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USFinancialData October 20, 2005 Advance Edition Calendar of Releases Titles for the current week are links to their respective releases. MONDAY* TUESDAY WEDNESDAY THURSDAY* FRIDAY October 17 October 18 October 19 October 20 October 21 A: 1.9% PPI (Sep) P: 1.1% Latest issue: Monetary Trends Housing Starts (Sep) A: 2.11M P: 1.97M Initial Claims (10/15) A: 355K P: 365K Building Permits (Sep) A: 2.19M P: 2.09M Leading Indicators (Sep) A: –0.7% P: –0.5% Current Economic Conditions (Beige Book) October 24 October 25 October 26 October 27 October 28 Existing Home Sales (Sep) F: N/A P: 7.23M Initial Claims (10/22) F: N/A P: 352K F: N/A GDP (Q3) P: 3.6% Consumer Conf (Oct) F: N/A P: 91.0 New Home Sales (Sep) F: N/A P: 1250K F: N/A ECI (Q3) P: 0.8% Durable Goods (Sep) F: N/A P: –1.0% Help Wanted Index (Sep) October 31 November 1 November 2 November 3 November 4 Personal Income (Sep) F: N/A Construct Spending (Sep) F: N/A Initial Claims (10/29) F: N/A Nonfarm Payroll (Oct) F: N/A Consumption (Sep) F: N/A ISM Index (Oct) F: N/A Factory Orders (Sep) F: N/A Unemployment Rate (Oct) F: N/A Latest issue: Internat’l Economic Trends Productivity (Q3) F: N/A FOMC Meeting Statement Unit Labor Costs (Q3) F: N/A Latest issue: Review ISM Non Mfg Index (Oct) F: N/A Latest issue: National Economic Trends 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, 2005. 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, data are weekly and seasonally adjusted. 2. For pages 7, 10, 11 (top chart), 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/usfd2. updated through 10/20/05 U.S. Financial Data Adjusted Monetary Base Averages of Daily Figures, Seasonally Adjusted Billions of dollars 830 820 810 800 790 780 770 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2004 Jun May Jul Aug Sep Oct 2005 Adjusted Monetary Base To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 10/13/04 01/05/05 03/16/05 3.1 04/13/05 2.7 7.1 05/11/05 2.4 5.7 03/16/05 04/13/05 05/11/05 06/08/05 07/20/05 08/17/05 0.7 06/08/05 2.4 5.0 1.3 1.6 07/20/05 2.6 4.6 1.9 2.3 2.9 08/17/05 2.9 4.8 2.6 3.1 3.7 4.3 09/14/05 2.8 4.6 2.6 3.0 3.5 3.8 4.3 10/12/05 3.3 5.0 3.5 3.9 4.5 5.0 5.8 5.8 Research Division Federal Reserve Bank of St. Louis 3 updated through 10/20/05 U.S. Financial Data Adjusted Reserves Seasonally Adjusted Billions of dollars 102 100 98 96 94 92 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2004 Jun May Jul Aug Sep Oct 2005 Adjusted Reserves To the average of two maintenance periods ending: Compounded annual rates of change, average of two maintenance periods ending: 10/13/04 03/16/05 -5.1 01/05/05 03/16/05 04/13/05 05/11/05 06/08/05 07/20/05 04/13/05 -4.7 -1.6 05/11/05 -3.9 -1.0 06/08/05 -1.3 2.7 6.0 10.6 07/20/05 -3.8 -1.8 -2.1 -2.0 -3.2 08/17/05 -3.2 -1.2 -1.2 -0.9 -1.4 -9.2 09/14/05 -1.3 1.2 2.1 3.0 3.4 -1.2 12.2 10/12/05 0.2 2.9 4.3 5.4 6.2 3.2 14.8 08/17/05 -0.7 21.0 Research Division 4 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data MZM Averages of Daily Figures, Seasonally Adjusted Billions of dollars 6900 6800 6700 6600 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2004 Jun May Jul Aug Sep Oct 2005 MZM