1. No category

USFinancialData
November 7, 2014
Final Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
November 3
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
November 4
November 5
November 6
November 7
Construct Spending (Sep)
A: -0.4%
PF: 0.7%
Factory Orders (Sep)
A: -0.6%
PF: -0.6%
ISM Index (Oct)
A: 59.0
PF: 56.2
International Trade (Sep)
A: -$43.0B
PF: -$40.0B
ISM Non Mfg Index (Oct)
A: 57.1
PF: 58.0
Latest Issue
National Economic Trends
Initial Claims (11/1)
A: 278K
PF: 285K
Nonfarm Payrolls (Oct)
A: 214K
PF: 231K
Productivity (Q3)
A: 2.0%
PF: 1.5%
Private Payrolls (Oct)
A: 209K
PF: 220K
Unit Labor Cost (Q3)
PF: 0.5%
A: 0.3%
Unemployment Rate (Oct)
A: 5.8%
PF: 5.9%
Consumer Credit (Sep)
PF: $15.4B
A: $15.9B
Latest Issue
Monetary Trends
November 10
November 11
November 12
November 13
Initial Claims (11/8)
CF: 280K
PF: N/A
Treasury Budget (Oct)
CF: -$111.7B PF: N/A
November 14
Retail Sales (Oct)
CF: 0.2%
PF: 0.2%
Business Inventories (Sep)
CF: 0.2%
PF: 0.2%
Import Prices (Oct)
CF: -1.6%
PF: -1.1%
November 17
Industrial Production (Oct)
CF: 0.2%
Capacity Utilization (Oct)
CF: 79.3%
November 18
November 19
November 20
PPI (Oct)
CF: -0.1%
Housing Starts (Oct)
CF: 1025K
Initial Claims (11/15)
CF: N/A
Core PPI (Oct)
CF: 0.1%
Building Permits (Oct)
CF: 1038K
CPI (Oct)
CF: -0.1%
FOMC Minutes
(previous meeting)
November 21
CPI Core (Oct)
CF: 0.1%
Existing Home Sales (Oct)
CF: 5.14M
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.
Forecast data are from Thomson Reuters. Thomson Reuters, 20. 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
20
21
22
23
24
Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Composition of Federal Reserve Assets and Liabilities
Reserve Bank Credit and Selected Categories
Reverse Repurchase Agreements and Federal Reserve Remittances
Other Federal Reserve Balance Sheet Items
Yields on Selected Securities
Corporate Bond Spreads and Mortgage Interest Rates
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
Institutional and Retail Money Funds, and Borrowings from Federal Reserve Banks
Bank Loans
Commercial Paper Outstanding
Reference Tables
Notes
Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 11, 15, 16 (top chart), 17 (top chart), and 23 (top table), the last observation is a daily average that incorporates all available data at the time of publication, which usually includes observations for the first three trading days of
the week (Monday through Wednesday). The previous observations signify that week’s average.
We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of St. Louis. For more information on data in this publication, please visit research.stlouisfed.org/fred2
or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.
updated through
11/06/14
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
4300
4200
4100
4000
3900
3800
3700
3600
3500
3400
3300
3200
3100
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
Jul
Aug
Sep
Oct
Nov
2014
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/30/13
01/22/14
04/02/14
04/30/14
04/02/14
20.5
04/30/14
19.8
24.5
05/28/14
15.0
15.2
1.1
06/25/14
15.5
16.0
6.9
2.5
08/06/14
16.6
17.4
12.0
10.8
05/28/14
06/25/14
08/06/14
09/03/14
21.5
09/03/14
15.8
16.2
11.2
10.2
17.4
16.6
10/01/14
14.0
13.8
8.8
7.5
12.4
10.4
1.9
10/29/14
11.5
10.6
5.4
3.8
7.0
4.4
-3.8
-9.1
Research Division
Federal Reserve Bank of St. Louis
3
updated through
11/06/14
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
3100
3000
2900
2800
2700
2600
2500
2400
2300
2200
2100
2000
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
Jul
Sep
Aug
Oct
Nov
2014
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/30/13
01/22/14
04/02/14
04/30/14
04/02/14
26.2
04/30/14
23.3
29.0
05/28/14
18.2
18.9
-1.4
06/25/14
18.5
19.4
5.7
4.3
08/06/14
20.2
21.6
13.2
14.6
05/28/14
06/25/14
08/06/14
09/03/14
26.5
09/03/14
19.0
19.7
12.2
13.0
20.8
20.6
10/01/14
17.0
17.0
9.8
10.0
15.1
13.4
2.4
10/29/14
13.7
12.7
5.3
4.8
7.8
5.0
-5.6
-11.6
Research Division
4
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
12900
12800
12700
12600
12500
12400
12300
12200
12100
12000
11900
11800
11700
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
Jul
Aug
Sep
Oct
Nov
2014
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/28/13
01/20/14
03/31/14
04/28/14
05/26/14
06/23/14
08/04/14
03/31/14
5.6
04/28/14
5.0
6.1
05/26/14
5.4
6.5
5.0
06/23/14
5.3
6.2
4.8
6.3
08/04/14
5.6
6.4
5.6
6.7
09/01/14
5.2
5.7
4.8
5.4
4.7
4.8
09/29/14
5.0
5.5
4.6
5.1
4.4
4.4
2.4
10/27/14
5.3
5.7
5.1
5.5
5.1
5.2
4.3
09/01/14
6.1
5.8
Research Division
Federal Reserve Bank of St. Louis
5
updated through
11/06/14
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
11600
11500
11400
11300
11200
11100
11000
10900
10800
10700
10600
10500
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
Jul
Sep
Aug
Oct
Nov
2014
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/28/13
01/20/14
03/31/14
04/28/14
05/26/14
06/23/14
08/04/14
03/31/14
6.1
04/28/14
6.0
7.6
05/26/14
6.3
7.7
6.7
06/23/14
6.1
7.2
6.2
6.6
08/04/14
6.4
7.3
6.7
7.0
6.6
09/01/14
5.9
6.6
5.7
5.8
5.2
5.1
09/29/14
5.7
6.2
5.3
5.3
4.7
4.5
2.2
10/27/14
5.6
6.1
5.3
5.3
4.8
4.7
3.3
09/01/14
4.2
Research Division
6
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
5000
Market Adjustment to Treasury and MBS Portfolio
Short-Term Lending to Financial Firms and Markets
4500
Rescue Operations
Operations Focused on Longer-Term Credit Conditions
4000
Traditional Portfolio
Traditional Portfolio and Long-Term Assets
3500
3000
2500
2000
1500
1000
500
0
5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011
2007
2008
2009
2010
2011
2012
2013
2014
Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
5000
Source Base (not adjusted for reserve requirement changes)
4500
Treasury Financing Account
Traditional Liabilities and Capital Account
4000
3500
3000
2500
2000
1500
1000
500
0
5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011
2007
2008
2009
2010
2011
2012
2013
2014
Research Division
Federal Reserve Bank of St. Louis
7
updated through
11/06/14
U.S. Financial Data
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
4800
4500
4200
Reserve Bank Credit
3900
3600
3300
3000
2700
2400
2100
U.S. Treasury Securities
1800
1500
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
2013
Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
240
200
160
120
80
40
0
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
Research Division
8
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Factors Absorbing Reserve Funds: Reverse Repurchase Agreements
Averages of Daily Figures
Billions of Dollars
350
325
300
275
250
225
200
175
150
125
100
75
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Jun
2014
Jul
Aug
Sep
Oct
Nov
Federal Reserve Earnings Remitted to the U.S. Treasury
52-Week Rolling Sums
Billions of Dollars, Weekly Averages of Daily Figures
110
105
100
95
90
85
80
75
70
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Research Division
Federal Reserve Bank of St. Louis
9
updated through
11/06/14
U.S. Financial Data
Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Millions of Dollars
2100
1800
Mortgage-Backed Securities
1500
1200
900
600
300
Purchases of Agency Debt
0
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Maturity Distribution of U.S. Treasury Securities Held by the Federal Reserve
Billions of Dollars
1200
1100
1000
900
800
700
600
500
1 Year or Less
5 to 10 Years
400
1 to 5 Years
300
Over 10 Years
200
100
0
5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011
2007
2008
2009
2010
2011
2012
2013
2014
Research Division
10
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
5
4
Corporate Aaa
Prime Rate
3
2
1
2-Year Swap
30-Day Nonfinancial Commercial Paper
0
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Oct
Nov
Percent
4
3
10-Year Treasury
2
1
FFR Target Range
Federal Funds Rate
3-Month Treasury
|
|
|
|
||
||
0
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Research Division
Federal Reserve Bank of St. Louis
11
updated through
11/06/14
U.S. Financial Data
Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
3.0
Baa - 10Y
2.5
2.0
Aaa - 10Y
1.5
1.0
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Jul
Aug
Sep
Oct
Nov
Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
5.3
Jumbo
4.8
4.3
Conforming
3.8
3.3
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Research Division
12
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Treasury Note Yields
Averages of Daily Figures
Percent
4
30-Year
3
10-Year
2
1
5-Year
0
Oct
Sep
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
2
30-Year
1
10-Year
0
5-Year
-1
-2
Oct
Sep
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
2013
Inflation-Indexed Treasury Yield Spreads
Averages of Daily Figures
Percent
2.5
30-Year
2.3
2.1
10-Year
1.9
5-Year
1.7
1.5
1.3
Sep
Oct
Nov
2013
Dec
Jan
Feb
Mar
Apr
Research Division
Federal Reserve Bank of St. Louis
13
updated through
11/06/14
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.50
0.45
0.40
0.35
0.30
12-Month Futures
0.25
0.20
6-Month Futures
0.15
0.10
1st Expiring Contract
3-Month Futures
0.05
FFR Target Rate Range
0.00
Jun
Jul
Aug
Sep
Oct
Nov
2014
Rates on Federal Funds Futures on Selected Dates
Percent
0.55
0.50
0.45
Week Ending:
09/11/14
10/09/14
11/05/14
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
1st-Expiring Contract
3-Month
6-Month
12-Month
Contract Settlement Month
Research Division
14
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
19000
4800
18000
4500
17000
4200
NASDAQ (right scale)
16000
3900
Dow Jones (left scale)
15000
3600
14000
3300
13000
3000
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
*The S&P Dow Jones Indices LLC series are Copyright
Jun
2014
Jul
Aug
Sep
Oct
Nov
2014, S&P Dow Jones Indices LLC. All rights reserved.
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
22000
2100
21000
2000
Wilshire** (left scale)
20000
1900
19000
1800
S&P* (right scale)
18000
1700
17000
1600
16000
1500
15000
1400
Sep
Nov
Oct
Dec
Jan
2013
*The S&P Dow Jones Indices LLC series are Copyright
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
2014, S&P Dow Jones Indices LLC. All rights reserved.
**Source: Wilshire Associates Incorporated, www.wilshire.com
Research Division
Federal Reserve Bank of St. Louis
15
updated through
11/06/14
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
112
108
104
100
96
92
88
84
80
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Jul
Aug
Aug
Sep
Oct
Nov
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
83
82
10/29/2014
81
80
11/05/2014
79
78
Dec
2014
Jan
Feb
Mar
Apr
May
Jun
2015
Sep
Oct
Nov
Research Division
16
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
4.3
4.2
4.1
4.0
3.9
11/05/2014
3.8
3.7
10/29/2014
3.6
3.5
Dec
Jan
2014
Feb
Mar
Apr
May
Jun
2015
Jul
Aug
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
17
updated through
11/06/14
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
83
107
81
105
Broad Index (right scale)
79
103
77
101
75
99
Major Index (left scale)
73
97
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
0.86
111
0.84
109
0.82
107
Japan (right scale)
0.80
105
0.78
103
0.76
101
0.74
99
Euro (left scale)
0.72
97
0.70
95
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
Research Division
18
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1250
1225
1200
1175
1150
1125
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1100
8000
1000
7500
Savings (right scale)
900
7000
800
6500
700
6000
600
5500
Small Time (left scale)
500
5000
400
4500
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
19
updated through
11/06/14
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1900
1700
Institutional Money
1500
1300
1100
900
Retail Money
700
500
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
2013
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
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 International
Group, Inc.,net, term asset-backed securities loan facility, and other credit extensions. Term auction credit is excluded.
Research Division
20
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
10745
7950
10635
7850
10525
7750
10415
7650
10305
7550
10195
7450
Loans and Leases (right scale)
10085
7350
9975
7250
Bank Credit (left scale)
9865
7150
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1830
960
1790
940
1750
920
1710
900
1670
880
Large Banks (right scale)
1630
860
1590
840
All Banks (left scale)
1550
820
1510
800
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
21
updated through
11/06/14
U.S. Financial Data
Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
300
290
280
270
260
250
240
230
220
210
Sep
Nov
Oct
Dec
Jan
Feb
Mar
Apr
May
2013
Jun
2014
Jul
Aug
Sep
Oct
Nov
Jul
Aug
Sep
Oct
Nov
Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
650
600
550
Financial
500
450
400
350
300
Asset-Backed
250
200
Sep
Nov
Oct
2013
Dec
Jan
Feb
Mar
Apr
May
Jun
2014
Research Division
22
Federal Reserve Bank of St. Louis
updated through
11/06/14
U.S. Financial Data
Interest Rates
Percent
30-Day
Comm.
