Full text of U.S. Financial Data : March 22, 2001

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tsWWdhSl\J\neeting, the Federal Open Market Committee
(FOMC) voted to reduce its federal funds target rate 50 basis
points to 5 percent. Separately, the Board o f Governors approved
a request from the Reserve Banks to lower the discount rate by a
similar amount to 4.5 percent. In announcing these actions, the
FOMC said:
Persistent pressures on profit margins are restraining investment
spending and, through declines in equity wealth, consumption.
The associated backup in inventories has induced a rapid
response in manufacturing output and, with spending having
firmed a bit since last year, inventory adjustment appears to be
well underway. The Committee continues to believe that against
the background o f its long-run goals o f price stability and
sustainable economic growth and o f the information currently
available, the risks are weighted mainly toward conditions that
may generate economic weakness in the foreseeable future.

■ In February, the consumer price index (CPI) fo r all urban consumers
advanced at a 3.5 percent annual rate. Excluding food and energy
prices, the CPI rose at a 4 percent rate. During the last six months,
the CPI has risen at a 4 percent rate, while the so-called core CPI
has increased at a 2.9 percent rate.

■ After increasing 0.5 percent in January, the index o f leading
economic indicators fell 0.3 percent in February. The leading
index has increased only three times in the past year.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulletin board at (314) 621-1824 or internet World Wide Web server at www.stls.frb.org/fred.




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Adjusted Monetary Base
Averages o f Daily Figures

The a d ju s te d m o n e ta ry b a se is th e s u m o f F ederal R eserve d e p o s its and v a u lt ca sh held by d o m e s tic d e p o s ito ry
in s titu tio n s , c u rre n c y h eld by th e p u b lic , and an a d ju s tm e n t f o r th e e ffe c t o f ch a n g e s in reserve re q u ire m e n t
ra tio s . The m o n e ta ry b a se series in c lu d e s F ederal R eserve d e p o s its used to s a tis fy c le a rin g b a la n ce c o n tra c ts .
D ata a re c o m p u te d b y th is b ank. A d e ta ile d d e s c rip tio n o f th e a d ju s te d m o n e ta ry b ase is a v a ila b le fro m th is
b a n k.

R e c e n t d a ta a re p re lim in a ry .

Adjusted Monetary Base
C o m p o u n d e d a n n u a l ra te s o f c h a n g e , a v e ra g e o f tw o m a in te n a n c e p e rio d s e n d in g :
T o th e a v e r a g e o f
tw o m a in t e n a n c e
p e r io d s e n d in g :
8 /2 3 /0 0

3 /2 2 /0 0

6 /1 4 /1

8 /2 3 /0 0

9 /2 0 /0 0

1 0 /1 8 /0 0

1 1 /1 5 /0 0

1 2 /2 7 /0 0

1 /2 4 /0 1

1.6

9 /2 0 /0 0

1.5

1.5

1 0 /1 8 /0 0

2.1

2 .4

1 1 /1 5 /0 0

2.1

2 .3

2.9

3 .8

1 2 /2 7 /0 0

2 .3

2 .6

3 .0

3 .6

2.8

1 /2 4 /0 1

3 .9

4 .8

6.2

7 .4

7 .9

10.3

2/ 2 1 /0 1

3 .8

4 .5

5 .6

6 .5

6.6

8.0

11.6

3 /2 1 /0 1

3 .5

4.1

5 .0

5 .6

5 .6

6 .4

7.9




3 .4

1.6

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Money Zero Maturity (MZM)
Averages o f Daily Figures
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

MZM is M2 (s e a s o n a lly a d ju s te d ) m in u s to ta l s m a ll d e n o m in a tio n tim e d e p o s its (se a so n a lly a d ju s te d ), plus in s titu tio n a l
m o n e y fu n d s (s e a s o n a lly a d ju s te d ), w hich a re in clu d e d in th e n o n —M2 c o m p o n e n t o f M3.

