View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

USFinancialData

December 7, 2007
Final Edition

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

MONDAY*
December 3

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

December 4

December 5

December 6

December 7

ISM Index (Nov)
A: 50.8
PF: 50.4

Productivity (Q3)
A: 6.3%
PF: 5.7%

Initial Claims (12/1)
A: 338K
PF: 335K

Nonfarm Payrolls (Nov)
A: 94K
PF: 65K

Latest Issue
National Economic Trends

Unit Labor Cost (Q3)
A: -2.0%
PF: -1.1%

Unemployment Rate (Nov)
A: 4.7%
PF: 4.8%

ISM Non Mfg Index (Nov)
A: 54.1
PF: 54.8

Consumer Credit (Oct)
A: $4.7B
PF: $9.0B

Factory Orders (Oct)
A: 0.5%
PF: 0.0%

December 10

December 11

December 12

FOMC Meeting
Statement

International Trade (Oct)
CF: -$57.0B PF: -$56.9B

Initial Claims (12/8)
CF: 337K
PF: 330K

CPI (Nov)
CF: 0.7%
PF: 0.6%

Import Prices (Nov)
CF: 2.0%
PF: 1.8%

Retail Sales (Nov)
CF: 0.6%
PF: 0.5%

Core CPI (Nov)
CF: 0.2%
PF: 0.2%

Treasury Budget (Nov)
CF: -$90.0B PF: -$80.0B
Quarterly Services (Q3)

December 13

December 14

Business Inventories (Oct) Industrial Production (Nov)
CF: 0.3%
PF: 0.3%
CF: 0.1%
PF: 0.2%
PPI (Nov)
CF: 1.6%
PF: 0.7%

Capacity Utilization (Nov)
CF: 81.7% PF: 81.7%

Core PPI (Nov)
CF: 0.2%
PF: 0.2%

December 17

December 18

December 19

December 20

December 21

Housing Starts (Nov)
CF: 1.18M

Initial Claims (12/15)
CF: 330K

Personal Income (Nov)
CF: 0.4%

Building Permits (Nov)
CF: 1.14M

Current Account (Q3)
CF: -$185.1B

GDP (Q3)
CF: 5.0%

Consumption (Nov)
CF: 0.4%

Latest Issue
Monetary Trends

Corporate Profits (Q3)

Core PCE (Nov)
CF: 2.0%

DEFINITIONS: A, actual value; PF, previous week’s forecast; CF, current week’s forecast; K, thousand; M, million; B, billion.
*The Board of Governors of the Federal Reserve System provides H.3, H.4.1, and H.6 releases each Thursday and H.10 and H.15 releases
each Monday.
Forecast data are from Thomson Financial. ©Thomson Financial, 2007. 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

Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Yields on Selected Securities
Yields on Nominal and Inflation-Indexed Treasury Securities
Federal Funds Futures Market
Equity Price Indices
Crude Oil Prices
Natural Gas Prices
Exchange Rates
Currency, Savings, and Small Time Deposits
Institutional and Retail Money Funds, and Borrowings from Federal Reserve Banks
Bank Loans
Commercial Paper
Reference Tables
Notes

Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 7, 10, 12 (top chart), 13, and 18 (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
12/06/07

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
865

860

855

850

845

840

835

830

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2006

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

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

Compounded annual rates of change, average of two maintenance periods ending:
12/06/06

