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USFinancialData
August 28, 2008
Advance Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
August 25
August 26
August 27
August 28
August 29
Existing Home Sales (Jul)
A: 5.00M
PF: 4.94M
New Home Sales (Jul)
A: 515K
PF: 525K
Durable Goods (Jul)
A: 1.3%
PF: 0.1%
FOMC Minutes
(previous meeting)
Initial Claims (8/23)
A: 425K
PF: 427K
A: 3.3%
GDP (Q2)
PF: 2.7%
Corporate Profits (Q2)
September 1
September 2
September 3
September 4
Personal Income (Jul)
A: N/A
PF: -0.1%
Consumption (Jul)
A: N/A
PF: 0.2%
Core PCE (Jul)
A: N/A
PF: 0.3%
September 5
ISM Index (Aug)
CF: N/A
PF: 49.5
Factory Orders (Jul)
CF: N/A
PF: 0.1%
Initial Claims (8/30)
CF: N/A
PF: 435K
Nonfarm Payrolls (Aug)
CF: N/A
PF: -75K
Construct Spending (Jul)
PF: -0.5%
CF: N/A
Current Economic
Conditions (Beige Book)
Productivity (Q2)
CF: N/A
PF: 3.1%
Unemployment Rate (Aug)
CF: N/A
PF: 5.8%
Latest Issue
Review
Unit Labor Costs (Q2)
CF: N/A
PF: 0.3%
ISM Non Mfg Index (Aug)
CF: N/A
PF: 49.0
September 8
September 9
September 10
September 11
September 12
Consumer Credit (Jul)
CF: N/A
Initial Claims (9/6)
CF: N/A
Retail Sales (Aug)
CF: N/A
Latest Issue
National Economic Trends
International Trade (Jul)
CF: N/A
Business Inventories (Jul)
CF: N/A
Import Prices (Aug)
CF: N/A
CF: N/A
Treasury Budget (Aug)
CF: N/A
Core PPI (Aug)
CF: N/A
PPI (Aug)
Quarterly Services (Q2)
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, 2008. 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
20
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
Selected Federal Reserve Balance Sheet Items
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, 11 (top chart), 12 (top chart), 13, and 19 (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
08/28/08
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
880
875
870
865
860
855
850
845
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2007
May
Jun
Jul
Aug
2008
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
08/29/07
11/21/07
01/30/08
02/27/08
03/26/08
01/30/08
-0.1
02/27/08
-0.3
0.4
03/26/08
0.7
1.9
2.9
04/23/08
-0.4
0.0
-0.9
-0.6
06/04/08
0.6
1.3
1.4
2.2
0.2
07/02/08
0.8
1.5
1.7
2.4
1.0
04/23/08
06/04/08
07/02/08
4.9
07/30/08
2.0
3.1
3.8
4.8
4.2
8.0
9.5
08/27/08
2.0
3.0
3.6
4.4
3.9
6.7
7.1
9.1
Research Division
Federal Reserve Bank of St. Louis
3
updated through
08/28/08
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100
98
96
94
92
90
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2007
Jun
May
Jul
Aug
2008
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
08/15/07
11/07/07
01/16/08
1.1
02/13/08
-3.4
8.3
03/12/08
-3.3
5.8
01/16/08
02/13/08
03/12/08
04/09/08
05/21/08
06/18/08
-14.5
04/09/08
-1.3
7.4
-5.6
5.7
05/21/08
-2.1
4.2
-5.9
0.3
1.6
06/18/08
-1.5
4.3
-4.1
1.3
2.5
-2.1
07/16/08
-1.7
3.4
-4.0
0.3
1.0
-2.6
0.4
08/13/08
-1.4
3.2
-3.2
0.6
1.2
-1.6
0.9
-1.0
Research Division
4
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
9000
8800
8600
8400
8200
8000
7800
7600
7400
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2007
May
Jun
Jul
Aug
2008
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
08/20/07
01/21/08
14.4
02/18/08
18.3
18.6
03/17/08
20.1
21.5
37.2
04/14/08
19.8
20.9
30.5
25.1
05/26/08
17.4
17.2
21.2
15.8
9.7
06/23/08
16.7
16.2
19.1
14.5
9.8
11/12/07
01/21/08
02/18/08
03/17/08
04/14/08
05/26/08
06/23/08
6.6
07/21/08
15.1
14.1
15.6
11.4
7.1
4.2
3.9
08/18/08
14.1
13.0
13.9
10.1
6.4
4.0
3.7
0.8
Research Division
Federal Reserve Bank of St. Louis
5
updated through
08/28/08
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
7800
7700
7600
7500
7400
7300
7200
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2007
Jun
May
Jul
Aug
2008
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
08/20/07
01/21/08
5.1
02/18/08
7.3
9.0
03/17/08
8.3
10.3
17.7
11/12/07
01/21/08
02/18/08
03/17/08
04/14/08
8.3
9.9
14.3
11.4
05/26/08
7.0
7.8
9.5
6.5
3.3
06/23/08
6.6
7.0
8.0
5.5
2.9
04/14/08
05/26/08
06/23/08
0.9
07/21/08
6.1
6.4
7.0
4.7
2.6
1.1
1.6
