Money, Credit, And Security Markets – Illustration – Statistical Data Included
MONEY STOCK AND DEBT MEASURES
In September, M2 growth slowed while M3 growth accelerated.
[ILLUSTRATION OMITTED]
[Average of daily figures, except as noted; billions of dollars, seasonally adjusted]
M1 M2
Sum of currency, M1 plus retail
demand deposits, MMMF balances,
Period traveler’s check’s, savings deposits
and other (including
checkable depos- MMDAs), and
its (OCDs) small time deposits
1989: Dec 792.6 3,159.9
1990: Dec 824.6 3,279.1
1991: Dec 896.7 3,379.8
1992: Dec 1,024.4 3,434.0
1993: Dec 1,129.3 3,487.4
1994: Dec 149.7 3,502.0
1995: Dec 1,126.7 3,649.1
1996: Dec 1,081.3 3,823.9
1997: Dec 1,074.9 4,046.4
1998: Dec 1,093.4 4,401.0
1998: Aug 1,072.2 4,240.6
Sept 1,074.7 4,284.2
Oct 1,080.4 4,325.5
Nov 1,089.0 4,364.0
Dec 1,093.4 4,401.0
1999: Jan 1,091.0 4,425.0
Feb 1,092.6 4,445.6
Mar 1,102.0 4,455.6
Apr 1,108.4 4,488.2
May 1,104.8 4,505.2
June 1,101.1 4,520.9
July 1,099.5 4,541.1
Aug 1,102.4 4,562.0
Sept 1,093.4 4,580.2
M3 Debt
Debt of
M2 plus large domestic
time deposits, nonfinancial
RPs, Euro- sectors
Period dollars, and (monthly
institution- average of
al MMMF adjacent
balances month-end
levels(1)
1989: Dec 4,091.0 10,156.60
1990: Dec 4,155.6 10,823.1
1991: Dec 4,208.6 11,296.0
1992: Dec 4,220.0 11,818.5
1993: Dec 4,279.7 12,403.5
1994: Dec 4,353.9 12,999.6
1995: Dec 4,618.5 13,716.1
1996: Dec 4,955.6 14,460.8
1997: Dec 5,403.4 15,223.5
1998: Dec 5,995.8 16,244.9
1998: Aug 5,746.4 15,909.9
Sept 5,809.7 15,985.5
Oct 5,871.8 16,070.4
Nov 5,936.9 16,164.3
Dec 5,995.8 16,244.9
1999: Jan 6,017.0 16,327.6
Feb 6,064.8 16,413.5
Mar 6,059.4 16,527.2
Apr (r)6,103.8 (r)16,630.7
May 6,132.0 16,701.1
June 6,163.9 16,776.0
July 6,189.5 16,851.2
Aug 6,216.3 (p)16,936.7
Sept 6,247.9
Percent change from year or 6
months earlier(2)
Period M1 M2 M3 Debt
1989: Dec 0.8 5.5 4.0 7.3
1990: Dec 4.0 3.8 1.6 6.6
1991: Dec 8.7 3.1 1.3 4.4
1992: Dec 14.2 1.6 0.3 4.6
1993: Dec 10.2 1.6 1.4 4.9
1994: Dec 1.8 0.4 1.7 4.8
1995: Dec -2.0 4.2 6.1 5.5
1996: Dec -4.0 4.8 7.3 5.4
1997: Dec 0.6 5.8 9.0 5.3
1998: Dec 1.7 8.8 11.0 6.7
1998: Aug 0.7 6.8 9.6 6.8
Sept -1.1 7.7 9.7 6.4
Oct 0.3 8.2 10.2 6.3
Nov 2.0 9.1 11.0 6.5
Dec 2.9 9.7 11.5 6.4
1999: Jan 2.9 10.0 11.5 6.3
Feb 3.8 9.7 11.1 6.3
Mar 5.1 8.0 8.6 6.8
Apr 5.2 7.5 7.9 7.0
May 2.9 6.5 6.6 6.6
June 1.4 5.4 5.6 6.5
July 1.6 5.2 5.7 6.4
Aug 1.8 5.2 5.0 6.4
Sept -1.6 5.6 6.2
(1) Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived 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.
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)
1989: Dec 222.6 6.1 278.7 285.1
1990: Dec 247.0 7.0 276.9 293.7
1991: Dec 267.5 7.1 289.7 332.5
1992: Dec 292.5 7.5 340.0 384.4
1993: Dec 322.0 7.3 385.4 414.6
1994: Dec 354.2 7.8 383.6 404.1
1995: Dec 372.3 8.3 389.4 356.7
1996: Dec 394.1 8.0 403.0 276.2
1997: Dec 424.5 7.7 396.5 246.2
1998: Dec 459.2 7.8 377.5 248.8
1998: Sept 449.6 8.3 374.4 242.4
Oct 453.3 8.3 374.7 244.2
Nov 456.5 7.9 377.0 247.6
Dec 459.2 7.8 377.5 248.8
1999: Jan 462.7 7.8 371.1 249.5
Feb 467.6 7.7 371.8 245.5
Mar 472.0 7.8 374.1 248.1
Apr 476.5 7.8 374.0 250.1
May 480.9 7.8 (r)369.5 246.5
June 484.1 8.2 362.9 245.9
July 487.3 8.6 362.6 241.0
Aug(r) 491.0 8.6 363.2 239.7
Sept 494.9 8.3 352.6 237.6
Money market Savings
mutual fund deposits, Small Large
balances including denom- denom-
Period money ination ination
Insti- market time time
Retail tution- deposit depos- depos-
al accounts its(1) its(1)
(MMDAs)
1989: Dec 322.3 111.1 893.7 1,151.4 541.5
1990: Dec 358.0 139.6 923.2 1,173.4 482.1
1991: Dec 373.1 187.7 1,044.4 1,065.7 417.6
1992: Dec 354.7 210.5 1,186.7 868.2 354.5
1993: Dec 357.0 212.5 1,219.1 782.1 334.5
1994: Dec 385.8 204.7 1,150.0 816.5 364.5
1995: Dec 455.5 255.9 1,135.1 931.7 421.1
1996: Dec 522.8 313.3 1,272.3 947.5 493.2
1997: Dec 602.0 379.9 1,400.2 969.3 576.1
1998: Dec 750.7 516.2 1,605.0 952.0 630.0
1998: Sept 707.1 467.8 1,543.7 958.7 621.3
Oct 724.2 486.7 1,563.1 957.9 621.5
Nov 736.8 503.8 1,582.6 955.7 625.4
Dec 750.7 516.2 1,605.0 952.0 630.0
1999: Jan 764.8 515.0 1,622.7 946.5 637.3
Feb 779.2 529.9 1,633.1 940.7 626.3
Mar 781.0 529.1 1,636.0 936.6 617.1
Apr 789.1 538.4 1,657.1 933.5 623.6
May 795.1 544.6 1,675.1 930.2 621.5
June 800.3 548.1 1,694.1 (r)925.3 618.1
July 801.3 546.0 1,715.6 (r)924.6 (r)628.3
Aug(r) 807.9 556.4 1,725.1 926.7 626.6
Sept 813.8 559.3 1,741.8 931.2 637.7
Overnight
and term Overnight
repur- and term
Period chase Euro-
agree- dollars
ments (net)
(RPs)
(net)
1989: Dec 169.1 109.4
1990: Dec 151.5 103.3
1991: Dec 131.1 92.3
1992: Dec 141.6 79.5
1993: Dec 172.6 72.7
1994: Dec 196.4 86.1
1995: Dec 198.7 93.7
1996: Dec 211.3 113.9
1997: Dec 251.7 149.3
1998: Dec 297.8 150.7
1998: Sept 282.0 154.4
Oct 282.6 155.5
Nov 289.2 154.5
Dec 297.8 150.7
1999: Jan 292.3 147.3
Feb 309.9 153.1
Mar 298.1 159.4
Apr 290.0 (r)163.5
May 295.6 (r)165.0
June 308.7 (r)168.1
July 308.6 (r)165.6
Aug(r) 310.2 161.1
Sept 309.7 161.0
(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 Non- plus Monetary
Total borrowed extended Required base
credit
1989: Dec 40,469 40,204 40,224 39,528 267,701
1990: Dec 41,747 41,422 41,445 40,083 293,240
1991: Dec 45,493 45,301 45,301 44,504 317,512
1992: Dec 54,388 54,265 54,265 53,235 350,865
1993: Dec 60,530 60,448 60,448 59,460 386,451
1994: Dec 59,419 59,210 59,210 58,260 418,072
1995: Dec 56,454 56,197 56,197 55,164 434,098
1996: Dec 50,162 50,008 50,008 48,746 451,373
1997: Dec 46,861 46,537 46,537 45,176 478,877
1998: Dec 44,902 44,785 44,785 43,319 512,321
1998: Oct 44,405 44,231 44,231 42,831 505,843
Nov 44,497 44,414 44,414 42,873 509,144
Dec 44,902 44,785 44,785 43,319 512,321
1999: Jan 45,125 44,920 44,920 43,591 516,807
Feb 44,551 44,435 44,435 43,336 520,843
Mar 43,717 43,652 43,652 42,412 524,233
Apr 43,979 43,812 43,812 42,820 528,741
May 44,360 44,233 44,233 43,105 534,860
June 42,867 42,722 42,722 41,606 537,625
July 41,978 41,669 41,669 40,902 (r)541,202
Aug 42,067 41,723 41,723 40,938 (r)544,414
Sept(r) 42,113 41,774 41,774 40,916 549,517
Oct(p) 40,938 40,657 40,657 39,799 556,741
Borrowings of depository institu-
tions from the Federal
Reserve (NSA)
Period Extended
Total Seasonal credit
1989: Dec 265 84 20
1990: Dec 326 76 23
1991: Dec 192 38 1
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
1998: Oct 174 107 0
Nov 83 37 0
Dec 117 15 0
1999: Jan 206 7 0
Feb 116 9 0
Mar 65 18 0
Apr 166 39 0
May 127 89 0
June 145 127 0
July 309 226 0
Aug 344 271 0
Sept(r) 338 282 0
Oct(p) 281 221 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 rose 0.6 percent in September; commercial and industrial loans rose 0.8 percent.
[ILLUSTRATION OMITTED] [Billions of dollars, seasonally adjusted(1)]
Period Total U.S.
bank Total Govern- Other
credit securities ment securities
securities
1989: Dec (r)2,604.8 585.2 400.8 184.3
1990: Dec (r)2,751.5 634.3 456.4 177.9
1991: Dec (r)2,857.5 746.0 566.5 179.5
1992: Dec (r)2,956.2 841.5 664.8 176.7
1993: Dec (r)3,115.7 915.0 730.3 184.7
1994: Dec (r)3,322.2 939.8 721.7 218.1
1995: Dec (r)3,605.6 984.7 701.8 282.9
1996: Dec (r)3,762.3 978.7 699.2 279.5
1997: Dec (r)4,104.1 1,085.9 748.1 337.8
1998: Dec(r) 4,547.2 1,226.4 793.1 433.3
1998: Sept(r) 4,393.7 1,177.8 771.7 406.1
Oct(r) 4,489.0 1,218.8 776.9 441.9
Nov(r) 4,528.1 1,222.0 790.1 431.9
Dec(r) 4,547.2 1,226.4 793.1 433.3
1999: Jan(r) 4,537.7 1,217.1 795.9 421.1
Feb(r) 4,522.4 1,206.2 793.2 412.9
Mar(r) 4,493.4 1,189.3 800.8 388.5
Apr(r) 4,508.6 1,196.0 801.9 394.1
May(r) 4,518.1 1,195.5 800.1 395.5
June(r) 4,554.8 1,213.8 813.0 400.8
July(r) 4,552.5 1,231.2 814.0 417.2
Aug(r) 4,587.6 1,248.4 820.0 428.4
Sept(r) 4,618.7 1,258.9 817.4 441.4
Loans and leases in bank credit
Period Commer-
Total loans cial and
and leases(2) industrial
1989: Dec (r)2019.7 643.0
1990: Dec (r)2,117.2 645.8
1991: Dec (r)2,111.5 624.3
1992: Dec (r)2,114.7 600.6
1993: Dec (r)2,200.7 591.3
1994: Dec (r)2,382.4 651.4
1995: Dec (r)2,620.9 723.1
1996: Dec (r)2,783.6 787.1
1997: Dec (r)3,018.2 854.5
1998: Dec(r) 3,320.8 951.2
1998: Sept(r) 3,215.9 920.4
Oct(r) 3,270.2 942.4
Nov(r) 3,306.1 953.5
Dec(r) 3,320.8 951.2
1999: Jan(r) 3,320.7 951.3
Feb(r) 3,316.2 951.4
Mar(r) 3,304.1 955.4
Apr(r) 3,312.6 959.9
May(r) 3,322.6 955.6
June(r) 3,341.1 961.6
July(r) 3,321.3 963.1
Aug(r) 3,339.2 971.1
Sept(r) 3,359.8 978.6
Loans and leases in bank credit
Real estate
Period Revolving
home Other
Total equity
1989: Dec 770.6 52.8 717.9
1990: Dec 857.9 65.4 792.4
1991: Dec 883.7 73.3 810.3
1992: Dec 906.0 77.4 828.6
1993: Dec 947.7 77.0 870.6
1994: Dec 1,011.0 79.3 931.7
1995: Dec 1,090.0 83.2 1,006.8
1996: Dec 1,141.8 89.4 1,052.4
1997: Dec 1,247.2 103.3 1,143.9
1998: Dec(r) 1,338.0 102.4 1,235.6
1998: Sept(r) 1,294.5 103.6 1,190.8
Oct(r) 1,301.2 102.4 1,198.9
Nov(r) 1,323.7 102.6 1,221.1
Dec(r) 1,338.0 102.4 1,235.6
1999: Jan(r) 1,345.6 102.3 1,243.3
Feb(r) 1,347.3 101.8 1,245.4
Mar(r) 1,348.5 102.0 1,246.5
Apr(r) 1,351.0 103.0 1,247.9
May(r) 1,360.3 104.3 1,256.0
June(r) 1,365.9 103.7 1,262.2
July(r) 1,367.4 97.9 1,269.5
Aug(r) 1,379.7 98.5 1,281.2
Sept(r) 1,396.6 106.4 1,290.2
Loans and leases in bank credit
Period Consumer Security Other
1989: Dec 375.4 40.4 (r)190.3
1990: Dec 380.9 44.5 (r)188.2
1991: Dec 363.9 53.8 (r)185.9
1992: Dec 356.2 63.9 (r)188.0
1993: Dec 387.7 88.1 (r)185.9
1994: Dec 448.1 77.7 (r)194.2
1995: Dec 491.3 84.6 (r)231.9
1996: Dec 512.5 76.8 (r)265.4
1997: Dec 502.5 97.0 (r)317.0
1998: Dec(r) 497.8 150.6 383.2
1998: Sept(r) 491.3 141.7 368.1
Oct(r) 493.1 156.5 377.0
Nov(r) 496.0 149.9 382.9
Dec(r) 497.8 150.6 383.2
1999: Jan(r) 499.8 146.3 377.7
Feb(r) 499.3 139.0 379.3
Mar(r) 498.6 119.0 382.5
Apr(r) 499.5 122.0 380.3
May(r) 495.9 126.7 384.1
June(r) 491.3 130.9 391.3
July(r) 482.0 122.2 386.7
Aug(r) 480.1 122.4 385.9
Sept(r) 481.3 116.0 387.4
(1) Data and 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
Fund raised in markets
Total
net Net new
Inter- funds equity
Period Total nal(1) Total raised issues
1989 747.1 399.7 347.4 56.8 -124.2
1990 596.2 412.7 183.5 62.1 -63.0
1991 492.9 425.8 67.1 -27.7 18.3
1992 602.5 441.2 161.3 72.6 27.0
1993 702.7 484.8 217.9 68.2 21.3
1994 791.6 550.0 241.6 97.4 -44.9
1995 994.7 603.9 390.8 185.4 -58.3
1996 1,029.4 630.9 398.5 95.1 -69.5
1997 1,012.7 667.1 345.6 182.5 -114.4
1998 1,083.9 692.2 391.7 151.5 -267.0
1997: I 1,015.3 646.1 369.2 119.3 -90.4
II 903.0 666.6 236.4 163.6 -100.0
III 1,183.9 684.3 499.6 165.6 -124.0
IV 948.7 671.4 277.3 281.7 -143.3
1998: I 1,103.1 690.4 412.7 287.7 -139.2
II 1,121.1 686.8 434.3 338.3 -129.1
III 1,065.1 693.5 371.6 57.5 -308.4
IV 1,046.4 698.4 348.0 -77.6 -491.3
1999: I 1,417.1 721.8 695.3 508.7 -65.7
II(p) 1,120.8 712.6 408.2 -33.4 -354.0
Sources
External
Fund raised in markets
Credit market instruments
Loans
and
Securities short- Uses
and mort- term
Period Total gages paper Other(2) Total
1989 180.9 88.5 92.4 290.6 581.8
1990 125.1 57.2 67.9 121.4 519.3
1991 -46.0 70.9 -117.0 94.8 459.3
1992 45.6 55.5 -9.9 88.7 537.8
1993 46.9 72.0 -25.0 149.7 786.9
1994 142.3 51.5 90.8 144.2 796.7
1995 243.7 126.6 117.2 205.5 1,001.8
1996 164.6 107.7 57.0 303.4 1,007.2
1997 297.0 166.1 130.9 163.1 974.0
1998 418.5 264.6 154.0 240.2 1,064.3
1997: I 209.7 109.6 100.1 249.8 1,045.3
II 263.6 176.2 87.3 72.8 830.7
III 289.6 186.7 102.9 334.1 1,091.6
IV 425.0 191.8 233.1 -4.4 928.5
1998: I 426.9 314.2 112.8 125.0 1,068.1
II 467.4 325.1 142.4 96.0 1,082.1
III 365.8 133.2 232.7 314.2 1,075.6
IV 413.7 285.9 127.8 425.7 1,031.3
1999: I 574.4 349.2 225.1 186.6 1,367.4
II(p) 320.6 331.3 -10.7 441.6 1,170.2
Uses Discrep-
ancy
Capital Increase (sources
expendi- in finan- less
Period tures(3) cial assets uses)
1989 394.2 187.6 165.2
1990 387.8 131.5 77.0
1991 370.2 89.1 33.6
1992 385.4 152.4 64.7
1993 444.9 342.0 -84.2
1994 513.4 283.3 -5.0
1995 568.3 433.5 -7.1
1996 604.5 402.7 22.1
1997 671.1 302.9 38.7
1998 710.4 353.9 19.6
1997: I 641.8 403.5 -30.0
II 703.7 127.0 72.3
III 673.0 418.6 92.4
IV 666.1 262.4 20.2
1998: I 731.6 336.5 35.1
II 686.0 396.1 39.0
III 699.3 376.3 -10.5
IV 724.7 306.6 15.2
1999: I 731.6 635.8 49.8
II(p) 761.5 408.7 -49.4
(1) Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment.
(2) Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S.
(3) Plant and equipment, residential structures, inventory investment, 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
(end of period)
Non-
Period Total Revolving revolving(2)
1989: Dec(3) 778.8 211.2 567.6
1990: Dec 789.3 238.6 550.7
1991: Dec 777.4 263.7 513.7
1992: Dec 780.3 278.2 502.1
1993: Dec 839.2 310.0 529.2
1994: Dec 960.7 365.6 595.1
1995: Dec 1,096.0 443.2 652.8
1996: Dec 1,182.4 499.5 682.9
1997: Dec 1,234.1 531.3 702.8
1998: Dec 1,300.5 560.7 739.8
1998: Sept 1,283.3 551.9 731.4
Oct 1,292.8 557.2 735.6
Nov 1,298.3 556.9 741.4
Dec 1,300.5 560.7 739.8
1999: Jan 1,315.8 565.0 750.8
Feb 1,325.5 566.7 758.7
Mar 1,332.8 567.1 765.7
Apr 1,332.7 569.9 762.8
May 1,343.4 572.0 771.5
June 1,347.8 578.5 769.3
July 1,356.7 584.4 772.3
Aug(r) 1,363.8 586.7 777.1
Sept(p) 1,369.7 587.8 781.9
Net change in consumer
credit outstanding(1)
Non-
Period Total Revolving revolving(2)
1989: Dec(3) (4) (4) (4)
1990: Dec 10.5 27.4 -16.9
1991: Dec -11.9 25.1 -37.0
1992: Dec 2.9 14.5 -11.6
1993: Dec 58.9 31.8 27.1
1994: Dec 121.5 55.6 65.9
1995: Dec 135.3 77.6 57.7
1996: Dec 86.4 56.3 30.1
1997: Dec 51.7 31.8 19.9
1998: Dec 66.4 29.4 37.0
1998: Sept 7.8 3.3 4.6
Oct 9.5 5.3 4.2
Nov 5.5 -.3 5.8
Dec 2.2 3.8 -1.6
1999: Jan 15.3 4.3 11.0
Feb 9.7 1.7 7.9
Mar 7.3 .4 7.0
Apr -.1 2.8 -2.9
May 10.7 2.1 8.7
June 4.4 6.5 -2.2
July 8.9 5.9 3.0
Aug(r) 7.1 2.3 4.8
Sept(p) 5.9 1.1 4.8
(1) Change based on data in billions of dollars 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.
(3) Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months.
(4) Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates rose in October.
[ILLUSTRATION OMITTED] [Percent per annum]
U.S. Treasury security yields
Constant maturities(2)
Period 3-month
bills (new
issues)(1) 3-year
1989 8.12 8.55
1990 7.51 8.26
1991 5.42 6.82
1992 3.45 5.30
1993 3.02 4.44
1994 4.29 6.27
1995 5.51 6.25
1996 5.02 5.99
1997 5.07 6.10
1998 4.81 5.14
1998: Oct 4.08 4.18
Nov 4.44 4.57
Dec 4.42 4.48
1999: Jan 4.34 4.61
Feb 4.45 4.90
Mar 4.48 5.11
Apr 4.28 5.03
May 4.51 5.33
June 4.59 5.70
July 4.60 5.62
Aug 4.76 5.77
Sept 4.73 5.75
Oct 4.88 5.94
Week ended:
1999: Oct 16 4.78 5.92
23 4.99 5.99
30 5.00 6.01
Nov 6 5.00 5.87
U.S. Treasury security yields
Constant maturities(2)
10-year 30-year
1989 8.49 8.45
1990 8.55 8.61
1991 7.86 8.14
1992 7.01 7.67
1993 5.87 6.59
1994 7.09 7.37
