Money, credit, and security markets
MONEY STOCK AND DEBT MEASURES
In May, M2 and M3 rose.
[GRAPHIC OMITTED] [Averages of daily figures, except debt end-of-period basis;
billions of dollars, seasonally adjusted]
M1 M2 M3
Sum of currency M1 plus retail M2 plus large
demand deposits, MMMF balances, time deposits,
travelers’ savings deposits RPs, Euro-
Period checks, and (including MMDAs), dollars, and
other checkable and small time institutional
deposits (OCDs) deposits MMFF balances
1994: Dec 1,150.5 3,497.7 4,364.8
1995: Dec 1,127.0 3,641.4 4,630.9
1996: Dec (r) 1,079.3 3,817.1 4,978.8
1997: Dec (r) 1,072.5 4,032.2 6,453.5
1998: Dec (r) 1,096.1 4,384.5 6,044.6
1999: Dec (r) 1,124.0 4,649.4 6,544.8
2000: Dec (r) 1,087.9 4,933.3 7,113.0
2001: Dec (r) 1,179.4 5,449.1 8,025.1
2002: Dec (r) 1,217.2 5,795.3 8,552.5
2003: Dec (r) 1,292.8 6,062.7 8,837.0
2003: May (r) 1,258.0 5,986.4 8,725.5
June (r) 1,271.1 6,027.1 8,774.6
July (r) 1,273.5 6,067.1 8,847.7
Aug (r) 1,281.5 6,107.5 8,885.4
Sept (r) 1,281.4 6,084.8 8,874.3
Oct (r) 1,283.2 6,069.1 8,848.7
Nov (r) 1,283.1 6,066.4 8,842.1
Dec (r) 1,292.8 6,062.7 8,837.0
2004: Jan (r) 1,286.6 6,070.2 8,886.7
Feb (r) 1,306.0 6,120.4 8,949.9
Mar (r) 1,325.2 6,167.6 9,023.1
Apr (r) 1,321.8 6,214.0 9,096.8
May 1,319.3 6,281.8 9,205.3
Debt Percent change
From year or From
6 months previous
earlier (2) period (3)
Debt of
domestic
Period nonfinancial M1 M2 M3 Debt
sectors (1)
1994: Dec (r) 12,989.5 1.8 0.4 1.9 4.6
1995: Dec (r) 13,673.8 -2.0 4.1 6.1 5.3
1996: Dec (r) 14,390.2 -4.2 4.8 7.5 5.2
1997: Dec (r) 15,150.5 -.6 5.6 9.5 5.3
1998: Dec (r) 16,184.3 2.2 8.7 10.8 6.8
1999: Dec (r) 17,243.5 2.5 6.0 8.3 6.3
2000: Dec (r) 18,098.8 -3.2 6.1 8.7 4.9
2001: Dec (r) 19,228.0 8.4 10.5 12.8 6.2
2002: Dec (r) 20,567.4 3.2 6.4 6.6 7.0
2003: Dec (r) 22,299.2 6.2 4.6 3.3 8.2
2003: May (r) … 8.9 7.6 5.8 …
June (r) 21,513.6 8.9 8.0 5.2 11.3
July (r) … 8.7 8.3 6.6 …
Aug (r) … 7.5 8.3 6.6 …
Sept (r) 21,899.7 6.6 6.6 5.6 7.2
Oct (r) … 5.9 4.5 4.1 …
Nov (r) … 4.0 2.7 2.7 …
Dec (r) 22,299.2 3.4 1.2 1.4 6.4
2004: Jan (r) … 2.1 .1 .9 …
Feb (r) … 3.8 .4 1.5 …
Mar (r) 22,781.0 6.8 2.7 3.4 8.6
Apr (r) … 6.0 4.8 5.6 …
May … 5.6 7.1 8.2 …
(1) Quarterly data; shown in last month of quarter. End-of-year
data are for fourth quarter. Consists of outstanding credit market
debt of the U.S. Government, State and local governments, and
private nonfinancial sectors; data from flow of funds accounts.
(2) Annual changes are from December to December and monthly
changes are from 6 months earlier at a simple annual rate.
(3) Annual changes are from fourth quarter to fourth quarter.
Quarterly changes are from previous quarter at an annual rate.
