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Money, credit, and security markets
Economic Indicators, Jan, 2003
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
[GRAPHIC OMITTED]
[Averages of daily figures, except debt end-of-period basis; billions
of dollars seasonally adjusted]
M1 M2
Sum of currency, M1 plus retail
demand deposits, MMMF balances,
Period travelers' checks, savings deposits
and other (including
checkable depos- MMDAs), and
its (OCDs) small time deposits
1993: Dec (r) 1,129.3 3,483.2
1994: Dec (r) 1,149.9 3,496.2
1995: Dec (r) 1,126.7 3,640.1
1996: Dec (r) 1,078.4 3,814.3
1997: Dec (r) 1,071.4 4,029.8
1998: Dec (r) 1,095.0 4,381.5
1999: Dec (r) 1,121.9 4,648.0
2000: Dec (r) 1,084.9 4,926.9
2001: Dec (r) 1,173.4 5,440.6
2002: Dec 1,211.6 5,791.7
2002: Jan (r) 1,179.7 5,464.4
Feb (r) 1,186.1 5,502.7
Mar (r) 1,188.1 5,503.5
Apr (r) 1,173.7 5,491.5
May (r) 1,184.4 5,557.3
June (r) 1,190.2 5,589.1
July (r) 1,197.4 5,638.0
Aug (r) 1,186.3 5,677.1
Sept (r) 1,192.5 5,703.5
Oct (r) 1,203.9 5,741.7
Nov (r) 1,203.4 5,778.6
Dec 1,211.6 5,791.7
M3 Debt
M2 plus large
time deposits, Debt of
Period RPs, Euro- domestic
dollars, and nonfinancial
institution- sectors (1)
al MMMF
balances
1993: Dec (r) 4,277.4 12,434.4
1994: Dec (r) 4,359.8 13,001.5
1995: Dec (r) 4,624.9 13,706.9
1996: Dec (r) 4,970.5 14,440.2
1997: Dec (r) 5,444.3 15,243.1
1998: Dec (r) 6,032.3 16,285.5
1999: Dec (r) 6,528.6 17,377.6
2000: Dec (r) 7,090.5 18,250.6
2001: Dec (r) 7,993.5 19,369.2
2002: Dec 8,502.1
2002: Jan (r) 8,004.7
Feb (r) 8,056.0
Mar (r) 8,068.4 19,601.0
Apr (r) 8,071.2
May (r) 8,135.1
June (r) 8,171.4 20,004.5
July (r) 8,221.0
Aug (r) 8,291.0
Sept (r) 8,333.5 20,336.8
Oct (r) 8,338.1
Nov (r) 8,454.5
Dec 8,502.1
Percent change
From
From year or 6 pre-
Period months earlier (2) vious
period (3)
M1 M2 M3 Debt
1993: Dec (r) 10.3 1.5 1.5 4.9
1994: Dec (r) 1.8 .4 1.9 4.5
1995: Dec (r) -2.0 4.1 6.1 5.4
1996: Dec (r) -4.3 4.8 7.5 5.3
1997: Dec (r) -.6 5.6 9.5 5.6
1998: Dec (r) 2.2 8.7 10.8 6.8
1999: Dec (r) 2.5 6.1 8.2 6.5
2000: Dec (r) -3.3 6.0 8.6 4.9
2001: Dec (r) 8.2 10.4 12.7 6.1
2002: Dec 3.3 6.5 6.4
2002: Jan (r) 7.3 9.0 9.0
Feb (r) 6.3 9.1 10.1
Mar (r) -2.3 4.9 6.2 4.8
Apr (r) 1.6 5.0 5.4
May (r) 3.2 5.9 5.1
June (r) 2.9 5.5 4.5 8.2
July (r) 3.0 6.4 5.4
Aug (r) .0 6.3 5.8
Sept (r) .7 7.3 6.6 6.6
Oct (r) 5.1 9.1 6.6
Nov (r) 3.2 8.0 7.9
Dec 3.6 7.2 8.1
(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 Dcember 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.