Money Zero Maturity (MZM)
C o m p o u n d e d a n n u a l ra te s o f c h a n g e , a v e ra g e o f f o u r w e e k s e n d in g :
To t h e a v e ra g e
o f fo u r w eeks
e n d in g :

3 /1 3 /0 0

6 /1 2 /0 0

8 /1 4 /0 0

9 /1 1 /0 0

1 0 /9 /0 0

1 1 /1 3 /0 0

1 2 /1 1 /0 0

8 /1 4 /0 0

8 .2

9 /1 1 /0 0

8 .6

9.3

1 0 /9 /0 0

9 .2

10.2

1 1 /1 3 /0 0

8 .3

8 .5

8 .4

7.3

1 2 /1 1 /0 0

8 .3

8 .5

8 .4

7 .6

1 /1 5 /0 1

9 .2

9.8

10.3

10.2

9.4

2 /1 2 /0 1

10 .6

11.6

12.6

13.0

13.0

17.1

2 1 .2

3 /1 2 /0 1

1 2 .0

13.4

14.8

15.4

15.9

2 0 .0

2 3 .8




1 /1 5 /0 1

11.9

5.4
13.1

2 8 .3

P re p o re d b y F e d e ra l R e s e rv e B a n k o f S t. L o u is

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Adjusted Reserves
Seasonally A djusted

A d ju s te d re se rv e s is th e d iffe re n c e betw een th e a d ju s te d m o n e ta ry base a n d th e c u rre n c y c o m p o n e n t o f M1.

Adjusted Reserves
C o m p o u n d e d a n n u a l r a te s o f c h a n g e , a v e ra g e o f tw o m a in te n a n c e p e rio d s e n d in g :
T o th e a v e r a g e o f
tw o m a in te n a n c e
p e r io d s e n d in g :
8 /9 /0 0

3 /8 /0 0

5 /3 1 /0 0

8 /9 /0 0

9 /6 /0 0

1 0 /4 /0 0

1 1 /1 /0 0

1 2 /1 3 /0 0

1 /1 0 /0 1

-6 .4

9 /6 /0 0

-5 .1

-1 3 .4

1 0 /4 /0 0

-2 .9

-8 .2

7 .3

1 1 /1 /0 0

-4 .3

-9 .3

-0 .3

1 2 /1 3 /0 0

-1 .3

-4 .1

5 .3

6.1

3.7

1 /1 0 /0 1

-0 .8

-3 .1

5 .2

5 .8

4 .0

12.2

2 /7 /0 1

2 .8

1.9

11 .3

13.0

13.1

2 2 .3

3 /7 /0 1

-2 .8

-5 .2

-0 .1

-0 .5

-2 .7

0 .0




-1 .7

P re p a re d by Federal R eserve B ank o f S t. Louis

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Money Stock(M1) and Total Checkable Deposits
Averages o f Daily Figures
S e a s o n a lly A d ju s te d

Billions of Dollars

Billions of Dollars

575

2000

2001

M1 is th e su m o f c u rre n c y held b y th e n o n b a n k p ublic, to ta l ch e c k a b le d e p o s its and tra v e le rs checks.
Total c h e c k a b le d e p o s its is th e s u m o f d e m a n d d e p o s its and o th e r c h e cka b le d e p o s its a t d e p o s ito ry in s titu tio n s ,
in s titu tio n s . C u rre n t d a ta a p p e a r in th e Federal Reserve B o a rd 's H .6 release.

Currency Component of M1
Averages of Daily Figures

2001
C u rre n t d a ta a p p e a r i




P repared by Federal R eserve Bank o f St. Louis

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Yields on Selected Securities
Averages o f Daily Figures

2 0 0 0 /2 0 0 1
Dec
Jan

Feb

M ar

29
5
12
19
26
2
9
16
23
2
9
16
23

3 0 —D ay
C o m m e r c ia l
Paper

9 0 -D a y
CDs

9 0 -D a y
E u ro
D o lla rs

C o r p o r a te
Aaa B onds

C o r p o r a te
Baa Bonds

6 .4 5
6 .1 2
5 .7 3
5 .7 4
5 .6 0
5 .4 4
5 .4 3
5 .4 3
5 .4 3
5 .2 0
5 .1 5
5 .0 3
4 .8 6

6.3 2
5 .9 6
5 .5 8
5 .6 2
5 .5 2
5 .3 8
5 .3 3
5 .3 2
5 .2 7
5 .0 4
5 .0 2
4 .9 2
4.7 9

6.31
5 .9 6
5 .5 7
5.61
5.51
5 .3 7
5 .3 3
5 .3 2
5 .2 5
5 .0 3
5.01
4.91
4 .7 9

7 .1 5
7 .0 9
7 .1 3
7 .1 4
7.21
7 .1 3
7 .1 2
7 .1 2
7 .1 3
6 .9 9
6 .9 8
6 .9 5
6 .9 5

7 .9 7
7 .9 4
7 .9 5
7 .9 0
7 .9 5
7 .8 4
7 .8 3
7.91
7 .9 6
7 .8 3
7 .7 9
7.81
7 .8 4

M u n ic ip a l
Bonds **
5 .1 4
5 .0 9
5 .0 0
5 .1 0
5 .2 0
5 .1 5
5 .1 5
5 .2 0
5.21
5 .1 8
5 .1 6
5.11
N.A.

