2 39.6 1.2 -. 2 23.7 3.2 20.5 1A.9 17.6 1.3 X 27.6 6.5 21.1 -11.3 A2.9 1.3 .1 28.7 A.2 2A.5 12.8 -A2.8 l.A -.5 7.5 8.7 -1.2 -51.2 113.7 1.3 .3 3A.9 9.9 25.0 77.3 31.5 1.2 -.1 1A.1 -9.5 23.5 16.2 16.5 1.8 .1 71.0 A7.9 23.1 -56.5 -91.3 .8 -.2 -9.6 -22.5 12.9 -82.3 1A6.8 1.2 -.1 A3.9 11.5 32.5 101.8 53 -3.A -17.3 9.9 53.9 -21.7 9.9 62.0 90.6 2.A 60.7 12.1 Net U.S. exports, NIPA basis U.S. export receipts 687.5 675.A - U.S. import payments AA.3 (Memo: net corporate earnings retained abroad) 1 2 3 A - Transfers to foreign - U.S. govt, interest paid ♦ Net capital grants = Net foreign investment (U.S. balance, sign reversed) 5 6 7 8 -7A.9 AO.2 -A6.8 19.6 Net financial investment Net acq. of financial assets 192.1 Gold and SDRs (1) .1 -3.7 U.S. checkable dep. U.S. time deposits 5.1 36.8 Net interbank claims 9 10 11 12 13 1A Security RPs U.S. corporate equities Credit market instruments U.S. govt, securities Official, net Private, net U.S. corporate bonds (2) Loans to US nonbanks Open-market paper 15 16 17 18 19 20 21 22 23 Security credit Trade credit 2A 25 Miscellaneous assets Dir. investmt.in U.S.(3) Equity, etc. Retained earnings Other 26 27 28 29 30 Net increase in liabilities U.S. off. fgn. exchange & net IMF position U.S. private deposits 32 33 Foreign corporate equities 3A Credit market instruments 35 Corporate bonds 36 loans n.e.c. foreign official foreign banks other foreign 37 38 39 A0 A1 A2 A3 Security debt Trade debt AA A5 Miscellaneous liabilities A6 A7 A8 A9 50 51 52 U.S.equity in IBRD- etc. U.S. govt, deposits U.S. dir. invstmt. (2,3) Equity, etc. Retained earnings Other -66.A Discrepancy (FOF basis) (A) (1) U.S. net sales, sign reversed. (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Direct investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. (A) BOP discrepancy adjusted to national accounts concepts. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 31 53 JUNE 12, 1991 Banking System Banking System Sector Statements of Saving and Investment 18 UNADJUSTED NET FLOWS- $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I I III 1989 IV I I 1990 III II I IV I I 1991 I ANNUAL FLOWS- $ BILLIONS 1983 1984 1985 1986 Monetary Authority 1 Gross saving 2 Fixed nonres. investment .7 .1 -1.1 .1 -1 .8 .1 2 5-139 -688 180 1,221 -81 19,601 -15-561 24 494 168 161 1,500 689 -24 54 -315 18,354 -18,354 9.A -1.7 .7 -1.2 .2 -3.8 14.6 .5 .7 -.7 2.7 X 24.9 2.0 .6 .1 .1 -.5 3.2 31.9 .4 .5 .3 .3 -1.5 10.8 3 4 5 6 7 8 9 13,406 13,406 13,484 -78 471 2,921 2,921 2,990 -69 1,586 682 682 717 -35 -1,964 5-875 5,875 5,875 -3,304 14.7 14.7 15.0 -.3 .5 8.4 8.4 8.7 -.3 3.0 18.4 18.4 18.6 -.2 1.0 19.4 19.4 19.8 -.4 1.6 10 11 12 13 14 15 16 -7,585 570 -5,416 10,815 207 1,039 5,139 -207 458 19,601 -15,561 2,529 -14-591 7,837 -7,869 9.4 -5.0 1.5 14.6 .4 3.2 24.9 6.8 1.3 31.9 17 19.5 18 . 1 19 370 -7,220 242 7,348 3,465 1-032 -1,300 -306 2,638 -3,771 9,023 678 80 8,265 546 6,638 2,115 55 4,468 -1,750 8,517 1,348 -47 7,216 718 9,513 2,032 -94 7,575 -2,614 13.0 -1.3 X 14.3 X 10.3 1.7 X 8.6 .7 16.6 4.1 .1 12.4 .2 12.4 -1.9 -.2 14.4 -.1 -293 -262 -265 -267 -268 -267 .5 .5 -1.1 -1.9 25 -220 42 -220 45 -219 48 -4,639 3-055 271 704 -242 - 12,690 1,491 215 592 -117 2,117 -7,585 1,580 224 -717 1,682 -184 10,815 -40 208 280 -1-577 -1,933 Credit market instruments -10.815 U.S. government securities -10,815 Treasury securities -10,716 Agency issues -99 Acceptances Bank loans n.e.c. Miscellaneous assets 2,388 5,695 5,695 5,725 -30 2,697 -8,878 -8,878 -8,877 -1 -1,292 -4,639 -5,128 347 12,690 3,306 5,549 -580 1,265 78 -1,923 722 -295 17 Net increase in liabilities Depository inst. reserves 18 Vault cash of coml. banks 19 20 21 22 23 24 .6 .1 -249 44 3 Net acq. of financial assets Gold and foreign exchange 4 Treasury currency 5 SDR certificates 6 Federal Reserve float 7 F.R. loans to domestic banks 8 Security RPs 9 10 11 12 13 14 15 16 -217 50 -249 46 Checkable dep. and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 25 Discrepancy -219 49 20 21 22 23 24 Commercial Banking (1) 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets Checkable dep.and currency 4 5 6 7 8 Total bank credit U.S. govt, securities Treasury issues Agency issues 2,907 7,655 2,614 7,686 2,774 7,950 5,492 8,003 6.8 9.1 5.0 14.8 9.0 16.0 9.0 18.2 1 2 48,671 -4 30,457 -27,080 17 25 54,625 52 44,581 123 9,313 75 156.6 .2 208.6 .5 247.8 .4 245.4 -.1 3 4 50,366 4,952 -11,790 16,742 55,672 12,613 -11 12,624 28,196 34-976 14,352 20,624 42,297 10,309 -3-640 13,949 31,025 11,866 2,482 9,384 22,158 2,141 -8,518 10,659 17,177 29,848 15,281 14,567 138.9 47.8 47.1 .7 175.9 1.5 2.8 -1.3 208.9 9.5 11.9 -2.4 197.9 44.5 6.5 38.0 5 6 7 8 2,483 7,221 2,267 7,345 104,682 -37 4,326 7,488 9 10 Tax-exempt obligations Corporate bonds -3,288 921 -6,222 3,357 -3,696 -463 -5,846 1,726 -1,440 -73 -5,399 2,932 -4,150 837 3.7 3.9 12.5 5.1 57.1 6.2 11 12 13 14 15 16 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 47,781 26,834 9,073 11,795 -344 423 45,924 -2,621 19,799 21,437 10,619 -9,371 12,944 -11,532 1,522 -351 -598 -1,166 36,107 27,895 7,811 970 -569 20,673 16,272 7,000 -1,351 -438 -810 22,484 -9,354 12-277 12,149 4,000 -13,392 6,650 -11,805 2,919 586 -3,362 3,108 83.4 29.2 22.7 28.2 .8 2.4 156.9 44.6 45.2 62.7 -1.4 5.8 136.0 49.7 37.5 40.3 -2.5 11.0 17 18 19 20 21 Corporate equities Cust. liabs. on acceptances Vault cash Reserves at Federal Reserve Miscellaneous assets 22 Net Increase in liabilities 23 Checkable deposits U.S. government 24 Foreign 25 26 Private domestic -1 -4 X -.1 .1 -1,888 458 93 24,885 452 -7,652 7,837 -7,869 2,729 -13,991 11,282 21,573 6.9 1.5 -6.0 15.2 3.8 3.2 -.5 25.7 -9.5 1.3 5.1 41.6 -5.6 .1 17.8 35.3 18 19 20 21 47.553 37,589 -15,628 36,395 -37,721 23,621 -4,696 -8,866 15.347 -82 -1,266 -188 41,173 -27,589 8,462 52,679 -2,328 4,532 1,684 -8.544 36,344 16,811 38,504 -37,727 -5,676 -4,597 -307 -1,422 44,487 -31,708 165.3 15.9 -5.3 1.6 19.7 214.4 29.2 4.0 2.0 23.2 246.7 53.9 10.3 1.4 42.2 241.2 94.1 1.7 2.9 89.6 22 23 24 25 26 35,201 28,518 36,806 29,797 26,700 32,846 130.8 74.6 80.3 71.6 27 5,124 4,238 9,320 -11,517 -3,885 20,184 -6,251 -8,525 -6,512 -1,119 -13,719 -30,316 13,190 -7,753 -48.3 14.8 38.3 1.6 11.8 31.3 3.2 28 19.2 29 -3,333 374 -8,234 4,527 16,125 30 17,354 -1,259 .6 -1.0 -10.9 12.5 9.8 2.0 5.5 2.3 19.5 -.4 5.3 14.5 8.7 -1.2 -2.8 12.7 30 31 32 33 -98 -22 -2,870 -13,498 2,527 378 -5,397 -13,876 .8 18.4 9.7 8.7 1.1 23.3 13.5 9.8 1.4 11.7 18.9 -7.1 1.4 11.5 16.1 -4.6 34 35 36 37 1 14,268 -50 13,700 -.1 32.5 X 36.5 .1 36.8 * 38 31.5 39 -7,018 -13,413 4,987 6.4 -4.0 -8.1 -13.3 40 29,948 6,421 143.3 174.0 188.4 198.1 41 89,265 -13,841 -4,112 249 -9,978 - Small time and savings dep. Large time deposits Fed. funds and security RPs 30 31 32 33 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks -501 462 -2,244 1,281 2,664 475 -4,190 6,379 6,907 965 4,537 1,405 34 35 36 37 Corporate equity issues Credit market debt Corporate bonds Open-market paper 439 4,064 2,998 1,066 444 -1,115 2 -1,117 449 -4,483 -1,573 -2,910 38 39 Profit taxes payable Miscellaneous liabilities Credit mkt. funds adv. 24,926 87 -54 59,647 -18,703 1,462 -1,297 -41 2,800 28,949 1,140 1,060 26,749 454 459 -7,728 -14,030 -1,435 -4,329 -6,293 -9,701 -108 27,620 -62,765 -20,155 -6,196 3,970 6,704 50,627 56,963 23,800 40,337 -106 32,182 - 25,972 (1) Consists of U.S.-chartered commercial banks, domestic affiliatesfBHC’s), Edge Act corporations, agencies and branches of foreign banks, and banks in U.S. possessions. Edge Act corporations and offices of foreign banks appear together in these tables as "foreign banking offices in U.S.” IBF’s are excluded from domestic banking and treated like branches in foreign countries. (2) Floats and discrepancies in interbank deposits and loans. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 11 12 13 14 15 16 1 - 28 29 40 Discrepancy 158.1 70.1 24.8 69.9 -.9 -5.8 -5,562 -2,528 1,039 -5,416 347 307 12,875 -68,220 - 684 693 347 5,549 -4,999 2.765 58.321 -16,004 27 41 Memo: -28.4 9 23.7 10 * 17 JUNE 12r 1991 Banking System Banking System Sector Statements of Saving and Investment 19 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 1 1 1989 III IV 1 1 1 1 1990 I II III IV 1991 I Monetary Authority -.9 Gross saving .2 Fixed nonres. investment 1 2 -1.5 .1 .7 .2 -1.0 .2 -.9 .2 -1.0 .2 -1.0 .2 -.9 .2 -.9 .2 -.9 .2 -.9 .2 3 4 5 6 7 8 9 10.7 -3.8 .6 -.5 2.3 -14.7 18.4 2.5 .6 .5 -1.6 5.5 11.2 12.6 .8 3.5 - .2 -1.7 -4.7 28.0 1.3 .8 1.5 1.5 -.3 16.2 -24.0 12.2 1.1 1.8 -2.4 -6.0 14.9 6.0 .9 -.1 -1.8 1.2 25.3 6.3 .9 -1.4 7.9 16.8 29.9 -.2 .8 42.2 2^0 3.2 -4.3 -12.5 14.5 -2.8 .7 3.5 -1.9 -5.6 .6 6.0 .6 -2.9 66.3 10 11 12 13 14 15 16 24.7 24.7 24.9 -.3 2.1 10.5 10.5 11.1 -.6 .4 -7.3 -7.3 -6.9 -.4 8.2 8.1 8.1 8.3 -.2 -1.2 -31.2 -31.2 -30.8 -.5 .5 -4.6 -4.6 -4.6 X 13.5 -6.3 -6.3 -6.3 .1 1.1 40.4 40.4 40.8 -.4 2.4 24.4 24.4 24.7 -.3 -3.9 -25.9 -25.9 -25.9 X -4.5 17 18 19 10.7 -6.3 -.8 18.4 -2.4 2.7 11.2 -3.8 1.1 28.0 3.1 3.9 -24.0 -24.9 2.5 14.9 6.4 8.0 25.3 7.9 -4.8 29.9 6.7 .2 14.5 -4.7 3.6 42.2 2.4 16.7 20 21 22 23 24 16.7 -2.3 -.1 19.0 1.1 18.1 3.3 .1 14.7 .1 9.5 -2.4 .2 11.7 4.3 25.2 2.8 -.2 22.6 -4.3 4.0 -2.3 .3 6.0 -5.7 -1.7 -12.8 1.0 10.1 2.3 34.0 9.2 -1.2 26.1 -11.8 -1.0 -24.4 .3 23.1 24.1 34.8 2.4 .2 32.2 -19.3 33.1 24.2 -.2 9.1 -10.0 25 -1.7 .5 -1.2 -1.1 -1.2 -1.2 -1.0 -1.1 -1.1 -1.1 -1.1 Discrepancy 15.1 Gross saving 32.0 Fixed nonres. investment - -5.0 Net acq. of financial assets Gold and foreign exchange .1 Treasury currency .7 SDR certificates 1.2 Federal Reserve float 1.3 F.R. loans to domestic banks -55.6 Security RPs 53.3 53.3 53.2 .1 -5.8 Credit market instruments U.S. government securities Treasury securities Agency issues Acceptances Bank loans n.e.c. Miscellaneous assets -5.0 Net increase in liabilities -51.7 Depository inst. reserves Vault cash of coml. banks -14.8 67.5 21.8 -.4 46.0 -6.0 Checkable dep. and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Commercial Banking (1) 1 2 7.5 20.1 10.0 25.3 11.4 28.4 12.6 30.8 12.0 28.9 12.0 29.4 11.0 30.0 12.5 30.6 12.7 30.7 14.3 31.8 3 4 171.0 -.8 178.6 -.2 279.4 -.1 102.6 .2 417.9 -.1 116.3 X 213.4 .1 -132.9 .1 220.4 .2 109.4 .5 122.6 Net acq. of financial assets .3 Checkable dep.and currency 3 4 5 6 7 8 124.6 27.1 -2.0 29.1 158.1 21.3 -9.1 30.3 183.7 35.7 -18.9 54.5 123.7 59.3 4.7 54.6 184.7 16.1 -47.6 63.8 183.8 62.7 16.3 46.4 189.4 115.0 28.0 86.9 142.6 58.9 -1.0 59.9 108.1 43.5 9.5 34.0 54.7 19.9 -17.8 37.6 144.2 94.1 30.5 63.6 5 6 7 8 9 10 -29.1 23.8 -22.7 11.7 -17.8 3.4 -16.4 4.1 -27.4 8.6 -15.8 10.5 -13.7 -5.1 -23.8 8.5 -18.5 5.1 -9.5 8.0 -17.8 -.1 Tax-exempt obligations Corporate bonds 9 10 11 12 13 14 15 16 102.9 86.2 16.5 3.2 2.3 -5.3 147.9 77.8 33.1 39.4 -1.9 -.5 162.5 94.3 22.5 41 .5 -.1 4.3 76.6 76.2 1.6 1.6 3.1 -5.9 187.4 105.3 25.0 56.5 -.9 1.5 126.4 87.2 29.5 7.5 1.1 1.1 93.3 89.2 -1.8 12.2 3.9 -10.2 99.0 101.1 -10.9 6.2 3.5 -1.0 78.0 63.7 16.9 3.5 -1.3 -4.7 36.3 51.0 2.3 -15.6 6.3 -7.7 68.0 58.6 -15.9 12.1 7.8 5.4 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 11 12 13 14 15 16 17 -.1 X X * X Corporate equities 17 18 19 20 21 5.4 -.8 -6.4 49.0 -2.3 2.7 -3.5 23.8 -2.1 1.1 -3.7 100.5 -9.5 3.9 3.5 -19.2 .5 2.5 -24.3 254.7 1.5 8.0 4.2 -81.2 -11.4 -4.8 7.0 33.2 -17.4 .2 7.1 -265.4 -10.1 3.6 -3.5 122.0 .8 16.7 3.2 33.5 -19.6 -14.8 -49.3 61.7 22 23 24 25 26 167.7 -19.7 -5.8 -1.3 -12.6 208.1 16.8 7.3 -.6 10.1 259.3 -3.8 -3.4 -.5 .1 111.0 22.1 5.3 -.1 16.8 367.9 -8.0 -19.9 5.5 6.5 97.6 50.6 5.0 -4.4 49.9 263.9 6.4 13.1 -2.3 -4.4 -108.4 -20.4 -13.4 -4.2 -2.8 228.0 46.6 18.2 11.2 17.2 60.3 55.6 3.4 -5.0 57.2 178.9 Net increase In liabilities 7.8 Checkable deposits 30.1 U.S. government -3.4 Foreign -18.9 Private domestic 27 27.4 73.1 96.5 121.8 114.7 113.9 111.1 163.4 133.0 79.8 129.7 Small time and savings dep. 27 28 29 42.1 10.2 42.0 20.8 32.1 37.8 -25.2 -25.0 -2.3 10.9 5.4 -38.5 -9.3 54.0 4.0 40.7 -57.4 -84.1 -37.9 -110.5 57.5 -59.3 Large time deposits Fed. funds and security RPs 28 29 30 31 32 33 41.1 1.8 -4.8 44.1 2.0 -1.2 -3.7 6.9 -14.5 -1.9 -5.1 -7.5 34.0 1.2 -2.7 35.5 -11.0 -.6 -15.9 5.4 -11.5 -2.0 3.2 -12.7 50.7 6.5 3.6 40.6 15.6 -1.1 .2 16.5 109.1 1.6 -2.7 110.3 -39.5 -2.3 -11.8 -25.5 92.2 2.4 53.0 36.8 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks 30 31 32 33 34 35 36 37 1.6 20.5 13.5 7.1 1.7 2.2 5.1 -2.9 1.7 4.8 4.7 .1 1.3 -29.1 -4.8 -24.3 1.8 20.0 12.0 8.0 1.8 -4.6 X -4.6 1.8 -13.0 -6.3 -6.7 1.8 -39.9 -5.7 -34.2 1.8 -52.9 -17.3 -35.6 -.4 -10.6 10.1 -20.7 -.1 -49.3 1.5 -50.9 Corporate equity issues Credit market debt Corporate bonds Open-market paper 34 35 36 37 38 39 .1 44.5 .2 49.3 .2 104.4 - .2 11.3 .3 241.5 -.2 -19.2 62.2 -.4 -273.1 -.4 132.3 X 123.9 -.2 .5 Profit taxes payable Miscellaneous liabilities 38 39 40 -15.8 14.3 -37.1 -9.8 -66.9 -36.0 31.5 6.4 -10.4 -66.6 41 135.4 156.3 177.3 120.1 183.7 184.3 188.1 126.1 102.7 63.2 - - - - X - Total bank credit U.S. govt, securities Treasury issues Agency issues Cust. liabs. on acceptances Vault cash Reserves at Federal Reserve Miscellaneous assets 39.4 Discrepancy 119.3 Memo: Credit mkt. funds adv. (1) Consists of U.S.-chartered commercial banks, domestic affiliates(BHC’s), Edge Act corporations, agencies and branches of foreign banks, and banks in U.S. possessions. Edge Act corporations and offices of foreign banks appear together in these tables as "foreign banking offices in U.S." IBF’s are excluded from domestic banking and treated like branches in foreign countries. (2) Floats and discrepancies in interbank deposits and loans. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 1 2 18 19 20 21 22 23 24 25 26 40 41 JUNE 12, 1991 Commercial Banking Subsectors Commercial Banking Subsectors Subsector Statements for Component Groups in Commercial Banking 20 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS. S MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1991 1 I ANNUAL FLOWS.• $ BILLIONS 1983 1984 1985 1986 U.S.-Chartered Commercial Banks 10 11 12 13 14 15 16 17 18 -.5 8.8 -2.5 14.3 15^6 17.6 1 2 31,472 25-091 10,470 1.451 9,019 16,762 -14-634 8,273 7-009 1,225 25,709 -8,922 12-091 10,147 13-618 130.3 133.9 44.2 43.5 .7 165.3 166.2 1.3 2.5 -1.2 191.4 183.4 4.6 7.5 -2.9 175.8 163.8 42.4 5.9 36.5 3 4 5 6 7 -5,841 1,537 -1.438 -586 -5-407 1,563 -4,165 1,497 3.8 3.6 12.6 3.2 57.2 2.3 -28.4 18.4 8 9 -1,531 15,324 -9,371 -6,478 -398 -608 27,216 23,749 4,540 -51 -1,022 16,645 13,588 7,000 -2,764 -304 -875 9,628 -14-768 9,242 7,535 4-000 -13,392 -2,722 -11,132 1,264 1,993 957 -2,885 82.3 29.4 22.7 27.1 1.1 2.0 149.1 44.1 45.2 55.7 -.6 4.7 119.3 49.4 37.5 28.4 -2.8 6.8 131.5 67.0 24.8 46.4 -.7 -5.9 10 11 12 13 14 15 -1,301 -5.405 -1,075 -1,978 1,684 -878 501 266 5,614 -1,315 -1,854 10,674 -21,152 394 99 4.6 -3.9 -4.3 -2.8 2.5 -.5 -11.1 5.7 13.4 54,133 25,742 37,256 -38,335 -4,696 -8,866 10 -1,849 41,942 -27,620 47,862 23,921 15,347 -21 8,595 32-167 -2-837 4,532 1,302 -8,671 11,428 -4,369 38,967 -36,938 -5,676 -4,597 233 -1,357 44,410 -30,984 146.2 15.6 -5.3 1.4 19.5 178.5 30.2 4.0 2.8 23.4 198.9 51.8 10.3 .1 41.4 29,797 26,700 -979 7,173 2,056 7,312 -38 7,472 -103 7,500 40-338 37,730 5,999 -11-536 17,535 52,083 43,991 10,096 -2,491 12,587 16,431 24,212 30,926 10,995 19,931 33,585 34,757 11,845 -1,843 13,688 Tax-exempt obligations Corporate bonds -3,275 -364 -6,209 2,398 -3.687 -1,496 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 35,370 24,262 9,073 2,781 -669 -77 37,706 18,991 10,619 6,808 1,750 -462 -1,275 -4-186 8,069 -1,522 8,196 1,418 3 Net acq. of financial assets Total bank credit 4 U.S. govt, securities 5 Treasury issues 6 Agency issues 7 8 9 2,641 7,806 98 7,053 1 Gross saving 2 Fixed nonres. investment Cust. liab. on acceptances Vault cash & res. at F.R. Miscellaneous assets 19 Net increase in liabilities Checkable deposits 20 U.S. government 21 Foreign 22 Private domestic 23 27,094 -14,560 -4,112 299 -10,747 -239 7,757 -7.3 16 17.3 17 1.9 18 178.2 93.2 1.7 2.7 88.8 19 20 21 22 23 24 Small time & svgs.deposits 24,926 35,201 28,518 36,806 32-846 130.8 74.6 80.3 71.6 24 25 26 Large time deposits Fed. funds 8 security RPs 3,810 1,768 11,806 -15,684 -2,025 18,310 -5,991 -4,050 -8,375 -14,164 -5,001 -15,680 -31,038 -4,544 -38.7 11.3 33.9 1.9 10.8 26.8 -6.6 25 10.8 26 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 1,821 704 -242 524 835 -8,170 592 -117 -1,551 -7,094 15-640 -3,776 280 -717 1,682 -1,577 -2.756 -13,965 11,486 17,431 13,819 1,221 -81 6,736 5,943 -9,514 689 -315 -1,003 -8,885 9,182 -24 54 4,467 4,685 6.9 -1.2 .2 -.1 7.9 4.8 -.7 2.7 4.6 -1.8 8.0 .1 -.5 -1.7 10.1 -4.8 .3 -1.5 -.9 -2.7 32 33 34 35 36 37 38 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other -1,280 439 1,458 87 -1-413 -1,923 510 -1,480 444 729 -54 4,123 387 3,736 -1,499 449 -345 5,029 6,245 -1,216 -2,002 454 -86 -108 3-645 986 2,659 473 459 29 -106 10-263 575 9,688 -1,385 -98 4,607 1 -8,437 750 -9,187 -1,906 -22 72 -50 11,155 -3,003 14,158 3.0 .8 - .2 -.1 16.9 15.5 1.4 -3.6 1.1 3.6 * 32.0 18.9 13.1 -10.9 1.4 4.5 .1 26.0 15.6 10.3 -8.7 32 1.4 33 2.2 34 X 35 19.1 36 16.7 37 2.4 38 -20-199 -6,102 4,055 6,767 -6,908 -13,330 5,100 6.6 -3.6 -7.9 -13.0 39 36,532 42,931 23,519 33,801 8,579 5-462 136.5 158.7 165.6 162.5 40 39 Discrepancy 40 Memo: Credit mkt. funds adv. 26,467 27 28 29 30 31 Foreign Banking Offices in U.S. 47 103 49 107 52 113 54 118 K K K •1 .1 .1 .1 .1 1 2 11,362 -57,356 9-890 2,402 3,194 586 142 975 12,952 7,429 1,575 429 37,896 14,957 1,568 1,340 25-397 8,827 4,009 -651 1.3 1.9 1.7 -.1 .4 13.3 7.3 -.6 -.1 1.8 21.3 19.1 .4 -.1 3.5 39.6 33.4 3.6 5.0 3 4 5 6 7 9.161 4,046 3,641 1,021 453 1 5,426 2,682 2,813 -134 65 -1 12,049 3,025 8,575 926 -477 - 5,473 4-586 -586 -678 2,151 -4 -.1 .2 -.4 -.4 .5 M 6.3 .4 5.7 -.9 1.1 -.1 15.1 .1 10.5 .3 4.2 .1 24.8 8 2.9 9 21.9 10 -.2 11 .1 12 13 1,959 2,215 -466 118 46,262 -22,574 -550 -4-261 -338 336 12,885 -66,358 -2,389 285 7,627 1,767 -108 21,280 -5,798 -708 23,076 2.2 -.7 -2.2 6.6 .3 -.9 1.6 .7 -.1 1.7 14 .6 15 3.9 16 58,334 719 1,314 -2,486 -9,424 -861 2,470 4,167 11,353 -57,340 614 -300 -260 -1,860 3,882 1,874 12,920 509 -4,475 1,961 37,893 -463 1,863 722 25,365 -789 27,354 -3,209 1.3 .3 -9.6 3.5 13.4 -1.0 4.4 -.3 21.3 2.1 .9 4.5 4,339 8,198 -9,136 4,180 12,322 -16,169 -10,107 19,788 -4,124 7,033 14,446 -15,608 5,047 12,642 -7,595 9,860 -4,465 14,325 3.9 7.7 -3.8 3.1 4.6 -1.5 9.9 4.9 5.0 12.9 21 14.1 22 -1.2 23 40 88 42 93 3 Net acq. of financial assets Total bank credit 4 U.S. govt, securities 5 Tax-exempt obligations 6 Corporate bonds 7 58,213 10,458 -767 1,275 -9,406 10,835 653 952 Total loans Mortgages Bank loans n.e.c. Open-market paper Security credit Corporate equities 9,950 2,363 6,762 325 500 - 9,230 2,272 7,322 -228 -136 1 Gross saving 2 Fixed nonres. investment 8 9 10 11 12 13 14 15 16 Cust. liab. on acceptances Reserves at Fed. Reserve Miscellaneous assets 17 Net increase in liabilities 18 Checkable deposits Time deposits 19 Fed.funds and sec.RPs, net 20 21 22 23 Net interbank liabilities To foreign banks To domestic banks -5,734 -1,959 -3,775 24 25 Acceptance liabilities Miscellaneous liabilities 1,163 1,136 63,358 -24,534 26 Discrepancy 73 -69 LATEST QUARTER BASED ON INCOMPLETE INFORMATION 44 97 -1.767 4,409 -5,665 47 -558 - 39.7 .9 9.8 8.4 17 18 19 20 -2,136 1,983 21,997 -66,984 -3,104 13,849 2,386 28,338 -6,380 -1,471 2.2 1.0 7.3 * 1.5 2.4 2.8 24 4.8 25 -40 -90 -64 -96 * « X 26 -62 JUNE 12, 1991 Commercial Banking Subsectors Commercial Banking Subsectors Subsector Statements for Component Groups in Commercial Banking 21 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS- $ BILLIONS 1987 1988 1989 1990 I 1 1989 III IV I 1 1990 I II III IV I 1991 1I I U.S.-Chartered Commercial Banks 1 2 1.4 19.6 1.3 24.7 1.5 27.8 1.7 30.0 2.5 28.2 -1.0 28.7 1.9 29.2 .7 29.9 1.9 30.0 2.2 31.0 3 4 5 6 7 90.3 97.0 24.8 -3.1 27.9 127.1 129.0 19.8 -9.4 29.3 159.7 155.3 34.0 -20.3 54.2 98.3 91.1 54.5 1.7 52.8 150.8 134.0 20.3 -46.6 66.9 162.2 155.5 52.6 6.4 46.2 112.7 159.0 98.8 14.6 84.1 135.4 108.6 65.0 6.2 58.9 113.0 84.1 37.9 5.3 32.6 31.8 12.6 16.2 -19.4 35.6 8 9 -29.1 20.7 -22.7 12.3 -17.8 2.3 -16.4 1.0 -27.3 3.4 -15.7 6.7 -13.7 -9.3 -23.8 7.7 -18.5 3.1 -9.6 2.5 -17.9 2.5 Tax-exempt obligations Corporate bonds 10 11 12 13 14 15 80.6 80.7 16.5 -14.6 1.1 -3.2 119.6 69.1 33.1 19.2 -1.4 -.4 136.9 85.4 22.5 25.3 -.5 4.2 52.0 61.9 1.6 -7.4 1.2 -5.4 137.6 95.0 25.0 18.6 -1.6 .6 112.0 77.4 29.5 -.6 2.0 3.7 83.2 71.3 -1.8 19.0 3.2 -8.4 59.6 84.5 -10.9 -8.4 -.7 -4.9 61.6 52.9 16.9 -4.4 -.1 -3.7 3.4 38.9 2.3 -35.9 2.6 -4.5 32.2 40.2 -15.9 1.1 10.0 -3.2 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 16 17 18 -1.0 -6.8 1.1 -3.1 .3 .8 -5.2 -2.5 12.0 -4.1 7.2 4.1 -5.8 -19.9 42.6 -5.5 11.7 .5 -4.8 .9 -42.3 -8.1 8.6 26.3 .7 -1.0 29.2 -4.1 20.4 3.0 -7.7 -61.2 -47.0 19 20 21 22 23 92.9 -19.1 -5.8 -1.5 -11.8 165.1 15.8 7.3 -.6 9.1 149.0 -3.5 -3.4 -.3 .2 117.2 21.7 5.3 -.3 16.7 109.4 -10.2 -19.9 5.4 4.3 156.2 52.1 5.0 -4.7 51.8 171.9 5.2 13.1 -5.1 -2.8 171.3 -19.2 -13.4 -2.2 -3.6 131.2 45.7 18.2 9.5 17.9 -5.6 55.2 3.4 -3.6 55.3 45.9 Net increase in liabilities 12.9 Checkable deposits U.S. government 30.1 Foreign -3.5 Private domestic -13.8 19 20 21 22 23 24 27.4 73.1 96.5 121.8 114.7 113.9 111.1 163.4 133.0 79.8 129.7 Small time & svgs.deposits 24 25 26 37.7 11.9 35.2 16.3 24.0 35.5 -20.4 -33.4 -5.8 20.8 2.5 -55.2 -5.7 46.5 -1.0 25.2 -37.2 -92.0 -37.8 -113.4 -55.2 -46.4 Large time deposits Fed. funds & security RPs 25 26 27 28 29 30 31 20.3 -.5 2.3 1.4 17.1 .6 .5 -1.6 -.6 2.4 -22.3 -.2 -1.7 -14.7 -5.8 16.2 1.5 -.3 -11.0 26.0 -10.8 1.8 -2.4 -8.6 -1.7 -12.9 -.1 -1.8 8.2 -19.1 57.4 -1.4 7.9 -15.5 66.4 -12.2 3.2 -4.3 -55.5 44.4 36.7 3.5 -1.9 16.4 18.7 -17.2 .6 -2.9 10.6 -25.6 33.2 1.2 1.3 12.5 18.3 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 27 28 29 30 31 32 33 34 35 36 37 38 -1.0 1.6 .7 .1 13.6 19.8 -6.2 -3.3 1.7 -.3 .2 25.7 21.3 4.4 -5.3 1.7 2.8 .2 19.4 8.6 10.8 -4.4 1.3 4.2 -.2 10.5 8.6 1.9 -6.5 1.8 5.8 .3 -.7 -11.7 11.0 -5.5 1.8 2.9 -.2 56.9 2.3 54.6 -4.6 1.8 -1.4 -38.5 30.4 -68.9 -8.9 1.8 -.3 -.4 22.9 -.7 23.6 X 1.8 .1 -.4 43.5 -.7 44.2 -4.2 -.4 18.4 X 14.0 5.1 8.9 -6.9 -.1 .3 -.2 -21.4 -7.3 -14.1 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other 32 33 34 35 36 37 38 39 -15.6 14.5 -37.0 -9.4 -67.1 -35.7 31.8 6.7 -9.9 -66.2 40 99.2 126.4 146.0 92.4 127.6 146.3 162.6 105.4 88.5 13.0 3.7 Gross saving 31.2 Fixed nonres. investment -21.5 Net acq. of financial assets Total bank credit 94.4 U.S. govt, securities 77.5 Treasury issues 17.8 Agency issues 59.8 Cust. liab. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 39.9 Discrepancy 39 89.9 Memo: 40 Credit mkt. funds adv. Foreign Banking Offices in U.S. 1 2 .1 .2 .1 .2 .2 .3 .2 .4 .2 .4 .2 .4 .2 .4 .2 .4 .2 .4 ^5 3 4 5 6 7 50.1 25.5 .9 3.0 31.8 28.6 1.2 -.7 93.8 23.8 .1 1.1 4.9 34.7 6.9 2.9 252.3 42.0 -3.1 5.1 -75.7 24.9 2.6 3.8 90.6 24.1 12.8 3.9 -256.4 43.4 2.3 .6 74.7 29.9 6.3 1.7 110.4 41.3 6.3 5.4 8 9 10 11 12 13 21.7 5.2 17.4 1.2 -2.1 -.1 28.1 8.1 20.5 -.5 -.1 x 22.6 8.1 14.0 .4 .1 X 24.9 14.2 9.4 1.9 -.5 - 40.0 9.5 28.9 .7 .9 18.5 9.1 12.9 -1.0 -2.6 - 7.4 17.6 -9.3 .8 -1.8 40.5 16.2 16.1 4.2 3.9 X 21.9 10.7 13.5 -1.2 -1.0 X 29.7 12.1 17.2 3.6 -3.2 36.1 18.3 11.4 —2.2 8.5 14 15 16 6.5 -.4 18.5 .7 -1.1 3.6 3.1 N 67.1 -5.4 .2 -24.6 6.3 -1.9 205.8 7.1 .5 - 108.1 -6.6 1.3 71.8 -9.3 -1.4 -289.1 -10.7 1.1 54.4 4.9 -.4 64.6 -11.8 -2.8 117.2 17 18 19 20 50.2 -.6 4.5 -1.7 31.9 1.0 6.8 4.5 94.0 -.3 8.1 2.3 4.8 .4 -4.7 8.4 252.8 2.2 3.6 -9.9 -75.8 -1.5 2.9 16.7 90.6 1.2 -3.6 7.5 -256.3 -1.2 5.0 15.5 74.6 1.0 -20.2 7.8 110.4 .5 -.1 2.9 21 22 23 15.6 23.5 -7.9 5.0 2.7 2.3 4.8 -3.6 8.4 4.4 6.2 -1.7 -12.3 -.9 -11.3 -.9 10.1 -11.0 -18.3 -36.3 18.1 23.9 -33.8 57.7 29.5 88.3 -58.8 -17.4 6.4 -23.8 60.3 14.0 46.2 Net interbank liabilities To foreign banks To domestic banks 21 22 23 24 25 6.6 25.8 .5 14.0 1.0 78.0 -.9 -2.8 4.1 265.0 2.0 -94.9 1.0 102.8 1.4 -300.9 -12.6 69.0 6.7 117.9 -15.3 12.1 Acceptance liabilities Miscellaneous liabilities 24 25 26 K -.1 x -.3 .3 -.3 -.2 -.2 -.4 -.3 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION .2 Gross saving .5 Fixed nonres. investment 152.0 Net acq. of financial assets Total bank credit 49.5 U.S. govt, securities 16.0 Tax-exempt obligations Corporate bonds -2.6 X Total loans Mortgages Bank loans n.e.c. Open-market paper Security credit Corporate equities 1 2 3 4 5 6 7 8 9 10 11 12 13 Cust. liab. on acceptances Reserves at Fed. Reserve Miscellaneous assets 14 15 16 151.9 Net Increase in liabilities Checkable deposits -5.0 Time deposits 112.7 Fed.funds and sec.RPs, net -12.8 17 18 19 20 -.4 Discrepancy 26 JUNE 12, 1991 Commercial Banking Subsectors, Continued Commercial Banking Subsectors, Continued Commercial Banking Subsectors, Continued 22 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1 1991 I ANNUAL FLOWS•. $ BILLIONS 1983 1984 1985 1986 Domestic Affiliates of Commercial Banks (BHCs) 1 Gross saving 2 Fixed nonres. investment 2,332 52 3,191 50 2,213 50 2,884 50 3 Net acq. of financial assets 5,563 5,477 2,164 -3,831 4 5 6 1,653 -386 2,039 501 1,776 -1,275 1,338 832 506 -2,455 -2,147 -308 -1,475 -150 -1.325 3,910 -1,923 5,656 177 4,976 387 3,288 1,301 826 6,245 -5,532 113 -1,376 986 -2,584 222 11 Net increase in liabilities 3,271 2,328 -6 -6,671 12 13 14 15 16 Net interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 3,412 1,007 2,405 1,540 1,183 2,636 1,485 1,151 -727 -773 403 260 143 -1,228 725 899 -522 1,421 -1,349 -6,274 10,950 9,932 1,018 -4,358 -7,070 17 18 19 Miscellaneous liabilities Equity, etc. Other -2,864 -3,366 502 1,192 -600 1,792 94 1,117 -1,023 53 2,070 -2,017 -12 -8 -7 -6 7 8 9 10 Credit market instruments U.S. govt, securities Bank loans n.e.c. Miscellaneous assets Inv.in bank subsidiaries Inv. in finance co.subs. Other 20 Discrepancy 2-946 49 2.782 48 7.3 .2 7.5 .4 8.7 .3 6.7 .3 9,713 - 10,579 -1,933 21.5 30.7 32.8 31.1 3 227 -662 889 142 101 41 1.5 1.8 -.3 .9 .9 .1 3.7 4.4 -.7 -.3 -1.8 1.5 4 5 6 11.188 - 10,806 750 575 35 - 12,792 10,578 1,236 -2,075 -3,003 464 464 20.0 15.5 4.1 .4 29.8 18.9 9.5 1.4 29.1 15.6 13.6 -.1 31.5 7 16.7 8 12.9 9 1.8 10 7,104 - 13,479 -4,668 14.3 23.3 24.2 24.5 11 1-134 364 770 -2,080 -6,398 -2,917 -1,438 -1-479 306 -5,590 -10.2 -7.1 -3.1 9.9 3.5 1.9 2.5 -.6 9.9 6.1 1.5 2.0 -.5 14.4 2.2 .6 -.7 1.3 13.9 1.2 7,582 -830 8,412 -6,135 -3.840 -2,295 3,533 -2,734 6,267 11.2 10.1 1.1 5.3 6.1 -.7 6.1 5.7 .3 8.8 17 -2.0 18 10.8 19 -4 -3 -1 -.1 -.3 _. 2 • 2 20 2,654 49 1 2 12 13 14 15 16 Banks in U.S. Possessions 1 Gross saving 2 Fixed nonres. investment 3 Net acs. of financial assets 4 Checkable dep.and currency 5 6 7 8 9 10 11 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages Bank loans n.e.c. 12 Miscellaneous assets 13 28 13 29 13 29 14 30 14 30 15 31 15 31 X X X .1 X .1 X .1 1 2 568 -37 517 -4 500 17 522 25 488 52 502 123 483 75 3.5 .2 -.8 .5 2.4 .4 -1.2 -.1 3 4 525 106 -13 10 50 159 213 345 88 -13 7 50 124 89 244 24 -9 58 50 16 105 105 25 -5 47 50 50 -62 -20 -29 -2 84 50 -48 -75 -35 10 8 29 10 -92 -65 29 15 -9 15 13 -128 1.6 .2 -.1 X -.3 1.8 1.5 X .1 .1 X 1.3 2.7 .1 .4 .1 .1 2.1 .9 .3 5 6 7 8 9 10 11 .3 .1 .1 .2 80 176 239 392 456 414 473 1.7 -2.7 -.8 -2.0 12 13 Net incr. in liabilities 14 Deposit liabilities 15 Miscellaneous liabilities 566 -10 576 516 55 461 500 47 453 521 50 471 488 68 420 502 57 445 483 75 408 3.5 .9 2.6 -.8 -.4 -.4 2.4 1.0 1.4 -1.2 13 1.4 14 -2.6 15 16 Discrepancy -17 -17 -16 -17 -16 -16 -16 X X X X 16 LATEST QUARTER BASED ON INCOMPLETE INFORMATION JUNE 12, 1991 Commercial Banking Subsectors, Continued Commercial Banking Subsectors, Continued 23 Commercial Banking Subsectors, Continued SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 I 1 I J 1989 III IV 1990 II I I 1 III IV 10.6 .2 11.8 .2 1991 I Domestic Affiliates of Commercial Banks (BHCs) 1 2 6.0 .3 8.6 .2 9.7 .2 10.7 .2 9.3 .2 12.8 .2 8.9 .2 11.5 .2 11.1 Gross saving .2 Fixed nonres. investment 1 2 3 3 31.8 18.1 23.7 -2.5 12.6 27.7 8.1 -14.1 30.7 -34.9 4 5 6 2.0 1.4 .5 -.1 .2 -.3 2.8 1.2 1.6 -2.4 -2.1 6.6 -1.5 8.2 2.0 7.1 -5.1 5.4 3.3 2.0 -9.8 -8.6 -1.2 -5.9 -.6 -5.3 .9 -2.6 3.6 .6 .4 .2 7 8 9 10 29.9 19.8 8.8 1.3 18.2 21.3 -2.5 -.7 20.9 8.6 10.1 2.2 -.2 8.6 -20.9 12.1 6.0 -11.7 19.1 -1.4 25.7 2.3 3.4 20.0 2.8 30.4 -16.8 -10.9 -4.3 -.7 -1.5 -2.1 36.6 -.7 -2.9 40.2 -35.8 5.1 -62.3 21.4 -10.4 -7.3 7.4 -10.5 11 25.9 9.6 14.1 -13.1 3.4 15.1 -.6 -25.4 20.3 -46.5 -20.7 Net increase in liabilities 12 13 14 15 16 5.2 1.8 3.5 12.8 1.5 -3.6 -5.4 1.7 5.4 -.2 3.0 1.2 1.8 1.9 4.4 13.4 10.0 3.4 -9.0 -19.0 12.0 4.0 8.0 6.2 10.3 2.3 5.9 -3.6 -2.9 -1.0 11.5 1.0 10.5 -4.9 -3.1 3.9 -2.1 6.0 -5.4 -26.7 43.0 39.7 3.2 -17.4 -23.0 -4.8 1.5 -6.3 -8.3 -23.3 -1.3 -5.8 4.5 1.2 -28.6 Net interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 12 13 14 15 16 17 18 19 6.4 5.2 1.2 8.1 7.3 .8 4.9 .6 4.3 1.6 -1.5 3.1 -25.1 -13.5 -11.6 16.7 -2.4 19.1 -4.1 4.5 -8.5 2.7 8.3 -5.6 17.8 -3.3 21.1 -10.0 -15.4 5.3 7.9 -10.9 18.8 Miscellaneous liabilities Equity, etc. Other 17 18 19 20 -.2 -.1 -.1 « * X M K -9.8 Net acq. of financial assets Credit market instruments U.S. govt, securities Bank loans n.e.c. Miscellaneous assets Inv.in bank subsidiaries Inv. in finance co.subs. Other X Discrepancy 4 5 6 7 8 9 10 11 20 Banks in U.S. Possessions 1 2 X .1 X .