Full text of U.S. Financial Data : January 9, 2003
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January 9, 2003 USFinancialData THE WEEK’S HIGHLIGHTS: ■ As of Jan. 9, 2003, the twelve Federal Reserve Banks will establish primary and secondary credit rates of 2.25 percent and 2.75 percent, respectively. This new lending procedure, announced in a Jan. 6 press release, noted the following: These discount rates are the interest rates that depository institutions will be charged for credit extended under the Federal Reserve’s new primary and secondary credit programs that the Board approved on October 31, 2002. These programs replace the adjustment and extended credit programs, which will be discontinued as of January 9. The Federal Open Market Committee’s current target of 1-1/4 percent for the federal funds rate was not affected by this action. Thus, the establishment of the new discount rates does not represent a change in the stance of monetary policy, and the general level of market interest rates should not be affected. See <www.federalreserve.gov> for more information. ■ Initial claims for state unemployment insurance benefits totaled 389,000 for the week ending Jan. 4, 2003, down 19,000 from the previous week. For the four weeks ending Jan. 4, weekly initial claims averaged 406,000. ■ In November, new orders to manufacturers for durable and nondurable goods fell $2.7 billion, or 0.8 percent. November’s decline was the third in the past four months. Through the first 11 months of 2002, the cumulative value of new factory orders was down 1.1 percent compared with the same period a year earlier. All data are seasonally adjusted unless otherwise indicated. U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date, this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>. To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>. To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org. Adjusted Monetary Base Averages of Daily Figures Seasonally Adjusted 710 Billions of Dollars 02/03 Oct 30 Nov 13 27 Dec 11 25 Jan 8 700 Billions of Dollars Billions 692.692 691.026 693.361 695.710 694.255 699.858 710 700 690 690 680 680 670 670 660 660 650 650 640 640 7 21 Nov 5 19 2 Dec 16 30 13 27 13 27 10 24 Jan Feb Mar Apr 8 22 5 May 2001 19 3 Jun 17 31 14 28 11 25 Jul Aug Sep 9 23 6 Oct 20 4 Nov 18 1 Dec 15 29 Jan 2002 2003 The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository institutions, currency held by the public, and an adjustment for the effect of changes in reserve requirement ratios. The monetary base series includes Federal Reserve deposits used to satisfy clearing balance contracts. Data are computed by this bank. A detailed description of the adjusted monetary base is available from this bank. Recent data are preliminary. Adjusted Monetary Base Compounded annual rates of change, average of two maintenance periods ending: To the average of two maintenance