Categories
Economic Indicators

Money, credit, and security markets

Money, credit, and security markets – Statistical Data Included

MONEY STOCK AND DEBT MEASURES

In April, M2 and M3 fell.

[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,

Period travelers’ checks, savings deposits RPs, Euro-

and other (including dollars, and

checkable depos- MMDAs), and institution-

its (OCDs) small time al MMMF

deposits balances

1992: Dec (r) 1,024.0 3,430.3 4,215.4

1993: Dec (r) 1,129.1 3,483.0 4,277.5

1994: Dec (r) 1,149.7 3,496.0 4,360.1

1995: Dec (r) 1,126.5 3,638.7 4,625.6

1996: Dec (r) 1,079.1 3,811.5 4,971.6

1997: Dec (r) 1,072.2 4,028.6 5,451.3

1998: Dec (r) 1,096.5 4,381.4 6,041.9

1999: Dec (r) 1,124.4 4,651.4 6,543.0

2000: Dec (r) 1,088.9 4,940.0 7,119.6

2001: Dec (r) 1,179.3 5,465.4 8,039.8

2001: Mar (r) 1,107.4 5,071.3 7,335.6

Apr (r) 1,109.7 5,113.4 7,438.4

May (r) 1,116.6 5,139.2 7,530.0

June (r) 1,125.6 5,185.9 7,617.6

July (r) 1,138.6 5,227.7 7,661.9

Aug (r) 1,147.2 5,268.9 7,676.5

Sept (r) 1,199.9 5,383.0 7,832.9

Oct (r) 1,160.8 5,377.1 7,879.9

Nov (r) 1,163.7 5,422.3 7,969.0

Dec (r) 1,179.3 5,465.4 8,039.8

2002: Jan (r) 1,182.5 5,474.8 8,029.2

Feb (r) 1,184.4 5,505.8 8,066.0

Mar (r) 1,187.3 5,499.3 8,059.3

Apr 1,176.0 5,480.6 8,041.2

Debt Percent change

Debt of From

Period domestic From year or 6 pre-

nonfinancial months earlier (2) vious

sectors (1) period

(3)

M1 M2 M3 Debt

1992: Dec (r) 11,839.9 14.3 1.6 0.3 4.6

1993: Dec (r) 12,434.1 10.3 1.5 1.5 4.9

1994: Dec (r) 13,001.5 1.8 .4 1.9 4.5

1995: Dec (r) 13,707.5 -2.0 4.1 6.1 5.4

1996: Dec (r) 14,441.1 -4.2 4.7 7.5 5.4

1997: Dec (r) 15,244.2 -.6 5.7 9.6 5.6

1998: Dec (r) 16,287.1 2.3 8.8 10.8 6.8

1999: Dec (r) 17,391.1 2.5 6.2 8.3 6.6

2000: Dec (r) 18,272.0 -3.2 6.2 8.8 5.0

2001: Dec (r) 19,376.3 8.3 10.6 12.9 6.0

2001: Mar (r) 18,516.7 1.5 8.5 9.9 5.3

Apr (r) … 1.9 9.4 12.1 …

May (r) … 4.6 9.8 14.1 …

June (r) 18,762.4 6.7 10.0 14.0 5.3

July (r) … 7.8 9.7 12.3 …

Aug (r) … 8.8 9.8 10.8 …

Sept (r) 19,094.5 16.7 12.3 13.6 7.1

Oct (r) … 9.2 10.3 11.9 …

Nov (r) … 8.4 11.0 11.7 …

Dec (r) 19,376.3 9.5 10.8 11.1 5.9

2002: Jan (r) … 7.7 9.5 9.6 …

Feb (r) … 6.5 9.0 10.1 …

Mar (r) 19,626.1 -2.1 4.3 5.8 5.2

Apr … 2.6 3.8 4.1 …

(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]

Savings

deposits,

Other including

Nonbank check- money

Period Currency travelers Demand able market

checks deposits deposits deposit

(OCDs) accounts

(MMDAs)

