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USFinancialData

December 5, 2014
Final Edition

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

MONDAY*
December 1
ISM Index (Nov)
A: 58.7
PF: 58.0

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

December 2

December 3

December 4

December 5

Construct Spending (Oct)
A: 1.1%
PF: 0.5%

Latest Issue
National Economic Trends

Productivity (Q3)
A: 2.3%
PF: 2.2%

Initial Claims (11/29)
A: 297K
PF: 290K

Factory Orders (Oct)
A: -0.7%
PF: -0.1%

Unit Labor Cost (Q3)
A: -1.0%
PF: 0.3%

International Trade (Oct)
A: -$43.4B
PF: -$41.5B

ISM Non Mfg Index (Nov)
A: 59.3
PF: 57.5

Nonfarm Payrolls (Nov)
A: 321K
PF: 228K

Latest Issue
Monetary Trends

Unemployment Rate (Nov)
PF: 5.8%
A: 5.8%
Consumer Credit (Oct)
A: $13.2B
PF: $16.0B

December 8

December 9

December 10
Treasury Budget (Nov)
CF: -$75.0B PF: N/A

December 11

December 12

Initial Claims (12/6)
CF: 296K
PF: N/A

PPI (Nov)
CF: -0.1%
PF: 0.5%

Retail Sales (Nov)
CF: 0.4%
PF: 0.3%

Core PPI (Nov)
CF: 0.1%
PF: 0.5%

Business Inventories (Oct)
CF: 0.2%
PF: N/A
Import Prices (Nov)
CF: -1.8%
PF: N/A

December 15

December 16

Industrial Production (Nov)
Housing Starts (Nov)
CF: 0.5%
CF: 1026K
Capacity Utilization (Nov)
CF: 79.3%

Building Permits (Nov)
CF: 1046K

December 17
Current Account (Q3)
CF: N/A

December 18

December 19

Initial Claims (12/13)
CF: N/A

CPI (Nov)
CF: -0.1%
CPI Core (Nov)
CF: 0.1%
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, 20 . 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
24

Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Composition of Federal Reserve Assets and Liabilities
Reserve Bank Credit and Selected Categories
Reverse Repurchase Agreements and Federal Reserve Remittances
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 11, 15, 16 (top chart), 17 (top chart), and 23 (top table), 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
12/04/14

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
4300

4200

4100

4000

3900

3800

3700

3600

3500

3400

3300

3200

3100

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2013

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Adjusted Monetary Base
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/27/13

