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USFinancialData

May 29, 2014
Advance Edition

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

MONDAY*
May 26

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

May 27

May 28

May 29

May 30

Durable Goods (Apr)
A: 0.8%
PF: -0.5%

Initial Claims (5/24)
A: 300K
PF: 315K
A: -1.0%

GDP (Q1)
PF: -0.5%

Corporate Profits (Q1)

June 2
Construct Spending (Apr)
CF: N/A
PF: 0.6%

June 3
Factory Orders (Apr)
CF: N/A
PF: 0.2%

ISM Index (May)
CF: N/A
PF: 55.2

June 4
International Trade (Apr)
CF: N/A
PF: -$40.1B

Personal Income (Apr)
A: N/A
PF: 0.3%
Consumption (Apr)
A: N/A
PF: 0.2%
Core PCE (Apr)
A: N/A
PF: 0.2%

June 5
Initial Claims (5/31)
CF: N/A
PF: N/A

June 6
Nonfarm Payrolls (May)
CF: N/A
PF: 215K

Productivity (Q1)
CF: N/A
PF: -2.0%
Unit Labor Cost (Q1)
CF: N/A
PF: 4.5%

Unemployment Rate (May)
CF: N/A
PF: 6.3%

ISM Non Mfg Index (May)
CF: N/A
PF: 55.5

Latest Issue
National Economic Trends

Private Payrolls (May)
CF: N/A
PF: 224K

Consumer Credit (Apr)
CF: N/A
PF: $16.2B

Latest Issue
Monetary Trends

June 9

June 10

June 11

June 12

June 13

Initial Claims (6/7)
CF: N/A

CF: N/A

Retail Sales (May)
CF: N/A

Treasury Budget (May)
CF: N/A

Core PPI (May)
CF: N/A

PPI (May)

Business Inventories (Apr)
CF: N/A
Import Prices (May)
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 Reuters. ©Thomson Reuters, 20 . 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
21
22
23

Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Composition of Federal Reserve Assets and Liabilities
Reserve Bank Credit and Selected Categories
Other Federal Reserve Balance Sheet Items
Yields on Selected Securities
Corporate Bond Spreads and Mortgage Interest Rates
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 Outstanding
Reference Tables
Notes

Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 10, 14, 15 (top chart), 16 (top chart), and 22 (top table), 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
05/29/14

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
4100

4000

3900

3800

3700

3600

3500

3400

3300

3200

3100

3000

2900

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

2014

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

Compounded annual rates of change, average of two maintenance periods ending:
05/29/13