Money stock series reflect annual seasonal adjustment revisions
released on January 30, 2003
Source: Board of Governors of the Federal System.
COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]
Saving
deposits,
Other including
Nonbank Demand check- money
Period Currency travelers deposits able market
cheeks deposits deposit
(OCDs) accounts
(1)
(MMDAs)
1993: Dec (r) 321.6 7.5 385.5 414.8 1,219.3
1994: Dec (r) 354.0 8.0 383.6 404.2 1,149.8
1995: Dec (r) 372.1 8.5 389.3 356.8 1,134.1
1996: Dec (r) 394.1 8.3 400.3 275.7 1,274.0
1997: Dec (r) 424.6 8.1 393.1 245.7 1,400.6
1998: Dec (r) 459.7 8.2 377.1 250.0 1,602.9
1999: Dec (r) 517.5 8.3 352.2 244.0 1,738.4
2000: Dec (r) 531.0 8.0 306.7 239.2 1,874.0
2001: Dec (r) 581.4 7.8 325.6 258.8 2,303.5
2002: Dec 626.9 7.5 296.5 280.7 2,758.2
2002: Jan (r) 587.0 7.9 324.9 259.9 2,344.6
Feb (r) 591.9 7.8 325.1 261.3 2,394.7
Mar (r) 595.7 7.8 323.3 261.4 2,417.4
Apr (r) 599.8 7.7 305.2 261.0 2,446.3
May (r) 604.6 7.8 306.5 265.5 2,494.5
June (r) 609.0 8.2 305.6 267.4 2,526.2
July (r) 613.3 8.5 304.5 271.1 2,563.0
Aug (r) 615.9 8.3 289.6 272.5 2,620.5
Sept (r) 617.8 7.9 292.0 274.8 2,659.5
Oct (r) 620.5 7.7 299.3 276.4 2,696.0
Nov (r) 623.2 7.5 294.1 278.7 2,739.3
Dec 626.9 7.5 296.5 280.7 2,758.2
Over-
night
and
Small Money market Large term Over-
denom- mutual fund denom- repur- night
ination balances ination chase and
Period time time agree- term
depos- Insti- depo- ments Euro-
its Ret- tution- sits (RPs) dollars
ail al (1) (net) (net)
1993: Dec (r) 782.0 352.5 217.0 331.8 172.6 72.8
1994: Dec (r) 816.3 380.1 211.1 369.8 196.4 86.3
1995: Dec (r) 931.4 447.8 264.2 428.1 198.5 94.0
1996: Dec (r) 946.9 515.1 322.4 508.7 210.5 114.7
1997: Dec (r) 968.0 589.8 395.3 617.8 254.0 147.5
1998: Dec (r) 951.4 732.2 538.7 669.2 293.4 149.5
1999: Dec (r) 955.0 832.7 634.4 741.2 335.7 169.2
2000: Dec (r) 1,043.2 924.8 788.2 820.3 363.5 191.5
2001: Dec (r) 972.9 990.7 1,189.7 785.7 375.0 202.5
2002: Dec 879.9 942.0 1,232.9 795.1 469.0 213.4
2002: Jan (r) 960.7 979.3 1,174.5 790.5 373.0 202.3
Feb (r) 949.7 972.2 1,179.6 793.3 372.9 207.6
Mar (r) 940.5 957.3 1,184.6 796.9 374.6 208.8
Apr (r) 932.7 938.8 1,188.5 808.1 375.3 207.7
May (r) 926.8 951.6 1,188.1 814.7 371.4 203.6
June (r) 921.0 951.6 1,196.6 813.9 371.8 200.1
July (r) 915.0 962.5 1,192.1 817.5 373.1 200.3
Aug (r) 908.7 961.7 1,191.2 818.8 399.9 203.9
Sept (r) 900.2 951.3 1,183.0 817.1 422.5 207.5
Oct (r) 893.2 948.5 1,142.2 824.2 420.9 209.2
Nov (r) 886.8 949.2 1,207.5 816.0 440.5 211.8
Dec 879.9 942.0 1,232.9 795.1 469.0 213.4
(1) Small denomination and large denomination deposits are those
issued in amounts of less than $100,000, respectively.
