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USFinancialData

July 14, 2005
Advance Edition

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

MONDAY*
July 11

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

July 12

July 13

July 14

July 15

International Trade (May)
A: –$55.3B P: –$57.0B

Initial Claims (7/9)
A: 336K
P: 324K

Business Inventories (May)
A: N/A
P: 0.3%

Import Prices (Jun)
A: 1.0%
P: 1.1%

Retail Sales (Jun)
A: 1.7%
P: 1.0%

A: N/A

Treasury Budget (Jun)
A: $22.4B
P: $23.0B

A: 0.0%

CPI (Jun)
P: 0.2%

PPI (Jun)
P: 0.4%

Industrial Production (Jun)
A: N/A
P: 0.3%
Capacity Utilization (Jun)
A: N/A
P: 79.5%

July 18

July 19
Housing Starts (Jun)
F: N/A
P: 2.05M

July 20
Monetary Policy Report
to the Congress

Building Permits (Jun)
F: N/A
P: 2.08M

Existing Home Sales (Jun)
F: N/A
Latest issue:
Internat’l Economic Trends

July 26
Consumer Conf (Jul)
F: N/A

July 22

Initial Claims (7/16)
F: N/A
P: 325K
Leading Indicators (Jun)
F: N/A
P: 0.3%

Latest issue:
Monetary Trends

July 25

July 21

FOMC Minutes
(previous meeting)

July 27

July 28

New Home Sales (Jun)
F: N/A

Help Wanted Index (Jun)

Durable Goods (Jun)
F: N/A

July 29
GDP (Q2)
F: N/A
ECI (Q2)
F: N/A

Current Economic
Conditions (Beige Book)

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, 2005. 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, data are weekly and seasonally adjusted.
2. For pages 7, 10, 11 (top chart), 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/usfd2.

updated through
07/14/05

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
810

800

790

780

770

760

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr

May

Jun

Jul

2005

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

Compounded annual rates of change, average of two maintenance periods ending:
07/07/04