02/19/14

04/30/14

05/28/14

06/25/14

07/23/14

09/03/14

04/30/14

19.2

05/28/14

13.7

9.5

06/25/14

14.5

11.6

2.5

07/23/14

12.4

8.9

0.9

8.0

09/03/14

15.0

13.4

10.2

17.4

16.6

10/01/14

13.2

11.1

7.5

12.4

10.4

16.0

10/29/14

10.6

8.0

3.8

7.0

4.4

6.4

-9.1

11/26/14

4.5

0.5

-5.2

-4.1

-7.8

-9.0

-24.2

10/01/14

-32.8

Research Division
Federal Reserve Bank of St. Louis

3

updated through
12/04/14

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
3100

3000

2900

2800

2700

2600

2500

2400

2300

2200

2100

2000

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2013

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/27/13

02/19/14

04/30/14

05/28/14

06/25/14

07/23/14

09/03/14

04/30/14

18.7

05/28/14

13.6

06/25/14

14.6

17.1

4.3

07/23/14

10.4

10.1

-3.2

0.7

09/03/14

16.1

18.3

13.0

20.8

20.6

10/01/14

14.2

15.5

10.0

15.1

13.4

28.2

10/29/14

10.9

10.9

4.8

7.8

5.0

12.1

-11.6

11/26/14

3.1

0.9

-7.0

-6.4

-10.8

-9.4

-30.5

10/01/14

16.0

-41.3

Research Division

4

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
13000

12900

12800

12700

12600

12500

12400

12300

12200

12100

12000

11900

11800

11700

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2013

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/25/13

02/17/14

04/28/14

05/26/14

06/23/14

04/28/14

5.9
5.8

4.8

6.3

07/21/14

5.9

5.2

6.5

5.7

09/01/14

5.5

4.8

5.4

4.7

09/29/14

4.9

06/23/14

09/01/14

5.6

05/26/14

07/21/14

4.8

09/29/14

5.3

4.6

5.1

4.4

4.4

3.4

10/27/14

5.6

5.0

5.5

5.1

5.2

4.8

5.8

11/24/14

5.5

5.0

5.4

5.0

5.1

4.7

5.3

6.2

Research Division
Federal Reserve Bank of St. Louis

5

updated through
12/04/14

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
11700

11600

11500

11400

11300

11200

11100

11000

10900

10800

10700

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2013

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/25/13

02/17/14

04/28/14

05/26/14

06/23/14

07/21/14

09/01/14

04/28/14

6.9

05/26/14

7.1

6.3

06/23/14

6.9

6.0

6.6

07/21/14

6.8

6.1

6.6

5.8

09/01/14

6.4

5.7

5.8

5.2

5.1

09/29/14

6.1

5.4

5.3

4.7

4.5

3.7

10/27/14

6.1

5.4

5.3

4.8

4.7

4.2

4.2

11/24/14

6.0

5.3

5.3

4.8

4.8

4.4

4.5

09/29/14

5.2

Research Division

6

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
5000

Market Adjustment to Treasury and MBS Portfolio
Short-Term Lending to Financial Firms and Markets

4500

Rescue Operations
Operations Focused on Longer-Term Credit Conditions

4000

Traditional Portfolio
Traditional Portfolio and Long-Term Assets

3500

3000

2500

2000

1500

1000

500

0

6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 12
11
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
5000
Source Base (not adjusted for reserve requirement changes)

4500

Treasury Financing Account
Traditional Liabilities and Capital Account

4000

3500

3000

2500

2000

1500

1000

500

0

6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 12
11
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Research Division
Federal Reserve Bank of St. Louis

7

updated through
12/04/14

U.S. Financial Data

Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
4800
4500
4200

Reserve Bank Credit

3900
3600
3300
3000
2700
2400
2100

U.S. Treasury Securities
1800
1500

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

Dec

Jul

Jun

2013

Aug

Sep

Oct

Nov

Dec

2014

Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
420

360

300

240

180

120

60

0

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun
2014

Research Division

8

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Factors Absorbing Reserve Funds: Reverse Repurchase Agreements
Averages of Daily Figures
Billions of Dollars
350
325
300
275
250
225
200
175
150
125
100
75

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

Dec

Jul

Jun

2013

Aug

Sep

Oct

Nov

Dec

2014

Federal Reserve Earnings Remitted to the U.S. Treasury
52-Week Rolling Sums
Billions of Dollars, Weekly Averages of Daily Figures
110

105

100

95

90

85

80

75

70

Oct

Nov

Dec

2013

Jan

Feb

Mar

Apr

May

Jun
2014

Research Division
Federal Reserve Bank of St. Louis

9

updated through
12/04/14

U.S. Financial Data

Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Millions of Dollars
2100

1800

Mortgage-Backed Securities
1500

1200

900

600

300

Purchases of Agency Debt
0

Nov

Oct

Dec

Jan

2013

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Maturity Distribution of U.S. Treasury Securities Held by the Federal Reserve
Billions of Dollars
1200
1100
1000
900
800
700
600
500

1 Year or Less
5 to 10 Years

400

1 to 5 Years
300

Over 10 Years
200
100
0

6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 12
11
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Research Division

