President

Table B–74.—Credit market borrowing, 1999–2007—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]Item2006 2007I II III IV I II IIINONFINANCIAL SECTORSDomestic 2,645.8 2,262.2 1,990.3 2,421.5 2,313.9 2,134.4 2,670.8By instrument 2,645.8 2,262.2 1,990.3 2,421.5 2,313.9 2,134.4 2,670.8Commercial paper 18.8 16.8 –37.7 95.6 –1.6 31.3 –48.6Treasury securities 377.0 49.7 172.4 135.8 327.5 –70.7 435.9Agency- and GSE-backed securities 1 –1.0 .2 –1.0 .5 –1.3 –.1 –.8Municipal securities 114.6 172.6 169.2 252.8 248.5 246.9 205.0Corporate bonds 211.0 204.1 138.6 320.9 284.8 388.0 212.0Banks loans n.e.c. 208.2 99.0 163.1 223.2 115.7 99.0 430.6Other loans and advances 65.1 93.9 –30.0 60.1 69.7 64.1 196.3Mortgages 1,590.8 1,498.2 1,296.1 1,223.7 1,157.7 1,246.6 1,089.9Home 1,281.9 1,200.4 964.9 859.0 815.1 830.1 732.4Multifamily residential 65.6 49.6 44.0 76.0 61.5 95.1 100.6Commercial 235.6 241.3 279.6 280.7 275.8 317.1 251.8Farm 7.7 6.9 7.6 7.9 5.3 4.4 5.1Consumer credit 61.3 127.8 119.7 108.9 113.0 129.2 150.5By sector 2,645.8 2,262.2 1,990.3 2,421.5 2,313.9 2,134.4 2,670.8Household sector 1,322.2 1,351.0 1,076.3 1,063.1 921.2 1,004.6 924.8Nonfinancial business 844.9 724.8 595.4 1,003.8 842.7 987.6 1,132.9Corporate 488.4 401.5 262.9 635.3 537.2 603.1 661.5Nonfarm noncorporate 336.5 306.6 318.6 345.7 282.9 377.5 462.3Farm 19.9 16.7 13.9 22.9 22.6 7.0 9.2State and local governments 102.8 136.4 147.2 218.2 223.8 212.9 178.1Federal Government 376.0 49.9 171.4 136.3 326.2 –70.8 435.0Foreign borrowing in the United States 140.1 115.7 518.1 227.7 158.2 257.8 –3.5Commercial paper 83.4 –51.7 357.8 –17.2 8.8 22.4 –199.4Bonds 60.8 144.6 180.2 218.0 174.8 191.1 170.1Bank loans n.e.c. 5.2 30.8 –12.2 31.6 –22.5 47.1 26.5Other loans and advances –9.3 –8.0 –7.7 –4.6 –3.0 –2.9 –.7Nonfinancial domestic and foreign borrowing 2,785.8 2,377.8 2,508.3 2,649.2 2,472.1 2,392.2 2,667.4FINANCIAL SECTORSBy instrument 1,370.7 1,593.7 939.9 1,302.4 1,170.5 1,418.5 2,321.1Open market paper 190.9 331.7 80.7 199.6 206.5 357.0 –681.7GSE issues 1 –0.5 204.7 –73.9 50.3 28.3 161.4 556.6Agency- and GSE-backed mortgage pool securities 1 318.2 299.6 284.2 278.7 463.2 535.0 622.6Corporate bonds 803.4 728.2 654.0 1,000.2 467.2 306.9 965.2Banks loans n.e.c. 18.9 –15.7 –42.8 –216.8 51.0 48.8 103.4Other loans and advances 20.8 38.1 29.9 –3.9 –30.5 .4 746.2Mortgages 19.0 7.1 7.8 –5.8 –15.2 9.0 8.7By sector 1,370.7 1,593.7 939.9 1,302.4 1,170.5 1,418.5 2,321.1Commercial banking 85.7 171.8 51.6 400.6 90.7 147.3 496.0U.S.-chartered commercial banks 49.0 58.7 14.9 307.6 8.6 22.4 355.1Foreign banking offices in U.S. 0.2 –.2 –.2 –.9 –.4 .2 –.7Bank holding companies 36.6 113.4 36.9 94.0 82.4 124.7 141.5Savings institutions 0.5 –1.8 17.1 –463.3 –20.5 –24.9 363.8Credit unions –0.2 6.8 2.0 8.4 –10.5 10.6 37.9Life insurance companies 2.8 1.3 2.4 4.3 4.9 12.6 26.9Government-sponsored enterprises –0.5 204.7 –73.9 50.3 28.3 161.4 556.6Agency- and GSE-backed mortgage pools 1 318.2 299.6 284.2 278.7 463.2 535.0 622.6Asset-backed securities issuers 805.8 671.9 700.1 906.2 435.1 485.3 49.3Finance companies 17.7 89.1 –36.6 69.0 13.9 9.3 119.7REITs 61.4 56.5 32.8 14.0 2.2 –9.9 4.7Brokers and dealers 35.1 6.5 5.0 –20.9 59.5 39.9 –29.3Funding corporations 44.1 87.2 –44.8 55.0 103.6 51.9 73.0ALL SECTORS, BY INSTRUMENTTotal 4,156.5 3,971.5 3,448.2 3,951.5 3,642.5 3,810.7 4,988.5Open market paper 293.0 296.7 400.8 278.0 213.7 410.6 –929.7Treasury securities 377.0 49.7 172.4 135.8 327.5 –70.7 435.9Agency- and GSE-backed securities 1 316.7 504.6 209.3 329.5 490.2 696.3 1,178.4Municipal securities 114.6 172.6 169.2 252.8 248.5 246.9 205.0Corporate and foreign bonds 1,075.2 1,076.9 972.7 1,539.1 926.8 886.1 1,347.3Bank loans n.e.c. 232.3 114.2 108.1 38.0 144.2 195.0 560.5Other loans and advances 76.5 123.9 –7.8 51.6 36.2 61.7 941.9Mortgages 1,609.9 1,505.3 1,303.9 1,217.9 1,142.5 1,255.6 1,098.6Consumer credit 61.3 127.8 119.7 108.9 113.0 129.2 150.5Source: Board of Governors of the Federal Reserve System.Appendix B – Money Stock, Credit, and Finance | 315