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USFinancialData

July 3, 2008
Final Edition

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

MONDAY*

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

June 30

July 1

July 2

July 3

July 4

Latest Issue
Annual IET

Construct Spending (May)
A: -0.4%
PF: -0.5%

Factory Orders (May)
A: 0.6%
PF: 0.6%

ISM Index (Jun)
A: 50.2
PF: 48.7

Initial Claims (6/28)
A: 404K
PF: 385K
Nonfarm Payrolls (Jun)
A: -62K
PF: -50K

Latest Issue
Review
Latest Issue
NET

July 7

Unemployment Rate (Jun)
PF: 5.5%
A: 5.5%
ISM non Mfg (Jun)
A: 48.2
PF: 51.0

July 8

July 9

Consumer Credit (May)
CF: $7.0B
PF: $6.8B

July 10
Initial Claims (7/5)
CF: 399K
P: 385K

July 11
International Trade (May)
CF: -$62.1B PF: -$62.3B
Import Prices (Jun)
CF: 1.8%
PF: 2.3%
Treasury Budget (Jun)
CF: $23.7B PF: $36.6B

July 15

July 16

PPI (Jun)
CF: 1.5%

CPI (Jun)
CF: 0.7%

Initial Claims (7/12)
CF: 395K

Core PPI (Jun)
CF: 0.3%

July 14

Core CPI (Jun)
CF: 0.2%

Housing Starts (Jun)
CF: 963K

Retail Sales (Jun)
CF: 0.4%

Industrial Production (Jun)
CF: -0.1%

Inventories (May)
CF: 0.5%

July 17

July 18

Capacity Utilization (Jun)
CF: 79.3%

Latest Issue
Monetary Trends

Building Permits (Jun)
CF: 960K

FOMC Minutes
(previous meeting)

DEFINITIONS: A, actual value; PF, previous week’s forecast; CF, current week’s forecast; K, thousand; M, million; B, billion.
*The Board of Governors of the Federal Reserve System provides H.3, H.4.1, and H.6 releases each Thursday and H.10 and H.15 releases
each Monday.
Forecast data are from Thomson Financial. ©Thomson Financial, 2008. All Rights Reserved. Use, duplication, or sale of this service or the
data contained herein, except as described in the Federal Reserve Bank of St. Louis Subscription Agreement, is strictly prohibited.

research.stlouisfed.org

Contents
Page
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

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

Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 7, 10, 11 (top chart), 12 (top chart), 13, and 19 (top and bottom right tables), the last observation is a daily
average that incorporates all available data at the time of publication, which usually includes observations for the first
three trading days of the week (Monday through Wednesday). The previous observations signify that week’s average.

