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USFinancialData
December 11, 2009
Final Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
December 7
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
December 8
December 9
December 10
December 11
Consumer Credit (Oct)
A: -$3.5B
PF: -$9.3B
Initial Claims (12/5)
A: 474K
PF: 460K
Retail Sales (Nov)
A: 1.3%
PF: 0.6%
Treasury Budget (Nov)
A: -$120.3B PF: -$135.0B
Business Inventories (Oct)
A: 0.2%
PF: -0.3%
International Trade (Oct)
PF: -$36.8B
A: -$32.9B
Import Prices (Nov)
A: 1.7%
PF: 1.0%
Quarterly Services (Q3)
December 14
December 15
December 16
PPI (Nov)
CF: 0.8%
PF: 0.7%
Housing Starts (Nov)
CF: 575K
PF: 560K
Core PPI (Nov)
PF: 0.2%
CF: 0.2%
December 17
Current Account (Q3)
CF: -$108.0B PF: -$110.5B
Industrial Production (Nov)
CF: 0.5%
PF: 0.3%
Initial Claims (12/12)
CF: 465K
PF: N/A
CPI (Nov)
CF: 0.4%
PF: 0.3%
Capacity Utilization (Nov)
CF: 71.1% PF: 71.0%
Core CPI (Nov)
CF: 0.1%
PF: 0.1%
Latest Issue
Monetary Trends
FOMC Meeting
Statement
December 22
December 23
Existing Home Sales (Nov)
CF: 6.30M
December 21
December 18
New Home Sales (Nov)
CF: 444K
Initial Claims (12/19)
CF: N/A
Personal Income (Nov)
CF: 0.4%
Durable Goods (Nov)
CF: 0.3%
GDP (Q3)
CF: 2.8%
Corporate Profits (Q3)
December 24
December 25
Consumption (Nov)
CF: 0.4%
Core PCE (Nov)
CF: 0.1%
Due to the holidays, U.S. Financial Data will be published
December 28 and January 4, Final Editions only.
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 Reuters. ©Thomson Reuters, 2009. 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
21
22
23
Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Composition of Federal Reserve Assets and Liabilities
Reserve Bank Credit and Selected Categories
Other Federal Reserve Balance Sheet Items
Yields on Selected Securities
Corporate Bond Spreads and Mortgage Interest Rates
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 Outstanding
Reference Tables
Notes
Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 10, 14, 15 (top chart), 16 (top chart), and 22 (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
12/10/09
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
2200
2000
1800
1600
1400
1200
1000
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2008
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
12/03/08
02/25/09
05/06/09
06/03/09
05/06/09
46.4
23.6
20.3
21.7
18.0
-16.6
-33.2
09/09/09
24.7
23.0
0.0
-7.3
10/07/09
-26.7
07/29/09
09/09/09
63.3
07/01/09
07/29/09
49.5
06/03/09
07/01/09
28.1
10/07/09
29.0
29.1
11.4
7.6
41.5
57.6
11/04/09
36.2
38.7
25.8
25.0
60.0
79.0
111.1
12/02/09
36.4
38.8
27.6
27.2
56.0
69.3
83.9
85.2
Research Division
Federal Reserve Bank of St. Louis
3
updated through
12/10/09
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
1400
1200
1000
800
600
400
200
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2008
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
12/03/08
02/25/09
05/06/09
06/03/09
07/01/09
07/29/09
09/09/09
05/06/09
90.9
06/03/09
89.4
173.6
07/01/09
37.1
47.1
-44.9
07/29/09
31.6
36.3
-33.5
-59.7
09/09/09
41.4
50.0
-1.9
-17.7
10/07/09
51.8
64.1
20.7
10.2
88.8
146.8
11/04/09
68.1
86.5
51.1
46.1
136.4
205.2
299.1
12/02/09
70.7
88.2
57.3
53.9
130.3
179.3
219.6
10/07/09
55.5
226.1
Research Division
4
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
9800
9600
9400
9200
9000
8800
8600
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2008
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
12/01/08
02/23/09
05/04/09
06/01/09
05/04/09
14.7
13.2
7.4
07/27/09
11.4
5.8
6.1
8.8
3.4
2.2
-1.4
10/05/09
1.3
09/07/09
09/07/09
8.4
06/29/09
07/27/09
14.5
06/01/09
06/29/09
9.7
-3.4
10/05/09
8.3
3.3
2.4
-0.5
-1.6
-1.9
11/02/09
7.4
2.8
1.8
-0.6
-1.5
-1.7
0.9
11/30/09
6.7
2.4
1.4
-0.7
-1.5
-1.6
0.2
-1.3
Research Division
Federal Reserve Bank of St. Louis
5
updated through
12/10/09
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8500
8400
8300
8200
8100
8000
7900
7800
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2008
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
12/01/08
02/23/09
05/04/09
9.3
8.5
4.4
06/29/09
07/27/09
09/07/09
10/05/09
4.6
06/29/09
06/01/09
8.8
06/01/09
05/04/09
7.9
07/27/09
7.1
3.0
4.1
0.3
09/07/09
5.2
1.2
0.9
-2.0
-4.3
10/05/09
5.2
1.7
1.6
-0.5
-1.8
-1.2
11/02/09
5.1
2.0
2.1
0.4
-0.3
0.5
4.9
11/30/09
5.1
2.3
2.5
1.1
0.6
1.4
4.8
4.8
Research Division
6
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
3500
Short-Term Lending to Financial Firms and Markets
Rescue Operations
3000
Operations Focused on Longer-Term Credit Conditions
Traditional Portfolio
Traditional Portfolio and Long-Term Assets
2500
2000
1500
1000
500
0
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jul
Jun
2008
Aug
Sep
Oct
Nov
Dec
2009
Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
3000
Source Base (not adjusted for reserve requirement changes)
Treasury Financing Account
Traditional Liabilities and Capital Account
2500
2000
1500
1000
500
0
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
2009
Research Division
Federal Reserve Bank of St. Louis
7
updated through
12/10/09
U.S. Financial Data
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