08/18/08
5.9
6.1
6.5
4.5
2.7
1.6
2.2
2.4
Research Division
6
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
9
Prime Rate
8
7
Corporate Aaa
6
|
5
Commercial Paper
4
2-Year Swap
3
2
1
Jun
Jul
Aug
Sep
2007
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
May
Jun
Jul
Aug
2008
Percent
6
Intended Federal Funds Rate
||
Federal Funds Rate
5
|
|
10-Year Treasury
|
|
4
3-Month Treasury
3
2
1
0
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2008
Research Division
Federal Reserve Bank of St. Louis
7
updated through
08/28/08
U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6
5
4
3
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
May
Jun
Jul
Aug
May
Jun
Jul
Aug
2008
10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
3
2
1
0
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2008
10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
4
3
2
1
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2008
Research Division
8
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
3.5
Intended Target Rate
3.0
2.5
Oct 2008
2.0
Aug 2008
|
Sep 2008
1.5
1.0
Mar
Apr
Jun
May
Jul
Aug
2008
Rates on Federal Funds Futures on Selected Dates
Percent
2.75
Week Ending:
07/02/08
07/31/08
08/27/08
2.50
2.25
2.00
1.75
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Jan 2009
Contract Month
Research Division
Federal Reserve Bank of St. Louis
9
updated through
08/28/08
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
14500
2900
Dow Jones (left scale)
14000
2800
13500
2700
13000
2600
12500
2500
NASDAQ (right scale)
12000
2400
11500
2300
11000
2200
10500
2100
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
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
14500
1450
Wilshire** (left scale)
14000
1400
13500
1350
13000
1300
S&P* (right scale)
12500
1250
12000
1200
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
*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
08/28/08
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
150
140
130
120
110
100
90
80
70
60
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Feb
Jan
Mar
Apr
Jun
May
Jul
Aug
2008
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
120
119
08/27/2008
118
117
08/20/2008
116
115
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
2009
Jun
Jul
Aug
Sep
Research Division
Federal Reserve Bank of St. Louis
11
updated through
08/28/08
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
14
13
12
11
10
9
8
7
6
5
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Feb
Jan
Mar
Apr
Jun
May
Jul
Aug
2008
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
9.75
9.50
9.25
08/27/2008
9.00
8.75
08/20/2008
8.50
8.25
8.00
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
2009
Jun
Jul
Aug
Sep
Research Division
12
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
90
110
85
105
Broad Index (right scale)
80
100
75
95
Major Index (left scale)
70
90
65
85
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
1.00
124
0.95
120
116
0.90
Japan (right scale)
0.85
112
0.80
108
0.75
104
0.70
100
Euro (left scale)
0.65
96
0.60
92
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Research Division
Federal Reserve Bank of St. Louis
13
updated through
08/28/08
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
778
775
772
769
766
763
760
757
754
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1260
4700
Small Time (left scale)
1220
4500
1180
4300
1140
4100
1100
3900
Savings (right scale)
1060
3700
1020
3500
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Research Division
14
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
2500
2100
2300
1900
2100
1700
Institutional Money (left scale)
1900
1500
1700
1300
1500
1100
1300
900
Retail Money (right scale)
1100
700
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
Jun
May
Jul
Aug
2008
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
50
40
30
20
10
0
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer credit facility,
and other credit extensions, but exclude term auction credit.
