March 2006 Statistical Supplement to the Federal Reserve BULLETIN The Statistical Supplement to the Federal Reserve Bulletin (ISSN 1547-6863) is published by the Board of Governors of the Federal Reserve System, Washington, DC 20551, and may be obtained from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. Calls pertaining to subscriptions should be directed to Publications Fulfillment (202) 452-3245. The regular subscription price in the United States and its commonwealths and territories, and in Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $25.00 per year or $2.50 per copy; elsewhere, $35.00 per year or $3.50 per copy. Remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. A subscription to the Statistical Supplement to the Federal Reserve Bulletin may also be obtained by using the publications order form available on the Board’s web site, at www.federalreserve.gov. POSTMASTER: Send address changes to Statistical Supplement to the Federal Reserve Bulletin, PUBLICA- TIONS FULFILLMENT, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. Volume 3 Number 3 March 2006 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. ii Publications Committee Rosanna Pianalto Cameron, Chair Scott G. Alvarez Sandra Braunstein Marianne M. Emerson Jennifer J. Johnson Karen H. Johnson Stephen R. Malphrus Vincent R. Reinhart Louise L. Roseman Richard Spillenkothen David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Subscription information for the Statistical Supple- Bulletin is a continuation of the Financial and Busi- ment is on the inside front cover. For subscription ness Statistics section that appeared in each month’s information about the Bulletin, contact Publications issue of the Federal Reserve Bulletin Fulfillment at (202) 452-3245, or send an e-mail to Published monthly, the Statistical Supplement is [email protected]. designed as a compact source of economic and finan- If you have questions regarding the tables in cial data. All statistical series are published with the the Statistical Supplement, please send a fax to same frequency that they had in the Bulletin, and the (202) 785-6092 or (202) 728-5886. numbering system for the tables remains the same. iv Federal Reserve Bulletin Statistical Supplement March 2006 Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second Federal Finance week of March 2006. 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— 3 SYMBOLS AND ABBREVIATIONS Types and ownership 26 U.S. government securities DOMESTIC FINANCIAL STATISTICS dealers—Transactions 27 U.S. government securities dealers— Money Stock and Bank Credit Positions and financing 4 Reserves and money stock measures 28 Federal and federally sponsored credit 5 Reserves of depository institutions and Reserve Bank agencies—Debt outstanding credit 6 Reserves and borrowings—Depository institutions Securities Markets and Corporate Finance 29 New security issues—Tax-exempt state and local Policy Instruments governments and U.S. corporations 30 Open-end investment companies—Net sales 7 Federal Reserve Bank interest rates and assets 8 Reserve requirements of depository institutions 30 Domestic finance companies—Assets and liabilities 9 Federal Reserve open market transactions 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Real Estate 32 Mortgage markets—New homes Monetary and Credit Aggregates 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base Consumer Credit 13 Money stock measures 34 Total outstanding 34 Terms Commercial Banking Institutions— Assets and Liabilities 15 All commercial banks in the United States Flow of Funds 16 Domestically chartered commercial banks 35 Funds raised in U.S. credit markets 17 Large domestically chartered commercial banks 37 Summary of financial transactions 19 Small domestically chartered commercial banks 38 Summary of credit market debt outstanding 20 Foreign-related institutions 39 Summary of financial assets and liabilities 21 Memo items Financial Markets DOMESTIC NONFINANCIAL STATISTICS 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans Selected Measures 23 Interest rates—Money and capital markets 40 Output, capacity, and capacity utilization 24 Stock market—Selected statistics 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement March 2006 INTERNATIONAL STATISTICS Interest and Exchange Rates 56 Foreign exchange rates Summary Statistics 44 U.S. international transactions 57 GUIDE TO SPECIAL TABLES 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve SPECIAL TABLES Banks 45 Selected U.S. liabilities to foreign official 58 Assets and liabilities of commercial banks, institutions December 31, 2005 Reported by Banks in the United States 60 INDEX TO STATISTICAL TABLES 45 Liabilities to, and claims on, foreigners 62 FEDERAL RESERVE BOARD PUBLICATIONS 46 Liabilities to foreigners 48 Banks’ own claims on foreigners 49 Banks’ own and domestic customers’ claims on 64 ANTICIPATED SCHEDULE OF RELEASE DATES FOR foreigners PERIODIC STATISTICAL RELEASES Reported by Nonbanking Business 66 PUBLICATIONS OF INTEREST Enterprises in the United States 67 FEDERAL RESERVE STATISTICAL RELEASES 50 Liabilities to foreigners AVAILABLE ON THE COMMERCE DEPARTMENT’S 52 Claims on foreigners ECONOMIC BULLETIN BOARD Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions 3 Symbols and Abbreviations c Corrected GDP Gross domestic product e Estimated GNMA Government National Mortgage Association n.a. Not available GSE Government-sponsored enterprise n.e.c. Not elsewhere classified HUD Department of Housing and Urban p Preliminary Development r Revised (Notation appears in column heading IMF International Monetary Fund when about half the figures in the column have IOs Interest-only, stripped, mortgage-backed securities been revised from the most recently published IPCs Individuals, partnerships, and corporations table.) IRA Individual retirement account * Amount insignificant in terms of the last decimal MMDA Money market deposit account place shown in the table (for example, less than MSA Metropolitan statistical area 500,000 when the smallest unit given is in millions) NAICS North American Industry Classification System 0 Calculated to be zero NOW Negotiable order of withdrawal . Cell not applicable OCDs Other checkable deposits ABS Asset-backed security OPEC Organization of Petroleum Exporting Countries ATS Automatic transfer service OTS Office of Thrift Supervision BIF Bank insurance fund PMI Private mortgage insurance CD Certificate of deposit POs Principal-only, stripped, mortgage-backed securities CMO Collateralized mortgage obligation REIT Real estate investment trust CRA Community Reinvestment Act of 1977 REMICs Real estate mortgage investment conduits FAMC Federal Agricultural Mortgage Corporation RHS Rural Housing Service FFB Federal Financing Bank RP Repurchase agreement FFIEC Federal Financial Institutions Examination Council RTC Resolution Trust Corporation FHA Federal Housing Administration SCO Securitized credit obligation FHLBB Federal Home Loan Bank Board SDR Special drawing right FHLMC Federal Home Loan Mortgage Corporation SIC Standard Industrial Classification FmHA Farmers Home Administration STRIPS Separate trading of registered interest and principal FNMA Federal National Mortgage Association of securities FSA Farm Service Agency TIIS See TIPS FSLIC Federal Savings and Loan Insurance Corporation TIPS Treasury inflation-protected securities (formerly G-7 Group of Seven TIIS, or Treasury inflation-indexed securities) G-10 Group of Ten VA Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of of U.S. government agencies (the flow of funds figures also rounding. include not fully guaranteed issues) as well as direct obliga- Minus signs are used to indicate (1) a decrease, (2) a negative tions of the U.S. Treasury. figure, or (3) an outflow. ‘‘State and local government’’ also includes municipalities, ‘‘U.S. government securities’’ may include guaranteed issues special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement March 2006 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 2005 2005 Monetary or credit aggregate Q1 Q2r Q3 Q4 Aug.r Sept.r Oct.r Nov.r Dec. Reserves of depository institutions2 1 Total ..................................................... 2.1 −3.2 −8.0r −6.0 −40.5 31.7 −24.5 −1.9 2.4 2 Required .................................................