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A: -0.6% PF: 0.5% A: 59.9 PF: 53.2 A: 367K PF: 370K A: 114K PF: 115K
A: 51.5 PF: 49.7 A: -5.2% PF: -5.9% A: 104K PF: 130K
A: 7.8% PF: 8.2%
A: $18.1B PF: $6.0B
CF: 370K PF: N/A CF: 0.7% PF: 0.7%
CF: -$44.0B PF: -$43.9B CF: 0.2% PF: 0.2%
CF: 0.7% PF: 0.8%
CF: N/A PF: N/A
CF: 0.6% CF: 0.4% CF: 770K CF: N/A CF: 4.78M
CF: 0.4% CF: 0.2% CF: 805K
CF: 0.3%
CF: 78.3%
MONDAY*
October 1
October 5, 2012
October 19October 18October 17October 16
Calendar of Releases
Final Edition
Titles for the current week are links to their respective releases.
FRIDAYTHURSDAY*WEDNESDAYTUESDAY
October 4 October 5October 3October 2
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.
October 12October 11October 10October 9October 8
October 15
Construct Spending (Aug)
Latest Issue
Nonfarm Payrolls (Sep)
Private Payrolls (Sep)
Unemployment Rate (Sep)
Initial Claims (10/6)
ISM Non Mfg Index (Sep) Initial Claims (9/29)
Factory Orders (Aug)
Latest Issue
PPI (Sep)
ISM Index (Sep)
National EconomicTrends
CPI (Sep)
Core CPI (Sep)
Industrial Production (Sep)
Capacity Utilization (Sep)
Latest Issue
Initial Claims (10/13)
International Trade (Aug)
Import Prices (Sep)
Treasury Budget (Sep)
(previous meeting)
Current EconomicConditions (Beige Book)
Monetary Trends
Consumer Credit (Aug)
Core PPI (Sep)
Retail Sales (Sep)
Business Inventories (Aug)
Housing Starts (Sep)
Building Permits (Sep)
Exhisting Home Sales (Sep)
Contents
Page
3 Adjusted Monetary Base
4 Adjusted Reserves
5 MZM
6 M2
7 Composition of Federal Reserve Assets and Liabilities
8 Reserve Bank Credit and Selected Categories
9 Other Federal Reserve Balance Sheet Items
10 Yields on Selected Securities
11 Corporate Bond Spreads and Mortgage Interest Rates
12 Yields on Nominal and Inflation-Indexed Treasury Securities
13 Federal Funds Futures Market
14 Equity Price Indices
15 Crude Oil Prices
16 Natural Gas Prices
17 Exchange Rates
18 Currency, Savings, and Small Time Deposits
19 Institutional and Retail Money Funds, and Borrowings from Federal Reserve Banks
20 Bank Loans
21 Commercial Paper Outstanding
22 Reference Tables
23 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 incorpo-rates all available data at the time of publication, which usually includes observations for the first three trading days ofthe week (Monday through Wednesday). The previous observations signify that week’s average.
We welcome your comments addressed to:
Editor, U.S. Financial DataResearch DivisionFederal Reserve Bank of St. LouisP.O. Box 442St. Louis, MO 63166-0442
or to:
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/fred2or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.
U.S. Financial Dataupdated through10/04/12
3Research DivisionFederal Reserve Bank of St. Louis
10/05/11 12/28/11 03/07/12 04/04/12 05/02/12 05/30/12 07/11/12 08/08/12
03/07/12 6.0
04/04/12 0.3 11.9
05/02/12 -0.1 8.4 -15.2
05/30/12 -1.7 4.1 -14.5 -8.3
07/11/12 -2.1 2.3 -11.1 -6.4 -7.8
08/08/12 1.2 6.5 -3.4 2.5 4.2 12.0
09/05/12 0.0 4.2 -4.8 -0.4 0.2 4.4 11.1
10/03/12 -1.8 1.4 -7.2 -3.9 -4.1 -1.9 -0.9 -16.9
Adjusted Monetary BaseCompounded annual rates of change, average of two maintenance periods ending:To the average of
two maintenanceperiods ending:
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures, Seasonally Adjusted
Adjusted Monetary Base
2550
2600
2650
2700
2750
2800
U.S. Financial Dataupdated through
10/04/12
4Research Division
Federal Reserve Bank of St. Louis
09/21/11 12/14/11 02/22/12 03/21/12 04/18/12 05/16/12 06/27/12 07/25/12
02/22/12 -3.6
03/21/12 -2.3 8.1
04/18/12 -7.7 -3.8 -17.9
05/16/12 -7.5 -4.2 -14.2 -22.5
06/27/12 -8.0 -5.7 -13.1 -17.8 -9.1
07/25/12 -6.7 -4.1 -9.6 -12.7 -4.5 -3.9
08/22/12 -3.8 -0.5 -4.0 -5.6 3.0 5.8 20.5
09/19/12 -6.5 -4.4 -8.5 -10.5 -4.8 -4.5 -1.1 -5.3
Adjusted ReservesCompounded annual rates of change, average of two maintenance periods ending:To the average of
two maintenanceperiods ending:
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Seasonally Adjusted
Adjusted Reserves
1500
1550
1600
1650
1700
1750
U.S. Financial Dataupdated through10/04/12
5Research DivisionFederal Reserve Bank of St. Louis
09/26/11 12/19/11 02/27/12 03/26/12 04/23/12 05/21/12 07/02/12 07/30/12
02/27/12 7.7
03/26/12 7.4 9.0
04/23/12 7.1 8.0 5.4
05/21/12 7.1 7.9 6.0 6.0
07/02/12 6.7 7.2 5.5 5.3 5.6
07/30/12 7.0 7.6 6.4 6.5 7.0 6.8
08/27/12 7.0 7.4 6.4 6.4 6.8 6.7 8.4
09/24/12 7.3 7.8 7.0 7.1 7.5 7.6 9.2 8.6
MZMCompounded annual rates of change, average of four weeks ending:To the average
of four weeksending:
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures, Seasonally Adjusted
MZM
10200
10400
10600
10800
11000
11200
11400
U.S. Financial Dataupdated through
10/04/12
6Research Division
Federal Reserve Bank of St. Louis
09/26/11 12/19/11 02/27/12 03/26/12 04/23/12 05/21/12 07/02/12 07/30/12
02/27/12 7.8
03/26/12 7.2 8.7
04/23/12 7.0 8.2 5.0
05/21/12 6.9 7.7 5.3 6.0
07/02/12 6.7 7.3 5.4 5.8 5.7
07/30/12 6.9 7.5 6.0 6.5 6.6 6.9
08/27/12 6.6 7.1 5.7 6.0 6.0 6.0 6.3
09/24/12 6.9 7.3 6.2 6.5 6.6 6.8 7.4 6.6
M2Compounded annual rates of change, average of four weeks ending:To the average
of four weeksending:
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures, Seasonally Adjusted
M2
9200
9400
9600
9800
10000
10200
10400
U.S. Financial Dataupdated through10/04/12
7Research DivisionFederal Reserve Bank of St. Louis
2007 2008 2009 2010 2011 2012
6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 10
Billions of Dollars
End of Period Wednesday Figures
Composition of Federal Reserve Assets
0
500
1000
1500
2000
2500
3000
3500
4000
Short-Term Lending to Financial Firms and Markets
Rescue Operations
Operations Focused on Longer-Term Credit Conditions
Traditional Portfolio
Traditional Portfolio and Long-Term Assets
2007 2008 2009 2010 2011 2012
6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 10
Billions of Dollars
End of Period Wednesday Figures
Composition of Federal Reserve Liabilities
0
500
1000
1500
2000
2500
3000
3500
Source Base (not adjusted for reserve requirement changes)
Treasury Financing Account
Traditional Liabilities and Capital Account
