Full text of U.S. Financial Data : March 20, 2003

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March 20, 2003

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ At the conclusion of its meeting held on March 18, the Federal
Open Market Committee voted to keep its federal funds rate target
unchanged at 1.25 percent. There were no dissents. In announcing
this action, the FOMC said the following:
While incoming economic data since the January meeting
have been mixed, recent labor market indicators have proven
disappointing. However, the hesitancy of the economic
expansion appears to owe importantly to oil price premiums
and other aspects of geopolitical uncertainties. The Committee
believes that as those uncertainties lift, as most analysts
expect, the accommodative stance of monetary policy, coupled
with ongoing growth in productivity, will provide support to
economic activity sufficient to engender an improving
economic climate over time. In light of the unusually large
uncertainties clouding the geopolitical situation in the short
run and their apparent effects on economic decisionmaking,
the Committee does not believe it can usefully characterize
the current balance of risks with respect to the prospects for
its long-run goals of price stability and sustainable economic
growth. Rather, the Committee decided to refrain from making
that determination until some of those uncertainties abate.
In the current circumstances, heightened surveillance is
particularly informative.
■ In February, privately owned housing starts totaled 1,622,000
units at an annual rate. February’s rate was 11 percent below
January’s, and it was the largest monthly decline since January
1994.
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
730

Billions of Dollars
2003
Jan 8
22
Feb 5
19
Mar 5
19

720

710

Billions of Dollars

Billions
700.012
711.060
711.251
711.986
713.830
713.322

730

720

710

700

700

690

690

680

680

670

670

660

660

650

650

640

640
2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

Nov

4

18

Dec

1

15 29 12 26 12 26

Jan

2002

Feb

Mar

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:

3/20/02

8/21/02

6.8

9/18/02

6.3

5.3

10/16/02

6.0

5.0

3.8

11/13/02

5.9

5.0

4.2

4.5

12/25/02

5.6

4.8

4.2

4.3

4.4

1/22/03

6.9

6.8

7.1

7.9

9.1

10.7

2/19/03

7.3

7.3

7.8

8.6

9.7

11.0

16.6

3/19/03

7.0

6.9

7.3

7.8

8.5

9.3

12.1

6/12/02

8/21/02

9/18/02

10/16/02

11/13/02

12/25/02

1/22/03

7.6

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars
2003
Feb 3
10
17
24
Mar 3
10

6200

Billions of Dollars

Billions
6173.1
6166.6
6201.9
6183.6
6190.0
6173.2

6400

6200

6000

6000

5800

5800

5600

5600
7

21

4

Jan

18

Feb

4

18

Mar

1

15 29 13 27 10 24

Apr

May

8

22

5

Jun
Jul
2002

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

Feb
2003

3

17 31

Mar

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)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

3/11/02

8/12/02

8.2

9/9/02

8.0

9.5

10/7/02

7.6

8.3

6/10/02

8/12/02

9/9/02

10/7/02

11/11/02

12/9/02

1/13/03

5.8

11/11/02

7.1

7.5

5.3

4.6

12/9/02

9.3

10.6

10.6

11.7

15.0

1/13/03

8.1

8.8

8.0

8.2

9.3

12.0

2/10/03

7.9

8.4

7.6

7.8

8.5

10.0

2.3

3/10/03

7.7

8.1

7.4

7.4

7.9

8.9

3.3

5.6

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
02/03
Dec 25
Jan 8
22
Feb 5
19
Mar 5

90

Billions of Dollars

Billions
72.821
72.264
77.167
76.674
72.336
75.250

100

90

80

80

70

70

60

60

50

50
2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

Nov

4

18

1

Dec

15 29 12 26 12 26

Jan

2002

Feb

Mar

2003

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:

To the average of
two maintenance
periods ending:

3/6/02

8/7/02

−5.0

9/4/02

−3.4

−6.4

10/2/02

−1.5

−2.6

10/30/02

−2.2

−3.6

3.0

1.6

12/11/02

2.8

3.9

13.2

15.3

16.7

1/8/03

2.8

3.8

11.3

12.5

12.7

22.1

2/5/03

9.3

12.5

23.1

26.5

30.0

43.3

48.7

3/5/03

4.1

5.4

11.4

12.3

12.3

17.4

8.8

5/29/02

8/7/02

9/4/02

10/2/02

10/30/02

12/11/02

1/8/03

8.9

11.8

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
2003
Feb 3
10
17
24
Mar 3
10

1350

1300

875

TCD
Billions
1239.5
1217.6
1234.1
1232.7
1248.3
1229.2

2003
Feb 3
10
17
24
Mar 3
10

Billions
598.9
575.8
591.0
588.7
603.8
584.0

825

775

1250

725

M1 (left scale)
1200

675

1150

625

TCD (right scale)
1100

575

1050

525
7

21

4

Jan

18

4

Feb

18

1

Mar

15 29 13 27 10 24

Apr

May

8

Jun

22

5

Jul

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

3

Feb

2002

17 31

Mar

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
700

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
March 10, 2003, from
the four weeks ending:

