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USFinancialData

March 23, 2006
Advance Edition

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

MONDAY*

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

March 20

March 21

March 22

March 23

March 24

Leading Indicators (Feb)
A: –0.2%
P: –0.3%

PPI (Feb)
A: –1.4%
P: –0.1%

Initial Claims (3/18)
A: 302K
P: 300K

New Home Sales (Feb)
A: N/A
P: 1200K

PPI Core (Feb)
A: 0.3%
P: 0.2%

Existing Home Sales (Feb)
A: 6.91M
P: 6.45M

Durable Goods (Feb)
A: N/A
P: 1.0%

Latest Issue
Monetary Trends

March 27

March 28

March 29

Consumer Conf (Mar)
F: N/A
P: 102.0

March 30
Initial Claims (3/25)
F: N/A
P: 300K

FOMC Meeting
Statement

F: N/A

GDP (Q4)
P: 1.6%

Corporate Profits (Q4)
Help Wanted Index (Feb)

April 3
Construct Spending (Feb)
F: N/A

April 4

April 5
ISM Non Mfg Index (Mar)
F: N/A

March 31
Personal Income (Feb)
F: N/A
P: 0.4%
Consumption (Feb)
F: N/A
P: 0.1%
Core PCE (Feb)
F: N/A
P: 1.7%
Factory Orders (Feb)
F: N/A
P: 0.9%

April 6
Initial Claims (4/1)
F: N/A

April 7
Nonfarm Payrolls (Mar)
F: N/A

ISM Index (Mar)
F: N/A

Unemployment Rate (Mar)
F: N/A

Latest Issue
National Economic Trends

Consumer Credit (Feb)
F: N/A

Latest Issue
Regional Economist

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, 2006. 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

On March 23, 2006, the Board of Governors ceased publication
of the M3 monetary aggregate. The Board also ceased publishing
the following components: large-denomination time deposits,
repurchase agreements (RPs), and Eurodollars.

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
03/23/06

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
840

830

820

810

800

790

780

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2005

Jan

Feb

Mar

2006

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

Compounded annual rates of change, average of two maintenance periods ending:
03/16/05

06/08/05

08/17/05

2.6
3.4

4.9

10/12/05

11/09/05

12/21/05

01/18/06

3.8

10/12/05

09/14/05

2.6

09/14/05

08/17/05

5.7

11/09/05

2.5

3.2

2.2

2.0

12/21/05

2.3

2.8

2.0

1.7

-1.0

01/18/06

3.1

3.8

3.6

3.8

2.4

5.3

02/15/06

4.2

5.2

5.5

6.0

5.4

8.4

14.0

03/15/06

4.0

4.9

5.1

5.4

4.8

7.0

9.9

9.1

Research Division
Federal Reserve Bank of St. Louis

3

updated through
03/23/06

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
102

100

98

96

94

92

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

Adjusted Reserves
To the average of
two maintenance
periods ending:
08/17/05

Compounded annual rates of change, average of two maintenance periods ending:
03/16/05

