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USFinancialData

February 5, 2009
Advance Edition

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

MONDAY*

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

February 2

February 3

February 4

February 5

February 6

Construct Spending (Dec)
A: -1.4%
PF: -1.2%

Initial Claims (1/31)
A: 626K
PF: 583K

Nonfarm Payrolls (Jan)
A: N/A
PF: -524K

ISM Index (Jan)
A: 35.6
PF: 32.6

Factory Orders (Dec)
A: -3.9%
PF: -3.0%

Unemployment Rate (Jan)
A: N/A
PF: 7.5%

Consumption (Dec)
A: -1.0%
PF: -0.9%

Productivity (Q4)
PF: 1.1%
A: 3.2%

Consumer Credit (Dec)
A: N/A
PF: -$3.5B

Core PCE (Dec)
A: 0.0%
PF: 0.0%

Unit Labor Cost (Q4)
A: 1.8%
PF: 2.9%

ISM Non Mfg Index (Jan)
A: 42.9
PF: 39.0

Latest Issue
National Economic Trends

February 9

February 10

February 11

February 12

International Trade (Dec)
CF: N/A
PF: -$37.0B

Initial Claims (2/7)
CF: N/A
PF: N/A

Treasury Budget (Jan)
CF: N/A
PF: -$96.0B

February 13

Retail Sales (Jan)
CF: N/A
PF: -1.0%
Business Inventories (Dec)
CF: N/A
PF: -0.6%

February 16

February 17

February 18

February 19

Housing Starts (Jan)
CF: N/A

Initial Claims (2/14)
CF: N/A

Industrial Production (Jan)
CF: N/A

CF: N/A

Capacity Utilization (Jan)
CF: N/A

Latest Issue
Monetary Trends

February 20

Core PPI (Jan)
CF: N/A

PPI (Jan)

CPI (Jan)
CF: N/A
Core CPI (Jan)
CF: N/A

Import Prices (Jan)
CF: N/A
FOMC Minutes
(previous meeting)

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

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

Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 7, 10, 11 (top chart), 12 (top chart), and 19 (top and bottom right tables), the last observation is a daily
average that incorporates all available data at the time of publication, which usually includes observations for the first
three trading days of the week (Monday through Wednesday). The previous observations signify that week’s average.

We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org

U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of St. Louis. For more information on data in this publication, please visit research.stlouisfed.org/fred2
or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.

updated through
02/05/09

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1800

1700

1600

1500

1400

1300

1200

1100

1000

900

800

Dec

Jan

Feb

Mar

Apr

May

2007

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2008

Feb
2009

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

Compounded annual rates of change, average of two maintenance periods ending:
01/30/08