05/09/07

02/28/07

05/09/07

06/06/07

07/04/07

08/01/07

09/12/07

10/10/07

2.8

06/06/07

2.7

1.8

07/04/07

2.1

1.2

0.4

08/01/07

2.8

2.3

2.7

3.1

09/12/07

1.9

1.2

0.9

0.6

1.3

10/10/07

2.4

1.9

1.9

1.9

2.9

1.0

11/07/07

1.9

1.3

1.1

1.0

1.5

-0.2

1.7

12/05/07

1.9

1.4

1.2

1.1

1.5

0.2

1.7

-0.8

Research Division
Federal Reserve Bank of St. Louis

3

updated through
12/06/07

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100

98

96

94

92

90

88

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2006

Jun

Jul

Aug

Oct

Sep

Nov

Dec

2007

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/22/06

02/14/07

04/25/07

05/23/07

06/20/07

07/18/07

08/29/07

04/25/07

-6.2

05/23/07

-0.4

0.5

06/20/07

0.7

2.2

22.4

07/18/07

-0.2

0.4

11.6

0.3

08/29/07

3.1

5.2

15.8

10.1

10.7

09/26/07

0.8

1.6

8.2

2.5

0.9

4.3

10/24/07

-1.4

-1.4

2.8

-2.5

-4.8

-4.2

-21.2

11/21/07

0.8

1.5

6.3

2.1

1.0

2.9

-6.4

09/26/07

1.2

Research Division

4

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8200

8000

7800

7600

7400

7200

7000

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2006

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/27/06

04/30/07

10.9

05/28/07

10.6

13.0

06/25/07

10.1

11.7

07/23/07

10.0

11.3

8.3

8.3

09/03/07

11.8

13.6

12.9

14.1

17.0

10/01/07

12.4

14.2

14.0

15.2

17.6

02/19/07

04/30/07

05/28/07

06/25/07

07/23/07

09/03/07

10/01/07

7.9

21.1

10/29/07

12.7

14.4

14.2

15.3

17.2

19.5

17.4

11/26/07

12.9

14.4

14.3

15.2

16.7

18.4

16.4

15.1

Research Division
Federal Reserve Bank of St. Louis

5

updated through
12/06/07

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
7500

7400

7300

7200

7100

7000

6900

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2006

Jun

Jul

Aug

Oct

Sep

Nov

Dec

2007

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/27/06

04/30/07

8.2

05/28/07

7.2

7.2

06/25/07

6.7

6.4

2.7

07/23/07

6.3

5.8

2.9

3.5

09/03/07

6.9

6.8

5.3

6.4

7.5

10/01/07

6.6

6.4

5.1

5.9

6.5

02/19/07

04/30/07

05/28/07

06/25/07

07/23/07

09/03/07

10/01/07

7.8

10/29/07

6.3

6.1

4.8

5.3

5.7

6.4

3.6

11/26/07

6.3

6.0

4.9

5.4

5.7

6.3

4.3

4.5

Research Division

6

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
9

Prime Rate
8

7

Corporate Aaa
6

|
|
|

5

2-Year Swap

Commercial Paper

4

3

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

Aug

Sep

Oct

Nov

Dec

2007

Percent
6.0

Intended Federal Funds Rate

Federal Funds Rate

|
|

5.5

|
|

5.0

4.5

10-Year Treasury

3-Month Treasury

4.0

3.5

3.0

2.5

Oct

Nov

Dec

2006

Jan

Feb

Mar

Apr

May

Jun

Jul
2007

Research Division
Federal Reserve Bank of St. Louis

7

updated through
12/06/07

U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6

5

4

3

Oct

Nov
2006

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

2007

10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4

3

2

1

Oct

Nov
2006

Dec

Jan

Feb

Mar

Apr

May

Jun
2007

10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
4

3

2

1

Oct

Nov
2006

Dec

Jan

Feb

Mar

Apr

May

Jun
2007

Research Division

8

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
5.4

Intended Target Rate
5.2

5.0

4.8

4.6

Dec 2007
4.4

4.2

Feb 2008

Jan 2008

4.0

3.8

Jul

Aug

Oct

Sep

Nov

Dec

2007

Rates on Federal Funds Futures on Selected Dates
Percent
5.0

4.8

Week Ending:
10/09/07
11/06/07
12/05/07

4.6

4.4

4.2

4.0

3.8

3.6

3.4

Dec 2007

Jan 2008

Feb 2008

Mar 2008

Apr 2008

May 2008

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
12/06/07

U.S. Financial Data

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

February 5, 1971 = 100

14500

2900

13750

2750

13000

2600

Dow Jones (left scale)
12250

2450

NASDAQ (right scale)
11500

2300

10750

2150

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

2007

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

1941-43 = 10

16000

1600

15500

1550

15000

1500

Wilshire** (left scale)
14500

1450

S&P* (right scale)
14000

1400

13500

1350

13000

1300

Oct

Nov
2006

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

*Copyright 2003 The McGraw-Hill Companies, Inc. Standard & Poor's including its subsidiary corporations ("S&P") is a division of
The McGraw-Hill Companies, Inc. Reproduction of this data in any form is prohibited without S&P's prior written permission.
**Source: Wilshire Associates Incorporated, www.wilshire.com

