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USFinancialData May 18, 2006 Advance Edition Calendar of Releases Titles for the current week are links to their respective releases. MONDAY* TUESDAY WEDNESDAY THURSDAY* FRIDAY May 16 May 17 May 18 May 19 May 15 Industrial Production (Apr) A: 0.8% P: 0.4% A: 0.6% Housing Starts (Apr) A: 1.85M P: 1.95M CPI Core (Apr) A: 0.3% P: 0.2% A: 0.9% CPI (Apr) P: 0.5% Initial Claims (5/13) A: 367K P: 317K Leading Indicators (Apr) A: –0.1% P: 0.2% PPI (Apr) P: 0.8% PPI Core (Apr) A: 0.1% P: 0.2% Latest Issue Monetary Trends May 22 May 23 May 24 May 25 New Home Sales (Apr) F: N/A P: 1165K Initial Claims (5/20) F: N/A P: 320K Durable Goods (Apr) F: N/A P: –1.0% F: N/A GDP (Q1) P: 5.4% Corporate Profits (Q1) May 26 Personal Income (Apr) F: N/A P: 0.7% Consumption (Apr) F: N/A P: 0.6% Core PCE (Apr) F: N/A P: 2.2% Help Wanted Index (Apr) Existing Home Sales (Apr) F: N/A P: 6.77M May 29 May 30 Consumer Conf (May) F: N/A May 31 FOMC Minutes (previous meeting) June 1 June 2 Initial Claims (5/27) F: N/A Nonfarm Payrolls (May) F: N/A Productivity (Q1) F: N/A Unemployment Rate (May) F: N/A Unit Labor Costs (Q1) F: N/A Factor Orders (Apr) F: N/A Construct Spending (Apr) F: N/A Latest Issue National Economic Trends ISM Index (May) F: N/A 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 Institutional and 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 05/18/06 U.S. Financial Data Adjusted Monetary Base Averages of Daily Figures, Seasonally Adjusted Billions of dollars 840 830 820 810 800 790 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 2006 Adjusted Monetary Base To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 05/11/05 10/12/05 08/03/05 10/12/05 11/09/05 12/07/05 01/04/06 02/15/06 03/15/06 4.5 11/09/05 3.0 2.1 12/07/05 3.3 2.9 0.3 01/04/06 2.7 1.9 -0.5 1.5 02/15/06 4.9 5.3 5.5 8.5 9.8 03/15/06 4.8 5.1 5.1 7.4 8.0 12.4 04/12/06 4.3 4.4 4.1 5.8 5.9 8.3 1.1 05/10/06 4.3 4.4 4.2 5.6 5.6 7.5 2.3 1.6 Research Division Federal Reserve Bank of St. Louis 3 updated through 05/18/06 U.S. Financial Data Adjusted Reserves Seasonally Adjusted Billions of dollars 102 100 98 96 94 92 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2005 Apr May 2006 Adjusted Reserves To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 05/11/05 08/03/05 10/12/05 5.0 11/09/05 1.3 2.5 12/07/05 7.4 12.7 10/12/05 11/09/05 12/07/05 01/04/06 02/15/06 03/15/06 14.4 01/04/06 3.6 5.7 1.2 11.6 02/15/06 1.8 2.6 -2.0 2.7 -13.3 03/15/06 -0.5 -0.7 -5.7 -3.1 -15.6 -13.4 04/12/06 -1.8 -2.4 -7.2 -5.4 -15.5 -13.9 -18.1 05/10/06 -1.0 -1.3 -5.2 -3.3 -11.4 -9.2 -9.8 -3.7 Research Division 4 Federal Reserve Bank of St. Louis updated through 05/18/06 U.S. Financial Data MZM Averages of Daily Figures, Seasonally Adjusted Billions of dollars 7000 6900 6800 6700 6600 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 2006 MZM To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 05/09/05 10/10/05 3.8 11/07/05 3.9 5.3 12/05/05 3.6 4.5 3.2 08/01/05 10/10/05 11/07/05 12/05/05 01/02/06 4.1 5.1 4.7 4.8 02/13/06 4.3 5.2 4.9 5.0 6.3 03/13/06 4.4 5.2 5.0 5.1 6.0 01/02/06 02/13/06 03/13/06 5.4 04/10/06 4.0 4.6 4.2 4.1 4.6 3.7 2.6 05/08/06 3.9 4.4 4.0 3.9 4.3 3.5 2.6 1.2 Research Division Federal Reserve Bank of St. Louis 5 updated through 05/18/06 U.S. Financial Data M2 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 6900 6800 6700 6600 6500 6400 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2005 Apr May 2006 M2 To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 05/09/05 10/10/05 4.6 11/07/05 4.6 5.4 12/05/05 4.6 5.1 08/01/05 10/10/05 11/07/05 12/05/05 01/02/06 02/13/06 03/13/06 4.4 01/02/06 4.7 5.2 4.8 4.9 02/13/06 5.1 5.7 5.7 6.1 6.9 03/13/06 5.3 5.9 6.0 6.4 7.0 7.6 04/10/06 5.0 5.4 5.3 5.5 5.8 5.8 4.4 05/08/06 4.8 5.1 4.9 5.0 5.1 5.0 3.7 1.9 Research Division 6 Federal Reserve Bank of St. Louis updated through 05/18/06 U.S. Financial Data Yields on Selected Securities Averages of Daily Figures Percent 9 8 Prime Rate 7 6 Corporate