Full text of U.S. Financial Data : June 12, 2003 : Print Version

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June 12, 2003

USFinancialData
U.S. Financial Data will be web-only after June 26, 2003.
But the end of the printed version of USFD signals
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As our readers know, we will discontinue printing and
mailing the publication at the end of June 2003. At the same
time, we will be providing an enhanced, web-based version of
USFD. We have improved the publication by adding more data:
USFD now contains more exchange rates, stock indices, futures
and commodities prices (including oil and gas), and yields on
Treasury inflation-indexed securities.
In place of the usual front-page financial highlights, the
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to click on the updated releases from the Bureau of Labor
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their web site.)
We hope that the new USFD will be even more versatile and
valuable to our subscribers. The new version is now available at
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All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
St. Louis. For more information on data in this publication, please visit research.stlouisfed.org/fred2
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Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
730

Billions of Dollars
2003
Apr 2
16
30
May 14
28
Jun 11

720

Billions of Dollars

Billions
711.931
706.996
718.990
719.851
724.826
718.798

730

720

710

710

700

700

690

690

680

680

670

670

660

660
3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

4

Aug

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2002

2

16 30 14 28 11 25

Apr

May

Jun

2003

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository institutions,
currency held by the public, and an adjustment for the effect of changes in reserve requirement ratios. The monetary base
series includes Federal Reserve deposits used to satisfy clearing balance contracts. Data are computed by this Bank.
A detailed description of the adjusted monetary base is available from this Bank. Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
6/12/02

9/4/02

11/13/02

12/11/02

1/8/03

2/5/03

3/5/03

11/13/02

5.0

12/11/02

5.0

4.4

1/8/03

5.0

4.5

5.0

2/5/03

7.6

8.7

12.6

16.5

3/5/03

7.2

7.8

10.2

11.9

15.6

4/16/03

5.6

5.5

6.1

6.3

6.7

−1.2

5/14/03

6.7

7.0

8.1

8.7

9.5

4.4

4.9

6/11/03

6.5

6.7

7.6

8.0

8.6

4.4

4.7

4/16/03

11.9

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars
2003
Apr 28
May 5
12
19
26
Jun 2

6200

Billions of Dollars

Billions
6219.6
6241.1
6253.6
6262.6
6277.4
6288.1

6400

6200

6000

6000

5800

5800

5600

5600
1

15 29 13 27 10 24

Apr

May

Jun

8

22

Jul

5

19

2

Aug
2002

16 30 14 28 11 25

Sep

Oct

9

Nov

23

Dec

6

20

Jan

3

17

Feb

3

17 31 14 28 12 26

Mar
Apr
2003

May

9

23

Jun

MZM is M2 minus total small−denomination time deposits, plus institutional money funds, which are included in the
non−M2 component of M3. Each component is seasonally adjusted.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

6/3/02

11/4/02

6.5

12/2/02

9.6

10.3

12/30/02

9.3

9.4

17.4

2/3/03

8.0

7.4

10.7

3.4

3/3/03

8.0

7.5

10.0

4.8

3.9

3/31/03

7.4

6.6

8.3

3.9

3.1

4.6

5/5/03

6.9

6.1

7.2

3.7

3.0

3.9

2.2

6/2/03

7.6

7.1

8.4

5.6

5.3

6.7

6.3

9/2/02

11/4/02

12/2/02

12/30/02

2/3/03

3/3/03

3/31/03

8.7

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
2003
Mar 19
Apr 2
16
30
May 14
28

90

Billions of Dollars

100

Billions
71.714
72.187
66.115
72.398
71.034
75.153

90

80

80

70

70

60

60

50

50
3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

4

Aug

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2002

2

16 30 14 28 11 25

Apr

May

Jun

2003

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
5/29/02

8/21/02

10/30/02

11/27/02

12/25/02

1/22/03

3/5/03

10/30/02

−3.6

11/27/02

0.0

14.5

12/25/02

4.7

19.9

31.1

1/22/03

8.4

23.4

34.2

40.8

3/5/03

5.3

15.3

17.3

16.1

7.4

4/2/03

1.8

8.7

7.4

4.4

−4.2

−17.8

4/30/03

−2.5

1.9

−1.6

−5.3

−13.4

−24.6

−33.8

5/28/03

3.1

9.1

8.3

6.3

1.0

−6.2

−4.0

4/2/03

10.8

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1450

Billions of Dollars

Billions of Dollars

M1
2003
Apr 28
May 5
12
19
26
Jun 2

1400

1350

875

TCD
Billions
1249.1
1255.2
1250.8
1262.9
1270.0
1262.4

2003
Apr 28
May 5
12
19
26
Jun 2

Billions
596.4
602.6
597.4
608.3
615.0
607.6

825

775

1300

725

1250

675

M1 (left scale)

1200

625

1150

575

TCD (right scale)
1100

525
1

15 29 13 27 10 24

Apr

May

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

3

Feb

17 31 14 28 12 26

Apr

Mar

2002

May

9

23

Jun

2003

M1 is the sum of currency held by the nonbank public, total checkable deposits, and travelers checks. Total checkable deposits is the sum Fix
of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
710

