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USFinancialData
November 04, 2004
Advance Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
November 1
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
November 2
November 3
November 4
November 5
Consruct Spending (Sep)
A: –0.0%
P: 0.5%
Factory Orders (Sep)
A: –0.4%
P: 0.4%
Initial Claims
A: 332K
P: 340K
Nonfarm Payrolls (Oct)
A: N/A
P: 160K
Personal Income (Sep)
A: 0.2%
P: 0.3%
ISM Non Mfg Index (Oct)
A: 59.8
P: 58.5
Productivity (Q3)
A: 1.9%
P: 1.5%
Unemployment Rate (Oct)
A: N/A
P: 5.4%
Unit Labor Costs (Q3)
A: 1.6%
P: 2.0%
Consumer Credit (Sep)
A: N/A
P: $7.5B
Consumption (Sep)
A: 0.6%
P: 0.6%
ISM Index (Oct)
A: 56.8
P: 58.5
Latest issue:
Review
National Economic Trends
November 8
Due to the Veterans’ Day holiday, USFD will be
published November 12, Final Edition only.
November 9
November 10
November 11
November 12
Initial Claims
F: N/A
P: 340K
Retail Sales (Oct)
F: N/A
P: 0.1%
International Trade (Sep)
F: N/A
P: –$53.4B
Business Inventories (Sep)
F: N/A
P: 0.5%
FOMC Minutes
(previous meeting)
Import Prices (Oct)
F: N/A
P: 0.4%
Treasury Budget (Oct)
F: N/A
P: N/A
FOMC Meeting
Statement
November 15
November 16
November 17
November 18
PPI (Oct)
Housing Starts (Oct)
F: N/A
Initial Claims
F: N/A
Latest issue:
Monetary Trends
Building Permits (Oct)
F: N/A
November 19
Leading Indicators (Oct)
F: N/A
F: N/A
CPI (Oct)
F: N/A
Industrial Production (Oct)
F: N/A
Capacity Utilization (Oct)
F: N/A
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, 2004. 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
11/04/04
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
800
790
780
770
760
750
740
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/29/03
01/21/04
03/31/04
04/28/04
05/26/04
06/23/04
08/04/04
03/31/04
4.0
04/28/04
3.8
5.8
05/26/04
4.3
6.3
06/23/04
4.3
5.9
5.0
6.1
08/04/04
5.5
7.3
7.4
8.8
9.2
09/01/04
5.2
6.6
6.4
7.3
7.1
09/29/04
5.4
6.8
6.6
7.4
7.3
8.1
4.9
10/27/04
5.1
6.2
5.9
6.4
6.2
6.5
3.7
09/01/04
5.2
8.2
4.5
Research Division
Federal Reserve Bank of St. Louis
3
updated through
11/04/04
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
100
98
96
94
92
90
88
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/29/03
01/21/04
03/31/04
03/31/04
1.8
5.4
1.8
06/23/04
08/04/04
09/01/04
-5.6
05/26/04
05/26/04
1.2
04/28/04
04/28/04
17.9
06/23/04
4.4
0.9
10.5
13.5
08/04/04
2.3
-1.3
3.6
3.3
-6.5
09/01/04
2.3
-0.9
3.3
3.0
-4.2
-4.8
09/29/04
5.5
3.7
9.3
10.2
5.7
8.3
23.3
10/27/04
2.4
-0.1
3.2
3.0
-1.6
-1.3
2.7
3.1
Research Division
4
Federal Reserve Bank of St. Louis
updated through
11/04/04
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6700
6600
6500
6400
6300
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/27/03
03/29/04
2.8
01/19/04
03/29/04
04/26/04
4.2
5.9
11.3
05/24/04
06/21/04
08/02/04
08/30/04
9.6
05/24/04
04/26/04
14.9
06/21/04
5.5
9.6
10.4
9.5
08/02/04
4.1
6.7
5.6
3.8
-1.3
08/30/04
3.7
5.8
4.6
3.0
-0.9
-2.0
09/27/04
3.6
5.5
4.3
2.9
-0.1
-0.7
1.3
10/25/04
3.1
4.7
3.4
2.1
-0.5
-1.1
0.1
0.1
Research Division
Federal Reserve Bank of St. Louis
5
updated through
11/04/04
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
6400
6300
6200
6100
6000
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/27/03
03/29/04
3.8
04/26/04
4.6
9.3
05/24/04
6.3
11.1
01/19/04
03/29/04
04/26/04
05/24/04
06/21/04
08/02/04
08/30/04
13.6
06/21/04
5.7
9.3
9.5
9.4
08/02/04
4.8
7.2
6.1
5.2
0.5
08/30/04
4.5
6.5
5.3
4.3
0.8
0.5
09/27/04
4.6
6.3
5.2
4.5
1.7
1.7
3.2
10/25/04
4.5
6.0
5.0
4.3
2.0
2.1
3.3
4.3
Research Division
6
Federal Reserve Bank of St. Louis
updated through
11/04/04
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
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Oct
Sep
Nov
2004
Percent
6
5
10-Year Treasury
4
3
Federal Funds Rate
|
2
3-Month Treasury
|
|
1
Intended Federal Funds Rate
0
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2004
Research Division
Federal Reserve Bank of St. Louis
7
updated through
11/04/04
U.S. Financial Data
10-Year Treasury Note Yield
Averages of Daily Figures
Percent
6
5
4
3
2
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2004
Jul
Aug
Sep
Oct
Nov
Mar
Apr
May
Jun
2004
Jul
Aug
Sep
Oct
Nov
May
Jun
2004
Jul
Aug
Sep
Oct
Nov
2003
10-Year Inflation-Indexed Treasury Yield
Averages of Daily Figures
Percent
4
3
2
1
Sep
Nov
Oct
Dec
Jan
Feb
2003
10-Year Inflation-Indexed Treasury Yield Spread