1995 6.57 6.88
1996 6.44 6.71
1997 6.35 6.61
1998 5.26 5.58
1998: Oct 4.53 5.01
Nov 4.83 5.25
Dec 4.65 5.06
1999: Jan 4.72 5.16
Feb 5.00 5.37
Mar 5.23 5.58
Apr 5.18 5.55
May 5.54 5.81
June 5.90 6.04
July 5.79 5.98
Aug 5.94 6.07
Sept 5.92 6.07
Oct 6.11 6.26
Week ended:
1999: Oct 16 6.11 6.28
23 6.18 6.34
30 6.16 6.30
Nov 6 6.00 6.12
High
grade
municipal Corporate Prime
bonds Aaa commercial
(Standard bonds paper,
& (Moody’s) 6
Poor’s)(3) months(1)
1989 7.24 9.26 8.80
1990 7.25 9.32 7.95
1991 6.89 8.77 5.85
1992 6.41 8.14 3.80
1993 5.63 7.22 3.30
1994 6.19 7.96 4.93
1995 5.95 7.59 5.93
1996 5.75 7.37 5.42
1997 5.55 7.26 5.62
1998 5.12 6.53 (*)
1998: Oct 4.90 6.37 (*)
Nov 5.06 6.41 (*)
Dec 5.00 6.22 (*)
1999: Jan 5.04 6.24 (*)
Feb 5.03 6.40 (*)
Mar 5.10 6.62 (*)
Apr 5.07 6.64 (*)
May 5.17 6.93 (*)
June 5.34 7.23 (*)
July 5.36 7.19 (*)
Aug 5.59 7.40 (*)
Sept 5.70 7.39 (*)
Oct 5.92 7.55 (*)
Week ended:
1999: Oct 16 5.88 7.59 (*)
23 5.98 7.64 (*)
30 6.01 7.55 (*)
Nov 6 5.92 7.34 (*)
New
Discount Prime rate Federal home
rate (N.Y. charged by funds mortgage
F.R. Bank)(4) banks(4) rate(5) yields
(FHFB)(6)
1989 6.93 10.87 9.21 10.13
1990 6.98 10.01 8.10 10.05
1991 5.45 8.46 5.69 9.32
1992 3.25 6.25 3.52 8.24
1993 3.00 6.00 3.02 7.20
1994 3.60 7.15 4.21 7.49
1995 5.21 8.83 5.83 7.87
1996 5.02 8.27 5.30 7.80
1997 5.00 8.44 5.46 7.71
1998 4.92 8.35 5.35 7.07
1998: Oct 5.00-4.75 8.25-8.00 5.07 6.85
Nov 4.75-4.50 8.00-7.75 4.83 6.80
Dec 4.50-4.50 7.75-7.75 4.68 6.94
1999: Jan 4.50-4.50 7.75-7.75 4.63 6.96
Feb 4.50-4.50 7.75-7.75 4.76 6.92
Mar 4.50-4.50 7.75-7.75 4.81 6.86
Apr 4.50-4.50 7.75-7.75 4.74 6.85
May 4.50-4.50 7.75-7.75 4.74 6.89
June 4.50-4.50 7.75-7.75 4.76 7.03
July 4.50-4.50 8.00-8.00 4.99 7.29
Aug 4.50-4.75 8.00-8.25 5.07 7.09
Sept 4.75-4.75 8.25-8.25 5.22 7.09
Oct 4.75-4.75 8.25-8.25 5.20 …
Week ended:
1999: Oct 16 4.75-4.75 8.25-8.25 5.17 …
23 4.75-4.75 8.25-8.25 5.18 …
30 4.75-4.75 8.25-8.25 5.18 …
Nov 6 4.75-4.75 8.25-8.25 5.27 …
(1) Bank-discount basis.
(2) Yields on the more actively 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 by Federal Reserve (FR). See FR release II. 15 Selected Interest Rates, May 12, 1997.
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
On average, stock prices fell in October.
[ILLUSTRATION OMITTED]
Common stock prices(1)
New York Stock Exchange indexes (Dec.
Period 31, 1965=50, except as noted)(2)
Composite Industrial
1989 180.02 216.23
1990 183.46 225.78
1991 206.33 258.14
1992 229.01 284.62
1993 249.58 299.99
1994 254.12 315.25
1995 291.15 367.34
1996 358.17 453.98
1997 456.54 574.52
1998 550.26 681.57
1998: Oct 511.49 636.62
Nov 564.26 704.46
Dec 576.05 717.00
1999: Jan 595.43 741.43
Feb 588.70 736.20
Mar 603.69 751.93
Apr 627.75 780.84
May 635.62 791.72
June 629.53 783.96
July 648.83 809.33
Aug 621.03 778.82
Sept 607.87 769.47
Oct 599.04 753.94
Week ended:
1999: Oct 16 595.26 752.03
23 590.18 745.70
30 606.06 755.79
Nov 6 622.74 772.17
Common stock prices(1)
New York Stock Exchange indexes (Dec.
Period 31, 1965=50, except as noted)(2)
Transpor- Utility(3) Finance
tation
1989 175.28 174.87 151.88
1990 158.62 181.20 133.26
1991 173.99 185.32 150.82
1992 201.09 198.91 179.26
1993 242.49 228.90 216.42
1994 247.29 209.06 209.73
1995 269.41 220.30 238.45
1996 327.33 249.77 303.89
1997 414.60 283.82 424.48
1998 468.69 378.12 516.35
1998: Oct 396.61 390.17 448.12
Nov 442.95 412.59 501.45
Dec 456.70 431.14 510.31
1999: Jan 479.72 449.50 523.38
Feb 477.47 436.49 514.75
Mar 491.25 436.23 544.08
Apr 523.08 456.96 564.99
May 537.88 470.40 562.66
June 520.66 482.71 546.43
July 528.72 501.00 557.92
Aug 492.13 483.68 521.59
Sept 462.33 475.42 493.37
Oct 450.13 478.19 490.92
Week ended:
1999: Oct 16 445.71 479.68 478.04
23 437.28 465.94 480.30
30 457.36 480.52 515.97
Nov 6 472.43 495.76 539.66
Period Standard &
Dow-Jones Poor’s com-
industrial posite index
average(4) (1941-
43 = 10)(5)
1989 2,508.91 322.84
1990 2,678.94 334.59
1991 2,929.33 376.18
1992 3,284.29 415.74
1993 3,522.06 451.41
1994 3,793.77 460.42
1995 4,493.76 541.72
1996 5,742.89 670.50
1997 7,441.15 873.43
1998 8,625.52 1,085.50
1998: Oct 8,164.47 1,032.47
Nov 9,005.75 1,144.43
Dec 9,018.68 1,190.05
1999: Jan 9,345.86 1,248.77
Feb 9,322.94 1,246.58
Mar 9,753.63 1,281.66
Apr 10,443.50 1,334.76
May 10,853.87 1,332.07
June 10,704.02 1,322.55
July 11,052.22 1,380.99
Aug 10,935.47 1,327.49
Sept 10,714.03 1,318.17
Oct 10,396.88 1,300.01
Week end:
1999: Oct 16 10,320.74 1,292.93
23 10,296.30 1,278.03
30 10,479.87 1,315.52
Nov 6 10,636.71 1,357.93
Common stock yields
(percents)
Period Dividend- Earnings-
price ratio price ratio
1989 3.45 7.42
1990 3.61 6.47
1991 3.24 4.79
1992 2.99 4.22
1993 2.78 4.46
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
1998: Oct 1.59 …
Nov 1.43 …
Dec 1.37 3.07
1999: Jan 1.30 …
Feb 1.32 …
Mar 1.30 2.98
Apr 1.24 …
May 1.24 2.99
June 1.25 …
July 1.20 …
Aug 1.25 …
Sept 1.27 …
Oct 1.28 …
Week ended:
1999: Oct 16 1.29 …
23 1.29 …
30 1.29 …
Nov 6 1.24 …
(1) Average of daily closing prices.
(2) Includes all the stocks (more than 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) Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
NOTE:–All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor’s.
COPYRIGHT 1999 Superintendent Of Documents
COPYRIGHT 2000 Gale Group