2400
2100
1800
1500
Reserve Bank Credit
1200
900
U.S. Treasury Securities
600
300
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jul
Jun
2008
Aug
Sep
Oct
Nov
Dec
2009
Term Auction Credit
Averages of Daily Figures
Billions of dollars
540
480
420
360
300
240
180
120
60
0
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Research Division
8
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Federal Reserve Purchases of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Billions of Dollars
900
800
Mortgage-Backed Securities
700
600
500
400
300
200
Purchases of Agency Debt
100
0
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
Nov
Dec
2009
Federal Reserve Holdings in the Term Asset-Backed Securities Loan Facility
Averages of Daily Figures
Billions of Dollars
50
40
30
20
10
0
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2009
Research Division
Federal Reserve Bank of St. Louis
9
updated through
12/10/09
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
7
Corporate Aaa
6
5
4
Prime Rate
3
2-Year Swap
2
1
30-Day Nonfinancial Commercial Paper
0
Nov
Oct
Dec
Feb
Jan
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
Nov
Dec
2009
Percent
5
4
10-Year Treasury
3
2
Intended Federal Funds Rate
|
1
Federal Funds Rate
3-Month Treasury
FFR Target Range
|
|
|
0
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2009
Research Division
10
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
7
6
Baa - 10Y
5
4
3
2
Aaa - 10Y
1
0
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
Aug
Sep
Oct
Nov
Dec
2009
Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
8.0
7.5
Jumbo
7.0
6.5
6.0
Conforming
5.5
5.0
4.5
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
Jul
2009
Research Division
Federal Reserve Bank of St. Louis
11
updated through
12/10/09
U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
5
4
3
2
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jul
Aug
Sep
Oct
Nov
Dec
Jul
Jun
Aug
Sep
Oct
Nov
Dec
2009
10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4
3
2
1
0
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
3
2
1
0
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Research Division
12
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.6
Feb 2010
0.5
0.4
Jan 2010
0.3
Dec 2009
0.2
FFR Target Rate Range
0.1
0.0
Jul
Aug
Sep
Oct
Nov
Dec
2009
Rates on Federal Funds Futures on Selected Dates
Percent
0.35
Week Ending:
10/14/09
11/11/09
12/09/09
0.30
0.25
0.20
0.15
0.10
Dec 2009
Jan 2010
Feb 2010
Mar 2010
Apr 2010
May 2010
Contract Month
Research Division
Federal Reserve Bank of St. Louis
13
updated through
12/10/09
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
12000
2400
11000
2200
10000
2000
Dow Jones (left scale)
9000
1800
8000
1600
7000
1400
NASDAQ (right scale)
6000
1200
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
2009
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
12000
1200
11000
1100
Wilshire** (left scale)
10000
1000
9000
900
S&P* (right scale)
8000
800
7000
700
6000
600
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
*Copyright 2009 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
14
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
100
90
80
70
60
50
40
30
20
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Nov
Oct
Dec
2009
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
86
84
82
80
12/02/2009
78
76
74
72
12/09/2009
70
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2010
Research Division
Federal Reserve Bank of St. Louis
15
updated through
12/10/09
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
8
7
6
5
4
3
2
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Nov
Oct
Dec
2009
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
7.0
6.5
6.0
12/09/2009
5.5
5.0
12/02/2009
4.5
4.0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2010
Research Division
16
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
100
120
95
115
90
110
Broad Index (right scale)
85
105
80
100
Major Index (left scale)
75
95
70
90
65
85
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
2009
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
0.80
108
Euro (left scale)
0.75
104
0.70
100
0.65
96
0.60
92
Japan (right scale)
0.55
88
0.50
84
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Research Division
Federal Reserve Bank of St. Louis
17
updated through
12/10/09
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
870
850
830
810
790
770
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
2009
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1420
5300
1340
4900
Small Time (left scale)
1260
4500
1180
4100
Savings (right scale)
1100
3700
1020
3300
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Research Division
18
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
2700
2300
2500
2100
Institutional Money (left scale)
2300
1900
2100
1700
1900
1500
1700
1300
1500
1100
Retail Money (right scale)
1300
900
1100
700
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2008
Jun
Jul
Aug
Sep
Nov
Oct
Dec
2009
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
450
400
350
300
250
200
150
100
50
0
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer and other broker-dealer credit.
