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USFinancialData

June 25, 2004
Final Edition

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

MONDAY*
June 21

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

June 22

June 23

June 24

June 25

Initial Claims
A: 349K
P: 340K

A: 3.9%

GDP (Q1)
P: 4.4%

New Home Sales (May)
A: 1369K
P: 1123K

Corporate Profits (Q1)

Durable Goods (May)
A: –1.6%
P: 1.1%

Existing Home Sales (May)
A: 6.80M
P: 6.53M

Help Wanted Index (May)

June 28
Personal Income (May)
F: 0.5%
P: 0.5%

June 29
Consumer Conf (Jun)
F: 95.0
P: 95.0

June 30
FOMC Meeting
Statement

July 1

July 2

Initial Claims
F: 345K
P: 341K

Factory Orders (May)
F: –0.6%
P: 1.3%

Consumption (May)
F: 0.8%
P: 0.8%

Construc Spending (May)
F: 0.7%
P: 0.5%

Nonfarm Payrolls (Jun)
F: 260K
P: 275K

Annual edition:
Internat’l Economic Trends

ISM Index (Jun)
F: 61.4
P: 61.0

Unemployment Rate (Jun)
F: 5.6%
P: 5.6%

FOMC Minutes
(previous meeting)
Latest issue:
Review and
The Regional Economist

July 5

July 6

July 7

July 8

ISM Non Mfg Index (Jun)
F: 64.5

Initial Claims
F: 341K

Latest issue:
National Economic Trends

Consumer Credit (May)
F: $7.5B

July 9

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
06/24/04

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
780

770

760

750

740

730

720

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2003

Mar

Apr

May

Jun

2004

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

Compounded annual rates of change, average of two maintenance periods ending:
06/25/03

11/26/03

09/17/03

11/26/03

12/24/03

01/21/04

02/18/04

03/31/04

04/28/04

4.6

12/24/03

4.4

3.4

01/21/04

3.7

2.6

1.3

02/18/04

5.1

4.9

5.9

7.5

03/31/04

4.6

4.2

4.5

4.9

7.1

04/28/04

4.4

4.0

4.1

4.4

5.8

2.1

05/26/04

4.7

4.4

4.7

5.0

6.2

3.7

5.2

06/23/04

4.6

4.4

4.6

4.9

5.9

3.8

4.9

6.1

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2003

Mar

Apr

May

Jun

2004

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
06/11/03

09/03/03

11/12/03

4.1

12/10/03

9.0

1.6

01/07/04

5.9

-1.7

11/12/03

12/10/03

01/07/04

02/04/04

03/17/04

04/14/04

10.9

02/04/04

4.6

-2.2

5.4

-8.6

03/17/04

0.8

-5.9

-3.1

-12.9

-13.0

04/14/04

0.6

-5.3

-2.7

-10.4

-9.8

-11.7

05/12/04

3.0

-1.7

2.0

-3.8

-1.7

-0.9

14.5

06/09/04

4.1

0.2

4.1

-0.6

1.8

3.3

16.0

25.6

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6700

6600

6500

6400

6300

6200

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2003

Mar

Apr

May

Jun

2004

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
06/16/03

11/17/03

3.7

09/08/03

11/17/03

12/15/03

01/12/04

12/15/03

2.2

-4.6

01/12/04

1.9

-3.5

-2.9

02/09/04

1.9

-2.5

-1.3

1.3

03/22/04

3.2

0.2

2.6

5.2

7.1

04/19/04

4.0

1.6

4.2

6.7

8.6

02/09/04

03/22/04

04/19/04

11.3

05/17/04

4.9

3.1

5.9

8.2

10.0

12.4

13.7

06/14/04

4.9

3.2

5.7

7.7

9.1

10.7

9.9

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6400

6300

6200

6100

6000

5900

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2003

Mar

Apr

May

Jun

2004

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
06/16/03

11/17/03

2.5

12/15/03

1.8

-2.9

01/12/04

1.4

-2.5

09/08/03

11/17/03

12/15/03

01/12/04

02/09/04

03/22/04

04/19/04

-1.3

02/09/04

1.8

-1.2

0.6

1.9

03/22/04

3.0

1.1

3.7

5.3

7.9

04/19/04

3.6

2.1

4.7

6.2

8.3

9.7

05/17/04

4.5

3.5

6.2

7.7

9.7

11.2

12.2

06/14/04

4.5

3.6

6.0

7.2

8.8

9.7

9.5

9.6

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
7

Corporate Aaa
6

Prime Rate
4

2-Year Swap
2

Commercial Paper
0

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Apr

May

Jun

2004

Percent
6

10-Year Treasury

Intended Federal Funds Rate

Federal Funds Rate

3-Month Treasury
0

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2004

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

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

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Apr

May

Jun

Apr

May

Jun

2004

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

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2004

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

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2004

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
1.6

1.5

1.4

Aug 2004
1.3

1.2

Jul 2004
1.1

Jun 2004
1.0

Intended Target Rate

0.9

Feb

Jan

Mar

Apr

Jun

May

2004

Rates on Federal Funds Futures on Selected Dates
Percent
2.2

2.0

06/23/04
1.8

05/25/04
1.6

1.4

04/27/04
1.2

1.0

Jun 2004

Jul 2004

Aug 2004

Sep 2004

Oct 2004

Nov 2004

Contract Month

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

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

February 5, 1971 = 100

11000

2200

10250

2050

Dow Jones (left scale)
9500

1900

NASDAQ (right scale)
8750

1750

8000

1600

7250

1450

6500

1300

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

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

1941-43 = 10

12000

1200

11500

1150

11000

1100

S&P* (right scale)
10500

1050

10000

1000

9500

950

Wilshire** (left scale)
9000

900

8500

850

8000

800

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

*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

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
44

Apr

Jun

May

Jul

Aug
2003

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
38

06/23/2004

06/16/2004

Aug

Sep

Oct
2004

Nov

Dec

Jan

Feb

Mar

Apr
2005

May

Jun

Jul

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
10

Apr

May

Jun

Jul

Aug
2003

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
7.1

6.9

06/16/2004
6.7

06/23/2004
6.5

6.3

6.1

5.9

5.7

Jul

Aug

Oct

Sep
2004

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2005

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

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)

115

110

Major Index (left scale)
85

105

100

Apr

Jun

May

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.00

124

Japan (right scale)
0.95

120

0.90

116

0.85

112

Euro (left scale)

0.80

108

0.75

104

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
680

670

660

650

640

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

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

Billions of dollars

890

3500

870

3400

Savings (right scale)
Small Time (left scale)
850

3300

830

3200

810

3100

790

3000

770

2900

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Large Time Deposits and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1025

975

925

Retail Money
875

825

Large Time
775

725

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Apr

May

Jun

2004

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
1.0

0.8

0.6

0.4

0.2

0.0

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2004

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

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

Billions of dollars

6700

5300

6500

5100

6300

4900

6100

4700

Bank Credit (left scale)
5900

4500

Loans and Leases (right scale)
5700

4300

5500

4100

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

975

500

950

475

Large Banks (right scale)
925

450

All Banks (left scale)
900

425

875

400

850

375

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2004

Research Division

Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
170

150

130

110

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Apr

May

Jun

2004

Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1250

1230

1210

1190

1170

1150

Apr

May

Jun

Jul

Aug
2003

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2004

Research Division
Federal Reserve Bank of St. Louis

updated through
06/24/04

U.S. Financial Data
Interest Rates
Percent

Apr

May

Jun

30-Day
Comm.
Paper

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

1.01

1.06

1.97

5.43

6.21

4.59

1.01

0.93

1.67

2.91

3.95

4.82

1.00

1.07

2.19

5.61

6.36

4.76

1.01

0.93

1.88

3.21

4.21

5.03

1.01

1.08

2.33

5.74

6.46

4.89

1.01

0.93

2.04

3.38

4.36

5.18

1.01

1.09

2.46

5.81

6.53

4.89

1.00

0.96

2.17

3.49

4.43

5.24

0.98

1.11

2.61

5.84

6.56

4.95

1.00

0.96

2.29

3.60

4.49

5.28

1.00

1.13

2.73

5.95

6.66

5.01

1.02

1.00

2.41

3.74

4.62

5.39

1.00

1.19

2.99

6.13

6.82

5.14

0.99

1.02

2.62

3.96

4.81

5.56

1.00

1.22

2.93

6.08

6.79

5.13

1.02

1.03

2.57

3.88

4.74

5.49

1.00

1.26

2.94

6.00

6.72

5.01

0.99

1.06

2.54

3.83

4.68

5.41

1.01

1.32

3.04

6.04

6.80

5.03

1.01

1.16

2.65

3.91

4.74

5.47

1.07

1.41

3.14

6.08

6.84

5.10

0.99

1.25

2.75

3.98

4.80

5.52

1.15

1.50

3.24

6.01

6.78

5.05

1.01

1.30

2.84

3.97

4.75

5.46

25 *

1.17

1.50

3.21

5.98

6.76

1.00

1.30

2.79

3.91

4.71

5.42

*Averages of rates available
**Please refer to the notice at http://www.federalreserve.gov/releases/h15/treas_long-term_rate_discontinuence.htm
regarding the discontinuation of the Treasury Long-Term Average, effective June 1, 2004.

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

May

Jun

Adjusted
Monetary
Base

Adjusted
Reserves

MZM

Currency

6254.7

6582.1

670.3

795.8

3355.8

975.1

746.4

Mar 31

766.706

94.072

6247.8

6566.1

671.1

794.9

3413.5

979.3

746.1

Apr

763.422

92.688

6289.8

6620.8

671.1

793.4

3428.2

987.3

751.2

769.378

95.571

6277.1

6609.1

671.5

792.1

3396.8

990.7

754.5

May 12

768.930

95.267

Savings

Large
Time

Retail
Money

Small
Time

6273.8

6601.2

674.3

791.5

3408.2

993.9

751.1

6264.6

6588.6

674.3

791.6

3417.1

1002.6

747.7

6275.0

6609.8

674.6

791.1

3418.6

1019.7

745.4

Bank Loans and Credit

Jun

772.670

97.069

772.342

96.365

774.456

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

May 12

6521.4

4591.2

872.5

431.6

116.2

0.110

May 14

90.1

118.1

0.844

113.9

6489.5

4571.9

874.9

432.4

120.5

0.105

89.3

117.4

0.834

113.2

6508.0

4586.1

878.5

434.9

120.1

0.118

88.2

116.5

0.824

111.5

6518.1

4598.6

876.6

434.6

120.3

0.127

87.6

116.0

0.818

110.8

6542.5

4617.6

874.7

431.8

122.5

0.158

87.5

115.7

0.822

109.7

Jun

16
23

.
.

Jun

Exchange
Rate:
Yen/$

129.2

0.169

88.1

116.3

0.828

109.8

124.0

0.197

25 *

87.7

116.0

0.827

108.7

*Averages of rates available
Research Division

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.

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.

Research Division
Federal Reserve Bank of St. Louis