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USFinancialData
November 3,2011
Advance Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
October 31
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
November 1
November 2
November 3
November 4
Latest Issue
Construct Spending (Sep)
PF: 0.3%
Internat'l Economic Trends A: 0.2%
FOMC Meeting
Statement
Initial Claims (10/29)
A: 397K
PF: 400K
Nonfarm Payrolls (Oct)
A: N/A
PF: 95K
Factory Orders (Sep)
A: 0.3%
PF: -0.1%
Private Payrolls (Oct)
A: N/A
PF: 120K
Latest Issue
Review
Productivity (Q3)
PF: 2.7%
A: 3.1%
Unemployment Rate (Oct)
A: N/A
PF: 9.1%
Latest Issue
National Economic Trends
Unit Labor Cost (Q3)
A: -2.4%
PF: -0.5%
ISM Index (Oct)
A: 50.8
PF: 52.0
ISM Non Mfg Index (Oct)
A: 52.9
PF: 53.5
November 7
November 8
November 9
Consumer Credit (Sep)
CF: N/A
PF: $6.0B
November 10
November 11
Initial Claims (11/5)
CF: N/A
PF: N/A
International Trade (Sep)
CF: N/A
PF: -$46.0B
Import Prices (Oct)
CF: N/A
PF: 0.2%
Treasury Budget (Oct)
CF: N/A
PF: N/A
November 14
November 15
November 16
November 17
CF: N/A
Initial Claims (11/12)
CF: N/A
Core CPI (Oct)
CF: N/A
Housing Starts (Oct)
CF: N/A
CF: N/A
Industrial Production (Oct)
CF: N/A
Building Permits (Oct)
CF: N/A
Core PPI (Oct)
CF: N/A
Capacity Utilization (Oct)
CF: N/A
November 18
Retail Sales (Oct)
CF: N/A
Business Inventories (Sep)
CF: N/A
PPI (Oct)
CPI (Oct)
Latest Issue
Monetary 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
11/03/11
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:
11/03/10
01/26/11
04/06/11
61.1
59.0
95.0
06/01/11
06/29/11
08/10/11
09/07/11
111.9
06/01/11
05/04/11
65.0
05/04/11
04/06/11
43.6
06/29/11
56.4
83.1
41.7
41.8
08/10/11
48.8
64.9
31.2
28.4
22.0
09/07/11
41.9
52.5
22.0
18.0
11.1
1.9
10/05/11
37.2
44.7
17.4
13.5
7.3
-0.1
-8.5
11/02/11
33.8
39.3
14.7
11.1
5.7
-0.3
-6.2
-3.1
Research Division
Federal Reserve Bank of St. Louis
3
updated through
11/03/11
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:
10/20/10
01/12/11
03/23/11
04/20/11
05/18/11
06/15/11
07/27/11
03/23/11
104.1
04/20/11
108.2
281.0
05/18/11
99.5
210.1
87.3
06/15/11
100.2
187.9
93.4
76.3
07/27/11
84.7
137.3
63.5
47.8
46.6
08/24/11
73.8
111.5
48.0
33.8
29.3
7.3
09/21/11
63.6
90.9
35.7
23.0
17.5
0.1
-10.8
10/19/11
56.4
77.3
28.6
17.4
12.2
-2.0
-10.2
08/24/11
-12.5
Research Division
4
Federal Reserve Bank of St. Louis
updated through
11/03/11
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:
10/25/10
01/17/11
03/28/11
04/25/11
05/23/11
06/20/11
08/01/11
03/28/11
4.8
04/25/11
5.9
6.9
05/23/11
6.8
8.3
12.7
06/20/11
6.7
7.8
10.3
9.4
08/01/11
8.9
10.7
14.0
14.6
15.1
08/29/11
9.5
11.3
14.3
14.9
15.3
19.4
09/26/11
9.6
11.3
13.8
14.1
14.3
16.9
13.3
10/24/11
9.4
10.8
12.8
13.0
12.9
14.6
11.1
08/29/11
8.8
Research Division
Federal Reserve Bank of St. Louis
5
updated through
11/03/11
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:
10/25/10
01/17/11
03/28/11
04/25/11
05/23/11
06/20/11
08/01/11
03/28/11
5.0
04/25/11
5.0
5.3
05/23/11
5.4
5.9
06/20/11
5.5
5.9
6.4
6.9
08/01/11
8.8
10.6
13.7
16.2
19.7
08/29/11
10.7
13.1
16.8
19.6
23.2
30.8
09/26/11
10.5
12.5
15.3
17.3
19.5
23.6
19.1
10/24/11
10.0
11.7
13.9
15.3
16.7
19.2
14.2
08/29/11
6.5
6.2
Research Division
6
Federal Reserve Bank of St. Louis
