---

`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
                                                                                             March 16, 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     Mar 15, 2000  Mar 8, 2000 Mar 17, 1999 Mar 15, 2000

Reserve Bank Credit                                         555,117    +     277    +  47,504      560,784
  U.S. government securities (1)
    Bought outright-system account (2,3)                    501,927    -     220    +  37,730      502,215
    Held under repurchase agreements                              0            0    -   4,497            0
  Federal agency obligations (1)
    Bought outright                                             150            0    -     161          150
    Held under repurchase agreements                              0            0    -   3,690            0
  Repurchase agreements -- triparty (4)                      20,104    +     368    +  20,104       25,045
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            30    -      25    +      26           18
    Seasonal credit                                              63    -       1    +      47           66
    Special Liquidity Facility                                   14            0    +      14           14
    Extended credit                                               0            0            0            0
   Float                                                       -197    -     249    -     259          117
   Other F.R. assets                                         33,026    +     405    -   1,811       33,159
Gold stock                                                   11,048            0    -       1       11,048
Special drawing rights certificate account                    6,200            0    -   2,000        6,200
Treasury currency outstanding                                28,366    +      14    +   1,793       28,366
        Total factors supplying reserve funds               600,732    +     291    +  47,296      606,399

Currency in circulation*                                    563,375    -      29    +  48,596      564,245
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         164    +       5    +      32          168
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                    5,457    +      99    -     856        7,611
  Foreign                                                        85    +       8    -      95           71
  Service-related balances and adjustments (5)                6,977    +     177    +      81        6,977
  Other                                                         196    -      38    -      65          196
Other F.R. liabilities and capital                           19,152    +     231    +   2,035       18,836
        Total factors, other than reserve balances,
        absorbing reserve funds                             595,405    +     452    +  49,728      598,105

Reserve balances with F.R. Banks  (6)                         5,327    -     161    -   2,431        8,294

On     March 15, 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 $    711,133 million, a change of $  +  10,293 million for the week. The total includes
$    628,361 million of U.S. government securities and $     82,772 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 $     16,874 million (daily average over statement week) and $     16,588 million (outstanding on
   Wednesday statement date) matched sale-purchase transactions, of which $     16,874 million (daily average)
   and $     16,588 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $        302 million (daily average) and $          0 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
   $        238 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 $      6,496 million and adjustments of $        480 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
                                                           Mar 15, 2000      Mar 8, 2000     Mar 17, 1999
                ASSETS
Gold certificate account                                        11,048                0        -       1
Special drawing rights certificate account                       6,200                0        -   2,000
Coin                                                               432        +       1        -      18
Loans                                                               98        -      10        +      77
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           25,045        +     985        +  25,045
Federal agency obligations (2)
  Bought outright                                                  150                0        -     161
  Held under repurchase agreements                                   0                0        -   3,840
U.S. government securities (2)
  Bought outright--Bills                                       199,111        +      99        -     120
                   Notes (3)                                   217,848        +       3        +  25,355
                   Bonds (4)                                    85,256        +       1        +  12,475
    Total bought outright (5)                                  502,215        +     103        +  37,709
  Held under repurchase agreements (1)                               0                0        -   4,495
     Total U.S. government securities                          502,215        +     103        +  33,214
       Total loans and securities                              527,508        +   1,078        +  54,336

Items in process of collection                      (790)        7,658        -      61        +     308
Bank premises                                                    1,385        +       3        +      82
Other assets (6)                                                31,677        +     315        -   1,934
                TOTAL ASSETS                        (790)      585,908        +   1,337        +  50,773

                LIABILITIES
Federal Reserve notes                                          536,480        -     255        +  46,695
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits
  Depository institutions                                       15,316        -     475        +   1,178
  U.S. Treasury--general account                                 7,611        +   2,255        +   1,293
  Foreign--official accounts                                        71        -      14        -     102
    Other                                             (0)          196        +       4        -      51
      Total deposits                                  (0)       23,194        +   1,769        +   2,317
Deferred availability cash items                    (790)        7,399        -     150        -     169
Other liabilities and accrued dividends (7)                      4,852        -      74        +     575
                TOTAL LIABILITIES                   (790)      571,925        +   1,290        +  49,418

                CAPITAL ACCOUNTS
Capital paid in                                                  6,708        +       2        +     631
Surplus                                                          6,431                0        +     479
Other capital accounts                                             845        +      46        +     245

