Categories
Economic Indicators

Money, credit, and security markets

Money, credit, and security markets

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK AND DEBT MEASURES

In August, M2 and M3 rose.

[GRAPHIC OMITTED]

[Averages of daily figures, except debt ent-of-period basis;

bilions of dollars, seasonally adjusted]

M1 M2

Sum of currency, M1 plus retail

Period demand deposits, MMMF balances,

travelers checks, savings deposits

and other (including

checkable depos- MMDAs), and

its (OCDs) small time deposits

1994: Dec 1,150.5 3,497.7

1995: Dec 1,127.0 3,641.4

1996: Dec 1,079.3 3,817.0

1997: Dec 1,072.5 4,031.9

1998: Dec (r) 1,096.1 4,384.1

1999: Dec (r) 1,124.0 4,649.0

2000: Dec (r) 1,087.9 4,932.7

2001: Dec (r) 1,179.3 5,448.6

2002: Dec (r) 1,217.2 5,794.5

2003: Dec (r) 1,293.4 6,062.5

2003: Aug (r) 1,281.5 6,106.6

Sept (r) 1,281.4 6,083.9

Oct (r) 1,284.1 6,069.1

Nov (r) 1,283.4 6,065.8

Dec (r) 1,293.4 6,062.5

2004: Jan (r) 1,287.5 6,070.1

Feb (r) 1,306.9 6,120.3

Mar (r) 1,326.3 6,167.9

Apr (r) 1,323.5 6,216.8

May (r) 1,322.6 6,289.6

June (r) 1,335.8 6,298.9

July (r) 1,324.1 6,290.8

Aug 1,341.3 6,298.6

M3 Debt

M2 plus large

time deposits,

Period RPs, Euro- Debt of

dollars, and domestic

institution- nonfinancial

al MMMF sectors (1)

balances

1994: Dec 4,364.8 (r) 12,989.9

1995: Dec 4,630.9 (r) 13,674.2

1996: Dec 4,978.8 (r) 14,390.7

1997: Dec 5,453.5 (r) 15,156.9

1998: Dec (r) 6,044.6 16,198.2

1999: Dec (r) 6,544.7 17,253.2

2000: Dec (r) 7,112.9 18,105.9

2001: Dec (r) 8,025.0 19,229.7

2002: Dec (r) 8,552.4 20,552.9

2003: Dec (r) 8,845.6 22,272.2

2003: Aug (r) 8,888.6 …

Sept (r) 8,879.6 21,882.2

Oct (r) 8,856.8 …

Nov (r) 8,844.4 …

Dec (r) 8,845.6 22,272.2

2004: Jan (r) 8,905.3 …

Feb (r) 8,977.8 …

Mar (r) 9,068.6 22,780.9

Apr (r) 9,148.1 …

May (r) 9,249.0 …

June (r) 9,278.9 23,220.1

July (r) 9,256.6 …

Aug 9,278.8 …

Percent change

From

pre-

From year or 6 months vious

Period earlier (2) period (3)

M1 M2 M3 Debt

1994: Dec 1.8 0.4 1.9 4.6

1995: Dec -2.0 4.1 6.1 5.3

1996: Dec -4.2 4.8 7.5 5.2

1997: Dec -.6 5.6 9.5 5.3

1998: Dec (r) 2.2 8.7 10.8 6.9

1999: Dec (r) 2.5 6.0 8.3 6.3

2000: Dec (r) -3.2 6.1 8.7 4.9

2001: Dec (r) 8.4 10.5 12.8 6.2

2002: Dec (r) 3.2 6.3 6.6 6.9

2003: Dec (r) 6.3 4.6 3.4 8.1

2003: Aug (r) 7.5 8.2 6.7 …

Sept (r) 6.6 6.5 5.7 7.0

Oct (r) 6.1 4.6 4.3 …

Nov (r) 4.1 2.7 2.7 …

Dec (r) 3.5 1.2 1.6 6.3

2004: Jan (r) 2.2 .1 1.3 …

Feb (r) 4.0 .4 2.0 …

Mar (r) 7.0 2.8 4.0 9.1

Apr (r) 6.1 4.9 6.6 …

May (r) 6.1 7.4 9.1 …

June (r) 6.6 7.8 9.8 7.7

July (r) 5.7 7.3 7.9 …

Aug 5.3 5.8 6.7 …

(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 animal rate.