04/23/08

07/02/08

07/30/08

08/27/08

09/24/08

11/05/08

07/02/08

1.7

07/30/08

3.8

08/27/08

3.6

6.7

9.0

09/24/08

9.8

16.2

26.6

32.0

11/05/08

58.8

94.3

173.7

249.5

471.6

12/03/08

93.6

148.8

268.5

376.1

639.0

1228.3

12/31/08

107.4

165.2

278.9

369.7

559.3

870.1

688.0

01/28/09

105.3

155.4

243.6

305.9

421.6

568.6

383.2

12/03/08

8.0

183.4

Research Division
Federal Reserve Bank of St. Louis

3

updated through
02/05/09

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
1000

900

800

700

600

500

400

300

200

100

0

Dec

Jan

Feb

Mar

Apr

May

2007

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2008

Feb
2009

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
01/30/08

07/02/08

-5.2

07/02/08

07/30/08

08/27/08

09/24/08

11/05/08

12/03/08

-8.3

07/30/08

04/23/08

8.3

08/27/08

-3.5

8.3

11.1

09/24/08

59.6

130.6

340.4

765.3

11/05/08

576.5

1578.1

7679.0

25889.9

232763.5

12/03/08

926.3

2557.1

11384.7

31902.5

162536.6

574799.6

12/31/08

976.5

2447.8

8550.9

18903.4

59833.4

110943.5

10887.0

01/28/09

852.0

1892.2

5194.8

9455.1

21481.8

27685.7

2873.3

529.7

Research Division

4

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
9600

9400

9200

9000

8800

8600

8400

8200

8000

Dec

Jan

Feb

Mar

Apr

May

2007

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2008

Feb
2009

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
01/28/08

06/30/08

14.5

06/30/08

07/28/08

08/25/08

09/22/08

11/03/08

12/01/08

15.7

07/28/08

04/21/08

6.9

08/25/08

12.3

5.1

3.5

09/22/08

11.4

5.1

4.0

2.1

11/03/08

11.0

5.9

5.5

4.9

7.2

12/01/08

11.6

7.3

7.6

7.6

10.1

12.2

12/29/08

13.3

9.9

11.3

11.9

14.9

17.9

25.3

01/26/09

14.4

11.6

13.4

14.3

17.3

20.2

26.4

31.0

Research Division
Federal Reserve Bank of St. Louis

5

updated through
02/05/09

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8300

8200

8100

8000

7900

7800

7700

7600

7500

7400

7300

Dec

Jan

Feb

Mar

Apr

May

2007

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2008

Feb
2009

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
01/28/08

04/21/08

06/30/08

07/28/08

06/30/08

6.5
5.5

2.7

5.9

3.8

5.5

4.2

11/03/08

8.3

7.6

11.0

11.8

12/01/08

3.6

09/22/08

11/03/08

3.6

08/25/08

09/22/08

6.2

07/28/08

08/25/08

17.2

12/01/08

8.4

7.8

10.6

11.2

14.8

17.2

12/29/08

10.1

10.2

13.6

14.6

18.3

21.0

19.7

01/26/09

10.5

10.7

13.8

14.8

17.8

19.8

18.3

23.2

Research Division

6

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
8

7

Prime Rate

Corporate Aaa

6

5

4

2-Year Swap
3

2

Commercial Paper
1

0

Dec

Feb

Jan

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Percent
5

Intended Federal Funds Rate*

|
|

10-Year Treasury

4

3

Federal Funds Rate
2

3-Month Treasury
1

0

Dec

Jan

Feb

2007

Mar

Apr

May

Jun

Jul

Aug

Sep

2008

Oct

Nov

Dec

Feb

Jan
2009

Note: Effective December 16, 2008, FOMC reports the Intended Federal Funds Rate as a range.

Research Division
Federal Reserve Bank of St. Louis

7

updated through
02/05/09

U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
5

4

3

2

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

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

3

2

1

0

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
3

2

1

0

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
2009

Research Division

8

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
2.5

2.0

1.5

Intended Target Rate
1.0

Apr 2009
Mar 2009

|
|

0.5

Feb 2009
0.0

Sep

Nov

Oct

Dec

2008

Feb

Jan
2009

Note: Effective December 16, 2008, FOMC reports the Intended Federal Funds Rate as a range.