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

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

updated through
07/03/08

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
870

865

860

855

850

845

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr

May

Jun

Jul

2008

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

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

09/26/07

12/05/07

12/05/07

-0.8
1.4

0.9

02/27/08

04/09/08

05/07/08

-3.3

01/30/08

01/30/08

1.5

01/02/08

01/02/08

1.1

02/27/08

1.1

0.4

0.2

7.4

04/09/08

1.4

1.1

1.4

5.8

1.6

05/07/08

0.7

0.2

0.0

3.0

-0.6

-0.3

06/04/08

1.4

1.1

1.3

4.1

1.4

2.2

1.1

07/02/08

1.5

1.3

1.5

3.9

1.7

2.4

1.8

5.9

Research Division
Federal Reserve Bank of St. Louis

3

updated through
07/03/08

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100

98

96

94

92

90

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr

May

Jun

Jul

2008

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
06/20/07

09/12/07

11/21/07

12/19/07

01/16/08

11/21/07

5.4
4.9

11.2

15.0

02/13/08

1.0

3.7

0.1

-12.1

03/26/08

2.1

4.7

2.7

-3.9

-6.1

04/23/08

-1.4

-0.4

-4.1

-10.4

-13.6

04/23/08

14.1

01/16/08

03/26/08

1.5

12/19/07

02/13/08

-8.9

05/21/08

0.9

2.5

0.4

-4.2

-5.5

0.7

-4.7

06/18/08

1.2

2.8

1.0

-2.9

-3.7

1.6

-1.6

16.5

Research Division

4

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
8800

8600

8400

8200

8000

7800

7600

7400

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr

May

Jun

Jul

2008

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
06/25/07

11/26/07

15.3

12/24/07

14.7

13.4

01/21/08

13.8

12.1

9.6

02/18/08

16.7

16.9

19.4

23.5

03/31/08

18.5

19.5

22.6

25.9

34.0

04/28/08

17.5

18.0

19.8

21.7

26.0

20.3

09/17/07

11/26/07

12/24/07

01/21/08

02/18/08

03/31/08

05/26/08

16.4

16.5

17.4

18.5

21.0

15.7

6.5

06/23/08

15.9

15.8

16.3

17.1

18.9

14.3

7.5

04/28/08

7.3

Research Division
Federal Reserve Bank of St. Louis

5

updated through
07/03/08

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
7800

7700

7600

7500

7400

7300

7200

7100

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr

May

Jun

Jul

2008

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
06/25/07

11/26/07

5.2

12/24/07

5.2

4.0

01/21/08

5.0

4.0

02/18/08

6.7

6.8

9.5

11.8

03/31/08

7.8

8.3

11.1

12.8

16.6

04/28/08

7.1

7.4

9.1

10.1

11.8

8.7

05/26/08

6.7

6.7

7.9

8.4

9.4

6.6

1.2

06/23/08

6.3

6.2

7.1

7.4

8.0

5.4

1.3

09/17/07

11/26/07

12/24/07

01/21/08

02/18/08

03/31/08

04/28/08

4.5

1.6

Research Division

6

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
9

Prime Rate
8

7

Corporate Aaa
6

|

5

Commercial Paper
4

2-Year Swap
3

2

1

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

May

Jun

Jul

Apr
2008

May

Jun

Jul

Percent
6

Intended Federal Funds Rate

|
|
Federal Funds Rate

5

|
|
10-Year Treasury

|

4

3-Month Treasury
3

2

1

0

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Jan

Feb

Mar

Research Division
Federal Reserve Bank of St. Louis

7

updated through
07/03/08

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
2008

May

Jun

Jul

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

2007

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

2

1

0

May

Jun

Jul

Aug

Sep

Oct

2007

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

3

2

1

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Research Division

8

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
3.5

Intended Target Rate
3.0

2.5

Sep 2008
Jul 2008

|
|

2.0

Aug 2008

1.5

1.0

Feb

Mar

Apr

May

Jun

Jul

2008

Rates on Federal Funds Futures on Selected Dates
Percent
2.75

Week Ending:
05/07/08
06/05/08
07/02/08
2.50

2.25

2.00

1.75

Jul 2008

Aug 2008

Sep 2008

Oct 2008

Nov 2008

Dec 2008

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
07/03/08

U.S. Financial Data

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

February 5, 1971 = 100

14500

2900

Dow Jones (left scale)
14000

2800

13500

2700

13000

2600

12500

2500

NASDAQ (right scale)
12000

2400

11500

2300

11000

2200

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

May

Jun

Jul

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

1941-43 = 10

16000

1600

Wilshire** (left scale)
15500

1550

15000

1500

S&P* (right scale)
14500

1450

14000

1400

13500

1350

13000

1300

12500

1250

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

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
07/03/08

U.S. Financial Data

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

140

130

120

110

100

90

80

70

60

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

Jun

May

Jul

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
146

07/02/2008

144

142

140

138

06/25/2008
136

134

Aug

Sep

Oct
2008

Nov

Dec

Jan

Feb

Mar

Apr
2009

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

11

updated through
07/03/08

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
14

13

12

11

10

9

8

7

6

5

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

Jun

May

Jul

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
14.5

07/02/2008
14.0

13.5

13.0

06/25/2008
12.5

12.0

11.5

11.0

10.5

Aug

Sep

Oct
2008

Nov

Dec

Jan

Feb

Mar

Apr
2009

May

Jun

Jul

Research Division

12

Federal Reserve Bank of St. Louis

updated through
07/03/08

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

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

May

Jun

Jul

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.00

124

0.95

120

Japan (right scale)
0.90

116

0.85

112

0.80

108

0.75

104

0.70

100

Euro (left scale)
0.65

96

0.60

92

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

13

updated through
07/03/08

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
772

769

766

763

760

757

754

751

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

May

Jun

Jul

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

Billions of dollars

1260

4700

Small Time (left scale)
1220

4500

1180

4300

1140

4100

1100

3900

Savings (right scale)

1060

3700

1020

3500

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Research Division

14

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars

Billions of dollars

2300

1900

2100

1700

1900

1500

Institutional Money (left scale)
1700

1300

1500

1100

1300

900

Retail Money (right scale)

1100

700

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

Mar

Apr
2008

2007

Jun

May

Jul

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
50

40

30

20

10

0

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer credit facility,
and other credit extensions, but exclude term auction credit.