NOTE.–See p. 27 for components.

Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK

[Average of daily figures; billions of dollars, seasonally adjusted]

Nonbank

travelers Demand

Period Currency 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 627.4 7.8 303.4

2003: Dec 663.9 7.7 312.6

2003: Aug 650.8 7.6 320.9

Sept 654.1 7.6 313.4

Oct 658.3 7.7 312.2

Nov 661.3 7.7 308.6

Dec 663.9 7.7 312.6

2004: Jan 664.9 7.8 301.8

Feb 665.8 7.8 314.3

Mar 666.8 7.8 327.1

Apr 668.7 7.8 323.8

May (r) 671.8 7.8 318.9

June (r) 676.7 7.7 822.7

July (r) 684.8 7.6 306.4

Aug 687.7 7.6 318.7

Savings

deposits,

including

money

Other market Small

checkable deposits denomination

deposits accounts time

Period (OCDs) (MMDAs) deposits (1)

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 356.8 2,308.9 972.7

2002: Dec 278.6 2,769.5 892.0

2003: Dec 309.2 3,158.4 809.1

2003: Aug 302.2 3,128.7 832.4

Sept 306.3 3,125.6 824.8

Oct 305.9 3,141.2 818.9

Nov 305.8 3,156.2 812.9

Dec 309.2 3,158.4 809.1

2004: Jan 313.0 3,190.0 806.6

Feb 319.0 3,234.3 804.6

Mar 324.5 3,278.6 802.3

Apr 323.1 3,340.6 797.9

May (r) 324.1 3,411.0 791.5

June (r) 328.8 3,414.8 788.2

July (r) 325.4 3,431.5 789.3

Aug 327.3 3,427.8 792.1

Money market mutual fund

balances

Period Retail Institutional

1994: Dec 381.4 210.1

1995: Dec 449.1 263.3

1996: Dec 517.7 321.7

1997: Dec 592.4 395.1

1998: Dec 732.9 539.0

1999: Dec (r) 832.7 635.6

2000: Dec (r) 924.5 789.4

2001: Dec (r) 987.6 1,193.6

2002: Dec (r) 915.9 1,245.3

2003: Dec 801.5 1,113.2

2003: Aug 864.0 1,174.7

Sept (r) 852.1 1,175.6

Oct (r) 824.4 1,154.1

Nov (r) 813.3 1,131.7

Dec 801.5 1,113.2

2004: Jan (r) 786.1 1,116.4

Feb (r) 774.4 1,104.0

Mar (r) 760.7 1,112.7

Apr (r) 754.9 1,121.6

May (r) 764.5 1,119.6

June (r) 760.1 1,112.9

July (r) 745.9 1,096.2

Aug 737.5 1,098.9

Overnight

and term

Large repurchase Overnight

denomination agreements and term

time (RPs) Euro-dollars

Period deposits (1) (net) (net)

1994: Dec 374.4 196.4 86.3

1995: Dec 433.6 198.6 94.0

1996: Dec 515.0 210.6 114.6

1997: Dec 624.8 254.2 147.4

1998: Dec 677.5 294.0 150.0

1999: Dec 752.7 337.0 170.4

2000: Dec 830.3 366.0 194.5

2001: Dec 794.0 378.9 210.0

2002: Dec 803.0 480.9 228.6

2003: Dec 867.9 513.4 288.7

2003: Aug 830.6 497.6 279.1

Sept 837.9 502.1 180.1

Oct 835.5 511.4 286.8

Nov 847.2 513.3 286.4

Dec 867.9 513.4 288.7

2004: Jan 901.6 515.1 302.1

Feb 905.4 536.3 311.9

Mar 928.1 539.3 320.5

Apr 956.9 523.0 329.7

May (r) 976.3 535.5 327.7

June (r) 988.3 556.4 322.4

July (r) 1,006.3 538.5 324.8

Aug 1,012.4 543.7 335.2

(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 for depository

institutions

Period Total (2) Non-borrowed (3)