1992: Dec 292.2 7.6 339.9 384.4 1,186.8

1993: Dec 321.6 7.5 385.4 414.6 1,219.5

1994: Dec 354.1 8.0 383.6 404.1 1,149.9

1995: Dec 372.1 8.5 389.2 356.7 1,134.1

1996: Dec 394.0 8.3 401.0 275.8 1,272.7

1997: Dec 424.4 8.1 393.9 245.8 1,400.1

1998: Dec 459.3 8.2 378.4 250.5 1,602.2

1999: Dec 516.9 8.3 354.5 244.7 1,738.8

2000: Dec 530.1 8.0 309.9 240.9 1,875.8

2001: Dec (r) 579.9 7.8 330.4 261.1 2,307.3

2001: Apr (r) 542.6 7.8 310.8 248.6 1,997.7

May (r) 546.1 7.9 313.0 249.6 2,025.5

June (r) 549.2 8.2 312.9 255.2 2,061.7

July (r) 554.1 8.6 314.8 261.0 2,089.1

Aug (r) 562.7 8.8 317.8 258.0 2,130.8

Sept (r) 567.6 8.4 365.3 258.5 2,184.4

Oct (r) 571.4 8.2 327.8 253.4 2,216.6

Nov (r) 574.9 7.8 326.2 254.8 2,268.1

Dec (r) 579.9 7.8 330.4 261.1 2,307.3

2002: Jan (r) 586.1 7.8 327.2 261.3 2,345.2

Feb (r) 591.4 7.8 324.7 260.4 2,396.4

Mar (r) 595.1 7.7 324.0 260.5 2,417.9

Apr 599.5 7.7 309.4 259.4 2,437.1

Money market

mutual fund

balances

Small Large

denom- denom-

ination Insti- ination

Period time Retail tution- time

depos- al deposits

its (1) (1)

1992: Dec 868.1 (r) 351.4 (r) 213.8 350.2

1993: Dec 782.0 (r) 352.4 (r) 217.1 332.1

1994: Dec 816.3 (r) 380.0 (r) 211.1 370.4

1995: Dec 931.3 (r) 446.6 (r) 265.3 (r) 429.3

1996: Dec 946.9 (r) 512.9 (r) 324.7 (r) 510.6

1997: Dec 968.2 (r) 588.2 (r) 398.0 (r) 620.2

1998: Dec 951.7 (r) 731.1 (r) 543.1 (r) 671.5

1999: Dec 955.4 (r) 833.0 (r) 639.0 (r) 742.7

2000: Dec 1,043.7 (r) 931.7 (r) 799.1 (r) 820.1

2001: Dec (r) 973.1 1,005.8 1,207.2 784.3

2001: Apr (r) 1,042.9 963.1 934.3 801.9

May (r) 1,040.3 956.9 987.6 810.4

June (r) 1,032.9 965.8 1,026.9 813.9

July (r) 1,023.8 976.2 1,038.5 806.6

Aug (r) 1,016.2 974.7 1,031.3 795.3

Sept (r) 1,009.6 989.0 1,081.4 797.6

Oct (r) 999.7 1,000.0 1,149.8 789.1

Nov (r) 987.0 1,003.5 1,181.5 780.7

Dec (r) 973.1 1,005.8 1,207.2 784.3

2002: Jan (r) 958.7 988.5 1,179.2 794.0

Feb (r) 948.0 977.0 1,177.4 791.8

Mar (r) 939.6 954.5 1,177.2 792.4

Apr 932.9 934.7 1,175.2 802.5

Overnight

and term Overnight

repurchase and term

Period agree- Euro-

ments dollars

(RPs) (net)

(net)