updated through
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
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
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
11/03/11
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
0.13
0.12
Week Ending:
09/08/11
10/06/11
11/02/11
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
11/03/11
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
11/03/11
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
93
11/02/2011
92
91
90
10/26/2011
89
Dec
Jan
2011
Feb
Mar
Apr
May
Jun
2012
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
15
updated through
11/03/11
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
5.0
4.7
4.4
4.1
3.8
3.5
3.2
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
4.3
4.2
4.1
4.0
3.9
10/26/2011
11/02/2011
3.8
3.7
Dec
2011
Jan
Feb
Mar
Apr
May
Jun
2012
Sep
Oct
Nov
Research Division
16
Federal Reserve Bank of St. Louis
updated through
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
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
11/03/11
U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper
90-Day
CDs
Aug 12
0.11
0.28
0.47
4.32
5.31
19
0.09
0.29
0.45
4.31
5.29
26
0.10
0.30
0.51
4.37
2
0.09
0.31
0.50
4.34
9
0.09
0.31
0.52
4.11
16
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
0.08
0.37
0.63
3.97
5.36
4.12
0.07
0.02
0.29
1.11
2.28
3.29
0.10
0.37
0.57
3.81
5.10
.
0.07
0.01
0.24
0.93
2.07
3.06
Sep
Oct
Nov
4*
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
5-Year
Treasury
Securities
10-Year
Treasury
Securities
30-Year
Treasury
Securities
3.97
0.09
0.03
0.21
0.99
2.27
3.66
3.83
0.10
0.02
0.20
0.93
2.17
3.57
5.40
4.09
0.09
0.01
0.22
0.97
2.19
3.53
5.40
4.14
0.09
0.02
0.20
0.93
2.17
3.52
5.24
4.05
0.08
0.02
0.20
0.87
1.99
3.30
2-Year
Corporate Corporate Municipal
Interest
Rate Swap Aaa Bonds Baa Bonds
Bonds
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Savings
Retail
Money
801.1
5952.3
712.3
982.9
797.1
5940.1
709.0
793.2
5931.5
714.4
10573
982.2
790.2
5899.8
716.9
10573
982.8
787.3
5958.2
718.9
10563
984.4
783.9
5971.5
722.2
10528
985.6
780.2
5964.7
722.2
1700.98
2672.506
1687.67
21
1715.9
2689.167
7
2684.605
1703.68
1718.6
9592.4
1735.68
24
1737.9
9628.3
2704.446
1758.5
9622.3
Aug 10
1728.2
Adjusted
Reserves
1730.7
983.0
Adjusted
Monetary
Base
1726.2
M2
MZM
Currency
Sep 12
9572.7
10498
982.0
19
9565.2
10499
26
9586.7
10522
3
9605.0
10
17
24
Oct
Small
Time
Bank Loans and Credit
Institutional
Money
Sep
Nov
5
2656.688
1665.90
19
Oct
2698.834
1700.79
2
2637.265
.
Exchange Rates
Billions of dollars, seasonally adjusted
Major
Exchange
Broad
Exchange Exchange
Rate:
Euro/$
Rate Index Rate Index
Exchange
Rate:
Yen/$
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Total
Borrowings
Sep 21
9274.1
6798.7
1294.5
672.0
187.2
11.568
Sep 16
70.9
97.5
0.728
76.9
28
9303.9
6843.5
1298.6
672.8
180.9
11.451
23
71.7
99.1
0.735
76.4
30
72.3
99.7
0.737
76.6
7
73.2
100.5
0.748
76.8
98.8
0.727
77.1
5
9321.8
6866.5
1307.7
676.2
184.0
11.406
12
9334.4
6863.1
1309.6
681.0
185.1
11.374
19
Oct
9335.8
6864.9
1313.2
682.2
187.4
11.260
14
71.7
Oct
26
Nov
.
.
.
.
196.1
11.096
21
71.4
98.8
0.727
76.7
2
.
.
.
.
195.6
10.894
28
70.4
97.7
0.714
75.9
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
@FedFRASER