Paper
90-Day
2-Year
Corporate Corporate Municipal
CDs
Interest
Non-Jumbo 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
30-Year
Treasury
Securities
Aug 15
0.07
0.08
0.65
4.08
4.71
4.24
0.09
0.04
0.44
1.59
2.41
3.22
22
0.10
0.08
0.68
4.08
4.70
4.21
0.09
0.03
0.48
1.63
2.41
3.20
29
0.07
0.08
0.72
3.98
4.61
4.17
0.09
0.03
0.51
1.66
2.37
3.11
5
0.08
0.08
0.74
4.03
4.69
4.09
0.08
0.03
0.53
1.70
2.44
3.19
Sep
Oct
Nov
12
0.07
0.08
0.77
4.13
4.79
4.14
0.09
0.02
0.57
1.78
2.54
3.27
19
0.06
0.08
0.79
4.21
4.89
4.17
0.09
0.02
0.58
1.82
2.61
3.34
26
0.06
0.08
0.80
4.10
4.82
4.11
0.09
0.01
0.58
1.79
2.55
3.25
3
0.05
0.08
0.81
4.00
4.76
4.11
0.09
0.02
0.56
1.73
2.47
3.16
10
0.06
0.08
0.76
3.92
4.68
4.01
0.09
0.01
0.49
1.61
2.36
3.07
17
0.07
0.08
0.62
3.83
4.62
3.87
0.09
0.02
0.37
1.41
2.19
2.95
24
0.06
0.08
0.63
3.93
4.68
3.90
0.09
0.02
0.40
1.47
2.25
3.01
31
0.06
0.08
0.67
3.92
4.72
3.90
0.09
0.02
0.46
1.57
2.32
3.05
0.07
.
0.73
3.90
4.75
.
0.08
0.03
0.52
1.63
2.36
3.06
7*
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Sep 15
Oct
M2
MZM
11479
12687
Currency
1227
Small
Time
530.0
Savings
Retail
Money
7448.3
625.4
Adjusted
Monetary
Base
Adjusted
Reserves
6
4120.938
2909.01
20
4125.177
2881.37
3
4084.115
2847.10
17
4149.674
2924.85
1
4036.019
2791.84
Institutional
Money
1738.4
22
11469
12683
1228
528.5
7470.5
626.4
1742.2
29
11462
12689
1228
527.0
7462.1
626.1
1754.8
Aug
Sep
6
11517
12774
1226
526.0
7517.4
628.4
1783.3
13
11478
12728
1228
527.2
7477.8
633.3
1777.2
20
11521
12763
1231
527.1
7499.2
631.7
1770.0
15
4114.141
2864.77
27
11554
12787
1233
526.7
7539.0
640.5
1759.9
29
3975.812
2755.73
Oct
Exchange Rates
Bank Loans and Credit
Billions of dollars, seasonally adjusted
Major
Exchange Exchange
Broad
Exchange Exchange
Rate:
Rate:
Euro/$
Yen/$
Rate Index Rate Index
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Total
Borrowings
Sep 24
10665.2
7796.0
1732.1
926.2
289.1
0.330
Sep 19
79.5
104.6
0.774
107.9
Oct
10687.8
7817.6
1736.8
925.4
270.8
0.280
26
80.3
105.3
0.782
108.9
Nov
1
8
10675.3
7800.2
1737.0
923.9
266.9
0.229
3
81.0
106.1
0.792
109.2
15
10682.8
7806.9
1740.3
925.9
251.6
0.226
10
80.9
105.9
0.791
108.3
22
10710.1
7850.4
1745.2
927.6
Oct
253.7
0.221
17
80.6
105.8
0.784
106.5
29
.
.
.
.
255.3
0.218
24
80.7
105.9
0.787
107.4
5
.
.
.
.
260.3
0.158
31
80.9
106.0
0.789
109.0
Research Division
Federal Reserve Bank of St. Louis
23
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 Reuters 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).
