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USFinancialData

December 3, 2009
Advance Edition

Calendar of Releases
Titles for the current week are links to their respective releases.

MONDAY*

WEDNESDAY

THURSDAY*

FRIDAY

December 1

December 2

December 3

December 4

Construct Spending (Oct)
A: 0.0%
PF: -0.5

November 30

TUESDAY

Current Economic
Conditions (Beige Book)

Initial Claims (11/28)
A: 457K
PF: 480K

Factory Orders (Oct)
A: N/A
PF: 0.0%

ISM Index (Nov)
A: 53.6
PF: 55.0

ISM Non Mfg Index (Nov)
A: 48.7
PF: 51.5

Nonfarm Payrolls (Nov)
A: N/A
PF: -130K

Latest Issue
National Economic Trends

Productivity (Q3)
PF: 8.5%
A: 8.1%

Unemployment Rate (Nov)
A: N/A
PF: 10.2%

Unit Labor Cost (Q3)
A: -2.5%
PF: -4.2%

December 7

December 8

December 9

Consumer Credit (Oct)
CF: N/A
PF: -$9.5B

December 10
Initial Claims (12/5)
CF: N/A
PF: N/A

December 11
Retail Sales (Nov)
CF: N/A
PF: 0.4%

Treasury Budget (Nov)
Business Inventories (Oct)
CF: N/A
PF: -$134.8B CF: N/A
PF: -0.2%
International Trade (Oct)
CF: N/A
PF: -$36.1B

Import Prices (Nov)
CF: N/A
PF: 1.0%

Quarterly Services (Q3)

December 14

December 15

December 16

CF: N/A

Housing Starts (Nov)
CF: N/A

Core PPI (Nov)
CF: N/A

December 17

December 18

Initial Claims (12/12)
CF: N/A

Current Account (Q3)
CF: N/A

PPI (Nov)

Industrial Production (Nov)
CF: N/A
Capacity Utilization (Nov)
CF: N/A
Latest Issue
Monetary Trends

CPI (Nov)
CF: N/A
Core CPI (Nov)
CF: N/A
FOMC Meeting
Statement

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
12/03/09

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
12/03/09

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
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:
11/19/08

02/11/09

04/22/09

05/20/09

04/22/09

159.4
118.0

41.9

65.1

-0.1

-43.5

-61.9

08/26/09

65.7

11.8

-18.6

-27.9

09/23/09

-6.2

07/15/09

08/26/09

73.4

06/17/09

07/15/09

196.3

05/20/09

06/17/09

-27.3

09/23/09

77.6

29.1

6.4

2.7

14.4

127.2

10/21/09

89.5

45.9

29.8

30.7

50.0

164.6

270.8

11/18/09

98.6

59.2

48.0

52.0

74.8

181.2

263.0

267.3

Research Division

4

Federal Reserve Bank of St. Louis

updated through
12/03/09

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:
11/24/08

02/16/09

04/27/09

05/25/09

06/22/09

04/27/09

15.3
14.2

7.7

12.8

07/20/09

12.1

5.7

7.4

2.1

08/31/09

9.4

3.4

3.2

-0.9

09/28/09

7.9

06/22/09

08/31/09

14.7

05/25/09

07/20/09

-3.9

09/28/09

8.9

3.4

3.3

0.1

-1.8

-1.4

10/26/09

8.0

2.9

2.5

-0.2

-1.7

-1.4

1.1

11/23/09

7.3

2.5

2.1

-0.2

-1.5

-1.3

0.5

-1.1

Research Division
Federal Reserve Bank of St. Louis

5

updated through
12/03/09

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:
11/24/08

02/16/09

04/27/09

9.8
9.3

4.4

06/22/09

07/20/09

08/31/09

09/28/09

3.8

06/22/09

05/25/09

9.2

05/25/09

04/27/09

9.5

07/20/09

7.6

2.8

4.7

0.9

08/31/09

5.7

1.2

1.6

-1.4

09/28/09

5.5

1.5

1.9

-0.3

-2.2

-1.3

10/26/09

5.4

1.8

2.3

0.5

-0.8

0.2

3.7

11/23/09

5.4

2.1

2.7

1.2

0.3

1.3

4.3

-4.3

4.8

Research Division

6

Federal Reserve Bank of St. Louis

updated through
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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:
10/07/09
11/04/09
12/02/09
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
12/03/09

