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USFinancialData
November 23, 2007
Final Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
November 19
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
November 20
November 21
November 22
November 23
November 29
November 30
Housing Starts (Oct)
A: 1.23M
PF: 1.16M
Initial Claims (11/17)
A: 330K
PF: 330K
Building Permits (Oct)
A: 1.18M
PF: 1.22M
Latest Issue
Monetary Trends
FOMC Minutes
(previous meeting)
November 26
November 27
November 28
Durable Goods (Oct)
CF: 0.3%
PF: 0.4%
Initial Claims (11/24)
CF: 330K
PF: 330K
Construct Spending (Oct)
CF: -0.3%
PF: -0.3%
Existing Home Sales (Oct)
CF: 4.95M
PF: 5.00M
New Home Sales (Oct)
CF: 753K
PF: 753K
Personal Income (Oct)
CF: 0.4%
PF: 0.3%
GDP (Q3)
CF: 4.8%
PF: 5.0%
Consumption (Oct)
CF: 0.3%
PF: 0.3%
Current Economic
Conditions (Beige Book)
Corporate Profits (Q3)
December 3
December 4
December 5
December 6
Initial Claims (12/1)
CF: 330K
Core PCE (Oct)
CF: 1.8%
PF: 1.8%
December 7
ISM Index (Nov)
CF: 50.5
Productivity (Q3)
CF: 5.7%
Nonfarm Payrolls (Nov)
CF: 85K
Latest Issue
National Economic Trends
Unit Labor Cost (Q3)
CF: -1.0%
Unemployment Rate (Nov)
CF: 4.8%
ISM Non Mfg Index (Nov)
CF: 55.0
Consumer Credit (Oct)
CF: $8.0B
Factory Orders (Oct)
CF: 0.0%
DEFINITIONS: A, actual value; PF, previous week’s forecast; CF, current week’s forecast; K, thousand; M, million; B, billion.
*The Board of Governors of the Federal Reserve System provides H.3, H.4.1, and H.6 releases each Thursday and H.10 and H.15 releases
each Monday.
Forecast data are from Thomson Financial. ©Thomson Financial, 2007. All Rights Reserved. Use, duplication, or sale of this service or the
data contained herein, except as described in the Federal Reserve Bank of St. Louis Subscription Agreement, is strictly prohibited.
research.stlouisfed.org
Contents
Page
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Yields on Selected Securities
Yields on Nominal and Inflation-Indexed Treasury Securities
Federal Funds Futures Market
Equity Price Indices
Crude Oil Prices
Natural Gas Prices
Exchange Rates
Currency, Savings, and Small Time Deposits
Institutional and Retail Money Funds, and Borrowings from Federal Reserve Banks
Bank Loans
Commercial Paper
Reference Tables
Notes
Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 7, 10, 12 (top chart), 13, and 18 (top and bottom right tables), the last observation is a daily average that
incorporates all available data at the time of publication, which usually includes observations for the first three trading
days of the week (Monday through Wednesday). The previous observations signify that week’s average.
We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org
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
or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.