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 3 4 -1.3 -.8 1.6 -.2 2.1 -.1 2.0 .2 2.3 -.1 2.1 * 2.0 .1 2.1 .1 2.0 .2 2.0 .5 1.9 Net acq. of financial assets Checkable dep.and currency .3 .1 X * .1 .1 -.1 .6 X .1 X .2 .3 -.1 1.8 .4 * X .2 .6 .6 .3 X * .2 .2 * -.1 2.1 .4 -.1 X .2 .6 .9 1.4 .4 -.1 X .2 .5 .4 1.0 .1 X .2 .2 .1 .4 .4 .1 X .2 .2 .2 -.2 -.1 -. 1 X .3 .2 -.2 -.3 -.1 « X .1 X -.4 -.3 .1 .1 X .1 .1 -.5 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages Bank loans n.e.c. 5 6 7 8 9 10 11 12 -.5 1.2 .5 1.5 .3 .7 1.0 1.6 1.8 1.7 1.9 Miscellaneous assets 12 13 14 15 -1.3 -.2 -1.0 1.6 1.0 .6 2.1 .1 2.0 2.0 .2 1.8 2.3 X 2.3 2.1 .2 1.8 2.0 .2 1.8 2.1 .2 1.9 2.0 .3 1.7 2.0 .2 1.8 1.9 Net incr. in liabilities Deposit liabilities .3 Miscellaneous liabilities 1.6 13 14 15 16 x -.1 -.1 -.1 -.1 -.1 -.1 -.1 -.1 -.1 -.1 Discrepancy 16 5 6 7 8 9 10 11 - BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION ,1 Gross saving .1 Fixed nonres. investment 1 2 3 4 JUNE 12, 1991 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Private Nonbank Financial Institutions - Total 1 Gross saving 2 Fixed nonres. investment 3 Multifamily resid. invest. 4 Net acq. of financial assets 5 Checkable dep.and currency 6 Time and savings deposits 7 Money market fund shares 8 Security RPs 9 Foreign deposits 10 11 Mutual fund shares Other corporate equities 12 13 14 15 16 17 18 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate and f9n. bonds Mortgages Consumer credit Other loans 19 20 21 22 Reserves at Fed. Reserve Security credit Trade credit Miscellaneous assets 23 Net increase in liabilities Thrift deposits 24 25 Money market fund shares 26 Security RPs Insur. & pension reserves 27 Corp, equity issues (1) 28 29 30 31 32 33 34 Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bk. loans 35 36 37 38 39 Security credit Trade debt Profit taxes payable Proprietor net investment Miscellaneous liabilities 40 Di screpancy -1,265 7,783 -18 688 7,503 74 42,197 115-220 100,243 1-908 -3,814 741 -11,238 -4,452 -9,963 1,778 754 2,059 84 -2,061 1,539 7,018 -2,980 672 47,028 3,565 -3,756 -107 -2-848 1-023 -2-669 7,548 73 -3,276 7,185 -120 -419 9,309 835 -1,629 8,246 93 -1,055 8,638 166 6.6 9.0 * -3.4 14.0 .2 2.7 19.6 .4 -1.8 22.0 .4 1 2 3 35,503 121,480 53,914 -54 12,822 -13-459 -7,292 -3,086 781 3,136 3,425 5,040 6,599 -16-796 12,856 3,733 -4,736 5,633 350.1 1.5 -3.6 -1.5 9.3 -1.8 504.5 1.4 -.6 5.2 18.0 -.7 526.8 12.6 9.4 3.1 8.5 -2.2 656.5 12.3 14.2 5.1 4.4 3.1 4 5 6 7 8 9 4,042 6,346 2.0 48.3 2.5 13.3 11.5 35.3 76,296 29,772 68,998 126,501 20,531 30,459 14,810 21,337 95,625 12,821 4,841 7.829 10-977 12,282 11,686 13-365 31,241 36,057 35-747 33-174 937 -22-673 -16,808 -23,786 -34,513 2,030 1,254 6,733 2,325 -8,678 18,595 -5,180 18,553 5,613 5,445 249.0 87.4 10.2 37.8 67.6 22.2 23.8 416.6 122.5 13.2 69.4 99.5 34.0 78.0 389.6 111.0 40.6 81.5 84.0 43.0 29.6 531.9 228.7 70.9 96.0 65.0 32.8 38.6 12 13 14 15 16 17 18 -600 191 1,065 11,488 1.0 8.4 2.0 35.6 .9 -2.3 2.8 47.4 1.7 18.9 2.2 36.2 1.7 6.7 4.9 21.3 19 20 21 22 63,150 119,958 100-858 51,570 55,711 119,453 67,695 3,630 -11,085 -7,761 -45,591 -31,328 -28-839 -10,582 30-646 13-008 35,489 -10-470 31,254 14-008 53,355 255 -10-799 50,965 -37,720 -8-990 16-099 -32-073 20,644 54-253 49,051 63,053 24,513 39-899 18-439 10,274 16,058 19,862 18,458 10,696 17,205 28,666 351.9 132.5 -40.4 -1.8 144.9 30.1 525.1 133.1 54.2 35.5 139.5 36.4 557.6 80.0 10.2 -2.3 167.6 96.6 677.3 74.8 48.3 29.5 148.6 169.3 23 24 25 26 27 28 14.1 9.0 88.0 32.0 .1 2.6 39.1 14.2 119.5 66.7 .1 4.0 28.8 19.8 29 30 31 32 33 34 35 36 37 38 39 802 3,099 1-180 15-519 32,515 97,993 -4,781 47,688 4-834 5,422 19,596 24-302 6,682 -13-428 5,311 5,659 285 28,938 -129 -347 473 5,946 541 -1,754 783 5,644 1,598 8,479 223 -563 290 27,027 2,311 1,892 16,506 -16,267 -300 -100 -1,955 -3,300 1,245 1,000 1,791 -23-061 3-803 3,064 -200 2,087 875 -6,279 15.7 10 35.2 11 -8-402 3,604 78 332 -1,652 -10,764 13-889 10,021 -101 1 -897 11,385 -9,313 981 9-889 -181 -2,741 2,959 -8-945 14,072 19,182 204 1-553 -310 -6,557 18,377 9-250 640 139 16,757 -8,409 31,280 -7,825 16,726 8,550 120 239 1,719 -1,883 13,502 -4,636 -787 -10,095 -.4 12.6 -7.0 52.6 20.9 .4 1.4 14.2 15.7 -3,668 -736 287 2,090 17,375 7,427 3,632 85 -1-091 7,683 -3,814 -1,494 212 -1,949 42,354 -1,230 1,763 247 1,024 9,989 2,903 260 188 -1-807 11,454 3,143 977 7 -1,079 -8,113 1,970 -289 67 348 21,266 4.1 1.0 -.3 .9 66.8 6.9 .5 -.3 1.6 65.1 23.9 .8 .4 2.0 90.3 1.7 1.1 .1 2.9 81.6 10,663 -5,603 -8,415 -2,347 9,645 -11,995 3,922 -.5 3.0 13.5 -3.4 40 -1,996 715 1.1 2.8 3.5 3.0 9.4 3.3 10.9 3.6 1 2 5,261 -61,864 -47,639 -44,446 -33,971 1,411 -449 -440 -1,989 -246 210 -1,666 -473 2,289 3,807 -211 -4,798 -3,870 -9,068 -1,156 156.4 2.2 2.8 2.8 184.1 -6.7 4.1 118.5 3.2 7.2 -.5 133.2 2.9 11.0 -2.2 3 4 5 6 -101 -315 -553 8 -3 -511 -23 -30,668 -49,584 -19,387 -51,847 -38,331 -36,211 -44,004 -24,442 -18.169 313 -12,019 -5.632 -98 -3,494 185 -64 178 85 -56 215 -45 1,119 -2,936 1,045 -2,132 -1,533 -3,721 -6,418 .3 134.2 54.6 -.2 10.7 -.2 154.7 24.9 -.3 10.5 -.1 87.9 -1.0 .6 1.4 -3,283 -21-936 -15,754 -31,750 -23,166 -31,050 -30,103 -806 -13,778 -8,268 -17,073 -14,162 -22,803 -16,369 -1,620 -2.433 -2,173 -6,482 -2,569 -2,984 -6,152 -881 -5,726 -5,314 -8,190 -6,436 -5,262 -7,581 1 -1 24 -5 1 1 -1 53.5 30.0 7.0 16.6 86.6 50.9 14.4 21.3 X 58.5 33.7 14.5 10.3 -1 26.1 13.5 7.2 5.3 -5,264 -165 -2,000 14 -600 8,251 11.3 -.1 2.4 2.0 1.0 13.1 25.3 .2 8.7 -1.1 .9 31.3 19.5 .5 5.6 2.8 1.7 18.9 11.5 -1.8 6.7 5.6 1.7 11.3 8,344 -58,584 -44,247 -40,800 -31,108 -42,149 -11,085 -7,761 -45,591 -31,328 -28-839 -10,582 -576 927 -1,553 -1,838 2.415 48 -2,857 4,885 -36,426 -21,184 -16,346 -911 -10,643 -12,070 -10,092 -8.591 -10,655 -9,719 -15,540 -1,653 1,482 -5,299 -9,210 -10,107 -10,837 -9,953 -10,052 -9,991 -1,686 -11,395 96 95 78 92 17 22 -4,782 27,633 -4,519 2,279 -1,082 954 159.0 132.5 11.5 85.8 35.3 13.1 -6.6 186.7 133.1 7.9 76.2 49.0 18.5 18.4 128.4 74.8 20.5 52.5 1.8 16.2 25.0 X X 20.0 16.7 117.8 80.0 13.0 60.8 6.1 -1.1 18.8 .1 20.0 .8 3.2 5.3 X (1) Includes mutual fund shares. Savings Institutions Combined 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets Checkable dep.and currency 4 Time deposits 5 6 Security RPs 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home Multifamily Commercial Farm Consumer install, credit Consumer noninstall.credit Other loans(to business) Open-market paper Reserves at Fed. Reserve Miscellaneous assets 23 Net increase in liabilities Deposits 24 25 Checkable Small time and savings 26 Large time 27 28 Security RPs Cr. mkt. instr. 29 Profit taxes payable 30 Miscellaneous liabilities 31 32 Discrepancy -979 800 -2,473 654 -31,251 -46,932 1,630 -250 -239 -3,277 -416 273 939 -33 -897 554 -129 2,792 -25,597 3,630 1,522 9,403 -7,295 -26,386 -12,367 43 9,483 3,875 -2,738 -123 -688 533 541 1,139 1,656 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -1,869 839 -1,278 20 -1,134 -2,784 223 22,897 375 -1,849 138 -2,772 -164 -2,354 -592 -100 -4,574 1,293 -1,898 209 -2,638 -201 -1,967 -3,372 -300 -972 1,285 -1,977 673 -5,152 -267 -2,617 1,769 -200 648 996 152 X .9 7 107.6 8 54.5 9 -.3 10 5.4 11 12 13 14 15 X 16 17 18 19 20 21 22 23 24 25 26 27 28 29 X 30 12.4 31 2.4 32 JUNE 12* 1991 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions 25 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS* $ BILLIONS 1989 1990 1988 1987 I 1 1989 III IV I 1 1990 I II III IV I 1991 1 I Private Nonbank Financial Institutions - Total 1 2 3 -19.0 24.1 .7 -.6 25.7 .4 -13.4 29.2 * -2.6 32.8 1.0 -15.4 30.2 .3 -5.7 28.7 -.5 3.1 31.1 -.1 -8.0 30.0 .3 -5.5 37.2 3.3 -.1 33.0 .4 4 5 6 7 8 9 433.9 -3.7 12.6 -5.0 6.5 -.6 442.8 5.8 8.4 1.6 6.9 8.1 383.0 * -6.8 4.9 19.7 -3.3 304.3 12.5 -24.1 8.5 -15.1 .7 298.1 2.4 -34.3 7.1 12.6 27.0 464.8 -.2 -21.6 3.0 13.0 -11.0 292.0 -5.8 -36.8 8.2 -28.2 -4.2 139.7 12.4 -25.6 -.4 -12.3 11.4 282.9 -1.1 -17.3 12.5 33.8 13.8 502.4 44.5 -16.7 13.7 -53.7 -18.1 10 11 1.1 31.0 6.6 -9.4 2.8 14.4 9.6 11.8 3.2 2.9 4.7 72.2 6.4 34.7 7.6 65.2 9.2 -75.5 15.2 22.6 16.2 27.0 12 13 14 15 16 17 18 393.0 134.2 16.5 98.8 82.2 13.9 47.4 406.0 41.8 19.0 140.6 115.6 15.4 73.5 333.8 102.0 19.8 98.7 18.8 17.5 77.0 301.6 162.2 35.3 116.4 -62.3 12.3 37.6 170.3 -21.9 22.5 88.5 28.0 8.4 44.7 377.6 185.8 22.0 85.1 -60.4 22.4 122.7 261.0 102.0 26.4 53.7 23.0 31.5 24.5 131.7 82.9 35.5 128.8 -105.0 11.8 -22.5 316.7 82.8 30.9 154.1 -65.7 -4.0 118.5 496.9 381.2 48.5 129.0 -101.6 10.0 29.8 30.1 29.8 27.1 132.0 -118.9 -9.7 -30.3 19 20 21 22 .1 -16.3 3.6 11.4 1.1 1.7 6.8 -.8 -.1 -1.0 2.8 15.7 -.4 -3.7 3.4 -.5 -.5 -7.0 1.9 112.6 2.2 -7.4 3.1 29.1 .9 16.3 1.2 38.2 -.4 -21.4 5.0 -33.2 -1.2 -19.6 4.0 7.5 -.8 9.8 3.5 -14.6 -2.4 20.0 4.3 -33.7 23 24 25 26 27 28 462.1 64.6 24.0 -20.0 144.7 86.9 459.0 67.5 21.9 4.1 186.3 2.7 432.7 -13.8 90.1 42.2 153.6 42.0 327.6 -113.5 70.3 8.3 176.5 66.2 358.4 21.1 123.9 -46.0 88.7 56.1 516.2 -38.3 68.6 45.7 246.5 75.2 276.4 -40.6 80.4 -95.5 171.3 56.0 168.1 -185.1 4.3 -.4 237.6 69.7 339.3 -118.3 123.4 -57.2 110.2 57.3 526.5 -110.1 73.0 186.5 187.0 81.8 29 30 31 32 33 34 107.9 65.5 .4 -3.2 20.9 24.4 125.7 46.6 .3 1.4 57.8 19.7 49.7 32.1 X 1.8 26.7 -11.0 64.7 55.0 .8 .7 32.9 -24.7 -20.9 14.7 .3 2.0 3.0 -41.0 35.4 39.5 -.4 4.2 40.9 -48.8 32.6 41.4 -.7 -2.2 16.1 -22.0 33.5 74.6 .8 -.6 -10,4 -30.9 89.1 37.7 2.6 1.9 77.5 -30.5 103.6 66.6 .5 3.6 48.4 -15.5 -3.6 36.0 1.0 1.0 -13.6 -27.9 35 36 37 38 39 -12.1 -.1 -.3 -3.2 69.8 -.1 4.3 .5 5.1 41.0 14.8 6.3 .6 4.0 43.3 1.0 1.5 .7 -3.8 55.7 -3.0 -2.9 1.2 8.4 131.9 21.2 14.5 .3 -4.4 51.3 -16.3 -6.0 .9 -7.8 101.3 -8.2 7.1 1.0 4.1 4.6 22.8 1.0 .8 -7.2 117.5 5.7 3.9 x -4.3 -.6 5.5 -1.2 .3 1.4 3.0 40 -15.6 -10.5 7.1 -13.1 14.4 17.4 -43.6 -10.0 10.4 -9.3 5.4 Gross saving 34.6 Fixed nonres. investment .7 Multifamily resid. invest. 91.2 Net acq. of financial assets Checkable dep.and currency -44.6 7.3 Time and savings deposits 20.2 Money market fund shares 31.9 Security RPs 15.1 Foreign deposits 1 2 3 4 5 6 7 8 9 Mutual fund shares Other corporate equities 10 11 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate and fgn. bonds Mortgages Consumer credit Other loans 12 13 14 15 16 17 18 Reserves at Fed. Reserve Security credit Trade credit Miscellaneous assets 19 20 21 22 126.6 Net increase in liabilities -51.4 Thrift deposits 148.7 Money market fund shares -112.6 Security RPs 46.8 Insur. 8 pension reserves 89.6 Corp, equity issues (1) 23 24 25 26 27 28 Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bk. loans 29 30 31 32 33 34 Security credit Trade debt Profit taxes payable Proprietor net investment Miscellaneous liabilities 35 36 37 38 39 5.5 Discrepancy 40 (1) Includes mutual fund shares. Savings Institutions Combined 1 2 -.4 3.3 -4.0 3.5 -6.9 3.3 -7.6 1.9 -3.9 3.2 -9.9 2.6 -7.5 3.4 -7.4 .6 -7.6 .8 -7.9 2.7 3 4 5 6 136.7 -2.9 -8.1 -2.5 123.6 1.3 -3.4 2.6 -83.4 -.9 -4.8 7.0 -148.7 -1.5 .4 -17.9 -126.0 -.2 -5.9 7.4 -181.4 1.0 -1.0 7.4 15.8 2.0 4.8 -14.1 -246.6 -.5 -2.4 -21.2 -192.0 -7.3 .3 -9.3 -172.0 X -1.3 —27.2 -140.2 Net acq. of financial assets Checkable dep.and currency 3.1 11.2 Time deposits -17.6 Security RPs 7 8 9 10 11 .2 136.8 55.3 X 9.5 .4 120.4 10.6 .2 6.2 .3 -90.9 -58.9 - .2 -17.0 -1.5 -145.8 -17.4 .4 -1.5 x -135.8 -97.8 .9 -20.5 X -201.9 -69.6 -.2 -31.7 -.4 -56.6 - .2 .7 16.2 -1.3 -210.4 -49.7 -.3 -7.9 -2.0 -168.6 -22.5 .7 -13.0 -2.2 -147.4 2.6 .3 -1.3 -.1 -154.2 -15.5 -.2 .8 12 13 14 15 16 65.5 55.5 4.8 5.2 * 90.5 80.0 7.3 3.2 - -8.4 3.4 -4.8 -7.1 X -101.7 -62.3 -14.2 -25.2 X -15.5 -4.8 -6.5 -4.4 .1 -88.4 -55.6 -9.7 -23.0 -59.5 -30.2 -8.7 -20.6 * -127.4 -68.9 -25.9 -32.5 x -95.2 -58.3 -10.3 -26.6 X -124.9 -91.8 -11.9 -21.1 * -116.6 -62.3 -24.6 -29.7 X 17 18 19 20 21 22 8.2 -1.8 -.2 .3 .1 13.2 9.9 -1.2 2.6 1.6 1.1 1.1 -3.6 -.3 -2.2 -.3 -.1 6.0 -11.8 -.6 -8.1 -5.0 -.4 18.0 .2 -.1 -2.8 -.2 -.5 9.0 -11.4 -.4 -4.6 4.4 2.2 10.9 5.4 .2 -2.9 -16.5 .9 79.2 -17.6 -1.0 -10.1 3.4 -.4 -10.4 -14.5 -.8 -7.2 -16.2 -1.2 -3.8 -20.6 -.9 -12.0 9.4 -.8 7.0 -10.5 -.7 -6.6 -5.0 -2.4 19.8 23 24 25 26 27 28 29 30 31 131.9 64.6 7.1 49.0 8.5 28.7 27.7 x 11.0 120.0 67.5 8.3 47.7 11.6 15.8 21.8 .1 14.8 -71.2 -13.8 x 1.9 -15.8 -45.7 -15.5 .2 3.7 -135.3 -113.5 -3.0 -69.1 -41.4 -14.7 -31.7 .3 24.3 -103.4 21.1 9.5 47.6 -36.0 -105.5 -47.0 .2 27.9 -162.3 -38.3 10.1 -3.9 -44.5 -62.2 -55.4 .3 -6.8 28.1 -40.6 3.7 1.1 -45.4 -6.6 —24.2 ^3 99.2 -233.4 -185.1 -6.4 -145.3 -33.5 5.9 -47.0 .4 -7.6 -178.4 -118.3 -2.6 -73.3 -42.4 -21.2 -36.2 .4 -3.2 -157.4 -110.1 -6.9 -58.8 -44.4 -36.8 -19.4 8.9 32 -8.5 -11.1 2.0 3.9 15.5 6.6 1.5 5.2 5.1 4.0 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, -8.0 Gross saving 2.9 Fixed nonres. investment Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home Multifamily Commercial Farm Consumer install, credit Consumer noninstall.credit Other loans(to business) Open-market paper Reserves at Fed. Reserve Miscellaneous assets -128.7 Net increase in liabilities -51.4 Deposits 6.4 Checkable -21.9 Small time and savings -35.9 Large time -40.4 Security RPs Cr. mkt. instr. -31.3 Profit taxes payable .1 -5.6 Miscellaneous liabilities .6 Discrepancy 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 JUNE 12, 1991 Savings Institutions Savings Institutions Sector Statements of Saving and Investment 26 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, S MILLIONS 1 1 III 1989 IV 1 1 1990 I III II IV 1 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Savings and Loan Associations (1) 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets 4 Checkable dep. & currency 5 Time deposits 6 Fed. funds & security RPs 7 8 9 10 11 12 13 14 15 16 17 Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate and fgn. bonds Mortgages Consumer credit Other loansCto business) Open-market paper Reserves at Fed. Reserve Miscellaneous assets -2,807 -207 .5 1.9 2.2 2.0 6.0 1.9 8.1 2.0 1 2 -1,965 -52.567 -48,194 -41,461 -41-600 -130 325 -1-626 504 -140 1,390 -710 -293 -456 -155 -6,756 -2,157 -3,291 -7,474 -3,889 121.4 2.4 1.2 2.3 158.1 1.0 -5.5 2.4 81.3 1.3 2.3 -4.5 85.8 1.9 4.0 -4.8 3 4 5 6 -35,600 -46,405 -18.319 -44,036 -40,305 -35,052 -42,723 2,778 -1,500 -1,894 -956 750 462 917 -936 -6,992 -22,785 -17,715 -5,770 -6,949 -4,662 -41 27 226 -146 -12 7 -97 -980 -1,711 2,046 -3,723 -5,677 802 -3,243 -7,293 -21,926 -14.701 -29,088 -24-136 -30,862 -28,928 -810 -2,019 -4,923 -3,158 -2,000 380 -2,200 -688 -1,134 -2,354 -1,967 -2,617 -2,000 -897 -954 -1,000 -1,000 1,024 1,250 -380 -285 541 -300 223 -129 -100 -200 -600 3,258 1,217 1,085 21,627 -5,889 -2,379 5,907 103.3 11.6 30.1 .1 7.8 47.1 5.8 2.4 -1.7 1.0 11.3 129.3 7.9 16.4 -.2 12.0 77.5 8.5 8.7 -1.4 .9 30.0 64.8 -4.6 1.2 .4 3.9 47.8 10.8 5.6 _ .2 1*7 15.8 75.2 2.0 42.0 _. 2 7*2 10.7 5.0 6.7 1.8 1.7 7.7 7 8 9 10 11 12 13 14 15 16 17 -42,334 738 -50,814 -46,301 -38,944 -39,104 -13,371 -15,788 -39,863 -32-465 -29,137 -18,550 -960 -2,029 -1,730 -3,003 -1,808 -951 1,266 -1,970 -30,214 -21,663 -23,085 -14,675 -13,677 -11,789 -7,919 -7,799 -4,244 -2,924 -15,597 -2,011 2,403 -5,227 -7,523 -9,743 125.2 101.8 6.4 65.7 29.7 13.9 161.9 112.4 3.6 67.5 41.2 18.8 82.9 51.7 6.6 43.8 1.3 -1.9 85.1 41.5 9.6 36.3 -4.4 14.2 18 19 20 21 22 23 -6.2 .1 .3 -6.6 17.2 1.9 .8 14.5 17.3 4.6 K 12.7 20.9 4.9 .3 15.6 24 25 26 27 15.8 w 13.4 .1 15.8 -2,048 54 -3,420 -116 -34,974 -46,152 -93 739 -419 -2,110 -300 -1,693 18 Net increase in liabilities 19 Deposits 20 Checkable 21 Small time and savings 22 Large time 23 Security RPs -29,371 -1,292 59 2,265 -3,616 -24,516 24 25 -12.187 -10,579 -1,589 -1,375 -14 -149 -10,584 -9,055 26 27 Credit market instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bk. loans 28 29 Profit taxes payable Miscellaneous liabilities -2,770 -695 -8,097 -11,430 -782 -3,151 -226 -344 -7,089 -7,935 -2,781 -651 -9,442 -1,145 -437 -7,860 -2,825 -220 -2,196 -11,136 -480 -1,000 -419 -300 -1,297 -9,836 « 28 8.6 29 43 8,581 95 -2,882 78 26,556 96 -2,020 92 741 17 -105 22 303 3,501 514 -162 -322 -237 -88 -104 2.4 4.0 5.7 5.4 30 Acq,of credit mkt.inst. -35,600 -46,405 -18,319 -44,036 -40,305 -35,052 -42,723 103.3 129.3 64.8 75.2 31 30 Discrepancy 31 Memo: -2,825 40 (1) Includes all savings and loan associations and federal savings banks insured by SAIF (formerly FSLIC). Mutual Savings Banks (2) 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets 4 Checkable dep.and currency 5 Fed. funds 8 security RPs 6 Corporate equities 7 8 9 10 11 12 13 14 15 Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate and fgn. bonds Mortgages Consumer credit Open-market paper Miscellaneous assets 16 Net increase in liabilities 17 Deposits 18 Checkable 19 Small time 8 savings 20 Large time 21 Security RPs 22 Fed. Home Loan Bank loans 23 Miscellaneous liabilities 24 Discrepancy 588 408 544 418 501 430 457 441 -.3 .4 _. 2 ^5 1.9 .6 2.2 .7 1 2 -3,249 691 -296 -3 -415 -13,601 -719 -465 2,234 -1,843 -101 -315 -1,019 -463 791 -511 -3,823 1,107 -1,553 -553 -877 -506 778 -23 19.3 -.7 -.6 .3 10.4 -1.3 1.3 -.2 12.7 1.3 .3 -.1 19.3 .3 K .9 3 4 5 6 1,596 163 -100 256 2 1,501 -1,065 839 -528 -3,357 367 -549 -72 -741 -1,620 -251 -491 -284 -2,300 -10,168 586 -569 287 -3,758 -41 82 -1,001 -1,152 -1,497 -3,932 1,196 -1,247 -1,830 408 471 -810 -1,617 457 -24 190 178 -934 888 -2,372 781 -2,455 148 232 78 317 -1,573 -2,176 519 -369 -1,568 835 59 41 307 -1,914 -1,290 394 442 18.8 3.8 6.0 -.3 3.0 3.6 -.9 3.6 1.4 10.1 -.1 .4 -.1 -1.5 6.9 4.2 .3 .4 9.7 -.6 -.7 .2 -2.5 7.6 2.6 3.0 1.5 17.4 1.4 5.4 -.1 -1.8 8.5 .3 3.8 .7 7 8 9 10 11 12 13 14 15 74 2,022 1,471 4,504 -3,953 -1,870 -180 102 -2,515 -714 2,655 -6,202 2,833 57 -258 -1,600 -294 -12,370 427 -9,928 1,965 562 248 -9,696 -383 -2,197 358 -921 -1,856 1,378 777 -2,899 154 37 1,557 -731 -789 -72 -549 738 -3,056 -602 -432 6,334 -6,504 -1,687 510 -1,277 -904 -32 31 6,721 -6,784 -364 -259 -249 18.2 15.9 2.8 7.5 5.6 -.8 -.4 3.6 10.2 7.8 2.8 -2.6 7.6 -.3 1.2 1.5 10.6 5.4 3.3 -2.4 4.5 .8 1.5 2.9 14.4 6.1 7.5 -7.3 5.9 2.0 4.2 2.1 16 17 18 19 20 21 22 23 231 983 1,299 838 -11 -1.8 -.9 -.8 -3.4 24 769 377 634 385 235 -457 -384 8 631 396 356 1,411 (2) Includes all federal and mutual savings banks Insured by BIF (formerly FDIC). Credit Unions 300 369 313 385 325 403 333 425 339 442 347 463 354 481 .9 .5 1.5 .6 1.5 .8 .6 .9 1 2 3,488 300 -1,167 -520 -647 957 2,469 200 180 154 26 1,573 7,641 400 899 199 700 4,311 4,304 -300 920 676 244 -798 1,574 100 -1,373 -680 -693 -1,370 838 -200 -17 137 -154 -41 8,506 400 3,962 2,316 1,646 1,955 15.7 .4 1.6 w 1.6 1.1 15.6 .4 -1.2 -.8 -.4 .3 24.5 .7 5.0 2.3 2.6 3.7 28.1 .7 7.1 3.8 3.3 2.5 3 4 5 6 7 8 Credit market instruments U.S. govt, securities Treasury issues Agency issues Home mortgages Consumer credit Miscellaneous assets 3,336 -764 -495 -269 2,509 1,591 62 178 -1,022 -705 -317 1,610 -410 338 1,232 2.432 -874 3,306 444 -1,644 799 2,357 757 -954 1,711 1,270 330 2,125 3,591 491 -953 1,444 1,904 1,196 626 1,296 -4 -966 962 1,385 -85 -200 287 1,687 556 1,131 739 -2,139 1,902 12.1 3.1 1.4 1.7 2.8 6.2 .4 15.3 .4 .8 -.4 2.2 12.7 .8 13.4 3.7 2.6 1.1 3.2 6.6 1.7 15.0 3.7 1.9 1.8 6.9 4.4 2.9 9 10 11 12 13 14 15 16 Net Increase in liabilities 17 Shares/deposits 18 Checkable Small time 8 savings 19 20 Large time Miscellaneous liabilities 21 3,700 2,900 -8 2,634 274 800 2,700 3,000 720 2,079 201 -300 7,900 7,600 891 6.607 102 300 4,600 4,200 692 3,484 24 400 1,900 1,100 -107 1,210 -3 800 1,200 900 402 405 93 300 8,900 8,000 968 7,043 -11 900 15.6 14.9 2.3 12.6 K .7 14.7 12.9 1.5 11.3 .1 1.8 24.2 22.9 3.1 19.4 .3 1.3 28.9 27.2 3.4 23.5 .3 1.7 16 17 18 19 20 21 143 159 181 204 223 246 267 .2 .1 .4 1 Gross saving 2 Fixed nonres. Investment 3 Net acq. of financial assets 4 Checkable dep. 8 currency 5 Time deposits 6 At banks 7 At savings and loans 8 Fed.funds 8 security RPs 9 10 11 12 13 14 15 22 Discrepancy LATEST QUARTER BASED ON INCOMPLETE INFORMATION. .5 22 JUNE 12. 1991 Savings Institutions Savings Institutions Sector Statements of Saving and Investment 27 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLONS. $ BILLIONS 1989 1990 1988 1987 I 1 I 1 1989 III IV 1990 II I III IV I 1991 1 I Savings and Loan Associations (1) 1 2 -3.1 1.5 -7.0 1.2 -10.2 .4 -11.2 -1.5 -8.2 .2 -13.7 -.5 -11.3 .2 -11.1 -2.8 -11.1 -2.6 -11.3 -.9 3 4 5 6 97.6 -2.3 -8.5 1.0 87.0 -.1 X 2.1 -88.9 -.1 -2.1 1.9 -144.2 -.9 -.1 -19.7 -139.9 -.4 -6.8 X -184.6 3.0 -3.1 -1.4 -7.9 -.5 5.3 -29.0 -210.3 1.3 -3.3 -13.6 -192.8 -6.5 .4 -12.1 -165.8 2.0 -2.6 -24.0 -166.4 Net acq. of financial assets -.6 Checkable dep. 8 currency -.7 Time deposits -17.5 Fed. funds 8 security RPs 7 8 9 10 11 12 13 14 15 16 17 93.3 8.1 37.2 .1 11.2 35.3 2.8 -.2 -1.0 .1 14.0 86.3 -8.6 21.7 .3 7.7 60.2 1.7 2.6 .8 1.1 -2.6 -93.8 -6.9 -47.0 -.3 -14.6 -17.6 -4.0 -2.2 -1.1 -.1 5.3 -137.7 -.2 -18.3 .1 .2 -98.8 -10.9 -8.1 -1.7 -.4 14.6 -142.3 -3.8 -91.1 -.2 -18.0 -29.2 1.9 -2.8 .9 -.5 10.1 -198.6 3.0 -70.9 .1 -29.8 -87.7 -7.5 -4.6 -1.1 2.2 13.3 -56.7 11.1 -23.1 .9 20.0 -58.8 .2 -2.9 -4.0 .9 72.2 -179.0 -6.0 -27.8 -.6 -4.7 -116.4 -13.5 -10.1 X -.4 -15.2 -162.3 -7.6 -18.6 X -11.1 -96.5 -19.3 -7.2 -1.9 -1.2 -11.0 -152.8 1.8 -3.7 X -3.6 -123.4 -11.0 -12.0 -1.0 -.8 12.4 -153.4 3.7 -28.0 -.4 -.7 -115.7 -4.8 -6.6 -1.0 -2.4 8.1 18 19 20 21 22 23 95.2 41.3 -.3 48.9 -7.2 26.3 83.8 38.8 .9 45.9 -8.0 13.7 -78.1 -26.2 -8.3 20.3 -38.3 -42.8 -135.3 -117.3 -8.6 -76.9 -31.8 -12.4 -117.5 -5.1 .8 10.8 -16.7 -98.1 -169.3 -53.3 -5.3 17.1 -65.1 -62.4 3.0 -63.3 -2.9 -21.8 -38.6 -8.0 -203.3 -159.7 -11.4 -121.3 -26.9 9.6 -185.2 -129.6 -11.4 -84.0 -34.3 -20.9 -155.8 -116.4 -8.6 -80.6 -27.2 -30.1 -156.4 Net increase in liabilities -74.4 Deposits 1.4 Checkable -72.5 Small time and savings -3.3 Large time -39.0 Security RPs 24 25 26 27 19.6 4.4 -1.1 16.3 19.9 1.9 .3 17.8 -14.1 -3.4 -1.1 -9.6 -31.2 -5.6 -1.4 -24.2 -44.7 -6.0 -.1 -38.6 -56.2 -6.0 -.6 -49.5 -15.8 -1.3 -.9 -13.6 -53.5 -14.8 -1.4 -37.3 -31.9 -3.9 -1.7 -26.3 -23.4 -2.2 -1.7 -19.5 -29.1 -2.2 -1.2 -25.7 Credit market instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bk. loans 24 25 26 27 28 29 * 8.0 .1 11.4 .2 4.8 .3 25.2 .2 30.1 .3 2.2 .3 89.8 .4 -.1 .4 -3.1 14.1 .1 -14.0 Profit taxes payable Miscellaneous liabilities 28 29 30 -7.0 -11.4 .1 -.8 14.0 2.1 -.6 -1.3 -.9 -.4 31 93.3 86.3 -93.8 -137.7 -142.3 -198.6 -56.7 -179.0 -162.3 -152.8 -11.2 Gross saving -.8 Fixed nonres. investment Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate and fgn. bonds Mortgages Consumer credit Other loans(to business) Open-market paper Reserves at Fed. Reserve Miscellaneous assets -.4 Discrepancy -153.4 Memo: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 30 Acq.of credit mkt.inst. 31 (1) Includes all savings and loan associations and federal savings banks insured by SAIF (formerly FSLIC). Mutual Savings Banks (2) 1 2 1.8 .9 2.0 1.3 2.2 1.5 2.3 1.7 3.1 1.5 2.5 1.5 2.5 1.6 2.4 1.6 2.2 1.7 2.0 1.7 3 4 5 6 23.6 -.6 -1.9 .2 22.3 1.2 .4 .4 -3.4 -1.4 2.0 .3 -18.9 -.5 -.4 -1.5 -4.6 -1.5 .3 -15.7 -3.1 2.6 x 3.1 2.7 1.9 -.4 -50.4 -1.6 -6.1 -1.3 -10.0 -1.7 5.3 -2.0 -18.1 -1.5 -2.6 -2.2 2.4 Net acq. of financial assets 3.9 Checkable dep.and currency -3.8 Fed. funds 8 security RPs -.1 Corporate equities 7 8 9 10 11 12 13 14 15 25.6 1.5 5.3 -.2 -1.7 19.7 -.4 1.3 .2 17.8 -1.6 -1.8 -.1 -1.5 22.2 -.3 .8 2.5 -4.8 -1.2 -1.4 .1 -2.4 1.7 -2.5 .8 .5 -16.5 .6 -3.3 .3 -1.7 -7.9 -1.3 -3.3 .1 .4 .7 -.4 1.0 -2.5 5.2 -2.5 -1.1 -3.8 -8.2 1.5 -2.2 -.3 -1.9 -6.6 -4.3 5.6 -7.0 -12.3 2.3 1.1 -.2 -3.7 -5.3 5.9 -12.5 11.2 -36.7 -2.3 -15.0 .3 -3.2 -15.5 -4.4 3.5 -4.8 -13.1 1.8 -.1 .8 -1.9 -4.6 5.3 -14.4 1.5 -4.1 .6 .9 .3 2.3 -6.3 -12.2 10.3 -7.6 -9.7 3.3 .2 .2 1.5 -7.0 -3.9 -4.0 12.0 16 17 18 19 20 21 22 23 21.1 10.0 5.6 -11.0 15.3 2.4 8.1 .6 21.8 16.4 5.9 -8.5 19.0 2.1 1.9 1.4 -2.7 3.8 7.1 -25.0 21.7 -2.9 -1.4 -2.2 -15.6 -10.1 3.7 -3.8 -9.9 -2.3 -.5 -2.7 -5.3 6.1 7.5 18.9 -20.3 -7.5 -2.3 -1.5 -12.7 -4.3 12.6 -36.8 19.9 .2 .7 -9.4 3.6 2.6 3.3 6.6 -7.3 1.4 -8.3 7.8 -45.5 -37.2 3.3 -33.8 -6.7 -3.7 6.5 -11.0 -5.3 -1.8 7.9 -1.7 -8.1 -.3 -4.2 1.0 -15.0 -3.8 .2 13.5 -17.5 -6.7 4.0 -8.4 24 -1.7 .2 1.4 3.9 .9 3.9 1.4 5.6 5.2 3.4 X 1.8 Gross saving 1.8 Fixed nonres. investment Credit market Instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate and fgn. bonds Mortgages Consumer credit Open-market paper Miscellaneous assets 2.3 Net increase in liabilities 1.4 Deposits 1.4 Checkable 32.5 Small time 8 savings Large time -32.6 Security RPs -1.5 Fed. Home Loan Bank loans -2.2 Miscellaneous liabilities 4.6 X Discrepancy 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (2) Includes all federal and mutual savings banks insured by BIF (formerly FDIC). Credit Unions .9 .9 1.0 1.0 1.2 1.4 1.3 1.7 1.2 1.5 1.3 1.5 1.3 1.6 1.3 1.7 1.4 1.8 1.4 1.9 15.6 .4 .3 .1 -1.6 14.3 .2 -3.5 -2.1 -1.3 .1 8.8 .6 -2.7 -.9 -1.8 3.1 14.4 .4 .3 .1 2.1 18.5 1.7 .9 1.2 -.3 7.1 18.8 1.1 2.1 1.5 .5 6.2 20.6 -.2 -.5 -1.4 .9 13.0 14.1 -.2 1.0 .8 .1 -1.5 10.8 .9 w .4 -.5 -2.5 11.9 -.5 1.2 1.5 -.2 -.5 23.9 Net acq. of financial assets Checkable dep. 8 currency -.2 Time deposits 11.9 At banks 7.2 At savings and loans 4.7 Fed.funds & security RPs 3.7 9 10 11 12 13 14 15 17.8 3.3 3.3 X 10.5 4.0 -1.0 16.3 .8 2.5 -1.7 8.2 7.3 1.1 7.7 -2.4 -1.6 -.9 7.6 2.5 .2 8.5 3.7 -3.7 7.4 5.0 -.2 3.4 6.1 -3.1 -1.9 -1.1 8.5 .7 2.7 4.9 -1.0 -.7 -.2 5.9 -.1 4.6 12.4 8.3 -5.5 13.8 4.6 -.5 -4.2 5.3 1.4 -4.0 5.5 4.5 -.7 9.7 6.8 2.0 -3.7 5.7 6.0 -1.3 5.7 9.5 2.9 -1.7 4.7 4.9 1.6 2.2 8.8 5.2 X 5.3 6.2 -2.6 -.3 Credit market instruments U.S. govt, securities Treasury issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 9 10 11 12 13 14 15 16 17 18 19 20 21 15.7 13.3 1.8 11.1 .3 2.4 14.4 12.4 1.5 10.3 .6 2.0 9.6 8.6 1.2 6.7 .8 1.0 15.6 13.8 1.9 11.7 .2 1.8 19.4 20.1 1.2 17.8 1.1 -.7 19.8 19.4 2.8 15.8 .8 .4 21.6 20.1 3.4 16.3 .4 1.5 15.3 11.7 1.8 9.9 .1 3.6 12.1 13.2 .8 12.3 X -1.1 13.4 10.2 1.5 8.3 .4 3.2 25.4 Net increase in liabilities 21.6 Shares/deposits 3.6 Checkable 18.0 Small time 8 savings X Large time 3.8 Miscellaneous liabilities 16 17 18 19 20 21 22 .1 .1 .5 .9 .6 .6 .7 .8 .9 1.0 1 2 3 4 5 • 6 7 8 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 1.4 Gross saving 1.9 Fixed nonres. investment 1.1 Discrepancy 1 2 3 4 5 6 7 8 22 JUNE 12, 1991 Insurance and Pension Funds Insurance and Pension Funds Sector Statements of Saving and Investment UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Life Insurance Companies -187 1,409 -198 1,430 -203 1,455 -185 1,483 -170 1,506 -152 1,534 -135 1,558 3.3 .7 1.1 2.1 .3 3.3 -3.2 4.0 1 2 3 Net acq. of financial assets Checkable dep. 8 currency 4 Money mkt. fund shares 5 Mutual fund shares 6 Other corporate equities 7 21,384 218 613 301 1,652 30,843 599 260 442 1,082 35,309 -117 710 599 1,606 35,823 4 -209 709 1,178 27,897 6 988 866 1,049 19,005 9 800 550 413 17,169 71 1,408 749 751 59.1 -.6 -1.9 -.4 3.4 62.5 .7 2.2 .5 .3 89.9 .5 2.1 1.1 4.8 104.7 .7 .9 10.2 -2.1 3 4 5 6 7 Credit market instruments U.S. govt, securities Treasury issues Agency issues Tax-exempt obligations Corporate and fgn. bonds Mortgages Open-market paper Policy loans Miscellaneous assets 16,919 4,094 -2,287 6,381 152 10,346 2,212 -535 650 1,681 26,801 5,165 176 