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USFinancialData
January 28, 2005
Final Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
January 24
January 25
January 26
January 27
January 28
Existing Home Sales (Dec)
A: 6.69M
P: 6.80M
Initial Claims (1/22)
A: 325K
P: 330K
A: 3.1%
GDP (Q4)
P: 3.4%
Consumer Conf (Jan)
A: 103.4
P: 101.0
Durable Goods (Dec)
A: 0.6%
P: 0.7%
A: 0.7%
ECI (Q4)
P: 0.8%
Help Wanted Index (Dec)
January 31
February 1
February 2
New Home Sales (Dec)
F: 1220K
P: 1200K
Construct Spending (Dec)
F: 0.5%
P: 0.5%
FOMC Meeting
Statement
Personal Income (Dec)
F: 3.2%
P: 0.4%
Consumption (Dec)
F: 0.8%
P: 0.9%
February 3
February 4
Initial Claims (1/29)
F: 328K
P: 330K
Nonfarm Payroll (Jan)
F: 185K
P: 183K
ISM Index (Jan)
F: 57.1
P: 58.0
Factory Orders (Dec)
F: 0.5%
P: 1.4%
Unemployment Rate (Jan)
F: 5.4%
P: 5.4%
Latest issue
National Economic Trends
Productivity (Q4)
F: 1.6%
P: 1.7%
Latest issue
Internat’l Economic Trends
Unit Labor Costs (Q4)
F: 2.0%
P: 1.9%
ISM Non Mfg Index (Jan)
F: 61.5
P: 61.0
February 7
February 8
February 9
Consumer Credit (Dec)
F: $9.0B
February 10
February 11
Initial Claims (2/5)
F: 335K
International Trade (Dec)
F: –$58.0B
Treasury Budget (Jan)
F: $5.0B
DEFINITIONS: A, actual value; P, previous week’s forecast; F, 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, 2004. 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
Large Time Deposits, 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
01/27/05
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
800
790
780
770
760
750
740
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
01/21/04
04/14/04
06/23/04
06/23/04
6.0
07/21/04
7.0
7.8
08/18/04
6.7
7.2
8.8
07/21/04
08/18/04
09/15/04
6.6
6.9
7.7
5.3
10/27/04
6.2
6.3
6.5
4.8
4.7
11/24/04
5.9
5.8
5.8
4.3
4.1
09/15/04
10/27/04
11/24/04
3.6
12/22/04
5.2
5.0
4.7
3.2
2.8
2.1
0.6
01/19/05
4.5
4.1
3.5
2.2
1.7
0.8
-0.8
-2.5
Research Division
Federal Reserve Bank of St. Louis
3
updated through
01/27/05
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100
98
96
94
92
90
88
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
01/21/04
04/14/04
06/23/04
0.9
07/21/04
-0.9
7.3
08/18/04
-2.9
1.9
06/23/04
07/21/04
08/18/04
09/15/04
10/27/04
11/24/04
-12.6
09/15/04
2.3
9.5
4.9
13.6
10/27/04
-0.1
4.3
-1.3
1.5
8.8
11/24/04
1.5
6.0
2.1
5.0
11.5
-1.3
12/22/04
2.2
6.6
3.4
6.1
11.4
2.0
14.6
01/19/05
-1.0
1.8
-2.4
-1.1
1.6
-7.0
-4.1
-13.7
Research Division
4
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6700
6600
6500
6400
6300
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
01/19/04
06/21/04
9.5
07/19/04
7.3
5.3
08/16/04
6.3
4.0
04/12/04
06/21/04
07/19/04
08/16/04
09/13/04
10/25/04
11/22/04
-2.2
09/13/04
5.6
3.4
-1.1
0.2
10/25/04
4.9
2.8
-0.6
0.4
0.7
11/22/04
4.7
2.9
0.2
1.0
1.5
1.7
12/20/04
4.3
2.6
0.1
0.8
1.2
1.2
1.7
01/17/05
4.4
2.8
0.8
1.5
1.9
2.1
2.8
2.5
Research Division
Federal Reserve Bank of St. Louis
5
updated through
01/27/05
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6500
6400
6300
6200
6100
6000
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
01/19/04
06/21/04
9.1
04/12/04
06/21/04
07/19/04
08/16/04
09/13/04
10/25/04
07/19/04
7.7
6.1
08/16/04
6.6
4.7
09/13/04
6.3
4.5
1.3
1.8
10/25/04
6.1
4.7
2.6
3.2
4.7
11/22/04
6.1
4.9
3.2
3.9
5.1
12/20/04
5.8
4.6
3.1
3.7
4.5
4.7
4.4
01/17/05
5.6
4.5
3.2
3.6
4.3
4.5
4.1
11/22/04
0.0
5.6
3.0
Research Division
6
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
7
Corporate Aaa
6
5
Prime Rate
4
3
2-Year Swap
2
1
Commercial Paper
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Oct
Sep
Nov
Dec
2004
Jan
2005
Percent
6
10-Year Treasury
5
4
3
Federal Funds Rate
|
2
3-Month Treasury
|
|
1