To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 10/11/04 03/14/05 0.4 01/03/05 03/14/05 04/11/05 0.7 -1.1 05/09/05 0.5 -0.9 1.1 04/11/05 05/09/05 06/06/05 07/18/05 06/06/05 0.0 -1.4 -0.6 -2.1 07/18/05 0.8 -0.1 1.3 0.9 1.4 08/15/05 0.9 0.3 1.5 1.3 1.8 09/12/05 1.4 0.9 2.3 2.2 2.8 4.8 4.5 10/10/05 2.0 1.8 3.3 3.4 4.1 5.9 6.4 08/15/05 4.1 8.2 Research Division Federal Reserve Bank of St. Louis 5 updated through 10/20/05 U.S. Financial Data M2 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 6700 6600 6500 6400 6300 6200 Aug Sep Oct Nov Dec Jan Feb Mar Apr 2004 Jun May Jul Aug Sep Oct 2005 M2 To the average of four weeks ending: Compounded annual rates of change, average of four weeks ending: 10/11/04 03/14/05 4.0 01/03/05 03/14/05 04/11/05 05/09/05 06/06/05 07/18/05 04/11/05 4.1 3.1 05/09/05 3.7 2.6 2.8 06/06/05 3.2 2.0 1.6 0.1 07/18/05 3.4 2.6 2.8 2.2 2.7 08/15/05 3.4 2.7 2.8 2.4 2.9 4.3 09/12/05 3.6 3.0 3.2 2.9 3.3 4.5 4.1 10/10/05 4.0 3.6 3.9 3.8 4.3 5.5 5.7 08/15/05 7.0 Research Division 6 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data Yields on Selected Securities Averages of Daily Figures Percent 7 6 Corporate Aaa 5 Prime Rate 4 2-Year Swap 3 Commercial Paper 2 1 Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Percent 5 10-Year Treasury 4 | || 3 Intended Federal Funds Rate 3-Month Treasury | | 2 Federal Funds Rate 1 0 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 Research Division Federal Reserve Bank of St. Louis 7 updated through 10/20/05 U.S. Financial Data 10-Year Treasury Note Yield Averages of Daily Figures Percent 6 5 4 3 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Jun Jul Aug Sep Oct Jun Jul Aug Sep Oct 2005 10-Year Inflation-Indexed Treasury Yield Averages of Daily Figures Percent 4 3 2 1 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr May 2005 10-Year Inflation-Indexed Treasury Yield Spread Averages of Daily Figures Percent 4 3 2 1 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr May 2005 Research Division 8 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data Rates on Federal Funds Futures Contracts Daily Data Percent 4.4 4.2 Dec 2005 4.0 Nov 2005 3.8 Oct 2005 3.6 3.4 3.2 Intended Target Rate 3.0 2.8 2.6 Jun May Jul Aug Oct Sep 2005 Rates on Federal Funds Futures on Selected Dates Percent 4.5 4.4 Week Ending: 08/23/05 09/21/05 10/19/05 4.3 4.2 4.1 4.0 3.9 3.8 3.7 Oct 2005 Nov 2005 Dec 2005 Jan 2006 Feb 2006 Mar 2006 Contract Month Research Division Federal Reserve Bank of St. Louis 9 updated through 10/20/05 U.S. Financial Data Dow Jones Industrial Average and NASDAQ Composite Averages of Daily Figures Closing Price February 5, 1971 = 100 11500 2300 Dow Jones (left scale) 10750 2150 10000 2000 NASDAQ (right scale) 9250 1850 8500 1700 Aug Oct Sep Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Wilshire 5000 and Standard & Poor's 500 Averages of Daily Figures January 2, 1980 = 1078.29 1941-43 = 10 12500 1250 S&P* (right scale) 12000 1200 11500 1150 11000 1100 Wilshire** (left scale) 10500 1050 10000 1000 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 *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 10/20/05 U.S. Financial Data Crude Oil Spot Prices West Texas Intermediate, Averages of Daily