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USFinancialData
January 14, 2011
Final Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
January 10
January 11
January 12
January 13
January 14
Import Prices (Dec)
A: 1.1%
PF: 1.2%
Initial Claims (1/8)
A: 445K
PF: 404K
A: 0.5%
Treasury Budget (Dec)
A: -$80.0B
PF: -$85.0B
International Trade (Nov)
A: -$38.3B
PF: -$41.0B
Core CPI (Dec)
A: 0.1%
PF: 0.1%
A: 1.1%
PPI (Dec)
PF: 0.8%
Core PPI (Dec)
A: 0.2%
PF: 0.2%
CPI (Dec)
PF: 0.4%
Retail Sales (Dec)
A: 0.6%
PF: 0.8%
Industrial Production (Dec)
PF: 0.5%
A: 0.8%
Business Inventories (Nov)
A: 0.2%
PF: 0.7%
January 17
January 18
January 19
Housing Starts (Dec)
CF: 550K
PF: 560K
Building Permits (Dec)
CF: 555K
PF: 555K
January 20
January 21
Initial Claims (1/15)
CF: 420K
PF: N/A
Existing Home Sales (Dec)
CF: 4.87M
PF: 4.85M
Latest Issue
Monetary Trends
January 24
January 25
January 26
January 27
January 28
New Home Sales (Dec)
CF: 290K
Initial Claims (1/22)
CF: N/A
GDP (Q4)
CF: 3.4%
FOMC Meeting
Statement
Durable Goods (Dec)
CF: 0.9%
ECI (Q4)
CF: 0.4%
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, 201 . 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
01/13/11
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
2200
2150
2100
2050
2000
1950
1900
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
01/13/10
04/07/10
06/16/10
07/14/10
08/11/10
09/08/10
10/20/10
06/16/10
6.4
07/14/10
3.8
-11.6
08/11/10
3.4
-8.9
09/08/10
2.7
-7.8
-3.8
-0.7
10/20/10
0.3
-8.7
-6.7
-5.8
-8.5
11/17/10
0.1
-8.0
-5.9
-5.0
-6.7
-8.3
12/15/10
1.7
-5.1
-2.1
-0.7
-1.2
-0.7
8.9
01/12/11
1.3
-4.9
-2.3
-1.1
-1.5
-1.3
4.7
11/17/10
-4.3
8.3
Research Division
Federal Reserve Bank of St. Louis
3
updated through
01/13/11
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
1300
1250
1200
1150
1100
1050
1000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
12/30/09
03/24/10
06/02/10
06/30/10
07/28/10
06/02/10
-4.6
-6.4
-26.9
-21.1
08/25/10
-3.9
-20.4
-10.1
-1.7
10/06/10
-8.9
-23.2
-18.4
-16.4
11/03/10
-29.5
07/28/10
10/06/10
-0.4
06/30/10
08/25/10
-16.1
11/03/10
-7.9
-20.4
-14.9
-12.5
-11.1
-20.3
12/01/10
-7.2
-18.2
-12.6
-10.2
-8.5
-14.7
2.0
12/29/10
-5.3
-15.0
-8.7
-6.0
-3.7
-7.8
8.0
10.6
Research Division
4
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
9800
9750
9700
9650
9600
9550
9500
9450
9400
9350
9300
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
01/04/10
03/29/10
06/07/10
07/05/10
06/07/10
-3.4
-2.5
0.1
-1.0
2.0
4.7
7.2
10/11/10
1.0
4.3
7.5
9.8
11/08/10
1.7
08/30/10
10/11/10
-0.9
08/02/10
08/30/10
-4.0
07/05/10
08/02/10
12.3
11/08/10
1.7
4.9
7.7
9.5
11.3
11.4
12/06/10
2.1
5.0
7.5
9.0
10.2
10.0
7.5
01/03/11
2.1
4.7
6.8
7.9
8.7
8.2
5.7
4.3
Research Division
Federal Reserve Bank of St. Louis
5
updated through
01/13/11
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8900
8800
8700
8600
8500
8400
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
01/04/10
03/29/10
06/07/10
1.5
1.6
3.1
08/02/10
08/30/10
10/11/10
11/08/10
3.4
08/02/10
07/05/10
1.9
07/05/10
06/07/10
0.9
08/30/10
2.2
3.7
2.7
4.3
10/11/10
3.2
4.8
4.7
6.3
7.9
11/08/10
3.5
5.1
5.1
6.4
7.6
8.1
12/06/10
3.5
5.0
4.9
6.0
6.8
6.9
5.4
01/03/11
3.6
4.9
4.8
5.6
6.3
6.2
4.9
4.0
Research Division
6
Federal Reserve Bank of St. Louis
updated through
01/13/11
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
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Jul
Jun
2009
Aug
Sep
Oct
Nov
Dec
Jan
2011
2010
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
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
2010
Research Division
Federal Reserve Bank of St. Louis
7
updated through
01/13/11
U.S. Financial Data
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
2700
2400
2100
Reserve Bank Credit
1800