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
June 2, 2003, from
the four weeks ending:

690

Jun 3, 2002
Sep 2, 2002
Dec 2, 2002
Dec 30, 2002
Feb 3, 2003
Mar 3, 2003
Mar 31, 2003

670

650

2003
Apr 28
May 5
12
19
26
Jun 2

6.9
6.7
7.7
7.8
8.0
7.3
6.9

Billions
645.3
645.3
646.0
647.1
647.5
647.3

710

690

670

650

630

630

610

610

590

590
1

15 29 13

Apr

May

27 10 24

Jun

8

22

Jul

5

19

Aug
2002

2

16 30 14 28

Sep

Oct

11 25

Nov

9

23

Dec

6

20

Jan

3

17

Feb

3

17 31

Mar

14 28 12 26

Apr
2003

May

9

23

Jun

Current data appear in the Federal Reserve Board’s H.6 release.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
8.00

Percent

Percent

8.00

7.00

7.00

6.00

6.00

Corporate
Aaa Bonds
5.00

5.00

Prime Rate
4.00

4.00

3.00

3.00

2−Year Interest
Rate Swap

2.00

2.00

1.00

1.00

Commercial Paper

0.00

0.00
5

19

3

Apr

2003
Mar 21
28
Apr 4
11
18
25
May 2
9
16
23
30
Jun 6
13

17 31 14 28 12 26

May

Jun

Jul

9

23

6

Aug
2002

20

Sep

4

18

Oct

1

15 29 13 27 10 24

Nov

Dec

7

Jan

21

Feb

7

21

4

18

Mar
Apr
2003

2

16 30 13 27

May

Jun

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.21
1.23
1.21
1.22
1.21
1.23
1.22
1.20
1.22
1.21
1.23
1.21
1.13

1.22
1.25
1.22
1.23
1.26
1.26
1.24
1.23
1.23
1.21
1.22
1.18
1.08

1.97
1.92
1.80
1.88
1.94
1.89
1.78
1.69
1.62
1.51
1.52
1.45
1.35

5.99
5.94
5.81
5.81
5.80
5.68
5.56
5.42
5.23
5.01
5.05
5.00
4.89

7.04
6.97
6.91
6.93
6.89
6.79
6.68
6.52
6.39
6.23
6.24
6.22
6.13

4.83
4.84
4.79
4.76
4.74
4.66
4.58
4.50
4.35
4.30
4.31
4.27
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending June 13, 2003 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities
4.00

4.00

3.00

3.00

Federal
Funds Rate

2.00

2.00

Intended Federal
Funds Rate

3−Month
Treasury Bill

1.00

1.00

0.00

0.00
5

19

Apr

3

17 31 14 28 12 26

May

2003
Mar 21
28
Apr 4
11
18
25
May 2
9
16
23
30
Jun 6
13 **

Jun

Federal
Funds *
1.27
1.22
1.28
1.23
1.27
1.26
1.28
1.26
1.25
1.27
1.24
1.26
1.24

Jul

9

23

6

Aug
2002

20

Sep

4

18

Oct

1

15 29 13 27 10 24

Nov

Dec

Jan

7

21

Feb

7

21

4

18

Mar
Apr
2003

2

16 30 13 27

May

Jun

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.14
1.15
1.10
1.13
1.16
1.14
1.11
1.09
1.05
1.04
1.09
1.05
0.96

1.72
1.65
1.54
1.61
1.70
1.66
1.56
1.48
1.44
1.36
1.33
1.25
1.16

2.97
2.93
2.84
2.92
2.98
2.97
2.88
2.70
2.52
2.35
2.32
2.27
2.16

3.97
3.96
3.90
3.97
3.99
3.97
3.92
3.77
3.56
3.38
3.39
3.36
3.23

5.01
5.04
4.99
5.04
5.02
4.97
4.90
4.81
4.62
4.42
4.46
4.46
4.36

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Seven−day averages for week ending two days earlier than date shown. **Averages of rates available.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6400

M2
2003
Apr 28
May 5
12
19
26
Jun 2

6200

Billions
5946.4
5984.8
5994.6
6004.2
6011.6
6021.5

6200

MZM
6000

6000

5800

5800

M2
MZM
5600

2003
Apr 28
May 5
12
19
26
Jun 2

5600

Billions
6219.6
6241.1
6253.6
6262.6
6277.4
6288.1

5400

5400
1

15 29 13 27 10 24

Apr

May

Jun

8

22

Jul

5

19

2

Aug
2002

16 30 14 28 11 25

Sep

Oct

9

Nov

23

6

Dec

20

Jan

3

17

Feb

3

17 31 14 28 12 26

Mar
Apr
2003

May

9

23

Jun

M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds.
Current data appear in the Federal Reserve Board’s H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

