The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
USFinancialData November 19, 2010 Final Edition Calendar of Releases Titles for the current week are links to their respective releases. MONDAY* November 15 Retail Sales (Oct) A: 1.2% PF: 0.7% TUESDAY WEDNESDAY THURSDAY* FRIDAY November 16 November 17 November 18 November 19 A: 0.4% PPI (Oct) PF: 0.8% Business Inventories (Sep) Core PPI (Oct) A: 0.9% PF: 0.8% A: -0.6% PF: 0.1% Housing Starts (Oct) A: 519K PF: 600K Initial Claims (11/13) A: 439K PF: 440K Building Permits (Oct) A: 550K PF: 570K CPI (Oct) Industrial Production (Oct) A: 0.2% PF: 0.3% A: 0.0% PF: 0.3% Capacity Utilization (Oct) A: 74.8% PF: 74.9% Core CPI (Oct) A: 0.0% PF: 0.1% Latest Issue Monetary Trends November 22 November 23 GDP (Q3) CF: 2.4% PF: 2.3% Corporate Profits (Q3) Existing Home Sales (Oct) CF: 4.50M PF: 4.50M November 24 November 25 November 26 December 2 December 3 Consumption (Oct) CF: 0.5% PF: 0.4% Core PCE (Oct) CF: 0.0% PF: 0.1% New Home Sales (Oct) CF: 310K PF: 313K Durable Goods (Oct) CF: 0.0% PF: 0.4% FOMC Minutes (previous meeting) November 29 November 30 December 1 Construct Spending (oct) CF: -0.4% Initial Claims (11/27) CF: N/A Factory Orders (Oct) CF: 0.6% Productivity (Q3) CF: 2.2% Nonfarm Payrolls (Nov) CF: 133K Unit Labor Cost (Q3) CF: -0.2% Private Payrolls (Nov) CF: 155K ISM Index (Nov) CF: 56.2 Unemployment Rate (Nov) CF: 9.6% Latest Issue National Economic Trends ISM Non Mfg Index (Nov) CF: 54.5 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, 2010. 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 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 11/18/10 U.S. Financial Data Adjusted Monetary Base Averages of Daily Figures, Seasonally Adjusted Billions of dollars 2300 2200 2100 2000 1900 1800 1700 Sep Oct Nov Dec Jan Feb Mar Apr May 2009 Jun Jul Aug Sep Oct Nov 2010 Adjusted Monetary Base To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 11/18/09 02/10/10 04/21/10 04/21/10 5.3 05/19/10 0.9 -8.6 06/16/10 1.6 -5.6 -8.1 05/19/10 06/16/10 07/14/10 08/25/10 07/14/10 0.2 -6.3 -8.6 -2.1 08/25/10 0.7 -4.3 -4.7 0.3 09/22/10 -0.9 -5.8 -6.7 -3.5 -6.0 -4.5 10/20/10 -1.6 -6.1 -7.1 -4.5 -6.7 -5.8 -12.3 11/17/10 -1.6 -5.7 -6.5 -4.1 -5.9 -5.0 -9.1 09/22/10 -1.9 -5.7 Research Division Federal Reserve Bank of St. Louis 3 updated through 11/18/10 U.S. Financial Data Adjusted Reserves Seasonally Adjusted Billions of dollars 1300 1250 1200 1150 1100 1050 1000 950 900 Sep Oct Nov Dec Jan Feb Mar Apr May 2009 Jun Jul Sep Aug Oct Nov 2010 Adjusted Reserves To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 11/04/09 01/27/10 04/07/10 05/05/10 06/02/10 06/30/10 08/11/10 04/07/10 17.5 05/05/10 1.1 -2.7 06/02/10 4.7 4.1 -23.7 06/30/10 0.7 -1.9 -24.0 -0.4 08/11/10 -0.5 -3.0 -18.8 -3.3 09/08/10 -1.4 -3.9 -17.2 -4.8 -13.3 -8.2 10/06/10 -4.6 -7.8 -20.0 -10.9 -18.4 -16.4 -22.8 11/03/10 -4.1 -6.8 -17.3 -8.9 -14.9 -12.5 -15.1 09/08/10 -14.6 -17.6 Research Division 4 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data MZM Averages of Daily Figures, Seasonally Adjusted Billions of dollars 9800 9750 9700 9650 9600 9550 9500 9450 9400 9350 9300 Sep Oct Nov Dec Jan Feb Mar Apr May 2009 Jun Jul Aug Sep Oct Nov 2010 MZM To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 11/09/09 02/01/10 04/12/10 04/12/10 -5.2 05/10/10 -5.3 -6.6 06/07/10 -3.3 -2.9 2.0 05/10/10 07/05/10 -3.0 -2.5 1.2 5.2 08/16/10 -1.7 -0.8 2.6 5.3 06/07/10 07/05/10 08/16/10 09/13/10 3.2 09/13/10 -0.5 0.8 4.4 7.0 5.8 8.4 10/11/10 0.6 2.1 5.8 8.1 7.5 9.8 13.2 11/08/10 1.2 2.8 6.1 8.2 7.7 9.5 11.6 11.0 Research Division Federal Reserve Bank of St. Louis 5 updated