Full text of Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents : Meeting, January 28-29, 2009 : Greenbook Supplement

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Prefatory Note

The attached document represents the most complete and accurate version available
based on original files from the FOMC Secretariat at the Board of Governors of the
Federal Reserve System.
Please note that some material may have been redacted from this document if that
material was received on a confidential basis. Redacted material is indicated by
occasional gaps in the text or by gray boxes around non-text content. All redacted
passages are exempt from disclosure under applicable provisions of the Freedom of
Information Act.

Content last modified 04/01/2015.

Class III FOMC - Internal (FR)

January 23, 2009

CURRENT ECONOMIC
AND FINANCIAL CONDITIONS
Supplemental Notes

Prepared for the Federal Open Market Committee
by the staff of the Board of Governors of the Federal Reserve System

Contents
The Domestic Financial Economy ..............................................................

1

Exhibits
Selected Financial Market Quotations ...........................................................

1

ii

III-T-1

Selected Financial Market Quotations
(One-day quotes in percent except as noted)
2007

2008

Change to Jan. 22 from
selected dates (percentage points)

2009

Instrument
Aug. 6

Oct. 28

Dec. 15

Jan. 22

2007
Aug. 6

2008
Oct. 28

2008
Dec. 15

5.25

1.50

1.00

.13

-5.12

-1.37

-.87

4.74
4.72

.76
1.23

.04
.28

.10
.29

-4.64
-4.43

-.66
-.94

.06
.01

Commercial paper (A1/P1 rates)2
1-month
3-month

5.26
5.29

2.71
2.89

.53
1.35

.43
.62

-4.83
-4.67

-2.28
-2.27

-.10
-.73

Large negotiable CDs1
3-month
6-month

5.34
5.27

3.63
3.73

1.85
2.24

1.07
1.57

-4.27
-3.70

-2.56
-2.16

-.78
-.67

Eurodollar deposits3
1-month
3-month

5.33
5.35

3.75
4.50

1.50
2.55

1.00
1.80

-4.33
-3.55

-2.75
-2.70

-.50
-.75

Bank prime rate

8.25

4.50

4.00

3.25

-5.00

-1.25

-.75

Intermediate- and long-term
U.S. Treasury4
2-year
5-year
10-year

4.49
4.52
4.82

1.49
2.81
4.43

.48
1.57
3.08

.63
1.73
3.21

-3.86
-2.79
-1.61

-.86
-1.08
-1.22

.15
.16
.13

U.S. Treasury indexed notes5
5-year
10-year

2.43
2.48

3.64
3.29

2.99
2.66

1.97
2.13

-.46
-.35

-1.67
-1.16

-1.02
-.53

Municipal general obligations (Bond Buyer)6

4.51

5.32

5.85

5.13

.62

-.19

-.72

Private instruments
10-year swap
10-year FNMA7
10-year AA8
10-year BBB8
10-year high yield8

5.44
5.34
6.12
6.57
9.21

4.26
5.36
8.26
9.77
16.27

2.76
3.50
6.86
9.59
18.30

2.69
3.76
6.23
9.07
15.82

-2.75
-1.58
.11
2.50
6.61

-1.57
-1.60
-2.03
-.70
-.45

-.07
.26
-.63
-.52
-2.48

Home mortgages (FHLMC survey rate)
30-year fixed
1-year adjustable

6.59
5.65

6.46
5.38

5.19
4.94

5.12
4.92

-1.47
-.73

-1.34
-.46

-.07
-.02

Short-term
FOMC intended federal funds rate
Treasury bills1
3-month
6-month

Record high

2008

2009

Stock exchange index

Change to Jan. 22
from selected dates (percent)

Level
Dow Jones Industrial
S&P 500 Composite
Nasdaq
Russell 2000
Wilshire 5000

Date

Oct. 28

Dec. 15

Jan. 22

Record
high

2008
Oct. 28

2008
Dec. 15

14,165
1,565
5,049
856
15,807

10-9-07
10-9-07
3-10-00
7-13-07
10-9-07

9,065
941
1,649
483
9,341

8,565
869
1,508
453
8,664

8,123
828
1,465
443
8,338

-42.65
-47.13
-70.97
-48.25
-47.25

-10.40
-12.02
-11.15
-8.23
-10.74

-5.16
-4.73
-2.84
-2.15
-3.77

1. Secondary market.
2. Financial commercial paper.
3. Bid rates for Eurodollar deposits collected around 9:30 a.m. eastern time.
4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities.
5. Derived from a smoothed Treasury yield curve estimated using all outstanding securities and adjusted for the carry effect.
6. Most recent Thursday quote.
7. Constant-maturity yields estimated from Fannie Mae domestic noncallable coupon securities.
8. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data.
_______________________________________________________________________
NOTES:
August 6, 2007, is the day before the August 2007 FOMC meeting.
October 28, 2008, is the day before the October 2008 FOMC monetary policy announcement.
December 15, 2008, is the day before the most recent FOMC monetary policy announcement.
Data for the 3-month commercial paper rate on December 15, 2008, are from December 4, 2008,
the most recent date for which a sufficient volume of new issues was available to calculate this rate.
_______________________________________________________________

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