NOTE.–See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]Other
Nonbank check-
Period Currency travelers Demand able
checks deposits deposits
(OCDs)
1994: Dec 354.0 8.6 383.9 403.9
1995: Dec 372.1 9.1 389.3 356.6
1996: Dec 394.1 8.8 401.0 275.5
1997: Dec 424.6 8.5 394.2 245.3
1998: Dec 459.9 8.5 378.4 249.3
1999: Dec 517.7 8.6 354.9 242.8
1000: Dec 531.6 8.3 310.3 237.8
2001: Dec 582.0 8.0 332.5 256.9
2002: Dec (r) 627.4 7.8 303.4 278.6
2003: Dec (r) 663.9 7.7 312.1 309.2
2003: May 644.6 7.6 314.7 291.1
June 646.4 7.6 321.9 295.2
July 648.0 7.6 319.1 298.8
Aug 650.8 7.6 320.9 302.3
Sept 654.1 7.6 313.4 306.3
Oct 658.3 7.7 311.3 305.9
Nov 661.3 7.7 308.4 305.8
Dec 663.9 7.7 312.1 309.2
2004: Jan (r) 664.9 7.8 301.0 312.9
Feb (r) 665.8 7.8 313.3 319.1
Mar (r) 666.8 7.8 326.0 324.6
Apr (r) 668.7 7.8 322.2 323.1
May 671.9 7.8 315.8 323.8
Money market
mutual fund
balances
Savings
deposits, Small
including denomi-
money nation Insti-
Period market time Retail tutional
deposit depo-
accounts sits (1)
(MMDAs)
1994: Dec 1,149.4 816.3 381.4 210.1
1995: Dec 1,133.9 931.3 449.1 263.3
1996: Dec 1,273.1 946.8 (r) 517.8 321.5
1997: Dec 1,399.1 967.9 (r) 592.6 394.9
1998: Dec 1,603.6 951.5 (r) 733.3 538.7
1999: Dec 1,738.2 954.0 (r) 833.2 635.3
1000: Dec 1,876.2 1,044.2 (r) 925.0 788.9
2001: Dec 2,308.9 972.7 (r) 988.2 1,193.2
2002: Dec (r) 2,769.4 892.2 916.4 1,244.9
2003: Dec (r) 3,158.4 809.6 801.8 1,112.9
2003: May 2,983.8 861.7 (r) 882.9 1,153.5
June 3,021.6 854.3 (r) 880.1 1,154.6
July 3,082.2 843.2 (r) 868.2 1,193.4
Aug 3,128.7 833.0 (r) 864.3 1,174.3
Sept 3,125.5 825.5 (r) 852.5 1,175.3
Oct 3,141.2 819.5 (r) 825.2 1,153.8
Nov (r) 3,156.2 813.5 (r) 813.7 1,136.4
Dec 3,158.4 809.6 (r) 801.8 1,112.9
2004: Jan (r) 3,190.0 807.1 786.5 1,115.7
Feb (r) 3,234.4 805.1 774.9 1,103.2
Mar (r) 3,278.5 802.6 761.3 1,111.8
Apr (r) 3,338.6 798.8 754.9 1,120.7
May 3,406.4 793.2 763.0 1,119.1
Overnight
and term
Large repur- Overnight
denomination chase and term
Period time agree- Euro-
deposits (1) ments dollars
(RPs) (net)
(net)
1994: Dec 374.4 196.4 86.3
1995: Dec 433.6 198.6 94.0
1996: Dec 515.0 210.6 114.6
1997: Dec 624.8 254.2 147.4
1998: Dec 677.5 294.0 150.0
1999: Dec 752.7 337.0 170.4
1000: Dec 830.3 366.0 194.0
2001: Dec 794.0 378.9 (r) 210.0
2002: Dec (r) 802.7 480.9 228.6
2003: Dec (r) 867.4 505.3 288.7
2003: May 813.1 511.3 (r) 261.3
June 813.2 517.2 (r) 262.5
July 820.5 497.0 (r) 269.8
Aug 830.0 494.4 (r) 279.1
Sept 837.3 496.8 (r) 280.1
Oct 834.8 504.3 (r) 286.8
Nov 846.5 511.3 (r) 286.4
Dec 867.4 505.3 (r) 288.7
2004: Jan (r) 902.1 502.3 296.3
Feb (r) 910.3 521.9 294.0
Mar (r) 930.1 523.2 290.4
Apr (r) 960.7 505.7 295.6
May 986.8 517.8 299.8