12/08/04

09/29/04

12/08/04

01/05/05

02/02/05

03/02/05

04/13/05

05/11/05

5.4

01/05/05

2.7

-1.5

02/02/05

5.2

3.6

4.8

03/02/05

4.7

3.1

3.5

11.6

04/13/05

4.2

2.7

2.8

7.1

1.2

05/11/05

3.9

2.5

2.4

5.7

1.1

1.1

06/08/05

3.8

2.5

2.4

5.0

1.3

1.5

1.6

07/06/05

3.7

2.5

2.4

4.6

1.6

1.7

1.9

2.4

Research Division
Federal Reserve Bank of St. Louis

3

updated through
07/14/05

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
102

100

98

96

94

92

90

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr

May

Jun

Jul

2005

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
07/07/04

09/29/04

12/08/04

01/05/05

02/02/05

03/02/05

04/13/05

12/08/04

6.7

01/05/05

-1.1

-11.1

02/02/05

5.7

1.6

03/02/05

-2.1

-9.1

-16.5

-5.5

04/13/05

-1.3

-6.5

-10.3

-1.7

-19.6

05/11/05

-1.1

-5.7

-8.4

-1.2

-14.3

2.4

06/08/05

0.5

-3.1

-4.4

2.4

-7.6

7.3

10.1

07/06/05

-1.3

-5.0

-6.8

-1.6

-10.1

0.3

-1.4

05/11/05

2.9

-2.4

Research Division

4

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6800

6700

6600

6500

6400

6300

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr

May

Jun

Jul

2005

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
07/05/04

12/06/04

2.0

09/27/04

12/06/04

01/03/05

01/31/05

02/28/05

01/03/05

2.3
1.8

1.8

1.2

02/28/05

1.1

0.8

-0.4

-2.4

04/11/05

1.0

0.8

-0.1

-1.2

-1.1

05/09/05

0.9

0.6

-0.2

-1.0

-0.9

05/09/05

2.7

01/31/05

04/11/05

0.1

06/06/05

0.5

0.1

-0.8

-1.6

-1.6

-1.1

-2.3

07/04/05

1.0

0.7

0.2

-0.3

-0.1

0.6

0.6

1.2

Research Division
Federal Reserve Bank of St. Louis

5

updated through
07/14/05

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6600

6500

6400

6300

6200

6100

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr

May

Jun

Jul

2005

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
07/05/04

12/06/04

4.8

01/03/05

4.7

5.5

01/31/05

4.6

5.2

09/27/04

12/06/04

01/03/05

01/31/05

02/28/05

04/11/05

05/09/05

4.0

02/28/05

4.2

4.5

3.2

2.8

04/11/05

4.1

4.2

3.1

2.9

2.4

05/09/05

3.8

3.7

2.7

2.4

2.0

2.1

06/06/05

3.4

3.2

2.2

1.8

1.4

1.3

0.0

07/04/05

3.6

3.5

2.7

2.5

2.2

2.3

2.0

2.6

Research Division

6

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
7

Corporate Aaa
6

5

Prime Rate
4

2-Year Swap
3

2

Commercial Paper
1

0

May

Jun

Jul

Aug

Oct

Sep

Nov

Dec

Feb

Jan

Mar

2004

Apr
2005

May

Jun

Jul

Apr
2005

May

Jun

Jul

Percent
6

5

10-Year Treasury
4

3

Federal Funds Rate

|
|

|

2

3-Month Treasury

Intended Federal Funds Rate

1

0

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Jan

Feb

Mar

Research Division
Federal Reserve Bank of St. Louis

7

updated through
07/14/05

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

5

4

3

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

2004

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

3

2

1

May

Jun

Jul

Aug

Sep

Oct

2004

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

3

2

1

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Research Division

8

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
3.8

Sep 2005
3.6

3.4

Aug 2005
Jul 2005
3.2

3.0

2.8

Intended Target Rate
2.6

2.4

2.2

Feb

Mar

Apr

May

Jun

Jul

2005

Rates on Federal Funds Futures on Selected Dates
Percent
4.0

3.9

Week Ending:
05/17/05
06/15/05
07/13/05

3.8

3.7

3.6

3.5

3.4

3.3

3.2

Jul 2005

Aug 2005

Sep 2005

Oct 2005

Nov 2005

Dec 2005

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
07/14/05

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

NASDAQ (right scale)
9250

1850

8500

1700

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

May

Jun

Jul

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

1941-43 = 10

12500

1250

S&P* (right scale)
12000

1200

11500

1150

11000

1100

Wilshire** (left scale)
10500

1050

10000

1000

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

May

Jun

Jul

*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
07/14/05

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
62

58

54

50

46

42

38

34

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

Jun

May

Jul

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
64

07/06/2005
63

62

07/13/2005
61

60

59

Aug

Sep

Oct
2005

Nov

Dec

Jan

Feb

Mar

Apr
2006

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

11

updated through
07/14/05

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
8

7

6

5

4

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

Jun

May

Jul

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
9.4

9.2

9.0

8.8

8.6

07/13/2005
8.4

07/06/2005
8.2

8.0

7.8

7.6

Aug

Sep

Oct
2005

Nov

Dec

Jan

Feb

Mar

Apr
2006

May

Jun

Jul

Research Division

12

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

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

January 1987=100

100

120

95

115

Broad Index (right scale)
90

110

85

105

Major Index (left scale)
80

100

75

95

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

May

Jun

Jul

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

0.90

116

0.85

112

Japan (right scale)
0.80

108

Euro (left scale)

0.75

104

0.70

100

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

13

updated through
07/14/05

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
720

710

700

690

680

670

660

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

May

Jun

Jul

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

Billions of dollars

920

3800

900

3700

880

3600

Savings (right scale)
860

3500

840

3400

820

3300

Small Time (left scale)
800

3200

780

3100

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Research Division

14

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

Large Time Deposits and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars

Billions of dollars

1250

950

1200

900

1150

850

Large Time (left scale)
1100

800

1050

750

1000

700

Retail Money (right scale)
950

650

900

600

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

Mar

Apr
2005

2004

Jun

May

Jul

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0.0

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

15

updated through
07/14/05

U.S. Financial Data

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

Billions of dollars

7400

5700

7200

5500

7000

5300

Bank Credit (left scale)
6800

5100

6600

4900

Loans and Leases (right scale)
6400

4700

6200

4500

6000

4300

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2004

Apr
2005

May

Jun

Jul

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1000

525

975

500

950

475

Large Banks (right scale)