1500
1200
900
U.S. Treasury Securities
600
300
Nov
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Jul
Jun
2009
Aug
Sep
Oct
Nov
Dec
Jan
2011
2010
Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
6
5
4
3
2
1
0
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
2010
Research Division
8
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Billions of Dollars
1200
1000
800
Mortgage-Backed Securities
600
400
200
Purchases of Agency Debt
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Dec
Jan
2011
2010
Federal Reserve Holdings in the Term Asset-Backed Securities Loan Facility
Averages of Daily Figures
Billions of Dollars
50
45
40
35
30
25
20
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
9
updated through
01/13/11
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
7
6
Corporate Aaa
5
4
Prime Rate
3
2
2-Year Swap
1
30-Day Nonfinancial Commercial Paper
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Nov
Dec
Jan
2011
2010
Percent
5
4
10-Year Treasury
3
2
1
FFR Target Range
3-Month Treasury
Federal Funds Rate
|
|
|
|
|
|
|
0
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Research Division
10
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
5
4
Baa - 10Y
3
2
Aaa - 10Y
1
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Sep
Oct
Nov
Dec
Jan
2011
2010
Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
7.0
6.5
Jumbo
6.0
5.5
Conforming
5.0
4.5
4.0
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Research Division
Federal Reserve Bank of St. Louis
11
updated through
01/13/11
U.S. Financial Data
Treasury Note Yields
Averages of Daily Figures
Percent
5
30-Year
4
10-Year
3
2
5-Year
1
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Jul
Jun
2009
Aug
Sep
Oct
Nov
Dec
Jan
2011
2010
Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
3
30-Year
2
10-Year
1
5-Year
0
-1
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
2010
Inflation-Indexed Treasury Yield Spreads
Averages of Daily Figures
Percent
3
30-Year
2
10-Year
5-Year
1
0
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
2010
Research Division
12
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.30
0.25
Mar 2011
Feb 2011
|
|
|
0.20
Jan 2011
0.15
0.10
0.05
FFR Target Rate Range
0.00
Aug
Sep
Nov
Oct
2010
Dec
Jan
2011
Rates on Federal Funds Futures on Selected Dates
Percent
0.22
Week Ending:
11/16/10
12/15/10
01/12/11
0.20
0.18
0.16
0.14
Jan 2011
Feb 2011
Mar 2011
Apr 2011
May 2011
Jun 2011
Contract Month
Research Division
Federal Reserve Bank of St. Louis
13
updated through
01/13/11
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
14000
2800
13000
2600
NASDAQ (right scale)
12000
2400
11000
2200
10000
2000
Dow Jones (left scale)
9000
1800
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
14000
1400
13000
1300
Wilshire** (left scale)
12000
1200
11000
1100
S&P* (right scale)
10000
1000
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2010
Nov
Dec
Jan
2011
*Copyright 2011 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
01/13/11
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
92
87
82
77
72
67
Nov
Dec
Feb
Jan
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Nov
Oct
Dec
2010
Jan
2011
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
97
96
95
94
01/12/2011
93
92
91
01/05/2011
90
Feb
Mar
Apr
May
Jun
Jul
2011
Aug
Sep
Oct
Nov
Dec
Jan
2012
Research Division
Federal Reserve Bank of St. Louis
15
updated through
01/13/11
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
7
6
5
4
3
2
Nov
Dec
Feb
Jan
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Nov
Oct
Dec
2010
Jan
2011
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
5.5
5.3
5.1
01/12/2011
4.9
4.7
4.5
01/05/2011
4.3
Feb
Mar
Apr
May
Jun
Jul
2011
Aug
Sep
Oct
Nov
Dec
Jan
2012
Research Division
