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USFinancialData

September 4, 2003
Advance Edition

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

MONDAY*
September 1

TUESDAY

WEDNESDAY

THURSDAY*

FRIDAY

September 2

September 3

September 4

September 5

ISM Index (Aug)
A: 54.7
P: 53.5

Initial Claims
A: 413K
P: 390K

Nonfarm Payrolls (Aug)
A: N/A
P: 5K

Current Economic
Conditions (Beige Book)

Factory Orders (Jul)
A: 1.6%
P: 0.7%

Unemploym’t Rate (Aug)
A: N/A
P: 6.2%

Productivity (Q2)
A: 6.8%
P: 6.3%

Latest issue
Review

Construc Spending (Jul)
A: 0.2%
P: 0.5%

Latest issue
National Economic Trends

Unit Labor Costs (Q2)
A: –2.8%
P: –2.7%
ISM Non Mfg Index (Aug)
A: 65.1%
P: 62.0

September 8

September 9

September 10

Consumer Credit (Jul)
F: N/A
P: $8.0B

September 11

September 12

Initial Claims
F: N/A
P: 395K

Retail Sales (Aug)
F: N/A
P: 0.5%

International Trade (Jul)
F: N/A
P: –$40.5B

F: N/A

PPI (Aug)
P: 0.2%

Import Prices (Aug)
F: N/A
P: 0.5%

September 15
Industrial Production (Aug)
F: N/A

September 16

September 17

September 18

CPI (Aug)

Treasury Budget (Aug)
F: N/A

Initial Claims
F: N/A

Capacity Utilization (Aug)
F: N/A

FOMC Meeting Statement

Housing Starts (Aug)
F: N/A

Leading Indicators (Aug)
F: N/A

Business Inventories (Jul)
F: N/A

Latest issue
Monetary Trends

Building Permits (Aug)
F: N/A

September 19

FOMC Minutes
(previous meeting)

F: N/A

Internat’l Transactions (Q2)
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, 2003. All Rights Reserved. Use, duplication, or sale of this service or the
data contained herein, except as described in the Federal Reserve Bank of St. Louis Subscription Agreement, is strictly prohibited.

research.stlouisfed.org

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

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

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

We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org

U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of St. Louis. For more information on data in this publication, please visit research.stlouisfed.org/fred2
or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.

updated through
09/04/03

U.S. Financial Data

Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
760

750

740

730

720

710

700

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2002

Apr

May

Jun

Jul

Aug

Sep

2003

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

Compounded annual rates of change, average of two maintenance periods ending:
09/04/02