U.S. Financial Dataupdated through
10/04/12
8Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Reserve Bank Credit
U.S. Treasury Securities
1500
1800
2100
2400
2700
3000
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
End of Period Wednesday Figures
Term Deposits Held by Depository Institutions
0
1
2
3
4
5
6
U.S. Financial Dataupdated through10/04/12
9Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Millions of Dollars
Purchases of Agency Debt
Mortgage-Backed Securities
Averages of Daily Figures
Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
0
200
400
600
800
1000
2007 2008 2009 2010 2011 2012
6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 10
Maturity Distribution of U.S. Treasury Securities Held by the Federal Reserve
Billions of Dollars
1 Year or Less
1 to 5 Years
5 to 10 Years
Over 10 Years
0
100
200
300
400
500
600
700
800
900
U.S. Financial Dataupdated through
10/04/12
10Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Corporate Aaa
Prime Rate
2-Year Swap
30-Day Nonfinancial Commercial Paper
Averages of Daily Figures
Yields on Selected Securities
0
1
2
3
4
5
6
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
10-Year Treasury
Federal Funds Rate FFR Target Range 3-Month Treasury|| |
|||||
0
1
2
3
4
U.S. Financial Dataupdated through10/04/12
11Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Aaa - 10Y
Baa - 10Y
Averages of Daily Figures
Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
1.5
2.0
2.5
3.0
3.5
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Jumbo
Conforming
Averages of Daily Figures
Interest Rates on 30 - Year Conforming and Jumbo Mortgages
3.3
3.8
4.3
4.8
5.3
U.S. Financial Dataupdated through
10/04/12
12Research Division
Federal Reserve Bank of St. Louis
2011 2012Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Averages of Daily Figures
Treasury Note Yields
5-Year
10-Year
30-Year
0
1
2
3
4
5
2011 2012Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Averages of Daily Figures
Inflation-Indexed Treasury Yields
5-Year
10-Year
30-Year
-2
-1
0
1
2
2011 2012Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Percent
Averages of Daily Figures
Inflation-Indexed Treasury Yield Spreads
5-Year
10-Year
30-Year
1.0
1.5
2.0
2.5
3.0
U.S. Financial Dataupdated through10/04/12
13Research DivisionFederal Reserve Bank of St. Louis
Oct 2012 Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013
Contract Month
Percent
Rates on Federal Funds Futures on Selected Dates
0.10
0.11
0.12
0.13
0.14
0.15
0.16Week Ending:
10/03/1209/06/1208/08/12
2012
May Jun Jul Aug Sep Oct
FFR Target Rate Range
Oct 2012Nov 2012Dec 2012
|||
Percent
Daily Data
Rates on Federal Funds Futures Contracts
0.00
0.05
0.10
0.15
0.20
0.25
0.30
U.S. Financial Dataupdated through
10/04/12
14Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Averages of Daily Figures
Dow Jones Industrial Average and NASDAQ Composite
Closing Price February 5, 1971 = 100
NASDAQ (right scale)
Dow Jones (left scale)
10000
11000
12000
13000
14000
15000
2200
2400
2600
2800
3000
3200
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
January 2, 1980 = 1078.29 1941-43 = 10
S&P* (right scale)
Wilshire** (left scale)
Averages of Daily Figures
Wilshire 5000 and Standard & Poor's 500
*Copyright 2011 The McGraw-Hill Companies, Inc. Standard & Poor's including its subsidiary corporations ("S&P") is a division ofThe 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
11000
12000
13000
14000
15000
16000
1100
1200
1300
1400