Averages of Daily Figures
Percent
3
2
1
0
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
Research Division
8
Federal Reserve Bank of St. Louis
updated through
11/04/04
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
2.6
Jan 2005
2.4
Dec 2004
2.2
|
|
|
|
2.0
Nov 2004
1.8
1.6
Intended Target Rate
1.4
1.2
1.0
0.8
Jun
Jul
Aug
Nov
Oct
Sep
2004
Rates on Federal Funds Futures on Selected Dates
Percent
2.5
2.4
11/03/04
2.3
10/06/04
2.2
2.1
09/08/04
2.0
1.9
1.8
Nov 2004
Dec 2004
Jan 2005
Feb 2005
Mar 2005
Apr 2005
Contract Month
Research Division
Federal Reserve Bank of St. Louis
9
updated through
11/04/04
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
11000
2200
Dow Jones (left scale)
10250
2050
9500
1900
NASDAQ (right scale)
8750
1750
8000
1600
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
12000
1200
S&P* (right scale)
11500
1150
11000
1100
10500
1050
Wilshire** (left scale)
10000
1000
9500
950
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2004
*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
11/04/04
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
58
54
50
46
42
38
34
30
26
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Oct
Sep
Nov
2004
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
53
52
51
10/27/2004
50
11/03/2004
49
48
47
46
Dec
Jan
2004
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2005
Research Division
Federal Reserve Bank of St. Louis
11
updated through
11/04/04
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
10
8
6
4
2
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Oct
Sep
Nov
2004
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
9.5
9.3
9.1
8.9
8.7
8.5
8.3
8.1
7.9
7.7
7.5
11/03/2004
7.3
10/27/2004
7.1
Dec
2004
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2005
Research Division
12
Federal Reserve Bank of St. Louis
updated through
11/04/04
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
105
125
100
120
Broad Index (right scale)
95
115
90
110
85
105
Major Index (left scale)
80
100
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
0.95
120
0.90
116
Japan (right scale)
Euro (left scale)
0.85
112
0.80
108
0.75
104
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2004
Research Division
Federal Reserve Bank of St. Louis
13
updated through
11/04/04
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
700
690
680
670
660
650
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
890
3600
870
3500
850
3400
Savings (right scale)
830
3300
810
3200
790
3100
Small Time (left scale)
770
3000
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2004
Research Division
14
Federal Reserve Bank of St. Louis
updated through
11/04/04
U.S. Financial Data
Large Time Deposits and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1050
1000
Large Time
950
900
850
800
Retail Money
750
700
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
Jul
Aug
Sep
Oct
Nov
2004
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
2004
Research Division
Federal Reserve Bank of St. Louis
15
updated through
11/04/04
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
6800
5300
6600
5100
Bank Credit (left scale)
6400
4900
6200
4700
Loans and Leases (right scale)
6000
4500
5800
4300
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
2004
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
950
475
925
450
Large Banks (right scale)
900
425
All Banks (left scale)
875
400
850
375
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
2004
Research Division
16
Federal Reserve Bank of St. Louis
updated through
11/04/04
U.S. Financial Data
Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
145
135
125
115
105
95
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2003
Jun
Jul
Aug
Sep
Oct
Nov
Jul
Aug
Sep
Oct
Nov
2004
Commercial Paper of Financial Companies
Not Seasonally Adjusted
Billions of dollars
1250
1230
1210
1190
1170
1150
Sep
Nov
Oct
2003
Dec
Jan
Feb
Mar
Apr
May
Jun
2004
Research Division
Federal Reserve Bank of St. Louis
17
updated through
11/04/04
U.S. Financial Data
Interest Rates
Percent
2-Year
Interest
Corporate Corporate Municipal
Rate Swap Aaa Bonds Baa Bonds
Bonds
90-Day
CDs
Aug 13
1.47
1.65
2.85
5.65
6.46
4.70
1.36
1.44
2.51
3.47
4.28
5.06
20
1.49
1.67
2.82
5.61
6.43
4.67
1.42
1.46
2.46
3.41
4.23
5.04
27
1.50
1.73
2.86
5.63
6.44
4.66
1.51
1.52
2.49
3.45
4.25
5.05
Sep
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
30-Day
Comm.
