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Economic Indicators

Money, credit, and security markets: money stock and debt measures

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; billions

of 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; seasonally

adjusted, 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 annual

rate]

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