1500
1600
U.S. Financial Dataupdated through10/04/12
15Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Dollars per barrel
West Texas Intermediate, Averages of Daily Figures
Crude Oil Spot Prices
75
80
85
90
95
100
105
110
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
2012 2013
Crude Oil Futures PricesWest Texas Intermediate
Dollars per barrel
09/26/2012
10/03/2012
87
88
89
90
91
92
93
94
95
U.S. Financial Dataupdated through
10/04/12
16Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Dollars per million btu
Henry Hub, Averages of Daily Figures
Natural Gas Spot Prices
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
2012 2013
Natural Gas Futures Prices
Dollars per million btu
Henry Hub
10/03/2012
09/26/2012
3.1
3.3
3.5
3.7
3.9
4.1
4.3
4.5
U.S. Financial Dataupdated through10/04/12
17Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
January 1987=100March 1973=100
Broad Index (right scale)
Major Index (left scale)
Averages of Daily Figures
Trade-Weighted Exchange Rate Indexes
65
69
73
77
81
85
85
89
93
97
101
105
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Euro/US$ Yen/US$
Averages of Daily Figures
Euro (left scale)
Japan (right scale)
Exchange Rates
0.65
0.70
0.75
0.80
0.85
75
79
83
87
91
U.S. Financial Dataupdated through
10/04/12
18Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures, Seasonally Adjusted
Currency Component of M1
950
975
1000
1025
1050
1075
1100
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollarsBillions of dollars
Small Time (left scale)
Savings (right scale)
Averages of Daily Figures, Seasonally Adjusted
Savings and Small Time Deposits
600
700
800
900
1000
1100
4500
5000
5500
6000
6500
7000
U.S. Financial Dataupdated through10/04/12
19Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Retail Money
Institutional Money
Averages of Daily Figures, Seasonally Adjusted
Institutional and Retail Money Funds
500
700
900
1100
1300
1500
1700
1900
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Averages of Daily Figures
Total Borrowings from Federal Reserve Banks
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 InternationalGroup, Inc.,net, term asset-backed securities loan facility, and other credit extensions. Term auction credit is excluded.
0
3
6
9
12
15
U.S. Financial Dataupdated through
10/04/12
20Research Division
Federal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars Billions of dollars
Bank Credit (left scale)
Loans and Leases (right scale)
All Commercial Banks in the United States, Seasonally Adjusted
Bank Loans and Credit
9100
9200
9300
9400
9500
9600
9700
9800
9900
10000
6600
6700
6800
6900
7000
7100
7200
7300
7400
7500
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars Billions of dollars
Large Banks (right scale)
All Banks (left scale)
Seasonally Adjusted
Commercial and Industrial Loans
1240
1280
1320
1360
1400
1440
1480
650
675
700
725
750
775
800
U.S. Financial Dataupdated through10/04/12
21Research DivisionFederal Reserve Bank of St. Louis
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Seasonally Adjusted
Commercial Paper Outstanding of Nonfinancial Companies
160
170
180
190
200
210
220
2011 2012
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Billions of dollars
Seasonally Adjusted
Commercial Paper Outstanding: Financial and Asset-Backed
Asset-Backed
Financial
250
350
450
550
650
U.S. Financial Dataupdated through
10/04/12
22Research Division
Federal Reserve Bank of St. Louis
30-Day 2-Year 3-Month 2-Year 5-Year 10-Year 30-YearComm. 90-Day Interest Corporate Corporate Municipal Federal Treasury Treasury Treasury Treasury TreasuryPaper CDs Rate Swap Aaa Bonds Baa Bonds Bonds Funds Bill Securities Securities Securities Securities
Jul 13 0.13 0.32 0.50 3.44 4.90 3.83 0.17 0.10 0.26 0.63 1.52 2.59
20 0.14 0.30 0.46 3.37 4.85 3.75 0.18 0.09 0.23 0.61 1.52 2.58
27 0.14 0.29 0.45 3.26 4.77 3.61 0.14 0.10 0.23 0.59 1.47 2.51
Aug 3 0.14 0.28 0.43 3.31 4.80 3.66 0.14 0.10 0.24 0.62 1.54 2.59
10 0.14 0.27 0.46 3.45 4.89 3.75 0.14 0.11 0.27 0.71 1.65 2.73
17 0.15 0.26 0.48 3.59 5.02 3.80 0.13 0.10 0.28 0.78 1.76 2.87
24 0.14 0.26 0.47 3.54 4.96 3.76 0.13 0.11 0.28 0.75 1.74 2.85
31 0.15 0.26 0.43 3.41 4.83 3.72 0.13 0.10 0.26 0.67 1.63 2.74
Sep 7 0.13 0.25 0.40 3.43 4.82 3.73 0.14 0.11 0.25 0.64 1.64 2.75
14 0.13 0.25 0.39 3.55 4.94 3.79 0.15 0.10 0.25 0.68 1.76 2.93
21 0.13 0.24 0.38 3.55 4.88 3.72 0.16 0.11 0.26 0.70 1.81 2.98
28 0.12 0.24 0.40 3.40 4.72 3.67 0.15 0.10 0.26 0.65 1.68 2.84
Oct 5 0.12 0.22 0.37 3.40 4.68 . 0.13 0.09 0.24 0.61 1.64 2.81
Interest RatesPercent
*
*Averages of rates available
Small Retail InstitutionalM2 MZM Currency Time Savings Money Money
Aug 13 10070 11128 1056 680.2 6409.9 637.6 1737.9
20 10044 11114 1059 677.7 6410.9 634.6 1747.7
27 10072 11129 1062 676.1 6430.4 635.7 1732.2
Sep 3 10090 11163 1063 673.7 6352.0 635.8 1747.1
10 10124 11195 1065 671.8 6404.9 633.0 1742.5
17 10138 11221 1068 669.3 6464.2 633.7 1752.1
24 10138 11231 1071 665.8 6475.3 637.4 1758.6
Money Stock and ComponentsBillions of dollars, seasonally adjusted
C&I C&I Comm.Bank Loans and Loans Loans Paper TotalCredit Leases (All) (Large) (sa) Borrowings
Aug 22 9781.7 7132.1 1461.5 789.4 187.5 3.413
29 9787.8 7141.3 1460.5 788.1 186.7 2.596
Sep 5 9814.6 7159.7 1462.4 791.7 184.5 2.435
12 9807.5 7150.9 1459.3 791.5 185.2 2.201
19 9797.5 7135.8 1455.2 788.9 194.1 1.813
26 . . . . 189.0 1.728
Oct 3 . . . . 189.2 1.595
Bank Loans and CreditBillions of dollars, seasonally adjusted
AdjustedMonetary Adjusted
Base Reserves
Jul 11 2650.896 1578.03
25 2693.850 1620.36
Aug 8 2702.718 1652.78
22 2689.749 1618.91
Sep 5 2651.690 1584.15
19 2655.510 1587.36
Oct 3 2589.479 .
Reserves and BaseBillions of dollars, seasonally adjusted
Major Broad Exchange ExchangeExchange Exchange Rate: Rate:Rate Index Rate Index Euro/$ Yen/$
Aug 17 74.4 100.9 0.811 79.0
24 74.0 100.6 0.801 79.0
31 73.8 100.6 0.798 78.6
Sep 7 73.4 100.1 0.791 78.5
14 72.4 99.1 0.774 77.9
21 72.2 98.7 0.767 78.4
28 72.6 99.0 0.776 77.8
Exchange Rates
portfolio holdings of Maiden Lanes I, II, III, and preferred interests inAIA Aurora and ALICO Holdings. Operations focused on long termcredit conditions is the sum of Federal Reserve agency obligations heldoutright, mortgage backed securities, the term asset-backed securitiesloan facility (TALF), and the TALF LLC. Traditional portfolio is thesum of treasury securities, gold certificate account, special drawingrights, coin, items in process of collection, and bank premises. On theliability side, Source base is the sum of deposits of depository institu-tions and Federal Reserve notes. Treasury financing account appearson the H.4.1. Traditional liabilities and capital account is the sumof deferred availability cash items, foreign official account deposits,U.S. Treasury general account, accrued dividends, reverse repurchaseagreements, other deposits, and capital accounts. H.4.1 data are notseasonally adjusted.