16
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
90
110
85
105
Broad Index (right scale)
80
100
75
95
Major Index (left scale)
70
90
65
85
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
0.9
116
Euro (left scale)
0.8
108
0.7
100
Japan (right scale)
0.6
92
0.5
84
0.4
76
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Nov
Dec
Jan
2011
Research Division
Federal Reserve Bank of St. Louis
17
updated through
01/13/11
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
920
910
900
890
880
870
860
850
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1500
5700
1420
5300
Savings (right scale)
1340
4900
1260
4500
1180
4100
1100
3700
Small Time (left scale)
1020
3300
940
2900
860
2500
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Nov
Dec
Jan
2011
Research Division
18
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
2500
2100
2300
1900
2100
1700
Institutional Money (left scale)
1900
1500
1700
1300
1500
1100
Retail Money (right scale)
1300
900
1100
700
900
500
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Nov
Oct
Dec
2010
Jan
2011
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
120
110
100
90
80
70
60
50
40
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Nov
Dec
Jan
2011
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
01/13/11
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
9550
7750
9300
7500
Bank Credit (left scale)
9050
7250
8800
7000
Loans and Leases (right scale)
8550
6750
8300
6500
8050
6250
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
2010
Jan
2011
As of the week ending March 31, 2010, domestically chartered banks and foreign-related institutions had consolidated onto their balance sheets
assets and liabilities of off-balance sheet vehicles owing to the adoption of FASB's Financial Accounting Statements No. 166 and No. 167.
For more information, see the notes to the Apr. 9. 2010, H.8 release at http://www.federalreserve.gov/releases/h8/20100409/.
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1350
750
All Banks (left scale)
1300
700
1250
650
Large Banks (right scale)
1200
600
1150
550
Nov
Dec
2009
Jan
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Sep
Oct
Nov
Dec
Jan
2011
Research Division
20
Federal Reserve Bank of St. Louis
updated through
01/13/11
U.S. Financial Data
Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
170
150
130
110
90
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2009
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2011
Sep
Oct
Nov
Dec
Jan
2011
2010
Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
700
Financial
600
500
Asset-Backed
400
300
Nov
Dec
Jan
2009
Feb
Mar
Apr
May
Jun
Jul
2010
Aug
Research Division
Federal Reserve Bank of St. Louis
21
updated through
01/13/11
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
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
5-Year
Treasury
Securities
10-Year
Treasury
Securities
30-Year
Treasury
Securities
22
0.22
0.27
0.53
4.71
5.76
3.84
0.19
0.14
0.36
1.14
2.54
3.92
29
Oct
0.20
0.27
0.54
4.77
5.80
3.96
0.19
0.13
0.38
1.24
2.67
4.00
5
0.21
0.27
0.50
4.75
5.79
4.02
0.20
0.13
0.35
1.11
2.61
4.04
12
0.19
0.26
0.64
4.90
5.95
4.24
0.18
0.13
0.46
1.25
2.68
4.22
19
Nov
0.21
0.26
0.70
4.98
6.03
4.72
0.19
0.14
0.52
1.51
2.89
4.30
26
0.27
0.70
4.90
5.95
4.60
0.20
0.16
0.50
1.48
2.84
4.22
0.20
0.30
0.77
4.90
5.95
4.65
0.20
0.16
0.51
1.59
2.93
4.22
0.20
0.29
0.77
5.03
6.09
4.86
0.18
0.14
0.57
1.80
3.18
4.39
17
0.20
0.30
0.88
5.08
6.18
5.15
0.17
0.14
0.64
2.03
3.42
4.50
24
0.19
0.30
0.84
5.01
6.10
5.00
0.20
0.14
0.64
2.02
3.37
4.45
31
0.19
0.30
0.89
4.98
6.07
4.95
0.19
0.14
0.67
2.07
3.38
4.43
7
0.19
0.29
0.86
5.01
6.09
5.08
0.19
0.14
0.65
2.04
3.40
4.48
14 *
Jan
0.20
3
10
Dec
0.19
0.29
0.85
5.00
6.07
.