Intended Federal Funds Rate
0
Nov
Dec
Jan
2003
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
Federal Reserve Bank of St. Louis
7
updated through
01/27/05
U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6
5
4
3
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2005
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2005
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2005
2004
10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4
3
2
1
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
2004
10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
4
3
2
1
Nov
Dec
2003
Jan
Feb
Mar
Apr
May
Jun
2004
Research Division
8
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
2.8
2.6
Mar 2005
2.4
Feb 2005
2.2
Jan 2005
2.0
1.8
Intended Target Rate
1.6
1.4
1.2
Aug
Sep
Nov
Oct
Dec
Jan
2004
2005
Rates on Federal Funds Futures on Selected Dates
Percent
3.0
2.9
01/26/05
2.8
12/29/04
2.7
2.6
11/30/04
2.5
2.4
2.3
2.2
Jan 2005
Feb 2005
Mar 2005
Apr 2005
May 2005
Jun 2005
Contract Month
Research Division
Federal Reserve Bank of St. Louis
9
updated through
01/27/05
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
11500
2300
10750
2150
Dow Jones (left scale)
10000
2000
9250
1850
NASDAQ (right scale)
8500
1700
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
2005
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
12500
1250
12000
1200
S&P* (right scale)
11500
1150
11000
1100
10500
1050
Wilshire** (left scale)
10000
1000
9500
950
Nov
Dec
2003
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2004
Oct
Nov
Dec
Jan
2005
*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
01/27/05
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
58
54
50
46
42
38
34
30
26
Nov
Dec
Feb
Jan
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
50
49
01/26/2005
48
47
01/19/2005
46
45
44
Mar
Apr
May
Jun
Jul
Aug
2005
Sep
Oct
Nov
Dec
Feb
Jan
2006
Research Division
Federal Reserve Bank of St. Louis
11
updated through
01/27/05
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
10
8
6
4
2
Nov
Dec
Feb
Jan
Mar
Apr
Jun
May
2003
Jul
Aug
Sep
Nov
Oct
Dec
2004
Jan
2005
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
7.5
7.3
7.1
6.9
6.7
01/26/2005
6.5
6.3
01/19/2005
6.1
Feb
Mar
Apr
May
Jun
Jul
2005
Aug
Sep
Oct
Nov
Dec
Jan
2006
Research Division
12
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
105
125
100
120
Broad Index (right scale)
95
115
90
110
85
105
Major Index (left scale)
80
100
75
95
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
2005
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
116
0.90
Euro (left scale)
0.85
112
Japan (right scale)
0.80
108
0.75
104
0.70
100
Nov
Dec
Jan
2003
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
Federal Reserve Bank of St. Louis
13
updated through
01/27/05
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
710
700
690
680
670
660
650
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
2005
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
890
3600
870
3500
850
3400
Savings (right scale)
830
3300
810
3200
790
3100
Small Time (left scale)
770
3000
Nov
Dec
2003
Jan
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
14
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
Large Time Deposits and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1150
950
1100
900
1050
850
Large Time (left scale)
1000
800
950
750
Retail Money (right scale)
900
700
850
650
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Nov
Oct
Sep
Dec
2004
Jan
2005
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Nov
Dec
Jan
2003
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
Federal Reserve Bank of St. Louis
15
updated through
01/27/05
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
