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`FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                               May 18, 2000
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     May 17, 2000 May 10, 2000 May 19, 1999 May 17, 2000

Reserve Bank Credit                                         556,399    -   4,194    +  37,455      553,919
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    508,353    +     608    +  32,174      507,916
    Held under repurchase agreements                              0            0    -   4,079            0
  Federal agency obligations (1)                                                   
    Bought outright                                             140            0    -     171          140
    Held under repurchase agreements                              0            0    -   5,160            0
  Repurchase agreements -- triparty (4)                      14,323    -   2,770    +  14,323       14,620
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            66    +       3    +      33          146
    Seasonal credit                                             260    +      44    +     173          285
    Extended credit                                               0            0            0            0
   Float                                                       -354    -     947    -     655       -1,083
   Other F.R. assets                                         33,612    -   1,132    +     818       31,895
Gold stock                                                   11,048            0    -       1       11,048
Special drawing rights certificate account                    5,200            0    -   3,000        5,200
Treasury currency outstanding                                28,857    +      14    +   2,041       28,857
        Total factors supplying reserve funds               601,505    -   4,179    +  36,497      599,025
                                                                   
Currency in circulation*                                    564,719    +     353    +  41,596      565,344
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         205            0    +      58          207
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    5,424    -   3,644    +     267        4,923
  Foreign                                                       121    +      35    -      74          126
  Service-related balances and adjustments (5)                6,859    -     110    +      80        6,859
  Other                                                         254    -       7    -      39          260
Other F.R. liabilities and capital                           15,291    -   2,825    -   2,180       15,009
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             592,873    -   6,198    +  39,708      592,728

Reserve balances with F.R. Banks  (6)                         8,631    +   2,018    -   3,212        6,297
                                                                
On       May 17, 2000, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve
Banks for foreign official and international accounts was $    707,423 million, a change of $  +   2,370 million for the week. The total includes
$    623,359 million of U.S. government securities and $     84,063 million of federal agency securities. The total includes the face value of
U.S. Treasury strips and other zero coupon bonds.
1  Face value of the securities.
2  Net of $     15,927 million (daily average over statement week) and $     16,445 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     15,927 million (daily average)
   and $     16,445 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      2,709 million (daily average) and $      4,177 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and 
   $        308 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $      6,474 million and adjustments of $        385 million to 
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           May 17, 2000     May 10, 2000     May 19, 1999
                ASSETS
Gold certificate account                                        11,048                0                0
Special drawing rights certificate account                       5,200                0        -   3,000
Coin                                                               588        +      16        +     182
Loans                                                              431        +     151        +     330
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           14,620        +     445        +  14,620
Federal agency obligations (2)          
  Bought outright                                                  140                0        -     171
  Held under repurchase agreements                                   0                0        -   5,648
U.S. government securities (2)           
  Bought outright--Bills                                       200,571        -   1,082        +   3,930
                   Notes (3)                                   222,560        +   1,522        +  18,595
                   Bonds (4)                                    84,785        -     983        +   8,056
    Total bought outright (5)                                  507,916        -     543        +  30,581
  Held under repurchase agreements (1)                               0                0        -   4,785
     Total U.S. government securities                          507,916        -     543        +  25,796
       Total loans and securities                              523,107        +      54        +  34,928
                          
Items in process of collection                    (1,065)        7,866        -     516        -     175
Bank premises                                                    1,395        +       1        +      80
Other assets (6)                                                30,561        -   2,861        +     631
                TOTAL ASSETS                      (1,065)      579,766        -   3,306        +  32,648
                          
                LIABILITIES
Federal Reserve notes                                          537,283        -     377        +  39,419
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       14,563        +   1,700        -   4,766
  U.S. Treasury--general account                                 4,923        -   4,846        +     140
  Foreign--official accounts                                       126        +      54        -      62
    Other                                            (-1)          260        -       3        -      45
      Total deposits                                 (-1)       19,872        -   3,095        -   4,733
Deferred availability cash items                  (1,066)        7,602        +     143        +     197
Other liabilities and accrued dividends (7)                      4,744        -      69        +     426
                TOTAL LIABILITIES                 (1,065)      569,500        -   3,399        +  35,309
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  6,765                0        +     552
Surplus                                                          2,594        +      28        -   3,358
Other capital accounts                                             906        +      64        +     144

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      4,254 million of inflation-indexed securities valued at the original face amount and 
   $        237 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and 
   $         70 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     16,445 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      4,177 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.
7  Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of 
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,       May 17, 2000
Holdings of securities include securitites held under repurchase agreements, which are classified according 
to remaining maturity.

Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days             404       17,492   -   1,745            0           0        8,470           0
16 to 90 days               27      105,363   -     637            0           0        6,150           0
91 days to 1 year            0      138,892   +     547           10           0     ------      ------
Over 1 to 5 years                   125,253   +     913           10           0     ------      ------
Over 5 to 10 years                   53,422   +   1,025          120           0     ------      ------
Over 10 years                        67,494   -     646            0           0     ------      ------
                   		 	
Total                      431      507,916   -     543          140           0       14,620           0

1  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and 
   $        308 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of 
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of 
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON       May 17, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,048        535      4,430        414        520        750        802      1,064        359        158        340        514      1,162
Special drawing rights certif. acct.           5,200        271      2,065        196        246        346        393        502        167         72        156        232        554
Coin                                             588         22         41         28         34         80         70         67         36         33         50         62         65
                       
Loans                                            431          5          8          0          0          0          7         95         63         64         51         97         41
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          14,620          0     14,620          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)      
  Bought outright                                140          8         54          6          8          8          9         17          5          1          5          4         15
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)         
  Bought outright--Bills                     200,571     11,514     77,421      8,354     11,224     11,774     13,351     23,991      7,619        844      6,684      5,934     21,860
                   Notes (3)                 222,560     12,777     85,909      9,270     12,455     13,065     14,814     26,622      8,454        937      7,417      6,585     24,257
                   Bonds (4)                  84,785      4,867     32,727      3,531      4,745      4,977      5,643     10,141      3,221        357      2,825      2,509      9,241
     Total bought outright(5)                507,916     29,159    196,057     21,155     28,424     29,816     33,808     60,754     19,294      2,138     16,926     15,028     55,357
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             507,916     29,159    196,057     21,155     28,424     29,816     33,808     60,754     19,294      2,138     16,926     15,028     55,357
       Total loans and securities            523,107     29,172    210,738     21,161     28,431     29,824     33,825     60,866     19,362      2,203     16,982     15,129     55,414
                       
Items in process of collection                 8,931        645      1,195        423        317        540        913        866        514        563        503        253      2,200
Bank premises                                  1,395         94        163         50        157        124        182        105         33        127         50        145        165
Other assets(5)                               30,561      1,515     10,092      1,027      1,822      4,866      2,000      2,906        885        645        874        934      2,995
Interdistrict settlement account                   0    + 1,390    +10,342    -   836    + 2,074    -   885    +   101    - 2,196    -   897    -   821    - 1,049    - 4,774    - 2,450
          TOTAL ASSETS                       580,831     33,644    239,067     22,463     33,601     35,644     38,285     64,181     20,460      2,980     17,905     12,496     60,104

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      4,254 million of inflation-indexed securities valued at the original face amount and  $        237 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and  $         70 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     16,445 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      4,177 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON       May 17, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                         537,283     31,354    226,185     21,127     31,071     30,964     35,072     59,507     19,124      1,441     16,261     10,596     54,580
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      14,563        930      2,498        432      1,103      1,245      1,186      2,525        505        569        803      1,048      1,718
  U.S. Treasury--general account                4,923          0      4,923          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                      126          1        102          1          2          8          2          3          1          1          1          1          3
  Other                                           259          1        141          0          8        100          3          0          0          0          2          0          1
    Total deposits                             19,871        933      7,664        434      1,114      1,353      1,191      2,528        506        571        806      1,049      1,723
Deferred credit items                           8,668        636      1,111        379        474        691        931        648        380        517        378        352      2,170
Other liabilities and accrued                 
  dividends (2)                                 4,744        277      1,637        211        274        342        354        540        196         69        181        170        492
    TOTAL LIABILITIES                         570,565     33,201    236,598     22,150     32,932     33,350     37,548     63,224     20,206      2,598     17,626     12,168     58,964
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 6,765        290      1,492        202        450      1,675        484        609        161        272        181        218        732
Surplus                                         2,594        120        552         83        185        619        192        241         66         98         75         88        275
Other capital accounts                            906         34        424         28         33          0         62        108         27         11         23         23        133
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              580,831     33,644    239,067     22,463     33,601     35,644     38,285     64,181     20,460      2,980     17,905     12,496     60,104
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        780,420     39,815    313,201     30,762     38,867     50,625     59,401     73,522     24,740     10,459     22,866     34,262     81,898
  Less--Held by F.R. Banks                    243,137      8,461     87,016      9,636      7,796     19,662     24,329     14,015      5,615      9,018      6,605     23,666     27,319
  F.R. notes, net                             537,283     31,354    226,185     21,127     31,071     30,964     35,072     59,507     19,124      1,441     16,261     10,596     54,580
Collateral held against F.R. notes            
   Gold certificate account                    11,048
   Special drawing rights                 
     certificate account                        5,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        521,034
     Total collateral                         537,283

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of 
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.`

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