Research Division
Federal Reserve Bank of St. Louis
15
updated through
08/28/08
U.S. Financial Data
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
1000
Reserve Bank Credit
900
800
700
600
500
U.S. Treasury Securities
400
Jun
Jul
Aug
Sep
2007
Oct
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
May
Jun
Jul
Aug
2008
Term Auction Credit
Averages of Daily Figures
Billions of dollars
175
150
125
100
75
50
25
0
Jun
Jul
Aug
Nov
Dec
Jan
Feb
Mar
Apr
2008
Research Division
16
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
9800
8000
9550
7750
9300
7500
Bank Credit (left scale)
9050
7250
8800
7000
8550
6750
Loans and Leases (right scale)
8300
6500
8050
6250
7800
6000
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1550
1000
1500
950
1450
900
All Banks (left scale)
1400
850
1350
800
1300
750
Large Banks (right scale)
1250
700
1200
650
1150
600
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2008
Research Division
Federal Reserve Bank of St. Louis
17
updated through
08/28/08
U.S. Financial Data
Commercial Paper of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
210
200
190
180
170
160
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
May
Jun
Jul
Aug
2008
Commercial Paper: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
1300
1200
1100
Asset-Backed
1000
900
800
Financial
700
Jun
Jul
Aug
Sep
2007
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2008
Research Division
18
Federal Reserve Bank of St. Louis
updated through
08/28/08
U.S. Financial Data
Interest Rates
Percent
Jun
Jul
Aug
30-Day
Comm.
Paper
90-Day
CDs
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
6
2.09
2.67
3.35
5.63
7.01
4.59
1.99
1.82
2.47
3.26
3.98
4.68
13
2.10
2.76
3.75
5.68
7.08
4.59
1.99
1.93
2.91
3.57
4.15
4.72
20
2.17
2.80
3.85
5.74
7.14
4.76
1.98
1.92
2.94
3.64
4.20
4.75
27
2.17
2.80
3.72
5.67
7.08
4.83
1.97
1.75
2.80
3.50
4.09
4.63
4
2.18
2.79
3.54
5.60
7.06
4.67
2.08
1.83
2.60
3.32
4.00
4.53
11
2.13
2.78
3.42
5.53
7.03
4.56
1.95
1.74
2.48
3.18
3.90
4.47
18
2.07
2.80
3.41
5.67
7.18
4.65
2.01
1.41
2.51
3.26
3.98
4.57
25
2.03
2.79
3.66
5.78
7.27
4.77
1.99
1.57
2.70
3.44
4.11
4.66
1
2.05
2.79
3.49
5.73
7.21
4.74
2.08
1.67
2.58
3.31
4.04
4.61
8
2.03
2.79
3.46
5.74
7.22
4.75
2.02
1.67
2.51
3.24
3.99
4.60
15
2.03
2.78
3.40
5.68
7.17
4.67
1.99
1.83
2.47
3.18
3.91
4.54
22
2.05
2.80
3.35
5.58
7.11
4.64
2.02
1.72
2.33
3.07
3.83
4.45
29 *
2.05
2.79
3.35
5.52
7.09
.