(1) Small denomination and large denomination deposits are those
issued in amounts of less than $100,000 and more than $100,000,
respectively.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures (1); millions of dollars;seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Reserves of depository institutions
Non-
Period Tota1 (2) borrowed Required Excess Monetary
(3) (NSA) base
1994: Dec 59,369 59,160 58,209 1,159 418,196
1995: Dec 56,430 56,173 55,140 1,290 434,388
1996: Dec 50,149 49,994 48,733 1,416 451,904
1997: Dec 46,848 46,523 45,163 1,685 479,826
1998: Dec 45,254 45,138 43,741 1,514 513,894
1999: Dec 41,928 41,607 40,631 1,297 593,709
2000: Dec 38,677 38,467 37,249 1,427 585,104
2001: Dec 41,411 41,344 39,760 1,651 635,936
2002: Dec 40,442 40,362 38,433 2,009 682,151
2003: Dec 42,827 42,781 41,788 1,038 (r) 720,964
2003: May 40,884 40,829 39,263 1,621 700,151
June 42,348 42,186 40,485 1,862 702,786
July 43,314 43,183 41,379 1,935 705,363
Aug 45,581 45,252 41,814 3,767 710,239
Sept 44,289 44,109 42,779 1,510 (r) 712,123
Oct 43,394 43,287 41,921 1,473 (r) 715,834
Nov 43,034 42,966 41,544 1,489 (r) 718,967
Dec 42,827 42,781 41,788 1,038 (r) 720,964
2004: Jan 43,152 43,046 42,253 899 (r) 722,554
Feb 42,916 42,874 41,715 1,201 (r) 724,094
Mar 44,612 44,561 42,854 1,758 (r) 725,672
Apr 45,591 45,505 43,836 1,755 (r) 728,749
May 45,353 45,242 43,761 1,592 732,294
Borrowings of depository institutions
from the Federal Reserve (NSA)
Secon- Adjust-
Period Total Primary dary Seasonal ment (4)
1994: Dec 209 … … 100 109
1995: Dec 257 … … 40 217
1996: Dec 155 … … 68 87
1997: Dec 324 … … 79 245
1998: Dec 117 … … 15 101
1999: Dec 320 … … 67 179
2000: Dec 210 … … 111 99
2001: Dec 67 … … 33 34
2002: Dec 80 … … 45 35
2003: Dec 46 17 0 29 …
2003: May 55 3 0 53 …
June 161 87 0 74 …
July 130 21 0 110 …
Aug 329 168 15 146 …
Sept 181 23 0 158 …
Oct 107 13 0 94 …
Nov 68 25 0 43 …
Dec 46 17 0 29 …
2004: Jan 106 93 0 13 …
Feb 42 28 0 14 …
Mar 51 23 0 28 …
Apr 86 29 0 57 …
May 112 9 0 103 …
(1) Data are prorated averages of biweekly (maintenance period)
averages of daily figures. Reserves and monetary base incorporate
adjustments for discontinuities, or “breaks,” associated with
changes in reserve requirements.
(2) Seasonally adjusted break-adjusted required reserves plus
unadjusted excess reserves.
(3) Seasonally adjusted break-adjusted total reserves less
unadjusted total borrowings of depository institutions from the
Federal Reserve.
(4) Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in May; commercial and industrial loans fell 0.2 percent.
[GRAPHIC OMITTED] [Billions of dollars, seasonally adjusted (1)]
Securities in bank credit
U.S.