7000
5500
6800
5300
6600
5100
Bank Credit (left scale)
6400
4900
6200
4700
Loans and Leases (right scale)
6000
4500
5800
4300
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
2005
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
950
475
925
450
Large Banks (right scale)
900
425
All Banks (left scale)
875
400
850
375
Nov
Dec
2003
Jan
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
16
Federal Reserve Bank of St. Louis
updated through
01/27/05
U.S. Financial Data
Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
145
135
125
115
105
95
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2003
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
2005
Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1325
1300
1275
1250
1225
1200
1175
1150
Nov
Dec
Jan
2003
Feb
Mar
Apr
May
Jun
Jul
2004
Aug
Sep
Oct
Nov
Dec
Jan
2005
Research Division
Federal Reserve Bank of St. Louis
17
updated through
01/27/05
U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper
Nov
Dec
Jan
90-Day
CDs
2-Year
Interest
Corporate Corporate Municipal
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
20-Year
Treasury
Securities
5
1.92
2.16
3.00
5.50
6.19
4.45
1.78
1.95
2.65
3.39
4.12
4.85
12
2.00
2.24
3.20
5.59
6.25
4.58
1.79
2.04
2.82
3.53
4.22
4.95
19
2.02
2.28
3.27
5.48
6.18
4.52
2.00
2.09
2.89
3.52
4.17
4.88
26
2.07
2.34
3.35
5.46
6.16
4.53
2.00
2.15
2.99
3.60
4.20
4.86
3
2.11
2.38
3.38
5.60
6.30
4.63
2.02
2.19
3.02
3.70
4.35
5.02
10
2.20
2.41
3.29
5.44
6.14
4.43
2.00
2.21
2.93
3.56
4.19
4.86
17
2.25
2.46
3.35
5.40
6.08
4.39
2.15
2.18
3.00
3.54
4.16
4.80
24
2.26
2.48
3.43
5.45
6.12
4.44
2.24
2.17
3.04
3.58
4.21
4.84
31
2.24
2.50
3.46
5.51
6.18
4.49
2.27
2.20
3.09
3.65
4.29
4.92
7
2.24
2.54
3.52
5.47
6.12
4.47
2.14
2.29
3.18
3.71
4.28
4.88
14
2.29
2.59
3.58
5.40
6.05
4.41
2.25
2.31
3.23
3.72
4.25
4.80
21
2.35
2.64
3.59
5.30
5.97
4.40
2.28
2.33
3.22
3.70
4.19
4.71
28 *
2.41
2.66
3.57
5.29
5.95
.
2.27
2.36
3.23
3.70
4.18
4.70
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Dec
Jan
Savings
Large
Time
Retail
Money
Adjusted
Monetary
Base
Adjusted
Reserves
M2
MZM
Currency
Small
Time
6
6379.0
6621.1
700.3
811.5
3517.6
1064.4
708.9
Oct
27
793.703
96.780
13
6380.8
6625.1
699.4
813.2
3517.7
1058.1
714.8
Nov 10
790.588
96.175
20
6403.0
6636.0
698.9
814.0
3514.7
1070.8
714.5
27
6414.9
6667.2
698.0
815.6
3496.2
1089.8
717.8
3
6389.4
6662.4
699.0
817.0
3468.1
1103.5
718.5
10
6390.4
6637.6
699.9
819.3
3536.5
1135.0
713.6
17
6421.4
6649.3
700.8
822.2
3552.8
1144.2
710.0
Bank Loans and Credit
Dec
Jan
24
793.984
97.442
8
793.835
98.792
22
788.868
96.374
5
784.793
93.428
19
793.529
95.862
Exchange Rates
Billions of dollars, seasonally adjusted
Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(nsa)
Total
Borrowings
Dec 15
6790.2
4858.9
904.3
437.4
134.2
0.061
Dec 17
80.7
109.5
0.751
104.6
22
6747.4
4817.4
905.5
439.1
132.8
0.075
24
80.5
109.1
0.744
103.9
29
6744.8
4824.6
909.7
441.6
120.7
0.054
31
79.6
108.3
0.736
103.2
5
6773.7
4842.9
912.3
441.8
125.8
0.053
7
80.9
109.6
0.754
104.2
12
6806.7
4864.7
919.3
445.1
129.7
0.065
14
80.7
109.2
0.759
103.0
Jan
19
26
.
.
.
.
.
.
Jan
Exchange
Rate:
Yen/$
.
134.2
0.053
21
81.3
109.7
0.768
102.8
.
138.1
0.077
28 *
81.5
109.8
0.768
103.2
*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.
Large Time Deposits are deposits of $100,000 or more. Retail Money
Funds are included in M2. Retail money funds were originally called
general purpose and broker/ dealer money market funds. Large time
deposits and retail money funds are at all depository institutions.
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/table1.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
@FedFRASER