This category also contains asset-backed commercial paper money market mutual fund liquidity facility, credit extended to American International
Group, Inc.,net, term asset-backed securities loan facility, and other credit extensions. Term auction credit is excluded.
Research Division
Federal Reserve Bank of St. Louis
19
updated through
12/10/09
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
Bank Credit (left scale)
9300
7500
9050
7250
Loans and Leases (right scale)
8800
7000
8550
6750
8300
6500
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
2009
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1800
1200
1700
1100
All Banks (left scale)
1600
1000
1500
900
1400
800
Large Banks (right scale)
1300
700
1200
600
Oct
Nov
2008
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
Recent developments in the financial sector resulted in an unusually large increase in commercial bank assets and liabilities in September
and October 2008. For more information, please see the notes to the Oct. 10, 2008, H.8 release at http://www.federalreserve.gov/releases/h8/20081010/.
Research Division
20
Federal Reserve Bank of St. Louis
updated through
12/10/09
U.S. Financial Data
Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
225
200
175
150
125
100
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2008
Jul
Aug
Sep
Oct
Nov
Dec
Aug
Sep
Oct
Nov
Dec
2009
Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
900
800
Asset-Backed
700
Financial
600
500
400
Oct
Nov
Dec
2008
Jan
Feb
Mar
Apr
May
Jun
Jul
2009
Research Division
Federal Reserve Bank of St. Louis
21
updated through
12/10/09
U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper
90-Day
CDs
Sep 18
0.14
0.25
1.31
5.15
6.36
25
0.14
0.25
1.30
5.14
6.27
2
0.12
0.24
1.28
5.00
9
0.12
0.24
1.25
5.06
16
0.12
0.25
1.30
23
0.12
0.24
30
0.12
0.22
Oct
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
5-Year
Treasury
Securities
10-Year
Treasury
Securities
4.20
0.16
0.11
0.98
2.43
3.46
4.24
4.04
0.16
0.11
0.98
2.41
3.43
4.18
6.14
3.94
0.12
0.12
0.94
2.28
3.28
4.02
6.22
4.06
0.13
0.08
0.91
2.24
3.28
4.08
5.21
6.38
4.32
0.12
0.07
0.95
2.36
3.43
4.25
1.33
5.16
6.30
4.31
0.12
0.07
0.99
2.38
3.43
4.22
1.32
5.22
6.34
4.39
0.11
0.07
0.98
2.41
3.49
4.30
2-Year
Corporate Corporate Municipal
Interest
Rate Swap Aaa Bonds Baa Bonds
Bonds
30-Year
Treasury
Securities
0.11
0.22
1.26
5.27
6.39
4.41
0.12
0.05
0.90
2.35
3.53
4.36
0.16
0.22
1.17
5.28
6.40
4.40
0.12
0.07
0.84
2.30
3.48
4.40
20
0.12
0.21
1.06
5.16
6.27
4.35
0.12
0.04
0.76
2.19
3.35
4.28
27
0.14
0.20
1.04
5.07
6.24
4.33
0.11
0.05
0.73
2.12
3.30
4.25
4
0.13
0.21
1.07
5.11
6.29
4.24
0.12
0.06
0.73
2.10
3.34
4.29
11 *
Dec
6
13
Nov
0.16
0.22
1.13
5.21
6.34
.