Research Division
Federal Reserve Bank of St. Louis

15

updated through
07/03/08

U.S. Financial Data

Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
900

Reserve Bank Credit
850

800

750

700

650

600

550

U.S. Treasury Securities
500

450

May

Jun

Jul

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Sep

Aug

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

2007

Term Auction Credit
Averages of Daily Figures
Billions of dollars
175

150

125

100

75

50

25

0

May

Jun

Jul

Aug
2007

Research Division

16

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

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

Billions of dollars

9800

8000

9550

7750

9300

7500

Bank Credit (left scale)
9050

7250

8800

7000

8550

6750

8300

6500

Loans and Leases (right scale)
8050

6250

7800

6000

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Apr
2008

May

Jun

Jul

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1550

1000

1500

950

1450

900

All Banks (left scale)
1400

850

1350

800

1300

750

Large Banks (right scale)
1250

700

1200

650

1150

600

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

17

updated through
07/03/08

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
210

200

190

180

170

160

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

Jan

Feb

Mar

Apr
2008

May

Jun

Jul

2007

Commercial Paper: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
1300

1200

1100

Asset-Backed
1000

900

800

Financial
700

May

Jun

Jul

Aug

Sep
2007

Oct

Nov

Dec

Research Division

18

Federal Reserve Bank of St. Louis

updated through
07/03/08

U.S. Financial Data

Interest Rates
Percent
30-Day
Comm.
Paper

Apr

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

30-Year
Treasury
Securities

2.75

2.63

5.47

6.91

4.61

2.23

1.31

1.84

2.66

3.54

4.34

2.11

2.85

2.87

5.60

7.03

4.62

2.34

1.16

1.98

2.79

3.67

4.47

25

2.13

2.96

3.15

5.58

6.98

4.68

2.25

1.28

2.30

3.05

3.81

4.52

2

2.05

2.82

3.18

5.56

6.90

4.63

2.28

1.43

2.37

3.10

3.83

4.53

9

1.96

2.70

3.12

5.57

6.89

4.62

1.94

1.61

2.32

3.07

3.85

4.57

16

1.97

2.66

3.21

5.56

6.92

4.53

1.96

1.79

2.44

3.12

3.86

4.58

23

1.98

2.62

3.20

5.53

6.91

4.52

1.96

1.82

2.44

3.12

3.84

4.57

30
Jun

2.10

18

May

11

2.07

2.64

3.44

5.67

7.06

4.62

2.05

1.86

2.56

3.31

4.03

4.71

2.09

2.67

3.35

5.63

7.01

4.59

1.99

1.82

2.47

3.26

3.98

4.68

2.10

2.76

3.75

5.68

7.08

4.59

1.99

1.93

2.91

3.57

4.15

4.72

20

2.17

2.80

3.85

5.74

7.14

4.76

1.98

1.92

2.94

3.64

4.20

4.75

27
Jul

6
13

2.17

2.80

3.72

5.67

7.08

4.83

1.97

1.75

2.80

3.50

4.09

4.63

2.18

2.80

3.55

5.60

7.05

.

2.08

1.83

2.62

3.33

4.00

4.53

4*

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

Savings

Retail
Money

Adjusted
Monetary
Base

M2

MZM

Currency

May 12

7677.1

8670.6

760.1

1206.8

4038.7

1073.2

19

7690.3

8720.2

762.2

1205.9

4064.1

1066.7

2235.8

26

7704.8

8747.9

764.9

1203.9

4079.7

1056.0

7694.6

8761.9

766.0

1202.0

4054.1

1054.8

Apr

May

2247.0

2

2269.3

9

7687.4

8753.7

768.0

1202.1

4051.9

1055.1

855.358

94.225

856.148

92.003

7690.2

8746.6

768.5

1201.6

4059.8

1050.4

2258.0

23

7693.8

8729.5

769.3

1200.7

4067.5

1049.3

Jun

2236.4

7

855.970

94.840

21

2268.4

16

Bank Loans and Credit

9
23

2200.3

Jun

Adjusted
Reserves

Institutional
Money

Small
Time

860.480

95.114

862.698

97.394

863.876

93.251

2

Jul

4
18

863.532

.