Rates on Federal Funds Futures on Selected Dates
Percent
1.0

Week Ending:
12/08/08
01/07/09
02/04/09
0.8

0.6

0.4

0.2

0.0

Feb 2009

Mar 2009

Apr 2009

May 2009

Jun 2009

Jul 2009

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
02/05/09

U.S. Financial Data

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

February 5, 1971 = 100

15000

3000

14000

2800

Dow Jones (left scale)
13000

2600

12000

2400

11000

2200

NASDAQ (right scale)
10000

2000

9000

1800

8000

1600

7000

1400

Dec

Jan

Feb

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

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

1941-43 = 10

16000

1600

15000

1500

Wilshire** (left scale)
14000

1400

13000

1300

S&P* (right scale)
12000

1200

11000

1100

10000

1000

9000

900

8000

800

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2008

Dec

Feb

Jan
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

10

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
150

130

110

90

70

50

30

Dec

Feb

Jan

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
58

54

50

01/28/2009

02/04/2009

46

42

38

Mar

Apr

May

Jun

Jul

Aug
2009

Sep

Oct

Nov

Dec

Feb

Jan
2010

Research Division
Federal Reserve Bank of St. Louis

11

updated through
02/05/09

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
14
13
12
11
10
9
8
7
6
5
4

Dec

Feb

Jan

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
7.0

6.5

6.0

5.5

02/04/2009
5.0

4.5

01/28/2009
4.0

Mar

Apr

May

Jun

Jul

Aug
2009

Sep

Oct

Nov

Dec

Feb

Jan
2010

Research Division

12

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

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

January 1987=100

95

115

90

110

85

105

Broad Index (right scale)
80

100

75

95

Major Index (left scale)
70

90

65

85

Dec

Feb

Jan

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

0.90

116

0.85

112

Japan (right scale)
0.80

108

0.75

104

0.70

100

0.65

96

Euro (left scale)
0.60

92

0.55

88

Dec

Jan

Feb

2007

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
2009

Research Division
Federal Reserve Bank of St. Louis

13

updated through
02/05/09

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
840

830

820

810

800

790

780

770

760

750

Dec

Jan

Feb

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

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

Billions of dollars

1420

5300

1380

5100

1340

4900

1300

4700

Small Time (left scale)
1260

4500

1220

4300

1180

4100

1140

3900

Savings (right scale)
1100

3700

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
2009

Research Division

14

Federal Reserve Bank of St. Louis

updated through
02/05/09

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

2300

1900

Institutional Money (left scale)
2100

1700

1900

1500

1700

1300

1500

1100

Retail Money (right scale)
1300

900

1100

700

Dec

Jan

Feb

Mar

Apr

May

2007

Jun

Jul

Aug

Sep

Nov

Oct

Dec

Feb

Jan

2008

2009

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
450

400

350

300

250

200

150

100

50

0

Dec

Jan

Feb

2007

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2008

Feb

Jan
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., and other credit extensions. Term auction credit is excluded.

Research Division
Federal Reserve Bank of St. Louis

15

updated through
02/05/09

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

1200

Reserve Bank Credit
900

U.S. Treasury Securities

600

300

Dec

Jan

Feb

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Term Auction Credit
Averages of Daily Figures
Billions of dollars
480

420

360

300

240

180

120

60

0

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
2009

Research Division

16

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

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

Billions of dollars

10300

8500

10050

8250

9800

8000

Bank Credit (left scale)
9550

7750

9300

7500

9050

7250

Loans and Leases (right scale)
8800

7000

8550

6750

8300

6500

Dec

Jan

Feb

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1650

1100

1600

1050

1550

1000

All Banks (left scale)
1500

950

1450

900

1400

850

1350

800

Large Banks (right scale)
1300

750

1250

700

Dec

Jan

Feb

2007

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
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
Federal Reserve Bank of St. Louis