updated through
11/23/07
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
865
860
855
850
845
840
835
830
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
11/22/06
02/14/07
04/25/07
05/23/07
06/20/07
04/25/07
3.1
05/23/07
3.4
1.5
06/20/07
3.0
1.3
07/18/07
2.8
1.3
2.3
0.8
08/29/07
3.3
2.2
3.5
3.0
4.0
09/26/07
2.5
1.4
2.0
1.2
1.5
07/18/07
08/29/07
09/26/07
2.8
1.6
10/24/07
2.5
1.4
1.9
1.4
1.6
1.7
-1.4
11/21/07
2.2
1.2
1.6
1.0
1.2
1.1
-1.2
0.6
Research Division
Federal Reserve Bank of St. Louis
3
updated through
11/23/07
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100
98
96
94
92
90
88
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
11/08/06
01/31/07
04/11/07
-2.7
05/09/07
-1.2
-16.0
06/06/07
2.1
-8.1
04/11/07
05/09/07
06/06/07
07/04/07
08/15/07
09/12/07
16.8
07/04/07
0.8
-8.1
7.7
7.6
08/15/07
4.6
-1.2
14.4
16.3
12.5
09/12/07
0.1
-6.4
2.9
1.8
-4.3
-2.6
10/10/07
1.5
-3.9
5.2
4.7
0.5
3.1
-12.8
11/07/07
-0.6
-6.0
0.9
-0.1
-4.3
-3.3
-16.3
-4.3
Research Division
4
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8200
8000
7800
7600
7400
7200
7000
6800
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
11/13/06
04/16/07
10.9
05/14/07
10.5
12.3
06/11/07
10.1
11.3
8.0
07/09/07
10.1
11.0
8.7
8.9
08/20/07
10.4
11.3
9.9
10.3
11.3
09/17/07
12.3
13.8
13.7
14.9
17.1
10/15/07
12.4
13.8
13.7
14.7
16.3
18.2
22.8
11/12/07
12.6
13.9
13.9
14.8
16.1
17.6
20.3
02/05/07
04/16/07
05/14/07
06/11/07
07/09/07
08/20/07
09/17/07
20.1
14.5
Research Division
Federal Reserve Bank of St. Louis
5
updated through
11/23/07
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
7500
7400
7300
7200
7100
7000
6900
6800
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
11/13/06
04/16/07
8.4
05/14/07
7.5
7.2
06/11/07
6.8
6.2
07/09/07
6.6
5.9
3.2
3.7
08/20/07
6.3
5.7
3.7
4.2
4.7
09/17/07
7.0
6.7
5.5
6.3
7.3
8.4
10/15/07
6.4
6.0
4.8
5.2
5.8
6.1
7.1
11/12/07
6.3
5.8
4.7
5.1
5.5
5.7
6.2
02/05/07
04/16/07
05/14/07
06/11/07
07/09/07
08/20/07
09/17/07
2.5
2.5
Research Division
6
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
9
Prime Rate
8
7
Corporate Aaa
6
|
||
5
2-Year Swap
Commercial Paper
4
3
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
Aug
Sep
Oct
Nov
2007
Percent
6.0
Intended Federal Funds Rate
|
|
|
5.5
Federal Funds Rate
5.0
4.5
10-Year Treasury
3-Month Treasury
4.0
3.5
3.0
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2007
Research Division
Federal Reserve Bank of St. Louis
7
updated through
11/23/07
U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6
5
4
3
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2007
Jul
Aug
Sep
Oct
Nov
Mar
Apr
May
Jun
2007
Jul
Aug
Sep
Oct
Nov
May
Jun
2007
Jul
Aug
Sep
Oct
Nov
2006
10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4
3
2
1
Sep
Nov
Oct
Dec
Jan
Feb
2006
10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
4
3
2
1
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
Research Division
8
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
5.4
Intended Target Rate
5.2
5.0
4.8
Nov 2007
4.6
Dec 2007
4.4
Jan 2008
4.2
Jun
Jul
Aug
Sep
Nov
Oct
2007
Rates on Federal Funds Futures on Selected Dates
Percent
4.8
Week Ending:
09/25/07
10/24/07
11/21/07
4.6
4.4
4.2
4.0
3.8
Nov 2007
Dec 2007
Jan 2008
Feb 2008
Mar 2008
Apr 2008
Contract Month
Research Division
Federal Reserve Bank of St. Louis
9
updated through
11/23/07
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
14500
2900
13750
2750
13000
2600
Dow Jones (left scale)
12250
2450
NASDAQ (right scale)
11500
2300
10750
2150
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
16000
1600
15500
1550
15000
1500
Wilshire** (left scale)
14500
1450
S&P* (right scale)
14000
1400
13500
1350
13000
1300
12500
1250
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2007
*Copyright 2003 The McGraw-Hill Companies, Inc. Standard & Poor's including its subsidiary corporations ("S&P") is a division of
The McGraw-Hill Companies, Inc. Reproduction of this data in any form is prohibited without S&P's prior written permission.