through 11/18/10 U.S. Financial Data M2 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 8900 8800 8700 8600 8500 8400 Sep Oct Nov Dec Jan Feb Mar Apr May 2009 Jun Jul Sep Aug Oct Nov 2010 M2 To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 11/09/09 02/01/10 04/12/10 -0.3 05/10/10 -0.3 0.7 06/07/10 1.8 4.0 04/12/10 05/10/10 06/07/10 07/05/10 08/16/10 09/13/10 7.8 07/05/10 1.5 3.1 5.0 7.5 08/16/10 1.8 3.2 4.4 5.7 1.8 09/13/10 2.3 3.8 5.1 6.2 3.5 5.2 10/11/10 2.9 4.3 5.7 6.7 4.7 6.3 8.5 11/08/10 3.2 4.6 5.8 6.7 5.1 6.4 7.9 7.9 Research Division 6 Federal Reserve Bank of St. Louis updated through 11/18/10 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 2010 Jul Aug Sep Oct Nov Apr May Jun 2010 Jul Aug Sep Oct Nov 2009 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 2009 Dec Jan Feb Mar Research Division Federal Reserve Bank of St. Louis 7 updated through 11/18/10 U.S. Financial Data Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities Averages of Daily Figures Billions of dollars 2400 2100 Reserve Bank Credit 1800 1500 1200 900 U.S. Treasury Securities 600 300 Sep Nov Oct Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov 2009 Term Auction Credit Averages of Daily Figures Billions of dollars 250 200 150 100 50 0 Sep Nov Oct 2009 Research Division 8 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Federal Reserve Purchases 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 2009 Jun 2010 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 50 45 40 35 30 25 20 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Research Division Federal Reserve Bank of St. Louis 9 updated through 11/18/10 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 2009 Jun 2010 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 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Research Division 10 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities Averages of Daily Figures Percent 5 4 Baa - 10Y 3 2 Aaa - 10Y 1 0 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Oct Nov Jul Aug Sep Oct Nov Interest Rates on 30 - Year Conforming and Jumbo Mortgages Averages of Daily Figures Percent 7.0 Jumbo 6.5 6.0 5.5 Conforming 5.0 4.5 4.0 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Research Division Federal Reserve Bank of St. Louis 11 updated through 11/18/10 U.S. Financial Data 10-Year Treasury Note Yield Averages of Daily Figures Percent 5 4 3 2 Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Mar Apr May Jun 2010 Jul Aug Sep Oct Nov May Jun 2010 Jul Aug Sep Oct Nov 2009 10-Year Inflation-Indexed Treasury Yield Averages of Daily Figures Percent 4 3 2 1 0 Sep Oct Nov Dec Jan Feb 2009 10-Year Inflation-Indexed Treasury Yield Spread Averages of Daily Figures Percent 3 2 1 0 Sep Oct Nov 2009 Dec Jan Feb Mar Apr Research Division 12 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Rates on Federal Funds Futures Contracts Daily Data Percent 0.4 Jan 2011 0.3 Dec 2010 || | Nov 2010 0.2 0.1 FFR Target Rate Range 0.0 Jun Jul Aug Sep Nov Oct 2010 Rates on Federal Funds Futures on Selected Dates Percent 0.22 Week Ending: 09/23/10 10/21/10 11/17/10 0.20 0.18 0.16 0.14 Nov 2010 Dec 2010 Jan 2011 Feb 2011 Mar 2011 Apr 2011 Contract Month Research Division Federal Reserve Bank of St. Louis 13 updated through 11/18/10 U.S. Financial Data Dow Jones Industrial Average and NASDAQ Composite Averages of Daily Figures Closing Price February 5, 1971 = 100 13000 2600 12000 2400 NASDAQ (right scale) 11000 2200 10000 2000 Dow Jones (left scale) 9000 1800 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Oct Nov Wilshire 5000 and Standard & Poor's 500 Averages