Page 8: Federal Reserve Holdings of U.S. Treasury Securitiesinclude nominal securities, inflation-indexed securities, and the com-pensation that adjusts for the effect of inflation on the original facevalue of inflation-indexed securities (inflation compensation). TermDeposits Held by Depository Institutions are interest-bearing depositswith a specific maturity date offered by the Federal Reserve Banks.For more information on the Term Deposit Facility, seehttp://www.frbservices.org/centralbank/term_deposit_facility.html.
Page 9: Current data appear in the Federal Reserve Board’s H.4.1release. For more information, seehttp://www.federalreserve.gov/newsevents/recentactions.htm.
Page 10: Current data appear in the Federal Reserve Board’s H.15release, except for the Intended Federal Funds Rate. Federal FundsRate represents seven-day averages for the week ending two daysearlier than the date shown in the release.
Page 11: Yields on the 10-year U.S. Treasury security, Aaa- and Baa-rated corporate bonds, and the interest rate on 3-year conformingmortgages appear in the Federal Reserve Board’s H.15 release. Theinterest 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 recentlyissued inflation-indexed bonds of 5- ,10- , and 30-year original matu-rities. Inflation-Indexed Treasury Yield Spreads equal the differencebetween yields on the most recently issued inflation-indexed bondsand the unadjusted Treasury Note Yields of similar maturities.
Page 13: Rates on Federal Funds Futures Contracts trace throughtime the yield on three specific contracts. Rates on Federal FundsFutures on Selected Dates displays a single day’s snapshot of yieldsfor contracts expiring in the months shown on the horizontal axis.
Page 15: Crude Oil (West Texas intermediate) spot and futures pricesare listed in the Wall Street Journal. Spot Prices are weekly averagesof daily prices; Futures Prices are usually taken on Wednesday.
Page 16: Natural Gas (Henry Hub) spot and futures prices are listedin the Wall Street Journal. Spot Prices are weekly averages of dailyprices; 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 comprisesthe Major Index plus 19 additional currencies. Further details maybe 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 andpassbook and state ment savings. Small Time Deposits have a minimuminitial maturity of 7 days. Savings deposits and small time depositsare at all depository institutions.
Definitions M1: The sum of currency held outside the vaults of depository institutions, Federal Reserve Banks, and the U.S. Treasury; travelerschecks; and demand and other checkable deposits issued by financialinstitutions (except demand deposits due to the Treasury and depositoryinstitutions), minus cash items in process of collection and FederalReserve float.
M2: M1 plus savings deposits (including money market depositaccounts) and small-denomination (less than $100,000) time depositsissued by financial institutions; and shares in retail money marketmutual funds (funds with initial investments of less than $50,000), netof retirement accounts.
M3: M2 plus large-denomination ($100,000 or more) time deposits;repurchase agreements issued by depository institutions; Eurodollardeposits, specifically, dollar-denominated deposits due to nonbank U.S.addresses held at foreign offices of U.S. banks worldwide and allbanking offices in Canada and the United Kingdom; and institutionalmoney market mutual funds (funds with initial investments of $50,000or more).
Notes Cover Page: Economic forecasts are median responses from theThomson Reuters Weekly Economic Survey, which is sent out to 20to 25 Wall Street economists each week (usually on Tuesday). Theseforecasts are released on Friday—at which time, Thursday’s USFDcover 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 require-ments on the quantity of base money held by depositories. This seriesis a spliced chain index; see Anderson and Rasche (1996a, 1996b,2001, 2003).