**Source: Wilshire Associates Incorporated, www.wilshire.com
Research Division
10
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
100
95
90
85
80
75
70
65
60
55
50
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Oct
Sep
Nov
2007
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
99
97
11/21/2007
95
93
11/14/2007
91
89
87
85
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2008
Research Division
Federal Reserve Bank of St. Louis
11
updated through
11/23/07
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
9
8
7
6
5
4
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Oct
Sep
Nov
2007
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
8.75
8.50
8.25
11/14/2007
8.00
11/21/2007
7.75
7.50
Dec
2007
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2008
Research Division
12
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
90.0
110.0
87.5
107.5
Broad Index (right scale)
85.0
105.0
Major Index (left scale)
82.5
102.5
80.0
100.0
77.5
97.5
75.0
95.0
72.5
92.5
70.0
90.0
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
1.00
124
0.95
120
0.90
116
Japan (right scale)
0.85
112
0.80
108
0.75
104
Euro (left scale)
0.70
100
0.65
96
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2007
Research Division
Federal Reserve Bank of St. Louis
13
updated through
11/23/07
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
770
765
760
755
750
745
740
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
2007
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1220
4500
1180
4300
Small Time (left scale)
1140
4100
1100
3900
Savings (right scale)
1060
3700
1020
3500
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2007
Research Division
14
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1900
1600
1800
1500
1700
1400
1600
1300
1500
1200
Institutional Money (left scale)
1400
1100
1300
1000
1200
900
1100
800
Retail Money (right scale)
1000
700
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Nov
Oct
Sep
2007
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2007
Research Division
Federal Reserve Bank of St. Louis
15
updated through
11/23/07
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
9400
7700
9200
7500
9000
7300
Bank Credit (left scale)
8800
7100
8600
6900
8400
6700
8200
6500
8000
6300
7800
6100
Loans and Leases (right scale)
7600
5900
7400
5700
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
Jun
May
2006
Jul
Aug
Sep
Oct
Nov
2007
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1450
950
1400
900
1350
850
1300
800
1250
750
All Banks (left scale)
1200
700
1150
650
Large Banks (right scale)
1100
600
1050
550
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2007
Research Division
16
Federal Reserve Bank of St. Louis
updated through
11/23/07
U.S. Financial Data
Commercial Paper of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
210
200
190
180
170
160
150
140
130
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2006
Jun
Jul
Aug
Sep
Oct
Nov
Jul
Aug
Sep
Oct
Nov
2007
Commercial Paper: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
1200
1100
Asset-Backed
1000
900
Financial
800
700
600
Sep
Nov
Oct
2006
Dec
Jan
Feb
Mar
Apr
May
Jun
2007
Research Division
Federal Reserve Bank of St. Louis
17
updated through
11/23/07
U.S. Financial Data
Interest Rates
Percent
2-Year
Interest
Corporate Corporate Municipal
Rate Swap Aaa Bonds Baa Bonds
Bonds
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
5-Year
Treasury
Securities
10-Year
Treasury
Securities
30-Year
Treasury
Securities
4.70
5.11
4.06
4.16
4.28
4.55
4.85
4.57
5.03
4.18
4.04
4.16
4.48
4.78
6.54
4.46
4.98
3.93
3.98
4.12
4.42
4.69
5.77
6.65
4.51
5.12
3.82
4.05
4.25
4.57
4.83
5.79
6.63
4.48
4.78
3.69
3.99
4.26
4.61
4.87
30-Day
Comm.
Paper
90-Day
CDs
Aug 31
5.22
5.59
4.87
5.77
6.60
Sep
7
5.19
5.73
4.79
5.73
6.55
14
5.02
5.67
4.70
5.66
21
4.84
5.30
4.71
28
4.77
5.20
4.65
Oct
Nov
5
4.72
5.23
4.70
5.72
6.55
4.42
4.72
3.86
4.02
4.25
4.57
4.80
12
4.72
5.21
4.82
5.78
6.57
4.42
4.75
4.00
4.17
4.38
4.67
4.88
19
4.76
5.12
4.69
5.68
6.49
4.39
4.74
3.93
4.01
4.23
4.57
4.82
26
4.71
4.96
4.45
5.54
6.37
4.33
4.73
3.85
3.78
4.04
4.39
4.67
2
4.51
4.80
4.45
5.54
6.39
4.40
4.78
3.77
3.80
4.04
4.39
4.67
9
4.49
4.86
4.37
5.53
6.41
4.54
4.33
3.43
3.58
3.89
4.32
4.65
16
4.49
4.90
4.25
5.49
6.42
4.53
4.54
3.32
3.45
3.77
4.22
4.57
23 *
4.49
5.02
4.14
5.42
6.39
.