periods ending: 1/9/02 6/12/02 9.6 7/10/02 8.8 7.5 8/7/02 8.9 8.1 7.0 4/3/02 6/12/02 7/10/02 8/7/02 9/4/02 10/2/02 9/4/02 8.2 7.2 5.7 6.6 10/2/02 7.9 6.8 5.5 6.0 4.0 11/13/02 7.3 6.2 5.0 5.2 3.9 4.1 12/11/02 7.1 6.1 5.0 5.2 4.1 4.4 4.2 1/8/03 6.9 6.0 5.0 5.2 4.3 4.5 4.4 11/13/02 5.0 Prepared by the Federal Reserve Bank of St. Louis Money Zero Maturity (MZM) Averages of Daily Figures 6400 Seasonally Adjusted Billions of Dollars 2002 Nov 25 Dec 2 9 16 23 30 6200 Billions of Dollars Billions 6184.3 6188.0 6194.6 6194.9 6185.0 6169.6 6400 6200 6000 6000 5800 5800 5600 5600 5400 5400 5 19 3 17 31 14 28 11 25 11 25 Nov Dec 2001 Jan Feb Mar 8 22 Apr 6 20 3 May 17 1 15 29 12 26 Jun Jul 2002 Aug 9 23 Sep 7 21 4 Oct 18 2 Nov 16 30 13 27 Dec Jan 2003 MZM is M2 minus total small denomination time deposits, plus institutional money funds, which are included in the non−M2 component of M3. Each component is seasonally adjusted. Money Zero Maturity (MZM) To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 12/31/01 4/1/02 5/27/02 5/27/02 4.5 7/1/02 5.8 8.9 7/29/02 6.5 9.5 11.5 7/1/02 7/29/02 9/2/02 9/30/02 9/2/02 7.2 9.8 11.3 11.2 9/30/02 6.9 9.0 9.7 9.0 7.9 10/28/02 6.5 8.1 8.4 7.5 6.3 3.4 12/2/02 8.8 11.1 12.2 12.4 12.6 13.2 17.5 12/30/02 8.6 10.7 11.6 11.5 11.6 11.7 14.1 10/28/02 19.7 Prepared by the Federal Reserve Bank of St. Louis Adjusted Reserves Seasonally Adjusted 100 Billions of Dollars 2002 Oct 16 30 Nov 13 27 Dec 11 25 90 Billions of Dollars 100 Billions 68.329 71.097 69.633 71.720 72.415 72.546 90 80 80 70 70 60 60 50 50 7 21 Nov 5 19 2 Dec 16 30 13 27 13 27 10 24 Jan Feb Mar Apr 8 22 5 May 2001 19 3 Jun 17 31 14 28 11 25 Jul Aug Sep 9 23 6 Oct 20 4 Nov 18 1 15 29 Dec Jan 2002 2003 Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1. Adjusted Reserves To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 12/26/01 3/20/02 5/29/02 6/26/02 7/24/02 8/21/02 9/18/02 5/29/02 4.6 6/26/02 −3.3 −8.1 7/24/02 0.4 −1.1 −10.5 8/21/02 −2.6 −5.4 −14.6 −0.4 9/18/02 1.2 0.6 −3.3 11.8 4.5 10/30/02 0.3 −0.6 −3.9 5.7 0.1 10.8 11/27/02 1.8 1.5 −0.6 8.1 4.1 13.2 3.8 12/25/02 4.2 4.7 3.9 12.3 9.7 18.5 12.8 10/30/02 28.8 Prepared by the Federal Reserve Bank of St. Louis Money Stock (M1) and Total Checkable Deposits Averages of Daily Figures Seasonally Adjusted 1400 Billions of Dollars Billions of Dollars M1 2002 Nov 25 Dec 2 9 16 23 30 1350 1300 875 TCD Billions 1203.1 1229.5 1207.3 1210.5 1227.8 1227.6 2002 Nov 25 Dec 2 9 16 23 30 Billions 574.5 596.5 574.8 578.2 595.7 594.4 825 775 1250 725 M1 (left scale) 1200 675 1150 625 TCD (right scale) 1100 575 1050 525 5 19 3 Nov 17 31 14 28 11 25 11 25 Dec Jan Feb Mar 8 22 6 Apr 20 3 May 17 1 Jun 2001 15 29 12 26 9 Jul Sep Aug 23 7 21 4 Oct 18 2 Nov 16 30 13 27 Dec 2002 Jan 2003 M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks. Total checkable deposits is the sum Fix of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release. Currency