Note:--See Note, p.26.
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]
Adjust for changes in reserve requirement
Reserves of depository institutions
Period Non- Required Excess
Total (2) borrowed (3) (NSA)
1993: Dec 60,460 60,378 59,390 1,070
1994: Dec 59,369 59,160 58,209 1,159
1995: Dec 56,430 56,173 55,140 1,290
1996: Dec 50,149 49,994 48,733 1,416
1997: Dec 46,848 46,523 45,163 1,685
1998: Dec 45,136 45,019 43,622 1,514
1999: Dec 41,824 41,504 40,527 1,297
2000: Dec 38,535 38,326 37,108 1,427
2001: Dec 41,220 41,154 39,572 1,649
2002: Dec 40,072 39,992 38,084 1,988
2002: Jan 41,735 41,685 40,340 1,395
Feb 41,450 41,420 40,080 1,371
Mar 41,050 40,971 39,629 1,421
Apr 40,806 40,735 39,594 1,211
May 39,164 39,052 37,902 1,261
June 39,313 39,171 38,075 1,238
July 39,679 39,488 38,305 1,374
Aug 40,054 39,721 38,417 1,637
Sept 39,275 39,045 37,799 1,476
Oct 38,918 38,776 37,368 1,550
Nov (r) 39,561 39,290 37,945 1,616
Dec 40,072 39,992 38,084 1,988
Adjust for
changes in
reserve Borrowings of depository
requirement institutions from the Federal
Reserve (NSA)
Monetary
Period base Total Seasonal Adjust-
ment
1993: Dec (r) 386,462 82 31 51
1994: Dec (r) 418,194 209 100 109
1995: Dec (r) 434,400 257 40 217
1996: Dec (r) 451,921 155 68 87
1997: Dec (r) 479,838 324 79 245
1998: Dec (r) 513,891 117 15 101
1999: Dec (r) 593,726 320 67 179
2000: Dec (r) 584,961 210 111 99
2001: Dec (r) 635,781 67 33 34
2002: Dec 681,947 80 45 35
2002: Jan (r) 641,839 50 17 33
Feb (r) 646,592 30 17 12
Mar (r) 650,155 79 20 59
Apr (r) 654,332 71 50 21
May (r) 657,636 112 105 7
June (r) 662,015 142 136 6
July (r) 666,912 191 176 16
Aug (r) 669,661 333 185 148
Sept (r) 671,350 229 169 60
Oct (r) 674,279 143 120 23
Nov (r) 677,622 272 60 211
Dec 681,947 80 45 35
(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.
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.5 percent in December;
commercial and industrial loans fell 0.2 percent.
[GRAPHIC OMITTED]
[Billions of dollars, seasonally adjusted (1)]
Securities in bank credit
U.S.
