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USFinancialData

November 17, 2011
Advance Edition

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

MONDAY*
November 14

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

November 15

November 16

November 17

November 18

Retail Sales (Oct)
A: 0.5%
PF: 0.2%

CPI (Oct)
PF: 0.0%

Initial Claims (11/12)
A: 388K
PF: 395K

Business Inventories (Sep)
Core CPI (Oct)
A: 0.0%
PF: 0.1%
A: 0.1%
PF: 0.1%

Housing Starts (Oct)
A: 628K
PF: 610K

A: -0.3%

PPI (Oct)
PF: -0.1%

Core PPI (Oct)
A: 0.0%
PF: 0.1%

November 21
Existing Home Sales (Oct)
CF: N/A
PF: N/A

November 22
CF: N/A

GDP (Q3)
PF: N/A

A: -0.1%

Industrial Production (Oct)
Building Permits (Oct)
A: 0.7%
PF: 0.4%
PF: 600K
A: 653K
Capacity Utilization (Oct)
A: 77.8%
PF: 77.6%

Latest Issue
Monetary Trends

November 23

November 24

November 25

December 1

December 2

Initial Claims (11/19)
CF: N/A
PF: N/A

Corporate Profits (Q3)

Durable Goods (Oct)
CF: N/A
PF: N/A

FOMC Minutes
(previous meeting)

Consumption (Oct)
CF: N/A
PF: N/A
Core PCE (Oct)
CF: N/A
PF: N/A

November 28

November 29

November 30
Productivity (Q3)
CF: N/A

Initial Claims (11/26)
CF: N/A

Nonfarm Payrolls (Nov)
CF: N/A

Unit Labor Cost (Q3)
CF: N/A

ISM Index (Nov)
CF: N/A

Private Payrolls (Nov)
CF: N/A

Current Economic
Conditions (Beige Book)

New Home Sales (Oct)
CF: N/A

Construct Spending (Oct)
CF: N/A

Unemployment Rate (Nov)
CF: N/A
Latest Issue
National Economic Trends

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, 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
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
11/17/11

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
2800

2700

2600

2500

2400

2300

2200

2100

2000

1900

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2010

Jun

Jul

Aug

Sep

Oct

Nov

2011

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

Compounded annual rates of change, average of two maintenance periods ending:
11/17/10