4,989 46 12,151 6,010 2,599 830 1,659 31,467 10,295 6,265 4,030 294 13,212 6,068 -2,071 3.669 1,044 33,317 3,679 -202 3,881 1,641 16,377 4,584 5,000 2.036 824 23,389 7,423 954 6,469 855 14,884 1,197 1,533 -2-503 1,599 15,283 5,042 -783 5,825 490 11,361 1,272 -3,803 921 1,950 13,035 4,800 849 3,951 192 10-621 -3,890 374 938 1,155 52.5 19.3 12.1 7.2 .9 16.7 9.0 5.3 1.1 6.1 54.1 23.6 12.6 11.0 -1.3 23.7 5.7 1.9 .4 4.8 74.4 23.0 10.5 12.5 1.0 37.8 15.1 -2.3 -.1 7.0 86.9 17.9 7.3 10.6 2.0 40.8 22.0 4.5 -.3 8.0 8 9 10 11 12 13 14 15 16 17 24,461 5,304 18,123 25 1,009 28,091 6,629 20,788 25 649 37,816 9,080 27,292 25 1,419 37,213 9,380 26,793 25 1,015 29,861 8,000 20,985 25 851 18,268 6,500 13,164 -26 -1,370 21,586 6,359 15,175 -19 71 55.8 7.8 38.8 -.1 9.2 66.3 5.0 46.7 -.2 14.8 88.3 10.4 63.4 14.4 105.1 18 17.2 19 82.5 20 N 21 5.4 22 1,481 -4,380 849 -278 288 -2,423 2,724 -.8 2.8 -4.6 -6.8 23 603 1,536 .5 .8 .6 2.2 .8 3.5 1.1 4.2 1 2 3 4 5 6 7 8 1 Gross saving 2 Fixed nonres. investment 8 9 10 11 12 13 14 15 16 17 18 Net increase in liabilities Life insurance reserves 19 Pension fund reserves 20 Profit taxes payable 21 Miscellaneous liabilities 22 23 Discrepancy « Private Pension Funds (1) 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets 4 Checkable dep. and currency Time deposits 5 Money mkt. fund shares 6 7 Mutual fund shares Other corporate equities 8 9 10 11 12 13 14 15 16 Credit market instruments U.S. government securities Treasury issues Agency issues Corporate 8 foreign bonds Mortgages Open-market paper Miscellaneous assets 17 Discrepancy 571 1,486 588 1,513 510 1,393 524 1,413 539 1,437 -21,283 -820 -7,386 1,165 501 -7,769 7,836 -144 -699 494 738 988 -2,321 -614 -5,653 1,349 999 322 10,680 -22,972 7 -45 -992 687 2,148 102 1,445 1,183 901 -13,588 3,735 -19,095 14 -771 443 -7,143 2.625 3,632 3,253 3,293 -1,862 -2,804 59.1 .8 7.5 .4 2.4 4.5 42.1 .5 3.3 3.0 2.1 5.4 4Q. 7 .9 7.6 1.0 10.4 -9.0 -8.7 -.5 -2.6 4.2 5.4 -8.0 -4,213 2,134 -74 2,208 -281 274 -6,340 -2,761 3,742 3,763 4,265 -502 686 169 -876 2,717 -2,965 1,463 1,232 231 335 416 -5,179 4,241 4,615 3,042 925 3,798 4,302 2,614 1,184 -3,377 3,495 -487 492 -514 -297 245 4,810 -16,607 6,626 -4,072 3,712 2-125 3,030 -1,085 3,210 682 1,576 92 556 293 782 -6,582 -7,364 -11,230 29.9 12.0 .4 11.6 10.4 .7 6.8 13.6 21.3 7.3 11.6 -4.3 10.2 .1 3.8 6.4 26.6 8.0 -1.0 9.0 10.4 .4 7.8 3.1 -.8 4.8 8.2 -3.4 —2.2 -883 -889 -898 -.2 -1.5 -2.7 -3.2 17 557 1.464 -907 -915 -925 -933 9 10 11 12 13 14 -3.2 15 -6.3 16 (1]1 Includes Federal Employees' Retirement Thrift Savings Fund. State and Local Government Employee Retirement Funds 1 Net acq. of financial assets 2 Checkable dep. and currency Time deposits 3 4 Corporate equities 5 6 7 8 9 10 11 Credit market instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Corporate & foreign bonds Mortgages 18,500 -186 -1,672 8,500 19,000 -200 -1,800 9,000 15,000 500 500 4,400 16,200 500 1,800 2,100 18,500 -200 -300 -1,000 16,500 221 -721 800 16,000 -430 -2,527 800 39.2 .4 2.8 20.0 45.7 .6 3.2 7.3 53.1 .4 1.4 28.6 57.6 -.3 3.5 23.1 11,858 3,846 846 3,000 10 8,244 -242 12,000 517 -2,583 3,100 40 11,041 402 9,600 10,300 8,000 2,300 300 -1,106 106 11,800 5,400 4,000 1,400 50 6,266 84 20-000 6,500 500 6,000 -300 13,648 152 16,200 1,500 500 1,000 14,613 87 18,157 1,750 750 1,000 16,350 57 16.0 17.0 12.0 4.9 -1.1 -.7 .9 34.7 23.1 19.0 4.1 -.5 11.5 .6 22.9 12.3 15.0 -2.7 -.4 10.9 .1 31.3 5 20.7 6 12.1 7 8.6 8 -.3 9 10.7 10 .3 11 1 2 3 4 Other Insurance• Companies 1 Gross saving 2 Fixed nonres. investment -963 549 962 558 664 568 696 580 640 589 666 601 686 611 -.1 .3 -4.5 .7 -5.4 1.2 -.5 1.5 1 2 3 Net acq. of financial assets Checkable dep. & currency 4 Security RPs 5 Corporate equities 6 9,524 117 -249 1,163 9,285 97 -85 1,008 9,278 81 -210 1,346 8,408 70 18 1,440 8,872 52 -650 1,000 9,193 75 -404 849 8,550 55 -412 573 15.0 -.4 9.6 2.1 14.8 .5 4.2 -4.3 33.3 1.2 5.7 -2.0 49.1 1.3 .6 -.3 3 4 5 6 Credit market instruments U.S. govt, securities Treasury issues Agency issues Tax-exempt obligations Corporate and fgn. bonds Commercial mortgages Trade credit 8,020 3,956 3,531 425 130 3,700 234 473 7,482 4,189 3,844 345 263 2,844 186 783 7,771 4,033 3,750 283 283 3,305 150 290 5,635 2,491 2,250 241 190 2,830 124 1,245 7,470 4,170 3,750 420 200 3,000 100 1,000 7,798 3,968 3,468 500 321 3,309 200 875 7,269 3,610 3,001 609 279 3,220 160 1,065 1.7 5.5 3.3 2.2 -.3 -4.2 .7 2.0 11.7 9.1 5.9 3.2 -1.9 4.1 .4 2.8 26.1 13.8 5.5 8.2 3.5 8.2 .7 2.2 42.6 13.9 13.8 .1 13.7 14.1 .9 4.9 7 8 9 10 11 12 13 14 8,667 455 26 8,186 8,080 452 27 7,601 8,577 489 33 8,055 9,036 455 36 8,545 8,529 386 38 8,105 8,108 300 -2 7,810 7,956 246 9 7,701 13.5 1.5 19.3 3.9 12.0 15.4 46.4 7.8 -.1 38.6 48.7 15 6.8 16 K 17 41.9 18 -2,369 -801 -605 744 -292 -1,020 -519 -1.9 -.7 6.5 -2.5 19 7 8 9 10 11 12 13 14 15 Net increase In liabilities 16 Corporate equity issues 17 Profit taxes payable 18 Policy payables 19 Discrepancy LATEST QUARTER BASED ON INCOMPLETE INFORMATION M K JUNE 12. 1991 Insurance and Pension Funds Insurance and Pension Funds Sector Statements of Savins and Investment 29 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1989 1987 1988 1990 1 1 1989 III IV 1 1 1990 III II I IV 1 1 1991 I Life Insurance Companies ——— 1 2 -6.2 4.7 -1.8 5.0 -1.0 5.6 -.7 6.0 -.7 5.6 -.8 5.7 -.8 5.8 -.7 5.9 -.7 6.0 -.6 6.1 3 4 5 6 7 99.2 -.9 -3.1 -2.2 5.7 114.3 -.3 .1 5.7 -3.4 105.7 .5 1.6 1.2 4.4 118.0 -.1 2.3 2.7 4.2 90.1 1.8 2.5 1.2 6.6 114.9 -2.0 1.0 1.8 4.3 145.2 3.6 2.8 2.4 6.4 142.1 -.8 -.8 2.8 4.7 116.5 1.0 4.0 3.5 4.2 68.2 -4.2 3.2 2.2 1.7 71.8 Net acq. of financial assets 4.0 Checkable dep. & currency 5.6 Money mkt. fund shares 3.0 Mutual fund shares 3.0 Other corporate equities 8 9 10 11 12 13 14 15 16 17 91.7 5.1 -2.0 7.0 -1.0 66.9 18.5 2.7 -.4 7.9 103.8 10.2 1.5 8.7 -1.5 69.2 20.3 5.1 .6 8.5 90.7 19.5 -5.6 25.1 -.1 53.6 12.6 2.0 3.2 7.3 103.5 26.4 6.2 20.2 3.3 55.8 13.1 .7 4.1 5.4 71.3 18.2 -8.3 26.6 .6 46.1 12.7 -8.9 2.6 6.7 103.0 17.9 -2.7 20.6 .2 51.1 12.0 18.6 3.3 6.6 125.8 40.3 24.6 15.7 1.2 50.8 32.0 -13.1 14.7 4.2 132.9 15.3 1.5 13.8 6.6 60.4 18.6 24.0 8.1 3.3 97.5 31.6 4.6 27.0 3.4 64.5 8.9 -.9 -10.0 6.4 57.6 18.6 -5.7 24.3 2.0 47.7 -7.0 -7.3 3.7 7.8 51.6 18.0 2.7 15.3 .8 40.6 -8.5 -3.1 3.8 4.6 18 19 20 21 22 96.8 25.7 69.9 .2 1.0 117.9 24.9 88.8 .1 4.1 111.9 25.9 82.2 .1 3.7 123.2 33.0 88.2 1.9 97.4 21.2 72.1 .1 4.0 119.2 26.5 90.0 .1 2.6 146.5 36.3 104.4 .1 5.7 145.9 37.5 104.3 .1 4.1 119.5 32.0 84.0 .1 3.4 80.7 26.0 60.3 -.1 -5.5 80.7 Net increase In liabilities 25.4 Life insurance reserves 55.0 Pension fund reserves -.1 Profit taxes payable .3 Miscellaneous liabilities 23 -13.3 -3.2 -.3 -1.6 .9 -2.2 -5.4 -2.8 -3.7 5.7 2.1 Discrepancy 2.4 Gross savins 6.1 Fixed nonres. investment X -.5 Gross savins 6.2 Fixed nonres. investment Credit market instruments U.S. sovt. securities Treasury issues Asency issues Tax-exempt oblisations Corporate and fsn. bonds Mortsases Open-market paper Policy loans Miscellaneous assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Private Pension Funds (1) 1 2 1.4 4.8 1.7 5.0 2.0 5.5 2.3 5.9 2.0 5.6 2.1 5.7 2.2 5.7 2.2 5.9 2.3 5.9 2.4 6.1 3 4 5 6 7 8 -5.6 .5 4.6 -1.8 3.3 -24.0 7.7 1.0 8.7 1.6 .9 -20.3 -26.7 -1.2 -10.0 3.3 1.6 -17.9 -10.9 -.6 -5.5 6.2 6.9 -14.2 -79.7 -3.3 -29.5 4.7 2.0 -31.1 57.7 -.6 -2.8 2.0 3.0 4.0 -33.6 -2.5 -22.6 5.4 4.0 1.3 32.7 -.2 2.7 .4 4.7 3.6 -80.9 -4.0 8.6 5.8 -54.4 38.3 .1 1.8 10.5 13.0 -7.4 9 10 11 12 13 14 15 16 22.2 31.4 11.8 16.8 -5.0 12.3 7.3 -15.5 7.2 11.9 9.4 2.5 3.3 .9 -8.7 -9.8 11.3 9.9 11.2 -1.3 4.9 1.0 -4.4 -14.9 -19.9 6.1 3.9 10.0 -1.2 3.3 -10.4 -.3 .3 -1.5 1.4 -19.8 -2.6 33.1 25.8 17.1 8.8 6.9 1.3 -1.0 19.1 -32.8 2.1 4.9 -2.8 -7.8 .9 -28.0 13.6 18.4 16.9 10.5 6.5 3.2 -2.3 .5 3.0 15.9 -6.8 17.2 -24.0 14.4 2.3 6.0 -52.9 43.8 27.4 12.1 15.3 9.8 2.9 3.7 -23.4 17 -3.4 -3.3 -3.5 -3.6 -3.5 -3.6 -3.6 -3.6 -3.7 -3.7 9.9 X X X -102.0 Net acq. of financial assets -3.1 Checkable dep. and currency -28.6 Time deposits 14.5 Money mkt. fund shares 13.2 Mutual fund shares -11.2 Other corporate equities -38.3 4.1 -4.3 8.4 -9.1 .4 -33.6 -48.5 Credit market instruments U.S. sovernment securities Treasury issues Asency issues Corporate 8 foreisn bonds Mortsases Open-market paper Miscellaneous assets -3.7 Discrepancy 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 (1) Includes Federal Employees’ Retirement Thrift Savinss Fund. State and Local Government Employee Retirement Funds 1 2 3 4 54.7 .3 1.7 26.4 64.9 .5 3.9 25.9 72.1 -.3 -.4 23.7 66.2 1.0 1.3 6.3 75.1 -.8 -5.9 27.4 72.4 -.7 -7.2 39.7 64.2 2.3 5.8 19.3 63.2 1.7 2.4 9.8 75.1 -.9 -.1 -11.1 62.4 1.0 -3.0 7.2 68.3 Net acq. of financial assets -1.4 Checkable dep. and currency -5.7 Time deposits 5.0 Corporate equities 5 6 7 8 9 10 11 26.3 24.6 17.9 6.7 34.6 15.8 15.5 .3 -.4 18.9 .3 49.1 13.6 -.2 13.8 57.6 23.7 13.0 10.7 .1 33.4 .4 54.5 11.3 2.3 9.0 40.6 6.8 -13.6 20.5 .2 32.0 1.6 36.9 39.0 33.3 5.7 1.2 -3.7 .4 49.2 21.6 19.6 2.1 .2 27.1 .3 87.2 22.4 .5 21.8 -1.2 65.4 .6 57.1 11.8 -1.4 13.2 44.9 .3 70.5 4.6 4.9 -.3 65.7 X 1.9 _. £ X 35.9 -.4 X 44.1 -1.0 1 2 3 4 Credit market instruments 5 U.S. sovernment securities 6 Treasury issues 7 Asency issues 8 Tax-exempt oblisations 9 Corporate 8 foreisn bonds 10 Mortsases 11 Other Insurance Companies 2.7 Gross savins 2.4 Fixed nonres. investment 1 2 2.8 1.8 3.5 1.9 .9 2.2 2.7 2.3 -3.9 2.2 3.8 2.2 2.7 2.3 2.8 2.3 2.6 2.4 2.7 2.4 3 4 5 6 47.7 -.1 2.0 2.7 41.5 .1 1.8 3.8 37.9 .4 -.5 4.4 35.8 .3 -1.2 4.6 36.2 .5 -1.0 4.7 35.6 .4 -.3 4.0 36.9 .3 -.8 5.4 37.4 .3 .1 5.8 33.4 .2 -2.6 4.0 35.3 .3 -1.6 3.4 34.0 Net acq. of financial assets .2 Checkable dep. & currency -1.6 Security RPs 2.3 Corporate equities 7 8 9 10 11 12 13 14 39.5 8.5 8.4 .1 22.8 7.5 .6 3.6 28.9 9.2 9.0 .2 9.3 10.1 .3 6.8 30.8 14.4 13.0 1.4 1.9 13.6 .8 2.8 28.7 14.7 13.2 1.4 1.0 12.4 .6 3.4 30.1 13.9 12.2 1.7 .5 14.8 .9 1.9 28.4 15.2 13.9 1.4 1.1 11.4 .7 3.1 30.9 15.9 14.8 1.1 1.1 13.2 .6 1.2 26.3 13.8 12.8 1.0 .8 11.3 .5 5.0 27.8 14.6 12.9 1.7 .8 12.0 .4 4.0 29.7 14.4 12.4 2.0 1.3 13.2 .8 3.5 28.9 14.2 11.8 2.4 1.1 12.9 .6 4.3 15 16 17 18 41.7 4.0 37.7 33.1 1.7 .1 31.4 33.9 1.8 .1 32.0 34.3 1.6 .1 32.5 34.7 1.8 .1 32.7 32.3 1.8 .1 30.4 34.3 2.0 .1 32.2 36.1 1.8 .1 34.2 34.1 1.5 .2 32.4 32.4 1.2 31.2 31.8 Net increase in liabilities 1.0 Corporate equity issues X Profit taxes payable 30.8 Policy payables 15 16 17 18 19 -5.1 -6.8 -5.3 -1.2 -7.5 -1.7 -2.2 -.8 .9 -2.6 -1.9 Discrepancy 19 X BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. Credit market instruments U.S. sovt. securities Treasury issues Asency issues Tax-exempt obligations Corporate and fgn. bonds Commercial mortgages Trade credit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 JUNE 12, 1991 Finance n.e.c. Finance n.e.c. Sector Statements of Saving and Investment 3Q UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, S MILLIONS I I III 1989 IV I I 1990 I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Finance Companies 1 Gross saving 2 Fixed nonres. Investment 3 Net acq. of financial assets Checkable dep. 8 currency 4 Credit market instruments 5 Mortgages 6 Consumer credit 7 Other loans(to business) 8 9 Net increase in liabilities Credit market instruments 10 Corporate bonds 11 Bank loans n.e.c. 12 Open-market paper 13 14 15 16 Profit taxes payable Inv. by parent companies Other misc. liabilities 17 Discrepancy 1,771 3,068 1,808 3,198 1,831 3,349 1,888 3,524 1,851 3,664 2,151 3,584 2,160 3,733 3.6 4.1 1.8 4.4 .8 6.6 1.5 6.6 1 2 5,997 165 5,832 7,640 2,145 -3,953 11,722 241 11-481 1,575 -2,389 12,295 10,007 282 9,725 10,028 -4,536 4,233 17,741 332 17,409 4,830 660 11,919 10,973 385 10,588 4,440 1,776 4,372 15,613 400 15,213 5,709 -746 10,250 -7,442 457 -7,899 -869 -8,866 1,836 26.8 .1 26.8 2.7 11.0 13.1 37.8 -.5 38.3 5.4 8.6 24.4 50.4 .9 49.5 6.8 23.1 19.7 58.4 3.6 54.8 15.8 23.1 15.9 3 4 5 6 7 8 15,838 3,308 3,778 1,146 -1,616 11,883 15,153 2,015 1,898 11,240 3,463 3,060 2,524 -2,594 3,130 16,375 10,920 8,500 2,792 -372 22,042 21,271 3,300 544 17,427 8,423 21,438 5,700 2,236 13,502 -3,530 -4,617 1,367 -1,348 -4,636 28.4 17.5 5.3 -.4 12.6 40.0 24.3 9.6 .8 14.0 65.8 57.7 15.8 2.9 39.0 69.9 9 54.7 10 22.5 11 3*7 12 28.5 13 33 5,656 6,841 35 3,288 -6,593 37 -5,532 5,898 39 -2,584 8,000 41 42 35 -12,792 -265 695 44 464 579 X 4.1 6.9 N 9.5 6.2 X 13.6 -5.6 X 14 12.9 15 2.2 16 8,544 -1,229 -8,062 -3,002 -8,623 2,339 1.1 -.4 9.6 6.4 17 9,256 Open-End Investment Companies (Mutual Funds) 1 Gross saving 2 Net acq. of financial assets Checkable dep. and currency 3 4 5 6 7 8 9 10 11 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Corporate & foreign bonds Open-market paper 12 Net share issues -3,025 -4,033 -2,425 -575 --1,550 -3,050 -2,525 -3.2 -5.2 -3.6 -13.1 1 7.716 367 11,335 215 15,371 -3,326 18,193 3,758 6,348 -677 13,840 490 25,642 1,181 24.0 .6 24.2 .4 80.8 1.7 145.9 2.6 2 3 595 6,754 3,000 3,275 -275 2,639 1,660 -545 3,316 7.804 4,000 3,310 690 3.543 2,484 -2,223 4,404 14,293 2,700 1,873 827 3,807 2,469 5,317 8,590 5,845 1,600 1,139 461 4,084 4,668 -4,507 --1,079 8,104 1,200 339 861 2,730 2,521 1,653 3,388 9,962 3,000 1,902 1,098 4,940 5,605 -3,583 8,953 15,508 2,500 470 2,030 5,268 5,729 2,011 13.7 9.8 .6 .6 5.5 2.7 1.0 5.9 17.9 6.4 5.8 .5 5.6 3.6 2.4 10.3 68.7 52.9 41.4 11.5 14.5 3.6 -2.3 20.2 4 123.1 5 59.3 6 7 36.4 22.9 8 31.8 9 26.8 10 5.3 11 10,741 15,368 17.796 18,768 7,898 16,890 28,167 27.2 29.3 84.4 159.0 12 Money Market Mutual Funds 1 Net acq. of financial assets Checkable dep. and currency 2 Time deposits 3 Security RPs 4 Foreign deposits 5 6 7 8 9 10 11 12 Credit market instruments U.S. government securities Treasury Issues Agency issues Tax-exempt obligations Open-market paper Miscellaneous 13 Net share issues 30,646 2,112 1.097 1.515 7,018 13,008 -1,539 -1,714 585 -2,980 35,489 -10,470 -558 805 -7,099 -6,453 -1,640 1,932 1,023 672 31,254 209 -4,334 11,119 3,733 14,008 53,355 10,833 -13,528 -2,335 6,644 -7,324 14,424 -4,736 5,633 -40.4 -.6 -16.8 -3.2 -1.8 54.2 -1.0 -.4 9.7 -.7 10.2 1.4 -6.8 3.3 -2.2 48.3 - .2 2.3 6.1 3.1 17,094 702 1,560 -858 3,507 12,885 1.810 19,220 6,685 2,143 4,542 -324 12,859 -564 42,648 -12,266 17,638 3,672 16,547 -3,354 1,091 7,026 7,752 -1,624 17,258 -14,314 4,489 1,466 30,044 7,073 5,991 1,082 3,503 19,468 -9,517 20,426 18,139 11,486 6*653 4,636 -2-349 -2,856 38,693 22-753 20,202 2,551 6,693 9,247 1,489 -17.7 -18.4 -19.8 1.4 3.6 -3.0 -.4 45.0 6.2 2.6 3.6 7.0 31.8 1.5 13.9 .3 -.8 1.1 12.4 1.2 .6 34.1 6 7 .5 3.4 8 -3.0 9 27.5 10 6.2 11 2.9 12 30,646 13,008 35,489 -10,470 31,254 14,008 53,355 -40.4 54.2 10.2 48.3 13 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 1 2 3 4 5 JUNE 12, 1991 Finance n.e.c Finance n.e.c Sector Statements of Saving and Investment 31 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLONS, $ BILLIONS 1987 1988 1989 1990 SEASONALLY ADJUSTED ANNUAL RATES III 1989 IV I I I II 1990 III IV I 1991 I I Finance Companies 8.6 Gross saving 14.9 Fixed nonres. investment 1 2 1 2 5.1 6.9 5.4 8.5 6.5 11.8 7.7 14.1 7.1 12.3 7.2 12.8 7.3 13.4 7.6 14.1 7.4 14.7 8.6 14.3 3 4 5 6 7 8 40.1 .7 39.4 -2.1 7.5 34.1 39.1 « 39.2 3.4 6.7 29.0 39.8 .6 39.2 13.6 1.3 24.3 54.3 1.4 52.9 25.0 -2.8 30.8 49.5 .7 48.8 30.0 -.7 19.5 20.4 1.0 19.4 11.6 -9.3 17.1 56.9 1.1 55.7 48.8 -2.2 9.2 53.7 1.3 52.3 5.4 -5.6 52.6 70.2 1.5 68.6 17.4 -1.0 52.3 36.6 1.6 35.0 28.4 -2.5 9.0 -13.4 Net acq. of financial assets Checkable dep. 8 currency 1.8 Credit market instruments -15.2 Mortgages 5.5 Consumer credit -20.9 Other loansCto business) .2 3 4 5 6 7 8 9 10 11 12 13 56.6 40.8 21.5 -1.2 20.5 56.2 67.7 11.9 -2.1 57.9 59.3 46.3 14.7 4.8 26.7 50.3 56.7 20.0 3.0 33.7 63.7 23.5 15.1 5.3 3.1 44.0 52.6 8.1 4.2 40.3 29.3 25.3 10.1 -1.6 16.8 53.1 27.7 34.0 4.3 -10.7 89.1 96.9 13.2 3.5 80.2 29.6 76.9 22.8 5.7 48.4 .7 Net increase in liabilities Credit market instruments -5.0 Corporate bonds 5.5 Bank loans n.e.c. 3.2 Open-market paper -13.6 9 10 11 12 13 14 15 16 .1 8.8 6.9 .1 -2.5 -9.2 .1 10.1 2.7 .2 -20.9 14.3 .1 19.1 20.9 .1 3.4 -12.1 .1 -16.8 20.7 .2 -1.5 26.8 .2 -2.9 -5.0 .2 -62.3 14.9 17 14.6 14.0 14.2 -10.4 9.0 18.0 -33.6 -7.1 11.7 -12.7 .2 7.4 -1.8 Profit taxes payable Inv. by parent companies Other misc. liabilities 7.8 Discrepancy 14 15 16 17 Open-End Investment Companies (Mutual Funds) 1 -20.7 -4.9 -15.1 -7.6 -16.8 -8.7 -1.6 -13.1 -10.0 -5.8 2 3 53.2 .5 -3.8 .3 26.3 1.3 53.8 .2 41.1 1.5 63.7 .9 46.2 -13.3 57.9 15.0 36.1 -2.7 74.8 2.0 87.1 Net acq. of financial assets Checkable dep. and currency 4.7 4 5 6 7 8 9 10 11 26.9 25.8 9.9 9.9 N 5.4 7.3 3.2 -16.0 11.9 -19.2 -17.7 -1.5 8.0 14.2 8.9 1.2 23.8 5.1 5.3 -.2 14.9 5.7 -1.9 15.3 38.2 8.5 5.3 3.2 15.6 15.3 -1.1 1.5 38.2 20.5 21.6 -1.1 12.2 7.0 -1.5 19.7 43.1 11.6 8.9 2.8 15.9 9.5 6.1 17.5 42.0 8.3 5.0 3.3 11.2 8.6 13.8 29.3 13.5 4.5 2.6 1.8 16.9 19.9 -27.8 -5.2 44.0 14.0 10.6 3.4 12.7 10.5 6.8 19.6 53.3 7.1 2.7 4.4 21.4 22.1 2.7 36.7 45.7 7.7 -.4 8.1 16.9 20.7 .4 12 73.9 1.1 41.3 61.4 57.9 72.4 47.8 71.0 46.1 80.6 87.6 Net share Issues -.5 Gross saving 1 2 3 Corporate equities 4 Credit market instruments 5 U.S. government securities 6 Treasury issues 7 Agency issues 8 Tax-exempt obligations 9 Corporate 8 foreign bonds 10 Open-market paper 11 12 Money Market Mutual Funds 1 2 3 4 5 24.0 14.4 7.1 -.6 21.9 1.0 -.8 2.4 8.1 90.1 -.6 8.5 13.2 -3.3 70.3 11.3 -20.2 4.1 .7 123.9 3.9 7.1 6.1 27.0 68.6 -3.2 -10.7 6.0 -11.0 80.4 -.5 -24.7 -13.3 -4.2 4.3 3.2 -28.4 8.8 11.4 123.4 -4.5 -13.6 45.8 13.8 73.0 47.0 -14.1 -24.9 -18.1 6 7 8 9 10 11 12 1.8 -1.9 -13.7 11.9 -2.3 6.0 1.4 10.7 -11.4 -2.7 -8.6 4.2 17.8 .5 67.1 5.9 3.2 2.7 3.7 57.5 5.2 80.9 46.5 30.7 15.9 14.3 20.1 -6.4 76.1 4.2 9.0 -4.7 15.3 56.6 3.6 82.7 11.8 2.7 9.1 6.9 64.0 4.8 117.1 61.7 55.3 6.3 5.7 49.7 6.1 -9.1 35.7 -2.5 38.2 10.8 -55.7 18.5 127.7 30.8 27.4 3.4 13.8 83.1 -45.7 87.8 57.8 42.4 15.4 26.8 3.1 -4.5 13 24.0 21.9 90.1 70.3 123.9 68.6 80.4 4.3 123.4 73.0 -.3 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 148.7 Net acq. of financial assets -52.3 Checkable dep. and currency 30.4 Time deposits Security RPs 51.1 15.1 Foreign deposits 99.0 81.6 68.7 12.9 1.6 15.8 5.4 1 2 3 4 5 Credit market instruments 6 U.S. government securities 7 Treasury issues 8 Agency issues 9 Tax-exempt obligations 10 Open-market paper 11 Miscellaneous 12 148.7 Net share issues 13 JUNE 12, 1991 Finance n.e.c., Continued Finance n.e.c., Continued Sector Statements of Savins and Investment ^2 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I 1 III 1989 IV I 1 1990 I II III IV I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Real Estate Investment Trusts 65 148 73 97 -244 -120 80 -36 -18 35 150 74 14 1,696 835 19 188 93 23 338 166 .2 -.1 * M .5 .2 -.2 .8 .4 .3 .9 .4 1 2 3 Mortgages Miscellaneous assets -498 -153 -345 147 166 -19 450 -77 527 -844 -31 -813 127 -23 150 98 560 658 107 -161 268 .1 .1 - 2.0 .8 1.2 .8 2.4 -1.6 .4 * .4 4 5 6 7 Net increase in liabilities 8 Corporate equity issues Credit market instruments 9 10 Mortgages Corporate bonds 11 Bank loans n.e.c. 12 Open-market paper 13 -277 269 -764 78 -6 -800 -36 -217 -16 14 -101 -178 148 145 396 419 -144 -181 129 79 -171 -620 -36 -575 204 54 -895 62 2,658 2,002 224 640 222 32 -670 379 257 138 120 116 -98 - 611 469 100 239 96 -235 - K .4 -.3 K K -.3 -.1 2.7 2.0 .5 .4 .1 -.2 .2 2.0 2.0 -.1 .1 .1 -.3 .1 1.7 1.3 .8 .1 .3 .1 .3 7 8 9 10 11 12 13 Miscellaneous liabilities 218 -215 121 -9 432 -16 42 -.1 .1 .1 -.3 14 65 97 80 35 14 19 23 .2 K -.2 .3 15 129 147 1.3 .3 -.7 1.1 .6 .9 1.2 1.1 1 2 3 4 5 1 Gross savins 2 Fixed nonres. investment 3 Multifamily resid. invest. A Net acq. of financial assets 5 6 14 15 Discrepancy Security Brokers and Dealers 1 Gross saving 2 Fixed nonres. investment 3 Net acq. of financial assets Checkable dep. 8 currency 4 5 Corporate equities 6 7 8 9 10 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate and fgn. bonds Open-market paper 11 12 Security credit Miscellaneous assets 13 Net increase in liabilities 14 Corporate equity issues 15 Security RPs (net) 16 17 18 Security credit From banks Customer credit balances 19 20 21 22 Trade debt Profit taxes payable Miscellaneous liabilities Proprietor net investment 23 Discrepancy 37 176 118 171 121 164 123 159 41 -982 -1,050 49,417 -31,619 1,009 387 128 -3,498 -618 -1,419 2,612 -4,730 2,153 -2,138 62-544 -14,488 -248 -631 29 -1,904 7.2 -.9 4.3 27.9 .3 -1.0 37.6 2.4 2.6 28.6 2.2 1.4 -349 2,768 -1,231 -352 -1,534 49,322 -24,797 42,888 -17,253 1,311 -935 1,514 -5,895 3,609 -714 3,089 1,419 564 3,719 -2,613 -3,731 -4,102 663 42 -334 60,374 -24,082 57,462 -23,693 -94 505 98 -1,836 -393 4,243 -7.7 -6.8 1.8 2.0 -4.8 28.8 12.8 4.5 5.7 5.7 5.6 -9.8 8.9 9.2 -2.8 13.2 6 18.2 7 -3.3 8 .3 9 -2.0 10 -1,754 712 -563 -3,148 -1,955 -2,945 -3,300 2,286 191 11,555 8.4 3.1 -2.3 2.3 18.9 8.2 6.7 11 5.1 12 33 -1,191 17,396 49,499 -31,720 254 1,158 31,639 -30,420 -807 -729 -1,227 -4,685 410 -5,500 62,552 -14,334 -216 -242 60,175 -27,613 6.5 1.0 -14.9 29.4 1.1 17.0 37.5 2.5 -1.2 28.3 13 2.2 14 13.3 15 -3,668 -41 -3,627 7,427 -1,088 8,515 -3,814 -1,682 -2,132 -1,230 -1,111 -119 2,903 -1,378 4,281 3,143 -4,062 7,205 1,970 2,395 -425 4.1 1.4 2.7 6.9 5.9 1.0 23.9 10.4 13.5 1.7 16 -7.3 17 9.0 18 -736 160 -14,018 2,090 3,632 -97 7,735 -1,091 -1,494 39 4,760 -1,949 1,763 51 -459 1,024 260 -8 -943 -1,807 977 -24 -398 -1,079 -289 11 11,455 348 1.0 -.2 14.6 .9 .5 -.1 2.2 1.6 .8 .3 9.2 2.0 1.1 .2 7.0 2.9 -50 -57 -154 -232 9 -19 136 .3 -.4 -.4 -.2 23 9.3 9.3 11.5 11.5 139 181 -347 2,769 126 153 2,087 685 19 20 21 22 Issuers of Securitized Credit Obligations (SCOs) 1 Net acq. of financial assets 2 Agency securities 3 Consumer credit 4 Net increase in liabilities Corporate bonds 1,421 -839 2,260 9,559 -1,350 10,909 8,018 970 7,048 13,779 4,770 9,009 6,873 3,780 3,093 11,390 2,900 8,490 8,087 2,470 5,617 3.6 3.6 1,421 9,559 8,018 13,779 6,873 11,390 8,087 3.6 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 39.0 39.0 1 2 3 9.3 11.5 39.0 4 JUNE 12, 1991 Finance n.e.c.. Continued Finance n.e.c., Continued Sector Statements of Saving and Investment 33 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 I I 1989 III IV I I 1990 I II III IV I 1991 I I Real Estate Investment Trusts 1 2 3 .2 1.4 .7 .3 .9 .4 .2 .1 X .1 2.0 1.0 .3 .6 .3 .4 -1.0 -.5 .3 -.1 -.1 .1 .6 .3 .1 6.8 3.3 .1 .8 .4 A 5 6 2.0 1.0 1.0 3.1 .9 2.2 -.3 -.3 .1 _ 12 -.7 .5 -2.0 -.6 -1.4 .6 .7 -.1 1.8 -.3 2.1 -3.4 -.1 -3.3 .5 -.1 .6 .4 -2.2 2.6 7 8 9 10 11 12 13 4.1 2.8 .3 .4 .5 -.9 .4 4.4 1.1 3.5 .3 .2 3.2 -.1 -.1 1.8 -1.9 -1.1 1.1 -3.1 .3 X 2.8 2.6 -.4 .8 .5 -.9 -.8 -3.2 -.1 -.9 -.1 .1 -.4 -.7 .6 .6 1.6 1.7 -.6 -.7 .5 .3 -.7 -2.5 -.1 -2.3 .8 .2 -3.6 o 10.6 8.0 .9 2.6 .9 .1 -2.7 1.5 1.0 .6 .5 .5 -.4 - 14 1.0 -.2 -.1 .5 .9 -.9 .5 X 1.7 -.1 15 .2 .3 .2 .1 .3 .4 .3 .1 .1 .1 .1 Discrepancy .5 Gross saving .6 Fixed nonres. investment 1 2 X X -1.9 X .1 Gross saving 1.4 Fixed nonres. investment .7 Multifamily resid. invest. 1 2 3 .4 Net acq. of financial assets Mortgages -.6 Miscellaneous assets 1.1 4 5 6 2.4 Net increase in liabilities Corporate equity issues 1.9 .4 Credit market instruments 1.0 Mortgages .4 Corporate bonds Bank loans n.e.c. -.9 Open-market paper 7 8 9 10 11 12 13 Miscellaneous liabilities 14 .2 15 Security Brokers and Dealers 1 2 -1.0 1.1 -.6 .9 -.1 .7 .5 .6 .6 .7 .1 .7 .5 .7 .5 .7 .5 .6 .5 .6 3 4 5 -57.2 -1.4 -7.1 -2.0 1.9 -1 100.7 .4 -1.9 25.6 .5 -3.0 84.2 -1.6 -6.2 174.2 3.1 .6 -153.9 1.2 -14.7 -56.7 -7.7 13.3 73.1 11.6 -11.0 239.8 -3.2 .4 -96.0 Net acq. of financial assets Checkable dep. S currency -1.7 Corporate equities -8.7 3 4 5 6 7 8 9 10 -30.6 -16.4 -8.4 -4.4 -1.5 -8.2 -17.8 -.8 9.8 .6 96.3 89.9 -.4 3.7 3.0 34.9 37.5 .8 -4.0 .6 1.8 11.1 -6.9 -1.4 -.9 190.3 171.6 -2.0 6.1 14.7 -89.7 -69.0 5.2 -23.6 -2.3 3.5 5.7 .5 14.9 -17.6 -10.8 -16.4 .7 .2 4.8 236.7 229.8 -3.2 -7.3 17.5 -89.5 -94.8 7.0 .4 -2.1 Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate and fgn. bonds Open-market paper 6 7 8 9 10 11 12 -16.3 -1.8 1.7 2.4 -1.0 6.9 -3.7 -3.1 -7.0 97.2 -7.4 -12.4 16.3 -66.9 -21.4 -44.4 -19.6 102.9 9.8 -4.1 20.0 -16.0 Security credit Miscellaneous assets 11 12 13 14 15 -55.0 6.3 -48.8 -.8 -1.2 -11.7 101.2 -3.0 87.9 25.3 .6 23.0 84.2 -4.8 59.6 17^.5 1.0 107.9 -154.3 4.6 -88.9 -57.4 -2.9 -6.3 73.3 1.6 -36.0 239.8 -1.0 223.3 16 17 18 -12.1 -6.3 -5.8 -.1 -1.9 1.8 14.8 2.5 12.3 1.0 -8.2 9.2 -3.0 -.3 -2.7 21.2 -.8 22.1 -16.3 -12.3 -4.1 -8.2 -3.1 -5.0 22.8 -7.0 29.8 5.7 -10.5 16.3 5.5 2.5 3.0 19 20 21 22 -.1 -.6 3.5 -3.2 4.3 .1 2.6 5.1 6.3 .1 -8.8 4.0 1.5 .1 3.0 -3.8 -2.9 .6 26.3 8.4 14.5 -.4 34.6 -4.4 -6.0 .2 -40.1 -7.8 7.1 .2 -51.4 4.1 1.0 91.0 -7.2 3.9 -.1 12.3 -4.3 -28.1 1.4 23 X -.3 -.3 -.4 - .2 _ *2 -.6 -.9 X -.1 X -95.3 Net increase in liabilities Corporate equity issues -.9 Security RPs (net) -72.2 -1.2 X 13 14 15 Security credit From banks Customer credit balances 16 17 18 Trade debt Profit taxes payable Miscellaneous liabilities Proprietor net investment 19 20 21 22 .5 Discrepancy 23 Issuers of Securitized Credit Obligations (SCOs) 1 2 3 39.1 39.1 32.5 32.5 20.8 .6 20.2 40.1 12.4 27.6 5.7 -3.4 9.0 38.2 -5.4 43.6 32.1 3.9 28.2 55.1 19.1 36.0 27.5 15.1 12.4 45.6 11.6 34.0 32.3 Net acq. of financial assets Agency securities 9.9 Consumer credit 22.5 4 39.1 32.5 20.8 40.1 5.7 38.2 32.1 55.1 27.5 45.6 32.3 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION Net increase in liabilities Corporate bonds 1 2 3 4 JUNE 12, 1991 Monetary and Insurance Reserves Monetary and Insurance Reserves Foreign Exchange, Treasury Currency, and Insurance Reserves 34 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS i 1 III 1989 IV I 1 1 1 1990 I II III IV 1991 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves 2 U.S. 9old stock and SDRs U.S. govt.: Ex. Stab. Fund 3 Monetary authority (2) 4 5 U.S. foreign exchange position Official fgn.currency hldgs. 6 7 Treasury Monetary authority 8 9 10 11 Net IMF position U.S. government asset Monetary authority 5,996 3,202 3,177 -371 -1.739 1,092 353 1.2 3.1 3.9 -.3 1 -363 -361 _2 93 98 -5 -31 -31 - .1 .1 x 1.0 1.0 X .9 .9 X .2 .3 * 2 3 4 -.6 .9 .5 .5 5 6 7 8 211 209 2 204 210 -6 247 246 1 216 211 5 5,785 6,122 3,061 3,061 2,998 2,975 1,488 1.487 2,930 3,164 1-582 1,582 -587 -94 -47 -47 -1,376 -1,368 -684 -684 999 995 498 497 384 43 22 21 1.1 -3.3 -1.7 -1.7 2.2 1.2 .6 .6 3.0 3.9 1.9 1.9 -337 -329 -8 23 13 10 -234 -231 -3 -493 -495 2 -8 -6 -2 4 2 2 341 338 3 4.4 4.5 X 1.0 1.0 * -.9 -.9 X -1.5 9 -1.5 10 X 11 .5 .7 -.2 .6 .7 -.1 .5 .6 .1 _. 