Economic Report President

TABLE B–74.—Credit market borrowing, 1989–98—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]1997 1998ItemI II III IV I II IIINONFINANCIAL SECTORSDOMESTIC ........................................................................................... 675.9 617.7 829.6 955.1 922.1 938.0 930.6FEDERAL GOVERNMENT ............................................................. 64.9 −43.5 30.3 40.8 −30.0 −70.9 −136.5Treasury securities ........................................................... 66.3 −43.8 31.2 39.0 −27.6 −69.4 −136.1Budget agency securities and mortgages ....................... −1.4 .2 −.9 1.7 −2.4 −1.4 −.4NONFEDERAL, BY INSTRUMENT ................................................ 611.0 661.2 799.2 914.3 952.1 1,008.9 1,067.0Commercial paper ............................................................. 7.2 20.3 14.5 12.8 53.9 6.6 88.4Municipal securities and loans ........................................ 34.1 59.6 88.9 103.2 116.7 100.1 84.1Corporate bonds ................................................................ 79.4 86.1 122.9 74.4 157.2 160.8 88.0Bank loans n.e.c. .............................................................. 140.7 118.1 31.6 138.7 55.8 157.3 142.6Other loans and advances ................................................ 34.2 20.8 78.0 141.6 83.2 37.9 78.0Mortgages ......................................................................... 253.0 296.7 413.0 405.8 428.1 481.2 497.8Home ......................................................................... 218.2 211.4 334.2 309.3 324.1 360.5 365.8Multifamily residential ............................................. 4.1 12.9 6.6 22.3 19.9 22.6 22.9Commercial ............................................................... 28.6 68.4 67.9 71.6 80.0 91.9 103.9Farm .......................................................................... 2.1 4.1 4.3 2.6 4.0 6.2 5.3Consumer credit ................................................................ 62.5 59.5 50.3 37.8 57.3 65.1 88.2NONFEDERAL, BY SECTOR ......................................................... 611.0 661.2 799.2 914.3 952.1 1,008.9 1,067.0Household sector ............................................................... 334.9 329.7 362.9 394.9 437.2 469.8 472.7Nonfinancial business ....................................................... 259.2 289.1 363.8 427.1 420.6 460.2 521.6Corporate .................................................................. 206.4 214.5 291.5 347.5 331.4 354.6 404.7Nonfarm noncorporate .............................................. 47.8 68.6 66.8 70.6 81.4 98.2 110.2Farm .......................................................................... 4.9 6.0 5.5 9.0 7.9 7.4 6.7State and local governments ........................................... 16.9 42.5 72.6 92.3 94.3 78.9 72.7FOREIGN BORROWING IN THE UNITED STATES ................................. 31.2 61.7 92.5 42.3 68.5 86.6 −27.0Commercial paper ..................................................................... 15.5 10.4 −11.6 .7 56.0 −24.8 6.9Bonds ......................................................................................... 15.5 38.7 100.3 32.4 14.3 107.5 −34.8Bank loans n.e.c. ....................................................................... −.7 11.5 7.3 15.7 5.2 8.4 3.5Other loans and advances ........................................................ .9 1.2 −3.5 −6.5 −7.0 −4.4 −2.6NONFINANCIAL DOMESTIC AND FOREIGN BORROWING .................... 707.1 679.3 922.1 997.4 990.6 1,024.7 903.5FINANCIAL SECTORSBY INSTRUMENT ................................................................................ 336.5 657.1 595.5 987.9 839.8 1,012.9 992.8Federal Government related ...................................................... 105.7 286.2 161.0 298.1 227.3 413.4 561.6Government-sponsored enterprises securities ................. −8.9 198.1 46.4 157.9 142.5 166.4 294.0Mortgage pool securities .................................................. 114.6 88.1 114.6 140.3 84.8 247.0 267.5U.S. Government loans ...................................................... 0 0 0 0 0 0 0Private financial sectors ........................................................... 230.9 370.9 434.5 689.8 612.5 599.5 431.2Open market paper ........................................................... 176.6 77.0 168.8 244.2 237.4 134.8 141.0Corporate bonds ................................................................ 61.7 229.4 194.8 345.8 315.5 373.5 158.8Bank loans n.e.c. .............................................................. 6.5 −6.0 23.2 30.7 18.9 7.2 41.1Other loans and advances ................................................ −20.1 63.0 37.5 61.7 32.7 76.0 82.3Mortgages ......................................................................... 6.2 7.5 10.1 7.3 8.0 8.0 8.0BY SECTOR ......................................................................................... 336.5 657.1 595.5 987.9 839.8 1,012.9 992.8Commercial banking .................................................................. 14.4 76.4 32.5 61.0 83.5 80.0 78.2Savings institutions ................................................................... −16.8 31.9 22.3 41.7 10.6 31.2 63.7Government-sponsored enterprises .......................................... −8.9 198.1 46.4 157.9 142.5 166.4 294.0Federally related mortgage pools ............................................. 114.6 88.1 114.6 140.3 84.8 247.0 267.5Asset-backed securities issuers ............................................... 85.8 120.7 226.2 385.1 254.4 367.2 272.4Finance companies .................................................................... 5.6 120.5 8.9 59.6 80.1 101.8 −13.6Funding corporations ................................................................. 129.7 −21.5 115.4 99.2 142.8 −28.6 −19.1Other 1 ........................................................................................ 12.2 42.9 29.1 43.2 41.0 48.0 49.6ALL SECTORSBY INSTRUMENT ................................................................................ 1,043.7 1,336.4 1,517.6 1,985.3 1,830.3 2,037.6 1,896.3Open market paper ................................................................... 199.3 107.7 171.7 257.7 347.3 116.6 236.2U.S. Government securities ....................................................... 170.6 242.6 191.3 338.9 197.3 342.5 425.1Municipal securities and loans ................................................. 34.1 59.6 88.9 103.2 116.7 100.1 84.1Corporate and foreign bonds .................................................... 156.6 354.2 418.1 452.7 487.0 641.8 212.0Bank loans n.e.c. ....................................................................... 146.5 123.6 62.2 185.1 79.9 172.9 187.2Other loans and advances ........................................................ 15.0 85.0 112.0 196.8 108.9 109.4 157.6Mortgages .................................................................................. 259.2 304.2 423.1 413.1 436.1 489.2 505.8Consumer credit ........................................................................ 62.5 59.5 50.3 37.8 57.3 65.1 88.2Source: Board of Governors of the Federal Reserve System.415