4.51
3.17
3.10
3.50
4.04
4.47
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Oct
Nov
Savings
Retail
Money
Institutional
Money
Adjusted
Monetary
Base
Adjusted
Reserves
M2
MZM
Currency
Small
Time
1
7384.0
7931.0
762.4
1200.8
3884.4
942.4
1747.8
Aug 29
854.842
92.898
8
7385.1
7955.5
763.4
1201.9
3859.5
949.6
1772.3
Sep 12
850.735
93.452
26
858.911
95.394
10
855.393
93.465
15
7372.7
7933.3
763.3
1202.7
3850.4
945.0
1763.3
22
7382.8
7955.3
763.9
1203.4
3871.9
949.2
1775.9
29
7427.1
8044.6
765.1
1204.9
3906.6
951.1
1822.4
5
7406.8
8009.9
764.7
1206.9
3852.6
954.5
1810.0
12
7403.2
8047.2
764.8
1208.8
3867.8
955.0
1852.8
Bank Loans and Credit
Oct
Nov
24
856.757
91.743
7
853.335
93.365
21
857.835
.
Exchange Rates
Billions of dollars, seasonally adjusted
Bank
Credit
Oct
Nov
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Total
Borrowings
Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$
Oct
Exchange
Rate:
Yen/$
10
9033.2
6631.1
1401.0
740.5
176.5
0.257
12
74.3
100.1
0.706
117.3
17
9045.3
6661.7
1402.0
738.4
180.1
0.240
19
74.0
99.9
0.703
116.3
24
9070.2
6668.3
1391.2
731.4
182.2
0.294
26
73.5
99.5
0.701
114.2
31
9117.9
6694.2
1396.5
733.6
170.5
0.283
2
72.6
98.5
0.692
114.9
7
9191.7
6705.4
1395.4
732.1
173.4
0.245
9
71.6
97.8
0.685
113.2
.
164.2
0.567
16
72.4
98.5
0.683
110.9
.
177.4
0.481
23 *
72.4
98.7
0.678
109.5
14
21
.
.
.
.
.
.
Nov
*Averages of rates available
Research Division
18
Federal Reserve Bank of St. Louis
U.S. Financial Data
Definitions
M1: The sum of currency held outside the vaults of depository
institutions, Federal Reserve Banks, and the U.S. Treasury; travelers
checks; and demand and other checkable deposits issued by financial
institutions (except demand deposits due to the Treasury and depository
institutions), minus cash items in process of collection and Federal
Reserve float.
M2: M1 plus savings deposits (including money market deposit
accounts) and small-denomination (less than $100,000) time deposits
issued by financial institutions; and shares in retail money market mutual
funds (funds with initial investments of less than $50,000), net of
retirement accounts.
M3: M2 plus large-denomination ($100,000 or more) time deposits;
repurchase agreements issued by depository institutions; Eurodollar
deposits, specifically, dollar-denominated deposits due to nonbank
U.S. addresses held at foreign offices of U.S. banks worldwide and all
banking offices in Canada and the United Kingdom; and institutional
money market mutual funds (funds with initial investments of $50,000
or more).
Notes
Cover Page: Economic forecasts are median responses from the
Thomson Financial Weekly Economic Survey, which is sent out to 20
to 25 Wall Street economists each week (usually on Tuesday). These
forecasts are released on Friday—at which time, Thursday’s USFD
cover page will be updated.
Page 3: Adjusted Monetary Base equals the sum of currency in
circulation outside Federal Reserve Banks and the U.S. Treasury,
deposits of depository financial institutions at Federal Reserve Banks,
and an adjustment for the effects of changes in statutory reserve
requirements on the quantity of base money held by depositories.
This series is a spliced chain index; see Anderson and Rasche (1996a,
1996b, 2001, 2003).
Page 4: Adjusted Reserves is defined as the sum of vault cash and
Federal Reserve Bank deposits held by depository institutions and an
adjustment for the effects of changes in statutory reserve requirements
on the quantity of base money held by depositories. This series, a
spliced chain index, is numerically larger than the Board of Governors’
measure, which excludes vault cash not used to satisfy statutory reserve
requirements and Federal Reserve Bank deposits used to satisfy required
clearing balance contracts; see Anderson and Rasche (1996a, 2001,
2003).