1992: Dec 141.6 79.5

1993: Dec 172.6 72.8

1994: Dec 196.3 86.3

1995: Dec 198.4 94.0

1996: Dec 210.3 114.5

1997: Dec 253.9 150.6

1998: Dec 293.4 152.5

1999: Dec 336.0 174.0

2000: Dec 364.0 196.4

2001: Dec (r) 372.1 210.7

2001: Apr (r) 372.0 216.9

May (r) 377.3 215.5

June (r) 377.8 213.1

July (r) 373.5 215.5

Aug (r) 369.6 211.4

Sept (r) 358.6 212.3

Oct (r) 354.6 209.2

Nov (r) 371.1 213.5

Dec (r) 372.1 210.7

2002: Jan (r) 371.6 209.6

Feb (r) 375.3 215.8

Mar (r) 372.8 217.6

Apr 365.9 217.1

(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-

borrowed

Period Total Non- plus Required Monetary

borrowed extended base

credit

1992: Dec 54,332 54,208 54,209 53,178 350,751

1993: Dec 60,460 60,378 60,378 59,390 386,477

1994: Dec 59,369 59,160 59,160 58,209 418,205

1995: Dec 56,430 56,173 56,173 55,140 434,396

1996: Dec 50,149 49,994 49,994 48,733 451,839

1997: Dec 46,848 46,523 46,523 45,163 479,703

1998: Dec 45,136 45,019 45,019 43,622 513,550

1999: Dec 41,824 41,504 41,504 40,527 593,121

2000: Dec 38,535 38,326 38,326 37,108 584,042

2001: Dec (r) 41,221 41,154 41,154 39,576 634,413

2001: Apr 38,568 38,517 38,517 37,291 595,638

May 38,316 38,103 38,103 37,297 (r) 598,896

June 39,066 38,836 38,836 37,704 (r) 602,835

July 39,785 39,502 39,502 38,377 (r) 608,105

Aug (r) 40,079 39,896 39,896 38,871 616,024

Sept (r) 58,217 54,832 54,832 39,200 639,690

Oct (r) 45,224 45,097 45,097 43,899 629,954

Nov (r) 40,867 40,783 40,783 39,415 629,373

Dec (r) 41,221 41,154 41,154 39,576 634,413

2002: Jan (r) 41,747 41,698 41,698 40,360 640,857

Feb (r) 41,451 41,421 41,421 40,083 646,175

Mar (r) 41,013 40,935 40,935 39,599 649,640

Apr (r) 40,761 40,690 40,690 39,553 653,899

Borrowings of depository

institutions from the

Federal Reserve (NSA)

Extended

Period Total Seasonal credit

1992: Dec 124 18 1

1993: Dec 82 31 0

1994: Dec 209 100 0

1995: Dec 257 40 0

1996: Dec 155 68 0

1997: Dec 324 79 0

1998: Dec 117 15 0

1999: Dec 320 67 0

2000: Dec 210 111 0

2001: Dec (r) 67 33 0

2001: Apr 51 35 0

May 213 79 0

June 229 120 0

July 283 174 0

Aug (r) 183 164 0

Sept (r) 3,385 93 0

Oct (r) 127 67 0

Nov (r) 84 33 0

Dec (r) 67 33 0

2002: Jan (r) 50 17 0

Feb (r) 30 17 0

Mar (r) 79 20 0

Apr (r) 71 50 0

(1) Data are prorated averages of biweekly (maintenance period)

averages of daily figures.

Source: Board of Governors of the Federal Reserve System.

BANK CREDIT AT ALL COMMERCIAL BANKS

Total commercial bank loans and leases were unchanged in April; commercial and industrial loans fell 1.1 percent.

[GRAPHIC OMITTED]

Securities in bank credit

U.S.