1994: Dec 59,369 59,160

1995: Dec 56,430 56,173

1996: Dec 50,149 49,994

1997: Dec 46,848 46,523

1998: Dec 45,254 45,138

1999: Dec 41,928 41,607

2000: Dec 38,677 38,467

2001: Dec 41,411 41,344

2002: Dec 40,442 40,362

2003: Dec 42,843 42,797

2003: Aug 45,581 45,252

Sept 44,289 44,109

Oct 43,394 43,287

Nov 43,034 42,966

Dec 42,843 42,797

2004: Jan 43,204 43,098

Feb 42,994 42,952

Mar 44,713 44,662

Apr 45,677 45,591

May 45,387 45,275

June 45,933 45,753

July 45,740 45,496

Aug (r) 44,757 44,506

Adjusted for changes in reserve

requirements

Reserves for depository

institutions

Excess Monetary

Period Required (NSA) base

1994: Dec 58,209 1,159 418,196

1995: Dec 55,140 1,290 434,388

1996: Dec 48,733 1,416 451,904

1997: Dec 45,163 1,685 479,826

1998: Dec 43,741 1,514 513,894

1999: Dec 40,631 1,297 593,709

2000: Dec 37,249 1,427 585,104

2001: Dec 39,760 1,651 635,936

2002: Dec 38,433 2,009 682,151

2003: Dec 41,804 1,039 720,978

2003: Aug 41,814 3,767 710,239

Sept 42,779 1,510 712,123

Oct 41,921 1,473 715,834

Nov 41,545 1,489 718,968

Dec 41,804 1,039 720,978

2004: Jan 42,314 891 733,605

Feb 41,805 1,189 734,169

Mar 42,951 1,762 735,761

Apr 43,935 1,742 728,824

May 43,798 1,588 732,302

June 44,098 1,836 737,803

July (r) 44,063 (r) 1,678 745,609

Aug (r) 43,206 1,552 748,201

Borrowings of depository institutions

from the Federal Reserve (NSA)

Period Total Primary Secondary

1994: Dec 209 … …

1995: Dec 257 … …

1996: Dec 155 … …

1997: Dec 324 … …

1998: Dec 117 … …

1999: Dec 320 … …

2000: Dec 210 … …

2001: Dec 67 … …

2002: Dec 80 … …

2003: Dec 46 17 0

2003: Aug 329 168 15

Sept 181 23 0

Oct 107 13 0

Nov 68 25 0

Dec 46 17 0

2004: Jan 106 93 0

Feb 42 28 0

Mar 51 23 0

Apr 86 29 0

May 112 9 0

June 180 40 0

July 245 42 0

Aug (r) 251 18 0

Borrowings of depository

institutions from the

Federal Reserve (NSA)

Period Seasonal Adjustment (4)

1994: Dec 100 109

1995: Dec 40 217

1996: Dec 68 87

1997: Dec 79 245

1998: Dec 15 101

1999: Dec 67 179

2000: Dec 111 99

2001: Dec 33 34

2002: Dec 45 35

2003: Dec 29 …

2003: Aug 146 …

Sept 158 …

Oct 94 …

Nov 43 …

Dec 29 …

2004: Jan 13 …

Feb 14 …

Mar 28 …

Apr 57 …

May 103 …

June 140 …

July 203 …

Aug (r) 233 …

(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.

(4) Discontinuted 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 0.5 percent in August;

commercial and industrial loans rose 0.7 percent

[Billions of dollars, seasonally adjusted (1)]

Securities in bank credit

U.S.