Total Treasury
Period bank Total and Other
credit securities agency securities
securities
1994: Dec 3,318.2 939.9 721.6 218.3
1995: Dec (r) 3,601.0 984.0 701.1 282.9
1996: Dec (r) 3,756.9 984.3 702.6 281.8
1997: Dec (r) 4,099.4 1,098.7 755.6 343.1
1998: Dec (r) 4,534.6 1,238.7 797.6 441.1
1999: Dec (r) 4,764.6 1,284.2 815.6 468.6
2000: Dec (r) 5,218.5 1,350.3 792.4 557.8
2001: Dec (r) 5,429.8 1,495.7 853.0 642.7
2002: Dec (r) 5,886.8 1,723.9 1,029.1 694.8
2003: Dec (r) 6,255.1 1,856.0 1,104.6 751.4
2003: May (r) 6,155.6 1,835.9 1,125.1 710.8
June (r) 6,209.5 1,858.8 1,143.4 715.3
July (r) 6,196.4 1,817.5 1,110.4 707.0
Aug (r) 6,181.4 1,779.9 1,080.0 699.9
Sept (r) 6,186.9 1,791.6 1,071.0 720.6
Oct (r) 6,165.6 1,809.1 1,081.1 728.0
Nov (r) 6,202.7 1,836.8 1,096.7 740.1
Dec (r) 6,255.1 1,856.0 1,104.6 751.4
2004: Jan (r) 6,318.2 1,858.0 1,106.5 751.6
Feb (r) 6,434.0 1,933.0 1,172.3 760.7
Mar (r) 6,506.6 1,983.0 1,208.1 774.9
Apr (r) 6,513.4 1,953.1 1,202.3 750.8
May 6,509.6 1,926.4 1,190.8 735.6
Loans and leases in bank credit
Real
estate
Total loans Commercial Revolving
Period and and Total home
leases (2) industrial equity
1994: Dec 2,378.3 650.3 1,010.7 80.5
1995: Dec (r) 2,617.0 723.8 1,089.5 84.5
1996: Dec (r) 2,772.6 786.2 1,140.1 90.9
1997: Dec (r) 3,000.7 855.7 1,242.7 105.0
1998: Dec (r) 3,295.9 949.0 1,332.9 103.9
1999: Dec (r) 3,480.3 1,000.2 1,471.1 101.5
2000: Dec (r) 3,868.2 1,088.3 1,650.5 130.0
2001: Dec (r) 3,934.1 1,028.5 1,779.7 155.8
2002: Dec (r) 4,162.9 963.6 2,021.2 213.5
2003: Dec (r) 4,399.1 891.1 2,215.6 280.7
2003: May (r) 4,319.8 935.5 2,146.7 239.1
June (r) 4,350.8 925.7 2,171.8 244.7
July (r) 4,378.9 926.2 2,198.0 248.5
Aug (r) 4,401.5 918.1 2,234.1 252.7
Sept (r) 4,395.2 907.7 2,245.3 258.5
Oct (r) 4,356.4 896.4 2,227.5 265.5
Nov (r) 4,365.9 889.6 2,206.8 273.2
Dec (r) 4,399.1 891.1 2,215.6 280.7
2004: Jan (r) 4,460.1 888.4 2,240.0 291.3
Feb (r) 4,501.0 888.9 2,259.2 297.8
Mar (r) 4,523.6 880.1 2,297.1 308.4
Apr (r) 4,560.3 876.3 2,347.2 317.5
May 4,583.2 874.6 2,376.0 326.5
Loans and leases in bank credit
Real
estate
Period Other Consumer Security Other
1994: Dec 930.2 448.2 75.8 193.3
1995: Dec (r) 1,004.9 491.4 83.2 229.1
1996: Dec (r) 1,049.2 511.3 75.3 259.6
1997: Dec (r) 1,137.7 501.1 94.4 306.9
1998: Dec (r) 1,229.0 495.4 145.3 373.3
1999: Dec (r) 1,369.6 489.1 149.8 370.2
2000: Dec (r) 1,520.5 537.6 177.3 414.4
2001: Dec (r) 1,623.9 554.3 146.0 425.6
2002: Dec (r) 1,807.7 584.5 190.2 403.5
2003: Dec (r) 1,934.9 628.6 214.9 448.9
2003: May (r) 1,907.7 595.5 215.9 426.0
June (r) 1,927.0 599.0 218.1 436.2
July (r) 1,949.4 600.5 217.7 436.6
Aug (r) 1,981.4 599.9 214.6 434.8
Sept (r) 1,986.8 600.7 212.2 429.4
Oct (r) 1,962.0 596.0 220.0 416.5
Nov (r) 1,933.6 625.0 228.6 415.8
Dec (r) 1,934.9 628.6 214.9 448.9
2004: Jan (r) 1,948.8 631.1 233.1 467.5
Feb (r) 1,961.4 633.4 241.4 478.1
Mar (r) 1,988.8 638.8 239.9 467.7
Apr (r) 2,029.7 640.0 233.6 463.1
May 2,049.5 642.1 228.5 462.0
(1) Data are prorated averages of Wednesday values for domestically
chartered commercial banks, branches and agencies of foreign banks,
New York State investment companies (through September 1996), and
Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
(2) Excludes Federal funds sold to, reverse repurchase agreements
(RPs) with, and loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonallyadjusted annual rates]
Sources
External (Net increase
in liabilities)
Funds raised
in markets
Total
Inter- net Net new
Period Total nal (1) Total funds equity
raised issues
1994 (r) 796.8 555.2 241.6 81.6 -44.9
1995 (r) 997.4 606.6 390.8 168.8 -58.3
1996 (r) 1,066.4 667.9 398.5 135.4 -47.3
1997 (r) 1,004.2 720.7 283.5 214.4 -724.0
1998 (r) 1,307.0 691.0 616.0 176.9 -215.5
1999 (r) 1,730.9 743.3 987.6 262.1 -110.4
2000 (r) 1,973.3 735.9 1,237.4 239.0 -118.2
2001 (r) 867.2 772.0 95.2 179.8 -47.4
2002 (r) 968.7 861.7 107.0 -.7 -41.6
2003 (r) 1,304.7 953.8 350.9 98.4 -57.3
2002: I (r) 537.3 844.0 -306.7 45.9 -10.6
II (r) 1,083.7 859.9 223.8 40.6 15.5
III (r) 984.6 854.4 130.2 -166.1 -140.8
IV (r) 1,269.1 888.5 380.6 76.8 -30.5
2003: I (r) 1,187.0 847.9 339.1 99.0 -67.0
II (r) 1,354.2 927.4 426.8 228.5 -50.2
III (r) 1,301.0 986.9 314.1 27.2 -44.9
IV (r) 1,376.8 1,053.1 323.7 38.9 -67.0
2004: I (p) 1,432.0 1,040.4 391.6 83.6 -104.0
Sources
External (Net increase in liabilities)
Funds raised in markets
Credit market instruments
Securities Loans and Other
Period Total and short-term (2) Total
mortgages paper
1994 (r) 126.5 32.2 94.3 160.0 841.2
1995 (r) 227.1 102.2 124.9 222.1 1,064.6
1996 (r) 182.8 129.2 53.7 263.1 1,108.3
1997 (r) 291.8 187.2 104.6 69.0 1,024.2
1998 (r) 392.4 237.7 154.9 439.0 1,343.7
1999 (r) 372.5 267.6 104.9 725.5 1,828.8
2000 (r) 357.2 195.2 162.0 998.5 2,137.7
2001 (r) 227.3 411.0 -183.8 -84.6 982.2
2002 (r) 40.9 185.6 -144.7 107.7 892.0
2003 (r) 155.7 239.5 -83.9 252.5 1,324.9
2002: I (r) 56.5 302.1 -245.7 -352.5 466.8
II (r) 25.1 240.1 -215.1 183.3 1,005.7
III (r) -25.3 31.0 -56.2 296.3 888.8
IV (r) 107.3 168.9 -61.7 303.8 1,206.9
2003: I (r) 166.0 255.7 -89.7 240.1 1,204.2
II (r) 278.7 386.6 -107.8 198.2 1,383.7
III (r) 72.1 181.4 -109.3 286.9 1,329.0
IV (r) 105.9 134.5 -28.7 284.8 1,382.8
2004: I (p) 187.6 201.0 -13.4 308.0 1,461.1
Uses
Capital Increase in Discrepancy
Period expenditures financial (sources
(3) assets less uses)
1994 (r) 566.1 275.1 -44.4
1995 (r) 638.2 426.4 -67.1
1996 (r) 654.3 454.0 -41.9
1997 (r) 751.8 272.4 -20.1
1998 (r) 773.8 569.9 -36.8
1999 (r) 858.9 969.9 -97.9
2000 (r) 928.5 1,209.2 -164.5
2001 (r) 804.6 177.6 -115.0
2002 (r) 770.7 121.3 76.6
2003 (r) 779.0 545.9 -20.2
2002: I (r) 751.4 -284.6 70.5
II (r) 763.2 242.5 78.0
III (r) 792.0 96.8 95.9
IV (r) 776.3 430.6 62.1
2003: I (r) 753.3 450.9 -17.3
II (r) 761.0 622.7 -29.4
III (r) 780.8 548.2 -28.0
IV (r) 820.9 561.9 -6.0
2004: I (p) 857.1 604.0 -29.0
(1) Profits before tax (book) less taxes on corporate income, less net
dividends, plus capital consumption allowance (consumption of fixed
capital plus capital consumption adjustment), foreign earnings retained
abroad, inventory valuation adjustment, and net capital transfers.
(2) Includes trade payables, taxes payable, and miscellaneous
liabilities (foreign direct investment in the U.S., pension fund
contributions payable, and other).