Aaa 5 2-Year Swap 4 Commercial Paper 3 2 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May Apr May 2006 Percent 6 5 10-Year Treasury 4 3-Month Treasury Federal Funds Rate | | | 3 | | | Intended Federal Funds Rate 2 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar 2006 Research Division Federal Reserve Bank of St. Louis 7 updated through 05/18/06 U.S. Financial Data 10-Year Treasury Note Yield Averages of Daily Figures Percent 6 5 4 3 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2006 Apr May Sep Oct Nov Dec Jan Feb Mar 2006 Apr May Nov Dec Jan Feb Mar 2006 Apr May 2005 10-Year Inflation-Indexed Treasury Yield Averages of Daily Figures Percent 4 3 2 1 Mar Apr May Jun Jul Aug 2005 10-Year Inflation-Indexed Treasury Yield Spread Averages of Daily Figures Percent 4 3 2 1 Mar Apr May Jun Jul Aug 2005 Sep Oct Research Division 8 Federal Reserve Bank of St. Louis updated through 05/18/06 U.S. Financial Data Rates on Federal Funds Futures Contracts Daily Data Percent 5.2 Jun 2006 Jul 2006 | | | 5.0 May 2006 4.8 4.6 4.4 Intended Target Rate 4.2 4.0 3.8 Dec Jan Feb Mar 2005 Apr May 2006 Rates on Federal Funds Futures on Selected Dates Percent 5.3 Week Ending: 03/22/06 04/20/06 05/17/06 5.2 5.1 5.0 4.9 4.8 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Contract Month Research Division Federal Reserve Bank of St. Louis 9 updated through 05/18/06 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 10750 2150 Dow Jones (left scale) 10000 2000 9250 1850 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 2006 Wilshire 5000 and Standard & Poor's 500 Averages of Daily Figures January 2, 1980 = 1078.29 1941-43 = 10 14000 1400 13500 1350 13000 1300 S&P* (right scale) 12500 1250 12000 1200 11500 1150 Wilshire** (left scale) 11000 1100 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2005 Feb Mar Apr May 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 05/18/06 U.S. Financial Data Crude Oil Spot Prices West Texas Intermediate, Averages of Daily Figures Dollars per barrel 74 70 66 62 58 54 50 46 Mar Apr Jun May Jul Aug Sep Nov Oct Dec Jan Feb Mar 2005 Apr May 2006 Crude Oil Futures Prices West Texas Intermediate Dollars per barrel 77 76 75 74 73 05/10/2006 72 71 05/17/2006 70 69 68 Jun Jul Aug Sep 2006 Oct Nov Dec Jan Feb Mar Apr May 2007 Research Division Federal Reserve Bank of St. Louis 11 updated through 05/18/06 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 Mar Apr Jun May Jul Aug Sep Nov Oct Dec Jan Feb Mar 2005 Apr May 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 12 11 10 9 05/10/2006 8 05/17/2006 7 6 Jun Jul Aug Sep 2006 Oct Nov Dec Jan Feb Mar Apr May 2007 Research Division 12 Federal Reserve Bank of St. Louis updated through 05/18/06 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 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 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 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar Apr May 2006 Research Division Federal Reserve Bank of St. Louis 13 updated through 05/18/06 U.S. Financial Data Currency Component of M1 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 750 740 730 720 710 700 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 2006 Savings and Small Time Deposits Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 1060 4500 1040 4400 1020 4300 1000 4200 980 4100 960 4000 940 3900 920 3800 Small Time (left scale) 900 3700 880 3600 Savings (right scale) 860 3500 840 3400 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar Apr May 2006 Research Division 14 Federal Reserve Bank of St. Louis updated through 05/18/06 U.S. Financial Data Institutional and Retail Money Funds Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 1200 900 1150 850 Institutional Money* (left scale) 1100 800 1050 750 Retail Money (right scale) 1000 700 950 650 Mar Apr May Jun Jul Aug Sep Nov Oct Dec Feb Jan 2005 Mar Apr May 2006 Note: See Notes on page 19. 