2 .8 .5 .3 X 1 2 3 4 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs- and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 Total U.S. govt, liability 2 Treasury currency SDR certificates 3 4 Unallocated assets 110 271 -161 137 215 -78 150 224 -74 161 208 -47 99 180 -81 1,626 161 1,500 -35 119 168 -49 Insurance and Pension Fund Reserves Life insurance reserves: 1 Net change in liabilities 2 U.S. government 3 Life insurance companies 5,390 86 5,304 6,716 87 6,629 9,168 88 9,080 9,469 89 9,380 8,090 90 8,000 6,590 90 6,500 6,450 91 6,359 8.0 .2 7.8 5.2 .2 5.0 10.7 .3 10.4 17.5 .3 17.2 1 2 3 4 Net change in assets (HH) 5,390 6,716 9,168 9,469 8,090 6,590 6,450 8.0 5.2 10.7 17.5 4 29,031 13,691 15,340 18,123 -21-283 18,500 53,325 5,701 47,624 20,788 7,836 19,000 35,428 -4,543 39,971 27-292 -2,321 15,000 58,948 31,859 5,275 15,346 53,673 16,513 26,793 20,985 10,680 -22,972 18,500 16,200 38,990 7,366 5-591 -4,714 12,080 33,399 13,164 15,175 3,735 -19,095 16,000 16,500 151.2 14.1 137.1 38.8 59.1 39.2 152.5 18.0 134.5 46.7 42.1 45.7 176.0 18.8 157.2 63.4 40.7 53.1 152.2 5 20.8 6 131.4 7 82.5 8 -8.7 9 57.6 10 29,031 53,325 35,428 58,948 7,366 151.2 152.5 176.0 152.2 11 Pension fund reserves: 5 Net change in liabilities U.S. government 6 7 Insurance sector 8 Life insurance companies 9 Private pension funds St.Sloe. govt. rtr. funds 10 11 Net change in assets (HH) LATEST QUARTER BASED ON INCOMPLETE INFORMATION 31.859 38,990 JUNE 12, 1991 Monetary and Insurance Reserves Monetary and Insurance Reserves Foreign Exchange, Treasury Currency, and Insurance Reserves 35 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I ANNUAL FLOMS, $ BILLIONS 1987 1988 1989 1990 III 1989 I I IV II 1 1990 Ill IV I 1991 I I Gold and Official Foreign Exchange Holdings (1) I -9.1 3.9 25.3 2.2 24.0 12.8 12.7 -1.5 -7.0 4.4 2 3 4 .5 .5 e -.1 -.1 * .5 .5 .2 « K .8 .8 .8 .8 1.0 1.0 .9 .8 N -1.5 -1.4 .4 .4 5 6 7 8 -9.7 -7.6 -3.8 -3.8 4.0 5.1 2.5 2.5 24.8 25.2 12.6 12.6 2.0 2.7 1.3 1.3 23.1 24.5 12 .2 12 »2 12.0 11.9 6.0 5.9 11.7 12.7 6.3 6.3 -2.3 -.4 -.2 -5.5 -5.5 -2.7 -2.7 4.0 4.0 2.0 2.0 9 -2.1 -2.1 -1.0 -1.0 -.5 -.5 - -.7 -.7 -1.3 -1.3 .1 .1 * -.9 -.9 -2.0 -2.0 * » » ■ M H 10 11 « M H M M M M ■ H M * 1.4 Total U.S. reserves 1 -.1 U.S. gold stock and SDRs U.S. govt.: Ex. Stab. Fund -.1 Monetary authority (2) - 2 3 4 1.5 U.S. foreign exchange position .2 Official fgn.currency hldgs. ’l Treasury Monetary authority .1 5 6 7 8 Net IMF position U.S. government asset Monetary authority 9 10 11 1.4 1.4 K (1) Lines; 1, 2, and 3 exclude increases in SDRs through allocations, which occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 2 3 4 .5 .6 -.1 .5 .6 -.1 4.1 .8 3.5 — *2 2.0 .8 1.5 -.2 .4 1.1 -.6 .5 .9 -.3 .6 .9 -.3 .6 .8 -.2 .4 .7 -.3 6.5 .6 6.0 -.1 .5 Total U.S. govt, liability Treasury currency .7 SDR certificates Unallocated assets -.2 1 2 3 4 Insurance and Pension Fund Reserves Life insurance reserves: 1 2 3 26.0 .3 25.7 25.3 .3 24.9 26.2 .3 25.9 33.3 .4 33.0 21.6 .3 21.2 26.9 .3 26.5 36.7 .4 36.3 37.9 .4 37.5 32.4 .4 32.0 26.4 .4 26.0 25.8 Net change in liabilities U.S. government .4 Life insurance companies 25.4 1 2 3 4 26.0 25.3 26.2 33.3 21.6 26.9 36.7 37.9 32.4 26.4 25.8 Net change in assets (HH) 4 5 6 7 8 9 10 137.8 18,9 119.0 69.9 -5.6 54.7 181.0 19.6 161.4 88.8 7.7 64.9 148.5 20.8 127.7 82.2 -26.7 72.1 165.2 21.7 143.6 88.2 -10.9 66.2 88.1 20.6 67.5 72.1 -79.7 75.1 241.1 21.1 220.0 90.0 57.7 72.4 153.4 18.4 135.0 104.4 -33.6 64.2 220.4 20.3 200.1 104.3 32.7 63.2 105.9 27.8 78.2 84.0 -80.9 75.1 181.2 20.2 161.0 60.3 38.3 62.4 11 137.8 181.0 148.5 165.2 88.1 241.1 153.4 220.4 105.9 181.2 Pension fund reserves: BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 40.2 Net change in liabilities 18.9 U.S. government Insurance sector 21.3 Life insurance companies 55.0 Private pension funds -102.0 St.&loc. govt. rtr. funds 68.3 40.2 Net change in assets (HH) 5 6 7 8 9 10 11 JUNE 12, 1991 Interbank Claims Interbank Claims Net Interbank Positions, Domestic and Foreisn Banks UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1 1991 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1986 1985 Net Interbank Claims 1 Net chanse in liabilities 2 Monetary authority 3 Depository inst. reserves 4 Vault cash -5,282 -4,781 -5,128 347 11,519 8,855 3,306 5,549 2,061 -4,846 570 -5,416 2,708 1,246 207 1,039 29,200 251 -207 458 7,033 -6,335 10,366 -22,460 2,529 -14,591 7,837 -7,869 -3.0 -3.6 -5.0 1.5 13.4 3.6 .4 3.2 27.6 8.1 6.8 1.3 28.3 19.6 19.5 .1 1 2 3 4 5 6 7 8 9 10 11 Commercial bankih9 To monetary authority To banks in fgn entries. Liabilities, ne~t U.S. chartered banks Due to fgn affils. -Due from fsn affils. -501 462 1,281 660 62 -5,098 -5,160 2,664 6,907 475 965 6,379 1-405 6,549 l,15tf -7,167 16,349 2,696 -3,235 9,863 -19,584 1,462 -1,297 2,800 1,819 11,050 2,005 -9.045 28,949 1,140 26,749 26,889 6,151 11,129 4,978 -3,333 374 4,527 3,938 -9,353 13,067 22,420 16,125 30 -1,259 -25 5,812 2,618 -3,194 .6 -1.0 12.5 10.6 6.7 8.5 1.8 9.8 2.0 2.3 -.7 -6.4 .9 7.3 19.5 -.4 14.5 9.8 8.1 10.3 2.2 8.7 5 -1.2 6 12.7 7 11.7 8 -3.7 9 -5.1 10 -1.4 11 12 13 14 Domestic affiliates Due to fsn. affll. -Due from fgn. affil. 2,405 -587 —2,992 1,151 -546 -1,697 1,421 -109 -1,530 1,018 -149 -1,167 770 377 -393 -1,479 1,432 2,911 -3.1 .7 3.8 -.6 .8 1.4 -.5 -1.1 -.6 1.3 12 1.2 13 -.1 14 15 16 17 Fgn. bkg. off. in U.S. Due to fgn affil. -Due from fgn. affil. 12,565 -15,334 -10,652 -1,807 -1,301 1,766 -6,040 -778 506 -10,799 9,294 9,874 19,720 10,150 -9,570 12,521 3,190 -9,331 -4,358 -4,987 -629 7.1 5.3 -1.8 6.3 -.9 -7.2 2.2 7.4 5.1 14.1 15 18.7 16 4.6 17 18 19 20 Less: Dep. at fsn. banks U.S. chartered banks Fgn. bk9. off. in U.S. 140 208 -68 -589 -468 -121 1,234 1,127 107 -1.8 -1.3 -.6 -2,9 -4,6 1.7 -4.7 -2.0 -2.7 -1.1 18 -1.0 19 -.1 20 17,354 -8,234 -1,003 4,467 -7,692 -3,558 13 -1,374 1,916 -20,925 17,354 -8,234 -10.9 -.1 -5.9 6.7 -1.7 -10.9 5.5 4.6 5.3 -1.7 6.9 .3 1.3 5.3 -2.8 -.9 4.7 .2 7.3 -2.8 27 28 To U.S. banking, net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less, due from: Fgn. offices in US Domestic affiliates 29 30 31 Domestic affiliates Due to U.S. banks -Due from U.S. banks 32 33 34 Fgn. bk9. off. In U.S. Due to U.S. banks -Due from U.S. banks 21 22 23 24 25 26 -621 -773 152 170 -73 243 -2,244 -4,190 524 -1,551 -54 624 -936 . -1,393 3-126 6-207 -2,244 -4,190 143 386 243 -247 -1,082 835 -41 4,537 1,060 -2,756 -13,965 6,736 2,317 -1,014 -1,961 -624 -210 -11-227 -763 -1,596 8.206 -41 4,537 1,060 -649 71 2,083 92 5,437 -364 1,007 71 -936 1,485 92 -1,393 -3,775 -649 3,126 35 Net change in assets ' 36 Foreisn 37 Domestic 38 Monetary authority 39 Federal Reserve float 40 Loans to member banks 41 42 43 Commercial banking Reserves at F.R. Vault cash 44 Thrifts: Reserves at F.R. 45 Discrepancy: Floats, etc. -7,402 -1,295 -5-679 -1,010 -6,600 -1,425 -5.4 -.4 260 -364 -624 -522 9,932 -732 -1,295 -210 -11.227 364 -1,010 -1,374 -1,438 -1,425 13 -7.1 -.4 6.7 -4,124 2,083 6,207 7,033 5,437 -1,596 14,446 -15,608 13.683 -7,402 -763 8,206 14,325 -7.595 -5,679 -6,600 1.916 -20,925 -3,038 1,281 -4,319 462 704 -242 15,709 6,379 9,330 475 592 -117 -2,476 1,405 -3,881 965 -717 1,682 2,749 2,800 -51 -1,297 280 -1,577 28,140 26,749 1,391 1,140 1,221 -81 -4,652 -4,999 347 8,314 2,765 5,549 -5,069 347 -5,416 1,346 307 1,039 551 93 458 13,683 -732 « -2.5 -3.1 5.5 21 22 23 24 25 26 -4.7 6.3 2.2 6.1 27 -.5 28 2.5 -2.5 2.0 2.2 .3 -.7 29 -.5 30 .2 31 -3.8 -5.4 -1.7 -1.5 -4.7 -3.1 5.0 6.3 1^3 -1.2 32 6.1 33 7.3 34 15,267 -23,689 4,527 -1,2*59 10,740 -22,430 374 30 -24 689 54 , -315 7.9 12.5 -4.6 -1.0 -1.2 .2 7.9 2.3 5.6 2.0 -.7 2.7 22.3 14.5 7.7 -.4 .1 -.5 10,566 -21,860 2,729 -13,991 7,837 -7,869 -4.5 -6.0 1.5 2.8 -.5 3.2 6.4 5.1 1.3 M M 31.1 12.7 18.4 -1.2 .3 -1.5 35 36 37 38 39 40 17.9 41 17.8 42 .1 43 -129 541 223 -100 -300 -200 -600 1.0 .9 1.7 1.7 44 -2,244 -4,190 4,537 -41 1,060 -8,234 17,354 -10.9 5.5 5.3 -2.8 45 LATEST QUARTER BASED ON INCOMPLETE INFORMATION -981 -436 -545 JUNE 12, 1991 Interbank Claims Interbank Claims Net Interbank Positions, Domestic and Foreign Banks 37 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS. $ BILLIONS 1987 1988 1989 1990 I I 1989 III IV I 1 1990 I II III IV I 1 1991 I Net Interbank Claims 1 2 3 4 34.0 -7.1 -6.3 -.8 2.2 .3 -2.4 2.7 -17.2 -2.7 -3.8 1.1 41.0 7.0 3.1 3.9 -33.3 -22.3 -24.9 2.5 2.8 14.3 6.4 8.0 53.8 3.1 7.9 -4.8 22.5 6.9 6.7 .2 108.1 -1.0 -4.7 3.6 -20.4 19.1 2.4 16.7 5 6 7 8 9 10 11 41.1 1.8 44.1 42.1 15.3 12.0 -3.3 2.0 -1.2 6.9 6.4 2.2 12.1 9.9 -14.5 -1.9 -7.5 -9.4 -8.1 -9.7 -1.6 34.0 1.2 35.5 33.8 24.2 23.0 -1.2 -11.0 -.6 5.4 4.1 -3.6 -29.8 -26.2 -11.5 -2.0 -12.7 -12.9 -20.3 13.8 34.1 50.7 6.5 40.6 40.4 62.9 1.3 -61.6 15.6 -1.1 16.5 11.7 41.7 1.3 -40.4 109.1 1.6 110.3 111.6 20.3 34.2 13.9 -39.5 -2.3 -25.5 -28.4 -28.1 55.0 83.1 92.2 2.4 36.8 42.8 23.8 26.6 2.8 5 Commercial banking 6 To monetary authority 7 To banks in fgn entries. 8 Liabilities, net 9 U.S. chartered banks 10 Due to fgn affils. -Due from fgn affils. 11 12 13 14 3.5 .9 -2.6 1.7 4.7 3.0 1.8 -2.2 -4.0 3.4 .5 -2.8 8.0 -2.3 -10.3 -3.6 -2.2 1.4 10.5 1.5 -8.9 6.0 -.4 -6.4 3.2 -.6 -3.8 -6.3 1.5 7.8 4.5 5.7 1.2 12 Domestic affiliates 13 Due to fgn. affil. -Due from fgn. affil. 14 15 16 17 23.4 13.0 -10.4 2.5 .3 -2.2 -3.1 -13.2 -10.1 6.3 6.5 .3 -.3 -.4 M 11.0 -12.1 -23.1 -33.0 -15.1 17.9 -36.0 3.0 39.0 88.1 45.8 -42.3 5.9 -7.6 -13.5 14.5 -11.2 -25.7 Fgn. bkg. off. In U.S. 15 16 Due to fgn affil. -Due from fgn. affil. 17 18 19 20 -2.0 -1.9 -.2 -.4 _. 2 -.2 -1.9 -2.3 .4 -1.7 -1.8 .1 -1.3 -1.9 .6 -.2 -1.1 1.0 -.2 -3.5 3.3 -4.9 -2.7 -2.2 1.3 1.6 -.3 -3.0 -2.5 -.5 5.9 5.5 .4 Less: Dep. at fgn. banks 18 19 U.S. chartered banks Fgn. bkg. off. in U.S. 20 21 22 23 24 25 26 -4.8 1.4 2.4 -1.9 9.1 -4.8 -3.7 -.6 3.6 .3 7.0 -3.7 -5.1 -14.7 2.9 .1 7.9 -5.1 -2.7 -11.0 -8.4 -13.4 7.8 -2.7 -15.9 -8.6 -11.2 -3.7 8.4 -15.9 3.2 8.2 17.2 -5.6 19.6 3.2 3.6 -15.5 5.5 -2.5 4.4 3.6 .2 -55.5 -4.5 -.8 -3.8 •2 -2.7 16.4 -18.6 -44.9 29.1 -2.7 -11.8 10.6 -15.8 -5.5 1.4 -11.8 53.0 12.5 -18.7 .1 -71.8 53.0 27 28 1.2 -.2 9.2 -5.0 16.3 1.3 6.0 -3.4 -2.9 .3 8.7 .4 22.5 -1.5 53.9 -2.9 -29.7 -5.2 -22.4 -4.0 -25.5 -5.7 29 30 31 1.8 -.2 -1.9 -5.4 -5.0 .3 1.2 1.3 .1 10.0 -3.4 -13.4 4.0 .3 -3.7 5.9 .4 -5.6 1.0 -1.5 -2.5 -2.1 -2.9 -.8 39.7 -5.2 -44.9 1.5 -4.0 -5.5 32 33 34 -7.9 1.2 9.1 2.3 9.2 7.0 8.4 16.3 7.9 -1.7 6.0 7.8 -11.3 -2.9 8.4 -11.0 8.7 19.6 18.1 22.5 4.4 57.7 53.9 -3.8 -58.8 -29.7 29.1 35 36 37 38 39 40 38.8 44.1 -5.3 1.8 -.5 2.3 6.0 6.9 -.9 -1.2 .5 -1.6 -12.1 -7.5 -4.6 -1.9 - .2 -1.7 43.7 35.5 8.2 1.2 1.5 -.3 -17.5 5.4 -22.9 -.6 1.8 -2.4 -.3 -12.7 12.4 -2.0 -.1 -1.8 50.1 40.6 9.6 6.5 -1.4 7.9 22.3 16.5 5.8 -1.1 3.2 -4.3 41 42 43 -7.2 -6.4 -.8 -.8 -3.5 2.7 -2.6 -3.7 1.1 7.4 3.5 3.9 -21.8 -24.3 2.5 12.2 4.2 8.0 2.2 7.0 -4.8 21 22 23 24 25 26 -5.8 -5.7 .1 Domestic affiliates Due to U.S. banks -Due from U.S. banks 29 30 31 -23.8 -22.4 1.4 46.2 -25.5 -71.8 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 32 33 34 110.9 110.3 .6 1.6 3.5 -1.9 -8.6 -25.5 16.8 -2.3 .6 -2.9 -27.2 Net change in assets 36.8 Foreign -64.0 Domestic 2.4 Monetary authority 1.2 Federal Reserve float 1.3 Loans to member banks 35 36 37 38 39 40 7.3 7.1 .2 .2 -3.5 3.6 19.9 3.2 16.7 -64.0 -49.3 -14.8 Commercial banking Reserves at F.R. Vault cash 41 42 43 -2.4 Thrifts: Reserves at F.R. 44 .1 1.1 -.1 -.4 -.5 2.2 .9 -.4 -1.2 -.8 45 -4.8 -3.7 -5.1 -2.7 -15.9 3.2 3.6 .2 -2.7 -11.8 1 2 3 4 To U.S. banking, net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less, due from: Fgn. offices in US Domestic affiliates 44 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 25.8 Net change in liabilities -66.4 Monetary authority -51.7 Depository inst. reserves -14.8 Vault cash 53.0 Discrepancy: Floats, etc. 27 28 45 JUNE 12, 1991 Deposit Claims I Deposit Claims I Monetary Claims on Financial Institutions gg UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I I III 1989 IV I I 1990 I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Checkable Deposits and Currency 1 Net change in liabilities 2 3 4 5 Monetary authority U.S. govt, cash & deposits Foreign deposits Currency outside banks 6 7 8 9 Commercial banking U.S. sovernment deposits Foreign deposits Private domestic deposits 10 -12,899 -580 1,265 78 -1,923 -13,841 -4,112 249 -9,978 39,180 -37,265 40.4 47.4 83.5 127.0 1 9,513 2,032 -94 7,575 13.0 -1.3 * 14.3 10.3 1.7 * 8.6 16.6 4.1 .1 12.4 12.4 -1.9 -.2 14.4 2 3 4 5 -2,328 4,532 1,684 -8,544 38,504 -37,727 -5,676 -4,597 -307 -1,422 44,487 -31,708 15.9 -5.3 1.6 19.7 29.2 4.0 2.0 23.2 53.9 10.3 1.4 42.2 94.1 1.7 2.9 89.6 6 7 8 9 -1,838 33,571 2,757 1,032 -1,300 -306 2,638 9,023 678 80 8,265 6,638 2,115 55 4,468 36,395 -37,721 -4,696 -8,866 -82 -1,266 41,173 -27,589 23,621 15,347 -188 8,462 370 -7,220 242 7,348 45,183 -28,166 8,517 1,348 -47 7,216 -576 927 -1,553 48 11.5 7.9 13.0 20.5 10 -12,899 39,180 -37,265 33,571 2,757 45,183 -28,166 40.4 47.4 83.5 127.0 11 12 13 14 15 Pvt. domes, sectors, by type -10,379 Currency -1,923 Demand deposits -13,587 Other checkable 5,131 50,936 -25,527 7,348 2,638 31-534 -29,763 1,598 12,054 17,654 8,265 6,864 2,525 -5,629 4,468 -8-492 -1,605 49,865 -24,085 7,216 7,575 36,943 -36,016 5,706 4,356 45.5 14.3 2.7 28.5 39.7 8.6 15.3 15.8 67.6 12.4 22.0 33.2 124.5 14.4 52.6 57.5 12 13 14 15 16 17 18 19 20 21 22 Pvt.domes.sectors, by holder -10,379 Pvt. domestic nonfinancial -10,846 -7,346 Households Business 4,923 State81ocal governments -982 -7,441 Mail float Financial sectors 467 50,936 -25,527 49,910 -21,501 36,196 -11,940 -177 2,806 2,925 -3,343 7,983 -6,041 1,026 -4,026 17,654 13,885 13,643 -3,462 1-841 1,863 3,769 -5,629 -5,505 -3,396 2,707 -635 -4,181 -124 49,865 -24,085 36,923 -10,547 20,751 -3,339 3,713 -1,295 1,642 -2,406 10,817 -3,507 12,942 -13,538 45.5 43.5 24.5 17.1 -.7 2.6 1.9 39.7 37.2 16.4 17.7 5.0 -1.9 2.5 67.6 53.7 20.8 31.1 1.1 .8 13.8 124.5 110.8 91.2 25.0 3.5 -8.9 13.7 16 17 18 19 20 21 22 23 24 Foreign U.S. government 327 160 -1,572 -2,847 -11,916 -10,166 -108 16,025 1,739 6,647 -354 -4,328 1.6 -6.7 1.9 5.7 1.6 14.3 Savings institutions 11 Net change in total assets 1,522 2,415 -1,516 -2,565 2.7 23 -.2 24 Small Time and Savinss Deposits 1 Net change in liabilities 2 Commercial banks 3 Savings institutions 4 Savings and loan assns. 5 Mutual savings banks 6 Credit unions 7 Net change in assets 8 Households 9 State and local governments 10 U.S. government 11 Credit unions 34,329 24,926 9,403 2,265 4,504 2,634 32,344 35,201 -2,857 1,266 -6,202 2,079 380 33,403 10,354 31,935 8,613 28,518 36,806 29,797 26,700 32,846 4,885 -36,426 -21,184 -16,346 -911 -1,970 -30,214 -21.663 -23,085 -14,675 248 -9,696 -731 6,334 6,721 6,607 3,484 1,210 405 7,043 216.6 130.8 85.8 65.7 7.5 12.6 150.8 74.6 76.2 67.5 -2.6 11.3 141.2 80.3 60.8 43.8 -2.4 19.4 124.1 71.6 52.5 36.3 -7.3 23.5 34,329 33,020 2,086 -130 -647 32,344 28,933 3,279 106 26 33,403 30,650 1,898 155 700 216.6 210.1 5.3 -.5 1.6 150.8 153.2 -2.6 .5 -.4 141.2 143.9 -5.4 124.1 7 120.4 8 .2 9 .2 10 3.3 11 -2,171 -6,405 -15,955 -16,343 -17,116 -17,167 3,471 5,124 4,238 -3.885 -6,251 -8,525 -6,512 13,190 1,768 -2,025 -5,991 -4,050 -8,375 -14,164 3,810 -260 -4,475 2.470 -1,860 1,314 1,863 27,354 -7,295 -10,643 -12,070 -10,092 -8,591 -10,655 -9,719 -13.0 -48.3 -38.7 -9.6 35.3 87.3 38.3 33.9 4.4 49.0 17.9 11.8 10.8 .9 6.1 -6,405 -15,955 -16,343 -17,116 -17,167 -2,228 -6,901 -12,791 -9,672 -13,326 -9,075 -7,693 -5,942 -6,870 -18,193 300 8,283 2,800 6,455 -562 -1,436 -2,008 -7,149 -2,240 -1,588 301 1,609 448 -909 -845 3,471 3,396 -3.926 3,681 3,641 940 -13.0 -8.3 -22.0 25.3 -11.6 .5 87.3 82.9 63.0 17.1 2.8 4.6 17.9 7.4 —22.4 17^4 -4,478 -10,663 1,390 -419 154 199 -699 -5,653 -1,800 500 -1,714 -7,099 -865 -155 2.316 -7,143 -2,527 6,644 -5.2 1.2 K 7.5 2.8 -16.8 -.2 -5.5 -.8 3.3 3.2 -.4 6.8 2.3 2.3 7.6 1.4 -6.8 380 -2,367 2,574 -71 244 8,613 8,030 1.162 114 -693 10,354 8,891 1,673 -56 -154 31,935 29,357 979 -47 1,646 N 2.6 1 2 3 4 5 6 Large Time Deposits 1 Net change in liabilities 2 Commercial banking 3 Domestic banks 4 Foreign banking offices 5 Savings institutions 6 Net change in assets 7 Pvt. domestic nonfinancial 8 Households 9 Business 10 State 8 local governments Foreign 11 12 13 14 15 16 17 Financial sectors Saving and loan assns. Credit unions Private pension funds St.&local govt.rtr.funds Money market funds -2,171 4,299 6,021 283 -2,005 4,121 -10,591 -2,110 -520 -7,386 -1,672 1,097 LATEST QUARTER BASED ON INCOMPLETE INFORMATION, -4,000 -710 676 687 1,800 -6,453 -6,599 -293 -680 -992 -300 -4,334 -2,932 -456 137 443 -721 -2,335 12.4 3.7 5.0 3.2 -6.6 9.8 1.8 1 2 3 4 5 5.0 6 -3.2 7 -16.8 8 18.4 9 -4.8 10 -2.7 11 10.9 4.0 3.8 -2.6 3.5 2.3 12 13 14 15 16 17 JUNE 12, 1991 Deposit Claims I Deposit Claims I Monetary Claims on Financial Institutions 39 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLONS, $ BILLIONS 1989 1990 1988 1987 I 1 1989 III IV I 1 1990 I II III IV I 1991 1 I Checkable Deposits and Currency 1 A.l A3.2 5.8 AA.2 5.6 58.9 AA.2 -27.8 78.8 81.8 81.7 Net change in liabilities 1 2 3 A 5 16.7 -2.3 -.1 19.0 18.1 3.3 .1 1A.7 9.5 -2.A .2 11.7 25.2 2.8 22.6 A.O -2.3 .3 6.0 -1.7 -12.8 1.0 10.1 3A.0 9.2 -1.2 26.1 -1.0 -2A.A .3 23.1 3A.8 2.A .2 32.2 33.1 2A.2 -.2 9.1 67.5 21.8 -.A A6.0 Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks 2 3 A 5 6 7 8 9 -19.7 -5.8 -1.3 -12.6 16.8 7.3 -.6 10.1 -3.8 -3.A -.5 .1 22.1 5.3 -.1 16.8 -8.0 -19.9 5.5 6.5 50.6 5.0 -A.A A9.9 6.A 13.1 -2.3 -A.A -20.A -13.A -A.2 -2.8 A6.6 18.2 11.2 17.2 55.6 3.A -5.0 57.2 7.8 30.1 -3.A -18.9 Commercial banking U.S. government deposits Foreign deposits Private domestic deposits 6 7 8 9 10 7.1 8.3 K -3.0 9.5 10.1 3.7 -6.A -2.6 -6.9 6.A 11 A.l A3.2 5.8 AA.2 5.6 58.9 AA.2 -27.8 78.8 81.8 12 13 IA 15 13.6 19.0 -30.1 2A.7 33.1 1A.7 -A.5 22.9 11.8 11.7 -5.0 5.1 36.A 22.6 5.6 8.2 22.0 6.0 -8.7 2A.7 70.1 10.1 26.5 33.5 25.A 26.1 -18.9 18.3 13.9 23.1 -18.8 9.7 A6.7 32.2 17.1 -2.6 59.A 9.1 A2.9 7.A 33.5 A6.0 -A2.A 29.9 Pvt. domes, sectors, by type 12 Currency 13 IA Demand deposits Other checkable 15 16 17 18 19 20 21 22 13.6 18.2 3.1 13.9 .8 .A -A. 6 33.1 27.6 5.A 19.A 2.0 .8 5.5 11.8 13.2 20.9 -A.O -.6 -3.2 -l.A 36.A 23.8 19.1 2.8 -.5 2.5 12.6 22.0 20.7 9.7 1A.2 3.0 -6.2 1.3 70.1 75.9 90.0 -10.0 1.2 -5.3 -5.8 25.A 28.2 12.3 11.1 3.2 1.6 -2.8 13.9 3.7 1A.7 -1.0 -5.1 -A. 9 10.2 A6.7 A7.2 28.7 6.9 3.7 7.9 -.5 59.A 16.1 20.6 -5.9 -3.8 5.1 A3.3 33.5 73.9 A8.8 5.2 7.3 12.6 -AO.A Pvt.domes.sectors, by holder Pvt. domestic nonfinancial Households Business StateSlocal governments Mail float Financial sectors 16 17 18 19 20 21 22 23 2A -l.A -8.1 -.6 10.6 -.2 -5.8 -.3 8.2 5.8 —22.2 -3.A -7.8 -3.5 22.3 -3.9 -37.8 11.5 20.6 -5.2 27.6 -3.7 52.0 Foreign U.S. government 23 2A _ .2 Savings institutions 81.7 Net change in total assets 10 11 Small Time and Savings Deposits 1 2 3 A 5 6 76.3 27.A A9.0 A8.9 -11.0 11.1 120.8 73.1 A7.7 A5.9 -8.5 10.3 98.5 96.5 1.9 20.3 -25.0 6.7 52.8 121.8 -69.1 -76.9 -3.8 11.7 162.3 11A.7 A7.6 10.8 18.9 17.8 110.1 113.9 -3.9 17.1 -36.8 15.8 112.2 111.1 1.1 -21.8 6.6 16.3 18.0 163.A - 1A5.3 - 121.3 -33.8 9.9 59.7 133.0 -73.3 -8A.0 -1.7 12.3 21.0 79.8 -58.8 -80.6 13.5 8.3 7 8 9 10 11 76.3 66.8 9.2 .2 .1 120.8 115.3 7.1 -.2 -1.3 98.5 90.5 9.9 -.1 -1.8 52.8 A5.2 7.3 .1 .1 162.3 152.6 10.5 -.5 -.3 110.1 97.A 11.7 .A .5 112.2 103.1 7.6 .6 .9 18.0 8.5 9.6 -.3 .1 59.7 53.0 6.8 .5 -.5 21.0 16.2 5.2 -.2 -.2 —— —— Large Time Deposits — 50.6 A2.1 37.7 A.5 8.5 53.6 A2.0 35.2 6.8 11.6 16.3 32.1 2A.0 8.1 -15.8 -66.6 -25.2 -20.A -A. 7 -Al.A -38.3 -2.3 -5.8 3.6 -36.0 -39.1 5.A 2.5 2.9 -AA.5 -5A.8 -9.3 -5.7 -3.6 -A5.A -29.5 A.O -1.0 5.0 -33.5 -99.8 -57.A -37.2 -20.2 -A2.A -82.3 -37.9 -37.8 -.1 -AA.A 6 7 8 9 10 11 50.6 37.2 A6.6 -.9 -8.5 .9 53.6 AO.8 50.3 1.7 -11.1 3.1 16.3 23.1 21.3 12.1 -10.3 -1.9 -66.6 -A2.7 -38.7 9.0 -13.0 .3 -38.3 -23.8 -26.7 10.9 -8.0 19.6 -39.1 -13.A -17.2 9.3 -5.5 -3.5 -5A.8 -25.2 -11.2 10.2 -2A.3 8.1 -29.5 -5.5 -8.5 16.2 -13.2 1.8 -99.8 -82.6 -80.5 6.7 -8.8 -.3 -82.3 -57.5 -5A.6 2.8 -5.7 -8. A 12 13 IA 15 16 17 12.5 -8.5 .3 A.6 1.7 1A.A 9.7 « -2.1 8.7 3.9 -.8 -A. 9 -2.1 -.9 -10.0 -.A 8.5 -2A.2 -.1 .3 -5.5 1.3 -20.2 -3A.1 -6.8 1.2 -29.5 -5.9 7.1 -22.2 -3.1 1.5 -2.8 -7.2 -10.7 -37.7 5.3 -l.A -22.6 5.8 -2A.7 -25.8 -3.3 .8 2.7 2.A -28. A -16.9 .A .A -A.O -.1 -13.6 -16.A -2.6 1.5 1.8 -3.0 -1A.1 107.7 Net change in assets 99.2 Households A.O State and local governments U.S. government A^7 Credit unions ——------ 1 2 3 A 5 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 107.7 Net change in liabilities 129.7 Commercial banks -21.9 Savings institutions -72.5 Savings and loan assns. 32.5 Mutual savings banks 18.0 Credit unions 1 2 3 A 5 6 7 8 9 10 11 — 21.6 Net change in liabilities 57.5 Commercial banking -55.2 Domestic banks 112.7 Foreign banking offices -35.9 Savings Institutions 21.6 Net change in assets 13.9 Pvt. domestic nonfinancial 3.6 Households 13.2 Business State 8 local governments -2.9 5.1 Foreign 2.6 -.7 7.2 -28.6 -5.7 30.A Financial sectors Saving and loan assns. Credit unions Private pension funds St.Slocal govt.rtr.funds Money market funds 1 2 3 A 5 6 7 8 9 10 11 12 13 IA 15 16 17 JUNE 12. 1991 Deposit Claims II Deposit Claims II Monetary Claims on Financial Institutions* Continued UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I I III 1989 IV I I 1990 I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Money Market Mutual Fund Shares 1 Net change in assets Households 2 Nonfin. corp, business 3 4 Life insurance cos. Private pension funds 5 30,646 27-459 1,409 613 1,165 13,008 11,655 599 260 494 35,489 -10,470 31,930 -9,863 -500 1,500 -209 710 1,349 102 31,254 27,118 1,000 988 2,148 14,008 10,083 500 800 2,625 53,355 47,315 1,000 1,408 3,632 -40.4 -31.1 -7.9 -1.9 .4 54.2 44.0 4.9 2.2 3.0 10.2 8.7 -1.5 2.1 1.0 48.3 39.6 3.6 .9 4.2 1 2 3 4 5 Federal Funds and Security Repurchase Agreements 1 Net change in liabilities Commercial banking (net) 2 Domestic banks 3 Foreign banking offices 4 Savings and loan assns. 5 Mutual savings banks 6 Brokers & dealers (net) 7 8 Net change in assets Nonfinancial corporations 9 10 State and local governments Foreign 11 Financial sectors 12 Monetary authority 13 Sponsored credit agencies 14 15 16 17 18 19 Savings and loan assns. Mutual savings banks Credit unions Other insurance companies Money market funds 20 Discrepancy-unallocated assets 330 4,582 -11,889 9,320 -11,517 20,184 11,806 -15,684 18,310 -2,486 1,874 4,167 -24,516 -15,597 -2,011 -1,870 57 358 17,396 31.639 -30,420 2,659 -3,000 7,009 -1,260 -90 -1,629 -864 -24,518 20,649 -45,473 -1,119 -13,719 --30,316 -7,753 -5,001 -15,680 ■-31,038 -4,544 1,961 3,882 722 -3,209 2,403 -5,227 -7,523 -9,743 -72 -1,687 -364 -921 -1,227 -5,500 60,175 -27-613 12.9 14.8 11.3 3.5 13.9 -.8 -14.9 37.1 1.6 1.9 -.3 18.8 -.3 17.0 29.0 31.3 26.8 4.5 -1.9 .8 -1.2 48.7 19.2 10.8 8.4 14.2 2.0 13.3 1 2 3 4 5 6 7 43.7 12.2 8.0 3.4 20.2 10.8 5.0 8 9 10 11 12 13 14 -4.8 K 2.5 .6 6.1 15 16 17 18 19 4,523 -15,506 4,000 -5,500 -7,018 -4,047 2,268 -1,616 5,273 -4,343 2,117 -184 3,072 -2,098 2,213 4,184 997 -2,968 -1,933 1,813 -7,980 -1,250 -4,630 386 -2,486 -9,085 15,765 -11,303 2,500 -1,000 -5.727 -10,400 1,166 1,166 17,826 -1,069 18,354 -18,354 4,429 16,268 26.8 6.2 16.9 .5 3.2 -3.8 -2.3 36.3 .5 9.4 .1 26.4 8.3 37.4 9.5 8.2 .8 19.0 3.2 7.2 -2,157 -1,843 -798 18 1,932 -3,291 791 -1,370 -650 11,119 -7,474 -1,553 -41 -404 -7,324 -3,889 778 1,955 -412 14,424 2.3 -.6 1.1 9.6 -3.2 2.4 1.3 .3 4.2 9.7 -4.5 .3 3.7 5.7 3.3 4,884 -34,170 -13.9 .8 -8.4 4.9 20 1.3 3.1 -1.8 -5.8 -5.1 -.7 -3.9 -1.7 -2.2 9.1 5.9 3.1 -300 -384 957 -249 1,515 -1,693 -296 1,573 -85 585 -6,756 2,234 4,311 -210 -1,640 -2,329 59 3,617 -3,077 -16,538 U.S. Deposits in 1Foreign Countries 1 Total fgn. liability, held by: Nonfinan. corporate business 2 Money market funds 3 -1,589 -8,607 7,018 2,479 5,459 -2,980 LATEST QUARTER BASED ON INCOMPLETE INFORMATION, -4,975 -5,647 672 6,595 5,572 1,023 3,058 -675 3,733 3,056 -6,647 7,792 -12,280 -4,736 5,633 1 2 3 JUNE 12, 1991 Deposit Claims II Deposit Claims II Monetary Claims on Financial Institutions, Continued 41 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 1 1 1989 III IV 1 1 1990 III II I IV 1 I 1991 I Money Market Mutual Fund Shares 1 2 3 A 5 2A.0 28.1 .8 -3.1 -1.8 21.9 23.5 -3.3 .1 1.6 90.1 81.2 A.O 1.6 3.3 70.3 59.3 2.5 2.3 6.2 123.9 111.1 5.6 2.5 A.7 68.6 63.2 2.A 1.0 2.0 80.A 66.2 6.0 2.8 5.A A.3 6.7 -2.0 -.8 .A 123.A 106.9 A.O A.O 8.6 73.0 57.3 2.0 3.2 10.5 1A8.7 Net change in assets Households 12A.5 Nonfin. corp, business A.O Life insurance cos. 5.6 Private pension funds 1A.5 1 2 3 A 5 Federal Funds and Security Repurchase Agreements -171.9 Net change in liabilities Commercial banking (net) -59.3 Domestic banks -A6.A Foreign banking offices -12.8 Savings and loan assns. -39.0 Mutual savings banks -1.5 Brokers & dealers (net) -72.2 1 2 3 A 5 6 7 -9.9 10.2 11.9 -1.7 26.3 2.A -A8.8 2A.9 20.8 16.3 A.5 13.7 2.1 -11.7 80.0 37.8 35.5 2.3 -A2.8 -2.9 87.9 -16.6 -25.0 -33.A 8.A -12.A -2.3 23.0 -35.1 10.9 20.8 -9.9 -98.1 -7.5 59.6 7.2 -38.5 -55.2 16.7 -62.A .2 107.9 -A1.5 5A.0 A6.5 7.5 -8.0 l.A -88.9 A0.3 AO.7 25.2 15.5 9.6 -3.7 -6.3 -1A1.3 -8A.1 -92.0 7.8 -20.9 -.3 -36.0 76.0 -110.5 -113.A 2.9 -30.1 -6.7 223.3 8 9 10 11 12 13 IA 11.A .8 20.7 2.2 -12.3 -1A.7 -A.2 53.0 8.2 2A.7 1.1 19.0 5.5 6.6 61.2 A.O 10.9 3.3 A3.0 -A. 7 28.0 -5.5 -A. 3 -10.2 .9 8.0 16.2 6.9 8.7 -A. 6 18.3 -5.0 .1 -6.0 -6.5 16.A -2.6 -16.6 9.1 26.5 1.2 12.3 -61.2 -1A.3 -20.6 -6.5 -19.8 16.8 -8.A 8.8 2.8 19.6 A.O -17.6 -12.5 7.3 -31.7 2.9 -28.1 1.5 -8.1 -5.6 -36.3 62.1 -8.3 -11.8 A.7 77.6 66.3 65.1 -A3.6 Net change in assets Nonfinancial corporations 3.6 State and local governments -A5.8 Foreign A.7 Financial sectors -6.0 Monetary authority -55.6 Sponsored credit agencies 17.7 15 16 17 18 19 1.0 -1.9 -1.6 2.0 7.1 2.1 .A .1 1.8 2.A 1.9 2.0 3.1 -.5 13.2 -19.7 -.A 2.1 -1.2 A.l K .3 7.1 -1.0 6.1 -l.A 2.6 6.2 -.3 6.0 -29.0 1.9 13.0 -.8 -13.3 -13.6 -6.1 -1.5 .1 8.8 -12.1 5.3 -2.5 -2.6 A5.8 -2A.0 -2.6 -.5 -1.6 -2A.9 -17.5 -3.8 3.7 -1.6 51.1 20 -21.3 -28.1 18.8 -11.1 -A3.8 -9.2 19.7 31.6 -109.6 13.8 2A.2 12.8 11.A 17.A 3.6 13.8 2.5 20.6 -18.1 Savings and loan assns. Mutual savings banks Credit unions Other insurance companies Money market funds 1 2 3 A 5 6 7 8 9 10 11 12 13 IA 15 16 17 18 19 -128.3 Discrepancy-unallocated assets 20 U.S. Deposits in Foreign Countries ! 2 3 -3.1 -2.5 -.6 -3.1 -11.2 8.1 1.1 A.A -3.3 7.7 7.0 .7 -1.7 -28.6 27.0 l.A 12.A -11.0 -13.1 -8.9 -A.2 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -19.2 Total fgn. liability, held by: -3A.A Nonfinan. corporate business Money market funds 15.1 1 2 3 JUNE 12, 1991 U.S. Government Securities U.S. Government Securities U.S. Government Securities Market Summary 42 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, S MILLIONS I I III 1989 IV 1990 I I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Total Net Issues, by Sector and Type 1 Total U.S. government secur. U.S. government 2 3 Spons. agencies 8 mtg. pools 4 5 6 7 8 9 10 11 By instrument: Treasury issues Household savings bonds Treas. excl. savings bonds Other Budget agency issues Loan participations (1) Spons. agency issues (2) Mortgage pool secur. (2) 74-441 109,041 101,627 40,379 63,300 64,486 34,062 45,741 37,141 82,788 106,220 149,243 68,449 98,741 40,851 41,937 37,771 50,502 92,664 55,806 36,858 254.4 186.6 67.8 273.8 198.9 74.9 324.2 223.7 100.5 369.5 215.1 154.5 1 2 3 4 5 6 38,604 1,686 36,918 64,445 2,019 62,426 57,093 2,156 54,937 39,508 1,985 37,523 68,779 2,043 66,736 98,994 2,304 96,690 61,806 3,493 58,313 186.7 3.1 183.5 199.0 3.0 195.9 223.7 5.3 218.5 214.7 13.6 201.1 35,837 1,775 1,443 32,619 44,596 -1,145 2,898 42-843 44,534 7,393 1,525 35,616 43,280 1,343 2,904 39,033 37,441 -330 3,436 34,335 50,249 -253 9,164 41,338 30-858 -6,000 — 3,278 33,580 67.8 « 1.4 66.4 74.8 -.1 30.4 44.4 100.4 K 20.6 79.9 154.9 7 .4 8 9 15.2 10 139.2 11 Total Net Purchases, by Sector and Type 1 Total purchases, by sector 2 U.S. govt, (agency issues) 3 Sponsored credit agencies Treasury issues 4 Agency issues 5 6 7 8 Monetary authority Treasury issues Agency issues 74,441 109,041 101,627 3,291 10,497 8,342 7,523 -1,582 8,751 819 4,873 1,746 82,788 106,220 149,243 17,326 -4,313 6,731 16,276 -5,757 5,348 1,444 1,050 1,383 92,664 11,752 12,977 -1,225 254.4 -1.3 -.8 -.4 273.8 1.6 1.4 .2 324.2 3.3 3.2 .1 369.5 4.6 5.2 -.6 1 2 3 4 5 6 7 8 -10,815 -10,716 -99 5,695 5,725 -30 -8,878 -8,877 -1 13,406 13,484 -78 2.921 2.990 -69 682 717 -35 5,875 5,875 - 14.7 15.0 -.3 8.4 8.7 -.3 18.4 18.6 -.2 19.4 19.8 -.4 11,330 11,873 -543 21,250 18,090 3,160 6,898 6,130 768 15.6 15.7 * 28.9 27.7 1.2 24.2 19.6 4.6 45.4 9 38.2 10 7.2 11 9 10 11 Foreign Treasury issues Agency issues 28,372 25,389 2,983 4,580 -1,671 6,251 -4,768 -6,937 2,169 8,217 6,748 1,469 12 13 14 Total private domestic Treasury issues Agency issues 48,542 16,408 32,134 95,475 104,776 61,973 64,156 33,502 40,620 54.434 13,928 40,506 74,643 131,624 37,640 85,944 37,003 45,680 68,139 36,824 31,315 225.4 156.9 68.5 234.9 161.2 73.7 278.2 182.4 95.9 300.1 12 151.5 13 148.6 14 48,371 19,867 1,686 18,181 28,504 35,174 7,529 2,019 5,510 27,645 39,341 26,900 2,156 24,744 12,441 29,315 12,725 1,985 10,740 16,590 41,440 25.814 2.043 23,771 15,626 33,858 17.753 2,304 15,449 16,105 25,470 13,741 3-493 15,248 6,729 90.2 91.2 3.1 88.1 -1.1 110.8 79.6 3.0 76.6 31.2 157.8 112.3 5.3 107.0 45.5 27.0 40.3 13.6 26.7 -13.3 15 16 17 18 19 53,601 18,563 1,686 16,877 35.038 39,856 9,046 2,019 7,027 30,810 27,004 22,750 2,156 20,594 4,254 31,476 14,575 1,985 12,590 16,901 39,624 27.320 2,043 25,277 12,304 35,009 15,853 2,304 13,549 19,156 15,352 12,664 3,493 9,171 2,688 70.0 69.2 3.1 66.0 .8 99.6 67.2 3.0 64.2 32.4 82.5 58.4 5.3 53.1 24.1 -13.0 16.6 13.6 3.0 -29.6 20 21 22 23 24 150 150 15 16 17 18 19 Private domestic nonfinan. Total Treasury issues Savings bonds (HH) Other Treasury issues Agency issues 20 21 22 23 24 Households Total Treasury issues Savings bonds Other Treas. issues Agency issues 25 Nonfarm noncorp. bus. 26 27 28 Nonfin. corp, business Treasury issues Agency issues 1,000 1,000 29 30 31 State and local govts. Treasury issues Agency issues -6,380 154 -6,534 32 33 34 35 36 37 38 39 40 41 Commercial banking Treasury issues Agency issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions Private nonbank finance Treasury Issues Agency issues 150 150 150 150 150 2.8 -.5 .3 1.2 25 6,000 6,000 2,000 2,000 - -1,750 -1,750 3,500 3,500 7,000 7,000 8.0 8.0 * 4.2 4.3 -.1 -3.6 -3.5 -.1 14.5 26 14.6 27 -.1 28 -4,832 -1,667 -3,165 6,187 -2,000 8,187 -4,311 -4,000 -311 3,416 94 3,322 -4,801 -1,750 -3.051 2,968 -1,073 4,041 9.4 11.3 -1.9 7.6 8.7 -1.1 78.7 57.2 21.5 24.4 29 7.9 30 16.5 31 4,952 -11,790 16,742 12,613 -11 12,624 34,976 14,352 20,624 10,309 -3,640 13,949 11,866 2,482 9,384 2.141 -8,518 10,659 29,848 15,281 14,567 47.8 47.1 .7 1.5 2.8 -1.3 9.5 11.9 -2.4 44.5 32 6.5 33 38.0 34 5,999 -386 -767 106 10,096 1,776 653 88 30,926 832 3,194 24 11,845 -2,147 586 25 10,470 -150 1,575 -29 1,225 -662 1,568 10 25,709 101 4,009 29 44.2 1.8 1.7 .2 1.3 .9 -.6 - 4.6 4.4 .4 .1 -4,781 8,331 -13,112 47,688 54,455 -6,767 30,459 22,904 7,555 14,810 4,843 9,967 21,337 9,344 11,993 95,625 76,709 18,916 12,821 2,802 10,019 87.4 18.5 68.9 122.5 78.8 43.7 111.0 58.2 52.8 228.7 39 104.8 40 123.9 41 -23,741 -16,965 -956 750 -22,785 -17,715 -2,992 2,778 -5,770 -8,449 -1,500 -6,949 -6,556 -1,894 -4.662 -474 462 -936 -6,075 917 -6,992 41.7 11.6 30.1 24.3 7.9 16.4 -3.5 -4.6 1.2 44.0 42 2.0 43 42.0 44 - 42.4 -1.8 3.6 .3 35 36 37 38 42 43 44 Savings and loan assns. Treasury issues Agency issues 45 46 47 Mutual savings banks Treasury issues Agency issues 63 163 -100 -182 367 -549 873 586 287 -4,327 -569 -3,758 433 457 -24 380 148 232 894 835 59 9.8 3.8 6.0 .3 -.1 .4 -1.2 -.6 -.7 6.8 45 1.4 46 5.4 47 48 49 50 Credit unions Treasury issues Agency issues -764 -495 -269 -1,022 -705 -317 2.432 -874 3,306 757 -954 1,711 491 -953 1,444 -4 -966 962 1,687 556 1,131 3.1 1.4 1.7 .4 .8 -.4 3.7 2.6 1.1 3.7 48 1.9 49 1.8 50 51 52 53 Life insurance companies Treasury issues Agency issues 4,094 -2,287 6,381 5,165 176 4,989 10,295 6,265 4,030 3,679 -202 3,881 7,423 954 6,469 5,042 -783 5,825 4,800 849 3,951 19.3 12.1 7.2 23.6 12.6 11.0 23.0 10.5 12.5 17.9 51 7.3 52 10.6 53 54 55 56 Private pension funds Treasury issues Agency Issues 2,134 -74 2,208 3,763 4,265 -502 1,463 1,232 231 3,798 2,614 1,184 925 4,302 -3,377 3,712 3,030 682 2,125 -1,085 3,210 12.0 .4 11.6 7.3 11.6 -4.3 8.0 -1.0 9.0 4.8 54 8.2 55 -3.4 56 57 58 59 St.