Total Treasury

Period bank Total and Other

credit securities agency securities

securi-

ties

1992: Dec 2,956.9 843.3 666.3 177.0

1993: Dec 3,115.4 917.6 732.9 184.8

1994: Dec (r) 3,322.2 942.4 724.3 218.1

1995: Dec 3,605.4 986.7 703.8 282.9

1996: Dec 3,761.8 980.5 700.5 280.0

1997: Dec 4,104.3 1,087.9 749.0 338.9

1998: Dec 4,544.9 1,228.7 792.1 436.5

1999: Dec 4,779.1 1,274.0 807.8 466.1

2000: Dec 5,223.1 1,334.4 (r) 785.6 (r) 548.8

2001: Dec (r) 5,451.9 1,491.6 832.9 658.6

2001: Apr (r) 5,311.6 1,363.7 764.1 599.6

May (r) 5,327.6 1,372.2 760.9 611.2

June (r) 5,329.0 1,385.0 751.2 633.8

July (r) 5,342.2 1,398.6 753.9 644.7

Aug (r) 5,359.0 1,426.7 766.3 660.4

Sept (r) 5,429.4 1,444.1 777.4 666.6

Oct (r) 5,428.8 1,472.7 808.5 664.2

Nov (r) 5,459.1 1,488.3 816.3 672.0

Dec (r) 5,451.9 1,491.6 832.9 658.6

2002: Jan (r) 5,437.5 1,492.3 821.6 670.8

Feb (r) 5,437.8 1,484.3 813.4 670.9

Mar (r) 5,428.2 1,480.9 829.7 651.2

Apr 5,445.6 1,497.3 850.6 646.8

Loans and leases in bank credit

Real state

Total loans Commer- Revolving

Period and leases cial and Total home

(2) industrial equity

1992: Dec 2,113.6 599.3 907.3 78.4

1993: Dec 2,197.8 589.9 948.3 78.0

1994: Dec (r) 2,379.8 649.9 (r) l,012.0 80.4

1995: Dec 2,618.7 724.2 1,090.6 84.4

1996: Dec 2,781.3 788.0 1,142.6 90.7

1997: Dec 3,016.3 856.5 1,248.5 104.8

1998: Dec 3,316.2 951.0 1,339.5 103.9

1999: Dec 3,505.1 1,004.7 1,477.7 101.5

2000: Dec 3,888.7 1,090.1 1,660.6 130.0

2001: Dec (r) 3,960.3 1,033.5 1,788.2 155.7

2001: Apr (r) 3,947.9 1,097.9 1,693.9 133.7

May (r) 3,955.4 1,095.8 1,704.4 135.3

June (r) 3,944.0 1,080.7 1,707.9 136.5

July (r) 3,943.6 1,070.0 1,717.5 138.4

Aug (r) 3,932.2 1,063.6 1,718.5 140.5

Sept (r) 3,985.3 1,065.2 1,726.9 143.3

Oct (r) 3,956.1 1,053.6 1,754.9 150.8

Nov (r) 3,970.8 1,042.5 1,775.1 152.7

Dec (r) 3,960.3 1,033.5 1,788.2 155.7

2002: Jan (r) 3,945.2 1,025.3 1,784.6 159.2

Feb (r) 3,953.5 1,033.4 1,790.2 162.5

Mar (r) 3,947.3 1,031.4 1,788.6 167.8

Apr 3,948.3 1,020.0 1,790.4 172.1

Loans and leases in bank credit

Real state

Period Other Consumer Security Other

1992: Dec 828.9 356.3 63.2 187.5

1993: Dec 870.3 387.7 86.4 185.4

1994: Dec (r) 931.5 448.3 75.8 193.8

1995: Dec 1,006.2 491.4 83.3 229.2

1996: Dec 1,051.8 512.8 75.5 262.3

1997: Dec 1,143.7 502.5 94.9 313.9

1998: Dec 1,235.6 497.2 146.5 382.0

1999: Dec 1,376.3 490.5 151.4 380.8

2000: Dec 1,530.6 538.5 176.0 423.6

2001: Dec (r) 1,632.5 556.9 145.6 436.1

2001: Apr (r) 1,560.2 549.0 174.7 432.5

May (r) 1,569.1 552.5 167.6 435.2

June (r) 1,571.4 552.6 168.7 434.1

July (r) 1,579.1 552.9 166.5 436.7

Aug (r) 1,578.0 552.4 166.5 431.2

Sept (r) 1,583.6 551.5 177.0 464.6

Oct (r) 1,604.0 550.5 154.2 443.0

Nov (r) 1,622.5 558.0 154.1 441.1

Dec (r) 1,632.5 556.9 145.6 436.1

2002: Jan (r) 1,625.4 560.3 150.1 424.9

Feb (r) 1,627.6 562.8 149.7 417.3

Mar (r) 1,620.7 560.7 156.2 410.5

Apr 1,618.3 565.0 162.5 410.3

(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 seasonally adjusted

annual rates]