11/27/02

02/05/03

03/05/03

04/02/03

04/30/03

06/11/03

02/05/03

5.9

03/05/03

6.5

9.9

04/02/03

6.5

9.1

8.2

04/30/03

6.0

7.9

6.3

4.6

06/11/03

6.2

7.7

6.5

5.6

5.2

07/09/03

5.6

6.7

5.3

4.3

3.7

4.1

08/06/03

5.6

6.6

5.4

4.6

4.2

4.6

2.9

09/03/03

6.0

7.1

6.2

5.6

5.4

6.0

5.6

07/09/03

8.5

Research Division
Federal Reserve Bank of St. Louis

3

updated through
09/04/03

U.S. Financial Data

Adjusted Reserves
Seasonally Adjusted
Billions of dollars
98

95

92

89

86

83

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2002

Apr

May

Jun

Jul

Aug

Sep

2003

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
08/21/02

11/13/02

01/22/03

02/19/03

03/19/03

04/16/03

05/28/03

01/22/03

23.4

02/19/03

12.2

5.4

03/19/03

9.9

3.2

-20.2

04/16/03

9.0

3.1

-13.1

-0.7

05/28/03

11.4

7.6

-1.7

9.9

16.0

06/25/03

8.2

3.9

-5.1

2.7

4.8

5.6

07/23/03

13.1

10.7

5.1

14.2

18.7

23.7

22.2

08/20/03

12.3

10.0

4.9

12.5

15.8

18.9

15.6

06/25/03

38.0

Research Division

4

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

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

6500

6400

6300

6200

6100

6000

5900

5800

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2002

Apr

May

Jun

Jul

Aug

Sep

2003

MZM
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
08/26/02

11/18/02

01/27/03

02/24/03

03/24/03

04/21/03

06/02/03

01/27/03

7.3

02/24/03

7.5

8.2

03/24/03

6.8

6.8

5.3

04/21/03

5.5

4.9

2.4

-0.7

06/02/03

7.0

7.2

6.7

6.1

7.8

06/30/03

7.8

8.2

8.3

8.2

10.0

15.8

07/28/03

8.7

9.4

10.0

10.2

12.1

17.0

17.8

08/25/03

8.8

9.4

9.9

10.1

11.6

15.2

14.9

06/30/03

14.5

Research Division
Federal Reserve Bank of St. Louis

5

updated through
09/04/03

U.S. Financial Data

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

6200

6100

6000

5900

5800

5700

5600

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2002

Apr

May

Jun

Jul

Aug

Sep

2003

M2
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
08/26/02

11/18/02

01/27/03

02/24/03

03/24/03

04/21/03

06/02/03

01/27/03

6.2

02/24/03

7.1

6.7

03/24/03

6.8

6.2

8.3

04/21/03

5.8

4.9

5.1

1.7

06/02/03

7.7

7.8

9.6

8.9

10.7

06/30/03

7.9

8.0

9.6

9.1

10.4

15.3

07/28/03

7.9

8.1

9.4

8.9

10.0

13.3

9.1

08/25/03

8.2

8.4

9.7

9.4

10.3

13.0

9.9

06/30/03

10.1

Research Division

6

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

Yields on Selected Securities
Averages of Daily Figures
Percent
7

Corporate Aaa
6

5

Prime Rate
4

3

2-Year Swap
2

1

Commercial Paper
0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

2003

Percent
6

5

10-Year Treasury
4

3

Federal Funds Rate

2

Intended Federal Funds Rate
1

3-Month Treasury
0

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2003

Research Division
Federal Reserve Bank of St. Louis

7

updated through
09/04/03

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

5

4

3

2

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May
2003

Jun

Jul

Aug

Sep

Feb

Mar

Apr

May
2003

Jun

Jul

Aug

Sep

Mar

Apr

May
2003

Jun

Jul

Aug

Sep

2002

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

3

2

1

Jul

Aug

Sep

Oct

Nov

Dec

Jan

2002

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

2.0

1.0

0.0

Jul

Aug

Sep

Oct
2002

Nov

Dec

Jan

Feb

Research Division

8

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

Rates on Federal Funds Futures Contracts
Daily Data
Percent
1.3

1.2

1.1

Oct 2003

|
|
|
|
|

1.0

Intended Target Rate

Sep 2003
0.9

Nov 2003

0.8

May

Apr

Jun

Aug

Jul

Sep

2003

Rates on Federal Funds Futures on Selected Dates
Percent
1.15

1.10

08/06/03

1.05

09/03/03

1.00

Intended Target Rate as of 09/03/03

0.95

07/09/03
0.90

Sep 2003

Oct 2003

Dec 2003

Nov 2003

Jan 2004

Feb 2004

Contract Month

Research Division
Federal Reserve Bank of St. Louis

9

updated through
09/04/03

U.S. Financial Data

Dow Jones Industrial Average
Averages of Daily Figures

10000

9500

9000

8500

8000

7500

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

2003

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

1941-43 = 10

10500

1050

10000

1000

9500

950

S&P* (right scale)

9000

900

8500

850

Wilshire** (left scale)
8000

800

7500

750

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2003

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

Research Division

10

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

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

36

32

28

24

20

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Aug

Jul

Sep

2003

Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
32

31

30

08/27/2003
29

09/03/2003
28

27

26

Oct

Nov

2003

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2004

Research Division
Federal Reserve Bank of St. Louis

11

updated through
09/04/03

U.S. Financial Data

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

12

10

8

6

4

2

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Aug

Jul

Sep

2003

Natural Gas Futures Prices
Henry Hub
Dollars per million btu
6.00

5.50

08/27/2003

5.00

09/03/2003

4.50

Oct

Nov

2003

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2004

Research Division

12

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

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

January 1987=100

115

135

110

130

Broad Index (right scale)

105

125

100

120

Major Index (left scale)
95

115

90

110

85

105

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

2003

Exchange Rates
Averages of Daily Figures
Euro/US$

Yen/US$

1.10

132

1.05

128

Euro (left scale)