08/21/13

10/30/13

11/27/13

12/25/13

01/22/14

03/05/14

10/30/13

40.7

11/27/13

37.9

33.4

12/25/13

32.5

25.8

12.5

01/22/14

30.8

24.5

14.6

10.4

03/05/14

32.2

27.7

22.5

22.2

31.1

04/02/14

30.2

25.6

20.5

19.8

25.3

28.0

04/30/14

28.9

24.5

19.8

19.2

23.2

24.5

14.0

05/28/14

25.2

20.3

15.0

13.7

15.9

15.2

4.6

04/02/14

1.1

Research Division
Federal Reserve Bank of St. Louis

3

updated through
05/29/14

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
2900

2800

2700

2600

2500

2400

2300

2200

2100

2000

1900

1800

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2013

Apr

May

2014

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
05/15/13

08/07/13

10/16/13

11/13/13

12/11/13

01/08/14

02/19/14

10/16/13

62.6

11/13/13

63.4

58.8

12/11/13

61.9

57.4

60.1

01/08/14

43.1

30.7

13.3

-6.9

02/19/14

45.1

36.0

26.3

16.4

4.4

03/19/14

48.4

41.4

35.5

29.2

23.2

68.0

04/16/14

42.1

34.1

26.7

20.4

14.2

39.5

27.7

05/14/14

39.5

31.7

24.6

19.1

13.8

32.8

22.2

03/19/14

-0.9

Research Division

4

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
12600

12500

12400

12300

12200

12100

12000

11900

11800

11700

11600

11500

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

2014

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
05/20/13

08/12/13

10/21/13

11/18/13

12/16/13

01/13/14

02/24/14

10/21/13

8.0

11/18/13

7.3

6.8

12/16/13

6.7

5.9

3.2

01/13/14

6.3

5.5

3.3

3.1

02/24/14

6.9

6.5

5.6

6.2

7.6

03/24/14

6.8

6.3

5.5

5.9

6.9

8.2

04/21/14

6.2

5.7

4.8

5.0

5.5

6.0

2.9

05/19/14

6.4

6.0

5.3

5.5

6.0

6.6

4.7

03/24/14

4.6

Research Division
Federal Reserve Bank of St. Louis

5

updated through
05/29/14

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
11300

11200

11100

11000

10900

10800

10700

10600

10500

10400

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2013

Apr

May

2014

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
05/20/13

08/12/13

10/21/13

11/18/13

12/16/13

01/13/14

02/24/14

10/21/13

6.9

11/18/13

6.4

6.2

12/16/13

6.1

5.8

4.0

01/13/14

5.9

5.6

4.2

4.5

02/24/14

6.7

6.7

6.4

7.2

8.4

03/24/14

6.5

6.5

6.1

6.7

7.3

8.5

04/21/14

6.2

6.1

5.7

6.1

6.4

7.0

4.1

05/19/14

6.4

6.4

6.1

6.5

6.9

7.5

5.7

03/24/14

6.2

Research Division

6

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
4500

Market Adjustment to Treasury and MBS Portfolio
Short-Term Lending to Financial Firms and Markets

4000

Rescue Operations
Operations Focused on Longer-Term Credit Conditions

3500

Traditional Portfolio
Traditional Portfolio and Long-Term Assets

3000

2500

2000

1500

1000

500

0

1 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
4500
Source Base (not adjusted for reserve requirement changes)

4000

Treasury Financing Account
Traditional Liabilities and Capital Account

3500

3000

2500

2000

1500

1000

500

0

1 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Research Division
Federal Reserve Bank of St. Louis

7

updated through
05/29/14

U.S. Financial Data

Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
4500

4200

3900

Reserve Bank Credit
3600

3300

3000

2700

2400

2100

U.S. Treasury Securities

1800

1500

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

Apr

May

2014

Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
28

24

20

16

12

8

4

0

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Research Division

8

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Millions of Dollars
1800

1500

Mortgage-Backed Securities

1200

900

600

300

Purchases of Agency Debt
0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2013

Jan

Feb

Mar

Apr

May

2014

Maturity Distribution of U.S. Treasury Securities Held by the Federal Reserve
Billions of Dollars
1000

900

800

700

600

500

1 Year or Less

5 to 10 Years

400

1 to 5 Years
300

Over 10 Years
200

100

0

1 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5 6 7 8 910 121 2 3 4 5
11
11
11
11
11
11
11
2007
2008
2009
2010
2011
2012
2013
2014

Research Division
Federal Reserve Bank of St. Louis

9

updated through
05/29/14

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
5

4

Corporate Aaa

Prime Rate

3

2

1

2-Year Swap

30-Day Nonfinancial Commercial Paper
0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Jan

2013

Mar

Apr

May

Apr

May

2014

Percent
4

3

10-Year Treasury
2

1

3-Month Treasury

FFR Target Range

|
|
|

0

Mar

Apr

May

Jun

Federal Funds Rate

|
|
|

|
|

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Research Division

10

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
3.5

Baa - 10Y

3.0

2.5

Aaa - 10Y
2.0

1.5

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

Apr

May

2014

Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
5.3

4.8

Jumbo
4.3

Conforming
3.8

3.3

2.8

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Research Division
Federal Reserve Bank of St. Louis

