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USFinancialData

November 21, 2003
Final Edition

Calendar of Releases
Titles below are links to their respective web sites.

MONDAY*
November 17
Business Inventories (Sep)
A: 0.3%
P: –0.1%
Treasury Budget (Oct)
A: –$69.5B P: –$71.0B

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

November 18

November 19

November 20

November 21

A: 0.0%

CPI (Oct)
P: 0.1%

Latest issue
Monetary Trends

Housing Starts (Oct)
A: 1.96M
P: 1.85M

Initial Claims
A: 355K
P: 365K

Building Permits (Oct)
A: 1.97M
P: 1.84M

Leading Indicators (Oct)
A: 0.4%
P: 0.2%

The USFD for November 27 and 28
will be posted on December 1.

November 24

November 25
F: 8.0%

GDP (Q3)
P: 7.6%

Corporate Profits (Q3)

November 26
Personal Income (Oct)
F: 0.4%
P: 0.4%
Consumption (Oct)
F: 0.1%
P: 0.1%

Consumer Conf (Nov)
F: 85.0
P: 84.5

November 28

Initial Claims
F: 360K
P: 370K
(will be released on
11/26 because of the
Thanksgiving holiday)

New Home Sales (Oct)
F: 1122K
P: 1128K

Existing Home Sales (Oct)
F: 6.65M
P: 6.48M

November 27

Durable Goods (Oct)
F: 0.8%
P: 0.9%
Current Economic
Conditions (Beige Book)

December 1

December 2

December 3

December 4
Initial Claims
F: 360K

December 5

ISM Index (Nov)
F: 57.0

Productivity (Q3)
F: 8.3%

Factory Orders (Oct)
F: 0.8%

Construc Spending (Oct)
F: 0.7%

Unit Labor Costs (Q3)
F: –5.1%

Nonfarm Payrolls (Nov)
F: 150K

Latest issue
National Economic Trends

ISM Non Mfg Index (Nov)
F: 64.0

Unemployment Rate (Nov)
F: 6.0%
Consumer Credit (Oct)
F: $5.0B

DEFINITIONS: A, actual value; P, previous week’s forecast; F, current week’s forecast; K, thousand; M, million; B, billion.
*The Board of Governors of the Federal Reserve System provides H.3, H.4.1, and H.6 releases each Thursday and H.10 and H.15 releases
each Monday.
Forecast data are from Thomson Financial. ©Thomson Financial, 2003. All Rights Reserved. Use, duplication, or sale of this service or the
data contained herein, except as described in the Federal Reserve Bank of St. Louis Subscription Agreement, is strictly prohibited.

research.stlouisfed.org

Contents
Page
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Yields on Selected Securities
Yields on Nominal and Inflation-Indexed Treasury Securities
Federal Funds Futures Market
Equity Price Indices
Crude Oil Prices
Natural Gas Prices
Exchange Rates
Currency, Savings, and Small Time Deposits
Large Time Deposits, Retail Money Funds, and Borrowings from Federal Reserve Banks
Bank Loans
Commercial Paper
Reference Tables
Notes

Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 7, 10, 12 (top chart), 13, and 18 (top and bottom right tables), the last observation is a daily average that
incorporates all available data at the time of publication, which usually includes observations for the first three trading
days of the week (Monday through Wednesday). The previous observations signify that week’s average.