*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
   $        186 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
   $         52 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
5  Net of $     16,588 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes securities loans of $          0 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,     March 15, 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              40       11,049   -     491            0           0       10,040           0
16 to 90 days               57      108,849   +     592           10           0       15,005           0
91 days to 1 year            0      139,631           0           10           0     ------      ------
Over 1 to 5 years                   123,948   +       1           10           0     ------      ------
Over 5 to 10 years                   50,944   +       1          120           0     ------      ------
Over 10 years                        67,795   +       1            0           0     ------      ------
                   		 	
Total                       98      502,215   +     103          150           0       25,045           0

1  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and
   $        238 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     March 15, 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        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           6,200        307      2,431        187        299        516        450        549        175         78        175        341        692
Coin                                             432         13         24         16         22         52         42         61         23         28         33         48         73

Loans                                             98          8          0          0          0          0         15         28          9         16          8          1         12
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          25,045          0     25,045          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)
  Bought outright                                150          8         60          4          9         11          9         14          5          2          4          7         16
  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                     199,111     10,297     79,295      5,964     11,526     14,979     12,120     18,701      6,550      2,381      5,971      9,921     21,408
                   Notes (3)                 217,848     11,266     86,757      6,525     12,610     16,389     13,260     20,460      7,166      2,605      6,533     10,855     23,422
                   Bonds (4)                  85,256      4,409     33,953      2,554      4,935      6,414      5,189      8,007      2,804      1,020      2,557      4,248      9,166
     Total bought outright(5)                502,215     25,971    200,005     15,042     29,071     37,782     30,569     47,168     16,520      6,006     15,060     25,024     53,997
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             502,215     25,971    200,005     15,042     29,071     37,782     30,569     47,168     16,520      6,006     15,060     25,024     53,997
       Total loans and securities            527,508     25,987    225,110     15,047     29,079     37,793     30,594     47,210     16,534      6,025     15,073     25,032     54,025

Items in process of collection                 8,449        468      1,081        361        344        512        756        646        375        520        487        372      2,527
Bank premises                                  1,385         94        164         50        158        124        167        106         33        128         50        145        165
Other assets(5)                               31,677      1,421     10,671        985      1,915      5,185      1,997      2,688        853        756        864      1,238      3,102
Interdistrict settlement account                   0    + 5,583    - 3,600    + 5,591    -    92    - 9,192    + 5,859    +12,446    + 2,199    - 4,140    +   626    -15,029    -   250
          TOTAL ASSETS                       586,699     34,405    240,316     22,556     32,291     35,824     40,589     64,698     20,529      3,534     17,621     12,723     61,612

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  $        186 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  $         52 million
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     16,588 million matched sale-purchase transactions outstanding at the end of the latest statement week.
   Includes securities loans of $          0 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     March 15, 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                         536,480     31,283    224,073     20,503     29,507     29,782     37,282     60,363     19,316      1,688     16,187     11,108     55,386
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits
  Depository institutions                      15,316      1,748      2,454      1,102      1,233      1,685      1,038      1,922        391        749        458        601      1,936
  U.S. Treasury--general account                7,611          0      7,611          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       71          1         48          1          2          8          2          3          1          1          1          1          3
  Other                                           196          0        145          1          3         40          0          1          0          0          2          1          3
    Total deposits                             23,194      1,749     10,257      1,103      1,238      1,732      1,041      1,925        392        751        460        603      1,942
Deferred credit items                           8,189        494      1,020        357        333        512        937        710        303        500        422        315      2,287
Other liabilities and accrued
  dividends (2)                                 4,852        265      1,733        174        286        395        336        460        183         97        175        249        499
    TOTAL LIABILITIES                         572,715     33,792    237,083     22,138     31,364     32,420     39,595     63,459     20,195      3,036     17,245     12,274     60,114

       CAPITAL ACCOUNTS
Capital paid in                                 6,708        292      1,492        201        449      1,677        481        594        158        252        180        213        719
Surplus                                         6,431        289      1,325        199        444      1,691        460        578        158        235        179        211        660
Other capital accounts                            845         33        416         18         33         35         52         67         18         11         18         25        118
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                              586,699     34,405    240,316     22,556     32,291     35,824     40,589     64,698     20,529      3,534     17,621     12,723     61,612

FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                        794,196     41,083    316,722     30,357     38,533     52,081     61,119     75,621     25,438     10,803     23,547     35,176     83,716
  Less--Held by F.R. Banks                    257,716      9,800     92,649      9,853      9,025     22,299     23,838     15,258      6,122      9,114      7,360     24,068     28,330
  F.R. notes, net                             536,480     31,283    224,073     20,503     29,507     29,782     37,282     60,363     19,316      1,688     16,187     11,108     55,386
Collateral held against F.R. notes
   Gold certificate account                    11,048
   Special drawing rights
     certificate account                        6,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        519,231
     Total collateral                         536,480

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.`

---