Sources

External (Net increase

in liabilities

Funds raised

in markets

Total Net

Inter- net new

Period Total nal (1) Total funds equity

raised issues

1992 626.7 465.4 161.3 51.6 27.0

1993 728.6 510.7 217.9 55.7 21.3

1994 808.2 566.6 241.6 79.7 -44.9

1995 1,010.7 619.9 390.8 166.5 -58.3

1996 1,074.5 676.0 398.5 109.9 -69.5

1997 1,011.1 727.6 283.5 177.4 -114.4

1998 (r) 1,332.7 716.7 616.0 126.1 -267.0

1999 (r) 1,738.0 750.4 987.6 255.3 -143.5

2000 (r) 1,594.9 795.1 799.8 243.3 -159.7

2001 (r) 1,133.4 787.5 345.9 169.8 -57.5

1999: I (r) 1,744.5 747.3 997.2 474.1 -52.1

II (r) 1,636.8 737.2 899.6 -49.4 -338.4

III (r) 1,769.3 738.8 1,030.5 303.9 -128.4

IV (r) 1,801.7 778.5 1,023.2 292.5 -55.0

2000: I (r) 1,689.8 761.1 928.7 516.3 62.2

II (r) 1,727.0 803.4 923.6 270.6 -245.7

III (r) 1,611.4 814.3 797.1 191.0 -87.8

IV (r) 1,351.3 801.4 549.9 -4.6 -367.5

2001: I (r) 1,282.2 760.9 521.3 161.4 -25.2

II (r) 1,066.0 762.0 304.0 213.5 -70.9

III (r) 1,148.3 784.5 363.8 97.5 -126.4

IV (r) 1,037.1 842.6 194.5 206.9 -7.3

2002: I (p) 884.4 819.9 64.5 32.8 20.2

Sources

External (Net increase in

liabilities)

Funds raised in markets

Credit market instruments

Loans

Securities and

Period Total and short- Other

mortgages term (2)

paper

1992 24.6 34.5 -9.9 109.7

1993 34.4 56.7 -22.2 162.2

1994 124.6 30.3 94.3 162.0

1995 224.9 100.0 124.9 224.3

1996 179.4 125.9 53.7 288.6

1997 291.9 187.3 104.6 106.0

1998 (r) 393.1 242.6 150.5 489.8

1999 (r) 398.7 265.9 132.9 732.4

2000 (r) 403.0 219.2 183.8 556.6

2001 (r) 227.3 389.3 -162.0 176.1

1999: I (r) 526.2 293.8 232.3 523.1

II (r) 289.0 322.2 -33.2 949.1

III (r) 432.3 247.8 184.5 726.5

IV (r) 347.5 199.7 147.8 730.8

2000: I (r) 454.1 241.6 212.5 412.4

II (r) 516.3 190.1 326.1 653.1

III (r) 278.8 207.6 71.2 606.2

IV (r) 362.9 237.4 125.5 554.5

2001: I (r) 186.6 435.2 -248.6 359.9

II (r) 284.4 455.1 -170.7 90.6

III (r) 223.9 278.0 -54.1 266.3

IV (r) 214.2 388.8 -174.6 -12.3

2002: I (p) 12.6 248.2 -235.6 31.8

Uses

Discrep-

Capital Increase ancy

Period Total expendi- in finan- (sources

tures cial assets less

(3) uses)

1992 601.8 455.8 146.0 24.9

1993 841.5 508.8 332.7 -112.8

1994 850.7 575.6 275.1 -42.5

1995 1,065.1 638.7 426.4 -54.4

1996 1,116.7 662.7 454.0 -42.2

1997 1,032.6 760.2 272.4 -21.5

1998 (r) 1,396.4 826.5 569.9 -63.7

1999 (r) 1,862.4 892.5 969.9 -124.4

2000 (r) 1,718.4 960.2 758.2 -123.4

2001 (r) 1,144.0 825.1 318.9 -10.6

1999: I (r) 1,901.3 876.4 1,024.9 -156.9

II (r) 1,775.9 875.9 900.0 -139.2

III (r) 1,865.1 887.7 977.4 -95.8

IV (r) 1,907.4 930.1 977.3 -105.7

2000: I (r) 1,813.0 924.8 888.2 -123.2

II (r) 1,857.9 970.1 887.8 -130.8

III (r) 1,731.6 987.4 744.2 -120.2

IV (r) 1,470.8 958.3 512.5 -119.5

2001: I (r) 1,335.6 903.3 432.3 -53.3

II (r) 1,131.9 859.7 272.2 -65.9

III (r) 1,113.8 811.8 302.0 34.5

IV (r) 994.5 725.5 269.0 42.6

2002: I (p) 849.5 800.7 48.8 34.9

(1) Profits before tax (book) less profit tax accruals and

dividends plus consumption of fixed capital, foreign earnings

retained abroad, inventory valuation adjustment, and net capital

transfers.