&local govt.rtr.funds Treasury issues Agency issues 3,846 846 3,000 517 -2,583 3,100 10,300 8,000 2,300 5,400 4,000 1.400 6,500 500 6,000 1,500 500 1,000 1,750 750 1,000 17.0 12.0 4.9 23.1 19.0 4.1 12.3 15.0 -2.7 20.7 57 12.1 58 8.6 59 60 61 62 Other insurance cos. Treasury issues Agency issues 3,956 3,531 425 4,189 3,844 345 4,033 3,750 283 2,491 2,250 241 4,170 3,750 420 3,968 3,468 500 3,610 3,001 609 5.5 3.3 2.2 9.1 5.9 3.2 13.8 5.5 8.2 13.9 60 13.8 61 .1 62 63 64 65 Mutual funds Treasury Issues Agency issues 3,000 3,275 -275 4,000 3,310 690 2,700 1,873 827 1,600 1,139 461 1,200 339 861 3,000 1,902 1,098 2,500 470 2,030 .6 .6 - 6.4 5.8 .5 52.9 41.4 11.5 59.3 63 36.4 64 22.9 65 66 67 68 Money market funds Treasury issues Agency issues 702 1,560 -858 6,685 2,143 4,542 17,638 16,547 1,091 3,672 -3,354 7,026 7,073 5,991 1,082 18,139 11,486 6,653 22,753 20,202 2,551 -18.4 -19.8 1.4 6.2 2.6 3.6 .3 -.8 1.1 .5 66 3.4 67 -3.0 68 69 70 Brokers & dealers SCO Issuers (agencies) 2,768 -839 42,888 -17,253 -1,350 970 1,419 4,770 -4,102 3,780 57,462 -23,693 2,470 2,900 -6.8 3.6 12.8 9.3 -9.8 11.5 18.2 69 39.0 70 (1) For purchases, agency issues Include loan participations. (2) These issues are included in credit market debt of financial institutions in the Flow of Funds Accounts. • ATFST OUARTFR RA*?FD OM TMCOMPI FTF TN^WAT’i'ik . JUNE 12, 1991 U.S. Government Securities U.S. Government Securities U.S. Government Securities Market Summary 43 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1989 1990 1987 I 1 I 1 1989 III IV I 1991 1 I 1990 I II III IV Total Net Issues. by Sector and Type 1 2 3 317.5 144.9 172.5 277.2 157.5 119.8 302.6 151.6 151.0 439.9 272.5 167.4 298.7 173.9 124.8 341.4 185.0 156.4 419.0 247.3 171.7 412.2 184*0 425.4 286.1 139.2 503.0 328.4 174.6 372.7 Total U.S. government secur. U.S. government 204.7 Spons. agencies & mtg. pools 168.0 1 2 3 4 5 6 143.4 7.8 135.6 140.0 8.5 131.6 150.0 8.2 141.8 264.4 8.5 255.9 166.8 7.9 159.0 189.6 7.5 182.1 217.8 6.7 211.0 222 9 8*9 214.0 287.5 9.7 277.8 329.4 8.7 320.7 228.7 11.7 217.0 By instrument: Treasury issues Household savings bonds Treas. excl. savings bonds 4 5 6 7 8 9 10 11 174.0 1.8 -.3 30.2 142.3 137.2 18.3 -.9 44.9 74.9 152.6 1.6 25.2 125.8 175.5 8.2 17.0 150.3 131.9 7.1 13.2 111.6 151.8 -4.6 -4.7 161.1 201.2 29.6 9.7 162.0 189.3 5.4 17.1 166.8 137.9 -1.3 22.3 116.9 173.5 -1.0 19.0 155.5 144.0 -24.0 14.5 153.5 Other Budget agency issues Loan participations (1) Spons. agency issues (2) Mortgage pool secur. (2) 7 8 9 10 11 1 2 3 4 5 317.5 4.8 4.9 -.1 277.2 5.9 5.8 .2 302.6 -7.4 -13.3 5.9 439.9 30.2 24.6 5.6 298.7 33.5 30.6 2.9 341.4 13.4 -6.0 19.4 419.0 41.8 34.9 6.9 412.2 26.7 20.5 6.2 425.4 69.5 65.7 3.8 503.0 -17.0 -22.5 5.6 372.7 Total purchases, by sector U.S. govt, (agency issues) Sponsored credit agencies 46.8 Treasury issues 51.8 Agency issues -5.0 1 2 3 4 5 6 7 8 24.7 24.9 -.3 10.5 11.1 -.6 -7.3 -6.9 -.4 8.1 8.3 -.2 -31.2 -30.8 -.5 -4.6 -4.6 -6.3 -6.3 .1 40.4 40.8 -.4 24.4 24.7 -.3 -25.9 -25.9 X X 53.3 53.2 .1 Monetary authority Treasury issues Agency issues 6 7 8 9 10 11 40.6 35.6 5.0 68.7 62.0 6.7 45.4 30.3 15.1 36.0 29.8 6.3 113.5 101.6 11.9 18.3 -6.7 25.0 -19.1 -27.7 8.7 32.9 27.0 5.9 45.3 47.5 -2.2 85.0 72.4 12.6 27.6 24.5 3.1 Foreign Treasury issues Agency issues 9 10 11 12 13 14 247.4 78.0 169.4 192.1 61.2 130.9 271.9 139.9 132.0 365.5 201.7 163.8 183.0 65.5 117.5 314.3 206.8 107.4 402.6 216.9 185.6 312.3 134.6 177.6 286.2 149.6 136.6 460.9 305.5 155.4 245.0 99.1 145.9 Total private domestic Treasury issues Agency issues 12 13 14 15 16 17 18 19 86.0 57.0 7.8 49.2 29.0 129.0 73.5 8.5 65.0 55.6 134.3 53.5 8.2 45.3 80.8 144.0 83.2 8.5 74.7 60.8 188.7 70.7 7.9 62.8 118.0 65.8 -10.9 7.5 -18.4 76.7 185.6 112.0 6.7 105.3 73.6 170.4 97.8 8.9 88.9 72.7 159.9 92.8 9.7 83.2 67.1 59.8 30.2 8.7 21.5 29.6 121.1 73.0 11.7 61.4 48.1 20 21 22 23 24 72.3 27.6 7.8 19.9 44.7 135.6 53.0 8.5 44.5 82.6 145.6 48.5 8.2 40.3 97.1 133.1 80.5 8.5 72.0 52.6 199.1 53.5 7.9 45.6 145.6 89.7 .9 7.5 -6.6 88.9 141.4 101.6 6.7 94.9 39.7 181.3 107.5 8.9 98.6 73.8 143.4 88.0 9.7 78.4 55.4 66.3 24.8 8.7 16.1 41.5 87.2 57.5 11.7 45.9 29.7 25 .6 .6 .6 .6 .6 .6 .6 .6 .6 .6 .6 9.8 9.8 - 15.0 15.0 - -9.0 -9.0 - 19.1 19.1 - 9.2 9.2 2.4 2.4 - 8.4 8.4 Total Net Purchases, by Sector and Type Private domestic nonfinan. Total Treasury issues Savings bonds (HH) Other Treasury issues Agency issues 15 16 17 18 19 Households Total Treasury issues Savings bonds Other Treas. issues Agency issues 20 21 22 23 24 Nonfarm noncorp. bus. 25 21.1 21.1 - Nonfin. corp, business Treasury issues Agency issues 26 27 28 State and local govts. Treasury issues Agency issues 29 30 31 26 27 28 3.6 3.7 -.1 -5.7 -5.6 -.1 29 30 31 9.6 25.1 -15.6 -1.4 25.6 -27.0 -11.9 4.4 -16.3 .5 -7.7 8.1 -25.9 1.7 -27.6 -15.5 -3.4 -12.2 24.6 -9.3 33.9 -20.7 -19.6 -1.1 13.5 1.8 11.7 -15.5 -3.6 -11.9 12.2 -6.2 18.4 32 33 34 27.1 -2.0 29.1 21.3 -9.1 30.3 35.7 -18.9 54.5 59.3 4.7 54.6 16.1 -47.6 63.8 62.7 16.3 46.4 115.0 28.0 86.9 58.9 -1.0 59.9 43.5 9.5 34.0 19.9 -17.8 37.6 94.1 30.5 63.6 35 36 37 38 24.8 1.4 .9 19.8 .2 1.2 54.5 -2.1 6.9 X X 20.3 -1.5 -3.1 .4 52.6 7.1 2.6 .4 98.8 3.3 12.8 .1 65.0 -8.6 2.3 .1 37.9 -.6 6.3 -.1 16.2 -2.6 6.3 x 34.0 1.2 .1 .4 X 77.5 .4 16.0 .1 39 40 41 134.2 23.0 111.2 41.8 -3.2 45.0 102.0 105.3 -3.3 162.2 113.8 48.4 -21.9 42.4 -64.3 185.8 201.5 -15.6 102.0 76.9 25.1 82.9 37.9 45.1 82.8 47.3 35.5 381.2 293.1 88.1 29.8 -4.4 34.3 42 43 44 45.3 8.1 37.2 13.2 -8.6 21.7 -53.9 -6.9 -47.0 -18.5 -.2 -18.3 -95.0 -3.8 -91.1 -67.9 3.0 -70.9 -12.0 11.1 -23.1 -33.8 -6.0 -27.8 -26.2 -7.6 -18.6 -1.9 1.8 -3.7 -24.3 3.7 -28.0 45 46 47 6.8 1.5 5.3 -3.4 -1.6 -1.8 -2.5 -1.2 -1.4 -2.6 .6 -3.3 .3 .7 -.4 -.7 1.5 -2.2 3.5 2.3 1.1 -17.3 -2.3 -15.0 1.7 1.8 -.1 1.5 .6 .9 48 49 50 3.3 3.3 X .8 2.5 -1.7 -2.4 -1.6 -.9 3.7 -3.7 7.4 -3.1 -1.9 -1.1 -1.0 -.7 -.2 8.3 -5.5 13.8 1.4 -4.0 5.5 2.0 -3.7 5.7 2.9 -1.7 4.7 5.3 51 52 53 5.1 -2.0 7.0 10.2 1.5 8.7 19.5 -5.6 25.1 26.4 6.2 20.2 18.2 -8.3 26.6 17.9 -2.7 20.6 40.3 24.6 15.7 15.3 1.5 13.8 31.6 4.6 27.0 18.6 -5.7 24.3 18.0 2.7 15.3 Life insurance companies 51 52 Treasury issues 53 Agency issues 54 55 56 9.9 6.1 3.9 11.8 16.8 -5.0 11.9 9.4 2.5 9.9 11.2 -1.3 « -.3 .3 25.8 17.1 8.8 2.1 4.9 -2.8 16.9 10.5 6.5 -6.8 17.2 -24.0 27.4 12.1 15.3 4.1 -4.3 8.4 Private pension funds Treasury issues Agency issues 57 58 59 24.6 17.9 6.7 15.8 15.5 .3 13.6 - .2 13.8 23.7 13.0 10.7 11.3 2.3 9.0 6.8 -13.6 20.5 39.0 33.3 5.7 21.6 19.6 2.1 22.4 .5 21.8 11.8 -1.4 13.2 4.6 4.9 -.3 60 61 62 8.5 8.4 .1 9.2 9.0 .2 14.4 13.0 1.4 14.7 13.2 1.4 13.9 12.2 1.7 15.2 13.9 1.4 15.9 14.8 1.1 13.8 12.8 1.0 14.6 12.9 1.7 14.4 12.4 2.0 14.2 11.8 2.4 63 64 65 9.9 9.9 X -19.2 -17.7 -1.5 5.1 5.3 _ .2 8.5 5.3 3.2 20.5 21.6 -1.1 11.6 8.9 2.8 8.3 5.0 3.3 4.5 2.6 1.8 14.0 10.6 3.4 7.1 2.7 4.4 7.7 -.4 8.1 66 67 68 -1.9 -13.7 11.9 -11.4 -2.7 -8.6 5.9 3.2 2.7 46.5 30.7 15.9 4.2 9.0 -4.7 11.8 2.7 9.1 61.7 55.3 6.3 35.7 -2.5 38.2 30.8 27.4 3.4 57.8 42.4 15.4 81.6 68.7 12.9 69 70 -16.4 39.1 -17.8 32.5 89.9 .6 37.5 12.4 11.1 -3.4 171.6 -5.4 -69.0 3.9 5.7 19.1 -16.4 15.1 229.8 11.6 -94.8 9.9 BILLIONS OF DOLLARS. - Commercial banking Treasury issues Agency issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions Private nonbank finance Treasury issues Agency issues 35 36 37 38 39 40 41 Savings and loan assns. Treasury issues Agency issues 42 43 44 3.6 3.3 .2 Mutual savings banks Treasury issues Agency issues 45 46 47 5.2 Credit unions Treasury issues Agency issues 48 49 50 X 54 55 56 St.Slocal govt.rtr.funds 57 58 Treasury issues 59 Agency issues Other insurance cos. Treasury issues Agency issues 60 61 62 Mutual funds Treasury issues Agency issues 63 64 65 Money market funds Treasury issues Agency Issues 66 67 68 Brokers 8 dealers SCO issuers (agencies) 69 70 (1) For purchases. agency issues include loan participations. (2) These issues are included in credit market debt of financial institutions in the Flow of Funds Accounts. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 32 33 34 JUNE 12. 1991 Private Securities Private Securities Tax-Exempt Debt and Corporate and Foreign Securities 44 UNADJUSTED NET FLOWS. $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II III IV 1 1991 1 I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Tax-Exempt Debt Securities and Loans (1) 11,456 10,687 4,350 6,337 4,847 4,225 478 3,747 991 -122 -2,596 2,474 5,014 3,160 161 2,999 10-132 9,868 6,863 3-005 2,331 675 655 20 -127 -223 -1,564 1,341 43.3 22.5 -1.5 24.0 51.0 20.3 -3.7 24.0 135.4 82.7 1.3 81.4 22.7 34.8 4.2 30.6 1 2 3 4 Households & nonprof. org. Nonfin. corporate business (industrial revenue bonds) 810 -41 1,052 -430 929 184 1,709 145 266 -2 1,711 -55 108 -12 11.4 9.4 10.2 20.5 30.2 22.6 —2.2 -9*9 5 6 7 Net change in assets 8 Households 9 Nonfin. corporate business St.Sloc. govt. gen. funds 10 11,456 7,791 1,000 531 4,847 5,684 551 991 -6,340 -1.000 341 5,014 5,628 -250 641 10,132 1,952 750 1,041 -127 2,331 -4,122 -10,299 1,344 250 625 696 43.3 28.1 .7 .6 51.0 24.4 -.1 1.1 135.4 38.1 .8 -1.2 22.7 7 -22.7 8 3.1 9 -.3 10 -3,288 -41 256 -6,222 27 -72 -3,696 226 -41 -5,846 -146 82 -1-440 -12 190 -5,399 7 78 -4,150 -97 41 3.7 .1 -.3 12.5 -.2 -.1 57.1 .4 .2 -28.4 11 -.2 12 -.1 13 292 152 10 130 349 46 40 263 877 294 300 283 1,881 1,641 50 190 755 855 -300 200 811 490 321 471 192 279 -.5 .9 -1.1 -.3 -3.7 -1.3 -.5 -1.9 4.1 1.0 -.4 3.5 3,507 2,639 -1,231 -324 3,543 1,311 7,752 3-807 -935 -1,624 4,084 564 3,503 2,730 663 4,636 4,940 505 6,693 5,268 -94 3.6 5.5 1.8 7.0 5.6 4.5 12.4 14.5 8.9 1 Net change In liabilities State and local governments 2 Short-term 3 Other 4 5 6 11 12 13 Commercial banking Savings and loan assns. Mutual savings banks 14 15 16 17 Insurance Life insurance companies St.&loc. govt.rtr.funds Other insurance companies 18 19 20 Money market funds Mutual funds Brokers and dealers 15.3 2.0 -.3 13.7 14 15 16 17 27.5 18 31.8 19 -3.3 20 (1) Includes small amounts of taxable issues since 1986. Corporate and Foreign Bonds 24,393 15,686 2,105 32,144 21,851 270 28,352 11,289 8,747 43,836 20,914 5,175 17,324 11,930 473 46,806 20,396 7,157 33,089 21,294 2,867 37.7 16.0 3.1 84.2 46.1 3.8 128.2 73.5 3.8 212.8 126.8 3.1 2 6,602 2,998 -1,589 3,778 -6 1,421 10,023 2 -1,375 2,015 -178 9,559 8,316 -1,573 -782 2,524 129 8,018 17,747 -1,435 -3,151 8,500 54 13,779 4,921 -4,329 -1,145 3,300 222 6,873 19,253 2,527 -480 5,700 116 11,390 8,928 378 -1,000 1,367 96 8,087 18.6 9.7 .1 5.3 X 3.6 34.3 13.5 1.9 9.6 .1 9.3 50.9 18.9 4.6 15.8 .1 11.5 82.9 16.1 4.9 22.5 .3 39.0 4 5 6 7 8 9 10 Net purchases Households 11 12 Foreign (2) Commercial banking 13 Savings and loan assns. 14 Mutual savings banks 15 24,393 2,906 970 921 -3,723 2 32,144 -535 5,020 3,357 -5,677 -741 28,352 14,226 1,224 -463 2,046 -1,001 17,324 43,836 7,312 -18,855 3,557 195 1,726 -73 -980 -1,711 -1,152 178 46,806 7,235 892 2,932 802 317 33,089 -5,732 4,810 837 -3,243 307 37.7 -8.6 4.6 3.9 7.8 3.0 84.2 -5.0 14.8 5.1 12.0 -1.5 128.2 3.8 36.7 6.2 3.9 -2.5 212.8 52.9 40.2 23.7 7.2 -1.8 10 11 12 13 14 15 16 17 18 19 20 Insurance Life insurance companies Private pension funds St.&loc. govt. rtr. funds Other insurance companies 22,009 10,346 -281 8,244 3,700 26,722 12,151 686 11,041 2,844 15,746 13,212 335 -1,106 3,305 24,986 16,377 -487 6,266 2,830 35,027 14,884 3,495 13,648 3,000 30,859 11,361 1,576 14,613 3,309 30,283 10,621 92 16,350 3,220 22.3 16.7 10.4 -.7 -4.2 49.6 23.7 10.2 11.5 4.1 67.3 37.8 10.4 10.9 8.2 63.5 40.8 —2.2 10.7 14.1 16 17 18 19 20 21 22 Mutual funds Brokers and dealers 1,660 -352 2,484 1,514 2,469 -5,895 4,668 3,719 2.521 42 5,605 -1,836 5,729 98 2.7 2.0 3.6 5.7 3.6 9.2 1 Net Issues 2 Nonfin. corporate business 3 Foreign (1) 4 5 6 7 8 9 Total finance Commercial banking Savings and loan assns. Finance companies REITs SCO issuers 1 3 26.8 21 .3 22 Mutual Funds and Other Corporate Equities 3 4 5 6 7 8 9 -18,344 10,741 2,246 16.890 30,953 28,167 54.6 27.2 -40.5 29.3 17.2 84.4 86.8 159.0 1 2 -29,085 -14,852 -14,726 -5,871 -14,702 -14,644 Other sectors Nonfin. corporate business -36,575 -19,825 -17,250 -12,000 -18,500 -15,250 7,518 3,839 9 541 389 Foreign (1) 5.985 439 444 449 Commercial banking 454 459 -98 455 489 Other insurance companies 452 386 300 455 269 -16 419 257 REITs -36 2,002 -1,191 254 -242 1,158 410 Brokers and dealers -729 2,786 -4,250 6,559 -22 246 469 -216 27.3 20.0 3.7 .8 1.5 .4 1.0 -69.8 -79.0 .9 1.1 3.9 2.0 1.1 -67.2 -84.5 3.7 1.4 7.8 2.0 2.5 -72.2 -85.0 1.2 1.4 6.8 1.3 2.2 3 4 5 6 7 8 9 1 Net issues 2 Mutual funds 10 Net purchases 11 12 13 14 15 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds 16 17 18 19 20 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 516 15,368 3,070 17,796 -6,804 7,898 -18,344 516 3,070 12,897 -6,804 2,246 30,953 54.6 -40.5 17.2 10,741 9,769 170 301 501 15,368 13,939 249 442 738 17,796 15,859 339 599 999 18,768 16,476 400 709 1,183 7,898 5,097 490 866 1,445 16,890 12,837 250 550 3,253 28,167 23,755 370 749 3,293 27.2 24.0 1.2 -.4 2.4 29.3 24.0 2.8 .5 2.1 84.4 69.2 3.7 1.1 10.4 159.0 139.6 3.8 10.2 5.4 11 12 13 14 15 -29,085 -14,852 -14,726 -5,871 -14,702 -14,644 -37,026 -28,671 -19,779 -18,536 4,215 -11,650 4,842 -1,700 -3,426 -3,842 -2,649 -6,058 1 -1 8 -3 -553 -101 -315 -511 2,786 -5,813 2,257 -4 -23 27.3 -27.0 6.0 X .3 -69.8 -81.8 -1.3 -.1 -.2 -67.2 -106.9 4.3 .1 -.1 -72.2 -124.5 17.2 X .9 16 17 18 19 20 21 22 23 24 25 21 22 23 24 25 Insurance Life insurance cos. Private pension funds St.&loc. govt. rtr. fnds Other insurance cos. 3,546 1,652 -7,769 8,500 1,163 12,078 1,082 988 9,000 1,008 7,674 1,606 322 4,400 1,346 26 27 Mutual funds Brokers and dealers 595 -1,050 3,316 128 4,404 -3,498 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 12,897 18,768 86.8 10 5,619 -12,539 1,049 1,178 901 -13,588 2,100 -1,000 1,000 1,440 200 413 -1,862 800 849 -680 751 -2,804 800 573 30.1 3.4 4.5 20.0 2.1 8.6 .3 5.4 7.3 -4.3 22.4 4.8 -9.0 28.6 -2.0 12.7 -2.1 -8.0 23.1 -.3 -1,079 -2,138 3,388 29 8,953 -1,904 13.7 4.3 5.9 -1.0 10.3 2.6 20.2 26 1.4 27 8,590 2,612 JUNE 12, 1991 Private Securities Private Securities Tax-Exempt Debt and Corporate and Foreign Securities SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1989 1987 1990 I 11 1989 III IV I 11 1990 I III II IV I 1991 1 I Tax-Exempt Debt Securities and Loans (1) 1 2 3 4 49.3 51.2 6.2 44.9 49.8 48.9 9.9 39.0 30.4 29.9 -.3 30.2 18.5 13.6 5.1 8.5 34.1 31.0 5.7 25.3 19.1 16.6 1.6 15.0 12.4 7.9 -2.0 9.9 24.5 17.1 5.1 12.0 28.0 26.9 14.9 12.0 9.0 2.3 2.3 .1 5 6 -1.0 -.9 .9 .1 1.7 -1.1 4.6 .3 3.2 -.2 4.2 -1.7 3.7 .7 6.8 .6 1.1 X 6.8 -.2 7 8 9 10 49.3 58.8 2.6 .5 49.8 50.3 1.5 1.6 30.4 27.4 -1.0 2.0 18.5 -2.9 -.3 2.6 34.1 32.9 4.0 2.1 19.1 10.6 2.2 12.4 2.4 -4.0 1.4 24.5 11.2 -1.0 2.6 28.0 8.4 3.0 4.2 9.0 -33.5 1.0 2.5 11 12 13 -29.1 .1 -.2 -22.7 .3 -.1 -17.8 -.3 .1 -16.4 .1 .3 -27.4 -.2 1.0 -15.8 .1 -.3 -13.7 .9 -.2 -23.8 -.6 .3 -18.5 X .8 14 15 16 17 21.9 -1.0 1.8 -.1 1.9 4.3 3.3 .1 1.0 1.2 .6 22.8 7.4 -1.5 -.4 9.3 .5 1.4 .2 .2 1.1 3.5 1.2 1.2 1.1 7.5 6.6 .2 .8 18 19 20 -2.3 5.4 -8.4 4.2 8.0 -.8 3.7 14.9 -.4 14.3 15.6 .8 15.3 12.2 -6.9 6.9 15.9 -2.0 5.7 11.2 5.2 10.8 16.9 .5 X x N 7.1 Net change in liabilities State and local governments 6.7 1.4 Short-term 5.4 Other 1 2 3 4 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) 5 6 7.1 Net change in assets -10.4 Households 5.4 Nonfin. corporate business 2.8 St.Sloc. govt. gen. funds 7 8 9 10 -9.5 X .3 -17.8 -.4 .2 Commercial banking Savings and loan assns. Mutual savings banks 11 12 13 3.0 3.4 -1.2 .8 3.2 2.0 1.3 1.9 .8 1.1 Insurance Life insurance companies St.Sloc. govt.rtr.funds Other insurance companies 14 15 16 17 13.8 12.7 .7 26.8 21.4 -3.2 1.6 16.9 7.0 Money market funds Mutual funds Brokers and dealers 18 19 20 .4 X (1) Includes small amounts; of taxable issues since 1986. Corporate and Foreign Bonds 1 2 3 165.7 79.4 7.4 161.5 102.9 6.9 115.8 73.7 5.3 136.3 64.5 21.6 97.6 62.7 8.1 125.9 87.4 -1.0 112.9 45.2 32.7 178.3 83.7 25.8 69.3 47.7 1.2 184.8 81.6 26.5 4 5 6 7 8 9 78.9 13.5 4.4 21.5 .5 39.1 51.7 5.1 1.9 11.9 .2 32.5 36.8 4.7 -3.4 14.7 X 20.8 50.2 -4.8 -5.6 20.0 .5 40.1 26.7 12.C -6.0 15.1 X 5.7 39.6 X -6.0 8.1 -.7 38.2 35.1 -6.3 -1.3 10.1 .5 32.1 68.8 -5.7 -14.8 34.0 .2 55*1 20.3 -17.3 -3.9 13.2 .9 27.5 76.7 10.1 -2.2 22.8 .5 45.6 10 11 12 13 14 15 165.7 23.3 19.9 23.8 11.2 -1.7 161.5 -9.4 18.6 11.7 7.7 -1.5 115.8 .7 12.9 3.4 -14.6 -2.4 136.3 9.9 5.9 4.1 .2 -1.7 97.6 -4.7 5.3 8.6 -18.0 -2.5 125.9 14.6 15.7 10.5 -29.8 -1.9 112.9 54.8 9.5 -5.1 20.0 -3.7 178.3 29.0 12.0 8.5 -4.7 -3.2 69.3 -92.1 2.2 5.1 -11.1 -1.9 184.8 48.0 -.2 8.0 -3.6 2.3 131.6 Net purchases -24.6 Households 24.3 Foreign (2) -.1 Commercial banking -.7 Savings and loan assns. 1.5 Mutual savings banks 10 11 12 13 14 15 16 17 18 19 20 86.4 66.9 10.0 1.9 7.5 110.5 69.2 12.3 18.9 10.1 106.3 53.6 3.3 35.9 13.6 106.6 55.8 4.9 33.4 12.4 103.5 46.1 -1.5 44.1 14.8 101.3 51.1 6.9 32.0 11.4 52.5 50.8 -7.8 -3.7 13.2 102.0 60.4 3.2 27.1 11.3 156.4 64.5 14.4 65.4 12.0 115.6 47.7 9.8 44.9 13.2 110.1 40.6 -9.1 65.7 12.9 Insurance Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Other insurance companies 16 17 18 19 20 21 22 7.3 -4.4 14.2 9.8 5.7 3.7 15.3 -4.0 7.0 -1.4 9.5 6.1 8.6 -23.6 19.9 14.9 10.5 .2 22.1 -7.3 20.7 .4 Mutual funds Brokers and dealers 21 22 131.6 Net issues 85.2 Nonfin. corporate business 8.9 Foreign (1) 37.5 1.5 -2.2 5.5 .4 32.3 Total finance Commercial banking Savings and loan assns. Finance companies REITs SCO issuers 1 2 3 4 5 6 7 8 9 Mutual Funds and Other Corporate Equities 1 2 10.9 73.9 -124.2 1.1 -63.7 41.3 11.4 61.4 -61.0 57.9 14.9 72.4 -9.4 47.8 47.3 71.0 -15.9 46.1 23.6 80.6 3 4 5 6 7 8 9 -63.0 -75.5 -2.1 1.6 4.0 2.8 6.3 -125.3 -129.5 .9 1.7 1.7 1.1 -1.2 -105.1 -124.2 16.7 1.7 1.8 1.8 -3.0 -49.9 -63.0 6.9 1.3 1.6 2.6 .6 -118.9 -146.3 27.5 1.8 1.8 1.1 -4.8 -57.6 -79.3 17.2 1.8 1.8 -.1 1.0 -57.2 -69.0 1.7 1.8 2.0 1.7 4.6 -23.6 -48.0 23.8 1.8 1.8 -.1 -2.9 -62.0 -74.0 -1.0 1.8 1.5 8.0 1.6 -56.9 -61.0 3.2 -.4 1.2 1.0 -1.0 10 10.9 -124.2 -63.7 11.4 -61.0 14.9 -9.4 47.3 -15.9 23.6 11 12 13 14 15 73.9 75.5 -2.7 -2.2 3.3 1.1 -2.7 -2.7 5.7 .9 41.3 38.0 .5 1.2 1.6 61.4 50.3 1.5 2.7 6.9 57.9 54.0 .7 1.2 2.0 72.4 66.7 1.0 1.8 3.0 47.8 40.0 1.4 2.4 4.0 71.0 61.8 1.6 2.8 4.7 46.1 34.9 2.0 3.5 5.8 80.6 64.4 1.0 2.2 13.0 87.6 70.0 1.5 3.0 13.2 16 17 18 19 20 -63.0 -109.5 15.6 -.1 .2 -125.3 -115.4 -.5 K .4 -105.1 -126.0 6.6 X .3 -49.9 -45.8 -16.0 -1.5 -118.9 -136.4 14.6 * -57.6 -133.5 3.8 X -57.2 -79.3 -12.6 -.4 -23.6 -66.7 -22.2 X -1.3 -62.0 30.0 -16.5 X -2.0 -56.9 -67.0 -12.6 -2.2 13.7 -24.1 10.9 X -.1 21 22 23 24 25 11.0 5.7 -24.0 26.4 2.7 6.0 -3.4 -20.3 25.9 3.8 14.7 4.4 -17.9 23.7 4.4 1.0 4.2 -14.2 6.3 4.6 7.6 6.6 -31.1 27.4 4.7 52.0 4.3 4.0 39.7 4.0 32.4 6.4 1.3 19.3 5.4 23.9 4.7 3.6 9.8 5.8 -57.2 4.2 -54.4 -11.1 4.0 4.8 1.7 -7.4 7.2 3.4 -1.0 3.0 -11.2 5.0 2.3 26 27 26.9 -7.1 -16.0 .1 1.2 -1.9 15.3 -3.0 1.5 -6.2 19.7 .6 17.5 -14.7 29.3 13.3 -5.2 -11.0 19.6 .4 36.7 -8.7 101.3 Net issues 87.6 Mutual funds 1 2 13.7 -17.0 28.8 -.1 1.0 1.9 -.9 3 4 5 6 7 8 9 Other sectors Nonfin. corporate business Foreign (1) Commercial banking Other insurance companies REITs Brokers and dealers 101.3 Net purchases 11 12 13 14 15 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 16 17 18 19 20 Insurance Life insurance cos. Private pension funds St.&loc. govt. rtr. fnds Other insurance cos. 21 22 23 24 25 Mutual funds Brokers and dealers 26 27 (1) Net purchases of foreign Issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 10 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds JUNE 12, 1991 Mortgages I Mortgages I Mortgage Markets by Type of Mortgage 46 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 III IV 1 I II IV III I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1984 1985 1983 1986 Total Mortgages 1 Net change in mortgages 2 Home mortgages 3 Multifamily residential 4 Commercial 5 Farm 71,467 59,921 2,925 9,087 -466 66,535 56,745 3-208 7-557 -975 67,811 57,111 5,045 5,819 -164 63,597 65,026 -4,049 2,524 96 54,740 50,091 1,204 3,150 295 40,984 39,338 1,011 944 -309 27,494 31,171 -461 -2,959 -257 187.8 120.4 14.0 51.0 2.4 223.1 136.7 25.2 62.4 -1.2 242.2 156.8 29.7 62.3 -6.6 316.4 218.7 33.5 73.7 -9.5 6 Borrowings by: 7 U.S. government 8 REITs 71,467 -1 78 66,535 -101 67,811 1 -181 63,597 -3 204 54,740 -1 640 40,984 120 27,494 1 239 187.8 -.1 X 223.1 -.1 .4 242.2 -.1 •1 316.4 X .1 71,390 62,999 8,391 -466 8,000 857 66,636 62,723 3,913 -975 6,000 -1,112 67,991 69,130 -1,139 -164 9,000 -9,975 63,396 61,083 2,313 96 -4-800 7,017 54,101 50,748 3,353 295 975 2,083 40,864 27,254 44,095 42,809 -3,231 -15,555 -309 -257 -4,250 -2,627 1,328 -12,671 187.9 118.9 69.0 2.4 71.0 -4.4 222.8 137.1 85.6 -1.2 88.2 -1.3 242.2 155.7 86.5 -6.6 111.0 -17.9 316.3 221.0 95.4 -9.5 76.3 28.6 15 Funds advanced by: 16 Households 17 Nonfarm noncorp. business 18 St.Sloc. 9ovt. gen. funds 71,467 156 -418 1,841 66,535 9,078 -418 3,361 67,811 4,266 -418 962 63,597 6,669 -418 1,420 54,740 6,039 -418 442 40,984 2,075 -418 1,432 27,494 4,702 -416 587 187.8 .7 4.3 7.9 223.1 1.5 10.0 10.2 242.2 3.1 4.7 9.8 316.4 36.8 2.7 11.8 19 20 21 U.S. government Sponsored credit agencies(l) Mortgage pools 5 3,748 32,619 95 3,567 42,843 7,360 -711 35,616 10,743 928 39,033 13,640 1,238 34,335 3,832 4,234 41.338 9,897 1,508 33,580 1.2 10.4 66.4 .5 12.3 44.4 1.8 9.2 79.9 .5 -9.7 139.2 22 23 24 25 26 27 Private finan. institutions Commercial banking Savings institutions SSL associations (1) Mutual savings banks (1) Credit unions 33,516 8,009 20,736 -536 -11,509 -22,364 5,222 26,834 21,437 19,799 27-895 16,272 12,277 12,149 -3,283 -21,936 -15,754 -31,750 -23,166 -31,050 -30,103 -7,293 -21,926 -14,701 -29,088 -24,136 -30,862 -28,928 1,501 -1,620 -1,497 -3,932 -934 -1,573 -1,914 1,610 444 1,904 2,509 1,270 1,385 739 96.8 29.2 53.5 47.1 3.6 2.8 144.1 44.6 86.6 77.5 6.9 2.2 133.7 49.7 58.5 47.8 7.6 3.2 135.0 70.1 26.1 10.7 8.5 6.9 28 29 30 31 32 33 34 Insurance Life insurance companies Private pension funds St.Sloc. govt, rtr.funds Other insurance cos. Finance companies REITs -3,380 -3,890 293 57 160 -869 -161 11.3 9.0 .7 .9 .7 2.7 .1 6.7 5.7 .1 .6 .4 5.4 .8 16.3 15.1 .4 .1 .7 6.8 2.4 23.1 22.0 -.2 .3 .9 15.8 X -787 -10,095 -7.0 15.7 14.2 19.8 9 10 11 12 13 14 Private nonfinancial sectors Households Nonfinancial business Farms Nonfarm noncorporate Corporate 6,740 6,068 416 106 150 10,028 -77 4,278 4,584 -514 84 124 4,830 -31 1,941 1,197 492 152 100 4,440 -23 -10,764 -9,313 -8,945 35 (1) Memo: FHLB loans to thrifts (included in ’’other loans” category). -6,557 -8,409 2,478 2,212 274 -242 234 7,640 -153 6,767 6,010 169 402 186 1,575 166 2,115 1,272 556 87 200 5,709 -560 Home Mortgages (1) 1 Net borrowing 2 Households 3 Nonfarm noncorp. business 4 Nonfin. corporate business 59,921 59,109 406 406 56,745 60-225 -1,740 -1,740 57,111 65,251 -4,070 -4,070 65,026 58,538 3,244 3,244 50,091 47,741 1,175 1,175 39,338 42,584 -1,623 -1,623 31.171 41,265 -5,047 -5,047 120.4 116.4 4.0 X 136.7 134.7 2.0 X 156.8 153.3 3.8 -.3 218.7 214.9 1.9 1.9 1 2 3 4 5 Net change in assets 6 Households 7 Nonfarm noncorp. business 8 State and local governments 59,921 -693 125 1,481 56,745 7,081 125 2,122 57,111 2,827 125 622 65,026 5,180 125 744 50,091 4,283 125 896 39 338 258 125 816 31,171 4,176 125 597 120.4 -.1 1.6 5.2 136.7 4.9 3.3 5.4 156.8 3.8 .6 5.9 218.7 33.9 2.2 3^9 5 6 7 8 -35 3,106 42,406 13,483 3,860 -484 34,519 15,427 5,830 1,219 38,700 26,156 4,336 811 34,526 14,153 2,595 3,806 39,537 9,643 1,559 1,292 32,784 8,139 .7 9.4 65.2 8.7 .6 11.2 43.4 12.9 .9 11.7 78.6 17.3 -8,268 -17,073 -14,162 -22,803 -16,369 -6,950 -16,147 -15,236 -23,243 -15,720 -830 -1,762 -2,196 -945 -1,388 444 1,904 1,385 1,270 739 30.0 22.1 5.1 2.8 50.9 45.4 3.3 2.2 33.7 26.1 4.4 3.2 13.5 .5 6.1 6.9 13 14 15 16 X .4 .2 -.6 17 18 19 20 9 10 11 12 U.S. government Spons. credit agencies Mortgage pools Commercial banking 87 3.700 31,607 16,285 13 14 15 16 Savings institutions Savings and loan assns. Mutual savings banks Credit unions -806 -13,778 -3,690 -14,760 -628 375 2,509 1,610 17 18 19 20 Insurance Life Insurance companies Private pension funds St.Sloc. govt. rtr. funds 21 22 Finance companies REITs 454 476 214 -236 689 537 55 97 322 294 28 -1,193 215 -1,463 55 306 33 197 76 -441 -721 258 22 -398 -538 124 16 -2.8 -1.4 -1.4 X -.7 -1.2 .6 -.1 -2.1 -1.7 -.3 -.1 7,688 -7 1,538 8 8,165 -4 5,340 -2 4,818 -1 5,829 -27 -726 -8 2.7 X 4.6 X 6.5 .1 (1) 1-4 family LATEST QUARTER BASED ON INCOMPLETE INFORMATION -.7 9 -3.4 10 134.3 11 20.0 12 14.9 21 X 22 JUNE 12, 1991 Mortgages 1 Mortgages I Mortgage Markets by Type of Mortgage 47 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1989 1990 1987 1988 I 1 1989 III IV I 1 1990 I II IV III I 1991 1 I Total Mortgages 1 2 3 A 5 32A.9 23A.9 2A.6 71.9 -6.A 306.7 231.0 16.8 61.0 -2.1 275.7 218.0 16.5 A2.7 -1.5 227.1 211.6 3.2 12.A -.1 272.7 221.0 11.9 Al.l -1.3 2A0.1 21A.3 9.A 19.6 -3.2 333.3 283.5 22.7 26.6 .5 231.3 235.2 -15.5 13.5 -1.9 207.1 183.1 A.6 17.5 1.8 136.8 1AA.A 1.0 -7.9 -.8 173.3 Net change in mortgages Home mortgages 181.0 Multifamily residential .5 Commercial -8.7 Farm .5 1 2 3 A 5 6 7 8 32A.9 X .A 306.7 X .3 275.7 X X 227.1 X .8 272.7 « .3 2A0.1 -.A 333.3 X -.7 231.3 X .8 207.1 X 2.6 136.8 .5 173.3 Borrowings by: X U.S. government REITs 1.0 6 7 8 9 10 11 12 13 IA 32A.5 265.3 59.2 -6.A 50.0 15.6 306.5 257.9 A8.6 -2.1 39.5 11.1 275.7 235.0 AO.7 -1.5 35.6 6.5 226.A 225.1 1.3 -.1 .9 .5 272.A 2A3.1 29.2 -1.3 32.0 -l.A 2A0.5 231.6 8.9 -3.2 2A.0 -12.0 33A.0 301.0 33.0 .5 36.0 -3.5 230.5 2A6.6 -16.0 -1.9 -19.2 5.1 20A.5 195.7 8.8 1.8 3.9 3.1 136.3 156.9 -20.6 -.8 -17.0 -2.8 172.A 195.5 -23.1 .5 -10.5 -13.1 15 16 17 18 32A.9 17.5 -1.7 8.7 306.7 28.3 -1.7 A.O 275.7 20.9 -1.7 8.8 227.1 19.0 -1.7 A.3 272.7 7.0 -1.7 7.A 2A0.1 26.2 -1.7 13.A 333.3 30.6 -1.7 3.8 231.3 17.2 -1.7 5.7 207.1 32.5 -1.7 1.8 136.8 -A.l -1.7 5.7 173.3 Funds advanced by: Households 3A.1 Nonfarm noncorp. business -1.7 St.Bloc. govt. 9en. funds 2.3 19 20 21 -5.3 -5.0 1A2.3 -1.1 8.9 7A.9 -.8 9.7 125.8 35.6 5.7 150.3 .1 15.0 111.6 X 1A.3 161.1 29.3 -2.8 162.0 A3.5 3.7 166.8 5A.5 5.0 116.9 15.0 16.9 155.5 39.A 6.0 153.5 22 23 2A 25 26 27 168.A 86.2 65.5 35.3 19.7 10.5 193.A 77.8 90.5 60.2 22.2 8.2 113.1 9A.3 -8. A -17.6 1.7 7.6 13.9 76.2 -101.7 -98.8 -7.9 5.0 133.3 105.3 -15.5 -29.2 5.2 8.5 26.8 87.2 -88. A -87.7 -6.6 5.9 112.1 89.2 -59.5 -58.8 -5.3 A.6 -3.9 101.1 -127.A -116.A -15.5 A.5 -2.0 63.7 -95.2 -96.5 -A. 6 6.0 -50.6 51.0 -12A.9 -123.A -6.3 A.9 -60.3 58.6 -116.6 -115.7 -7.0 6.2 Private finan. institutions Commercial banking Savings institutions S&L associations (1) Mutual savings banks (1) Credit unions 22 23 2A 25 26 27 28 29 30 31 32 33 3A 17.8 18.5 -1.2 -.2 .6 -2.1 1.0 20.8 20.3 X .3 .3 3.A .9 13.9 12.6 .9 -.A .8 13.6 -.3 15.1 13.1 1.0 .A .6 25.0 -.7 1A.1 12.7 l.A -1.0 .9 30.0 -.6 15.6 12.0 1.3 1.6 .7 11.6 .7 33.9 32.0 .9 .A .6 A8.8 -.3 17.1 18.6 -2.3 .3 .5 5.A -.1 12.2 8.9 2.3 .6 .A 17.A -.1 -3.0 -7.0 2.9 .3 .8 28.A -2.2 -7.2 -8.5 .A .2 .6 5.5 -.6 Insurance Life insurance companies Private pension funds St.