02/09/11

04/20/11

05/18/11

06/15/11

04/20/11

65.2
66.3

93.6

42.6

07/13/11

58.9

75.5

31.9

40.0

08/24/11

49.0

56.8

21.7

23.1

09/21/11

99.6

06/15/11

08/24/11

75.9

05/18/11

07/13/11

7.2

09/21/11

42.6

46.6

15.6

15.2

2.5

-1.4

10/19/11

38.4

40.4

12.9

12.2

1.8

-1.1

-4.5

11/16/11

33.3

33.5

8.8

7.5

-1.4

-4.3

-8.1

-7.9

Research Division
Federal Reserve Bank of St. Louis

3

updated through
11/17/11

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
1800

1700

1600

1500

1400

1300

1200

1100

1000

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2010

Jun

Jul

Sep

Aug

Oct

Nov

2011

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/03/10

01/26/11

04/06/11

108.5
106.0

188.7

06/01/11

06/29/11

08/10/11

09/07/11

225.1

06/01/11

05/04/11

121.9

05/04/11

04/06/11

67.9

06/29/11

99.0

157.4

63.1

71.1

08/10/11

83.0

116.1

44.6

43.6

28.3

09/07/11

69.3

90.2

29.2

25.4

11.3

-2.2

10/05/11

61.1

75.7

22.8

18.7

6.9

-3.6

-14.9

11/02/11

54.9

65.5

19.0

15.0

5.0

-3.6

-11.2

-5.2

Research Division

4

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
10600

10400

10200

10000

9800

9600

9400

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2010

Jun

Jul

Aug

Sep

Oct

Nov

2011

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/08/10

01/31/11

04/11/11

05/09/11

04/11/11

6.5
6.7

9.3

7.4

9.8

12.0

10.4

08/15/11

9.4

12.3

15.1

15.1

09/12/11

11.8

07/04/11

08/15/11

9.5

06/06/11

07/04/11

4.9

05/09/11

06/06/11

17.9

09/12/11

9.8

12.4

14.8

14.7

16.6

18.3

10/10/11

9.7

12.0

13.8

13.6

14.7

15.4

11.0

11/07/11

9.0

10.9

12.1

11.7

12.3

12.3

7.8

5.2

Research Division
Federal Reserve Bank of St. Louis

5

updated through
11/17/11

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
9750

9500

9250

9000

8750

8500

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2010

Jun

Jul

Sep

Aug

Oct

Nov

2011

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/08/10

01/31/11

04/11/11

5.2
5.3

5.8

06/06/11

07/04/11

08/15/11

09/12/11

5.9

06/06/11

05/09/11

4.7

05/09/11

04/11/11

7.0

07/04/11

6.5

7.7

10.1

10.9

08/15/11

10.3

12.9

17.7

20.4

27.0

09/12/11

10.9

13.5

17.6

19.7

24.1

27.2

10/10/11

10.4

12.5

15.6

16.9

19.6

20.5

11.0

11/07/11

9.9

11.5

13.8

14.7

16.4

16.4

8.3

4.1

Research Division

6

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
3500
Short-Term Lending to Financial Firms and Markets
Rescue Operations

3000

Operations Focused on Longer-Term Credit Conditions
Traditional Portfolio
Traditional Portfolio and Long-Term Assets

2500

2000

1500

1000

500

0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

2010

Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
3000
Source Base (not adjusted for reserve requirement changes)
Treasury Financing Account
Traditional Liabilities and Capital Account

2500

2000

1500

1000

500

0

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Research Division
Federal Reserve Bank of St. Louis

7

updated through
11/17/11

U.S. Financial Data

Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
3000

2400

Reserve Bank Credit
1800

U.S. Treasury Securities
1200

600

0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

2010

Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
6

5

4

3

2

1

0

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

Research Division

8

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Billions of Dollars
1200

1000

Mortgage-Backed Securities
800

600

400

200

Purchases of Agency Debt
0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Oct

Nov

Federal Reserve Holdings in the Term Asset-Backed Securities Loan Facility
Averages of Daily Figures
Billions of Dollars
41

37

33

29

25

21

17

13

9

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Research Division
Federal Reserve Bank of St. Louis

9

updated through
11/17/11

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
7

6

Corporate Aaa
5

4

Prime Rate
3

2

2-Year Swap
1

30-Day Nonfinancial Commercial Paper
0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Aug

Sep

Oct

Nov

Percent
5

4

10-Year Treasury

3

2

1

3-Month Treasury

FFR Target Range

|
|

Federal Funds Rate

|
|
|

|
|

0

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Research Division

10

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
4

3

Baa - 10Y

2

Aaa - 10Y
1

0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Jul

Aug

Sep

Oct

Nov

Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
6.0

5.5

Jumbo

5.0

4.5

Conforming
4.0

3.5

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Research Division
Federal Reserve Bank of St. Louis