680

Mar 11, 2002
Jun 10, 2002
Sep 9, 2002
Oct 7, 2002
Nov 11, 2002
Dec 9, 2002
Jan 13, 2003

660

640

2003
Feb 3
10
17
24
Mar 3
10

7.3
6.7
6.6
7.1
7.6
8.0
9.6

Billions
632.9
634.2
635.5
636.4
636.8
637.6

700

680

660

640

620

620

600

600

580

580
7

21

Jan

4

18

Feb

4

18

Mar

1

15

Apr

29

13

May

27

10

24

8

Jun

22

Jul
2002

5

19

Aug

2

16

Sep

30

14

Oct

28

11

25

Nov

9

23

Dec

6

20

Jan

3

17

Feb

3

17

31

Mar

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

0.00

0.00
4

18

1

Jan

2002/2003
Dec 27
Jan 3
10
17
24
31
Feb 7
14
21
28
Mar 7
14
21

15

Feb

1

15 29 12 26 10 24

Mar

Apr

7

May

21

5

19

Jun
Jul
2002

2

16 30 13 27 11 25

Aug

Sep

8

Oct

22

Nov

6

20

3

Dec

17 31 14 28 14 28

Jan

Feb
2003

Mar

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.33
1.28
1.25
1.25
1.25
1.24
1.23
1.24
1.25
1.25
1.23
1.19
1.20

1.35
1.31
1.31
1.30
1.28
1.27
1.27
1.26
1.27
1.27
1.26
1.18
1.21

2.04
2.00
2.10
2.06
1.97
2.00
1.98
1.90
1.87
1.84
1.72
1.70
1.93

6.14
6.16
6.24
6.22
6.11
6.09
5.99
5.97
5.96
5.89
5.82
5.82
5.93

7.38
7.37
7.44
7.39
7.30
7.21
7.10
7.09
7.06
6.97
6.90
6.90
7.01

4.79
4.84
4.94
4.95
4.89
4.90
4.88
4.83
4.79
4.74
4.69
4.67
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending March 21, 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

Federal
Funds Rate

2.00

2.00

Intended Federal
Funds Rate

3−Month
Treasury Bill

1.00

1.00

0.00

0.00
4

18

1

Jan

15

Feb

2002/2003
Dec 27
Jan 3
10
17
24
31
Feb 7
14
21
28
Mar 7
14
21 **

1

15 29 12 26 10 24

Mar

Federal
Funds *
1.23
1.20
1.20
1.26
1.23
1.24
1.29
1.22
1.30
1.24
1.29
1.21
1.27

Apr

7

May

21

5

19

Jun
Jul
2002

2

16 30 13 27 11 25

Aug

Sep

Oct

8

22

Nov

6

20

3

Dec

17 31 14 28 14 28

Jan

Feb
2003

Mar

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.16
1.20
1.18
1.17
1.15
1.16
1.15
1.16
1.17
1.19
1.15
1.09
1.13

1.71
1.70
1.80
1.75
1.67
1.72
1.69
1.63
1.62
1.57
1.47
1.47
1.69

2.89
2.91
3.12
3.11
2.96
3.01
3.02
2.94
2.87
2.76
2.61
2.62
2.91

3.92
3.94
4.10
4.10
3.97
4.01
3.98
3.95
3.89
3.78
3.65
3.65
3.90

4.99
5.00
5.13
5.11
5.00
5.00
4.95
4.97
4.95
4.86
4.77
4.77
4.96

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Seven−day averages for week ending two days earlier than date shown. **Averages of rates available.
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
2003
Feb 3
10
17
24
Mar 3
10

6200

Billions
5856.2
5866.8
5897.5
5877.8
5894.1
5890.0

6200

MZM
6000

6000

5800

5800

M2
MZM
5600

2003
Feb 3
10
17
24
Mar 3
10

Billions
6173.1
6166.6
6201.9
6183.6
6190.0
6173.2

5400

5600

5400
7

21

4

Jan

18

Feb

4

18

Mar

1

15 29 13 27 10 24

Apr

May

8

22

5

Jun
Jul
2002

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

Feb
2003

3

17 31

Mar

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)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