&loc. govt, rtr.funds Other insurance cos. Finance companies REITs 28 29 30 31 32 33 3A 35 2A.A 19.7 -11.0 -2A.7 -A1.0 -A8.8 -22.0 -30.9 -30.5 Private nonfinancial sectors Households Nonfinancial business Farms Nonfarm noncorporate Corporate 9 10 11 12 13 IA 15 16 17 18 19 U.S. government Sponsored credit agencies(l) 20 Mortgage pools 21 -15.5 -27.9 (1) Memo: FHLB loans to thrifts (included in "other loans" category). 35 Home Mortgages (1) 1 2 3 A 23A.9 233.0 .9 .9 231.0 230.8 .1 .1 218.0 221.6 -1.8 -1.8 211.6 21A.1 -1.3 -1.3 221.0 227.6 -3.3 -3.3 21A.3 221.6 -3.7 -3.7 283.5 285.5 -1.0 -1.0 235.2 236.A -.6 -.6 183.1 183.7 -.3 -.3 1AA.A 150.9 -3.2 -3.2 181.0 Net borrowing 189.3 Households -A. 2 Nonfarm noncorp. business -A.2 Nonfin. corporate business 1 2 3 A 5 6 7 8 23A.9 7.6 .5 1.2 231.0 25.1 .5 2.5 218.0 15.1 .5 6.5 211.6 12.5 .5 3.1 221.0 2.8 .5 5.9 21A.3 16.6 .5 8.5 283.5 28. A .5 2.5 235.2 8.7 .5 3.0 183.1 25.2 .5 3.6 1AA.A -12.1 .5 3.3 181.0 Net change in assets 3A.8 Households .5 Nonfarm noncorp. business 2.A State and local governments 5 6 7 8 9 10 11 12 -3.3 .1 137.8 37.A .3 9.7 69.7 38.0 .2 9.0 120.2 51.0 16.6 5.A 1A7.3 65.A .3 1A.8 107.6 62.8 -.1 12.3 159.3 58.7 15.A -2.0 157.6 67.9 23.3 5.0 165.5 95.0 17.3 3.3 117.7 5A.9 10.A 15.2 1A8.3 A3.8 6.2 5.0 150.3 38.6 U.S. government Spons. credit agencies Mortgage pools Commercial banking 9 10 11 12 13 IA 15 16 55.5 32.9 12.0 10.5 80.0 56.8 15.0 8.2 3.A -A.7 .6 7.6 -62.3 -61.6 -5.7 5.0 -A.8 -1A.8 1.5 8.5 -55.6 -59.0 -2.5 5.9 -30.2 -27.8 -7.0 A.6 -68.9 -6A.6 -8.8 A.5 -58.3 -60.9 -3.3 6.0 -91.8 -93.0 -3.8 A.9 -62.3 -62.9 -5.6 6.2 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 13 IA 15 16 17 18 19 20 -.7 .A -l.A .3 2.0 2.1 X -.1 -1.6 -1.5 .6 -.7 -1.0 -.2 -1.0 .2 .8 .8 .9 -.9 2.7 2.1 .2 .A 2.1 2.0 .1 -A. 3 1.3 -5.9 .2 .1 -1.0 .8 .3 -1.9 -3.0 1.0 .1 -.6 -1.2 .5 .1 Insurance Life insurance companies Private pension funds St.81oc. govt. rtr. funds 17 18 19 20 21 22 -1.2 X 3.2 X 13.7 X 2A.2 X 30.2 X 11.5 X Al.A X 7.A X 18.9 X 28.9 -.1 6.1 * Finance companies REITs 21 22 (1) 1-A family BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, JUNE 12, 1991 Mortgages II Mortgages II Mortgage Markets, Continued UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I 1 III 1989 IV I 1 1990 I III II IV I 1991 1 1 ANNUAL FLOWS, $ BILLIONS 1984 1985 1986 1983 Multifamily Residential Mortgages 1 Net borrowing 2 Nonfarm noncorp. business 3 Nonfin. corporate business 4 REITs 5 U.S. government 2,925 2,670 230 26 -1 3,208 3,015 226 -33 - 5,045 4,383 721 -60 1 -4,049 -4,363 250 67 -3 1,204 869 125 211 -1 1,011 971 40 - -461 -287 -254 79 1 14.0 17.3 -3.2 X -.1 25.2 27.0 -1.8 .1 -.1 29.7 33.9 -4.1 X -.1 33.5 33.0 .5 w * 1 2 3 4 5 6 Net change in assets 7 Households 8 Nonfarm noncorp. business 9 State and local governments 2,925 882 -50 312 3,208 922 -50 1,114 5,045 837 -50 2,452 -4,049 830 -50 -2,030 1,204 922 -50 -1,963 1,011 932 -50 -296 -461 371 -49 -410 14.0 .3 1.1 2.4 25.2 .4 2.0 4.5 29.7 2.6 .7 3.2 33.5 2.5 1.0 7.0 6 7 8 9 -336 542 1,013 1,179 226 1,153 439 789 1,704 75 1,099 -963 2,763 -17 334 507 5,210 606 -190 —522 969 526 1,804 -782 4,483 425 798 905 -.3 -.1 1.2 1.9 -.7 .9 1.1 2.1 X 1.9 1.5 3.1 .7 .3 5.1 7.4 10 11 12 13 -1,620 -1,600 -20 -2,433 -1,671 -762 -2,173 -2,501 328 -6,482 -5,264 -1,218 -2-569 -2,531 -38 -2,984 -2,698 -286 -6,152 -5,868 -284 7.0 8.9 -1.9 14.4 13.7 .7 14.5 13.1 1.3 7.2 14 5.8 15 1.5 16 1,140 -51 -27 823 25 154 648 -269 107 472 -29 -2 73 -84 16 1,306 -76 14 -559 -67 14 .3 * .6 -.2 .2 .1 1.0 .7 X 1.1 17 .4 18 X 19 -13 -46 -4 50 1,601 -23 -336 -9 -238 -7 -184 -168 -172 -48 -.4 .1 x .4 .2 .4 .7 20 « 21 10 11 12 13 U.S. government Spons. credit agencies Mortgage pools Commercial banking 14 15 16 Savings institutions Savings and loan assns. Mutual savings banks 17 18 19 Life insurance companies Private pension funds St.&local govt. rtr. funds 20 21 Finance companies REITs Commercial Mortgages 1 Net borrowing 2 Households 3 Nonfarm noncorp. business 4 Nonfin. corporate business 5 REITs 9,087 3,890 4,924 221 52 7,557 2,498 4,725 402 -68 5,819 3.879 8,687 -6,626 -121 2,524 2,545 -3,681 3,523 137 3,150 3,007 -1,069 783 429 944 1,511 -3,598 2,951 80 -2,959 1,544 2-707 -7,370 160 51.0 2.5 49.7 -1.2 X 62.4 2.5 59.2 .5 .3 62.3 2.4 73.3 -13.5 X 6 Net change in assets 7 Households 8 Nonfarm noncorp. business 9 State and local governments 10 U.S. government Commercial banking 11 9,087 -11 -500 49 481 9,189 7,557 1,262 -500 137 77 7,013 5,819 508 -500 -2,109 2,056 5,220 2,524 742 -500 2,731 2,312 870 3,150 957 -500 1,516 4,221 2,448 944 1,018 -500 917 394 3,517 -2,959 579 -499 409 4,016 2,873 51.0 .4 1.8 .4 .4 17.7 62.4 -.9 4.4 .3 X 28.8 62.3 -.1 3.4 .7 .3 28.1 73.7 6 4.1 7 -.5 8 .7 9 e 2 10 4L3 11 -881 -2,003 1,122 -5,726 -5,495 -231 -5,314 -5,250 -64 -8,190 -7,677 -513 -6,436 -6,369 -67 -5,262 -4,921 -341 -7-581 -7,340 -241 16.6 16.1 .5 21.3 18.3 2.9 10.3 8.6 1.7 5.3 12 4.5 13 .8 14 529 111 21 234 4,719 89 151 186 4,950 685 -39 150 3,602 978 49 124 561 379 59 100 536 374 51 200 -3,103 236 27 160 10.3 2.0 .3 .7 7.3 -.7 .6 .4 16.5 X .2 .7 -35 -100 41 108 262 -50 -174 -20 -140 -15 64 -365 29 -105 .4 X .7 .4 .1 1.9 12 13 14 Savings institutions Savings and loan assns. Mutual savings banks 15 16 17 18 Life insurance companies Private pension funds St.&local govt. rtr. funds Other Insurance companies 19 20 Finance companies REITs 73.7 6.1 41.4 26.1 .1 21.4 -.8 .8 .9 1 2 3 4 5 15 16 17 18 .2 19 X 20 Farm Mortgages 1 Net borrowing -466 . -975 -164 96 295 -309 -257 2.4 -1.2 -6.6 -9.5 1 2 Net change in assets 3 Households 4 Nonfarm noncorp. business 5 State and local governments -466 —22 7 -1 -975 -187 7 -12 -164 94 7 -3 96 -83 7 -25 295 -123 7 -7 -309 -133 7 -5 -257 -424 7 -9 2.4 •2 -a X -1.2 -2.9 .3 X -6.6 -3.2 X X -9.5 -3.8 X .2 2 3 4 5 —227 -494 -1 -173 -692 -2 -260 -302 -2 -162 -274 -1 -127 -179 -1 -126 -98 -3 -161 -209 -2 .4 1.1 X .5 .3 X .6 -4.5 -.2 .3 -6.5 -.2 6 7 8 181 24 67 - 152 1 -69 - 115 1 176 10 362 -5 295 -18 193 1 530 1 -101 -1 151 - 232 -1 310 - 1.0 -.1 X .9 X -.3 - 1.2 .1 -.6 - 6 7 8 9 10 11 12 U.S. government Sponsored credit agencies Mortgage pools Commercial banks Mutual savings banks Life insurance companies St.Slocal govt. rtr. funds LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 1.4 9 X 10 -.9 11 12 - JUNE 12, 1991 Mortgages II Mortgages II Mortgage Markets, Continued 49 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 1989 III IV I I I I 1990 I II III IV 1991 I Multifamily Residential Mortgages .5 Net borrowing 1.2 Nonfarm noncorp, business -1.0 Nonfin. corporate business .3 REITs X U.S. government 1 2 3 4 5 -7.9 1.0 1.0 - .2 -1.2 .5 Net change in assets 4.0 Households Nonfarm noncorp, business -.2 -1.6 State and local governments 6 7 8 9 20.8 2.4 -.8 -2.1 3.5 2.1 7.2 -3.1 17.7 1.7 3.2 3.6 -25.9 -21.1 -4.9 -10.3 -10.1 -.2 -11.9 -10.8 -1.1 -24.6 -23.5 -1.1 2.7 -1.1 .4 1.6 -.1 * .5 -.3 .1 5.2 -.3 .1 -2.2 -.3 .1 6.4 -.1 -1.3 X -1.0 X -.7 -.7 -.7 -.2 1 2 3 4 5 24.6 23.7 .7 .1 X 16.8 15.7 1.0 .1 * 16.5 15.5 .9 X X 3.2 1.9 1.1 .3 X 11.9 10.9 .9 .1 x 9.4 8.6 .9 -.1 22.7 20.1 2.9 _.2 X -15.5 -16.7 1.0 .3 X 4.6 3.3 .5 .8 X 1.0 .8 .2 - 6 7 8 9 24.6 4.2 _ 2 7.0 16.8 -.2 - .2 1.1 16.5 2.8 - .2 2.0 3.2 3.5 -.2 -1.8 11.9 3.4 -.2 1.2 9.4 .8 -.2 4.5 22.7 6.0 - .2 9.8 -15.5 3.8 - .2 -8.1 4.6 3.3 10 11 12 13 .4 -.3 4.5 4.1 .3 1.1 5.2 .8 .5 2.5 5.6 4.8 10.6 1.2 3.0 -1.8 -1.3 2.2 4.1 4.7 .5 4.6 1.8 3.2 6.6 .3 4.4 -3.9 11.6 -.1 1.3 2.0 14 15 16 4.8 2.7 2.2 7.3 3.5 3.8 -4.8 -4.4 -.3 -14.2 -13.0 -1.2 -6.5 -6.4 -.1 -9.7 -6.7 -3.0 -8.7 -10.0 1.3 17 18 19 1.6 -.5 -.4 1.0 X -.2 3.6 -.1 •1 2.5 -.5 .1 4.8 - .2 -.1 3.1 .1 .6 20 21 -1.0 .3 .3 .3 -.2 -.1 .8 -.2 -.1 -.2 X .2 U.S. government Spons. credit agencies Mortgage pools Commercial banking 10 11 12 13 Savings institutions Savings and loan assns. Mutual savings banks 14 15 16 Life insurance companies Private pension funds St.Slocal govt. rtr. funds 17 18 19 Finance companies REITs 20 21 Commercial Mortgages 1 2 3 4 5 71.9 32.3 25.4 13.9 .3 61.0 27.0 23.7 10.1 .2 42.7 13.4 21.9 7.4 * 12.4 10.9 .3 .6 .5 41.1 15.6 24.4 .9 .2 19.6 10.0 19.1 -9.2 -.3 26.6 15.5 16.9 -5.4 -.5 13.5 10.2 -1.9 4.7 .5 17.5 12.0 .9 2.8 1.7 -7.9 6.0 -14.6 .4 .3 6 7 8 9 10 11 71.9 7.4 -2.0 .6 -1.8 43.0 61.0 3.9 -2.0 .4 -1.3 37.9 42.7 3.2 -2.0 .3 -.9 37.3 12.4 3.2 -2.0 3.1 9.0 12.1 41.1 .4 -2.0 .2 1.9 36.9 19.6 9.5 -2.0 .5 .3 24.4 26.6 -4.7 -2.0 -8.4 8.2 24.5 13.5 6.1 -2.0 10.9 9.2 3.3 17.5 4.1 -2.0 6.1 16.9 9.9 -7.9 7.4 -2.0 3.7 1.6 10.5 12 13 14 5.2 -.3 5.5 3.2 -.1 3.3 -7.1 -8.4 1.4 —25.2 -24.2 -1.0 -4.4 -8.0 3.6 -23.0 -22.0 -1.0 -20.6 -21.0 .4 -32.5 -30.7 -1.8 -26.6 -25.5 -1.2 -21.1 -19.7 -1.4 -29.7 -29.4 -.3 15 16 17 18 17.6 .7 -.1 .6 17.4 .1 .5 .3 10.6 .4 .2 .8 9.6 2.4 .1 .6 6.8 .8 .1 .9 7.0 1.0 .6 .7 26.3 1.9 -.2 .6 14.9 3.7 .2 .5 7.3 1.9 .2 .4 -9.8 2.1 .2 .8 -6.7 .1 .1 .6 19 20 .1 .7 X .6 .1 -.2 X -.5 -.1 -.4 .2 .4 1.0 -.2 -.7 -.1 -.6 -.1 .3 -1.5 .1 -.4 -1.9 1.8 -.8 -8.7 Net borrowing Households 6.2 -7.6 Nonfarm noncorp, business -8.0 Nonfin. corporate business .6 REITs -8.7 Net change in assets -3.9 Households Nonfarm noncorp, business -2.0 1.6 State and local governments U.S. government 16.1 Commercial banking 15.2 1 2 3 4 5 6 7 8 9 10 11 Savings institutions Savings and loan assns. Mutual savings banks 12 13 14 Life insurance companies Private pension funds St.&local govt. rtr. funds Other insurance companies 15 16 17 18 Finance companies REITs 19 20 Farm Mortgages .5 Net borrowing 1 1 -6.4 -2.1 -1.5 -.1 -1.3 -3.2 .5 2 3 4 5 -6.4 -1.7 X X -2.1 -.6 X X -1.5 -.2 X X -.1 -.2 X -3.2 -.7 X X .5 .9 X X -1.9 -1.4 X -.1 1.8 X X X -.8 -.5 X * -1.3 .4 X X 6 7 8 -.5 -4.8 X -.4 -1.9 X -.6 -1.8 X -.7 -.9 * -.9 -2.0 X -.7 -2.6 .1 -1.0 -1.1 - -.6 -1.2 X -.5 -.7 X -.5 -.3 X -.6 -.6 X U.S. government Sponsored credit agencies Mortgage pools 6 7 8 9 10 11 12 1.7 X -1.0 - 1.1 - .2 - 1.2 X -.1 - .6 X 1.2 X .9 .1 .3 - .9 X -.2 - .6 X 1.1 X .8 X .8 -.1 .9 X 2.1 X -.1 X .6 - 1.1 X 1.6 - Commercial banks Mutual savings banks Life insurance companies St.&loca1. govt. rtr. funds 9 10 11 12 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, * .5 Net change in assets -.9 Households X Nonfarm noncorp, business X State and local governments 2 3 4 5 JUNE 12, 1991 Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans Not Elsewhere Classified 5Q UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS. $ MILLIONS I 1 III 1989 IV I 1 1990 I III II IV I 1991 11 I ANNUAL FLOWS. $ BILLIONS 1984 1983 1985 1986 Consumer Credit 1 Net change in liabilities (HH) 2 Installment credit Noninstallment credit 3 14.283 12.768 1,515 19,567 -12,390 19,191 -11,246 376 -1,144 7,101 8,301 -1,200 9,271 10,990 -1,719 10,272 -26,632 9,354 -22,838 918 -3,794 48.9 44.1 4.8 81.7 75.0 6.6 82.5 77.0 5.5 58.0 55.3 2.7 1 2 3 4 Net change in assets 5 Installment credit Nonfarm noncorp. business 6 7 Nonfin. corporate business Commercial banking 8 9 Savings and loan assns. Mutual savings banks 10 Credit unions 11 12 Finance companies 13 SCO issuers 14,283 12,768 -326 215 7,535 -623 -29 1,591 2,145 2,260 19,567 -12,390 19,191 -11,246 -166 92 1,954 -2,590 11,363 -9,724 -481 -2,033 847 -295 -410 -1,644 -2,389 -4,536 7,048 10,909 7,101 8,301 -13 325 1,092 -1,988 -1,114 330 660 9,009 9,271 10,990 -50 249 8,560 -4,822 988 1,196 1.776 3,093 10,272 -26,632 9,354 -22.838 285 -313 1,709 -2,300 4,768 -11,712 -3,041 -1,910 -2,026 -1,215 -85 -2,139 -746 -8,866 8,490 5,617 48.9 44.1 .3 2.0 19.5 4.0 1.0 6.2 11.0 81.7 75.0 .2 1.3 39.6 10.1 2.5 12.7 8.6 - 82.5 77.0 .1 .8 33.4 11.0 1.9 6.6 23.1 58.0 55.3 K -1.1 21.8 6.4 .7 4.4 23.1 - 4 5 6 7 8 9 10 11 12 13 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 1,515 2 8 1,538 1,003 -1,036 -1,144 -303 -1,214 353 -329 349 -1,200 11 45 -1,092 -31 -133 -1,719 8 34 -1,560 -101 -100 -3,794 -390 -1,559 -1,680 -90 -75 4.8 .3 1.4 3.2 1.8 -1.9 6.6 .2 .7 5.6 -1.6 1.7 5.5 .2 .8 4.0 -.2 .6 2.7 .3 1.2 3.0 -1.5 -.4 14 15 16 17 18 19 14 15 16 17 18 19 376 249 994 -744 -167 44 918 391 1,562 -768 -117 -150 Bank Loans Not Elsewhere Classified Total loans by commercial banking, Flow of Funds basis 1 Loans elsewhere classified: 2 Mortgages Consumer credit 3 4 Security credit 5 Open-market paper 6 = Banking sector total bank loans n.e.c. 7 U.S. chartered banks 8 Domestic affiliates 9 Foreign banking off. in US 10 Banks in U.S. possessions 47,781 45,924 -2,621 36,107 20.673 22,484 -9,354 83.4 156.9 136.0 158.1 1 26,834 9,073 423 -344 11,795 19,799 21,437 10,619 -9,371 -598 -1,166 -351 1,522 12,944 -11,532 27,895 -569 970 7,811 16,272 7,000 -810 -438 -1,351 12,149 12,277 4,000 -13,392 3,108 -3,362 2,919 586 6,650 -11,805 29.2 22.7 2.4 .8 28.2 44.6 45.2 5.8 -1.4 62.7 49.7 37.5 11.0 -2.5 40.3 70.1 24.8 -5.8 -.9 69.9 2 3 4 5 6 -6,478 506 -5,665 105 4,540 -308 3,641 -62 -2,764 -1,325 2,813 -75 -2,722 -11,132 889 41 8,575 -586 -92 -128 27.1 -.3 -.4 1.8 55.7 .1 5.7 1.3 28.4 -.7 10.5 2.1 46.4 7 1.5 8 21.9 9 .2 10 2,781 2,039 6,762 213 6,808 -1,275 7,322 89 11 + Loans by F.R. banks 12 = Total bank loans n.e.c. 11,795 12,944 -11,532 7,811 -1,351 6,650 -11,805 28.2 62.7 40.3 11 69.9 12 13 Net change in liabilities Nonfinancial sectors 14 15 Households 16 Farm business 17 Nonfarm noncorp. business 18 Corporate business 11,795 11,463 736 778 280 8,623 12,944 -11,532 11,047 -8,791 4,204 -4,802 -703 -1,425 1,583 2,252 6,499 -1,781 7.811 6,258 1,573 2,542 979 876 -1,351 -1,490 2,962 1,313 -1,458 -8,679 6,650 -11,805 4,931 -9,922 -137 -3,158 -295 -915 -1,237 -818 2,995 2,613 28.2 28.6 3.2 2.8 -.5 19.4 62.7 61.3 -.1 1.0 16.8 50.2 40.3 37.8 6.9 -4.4 6.2 32.0 69.9 65.9 9.6 -4.3 11.7 49.9 13 14 15 16 17 18 19 20 21 22 Foreign Official institutions Banks Other 1.046 -555 1,287 314 -1,205 -154 -182 -869 -2,366 -30 -1,576 -760 288 -25 -187 500 4,372 963 113 3,296 3,605 -2,075 -943 6,623 -7,644 515 784 -8,943 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.4 -1.3 -.1 -1.0 K 1.0 -2.1 19 20 21 22 23 24 25 26 Financial sectors Savings and loan assns. Finance companies REITs 332 -14 1,146 -800 1,897 -149 1,898 148 -2,741 -226 -2.594 79 1,553 -344 2,792 -895 139 -437 544 32 1,719 -419 2,236 -98 -1,883 -300 -1,348 -235 -.4 .3 -.4 -.3 1.4 .8 .8 -.2 2.6 K 2.9 -.3 4.0 .3 3.7 .1 23 24 25 26 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. JUNE 12, 1991 Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans Not Elsewhere Classified ANNUAL FLOWS, $ BILLIONS 1989 1990 1987 1988 51 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1989 III IV I 1 1990 II I III IV I 1991 1 I Consumer Credit 1 2 3 33.5 38.0 -4.5 50.2 55.0 -4.7 39.1 38.8 .2 14.3 17.4 -3.1 37.1 30.4 6.7 44.1 46.0 -1.9 30.4 31.9 -1.5 2.8 8.0 -5.2 21.3 27.3 -6.0 2.5 2.5 M -23.6 Net change in liabilities (HH) Installment credit -11.6 Noninstallment credit -11.9 1 2 3 4 5 6 7 8 9 10 11 12 13 33.5 38.0 .1 1.9 20.3 5.9 -1.7 4.0 7.5 - 50.2 55.0 .2 .5 37.6 2.0 .5 7.3 6.7 - 39.1 38.8 -.3 -1.8 23.1 -5.5 -.7 2.5 1.3 20.2 14.3 17.4 .1 -.3 4.7 -10.3 -1.3 -.2 -2.8 27.6 37.1 30.4 -1.1 4.1 18.8 -1.2 .7 .7 -.7 9.0 44.1 46.0 -.9 -8.4 32.5 -10.3 -1.0 -.1 -9.3 43.6 30.4 31.9 .3 3.4 -3.2 2.5 3.4 -.5 -2.2 28.2 2.8 8.0 K 1.7 -6.5 -11.4 -5.6 -.7 -5.6 36.0 21.3 27.3 M 7.3 23.1 -18.1 4.8 -1.3 -1.0 12.4 2.5 2.5 -.1 -13.6 5.4 -14.4 -7.9 1.6 -2.5 34.0 -23.6 Net change in assets Installment credit -11.6 Nonfarm noncorp. business -.3 Nonfin. corporate business 6.8 Commercial banking -9.2 Savings and loan assns. -3.1 Mutual savings banks -4.8 Credit unions -2.6 Finance companies -20.9 SCO issuers 22.5 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 -4.5 .2 .9 -3.8 -3.1 1.3 -4.7 .2 .8 -4.5 -.4 -.8 .2 .2 .9 -.6 1.4 -1.8 -3.1 .1 .4 -3.1 -.6 M 6.7 .1 .6 6.2 3.1 -3.2 -1.9 .3 1.2 -3.0 2.8 -3.3 -1.5 -.6 -2.4 1.4 -2.3 2.5 -5.2 M .1 -4.4 -2.1 1.1 -6.0 .2 .8 -6.2 -1.3 .5 .8 3.2 -3.1 3.4 -4.3 -11.9 -.9 -3.6 -6.7 -1.6 1.0 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 14 15 16 17 18 19 78.0 36.3 68.0 Total loans by commercial banking, Flow of Funds basis 1 Bank Loans Not Elsewhere Classified 1 102.9 147.9 162.5 76.6 187.4 126.4 93.3 99.0 - Loans elsewhere classified: Mortgages 2 Consumer credit 3 Security credit 4 Open-market paper 5 s Banking sector total bank 6 loans n.e.c. U.S. chartered banks 7 Domestic affiliates 8 Foreign banking off. in US 9 10 Banks in U.S. possessions 2 3 4 5 6 86.2 16.5 -5.3 2.3 3.2 77.8 33.1 -.5 -1.9 39.4 94.3 22.5 4.3 -.1 41.5 76.2 1.6 -5.9 3.1 1.6 105.3 25.0 1.5 -.9 56.5 87.2 29.5 1.1 1.1 7.5 89.2 -1.8 -10.2 3.9 12.2 101.1 -10.9 -1.0 3.5 6.2 63.7 16.9 -4.7 -1.3 3.5 51.0 2.3 -7.7 6.3 -15.6 58.6 -15.9 5.4 7.8 12.1 7 8 9 10 -14.6 .5 17.4 -.1 19.2 -.3 20.5 -.1 25.3 1.6 14.0 .6 -7.4 -.2 9.4 -.1 18.6 8.2 28.9 .9 -.6 -5.1 12.9 .4 19.0 2.0 -9.3 .4 -8.4 -1.2 16.1 -.2 -4.4 -5.3 13.5 -.3 -35.9 3.6 17.2 -.4 1.1 .2 11.4 -.5 11 12 3.2 39.4 41.5 1.6 56.5 7.5 12.2 6.2 3.5 -15.6 * Loans by F.R. banks 12.1 = Total bank loans n.e.c. 11 12 13 14 15 16 17 18 3.2 6.4 -2.6 -2.2 10.7 4.1 39.4 38.0 -1.8 .8 8.1 32.8 41.5 39.8 1.6 1.0 4.2 33.1 1.6 .9 -.4 2.1 -.1 -6.6 56.5 54.5 -.3 1.2 1.1 48.8 7.5 3.4 .6 2.6 9.0 -4.6 12.2 14.4 6.9 -.6 6.3 8.4 6.2 6.8 .6 1.5 3.9 2.8 3.5 1.6 7.1 3.4 -5.8 -20.5 -15.6 -19.2 -16.2 4.2 -4.9 -17.1 12.1 Net change in liabilities Nonfinancial sectors 11.1 Households 14.4 Farm business 1.6 Nonfarm noncorp. business -3.3 26.0 Corporate business 13 14 15 16 17 18 19 20 21 22 -3.6 -.9 -2.9 .2 -1.8 -.5 -1.3 -.1 -1.4 .7 .5 5.9 -1.2 -2.6 9.7 3.7 -2.2 4.4 1.5 -4.3 -.6 .2 -3.9 -6.7 -.1 -3.0 -3.5 -2.0 -.1 -4.3 2.5 17.4 3.9 -.1 13.7 14.9 -8.3 -2.9 26.0 -27.7 2.1 6.3 -36.0 Foreign Official institutions Banks Other 19 20 21 22 23 24 25 26 -3.2 -1.1 -1.2 -.9 1.4 .3 -2.1 3.2 1.8 -1.1 4.8 -1.9 .7 -1.4 3.0 -.9 2.0 -.1 5.3 -3.2 4.2 -.6 4.2 .6 -2.2 -.9 -1.6 .3 -.6 -1.4 4.3 -3.6 1.9 -1.7 3.5 .1 3.6 -1.7 5.7 -.4 1.0 -1.2 3.2 -.9 Financial sectors Savings and loan assns. Finance companies REITs 23 24 25 26 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION JUNE 12, 1991 Open-Market Paper and Other Loans Open-Market Paper and Other Loans Open-Market Paper and Other Loans UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II IV III 1 1 1991 I ANNUAL FLOWS,. $ BILLIONS 1983 1984 1985 1986 Open-Market Paper 1 Total net issues, all types Commercial paper 2 Nonfinancial corporations 3 Foreign issues in U.S. 4 5 6 7 8 9 Financial business Commercial banking Finance companies REITs Bankers acceptances (1) 10 Net purchases, by sector Households 11 Nonfin. corporate business 12 Foreign 13 14 15 16 17 18 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks 19 20 21 22 23 Life insurance companies Private pension funds Mutual funds Money market funds Brokers and dealers 16,599 -2,961 19,230 -3,962 3,152 -14-959 6,391 3,893 7,393 7,510 3,214 4,765 9,631 9,975 -6-161 5,524 15,241 18,876 18,922 -3,730 1,792 1,811 2,625 5,770 -469 1,183 -1,616 -36 10,612 -773 11,240 145 3,684 725 3,130 -171 -6,584 -6.274 -372 62 9,687 -7,070 17-427 -670 -117 -3,841 4,445 2,998 11,673 26.9 21.7 -.8 6.5 51.9 48.2 21.7 6.2 52.8 62.2 14.6 6.2 26.4 32.2 -9.3 11.5 1 2 3 4 7,104 -10.226 -6,398 -5.590 13,502 -4-636 16.0 3.5 12.6 -.1 20.3 6.1 14.0 .2 41.4 2.2 39.0 .1 30.1 1.2 28.5 .3 5 6 7 8 -344 -3,635 -19 -2,631 1,001 -8,286 5.3 3.7 -9.4 -5.9 9 7-393 9,631 541 -10,530 2,000 114 284 15,241 7,289 -2,000 -1,300 1,792 15,124 2,700 491 16.599 -2,821 2,000 -724 -2,961 -2,906 -1,000 -552 -3,841 -4,890 -1,500 -257 26.9 13.1 4.7 .8 51.9 4.4 3.4 1.2 52.8 51.1 .5 -.2 26.4 14.3 -4.4 1.1 10 11 12 13 597 -344 -285 839 1,854 1,522 1,024 -491 -224 -351 -954 -1,830 -712 970 -1,000 408 -69 -438 -1,000 -2,372 1,519 2,919 1,250 519 -2,451 586 -380 394 .4 .8 -1.7 3.6 -.1 -1.4 -1.4 .3 -.6 -2.5 -.2 3.0 -.9 1.8 3.8 14 15 16 17 18 -535 -6,340 -545 12,885 -1,534 2,599 -876 -2,223 12,859 3.609 -2,071 5,000 -5,179 245 5,317 -4,507 17,258 -14,314 -714 -2,613 1,533 -297 1,653 19,468 -334 -3,803 782 -3,583 -2,349 4,243 374 -6.582 2,011 9-247 -393 5.3 6.8 1.0 -3.0 -4.8 1.9 3.8 2.4 31.8 5.7 -2.3 7.8 -2.3 1.2 -2.8 4.5 -3.2 5.3 6.2 -2.0 19 20 21 22 23 X (1) Excludes banks’ holdings of own acceptances. Other Loans 1 SSL assn, loans to business Noncorporate business 2 Liab.: Nonfin. corp, business 3 -897 -448 -449 -688 -344 -344 -1,134 -567 -567 -2,354 -1,177 -1,177 -1,967 -983 -984 -2,617 -1,308 -1,309 -2,000 -1.000 -1.000 2.4 1.2 1.2 8.7 4.3 4.3 5.6 2.8 2.8 6.7 3.3 3.3 1 2 3 4 Finance co. loans to business Noncorporate business 5 Liab.: Nonfin. corp, business 6 -3,953 -1,976 -1,977 12,295 6,147 6,148 4,233 2,116 2,117 11,919 5,959 5,960 4,372 2,186 2,186 10,250 5,125 5,125 1,836 918 918 13.1 6.5 6.5 24.4 12.2 12.2 19.7 9.8 9.8 15.9 8.0 8.0 4 5 6 7 U.S. government loans Households 8 Liab.: Farm business 9 Nonfarm noncorp. bus. 10 Nonfin. corp, business 11 St.alocal governments 12 Foreign 13 Spons. credit agencies 14 -2,803 132 -1,327 88 -144 -602 -950 - -239 52 23 -148 53 -31 -188 2,623 694 1,000 327 50 250 302 - -1,118 306 -1,400 -727 50 150 503 - 1,334 622 1,200 -833 100 400 -155 - -6,025 400 -600 -67 -1,000 200 -4,958 -1,427 250 50 100 -1,827 8.5 .8 16.7 .6 1.1 2.0 1.2 7.7 4.0 - 15.9 7.0 .4 .5 -2.6 8.2 1.4 1.1 9.0 4.4 _ 2 .7 1.5 1.4 1.5 -.4 7 8 9 10 11 12 13 14 -9,617 15 Sponsored credit agency loans 1.000 Households (SLMA) 16 Liab.: Farm business (FICB) 700 17 Noncorp. business (BC) -553 18 -10,584 SSL assns. (FHLB) 19 -180 Mutual sav. bks.(FHLB) 20 -6,827 1,803 1,720 -1,037 -9,055 -258 -7-856 1,172 -20 -63 -7-089 -1,856 -5,047 1,210 100 200 -7.935 1,378 -7,325 884 100 100 -7,860 -549 187 874 100 -1,297 510 -9,635 160 100 200 -9,836 -259 -6.1 1.5 -1.3 .9 -6.6 -.4 16.0 1.9 -1.2 -.4 14.5 1.2 11.8 2.5 -3.9 -1.0 12.7 1.5 19.2 2.4 -2.3 -.7 15.6 4.2 15 16 17 18 19 20 775 125 650 955 125 830 3,794 125 3,669 2,161 125 2,036 -2,378 125 -2,503 1,046 125 921 1,063 125 938 1.1 X .4 X -.1 1.1 .4 -.1 -.1 21 .2 22 -.3 23 Cust. liab. on acceptances outstanding (bank asset) 24 Nonfin. corp, business 25 Liab: Foreign 26 684 1,037 -353 693 620 73 -5,562 -2,907 -2,655 -2,528 -2,047 -481 -1,888 -1,130 -758 452 -103 555 -7,652 -5,187 -2,465 6.9 7.0 -.1 3.8 2.8 1.0 -9.5 -2.1 -7.4 -5.6 24 - .2 25 -5.4 26 Foreign loans to US nonbanks 27 Liab.: Nonfin. corp, business 3,310 2,248 4,446 3,245 6,908 -1,182 -881 2.7 13.0 1.5 11.1 27 21 Policy loans (HH liability) U.S. government 22 Asset: Life insurance cos. 23 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. X 2.7 -.5 1.1 4.3 X JUNE 12. 1991 Open-Market Paper and Other Loans Open-Market Paper and Other Loans Open-Market Paper and Other Loans SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 SEASONALLY ADJUSTED ANNUAL RATES I t 1989 III IV I 1 1990 I II III IV I 1991 11 I Open-Market Paper 1 2 3 A 32.3 26.8 2.3 2.1 75.A 78.2 11.9 8.7 60.6 6A.8 20.A 13.3 30.7 36.0 9.7 12.3 A8.5 50.9 16.9 20.7 51.6 55.2 -6.9 22.2 62.6 66.2 69.6 -16.A -27.7 -20.2 -6.2 23.1 86.5 99.2 17.3 27.3 1.2 -1.3 -A1.7 15.3 -13.8 Total net Issues, all types Commercial paper 8.A Nonfinancial corporations 5.1 Foreign issues in U.S. A5.5 5 6 7 8 22.A 1.5 20.5 .A 57.6 -.2 57.9 -.1 31.1 A.A 26.7 M 13.9 -19.0 33.7 -.8 13.3 10.3 3.1 -.1 39.9 -1.0 AO.3 .6 13.0 -3.1 16.8 -.7 -37.1 -26.7 -10.7 .2 5A.5 -23.0 80.2 -2.7 25.1 -23.3 A8.A - —A2.2 -28*6 -13.6 - 9 5.6 -2.7 -A.2 -5.3 -2.A -3.6 -3.5 -7.5 -12.6 2.5 10 11 12 13 32.3 10.1 5.7 .3 75.A A6.0 -9.6 -.7 60.6 l.A A.O .8 30.7 16.7 1.7 -2.1 A8.5 2A.8 -3.A .5 51.6 -58.8 -5.8 1.1 62.6 52.0 9.0 -5.2 -27.7 31.A 11.2 2.0 86.5 10.5 -2.8 -2.9 1.2 -27.2 -10.6 -2.2 IA 15 16 17 18 M 2.3 -1.0 1.3 .A -1.9 .8 .8 2.9 -.1 -1.1 .8 .5 3.1 -1.7 -3.3 2.3 -.9 .9 -1.1 7.2 1.1 -1.1 5.6 -.7 3.9 -A.O -12.5 -2.6 3.5 K 3.5 -.A -1.3 -1.9 -1A.A 5.8 6.3 -1.0 10.3 -9.6 7.8 -1.0 -A.O 19 20 21 22 23 2.7 3.3 3.2 6.0 -1.5 5.1 7.3 8.9 17.8 .6 2.0 -8.7 -1.9 57.5 3.0 .7 -A.A -1.1 20.1 .6 -8.9 -19.8 -1.5 56.6 -.9 18.6 -1.0 6.1 6A.0 1A.7 -13.1 -28.0 13.8 A9.7 -2.3 2A.0 .5 -27.8 -55.7 -17.6 -.9 6.0 6.8 83.1 A.8 -7.3 3.7 2.7 3.1 17.5 -3.1 -33.6 .A 15.8 -2.1 -22.3 Financial business Commercial banking Finance companies REITs Bankers acceptances (1) -13.8 Net purchases, by sector Households 5.5 Nonfin. corporate business 11.1 Foreign -1.0 1 2 3 A 5 6 7 8 9 10 11 12 13 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks IA 15 16 17 18 Life insurance companies Private pension funds Mutual funds Money market funds Brokers and dealers 19 20 21 22 23 (1) Excludes banks’ holdings of own acceptances. Other Loans 1 2 3 -.2 -.1 -.1 2.6 1.3 1.3 -2.2 -1.1 -1.1 -8.1 -A.O -A.O -2.8 -l.A -l.A -A. 6 -2.3 -2.3 -2.9 -1.5 -1.5 -10.1 -5.0 -5.1 -7.2 -3.6 -3.6 -12.0 -6.0 -6.0 -6.6 SSL assn, loans to business -3.3 Liab.: Noncorporate business Nonfin. corp, business -3.3 1 2 3 A 5 6 3A.1 17.0 17.0 29.0 1A.5 1A.5 2A.3 12.2 12.2 30.8 15.A 15.A 19.5 9.8 9.8 17.1 8.6 8.6 9.2 A.6 A.6 52.6 26.3 26.3 52.3 26.1 26.1 9.0 A.5 A.5 .2 Finance co. loans to business .1 Liab.: Noncorporate business Nonfin. corp, business .1 A 5 6 7 8 9 10 11 12 13 IA -3.0 3.3 -.A -.6 .1 -2.A -2.3 -.8 -8.9 3.9 -3.9 .6 -1.0 -3.3 -5.1 - -2.2 .5 .3 -.1 -.A -3.2 2.0 .2 -1.3 -.8 1.0 -A. 3 -9.9 .5 -A.7 .A -1.2 -2.A -2.A 5.2 .2 1.6 -.6 1.0 -.1 3.1 - 7.9 2.8 3.8 1.3 .3 1.0 -1.2 -9.8 1.2 -7.6 -2.9 .3 .6 -1.5 7.A 2.5 5.7 -3.3 -.2 1.6 1.2 -18.2 1.6 -1.1 -.3 -3.5 .8 -15.7 - -8.3 U.S. government loans 1.0 Liab.: Households Farm business -.3 Nonfarm noncorp. bus. .2 Nonfin. corp, business .3 St.Slocal governments .A Foreign -10.0 Spons. credit agencies - 7 8 9 10 11 12 13 IA 15 16 17 18 19 20 27.3 3.7 -1.6 .8 16.3 8.1 21.9 2.8 -2.3 1.6 17.8 1.9 -5.7 3.A 1.9 -36.0 -9.6 -l.A -20.0 A.l .3 .2 -2A.2 -.5 A.O 2.7 -1.7 -38.6 -2.3 -37.5 7.2 7.8 -3.7 -A9.5 .7 -16.0 A.7 2.5 -1.3 -13.6 -8.3 -28. A A.8 -2.8 .5 -37.3 6.5 -25.3 3.5 .6 1.1 -26.3 -A.2 -10.5 3.5 .8 .7 -19.5 A.O -2A.A Sponsored credit agency loans Households (SLMA) .6 Liab.: Farm business (FICB) 3.1 -.2 Noncorp. business (BC) S&L assns. (FHLB) -25.7 Mutual sav. bks.