C u rre n t d a ta a re fr o m th e Federal Reserve B o a rd 's H .15 rele a se , and a re ave ra g e s o f ra te s a v a ila b le f o r th e week
e n d in g on M orch 2 3 , 2 0 0 1 . B e ginning S e p te m b e r 2 , 1 9 9 7 , th e c o m m e rc ia l p a p e r ra te re fle c ts new s o u rc e d a ta .
* * B ond B u y e r's A ve ra g e Index o f 2 0 m u n ic ip a l b o n d s, T h u rsd a y d ata




P re p a re d by F ederal R eserve B ank o f St. Louis

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Selected Interest Rates
Averages o f Daily Figures

2000

2 0 0 0 /2 0 0 1
Dec
Ja n

Feb

M or

29
5
12
19
26
2
9
16
23
2
9
16
23 »

F e d e ra l
Funds **
6 .4 8
5 .8 9
5.91
6 .0 2
5 .9 6
5 .9 4
5.51
5 .4 7
5 .5 0
5 .5 0
5 .4 9
5 .4 6
5 .3 3

2001

3 —M o n th
T re a s u ry
B ill

1 —Y e a r
T re a s u ry
B ill

5 -Y e a r
T re a s u ry
S e c u r itie s

1 0 -Y e a r
T re a s u ry
S e c u ritie s

5 .6 6
5 .3 6
5 .1 3
5 .1 7

5.11
4.71
4 .6 0
4 .6 7
4 .6 4
4 .4 7
4 .5 4
4.61
4 .5 4

4 .9 8
4 .8 0
4.81
4 .8 5
4 .9 4
4 .8 7
4 .9 0
4 .9 5
4 .9 3
4 .7 4

5 .1 0
5.01
5 .0 8
5 .1 9
5 .2 9
5 .2 0
5 .1 3
5.11
5 .1 3
4 .9 5
4 .9 5
4 .8 6
4 .7 9

5.11
4.91
4 .9 4
4 .9 3
4 .8 7
4 .7 2
4 .6 2
4 .4 7
4 .3 4

4 .2 8
4 .2 7
4 .1 2
4.01

4 .7 5
4 .6 4
4 .5 3

3 0 -Y e a r
T re a s u ry
S e c u ritie s
5 .4 4
5 .4 2
5 .5 0
5 .5 4
5 .6 4
5 .5 6
5 .4 7
5 .4 5
5 .4 9
5 .3 6
5 .3 4
5 .3 0
5 .2 8

C u rre n t d a ta a p p e a r in th e F ederal R eserve B o a rd 's H .1 5 release, e x c e p t f o r th e fe d e ra l fu n d s ta rg e t ra te .
* A ve ra g e s o f ra te s a v a ila b le
* * S e ve n —d a y a v e ra g e s f o r week e n d in g tw o days e a rlie r th a n d a te show n




P re p a re d by Federal R eserve Bank o f St. Louis

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Money Stock(M2) and Money Zero Maturity
Averages of Daily Figures

M2 is th e s u m o f M 1, sa v in g s (in c lu d in g m oney m a rk e t d e p o s it a c c o u n ts ), s m a ll tim e d e p o s its and re ta il m oney
fu n d s . C u rre n t d a ta a p p e a r in th e Federal R eserve B o a rd 's H.6 release.

Money Stock (M2)
C o m p o u n d e d a n n u a l ra te s o f c h a n g e , a v e ra g e o f f o u r w e e k s e n d in g :
To th e a v e r a g e
o f fo u r w eeks
e n d in g :

3 /1 3 /0 0

6 /1 2 /0 0

8 /1 4 /0 0

9 /1 1 /0 0

1 0 /9 /0 0

1 1 /1 3 /0 0

1 2 /1 1 /0 0

8 /1 4 /0 0

6 .4

9 /1 1 /0 0

6 .7

6.7

1 0 /9 /0 0

6 .9

7.1

1 1 /1 3 /0 0

6 .5

6 .3

6 .6

5.7

1 2 /1 1 /0 0

6 .5

6 .4

6 .7

6.1

1 /1 5 /0 1

7.1

7 .3

7 .8

7 .7

7 .4

9 .6

2 /1 2 /0 1

7 .5

7.8

8 .5

8 .5

8 .5

1 0 .5

12.1

3 /1 2 /0 1

8 .0

8 .4

9.1

9 .2

9 .3

11.1

1 2 .4

1 /1 5 /0 1

8 .5

5.1

12.8

P re p a re d b y F e d e ra l R e s e rv e B a n k o f S t. L o u is

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Savings and Small Time Deposits
Averages o f Daily Figures
Billions of Dollars