17

updated through
02/05/09

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
230

220

210

200

190

180

170

160

Dec

Jan

Feb

Mar

Apr

May

Jun

2007

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2008

2009

Commercial Paper: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
1000

900

Financial
800

Asset-Backed
700

600

500

Dec
2007

Jan

Feb

Mar

Apr

May

Jun

Jul
2008

Aug

Sep

Oct

Nov

Dec

Feb

Jan
2009

Research Division

18

Federal Reserve Bank of St. Louis

updated through
02/05/09

U.S. Financial Data

Interest Rates
Percent
30-Day
Comm.
Paper

90-Day
CDs

Nov 14

0.64

2.27

2.31

6.37

9.26

21

0.49

2.26

2.18

5.99

9.14

28

0.47

2.22

2.17

5.76

9.12

5.39

0.56

0.07

1.14

2.06

3.10

3.60

5

0.45

2.23

2.02

5.31

8.78

5.58

0.49

0.04

0.88

1.63

2.66

3.15

12

0.31

2.02

1.98

5.35

8.72

5.85

0.13

0.02

0.85

1.62

2.67

3.09

19

0.11

1.62

1.64

4.95

8.30

5.46

0.15

0.03

0.71

1.36

2.26

2.72

26

0.14

1.38

1.57

4.71

8.09

5.33

0.11

0.02

0.89

1.50

2.18

2.62

2

0.12

1.35

1.47

4.74

8.07

5.24

0.10

0.09

0.79

1.55

2.24

2.68

9

0.09

1.07

1.45

5.04

8.23

5.02

0.10

0.11

0.80

1.62

2.48

3.03

16

0.13

0.85

1.31

4.89

7.97

4.80

0.10

0.12

0.74

1.42

2.30

2.93

23

0.20

1.05

1.41

5.10

8.15

5.13

0.20

0.11

0.77

1.58

2.56

3.17

30

0.20

1.06

1.50

5.23

8.22

5.16

0.19

0.19

0.90

1.74

2.75

3.45

0.20

1.19

1.64

5.27

8.18

.

0.23

0.30

0.94

1.85

2.87

3.59

Dec

Jan

Feb

6*

Federal
Funds

3-Month
Treasury
Bill

2-Year
Treasury
Securities

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.14

0.28

0.21

1.23

2.41

3.78

4.24

5.13

0.36

0.07

1.11

2.12

3.38

3.93

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

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

Dec 15

MZM

Currency

Small
Time

8141.0

9136.6

811.0

1368.0

Savings

Retail
Money

4081.7

1090.8

Adjusted
Monetary
Base

Institutional
Money

2363.6

22

8172.9

9187.7

812.0

1373.7

4110.8

1090.6

8196.2

9236.9

815.4

1374.6

4136.2

1089.4

5

1264.992

466.762

19

2388.5

29

Nov

Adjusted
Reserves

2415.3

Dec

1505.035

702.005

3

1493.915

697.535

5

8213.8

9316.7

818.2

1374.1

4105.6

1095.9

2477.0

17

1671.269

881.240

12

8222.0

9315.4

819.7

1372.0

4150.2

1098.3

2465.4

31

1690.963

868.314

19

8256.9

9379.5

823.4

1369.9

4245.9

1091.2

2492.5

14

1770.378

941.166

26

Jan

8276.7

9364.1

829.3

1366.3

4279.7

1082.3

2453.7

28

1749.921

916.317

Bank Loans and Credit

Jan

Exchange Rates

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

Exchange
Rate:
Yen/$

Bank
Credit

Loans and
Leases

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(sa)

Total
Borrowings

Dec 24

9914.2

7153.4

1578.3

803.9

203.4

196.868

Dec 19

78.8

106.6

0.714

89.6

31

9808.5

7090.6

1564.8

790.9

187.6

187.770

26

79.1

106.9

0.715

90.5

Jan

7

9776.5

7090.2

1564.6

790.2

223.8

185.801

2

79.0

107.1

0.712

90.6

14

9843.2

7081.4

1568.8

791.4

205.4

160.723

Jan

9

79.4

107.3

0.736

92.3

21

9800.9

7067.2

1570.9

792.5

Feb

203.3

148.298

16

81.2

109.3

0.757

89.6

28

.

.

.

.

205.2

150.009

23

82.8

110.6

0.775

88.8

4

.

.

.

.

213.6

153.692

30

81.4

109.9

0.765

89.5

Research Division
Federal Reserve Bank of St. Louis

19

U.S. Financial Data

Definitions
M1: The sum of currency held outside the vaults of depository
institutions, Federal Reserve Banks, and the U.S. Treasury; travelers
checks; and demand and other checkable deposits issued by financial
institutions (except demand deposits due to the Treasury and depository
institutions), minus cash items in process of collection and Federal
Reserve float.
M2: M1 plus savings deposits (including money market deposit
accounts) and small-denomination (less than $100,000) time deposits
issued by financial institutions; and shares in retail money market mutual
funds (funds with initial investments of less than $50,000), net of
retirement accounts.
M3: M2 plus large-denomination ($100,000 or more) time deposits;
repurchase agreements issued by depository institutions; Eurodollar
deposits, specifically, dollar-denominated deposits due to nonbank
U.S. addresses held at foreign offices of U.S. banks worldwide and all
banking offices in Canada and the United Kingdom; and institutional
money market mutual funds (funds with initial investments of $50,000
or more).