(2) Includes tax liabilities, trade debt, pension fund liabilities,

and direct foreign investment in the U.S.

(3) Nonresidential fixed investment plus residential fixed investment,

inventory change with inventory valuation adjustment, and access

rights from U.S. Government.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT

[Billions of dollars; seasonally adjusted]

Consumer credit

outstanding Net change in consumer

(end of period) credit outstanding (1)

Non- Non-

Revol- revol Revol- revol

Period Total ving ving Total ving ving

(2) (2)

1992: Dec 782.2 278.4 503.7 5.1 14.6 -9.6

1993: Dec 838.8 309.9 528.8 56.6 31.5 25.1

1994: Dec 960.4 365.6 594.9 121.6 55.7 66.1

1995: Dec 1,095.8 443.1 652.7 135.4 77.5 57.8

1996: Dec 1,185.1 498.9 686.1 89.3 55.8 33.4

1997: Dec 1,243.0 531.0 712.0 57.9 32.1 25.9

1998: Dec 1,317.5 562.5 755.0 74.5 31.5 43.0

1999: Dec 1,416.3 597.7 818.6 98.8 35.2 63.6

2000: Dec 1,560.6 666.5 894.0 144.3 68.8 75.4

2001: Dec (r) 1,669.3 702.1 967.2 108.7 35.6 73.2

2001: Apr (r) 1,608.4 693.2 915.1 13.1 7.5 5.6

May (r) 1,613.7 695.6 918.1 5.3 2.4 3.0

June (r) 1,614.9 695.9 919.0 1.2 .3 .9

July (r) 1,621.9 700.9 921.0 7.0 5.0 2.0

Aug (r) 1,625.8 699.3 926.5 3.9 -1.6 5.5

Sept (r) 1,632.2 700.3 931.9 6.4 1.0 5.4

Oct (r) 1,644.7 700.1 944.7 12.5 -.2 12.8

Nov (r) 1,665.4 707.3 958.0 20.7 7.2 13.3

Dec (r) 1,669.3 702.1 967.2 3.9 -5.2 9.2

2002: Jan (r) 1,675.5 703.6 971.9 6.2 1.5 4.7

Feb (r) 1,682.5 705.0 977.5 7.0 1.4 5.6

Mar (r) 1,689.3 707.3 981.9 6.8 2.3 4.4

Apr (p) 1,698.1 711.5 986.7 8.8 4.2 4.8

(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.

Source: Board of Governors of the Federal Reserve System.

INTEREST RATES AND BOND YIELDS

Overall, interest rates fell in May.

[GRAPHIC OMITTED]

[Percent per annum]

U.S. Treasury security yields

Constant

maturities (2)

High-

3-month grade

bills municipal Corporate

Period (new 10- 30- bonds Aaa

issues) 3-year year year (Standard bonds

(1) & Poor’s) (Moody’s)

(3)