10

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
5

4

Corporate Aaa

Prime Rate

3

2

1

2-Year Swap

30-Day Nonfinancial Commercial Paper
0

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

Nov

Dec

2014

Percent
4

3

10-Year Treasury
2

1

FFR Target Range

Federal Funds Rate

3-Month Treasury

|
|
|

|
|
|

|
|
0

Oct

Nov

Dec

2013

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2014

Research Division
Federal Reserve Bank of St. Louis

11

updated through
12/04/14

U.S. Financial Data

Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
3.0

Baa - 10Y

2.5

2.0

Aaa - 10Y

1.5

1.0

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

Aug

Sep

Oct

Nov

Dec

2014

Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
5.3

Jumbo
4.8

4.3

Conforming

3.8

3.3

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul
2014

Research Division

12

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Treasury Note Yields
Averages of Daily Figures
Percent
4

30-Year
3

10-Year

2

1

5-Year
0

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Aug

Sep

Oct

Nov

Dec

Jul

Aug

Sep

Oct

Nov

Dec

Jul

Jun

Aug

Sep

Oct

Nov

Dec

Jul
2014

Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
2

30-Year
1

10-Year

0

5-Year
-1

-2

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun
2014

Inflation-Indexed Treasury Yield Spreads
Averages of Daily Figures
Percent
2.5

30-Year

2.3

2.1

10-Year

1.9

5-Year
1.7

1.5

1.3

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun
2014

Research Division
Federal Reserve Bank of St. Louis

13

updated through
12/04/14

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.50

0.45

0.40

0.35

0.30

12-Month Futures
0.25

0.20

6-Month Futures
0.15

0.10

1st Expiring Contract

3-Month Futures

0.05

FFR Target Rate Range
0.00

Jul

Aug

Sep

Nov

Oct

Dec

2014

Rates on Federal Funds Futures on Selected Dates
Percent
0.55
0.50
0.45

Week Ending:
10/09/14
11/06/14
12/02/14

0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00

1st-Expiring Contract

3-Month

6-Month

12-Month

Contract Settlement Month

Research Division

14

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price

February 5, 1971 = 100

20000

5100

19000

4800

18000

4500

NASDAQ (right scale)
17000

4200

16000

3900

Dow Jones (left scale)

15000

3600

14000

3300

13000

3000

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

2014

*The S&P Dow Jones Indices LLC series are Copyright

2014, S&P Dow Jones Indices LLC. All rights reserved.

Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29

1941-43 = 10

23000

2200

22000

2100

21000

2000

Wilshire** (left scale)
20000

1900

S&P* (right scale)
19000

1800

18000

1700

17000

1600

16000

1500

15000

1400

Oct

Nov

Dec

Jan

Feb

2013
*The S&P Dow Jones Indices LLC series are Copyright

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014
2014, S&P Dow Jones Indices LLC. All rights reserved.

**Source: Wilshire Associates Incorporated, www.wilshire.com

Research Division
Federal Reserve Bank of St. Louis

15

updated through
12/04/14

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
110

105

100

95

90

85

80

75

70

65

60

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Nov

Oct

Dec

2014

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
80

77

11/26/2014
74

71

12/03/2014
68

65

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015

Research Division

16

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
7.0

6.5

6.0

5.5

5.0

4.5

4.0

3.5

3.0

2.5

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Nov

Oct

Dec

2014

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
4.6

4.4

4.2

4.0

11/26/2014

3.8

3.6

12/03/2014

3.4

3.2

3.0

Feb

Mar

Apr

May

Jun

Jul
2015

Aug

Sep

Oct

Nov

Dec

Research Division
Federal Reserve Bank of St. Louis

17

updated through
12/04/14

U.S. Financial Data

Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100

January 1987=100

85

111

83

109

81

107

79

105

Major Index (left scale)
103

77

75

101

Broad Index (right scale)