06/08/05

08/17/05

09/14/05

10/12/05

11/09/05

12/21/05

01/18/06

-1.5

09/14/05

1.5

-2.4

10/12/05

3.5

1.7

18.5

11/09/05

0.7

-2.1

5.0

-1.6

12/21/05

4.1

3.3

11.5

9.2

6.1

01/18/06

4.0

3.2

9.8

7.8

5.2

15.9

02/15/06

4.2

3.5

9.3

7.5

5.4

13.0

4.4

03/15/06

-0.6

-2.6

0.0

-2.7

-6.0

-3.2

-15.0

-22.7

Research Division

4

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
7000

6900

6800

6700

6600

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2005

Jan

Feb

Mar

2006

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
03/14/05

08/15/05

1.8

09/12/05

2.3

4.6

10/10/05

2.8

4.9

5.6

11/07/05

3.0

4.8

5.2

5.3

12/19/05

2.9

4.3

4.3

4.0

3.2

01/16/06

3.9

5.6

6.1

6.4

6.4

7.2

02/13/06

3.5

4.9

5.1

5.1

4.8

5.0

7.0

03/13/06

3.7

4.9

5.1

5.1

4.9

5.0

6.4

06/06/05

08/15/05

09/12/05

10/10/05

11/07/05

12/19/05

01/16/06

2.3

Research Division
Federal Reserve Bank of St. Louis

5

updated through
03/23/06

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6800

6700

6600

6500

6400

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
03/14/05

08/15/05

3.3

09/12/05

3.6

5.1

10/10/05

4.0

5.3

5.7

11/07/05

4.0

5.2

5.3

5.4

12/19/05

4.0

4.9

4.9

4.8

4.2

01/16/06

4.6

5.6

5.9

6.1

6.0

06/06/05

08/15/05

09/12/05

10/10/05

11/07/05

12/19/05

01/16/06

6.6

02/13/06

4.6

5.5

5.7

5.8

5.7

6.0

7.5

03/13/06

4.8

5.7

5.9

6.0

5.9

6.2

7.4

5.7

Research Division

6

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
8

7

Prime Rate
6

Corporate Aaa
5

2-Year Swap
4

Commercial Paper
3

2

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

Percent
5

10-Year Treasury

4

3-Month Treasury

Federal Funds Rate

|
|
|

|
|
|

3

Intended Federal Funds Rate

2

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division
Federal Reserve Bank of St. Louis

7

updated through
03/23/06

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

5

4

3

Jan

Feb

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb
2006

Mar

Jul

Jun

Aug

Sep

Oct

Nov

Dec

Jan

Feb
2006

Mar

Sep

Oct

Nov

Dec

Jan

Feb
2006

Mar

2005

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

3

2

1

Jan

Feb

Mar

Apr

May

Jun
2005

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

3

2

1

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Research Division

8

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
5.0

May 2006
4.8

Apr 2006
4.6

Mar 2006
4.4

4.2

Intended Target Rate
4.0

3.8

3.6

Nov

Oct

Dec

Jan

2005

Feb

Mar

2006

Rates on Federal Funds Futures on Selected Dates
Percent
5.1

5.0

Week Ending:
01/25/06
02/23/06
03/22/06

4.9

4.8

4.7

4.6

4.5

Mar 2006

Apr 2006

May 2006

Jun 2006

Jul 2006

Aug 2006

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
03/23/06

U.S. Financial Data

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

February 5, 1971 = 100

12250

2450

NASDAQ (right scale)

11500

2300

Dow Jones (left scale)
10750

2150

10000

2000

9250

1850

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

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

1941-43 = 10

13500

1350

13000

1300

12500

1250

S&P* (right scale)
12000

1200

11500

1150

Wilshire** (left scale)
11000

1100

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2005

Dec

Jan

Feb

Mar

2006

*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
03/23/06

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
70

66

62

58

54

50

46

42

Jan

Feb

Mar

Apr

Jun

May

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2005

Mar

2006

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
68

67

66

03/15/2006
65

64

63

03/22/2006
62

61

May

Jun

Jul

Aug

Sep
2006

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2007

Research Division
Federal Reserve Bank of St. Louis

11

updated through
03/23/06

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
15

14

13

12

11

10

9

8

7

6

5

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2005

Mar

2006

Note: Spot prices for Henry Hub were temporarily suspended from Friday, September 23, 2005, through Thursday, October 6, 2005, due to Hurricane Rita.

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
11

03/22/2006

03/15/2006

10

9

8

7

6

Apr

May

Jun

Jul

Aug
2006

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2007

Research Division

12

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

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

January 1987=100

95

115

Broad Index (right scale)

90

110

85

105

Major Index (left scale)

80

100

75

95

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.00

124

0.95

120

0.90

116

Japan (right scale)
0.85

112

0.80

108

Euro (left scale)
0.75

104

0.70

100

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division
Federal Reserve Bank of St. Louis

13

updated through
03/23/06

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
740

730

720

710

700

690

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

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

Billions of dollars

1020

4300

1000

4200

980

4100

960

4000

940

3900

920

3800

900

3700

Small Time (left scale)
880

3600

Savings (right scale)
860

3500

840

3400

820

3300

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division

14

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

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

Billions of dollars

1450

1150

1400

1100

1350

1050

1300

1000

Large Time* (left scale)
1250

950

1200

900

1150

850

1100

800

1050

750

Retail Money (right scale)
1000

700

950

650

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Nov

Oct

Sep

Dec

Feb

Jan

2005

Mar

2006

Note: As of March 23, 2006, the Board of Governors has ceased reporting weekly figures for large time deposits for all depository institutions.
For more information, please refer to http://www.federalreserve.gov/releases/h6/Current/.

