Full text of U.S. Financial Data : November 7, 2002

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November 7, 2002

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ At the conclusion of its meeting on Nov. 6, the Federal Open Market
Committee decided to lower its federal funds rate target by 50
basis points to 1.25 percent. There were no dissents against this
action. Separately, the Board of Governors approved a request
submitted by the Boards of Directors of the Dallas and New York
Federal Reserve Banks to cut the discount rate 50 basis points to
0.75 percent. The statement issued after the meeting said the
following:
The Committee continues to believe that an accommodative
stance of monetary policy, coupled with still-robust underlying growth in productivity, is providing important ongoing
support to economic activity. However, incoming economic
data have tended to confirm that greater uncertainty, in part
attributable to heightened geopolitical risks, is currently
inhibiting spending, production, and employment. Inflation
and inflation expectations remain well contained. In these
circumstances, the Committee believes that today’s additional monetary easing should prove helpful as the economy
works its way through this current soft spot. With this action,
the Committee believes that…the risks are balanced with
respect to the prospects for both goals in the foreseeable
future.
■ In the third quarter, output per hour (productivity) in the nonfarm
business sector rose at a 4 percent annual rate. Measured from
four quarters earlier, productivity has increased 5.3 percent.
■ After falling 13,000 in September, nonfarm payrolls fell 5,000 in
October.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date,
this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>.
To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>.
To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database
at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org.

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
700

Billions of Dollars
2002
Aug 21
Sep 4
18
Oct 2
16
30

690

Billions of Dollars

Billions
686.580
686.412
687.960
690.080
688.368
692.481

700

690

680

680

670

670

660

660

650

650

640

640

630

630

620

620
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

6

Jan

20

Feb

6

20

3

Mar

17

Apr

1

15 29 12 26 10 24

May

2001

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository institutions,
currency held by the public, and an adjustment for the effect of changes in reserve requirement ratios. The monetary base
series includes Federal Reserve deposits used to satisfy clearing balance contracts. Data are computed by this bank.
A detailed description of the adjusted monetary base is available from this bank. Recent data are preliminary.

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

Compounded annual rates of change, average of two maintenance periods ending:
10/31/01

1/23/02

4/3/02

5/1/02

5/29/02

6/26/02

7/24/02

4/3/02

7.9

5/1/02

7.0

4.3

5/29/02

8.8

7.8

11.2

6/26/02

7.7

6.3

7.2

9.8

7/24/02

8.0

7.0

8.1

10.2

5.2

9/4/02

7.6

6.6

7.2

8.3

5.0

7.2

10/2/02

7.3

6.4

6.8

7.7

4.9

6.5

4.8

10/30/02

7.0

6.0

6.3

6.9

4.5

5.6

4.2

9/4/02

3.8

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars
2002
Sep 23
30
Oct 7
14
21
28

6000

Billions of Dollars

Billions
5986.7
5991.4
5968.6
5984.4
5997.8
6017.7

6200

6000

5800

5800

5600

5600

5400

5400

5200

5200
3

17

1

Sep

15 29 12 26 10 24

Oct
Nov
2001

Dec

7

21

4

Jan

18

Feb

4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun
2002

8

22

Jul

5

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

MZM is M2 minus total small denomination time deposits, plus institutional money funds, which are included in the
non−M2 component of M3. Each component is seasonally adjusted.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

10/29/01

3/25/02

10.2

4/29/02

7.5

2.1

5/27/02

9.0

5.9

6.1

1/28/02

3/25/02

4/29/02

5/27/02

7/1/02

7/29/02

7/1/02

9.3

7.1

8.0

14.9

7/29/02

9.5

7.8

8.7

13.8

11.5

8/26/02

9.8

8.3

9.3

13.4

11.6

11.7

9/30/02

9.2

7.8

8.4

11.2

9.5

8.8

7.7

10/28/02

8.7

7.2

7.6

9.8

8.2

7.3

6.0

8/26/02

3.5

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
130

Billions of Dollars
2002
Aug 21
Sep 4
18
Oct 2
16
30

120

Billions of Dollars

Billions
67.762
71.520
68.871
71.763
68.418
70.935

130

120

110

110

100

100

90

90

80

80

70

70

60

60
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

Feb

6

20

3

Mar

17

Apr

1

15 29 12 26 10 24

May

2001

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:

To the average of
two maintenance
periods ending:

10/31/01

4/3/02

−12.2

5/1/02

−11.8

−20.5

5/29/02

−5.0

−7.9

18.0

6/26/02

−9.7

−14.3

−4.7

−2.2

7/24/02

−6.2

−8.8

2.7

7.1

−10.7

9/4/02

−5.5

−7.4

1.7

4.4

−6.6

10.0

10/2/02

−4.1

−5.3

3.4

5.9

−2.5

10.9

4.6

10/30/02

−4.6

−5.9

1.3

3.1

−4.2

5.6

−0.2

1/23/02

4/3/02

5/1/02

5/29/02

6/26/02

7/24/02

9/4/02

0.3

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1400

Billions of Dollars

Billions of Dollars

M1
2002
Sep 23
30
Oct 7
14
21
28

1350

1300

875

TCD
Billions
1192.0
1212.6
1176.4
1195.0
1199.7
1219.4

2002
Sep 23
30
Oct 7
14
21
28

Billions
565.9
586.1
550.6
567.4
571.6
590.7

825

775

1250

725

M1 (left scale)
1200

675

1150

625

1100

575

TCD (right scale)
1050

525
3

17

1

15 29 12 26 10 24

Oct

Sep

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

2001

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

2002

M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks. Total checkable deposits is the sum
Fix
of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
680

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
October 28, 2002, from
the four weeks ending:

660

Oct 29, 2001
Jan 28, 2002
Apr 29, 2002
May 27, 2002
Jul 1, 2002
Jul 29, 2002
Aug 26, 2002

640

620

2002
Sep 23
30
Oct 7
14
21
28

8.5
7.8
6.9
6.0
4.0
3.1
2.3

Billions
618.1
618.6
617.8
619.7
620.2
620.8

680

660

640

620

600

600

580

580

560

560
3

17

Sep

1

15

29 12 26 10 24

Oct

Nov

Dec

7

21

Jan

4

18

Feb

4

18

Mar

2001

1

15 29 13 27 10

Apr

May

24

Jun

8

22

Jul

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

2002

Current data appear in the Federal Reserve Board’s H.6 release.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
9.00

Percent

Percent

9.00

Due to the financial disruptions stemming from the
World Trade Center disaster on Sept. 11, 2001,
the financial data printed on pages 6, 7, and 10 for
the week ending Sept. 14, 2001, are incomplete.
8.00

8.00

7.00

7.00

Corporate
Aaa Bonds

6.00

5.00

6.00

5.00

Prime Rate

4.00

4.00

3.00

3.00

2−Year Interest
Rate Swap

2.00

2.00

Commercial Paper
1.00

1.00
7

21

5

Sep

2002
Aug 16
23
30
Sep 6
13
20
27
Oct 4
11
18
25
Nov 1
8

19

2

16 30 14 28 11 25

Oct
Nov
2001

Dec

8

Jan

22

Feb

8

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

Jun
2002

Jul

9

23

6

Aug

20

Sep

4

18

Oct

1

15 29

Nov

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.71
1.72
1.72
1.72
1.73
1.72
1.73
1.73
1.72
1.72
1.73
1.68
1.55

1.70
1.73
1.76
1.75
1.77
1.77
1.75
1.72
1.72
1.78
1.78
1.65
1.55

2.51
2.56
2.53
2.34
2.49
2.40
2.33
2.17
2.19
2.48
2.54
2.17
2.19

6.31
6.33
6.33
6.21
6.21
6.12
6.10
6.13
6.15
6.41
6.50
6.39
6.40

7.53
7.55
7.51
7.40
7.43
7.37
7.39
7.44
7.57
7.86
7.95
7.81
7.81

4.89
4.97
4.91
4.78
4.77
4.69
4.71
4.68
4.66
4.98
5.12
4.95
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending November 8, 2002 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities

4.00

4.00

Intended Federal
Funds Rate

3.00

3.00

Federal
Funds Rate
2.00

2.00

3−Month
Treasury Bill
1.00

1.00
7

21

Sep

5

19

2

16 30 14 28 11 25

Oct
Nov
2001

2002
Aug 16
23
30
Sep 6
13
20
27
Oct 4
11
18
25
Nov 1
8 *

Dec

Federal
Funds**
1.72
1.73
1.76
1.81
1.73
1.73
1.72
1.80
1.73
1.75
1.72
1.79
1.70

8

Jan

22

Feb

8

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

Jun
2002

Jul

9

23

6

Aug

20

Sep

4

18

Oct

1

15 29

Nov

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.61
1.61
1.65
1.61
1.66
1.65
1.62
1.55
1.56
1.64
1.64
1.47
1.34

2.14
2.18
2.19
2.02
2.12
2.01
1.93
1.76
1.78
2.07
2.14
1.77
1.83

3.25
3.32
3.29
3.03
3.08
2.93
2.79
2.72
2.71
3.15
3.22
2.90
3.00

4.18
4.24
4.21
3.98
4.00
3.84
3.73
3.69
3.68
4.11
4.21
4.00
4.09

5.16
5.19
5.15
4.96
4.98
4.87
4.83
4.86
4.87
5.19
5.27
5.16
5.20

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Averages of rates available. ** Seven−day averages for week ending two days earlier than date shown.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6200

M2
2002
Sep 23
30
Oct 7
14
21
28

6000

Billions
5712.3
5729.0
5716.7
5746.1
5754.8
5779.1

6000

MZM

5800

5800

5600

5600

M2

MZM

5400

2002
Sep 23
30
Oct 7
14
21
28

Billions
5986.7
5991.4
5968.6
5984.4
5997.8
6017.7

5200

5400

5200
3

17

1

Sep

15 29 12 26 10 24

Oct
Nov
2001

Dec

7

21

4

Jan

18

Feb

4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun
2002

8

22

Jul

5

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds.
Current data appear in the Federal Reserve Board’s H.6 release.