(3) Nonresidential fixed investment plus residential fixed investment,
inventory change with inventory valuation adjustment, and access
rights from U.S. Government.
Sources: Board of Governors of the Federal Reserved System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]Consumer credit outstanding
(end of period)
Non-
Period Total Revolving revolving
(2)
1994: Dec 997.1 365.6 631.6
1995: Dec 1,140.6 443.1 697.5
1996: Dec 1,242.2 498.9 743.2
1997: Dec 1,305.0 521.7 783.4
1998: Dec 1,400.3 562.8 837.5
1999: Dec 1,512.8 590.5 922.3
2000: Dec 1,686.2 658.9 1,027.4
2001: Dec 1,822.2 703.9 1,118.3
2002: Dec 1,902.7 716.7 1,186.0
2003: Dec 1,996.2 743.4 1,252.8
2003: Apr 1,933.1 726.9 1,206.2
May 1,951.1 731.0 1,220.1
June 1,953.0 729.7 1,223.3
July 1,961.5 731.0 1,230.6
Aug 1,971.9 733.0 1,238.9
Sept 1,982.4 737.2 1,245.1
Oct 1,989.6 739.9 1,249.6
Nov 1,989.3 742.5 1,246.8
Dec 1,996.2 743.4 1,252.8
2004: Jan 2,015.2 750.8 1,264.5
Feb 2,017.7 750.4 1,267.4
Mar 2,027.0 754.1 1,272.9
Apr (p) 2,030.9 750.9 1,280.0
Net change in consumer credit
outstanding (1)
Non-
Period Total Revolving revolving
(2)
1994: Dec 131.4 55.7 75.9
1995: Dec 143.5 77.5 65.9
1996: Dec 101.6 55.8 45.7
1997: Dec 62.8 22.8 40.2
1998: Dec 95.3 41.1 54.1
1999: Dec 112.5 27.7 84.8
2000: Dec 173.4 68.4 105.1
2001: Dec 136.0 45.0 90.9
2002: Dec 80.5 12.8 67.7
2003: Dec 93.5 26.7 66.8
2003: Apr 9.9 2.1 7.8
May 18.0 4.1 13.9
June 1.9 -1.3 3.2
July 8.5 1.3 7.3
Aug 10.4 2.0 8.3
Sept 10.5 4.2 6.2
Oct 7.2 2.7 4.5
Nov -0.3 2.6 -2.8
Dec 6.9 .9 6.0
2004: Jan 19.0 7.4 11.7
Feb 2.5 -.4 2.9
Mar 9.3 3.7 5.5
Apr (p) 3.9 -3.2 7.1
(1) Change based on data in billions of dollar as shown here. For
year-end data, change from preceding year-end; for monthly data,
change from preceding month.
(2) Includes automobile loans and all other loans not included in
revolving credit, such as loans for mobile homes, education, boats,
trailers, or vacations. These loans may be secured or unsecured.
Note.–Effective October 7, 2003 data beginning 1977 include
student loans extended by the Federal Government and by SLM Holding
Corporation, the parent company of Sallie Mae. See Federal Reserve
release, G. 19 Consumer Credit, for details.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates rose in June.