6/3/02

11/4/02

7.8

12/2/02

7.9

7.5

12/30/02

7.2

6.3

5.6

2/3/03

7.2

6.5

6.2

5.2

3/3/03

7.6

7.3

7.4

7.1

9.1

3/31/03

7.2

6.6

6.5

6.0

7.1

6.9

5/5/03

7.1

6.7

6.6

6.2

7.0

6.9

5.0

6/2/03

8.0

7.8

8.1

8.0

9.0

9.6

9.0

9/2/02

11/4/02

12/2/02

12/30/02

2/3/03

3/3/03

3/31/03

12.0

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1250

Billions of Dollars

Billions of Dollars

3100

Small Time
2003
Apr 28
May
5
12
19
26
2
Jun

1150

1050

Billions
869.5
867.6
865.3
863.6
861.8
859.9

3000

2900

2800

950

Small Time (left scale)
2700

850

Savings

750

2003
Apr 28
May
5
12
19
26
Jun
2

Savings Deposits (right scale)

650

2600

Billions
2934.3
2967.8
2980.2
2982.4
2982.2
3004.0

2500

2400

550
1

15 29 13 27 10 24

Apr

May

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

9

Nov

23

6

Dec

20

3

Jan

17

3

Feb

17 31 14 28 12 26

Apr

Mar

2002

May

9

23

Jun

2003

Savings deposits and small time deposits are at all depository institutions.
Fix

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
2003
Apr 28
May
5
12
19
26
2
Jun

1100

1200

Retail Money

Billions
815.4
823.0
818.9
817.6
817.7
817.6

2003
Apr 28
May
5
12
19
26
2
Jun

Billions
893.5
894.1
898.3
895.4
897.6
895.2

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
1

15 29 13

Apr

May

27 10 24

Jun

8

22

Jul

5

19

Aug
2002

2

16 30 14 28

Sep

Oct

11 25

Nov

9

23

Dec

6

20

Jan

3

17

Feb

3

17 31

Mar

14 28 12 26

Apr
2003

May

9

23

Jun

Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations
of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds.
Prepared by the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
1.6

Billions of Dollars
Billions
0.050
0.051
0.056
0.059
0.076
0.063

2003
May 7
14
21
28
Jun 4
11

1.4

1.2

Billions of Dollars

1.6

1.4

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
3

17

1

Apr

15 29 12 26 10 24

May

Jun

Jul

7

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

Dec

8

22

5

Jan

19

5

Feb

19

2

16 30 14 28 11 25

Apr

Mar

2002

May

Jun

2003

As of January 9, 2003, borrowings include primary, secondary, and seasonal credit.
Prior to that, borrowings include seasonal, adjustment, and extended credit.

Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6700

Billions of Dollars

Billions of Dollars

Bank Credit
2003
Apr 23
30
May 7
14
21
28

6500

6300

5250

Loans & Leases

Billions
6034.9
6077.0
6079.9
6114.3
6108.3
6130.8

2003
Apr 23
30
May 7
14
21
28

Billions
4254.0
4261.5
4281.1
4300.1
4288.1
4290.6

5050

4850

6100

4650

Bank Credit (left scale) **
5900

4450

5700

4250

Loans and Leases (right scale)

5500

4050

5300

3850
3

17

Apr

1

15

May

29 12 26 10 24

Jun

Jul

7

21

Aug
2002

4

18

Sep

2

16 30

Oct

13 27 11 25

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14 28 11 25

Apr
2003

May

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Jun

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
300

Billions of Dollars
2003
May
7
14
21
28
Jun
4
11

250

Billions of Dollars

Billions
148.5
145.9
145.9
141.0
139.2
137.2

300

250

200

200

150

150

100

100
3

17

1

Apr

15 29 12 26 10 24

May

7

Jul

Jun

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

8

Dec

22

5

Jan

19

5

Feb

19

2

Apr

Mar

2002

16 30 14 28 11 25

May

Jun

2003

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1100

Billions of Dollars

Billions of Dollars

All Banks
2003
Apr 23
30
May
7
14
21
28

1075

1050

600

Large Banks

Billions
943.0
940.6
935.0
935.7
933.0
931.8

2003
Apr 23
30
May
7
14
21
28

Billions
469.3
467.4
463.0
463.0
461.7
460.9

575

550

525
1025
500

Large Banks (right scale) **
1000

475
975
450

All Banks (left scale) *

950

425

925

400
3

17

Apr

1

15 29 12

May

Jun

26 10 24

Jul

7

21

Aug
2002

4

18

Sep

2

16 30 13

Oct

Nov

27 11 25

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16

Apr
2003

30 14 28 11

May

25

Jun

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
125

March 1973=100
2003
May 7
14
21
28
Jun 4
11

120

115

January 1997=100

Major
91.3
89.9
88.8
88.9
89.0
88.5

2003
May 7
14
21
28
Jun 4
11

Broad
119.8
118.5
118.0
118.0
118.1
118.0

110

150

145

140

135

Broad Index
(right scale)

105

130

100

125

95

120

Major Currency Index
(left scale)
90

115

85

110
3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

2002

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14 28 11 25

Apr

May

Jun

2003

The major currency index (MCI) comprises 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis