Money, credit, and security markets
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In November, M2 and M3 rose.
[Averages of daily figures, except debt end-of-period basis; billionsof dollars, seasonally adjusted]
M1 M2 M3 Debt
Sum of M1 plus M2 plus
Period currency, retail large time Debt of
demand MMMF deposits, domestic
deposits, balances, RPs, Euro- non-
travelers’ savings dollars, financial
checks, deposits and sectors
and other (including institution- (1)
checkable MMMDAs), al MMMF
deposits and small balances
(OCDs) time
deposits
1994: [Dec.sup.r] 1,150.5 3,497.4 4,369.4 12,989.9
1995: [Dec.sup.r] 1,127.0 3,641.2 4,636.3 13,674.5
1996: [Dec.sup.r] 1,079.3 3,816.7 4,985.1 14,391.4
1997: [Dec.sup.r] 1,072.5 4,031.7 5,460.7 15,159.4
1998: [Dec.sup.r] 1,096.1 4,383.9 6,052.6 16,201.1
1999: [Dec.sup.r] 1,124.0 4,648.7 6,553.7 17,269.9
2000: [Dec.sup.r] 1,087.9 4,932.5 7,122.7 18,118.5
2001: [Dec.sup.r] 1,179.3 5,448.2 8,035.7 19,237.1
2002: [Dec.sup.r] 1,217.2 5,794.3 8,565.8 20,554.7
2003: [Dec.sup.r] 1,293.4 6,062.7 8,862.4 22,261.0
2003: [Nov.sup.r] 1,283.4 6,065.9 8,862.2 …
[Dec.sup.r] 1,293.4 6,062.7 8,862.4 22,261.0
2004: [Jan.sup.r] 1,287.7 6,070.4 8,921.0 …
[Feb.sup.r] 1,306.5 6,120.6 8,992.0 …
[Mar.sup.r] 1,325.8 6,168.2 9,082.7 22,767.2
[Apr.sup.r] 1,323.1 6,216.1 9,161.7 …
[May.sup.r] 1,322.3 6,286.7 9,263.0 …
[June.sup.r] 1,335.9 6,294.1 9,293.5 23,165.2
[July.sup.r] 1,325.0 6,288.2 9,274.9 …
[Aug.sup.r] 1,342.9 6,300.3 9,304.6 …
[Sept.sup.r] 1,346.9 6,332.8 9,340.8 23,607.5
[Oct.sup.r] 1,345.9 6,346.7 9,318.9 …
[Nov.sup.r] 1,362.8 6,379.8 9,342.1 …
Percent change
From
Period From Fear or 6 months pre-
earlier (2) Vious
period
(3)
M1 M2 M3 Debt
1994: [Dec.sup.r] 1.8 0.4 2.0 4.6
1995: [Dec.sup.r] -2.0 4.1 6.1 5.3
1996: [Dec.sup.r] -4.2 4.8 7.5 5.2
1997: [Dec.sup.r] -.6 5.6 9.5 5.3
1998: [Dec.sup.r] 2.2 8.7 10.8 6.9
1999: [Dec.sup.r] 2.5 6.0 8.3 6.4
2000: [Dec.sup.r] -3.2 6.1 8.7 4.8
2001: [Dec.sup.r] 8.4 10.5 12.8 6.2
2002: [Dec.sup.r] 3.2 6.4 6.6 6.8
2003: [Dec.sup.r] 6.3 4.6 3.5 8.1
2003: [Nov.sup.r] 4.1 2.7 2.8 …
[Dec.sup.r] 3.5 1.2 1.7 6.2
2004: [Jan.sup.r] 2.2 .1 1.2 …
[Feb.sup.r] 3.9 .5 1.9 …
[Mar.sup.r] 6.9 2.8 4.1 9.1
[Apr.sup.r] 6.1 4.8 6.4 …
[May.sup.r] 6.1 7.3 9.0 …
[June.sup.r] 6.6 7.6 9.7 7.0
[July.sup.r] 5.8 7.2 7.9 …
[Aug.sup.r] 5.6 5.9 7.0 …
[Sept.sup.r] 3.2 5.3 5.7 7.4
[Oct.sup.r] 3.4 4.2 3.4 …
[Nov.sup.r] 6.1 3.0 1.7 …
(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 Systems.
COMPONENTS OF MONEY STOCK
[Avarages of daily figures; billions of dollars, seasonally adjusted]Nonbank
Period Currency travelers Demand
checks deposits
1994: Dec 354.0 8.6 383.9
1995: Dec 372.1 9.1 389.3
1996: Dec 394.1 8.8 401.0
1997: Dec 424.6 8.5 394.2
1998: Dec 459.9 8.5 378.4
1999: Dec 517.7 8.6 354.9
2000: Dec 531.6 8.3 310.3
2001: Dec 582.0 8.0 332.5
2002: [Dec.sup.r] 627.4 7.8 303.4
2003: [Dec.sup.r] 663.9 7.7 312.6
2003: [Nov.sup.r] 661.3 7.7 308.6
[Dec.sup.r] 663.9 7.7 312.6
2004: [Jan.sup.r] 664.9 7.8 301.8
[Feb.sup.r] 665.8 7.8 314.3
[Mar.sup.r] 666.8 7.8 327.1
[Apr.sup.r] 668.7 7.8 323.8
[May.sup.r] 671.8 7.8 318.9
[June.sup.r] 676.7 7.7 322.6
[July.sup.r] 684.8 7.6 306.3
[Aug.sup.r] 687.7 7.6 318.6
[Sep.sup.r] 691.7 7.6 323.8
[Oct.sup.r] 694.2 7.6 318.1
Nov 699.7 7.6 325.3
Savings
Other deposits, Small
check- including denom-
Period able money ination
deposits market time
(OCDs) deposits depos-
accounts its (1)
(MMDAs)
1994: Dec 403.9 1,149.4 816.3
1995: Dec 356.6 1,133.9 931.3
1996: Dec 275.5 1,273.1 946.8
1997: Dec 245.3 1,399.1 967.9
1998: Dec 249.3 1,603.6 951.5
1999: Dec 242.8 1,738.2 954.0
2000: Dec 237.8 1,876.2 1,044.2
2001: Dec 256.8 2,308.9 972.7
2002: [Dec.sup.r] 278.6 2,769.5 892.2
2003: [Dec.sup.r] 309.2 3,158.5 809.6
2003: [Nov.sup.r] 305.8 3,156.3 813.3
[Dec.sup.r] 309.2 3,158.5 809.6
2004: [Jan.sup.r] 313.2 3,189.9 807.1
[Feb.sup.r] 318.6 3,234.9 805.2
[Mar.sup.r] 324.0 3,279.1 802.9
[Apr.sup.r] 322.7 3,339.5 799.7
[May.sup.r] 323.8 3,407.9 794.9
[June.sup.r] 328.9 3,409.7 793.1
[July.sup.r] 326.4 3,426.9 795.5
[Aug.sup.r] 329.0 3,424.4 799.4
[Sep.sup.r] 323.9 3,454.0 803.5
[Oct.sup.r] 326.1 3,478.1 805.9
Nov 330.2 3,494.4 809.3
Money market
mutual fund
balances Large
Period denom-
Institutional ination
Retail time
deposits (1)
1994: Dec [sup.r]381.2 [sup.r]210.3 [sup.r]378.9
1995: Dec [sup.r]448.8 [sup.r]263.6 [sup.r]439.0
1996: Dec [sup.r]517.4 [sup.r]321.9 [sup.r]521.3
1997: Dec [sup.r]592.2 [sup.r]395.3 [sup.r]632.0
1998: Dec [sup.r]732.7 [sup.r]539.2 [sup.r]685.5
1999: Dec [sup.r]832.5 [sup.r]635.9 [sup.r]761.6
2000: Dec [sup.r]924.2 [sup.r]789.6 [sup.r]840.1
2001: Dec [sup.r]987.2 [sup.r]1,194.0 [sup.r]804.7
2002: [Dec.sup.r] 915.1 1,245.7 816.3
2003: [Dec.sup.r] 801.1 1,113.7 883.8
2003: [Nov.sup.r] 812.9 1,132.2 864.3
[Dec.sup.r] 801.1 1,113.7 883.8
2004: [Jan.sup.r] 785.7 1,116.9 916.6
[Feb.sup.r] 774.0 1,105.0 918.6
[Mar.sup.r] 760.4 1,115.2 940.3
[Apr.sup.r] 753.8 1,125.8 968.0
[May.sup.r] 761.6 1,125.5 988.2
[June.sup.r] 755.3 1,120.4 1,000.5
[July.sup.r] 740.7 1,105.4 1,018.6
[Aug.sup.r] 733.5 1,109.8 1,026.3
[Sep.sup.r] 728.5 1,100.6 1,029.2
[Oct.sup.r] 716.7 1,073.2 1,039.3
Nov 713.3 1,061.6 1,053.6
Overnight
and term
repur- Overnight
Period chase and term
agree- Euro-
ments dollars
(RPs) (net)
(net)
1994: Dec 196.4 86.3
1995: Dec 198.1 94.0
1996: Dec 210.6 114.6
1997: Dec 254.2 147.4
1998: Dec 294.0 150.0
1999: Dec 337.0 170.4
2000: Dec 366.0 194.5
2001: Dec 378.9 210.0
2002: [Dec.sup.r] 480.9 228.6
2003: [Dec.sup.r] 513.4 288.8
2003: [Nov.sup.r] 513.3 286.5
[Dec.sup.r] 513.4 288.8
2004: [Jan.sup.r] 515.1 302.0
[Feb.sup.r] 536.3 311.4
[Mar.sup.r] 539.3 319.7
[Apr.sup.r] 523.0 328.8
[May.sup.r] 535.5 327.3
[June.sup.r] 556.3 322.2
[July.sup.r] 538.3 324.5
[Aug.sup.r] 544.1 324.2
[Sep.sup.r] 552.2 325.9
[Oct.sup.r] 526.6 333.1
Nov 519.6 327.5
(1) Small denomination and large denomination deposits are those issued
in amounts of less thant $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; seasonallyadjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period Monetary
Total (2) Non- Required Excess base
borrowed (NSA)
(3)
1994: Dec 59,369 59,160 58,209 1,159 415,196
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 1,685 470,826
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 40,363 38,433 2,009 682,151
2003: Dec 42,843 43,797 41,804 1,039 720,978
2003: Nov 43,034 42,966 41,545 1,489 718,968
Dec 42,843 42,797 41,804 1,039 720,978
2004: Jan 43,204 43,098 42,314 891 722,605
[Feb.sup.r] 42,999 42,957 41,805 1,194 724,173
[Mar.sup.r] 44,739 44,688 42,933 1,806 725,786
[Apr.sup.r] 45,688 45,602 43,881 1,807 725,836
[May.sup.r] 45,390 45,279 43,747 1,643 732,306
[Jun.sup.r] 45,935 45,755 44,047 1,888 737,809
[July.sup.r] 45,733 45,488 44,022 1,711 745,607
[Aug.sup.r] 44,754 44,502 43,203 1,551 748,196
[Sept.sup.r] 46,252 45,917 44,686 1,566 753,381
[Oct.sup.r] 46,035 45,856 44,318 1,717 755,881
Nov 45,944 45,761 44,173 1,771 760,580
Borrowings of depository institutions from the
Federal Reserve (NSA)
Period
Total Primary Sec- Seasonal Adjust-
ondary ment (1)
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: Nov 68 25 0 43 …
Dec 46 17 0 29 …
2004: Jan 106 93 0 13 …
[Feb.sup.r] 42 28 0 14 …
[Mar.sup.r] 51 23 0 28 …
[Apr.sup.r] 86 29 0 57 …
[May.sup.r] 112 9 0 103 …
[Jun.sup.r] 180 40 0 140 …
[July.sup.r] 245 42 0 203 …
[Aug.sup.r] 251 18 0 233 …
[Sept.sup.r] 335 97 0 238 …
[Oct.sup.r] 179 15 0 164 …
Nov 183 105 0 78 …
(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 bread-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 0.8 percent in November;
commercial and industrial loans rose 0.5 percent.
[GRAPHIC OMITTED] [Billions of dollars, seasonally adjusted (1)]Securities in bank credit
U.S.
Total Treasury
bank Total and agency Other
Period credit securities securities securities
1994: Dec 3,318.2 939.9 721.6 218.3
1995: Dec 3,601.0 984.0 701.1 282.9
1996: Dec 3,756.9 984.4 702.6 281.8
1997: Dec 4,099.4 1,098.7 (r) 755.2 (r) 343.5
1998: Dec 4,532.9 1,237.0 (r) 797.2 (r) 439.8
1999: Dec 4,763.4 1,282.8 (r) 815.3 (r) 467.5
2000: Dec 5,216.7 1,348.2 (r) 792.1 (r) 556.2
2001: Dec 5,427.9 1,493.5 (r) 852.7 (r) 640.9
2002: Dec 5,885.8 1,721.1 (r) 1,028.8 (r) 692.3
2003: Dec 6,219.8 1,850.9 (r) 1,104.1 (r) 746.8
2003: Nov 6,198.3 1,832.0 (r) 1,096.7 (r) 735.2
Dec 6,249.8 1,850.9 (r) 1,104.1 (r) 746.8
2004: Jan 6,321.0 1,855.3 (r) 1,105.6 (r) 749.7
Feb 6,441.0 1,930.5 (r) 1,170.2 (r) 760.3
Mar 6,517.9 1,980.3 (r) 1,204.6 (r) 775.7
Apr 6,536.7 1,952.4 (r) 1,199.5 (r) 752.9
May 6,544.8 1,929.1 (r) 1,188.4 (r) 740.7
June (r) 6,587.4 1,933.4 1,189.1 744.2
July (r) 6,600.7 1,906.5 1,180.3 726.1
Aug (r) 6,629.8 1,913.2 1,182.3 730.9
Sept (r) 6,695.7 1,923.4 1,177.5 746.0
Oct (r) 6,709.2 1,917.9 1,148.6 769.3
Nov 6,753.9 1,924.0 1,146.1 777.9
Loans and leases in
bank credit
Total
loans Commercial
and and
Period leases (2) industrial
1994: Dec 2,378.3 650.3
1995: Dec 2,617.0 723.8
1996: Dec 2,772.6 784.7
1997: Dec 3,000.7 851.1
1998: Dec 3,295.9 947.4
1999: Dec 3,480.6 998.8
2000: Dec 3,868.5 1,087.0
2001: Dec 3,934.3 1,027.2
2002: Dec 4,164.6 963.1
2003: Dec 4,398.9 891.7
2003: Nov 4,366.3 888.6
Dec 4,398.9 891.7
2004: Jan 4,465.7 889.2
Feb 4,510.5 888.1
Mar 4,537.6 878.4
Apr 4,584.3 874.3
May 4,615.7 873.8
June (r) 4,654.0 877.6
July (r) 4,694.3 882.1
Aug (r) 4,716.6 889.0
Sept (r) 4,772.3 891.7
Oct (r) 4,791.3 893.1
Nov 4,829.9 898.0
Loans and leases in bank credit
Real estate
Revolving
home
Period Total equity Other
1994: Dec 1,010.7 80.5 930.2
1995: Dec 1,089.5 84.5 1,004.9
1996: Dec 1,140.1 90.9 1,049.2
1997: Dec 1,242.7 105.0 1,137.7
1998: Dec 1,332.9 103.9 1,229.0
1999: Dec 1,471.1 101.5 1,369.6
2000: Dec 1,650.6 130.0 1,520.5
2001: Dec 1,779.7 155.8 1,624.0
2002: Dec 2,021.3 213.5 1,807.8
2003: Dec 2,215.7 280.8 1,934.9
2003: Nov 2,206.8 273.2 1,933.6
Dec 2,215.7 280.8 1,934.9
2004: Jan 2,241.0 291.2 1,949.7
Feb 2,262.8 297.6 1,965.2
Mar 2,303.9 308.1 1,995.8
Apr 2,361.5 318.0 2,043.5
May 2,395.8 327.9 2,068.0
June (r) 2,409.3 337.6 2,071.7
July (r) 2,417.3 347.0 2,070.3
Aug (r) 2,433.5 358.3 2,075.1
Sept (r) 2,457.9 369.6 2,088.3
Oct (r) 2,490.8 383.5 2,107.3
Nov 2,514.9 393.1 2,121.8
Loans and leases in bank credit
Period Consumer Security Other
1994: Dec 448.2 75.8 193.3
1995: Dec 491.4 83.2 229.1
1996: Dec 512.9 75.3 259.6
1997: Dec 502.6 94.4 306.9
1998: Dec 496.9 145.3 373.3
1999: Dec 490.6 149.8 370.2
2000: Dec 539.1 177.3 414.4
2001: Dec 555.8 146.0 425.6
2002: Dec 586.4 190.2 403.6
2003: Dec 629.5 215.2 446.8
2003: Nov 625.9 228.7 416.3
Dec 629.5 215.2 446.8
2004: Jan 631.9 233.7 469.9
Feb 634.0 243.2 482.4
Mar 639.1 243.0 473.2
Apr 639.8 237.6 471.1
May 641.4 232.6 472.1
June (r) 643.9 248.1 475.1
July (r) 672.3 243.5 479.0
Aug (r) 672.8 238.8 482.5
Sept (r) 674.4 254.5 493.8
Oct (r) 670.1 249.3 488.0
Nov 665.4 248.4 503.2
(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 adjustedannual rates]
Sources
Period Total Internal (1)
1994 796.8 555.2
1995 997.4 606.6
1996 1,066.4 667.9
1997 1,004.2 720.7
1998 (r) 1,307.0 691.0
1999 (r) 1,730.9 743.3
2000 (r) 1,973.3 735.9
2001 (r) 869.7 774.5
2002 (r) 955.3 844.2
2003 (r) 1,205.2 942.4
2002: I (r) 639.3 824.8
II (r) 950.8 836.5
III (r) 894.4 834.1
IV (r) 1,336.7 881.3
2003: I (r) 1,098.3 840.5
II (r) 1,294.6 930.3
III (r) 1,089.1 967.3
IV (r) 1,338.9 1,031.6
2004: I (r) 1,490.4 1,026.4
II (r) 1,293.7 1,022.9
III (P) 1,316.5 1,078.9
Sources
External
(Net increase in liabilities)
Funds raised in markets
Net new
Total net equity
Period Total funds raised issue
1994 241.6 81.6 -44.9
1990 390.8 168.8 -58.3
1996 398.5 135.4 -47.3
1997 283.5 214.4 -77.4
1998 (r) 616.0 182.1 -215.5
1999 (r) 987.6 263.6 -110.4
2000 (r) 1,237.4 236.2 -118.2
2001 (r) 95.2 180.6 -47.4
2002 (r) 111.1 -12.7 -41.6
3003 (r) 262.8 88.8 -57.8
2002: I (r) -185.5 63.3 -10.6
II (r) 114.3 6.5 15.5
III (r) 60.3 -192.8 -140.8
IV (r) 455.4 72.2 -30.5
2003: I (r) 257.8 100.1 -67.0
II (r) 364.3 222.7 -50.2
III (r) 121.8 27.0 -44.9
IV (r) 307.3 5.6 -69.0
2004: I (r) 464.0 113.2 -82.6
II (r) 270.8 -67.1 -159.5
III (P) 237.6 -14.4 -208.8
Sources
External
(Net increase in liabilities)
Funds raised in markets
Credit market instruments
Securities Loans and
and shorterm
Period Total mortgages paper Other (2)
1994 126.5 32.2 94.3 160.0
1990 227.1 102.2 124.9 222.1
1996 182.8 129.2 53.7 263.1
1997 291.8 187.2 104.6 69.0
1998 (r) 397.6 242.8 154.9 433.8
1999 (r) 374.0 269.0 104.9 724.1
2000 (r) 354.4 192.4 162.0 1,001.3
2001 (r) 228.0 411.8 -183.8 -85.3
2002 (r) 28.9 173.6 -144.7 123.8
3003 (r) 146.6 246.8 -100.3 173.9
2002: I (r) 73.9 299.3 -225.4 -248.8
II (r) -9.0 219.9 -228.9 107.8
III (r) -52.0 2.6 -54.6 253.2
IV (r) 102.7 172.3 -69.6 383.1
2003: I (r) 167.1 245.8 -78.7 157.7
II (r) 272.9 405.3 -132.2 141.5
III (r) 71.9 196.9 -125.0 94.9
IV (r) 74.6 139.5 -65.0 301.7
2004: I (r) 195.8 206.1 -10.4 350.8
II (r) 92.4 75.2 17.2 337.9