1992 3.45 5.30 7.01 7.67 6.41 8.14

1993 3.02 4.44 5.87 6.59 5.63 7.22

1994 4.29 6.27 7.09 7.37 6.19 7.96

1995 5.51 6.25 6.57 6.88 5.95 7.59

1996 5.02 5.99 6.44 6.71 5.75 7.37

1997 5.07 6.10 6.35 6.61 5.55 7.26

1998 4.81 5.14 5.26 5.58 5.12 6.53

1999 4.66 5.49 5.65 5.87 5.43 7.04

2000 5.85 6.22 6.03 5.94 5.77 7.62

2001 3.45 4.09 5.02 5.49 5.19 7.08

2001: May 3.67 4.51 5.39 5.78 5.35 7.29

June 3.48 4.35 5.28 5.67 5.24 7.18

July 3.54 4.31 5.24 5.61 5.22 7.13

Aug 3.39 4.04 4.97 5.48 5.06 7.02

Sept 2.87 3.45 4.73 5.48 5.09 7.17

Oct 2.22 3.14 4.57 5.32 5.07 7.03

Nov 1.93 3.22 4.65 5.12 5.06 6.97

Dec 1.72 3.62 5.09 5.48 5.28 6.76

2002: Jan 1.66 3.56 5.04 5.45 5.19 6.55

Feb 1.73 3.55 4.91 * 5.14 6.51

Mar 1.81 4.14 5.28 * 5.27 6.81

Apr 1.72 4.01 5.21 * 5.27 6.76

May 1.74 3.80 5.16 * 5.22 6.75

Week ended:

2002: May 11 1.74 3.76 5.16 * 5.21 6.71

18 1.75 3.88 5.26 * 5.27 6.82

25 1.73 3.81 5.17 * 5.22 6.77

June 1 1.73 3.75 5.10 * 5.20 6.74

8 1.72 3.67 5.06 * 5.15 6.74

Prime

commer- Discount Prime New-

cial rate rate Federal home

Period paper, (N.Y. charged funds mortgage

6 F.R. by banks rate (5) yields

months Bank) (4) (4) (FHFB) (6)

(1)

1992 3.80 3.25 6.25 3.52 8.24

1993 3.30 3.00 6.00 3.02 7.20

1994 4.93 3.60 7.15 4.21 7.49

1995 5.93 5.21 8.83 5.83 7.87

1996 5.42 5.02 8.27 5.30 7.80

1997 5.62 5.00 8.44 5.46 7.71

1998 * 4.92 8.35 5.35 7.07

1999 * 4.62 8.00 4.97 7.04

2000 * 5.73 9.23 6.24 7.52

2001 * 3.40 6.91 3.88 7.00

2001: May * 4.00-3.50 7.50-7.00 4.21 7.12

June * 3.50-3.25 7.00-6.75 3.97 7.12

July * 3.25-3.25 6.75-6.75 3.77 7.11

Aug * 3.25-3.00 6.75-6.50 3.65 7.15

Sept * 3.00-2.50 6.50-6.00 3.07 6.89

Oct * 2.50-2.00 6.00-5.50 2.49 6.73

Nov * 2.00-1.50 5.50-5.00 2.09 6.63

Dec * 1.50-1.25 5.00-4.75 1.82 6.79

2002: Jan * 1.25-1.25 4.75-4.75 1.73 6.87

Feb * 1.25-1.25 4.75-4.75 1.74 6.82

Mar * 1.25-1.25 4.75-4.75 1.73 6.76

Apr * 1.25-1.25 4.75-4.75 1.75 6.74

May * 1.25-1.25 4.75-4.75 1.75 …

Week ended: *

2002: May 11 * 1.25-1.25 4.75-4.75 1.74 …

18 * 1.25-1.25 4.75-4.75 1.75 …

25 * 1.25-1.25 4.75-4.75 1.71 …

June 1 * 1.25-1.25 4.75-4.75 1.78 …

8 * 1.25-1.25 4.75-4.75 1.78 …

(1) Bank-discount basis.

(2) Yields on the more actively traded issues adjusted to constant

maturities by the Treasury Department.

(3) Weekly data are Wednesday figures.

(4) Average effective rate for year; opening and closing rate for

month and week.

(5) Daily effective rate; average of the rates on a given day weighted

by the volume of transactions at these rates.

(6) 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.

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

Stock prices fell in May.