1.99
1.68
2.33
3.04
3.78
4.39
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Jul
Aug
Savings
Retail
Money
Adjusted
Monetary
Base
Adjusted
Reserves
4
862.711
97.226
18
863.807
93.064
Institutional
Money
M2
MZM
Currency
Small
Time
7
7700.5
8739.8
773.4
1202.8
4057.3
1045.8
2242.1
14
7700.9
8755.2
772.7
1203.7
4065.6
1047.3
2258.0
21
7743.3
8775.3
775.1
1207.1
4077.3
1062.1
2239.1
28
7729.9
8755.3
776.3
1215.6
4041.6
1065.1
2241.0
Jun
Jul
2
863.388
95.014
16
872.356
94.714
4
7721.1
8759.4
776.2
1223.0
4016.4
1060.7
2261.3
30
875.066
95.169
11
7728.1
8769.4
775.9
1229.9
4044.2
1058.0
2271.2
Aug 13
874.325
94.837
18
7717.6
8769.9
775.6
1234.6
4051.7
1051.6
2286.9
27
876.117
.
Bank Loans and Credit
Exchange Rates
Billions of dollars, seasonally adjusted
Jul
Aug
Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Total
Borrowings
16
9406.6
6909.3
1515.7
793.5
188.2
14.301
23
9397.5
6927.0
1514.1
788.0
187.4
16.510
30
9401.1
6917.4
1519.5
791.6
176.5
17.644
6
9391.6
6927.0
1517.9
788.3
183.7
17.463
8
72.9
96.7
0.651
109.1
13
9431.3
6937.4
1515.9
785.1
183.2
17.807
15
74.6
98.3
0.673
109.8
20
27
.
.
.
.
.
.
Jul
Aug
Exchange
Rate:
Yen/$
18
70.3
94.9
0.630
105.6
25
70.9
95.2
0.635
107.4
1
71.6
95.7
0.641
107.9
.
202.4
17.609
22
74.6
98.4
0.677
109.6
.
207.6
18.570
29 *
74.6
98.5
0.680
109.6
*Averages of rates available
Research Division
Federal Reserve Bank of St. Louis
19
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
recently issued inflation-indexed bond of 10-year original maturity.
20
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 and H.4.1
releases. 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 December 27, 2007, Loans to Depository Institutions on the
Fed’s Balance Sheet were reclassified as Other Loans. Other Loans
included primary, secondary, and seasonal credit. As of March 20, 2008,
Other Loans were expanded to include funds advanced through the
Primary Credit Dealer Facility and Other Extensions. According
to the Federal Reserve: “The latter category includes credit extensions
such as the arrangements involving JP Morgan Chase & Co. and The
Bear Stearns Companies Inc. that were approved by the Board of
Governors on March 14, 2008, and March 16, 2008.”
See http://www.federalreserve.gov/releases/h41/Current/.
Page 16: Federal Reserve Holdings of U.S. Treasury Securities
include nominal and inflation-indexed securities and the compensation
that adjusts for the effect of inflation on the original face value of
inflation-indexed securities (inflation compensation). Term Auction
Credit are collateralized, term funds (28-day) that are auctioned to
depository institutions under the temporary Term Auction Facility.
Term Auction Credit became a Federal Reserve balance sheet item as
of December 27, 2007. For more information on the Term Auction
Facility, see http://www.federalreserve.gov/monetarypolicy/taf.htm.
Page 17: 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 18: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 19: 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.
Research Division
Federal Reserve Bank of St. Louis
U.S. Financial Data
Sources
References
Board of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8
release. Total Borrowings and Selected Reserve Balance Sheet
Items: H.4.1 release. Interest rates: H.15 release. Exchange rates:
H.10 release. Commercial paper: Board of Governors web site.
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.
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.
____ 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.
____ and ____(2001). “Retail Sweep Programs and Bank Reserves,
1994-1999,” Federal Reserve Bank of St. Louis Review,
January/February, pp. 51-72.
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
____ 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.
Standard & Poor’s
Standard & Poor’s 500 composite index.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
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.
Wall Street Journal
Oil (West Texas intermediate) and natural gas (Henry Hub) spot
and futures prices.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.
Research Division
Federal Reserve Bank of St. Louis
21
@FedFRASER