S e a s o n a lly A d ju s te d

Billions of Dollars

2000

Sm all Time
2001

1950

11501 0 5 2 .2
1 0 5 0 .5

Savings Deposits frig h t scale)
1900

1850
Sm all Tim e (le ft sca le)
Savings

1800

1750

3 17 31 14 28 13 27 10 24

22 5 19 3 17 31 14 28 1 1 25 9 23 6 20 4 18 1 15 29 12 26 12 26
2000

1700

2001

S a vin g s d e p o s its an d s m a ll tim e d e p o s its a re a t all d e p o s ito ry in s titu tio n s .

Large Tim e Deposits and Retail M oney Funds
Averages o f Daily Figures
Billions of Dollars

S e a s o n a lly A d ju s te d

Billions of Dollars
Retail Money

Large Time

1250

1150

1050

Retail Money-

950

850

Large Tim e
750

17 31 14 28 13 27 10 24

22 5 19 3 17 31 14 28 1 1 25 9 23
2000

20 4 18 1 15 29 12 26 12 26
2001

L a rg e tim e d e p o s its an d re ta il m o n e y fu n d s are a t all d e s p o s ito ry in s titu tio n s . Larg e tim e d e p o s its are th o s e
iss u e d in d e n o m in a tio n s o f $ 1 0 0 ,0 0 0 o r m o re . R etail m o n e y fu n d s w ere o rig in a lly ca lle d g e n e ra l pu rp o se
a n d b r o k e r /d e a le r m o n e y m a rk e t fu n d s .
P re p a re d by Federal R eserve B o n k o f S t. Louis




9

650

10
Total Borrowings
From Federal Reserve Banks

2000

2001

B o rro w in g s in c lu d e s e a s o n a l, a d ju s tm e n t and e xtended cre d it.

Bank Loans and Credit
All C o m m ercial Banks in the United States

2 00 0

2001

C u rre n t d a ta a p p e a r in th e Federal Reserve B o a rd 's H.8 release.
1 / In clu d e s fo re ig n —re la te d in s titu tio n s
2 / In clu d e s lo a n s an d le a se s a n d s e c u ritie s
P repared by Federal Reserve B ank o f S t. Louis

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Commercial Paper of Nonfinancial Companies
Not Seasonally A djusted
Billions of Dollars

Billions of Dollars

375

Billions
Feb

7

Mar

7

3 5 0 --

315.0
309.7
310.1
303.9
296.4
290.6

350

325

300

275

250

2 0 00

2001

C u rre n t d a ta a p p e a r in th e Federal R eserve B o a rd 's H .1 5 release.

Commercial and Industrial Loans
S easonally A djusted
Billions of Dollars

Billions of Dollars

675

All Banks
650

All Banks (le ft sca le) ^ /
625

600

575

Large Banks (rig h t s c a l e ) 2 /
Large Banks

550

525

500

4 '20' i ' l'l
2000

200 1

C u rre n t d a ta a p p e a r in th e F ederal R eserve B o a rd 's H .8 rele a se .
1 / In c lu d e s fo re ig n —re la te d in s titu tio n s
2 /

W eekly re p o rtin g , d o m e s tic a lly c h a rte re d b a nks




P re p a re d by F ederal R eserve B a n k o f St. Louis

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Trade-W eighted Exchange Rate Indexes
Averages of Daily Figures
J a n u a ry 1 9 9 7 = 1 0 0

M a rc h 1 9 7 3 = 1 0 0

Feb 14

Feb 14

Mar

Mar

140

135
7

7

130

Broad Index .
(Right Scale)

125

120

115

Major Currency Index
(Left Scale)

110

105

2000
2001
The m a jo r currency index (MCI) is com prised o f 7 currencies. The broad index is com prised o f the m a jo r currency index
plus 19 additional currencies. See th e O ctober 1998 issue o f the F e d e r a l R e se rv e B u lle tin for fu rth e r details.
Prepared by Federal Reserve Bank o f St. Louis

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