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USFinancialData May 22, 2008 Advance Edition Calendar of Releases Titles for the current week are links to their respective releases. MONDAY* TUESDAY WEDNESDAY THURSDAY* FRIDAY May 20 May 21 May 22 May 23 May 19 A: 0.2% PPI (Apr) PF: 0.4% FOMC Minutes (previous meeting) Initial Claims (5/17) A: 365K PF: 370K Existing Home Sales (Apr) A: N/A PF: 4.85M Core PPI (Apr) A: 0.4% PF: 0.2% Latest Issue Monetary Trends May 26 May 27 New Home Sales (Apr) CF: N/A PF: 523K May 28 Durable Goods (Apr) CF: N/A PF: 0.4% May 29 Initial Claims (5/24) CF: N/A PF: 380K CF: N/A GDP (Q1) PF: 1.0% Corporate Profits (Q1) June 2 ISM Index (May) CF: N/A June 3 Factory Orders (Apr) CF: N/A June 4 ISM Non Mfg Index (May) CF: N/A May 30 Personal Income (Apr) CF: N/A PF: 0.1% Consumption (Apr) CF: N/A PF: 0.3% Core PCE (Apr) CF: N/A PF: 2.2% June 5 Initial Claims (5/31) CF: N/A June 6 Nonfarm Payrolls (May) CF: N/A Construct Spending (Apr) CF: N/A Productivity (Q1) CF: N/A Unemployment Rate (May) CF: N/A Latest Issue National Economic Trends Unit Labor Cost (Q1) CF: N/A Consumer Credit (Apr) CF: N/A DEFINITIONS: A, actual value; PF, previous week’s forecast; CF, 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, 2008. 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 20 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 Selected Federal Reserve Balance Sheet Items 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, 11 (top chart), 12 (top chart), 13, and 19 (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 05/22/08 U.S. Financial Data Adjusted Monetary Base Averages of Daily Figures, Seasonally Adjusted Billions of dollars 870 865 860 855 850 845 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May 2008 Adjusted Monetary Base To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 05/23/07 10/24/07 08/15/07 10/24/07 11/21/07 12/19/07 01/16/08 02/27/08 03/26/08 1.4 11/21/07 1.1 -1.2 12/19/07 -0.2 -2.7 -4.3 01/16/08 0.0 -2.0 -2.4 -3.2 02/27/08 0.8 -0.4 0.2 0.4 3.9 03/26/08 1.4 0.5 1.4 1.9 4.8 04/23/08 0.6 -0.4 -0.1 0.0 1.8 2.0 -0.6 05/21/08 0.8 0.0 0.4 0.6 2.2 2.4 0.8 6.2 -2.3 Research Division Federal Reserve Bank of St. Louis 3 updated through 05/22/08 U.S. Financial Data Adjusted Reserves Seasonally Adjusted Billions of dollars 100 98 96 94 92 90 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2007 Apr May 2008 Adjusted Reserves To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 05/09/07 08/01/07 10/10/07 10/10/07 5.5 11/07/07 0.4 -2.3 12/05/07 9.5 13.5 21.0 11/07/07 12/05/07 01/02/08 02/13/08 01/02/08 4.8 5.5 3.6 20.7 02/13/08 3.2 3.0 0.4 8.6 -13.5 03/12/08 2.7 2.3 -0.1 6.0 -10.5 04/09/08 3.7 3.7 2.1 7.7 -5.3 0.9 6.0 05/07/08 1.0 0.2 -2.3 1.5 -9.6 -6.0 -6.2 03/12/08 -4.4 -7.9 Research Division 4 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data MZM Averages of Daily Figures, Seasonally Adjusted Billions of dollars 8800 8600 8400 8200 8000 7800 7600 7400 7200 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May 2008 MZM To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 05/14/07 10/15/07 13.6 11/12/07 13.8 18.3 12/10/07 13.8 17.2 08/06/07 10/15/07 11/12/07 12/10/07 01/07/08 02/18/08 03/17/08 14.3 01/07/08 13.1 15.5 12.2 10.8 02/18/08 15.4 18.3 17.7 18.4 20.4 03/17/08 16.8 20.0 20.2 21.3 23.7 04/14/08 16.9 19.8 19.9 20.7 22.4 26.8 25.0 05/12/08 15.6 17.7 17.1 17.4 18.1 20.4 16.2 30.5 8.9 Research Division Federal Reserve Bank of St. Louis 5 updated through 05/22/08 U.S. Financial Data M2 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 7800 7700 7600 7500 7400 7300 7200 7100 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2007 Apr May 2008 M2 To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 05/14/07 10/15/07 4.7 08/06/07 10/15/07 11/12/07 12/10/07 01/07/08 02/18/08 11/12/07 4.6 5.5 12/10/07 4.7 5.6 01/07/08 4.6 5.3 4.5 4.9 02/18/08 6.1 7.2 7.7 8.9 10.1 03/17/08 6.9 8.2 9.0 10.3 11.5 14.8 04/14/08 6.9 8.1 8.9 9.8 10.7 12.8 11.5 05/12/08 6.3 7.1 7.4 8.0 8.4 9.4 7.0 03/17/08 