Rescue operations is the sum of credit extended to AIG, and net
portfolio holdings of Maiden Lanes I, II, III, and preferred interests in
AIA Aurora and ALICO Holdings. Operations focused on long term
credit conditions is the sum of Federal Reserve agency obligations held
outright, mortgage backed securities, the term asset-backed securities
loan facility (TALF), and the TALF LLC. Traditional portfolio is
the sum of treasury securities, gold certificate account, special drawing rights, coin, items in process of collection, and bank premises. On
the liability side, Source base is the sum of deposits of depository
institutions and Federal Reserve notes. Treasury financing account
appears on the H.4.1. Traditional liabilities and capital account is
the sum of deferred availability cash items, foreign official account
deposits, U.S. Treasury general account, accrued dividends, reverse
repurchase agreements, other deposits, and capital accounts. H.4.1
data are not seasonally adjusted.
Page 8: Federal Reserve Holdings of U.S. Treasury Securities
include nominal securities, inflation-indexed securities, and the compensation that adjusts for the effect of inflation on the original face
value of inflation-indexed securities (inflation compensation). Term
Deposits Held by Depository Institutions are interest-bearing deposits
with a specific maturity date offered by the Federal Reserve Banks.
For more information on the Term Deposit Facility, see
http://www.frbservices.org/centralbank/term_deposit_facility.html.
Page 9: Reverse repurchase (repo) agreements are domestic open
market operations through which eligible financial market counterparties lend cash to the Federal Reserve Banks in exchange for securities
on the Federal Reserve’s balance sheet. Federal Reserve Earnings
Remitted to the U.S. Treasury is the interest income earned on the
Fed’s holdings of domestic securities, plus other earnings, less direct
interest expenses. Included in the latter is the interest paid on reverse
repos noted above. For more information on both of these series, see
Domestic Open Market Operations During 2013
(http://www.newyorkfed.org/markets/omo/omo2013.pdf). Federal
Reserve Earnings are derived from the Daily Treasury Statement
(http://www.fms.treas.gov/dts/index.html).
Page 10: Current data appear in the Federal Reserve Board’s H.4.1
release. For more information, see
http://www.federalreserve.gov/newsevents/recentactions.htm.
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 11: 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 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 13: Inflation-Indexed Treasury Yields are the most recently
issued inflation-indexed bonds of 5- ,10- , and 30-year original maturities. Inflation-Indexed Treasury Yield Spreads equal the difference
between yields on the most recently issued inflation-indexed bonds
and the unadjusted Treasury Note Yields of similar maturities.
Page 7: The asset groups are aggregates of the following categories
on the H.4.1: Short-term lending to financial firms and markets is
the sum of repurchase agreements, term auction credit, commercial
paper funding facility, central bank liquidity swaps, money market
investor funding facility, other loans (less AIG loan), and other assets.
Research Division
Federal Reserve Bank of St. Louis
Page 12: Yields on the 10-year U.S. Treasury security, Aaa- and Baarated corporate bonds, and the interest rate on 3-year conforming
mortgages appear in the Federal Reserve Board’s H.15 release. The
interest rates on jumbo mortgages (typically, mortgages in excess of
$417,000) are listed in the Wall Street Journal.
Page 14: 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 16: 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.
23
U.S. Financial Data
Page 17: Natural Gas (Henry Hub) spot prices are from the U.S.
Energy Information Administration (EIA). 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 18: 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 19: 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 20: Data appear in the Federal Reserve Board’s H.6 and H.4.1
releases. Retail Money Funds are included in M2. Institutional
Money 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 and
other broker-dealer credit. This category also includes the assetbacked commercial paper money market mutual fund liquidity facility,
credit extended to American International Group, Inc., term assetbacked securities loan facility, and other credit extensions. Term auction credit is excluded. Data and recent information regarding Federal
Reserve lending programs appear in the Federal Reserve Board's
H.4.1 release at http://www.federalreserve.gov/releases/h41/Current/.
Page 21: 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 22: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 23: 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 and Federal Reserve Balance Sheet
Items: 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.
24
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from http://us.spindices.com/contact-us/, including phone numbers
for all of its regional offices.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
U.S. Energy Information Administration (EIA)
Natural gas (Henry Hub) spot prices.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) spot
and futures prices, and natural gas (Henry Hub) 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,” 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.
____ 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.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
Dow Jones Indexes
Dow Jones Industrial Average.
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.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
Research Division
Federal Reserve Bank of St. Louis