[GRAPHIC OMITTED] [Percent per annum]
U.S. Treasury security yields
Constant maturities (2)
3-month
bills (new
Period issues) 3-year l0-year 30-year
(1)
1994 4.29 6.27 7.09 7.37
1995 5.51 6.25 6.57 6.88
1996 5.02 5.99 6.44 6.71
1997 5.07 6.10 6.35 6.61
1998 4.81 5.14 5.26 5.58
1999 4.66 5.49 5.65 5.87
2000 5.85 6.22 6.03 5.94
2001 3.45 4.09 5.02 5.49
2002 1.62 3.10 4.61 *
2003 1.02 2.10 4.01 *
2003: June 0.95 1.51 3.33 *
July 0.90 1.93 3.98 *
Aug 0.96 2.44 4.45 *
Sept 0.95 2.23 4.27 *
Oct 0.93 2.26 4.29 *
Nov 0.94 2.45 4.30 *
Dec 0.90 2.44 4.27 *
2004: Jan 0.89 2.27 4.15 *
Feb 0.92 2.25 4.08 *
Mar 0.94 2.00 3.83 *
Apr 0.94 2.57 4.35 *
May 1.04 3.10 4.72 *
June 1.27 3.26 4.73 *
Week ended:
2004: June 5 1.13 3.19 4.74 *
12 1.23 3.27 4.80 *
19 1.39 3.32 4.75 *
26 1.32 3.24 4.69 *
July 3 1.36 3.16 4.63 *
Discount window
(N.Y. F.R. Bank)
(4 5)
High-
grade
municipal Corporate
bonds Aaa Primary Discount
Period (Standard bonds credit rate
& Poor’s) (Moody’s)
(3)
1994 6.19 7.96 … 3.60
1995 5.95 7.59 … 5.21
1996 5.75 7.37 … 5.02
1997 5.55 7.26 … 5.00
1998 5.12 6.53 … 4.92
1999 5.43 7.04 … 4.62
2000 5.77 7.62 … 5.73
2001 5.19 7.08 … 3.40
2002 5.05 6.49 … 1.17
2003 4.73 5.67 2.12 *
2003: June 4.32 4.97 2.00 *
July 4.71 5.49 2.00 *
Aug 5.08 5.88 2.00 *
Sept 4.91 5.72 2.00 *
Oct 4.84 5.70 2.00 *
Nov 4.74 5.60 2.00 *
Dec 4.65 5.62 2.00 *
2004: Jan 4.53 5.54 2.00 *
Feb 4.48 5.50 2.00 *
Mar 4.39 5.33 2.00 *
Apr 4.84 5.73 2.00 *
May 5.03 6.04 2.00 *
June 5.00 6.01 2.25 *
Week ended:
2004: June 5 5.00 6.04 2.00 *
12 5.04 6.08 2.00 *
19 5.02 6.01 2.00 *
26 4.99 5.97 2.00 *
July 3 4.94 5.92 2.25 *
New-home
mortgage
Prime rate Federal yields
Period charged by funds (FHFB)
banks (5) rate (6) (7)
1994 7.15 4.21 7.49
1995 8.83 5.83 7.87
1996 8.27 5.30 7.80
1997 8.44 5.46 7.71
1998 8.35 5.35 7.07
1999 8.00 4.97 7.04
2000 9.23 8.24 7.52
2001 6.91 3.88 7.00
2002 4.67 1.67 6.43
2003 4.12 1.13 5.80
2003: June 4.00 1.22 5.51
July 4.00 1.01 5.53
Aug 4.00 1.03 5.77
Sept 4.00 1.01 5.97
Oct 4.00 1.00 5.92
Nov 4.00 1.00 5.92
Dec 4.00 0.98 5.59
2004: Jan 4.00 1.00 5.48
Feb 4.00 1.01 5.72
Mar 4.00 1.00 5.42
Apr 4.00 1.11 5.49
May 4.00 1.00 5.77
June 4.00 1.03 …
Week ended:
2004: June 5 4.00 1.01 …
12 4.00 0.99 …
19 4.00 1.01 …
26 4.00 1.00 …
July 3 4.25 1.11 …
(1) Bank-discount basis.
(2) Yields on actively traded issues adjusted to constant maturities.
(3) Weekly data are Wednesday figures.
(4) Discount window borrowing for primary credit and discount rate
(adjustment credit). The rate for primary credit replaces the rate
for adjustment credit under an amendment to the Federal Reserve
Board’s Regulation A, effective January 9, 2003.
(5) Average effective rate for year, rate in effect at end month
or week.
(6) Daily effective rate; weighted average of rates on brokered
trades.
(7) Effective rate (in the primary market) on conventional mortgages,
reflecting fees and charges as well as contract rate and assumed,
on the average, repayment at end of 10 years.
* Series no longer published or discontinued.
Sources: Department of the Treasury, Board of Governors of the
Federal Reserve System, Federal Housing Finance Board, Moody’s
Investors Service, and Standard & Poor’s.
COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose in June.