4.8 3.1 Research Division 6 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data Yields on Selected Securities Averages of Daily Figures Percent 9 Prime Rate 8 7 Corporate Aaa 6 | 5 Commercial Paper 4 2-Year Swap 3 2 1 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May Apr May 2008 Percent 6 Intended Federal Funds Rate || Federal Funds Rate 5 | | 10-Year Treasury 4 3-Month Treasury 3 2 1 0 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar 2008 Research Division Federal Reserve Bank of St. Louis 7 updated through 05/22/08 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 2008 Apr May Sep Oct Nov Dec Jan Feb Mar 2008 Apr May Nov Dec Jan Feb Mar 2008 Apr May 2007 10-Year Inflation-Indexed Treasury Yield Averages of Daily Figures Percent 3 2 1 0 Mar Apr May Jun Jul Aug 2007 10-Year Inflation-Indexed Treasury Yield Spread Averages of Daily Figures Percent 4 3 2 1 Mar Apr May Jun Jul Aug 2007 Sep Oct Research Division 8 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data Rates on Federal Funds Futures Contracts Daily Data Percent 5.0 4.5 4.0 3.5 Intended Target Rate 3.0 May 2008 2.5 | | 2.0 Jun 2008 Jul 2008 1.5 Dec Jan Feb Mar 2007 Apr May 2008 Rates on Federal Funds Futures on Selected Dates Percent 2.50 Week Ending: 03/27/08 04/24/08 05/21/08 2.25 2.00 1.75 1.50 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Contract Month Research Division Federal Reserve Bank of St. Louis 9 updated through 05/22/08 U.S. Financial Data Dow Jones Industrial Average and NASDAQ Composite Averages of Daily Figures Closing Price February 5, 1971 = 100 14500 2900 14000 2800 Dow Jones (left scale) 13500 2700 13000 2600 NASDAQ (right scale) 12500 2500 12000 2400 11500 2300 11000 2200 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May 2008 Wilshire 5000 and Standard & Poor's 500 Averages of Daily Figures January 2, 1980 = 1078.29 1941-43 = 10 16000 1600 Wilshire** (left scale) 15500 1550 15000 1500 14500 1450 S&P* (right scale) 14000 1400 13500 1350 13000 1300 12500 1250 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2007 Feb Mar Apr May 2008 *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 05/22/08 U.S. Financial Data Crude Oil Spot Prices West Texas Intermediate, Averages of Daily Figures Dollars per barrel 140 130 120 110 100 90 80 70 60 50 Mar Apr Jun May Jul Aug Sep Nov Oct Dec Jan Feb Mar 2007 Apr May 2008 Crude Oil Futures Prices West Texas Intermediate Dollars per barrel 135 133 05/21/2008 131 129 127 125 123 05/14/2008 121 Jul Aug Oct Sep 2008 Nov Dec Jan Feb Mar Apr May Jun 2009 Research Division Federal Reserve Bank of St. Louis 11 updated through 05/22/08 U.S. Financial Data Natural Gas Spot Prices Henry Hub, Averages of Daily Figures Dollars per million btu 12 11 10 9 8 7 6 5 Mar Apr Jun May Jul Aug Sep Nov Oct Dec Jan Feb Mar 2007 Apr May 2008 Natural Gas Futures Prices Henry Hub Dollars per million btu 13.0 05/21/2008 12.5 12.0 05/14/2008 11.5 11.0 10.5 10.0 Jun Jul Aug Sep 2008 Oct Nov Dec Jan Feb Mar Apr May 2009 Research Division 12 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data Trade-Weighted Exchange Rate Indexes Averages of Daily Figures March 1973=100 January 1987=100 90 110 Broad Index (right scale) 85 105 80 100 Major Index (left scale) 75 95 70 90 65 85 Mar Apr May Jun Jul Aug Sep Nov Oct Dec Jan Feb 2007 Mar Apr May 2008 Exchange Rates Averages of Daily Figures Euro/US$ Yen/US$ 1.00 124 0.95 120 Japan (right scale) 0.90 116 0.85 112 0.80 108 0.75 104 0.70 100 Euro (left scale) 0.65 96 0.60 92 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar Apr May 2008 Research Division Federal Reserve Bank of St. Louis 13 updated through 05/22/08 U.S. Financial Data Currency Component of M1 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 766 763 760 757 754 751 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May 2008 Savings and Small Time Deposits Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 1260 4700 Small Time (left scale) 1220 4500 1180 4300 1140 4100 1100 3900 Savings (right