1.00

124

0.95

120

Japan (right scale)

0.90

116

0.85

112

0.80

108

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2003

Research Division
Federal Reserve Bank of St. Louis

13

updated through
09/04/03

U.S. Financial Data

Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
660

640

620

600

Aug

Jul

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

2003

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

Billions of dollars

950

3200

930

3100

910

3000

Small Time (left scale)
890

2900

870

2800

Savings (right scale)
850

2700

830

2600

810

2500

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2003

Research Division

14

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

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

950

Retail Money
900

850

800

Large Time
750

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

Jun

Jul

Aug

Sep

2003

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

0.8

0.6

0.4

0.2

0.0

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May
2003

Research Division
Federal Reserve Bank of St. Louis

15

updated through
09/04/03

U.S. Financial Data

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

Billions of dollars

6300

4900

6100

4700

Bank Credit (left scale)
5900

4500

5700

4300

Loans and Leases (right scale)
5500

4100

5300

3900

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

2003

Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars

Billions of dollars

1025

525

1000

500

Large Banks (right scale)

975

475

950

450

All Banks (left scale)
925

425

900

400

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2003

Research Division

16

Federal Reserve Bank of St. Louis

updated through
09/04/03

U.S. Financial Data

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of dollars
205

185

165

145

125

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2002

May

Jun

Jul

Aug

Sep

Jun

Jul

Aug

Sep

2003

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

1220

1200

1180

1160

1140

1120

Jul

Aug

Sep

Oct

2002

Nov

Dec

Jan

Feb

Mar

Apr

May
2003

Research Division
Federal Reserve Bank of St. Louis

17

updated through
09/04/03

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

Jun

90-Day
CDs

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

Municipal
Bonds

Federal
Funds

3-Month
Treasury
Bill

2-Year
Treasury
Securities

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Treasury
Long-Term
Average

1.05

1.32

4.84

6.08

4.21

1.24

0.92

1.14

2.13

3.20

4.32

0.99

0.96

1.37

4.93

6.17

4.35

1.25

0.84

1.22

2.27

3.31

4.42

27

0.97

0.98

1.43

5.06

6.26

4.47

1.21

0.86

1.28

2.36

3.42

4.54

4

1.01

1.05

1.52

5.20

6.36

4.51

1.13

0.87

1.31

2.49

3.58

4.67

11

1.01

1.04

1.55

5.30

6.42

4.56

0.96

0.88

1.35

2.60

3.72

4.78

18

1.01

1.05

1.64

5.45

6.57

4.71

1.02

0.89

1.45

2.82

3.93

4.95

25
Aug

1.10

20

Jul

13

1.02

1.05

1.73

5.62

6.75

4.83

1.01

0.91

1.56

3.08

4.18

5.15

1

1.02

1.07

1.91

5.84

6.97

5.07

1.04

0.95

1.71

3.31

4.40

5.38

8

1.08

2.06

5.83

6.98

5.06

0.97

0.94

1.77

3.24

4.34

5.38

1.03

1.08

2.10

5.93

7.07

5.18

0.98

0.94

1.82

3.35

4.49

5.48

22

1.04

1.08

2.17

5.89

7.02

5.10

1.18

0.95

1.89

3.39

4.47

5.41

29
Sep

1.03

15

1.02

1.09

2.27

5.87

6.97

5.07

1.00

0.98

1.98

3.49

4.49

5.37

1.03

1.10

2.32

5.94

7.00

.

1.01

0.96

2.03

3.62

4.61

5.45

5*

*Averages of rates available

Money Stock and Components

Reserves and Base

Billions of dollars, seasonally adjusted

Billions of dollars, seasonally adjusted

M2

14

6082.6

6428.5

645.8

844.5

3093.9

898.4

Savings

Large
Time

6079.4

6418.1

646.1

842.0

3089.1

894.9

6086.7

6426.0

646.8

839.0

3096.3

894.3

871.7

6121.0

6457.3

647.1

835.6

3114.4

901.7

869.4

11

6134.4

6465.7

648.0

833.3

3150.8

909.8

870.5

18

6178.2

6508.1

649.0

830.6

3173.8

896.7

866.4

25

6113.0

6453.4

650.7

828.4

3130.6

890.8

871.4

Adjusted
Reserves

11

737.567

90.804

25

871.4

4

Adjusted
Monetary
Base

877.5

28
Aug

Currency

21

Jul

MZM

Small
Time

740.529

91.362

Retail
Money

Bank Loans and Credit

Jun

Jul

Sep

741.226

95.899

743.392

95.005

6

744.916

93.680

20

Aug

9
23

748.449

97.737

3

752.086

.