We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
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
11/20/03

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
770

760

750

740

730

720

710

700

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

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

Compounded annual rates of change, average of two maintenance periods ending:
11/13/02

02/05/03

04/16/03

05/14/03

06/11/03

07/09/03

08/20/03

04/16/03

8.1

05/14/03

7.6

6.6

06/11/03

7.4

6.5

5.7

07/09/03

6.5

5.3

3.7

3.1

08/20/03

6.6

5.7

4.8

4.8

4.1

09/17/03

6.2

5.3

4.4

4.3

3.7

5.3

10/15/03

6.1

5.3

4.5

4.4

4.0

5.2

3.8

11/12/03

6.1

5.3

4.6

4.6

4.2

5.2

4.3

09/17/03

5.1

Research Division
Federal Reserve Bank of St. Louis

3

updated through
11/20/03

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
101

98

95

92

89

86

83

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/13/02

02/05/03

04/16/03

05/14/03

06/11/03

07/09/03

08/20/03

04/16/03

3.2

05/14/03

2.6

-9.8

06/11/03

7.8

0.8

07/09/03

5.3

-1.5

9.5

14.8

08/20/03

7.1

2.3

12.0

15.9

5.0

09/17/03

8.3

4.5

13.7

17.1

9.5

19.0

10/15/03

5.5

1.3

7.5

9.1

1.9

5.9

-1.9

11/12/03

6.1

2.4

8.2

9.6

3.8

7.4

2.8

09/17/03

21.5

-5.5

Research Division

4

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6600

6500

6400

6300

6200

6100

6000

5900

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/11/02

02/03/03

04/14/03

04/14/03

7.3
8.1

6.8

07/07/03

08/18/03

09/15/03

5.0

06/09/03

06/09/03

6.5

05/12/03

05/12/03

12.7

07/07/03

9.7

9.6

16.0

18.0

08/18/03

10.2

10.3

15.1

16.0

17.0

09/15/03

9.2

8.9

12.0

12.0

11.6

7.4

10/13/03

8.0

7.3

9.3

8.9

7.9

4.0

-2.5

11/10/03

6.6

5.6

6.8

6.0

4.7

1.0

-4.6

-6.4

Research Division
Federal Reserve Bank of St. Louis

5

updated through
11/20/03

U.S. Financial Data

M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6300

6200

6100

6000

5900

5800

5700

5600

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/11/02

02/03/03

04/14/03

05/12/03

06/09/03

07/07/03

08/18/03

04/14/03

5.3

05/12/03

7.0

8.1

06/09/03

7.9

9.4

15.7

07/07/03

8.5

9.9

14.6

13.2

08/18/03

8.7

10.0

13.1

11.9

11.1

09/15/03

7.7

8.4

10.2

8.6

7.1

5.1

10/13/03

6.6

6.9

7.8

6.1

4.4

2.3

-3.3

11/10/03

5.7

5.6

5.9

4.3

2.6

0.6

-4.0

09/15/03

-4.8

Research Division

6

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
7

Corporate Aaa

6

5

Prime Rate
4

3

2-Year Swap
2

1

Commercial Paper
0

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Percent
6

5

10-Year Treasury
4

3

2

Intended Federal Funds Rate
Federal Funds Rate
1

3-Month Treasury
0

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2003

Research Division
Federal Reserve Bank of St. Louis

7

updated through
11/20/03

U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6

5

4

3

2

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun
2003

Jul

Aug

Sep

Oct

Nov

Apr

May

Jun
2003

Jul

Aug

Sep

Oct

Nov

May

Jun
2003

Jul

Aug

Sep

Oct

Nov

2002

10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4

3

2

1

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2002

10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
3.0

2.0

1.0

0.0

Sep

Oct

Nov
2002

Dec

Jan

Feb

Mar

Apr

Research Division

8

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
1.3

1.2

1.1

Dec 2003
Intended Target Rate

Jan 2004

|
|

1.0

Nov 2003
0.9

0.8

Jun

Jul

Aug

Sep

Oct

Nov

2003

Rates on Federal Funds Futures on Selected Dates
Percent
1.20

1.15

1.10

10/22/03

11/19/03

1.05

09/23/03

1.00

0.95

Nov 2003

Dec 2003

Jan 2004

Feb 2004

Mar 2004

Apr 2004

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
11/20/03

U.S. Financial Data

Dow Jones Industrial Average
Averages of Daily Figures

10500

10000

9500

9000

8500

8000

7500

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

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

1941-43 = 10

11000

1100

10500

1050

10000

1000

9500

950

S&P* (right scale)
9000

900

8500

850

Wilshire** (left scale)
8000

800

7500

750

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2003

*Copyright 2003 The McGraw-Hill Companies, Inc. Standard & Poor’s including its subsidiary corporations ("S&P") is a division of
The McGraw-Hill Companies, Inc. Reproduction of this data in any form is prohibited without S&P’s prior written permission.
**Source: Wilshire Associates Incorporated, www.wilshire.com

