Final Edition Calendar of Releases · 2012. 10. 5. · Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun...

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)

http://www.census.gov/construction/c30/c30index.html


http://www.ism.ws/ISMReport/index.cfm


http://workforcesecurity.doleta.gov/press/2012/100412.asp


http://www.bls.gov/ces/home.htm




http://www.census.gov/manufacturing/m3/






http://www.federalreserve.gov/releases/g19/



http://research.stlouisfed.org/publications/mt/20121001/mtpub.pdf

http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20120913.pdf

http://research.stlouisfed.org/publications/mt/20121001/mtpub.pdf







http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20120913.pdf


http://research.stlouisfed.org/publications/net/20121001/netpub.pdf


http://research.stlouisfed.org/publications/net/20121001/netpub.pdf

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:

[email protected]

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


Billions of dollars

Seasonally Adjusted

Adjusted Reserves

1500

1550

1600

1650

1700

1750



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


Billions of dollars


MZM

10200

10400

10600

10800

11000

11200

11400


10/04/12

6Research Division


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


Billions of dollars


M2

9200

9400

9600

9800

10000

10200

10400



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


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


10/04/12

8Research Division


2011 2012


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


Billions of dollars


Term Deposits Held by Depository Institutions

0

1

2

3

4

5

6



2011 2012


Millions of Dollars

Purchases of Agency Debt

Mortgage-Backed Securities


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


10/04/12

10Research Division


2011 2012


Percent

Corporate Aaa

Prime Rate

2-Year Swap

30-Day Nonfinancial Commercial Paper


Yields on Selected Securities

0

1

2

3

4

5

6

2011 2012


Percent

10-Year Treasury

Federal Funds Rate FFR Target Range 3-Month Treasury|| |

|||||

0

1

2

3

4



2011 2012


Percent

Aaa - 10Y

Baa - 10Y


Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities

1.5

2.0

2.5

3.0

3.5

2011 2012


Percent

Jumbo

Conforming


Interest Rates on 30 - Year Conforming and Jumbo Mortgages

3.3

3.8

4.3

4.8

5.3


10/04/12

12Research Division


2011 2012Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Percent


Treasury Note Yields

5-Year

10-Year

30-Year

0

1

2

3

4

5


Percent


Inflation-Indexed Treasury Yields

5-Year

10-Year

30-Year

-2

-1

0

1

2


Percent


Inflation-Indexed Treasury Yield Spreads

5-Year

10-Year

30-Year

1.0

1.5

2.0

2.5

3.0



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


10/04/12

14Research Division


2011 2012



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


January 2, 1980 = 1078.29 1941-43 = 10

S&P* (right scale)

Wilshire** (left scale)


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



2011 2012


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


10/04/12

16Research Division


2011 2012


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



2011 2012


January 1987=100March 1973=100

Broad Index (right scale)

Major Index (left scale)


Trade-Weighted Exchange Rate Indexes

65

69

73

77

81

85

85

89

93

97

101

105

2011 2012


Euro/US$ Yen/US$


Euro (left scale)

Japan (right scale)

Exchange Rates

0.65

0.70

0.75

0.80

0.85

75

79

83

87

91


10/04/12

18Research Division


2011 2012


Billions of dollars


Currency Component of M1

950

975

1000

1025

1050

1075

1100

2011 2012


Billions of dollarsBillions of dollars

Small Time (left scale)

Savings (right scale)


Savings and Small Time Deposits

600

700

800

900

1000

1100

4500

5000

5500

6000

6500

7000



2011 2012


Billions of dollars

Retail Money

Institutional Money


Institutional and Retail Money Funds

500

700

900

1100

1300

1500

1700

1900

2011 2012


Billions of dollars


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


10/04/12

20Research Division


2011 2012


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


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



2011 2012


Billions of dollars

Seasonally Adjusted

Commercial Paper Outstanding of Nonfinancial Companies

160

170

180

190

200

210

220

2011 2012


Billions of dollars

Seasonally Adjusted

Commercial Paper Outstanding: Financial and Asset-Backed

Asset-Backed

Financial

250

350

450

550

650


10/04/12

22Research Division


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

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