Money, credit, and security markets: money stock and debt measures – Illustration
[GRAPHIC OMITTED]
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In June, M2 and M3 rose.
[Averages of daily figures, except debt end-of-period basis; billionsof dollars, seasonally adjusted]
M1 M2 M3
M1 plus retail M2 plus large
Sum of currency, MMMF balances, time deposits,
demand deposits, savings deposits RPs, Euro-
travelers’ (including dollars, and
checks, and MMDAs), institution-
other checkable and small al MMMF
Period deposits (OCDs) time deposits balances
1993: Dec 1,129.3 3,483.2 4,277.6
1994: Dec 1,149.9 3,496.2 4,360.0
1995: Dec 1,126.7 3,640.1 4,625.2
1996: Dec 1,078.4 3,815.3 4,971.8
1997: Dec 1,071.4 4,031.4 5,446.2
1994: Dec 1,094.4 4,384.4 6,036.4
1999: Dec 1,121.4 4,649.7 6,534.9
2000: Dec 1,084.7 4,931.3 7,099.2
2001: Dec 1,172.9 5,444.4 8,004.4
2002: Dec (r) 1,210.4 5,791.4 8,518.4
2002: June (r) 1,188.9 5,587.2 8,178.6
July (r) 1,195.8 5,635.0 8,224.3
Aug (r) 1,184.5 5,672.9 8,290.1
Sept (r) 1,191.3 5,698.5 8,330.9
Oct (r) 1,202.7 5,736.3 8,341.5
Nov (r) 1,202.3 5,776.2 8,463.7
Dec (r) 1,210.4 5,791.4 8,518.4
2003: Jan (r) 1,213.0 5,821.0 8,518.3
Feb (r) 1,233.5 5,875.9 8,566.1
Mar (r) 1,237.0 5,890.1 8,593.7
Apr (r) 1,237.4 5,913.4 8,608.9
May (r) 1,258.3 6,000.1 8,697.4
June 1,272.2 6,046.4 8,760.3
Debt Percent change
From
Debt of From year or 6 previous
domestic months earlier (2) period (3)
nonfinancial
Period sectors (1) M1 M2 M3 Debt
1993: Dec 12,418.5 10.3 1.5 1.5 4.8
1994: Dec 12,985.8 1.8 .4 1.9 4.5
1995: Dec 13,681.7 -2.0 4.1 6.1 5.4
1996: Dec 14,405.9 -4.3 4.8 7.5 5.3
1997: Dec 15,194.3 -.6 5.7 9.5 5.5
1994: Dec 16,238.9 2.2 8.8 10.4 6.9
1999: Dec 17,305.0 2.4 6.1 8.3 6.4
2000: Dec 18,164.5 -3.3 6.1 8.6 4.9
2001: Dec 19,299.7 8.1 10.4 12.8 6.2
2002: Dec (r) 20,685.1 3.2 6.4 6.4 7.2
2002: June (r) 19,953.8 2.7 5.2 4.4 8.4
July (r) … 2.8 6.1 5.2 …
Aug (r) … -.1 6.0 5.5 …
Sept (r) 20,281.9 .7 6.9 6.2 6.6
Oct (r) … 5.1 8.8 6.4 …
Nov (r) … 3.2 7.9 7.7 …
Dec (r) 20,685.1 3.6 7.3 8.3 8.0
2003: Jan (r) … 2.9 6.6 7.1 …
Feb (r) … 8.3 7.2 6.7 …
Mar (r) 21,019.8 7.7 6.7 6.3 6.5
Apr (r) … 5.8 6.2 6.4 …
May (r) … 9.3 7.8 5.5 …
June … 10.2 8.8 5.7 …
(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
non-financial 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
check-
Nonbank able
travelers Demand deposits
Period Currency checks deposits (OCDs)
1993: Dec 321.6 7.5 385.5 414.8
1994: Dec 354.0 8.0 383.6 404.2
1995: Dec 372.1 8.5 389.3 356.8
1996: Dec 394.1 8.3 400.3 275.7
1997: Dec 424.6 8.1 393.1 245.7
1998: Dec 459.9 8.2 377.1 249.5
1999: Dec 517.7 8.3 352.1 243.4
2000: Dec 531.5 8.0 306.9 238.2
2001: Dec 581.9 7.8 326.1 257.2
2002: Dec 627.3 7.5 (r) 297.1 (r) 278.5
2002: June 609.5 8.2 (r) 306.2 265.1
July 613.7 8.5 (r) 305.1 268.5
Aug 616.4 8.3 (r) 290.0 269.9
Sept 618.3 7.9 (r) 292.7 272.4
Oct 620.9 7.7 (r) 299.7 (r) 274.4
Nov 623.6 7.5 (r) 294.6 (r) 276.6
Dec 627.3 7.5 (r) 297.1 (r) 278.5
2002: Jan 630.9 7.6 (r) 295.9 (r) 278.5
Feb 636.1 7.6 (r) 306.2 (r) 283.5
Mar (r) 640.2 7.5 304.4 284.9
Apr (r) 643.1 7.4 304.4 282.4
May (r) 645.7 7.5 315.4 289.7
June 646.4 7.9 322.4 295.4
Savings
deposits,
including Small Money market
money denom- mutual fund
market ination balances
deposit time
accounts depos- Institu-
Period (MMDAs) its (1) Retail tional
1993: Dec 1,219.3 782.0 352.5 217.2
1994: Dec 1,149.8 816.3 380.0 211.3
1995: Dec 1,134.1 931.4 447.8 264.5
1996: Dec 1,274.0 946.9 516.1 322.7
1997: Dec 1,400.6 968.0 591.4 395.6
1998: Dec 1,605.2 951.6 732.8 539.1
1999: Dec 1,740.8 954.1 833.4 634.8
2000: Dec 1,877.2 1,044.3 925.2 788.8
2001: Dec 2,307.0 973.3 991.3 1,190.3
2002: Dec (r) 2,762.3 893.2 925.5 1,234.5
2002: June 2,531.4 923.5 943.4 1,197.2
July 2,568.5 919.3 951.4 1,192.8
Aug 2,625.8 914.3 948.2 1,192.0
Sept 2,664.5 907.3 935.4 1,183.9
Oct 2,699.5 902.3 931.9 1,143.4
Nov (r) 2,743.3 898.2 932.6 1,209.1
Dec (r) 2,762.3 893.2 925.5 1,234.5
2002: Jan (r) 2,806.7 (r) 888.0 913.2 1,198.5
Feb (r) 2,850.8 881.9 909.7 1,178.7
Mar (r) 2,870.5 877.1 905.5 1,165.8
Apr (r) 2,913.6 871.8 890.6 1,144.0
May (r) 2,981.1 864.4 896.3 1,124.8
June 3,028.6 856.3 889.3 1,143.8
Overnight
and term
repur-
Large chase Overnight
deno- agree- and term
mination ments Euro-
time de- (RPs) dollars
Period posits (1) (net) (net)
1993: Dec 331.8 172.6 72.8
1994: Dec 369.8 196.4 86.3
1995: Dec 428.1 198.5 94.0
1996: Dec 508.7 210.5 114.7
1997: Dec 617.7 254.0 147.5
1998: Dec 669.4 293.4 150.2
1999: Dec 744.1 335.7 170.5
2000: Dec 821.3 363.5 194.3
2001: Dec 786.0 375.0 208.6
2002: Dec (r) 793.9 470.7 227.9
2002: June (r) 813.7 371.7 208.8
July (r) 815.5 372.9 208.1
Aug 815.9 399.8 209.6
Sept (r) 813.2 422.4 212.8
Oct (r) 819.1 420.7 221.8
Nov (r) 811.9 440.1 226.4
Dec (r) 793.9 470.7 227.9
2002: Jan (r) 803.1 461.7 (r) 233.9
Feb (r) 800.8 475.7 (r) 235.0
Mar (r) 805.3 493.4 239.0
Apr (r) 807.2 501.0 243.3
May (r) 814.0 506.6 251.9
June 815.1 507.9 247.1
(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; seasonallyadjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Reserves of depository institutions
To- Non-bor- Excess Monetary
Period tal (2) rowed (3) Required (NSA) base
1993: Dec 60,460 60,378 59,390 1,070 386,462
1994: Dec 59,369 59,160 58,209 1,159 418,194
1995: Dec 56,430 56,173 55,140 1,290 434,400
1996: Dec 50,149 49,994 48,733 1,416 451,921
1997: Dec 46,848 46,523 45,163 1,685 479,838
1998: Dec 45,141 45,024 43,627 1,514 513,708
1999: Dec 41,809 41,488 40,512 1,297 593,155
2000: Dec 38,537 35,327 37,110 1,427 584,765
2001: Dec 41,243 41,177 39,595 1,649 635,617
2002: Dec 40,217 40,138 38,208 2,009 681,900
2002: July 39,679 39,487 38,301 1,377 666,838
Aug 39,961 39,628 38,353 1,608 669,833
Sept 39,209 38,980 37,722 1,486 671,399
Oct 39,171 39,028 37,636 1,535 674,250
Nov 39,760 39,489 38,122 1,638 677,612
Dec 40,217 40,138 38,208 2,009 681,900
2003: Jan 40,731 40,704 39,024 1,707 (r) 685.723
Feb 40,820 40,795 38,855 1,965 691,305
Mar 40,973 40,951 39,337 1,636 695,142
Apr 40,806 40,777 39,274 1,532 (r) 698,229
May (r) 40,986 40,931 39,367 1,619 701,183
June (r) 42,797 42,636 40,942 1,856 703,160
July (p) 43,944 43,813 42,008 1,935 703,567
Borrowings of depository institutions from
the Federal Reserve (NSA)
Sec- Sea- Adjust-
Period Total Primary ondary sonal ment
1993: Dec 82 … … 31 51
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
2002: July 191 … … 176 16
Aug 333 … … 185 148
Sept 229 … … 169 60
Oct 143 … … 120 23
Nov 272 … … 60 211
Dec 80 … … 45 35
2003: Jan 27 12 0 13 2
Feb 25 21 0 5 …
Mar 22 14 0 8 …
Apr 29 8 0 21 …
May (r) 55 3 0 53 …
June (r) 161 87 0 74 …
July (p) 130 21 0 110 …
(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.
Source: Board of Governors of the Federal Reserve System.
[GRAPHIC OMITTED]
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.7 percent in June;
commercial and industrial loans fell 1.5 percent.
[Billions of dollar, seasonally adjusted (1)]Securities in bank credit
U.S.
Treasury
and
Total agency
bank Total securi- Other
Period credit securities ties securities
1993: Dec 3,116.0 917.9 733.1 184.8
1994: Dec 3,322.4 942.6 724.2 218.4
1995: Dec 3,605.1 986.7 703.7 283.0
1996: Dec 3,757.5 981.9 701.8 280.1
1997: Dec (r) 4,102.6 1,096.6 755.2 341.4
1998: Dec (r) 4,538.9 1,236.1 797.6 438.5
1999: Dec (r) 4,770.5 1,281.4 814.6 466.8
2000: Dec (r) 5,225.9 1,346.9 791.8 555.0
2001: Dec (r) 5,434.8 1,491.6 852.3 639.3
2002: Dec (r) 5,892.6 1,716.3 1,027.8 688.6
2002: June (r) 5,527.3 1,559.6 908.7 650.9
July (r) 5,580.1 1,591.8 917.5 674.3
Aug (r) 5,662.4 1,629.5 943.7 685.8
Sept (r) 5,722.4 1,642.4 962.5 679.9
Oct (r) 5,757.2 1,644.8 981.5 663.3
Nov (r) 5,836.0 1,687.2 1,012.2 675.0
Dec (r) 5,892.6 1,716.3 1,027.8 688.6
2003: Jan (r) 5,887.5 1,710.3 1,030.2 680.1
Feb (r) 5,964.6 1,753.9 1,059.0 695.0
Mar (r) 5,995.1 1,766.2 1,071.9 694.3
Apr (r) 6,026.7 1,778.0 1,104.0 673.9
May (r) 6,126.0 1,835.0 1,135.5 699.5
June 6,178.4 1,856.5 1,151.4 705.1
Loans and leases in bank credit
Real estate
Re-
Total Commer- volving
loans and cial and home
Period leases (2) industrial Total equity Other
1993: Dec 2,198.0 590.3 948.3 78.0 870.3
1994: Dec 2,379.8 650.3 1,012.1 80.5 931.7
1995: Dec 2,618.3 723.8 1,091.0 84.4 1,006.5
1996: Dec 2,775.5 784.8 1,142.7 90.8 1,052.0
1997: Dec (r) 3,006.0 854.3 1,245.8 104.9 1,140.9
1998: Dec (r) 3,302.7 947.8 1,336.6 103.8 1,233.8
1999: Dec (r) 3,489.1 999.6 1,475.8 101.5 1,374.4
2000: Dec (r) 3,879.0 1,088.2 1,656.4 130.0 1,526.4
2001: Dec (r) 3,943.2 1,028.7 1,783.8 155.5 1,628.3
2002: Dec (r) 4,176.3 965.3 2,027.6 213.4 1,814.2
2002: June (r) 3,967.7 990.1 1,839.7 185.2 1,654.5
July (r) 3,988.3 978.7 1,871.7 192.3 1,679.3
Aug (r) 4,032.9 978.6 1,903.7 197.3 1,706.4
Sept (r) 4,079.9 973.1 1,937.4 200.8 1,736.6
Oct (r) 4,112.4 968.3 1,970.7 204.7 1,766.0
Nov (r) 4,148.7 967.3 2,005.6 208.7 1,796.9
Dec (r) 4,176.3 965.3 2,027.6 213.4 1,814.2
2003: Jan (r) 4,177.3 960.8 2,046.1 217.6 1,828.5
Feb (r) 4,210.7 954.5 2,079.3 222.7 1,856.6
Mar (r) 4,228.9 948.9 2,093.9 230.5 1,863.5
Apr (r) 4,248.8 946.6 2,110.4 234.8 1,875.7
May (r) 4,291.0 935.8 2,133.5 238.4 1,895.1
June 4,321.9 921.6 2,156.3 244.8 1,911.6
Loans and leases in bank
credit
Period Consumer Security Other
1993: Dec 387.6 86.5 185.3
1994: Dec 448.3 75.9 193.3
1995: Dec 491.5 83.3 228.7
1996: Dec 513.2 75.4 259.5
1997: Dec (r) 503.0 94.6 308.3
1998: Dec (r) 497.3 145.8 375.1
1999: Dec (r) 491.2 150.4 372.0
2000: Dec (r) 540.1 177.2 417.1
2001: Dec (r) 557.4 145.5 427.7
2002: Dec (r) 588.1 189.5 405.9
2002: June (r) 567.7 169.5 400.8
July (r) 564.0 178.0 395.9
Aug (r) 574.3 176.9 399.4
Sept (r) 582.9 180.9 405.6
Oct (r) 584.7 183.0 405.6
Nov (r) 585.5 185.8 404.5
Dec (r) 588.1 189.5 405.9
2003: Jan (r) 591.8 174.8 403.7
Feb (r) 591.7 181.3 403.8
Mar (r) 586.9 193.6 405.5
Apr (r) 583.8 190.4 417.5
May (r) 587.8 209.7 424.1
June 592.5 211.2 440.2
(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 adjusted annualrate]
Sources
External (Net increase in
liabilities)
Funds raised in
markets
Total
net Net new
Inter- funds equity
Period Total nal (1) Total raised issues
1993 728.6 510.7 217.9 54.5 21.3
1994 808.2 566.6 241.6 81.4 -44.9
1995 1,010.7 619.9 390.8 168.7 -58.3
1996 1,074.5 676.0 398.5 135.8 -47.3
1997 1,011.1 727.6 283.5 214.2 -77.4
1998 1,332.8 716.8 616.0 193.7 -215.5
1999 1,743.9 756.3 987.6 268.0 -110.4
2000 1,978.4 741.0 1,237.4 261.7 -118.2
2001 962.8 777.1 185.7 209.1 -47.4
2002 988.8 799.9 188.9 27.0 -40.5
2000: I 1,908.4 740.5 1,167.9 527.6 108.2
II 2,140.7 751.0 1,389.7 317.7 -202.5
III 2,098.3 743.9 1,354.4 176.3 -42.9
IV 1,765.9 728.4 1,037.5 25.3 -335.5
2001: I 1,172.0 710.3 461.7 222.8 -19.0
II 923.8 748.3 175.5 285.5 -57.9
III 816.5 789.7 26.8 88.7 -108.6
IV 938.9 860.1 78.8 239.4 -4.2
2002: I 971.1 815.4 155.7 32.4 -9.8
II 1,101.1 797.2 303.9 112.7 16.1
III 842.6 783.8 58.8 -149.0 -140.3
IV 1,040.5 803.1 237.4 111.9 -27.9
2003: I (p) 1,116.0 786.2 329.8 86.7 -62.0
Sources
External (Net increase in liabilities
Funds raised in markets
Credit market instruments
Loans
and
Securities short-
and mort- term
Period Total gages paper Other (2)
1993 33.2 55.4 -22.2 163.4
1994 126.3 32.0 94.3 160.3
1995 227.1 102.1 124.9 222.1
1996 183.1 129.6 53.7 262.7
1997 291.6 187.0 104.6 69.2
1998 409.2 258.6 150.7 422.3
1999 378.4 256.8 121.6 719.6
2000 380.0 202.6 177.4 975.7
2001 256.5 405.0 -148.5 -23.4
2002 67.5 180.1 -112.7 161.9
2000: I 419.5 224.4 195.1 640.3
II 520.2 183.6 336.6 1,072.0
III 219.3 170.6 48.7 1,178.1
IV 360.9 231.6 129.2 1,012.2
2001: I 241.8 444.5 -202.8 238.9
II 343.4 478.7 -135.3 -110.0
III 197.3 285.7 -88.4 -61.9
IV 243.7 410.9 -167.3 -160.7
2002: I 42.2 262.0 -219.8 123.3
II 96.6 251.2 -154.7 191.3
III -8.7 -.7 -7.9 207.8
IV 139.8 208.0 -68.1 125.4
2003: I (p) 148.7 228.0 -79.2 243.1
Uses Discrep-
ancy
Capital Increase (sources
expendi- in finan- less
Period Total tures (3) cial assets uses)
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 1,396.4 826.5 569.9 -63.6
1999 1,854.9 885.0 969.9 -111.0
2000 2,166.4 957.2 1,209.2 -188.1
2001 984.0 794.2 189.8 -21.2
2002 967.7 802.6 165.1 21.1
2000: I 2,008.1 936.5 1,071.6 -99.7
II 2,303.6 970.3 1,333.3 -162.9
III 2,389.7 975.3 1,414.4 -291.4
IV 1,964.3 946.9 1,017.4 -198.4
2001: I 1,271.1 866.3 404.8 -99.1
II 952.2 812.2 140.0 -28.4
III 786.4 781.2 5.2 30.2
IV 926.3 717.1 209.2 12.5
2002: I 943.9 773.6 170.3 27.1
II 1,096.5 796.3 300.2 4.6
III 820.0 816.4 3.6 22.6
IV 1,010.3 824.2 186.1 30.2
2003: I (p) 1,081.1 800.3 280.8 35.0
(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
(end of period)
Non-
Period Total Revolving revolving (2)
1993: Dec 838.8 309.9 528.8
1994: Dec 960.4 365.6 594.9
1995: Dec 1,095.8 413.1 652.7
1996: Dec 1,185.1 498.9 686.1
1997: Dec 1,243.0 531.0 712.0
1998: Dec 1,317.0 562.5 754.5
1999: Dec 1,415.5 598.0 817.5
2000: Dec 1,559.5 667.4 892.1
2001: Dec 1,666.8 701.3 965.5
2002: Dec 1,726.1 712.0 1,014.1
2002: June 1,710.0 712.5 997.5
July 1,717.5 714.7 1,002.7
Aug 1,725.4 720.7 1,004.8
Sept 1,727.1 717.6 1,009.5
Oct 1,728.0 717.1 1,010.9
Nov 1 725.0 716.1 1,008.9
Dec 1,726.1 712.0 1,014.1
2003: Jan 1,741.1 714.9 1,026.2
Feb 1,743.5 718.2 1,025.3
Mar (r) 1,744.5 720.7 1,023.9
Apr (r) 1,753.3 722.8 1,030.6
May (r) 1,761.5 726.8 1,034.7
June (p) 1,761.1 725.5 1,035.6
Net change in consumer credit
outstanding (1)
Non-
Period Total Revolving revolving (2)
1993: Dec 56.6 31.5 25.1
1994: Dec 121.6 55.7 66.1
1995: Dec 135.4 77.5 57.8
1996: Dec 89.3 55.8 33.4
1997: Dec 57.9 32.1 25.9
1998: Dec 74.0 31.5 42.5
1999: Dec 98.5 35.5 63.0
2000: Dec 144.0 69.4 74.6
2001: Dec 107.3 33.9 73.4
2002: Dec 59.3 10.7 48.6
2002: June 6.4 3.2 3.2
July 7.5 2.2 5.2
Aug 7.9 6.0 2.1
Sept 1.7 -3.1 4.7
Oct .9 -.5 1.4
Nov -3.0 -1.0 -2.0
Dec 1.1 -4.1 5.2
2003: Jan 15.0 2.9 12.1
Feb 2.4 3.3 -.9
Mar (r) 1.0 2.5 -1.4
Apr (r) 8.8 2.1 6.7
May (r) 8.2 4.0 4.1
June (p) -.4 -1.3 .9
(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.
[GRAPHIC OMITTED]
INTEREST RATES AND BOND YIELDS
Longer-term interest rates rose in July.
[Percent per annum]High-
grade
U.S. Treasury security yields municipal
bonds
3-month Constant maturities (2) (Standard
bills (new &
Period issues) (1) 3-year 10-year 30-year Poor’s) (3)
1993 3.02 4.44 5.87 6.59 5.63
1994 4.29 6.27 7.09 7.37 6.19
1995 5.51 6.25 6.57 6.88 5.95
1996 5.02 5.99 6.44 6.71 5.75
1997 5.07 6.10 6.35 6.61 5.55
1998 4.81 5.14 5.26 5.58 5.12
1999 4.66 5.49 5.65 5.87 5.43
2000 5.85 6.22 6.03 5.94 5.77
2001 3.45 4.09 5.02 5.49 5.19
2002 1.62 3.10 4.61 * 5.05
2002: July 1.68 3.01 4.65 * 5.01
Aug 1.63 2.52 4.26 * 4.92
Sept 1.63 2.32 3.87 * 4.73
Oct 1.60 2.25 3.94 * 4.85
Nov 1.26 2.32 4.05 * 4.98
Dec 1.20 2.23 4.03 * 4.91
2003: Jan 1.17 2.18 4.05 * 4.88
Feb 1.16 2.05 3.90 * 4.80
Mar 1.13 1.98 3.81 * 4.72
Apr 1.14 2.06 3.96 * 4.71
May 1.08 1.75 3.57 * 4.35
June 0.95 1.51 3.33 * 4.32
July 0.90 1.93 3.98 * 4.71
Week ended:
2003: July 5 0.89 1.67 3.58 * 4.51
12 0.89 1.74 3.72 * 4.56
19 0.88 1.90 3.93 * 4.69
26 0.90 2.07 4.18 * 4.80
Aug 2 0.95 2.27 4.40 * 4.99
Discount window
Corporate (N.Y. F.R. Bank) (4)
Aaa Prime rate
bonds Primary Discount charged by
Period (Moody’s) credit (4) rate (5) banks (5)
1993 7.22 … 3.00 6.00
1994 7.96 … 3.60 7.15
1995 7.59 … 5.21 8.83
1996 7.37 … 5.02 8.27
1997 7.26 … 5.00 8.44
1998 6.53 … 4.92 8.35
1999 7.04 … 4.62 8.00
2000 7.62 … 5.73 9.23
2001 7.08 … 3.40 6.91
2002 6.49 … 1.17 4.67
2002: July 6.53 … 1.25 4.75
Aug 6.37 … 1.25 4.75
Sept 6.15 … 1.25 4.75
Oct 6.32 … 1.25 4.75
Nov 6.31 … 0.75 4.25
Dec 6.21 … 0.75 4.25
2003: Jan 6.17 2.25 * 4.25
Feb 5.95 2.25 * 4.25
Mar 5.89 2.25 * 4.25
Apr 5.74 2.25 * 4.25
May 5.22 2.25 * 4.25
June 4.97 2.00 * 4.00
July 5.49 2.00 * 4.00
Week ended:
2003: July 5 5.20 2.00 * 4.00
12 5.30 2.00 * 4.00
19 5.45 2.00 * 4.00
26 5.62 2.00 * 4.00
Aug 2 5.84 2.00 * 4.00
New-
home
Federal mortgage
funds yields
Period rate (6) (FHFB) (7)
1993 3.02 7.20
1994 4.21 7.49
1995 5.83 7.87
1996 5.30 7.80
1997 5.46 7.71
1998 5.35 7.07
1999 4.97 7.04
2000 6.24 7.52
2001 3.88 7.00
2002 1.67 6.43
2002: July 1.73 6.37
Aug 1.74 6.26
Sept 1.75 6.17
Oct 1.75 6.09
Nov 1.34 6.08
Dec 1.24 6.04
2003: Jan 1.24 6.12
Feb 1.26 5.82
Mar 1.25 5.75
Apr 1.26 5.92
May 1.26 5.75
June 1.22 5.51
July 1.01 …
Week ended:
2003: July 5 1.13 …
12 0.96 …
19 1.02 …
26 1.01 …
Aug 2 1.04 …
(1) Bank-discount basis.
(2) Yields on actively traded issues adjusted to constant maturities.
(3) Weekly data are Wednesday figures.
(4) 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 of 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.
[GRAPHIC OMITTED]
COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in July.
Common stock prices (1)
New York Stock Exchange indexes (2)
Composite December 31, 1965=50
(Dec. 31,
2002= Transpor- Utility
Period 5,000) (3) Industrial tation (4) Finance
1993 2,638.96 299.99 242.49 228.90 216.42
1994 2,687.02 315.25 247.29 209.06 209.73
1995 3,078.56 367.34 269.41 220.30 238.45
1996 3,787.20 453.98 327.33 249.77 303.89
1997 4,827.35 574.52 414.60 283.82 424.48
1998 5,818.26 681.57 468.69 378.12 516.35
1999 6,546.81 774.78 491.60 473.73 530.86
2000 6,805.89 810.63 413.60 477.65 553.13
2001 6,397.85 748.26 443.59 377.30 595.61
2002 5,578.89 657.37 431.10 260.85 555.27
2002: July 5,139.94 603.04 416.10 230.19 524.01
Aug 5,200.62 611.34 409.96 225.52 533.60
Sept 4,980.65 589.14 388.19 210.76 506.05
Oct 4,862.70 574.45 383.41 207.83 494.06
Nov 5,104.89 597.75 405.03 229.41 523.50
Dec 5,075.76 593.15 401.39 233.38 519.72
2003: Jan 5,055.78 587.78 394.84 236.43 522.51
Feb 4,738.56 553.90 367.55 214.63 485.35
Mar 4,724.22 558.10 366.90 211.45 486.71
Apr 4,977.45 583.74 395.85 221.06 522.05
May 5,269.96 613.26 425.12 238.33 549.91
June 5,583.60 649.25 441.81 254.16 579.48
July 5,567.94 648.00 445.29 244.67 588.81
Week ended:
2003: July 5 5,545.17 646.33 439.52 253.89 576.18
12 5,606.47 652.68 446.57 251.55 589.17
19 5,560.22 647.46 444.33 242.72 593.11
26 5,538.39 644.60 445.73 238.37 588.53
Aug 2 5,559.89 646.40 448.17 238.38 588.42
Common stock prices (1) Common stock
yields
Standard Nasdaq (percent) (8)
& Poor’s composite
Dow Jones composite index Divi-
industrial index (Feb. 5, dend- Earnings-
average (1941- 1971=100) price price
Period (5) 43=10) (6) (7) ratio ratio
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
2002 9,226.43 993.94 1,539.73 1.61 2.92
2002: July 8,616.52 903.59 1,346.09 1.76 …
Aug 8,685.48 912.55 1,327.36 1.72 …
Sept 8,160.78 867.81 1,251.07 1.80 3.68
Oct 8,048.12 854.63 1,241.91 1.86 …
Nov 8,625.72 909.93 1,409.15 1.73 …
Dec 8,526.66 899.18 1,387.15 1.77 3.14
2003: Jan 8,474.59 895.84 1,389.56 1.80 …
Feb 7,916.18 837.62 1,313.26 1.95 …
Mar 7,977.73 846.62 1,348.50 1.93 3.57
Apr 8,332.09 890.03 1,409.83 1.83 …
May 8,623.41 935.96 1,524.18 1.75 …
June 9,098.07 988.00 1,631.75 1.66 …
July 9,154.39 992.54 1,716.85 1.71 …
Week ended:
2003: July 5 9,059.86 984.07 1,651.28 1.68 …
12 9,150.34 1,000.26 1,732.88 1.66 …
19 9,127.94 994.67 1,732.50 1.72 …
26 9,169.29 987.16 1,707.76 1.74 …
Aug 2 9,211.76 988.75 1,727.66 1.77 …
(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
(4) 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.
(5) Includes 30 stocks.
(6) Includes 500 stocks.
(7) Includes over 4,000 stocks.
(8) 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 2003 Superintendent Of Documents
COPYRIGHT 2003 Gale Group