Treasury

Total and

bank Total 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 3,756.9 984.3 702.6 281.8

1997: Dec 4,099.4 1,098.7 755.6 343.1

1998: Dec (r) 4,532.8 1,236.9 797.6 439.3

1999: Dec (r) 4,763.1 1,282.7 815.6 467.0

2000: Dec (r) 5,216.2 1,348.1 792.4 555.6

2001: Dec (r) 5,427.4 1,493.3 853.0 640.3

2002: Dec (r) 5,883.8 1,720.9 1,029.1 691.7

2003: Dec (r) 6,247.7 1,850.1 1,104.5 746.2

2003: Aug (r) 6,178.1 1,777.0 1,080.0 697.0

Sept (r) 6,183.3 1,788.7 1,071.1 717.5

Oct (r) 6,159.7 1,804.5 1,081.2 723.3

Nov (r) 6,196.2 1,831.7 1,097.1 734.6

Dec (r) 6,247.7 1,850.6 1,104.5 746.2

2004: Jan (r) 6,320.3 1,856.4 1,105.9 750.4

Feb (r) 6,440.4 1,931.6 1,170.5 761.0

Mar (r) 6,517.6 1,981.6 1,205.0 776.6

Apr (r) 6,537.4 1,954.8 1,199.8 755.0

May (r) 6,544.9 1,930.8 1,188.8 742.0

June (r) 6,587.8 1,935.3 1,189.5 745.8

July (r) 6,598.8 1,907.1 1,180.9 726.2

Aug 6,627.4 1,914.1 1,183.0 731.1

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 (r) 784.7

1997: Dec 3,000.7 (r) 854.1

1998: Dec (r) 3,295.9 947.4

1999: Dec (r) 3,480.3 998.6

2000: Dec (r) 3,868.2 1,086.8

2001: Dec (r) 3,934.0 1,027.1

2002: Dec (r) 4,162.9 962.0

2003: Dec (r) 4,397.1 890.7

2003: Aug (r) 4,401.0 917.6

Sept (r) 4,394.6 907.0

Oct (r) 4,355.2 892.7

Nov (r) 4,364.6 887.5

Dec (r) 4,397.1 890.7

2004: Jan (r) 4,464.0 888.1

Feb (r) 4,508.9 887.0

Mar (r) 4,536.1 877.3

Apr (r) 4,582.6 873.3

May (r) 4,614.2 873.1

June (r) 4,652.5 877.7

July (r) 4,691.7 882.3

Aug 4,713.3 888.4

Loans and leases in bank credit

Real estate

Revolding

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 (r) 1,332.9 103.9 1,229.0

1999: Dec (r) 1,471.1 101.5 1,369.6

2000: Dec (r) 1,650.5 130.0 1,520.5

2001: Dec (r) 1,779.7 155.8 1,623.9

2002: Dec (r) 2,021.2 213.5 1,807.7

2003: Dec (r) 2,215.6 280.8 1,934.9

2003: Aug (r) 2,234.0 252.7 1,981.3

Sept (r) 2,245.3 258.5 1,986.8

Oct (r) 2,227.6 265.5 1,962.1

Nov (r) 2,206.8 273.2 1,933.6

Dec (r) 2,215.6 280.8 1,934.9

2004: Jan (r) 2,241.1 291.2 1,949.9

Feb (r) 2,263.0 297.6 1,965.4

Mar (r) 2,304.2 308.1 1,996.1

Apr (r) 2,361.5 318.0 2,043.5

May (r) 2,395.9 327.9 2,068.6

June (r) 2,409.5 337.8 2,071.8

July (r) 2,415.9 347.0 2,068.9

Aug 2,431.8 358.3 2,073.5

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 (r) 512.9 75.3 259.6

1997: Dec (r) 502.6 94.4 306.9

1998: Dec (r) 496.9 145.3 373.3

1999: Dec (r) 490.6 149.8 370.2

2000: Dec (r) 539.1 177.3 414.4

2001: Dec (r) 555.8 146.0 425.6

2002: Dec (r) 586.0 190.3 403.5

2003: Dec (r) 629.0 215.2 446.6

2003: Aug (r) 600.2 214.6 434.6

Sept (r) 601.7 212.2 429.1

Oct (r) 596.4 230.1 418.4

Nov (r) 625.5 228.7 416.1

Dec (r) 629.0 215.2 446.6

2004: Jan (r) 631.4 233.7 469.6

Feb (r) 633.6 243.2 482.1

Mar (r) 638.7 243.0 472.9

Apr (r) 639.4 237.6 470.8

May (r) 641.0 232.6 471.6

June (r) 643.6 248.3 473.6

July (r) 672.1 243.7 477.8

Aug 672.6 238.9 481.5

(1) Data are prorated averages of Wednesday values for domestically

chartered commercial banks, branches and agencies of foreign banks,

New York State investment companies (through September 1996), and

Edge Act and agreement corporations. Data are adjusted for breaks

caused by reclassifications of assets and liabilities.

(2) Excludes Federal funds sold to, reverse repurchase agreements

(RPs) with, and loans to commercial banks in the United States.

Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE

BUSINESS

[Billions of dollars; quarterly data

at seasonally adjusted annual rates]

Sources

External

(Net increase in liabilities)

Fund raised

in markets

Total Net

Inter- net new

Period Total nal (1) Total funds equity

raised issues

1994 796.8 555.2 241.6 81.6 -44.9

1995 997.4 606.6 390.8 168.8 -58.3

1996 1,066.4 667.9 398.5 135.4 -47.3

1997 1,004.2 720.7 283.5 214.4 -77.4

1998 (r) 1,307.0 691.0 616.0 182.5 -215.5

1999 (r) 1,730.9 743.3 987.6 363.4 -110.4

2000 (r) 1,973.3 735.9 1,237.4 239.0 -118.2

2001 (r) 867.5 772.3 95.2 180.7 -47.4

2002 (r) 952.9 841.8 111.1 -7.4 -41.6

2003 (r) 1,239.8 940.1 299.7 97.5 -57.8

2002: I (r) 637.3 822.8 -185.5 66.9 -10.6

II (r) 948.5 834.2 114.3 20.2 15.5

III (r) 892.0 831.7 60.3 -191.6 -140.8

IV (r) 1,334.0 878.6 455.4 74.8 -30.5

2003: I (r) 1,096.2 838.4 257.8 107.1 -67.0

II (r) 1,360.7 928.1 432.8 218.8 -50.2

III (r) 1,194.7 965.0 229.7 33.0 -44.9

IV (r) 1,307.4 1,028.7 278.7 31.3 -69.0

2004: I (r) 1,472.5 1,023.8 448.9 153.6 -82.6

II (p) 1,310.2 1,013.5 296.7 -13.6 -159.5

Sources

External (Net increase in liabilities)

Fund raised in markets

Credit market instruments

Loans Other (2)

Securities and

Period Total and mort- short-

gages term

paper

1994 126.5 32.2 94.3 160.0

1995 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) 398.0 243.3 154.9 433.4

1999 (r) 373.7 268.8 104.9 724.3

2000 (r) 357.2 195.2 162.0 998.5

2001 (r) 228.2 411.9 -183.8 -85.4

2002 (r) 34.2 178.9 -144.7 118.6

2003 (r) 155.3 239.3 -84.0 202.1

2002: I (r) 77.5 302.9 -225.4 -252.3

II (r) 4.7 233.6 -228.9 94.1

III (r) -50.8 3.8 -54.6 252.0

IV (r) 105.3 174.8 -69.6 380.6

2003: I (r) 174.1 242.8 -68.7 150.7

II (r) 269.0 391.3 -122.2 213.7

III (r) 77.9 182.9 -105.0 196.6

IV (r) 100.3 140.3 -40.0 247.4

2004: I (r) 236.2 217.7 18.6 295.3

II (p) 145.9 117.0 28.9 310.4

Uses

Discrep-

Capital Increase ancy

Period Total expendi- in finan- (sources

tures (3) cial assets less

uses)

1994 841.2 566.1 275.1 -44.4

1995 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) 2,137.7 928.5 1,209.2 -164.5

2001 (r) 987.7 810.1 177.6 -120.2

2002 (r) 912.3 761.7 150.6 40.7

2003 (r) 1,267.3 764.9 502.4 -27.5

2002: I (r) 596.2 764.5 -168.3 41.2

II (r) 872.1 759.3 112.8 76.4

III (r) 856.1 766.8 89.3 36.0

IV (r) 1,324.8 756.2 568.6 9.2

2003: I (r) 1,129.3 743.7 385.6 -33.0

II (r) 1,364.0 736.9 627.1 -3.4

III (r) 1,234.4 772.8 461.6 -39.8

IV (r) 1,341.4 806.2 535.2 -34.0

2004: I (r) 1,479.5 843.5 636.0 -7.0

II (p) 1,370.6 891.8 478.8 -60.3

(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

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 investment 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

[Billions of dollars, seasonally adjusted]

Consumer credit

outstanding (end of period)

Period

Non-

Total Revolving revolving

(2)

1994: Dec 997.1 365.6 631.6

1995: Dec 1,140.6 443.1 697.5

1996: Dec 1,242.2 498.9 743.2

1997: Dec 1,310.6 527.3 783.4

1998: Dec 1,412.2 574.3 837.8

1999: Dec 1,519.9 597.1 922.8

2000: Dec 1,692.6 665.2 1,027.4

2001: Dec 1,828.8 708.9 1,119.9

2002: Dec 1,905.0 719.1 1,185.9

2003: Dec 1,986.7 734.1 1,252.6

2003: Aug 1,965.6 727.6 1,237.9

Sept 1,975.7 730.7 1,245.0

Oct 1,982.7 733.1 1,249.7

Nov 1,982.1 735.8 1,246.3

Dec 1,986.7 734.1 1,252.6

2004: Jan 2,012.8 746.2 1,266.6

Feb (r) 2,013.4 745.6 1,267.8

Mar (r) 2,018.1 744.2 1,273.8

Apr (r) 2,020.2 739.3 1,280.9

May (r) 2,024.8 738.7 1,286.1

June (r) 2,029.1 738.6 1,290.5

July 2,040.3 744.2 1,296.2

Aug (p) 2,037.9 740.8 1,297.1

Net change in consumer

credit outstanding (1)

Period

Non-

Total Revolving revolving

(2)

1994: Dec 131.4 55.7 75.9

1995: Dec 143.5 77.5 65.9

1996: Dec 101.6 55.8 45.7

1997: Dec 68.4 28.4 40.2

1998: Dec 101.6 47.0 54.4

1999: Dec 107.7 22.8 85.0

2000: Dec 172.7 68.1 104.6

2001: Dec 136.2 43.7 92.5

2002: Dec 76.2 10.2 66.0

2003: Dec 81.7 15.0 66.7

2003: Aug 10.6 2.6 7.9

Sept 10.1 3.1 7.1

Oct 7.0 2.4 4.7

Nov -.6 2.7 -3.4

Dec 4.6 -1.7 6.3

2004: Jan 26.1 12.1 14.0

Feb (r) .6 -.6 1.2

Mar (r) 4.6 -1.4 6.0

Apr (r) 2.2 -4.9 7.1

May (r) 4.6 -.6 5.2

June (r) 4.3 -.1 4.4

July 11.2 5.6 5.7

Aug (p) -2.4 -3.4 .9

(1) Change based on data in billions of dollars as shown here.

For year-end data, change from proceeding 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.

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 Sallie Mae.

See Federal Reserve release, G. 19 Consumer Credit, for details.

Source: Board of Governors of the Federal Reserve System.

INTEREST RATES AND BONDS YIELDS

Interest rates were mixed in September.

[GRAPHIC OMITTED]

[Percent per annum]

U.S. Treasury security yields

Period 3-month Constant maturities (2)

bills (new

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: Sept 0.95 2.23 4.27 *

Oct 0.93 2.26 4.29 *

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 *

Week ended:

2004: Sept 11 1.64 2.86 4.21 *

18 1.64 2.81 4.14 *

25 1.69 2.81 4.04 *

Oct 2 1.71 2.87 4.10 *

9 1.69 2.95 4.20 *

High-

grade Discount window

Period municipal Corporate (N.Y. F.R. Bank) (4 5)

bonds Aaa

(Standard bonds Primary Discount

& Poor’s) (Moody’s) credit rate

(3)

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: Sept 4.91 5.72 2.00 *

Oct 4.84 5.70 2.00 *

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 *

Week ended:

2004: Sept 11 4.56 5.54 2.50 *

18 4.51 5.48 2.50 *

25 4.41 5.37 2.75 *

Oct 2 4.45 5.42 2.75 *

9 4.54 5.54 2.75 *

New-

Period Prime rate Federal home

charged by funds mortgage

banks (5) rate (6) yields

(FHFB) (7)

1994 7.15 4.21 7.49

1995 8.83 5.83 7.87

1996 8.27 5.30 7.80

1997 8.44 5.46 7.71

1998 8.35 5.35 7.07

1999 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: Sept 4.00 1.01 5.97

Oct 4.00 1.01 5.92

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 …

Week ended:

2004: Sept 11 4.50 1.50 …

18 4.50 1.49 …

25 4.75 1.64 …

Oct 2 4.75 1.76 …

9 4.75 1.82 …

(1) Bank-discount basis.

(2) Yields on actively traded issues adjusted to constant materials.

(3) Weekly data are Wednesday figures.

(4) Discount window borrowing for primary credit and discount

rate (adjustment credit). The rate for primary credit repalaced

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.

COMMON STOCK PRICES AND YIELDS

Stock prices rose in September.

[Billions of dollars]

[GRAPHIC OMITTED]

Common stock prices (1)

New York Stock Exchange indexes (2 3)

(December 31, 2002 = 5,000)

Period

Com- Health

posite Financial Energy Care

1994 2,687.01 … … …

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: Sept 5,748.42 5,897.76 5,453.23 5,402.56

Oct 5,894.39 6,187.33 5,552.99 5,428.31

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

Week ended:

2004: Sept 11 6,550.59 6,808.80 7,120.15 5,913.97

18 6,580.19 6,817.97 7,210.01 5,924.71

25 6,560.10 6,763.09 7,399.34 5,868.41

Oct 2 6,566.77 6,743.29 7,495.72 5,845.33

9 6,673.01 6,860.94 7,665.46 5,774.91

Common stock prices (1)

Standard & Nasdaq com-

Period Dow Jones Poor’s com- posite index

industrial posite index (Feb. 5,

average (4) (1941- 1971 = 100)

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: Sept 9,492.54 1,019.44 1,856.22

Oct 9,682.46 1,038.73 1,907.89

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

Week ended:

2004: Sept 11 10,314.58 1,119.97 1,868.29

18 10,278.65 1,125.31 1,907.29

25 10,129.03 1,116.71 1,896.17

Oct 2 10,095.02 1,114.89 1,892.55

9 10,162.95 1,132.90 1,949.48

Common stock yields

(percent) (7)

Period

Dividend- Earnings-

price ratio price ratio

1994 2.82 5.83

1995 2.52 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: Sept 1.73 3.87

Oct 1.71 …

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 …

Week ended:

2004: Sept 11 1.78 …

18 1.77 …

25 1.78 …

Oct 2 1.79 …

9 1.75 …

(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. 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) Include 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 2004 Gale Group