Research Division

10

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
40

36

32

28

24

20

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
33

32

31

30

29

11/19/2003
28

11/12/2003
27

Dec

Jan

2003

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2004

Research Division
Federal Reserve Bank of St. Louis

11

updated through
11/20/03

U.S. Financial Data

Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
14

12

10

8

6

4

2

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
5.10

5.00

4.90

4.80

4.70

11/12/2003
4.60

11/19/2003
4.50

Dec

2003

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2004

Research Division

12

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

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

January 1987=100
130

110

Broad Index (right scale)
105

125

100

120

95

115

Major Index (left scale)
90

110

85

105

80

100

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.05

128

1.00

124

Japan (right scale)
0.95

120

0.90

116

0.85

112

Euro (left scale)
0.80

108

0.75

104

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2003

Research Division
Federal Reserve Bank of St. Louis

13

updated through
11/20/03

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
670

660

650

640

630

620

610

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

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

Billions of dollars

930

3300

910

3200

Small Time (left scale)
890

3100

870

3000

850

2900

830

2800

810

2700

Savings (right scale)
790

2600

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2003

Research Division

14

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

Large Time Deposits and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1000

950

900

Retail Money
850

800

Large Time
750

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

Aug

Sep

Oct

Nov

2003

Note: The surge in large time deposits for the week ending July 7, 2003, was due to accounting changes for commercial banks.
For further information, please refer to www.federalreserve.gov/releases/h8/.

Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
1.0

0.8

0.6

0.4

0.2

0.0

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

2003

Research Division
Federal Reserve Bank of St. Louis

15

updated through
11/20/03

U.S. Financial Data

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

Billions of dollars

6300

4900

6100

4700

Bank Credit (left scale)