of Daily Figures January 2, 1980 = 1078.29 1941-43 = 10 13000 1300 12500 1250 12000 1200 Wilshire** (left scale) 11500 1150 11000 1100 S&P* (right scale) 10500 1050 10000 1000 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov *Copyright 2010 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 11/18/10 U.S. Financial Data Crude Oil Spot Prices West Texas Intermediate, Averages of Daily Figures Dollars per barrel 90 85 80 75 70 65 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Jul Aug Aug Sep Oct Nov Crude Oil Futures Prices West Texas Intermediate Dollars per barrel 92 90 88 11/10/2010 86 84 82 11/17/2010 80 Dec Jan 2010 Feb Mar Apr May Jun 2011 Sep Oct Nov Research Division Federal Reserve Bank of St. Louis 15 updated through 11/18/10 U.S. Financial Data Natural Gas Spot Prices Henry Hub, Averages of Daily Figures Dollars per million btu 7 6 5 4 3 2 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Jul Aug Aug Sep Oct Nov Natural Gas Futures Prices Henry Hub Dollars per million btu 4.7 4.6 4.5 4.4 11/10/2010 4.3 4.2 4.1 11/17/2010 4.0 Dec 2010 Jan Feb Mar Apr May Jun 2011 Sep Oct Nov Research Division 16 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Trade-Weighted Exchange Rate Indexes Averages of Daily Figures March 1973=100 January 1987=100 90 110 85 105 Broad Index (right scale) 80 100 75 95 Major Index (left scale) 70 90 65 85 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Oct Nov Exchange Rates Averages of Daily Figures Euro/US$ Yen/US$ 0.85 112 0.80 108 Euro (left scale) 0.75 104 0.70 100 0.65 96 Japan (right scale) 0.60 92 0.55 88 0.50 84 0.45 80 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Research Division Federal Reserve Bank of St. Louis 17 updated through 11/18/10 U.S. Financial Data Currency Component of M1 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 920 910 900 890 880 870 860 850 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Oct Nov Savings and Small Time Deposits Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 1500 5700 1420 5300 Savings (right scale) 1340 4900 1260 4500 1180 4100 Small Time (left scale) 1100 3700 1020 3300 940 2900 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Research Division 18 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Institutional and Retail Money Funds Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 2500 2100 2300 1900 2100 1700 Institutional Money (left scale) 1900 1500 1700 1300 1500 1100 1300 900 Retail Money (right scale) 1100 700 900 500 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Nov Oct Total Borrowings from Federal Reserve Banks Averages of Daily Figures Billions of dollars 120 110 100 90 80 70 60 50 40 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov 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 11/18/10 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 2009 Jun 2010 Jul Aug Sep Oct Nov As of the week ending March 31, 2010, domestically chartered banks and foreign-related institutions had consolidated onto their balance sheets assets and liabilities of off-balance sheet vehicles owing to the adoption of FASB's Financial Accounting Statements No. 166 and No. 167. For more information, see the notes to the Apr. 9. 