3/11/02

8/12/02

6.6

9/9/02

6.5

8.6

10/7/02

6.5

8.0

6.3

11/11/02

6.9

8.3

7.4

7.8

12/9/02

6.8

8.0

7.2

7.4

7.9

1/13/03

6.3

7.1

6.1

6.0

6.0

6/10/02

8/12/02

9/9/02

10/7/02

11/11/02

12/9/02

1/13/03

4.1

2/10/03

6.8

7.6

6.9

7.0

7.2

6.4

6.5

3/10/03

6.9

7.7

7.2

7.3

7.5

7.0

7.2

10.3

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1250

Billions of Dollars

Billions of Dollars

3000

Small Time
1150

2003
Feb

1050

Mar

Billions
876.4
874.3
872.9
871.5
870.5
869.9

3
10
17
24
3
10

2900

2800

950

2700

Small Time (left scale)
850

2600

Savings

750

2003
Feb

Savings Deposits (right scale)

3
10
17
24
3
10

650
Mar

2500

Billions
2809.7
2847.6
2862.4
2840.9
2843.1
2864.0

2400

550

2300
7

21

4

Jan

18

4

Feb

18

1

Mar

15 29 13 27 10 24

Apr

May

8

Jun

22

5

Jul

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

3

Feb

2002

17 31

Mar

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
2003
Feb
1100

Mar

Retail Money

Billions
823.6
825.8
817.0
817.7
815.2
820.4

3
10
17
24
3
10

1200

2003
Feb

Mar

Billions
930.6
927.3
928.1
932.7
932.2
926.9

3
10
17
24
3
10

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
7

21

Jan

4

18

Feb

4

18

Mar

1

15

Apr

29

13

May

27

10

24

8

Jun

22

Jul
2002

5

19

Aug

2

16

Sep

30

14

Oct

28

11

25

Nov

9

23

Dec

6

20

Jan

3

17

3

Feb

17

31

Mar

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
2003
Feb 12
19
26
Mar 5
12
19

1.4

1.2

Billions of Dollars

Billions
0.031
0.019
0.013
0.029
0.045
0.018

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
2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

19

3

Jun

17 31 14 28 11 25

Jul

Aug

Sep

9

23

6

Oct

20

4

Nov

18

1

15 29 12 26 12 26

Dec

Jan

Feb

2002

Mar

2003

As of January 9, 2003, borrowings include primary, secondary, and seasonal credit.
Prior to that, borrowings include seasonal, adjustment, and extended credit.

Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6600

Billions of Dollars

Billions of Dollars
Loans & Leases

Bank Credit
2003
Jan 29
5
Feb
12
19
26
5
Mar

6400

6200

5250

Billions
5893.2
5935.3
5956.6
5969.5
5992.9
6021.0

2003
Jan 29
Feb 5
12
19
26
Mar 5

Billions
4181.9
4189.7
4200.4
4199.5
4209.1
4211.1

5050

4850

6000

4650

5800

4450

Bank Credit (left scale) **
5600

4250

5400

4050

Loans and Leases (right scale)
5200

3850
2

16

Jan

30

13

Feb

27

13

Mar

27

10

24

Apr

8

22

May

5

19

3

Jun

17

Jul
2002

31

14

Aug

28

11

25

Sep

9

23

Oct

6

20

Nov

4

18

Dec

1

15

Jan

29

12

26

Feb

12

26

Mar

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
300

Billions of Dollars
2003
Feb 12
19
26
Mar
5
12
19

250

Billions of Dollars

Billions
149.7
154.0
153.4
155.8
157.3
161.6

300

250

200

200

150

150

100

100
2

16 30 13 27 13 27 10 24

Jan

Feb

Apr

Mar

8

22

5

May

19

3

17 31 14 28 11 25

Jul

Jun

Aug

Sep

9

23

6

Oct

20

4

Nov

18

1

Dec

15 29 12 26 12 26

Jan

Feb

2002

Mar

2003

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1150

Billions of Dollars

Billions of Dollars

All Banks
2003
Jan 29
Feb
5
12
19
26
Mar
5

1125

1100

1075

625

Large Banks

Billions
959.9
954.5
953.8
955.9
953.3
950.6

2003
Jan 29
Feb
5
12
19
26
Mar
5

Billions
474.4
470.9
471.0
471.7
470.4
468.2

600

575

550

1050

525

Large Banks (right scale) **

1025

500

1000

475

975

450

All Banks (left scale) *

950

425

925

400
2

16 30

Jan

13 27 13

Feb

Mar

27 10 24

Apr

8

22

May

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

Jan

29 12 26 12

Feb

26

Mar

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
125

March 1973=100
2003
Feb 12
19
26
Mar 5
12
19

120

115

January 1997=100

Major
95.6
95.2
94.5
94.1
93.0
94.9

2003
Feb 12
19
26
Mar 5
12
19

Broad
124.6
124.2
123.8
123.5
122.8
124.0

Broad Index
(right scale)

110

145

140

135

130

105

125

100

120

Major Currency Index
(left scale)

95

115

90

110
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

Nov

4

18

Dec

1

15 29 12 26 12 26

Jan

2002

Feb

Mar

2003

The major currency index (MCI) comprises 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