Research Division

10

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
100

90

80

70

60

50

Oct

Nov

Dec

Feb

Jan

Mar

Apr

Jun

May

2006

Jul

Aug

Sep

Nov

Oct

Dec

2007

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
91

90

11/28/2007
89

88

12/05/2007
87

86

85

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2008

Research Division
Federal Reserve Bank of St. Louis

11

updated through
12/06/07

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
9

8

7

6

5

4

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Jun

May

2006

Jul

Aug

Nov

Oct

Sep

Dec

2007

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
9.00

8.75

8.50

8.25

8.00

7.75

11/28/2007
7.50

12/05/2007
7.25

7.00

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2008

Research Division

12

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

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

January 1987=100

90.0

110.0

87.5

107.5

Broad Index (right scale)
85.0

105.0

Major Index (left scale)
82.5

102.5

80.0

100.0

77.5

97.5

75.0

95.0

72.5

92.5

70.0

90.0

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

2007

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.00

124

0.95

120

0.90

116

Japan (right scale)
0.85

112

0.80

108

0.75

104

Euro (left scale)
0.70

100

0.65

96

Oct

Nov

Dec

2006

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

Research Division
Federal Reserve Bank of St. Louis

13

updated through
12/06/07

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
770

765

760

755

750

745

740

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

2007

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

Billions of dollars

1220

4500

1180

4300

Small Time (left scale)
1140

4100

1100

3900

Savings (right scale)
1060

3700

1020

3500

Oct

Nov
2006

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

Research Division

14

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

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

Billions of dollars

1900

1600

1800

1500

1700

1400

1600

1300

1500

1200

Institutional Money (left scale)
1400

1100

1300

1000

1200

900

1100

800

Retail Money (right scale)
1000

700

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2006

Jun

Jul

Aug

Nov

Oct

Sep

Dec

2007

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Oct

Nov

Dec

2006

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

Research Division
Federal Reserve Bank of St. Louis

15

updated through
12/06/07

U.S. Financial Data

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

Billions of dollars

9400

7700

9200

7500

9000

7300

Bank Credit (left scale)
8800

7100

8600

6900

8400

6700

8200

6500

8000

6300

Loans and Leases (right scale)
7800

6100

7600

5900

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

2007

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1450

950

1400

900

1350

850

1300

800

All Banks (left scale)
1250

750

1200

700

Large Banks (right scale)
1150

650

1100

600

Oct

Nov
2006

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

Research Division

16

Federal Reserve Bank of St. Louis

updated through
12/06/07

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
210

200

190

180

170

160

150

140

130

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2006

Jul

Aug

Sep

Oct

Nov

Dec

Aug

Sep

Oct

Nov

Dec

2007

Commercial Paper: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
1200

1100

Asset-Backed
1000

900

Financial
800

700

600

Oct

Nov

Dec

2006

Jan

Feb

Mar

Apr

May

Jun

Jul
2007

Research Division
Federal Reserve Bank of St. Louis

17

updated through
12/06/07

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

90-Day
CDs

2-Year
Interest
Corporate Corporate Municipal
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 14

5.02

5.67

4.70

5.66

6.54

4.46

4.98

3.93

3.98

4.12

4.42

4.69

21

4.84

5.30

4.71

5.77

6.65

4.51

5.12

3.82

4.05

4.25

4.57

4.83

28

4.77

5.20

4.65

5.79

6.63

4.48

4.78

3.69

3.99

4.26

4.61

4.87

Oct

5

4.72

5.23

4.70

5.72

6.55

4.42

4.72

3.86

4.02

4.25

4.57

4.80

12

4.72

5.21

4.82

5.78

6.57

4.42

4.75

4.00

4.17

4.38

4.67

4.88

19

5.12

4.69

5.68

6.49

4.39

4.74

3.93

4.01

4.23

4.57

4.82

4.71

4.96

4.45

5.54

6.37

4.33

4.73

3.85

3.78

4.04

4.39

4.67

2

4.51

4.80

4.45

5.54

6.39

4.40

4.78

3.77

3.80

4.04

4.39

4.67

9

4.49

4.86

4.37

5.53

6.41

4.54

4.33

3.43

3.58

3.89

4.32

4.65

16

Nov

4.76

26

4.49

4.90

4.25

5.49

6.42

4.53

4.54

3.32

3.45

3.77

4.22

4.57

23

Dec

4.49

5.04

4.11

5.40

6.39

4.45

4.51

3.17

3.10

3.48

4.04

4.46

30

4.45

5.15

3.98

5.29

6.37

4.39

4.53

3.02

3.05

3.39

3.94

4.36

4.42

5.21

3.87

5.30

6.44

.

4.55

3.00

2.90

3.28

3.90

4.36

7*

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

Savings

Retail
Money

Adjusted
Monetary
Base

Institutional
Money

Adjusted
Reserves

M2

15

7372.7

7933.3

763.3

1202.7

3850.4

945.0

1763.3

Sep 12

850.735

93.452

7382.9

7955.3

763.9

1203.5

3871.8

949.2

1775.9

26

858.911

95.408

29

7427.1

8044.5

765.1

1205.0

3906.5

951.1

1822.4

10

855.443

93.515

5

7406.4

8009.5

764.7

1206.9

3852.2

954.5

1810.0

24

856.711

91.698

12

7403.0

8047.2

764.8

1208.6

3867.8

955.0

1852.8

19

7424.1

8069.3

763.8

1208.7

3899.7

964.2

1853.9

26

Nov

Currency

22

Oct

MZM

Small
Time

7464.6

8097.9

762.9

1208.9

3922.2

978.4

1842.2

Bank Loans and Credit

Oct

Dec

7

853.338

93.368

21

Nov

857.836

95.844

5

854.390

.