scale) 1060 3700 1020 3500 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar Apr May 2008 Research Division 14 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data Institutional and Retail Money Funds Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 2300 1900 2100 1700 1900 1500 Institutional Money (left scale) 1700 1300 1500 1100 1300 900 Retail Money (right scale) 1100 700 Mar Apr May Jun Jul Aug Sep Nov Oct Dec Feb Jan 2007 Mar Apr May 2008 Total Borrowings from Federal Reserve Banks Averages of Daily Figures Billions of dollars 50 40 30 20 10 0 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar Apr May 2008 Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer credit facility, and other credit extensions, but exclude term auction credit. Research Division Federal Reserve Bank of St. Louis 15 updated through 05/22/08 U.S. Financial Data Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities Averages of Daily Figures Billions of dollars 900 Reserve Bank Credit 850 800 750 700 650 600 U.S. Treasury Securities 550 500 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May Apr May 2008 Term Auction Credit Averages of Daily Figures Billions of dollars 140 120 100 80 60 40 20 0 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar 2008 Research Division 16 Federal Reserve Bank of St. Louis updated through 05/22/08 U.S. Financial Data Bank Loans and Credit All Commercial Banks in the United States, Seasonally Adjusted Billions of dollars Billions of dollars 9800 8000 9550 7750 9300 7500 Bank Credit (left scale) 9050 7250 8800 7000 8550 6750 8300 6500 Loans and Leases (right scale) 8050 6250 7800 6000 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May 2008 Commercial and Industrial Loans Seasonally Adjusted Billions of dollars Billions of dollars 1500 950 1450 900 1400 850 1350 800 All Banks (left scale) 1300 750 1250 700 Large Banks (right scale) 1200 650 1150 600 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar Apr May 2008 Research Division Federal Reserve Bank of St. Louis 17 updated through 05/22/08 U.S. Financial Data Commercial Paper of Nonfinancial Companies Seasonally Adjusted Billions of dollars 210 200 190 180 170 160 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2007 Mar Apr May Apr May 2008 Commercial Paper: Financial and Asset-Backed Seasonally Adjusted Billions of dollars 1200 1100 Asset-Backed 1000 900 Financial 800 700 Mar Apr May Jun Jul Aug 2007 Sep Oct Nov Dec Jan Feb Mar 2008 Research Division 18 Federal Reserve Bank of St. Louis updated through 05/22/08 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 3-Month Treasury Bill Federal Funds 2-Year Treasury Securities 5-Year Treasury Securities 10-Year Treasury Securities 30-Year Treasury Securities Feb 29 2.84 3.06 2.82 5.60 6.91 5.11 2.96 1.97 1.94 2.80 3.78 4.59 Mar 7 2.69 2.94 2.60 5.54 6.89 4.92 3.00 1.52 1.60 2.51 3.61 4.53 14 2.47 2.81 2.53 5.53 6.91 4.94 2.97 1.34 1.59 2.47 3.51 4.44 21 2.18 2.62 2.30 5.44 6.82 4.88 2.70 0.81 1.52 2.34 3.39 4.26 28 2.14 2.74 2.55 5.51 6.93 4.96 2.18 1.27 1.75 2.58 3.52 4.33 Apr May 4 2.08 2.80 2.63 5.53 6.96 4.90 2.23 1.37 1.81 2.64 3.55 4.36 11 2.10 2.75 2.63 5.47 6.91 4.61 2.23 1.31 1.84 2.66 3.54 4.34 18 2.11 2.85 2.87 5.60 7.03 4.62 2.34 1.16 1.98 2.79 3.67 4.47 25 2.13 2.96 3.15 5.58 6.98 4.68 2.25 1.28 2.30 3.05 3.81 4.52 2 2.05 2.82 3.18 5.56 6.90 4.63 2.28 1.43 2.37 3.10 3.83 4.53 9 1.96 2.70 3.12 5.57 6.89 4.62 1.94 1.61 2.32 3.07 3.85 4.57 16 1.97 2.66 3.21 5.56 6.92 4.53 1.96 1.79 2.44 3.12 3.86 4.58 23 * 1.99 2.62 3.15 5.52 6.88 . 