925

450

All Banks (left scale)
900

425

875

400

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Research Division

16

Federal Reserve Bank of St. Louis

updated through
07/14/05

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
160

150

140

130

120

110

100

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

2004

Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1450

1400

1350

1300

1250

1200

1150

May

Jun

Jul

Aug

Sep
2004

Oct

Nov

Research Division
Federal Reserve Bank of St. Louis

17

updated through
07/14/05

U.S. Financial Data
Interest Rates
Percent
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

4.42

2.78

2.84

3.57

3.90

4.26

4.68

4.37

2.74

2.85

3.64

3.91

4.24

4.64

6.02

4.38

2.96

2.82

3.65

3.88

4.22

4.64

5.20

6.03

4.35

2.99

2.82

3.68

3.91

4.21

4.62

5.10

6.02

4.25

3.01

2.82

3.62

3.83

4.11

4.53

3.99

5.08

5.98

4.24

3.01

2.89

3.63

3.81

4.07

4.47

3.86

4.95

5.83

4.18

3.02

2.92

3.55

3.69

3.95

4.33

3.33

3.95

4.92

5.80

4.21

2.98

2.95

3.62

3.75

3.97

4.31

3.11

3.37

4.06

5.06

5.96

4.31

3.02

2.94

3.71

3.88

4.10

4.46

3.17

3.42

4.00

4.96

5.87

4.23

2.98

2.98

3.65

3.77

4.00

4.35

1

3.22

3.46

3.98

4.93

5.84

4.24

3.11

3.08

3.66

3.76

3.97

4.31

8

3.22

3.52

4.11

5.03

5.93

4.27

3.29

3.11

3.76

3.87

4.09

4.41

15 *

3.24

3.54

4.18

5.02

5.94

.

3.22

3.14

3.82

3.94

4.14

4.45

30-Day
Comm.
Paper

3.95

5.27

6.01

3.14

4.01

5.23

5.97

6

2.97

3.17

4.01

5.25

2.97

3.20

4.05

2.98

3.22

3.97

27

2.98

3.25

3

3.00

3.29

10

3.03

17
24
Jul

3.10

2.93

20

Jun

2.89

13

May

22
29

Apr

90-Day
CDs

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

Savings

Large
Time

Adjusted
Monetary
Base

Adjusted
Reserves

13

798.764

93.913

Retail
Money

M2

MZM

Currency

Small
Time

May 23

6472.4

6633.3

705.9

886.4

3513.5

1192.3

703.5

30

6470.8

6643.6

707.2

890.7

3487.7

1208.3

702.3

27

803.417

95.457

Apr

6491.6

6654.1

708.1

894.0

3540.2

1211.7

700.7

800.644

94.582

6474.0

6647.9

708.3

897.7

3534.2

1229.2

701.1

25

803.118

96.000

20

6508.7

6665.9

709.7

901.2

3535.4

1229.5

701.6

27
Jul

6
13

Jun

May 11

6514.5

6686.1

710.0

904.4

3529.5

1223.8

702.9

4

6515.5

6687.2

709.9

907.4

3534.0

1209.6

702.7

Bank Loans and Credit

Jun

Jul

8

803.741

96.774

22

805.026

94.533

6

804.935

94.797

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

Jun

Loans and
Leases

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(nsa)

Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$

Total
Borrowings

1

7211.1

5123.6

992.5

492.6

151.4

0.156

3

84.7

111.4

0.815

108.1

8

7217.1

5132.1

985.6

487.2

150.4

0.152

10

84.6

111.4

0.817

107.3

15

7169.5

5170.8

992.8

493.0

156.2

0.162

17

85.3

111.9

0.826

109.2

22

7232.2

5173.1

993.7

492.3

152.5

0.180

24

84.9

111.6

0.826

109.0

29
Jul

7201.3

5138.4

990.9

492.0

134.9

0.215

1

85.4

112.0

0.828

110.4

.

133.3

0.745

8

86.4

112.9

0.839

112.0

.

139.3

0.275

15 *

85.2

111.8

0.825

111.6

6
13

.
.

.
.

.
.

Jun

Exchange
Rate:
Yen/$

Jul

*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


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