Exchange
Rate:
Euro/$

Exchange
Rate:
Yen/$

Exchange Rates

Billions of dollars, seasonally adjusted
Bank
Credit

C&I
Loans
(Large)

Comm.
Paper
(nsa)

Total
Borrowings

23

6222.8

4417.9

929.5

465.4

135.0

0.119

Jul

6233.0

4418.7

925.9

461.8

135.0

0.126

Aug

6

6238.1

4443.9

920.3

459.5

138.6

13

6213.2

4455.6

918.2

458.5

20

Aug

C&I
Loans
(All)

30

Jul

Loans and
Leases

6182.7

4418.9

916.9

457.8

27
Sep

3

.
.

.
.

.
.

.
.

Major
Broad
Exchange Exchange
Rate Index Rate Index

25

90.7

119.4

0.876

118.9

1

91.0

119.7

0.880

120.0

0.154

8

91.1

120.1

0.881

119.7

134.8

0.145

15

90.9

119.9

0.885

118.9

138.3

0.937

22

91.9

120.8

0.906

118.4

134.0

0.157

29

92.1

121.0

0.916

117.4

91.8

120.8

0.921

116.1

134.0

0.166

Sep

5*

*Averages of rates available
Research Division

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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
Page 3: Adjusted Monetary Base equals the sum of currency in circulation
outside Federal Reserve Banks and the U.S. Treasury, deposits of depository
financial institutions at Federal Reserve Banks, and an adjustment for the
effects of changes in statutory reserve requirements on the quantity of base
money held by depositories. This series is a spliced chain index; see Anderson
and Rasche (1996a, 1996b, 2001).
Page 4: Adjusted Reserves is defined as the sum of vault cash and Federal
Reserve Bank deposits held by depository institutions and an adjustment for
the effects of changes in statutory reserve requirements on the quantity of base
money held by depositories. This series, a spliced chain index, is numerically
larger than the Board of Governors’ measure, which excludes vault cash not
used to satisfy statutory reserve requirements and Federal Reserve Bank
deposits used to satisfy required clearing balance contracts; see Anderson and
Rasche (1996a, 2001).
Page 5: MZM includes the zero maturity, or immediately available, components
of M3. MZM equals M2 minus small-denomination time deposits, plus institutional money market mutual funds (that is, the money market mutual funds
included in M3 but excluded from M2). The label MZM, or “Money, Zero
Maturity,” was coined by William Poole (1991) for this aggregate, proposed
earlier by Motley (1988). Readers are cautioned that since early 1994 the level
and growth of M1 have been depressed by retail sweep programs that reclassify
transactions deposits (demand deposits and other checkable deposits) as savings
deposits overnight, thereby reducing banks’ required reserves; see Anderson
and Rasche (2001) and research.stlouisfed.org/aggreg/swdata.html.
Page 7: Current data appear in the Federal Reserve Board’s H.15 release,
except for the Intended Federal Funds Rate. Federal Funds Rate represents
seven-day averages for the week ending two days earlier than the date shown
in the release.
Page 8: 10-Year Inflation-Indexed Treasury Yield is the most recently
issued inflation-indexed bond of 10-year original maturity. 10-Year InflationIndexed Treasury Yield Spread equals the difference between the yield on
the most recently issued 10-year inflation-indexed bond and the unadjusted
10-Year Treasury Note Yield of similar maturity.

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.
Standard & Poor’s
Standard & Poor’s 500 composite index.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
Oil (West Texas intermediate) and natural gas (Henry Hub) spot and
futures prices.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 .

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.
Research Division
Federal Reserve Bank of St. Louis

19

U.S. Financial Data

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.

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/.

____ and ____(2001). “Retail Sweep Programs and Bank Reserves, 1994-1999,”
Federal Reserve Bank of St. Louis Review, January/February, pp. 51-72.

20

Research Division
Federal Reserve Bank of St. Louis


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