11

updated through
11/17/11

U.S. Financial Data
Treasury Note Yields
Averages of Daily Figures
Percent
5

30-Year

4

3

10-Year

2

5-Year

1

0

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Feb

Jan

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Jun
2011

Jul

Aug

Sep

Oct

Nov

2010

Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
3

30-Year

2

1

10-Year
0

5-Year
-1

-2

Sep

Oct

Nov

Dec

Jan

2010

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

30-Year
2.5

2.0

10-Year

5-Year

1.5

1.0

Sep

Oct

Nov
2010

Dec

Jan

Feb

Mar

Apr

May

Research Division

12

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.30

0.25

0.20

Jan 2012
0.15

Nov 2011

0.10

Dec 2011
0.05

FFR Target Rate Range
0.00

Jun

Jul

Aug

Sep

Nov

Oct

2011

Rates on Federal Funds Futures on Selected Dates
Percent
0.12

Week Ending:
09/22/11
10/20/11
11/16/11
0.11

0.10

0.09

0.08

0.07

Nov 2011

Dec 2011

Jan 2012

Feb 2012

Mar 2012

Apr 2012

Contract Month

Research Division
Federal Reserve Bank of St. Louis

13

updated through
11/17/11

U.S. Financial Data

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

February 5, 1971 = 100

15000

3000

NASDAQ (right scale)
14000

2800

13000

2600

12000

2400

Dow Jones (left scale)
11000

2200

10000

2000

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

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

1941-43 = 10

15000

1500

14000

1400

Wilshire** (left scale)
13000

1300

S&P* (right scale)
12000

1200

11000

1100

10000

1000

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

*Copyright 2011 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

14

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
115

110

105

100

95

90

85

80

75

70

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Jul

Aug

Aug

Sep

Oct

Nov

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
103.0

101.5

11/16/2011
100.0

98.5

97.0

95.5

11/09/2011

94.0

Dec

Jan

2011

Feb

Mar

Apr

May

Jun
2012

Sep

Oct

Nov

Research Division
Federal Reserve Bank of St. Louis

15

updated through
11/17/11

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
5.0
4.8
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Jul

Aug

Aug

Sep

Oct

Nov

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
4.1

4.0

3.9

3.8

3.7

11/09/2011

3.6

3.5

11/16/2011
3.4

3.3

Dec
2011

Jan

Feb

Mar

Apr

May

Jun
2012

Sep

Oct

Nov

Research Division

16

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

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

January 1987=100
105

85

Broad Index (right scale)
81

101

77

97

73

93

Major Index (left scale)
69

89

65

85

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

0.8

107

Euro (left scale)

0.7

99

0.6

91

Japan (right scale)
0.5

83

0.4

75

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Research Division
Federal Reserve Bank of St. Louis

17

updated through
11/17/11

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
990

970

950

930

910

890

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

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

Billions of dollars

1200

6000

Savings (right scale)
1100

5500

1000

5000

Small Time (left scale)
900

4500

800

4000

700

3500

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Research Division

18

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
2100

1900

Institutional Money
1700

1500

1300

1100

900

Retail Money
700

500

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

2010

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
80

70

60

50

40

30

20

10

0

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

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
11/17/11

U.S. Financial Data

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

Billions of dollars

9550

7750

9300

7500

Bank Credit (left scale)
9050

7250

8800

7000

8550

6750

Loans and Leases (right scale)

8300

6500

8050

6250

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1325

725

1300

700

1275

675

1250

650

All Banks (left scale)
Large Banks (right scale)
1225

625

1200

600

1175

575

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Jul

Aug

Sep

Oct

Nov

Research Division

20

Federal Reserve Bank of St. Louis

updated through
11/17/11

U.S. Financial Data

Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
200

190

180

170

160

150

140

130

120

110

Sep

Nov

Oct

Dec

Jan

Feb

Mar

Apr

May

2010

Jun
2011

Jul

Aug

Sep

Oct

Nov

Jul

Aug

Sep

Oct

Nov

Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
700

600

Financial

500

400

Asset-Backed

300

Sep

Nov

Oct
2010

Dec

Jan

Feb

Mar

Apr

May

Jun
2011

Research Division
Federal Reserve Bank of St. Louis

21

updated through
11/17/11

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

90-Day
CDs

Aug 26

0.10

0.30

0.51

4.37

5.40

Sep

0.09

0.31

0.50

4.34

5.40

2

Federal
Funds

3-Month
Treasury
Bill

2-Year
Treasury
Securities

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.09

0.09

0.01

0.22

0.97

2.19

3.53

4.14

0.09

0.02

0.20

0.93

2.17

3.52

2-Year
Corporate Corporate Municipal
Interest
Rate Swap Aaa Bonds Baa Bonds
Bonds