11

updated through
05/29/14

U.S. Financial Data
Treasury Note Yields
Averages of Daily Figures
Percent
4

30-Year
3

10-Year

2

5-Year
1

0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Apr

May

Jan

Feb

Mar
2014

Apr

May

Feb

Mar
2014

Apr

May

2013

Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
2

1

30-Year

0

10-Year

-1

5-Year
-2

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2013

Inflation-Indexed Treasury Yield Spreads
Averages of Daily Figures
Percent
3.0

30-Year
2.5

10-Year
2.0

5-Year
1.5

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Research Division

12

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.30

0.25

0.20

0.15

Jul 2014

0.10

May 2014

|
|
Jun 2014

0.05

FFR Target Rate Range
0.00

Dec

Jan

Feb

Mar

2013

Apr

May

2014

Rates on Federal Funds Futures on Selected Dates
Percent
0.11

Week Ending:
04/01/14
04/30/14
05/28/14
0.10

0.09

0.08

0.07

May 2014

Jun 2014

Jul 2014

Aug 2014

Sep 2014

Oct 2014

Contract Month

Research Division
Federal Reserve Bank of St. Louis

13

updated through
05/29/14

U.S. Financial Data

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

February 5, 1971 = 100

19000

4800

18000

4500

17000

4200

16000

3900

Dow Jones (left scale)
15000

3600

14000

3300

NASDAQ (right scale)
13000

3000

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013
*The S&P Dow Jones Indices LLC series are Copyright

Mar

Apr

May

2014

2014, S&P Dow Jones Indices LLC. All rights reserved.

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

1941-43 = 10

22000

2100

21000

2000

20000

1900

19000

1800

18000

1700

S&P* (right scale)
17000

1600

Wilshire** (left scale)

16000

1500

15000

1400

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2013
*The S&P Dow Jones Indices LLC series are Copyright

Jan

Feb

Mar

Apr

May

2014

2014, S&P Dow Jones Indices LLC. All rights reserved.

**Source: Wilshire Associates Incorporated, www.wilshire.com

Research Division

14

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
110

105

100

95

90

85

Mar

Apr

May

Jun

Jul

Aug

Sep

Nov

Oct

Dec

Jan

Feb

2013

Mar

Apr

May

2014

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
106

104

05/21/2014

102

05/28/2014
100

98

96

94

92

Jul

Aug

Sep

Oct
2014

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2015

Research Division
Federal Reserve Bank of St. Louis

15

updated through
05/29/14

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
7.0

6.5

6.0

5.5

5.0

4.5

4.0

3.5

3.0

Mar

Apr

May

Jun

Jul

Aug

Sep

Nov

Oct

Dec

Jan

Feb

Mar

2013

Apr

May

2014

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
4.8

4.7

05/28/2014
4.6

4.5

4.4

05/21/2014
4.3

4.2

4.1

4.0

Jun

Jul

Aug

Sep
2014

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2015

Research Division

16

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

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

January 1987=100

81

105

Broad Index (right scale)
79

103

77

101

75

99

Major Index (left scale)

73

97

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

2014

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

0.80

105

0.78

103

0.76

101

0.74

99

0.72

97

Euro (left scale)

Japan (right scale)
0.70

95

0.68

93

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2014

Research Division
Federal Reserve Bank of St. Louis

17

updated through
05/29/14

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1210
1200
1190
1180
1170
1160
1150
1140
1130
1120
1110
1100
1090

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

2014

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

Billions of dollars

1100

7500

1000

7000

900

6500

Savings (right scale)

800

6000

700

5500

Small Time (left scale)
600

5000

500

4500

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2014

Research Division

18

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1900

1700

Institutional Money
1500

1300

1100

900

Retail Money
700

500

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

Apr

May

2014

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.50

0.45

0.40

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer and other broker-dealer credit.
This category also contains asset-backed commercial paper money market mutual fund liquidity facility, credit extended to American International
Group, Inc.,net, term asset-backed securities loan facility, and other credit extensions. Term auction credit is excluded.