73

99

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

2014

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

0.83

127

0.81

122

0.79

117

0.77

112

Euro (left scale)
0.75

107

Japan (right scale)
0.73

102

0.71

97

0.69

92

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Research Division

18

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1250

1225

1200

1175

1150

1125

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

2014

Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars

Billions of dollars

1100

8000

1000

7500

Savings (right scale)
900

7000

800

6500

700

6000

600

5500

Small Time (left scale)
500

5000

400

4500

Oct

Nov

Dec

2013

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Research Division
Federal Reserve Bank of St. Louis

19

updated through
12/04/14

U.S. Financial Data

Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1900

1700

Institutional Money
1500

1300

1100

900

Retail Money
700

500

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

Dec

Jul

Jun

2013

Aug

Sep

Oct

Nov

Dec

2014

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.50

0.45

0.40

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun
2014

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

20

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars

Billions of dollars

10855

8050

10745

7950

10635

7850

10525

7750

Loans and Leases (right scale)

10415

7650

10305

7550

10195

7450

10085

7350

9975

7250

Bank Credit (left scale)

9865

7150

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

2014

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1830

960

1790

940

1750

920

1710

900

1670

880

Large Banks (right scale)
1630

860

1590

840

All Banks (left scale)
1550

820

1510

800

Oct

Nov

Dec

2013

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2014

Research Division
Federal Reserve Bank of St. Louis

21

updated through
12/04/14

U.S. Financial Data

Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
300

290

280

270

260

250

240

230

220

210

200

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2013

Jul

Aug

Sep

Oct

Nov

Dec

Aug

Sep

Oct

Nov

Dec

2014

Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
650

600

550

Financial
500

450

400

350

300

Asset-Backed
250

200

Oct

Nov
2013

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul
2014

Research Division

22

Federal Reserve Bank of St. Louis

updated through
12/04/14

U.S. Financial Data

Interest Rates
Percent
30-Day
Comm.
Paper

90-Day
2-Year
Corporate Corporate Municipal
CDs
Interest
Non-Jumbo 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

Sep 12

0.07

0.08

0.77

4.13

4.79

4.14

0.09

0.02

0.57

1.78

2.54

3.27

19

0.06

0.08

0.79

4.21

4.89

4.17

0.09

0.02

0.58

1.82

2.61

3.34

26

0.06

0.08

0.80

4.10

4.82

4.11

0.09

0.01

0.58

1.79

2.55

3.25

3

0.05

0.08

0.81

4.00

4.76

4.11

0.09

0.02

0.56

1.73

2.47

3.16

10

0.06

0.08

0.76

3.92

4.68

4.01

0.09

0.01

0.49

1.61

2.36

3.07

17

0.07

0.08

0.62

3.83

4.62

3.87

0.09

0.02

0.37

1.41

2.19

2.95

24

0.06

0.08

0.63

3.93

4.68

3.90

0.09

0.02

0.40

1.47

2.25

3.01

31

0.06

0.08

0.67

3.92

4.72

3.90

0.09

0.02

0.46

1.57

2.32

3.05

7

0.07

0.08

0.73

3.90

4.76

3.98

0.08

0.03

0.52

1.63

2.36

3.06

14

0.07

0.08

0.74

3.95

4.80

3.98

0.09

0.02

0.54

1.64

2.36

3.08

21

0.07

0.08

0.73

3.96

4.84

3.93

0.10

0.02

0.53

1.64

2.33

3.05

28

0.06

0.08

0.72

3.88

4.74

.

0.10

0.02

0.51

1.56

2.25

2.96

0.09

.

0.72

3.90

4.80

.