5900

4500

5700

4300

Loans and Leases (right scale)
5500

4100

5300

3900

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

2003

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1000

525

975

500

Large Banks (right scale)
950

475

925

450

All Banks (left scale)
900

425

875

400

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2003

Research Division

16

Federal Reserve Bank of St. Louis

updated through
11/20/03

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
190

170

150

130

110

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2002

Jun

Jul

Aug

Sep

Oct

Nov

Jul

Aug

Sep

Oct

Nov

2003

Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1240

1220

1200

1180

1160

1140

1120

Sep

Oct

Nov

2002

Dec

Jan

Feb

Mar

Apr

May

Jun
2003

Research Division
Federal Reserve Bank of St. Louis

17

updated through
11/20/03

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

Aug

90-Day
CDs

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

Municipal
Bonds

Federal
Funds

3-Month
Treasury
Bill

2-Year
Treasury
Securities

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Treasury
Long-Term
Average

1.09

2.27

5.87

6.97

5.07

1.00

0.98

1.98

3.49

4.49

5.37

1.04

1.10

2.25

5.90

6.96

5.07

1.01

0.95

1.92

3.51

4.52

5.41

1.01

1.08

1.99

5.78

6.86

4.94

0.96

0.94

1.69

3.23

4.34

5.30

1.02

1.08

1.93

5.72

6.77

4.84

1.02

0.93

1.65

3.10

4.23

5.22

26

1.01

1.07

1.94

5.59

6.68

4.81

1.00

0.93

1.66

3.07

4.16

5.13

3

1.01

1.10

1.83

5.51

6.60

4.75

1.07

0.93

1.54

2.94

4.05

5.04

10

1.02

1.10

1.97

5.70

6.76

4.92

0.99

0.90

1.65

3.13

4.26

5.24

17

1.01

1.11

2.12

5.82

6.85

5.00

1.03

0.91

1.85

3.32

4.42

5.37

24

1.02

1.11

2.20

5.72

6.73

4.88

1.00

0.93

1.83

3.24

4.33

5.27

31

1.03

1.10

2.17

5.69

6.69

4.88

1.00

0.94

1.81

3.22

4.31

5.24

7

1.02

1.11

2.28

5.74

6.75

4.83

1.01

0.94

1.95

3.37

4.41

5.29

14

1.03

1.12

2.28

5.70

6.71

4.77

0.99

0.93

1.97

3.36

4.36

5.25

21 *

Nov

1.02

5

19

Oct

29

12

Sep

1.02

1.11

2.12

5.58

6.58

.

0.99

0.94

1.84

3.17

4.20

5.12

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

6104.7

6463.4

655.3

819.1

3132.4

857.8

Savings

Large
Time

6

6100.4

6423.4

655.8

816.9

3143.2

859.2

6425.8

657.5

816.2

3162.8

842.4

6411.1

658.4

814.3

3154.9

833.6

6076.5

6400.3

660.0

813.3

3139.8

831.8

833.8

748.470

95.723

3

752.567

97.376

743.929

92.992

1

753.683

96.033

748.386

90.935

29

837.2

20

15

846.3

6090.0

Adjusted
Reserves

17

850.6

6098.6

Adjusted
Monetary
Base

862.8

27
Nov

29

20

Oct

Currency

13

Sep

MZM

Small
Time

756.568

95.413

12

751.466

93.296

Exchange
Rate:
Euro/$

Exchange
Rate:
Yen/$

Retail
Money

3

6071.6

6399.1

660.3

811.0

3124.0

827.8

6080.5

6393.3

660.5

808.6

3160.1

835.6

Sep

Oct

831.8

10

Aug

825.6

Bank Loans and Credit

Nov

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

C&I
Loans
(Large)

Comm.
Paper
(nsa)

Total
Borrowings

8

6166.8

4381.4

894.1

444.5

131.2

0.127

6169.8

4379.9

896.1

446.5

135.3

22

6170.6

4348.4

890.9

443.5

29
Nov

C&I
Loans
(All)

15

Oct

Loans and
Leases

6170.9

4350.5

890.2

5

6182.9

4363.4

885.0

12
19

.
.

.
.

.
.

Major
Broad
Exchange Exchange
Rate Index Rate Index

10

86.5

116.7

0.850

109.6

0.102

17

86.4

116.8

0.857

109.5

133.7

0.100

24

85.9

116.5

0.851

109.5

442.4

129.9

0.090

31

85.9

116.4

0.856

108.7

439.3

128.6

0.135

7

87.3

117.3

0.872

110.0

128.6

0.052

14

85.8

116.3

0.858

108.3

0.065

21 *

85.4

116.1

0.844

108.7

.
.

130.5

Oct

Nov

*Averages of rates available
Research Division

18

Federal Reserve Bank of St. Louis

U.S. Financial Data

Definitions
M1: The sum of currency held outside the vaults of depository
institutions, Federal Reserve Banks, and the U.S. Treasury; travelers
checks; and demand and other checkable deposits issued by financial
institutions (except demand deposits due to the Treasury and depository
institutions), minus cash items in process of collection and Federal
Reserve float.
M2: M1 plus savings deposits (including money market deposit
accounts) and small-denomination (less than $100,000) time deposits
issued by financial institutions; and shares in retail money market mutual
funds (funds with initial investments of less than $50,000), net of
retirement accounts.
M3: M2 plus large-denomination ($100,000 or more) time deposits;
repurchase agreements issued by depository institutions; Eurodollar
deposits, specifically, dollar-denominated deposits due to nonbank
U.S. addresses held at foreign offices of U.S. banks worldwide and all
banking offices in Canada and the United Kingdom; and institutional
money market mutual funds (funds with initial investments of $50,000
or more).