Exchange Rates

Billions of dollars, seasonally adjusted
Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$

Bank
Credit

C&I
Loans
(Large)

Comm.
Paper
(sa)

Total
Borrowings

24

9081.0

6675.6

1391.2

731.4

182.2

0.294

Oct

26

73.5

99.5

0.701

114.2

9122.5

6694.1

1396.4

733.6

170.5

0.283

Nov

2

72.6

98.5

0.692

114.9

7

9171.3

6703.1

1394.8

732.1

173.4

0.245

9

71.6

97.8

0.685

113.2

14

9145.7

6697.7

1399.7

731.4

164.2

0.567

16

72.4

98.5

0.683

110.9

21

Nov

C&I
Loans
(All)

31

Oct

Loans and
Leases

9218.8

6730.9

1421.6

742.7

177.4

0.481

23

72.3

98.6

0.677

109.2

.

181.4

0.055

30

72.5

98.7

0.677

109.6

.

187.7

0.342

73.2

99.0

0.681

110.3

28
Dec

5

.
.

.
.

.
.

Dec

7*

Exchange
Rate:
Yen/$

*Averages of rates available
Research Division

18

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 Financial Weekly Economic Survey, which is sent out to 20
to 25 Wall Street economists each week (usually on Tuesday). These
forecasts are released on Friday—at which time, Thursday’s USFD
cover page will be updated.
Page 3: Adjusted Monetary Base equals the sum of currency in
circulation outside Federal Reserve Banks and the U.S. Treasury,
deposits of depository financial institutions at Federal Reserve Banks,
and an adjustment for the effects of changes in statutory reserve
requirements on the quantity of base money held by depositories.
This series is a spliced chain index; see Anderson and Rasche (1996a,
1996b, 2001, 2003).
Page 4: Adjusted Reserves is defined as the sum of vault cash and
Federal Reserve Bank deposits held by depository institutions and an
adjustment for the effects of changes in statutory reserve requirements
on the quantity of base money held by depositories. This series, a
spliced chain index, is numerically larger than the Board of Governors’
measure, which excludes vault cash not used to satisfy statutory reserve
requirements and Federal Reserve Bank deposits used to satisfy required
clearing balance contracts; see Anderson and Rasche (1996a, 2001,
2003).
Page 5: MZM includes the zero maturity, or immediately available,
components of M3. MZM equals M2 minus small-denomination time
deposits, plus institutional money market mutual funds (that is, the
money market mutual funds included in M3 but excluded from M2).
The label MZM, or “Money, Zero Maturity,” was coined by William
Poole (1991) for this aggregate, proposed earlier by Motley (1988).
Readers are cautioned that since early 1994 the level and growth of
M1 have been depressed by retail sweep programs that reclassify
transactions deposits (demand deposits and other checkable deposits)
as savings deposits overnight, thereby reducing banks’ required
reserves; see Anderson and Rasche (2001) and
research.stlouisfed.org/aggreg/swdata.html.
Page 7: Current data appear in the Federal Reserve Board’s H.15
release, except for the Intended Federal Funds Rate. Federal Funds
Rate represents seven-day averages for the week ending two days
earlier than the date shown in the release.
Page 8: 10-Year Inflation-Indexed Treasury Yield is the most

Research Division
Federal Reserve Bank of St. Louis

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 9: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 11: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 12: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 13: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 14: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
Page 15: Data appear in the Federal Reserve Board’s H.6 release.
Retail Money Funds are included in M2. Institutional Money Funds
are not part of M2; they used to be included in M3, which was discontinued as of March 23, 2006.
See www.federalreserve.gov/releases/h6/discm3.htm.
As of January 9, 2003, Total Borrowings includes primary, secondary,
and seasonal credit. Prior to that, borrowings include seasonal,
adjustment, and extended credit.
Page 16: 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 17: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 18: 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: 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
Dow Jones Industrial Average.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.

19

U.S. Financial Data
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
Standard & Poor’s
Standard & Poor’s 500 composite index.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.

____ 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.

Wall Street Journal
Oil (West Texas intermediate) and natural gas (Henry Hub) spot
and futures prices.

Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.

Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.

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.

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.

Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.

____ 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.

20

Research Division
Federal Reserve Bank of St. Louis

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