Research Division
Federal Reserve Bank of St. Louis

19

updated through
05/29/14

U.S. Financial Data

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

Billions of dollars

10445

7650

10390

7600

10335

7550

10280

7500

10225

7450

Loans and Leases (right scale)
10170

7400

10115

7350

10060

7300

10005

7250

Bank Credit (left scale)

9950

7200

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

2014

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1710

920

1670

900

1630

880

Large Banks (right scale)
1590

860

1550

840

All Banks (left scale)
1510

820

1470

800

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2014

Research Division

20

Federal Reserve Bank of St. Louis

updated through
05/29/14

U.S. Financial Data

Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
290
280
270
260
250
240
230
220
210
200
190
180

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2013

Mar

Apr

May

Apr

May

2014

Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
650

600

550

500

Financial

450

400

350

Asset-Backed
300

250

200

Mar

Apr

May

Jun

Jul

Aug
2013

Sep

Oct

Nov

Dec

Jan

Feb

Mar
2014

Research Division
Federal Reserve Bank of St. Louis

21

updated through
05/29/14

U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper

Mar

90-Day
2-Year
Corporate Corporate Municipal
CDs
Interest
Non-Jumbo 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

7

0.07

0.08

0.47

4.38

5.07

4.41

0.07

0.05

0.35

1.55

2.71

3.65

14

0.05

0.08

0.50

4.41

5.10

4.47

0.08

0.05

0.36

1.59

2.72

3.66

21

Apr

0.06

0.08

0.52

4.42

5.11

4.51

0.08

0.06

0.42

1.67

2.74

3.64

28

0.06

0.08

0.57

4.33

5.00

4.43

0.08

0.05

0.46

1.73

2.72

3.56

0.06

0.08

0.56

4.31

5.02

4.44

0.08

0.03

0.45

1.75

2.77

3.60

0.05

0.08

0.51

4.24

4.92

4.32

0.08

0.04

0.38

1.63

2.68

3.53

18

0.06

0.08

0.52

4.22

4.86

4.32

0.09

0.04

0.40

1.67

2.67

3.48

25
May

4
11

0.05

0.08

0.54

4.22

4.86

4.33

0.10

0.03

0.43

1.74

2.71

3.48

2

0.05

0.08

0.55

4.19

4.81

4.33

0.09

0.03

0.43

1.70

2.66

3.44

9

0.05

0.08

0.54

4.17

4.79

4.31

0.09

0.03

0.41

1.65

2.62

3.42

16

0.06

0.08

0.51

4.15

4.77

4.26

0.08

0.03

0.39

1.59

2.57

3.40

23

0.05

0.08

0.50

4.18

4.78

4.28

0.09

0.03

0.36

1.55

2.54

3.40

30 *

0.06

.

0.50

4.17

4.71

.

0.09

0.04

0.38

1.53

2.48

3.33

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

Currency

Small
Time

Savings

Retail
Money

7268.3

641.3

Adjusted
Monetary
Base

Adjusted
Reserves

5

3897.582

2716.23

19

3963.311

2771.50

2

3884.985

2685.34

Institutional
Money

M2

11192

12424

11217

12418

1199

528.7

7267.6

638.8

1729.7

21

11191

12394

1200

527.6

7240.7

635.9

1730.6

28

11243

12456

1202

525.3

7303.8

637.0

1738.3

16

4011.644

2747.05

5

11265

12490

1202

524.1

7295.2

637.9

1748.5

30

3927.341

2744.24

12

11270

12493

1204

523.3

7320.7

641.0

1746.8

May 14

3928.140

2735.66

19

May

7
14

Apr

MZM

11275

12496

1206

524.7

7339.0

637.3

1745.9

28

3933.480

1197

528.9

1761.0

Mar

Apr

.

Exchange Rates

Bank Loans and Credit
Billions of dollars, seasonally adjusted
Bank
Credit

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(sa)

16

10334.9

7570.7

1690.1

907.2

281.8

0.101

10355.4

7584.3

1685.1

904.3

280.1

0.108

30

10364.9

7591.4

1690.1

906.8

272.9

10366.0

7589.0

1696.7

909.2

278.0

0.129

10403.8

7611.0

1698.8

910.8

Apr

76.3

102.4

0.723

102.0

76.5

102.6

0.724

102.1

25
May

11
18

0.161

7
14

May

Major
Exchange Exchange
Broad
Exchange Exchange
Rate:
Rate:
Euro/$
Yen/$
Rate Index Rate Index

Total
Borrowings

23

Apr

Loans and
Leases

76.6

102.9

0.724

102.4

2

76.4

102.7

0.722

102.4

273.1

0.130

9

76.1

102.3

0.721

101.8

21

.