Page 5: MZM includes the zero maturity, or immediately available,
components of M3. MZM equals M2 minus small-denomination time
deposits, plus institutional money market mutual funds (that is, the
money market mutual funds included in M3 but excluded from M2).
The label MZM, or “Money, Zero Maturity,” was coined by William
Poole (1991) for this aggregate, proposed earlier by Motley (1988).
Readers are cautioned that since early 1994 the level and growth of
M1 have been depressed by retail sweep programs that reclassify
transactions deposits (demand deposits and other checkable deposits)
as savings deposits overnight, thereby reducing banks’ required
reserves; see Anderson and Rasche (2001) and
research.stlouisfed.org/aggreg/swdata.html.
Page 7: Current data appear in the Federal Reserve Board’s H.15
release, except for the Intended Federal Funds Rate. Federal Funds
Rate represents seven-day averages for the week ending two days
earlier than the date shown in the release.
Page 8: 10-Year Inflation-Indexed Treasury Yield is the most
Research Division
Federal Reserve Bank of St. Louis
recently issued inflation-indexed bond of 10-year original maturity.
10-Year Inflation-Indexed Treasury Yield Spread equals the difference between the yield on the most recently issued 10-year inflationindexed bond and the unadjusted 10-Year Treasury Note Yield of
similar maturity.
Page 9: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 11: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 12: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 13: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 14: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
Page 15: Data appear in the Federal Reserve Board’s H.6 release.
Retail Money Funds are included in M2. Institutional Money Funds
are not part of M2; they used to be included in M3, which was discontinued as of March 23, 2006.
See www.federalreserve.gov/releases/h6/discm3.htm.
As of January 9, 2003, Total Borrowings includes primary, secondary,
and seasonal credit. Prior to that, borrowings include seasonal,
adjustment, and extended credit.
Page 16: Data appear in the Federal Reserve Board’s H.8 release.
Bank Loans and Credit include foreign-related institutions. Bank
Credit includes loans and leases and securities. All Banks includes
foreign-related institutions. Large Banks are domestically chartered
banks (adjusted for mergers) and report on a weekly basis.
Page 17: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 18: Treasury Security yields are Treasury constant maturities
as reported in the Board of Governors of the Federal Reserve
System’s H.15 release.
The 3-Month Treasury Bill yield is the secondary market yield from
the H.15 release. Federal Funds represents seven-day averages for
the week ending two days earlier than the date shown in the table.
Municipal Bonds represents Bond Buyer’s Average Index of 20
municipal bonds, Thursday data.
Sources
Board of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8
release. Total Borrowings: H.4.1 release. Interest rates: H.15
release. Exchange rates: H.10 release. Commercial paper: Board
of Governors web site.
Chicago Board of Trade
Federal funds futures contract.
Dow Jones Indexes
Dow Jones Industrial Average.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.
19
U.S. Financial Data
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
Standard & Poor’s
Standard & Poor’s 500 composite index.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
____ and ____(2001). “Retail Sweep Programs and Bank Reserves,
1994-1999,” Federal Reserve Bank of St. Louis Review,
January/February, pp. 51-72.
____ and ____ , with Jeffrey Loesel (2003). “A Reconstruction of the
Federal Reserve Bank of St. Louis Adjusted Monetary Base and
Reserves,” Federal Reserve Bank of St. Louis Review,
September/October, 85(5), pp. 39-70.
Wall Street Journal
Oil (West Texas intermediate) and natural gas (Henry Hub) spot
and futures prices.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.
Poole, William (1991). Statement before the Subcommittee on
Domestic Monetary Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, November 6,
1991. Government Printing Office, Serial No. 102-82.
References
Anderson, Richard G. and Robert H. Rasche (1996a). “A Revised
Measure of the St. Louis Adjusted Monetary Base,” Federal
Reserve Bank of St. Louis Review, March/April, 78(2), pp. 3-13.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
____ and ____(1996b). “Measuring the Adjusted Monetary Base in
an Era of Financial Change,” Federal Reserve Bank of St. Louis
Review, November/ December, 78(6), pp. 3-37.
20
Research Division
Federal Reserve Bank of St. Louis
@FedFRASER