III (P) 194.4 145.3 49.1 252.0
Uses
Discrepancy
Capital Increase in (sources
expenditures financial less
Period Total (3) assets uses)
1994 841.2 566.1 275.1 -44.4
1990 1,064.6 638.2 426.4 -67.1
1996 1,108.3 654.3 454.0 -41.9
1997 1,024.2 751.8 272.4 -20.1
1998 (r) 1,343.7 773.8 569.9 -36.8
1999 (r) 1,828.8 858.9 969.9 -97.9
2000 (r) 3,137.7 928.5 1,209.2 -164.5
2001 (r) 987.7 810.1 177.6 -118.0
2002 (r) 912.3 761.7 150.6 43.0
3003 (r) 1,235.9 764.9 471.0 -30.7
2002: I (r) 596.2 764.5 -168.3 43.2
II (r) 872.1 759.3 112.8 78.7
III (r) 856.1 766.8 89.3 38.4
IV (r) 1,324.8 756.2 568.6 11.9
2003: I (r) 1,129.3 743.7 385.6 -31.0
II (r) 1,312.0 736.9 575.1 17.5
III (r) 1,128.6 772.8 355.8 -39.5
IV (r) 1,373.8 806.2 567.6 -34.9
2004: I (r) 1,517.0 843.4 673.6 -26.6
II (r) 1,365.3 895.6 469.7 -71.6
III (P) 1,412.3 893.3 519.0 -95.8
(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 investmetn plus residential fixed
investment, inventory change with inventory valuation adjustment,
and nonproduced nonfinancial assets.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billion of dollars; sseasonally adjusted]Consumer credit outstanding
(end of period)
Non-
Period Total Revolving revolving (2)
1994: Dec 997.1 365.6 631.6
1995: Dec 1,141.0 443.5 697.5
1996: Dec 1,242.9 499.6 743.2
1997: Dec 1,313.1 529.8 783.4
1998: Dec 1,416.8 578.9 837.8
1999: Dec 1,530.4 607.6 922.8
2000: Dec 1,705.1 677.7 1,027.4
2001: Dec 1,842.2 722.3 1,119.9
2002: Dec 1,924.2 738.3 1,185.9
2003: Dec 2,011.3 758.7 1,252.6
2003: Oct 2,007.2 757.5 1,249.7
Nov 2,006.7 760.4 1,246.3
Dec 2,011.3 758.7 1,252.6
2004: Jan 2,037.8 769.8 1,268.0
Feb 2,038.2 770.1 1,268.1
Mar 2,043.0 768.9 1,274.1
Apr 2,045.2 765.1 1,280.1
May 2,050.4 766.2 1,284.1
June 2,054.9 767.5 1,287.4
July 2,069.3 776.0 1,293.2
Aug 3,072.1 776.7 1,295.4
Sept 2,085.7 787.7 1,298.0
Oct (p) 2,093.4 788.9 1,304.4
Net change in consumer credit
outstanding (1)
Non-
Period Total Revolving revolving (2)
1994: Dec 131.4 55.7 75.9
1995: Dec 143.9 77.9 65.9
1996: Dec 101.9 56.1 45.7
1997: Dec 70.2 30.2 40.2
1998: Dec 103.7 49.1 54.4
1999: Dec 113.6 28.7 85.0
2000: Dec 174.7 70.1 104.6
2001: Dec 137.1 44.6 92.5
2002: Dec 82.0 16.0 66.0
2003: Dec 87.1 20.4 66.7
2003: Oct 7.1 2.4 4.7
Nov -.5 2.9 -3.4
Dec 4.6 -1.7 6.3
2004: Jan 26.5 11.1 15.4
Feb .4 .3 .1
Mar 4.8 -1.2 6.0
Apr 2.2 -3.8 6.0
May 5.2 1.1 4.0
June 4.5 1.3 3.3
July 14.4 8.5 5.8
Aug 2.8 .7 2.2
Sept 13.6 11.0 2.6
Oct (p) 7.7 1.2 6.4
(1) Change based on data in billions of dollars as shown here. For
year-end data, change from preceding year-end; for monthyly data,
change from proceding month.
(2) Incudes 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 Salle Mae.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Overall, interest rates rose through late December
[GRAPHIC OMITTED] [Percent per annum]U.S. Treasury security yields
3-month Constant maturities (2)
bills (new
Period issues) (1) 3-year 10-year 30-year
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: 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 *
July 1.35 3.05 4.50 *
Aug 1.48 2.88 4.28 *
Sept 1.65 2.83 4.13 *
Oct 1.75 2.85 4.10 *
Nov 2.06 3.09 4.19 *
Week ended:
2004: Dec 4 2.20 3.27 4.35 *
11 2.21 3.16 4.19 *
18 2.20 3.18 4.16 *
25 2.18 3.22 4.21 *
Discount window
High-grade (N.Y. F.R. Bank)
municipal Corporate (4)(5)
bonds Aaa
(Standard bonds Primary Discount
Period & Poor’s (3) (Moody’s) credit rate
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: Nov 4.74 5.65 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 *
July 4.82 5.82 2.25 *
Aug 4.65 5.65 2.50 *
Sept 4.49 5.46 2.75 *
Oct 4.43 5.47 2.75 *
Nov 4.48 5.52 3.00 *
Week ended:
2004: Dec 4 4.56 5.60 3.00 *
11 4.40 5.44 3.00 *
18 4.29 5.40 3.25 *
25 4.36 5.45 3.25 *
New-home
Prime rate Federal mortgage
charged by funds yields
Period banks (5) rate (6) (FHFB) (7)
7.15 4.21 7.49
1595 8.83 5.83 7.87
1996 8.27 5.30 7.80
1997 8.44 5.46 7.71
1996 8.35 5.35 7.07
1959 8.00 4.97 7.04
2000 9.23 6.24 7.52
2001 6.91 3.88 7.00
2002 4.67 1.67 6.43
2003 4.12 1.13 5.80
2003: 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 1.00 5.49
May 4.00 1.00 5.77
June 4.00 1.03 5.81
July 4.25 1.26 5.96
Aug 4.50 1.43 5.88
Sept 4.75 1.61 5.72
Oct 4.75 1.76 5.82
Nov 5.00 1.93 5.91
Week ended:
2004: Dec 4 5.00 2.02 …
11 5.00 2.00 …
18 5.25 2.15 …
25 5.25 2.24 …
(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 replaced 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 of mmonth or
week.
(6) Daily effective rate; weight 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
Stock prices rose through late December
[GRAPHIC OMITTED]Common stock prices (1)
New York Stock Exchange indexes (2)(3)
(December 31, 2002 = 5,000)
Health
Period Composite Financial Energy Care
1994 2,687.02 … … …
1995 3,078.56 … … …
1996 3,787.20 … … …
1997 4,827.35 … … …
1998 5,818.26 … … …
1999 6,546.81 … … …
2000 6,805.89 … … …
2001 6,397.85 … … …
2002 5,578.89 … … …
2003 5,447.93 5,583.00 5,273.90 5,288.67
2003: Nov 5,989.42 6,282.53 5,474.84 5,521.85
Dec 6,244.68 6,475.68 5,973.31 5,751.14
2004: Jan 6,569.76 6,827.35 6,323.29 6,000.57
Feb 6,661.38 6,978.62 6,337.87 6,134.16
Mar 6,574.75 6,914.60 6,455.53 5,908.76
Apr 6,600.77 6,792.05 6,638.65 6,028.53
May 6,371.44 6,495.19 6,572.79 6,022.12
June 6,548.06 6,683.10 6,780.86 6,063.65
July 6,443.45 6,569.52 6,971.57 5,823.34
Aug 6,352.83 6,566.19 6,866.75 5,733.68
Sept 6,551.90 6,773.95 7,270.08 5,890.05
Oct 6,608.98 6,792.44 7,593.71 5,668.02
Nov 6,933.75 7,118.40 7,773.26 5,818.20
Week ended:
2004: Dec 4 7,060.54 7,246.85 7,934.16 5,872.95
11 7,040.78 7,261.63 7,742.45 5,918.49
18 7,123.35 7,326.60 7,817.62 6,032.08
25 7,170.73 7,397.69 7,912.01 6,010.59
Common stock prices (1)
Standard & Nasdaq
Poor’s composite
cumposite index
Dow Jones index (Feb. 5
industrial (1941- 1971 = 100)
Period average (4) 43 = 10) (5) (6)
1994 3,793.77 460.42 751.65
1995 4,493.76 541.72 925.19
1996 5,742.89 670.50 1,164.96
1997 7,441.15 873.43 1,469.49
1998 8,625.52 1,085.50 1,794.91
1999 10,464.88 1,327.33 2,728.15
2000 10,734.90 1,427.22 3,783.67
2001 10,189.13 1,194.18 2,035.00
2002 9,226.43 993.94 1,539.73
2003 8,993.59 965.23 1,647.17
2003: Nov 9,762.20 1,049.90 1,939.25
Dec 10,124.66 1,080.64 1,956.98
2004: Jan 10,540.05 1,132.52 2,098.00
Feb 10,601.50 1,143.36 2,048.36
Mar 10,323.73 1,123.98 1,979.48
Apr 10,418.40 1,133.08 2,021.32
May 10,083.81 1,102.78 1,930.09
June 10,364.90 1,132.76 2,000.98
July 10,152.09 1,105.85 1,912.42
Aug 10,032.80 1,088.94 1,821.54
Sept 10,204.67 1,117.66 1,884.73
Oct 10,001.60 1,118.07 1,938.25
Nov 10,411.76 1,168.94 2,062.87
Week ended:
2004: Dec 4 10,534.29 1,185.05 2,126.69
11 10,515.58 1,185.47 2,129.82
18 10,672.36 1,201.04 2,150.45
25 10,766.01 1,204.95 2,149.10
Common stuck Yields
(percent) (7)
Dividend- Earnings-
Period price ratio price ratio
1994 2.82 5.83
1995 2.56 6.09
1996 2.19 5.24
1997 1.77 4.57
1998 1.49 3.46
1999 1.25 3.17
2000 1.15 3.63
2001 1.32 2.95
2002 1.61 2.92
2003 1.77 3.84
2003: Nov 1.69 …
Dec 1.67 4.38
2004: Jan 1.62 …
Feb 1.63 …
Mar 1.68 4.62
Apr 1.68 …
May 1.74 …
June 1.70 4.92
July 1.77 …
Aug 1.81 …
Sept 1.78 (r) 5.18
Oct 1.79 …
Nov 1.74 …
Week ended:
2004: Dec 4 1.72 …
11 1.73 …
18 1.72 …
25 1.71 …
(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 methology, 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.
Source: New York Stock Exchange, Dow Jones & Company, Inc., Standard
& Poor’s, and Nasdaq Stock Market.
COPYRIGHT 2004 Superintendent Of Documents
COPYRIGHT 2005 Gale Group