Total Treasury
Period bank Total and Other
credit securities agency securities
securi-
ties
1993: Dec 3,115.7 917.7 732.9 184.8
1994: Dec 3,322.5 942.4 724.3 218.2
1995: Dec (r) 3,605.5 986.7 703.8 282.9
1996: Dec 3,761.8 980.5 700.5 280.0
1997: Dec (r) 4,105.5 1,089.1 749.6 339.5
1998: Dec 4,546.0 1,229.8 792.8 437.0
1999: Dec 4,782.4 1,277.6 811.3 466.4
2000: Dec 5,234.0 1,345.7 (r) 790.9 (r) 554.8
2001: Dec (r) 5,451.0 1,496.8 856.2 640.6
2002: Dec 5,885.8 1,714.3 1,012.3 702.1
2002: Jan (r) 5,428.7 1,491.0 839.2 651.8
Feb (r) 5,438.9 1,488.5 832.7 655.8
Mar (r) 5,433.9 1,488.0 849.7 638.3
Apr (r) 5,450.8 1,504.4 870.6 633.8
May (r) 5,498.9 1,535.5 893.7 641.8
June (r) 5,540.8 1,562.5 909.3 653.3
July (r) 5,591.5 1,594.6 918.9 675.8
Aug (r) 5,673.2 1,632.9 946.3 686.6
Sept (r) 5,730.4 1,643.5 962.9 680.6
Oct (r) 5,759.7 1,643.1 972.4 670.7
Nov (r) 5,837.4 1,688.0 1,001.4 686.6
Dec 5,885.8 1,714.3 1,012.3 702.1
Loans and leases in bank credit
Real State
Period Total loans Commer- Revolving
and leases cial and home
(2) industrial Total equity
1993: Dec (r) 2,198.1 590.2 948.3 78.0
1994: Dec 2,380.1 650.2 1,012.0 80.4
1995: Dec (r) 2,618.8 724.2 1,090.6 84.4
1996: Dec 2,781.3 787.9 1,142.6 90.7
1997: Dec (r) 3,016.4 856.5 1,248.5 104.8
1998: Dec 3,316.2 951.0 1,339.5 103.9
1999: Dec (r) 3,504.7 (r) 1,003.9 1,477.7 101.5
2000: Dec 3,888.3 (r) 1,088.4 1,658.4 129.9
2001: Dec (r) 3,954.2 1,031.4 1,784.5 155.5
2002: Dec 4,171.4 965.0 2,020.6 212.4
2002: Jan (r) 3,937.8 1,022.2 1,781.0 158.7
Feb (r) 3,950.4 1,028.9 1,789.1 162.2
Mar (r) 3,945.9 1,023.7 1,790.3 167.6
Apr (r) 3,946.4 1,008.5 1,794.5 172.1
May (r) 3,963.4 1,001.0 1,816.6 179.6
June (r) 3,978.3 993.5 1,838.4 186.1
July (r) 3,996.9 981.9 1,869.2 192.9
Aug (r) 4,040.2 981.8 1,900.7 197.7
Sept (r) 4,086.9 975.1 1,935.0 200.9
Oct (r) 4,116.6 969.9 1,967.4 204.9
Nov (r) 4,149.4 967.3 2,000.1 207.7
Dec 4,171.4 965.0 2,020.6 212.4
Loans and leases in bank credit
Real
State
Consumer Security Other
Period Other
1993: Dec 870.3 387.7 (r) 86.5 185.4
1994: Dec 931.5 448.3 (r) 75.9 193.8
1995: Dec 1,006.2 491.4 83.3 229.2
1996: Dec 1,051.8 512.9 75.5 262.4
1997: Dec 1,143.7 502.5 (r) 95.0 313.9
1998: Dec 1,235.6 497.2 146.5 382.0
1999: Dec 1,376.3 490.6 (r) 151.9 380.7
2000: Dec 1,528.5 539.5 (r) 178.7 423.4
2001: Dec (r) 1,628.9 557.9 146.8 433.7
2002: Dec 1,808.2 587.0 191.6 407.2
2002: Jan (r) 1,622.3 560.9 152.0 421.7
Feb (r) 1,626.9 564.4 153.4 414.6
Mar (r) 1,622.7 563.4 161.3 407.2
Apr (r) 1,622.4 567.7 168.4 407.2
May (r) 1,637.0 570.1 169.7 406.0
June (r) 1,652.4 568.8 170.2 407.4
July (r) 1,676.3 564.7 178.1 403.0
Aug (r) 1,703.0 574.8 176.7 406.3
Sept (r) 1,734.2 582.8 181.4 412.6
Oct (r) 1,762.6 584.8 183.1 411.3
Nov (r) 1,792.3 585.6 186.7 409.7
Dec 1,808.2 587.0 191.6 407.2
(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
rates]
Sources
External (Net income in
liabilities)
Funds raised in markets
Credit
market
instru-
ments
Inter-
Period Total nal (1) Total Total Net new
net equity
funds issues Total
raised
1992: 626.7 465.4 161.3 52.7 27.0 25.7
1993: 728.6 510.7 217.9 54.5 21.3 33.2
1994: 808.2 566.6 241.6 81.4 -44.9 126.3
1995: 1,010.7 619.9 390.8 168.7 -58.3 227.1
1996: 1,074.5 676.0 398.5 113.6 -69.5 183.1
1997: 1,011.1 727.6 283.5 177.2 -114.4 291.6
1998: 1,332.8 716.8 616.0 125.2 -267.0 392.1
1999: 1,743.9 756.3 987.6 247.1 -143.5 390.5
2000: 1,540.8 741.0 799.8 240.1 -159.7 399.8
2001: 1,064.4 777.1 287.3 183.8 -61.8 245.6
2000: I 1,669.2 740.5 928.7 497.8 62.2 435.6
II 1,674.6 751.0 923.6 288.9 -245.7 534.6
III 1,541.0 743.9 797.1 161.1 -87.8 248.9
IV 1,278.3 728.4 549.9 12.7 -367.5 380.2
2001: I 1,153.1 710.3 442.8 212.7 -25.0 237.7
II 976.0 748.3 227.7 242.8 -70.7 313.5
III 1,080.0 789.7 290.3 64.7 -126.6 191.3
IV 1,048.7 860.1 188.6 214.8 -25.0 239.8
2002: I 1,052.2 815.4 236.8 -1.6 -8.7 7.1
II 1,044.6 797.2 247.4 116.8 18.5 98.3
III (p) 917.7 785.2 132.5 -128.3 -139.0 10.7
Sources Uses
External (Net increase in liabilities)
Funds raised in
markets
Credit market instru-
ments
Capital
Total expendi-
Loans Other (2) tures (3)
Period Securities and
and mort- short-
gages term
paper
1992: 35.5 -9.9 108.7 601.8 455.8
1993: 55.4 -22.2 163.4 841.5 508.8
1994: 32.0 94.3 160.3 850.7 575.6
1995: 102.1 124.9 222.1 1,065.1 638.7
1996: 129.6 53.7 284.9 1,116.7 662.7
1997: 187.0 104.6 106.3 1,032.6 760.2
1998: 241.5 150.7 490.8 1,396.4 826.5
1999: 269.0 121.6 740.6 1,854.9 885.0
2000: 222.4 177.4 559.7 1,718.6 957.2
2001: 394.1 -148.5 103.5 1,082.0 794.2
2000: I 240.5 195.1 430.9 1,825.8 936.5
II 198.0 336.6 634.7 1,854.3 970.3
III 200.2 48.7 636.0 1,729.1 975.3
IV 250.9 129.2 537.2 1,465.4 946.9
2001: I 440.4 -202.8 230.1 1,201.7 866.3
II 449.0 -135.3 -15.2 1,005.6 812.3
III 279.7 -88.4 225.5 1,113.0 781.2
IV 407.0 -167.3 -26.1 1,007.7 717.1
2002: I 239.6 -232.5 238.5 996.1 773.6
II 264.3 -166.0 130.5 998.7 796.3
III (p) 29.2 -18.4 260.7 901.7 813.2
Uses
Discrep-
ancy
Increase (sources
in finan- less
Period cial assets uses)
1992: 146.0 24.9
1993: 332.7 -112.8
1994: 275.1 -42.5
1995: 426.4 -54.4
1996: 454.0 -42.2
1997: 272.4 -21.5
1998: 569.9 -63.6
1999: 969.9 -111.0
2000: 761.4 -177.9
2001: 287.8 -17.5
2000: I 889.3 -156.6
II 884.0 -179.7
III 753.8 -188.0
IV 518.5 -187.1
2001: I 335.4 -48.6
II 193.3 -29.6
III 331.8 -32.9
IV 290.6 41.0
2002: I 222.5 56.1
II 202.4 45.8
III (p) 88.5 16.1
(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 Net change in consumer
(end of period) credit outstanding
Non- Non-
Period revol- revol-
Revol- ving Revol- ving
Total ving (2) Total ving (2)
1922: Dec 782.2 278.4 503.7 5.1 14.6 -9.6
1993: Dec 838.8 309.9 528.8 56.6 31.5 25.1
1994: Dec 960.4 365.6 594.9 121.6 55.7 66.1
1995: Dec 1,095.8 443.1 652.7 135.4 77.5 57.8
1996: Dec 1,185.1 498.9 686.1 89.3 55.8 33.4
1997: Dec 1,243.0 531.0 712.0 57.9 32.1 25.9
1998: Dec 1,317.5 562.5 755.0 74.5 31.5 43.0
1999: Dec 1,416.3 597.7 818.6 98.8 35.2 63.6
2000: Dec 1,560.6 666.6 894.0 144.3 68.9 75.4
2001: Dec 1,667.9 699.9 968.1 107.3 33.3 74.1
2001: Nov 1,664.1 704.9 959.1 20.6 7.2 13.3
Dec 1,667.9 699.9 968.1 3.8 -5.0 9.0
2002: Jan 1,673.8 700.9 972.9 5.9 1.0 4.8
Feb 1,680.5 700.6 979.9 6.7 -.3 7.0
Mar 1,688.4 703.4 985.0 7.9 2.8 5.1
Apr 1,696.3 708.1 988.2 7.9 4.7 3.2
May 1,704.6 709.7 994.9 8.3 1.6 6.7
June 1,707.5 712.1 995.3 2.9 2.4 .4
July 1,714.8 715.8 999.0 7.3 3.7 3.7
Aug 1,717.8 719.5 998.3 3.0 3.7 -.7
Sept 1,722.5 721.3 1,001.3 4.7 1.8 3.0
Oct (r) 1,724.1 723.7 1,000.4 1.6 2.4 -.9
Nov (p) 1,721.9 722.1 999.7 -2.2 -1.6 -.7
(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.
INTEREST RATES AND BOND YIELDS
Overall, interest rates fell in January
[GRAPHIC OMITTED]
[Percent per annum]
U.S. Treasury security yields High
grade
Constant maturities (2) municipal
bonds
(Standard
Period 3-month &
bills (new Poor's)
issues) (1) 3-year 10-year 30-year (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: Jan 1.66 3.56 5.04 5.45 5.19
Feb 1.73 3.55 4.91 * 5.14
Mar 1.81 4.14 5.28 * 5.27
Apr 1.72 4.01 5.21 * 5.27
May 1.74 3.80 5.16 * 5.22
June 1.71 3.49 4.93 * 5.11
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
Week ended:
2003: Jan 4 1.19 2.09 3.94 * 4.81
11 1.19 2.24 4.10 * 4.89
18 1.18 2.21 4.10 * 4.93
25 1.16 2.10 3.97 * 4.89
Feb 1 1.14 2.16 4.01 * 4.89
Discount window New-
(N.Y. F.R. Bank) Prime home
Corporate (4) rate mort-
Aaa charged Federal gage
bonds Prim- Disc- by funds yields
Period (Moody's) ary ount banks rate (FHFB)
credit rate (5) (6) (7)
(4) (5)
1993: 7.22 3.00 6.00 3.02 7.20
1994: 7.96 3.60 7.15 4.21 7.49
1995: 7.59 5.21 8.83 5.83 7.87
1996: 7.37 5.02 8.27 5.30 7.80
1997: 7.26 5.00 8.44 5.46 7.71
1998: 6.53 4.92 8.35 5.35 7.07
1999: 7.04 4.62 8.00 4.97 7.04
2000: 7.62 5.73 9.23 6.24 7.52
2001: 7.08 3.40 6.91 3.88 7.00
2002: 6.49 1.17 4.67 1.67 6.43
2002: Jan 6.55 1.25 4.75 1.73 6.87
Feb 6.51 1.25 4.75 1.74 6.82
Mar 6.81 1.25 4.75 1.73 6.76
Apr 6.76 1.25 4.75 1.75 6.74
May 6.75 1.25 4.75 1.75 6.59
June 6.63 1.25 4.75 1.75 6.47
July 6.53 1.25 4.75 1.73 6.37
Aug 6.37 1.25 4.75 1.74 6.26
Sept 6.15 1.25 4.75 1.75 6.17
Oct 6.32 1.25 4.75 1.75 6.09
Nov 6.31 0.75 4.25 1.34 6.08
Dec 6.21 0.75 4.25 1.24 6.04
2003: Jan 6.17 2.25 * 4.25 1.24
Week ended:
2003: Jan 4 6.16 0.75 4.25 1.20
11 6.24 2.25 * 4.25 1.20
18 6.22 2.25 * 4.25 1.26
25 6.11 2.25 * 4.25 1.23
Feb 1 6.09 2.25 * 4.25 1.24
(1) Bank-discount basis.