Figures Dollars per barrel 70 66 62 58 54 50 46 42 38 Aug Nov Oct Sep Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 West Texas Intermediate Crude Oil Futures Prices Dollars per barrel 65 64 10/12/2005 63 10/19/2005 62 61 60 Nov Dec 2005 Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2006 Research Division Federal Reserve Bank of St. Louis 11 updated through 10/20/05 U.S. Financial Data Natural Gas Spot Prices Henry Hub, Averages of Daily Figures Dollars per million btu 14 13 12 11 10 9 8 7 6 5 4 Aug Nov Oct Sep Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Note: Spot prices for Henry Hub were temporarily suspended from Friday, September 23, 2005, through Thursday, October 6, 2005, due to Hurricane Rita. Natural Gas Futures Prices Henry Hub Dollars per million btu 15 10/12/2005 14 10/19/2005 13 12 11 10 Nov Dec 2005 Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2006 Research Division 12 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data Trade-Weighted Exchange Rate Indexes Averages of Daily Figures March 1973=100 January 1987=100 100 120 95 115 Broad Index (right scale) 90 110 85 105 80 100 Major Index (left scale) 75 95 Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Exchange Rates Averages of Daily Figures Euro/US$ Yen/US$ 116 0.90 Japan (right scale) 0.85 112 0.80 108 Euro (left scale) 0.75 104 0.70 100 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 Research Division Federal Reserve Bank of St. Louis 13 updated through 10/20/05 U.S. Financial Data Currency Component of M1 Averages of Daily Figures, Seasonally Adjusted Billions of dollars 720 710 700 690 680 Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Savings and Small Time Deposits Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 960 4000 940 3900 920 3800 900 3700 880 3600 860 3500 Savings (right scale) 840 3400 820 3300 Small Time (left scale) 800 3200 780 3100 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 Research Division 14 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data Large Time Deposits and Retail Money Funds Averages of Daily Figures, Seasonally Adjusted Billions of dollars Billions of dollars 1350 1050 1300 1000 1250 950 1200 900 Large Time (left scale) 1150 850 1100 800 1050 750 Retail Money (right scale) 1000 700 950 650 Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Total Borrowings from Federal Reserve Banks Averages of Daily Figures Billions of dollars 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 Research Division Federal Reserve Bank of St. Louis 15 updated through 10/20/05 U.S. Financial Data Bank Loans and Credit All Commercial Banks in the United States, Seasonally Adjusted Billions of dollars Billions of dollars 7600 5900 7400 5700 7200 5500 7000 5300 Bank Credit (left scale) 6800 5100 6600 4900 Loans and Leases (right scale) 6400 4700 6200 4500 Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun May 2004 Jul Aug Sep Oct 2005 Commercial and Industrial Loans Seasonally Adjusted Billions of dollars Billions of dollars 1050 600 1025 575 1000 550 975 525 950 500 All Banks (left scale) 925 475 Large Banks (right scale) 900 450 875 425 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr Jun May Jul Aug Sep