Money Stock (M2)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
10/29/01

1/28/02

3/25/02

3/25/02

6.2

4/29/02

4.1

0.6

5/27/02

5.7

4.2

4.5

4/29/02

5/27/02

7/1/02

7/29/02

7/1/02

6.1

5.3

6.0

12.4

7/29/02

6.7

6.3

7.3

12.2

10.2

8/26/02

7.1

6.9

8.0

12.0

10.5

11.5

9/30/02

7.0

6.7

7.6

10.5

9.1

9.2

8.1

10/28/02

7.2

7.0

7.8

10.3

9.2

9.3

8.5

8/26/02

7.3

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1300

Billions of Dollars

Billions of Dollars

2800

Small Time
2002
Sep 23
30
Oct
7
14
21
28

1200

1100

Billions
903.7
902.9
900.9
899.6
897.7
895.6

2700

2600

1000

2500

Small Time (left scale)
2400

900

Savings

800

2002
Sep 23
30
7
Oct
14
21
28

Savings Deposits (right scale)
700

2300

Billions
2663.5
2661.3
2690.1
2705.7
2709.7
2708.7

2200

2100

600
3

17

1

15 29 12 26 10 24

Oct

Sep

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

2001

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

2002

Savings deposits and small time deposits are at all depository institutions.
Fix

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
2002
Sep 23
30
7
Oct
14
21
28

1100

1200

Retail Money

Billions
820.6
816.5
815.6
815.7
811.3
817.0

2002
Sep 23
30
7
Oct
14
21
28

Billions
953.1
952.2
949.3
945.9
947.7
955.4

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
3

17

Sep

1

15

29 12 26 10 24

Oct

Nov

2001

Dec

7

21

Jan

4

18

Feb

4

18

Mar

1

15 29 13 27 10

Apr

May

24

Jun

8

22

Jul

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

2002

Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations
of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds.
Prepared by the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
2.0

Billions of Dollars
Billions
0.171
0.181
0.129
0.120
0.101
0.422

2002
Oct 2
9
16
23
30
Nov 6

1.8
1.6
1.4

Billions of Dollars

2.0

**Note: Total Borrowings 1.8
for the weeks ending:
Sept. 5, 2001
12, 2001
19, 2001

0.135 1.6
11.837
1.597
1.4

1.2

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
5

19

3

17 31 14 28 12 26

Oct

Sep

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

2001

Jul

Jun

7

21

4

18

Aug

2

16 30 13 27

Oct

Sep

Nov

2002

Borrowings include seasonal, adjustment and extended credit.
Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6300

Billions of Dollars

Billions of Dollars

Bank Credit
2002
Sep 18
25
Oct
2
9
16
23

6100

5900

5050

Loans & Leases

Billions
5744.6
5751.5
5741.4
5771.3
5746.5
5757.9

2002
Sep 18
25
Oct 2
9
16
23

Billions
4111.5
4104.6
4085.2
4118.4
4135.2
4125.2

4850

4650

5700

4450

Bank Credit (left scale) **
5500

4250

Loans and Leases (right scale)

5300

4050

5100

3850
5

19

Sep

3

17

31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

Feb

6

20

Mar

2001

3

17

Apr

1

15 29 12

May

26 10 24

Jun

Jul

7

21

Aug

4

18

Sep

2

16 30 13 27

Oct

Nov

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
375

Billions of Dollars
2002
Oct
2
9
16
23
30
Nov
6

325

Billions of Dollars

Billions
166.4
162.1
166.0
162.1
161.4
162.3

375

325

275

275

225

225

175

175

125

125
5

19

3

17 31 14 28 12 26

Oct

Sep

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

2001

7

Jul

Jun

21

4

Aug

18

2

16 30 13 27

Oct

Sep

Nov

2002

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

All Banks
1175

2002
Sep 18
25
Oct
2
9
16
23

1150
1125

675

Large Banks

Billions
978.2
979.4
970.6
971.2
976.8
971.1

2002
Sep 18
25
Oct
2
9
16
23

650

Billions
482.4
484.7
481.3
480.4
484.3
482.4

625
600

1100

575

1075

550

Large Banks (right scale) **

1050

525

1025

500

All Banks (left scale) *

1000

475

975

450

950

425
5

19

Sep

3

17 31 14

Oct

Nov

28 12 26

Dec

9

23

Jan

6

20

Feb

6

20

Mar

2001

3

17

Apr

1

15 29 12

May

26 10 24

Jun

Jul

7

21

Aug

4

18

Sep

2

16 30 13

Oct

27

Nov

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
125

March 1973=100
2002
Oct 2
9
16
23
30
Nov 6

120

115

January 1997=100

Major
101.0
101.4
101.4
101.6
100.9
100.0

2002
Oct 2
9
16
23
30
Nov 6

Broad Index
(right scale)

Broad
127.5
127.9
128.0
127.8
127.3
126.6

140

135

130

110

125

105

120

Major Currency Index
(left scale)
100

115

95

110
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

2001

Dec

9

23

Jan

6

20

Feb

6

20

Mar

3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

The major currency index (MCI) comprises of 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis