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 dataat 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