[GRAPHIC OMITTED]

Common stock prices (1)

New York Stock Exchange indexes

(Dec. 31, 1965 = 50, except as noted) (2)

Com- Transpor- Utility

Period posite Industrial tation (3) Finance

1992 229.01 284.62 201.09 198.91 179.26

1993 249.58 299.99 242.49 228.90 216.42

1994 254.12 315.25 247.29 209.06 209.73

1995 291.15 367.34 269.41 220.30 238.45

1996 358.17 453.98 327.33 249.77 303.89

1997 456.54 574.52 414.60 283.82 424.48

1998 550.26 681.57 468.69 378.12 516.35

1999 619.16 774.78 491.60 473.73 530.86

2000 643.66 810.63 413.60 477.65 553.13

2001 605.07 748.26 443.59 377.30 595.61

2001: May 644.44 798.94 477.21 414.69 618.74

June 630.86 782.73 458.60 382.98 622.17

July 613.36 756.04 469.80 374.11 614.54

Aug 604.52 748.65 458.39 357.76 605.59

Sept 544.39 672.89 382.68 339.72 538.01

Oct 556.04 688.35 371.56 341.51 553.16

Nov 575.30 715.98 410.05 330.78 577.85

Dec 582.82 727.67 433.70 325.33 585.47

2002: Jan 581.74 723.56 446.13 322.49 591.94

Feb 569.55 715.80 453.51 301.32 570.18

Mar 600.74 751.79 490.51 316.27 609.72

Apr 587.58 732.71 470.00 300.57 610.24

May 575.75 718.12 459.55 287.10 603.15

Week ended:

2002: May 11 570.14 711.88 456.06 282.73 596.45

18 580.57 724.47 464.79 286.45 609.47

25 578.35 721.27 457.60 290.26 605.05

June 1 570.37 709.90 454.64 287.43 599.07

8 555.15 691.81 450.92 273.94 584.59

Common

Common stock prices (1) stock yields

(percent) (7)

Standard

& Poor’s Nasdaq

Dow Jones composite composite Devidend- Earn-

Period industrial index index price ings-

average (1941- (Feb. 5, ratio price

(4) 43 = 10) 1971 = ratio

(5) 100) (6)

1992 3,284.29 415.74 599.26 2.99 4.22

1993 3,522.06 451.41 715.16 2.78 4.46

1994 3,793.77 460.42 751.65 2.82 5.83

1995 4,493.76 541.72 925.19 2.56 6.09

1996 5,742.89 670.50 1,164.96 2.19 5.24

1997 7,441.15 873.43 1,469.49 1.77 4.57

1998 8,625.52 1,085.50 1,794.91 1.49 3.46

1999 10,464.88 1,327.33 2,728.15 1.25 3.17

2000 10,734.90 1,427.22 3,783.67 1.15 3.63

2001 10,189.13 1,194.18 2,035.00 1.32 2.95

2001: May 11,004.96 1,270.37 2,181.13 1.23 …

June 10,767.20 1,238.71 2,112.05 1.27 3.00

July 10,444.50 1,204.45 2,033.98 1.30 …

Aug 10,314.68 1,178.51 1,929.71 1.34 …

Sept 9,042.56 1,044.64 1,573.31 1.48 2.72

Oct 9,220.75 1,076.59 1,656.43 1.45 …

Nov 9,721.82 1,129.68 1,870.06 1.38 …

Dec 9,979.88 1,144.93 1,977.71 1.36 2.15

2002: Jan 9,923.80 1,140.21 1,976.77 1.38 …

Feb 9,891.05 1,100.67 1,799.72 1.43 …

Mar 10,500.95 1,153.79 1,863.05 1.37 …

Apr 10,165.18 1,112.03 1,758.80 1.42 …

May 10,080.48 1,079.27 1,660.31 1.47 …

Week ended:

2002: May 11 9,952.75 1,063.80 1,619.99 1.47 …

18 10,258.75 1,093.55 1,713.80 1.46 …

25 10,162.69 1,087.74 1,679.67 1.47 …

June 1 9,935.39 1,068.50 1,631.05 1.50 …

8 9,681.75 1,037.59 1,565.26 1.53 …

(1) Average of daily closing prices.

(2) Includes all the stocks (nearly 3,000) listed on the NYSE.

(3) Dec. 31, 1965 = 100. Effective April 27, 1993 the NYSE doubled the

value of the utility index to facilitate trading of options and futures

on the index. All indexes shown here reflect the doubling.

(4) Includes 30 stocks.

(5) Includes 500 stocks.

(6) Includes over 4,000 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 the National Association of Securities Dealers, Inc.

COPYRIGHT 2002 Superintendent Of Documents

COPYRIGHT 2002 Gale Group