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
(sa)

Total
Borrowings

May 21

9405.0

6910.2

1496.1

786.2

182.7

27.791

May 23

70.2

95.4

0.637

103.8

28

9381.4

6912.2

1498.2

787.3

183.6

28.335

30

70.5

95.5

0.641

104.9

4

9374.9

6898.4

1490.8

780.5

179.3

24.259

6

71.1

95.9

0.643

105.2

11

9364.2

6898.5

1494.9

784.2

176.5

21.875

13

71.7

96.4

0.645

107.2

18

9339.4

6865.2

1495.3

782.2

171.2

22.015

20

71.7

96.2

0.644

107.9

.

174.0

20.874

27

71.3

95.9

0.640

107.5

.

181.7

16.780

70.8

95.7

0.633

105.9

Jun

25
Jul

2

.
.

.
.

.
.

Jun

Jul

4*

Exchange
Rate:
Yen/$

*Averages of rates available
Research Division
Federal Reserve Bank of St. Louis

19

U.S. Financial Data

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

Notes
Cover Page: Economic forecasts are median responses from the
Thomson 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
recently issued inflation-indexed bond of 10-year original maturity.

20

10-Year Inflation-Indexed Treasury Yield Spread equals the difference between the yield on the most recently issued 10-year inflationindexed bond and the unadjusted 10-Year Treasury Note Yield of
similar maturity.
Page 9: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 11: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 12: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 13: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 14: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
Page 15: Data appear in the Federal Reserve Board’s H.6 and H.4.1
releases. Retail Money Funds are included in M2. Institutional
Money Funds are not part of M2; they used to be included in M3,
which was discontinued as of March 23, 2006.
See www.federalreserve.gov/releases/h6/discm3.htm.
As of December 27, 2007, Loans to Depository Institutions on the
Fed’s Balance Sheet were reclassified as Other Loans. Other Loans
included primary, secondary, and seasonal credit. As of March 20, 2008,
Other Loans were expanded to include funds advanced through the
Primary Credit Dealer Facility and Other Extensions. According
to the Federal Reserve: “The latter category includes credit extensions
such as the arrangements involving JP Morgan Chase & Co. and The
Bear Stearns Companies Inc. that were approved by the Board of
Governors on March 14, 2008, and March 16, 2008.”
See http://www.federalreserve.gov/releases/h41/Current/.
Page 16: Federal Reserve Holdings of U.S. Treasury Securities
include nominal and inflation-indexed securities and the compensation
that adjusts for the effect of inflation on the original face value of
inflation-indexed securities (inflation compensation). Term Auction
Credit are collateralized, term funds (28-day) that are auctioned to
depository institutions under the temporary Term Auction Facility.
Term Auction Credit became a Federal Reserve balance sheet item as
of December 27, 2007. For more information on the Term Auction
Facility, see http://www.federalreserve.gov/monetarypolicy/taf.htm.
Page 17: Data appear in the Federal Reserve Board’s H.8 release.
Bank Loans and Credit include foreign-related institutions. Bank
Credit includes loans and leases and securities. All Banks includes
foreign-related institutions. Large Banks are domestically chartered
banks (adjusted for mergers) and report on a weekly basis.
Page 18: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 19: Treasury Security yields are Treasury constant maturities
as reported in the Board of Governors of the Federal Reserve
System’s H.15 release.
The 3-Month Treasury Bill yield is the secondary market yield from
the H.15 release. Federal Funds represents seven-day averages for
the week ending two days earlier than the date shown in the table.
Municipal Bonds represents Bond Buyer’s Average Index of 20
municipal bonds, Thursday data.

Research Division
Federal Reserve Bank of St. Louis

U.S. Financial Data

Sources

References

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

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

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

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

NASDAQ Stock Market, Incorporated
NASDAQ Composite®.

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

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

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

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

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

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

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

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

Research Division
Federal Reserve Bank of St. Louis

21


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