9

0.31

0.52

4.11

5.24

4.05

0.08

0.02

0.20

0.87

1.99

3.30

0.09

0.32

0.52

4.14

5.33

4.07

0.09

0.01

0.20

0.91

2.03

3.32

23

0.09

0.34

0.49

3.98

5.18

3.85

0.09

0.01

0.20

0.85

1.87

3.02

30

0.07

0.35

0.54

4.06

5.31

3.93

0.08

0.02

0.26

0.96

1.97

3.02

7

0.08

0.36

0.63

3.91

5.26

4.14

0.07

0.01

0.27

0.96

1.93

2.88

14

0.09

0.37

0.67

4.10

5.52

4.17

0.07

0.02

0.30

1.14

2.22

3.17

21

0.09

0.37

0.64

3.98

5.41

4.08

0.07

0.03

0.28

1.07

2.20

3.18

28

Oct

0.09

16

0.08

0.37

0.63

3.97

5.36

4.12

0.07

0.02

0.29

1.11

2.28

3.29

4

0.11

0.37

0.58

3.84

5.11

4.02

0.08

0.01

0.23

0.91

2.07

3.07

11

0.11

0.39

0.62

3.88

5.12

4.02

0.08

0.01

0.25

0.90

2.05

3.08

18 *

Nov

0.10

0.42

0.71

3.91

5.18

.

0.08

0.01

0.25

0.91

2.04

3.08

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

Sep 26

MZM

Currency

9586.7

10522

982.9

Small
Time

793.2

Savings

Retail
Money

5931.4

714.4

Aug 24

2689.167

1700.98

Sep

3

9604.9

10573

982.2

790.1

5899.8

716.9

1758.5

9622.0

10573

982.8

787.2

5958.1

718.9

1737.9

17

9628.0

10563

984.4

783.9

5971.3

722.2

1718.6

24

9592.2

10528

985.6

780.2

5964.5

722.2

1715.9

31
Nov

9602.0

10549

986.8

777.1

5954.6

718.1

1724.2

7

9649.9

10588

986.9

773.1

6003.7

717.9

1710.8

Bank Loans and Credit

Adjusted
Reserves

1728.2

10

Oct

Adjusted
Monetary
Base

Institutional
Money

1687.65

2684.606

1703.63

5

2656.666

1665.92

2698.801

1700.76

2

2637.240

1660.07

16

Nov

2672.513

19

Oct

7
21

2652.065

.

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

Loans and
Leases

C&I
Loans
(All)

C&I
Loans
(Large)

Comm.
Paper
(sa)

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

Total
Borrowings

Exchange
Rate:
Yen/$

9329.5

6872.1

1308.2

676.7

184.0

11.406

Sep 30

72.3

99.7

0.737

76.6

9339.1

6865.8

1310.2

681.5

185.1

11.374

Oct

7

73.2

100.5

0.748

76.8

19

9336.4

6863.4

1313.7

682.8

187.4

11.260

14

71.7

98.8

0.727

77.1

26
Nov

5
12

Oct

9352.4

6862.7

1314.7

683.9

196.1

11.096

21

71.4

98.8

0.727

76.7

2

9396.6

6909.6

1319.5

686.4

195.6

10.894

28

70.4

97.7

0.714

75.9

4

71.4

98.5

0.725

78.1

11

71.7

98.8

0.731

77.8

9

.

.

.

.

196.4

10.619

16

.

.

.

.

198.7

10.520

Nov

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 on these programs, 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 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 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.

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

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/.

Standard & Poor’s
Standard & Poor’s 500 composite index.

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.
Dow Jones Indexes
Dow Jones Industrial Average.

24

NASDAQ Stock Market, Incorporated
NASDAQ Composite®.

U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) and
natural gas (Henry Hub) spot and 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.
____ 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.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
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.
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