Notes
Cover Page: Economic forecasts are median responses from the
Thomson 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: Current data appear in the Federal Reserve Board’s H.15
release, except for the Intended Federal Funds Rate. Federal Funds
Rate represents seven-day averages for the week ending two days
earlier than the date shown in the release.
Page 8: 10-Year Inflation-Indexed Treasury Yield is the most
recently issued inflation-indexed bond of 10-year original maturity.

Research Division
Federal Reserve Bank of St. Louis

10-Year Inflation-Indexed Treasury Yield Spread equals the difference between the yield on the most recently issued 10-year inflationindexed bond and the unadjusted 10-Year Treasury Note Yield of
similar maturity.
Page 9: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 11: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 12: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 13: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 14: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
Page 15: Data appear in the Federal Reserve Board’s H.6 and H.4.1
releases. Retail Money Funds are included in M2. Institutional
Money Funds are not part of M2; they used to be included in M3,
which was discontinued as of March 23, 2006.
See www.federalreserve.gov/releases/h6/discm3.htm.
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., 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 16: Federal Reserve Holdings of U.S. Treasury Securities
include nominal and inflation-indexed securities and the compensation
that adjusts for the effect of inflation on the original face value of
inflation-indexed securities (inflation compensation). Term Auction
Credit are collateralized, term funds (28-day) that are auctioned to
depository institutions under the temporary Term Auction Facility.
Term Auction Credit became a Federal Reserve balance sheet item as
of December 27, 2007. For more information on the Term Auction
Facility, see http://www.federalreserve.gov/monetarypolicy/taf.htm.
Page 17: Data appear in the Federal Reserve Board’s H.8 release.
Bank Loans and Credit include foreign-related institutions. Bank
Credit includes loans and leases and securities. All Banks includes
foreign-related institutions. Large Banks are domestically chartered
banks (adjusted for mergers) and report on a weekly basis.
Page 18: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 19: Treasury Security yields are Treasury constant maturities
as reported in the Board of Governors of the Federal Reserve
System’s H.15 release.
The 3-Month Treasury Bill yield is the secondary market yield from
the H.15 release. Federal Funds represents seven-day averages for
the week ending two days earlier than the date shown in the table.
Municipal Bonds represents Bond Buyer’s Average Index of 20
municipal bonds, Thursday data.

20

U.S. Financial Data

Sources

References

Board of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8
release. Total Borrowings and Selected Reserve Balance Sheet
Items: H.4.1 release. Interest rates: H.15 release. Exchange rates:
H.10 release. Commercial paper: Board of Governors web site.

Anderson, Richard G. and Robert H. Rasche (1996a). “A Revised
Measure of the St. Louis Adjusted Monetary Base,” Federal
Reserve Bank of St. Louis Review, March/April, 78(2), pp. 3-13.

Chicago Board of Trade
Federal funds futures contract.
Dow Jones Indexes
Dow Jones Industrial Average.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.

____ and ____(1996b). “Measuring the Adjusted Monetary Base in
an Era of Financial Change,” Federal Reserve Bank of St. Louis
Review, November/ December, 78(6), pp. 3-37.
____ and ____(2001). “Retail Sweep Programs and Bank Reserves,
1994-1999,” Federal Reserve Bank of St. Louis Review,
January/February, pp. 51-72.

NASDAQ Stock Market, Incorporated
NASDAQ Composite®.

____ and ____ , with Jeffrey Loesel (2003). “A Reconstruction of the
Federal Reserve Bank of St. Louis Adjusted Monetary Base and
Reserves,” Federal Reserve Bank of St. Louis Review,
September/October, 85(5), pp. 39-70.

Standard & Poor’s
Standard & Poor’s 500 composite index.

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

U.S. Department of the Treasury
U.S. inflation-indexed security yields.

Poole, William (1991). Statement before the Subcommittee on
Domestic Monetary Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, November 6,
1991. Government Printing Office, Serial No. 102-82.

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

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

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

21

Research Division
Federal Reserve Bank of St. Louis


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