2010, H.8 release at http://www.federalreserve.gov/releases/h8/20100409/. Commercial and Industrial Loans Seasonally Adjusted Billions of dollars Billions of dollars 1400 800 All Banks (left scale) 1350 750 1300 700 1250 650 Large Banks (right scale) 1200 600 1150 550 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Jul Aug Sep Oct Nov Research Division 20 Federal Reserve Bank of St. Louis updated through 11/18/10 U.S. Financial Data Commercial Paper Outstanding of Nonfinancial Companies Seasonally Adjusted Billions of dollars 170 150 130 110 90 Sep Nov Oct Dec Jan Feb Mar Apr May 2009 Jun 2010 Jul Aug Sep Oct Nov Jul Aug Sep Oct Nov Commercial Paper Outstanding: Financial and Asset-Backed Seasonally Adjusted Billions of dollars 800 700 Financial 600 500 Asset-Backed 400 300 Sep Nov Oct 2009 Dec Jan Feb Mar Apr May Jun 2010 Research Division Federal Reserve Bank of St. Louis 21 updated through 11/18/10 U.S. Financial Data Interest Rates Percent 30-Day Comm. Paper 90-Day CDs Aug 27 0.20 0.29 0.68 4.31 5.51 3 0.20 0.28 0.68 4.39 5.59 10 0.21 0.28 0.72 4.50 17 0.21 0.28 0.70 4.59 24 0.20 0.28 0.64 4.55 Sep Oct Nov Federal Funds 3-Month Treasury Bill 2-Year Treasury Securities 5-Year Treasury Securities 10-Year Treasury Securities 30-Year Treasury Securities 3.88 0.19 0.16 0.52 1.41 2.56 3.61 3.86 0.19 0.14 0.50 1.41 2.59 3.66 5.67 3.92 0.19 0.14 0.54 1.51 2.71 3.78 5.73 3.89 0.19 0.15 0.50 1.47 2.74 3.86 5.66 3.83 0.21 0.16 0.45 1.36 2.61 3.78 2-Year Corporate Corporate Municipal Interest Rate Swap Aaa Bonds Baa Bonds Bonds 1 0.20 0.27 0.61 4.52 5.58 3.84 0.20 0.16 0.42 1.27 2.52 3.69 8 0.20 0.27 0.56 4.56 5.59 3.84 0.19 0.13 0.38 1.17 2.45 3.72 15 0.21 0.27 0.53 4.71 5.74 3.82 0.18 0.14 0.37 1.16 2.50 3.88 22 0.22 0.27 0.53 4.71 5.76 3.84 0.19 0.14 0.36 1.14 2.54 3.92 29 0.20 0.27 0.54 4.77 5.80 3.96 0.19 0.13 0.38 1.24 2.67 4.00 5 0.21 0.27 0.50 4.75 5.79 4.02 0.20 0.13 0.35 1.11 2.61 4.04 12 0.19 0.26 0.64 4.90 5.95 4.24 0.18 0.13 0.46 1.25 2.68 4.22 19 * 0.21 0.26 0.71 5.00 6.05 . 0.19 0.14 0.51 1.50 2.89 4.32 *Averages of rates available Money Stock and Components Reserves and Base Billions of dollars, seasonally adjusted Billions of dollars, seasonally adjusted M2 MZM Currency Sep 27 8733.1 9644.1 902.0 Oct Nov Small Time Institutional Money Adjusted Monetary Base Adjusted Reserves Savings Retail Money 985.6 5238.2 730.2 1896.6 Aug 25 2030.170 1128.03 Sep 4 8752.5 9690.5 903.9 978.8 5255.4 729.3 1916.8 11 8760.6 9683.1 904.9 974.2 5286.5 727.1 1896.7 18 8773.4 9700.4 907.6 968.7 5317.4 723.1 1895.7 25 8763.8 9674.6 909.2 963.4 5300.4 719.6 1874.2 1 8786.2 9738.9 911.1 957.3 5322.4 718.0 1910.0 8 8802.2 9754.8 912.6 952.5 5252.4 717.2 1905.1 Bank Loans and Credit Oct Nov 8 2005.543 1107.60 22 1998.868 1099.68 6 1972.192 1065.62 20 2003.163 1087.42 3 1985.149 1082.55 17 1983.515 . Exchange Rates Billions of dollars, seasonally adjusted Oct Nov Bank Credit Loans and Leases C&I Loans (All) C&I Loans (Large) Comm. Paper (sa) Total Borrowings Major Exchange Broad Exchange Exchange Rate: Euro/$ Rate Index Rate Index Exchange Rate: Yen/$ 6 9261.4 6810.9 1215.6 600.0 139.4 49.153 1 73.5 100.0 0.735 83.7 13 9263.3 6788.0 1214.3 600.1 144.9 49.121 8 72.5 99.1 0.722 82.7 20 9231.6 6789.0 1221.3 605.6 145.7 48.582 15 71.9 98.4 0.716 81.6 27 9219.2 6783.3 1225.0 607.3 141.4 47.844 22 72.4 98.9 0.718 81.3 3 9248.7 6795.5 1223.0 607.1 147.1 47.154 29 72.5 99.0 0.720 81.0 5 71.5 98.1 0.712 81.0 12 72.2 98.5 0.724 81.8 10 . . . . 138.4 46.703 17 . . . . 140.8 46.565 Oct 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 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 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: 10-Year Inflation-Indexed Treasury Yield is the most 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 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 23 U.S. Financial Data are at all depository institutions. 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 24 Dow Jones Industrial Average. 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