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 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar Apr May 2006 Research Division Federal Reserve Bank of St. Louis 15 updated through 05/18/06 U.S. Financial Data Bank Loans and Credit All Commercial Banks in the United States, Seasonally Adjusted Billions of dollars Billions of dollars 8000 6300 7800 6100 7600 5900 7400 5700 Bank Credit (left scale) 7200 5500 7000 5300 Loans and Leases (right scale) 6800 5100 6600 4900 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May 2006 Commercial and Industrial Loans Seasonally Adjusted Billions of dollars Billions of dollars 1125 675 1100 650 1075 625 1050 600 1025 575 All Banks (left scale) 1000 550 975 525 Large Banks (right scale) 950 500 925 475 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar Apr May 2006 Research Division 16 Federal Reserve Bank of St. Louis updated through 05/18/06 U.S. Financial Data Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted Billions of dollars 170 160 150 140 130 120 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 Mar Apr May Apr May 2006 Commercial Paper: Financial and Asset-Backed Not Seasonally Adjusted Billions of dollars 950 900 Asset-Backed 850 800 750 Financial 700 650 600 Mar Apr May Jun Jul Aug 2005 Sep Oct Nov Dec Jan Feb Mar 2006 Research Division Federal Reserve Bank of St. Louis 17 updated through 05/18/06 U.S. Financial Data Interest Rates Percent 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 30-Year Treasury Securities Feb 24 4.50 4.76 5.10 5.32 6.23 4.36 4.49 4.47 4.71 4.61 4.56 4.51 Mar 3 4.47 4.80 5.12 5.38 6.27 4.39 4.50 4.50 4.72 4.66 4.61 4.58 10 4.53 4.84 5.20 5.53 6.41 4.45 4.51 4.49 4.74 4.76 4.74 4.72 17 4.62 4.89 5.14 5.53 6.41 4.40 4.51 4.50 4.67 4.67 4.71 4.73 24 4.68 4.91 5.14 5.51 6.39 4.43 4.57 4.56 4.72 4.67 4.69 4.72 31 4.72 4.94 5.22 5.61 6.50 4.53 4.70 4.51 4.80 4.78 4.80 4.83 7 4.75 4.98 5.28 5.72 6.59 4.56 4.88 4.56 4.85 4.84 4.89 4.94 14 4.73 5.02 5.34 5.84 6.69 4.57 4.76 4.58 4.91 4.91 4.98 5.05 Apr May 21 4.79 5.05 5.32 5.88 6.72 4.59 4.77 4.61 4.88 4.91 5.02 5.10 28 4.87 5.09 5.35 5.93 6.73 4.59 4.74 4.66 4.92 4.95 5.07 5.15 5 4.91 5.11 5.39 5.99 6.75 4.63 4.83 4.69 4.94 5.00 5.14 5.22 12 4.94 5.13 5.42 5.97 6.74 4.63 4.84 4.74 4.99 5.03 5.14 5.22 19 * 4.96 5.14 5.41 6.00 6.79 . 5.00 4.72 4.97 5.02 5.14 5.25 *Averages of rates available Money Stock and Components Reserves and Base Billions of dollars, seasonally adjusted Billions of dollars, seasonally adjusted Savings Retail Money Institutional Money* Adjusted Monetary Base Adjusted Reserves M2 MZM Currency Small Time Mar 27 6776.5 6903.2 737.0 1025.1 3628.1 734.4 1151.8 Feb 15 829.042 92.666 Apr 3 6800.2 6944.7 737.2 1028.1 3612.6 735.3 1172.6 Mar 1 836.182 95.587 10 6777.1 6910.2 737.2 1031.5 3639.6 731.9 1164.6 15 833.165 94.221 17 6807.2 6942.2 738.8 1035.0 3657.1 730.4 1170.0 29 836.480 94.370 24 6810.5 6940.5 739.4 1037.9 3634.2 735.1 1167.9 12 831.239 93.039 1 6794.8 6926.3 741.1 1040.6 3635.0 730.9 1172.1 26 836.700 93.803 8 6770.9 6913.4 741.5 1043.7 3613.8 730.7 1186.2 May 10 836.825 94.904 May Apr *Please see Notes on page 19. Bank Loans and Credit Exchange Rates Billions of dollars, seasonally adjusted Apr May Bank Credit Loans and Leases C&I Loans (All) C&I Loans (Large) Comm. Paper (nsa) Total Borrowings Broad Major Exchange Rate: Exchange Exchange Rate Index Rate Index Euro/$ Apr Exchange Rate: Yen/$ 5 7736.6 5623.0 1093.9 535.4 133.2 0.294 7 84.8 110.4 0.820 117.8 12 7761.6 5602.8 1086.9 529.8 135.3 0.600 14 84.9 110.5 0.826 118.6 19 7796.0 5620.3 1098.9 537.9 143.6 0.087 21 83.8 109.7 0.812 117.5 26 7826.5 5652.0 1107.6 544.1 150.6 0.119 28 82.6 108.7 0.801 114.5 3 7851.4 5659.4 1114.2 548.6 151.9 0.138 5 81.3 107.5 0.790 113.1 . 144.0 0.174 12 80.4 106.7 0.781 110.8 . 147.5 0.168 19 * 80.5 107.3 0.782 110.3 10 17 . . . . . . May *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. 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 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/outstandings.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