1.96 1.82 2.39 3.07 3.81 4.55 *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 31 7670.5 8635.2 761.2 1214.4 3993.5 1082.7 2179.1 Feb 27 860.378 94.944 Apr 7 7680.1 8646.4 760.2 1213.0 4021.5 1090.6 2179.3 Mar 12 857.612 94.277 14 7665.4 8657.4 759.5 1212.0 4011.4 1089.5 2204.0 26 864.914 97.060 21 7693.3 8670.4 759.5 1210.6 4027.2 1084.1 2187.7 9 855.358 94.258 23 856.149 92.002 7 855.970 94.840 21 860.419 . May 28 7653.8 8638.9 759.5 1209.2 3987.2 1078.7 2194.3 5 7654.9 8604.3 759.6 1207.1 4005.6 1070.3 2156.5 12 7676.7 8670.4 760.1 1206.6 4038.2 1073.2 2200.3 Bank Loans and Credit Apr May Exchange Rates Billions of dollars, seasonally adjusted Apr May Bank Credit Loans and Leases C&I Loans (All) C&I Loans (Large) Comm. Paper (sa) Total Borrowings 9 9439.5 6872.1 1486.4 782.3 186.2 42.761 16 9408.0 6885.4 1497.6 788.8 191.7 32.663 23 9413.5 6887.2 1492.5 784.1 196.7 33.390 Broad Major Exchange Rate: Exchange Exchange Rate Index Rate Index Euro/$ Apr May Exchange Rate: Yen/$ 11 70.5 95.5 0.635 102.0 18 70.2 95.2 0.631 102.1 25 70.4 95.4 0.632 103.6 30 9424.8 6926.6 1490.8 779.4 197.8 30.183 2 71.1 95.9 0.643 104.3 7 9416.8 6916.7 1491.9 781.1 197.1 28.208 9 71.1 96.2 0.647 104.4 14 21 . . . . . . . 185.7 31.045 16 70.9 96.1 0.644 104.4 . 183.3 27.791 23 * 70.3 95.5 0.639 103.9 *Averages of rates available Research Division Federal Reserve Bank of St. Louis 19 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 recently issued inflation-indexed bond of 10-year original maturity. 20 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 and H.4.1 releases. 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 December 27, 2007, Loans to Depository Institutions on the Fed’s Balance Sheet were reclassified as Other Loans. Other Loans included primary, secondary, and seasonal credit. As of March 20, 2008, Other Loans were expanded to include funds advanced through the Primary Credit Dealer Facility and Other Extensions. According to the Federal Reserve: “The latter category includes credit extensions such as the arrangements involving JP Morgan Chase & Co. and The Bear Stearns Companies Inc. that were approved by the Board of Governors on March 14, 2008, and March 16, 2008.” See http://www.federalreserve.gov/releases/h41/Current/. Page 16: Federal Reserve Holdings of U.S. Treasury Securities include nominal and inflation-indexed securities and the compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities (inflation compensation). Term Auction Credit are collateralized, term funds (28-day) that are auctioned to depository institutions under the temporary Term Auction Facility. Term Auction Credit became a Federal Reserve balance sheet item as of December 27, 2007. For more information on the Term Auction Facility, see http://www.federalreserve.gov/monetarypolicy/taf.htm. Page 17: 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 18: Current data appear at www.federalreserve.gov/releases/cp/outstandings.htm. Page 19: 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. Research Division Federal Reserve Bank of St. Louis U.S. Financial Data Sources References Board of Governors of the Federal Reserve System Monetary aggregates and components: H.6 release. Bank credit: H.8 release. Total Borrowings and Selected Reserve Balance Sheet Items: H.4.1 release. Interest rates: H.15 release. Exchange rates: H.10 release. Commercial paper: Board of Governors web site. 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. 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. ____ 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. ____ and ____(2001). “Retail Sweep Programs and Bank Reserves, 1994-1999,” Federal Reserve Bank of St. Louis Review, January/February, pp. 51-72. NASDAQ Stock Market, Incorporated NASDAQ Composite®. ____ 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. Standard & Poor’s Standard & Poor’s 500 composite index. Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve Bank of San Francisco Economic Review, Winter, pp. 33-51. U.S. Department of the Treasury U.S. inflation-indexed security yields. 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. Wall Street Journal Oil (West Texas intermediate) and natural gas (Henry Hub) spot and futures prices. Note: Articles from this Bank’s Review are available on the Internet at research.stlouisfed.org/publications/review/. Wilshire Associates Incorporated (www.wilshire.com) Wilshire 5000 ®. Research Division Federal Reserve Bank of St. Louis 21