Component of M1 Averages of Daily Figures Seasonally Adjusted 680 Billions of Dollars Billions of Dollars Compounded annual rates of change, average of the four weeks ending December 30, 2002, from the four weeks ending: 660 7.7 6.7 4.4 4.0 3.8 4.7 5.1 Dec 31, 2001 Apr 1, 2002 Jul 1, 2002 Jul 29, 2002 Sep 2, 2002 Sep 30, 2002 Oct 28, 2002 640 620 2002 Nov 25 Dec 2 9 16 23 30 Billions 621.2 625.6 625.1 624.8 624.7 625.7 680 660 640 620 600 600 580 580 560 560 5 19 Nov 3 17 31 14 28 11 25 11 25 Dec Jan Feb Mar 8 22 Apr 6 20 May 2001 3 17 1 Jun 2002 15 29 12 26 9 Jul Sep Aug 23 7 21 Oct 4 18 Nov 2 16 30 13 27 Dec Jan 2003 Current data appear in the Federal Reserve Board’s H.6 release. Fix Prepared by the Federal Reserve Bank of St. Louis Yields on Selected Securities Averages of Daily Figures 8.00 Percent Percent 7.00 8.00 7.00 Corporate Aaa Bonds 6.00 6.00 5.00 5.00 Prime Rate 4.00 4.00 2−Year Interest Rate Swap 3.00 3.00 2.00 2.00 Commercial Paper 1.00 1.00 2 16 30 14 28 11 25 Nov Dec 2001 2002/2003 Oct 18 25 Nov 1 8 15 22 29 Dec 6 13 20 27 Jan 3 10 Jan 8 22 Feb 8 22 5 Mar 19 Apr 3 17 31 14 28 12 26 May Jun Jul 2002 9 23 6 Aug 20 Sep 4 18 1 Oct 15 29 13 27 10 24 Nov Dec Jan 2003 30−Day Commercial Paper 90−Day CDs 2−Year Interest Rate Swap Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds * 1.72 1.73 1.68 1.43 1.28 1.28 1.30 1.29 1.32 1.32 1.33 1.28 1.25 1.78 1.78 1.65 1.46 1.34 1.36 1.36 1.36 1.34 1.34 1.35 1.31 1.32 2.48 2.54 2.17 2.18 2.17 2.31 2.42 2.37 2.20 2.16 2.04 2.00 2.08 6.41 6.50 6.39 6.32 6.22 6.30 6.37 6.33 6.20 6.23 6.14 6.16 6.23 7.86 7.95 7.81 7.71 7.56 7.56 7.60 7.55 7.45 7.45 7.38 7.37 7.45 4.98 5.12 4.95 4.91 4.90 5.00 5.00 4.94 4.83 4.82 4.79 4.84 N.A. Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending January 10, 2003 . * Bond Buyer’s Average Index of 20 municipal bonds, Thursday data. Prepared by the Federal Reserve Bank of St. Louis Selected Interest Rates Averages of Daily Figures 6.00 Percent Percent 5.00 6.00 5.00 10−Year Treasury Securities 4.00 4.00 3.00 3.00 Intended Federal Funds Rate Federal Funds Rate 2.00 2.00 3−Month Treasury Bill 1.00 1.00 2 16 30 14 28 11 25 Nov Dec 2001 2002/2003 Oct 18 25 Nov 1 8 15 22 29 Dec 6 13 20 27 Jan 3 10 * 8 Jan Federal Funds** 1.75 1.72 1.79 1.70 1.21 1.28 1.27 1.24 1.23 1.27 1.23 1.20 1.20 22 Feb 8 22 5 Mar 19 Apr 3 17 31 14 28 12 26 May Jun Jul 2002 9 23 Aug 6 20 Sep 4 18 1 Oct 15 29 13 27 10 24 Nov Dec Jan 2003 3−Month Treasury Bill 2−Year Treasury Securities 5−Year Treasury Securities 10−Year Treasury Securities Treasury Long−Term Average 1.64 1.64 1.47 1.28 1.20 1.20 1.21 1.20 1.19 1.20 1.16 1.20 1.18 2.07 2.14 1.77 1.84 1.84 1.99 2.07 2.01 1.87 1.83 1.71 1.70 1.77 3.15 3.22 2.90 2.95 2.93 3.13 3.26 3.24 3.06 3.02 2.89 2.91 3.05 4.11 4.21 4.00 4.00 3.94 4.08 4.19 4.17 4.04 4.05 3.92 3.94 4.04 5.19 5.27 5.16 5.12 5.00 5.08 5.18 5.16 5.04 5.10 4.99 5.00 5.08 Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate. * Averages of rates available. ** Seven−day averages for week ending two days earlier than date shown. Prepared by the Federal Reserve Bank of St. Louis Money Stock (M2) and Money Zero Maturity Averages of Daily Figures 6400 Seasonally Adjusted Billions of Dollars Billions of Dollars 6400 M2 2002 Nov 25 Dec 2 9 16 23 30 6200 Billions 5801.2 5822.2 5810.0 5813.6 5825.5 5815.7 6200 MZM 6000 6000 5800 5800 5600 5600 M2 MZM 2002 Nov 25 Dec 2 9 16 23 30 5400 Billions 6184.3 6188.0 6194.6 6194.9 6185.0 6169.6 5200 5400 5200 5 19 3 17 31 14 28 11 25 11 25 Nov Dec 2001 Jan Feb Mar 8 22 Apr 6 20 3 May 17 1 15 29 12 26 Jun Jul 2002 Aug 9 23 Sep 7 21 4 Oct 18 2 Nov 16 30 13 27 Dec Jan 2003 M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds. Current data appear in the Federal Reserve Board’s H.6 release. Money Stock (M2) To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 12/31/01 4/1/02 5/27/02 5/27/02 3.6 7/1/02 4.5 6.6 7/29/02 5.5 7.8 9.9 7/1/02 7/29/02 9/2/02 9/30/02 9/2/02 6.2 8.4 10.1 11.0 9/30/02 6.1 7.9 9.1 9.3 8.2 10/28/02 6.4 8.2 9.2 9.4 8.7 7.6 12/2/02 6.9 8.6 9.5 9.8 9.4 9.0 10.5 12/30/02 6.5 7.9 8.5 8.5 8.0 7.3 7.8 10/28/02 6.9 Prepared by the Federal Reserve Bank of St. Louis Savings and Small Time Deposits Averages of Daily Figures Seasonally Adjusted 1300 Billions of Dollars Billions of Dollars 2900 Small Time 2002 Nov 25 Dec 2 9 16 23 30 1200 1100 Billions 885.1 884.2 882.5 880.9 878.9 877.4 2800 2700 1000 2600 Small Time (left scale) 2500 900 Savings 800 2002 Nov 25 Dec 2 9 16 23 30 Savings Deposits (right scale) 700 2400 Billions 2752.1 2755.6 2766.1 2770.4 2770.6 2765.3 2300 2200 600 5 19 3 Nov 17 31 14 28 11 25 11 25 Dec Jan Feb Mar 8 22 6 Apr 20 3 May 17 1 Jun 2001 15 29 12 26 9 Jul Sep Aug 23 7 21 4 Oct 18 2 Nov 16 30 13 27 Dec Jan 2002 2003 Savings deposits and small time deposits are at all depository institutions. Fix Large Time Deposits and Retail Money Funds Averages of Daily Figures Seasonally Adjusted 1200 Billions of Dollars Billions of Dollars Large Time 2002 Nov 25 Dec 2 9 16 23 30 1100 1200 Retail Money Billions 811.5 808.4 797.0 788.5 792.4 794.6 2002 Nov 25 Dec 2 9 16 23 30 Billions 960.9 952.9 954.1 951.8 948.2 945.4 1100 1000 1000 Retail Money 900 900 800 800 Large Time 700 700 5 19 Nov 3 17 Dec 2001 31 14 28 11 25 11 Jan Feb 25 Mar 8 22 Apr 6 20 May 3 17 1 15 29 12 Jul Jun Aug 26 9 23 Sep 7 21 Oct 4 18 Nov 2 16 30 13 27 Dec 2002 Jan 2003 Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds. Prepared by the Federal Reserve Bank of St. Louis Fix Total Borrowings From Federal Reserve Banks Averages of Daily Figures 1.6 Billions of Dollars 02/03 Dec 4 11 18 25 Jan 1 8 1.4 1.2 Billions of Dollars Billions 0.056 0.210 0.055 0.059 0.050 0.027 1.6 1.4 1.2 1.0 1.0 0.8 0.8 0.6 0.6 0.4 0.4 0.2 0.2 0.0 0.0 7 21 5 Nov 19 2 Dec 16 30 13 27 13 27 10 24 Jan Feb Mar 8 Apr 22 5 May 19 3 Jul Jun 2001 17 31 14 28 11 25 