Paper
5-Year
Treasury
Securities
10-Year
Treasury
Securities
20-Year
Treasury
Securities
1.53
1.77
2.83
5.55
6.37
4.63
1.53
1.58
2.47
3.39
4.19
4.98
1.61
1.80
2.90
5.54
6.36
4.61
1.50
1.63
2.52
3.42
4.21
4.99
17
1.67
1.85
2.85
5.48
6.29
4.54
1.49
1.65
2.49
3.35
4.14
4.92
24
Oct
3
10
1.72
1.90
2.85
5.37
6.17
4.46
1.64
1.69
2.53
3.29
4.04
4.80
1
1.74
1.96
2.93
5.42
6.21
4.54
1.76
1.69
2.60
3.35
4.10
4.84
8
2.01
3.00
5.54
6.30
4.61
1.82
1.68
2.67
3.46
4.20
4.95
1.76
2.02
2.86
5.46
6.20
4.48
1.73
1.70
2.53
3.31
4.08
4.85
22
1.80
2.04
2.87
5.43
6.15
4.43
1.76
1.80
2.55
3.29
4.03
4.79
29
Nov
1.74
15
1.85
2.08
2.89
5.42
6.15
4.44
1.74
1.87
2.57
3.30
4.05
4.79
1.89
2.14
2.97
5.49
6.19
.
1.78
1.94
2.60
3.35
4.10
4.84
5*
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Savings
Large
Time
Adjusted
Monetary
Base
M2
MZM
Currency
Sep 13
6309.1
6602.8
691.4
795.4
3458.4
1006.2
4
784.901
95.196
18
732.8
20
6339.4
6627.2
691.3
796.3
3461.8
1014.9
730.9
27
Oct
Adjusted
Reserves
782.513
92.813
Retail
Money
Small
Time
6343.9
6631.4
692.1
796.4
3459.2
1020.3
6333.0
6612.0
692.6
796.6
3446.9
1014.7
Sep
731.7
4
Aug
728.3
11
6327.2
6583.7
692.9
796.4
3480.0
1020.2
6349.7
6605.7
693.4
796.8
3502.8
1031.9
25
6354.6
6606.0
695.0
798.6
3479.0
1036.4
717.1
Bank Loans and Credit
Oct
97.360
96.745
793.939
99.397
13
787.595
94.299
27
716.1
788.130
785.837
29
721.2
18
1
15
793.690
96.777
Exchange Rates
Billions of dollars, seasonally adjusted
Broad
Major
Exchange
Rate:
Exchange Exchange
Rate Index Rate Index
Euro/$
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(nsa)
Total
Borrowings
Sep 22
6709.5
4787.5
891.5
435.5
128.8
0.592
Sep 24
86.1
114.6
0.816
110.3
29
6690.8
4774.5
893.2
435.6
123.0
0.254
Oct
1
85.6
114.2
0.810
110.8
6
6691.3
4778.7
889.4
432.2
130.4
0.201
8
85.6
114.0
0.812
110.9
13
6710.5
4786.0
893.9
434.8
134.5
0.193
15
85.1
113.7
0.809
109.6
20
6714.4
4780.3
896.2
435.0
139.2
0.173
22
84.0
113.0
0.795
108.1
.
139.9
0.198
29
82.7
111.9
0.784
106.4
.
141.4
0.115
82.6
111.8
0.785
106.3
Oct
27
Nov
3
.
.
.
.
.
.
Nov
5*
Exchange
Rate:
Yen/$
*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, 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: 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
Research Division
Federal Reserve Bank of St. Louis
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 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
NASDAQ Stock Market, Incorporated
NASDAQ Composite®.
Standard & Poor’s
Standard & Poor’s 500 composite index.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
____ 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.
Wall Street Journal
Oil (West Texas intermediate) and natural gas (Henry Hub) spot
and futures prices.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 ®.
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.
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.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
____ 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.
20
Research Division
Federal Reserve Bank of St. Louis
@FedFRASER