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

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division
Federal Reserve Bank of St. Louis

15

updated through
03/23/06

U.S. Financial Data

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

Billions of dollars

7800

6100

7600

5900

7400

5700

Bank Credit (left scale)
7200

5500

7000

5300

Loans and Leases (right scale)
6800

5100

6600

4900

6400

4700

Feb

Jan

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1100

650

1075

625

1050

600

1025

575

1000

550

All Banks (left scale)
975

525

950

500

Large Banks (right scale)
925

475

900

450

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division

16

Federal Reserve Bank of St. Louis

updated through
03/23/06

U.S. Financial Data

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

160

150

140

130

120

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2005

Feb

Mar

2006

Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1600

1550

1500

1450

1400

1350

1300

1250

Jan

Feb

Mar

Apr

May

Jun

Jul
2005

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2006

Research Division
Federal Reserve Bank of St. Louis

17

updated through
03/23/06

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

4.38

4.22

3.92

4.38

4.33

4.37

4.60

4.35

4.16

4.10

4.33

4.30

4.37

4.62

4.37

4.23

4.20

4.39

4.34

4.41

4.65

30-Day
Comm.
Paper

90-Day
CDs

Dec 30

4.25

4.48

4.82

5.24

6.19

Jan

6

4.24

4.51

4.78

5.26

6.21

13

4.31

4.54

4.80

5.29

6.24

20

4.36

4.57

4.76

5.24

6.19

4.33

4.29

4.26

4.35

4.29

4.36

4.59

27

4.44

4.60

4.84

5.33

6.26

4.42

4.26

4.32

4.44

4.38

4.46

4.69

Feb

3

4.46

4.65

4.96

5.39

6.31

4.43

4.44

4.37

4.57

4.49

4.55

4.75

10

4.46

4.69

5.03

5.34

6.28

4.42

4.50

4.40

4.64

4.54

4.56

4.73

17

4.46

4.72

5.08

5.37

6.30

4.42

4.49

4.44

4.69

4.59

4.59

4.76

24

4.50

4.76

5.10

5.32

6.23

4.36

4.49

4.47

4.71

4.61

4.56

4.70

3

4.47

4.80

5.12

5.38

6.27

4.39

4.50

4.50

4.72

4.66

4.61

4.76

10

4.53

4.84

5.20

5.53

6.41

4.45

4.51

4.49

4.74

4.76

4.74

4.91

17

4.62

4.89

5.14

5.53

6.41

4.40

4.51

4.50

4.67

4.67

4.71

4.90

24 *

Mar

4.68

4.90

5.12

5.51

6.39

.

4.57

4.56

4.70

4.66

4.69

4.90

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

MZM

Currency

Small
Time

Savings

Large
Time*

Adjusted
Monetary
Base

Retail
Money

Adjusted
Reserves

Jan

30

6731.8

6880.1

732.3

992.8

3611.6

1400.7

719.1

Dec 21

814.206

97.244

Feb

6

6732.2

6889.0

732.6

995.4

3636.1

1389.7

718.6

Jan

4

818.083

97.424

13

6735.3

6877.4

732.5

1000.5

3657.8

1400.3

721.8

18

826.699

99.804

20

6775.4

6907.8

733.1

1004.7

3671.5

1404.8

723.1

1

835.804

105.591

27

6782.8

6934.1

733.7

1008.3

3658.0

1403.8

728.5

15

828.584

92.545

6

6779.9

6925.8

734.1

1011.4

3665.5

1419.3

728.3

1

835.116

95.433

13

6753.1

6893.1

735.1

1016.0

3649.5

15

831.942

94.123

Mar

.

Feb

Mar

730.3

*Please, see note on page 15.

Bank Loans and Credit

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

Feb

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

Exchange
Rate:
Yen/$

7592.1

5521.1

1072.0

525.4

128.1

0.033

Feb 10

85.3

110.5

0.837

118.4

7631.0

5538.3

1075.1

526.9

133.9

0.098

17

85.5

110.7

0.841

117.9

22

7637.3

5533.7

1078.8

529.6

133.9

0.045

24

85.4

110.5

0.840

117.8

1

7660.3

5542.1

1079.5

529.8

138.6

0.034

3

84.7

110.0

0.837

116.1

8

Mar

8
15

7649.1

5548.8

1076.8

526.9

135.7

0.062

10

85.5

110.9

0.839

118.0

15
22

.
.

.
.

.
.

Mar

.

142.1

0.059

17

85.0

110.4

0.828

117.3

.

136.7

0.403

24 *

85.0

110.5

0.825

116.7

*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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