Aug Sep 9 23 Oct 6 20 4 Nov 18 1 Dec 15 29 Jan 2002 2003 Borrowings include seasonal, adjustment and extended credit. Fix Bank Loans and Credit All Commercial Banks in the United States * Seasonally Adjusted 6400 Billions of Dollars Billions of Dollars Bank Credit 2002 Nov 20 27 Dec 4 11 18 25 6200 6000 5050 Loans & Leases Billions 5830.4 5839.5 5838.8 5905.1 5895.5 5909.7 2002 Nov 20 27 Dec 4 11 18 25 Billions 4148.5 4162.9 4160.1 4186.1 4199.4 4194.0 4850 4650 5800 4450 Bank Credit (left scale) ** 5600 4250 5400 4050 Loans and Leases (right scale) 5200 3850 7 21 Nov 5 19 Dec 2 16 30 13 27 13 27 10 24 Jan Feb Mar Apr 8 22 5 May 2001 19 3 17 31 14 28 11 25 Jul Jun Aug Sep 9 23 Oct 6 20 Nov 4 18 1 Dec 2002 15 29 Jan 2003 Current data appear in the Federal Reserve Board’s H.8 release. * Includes foreign−related institutions ** Includes loans and leases and securities Prepared by the Federal Reserve Bank of St. Louis Fix Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted 350 Billions of Dollars 02/03 Dec 4 11 18 25 Jan 1 8 300 Billions of Dollars Billions 156.5 158.3 159.0 152.7 145.1 154.7 350 300 250 250 200 200 150 150 100 100 7 21 5 Nov 19 2 Dec 16 30 13 27 13 27 10 24 Jan Feb Mar Apr 8 22 5 May 19 3 Jul Jun 2001 17 31 14 28 11 25 Aug 9 23 6 Oct Sep 20 4 Nov 18 1 Dec 15 29 Jan 2002 2003 Current data appear at www.federalreserve.gov/releases/cp/table1.htm. Fix Commercial and Industrial Loans Seasonally Adjusted 1175 Billions of Dollars Billions of Dollars All Banks 2002 Nov 20 27 Dec 4 11 18 25 1150 1125 1100 650 Large Banks Billions 967.8 971.9 969.9 968.0 966.0 967.9 2002 Nov 20 27 Dec 4 11 18 25 Billions 481.7 483.3 481.0 479.7 480.0 480.2 625 600 575 1075 550 1050 525 Large Banks (right scale) ** 1025 500 1000 475 All Banks (left scale) * 975 450 950 425 7 21 Nov 5 19 Dec 2 16 Jan 30 13 27 13 Feb Mar 27 10 24 Apr 8 22 May 2001 5 19 3 17 31 14 Jul Jun 2002 Aug 28 11 25 Sep 9 23 Oct 6 20 Nov 4 18 Dec 1 15 29 Jan 2003 Current data appear in the Federal Reserve Board’s H.8 release. * Includes foreign−related institutions. ** Weekly reporting, domestically chartered banks. Fix Prepared by the Federal Reserve Bank of St. Louis Trade−Weighted Exchange Rate Indexes Averages of Daily Figures 120 March 1973=100 02/03 Dec 4 11 18 25 Jan 1 8 115 January 1997=100 Major 100.4 99.9 98.7 98.3 97.8 97.7 02/03 Dec 4 11 18 25 Jan 1 8 Broad 126.8 126.6 125.5 125.1 125.0 124.9 110 140 135 130 Broad Index (right scale) 105 125 Major Currency Index (left scale) 100 120 95 115 7 21 Nov 5 19 Dec 2001 2 16 30 13 27 13 27 10 24 Jan Feb Mar Apr 8 22 May 5 19 Jun 3 17 31 14 28 11 25 Jul Aug Sep 9 23 Oct 6 20 4 Nov 2002 18 Dec 1 15 29 Jan 2003 The major currency index (MCI) comprises of 7 currencies. The broad index comprises the MCI plus 19 additional currencies. Further details may be found at www.federalreserve.gov/releases/h10/summary/. Prepared by the Federal Reserve Bank of St. Louis