(2) Yields on actively traded issues adjusted to constant maturities.
(3) Weekly date 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 rates.
(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 were mixed In January.
[GRAPHIC OMITTED]
Common stock prices (1)
New York Stock Exchange indexes (2)
Composite December 31, 1965=50
(Dec. 31,
2002= Indus- Transpor-
Period 5,000) (3) trial tation Utility (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 6,805.89 810.63 413.60 477.65 533.13
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: Jan 6,151.15 723.56 446.13 322.49 591.94
Feb 6,022.23 715.80 453.51 301.32 570.18
Mar 6,352.08 751.79 490.51 316.27 609.72
Apr 6,212.88 732.71 470.00 (r) 300.66 610.24
May 6,087.85 718.12 459.55 287.10 603.15
June 5,755.89 677.58 449.42 265.21 577.05
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
Week ended:
2003: Jan. 4 5,070.15 591.28 400.40 237.54 518.21
11 5,197.13 603.09 409.23 249.02 535.75
18 5,177.63 600.53 404.16 242.62 536.00
25 4,963.78 577.89 383.53 228.80 515.56
2003: Feb 1 4,829.41 562.77 375.87 221.56 500.14
Common stock prices (1)
Standard & Nasdaq
Poor's com- composite
Dow Jones posite index index
industrial (1941- (Feb. 5,
Period average (5) 43=10 (6) 1971=10 (7)
1993 3,522.06 451.41 715.16
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 10,464.88 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
2002: Jan 9,923.80 1,140.21 1,976.77
Feb 9,891.05 1,100.67 1,799.72
Mar 10,500.95 1,153.79 1,863.05
Apr 10,165.18 1,112.03 1,758.80
May 10,080.48 1,079.27 1,660.31
June 9,492.44 1,014.05 1,505.49
July 8,616.52 903.59 1,346.09
Aug 8,685.48 912.55 1,327.36
Sept 8,160.78 867.81 1,251.07
Oct 8,048.12 854.63 1,241.91
Nov 8,625.72 909.93 1,409.15
Dec 8,526.66 899.18 1,387.15
2003: Jan 8,474.59 895.84 1,389.56
Week ended:
2003: Jan. 4 8,470.92 894.21 1,361.75
11 8,734.11 923.40 1,428.03
18 8,727.28 918.50 1,429.15
25 8,315.53 878.68 1,363.54
2003: Feb 1 8,037.61 854.14 1,333.75
Common stock yields (percent) (8)
Dividend- Earnings-
Period price ratio price ratio
1993 2.78 4.46
1994 2.82 5.83
1995 2.56 6.09
1996 2.19 5.24
1997 1.77 4.57
1998 1.49 3.45
1999 1.25 3.17
2000 1.15 3.63
2001 1.32 2.95
2002 1.61
2002: Jan 1.38
Feb 1.43
Mar 1.37 2.15
Apr 1.42
May 1.47
June 1.58 2.70
July 1.76
Aug 1.72
Sept 1.80 (r) 3.68
Oct 1.86
Nov 1.73
Dec 1.77
2003: Jan 1.80
Week ended:
2003: Jan. 4 1.81
11 1.75
18 1.74
25 1.83
2003: Feb 1 1.87
(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