Oct 2005 Research Division 16 Federal Reserve Bank of St. Louis updated through 10/20/05 U.S. Financial Data Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted Billions of dollars 160 150 140 130 120 110 Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2004 Jun Jul Aug Sep Oct Jun Jul Aug Sep Oct 2005 Commercial Paper of Financial Companies Not Seasonally Adjusted Billions of dollars 1500 1450 1400 1350 1300 1250 1200 1150 Aug Sep Oct 2004 Nov Dec Jan Feb Mar Apr May 2005 Research Division Federal Reserve Bank of St. Louis 17 updated through 10/20/05 U.S. Financial Data Interest Rates Percent 30-Day Comm. Paper 90-Day CDs 2-Year Interest Corporate Corporate Municipal Rate Swap Aaa Bonds Baa Bonds Bonds Federal Funds 3-Month Treasury Bill 2-Year Treasury Securities 5-Year Treasury Securities 10-Year Treasury Securities 20-Year Treasury Securities Jul 29 3.33 3.63 4.34 5.08 5.95 4.31 3.26 3.35 3.97 4.07 4.25 4.53 Aug 5 3.40 3.70 4.42 5.16 6.02 4.38 3.29 3.41 4.05 4.17 4.34 4.61 12 3.45 3.74 4.49 5.17 6.04 4.37 3.48 3.44 4.11 4.21 4.36 4.62 19 3.47 3.77 4.42 5.09 5.96 4.27 3.54 3.45 4.04 4.11 4.24 4.50 26 3.52 3.81 4.40 5.04 5.91 4.25 3.52 3.46 4.02 4.07 4.20 4.46 2 3.54 3.81 4.24 4.95 5.84 4.18 3.55 3.43 3.87 3.94 4.09 4.36 9 3.55 3.77 4.21 5.05 5.96 4.26 3.51 3.42 3.86 3.93 4.13 4.44 16 3.61 3.84 4.26 5.13 6.03 4.30 3.49 3.40 3.91 3.98 4.19 4.53 23 3.70 3.91 4.33 5.17 6.06 4.30 3.65 3.44 3.97 4.03 4.23 4.56 30 3.72 3.99 4.50 5.21 6.12 4.39 3.77 3.44 4.11 4.13 4.30 4.59 Sep Oct 7 3.74 4.05 4.60 5.25 6.19 4.40 3.85 3.53 4.20 4.24 4.37 4.64 14 3.79 4.10 4.66 5.35 6.29 4.51 3.68 3.66 4.24 4.31 4.45 4.72 21 * 3.82 4.14 4.67 5.37 6.33 . 3.76 3.77 4.27 4.34 4.49 4.77 *Averages of rates available Money Stock and Components Reserves and Base Billions of dollars, seasonally adjusted Billions of dollars, seasonally adjusted Savings Large Time Retail Money Adjusted Monetary Base Adjusted Reserves M2 MZM Currency Small Time Aug 29 6557.3 6728.2 714.2 934.2 3534.8 1298.1 699.4 Jul 20 808.061 94.257 Sep 5 6569.2 6741.2 712.9 936.8 3566.8 1309.3 700.9 Aug 3 811.177 96.521 12 6564.1 6742.2 715.1 939.8 3580.4 1306.1 703.9 17 809.108 93.289 19 6599.8 6782.7 715.2 942.7 3592.3 1295.9 706.3 31 812.889 96.141 26 6598.5 6774.8 716.5 944.7 3571.6 1311.8 708.3 Sep 14 810.768 96.602 3 6622.3 6797.6 716.4 946.3 3568.2 1320.4 710.8 28 821.072 100.19 10 6610.0 6779.7 715.8 947.7 3596.1 1337.1 709.8 12 813.325 95.272 Oct Bank Loans and Credit Oct Exchange Rates Billions of dollars, seasonally adjusted Sep Oct Bank Credit Loans and Leases C&I Loans (All) C&I Loans (Large) Comm. Paper (nsa) Total Borrowings Broad Major Exchange Rate: Exchange Exchange Rate Index Rate Index Euro/$ Sep Exchange Rate: Yen/$ 7 7404.5 5328.0 1019.1 496.4 143.9 0.321 9 83.1 110.0 0.804 110.0 14 7383.0 5310.0 1021.7 497.3 147.3 0.312 16 83.8 110.6 0.816 110.6 21 7391.0 5308.1 1025.2 500.5 154.5 0.322 23 84.0 110.9 0.823 111.6 30 84.8 111.5 0.831 113.1 7 85.0 111.5 0.832 113.9 28 7407.0 5320.7 1030.5 504.9 143.6 0.350 5 7391.6 5315.9 1032.7 506.9 143.6 0.560 12 19 . . . . . . Oct . 147.5 0.269 14 85.2 111.9 0.832 114.4 . 149.1 0.226 21 * 85.5 112.1 0.834 115.3 *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