(FHLB) -2.2 15 16 17 18 19 20 21 22 23 « .A -.A 1.1 .5 .6 3.7 .5 3.2 A.6 .5 A.l 3.1 .5 2.6 3.8 .5 3.3 15.2 .5 1A.7 8.6 .5 8.1 -9.5 .5 -10.0 A.2 .5 3.7 A.3 Policy loans (HH liability) U.S. government .5 Asset: Life insurance cos. 3.8 21 22 23 2A 25 26 5.A A.A 1.0 -2.3 w -2.A -2.1 3.2 -5.3 -9.5 -6.2 -3.3 .5 .2 .3 1.5 A.6 -3.0 -11.A -5.3 -6.1 -17.A -13.0 -A.5 -10.1 -8.1 -2.0 .8 1.6 -.8 Cust. liab. on acceptances outstanding (bank asset) -19.6 Nonfin. corp, business -1A.5 Liab: Foreign -5.1 2A 25 26 27 1.9 11.0 13.0 13.A 13.2 9.0 17.8 13.0 27.6 -A. 7 -2.2 - - X BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. Foreign loans to US nonbanks -3.5 Liab.: Nonfin. corp, business 27 JUNE 12, 1991 Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes Security Credit:, Trade Credit, and Taxes Payable 54 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS 1 1 III 1989 IV 1 1 1990 I II Ill IV 1 1 1991 I ANNUAL FLOWS,, $ BILLIONS 1983 1984 1985 1986 Security Credit 1 Net change in liabilities 2 Households 3 Foreign 4 5 6 7 Brokers and dealers From domestic banks From fgn. bkg. off. in US Customer credit balances 8 Net change in assets 9 Households 10 Commercial banking 11 12 Brokers and dealers Foreign -3,551 117 6,163 -1,264 - -3,861 -47 -2,643 -1,413 - 171 -2,732 - 5,930 2,787 2,874 904 - 13.6 9.4 - 4.5 -2.4 - 43.3 19.4 - 9.9 8.2 1 2 3 -3,668 -541 500 -3,627 7,427 -952 -136 8,515 -3,814 -1,124 -558 -2,132 -1,230 -1,564 453 -119 2,903 -1,443 65 4,281 3,143 -3,585 -477 7,205 1,970 244 2,151 -425 4.1 .9 .5 2.7 6.9 4.7 1.1 1.0 23.9 6.2 4.2 13.5 1.7 -7.4 .1 9.0 4 5 6 7 -3,551 -3,627 423 6,163 8,515 -598 -3,861 -2,132 -1,166 -2,643 -119 -569 171 4,281 -810 5,930 7,205 -3,362 2,874 -425 3,108 13.6 2.7 2.4 4.5 1.0 5.8 43.3 13.5 11.0 9.9 8 9.0 9 -5.8 10 -347 - -1,754 - -563 - -1,955 - -3,300 - 2,087 - 191 - 8.4 - -2.3 - 18.9 - 6.7 11 12 - Trade Credit 1 Net change in liabilities 2 Households 3 Farm business Nonfarm noncorp. business 4 5 6 7 8 9 Nonfin. corporate business State and local governments Foreign U.S. government Brokers and dealers 10 Net change in assets Nonfarm noncorp. business 11 Nonfin. corporate business 12 13 Foreign U.S. government 14 Other insurance companies 15 16 Discrepancy 14,420 1,164 356 416 25,785 -10,655 1,532 1,497 381 406 360 304 13,542 1,783 431 248 23,469 1,859 456 250 24,809 700 250 250 -2,518 1,009 304 231 44.0 3.4 -.7 .5 46.7 5.3 -1.1 5.7 48.1 2.5 -.3 5.4 32.3 3.0 .2 4.2 1 2 3 4 10,463 689 778 1,290 -736 18,380 -10,593 714 742 -566 -765 1,352 -752 3,632 -1,494 4,797 767 1,772 1,981 1,763 18,380 794 1,978 -508 260 20,103 750 2,637 -858 977 -8,312 785 1,928 1,826 -289 37.0 .8 -.9 3.0 1.0 33.7 1.0 -1.6 3.3 .5 34.0 1.1 -.1 4.7 .8 13.7 1.6 -1.2 9.8 1.1 5 6 7 8 9 13,493 1,200 12,777 -1,457 500 473 26 1,200 -2,948 991 783 23,965 -13,385 1,200 1,200 19,417 -17,271 3,098 1,811 -750 875 1,000 15,411 1,200 12,658 1,987 -1,499 1,065 63.5 6.8 52.2 -1.3 3.8 2.0 63.9 6.5 48.1 1.5 5.1 2.8 52.2 4.1 41.7 .5 3.7 2.2 39.1 6.4 29.5 .8 -2.3 4.9 10 11 12 13 14 15 38,194 -17,929 -19.5 -17.2 -4.1 -6.8 16 927 18,599 1,200 14,804 805 1,500 290 12,823 1,200 9,430 198 750 1,245 25,759 -29,254 719 -496 Taxes 1Payable 1 Net change in profit taxes pay Nonfin. corporate business 2 3 Commercial banks Savings 8 loan associations 4 Life insurance companies 5 Other insurance companies 6 Finance companies 7 8 Brokers and dealers -600 -974 87 43 25 26 33 160 1,400 1,369 -54 95 25 27 35 -97 1,400 1,188 78 25 33 37 39 400 261 -108 96 25 36 39 51 2,765 2,683 -106 92 25 38 41 -8 -371 -379 1 17 -26 -2 42 -24 5,236 5,219 -50 22 -19 9 44 11 6.3 6.7 -.1 * -.1 X X -.2 4.1 4.4 X X -.2 X X -.1 X -.4 .1 .1 X -.1 X .3 5.3 5.3 X X X X X .2 1 2 3 4 5 6 7 8 9 Net change in other taxes pay. (Nonfarm noncorp. business) 400 400 400 400 400 400 400 1.8 1.1 3.4 1.7 9 10 Net change in profit taxes rec State and local governments 11 12 U.S. government -891 238 -1,129 -2,155 929 -3,084 1,655 -10,326 -737 115 2,392 -10,441 3,052 -210 3,262 -6,161 20 -6,181 -2,924 -152 -2,772 4.0 -1.3 5.3 2.4 1.8 .6 -4.8 -.7 -4.1 1.1 10 1.3 11 -.2 12 13 Net change in other taxes rec. (State and local governments) 400 400 400 400 400 400 400 1.8 1.1 3.4 1.7 13 14 Discrepancy 291 3,555 -255 10,726 -287 5,790 8,160 2.4 1.7 4.9 4.2 14 -86.5 -1.3 -86.9 1.6 -89.2 1.9 -93.1 2.0 Proprietors' Equity in Noncorporate Business 1 Total household investment Farm business 2 Nonfarm noncorp. business 3 Brokers and dealers 4 -11,718 -27,312 -31,375 -3,190 -3,976 -2,221 -10,618 -22,245 -27,205 2,090 -1,091 -1,949 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -8,812 -13,131 -13,002 -18,338 -4,797 -5-504 -2,425 -1,668 -5,039 -5,820 -9,498 -17,018 348 1,024 -1,807 -1,079 -79.6 -20.7 -59.8 .9 -47.0 5.1 -55.0 2.9 1 2 3 4 JUNE 12. 1991 Security Credit. Trade Credit* and Taxes Security Credit. Trade Credit, and Taxes Security Credit. Trade Credit* and Taxes Payable 55 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1988 1987 1989 1990 I I 1989 III IV I 1 1990 I II III IV I 1991 1 I Security Credit 1 2 3 -27.A -15.3 - 3.0 3.1 - 15.6 .8 -.A -l.A -8.2 -5.2 15.8 -5.A - 2.1 18.A -27.A -19.3 - 5.A -17.A - 18.3 12.6 28. A Net change in liabilities Households 22.8 Foreisn - A 5 6 7 -12.1 -A.2 -2.1 -5.8 -.1 -1.8 -.1 1.8 1A.8 2.A .1 12.3 1.0 -7.7 -.5 9.2 -3.0 -1.3 .9 -2.7 21.2 1.7 -2.6 22.1 -16.3 -10.5 -1.8 -A.l -8.2 -7.1 3.9 -5.0 22.8 -6.0 -1.0 29.8 5.7 -7.3 -3.2 16.3 5.5 -6.0 8.5 3.0 8 9 10 -27.A -5.8 -5.3 3.0 1.8 -.5 15.6 12.3 A.3 -.A 9.2 -5.9 -8.2 -2.7 1.5 15.8 22.1 1.1 2.1 -A.l -10.2 -27.A -5.0 -1.0 5.A 29.8 -A. 7 18.3 16.3 -7.7 28. A Net change in assets 3.0 Households 5.A Commercial banking 11 12 -16.3 1.7 -1.0 — -3.7 -7.0 -7.A 16.3 -21.A -19.6 9.8 1 2 3 A 3A.2 3.2 .6 3.6 66.9 A.l 1.0 2.7 52.2 5.0 l.A 1.8 51.2 5.8 1.5 1.1 Al.l A.7 l.A 1.7 62.6 6.1 1.5 l.A 10.7 6.0 1.6 1.2 58.1 7.1 1.7 1.0 77.1 7.A 1.8 1.0 5 6 7 8 9 19.9 2.0 2.9 2.3 -.1 A3.1 2.2 7.A 2.0 A.3 27.8 2.7 3.A 3.9 6.3 32.7 3.1 5.6 -.1 1.5 28.7 2.8 .5 A.3 -2.9 21.A 2.9 .2 1A.5 1A.5 15.5 3.0 -7.2 -3.A -6.0 27.A 3.1 11.5 -.8 7.1 10 11 12 13 IA 15 78.A A.8 61.5 .2 8.3 3.6 76.2 A.8 61.5 2.9 .2 6.8 38.7 A.8 26.8 1.3 3.0 2.8 A2.0 A.8 26.A 5.9 1.5 3.A 19.1 A.8 16.2 -5.8 2.0 1.9 65.2 A.8 53.3 A.O 3.1 A7.2 A.8 32.0 3.2 6.0 1.2 16 -AA.2 -9.3 13.6 9.2 22.0 -2.6 Brokers and dealers From domestic banks From f9n. bk9. off. in US Customer credit balances 1 2 3 A 5 6 7 8 9 10 Brokers and dealers Foreign 11 12 58.8 2.8 1.0 1.0 AA.O Net change in liabilities Households A.O Farm business 1.2 Nonfarm noncorp. business .9 1 2 3 A 60.9 3.2 A.7 -2.9 1.0 27.0 3.0 13.5 6.5 3.9 26.0 3.1 2.8 7.0 -1.2 A5.8 A.8 32.3 .8 3.0 5.0 58.0 A.8 39.8 12.A -3.0 A.O 17.0 A.8 1.5 7.2 3.5 32.6 Net change in assets Nonfarm noncorp. business A.8 Nonfin. corporate business 21.6 Foreign 7.9 U.S. government -6.0 Other insurance companies A.3 10 11 12 13 IA 15 -36.5 12.2 19.1 A1.8 11.A Discrepancy 16 17.9 17.3 -.A .A .1 .1 .2 .2 6.7 6.A -.A •A .1 .2 .2 M 1.9 1.9 K -.1 .2 -.1 A.5 Net change in profit taxes pay Nonfin. corporate business A.A Commercial banks -.2 Savings & loan associations .1 Life insurance companies -.1 K Other insurance companies Finance companies .2 M Brokers and dealers 1 2 3 A 5 6 7 8 1.6 Net change in other taxes pay. (Nonfarm noncorp. business) 9 20.0 Trade Credit Nonfin. corporate business State and local governments Foreign U.S. government Brokers and dealers 5 6 7 8 9 Taxes Payable 1 2 3 A 5 6 7 8 5.6 5.9 .1 K .2 « .1 -.6 1.6 .9 .2 .1 .1 .1 .1 .1 .6 -.2 .2 .2 .1 .1 .1 .1 A.2 3.8 -.2 .3 K .1 .2 .1 -7.2 -8.8 .3 .2 .1 .1 .1 .6 8.5 8.A _. 2 *3 .1 .1 .1 -.A -9.7 -10.5 .3 .1 .1 .1 .2 9 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 10 11 12 -l.A .A -1.8 -A. 3 .8 -5.1 -9.6 .8 -10.A -11.8 -.8 -11.0 -12.1 .8 -12.9 -8.1 3.5 -11.6 -5.3 -2.7 -2.6 -21.A .6 -22.0 3.3 -1.0 A.3 -23.7 13 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 IA 7.0 5.9 10.2 16.0 A.9 16.6 -A.A 39.2 3.5 25.6 -8A.9 —22.1 -55*5 -7.2 -A2.6 -17.3 -21.0 -A. 3 -23*5 -2A.A Net change in profit taxes rec 10 State and local governments 11 -.3 U.S. government 12 -2A.1 1.6 Net change in other taxes rec. 13 (State and local governments) 28.9 Discrepancy IA Proprietors’ Equity in Noncorporate Business 1 2 3 A -91.1 -1.8 -86.0 -3.2 -76.5 -8.2 -73.A 5.1 -85.5 -13.A -76.0 A.O -66.3 -1A.9 -A7.6 -3.8 -77.6 -12.0 -73.9 8.A -99.8 -2A.6 -70.9 -A.A -102.9 -17.2 -77.9 -7.8 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -3A.9 -3.2 -35.8 A.l -A8.3 Total household Investment Farm business -15.6 Nonfarm noncorp. business -3A.1 Brokers and dealers l.A 1 2 3 A JUNE 12, 1991 Miscellaneous I Miscellaneous I Miscellaneous Financial Claims 56 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS. $ MILLIONS III 1989 IV 110,866 128 2,000 11,672 20,557 114 2,000 20,437 Foreign U.S. government 20,604 -6,125 5,331 -1,287 7 8 9 10 Total finance Sponsored credit agencies Monetary authority Commercial banking 82,587 -6,038 1.517 4,843 722 3-465 59,647 --18,703 11 12 13 14 15 16 17 18 Savings 8 loan assns. Mutual savings banks Credit unions Life insurance companies Other insurance companies Finance companies REITs Brokers and dealers 1 Net change in liabilities Households 2 Nonfarm noncorp, business 3 Nonfin. corporate business 4 5 6 1 1 1990 I II 88,018 -37,425 169 157 2,000 2,000 16,883 9,277 129.0 .6 12.7 11.5 170.6 -1.0 19.2 25.6 165.7 .1 7.5 20.5 172.3 -1.3 3.1 36.1 1 2 3 4 13-712 -3,517 4,846 -2,491 -14,887 -21,165 7,623 18,689 3.2 2.0 9.4 4.9 .8 .6 9.8 3.2 5 6 16,606 9,733 718 14,268 33,679 1-327 -2,614 13,700 99.1 * 32.5 112.5 10.2 .7 36.5 136.3 8.9 .2 36.8 741 -105 738 -1-277 800 300 851 -1-370 8,105 7-810 730 -13-057 432 -16 -943 -398 303 -249 900 71 7,701 1,043 42 11,455 15.8 3.6 .7 9.2 12.0 10.9 -.1 14.6 13.4 1.5 1.8 14.8 15.4 15.7 .1 2.2 15.8 2.9 1.3 14.4 38.6 8.0 .1 9.2 8.6 2.1 1.7 5.4 41.9 15.2 -.3 7.0 11 12 13 14 15 16 17 18 13.650 3,325 845 1,591 1,433 22-469 3,160 850 1,775 11,525 43,363 2,862 830 1,715 7,285 106.3 15.3 1.1 -3.7 30.2 142.5 2.0 .1 13.5 28.1 145.4 30.4 2.5 6.4 7.6 176.0 16.4 3.0 10.8 56.7 19 20 21 22 23 10,761 291 4,508 484 1,551 160 2,125 277 10.7 .7 19.1 1.5 21.9 1.4 29.0 24 .5 25 36,851 -66,336 -1-759 -378 -1-292 471 12,875 -68,220 1 ,464 -1-946 1,586 24,885 3,448 409 -1.964 11,282 28,269 -1,488 -3,304 21,573 52.0 .7 .5 15.2 78.2 2.1 3.0 25.7 75.2 -3.5 1.0 41.6 59.7 1.4 1.6 35.3 26 27 28 29 5,907 1,217 -369 442 1,902 -200 1,950 1,155 -7,364 -11,230 268 658 1,489 -2,856 11,555 685 11.3 1.4 .4 6.1 13.6 -.4 3.1 30.0 .4 .8 4.8 6.4 1.2 1.5 2.3 15.8 1.5 1.7 7.0 3.1 -1.6 .6 8.2 7.7 .7 2.9 8.0 -6.3 .4 2.9 5.1 30 31 32 33 34 35 36 37 2,567 3,188 63-211 -51,214 -2,992 1,016 -3,771 546 27,620 -62,765 26-556 777 300 1,419 8,055 366 121 4,760 100,204 3,696 739 1,764 -5,263 51-453 2,438 1,018 1,773 30-579 48,662 -27,791 2,581 3,425 801 823 1,668 1,612 -966 21,633 23,283 220 Foreign U.S. government 28,737 344 26 27 28 29 Total finance Sponsored credit agencies Monetary authority Commercial banking 70,187 -7,858 -195 3,532 2,388 2,697 58,321 ■-16,004 ANNUAL FLOWS, $ BILLIONS 1983 1984 1986 1985 63,528 199 2,000 1,338 -2,882 -1,600 -300 649 7,601 -3,305 -215 7,735 24 25 IV -1,346 200 2,000 4,530 8,581 102 800 1,009 8,186 12,497 218 -14,018 19 Net change in assets Households 20 21 Farm business Nonfarm noncorp, business 22 Nonfin. corporate business 23 III 1 1991 1 I 7-329 398 -2,020 -2.899 400 1,015 8,545 5,416 -9 -459 48,429 167 2,000 8-380 39,057 -2,829 -1-750 32,182 121.4 7 8.3 8 9 -.1 31.5 10 1,085 -284 338 1,659 2,717 -19 -564 712 21,627 471 799 1,044 4,241 527 1,466 -3,148 -5,889 -2,379 -810 781 626 2,125 824 1,599 4,810 -16,607 150 -813 4,489 -9,517 2,286 -2,945 10,662 •-30,896 39,356 -9,634 34,779 -23,815 20,165 22.7 28.1 20.2 -3.7 38 Foreign direct investment by U.,S. corps 1,574 7,737 Foreign (1) 39 Liab.: 1,092 2,852 Equity 8 intercompany accts. 40 6,645 -1,278 41 Retained earnings 9,025 2,413 6-612 2,880 -2,950 5,830 18-374 12,041 6,333 -2,666 -5,034 2,368 11,282 2,869 8,413 9.8 -3.6 13.5 13.4 -3.9 17.3 9.7 -4.0 13.7 12.4 39 3.3 40 9.0 41 Direct investment in U.S. by fgn. corps. 11,672 20,437 Nonfin. corp, bus.(l) 42 Liab.: 11,171 22,144 Equity 8 intercompany accts. 43 501 -1,707 44 Retained earnings 16,883 19,350 -2,467 9-277 10,258 -981 8-380 9,820 -1,440 4,530 11,794 -7,264 1-338 5,060 -3,722 11.5 11.9 -.3 25.6 22.5 3.1 20.5 20.4 .1 36.1 42 35.4 43 .7 44 30 31 32 33 34 35 36 37 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds REITs Money market funds Brokers and dealers 38 Unallocated, net 3,258 -528 62 1,681 -2,761 -345 1,810 2,769 (A) Foreign claims U.S. govt, equity in IBRD, etc. 45 Liab.: Foreign Nonofficial foreign currency U.S. government 46 Asset: Liab.: Foreign 314 341 324 304 461 212 293 .7 1.1 1.5 1.5 45 30 -121 74 -13 23 -52 -16 .1 .4 -.1 -1.0 46 - - - - - (B) Claims on federally related agencies Postal Savings deposits Households 47 Asset: Liab.: U.S. government - - - - - 47 Deposits at Federal Home Loan Banks 1,878 Sponsored credit ags. 48 Liab.: SSL associations Asset: 2,564 -1,519 -443 2,730 4-002 475 -2.9 7.0 4.5 3.6 48 53 44 70 31 55 24 78 .1 .2 .2 .1 49 -46 - -169 - -1,238 - -513 - -472 - -283 - 174 - .2 - .9 .9 - .6 50 - 51 -68 -5 27 189 80 5 -443 -50 -25 9 -1 ,172 -50 -25 3 -441 -50 -25 9 -406 -25 4 -262 -50 -25 498 -249 .1 * X .1 .1 X X .8 -.3 X .1 1.1 49 Federal Reserve Bank stock Commercial banks Asset: 50 Equity in sponsored credit a9. U.S. government 51 Private: Farm business (FICB 8 FLB) 52 Nonfarm noncorporate (BC) 53 Nonfin. corp. bus. (FNMA) 54 S8L associations (FHLB) 55 (1) Excludes capital gains/losses. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -.6 -.1 .1 1.2 52 53 54 55 JUNE 12. 1991 Miscellaneous I Miscellaneous I Miscellaneous Financial Claims 57 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLONS. $ BILLIONS 1988 1987 1989 1990 I 1 1989 III IV I 1 1990 I II III IV 1 2 3 A 182.A 1.2 8.0 A7.3 18A.8 .A 8.0 57.6 278.0 •A 8.0 69.7 97.7 .7 8.0 39.1 A53.3 .5 8.0 52.7 87.5 .5 8.0 6A.A 3AA.8 .7 8.0 72.8 -170.2 .6 8.0 AA.7 211.0 .7 8.0 AO.O 5.2 .8 8.0 -1.2 5 6 21.9 -9.A 17.7 9.6 39.6 1.8 17.6 -35.A A2.9 -30.0 -A2.8 16.1 113.7 11.A 31.5 -2A.3 16.5 -65.1 7 8 9 10 113.A -2.1 1.1 AA.5 91.5 1.1 .1 A9.3 158.5 6.5 A.3 10A.A 67.7 A.9 -A. 3 11.3 379.2 11.A -5.7 2A1.5 Al.A 7.0 2.3 -19.2 138.2 -13.5 -11.8 62.2 -230.8 13.7 2A.1 -273.1 11 12 13 IA 15 16 17 18 8.0 .6 2.A 1.0 37.7 15.7 1.0 3.5 11.A l.A 2.0 A.l 31.A -11.6 -.2 2.6 A.8 -2.2 1.0 3.7 32.0 12.8 -.1 -8.8 25.2 -2.7 1.8 1.9 32.5 -6.5 .5 3.0 30.1 -1.5 -.7 A.O 32.7 AO.O .9 26.3 2.2 -9.A .A 2.6 30.A -8.7 -.9 3A.6 89.8 7.8 1.5 5.7 32.2 3.9 .5 -A0.1 19 20 21 22 23 177.0 21.8 2.2 10.0 26.2 176.8 17.0 2.9 8.5 61.A 325.1 11.6 2.5 7.1 6A.7 57.0 12.5 3.3 6.6 33.6 517.9 1A.8 3.0 7.1 33.1 76.7 9.8 A.l 7.1 51.A 2A 25 A8.6 1.3 59.2 2.1 110.3 1.0 2A.1 1.3 78.1 l.A 26 27 28 29 66.8 A.3 2.1 A9.0 25.7 2.3 .A 23.8 127.8 3.5 8.2 100.5 -2A.6 -3.7 -1.2 -19.2 30 31 32 33 3A 35 36 37 1A.0 .2 -1.0 7.9 -10.A 1.0 l.A -1.8 -2.6 2.5 1.1 8.5 -15.5 2.2 .5 2.A 5.3 .5 .2 7.3 -9.8 .1 5.2 6.9 38 5.A 8.0 -A7.1 I 1991 11 I 2A3.3 Net change in liabilities .8 Households 8.0 Nonfarm noncorp. business 11.0 Nonfin. corporate business 1 2 3 A -91.3 -63.5 1A6.8 75.9 5 6 210.9 -19.5 -19.3 132.3 152.3 39.0 -10.0 123.9 .8 3.3 -6.0 .5 Total finance Sponsored credit agencies Monetary authority Commercial banking 7 8 9 10 -.1 -11.0 3.6 A.l 3A.2 25.3 K -51.A -3.1 1.0 -1.1 3.A 32.A -8.0 1.7 91.0 1A.1 -8. A 3.2 -5.5 31.2 -A7.A -. 1 12.3 -1A.0 A.6 3.8 .3 30.8 5.5 .2 -28.1 Savings 8 loan assns. Mutual savings banks Credit unions Life insurance companies Other insurance companies Finance companies REITs Brokers and dealers 11 12 13 IA 15 16 17 18 215.3 10.3 3.2 6.7 A9.A -135.3 13.7 3.3 6.A A6.1 181.8 13.3 3.A 6.A 60.9 -33.9 12.6 3.A 7.1 -21.9 183.3 Net change in assets Households 11.A 3.3 Farm business 6.9 Nonfarm noncorp. business 82.A Nonfin. corporate business A5.A .9 97.A 1.6 66.1 1.2 -19.2 1.9 -A7.7 .6 82.9 1.1 380.5 12.7 .5 25A.7 -A1.9 -3.2 13.5 -81.2 A6.8 -25.8 1.1 33.2 -272.1 2A.1 2.A -265.A 115.1 -10.5 -3.9 122.0 11.9 -2.5 -A.5 33.5 -A.8 -27.0 -5.8 61.7 1A.6 .1 3.A 5.A -1A.9 .5 -6.A -3.1 10.1 -3.8 2.7 6.7 -2.6 -l.A 3.6 97.2 13.3 -7.0 A.6 6.6 19.1 -.1 A.8 -12.A 72.2 11.2 -A.2 A.2 13.6 2.1 6.1 -66.9 -15.2 -A.8 9.7 3.3 3.0 -3.3 18.5 -AA.A -11.0 1.5 5.7 6.A -52.9 .6 -A5.7 102.9 12.A -7.6 2.2 7^8 -23.A 2.6 -A.5 -A.l 8.1 12.0 -.3 A.6 -A8.5 1.1 5.A -16.0 AO.7 -6A.5 10.8 129.5 -35.0 29.2 39.1 Foreign U.S. government 19 20 21 22 23 Foreign U.S. government 2A 25 Total finance Sponsored credit agencies Monetary authority Commercial banking 26 27 28 29 Savings and loan assns. Mutual savings ba..ks Credit unions Life insurance companies Private pension funds REITs Money market funds Brokers and dealers 60.1 Unallocated, net 30 31 32 33 3A 35 36 37 38 (A) Foreign claims 39 AO Al 26.0 8.3 17.7 13.3 .9 12.A 23.7 3.2 20.5 27.6 6.5 21.1 28.7 A.2 2A.5 7.5 8.7 -1.2 3A.9 9.9 25.0 1A.1 -9.5 23.5 71.0 A7.9 23.1 Foreign direct investment by U.S. corps. -9.6 39 A3.9 Liab.: Foreign (1) -22.5 11.5 Equity 8 intercompany accts. AO 12.9 Al 32.5 Retained earnings A2 A3 AA A7.3 A5.A 1.9 57.6 51.9 5.7 69.7 72.3 -2.7 39.1 51.2 -12.2 52.7 51.7 1.0 6A.A 66.8 -2.A 72.8 8A.A -11.6 AA.7 50.0 -5.3 AO.O A6.8 -6.8 Direct investment in U.S. by fgn. corps. -1.2 11.0 Liab.: Nonfin. co"p. bus.(l) A2 23.7 27.3 Equity 8 intercompany accts. A3 -2A.9 AA -16.3 Retained earnings A5 1.2 2.A 1.2 1.3 1.3 l.A 1.3 1.2 1.8 A6 .1 -.3 -.2 K .1 -.5 .3 -.1 .1 .8 -.2 U.S. govt, equity in IBRD. etc. 1.2 Liab.: Foreign Nonofficial foreign currency U.S. government -.1 Asset: Liab.: Foreign A5 A6 (B) Claims on federally related agencies A7 - - - Postal Savings deposits Asset: Households Liab.: U.S. government - A8 -6.6 -1.3 6.9 A.8 8.7 2.5 -6.8 5.7 12.A 7.8 A9 .2 .1 .1 .2 .2 .2 .3 .1 .2 .1 50 51 1.7 2.0 -.A -2.5 K -.9 -5.3 - -1.5 - -1.8 - -l.A - 52 53 5A 55 -.5 M .A 1.8 .1 K 1.9 -.7 .1 K .2 -.2 -.1 K -2.3 -.3 K .3 .8 .3 -.2 -.1 M -5.1 -.2 -.1 K -1.2 -.2 -.1 M -1.5 -.1 K -1.3 -2.0 Deposits at Federal Home Loan Banks .8 Liab.: Sponsored credit ags. Asset: S8L associations .3 Federal Reserve Bank stock Asset: Commercial banks .A Equity in sponsored credit ag. U.S. government Private: -.2 Farm business (FICB 8 FLB) -.1 Nonfarm noncorporate (BC) Nonfin. corp. bus. (FNMA) 2.0 S8L associations (FHLB) -1.3 (1) Excludes capital gains/losses. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION A7 A8 A9 50 51 52 53 5A 55 JUNE 12, 1991 Miscellaneous II Miscellaneous II Miscellaneous Financial Claims, Continued 58 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLONS. $ MILLIONS I I III 1989 IV I I I II 1990 III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 (C) Life insurance claims Deferred and unpaid premiums 1 Liab.: Households Asset: Life insurance 128 114 169 157 167 200 199 .6 -1.0 .1 -1.3 1 Life company reserves 2 Liab.: Life insurance cos. 3 Accident and health 4 Policy dividend accum. Asset: Households 651 292 359 436 234 202 659 350 309 491 284 207 344 261 83 500 400 100 309 341 -32 3.2 1.8 1.4 2.7 1.6 1.1 3.5 2.3 1.2 3.0 2.5 .5 2 3 4 8,186 3,045 807 834 3,500 7,601 2,002 829 770 4,000 8,055 1.922 851 782 4,500 8,545 2,934 873 738 4,000 8,105 2,981 895 729 3,500 7,810 2,660 850 800 3,500 7,701 2,553 880 768 3,500 12.0 12.1 1.0 -4.6 3.5 15.4 -.8 N 11.0 5.1 38.6 27.0 2.8 3.8 5.1 41.9 13.3 3.6 4.8 20.2 5 6 7 8 9 Corporate parent investment in: 10 Commercial bank subsidiaries -1,923 11 Finance company subsidiaries 5,656 Asset: Domestic bank affiliates 387 3,288 6,245 -5,532 986 -2,584 575 750 35 -12,792 -3,003 464 15.5 4.1 18.9 9.5 15.6 13.6 16.7 10 12.9 11 -3.7 12 (D) Nonlife insurance claims 5 Liab.: 6 Asset: 7 8 9 Other insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business (E) Intercorporate claims (F) Unallocated assets 8 liabilities 12 Net total (liab. less assets) 10,662 -30,896 39,356 -9,634 34.779 -23,815 20.165 22.7 28.1 20.2 13 14 15 16 17 18 19 Net change in liabilities Foreign Nonfarm noncorp. business U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 76,530 -15,939 12,523 3,537 2,000 2,000 -8,768 -4,924 3,637 2,643 -878 3,011 3,421 669 54,803 -56,543 -6,856 1,675 2,000 2,000 3,022 -6,034 166 3,543 -235 1,972 -3,841 515 9,652 -3.581 -5,146 -1,011 2,000 2,000 -7,231 -8,107 -7,656 -13,058 6,014 -5,087 -1,805 694 44,234 -3,936 2,000 5,152 13,537 678 -2,692 74.2 -7.4 12.7 2.0 2.4 -.1 76.6 -5.5 19.2 4.9 2.3 .5 57.1 -10.3 7.5 .6 3.5 .1 45.6 -3.1 3.1 3.2 4.1 -.2 13 14 15 16 17 18 19 20 21 22 23 24 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 61,570 -19,090 3,736 510 -2,864 1,192 63,358 -24,534 566 516 21,375 -63,751 -1,216 2,659 94 53 21,997 -66,984 500 521 31,607 9,688 7,582 13,849 488 13,518 -9,187 -6,135 28,338 502 16.703 14,158 3,533 -1,471 483 17.1 1.4 11.2 1.0 3.5 17.7 13.1 5.3 -.8 21.1 10.3 6.1 2.4 2.4 14.8 2.4 8.8 4.8 -1.2 20 21 22 23 24 25 26 27 28 29 30 31 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs Brokers and dealers 741 738 800 507 695 432 -943 -105 -1,277 300 -1,870 -265 -16 -398 303 -249 900 -238 579 42 11.455 15.8 3.6 .7 6.1 6.9 -.1 14.6 13.4 1.5 1.8 12.1 6.2 .1 2.2 15.8 2.9 1.3 11.0 -5.6 .1 9.2 8.6 2.1 1.7 2.4 2.2 -.3 7.0 25 26 27 28 29 30 31 14,957 15,447 -46,909 -25,127 1,484 -3,872 2,846 -9,554 923 911 899 887 25,000 -14,500 14,750 -20,450 -195 -1,759 -378 -1,946 471 2,697 -1,292 1,586 20,234 -2,979 1,000 10.687 409 -1,964 24,069 787 972 -7,995 -1,488 -3,304 51.5 -.8 .9 16.9 .7 .5 48.5 -6.4 2.4 9.6 2.1 3.0 36.9 1.4 2.6 -7.3 -3.5 1.0 49.4 -7.1 6.0 24.0 1.4 1.6 32 33 34 35 36 37 12,092 -66,653 -1,145 -909 113 222 12,885 -66,358 239 392 23.300 370 1,236 21,280 414 24,034 21 464 23.076 473 -4.4 -4.4 .4 -2.2 1.7 -2.9 -.6 1.4 -.9 -2.7 12.2 13.2 -.1 -.1 -.8 5.5 1.8 1.8 3.9 -2.0 38 39 40 41 42 -2,523 5,681 -369 442 -200 1,902 1,750 956 -7,364 -11,230 14.0 1.4 .4 5.5 13.6 22.2 .4 .8 5.8 6.4 10.1 1.5 1.7 6.9 3.1 2.9 .7 2.9 9.3 -6.3 43 44 45 46 47 -.4 3.1 1.2 1.5 2.3 -1.6 .6 8.2 32 33 34 35 36 37 8,581 102 800 358 6,841 218 -14,018 65,868 Net change in assets 17,065 Foreign 935 Nonfarm noncorp. business Nonfin. corporate business -16,500 3,532 Sponsored credit agencies 2,388 Monetary authority -2,882 -1,600 -300 213 -6,593 -215 7,735 26,556 777 300 760 5,898 121 4,760 -2.020 -2,899 400 524 8,000 -9 -459 24,220 5,559 10,578 7,627 456 38 39 40 41 42 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 54,535 -19,723 8,016 1,374 1,301 177 46,262 -22,574 80 176 43 44 45 46 47 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 1.353 -528 62 1,553 -2,761 -1,036 -284 338 1,545 2,717 24.318 471 799 875 4.241 -5,005 -4,703 781 -810 626 2,125 1,432 667 4.810 -16,607 48 49 50 REITs Money market funds Brokers and dealers -345 1,810 2,769 -19 -564 712 527 1,466 -3,148 -813 4,489 -2,945 LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 150 -9,517 2,286 658 -2,856 685 268 1,489 11,555 K .4 48 2.9 49 5.1 50 JUNE 12, 1991 Miscellaneous II Miscellaneous II Miscellaneous Financial Claims, Continued 59 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1989 1990 1989 III IV I I 1990 I II III IV | 1991 I I (C) Life insurance claims 1 1.2 .4 .4 .7 .5 .5 .7 .6 .7 .8 2 3 4 3.7 2.7 1.0 4.1 2.9 1.2 2.9 1.4 1.6 2.0 1.3 .7 2.6 1.2 1.4 1.7 .9 .8 2.6 1.4 1.2 2.0 1.1 .8 1.4 1.0 .3 2.0 1.6 .4 5 6 7 37.7 18.1 2.6 6.0 10.9 31.4 13.0 2.8 4.6 11.0 32.0 8.7 3.2 3.3 16.8 32.5 10.5 3.5 3.0 15.5 32.7 12.2 3.2 3.3 14.0 30.4 8.0 3.3 3.1 16.0 32.2 7.7 3.4 3.1 18.0 34.2 11.7 3.5 3.0 16.0 32.4 11.9 3.6 2.9 14.0 31.2 10.6 3.4 3.2 14.0 Deferred and unpaid premiums .8 Liab.: Households Asset: Life insurance Life company reserves 1.2 Liab.: Life insurance cos. 1.4 Accident and health -.1 Policy dividend accum. Asset: Households 1 2 3 4 (D) Nonlife insurance claims 8 9 30.8 Liab.: 10.2 Asset: 3.5 3.1 14.0 Other insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 5 6 7 8 9 (E) Intercorporate claims Corporate parent investment in: -7.3 Commercial bank subsidiaries 10 7.4 Finance company subsidiaries 11 Asset: Domestic bank affiliates 10 11 19.8 8.8 21.3 -2.5 8.6 10.1 8.6 -20.9 -11.7 19.1 2.3 3.4 30.4 -16.8 -.7 -1.5 -.7 -2.9 5.1 -62.3 12 5.4 8.0 -47.1 40.7 -64.5 10.8 129.5 -35.0 29.2 39.1 13 14 15 16 17 18 19 41.4 -5.4 8.0 1.2 -10.5 2.9 1.0 56.5 2.2 8.0 4.7 5.0 .5 K 123.0 14.9 8.0 -12.4 14.2 * 4.2 4.3 -11.3 8.0 -18.4 -17.0 2.7 -4.4 318.3 12.8 8.0 -35.1 5.1 2.7 -5.9 -25.4 -51.2 8.0 -19.7 35.8 5.3 2.1 198.2 77.3 8.0 12.1 -.7 -1.3 -12.1 -269.1 16.2 8.0 -24.1 -.1 9.5 24.0 56.4 -56.5 8.0 -28.9 -36.1 -30.1 -19.5 31.8 -82.3 8.0 -32.4 -31.0 32.6 -10.1 152.9 101.8 8.0 20.6 55.3 2.1 -6.3 Net change in liabilities Foreign Nonfarm noncorp. business U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 13 14 15 16 17 18 19 20 21 22 23 24 24.8 -6.2 6.4 25.8 -1.3 28.1 4.4 8.1 14.0 1.6 95.8 10.8 4.9 78.0 2.1 2.7 1.9 1.6 -2.8 2.0 253.3 11.0 -25.1 265.0 2.3 -21.5 54.6 16.7 -94.9 2.1 31.8 -68.9 -4.1 102.8 2.0 -272.5 23.6 2.7 -300.9 2.1 133.0 44.2 17.8 69.0 2.0 118.7 8.9 -10.0 117.9 2.0 7.8 -14.1 7.9 12.1 1.9 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 20 21 22 23 24 25 26 27 28 29 30 31 8.0 .6 2.4 -2.7 6.9 1.0 3.5 11.4 1.4 2.0 .1 -9.2 -.2 2.6 4.8 -2.2 1.0 .8 2.7 -.1 -8.8 25.2 -2.7 1.8 -.1 14.3 .5 3.0 30.1 -1.5 -.7 1.4 20.9 .9 26.3 2.2 -9.4 .4 .9 -12.1 -.9 34.6 89.8 7.8 1.5 3.0 20.7 .5 -40.1 -.1 -11.0 3.6 2.1 26.8 K -51.4 -3.1 1.0 -1.1 2.0 -5.0 1.7 91.0 14.1 -8.4 3.2 -7.5 14.9 -.1 12.3 -14.0 4.6 3.8 -1.0 -1.8 .2 -28.1 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs Brokers and dealers 25 26 27 28 29 30 31 32 33 34 35 36 37 36.0 1.4 4.0 -11.0 4.3 2.1 48.5 1.6 4.0 37.0 2.3 .4 170.1 40.6 3.8 24.2 3.5 8.2 -36.4 -14.9 3.7 -9.5 -3.7 -1.2 382.9 25.4 3.7 -9.6 12.7 .5 -36.2 -19.0 3.7 27.9 -3.2 13.5 68.8 24.6 3.6 -3.5 -25.8 1.1 -234.1 21.5 3.6 16.0 24.1 2.4 27.2 -59.2 3.5 -24.2 -10.5 -3.9 -7.2 -46.5 4.0 -26.4 -2.5 -4.5 92.8 71.9 3.9 22.5 -27.0 -5.8 Net change in assets Forei gn Nonfarm noncorp. business Nonfin. corporate business Sponsored credit agencies Monetary authority 32 33 34 35 36 37 38 39 40 41 42 20.3 1.0 1.3 18.5 -.5 4.9 .8 -.7 3.6 1.2 81.7 11.9 2.2 67.1 .5 -7.0 3.9 12.1 -24.6 1.5 247.1 42.3 -1.4 205.8 .3 -87.1 .3 20.0 -108.1 .7 19.3 -42.6 -10.9 71.8 1.0 -263.4 26.2 -2.1 -289.1 1.6 125.4 29.0 40.2 54.4 1.8 90.5 2.9 21.4 64.6 1.7 61.3 -47.3 -10.5 117.2 1.9 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 38 39 40 41 42 43 44 45 46 47 18.8 .2 -1.0 6.7 -10.4 -3.1 2.5 1.1 8.1 -15.5 -1.7 .5 .2 6.9 -9.8 12.1 .1 3.4 4.7 -14.9 1.1 -3.8 2.7 6.2 -2.6 12.8 -7.0 4.6 6.2 19.1 84.1 11.2 -4.2 3.5 13.6 -19.7 -4.8 9.7 2.7 3.0 -21.9 1.5 5.7 5.7 -52.9 5.9 -7.6 2.2 7.0 -23.4 8.6 12.0 -.3 3.8 -48.5 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 43 44 45 46 47 48 49 50 1.0 1.4 -1.8 2.2 .5 2.4 .1 5.2 6.9 .5 -6.4 -3.1 -1.4 3.6 97.2 -.1 4.8 -12.4 2.1 6.1 -66.9 -3.3 18.5 -44.4 .6 -45.7 102.9 2.6 -4.5 -4.1 1.1 5.4 -16.0 REITs Money market funds Brokers and dealers 48 49 50 (FI Unallocated assets & liabilities BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 60.1 Net total (liab. less assets) 12 JUNE 12, 1991 Total Claims otal Claims Total Financial Assets and Liabilities r r\ 60 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I 1 III 1989 IV i 1 1990 I II III IV I 1991 I 1[ ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Total Net Borrowins and Lending in Credit Markets (1) Total net borrowing 1 in credit markets 202,727 263,146 190,644 218,217 211,991 255,436 92,146 655.7 911.4 1050.6 1131.7 1 74,007 55,807 18-200 14,600 -1,072 -3,277 8,072 -123 538.1 186.6 351.5 185.6 3.9 81.9 56.5 23.6 752.3 198.8 553.5 231.8 -.4 123.2 170.8 28.1 848.1 223.6 624.5 284.5 -14.5 129.3 134.3 90.9 836.9 215.0 621.9 293.0 -16.3 99.2 209.7 36.2 2 3 4 5 6 7 8 9 2-604 10-252 78-912 15,535 9-164 3,278 41-338 33-580 5,608 -8,214 -8-4 78 -5,284 -2,196 -11-136 510 -259 21-438 -4,617 138 100 11,390 8,087 17.3 100.3 1.4 66.4 5.0 13.3 -6.2 -.4 17.5 -.3 3.6 8.4 150.7 30.4 44.4 7.3 16.1 17.2 1.2 24.3 .5 9.3 1.2 201.3 21.7 79.9 -4.9 16.6 17.3 1.5 57.7 -.1 11.5 9.7 285.1 14.9 139.2 -3.6 15.2 20.9 4.2 54.7 .8 39.0 10 11 12 13 14 15 16 17 18 19 20 2 3 4 5 6 7 8 9 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business StateSlocal governments 166,390 200,157 156,707 158,681 159,550 166,272 40,378 63-300 64,487 40-848 68,448 98-741 126-012 136,857 92-220 117-833 91,102 67,531 80,735 90-356 58-527 75,143 62,375 58-261 1,338 2,908 -1-104 -609 65 -315 434 -13 -1-737 5,391 12,870 12,396 11,236 37,608 15,564 21,778 30,116 29,372 3,310 10,268 875 128 4,194 10,085 10 11 12 13 14 15 16 17 18 19 20 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates (BHCs) Savings and loan assns. Mutual Savings Banks Finance companies REITs SCO issuers 4-474 6,613 29,724 58-515 2-898 1,443 32,619 42,843 1-341 385 2,723 -1,500 -12,187 -10-579 -258 -180 3,308 15,153 14 -764 9,559 1,421 Total net lending in credit markets 298 11,255 10,323 33,639 48-281 42,118 2,904 3-436 1 ,525 35,616 39,033 34,335 -105 -2,602 -3-980 -503 -7,623 -11,428 -8,097 -11-430 -9-442 1-378 -549 -1 -856 3,060 10-920 21,271 -144 224 -575 6,873 8,018 13,779 202,727 263,146 190-644 218,217 211,991 255,436 92,146 655.7 911.4 1050.6 22 23 24 25 26 Private dom. nonfin. sectors Households Nonfarm noncorp, business Corporate business State 8 local governments 64,618 64,995 -592 4-223 -4,008 45-654 43,553 73 2-948 -920 52,394 46,445 -737 -804 7,490 68,509 66,209 -270 4,820 -2,250 31,811 25,939 -310 1,283 4,899 40-976 37-291 4 08 6,021 -2,744 5,400 -867 -969 2-985 4,251 145.6 103.3 7.8 16.7 17.9 163.2 125.0 9.9 9.5 18.9 270.5 178.6 5.3 -.6 87.3 27 28 Foreign U.S. government 32.766 -2,673 12,132 -19 -398 10-108 15,510 9,750 17,709 15,099 20,408 -2,068 10,570 8,595 23.7 9.7 57.9 17.1 62.3 17.8 29 30 31 32 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 108,016 205,379 128-540 124,448 147,372 196-120 1-706 1,900 11-170 1,627 1,885 3,070 32,619 42,843 35,616 39,033 34,335 41,338 2,921 682 5,695 -8,878 13,406 -10,815 67,581 1-174 33,580 5,875 476.8 3.4 66.4 14.7 673.2 29.8 44.4 8.4 699.9 23.7 79.9 18.4 902.7 14.1 139.2 19.4 29 30 31 32 33 34 35 36 37 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 6,421 5,462 142 882 -65 143.3 136.5 1.5 3.7 1.6 174.0 158.7 .9 12.9 1.5 188.4 165.6 3.7 16.4 2.7 198.1 162.5 -.3 35.0 .9 33 34 35 36 37 38 39 40 41 42 Private nonbank finance Savings institutions Savings 8 loan assns. Mutual savings banks Credit unions 32,515 97,993 76,296 29,772 68,998 126,501 20,531 -30,668 -49-584 -19,387 -51,847 -38,331 -36,211 -44,004 -35,600 -46,405 -18,319 -44,036 -40,305 -35,052 -42-723 1-596 -3,357 -2,300 -10,168 -1,617 -2,455 -1,568 3,591 1,232 2,357 1 ,296 287 178 3,336 249.0 134.2 103.3 18.8 12.1 416.6 154.7 129.3 10.1 15.3 389.6 87.9 64.8 9.7 13.4 531.9 107.6 75.2 17.4 15.0 38 39 40 41 42 34,389 13,035 -4,072 18,157 7,269 100.1 52.5 29.9 16.0 1.7 121.8 54.1 21.3 34.7 11.7 150.1 74.4 26.6 22.9 26.1 160.1 86.9 -.8 31.3 42.6 43 44 45 46 47 51,855 116,805 30,146 10,588 15,213 -7,899 -560 -23 -161 8,104 9,962 15,508 30,044 20,426 38,693 -3,731 60,374 -24,082 6,873 11,390 8,087 14.7 26.8 .1 9.8 -17.7 -7.7 3.6 140.1 38.3 .8 17.9 45.0 28.8 9.3 151.6 49.5 2.4 68.7 13.9 5.6 11.5 264.2 54.8 K 123.1 34.1 13.2 39.0 48 49 50 51 52 53 54 21 50,627 36,532 1,653 11,917 525 56,963 42,931 501 13,186 345 23,800 23,519 1,338 -1-301 244 45,273 31,467 -2,965 9,600 7,771 40,337 33,801 -2,455 8,886 105 53-794 33,317 3-042 11-800 5,635 43 44 45 46 47 Insurance sector Life insurance cos. Private pension funds St.Sloc.govt.rtr.funds Other insurance cos. 32,584 16,919 -4,213 11,858 8,020 50,025 26-801 3,742 12,000 7,482 48 49 50 51 52 53 54 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers SCO issuers 30,599 5,832 -153 6,754 17,094 -349 1,421 97,552 49,810 27,825 9,725 17,409 11,481 -31 166 -77 7,804 14,293 5,845 19,220 42,648 -12,266 3,089 49,322 -24,797 8,018 13,779 9,559 (1) 29-948 26,467 -1,475 4,976 -20 55,474 23,389 4.615 20,000 7,470 25,972 8,579 227 17,201 -35 45,907 15-283 6-626 16,200 7,798 1131.7 21 121.5 68.2 4.2 13.2 35.9 22 23 24 25 26 97.8 27 9.7 28 Excludes corporate equities. Total Liabilities ano Their Relation to Total Financial Assets Net flows throuyh credit markets (from 1 preceding table) 202,727 263,146 190,644 218,217 211,991 255,436 Other financial sources: 999 2,930 2,998 -587 -1,376 Official foreign exchange 5,785 2 161 1,626 150 99 110 3 Treasury curr. and SDR ctfs. 137 92,146 655.7 911.4 1050.6 1131.7 1 384 119 1.1 .5 2.2 .6 3.0 .5 -.6 .8 2 3 217.7 40.4 216.6 -40.4 -13.0 12.9 1.3 370.9 47.4 150.8 54.2 87.3 37.1 -5.8 277.8 83.5 141.2 10.2 17.9 29.0 -3.9 362.1 4 127.0 5 124.1 6 48.3 7 5.0 8 48.7 9 9.1 10 4 5 6 7 8 9 10 Deposits at financial insts. 43,646 -12,899 Checkable deposits Small time 8 savings dep. 34-329 Money market fund shares 30,646 Large time deposits -2,171 330 Security RPs Foreign deposits -1,589 4,048 76-083 85,188 -1-192 12,869 8,475 2,757 45,183 -28,166 39,180 -37,265 33,571 380 32,344 33,403 8,613 10,354 31-935 13,008 35,489 -10,470 31,254 14-008 53,355 3-471 -6,405 -15-955 -16,343 -17,116 -17,167 --864 -24,518 20-649 -45,473 4,582 -11-889 3,058 3,056 -6,647 2,479 -4,975 6,595 11 12 Life insurance reserves Pension fund reserves 6,716 53,325 6,450 7,366 8.0 151.2 5.2 152.5 10.7 176.0 17.5 11 152.2 12 13 14 15 16 17 18 19 2,061 2,708 29,200 7,033 -6,335 Interbank claims -5,282 11,519 516 3,070 12,897 -6,804 2,246 30,953 -18-344 Corporate equities 5-930 6,163 -3,861 -2-643 171 2,874 Security credit -3,551 14,420 25,785 -10,655 13-542 23,469 24-809 -2,518 Trade debt 1,800 3,165 29 Taxes payable 1,800 800 -200 5,636 Noncorp, proprietors’ equity -11,718 -27-312 -31-375 -8,812 -13,131 -13-002 -18,338 Miscellaneous 110,866 20,557 88,018 -37,425 48,429 -1,346 63,528 -3.0 54.6 13.6 44.0 8.2 -79.6 129.0 13.4 -40.5 4.5 46.7 5.1 -86.5 170.6 27.6 17.2 43.3 48.1 3.5 -89.2 165.7 28.3 86.8 9.9 32.3 7.0 -47.0 172.3 377,880 450,538 286,186 280-144 339,210 405,423 190,740 20 Total financial sources - Floats not incl. in assets Check, dep.: U.S. 9ovt. Other Trade credit - Liabilities not allocated as assets Treasury currency 24 Interbank claims 25 Security RPs 26 Profit taxes payable 27 Miscellaneous 28 Totals allocated to sectors as assets 29 21 22 23 LATEST QUARTER BASED 5,390 29,031 9,168 35,428 9-469 58,948 8,090 31-859 6-590 38,990 13 14 15 16 17 18 19 1200.8 1555.9 1734.7 1953.3 20 -458 -7-752 10-817 -3,507 38,194 -17,929 1.6 2.6 -19.5 .5 -1.9 -17.2 1.3 .8 -4.1 -.6 21 -8.9 -6.8 23 -47 -81 -35 -49 -41 1-060 -8,234 17-354 -3-077 -16-538 4-884 -34,170 10-726 -287 5-790 8-160 -9,634 34 779 -23-815 20,165 -.2 -10.9 -13.9 2.4 22.7 -.1 5.5 .8 1.7 28.1 -.2 5.3 -8.4 4.9 20.2 K -2.8 4.9 4.2 -3.7 372,136 448-146 272,190 279-735 323-168 378-280 208-468 1216.0 1538.5 1715.0 6,039 -7,441 927 200 2,110 7,983 --6,041 25-759 -29,254 -161 -78 -2,244 -4,190 -2,329 59 291 3-555 10-662 -30,896 ON INCOMPLETE INFORMATION, -74 4,537 3,617 -255 39,356 -100 1 ,863 719 1,786 -4-181 -496 24 25 26 27 28 1967.1 29 JUNE 12, 1991 Total Claims Total Claims 61 Total Financial Assets and Liabilities SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1989 1990 1987 1988 I 1 1989 III IV I 1 1990 I II IV III I 1991 1 I Total Net Borrowing and Lending in Credit Markets (1) Total net borrowing in credit markets 1 991.7 1014.7 894.5 876.3 833.0 824.4 1002.5 836.1 876.2 790.3 601.5 2 3 4 5 6 7 8 9 687.0 144.9 542.1 302.2 -10.6 77.9 123.7 48.8 760.8 157.5 603.3 314.9 -7.5 65.7 184.6 45.6 678.2 151.6 526.6 285.0 1.6 50.8 159.5 29.6 641.2 272.5 368.7 254.3 2.5 11.1 86.2 14.6 678.8 173.9 504.9 290.8 -2.1 40.2 147.3 28.6 620.2 185.0 435.2 291.8 8.9 35.0 83.1 16.5 808.9 247.3 561.6 364.7 6.3 45.5 136.2 8.9 617.6 228.2 389.4 271.5 -10.8 3.5 107.5 17.7 655.7 286.1 369.6 221.7 11.6 18.3 89.4 28.5 482.6 328.4 154.2 159.4 3.1 -23.0 11.6 3.1 474.7 204.7 270.0 192.6 5.0 -17.0 82.2 7.1 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business State&local governments 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 4.5 300.2 29.5 142.3 6.2 14.3 19.6 8.1 40.8 .3 39.1 6.3 247.6 44.9 74.9 -3.0 5.2 19.9 1.9 67.7 3.5 32.5 10.9 205.5 25.2 125.8 -1.4 6.2 -14.1 -1.4 46.3 -1.9 20.8 32.1 203.0 17.0 150.3 -1.1 -28.0 -31.2 -.5 56.7 -.4 40.1 30.4 123.9 13.2 111.6 3.5 16.5 -44.7 -2.3 23.5 -3.1 5.7 16.9 187.3 -4.7 161.1 -.7 -3.9 -56.2 .7 52.6 .1 38.2 2.3 191.4 9.7 162.0 -4.9 -8.0 -15.8 -8.3 25.3 -.6 32.1 41.0 177.5 17.1 166.8 -7.9 -32.1 -53.5 6.5 27.7 -2.3 55.1 45.1 175.4 22.3 116.9 -12.5 -40.4 -31.9 -4.2 96.9 .9 27.5 40.2 267.5 19.0 155.5 21.0 -31.6 -23.4 4.0 76.9 .6 45.6 11.7 115.1 14.5 153.5 -22.0 -27.4 -29.1 -2.2 -5.0 .4 32.3 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates (BHCs) Savings and loan assns. Mutual Savings Banks Finance companies REITs SCO issuers 10 11 12 13 14 15 16 17 18 19 20 21 991.7 1014.7 894.5 876.3 833.0 824.4 1002.5 836.1 876.2 790.3 601.5 22 23 24 25 26 214.6 182.0 -.7 14.6 18.7 241.7 250.8 -.7 -12.5 4.2 195.9 196.0 -1.2 2.2 -1.1 193.7 175.9 -.9 11.3 7.4 260.8 259.0 -2.0 20.2 -16.4 58.7 82.3 -1.6 -22.1 .1 334.7 281.3 -1.4 25.0 29.8 277.8 270.1 -1.1 21.2 -12.4 132.0 102.7 -.8 10.7 19.5 30.2 49.5 -.4 -11.6 -7.3 147.7 91.8 -2.3 40.8 17.4 27 28 62.7 -7.9 97.6 -9.4 72.1 -2.4 53.2 32.9 132.4 -9.3 44.2 5.7 3.0 37.7 59.8 34.2 72.3 62.5 77.9 -2.8 47.3 31.6 29 30 31 32 722.4 27.0 142.3 24.7 684.8 37.1 74.9 10.5 629.0 -.5 125.8 -7.3 596.5 16.4 150.3 8.1 449.1 14.8 111.6 -31.2 715.8 -2.7 161.1 -4.6 627.1 22.2 162.0 -6.3 464.4 -.6 166.8 40.4 609.4 48.7 116.9 24.4 685.0 -4.8 155.5 -25.9 33 34 35 36 37 135.4 99.2 2.0 34.2 .1 156.3 126.4 -.1 29.4 .6 177.3 146.0 2.8 26.7 1.8 120.1 92.4 -2.4 29.8 .3 183.7 127.6 6.6 47.4 2.1 184.3 146.3 2.0 34.5 1.4 188.1 162.6 5.4 19.2 1.0 126.1 105.4 -9.8 30.1 .4 102.7 88.5 -5.9 20.2 -.1 38 39 40 41 42 393.0 136.8 93.3 25.6 17.8 406.0 120.4 86.3 17.8 16.3 333.8 -90.9 -93.8 -4.8 7.7 301.6 -145.8 -137.7 -16.5 8.5 170.3 -135.8 -142.3 .4 6.1 377.6 -201.9 -198.6 -8.2 4.9 261.0 -56.6 -56.7 -12.3 12.4 131.7 -210.4 -179.0 -36.7 5.3 43 44 45 46 47 179.7 91.7 22.2 26.3 39.5 198.7 103.8 31.4 34.6 28.9 177.9 90.7 7.2 49.1 30.8 201.0 103.5 11.3 57.6 28.7 136.1 71.3 -19.9 54.5 30.1 205.1 103.0 33.1 40.6 28.4 160.8 125.8 -32.8 36.9 30.9 48 49 50 51 52 53 54 76.6 39.4 1.0 25.8 1.8 -30.6 39.1 86.9 39.2 .9 11.9 10.7 -8.2 32.5 246.8 39.2 -.3 23.8 67.1 96.3 20.8 246.3 52.9 -.7 38.2 80.9 34.9 40.1 170.0 48.8 -.6 38.2 76.1 1.8 5.7 374.5 19.4 .7 43.1 82.7 190.3 38.2 156.8 55.7 -.3 42.0 117.1 -89.7 32.1 Total net lending in credit markets 1 21 Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State & local governments 22 23 24 25 26 Foreign U.S. government 27 28 375.0 18.8 153.5 53.3 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 29 30 31 32 63.2 13.0 .9 49.5 -.1 119.3 89.9 .6 29.1 -.3 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 33 34 35 36 37 316.7 -168.6 -162.3 -13.1 6.8 496.9 --147.4 --152.8 -4.1 9.5 30.1 -154.2 -153.4 -9.7 8.8 Private nonbank finance Savings institutions Savings & loan assns. Mutual savings banks Credit unions 38 39 40 41 42 226.8 132.9 18.4 49.2 26.3 228.3 97.5 15.9 87.2 27.8 188.2 57.6 43.8 57.1 29.7 112.6 51.6 -38.3 70.5 28.9 Insurance sector Life insurance cos. Private pension funds St.filoc.govt.rtr.funds Other insurance cos. 43 44 45 46 47 115.3 52.3 -.1 13.5 -9.1 3.5 55.1 257.0 68.6 -.1 44.0 127.7 -10.8 27.5 456.1 35.0 -2.2 53.3 87.8 236.7 45.6 71.7 -15.2 -.6 45.7 99.0 -89.5 32.3 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers SCO issuers 48 49 50 51 52 53 54 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from preceding table) 790.3 601.5 Other financial sources: Official foreign exchange 1.5 4.0 Treasury curr. and SDR ctfs. .5 6.5 1 991.7 1014.7 894.5 876.3 833.0 824.4 1002.5 836.1 876.2 2 3 -9.7 .5 4.0 .5 24.8 4.1 2.0 2.0 23.1 .4 12.0 .5 11.7 .6 -2.3 .6 -5.5 .4 4 5 6 7 8 9 10 142.1 4.1 76.3 24.0 50.6 -9.9 -3.1 261.3 43.2 120.8 21.9 53.6 24.9 -3.1 291.8 5.8 98.5 90.1 16.3 80.0 1.1 91.8 44.2 52.8 70.3 -66.6 -16.6 7.7 216.7 5.6 162.3 123.9 -38.3 -35.1 -1.7 207.1 58.9 110.1 68.6 -39.1 7.2 1.4 127.5 44.2 112.2 80.4 -54.8 -41.5 -13.1 29.6 -27.8 18.0 4.3 -29.5 40.3 24.2 38.2 78.8 59.7 123.4 -99.8 -141.3 17.4 172.0 81.8 21.0 73.0 -82.3 76.0 2.5 168.7 81.7 107.7 148.7 21.6 -171.9 -19.2 11 12 26.0 137.8 25.3 181.0 26.2 148.5 33.3 165.2 21.6 88.1 26.9 241.1 36.7 153.4 37.9 220.4 32.4 105.9 26.4 181.2 25.8 40.2 13 14 15 16 17 18 19 34.0 10.9 -27.4 34.2 7.2 -91.1 182.4 2.2 -124.2 3.0 66.9 3.2 -76.5 184.8 -17.2 -63.7 15.6 52.2 2.2 -85.5 278.0 41.0 11.4 -.4 51.2 5.8 -66.3 97.7 -33.3 -61.0 -8.2 41.1 -5.6 -77.6 453.3 2.8 14.9 15.8 62.6 10.1 -99.8 87.5 53.8 -9.4 2.1 10.7 -8.1 -102.9 344.8 22.5 47.3 -27.4 58.1 19.5 -34.9 -170.2 108.1 -15.9 5.4 77.1 8.3 -84.9 211.0 -20.4 23.6 18.3 58.8 3.5 -42.6 5.2 25.8 101.3 28.4 44.0 6.1 -48.3 243.3 20 1438.7 1546.2 1571.5 1311.0 1491.6 1405.9 1623.3 1037.1 1356.8 1226.7 21 22 23 M .4 -44.2 1.6 .8 -9.3 8.4 -3.2 13.6 3.3 2.5 9.2 27.5 -6.2 22.0 1.9 -5.3 -2.6 12.4 1.6 -36.5 -15.5 -4.9 12.2 10.2 7.9 19.1 6.2 5.1 41.8 24 25 26 27 28 -.1 -4.8 -21.3 7.0 5.4 -.1 -3.7 -28.1 5.9 8.0 -.2 -5.1 18.8 10.2 -47.1 -.2 -2.7 -11.1 16.0 40.7 -.6 -15.9 -43.8 4.9 -64.5 -.3 3.2 -9.2 16.6 10.8 -.3 3.6 19.7 -4.4 129.5 -.2 .2 31.6 39.2 -35.0 -.3 -2.7 -109.6 3.5 29.2 -.1 -11.8 13.8 25.6 39.1 1253.4 1568.2 1391.0 1497.7 1009.4 1399.5 1107.0 1576.2 1496.3 1571.1 29 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 1 2 3 4 Deposits at financial Insts. Checkable deposits 5 6 Small time 8 savings dep. Money market fund shares 7 Large time deposits 8 Security RPs 9 Foreign deposits 10 Life insurance reserves Pension fund reserves 11 12 Interbank claims 13 Corporate equities 14 Security credit 15 Trade debt 16 Taxes payable 17 Noncorp. proprietors’ equity 18 Miscellaneous 19 1238.9 Total financial sources - Floats not incl. in assets -32.7 Check, dep.: U.S. govt. 12.6 Other 11.4 Trade credit - Liabilities not allocated as assets - .2 Treasury currency 53.0 Interbank claims Security RPs -128.3 28.9 Profit taxes payable 60.1 Miscellaneous Totals allocated to sectors 1234.1 as assets 20 21 22 23 24 25 26 27 28 29 JUNE 12, 1991 Saving by Individuals Saving by Individuals Amount and Composition of Individuals' Saving (1) ^2 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I 1 III 1989 IV I 1 1990 I II III IV I 1991 1 I ANNUAL FLOWS, $ BILLIONS 1984 1985 1986 1983 1 Increase in financial assets 138.682 172,545 132,976 137,142 110,177 120,069 106,465 14,253 -2,864 21,256 -2,914 Checkable deposits and curr. -6,530 36,961 -11,264 2 Time and savings deposits 1,598 -8,847 25,612 3 40,324 21,141 23,757 -7,509 Money market fund shares 27,459 11,655 31,930 -9,863 27,118 10,083 47,315 4 494.0 32.9 201.8 -31.1 554.4 21.4 229.6 44.0 566.0 32.5 133.0 8.7 557.3 97.4 114.8 39.6 1 2 3 4 36,553 12,523 3,493 2,304 13,699 9,321 19,156 2-688 -4,122 -10,299 102.4 3.1 68.8 .8 28.1 65.1 3.0 63.6 32.4 24.4 138.1 5.3 53.4 24.1 38.1 47.7 13.6 4.2 -29.6 —22.7 5 6 7 8 9 -5,732 -4,890 23-755 -5,813 -8.6 13.1 24.0 -27.0 -5.0 4.4 24.0 -81.8 3.8 51.1 69.2 -106.9 52.9 14.3 139.6 -124.5 10 11 12 13 6,500 6,359 13,164 15,175 3,735 -19,095 22,181 11,377 10,113 15,444 7.8 38.8 59.1 53.5 28.9 5.0 46.7 42.1 63.9 36.6 10.4 63.4 40.7 72.3 67.0 17.2 82.5 -8.7 78.7 88.2 14 15 16 17 18 208,723 210,286 186,852 199,638 200,950 200.053 164,796 63,483 62,181 58,518 52,011 57,351 53,780 50,132 18,707 22,618 14,774 24,892 25,119 11,997 17,714 119,447 127,941 112,442 122,450 117,847 127,586 102,355 285 -20 3,175 2,450 1,118 633 312 509.1 133.2 94.4 289.1 -7.6 608.0 155.4 100.9 335.6 16.1 640.5 161.4 101.9 372.2 5.0 699.5 181.7 108.5 406.0 3.4 19 20 21 22 23 24 Capital consumption allowances 140,040 141,127 140,764 142,101 143,763 142,712 144,320 Owner-occupied homes 19,454 19,640 19,826 20,439 20,572 25 19,-082 19,268 Other fixed assets (2) 26 35,253 35-090 33,477 33,564 33.976 33,980 34,049 Consumer durables 27 85,705 86,769 87,833 88,897 89,961 88,293 89,699 381.9 57.0 98.4 226.4 399.3 60.0 102.6 236.7 424.8 64.4 105.9 254.6 456.3 67.1 108.7 280.6 24 25 26 27 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds Open-market paper Mutual fund shares Other corporate equities 37,732 1,686 17,027 35,038 7,791 28 Net inv. in tangible assets Owner-occupied homes 29 Other fixed assets (2) 30 Consumer durables 31 Inventories (2) 32 33 Net increase in liabilities Mtg. debt on nonfarm homes 34 35 Other mortgage debt (2) Consumer credit 36 Security credit 37 Policy loans 38 Other liabilities (2) 39 38,409 2,156 20,744 4,254 -6,340 57,630 1,985 12,740 16,901 5,628 6,629 20,788 7,836 24,788 22,854 9,080 27,292 -2,321 10.545 5,548 8,000 9,380 26,793 20,985 10,680 -22,972 21,564 33,936 15,014 14,214 68,683 69,159 46,088 44,401 42,913 39,064 -12,635 -17,376 -18,703 33,742 41,172 24,609 2,450 1,118 3,175 57,537 32,371 -8,672 33,553 285 57-187 57,341 20,476 37,525 33,341 29,560 -8,857 -15,273 -22,052 27,886 39,293 12,656 633 -20 312 127.2 76.2 -4.0 62.7 -7.6 208.7 95.4 -1.6 98.8 16.1 215.7 97.1 -4.0 117.6 5.0 243.2 114.6 -.2 125.4 3.4 28 29 30 31 32 90,392 106-814 75,043 59,515 58,485 61,181 9,263 16,785 11,018 19,567 -12,390 14,283 117 -1,264 -47 3,794 775 955 4,684 5,720 19,808 80,521 61,782 -5,403 7,101 -1,413 2,161 16,293 67,670 48,916 3,102 9,271 -2,732 -2,378 11,491 62,007 15,298 40,96) 36,218 3,707 -1,425 10,272 -26,632 904 2,787 1,046 1,063 8.366 38 299.1 120.4 71.9 48.9 9.4 1.1 47.4 381.3 136.7 87.4 81.7 -2.4 .4 77.5 437.5 157.0 103.1 82.5 19.4 -.1 75.6 395.0 216.8 71.0 58.0 8.2 -.1 41.2 33 34 35 36 37 38 39 99,694 115,403 111,643 322.2 53.5 62.7 381.8 63.9 98.8 344.2 72.3 117.6 405.5 40 78.7 41 125.4 42 4.4 .6 201.0 6.0 .7 212.3 4.9 .9 148.5 17.5 43 .6 44 183.4 45 130.6 164.1 125.4 124.9 46 70.4 48.3 23.1 58.5 47 40 Individuals’ saving (1+28-33) 116,973 134,890 104.021 114,158 41 - Govt, insurance 8 pen. res. 42 - Net investment in cons. dur. - Capital gains dividends from mutual funds 43 44 - Net saving by farm corps. 45 = Personal saving, FOF basis 46 Personal saving, NIPA basis 47 Difference (1) Combined statement for households, farm business, and nonfarm noncorporate business. (2) Includes corporate farms. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 29,362 2,043 25,427 12,304 1,952 7,235 2,906 14,226 7,312 -18,855 -535 7,289 15,124 -2-821 -2,906 541 -10,530 5,097 13,939 15,859 16-476 12,837 9,769 4,215 -11,650 -37,026 -28,671 -19,779 -18,536 Private life insurance res. 5,304 Private insured pension res. 18,123 Private noninsured pen. res. -21,283 Govt, insurance 8 pen. res. 32,277 Miscellaneous finan. assets 5,276 19 Gross inv. in tangible assets Owner-occupied homes 20 Other fixed assets (2) 21 Consumer durables 22 23 Inventories (2) 19,893 2-019 7,177 30-810 5,684 JUNE 12, 1991 Saving by Individuals Saving by Individuals Amount and Composition of Individuals’ Saving (1) 63 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOWS, $ BILLIONS 1987 1988 1990 1989 SEASONALLY ADJUSTED ANNUAL RATES I 1 1989 III IV I 1[ 1990 I II III IV I 1991 1 I 1 2 3 4 484.5 7.3 108.4 28.1 578.9 9.7 167.3 23.5 546.4 24.3 117.0 81.2 500.4 21.4 9.0 59.3 574.7 13.0 131.1 111.1 566.9 93.0 85.4 63.2 620.2 15.0 95.1 66.2 576.8 17.1 3.3 6.7 467.3 30.8 -25.8 106.9 337.2 22.6 -36.6 57.3 510.8 Increase In financial assets 50.5 Checkable deposits and curr. Time and savings deposits 103.5 124.5 Money market fund shares 1 2 3 4 5 6 7 8 9 131.0 7.8 20.5 44.7 58.8 105.0 8.5 45.1 82.6 50.3 87.7 8.2 40.9 97.1 27.4 162.0 8.5 72.6 52.6 -2.9 170.2 7.9 46.2 145.6 32.9 -10.0 7.5 -6.0 88.9 10.6 211.9 6.7 95.5 39.7 2.4 248.6 8.9 99.2 73.8 11.2 135.6 9.7 79.0 55.4 8.4 51.6 8.7 16.7 41.5 -33.5 104.2 11.7 46.5 29.7 -10.4 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations 5 6 7 8 9 10 11 12 13 23.3 10.1 75.5 -109.5 -9.4 46.0 -2.7 -115.4 .7 1.4 38.0 -126.0 9.9 16.7 50.3 -45.8 -4.7 24.8 54.0 -136.4 14.6 -58.8 66.7 -133.5 54.8 52.0 40.0 -79.3 29.0 31.4 61.8 -66.7 -92.1 10.5 34.9 30.0 48.0 -27.2 64.4 -67.0 -24.6 5.5 70.0 -24.1 14 15 16 17 18 25.7 69.9 -5.6 73.9 45.9 24.9 88.8 7.7 84.9 67.1 25.9 82.2 -26.7 93.3 61.4 33.0 88.2 -10.9 88.2 50.2 21.2 72.1 -79.7 96.0 39.7 26.5 90.0 57.7 93.8 67.3 36.3 104.4 -33.6 83.0 41.8 37.5 104.3 32.7 83.8 42.8 32.0 84.0 -80.9 103.2 81.5 26.0 60.3 38.3 82.9 34.8 25.4 55.0 -102.0 87.6 62.0 19 20 21 22 23 724.8 204.0 100.1 423.4 -2.6 775.7 224.3 89.6 457.5 4.3 805.0 237.8 79.7 474.6 12.9 787.5 221.7 83.5 480.3 2.0 817.4 240.4 77.2 487.1 12.7 796.8 241.4 74.3 471.2 9.8 815.8 234.5 84.7 492.1 4.5 792.3 227.2 85.5 478.4 1.1 786.9 216.0 86.1 482.3 2.5 754.9 208.9 77.6 468.5 -.1 730.2 Gross inv. in tangible assets 198.6 Owner-occupied homes 76.9 Other fixed assets (2) 453.4 Consumer durables 1.2 Inventories (2) 19 20 21 22 23 24 25 26 27 490.6 70.0 115.3 305.4 517.3 73.0 120.7 323.7 550.1 76.0 133.5 340.7 569.3 79.4 135.0 355.0 560.2 76.3 141.0 342.8 564.5 77.1 140.4 347.1 563.1 77.8 133.9 351.3 568.4 78.6 134.3 355.6 575.1 79.3 135.9 359.8 570.8 81.8 135.9 353.2 577.3 Capital consumption allowances 82.3 Owner-occupied homes 136.2 Other fixed assets (2) 358.8 Consumer durables 24 25 26 27 28 29 30 31 32 234.2 134.0 -15.1 118.0 -2.6 258.4 151.4 -31.0 133.8 4.3 254.9 161.9 -53.8 133.9 12.9 218.2 142.3 -51.5 125.3 2.0 257.2 164.0 -63.8 144.3 12.7 232.3 164.4 -66.0 124.1 9.8 252.7 156.7 -49.2 140.8 4.5 223.9 148.7 -48.7 122.8 1.1 211.9 136.7 -49.8 122.5 2.5 184.1 127.1 -58.3 115.3 -.1 152.9 Net inv. in tangible assets 116.3 Owner-occupied homes -59.3 Other fixed assets (2) 94.6 Consumer durables 1.2 Inventories (2) 28 29 30 31 32 33 34 35 36 37 38 39 372.4 234.0 75.0 33.5 -15.3 « 45.3 393.9 230.9 64.4 50.2 3.1 1.1 44.1 356.4 219.8 49.3 39.1 .8 3.7 43.6 285.2 212.8 13.1 14.3 -1.4 4.6 41.9 341.6 224.3 49.5 37.1 -5.2 3.1 32.7 349.4 217.9 34.5 44.1 -5.4 3.8 54.4 454.0 284.5 53.1 30.4 18.4 15.2 52.4 265.0 235.8 -10.4 2.8 -19.3 8.6 47.4 254.8 183.4 18.0 21.3 -17.4 -9.5 58.9 167.3 147.7 -8.5 2.5 12.6 4.2 8.8 220.1 Net increase in liabilities 185.1 Mtg. debt on nonfarm homes .4 Other mortgage debt (2) -23.6 Consumer credit 22.8 Security credit 4.3 Policy loans 31.0 Other liabilities (2) 33 34 35 36 37 38 39 40 41 42 346.4 73.9 118.0 443.4 84.9 133.8 444.9 93.3 133.9 433.3 88.2 125.3 490.3 96.0 144.3 449.7 93.8 124.1 419.0 83.0 140.8 535.7 83.8 122.8 424.4 103.2 122.5 354.1 82.9 115.3 40 41 42 43 44 45 22.4 .9 131.2 6.3 1.4 217.0 15.0 1.8 200.9 8.1 2.2 209.4 16.7 1.9 231.4 8.6 2.0 221.2 1.9 2.2 191.2 13.6 2.3 313.2 10.6 2.4 185.7 6.4 1.8 147.7 443.6 Individuals' saving (1+28-33) 87.6 - Govt, insurance & pen. res. 94.6 - Net investment in cons. dur. - Capital gains dividends 1.2 from mutual funds 2.1 - Net saving by farm corps. 258.2 » Personal saving, FOF basis 46 92.5 145.6 171.9 180.1 154.5 174.2 191.3 195.1 166.5 167.5 164.1 Personal saving, NIPA basis 46 47 38.7 71.4 29.0 29.3 76.9 47.0 -.1 118.1 19.2 -19.8 Corporate 8 foreign bonds Open-market paper Mutual fund shares Other corporate equities 14 Private life insurance res. Private insured pension res. 15 Private noninsured pen. res. 16 Govt, insurance & pen. res. 17 Miscellaneous finan. assets 18 94.1 Difference (1) Combined statement for households, farm business, and nonfarm noncorporate business. (2) Includes corporate farms. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION 10 11 12 13 43 44 45 47 JUNE 12, 1991 Discrepancies Discrepancies Discrepancies - Summary for Sectors and Transactions 64 UNADJUSTED NET FLOWS, $ MILLIONS UNADJUSTED NET FLOWS, $ MILLIONS I 1 III 1989 IV I 1 1990 I II III IV I 1991 I I ANNUAL FLOWS, $ BILLIONS 1983 1984 1985 1986 Sector Discrepancies 1 Total, all sectors 2 Households 3 Nonfin. corporate business 4 State and local governments 5 U.S. government Foreign 6 7 8 9 10 Financial sectors Sponsored credit agencies Monetary authority Commercial banks 11 12 13 14 15 16 17 18 19 20 21 Private nonbank finance Savings and loan assns. Mutual savings banks Credit unions Life insurance Private pension funds Other insurance Finance n.e.c. Finance companies REITs Brokers 8 dealers 14,777 11,501 15-434 -12,757 8,396 191 -3,076 8,059 8,049 25,380 -8,385 -16,180 -43,501 29,048 1,947 -6,237 6,378 7,085 6,162 4,575 -4,642 -11,835 10,757 17,740 21,811 -8,779 -2,129 6,716 11,803 23,334 17,652 1,300 7,132 6,896 15,105 12,085 -28,429 -41,146 -14,565 6,110 32,104 -20,455 -20.6 -70.4 24.3 4.2 10.1 5.1 12.0 -48.3 16.5 11.5 13.3 19.2 24.4 -23.1 30.6 -2.4 3.2 10.1 -12.0 -58.5 43.0 -2.9 21.5 3.2 1 2 3 4 5 6 -7,988 -11,428 1-799 664 -295 -293 -20,155 -6,196 -3,642 1,065 -262 3,970 4,669 577 -265 6,704 3,145 -24,866 810 785 -268 -267 -7,018 -13,413 9,523 881 -267 4,987 6.1 -.3 .5 6.4 .4 .5 -4.0 6.0 1.8 -1.1 -8.1 -5,603 514 983 159 -4,380 -889 -801 -1,189 -1,229 97 -57 -8,415 -162 356 181 849 -898 -605 -8,136 -8,062 80 -154 -2,347 -322 1,411 204 -278 -907 744 -3,199 -3,002 35 -232 9,645 -11,995 -237 -88 838 1,299 246 223 288 -2,423 -925 -915 -292 -1,020 9,279 -8,623 9,256 -8,623 14 19 -19 9 3,922 -104 -11 267 2,724 -933 -519 2,498 2.339 23 136 -.5 2.4 -1.8 #2 -.8 -.2 -1.9 1.6 1.1 .2 .3 3.0 4.0 -.9 .1 2.8 -1.5 -.7 -.8 -.4 K -.4 13.5 5.7 -.8 .4 -4.6 -2.7 6.5 9.0 9.6 -.2 -.4 -3.4 5.4 -3.4 .5 -6.8 -3.2 -2.5 6.5 6.4 .3 “•2 11 12 13 14 15 16 17 18 19 20 21 17,652 -28,429 -49 -35 17,354 -8-234 4,884 -34,170 -20.6 -.2 -10.9 -13.9 12.0 -.1 5.5 .8 24.4 -.2 5.3 -8.4 -12.0 * -2.8 4.9 1 2 3 4 -7,752 -3,507 1.6 2.6 .5 -1.9 1.3 .8 -.6 -8.9 5 6 10,663 3,501 231 143 1,481 -883 -2,369 8,559 8,544 65 -50 -18.3 7 .3 8 -1.9 9 -13.3 10 Transaction Discrepancies 1 Total, all types 14,777 Treasury currency -161 2 -2,244 3 Interbank claims 4 Security RPs -2,329 Checkable deposit mail floats: 5 U.S. government 6,039 6 Other -7,441 7 8 9 10 11 12 Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy Pvt. wage accr. less disb. -3,076 -78 -4,190 59 8,059 -74 4,537 3,617 200 7,983 2,110 -6,041 -100 1,863 927 25,759 -29,254 291 3,555 -255 10,662 -30,896 39,356 9,033 -5,468 -5,937 719 10,726 -9,634 7,640 -496 38.194 -17,929 8,160 5,790 -287 34,779 -23,815 20,165 9,338 -9,491 -10,701 -19.5 2.4 22.7 -5.3 -17.2 1.7 28.1 -5.4 -4.1 4.9 20.2 4.7 -6.8 7 4.2 8 -3.7 9 1.8 10 5,468 - -7,640 - -9,338 - 10,701 - 5.3 - 5.4 - -4.7 - -1.8 11 12 -9,033 - LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 5,937 - 8,049 25,380 -47 -81 1,060 -41 -3,077 -16,538 1,786 -4,181 -458 10,817 9,491 - JUNE 12. 1991 Discrepancies Discrepancies Discrepancies - Summary for Sectors and Transactions 65 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL FLOHS. $ BILLIONS 1987 1988 1989 1990 SEASONALLY ADJUSTED ANNUAL RATES I 1 III 1989 IV I 1 I II 1990 III IV I 1991 1 I Sector Discrepancies 1 2 S A 5 t -At. 9 -38.7 27.1 A.l -3.7 -3.A 3.3 -71.A 53.5 .1 33.A -17.3 12.3 -29.0 2A.2 -A.t AO.O 9.9 59.1 -29.3 1A.A -5.0 A5.9 53.9 -tO.5 -76.9 1A.9 -5.A 76.7 -21.7 18.0 -A7.0 7.7 -10.t 75.9 9.9 12A.6 .1 A7.9 -9.1 31.0 62.0 30.t -118.1 lA.t -A.5 A9.7 90.t -37.9 -19.2 -26. t 2.3 2.9 2.A 119.1 19.8 21.5 -8.7 99.9 60.7 7 8 9 10 -32.A .6 -1.7 -15.8 5.0 .8 .5 1A.3 -28.2 3.0 -1.2 -37.1 -20.7 3.2 -1.1 -9.8 -A8.0 5.7 -1.2 -66.9 -17.8 2.0 -1.2 -36.0 -7.3 5.8 -1.0 31.5 -l.t 3.0 -1.1 t.A .3 1.3 -1.1 -10.A -7A.2 2.8 -1.1 -66.6 A9.2 5.3 -1.1 39.A Financial sectors Sponsored credit agencies Monetary authority Commercial banks 7 8 9 10 11 12 13 1A 15 It 17 18 19 20 21 -15.t -7.0 -1.7 .1 -13.3 -3.A -5.1 1A.7 lA.t .2 -10.5 -11.A .2 .1 -3.2 -3.3 -6.8 1A.0 1A.0 .3 -.3 7.1 .1 l.A .5 -.3 -3.5 -5.3 1A.2 1A.2 .2 -.3 -13.1 -.8 3.9 .9 -l.t -3.6 -1.2 -10.7 -10.A .1 -.A 1A.A 1A.0 .9 .t .9 -3.5 -7.5 9.1 9.0 .3 -.2 17.A 2.1 3.9 .t -2.2 -3.6 -1.7 18.2 18.0 .A -.2 -A3.6 -.t l.A .7 -5.A -3.6 -2.2 -33.9 -33. t .3 -.6 -10.0 -1.3 5.6 .8 -2.8 -3.6 -.8 -7.9 -7.1 .1 -.9 10.A -.9 5.2 .9 -3.7 -3.7 .9 11.8 11.7 .1 5.5 -.A a -9.3 -.A 3.A 1.0 5.7 -3.7 -2.6 -12.7 -12.7 .1 -.1 Private nonbank finance Savings and loan assns. Mutual savings banks Credit unions Life insurance Private pension funds Other insurance Finance n.e.c. Finance companies REITs Brokers 8 dealers 11 12 13 1A 15 16 17 18 19 20 21 -3.2 Total* all types -.2 Treasury currency 53.0 Interbank claims -128.3 Security RPs Checkable deposit mall floats: -32.7 U.S. government 12.6 Other 1 2 3 A a -3.2 Total, all sectors -9A.1 Households 33.0 Nonfin. corporate business -8.9 State and local governments 83.9 U.S. sovernment -66.A Foreisn a 1.1 2.1 -3.7 -1.9 8.A 7.8 .1 .5 1 2 3 A 5 6 Transaction Discrepancies 1 2 3 A -At.9 -.1 -A.8 -21.3 3.3 -.1 -3.7 -28.1 12.3 -.2 -5.1 18.8 59.1 -.2 -2.7 -11.1 -tO.5 -.6 -15.9 -A3.8 18.0 -.3 3.2 -9.2 12A.6 -.3 3.6 19.7 30.t -.2 .2 31.6 -37.9 -.3 -2.7 -109.6 119.1 -.1 -11.8 13.8 5 6 a .A 1.6 .8 8.A -3.2 3.3 2.5 27.5 -6.2 1.9 -5.3 12.A l.t -15.5 -A.9 10.2 7.9 6.2 5.1 7 8 9 10 -AA.2 7.0 5.A 10.7 -9.3 5.9 8.0 28.2 13.6 10.2 -A7.1 It.9 9.2 lt.O AO.7 l.t 22.0 A.9 -6A.5 lt.l -2.6 lt.t 10.8 3.1 -36.5 -A.A 129.5 -1.0 12.2 39.2 -35.0 2.9 19.1 3.5 29.2 A.8 A1.8 25.6 39.1 -.5 11.A 28.9 60.1 -8.1 11 12 -10.7 - -28.2 - -It.9 - -l.t - -16.1 - -3.1 - 1.0 - -2.9 - -A.8 - .5 - 8.1 - BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinanclal components: NIPA discrepancy Pvt. wage accr. less disb. 5 6 7 8 9 10 11 12
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