E C O N O M I C R E P O R T O F T H E P R E S I D E N T

TABLE B–72.—Credit market borrowing, 1990–99—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]1998 1999ItemI II III IV I II IIINONFINANCIAL SECTORSDOMESTIC ......................................................................................... 1,077.3 1,044.2 900.6 1,074.2 1,288.1 886.6 1,130.9FEDERAL GOVERNMENT ........................................................... −14.5 −28.4 −113.5 −54.1 −75.2 −112.2 −83.1Treasury securities ......................................................... −12.1 −26.9 −113.1 −66.3 −73.7 −112.8 −83.2Budget agency securities and mortgages ..................... −2.4 −1.4 −.4 12.2 −1.5 .6 .0NONFEDERAL, BY INSTRUMENT .............................................. 1,091.8 1,072.6 1,014.1 1,128.3 1,363.3 998.7 1,214.1Commercial paper ........................................................... 51.1 3.8 85.6 −43.0 64.4 3.4 55.8Municipal securities and loans ...................................... 113.5 101.3 82.9 89.6 100.7 48.0 74.8Corporate bonds .............................................................. 278.8 294.8 108.0 193.2 274.0 287.6 202.8Bank loans n.e.c. ............................................................ 35.0 169.2 107.8 120.9 70.0 22.2 107.4Other loans and advances .............................................. 76.3 40.8 77.7 102.5 151.0 −16.7 85.9Mortgages ....................................................................... 478.2 400.7 472.6 595.1 573.9 594.1 611.9Home ....................................................................... 378.3 289.1 375.2 429.1 415.1 422.9 436.0Multifamily residential ........................................... 21.6 21.1 16.1 30.6 35.9 34.7 49.6Commercial ............................................................. 74.1 83.8 75.9 126.8 119.3 127.5 117.9Farm ........................................................................ 4.1 6.7 5.5 8.6 3.6 9.0 8.4Consumer credit .............................................................. 58.9 62.1 79.6 69.9 129.2 60.1 75.4NONFEDERAL, BY SECTOR ....................................................... 1,091.8 1,072.6 1,014.1 1,128.3 1,363.3 998.7 1,214.1Household sector ............................................................. 465.1 420.3 473.4 528.6 556.4 517.1 566.0Nonfinancial business ..................................................... 532.5 570.3 470.7 524.6 719.5 445.9 595.3Corporate ................................................................ 426.9 467.4 365.8 413.7 611.2 332.6 469.3Nonfarm noncorporate ............................................ 97.1 95.4 97.6 103.3 101.6 114.2 115.5Farm ........................................................................ 8.4 7.5 7.3 7.5 6.6 −.9 10.5State and local governments ......................................... 94.2 82.0 70.0 75.1 87.4 35.7 52.8FOREIGN BORROWING IN THE UNITED STATES ............................... 95.0 97.9 −19.6 −38.9 17.3 −36.4 62.6Commercial paper ................................................................... 55.3 −25.5 6.2 −4.7 18.3 −27.1 41.4Bonds ....................................................................................... 42.5 119.2 −27.2 −34.2 .9 −12.6 29.4Bank loans n.e.c. ..................................................................... 5.2 8.4 3.6 9.8 .9 5.6 −6.6Other loans and advances ...................................................... −8.0 −4.2 −2.2 −9.7 −2.8 −2.3 −1.6NONFINANCIAL DOMESTIC AND FOREIGN BORROWING .................. 1,172.3 1,142.1 881.0 1,035.3 1,305.4 850.1 1,193.5FINANCIAL SECTORSBY INSTRUMENT ............................................................................... 931.3 988.9 1,056.3 1,298.7 1,214.2 1,042.9 1,046.5Federal Government related .................................................... 249.2 405.4 555.8 673.3 592.2 579.1 653.2Government-sponsored enterprise securities ................. 142.5 166.4 294.0 510.5 193.0 304.7 407.1Mortgage pool securities ................................................ 106.7 239.0 261.7 162.8 399.2 274.4 246.2U.S. Government loans .................................................... .0 .0 .0 .0 .0 .0 .0Private financial sectors ......................................................... 682.1 583.5 500.5 625.4 622.0 463.8 393.2Open market paper ......................................................... 236.7 135.6 141.0 130.7 78.3 57.8 89.8Corporate bonds .............................................................. 346.3 361.8 177.4 281.9 490.8 289.8 148.1Bank loans n.e.c. ............................................................ 57.3 −9.7 60.2 12.4 −8.8 10.5 −1.2Other loans and advances .............................................. 32.7 76.0 82.3 169.9 41.6 117.9 147.2Mortgages ....................................................................... 9.1 19.9 39.6 30.6 20.1 −12.3 9.4BY SECTOR ....................................................................................... 931.3 988.9 1,056.3 1,298.7 1,214.2 1,042.9 1,046.5Commercial banking ................................................................ 82.8 80.8 61.7 66.3 31.1 72.7 111.4Savings institutions ................................................................. 10.6 31.2 63.7 103.2 58.0 58.6 55.2Government-sponsored enterprises ........................................ 142.5 166.4 294.0 510.5 193.0 304.7 407.1Federally related mortgage pools ........................................... 106.7 239.0 261.7 162.8 399.2 274.4 246.2Asset-backed securities issuers ............................................. 283.0 352.4 294.2 335.7 300.5 335.8 190.5Finance companies .................................................................. 74.6 91.9 −12.0 17.8 71.2 88.4 −22.7Funding corporations ............................................................... 139.2 −28.6 11.2 40.9 166.5 −63.8 31.2Other 1 ...................................................................................... 92.0 55.8 81.6 61.6 −5.3 −27.6 27.6ALL SECTORSBY INSTRUMENT ............................................................................... 2,103.6 2,131.0 1,937.3 2,334.0 2,519.6 1,893.0 2,240.0Open market paper ................................................................. 343.0 113.8 232.7 83.0 161.1 34.1 187.0U.S. Government securities ..................................................... 234.7 377.1 442.3 619.1 517.0 467.0 570.1Municipal securities ................................................................ 113.5 101.3 82.9 89.6 100.7 48.0 74.8Corporate and foreign bonds .................................................. 667.6 775.8 258.2 440.9 765.7 564.8 380.2Bank loans n.e.c. ..................................................................... 97.6 167.9 171.6 143.0 62.1 38.3 99.6Other loans and advances ...................................................... 101.0 112.5 157.8 262.7 189.8 98.9 231.5Mortgages ................................................................................ 487.3 420.5 512.2 625.7 594.0 581.8 621.3Consumer credit ...................................................................... 58.9 62.1 79.6 69.9 129.2 60.1 75.4Source: Board of Governors of the Federal Reserve System.393