0.10

0.02

0.54

1.57

2.26

2.98

Oct

Nov

Dec

5*

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

Savings

Retail
Money

527.2

7477.8

633.3

1231

527.1

7499.3

631.7

526.6

7539.0

640.5

1759.9

MZM

13

11478

12728

1228

20

11521

12764

27

11556

12789

Adjusted
Reserves

3

4084.115

2847.12

17

1770.0

1233

Adjusted
Monetary
Base

1777.2

Currency

M2

Oct

Small
Time

4149.674

2924.83

1

4036.019

2791.84

Institutional
Money

Sep

Oct

3

11488

12750

1234

526.3

7430.4

630.8

1788.5

15

4114.141

2864.77

10

11552

12810

1238

525.3

7539.6

631.0

1783.6

29

3975.812

2755.73

17

11564

12828

1241

523.4

7570.0

629.2

1787.6

Nov 12

3887.391

2656.43

24

Nov

11567

12831

1240

523.2

7581.5

625.8

1786.5

26

3812.799

2609.98

Exchange Rates

Bank Loans and Credit
Billions of dollars, seasonally adjusted
Bank
Credit

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(sa)

22

10705.8

7846.9

1744.9

927.6

253.7

0.221

10667.1

7818.9

1746.4

929.4

255.3

0.218

5

10684.0

7828.0

1743.8

929.8

260.3

10722.1

7854.7

1752.0

936.2

266.9

0.134

19

10729.0

7856.9

1759.4

939.2

80.6

105.8

0.784

106.5

80.7

105.9

0.787

107.4

31
Nov

17
24

Oct

0.158

12

Nov

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

Total
Borrowings

29

Oct

Loans and
Leases

80.9

106.0

0.789

109.0

7

82.6

107.4

0.802

114.3

Dec

274.8

0.129

14

82.7

107.7

0.802

115.6

26

.

.

.

.

286.5

0.121

21

82.8

107.9

0.801

117.4

3

.

.

.

.

292.1

0.105

28

83.0

108.2

0.803

118.2

Research Division
Federal Reserve Bank of St. Louis

23

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).

Rescue operations is the sum of credit extended to AIG, and net
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 securities, 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
Deposits Held by Depository Institutions are interest-bearing deposits
with a specific maturity date offered by the Federal Reserve Banks.
For more information on the Term Deposit Facility, see
http://www.frbservices.org/centralbank/term_deposit_facility.html.
Page 9: Reverse repurchase (repo) agreements are domestic open
market operations through which eligible financial market counterparties lend cash to the Federal Reserve Banks in exchange for securities
on the Federal Reserve’s balance sheet. Federal Reserve Earnings
Remitted to the U.S. Treasury is the interest income earned on the
Fed’s holdings of domestic securities, plus other earnings, less direct
interest expenses. Included in the latter is the interest paid on reverse
repos noted above. For more information on both of these series, see
Domestic Open Market Operations During 2013
(http://www.newyorkfed.org/markets/omo/omo2013.pdf). Federal
Reserve Earnings are derived from the Daily Treasury Statement
(http://www.fms.treas.gov/dts/index.html).
Page 10: Current data appear in the Federal Reserve Board’s H.4.1
release. For more information, see
http://www.federalreserve.gov/newsevents/recentactions.htm.

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 11: 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 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 13: Inflation-Indexed Treasury Yields are the most recently
issued inflation-indexed bonds of 5- ,10- , and 30-year original maturities. Inflation-Indexed Treasury Yield Spreads equal the difference
between yields on the most recently issued inflation-indexed bonds
and the unadjusted Treasury Note Yields of similar maturities.

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.

Research Division
Federal Reserve Bank of St. Louis

Page 12: 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 14: 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 16: 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.

23

U.S. Financial Data
Page 17: Natural Gas (Henry Hub) spot prices are from the U.S.
Energy Information Administration (EIA). 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 18: 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 19: 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 20: 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.
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/.
Page 21: 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 22: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 23: 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.

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for all of its regional offices.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
U.S. Energy Information Administration (EIA)
Natural gas (Henry Hub) spot prices.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) spot
and futures prices, and natural gas (Henry Hub) 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.

Dow Jones Indexes
Dow Jones Industrial Average.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.

24

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