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
12/03/09

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
87

85

83

11/25/2009
81

79

77

12/02/2009
75

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2010

Research Division
Federal Reserve Bank of St. Louis

15

updated through
12/03/09

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

11/25/2009
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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

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
12/03/09

U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper

90-Day
CDs

2-Year
Corporate Corporate Municipal
Interest
Rate Swap Aaa Bonds Baa Bonds
Bonds

3-Month
Treasury
Bill

Federal
Funds

2-Year
Treasury
Securities

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

Sep 11

0.13

0.25

1.24

5.18

6.39

4.33

0.15

0.14

0.92

2.34

3.41

4.25

18

0.14

0.25

1.31

5.15

6.36

4.20

0.16

0.11

0.98

2.43

3.46

4.24

25

0.14

0.25

1.30

5.14

6.27

4.04

0.16

0.11

0.98

2.41

3.43

4.18

2

0.12

0.24

1.28

5.00

6.14

3.94

0.12

0.12

0.94

2.28

3.28

4.02

9

0.12

0.24

1.25

5.06

6.22

4.06

0.13

0.08

0.91

2.24

3.28

4.08

16

0.12

0.25

1.30

5.21

6.38

4.32

0.12

0.07

0.95

2.36

3.43

4.25

23

0.12

0.24

1.33

5.16

6.30

4.31

0.12

0.07

0.99

2.38

3.43

4.22

30

0.12

0.22

1.32

5.22

6.34

4.39

0.11

0.07

0.98

2.41

3.49

4.30

6

0.11

0.22

1.26

5.27

6.39

4.41

0.12

0.05

0.90

2.35

3.53

4.36

13

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

6.25

4.33

0.11

0.05

0.73

2.12

3.30

4.25

0.12

0.20

1.01

5.06

6.25

.

0.12

0.06

0.69

2.04

3.27

4.24

Oct

Nov

Dec

4*

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

12

8331.0

9562.2

863.2

1140.8

4666.0

857.6

8357.9

9559.8

862.9

1133.2

4695.7

850.3

9570.8

861.7

1125.9

4759.6

840.4

2

8387.4

9580.2

861.2

1117.9

4737.4

836.1

2310.7

1785.455

924.622

1837.614

975.695

7

1883.631

1017.03

1963.543

1092.03

Institutional
Money

9

8389.1

9558.3

859.5

1109.7

4725.6

834.9

8392.1

9559.0

859.0

1103.2

4765.0

832.6

8391.3

9555.1

858.8

1096.7

4791.2

819.1

Oct

2270.1

23

Sep

2278.9

16

2260.5

Bank Loans and Credit

9

21

2302.8

Savings

Retail
Money

Adjusted
Reserves

23

2335.1

8393.9

Adjusted
Monetary
Base

2372.0

26
Nov

Currency

19

Oct

MZM

Small
Time

Dec

4

2024.397

1169.76

18

Nov

2010.152

1151.61

2

2081.190

.

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(sa)

21

9013.9

6685.4

1372.0

678.7

133.3

108.169

8997.0

6697.2

1374.2

682.7

128.3

Major
Exchange
Broad
Exchange Exchange
Rate:
Euro/$
Rate Index Rate Index

Total
Borrowings

28

Oct

Loans and
Leases

107.630

Exchange
Rate:
Yen/$

16

72.9

101.1

0.671

90.1

23

73.0

101.2

0.668

91.2

30

Oct

73.9

102.1

0.675

91.4

6

73.8

102.0

0.676

90.4

4

9107.7

6786.8

1369.9

678.3

134.5

110.608

11

9109.6

6796.0

1369.9

679.2

127.3

108.221

18

Nov

9115.9

6786.3

1359.4

672.2

129.1

108.246

13

73.0

101.2

0.670

89.9

Nov

25
Dec

.

.

.

.

119.3

108.484

20

73.0

101.1

0.671

89.2

2

.

.

.

.

115.7

102.515

27

72.8

100.8

0.667

88.1

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102