[GRAPHIC OMITTED]
Common stock prices (1)
New York Stock Exchange indexes (2 3)
(December 31, 2002=5,000)
Dow Jones
Com- Finan- Health industrial
Period posite cial Energy Care average
(4)
1994 2,687.02 … … … 3,793.77
1995 3,078.56 … … … 4,493.76
1996 3,787.20 … … … 5,742.89
1997 4,827.35 … … … 7,441.15
1998 5,818.26 … … … 8,625.52
1999 6,546.81 … … … 10,464.88
2000 6,805.89 … … … 10,734.90
2001 6,397.85 … … … 10,189.13
2002 5,578.89 … … … 9,226.43
2003 5,447.93 5,583.00 5,273.90 5,288.67 8,993.59
2003: June 5,583.42 5,690.39 5,522.45 5,557.87 9,098.07
July 5,567.94 5,790.61 5,276.08 5,457.98 9,154.39
Aug 5,580.87 5,776.36 5,368.25 5,263.19 9,284.78
Sept 5,748.42 5,897.76 5,453.23 5,402.56 9,492.54
Oct 5,894.39 6,187.33 5,552.99 5,428.31 9,682.46
Nov 5,989.42 6,282.53 5,474.84 5,521.85 9,762.20
Dec 6,244.68 6,475.68 5,973.31 5,751.14 10,124.66
2004: Jan 6,569.76 6,827.35 6,323.29 6,000.57 10,540.05
Feb 6,661.38 6,978.62 6,337.87 6,134.16 10,601.50
Mar 6,574.75 6,914.60 6,455.53 5,908.76 10,323.73
Apr 6,600.77 6,792.05 6,638.65 6,028.53 10,418.40
May 6,371.44 6,495.19 6,572.79 6,022.12 10,083.81
June 6,548.06 6,683.10 6,780.86 6,063.65 10,364.90
Week ended:
2004: June 5 6,488.55 6,647.86 6,655.52 6,093.38 10,226.09
12 6,574.20 6,739.66 6,683.38 6,133.77 10,400.54
19 6,527.84 6,650.58 6,790.09 6,062.48 10,377.73
26 6,574.01 6,686.52 6,907.46 6,030.80 10,412.35
July 3 6,567.24 6,692.62 6,863.33 5,975.72 10,364.60
Common stock
prices (1)
Common stock yields
(percent) (7)
Standard Nasdaq
& Poor’s composite
composite index Dividend- Earnings-
Period index (Feb. 5, price price
(1941-43 1971=100) ratio ratio
=10) (5) (6)
1994 460.42 751.65 2.82 5.83
1995 541.72 925.19 2.56 6.09
1996 670.50 1,164.96 2.19 5.24
1997 873.43 1,469.49 1.77 4.57
1998 1,085.50 1,794.91 1.49 3.46
1999 1,327.33 2,728.15 1.25 3.17
2000 1,427.22 3,783.67 1.15 3.63
2001 1,194.18 2,035.00 1.32 2.95
2002 993.94 1,539.73 1.61 2.92
2003 965.23 1,647.17 1.77 3.84
2003: June 988.00 1,631.75 1.66 3.55
July 992.54 1,716.85 1.71 …
Aug 989.53 1,724.82 1.78 …
Sept 1,019.44 1,856.22 1.73 3.87
Oct 1,038.73 1,907.89 1.71 …
Nov 1,049.90 1,939.25 1.69 …
Dec 1,080.64 1,956.98 1.67 4.38
2004: Jan 1,132.52 2,098.00 1.62 …
Feb 1,143.36 2,048.36 1.63 …
Mar 1,123.98 1,979.48 1.68 4.62
Apr 1,133.08 2,021.32 1.68 …
May 1,102.78 1,930.09 1.74 …
June 1,132.76 2,000.98 1.70 …
Week ended:
2004: June 5 1,121.33 1,979.66 1.71 …
12 1,137.60 2,008.66 1.70 …
19 1,131.59 1,986.84 1.70 …
26 1,136.77 2,006.11 1.69 …
July 3 1,132.94 2,024.95 1.70 …
(1) Average of daily closing prices.
(2) Includes all the stocks (nearly 3,000) listed on the NYSE.
(3) Effective January 9, 2003, the NYSE relaunched the composite
index with changes in methodology, definitions, and based on Dec.
31, 2002=5,000. Effective January 8, 2004 new indexes for
Financial, Energy, and Health Care were introduced by the NYSE.
Previous indexes shown for Industrial, Transportation, Utility,
and Finance were discontinued.
(4) Includes 30 stocks.
(5) Includes 500 stocks.
(6) Includes over 5,000 stocks.
(7) Standard & Poor’s series. Dividend-price ratios based on
Wednesday closing prices. Earnings-price ratios based on prices
at end of quarter.
Sources: New York Stock Exchange, Dow Jones & Company, Inc.,
Standard & Poor’s, and Nasdaq Stock Market.
COPYRIGHT 2004 Superintendent Of Documents
COPYRIGHT 2004 Gale Group