.

.

.

268.2

0.138

16

76.4

102.4

0.729

101.8

28

.

.

.

.

267.4

0.148

23

76.6

102.4

0.731

101.5

Research Division

22

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 Reuters 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: The asset groups are aggregates of the following categories
on the H.4.1: Short-term lending to financial firms and markets is
the sum of repurchase agreements, term auction credit, commercial
paper funding facility, central bank liquidity swaps, money market
investor funding facility, other loans (less AIG loan), and other assets.
Rescue operations is the sum of credit extended to AIG, and net

Research Division
Federal Reserve Bank of St. Louis

portfolio holdings of Maiden Lanes I, II, III, and preferred interests in
AIA Aurora and ALICO Holdings. Operations focused on long term
credit conditions is the sum of Federal Reserve agency obligations held
outright, mortgage backed securities, the term asset-backed securities
loan facility (TALF), and the TALF LLC. Traditional portfolio is
the sum of treasury securities, gold certificate account, special drawing rights, coin, items in process of collection, and bank premises. On
the liability side, Source base is the sum of deposits of depository
institutions and Federal Reserve notes. Treasury financing account
appears on the H.4.1. Traditional liabilities and capital account is
the sum of deferred availability cash items, foreign official account
deposits, U.S. Treasury general account, accrued dividends, reverse
repurchase agreements, other deposits, and capital accounts. H.4.1
data are not seasonally adjusted.
Page 8: Federal Reserve Holdings of U.S. Treasury Securities
include nominal securities, 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
Deposits Held by Depository Institutions are interest-bearing deposits
with a specific maturity date offered by the Federal Reserve Banks.
For more information on the Term Deposit Facility, see
http://www.frbservices.org/centralbank/term_deposit_facility.html.
Page 9: Current data appear in the Federal Reserve Board’s H.4.1
release. For more information, see
http://www.federalreserve.gov/newsevents/recentactions.htm.
Page 10: 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 11: Yields on the 10-year U.S. Treasury security, Aaa- and Baarated corporate bonds, and the interest rate on 3-year conforming
mortgages appear in the Federal Reserve Board’s H.15 release. The
interest rates on jumbo mortgages (typically, mortgages in excess of
$417,000) are listed in the Wall Street Journal.
Page 12: Inflation-Indexed Treasury Yields are the most recently
issued inflation-indexed bonds of 5- ,10- , and 30-year original maturities. Inflation-Indexed Treasury Yield Spreads equal the difference
between yields on the most recently issued inflation-indexed bonds
and the unadjusted Treasury Note Yields of similar maturities.
Page 13: 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 15: 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 16: Natural Gas (Henry Hub) spot prices are from the U.S.
Energy Information Administration (EIA). 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 17: 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 18: 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.

23

U.S. Financial Data
Page 19: 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.
Total Borrowings include loans to depository institutions for (i)
primary, secondary, and seasonal credit and (ii) primary dealer and
other broker-dealer credit. This category also includes the assetbacked commercial paper money market mutual fund liquidity facility,
credit extended to American International Group, Inc., term assetbacked securities loan facility, and other credit extensions. Term auction credit is excluded. Data and recent information regarding Federal
Reserve lending programs appear in the Federal Reserve Board's
H.4.1 release at http://www.federalreserve.gov/releases/h41/Current/.
Page 20: 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 21: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 22: 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 and Federal 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.
Chicago Board of Trade
Federal funds futures contract.

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for all of its regional offices.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
U.S. Energy Information Administration (EIA)
Natural gas (Henry Hub) spot prices.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) spot
and futures prices, and natural gas (Henry Hub) futures prices.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.

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.
____ 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.

Dow Jones Indexes
Dow Jones Industrial Average.

____ 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.

Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.

Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.

NASDAQ Stock Market, Incorporated
NASDAQ Composite®.

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.

S&P Dow Jones Indices LLC
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reserved. Reproduction of S&P500 and Dow Jones Industrial
Average in any form is prohibited except with the prior written
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24

Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.

Research Division
Federal Reserve Bank of St. Louis


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102