Notes
Cover Page: Economic forecasts are median responses from the
Thomson Financial Weekly Economic Survey, which is sent out to 20
to 25 Wall Street economists each week (usually on Tuesday). These
forecasts are released on Friday—at which time, Thursday’s USFD
cover page will be updated.
Page 3: Adjusted Monetary Base equals the sum of currency in
circulation outside Federal Reserve Banks and the U.S. Treasury,
deposits of depository financial institutions at Federal Reserve Banks,
and an adjustment for the effects of changes in statutory reserve
requirements on the quantity of base money held by depositories.
This series is a spliced chain index; see Anderson and Rasche (1996a,
1996b, 2001).
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).
Page 5: MZM includes the zero maturity, or immediately available,
components of M3. MZM equals M2 minus small-denomination time
deposits, plus institutional money market mutual funds (that is, the
money market mutual funds included in M3 but excluded from M2).
The label MZM, or “Money, Zero Maturity,” was coined by William
Poole (1991) for this aggregate, proposed earlier by Motley (1988).
Readers are cautioned that since early 1994 the level and growth of
M1 have been depressed by retail sweep programs that reclassify
transactions deposits (demand deposits and other checkable deposits)
as savings deposits overnight, thereby reducing banks’ required
reserves; see Anderson and Rasche (2001) and
research.stlouisfed.org/aggreg/swdata.html.
Page 7: Current data appear in the Federal Reserve Board’s H.15
release, except for the Intended Federal Funds Rate. Federal Funds
Rate represents seven-day averages for the week ending two days
earlier than the date shown in the release.
Page 8: 10-Year Inflation-Indexed Treasury Yield is the most
recently issued inflation-indexed bond of 10-year original maturity.

Research Division
Federal Reserve Bank of St. Louis

10-Year Inflation-Indexed Treasury Yield Spread equals the difference between the yield on the most recently issued 10-year inflationindexed bond and the unadjusted 10-Year Treasury Note Yield of
similar maturity.
Page 9: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 11: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 12: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 13: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 14: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
Page 15: Data appear in the Federal Reserve Board’s H.6 release.
Large Time Deposits are deposits of $100,000 or more. Retail Money
Funds are included in M2. Retail money funds were originally called
general purpose and broker/ dealer money market funds. Large time
deposits and retail money funds are at all depository institutions.
As of January 9, 2003, Total Borrowings includes primary, secondary,
and seasonal credit. Prior to that, borrowings include seasonal,
adjustment, and extended credit.
Page 16: Data appear in the Federal Reserve Board’s H.8 release.
Bank Loans and Credit include foreign-related institutions. Bank
Credit includes loans and leases and securities. All Banks includes
foreign-related institutions. Large Banks are domestically chartered
banks (adjusted for mergers) and report on a weekly basis.
Page 17: Current data appear at
www.federalreserve.gov/releases/cp/table1.htm.
Page 18: Treasury Security yields are Treasury constant maturities
as reported in the Board of Governors of the Federal Reserve
System’s H.15 release.
The 3-Month Treasury Bill yield is the secondary market yield from
the H.15 release. Federal Funds represents seven-day averages for
the week ending two days earlier than the date shown in the table.
Municipal Bonds represents Bond Buyer’s Average Index of 20
municipal bonds, Thursday data.

Sources
Board of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8
release. Total Borrowings: H.4.1 release. Interest rates: H.15
release. Exchange rates: H.10 release. Commercial paper: Board
of Governors web site.
Chicago Board of Trade
Federal funds futures contract.
Dow Jones Indexes
Dow Jones Industrial Average.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.

19

U.S. Financial Data
Standard & Poor’s
Standard & Poor’s 500 composite index.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
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.
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/.

20

Research Division
Federal Reserve Bank of St. Louis

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