0.17
0.15
0.60
1.97
3.36
4.49
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
M2
Nov 22
MZM
Currency
8809.6
9754.8
915.7
Small
Time
940.3
Savings
Retail
Money
5343.4
709.0
1885.5
Oct
Nov
29
9770.5
917.2
935.1
5323.5
710.5
1892.8
8813.7
9781.0
917.1
929.5
5361.7
703.7
1896.8
8829.7
9789.5
917.4
925.1
5393.6
701.5
1884.9
20
8834.5
9777.8
916.9
921.2
5387.9
702.5
27
Jan
8812.8
6
13
Dec
Adjusted
Monetary
Base
8848.8
9775.9
914.8
917.5
5362.3
709.1
3
8825.7
9780.1
916.1
913.0
5337.5
710.2
1867.4
Bank Loans and Credit
Adjusted
Reserves
20
2003.198
1087.44
Institutional
Money
3
1985.131
1082.54
17
1983.538
1073.27
1
1996.036
1098.45
1864.5
15
2031.580
1143.94
1844.6
29
1982.742
1059.91
12
2034.814
Dec
Jan
.
Exchange Rates
Billions of dollars, seasonally adjusted
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Major
Exchange
Broad
Exchange Exchange
Rate:
Euro/$
Rate Index Rate Index
Total
Borrowings
Exchange
Rate:
Yen/$
9226.0
6769.2
1211.1
609.9
124.4
46.791
Nov 26
73.7
100.0
0.746
83.5
9221.1
6774.5
1214.3
612.1
125.2
46.162
Dec
3
74.2
100.4
0.759
83.6
15
9194.4
6772.2
1218.3
615.0
123.8
45.216
10
73.8
100.0
0.754
83.5
22
9174.5
6751.2
1224.1
620.1
128.5
45.571
17
73.7
99.9
0.752
83.9
29
Jan
1
8
Dec
9173.3
6760.8
1223.7
617.8
135.7
45.112
24
74.2
100.2
0.763
83.5
31
73.6
99.6
0.756
82.0
7
73.5
99.2
0.760
82.6
5
.
.
.
.
136.8
44.707
12
.
.
.
.
138.3
44.443
Jan
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 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: 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: 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 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
are at all depository institutions.
23
U.S. Financial Data
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
Dow Jones Industrial Average.
24
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) and
natural gas (Henry Hub) spot and futures prices.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.
References
Anderson, Richard G. and Robert H. Rasche (1996a). “A Revised
Measure of the St. Louis Adjusted Monetary Base,” Federal
Reserve Bank of St. Louis Review, March/April, 78(2), pp. 3-13.
____ and ____(1996b). “Measuring the Adjusted Monetary Base in
an Era of Financial Change,” Federal Reserve Bank of St. Louis
Review, November/ December, 78(6), pp. 3-37.
____ and ____(2001). “Retail Sweep Programs and Bank Reserves,
1994-1999,” Federal Reserve Bank of St. Louis Review,
January/February, pp. 51-72.
____ and ____ , with Jeffrey Loesel (2003). “A Reconstruction of the
Federal Reserve Bank of St. Louis Adjusted Monetary Base and
Reserves,” Federal Reserve Bank of St. Louis Review,
September/October, 85(5), pp. 39-70.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
Poole, William (1991). Statement before the Subcommittee on
Domestic Monetary Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, November 6,
1991. Government Printing Office, Serial No. 102-82.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
Research Division
Federal Reserve Bank of St. Louis
@FedFRASER