Page 4: Adjusted Reserves is defined as the sum of vault cash andFederal Reserve Bank deposits held by depository institutions and anadjustment for the effects of changes in statutory reserve requirementson the quantity of base money held by depositories. This series, aspliced chain index, is numerically larger than the Board of Governors’measure, which excludes vault cash not used to satisfy statutory reserverequirements and Federal Reserve Bank deposits used to satisfy requiredclearing 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 timedeposits, plus institutional money market mutual funds (that is, themoney market mutual funds included in M3 but excluded from M2).The label MZM, or “Money, Zero Maturity,” was coined by WilliamPoole (1991) for this aggregate, proposed earlier by Motley (1988).Readers are cautioned that since early 1994 the level and growth ofM1 have been depressed by retail sweep programs that reclassifytransactions deposits (demand deposits and other checkable deposits)as savings deposits overnight, thereby reducing banks’ requiredreserves; see Anderson and Rasche (2001) andresearch.stlouisfed.org/aggreg/swdata.html.
Page 7: The asset groups are aggregates of the following categorieson the H.4.1: Short-term lending to financial firms and markets isthe sum of repurchase agreements, term auction credit, commercialpaper funding facility, central bank liquidity swaps, money marketinvestor funding facility, other loans (less AIG loan), and other assets.Rescue operations is the sum of credit extended to AIG, and net
U.S. Financial Data
Research DivisionFederal Reserve Bank of St. Louis 23
U.S. Financial Data
Page 19: Data appear in the Federal Reserve Board’s H.6 and H.4.1releases. Retail Money Funds are included in M2. InstitutionalMoney 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.
Total Borrowings include loans to depository institutions for (i) primary, secondary, and seasonal credit and (ii) primary dealer andother broker-dealer credit. This category also includes the asset-backed commercial paper money market mutual fund liquidity facility,credit extended to American International Group, Inc., term asset-backed securities loan facility, and other credit extensions. Term auc-tion credit is excluded. Data and recent information regarding FederalReserve lending programs appear in the Federal Reserve Board'sH.4.1 release at http://www.federalreserve.gov/releases/h41/Current/.
Page 20: Data appear in the Federal Reserve Board’s H.8 release.Bank Loans and Credit include foreign-related institutions. BankCredit includes loans and leases and securities. All Banks includesforeign-related institutions. Large Banks are domestically charteredbanks (adjusted for mergers) and report on a weekly basis.
Page 21: Current data appear atwww.federalreserve.gov/releases/cp/outstandings.htm.
Page 22: Treasury Security yields are Treasury constant maturitiesas reported in the Board of Governors of the Federal ReserveSystem’s H.15 release.The 3-Month Treasury Bill yield is the secondary market yield fromthe H.15 release. Federal Funds represents seven-day averages forthe week ending two days earlier than the date shown in the table.Municipal Bonds represents Bond Buyer’s Average Index of 20municipal bonds, Thursday data.
SourcesBoard of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8release. Total Borrowings and Federal Reserve Balance SheetItems: H.4.1 release. Interest rates: H.15 release. Exchange rates:H.10 release. Commercial paper: Board of Governors web site.
Chicago Board of TradeFederal funds futures contract.
Dow Jones IndexesDow Jones Industrial Average.
Federal Reserve Bank of St. LouisAdjusted monetary base, adjusted reserves, and MZM.
NASDAQ Stock Market, IncorporatedNASDAQ Composite®.
Standard & Poor’sStandard & Poor’s 500 composite index.
U.S. Department of the TreasuryU.S. inflation-indexed security yields.
Wall Street JournalJumbo mortgage interest rates, oil (West Texas intermediate) andnatural 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,” FederalReserve Bank of St. Louis Review, March/April, 78(2), pp. 3-13.
____ and ____(1996b). “Measuring the Adjusted Monetary Base inan Era of Financial Change,” Federal Reserve Bank of St. LouisReview, 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 theFederal Reserve Bank of St. Louis Adjusted Monetary Base andReserves,” Federal Reserve Bank of St. Louis Review,September/October, 85(5), pp. 39-70.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal ReserveBank of San Francisco Economic Review, Winter, pp. 33-51.
Poole, William (1991). Statement before the Subcommittee onDomestic Monetary Policy of the Committee on Banking, Financeand 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 Internetat research.stlouisfed.org/publications/review/.
Research Division24 Federal Reserve Bank of St. Louis