0.12
0.03
0.76
2.15
3.43
4.40
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
M2
19
8358.0
9559.8
862.9
1133.3
4695.7
850.3
8393.9
9570.8
861.7
1125.9
4759.6
840.4
8387.4
9580.2
861.2
1117.9
4737.4
836.1
8389.5
9558.2
859.5
1110.2
4725.6
834.9
2278.9
16
8392.6
9559.1
859.1
1103.6
4765.0
832.6
2270.1
23
8391.8
9555.2
858.8
1097.1
4791.4
819.1
2260.5
30
8414.4
9564.8
858.3
1091.1
4817.9
814.4
2241.5
Bank Loans and Credit
9
1785.455
924.622
1837.614
975.695
7
1883.631
1017.04
21
2310.7
Savings
Retail
Money
Adjusted
Reserves
23
2302.8
2
Adjusted
Monetary
Base
2335.1
9
Nov
Currency
26
Oct
MZM
Small
Time
1963.543
1092.03
Institutional
Money
Sep
Oct
Dec
4
2024.393
1169.80
18
Nov
2010.152
1151.56
2
2081.190
1238.57
Exchange Rates
Billions of dollars, seasonally adjusted
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Major
Exchange
Broad
Exchange Exchange
Rate:
Euro/$
Rate Index Rate Index
Total
Borrowings
Oct
28
8997.0
6697.2
1374.3
682.7
128.3
107.630
Nov
4
9107.9
6786.9
1370.1
678.4
134.5
110.608
11
9109.4
6795.8
1370.1
679.3
127.3
108.221
6
73.8
18
9101.7
6773.0
1359.0
672.2
129.1
108.246
13
73.0
25
9073.3
6764.2
1357.3
673.0
119.3
108.484
20
73.0
27
4
Dec
2
.
.
.
.
115.7
.
.
.
.
108.8
84.479
Nov
Dec
23
73.0
101.2
0.668
91.2
30
Oct
102.515
9
Exchange
Rate:
Yen/$
73.9
102.1
0.675
91.4
102.0
0.676
90.4
101.2
0.670
89.9
101.1
0.671
89.2
72.8
100.8
0.667
88.1
72.5
100.5
0.666
87.6
Research Division
22
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 Reuters 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: The asset groups are aggregates of the following categories
on the H.4.1: Short-term lending to financial firms and markets is
the sum of repurchase agreements, term auction credit, commercial
paper funding facility, central bank liquidity swaps, money market
investor funding facility, other loans (less AIG loan), and other assets.
Rescue operations is the sum of credit extended to AIG, and net
Research Division
Federal Reserve Bank of St. Louis
portfolio holdings of Maiden Lanes I, II, III, and preferred interests in
AIA Aurora and ALICO Holdings. Operations focused on long term
credit conditions is the sum of Federal Reserve agency obligations held
outright, mortgage backed securities, the term asset-backed securities
loan facility (TALF), and the TALF LLC. Traditional portfolio is the
sum of treasury securities, gold certificate account, special drawing
rights, coin, items in process of collection, and bank premises. On the
liability side, Source base is the sum of deposits of depository institutions and Federal Reserve notes. Treasury financing account appears
on the H.4.1. Traditional liabilities and capital account is the sum
of deferred availability cash items, foreign official account deposits,
U.S. Treasury general account, accrued dividends, reverse repurchase
agreements, other deposits, and capital accounts. H.4.1 data are not
seasonally adjusted.
Page 8: 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 9: Current data appear in the Federal Reserve Board’s H.4.1
release. For more information on these programs, see
http://www.federalreserve.gov/newsevents/recentactions.htm.
Page 10: 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 11: Yields on the 10-year U.S. Treasury security, Aaa- and Baarated corporate bonds, and the interest rate on 3-year conforming
mortgages appear in the Federal Reserve Board’s H.15 release. The
interest rates on jumbo mortgages (typically, mortgages in excess of
$417,000) are listed in the Wall Street Journal.
Page 12: 10-Year Inflation-Indexed Treasury Yield is the most
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 13: 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 15: 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 16: 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 17: 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 18: 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
23
U.S. Financial Data
are at all depository institutions.
Dow Jones Industrial Average.
Page 19: 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.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.
Total Borrowings include loans to depository institutions for (i)
primary, secondary, and seasonal credit and (ii) primary dealer and
other broker-dealer credit. This category also includes the assetbacked commercial paper money market mutual fund liquidity facility,
credit extended to American International Group, Inc., term assetbacked securities loan facility, and other credit extensions. Term auction credit is excluded. Data and recent information regarding Federal
Reserve lending programs appear in the Federal Reserve Board's
H.4.1 release at http://www.federalreserve.gov/releases/h41/Current/.
Standard & Poor’s
Standard & Poor’s 500 composite index.
Page 20: 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 21: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 22: 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 and Federal 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.
Chicago Board of Trade
Federal funds futures contract.
Dow Jones Indexes
24
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) and
natural gas (Henry Hub) spot and futures prices.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.
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.
____ 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.
____ 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.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
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.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
Research Division
Federal Reserve Bank of St. Louis
@FedFRASER