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MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In November, M2 and M3 rose.
[GRAPHIC OMITTED]
[Averages of daily figures, except debt end-of-period basis; billions
of dollar, seasonally adjusted]
M2 M3
M1
M1 plus retail M2 plus large
Sum of currency, MMMF balances, time deposits,
demand deposits, savings deposits RPs, Euro-
travelers' checks, (including dollars, and
and other MMDAs), and institution-
checkable depos- small time al MMMF
Period its (OCDs) deposits balances
1992: Dec 1,024.0 3,430.3 4,215.4
1993: Dec 1,129.1 3,483.0 4,277.4
1994: Dec 1,149.7 3,496.0 4,360.1
1995: Dec 1,126.5 3,639.8 4,625.7
1996: Dec 1,079.1 3,813.8 4,971.6
1997: Dec 1,072.2 4,030.5 5,447.5
2005: Dec 1,096.5 4,383.9 6,037.7
2005: Dec 1,124.4 4,654.2 6,539.6
2005: Dec 1,088.9 4,938.6 7,109.9
2005: Dec 1,179.3 5,458.6 8,027.0
2005: Nov 1,163.8 5,414.4 7,956.5
Dec 1,179.3 5,458.6 8,027.0
2005: Jan 1,182.9 5,468.2 8,018.8
Feb 1,184.8 5,498.8 8,057.0
Mar 1,187.8 5,493.0 8,051.8
Apr 1,176.7 5,476.5 8,038.7
May 1,183.4 5,542.4 8,118.5
June 1,190.2 5,576.4 (r) 8,159.2
July 1,197.4 5,635.5 (r) 8,217.3
Aug 1,183.2 5,680.2 (r) 8,291.3
Sept 1,191.2 (r) 5,705.4 (r) 8,326.7
Oct 1,199.6 5,753.8 (r) 8,347.9
Nov 1,200.7 5,800.7 (r) 8,490.2
Debt Percent change
Debt of From year or 6 month
domestic earlier (2)
nonfinancial
Period sectors (1) M1 M2 M3
1992: Dec 11,839.9 14.3 1.6 0.3
1993: Dec 12,434.1 10.3 1.5 1.5
1994: Dec 13,001.5 1.8 0.4 1.9
1995: Dec 13,706.9 -2.0 4.1 6.1
1996: Dec 14,440.2 -4.2 4.8 7.5
1997: Dec 15,243.1 .6 5.7 9.6
2005: Dec 16,285.5 2.3 8.8 10.8
2005: Dec 17,377.6 2.5 6.2 8.3
2005: Dec 18,250.6 -3.2 6.1 8.7
2005: Dec 19,369.2 8.3 10.5 12.9
2005: Nov 8.5 10.7 11.5
Dec 19,369.2 9.5 10.5 10.9
2005: Jan 7.8 9.2 9.5
Feb 6.5 8.9 10.2
Mar 19,601.0 -2.0 4.4 5.9
Apr 2.7 4.0 4.4
May 3.4 4.7 4.1
June 20,004.5 1.8 4.3 3.3
July 2.5 6.1 (r) 5.0
Aug -.3 6.6 (r) 5.8
Sept 20,336.8 .6 7.7 (r) 6.8
Oct 3.9 10.1 (r) 7.7
Nov 2.9 9.3 9.2
From
pre-
vious
period (3)
Period Debt
1992: Dec 4.6
1993: Dec 4.9
1994: Dec 4.5
1995: Dec 5.4
1996: Dec 5.3
1997: Dec 5.6
2005: Dec 6.8
2005: Dec 6.5
2005: Dec 4.9
2005: Dec 6.1
2005: Nov
Dec 6.4
2005: Jan
Feb
Mar 4.8
Apr
May
June 8.2
July
Aug
Sept 6.6
Oct
Nov
(1) Quarterly data; shown in last month 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 fouth 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)
1992: Dec 292.2 7.6 339.9 384.4
1993: Dec 321.6 7.5 385.4 414.6
1994: Dec 354.1 8.0 383.6 404.1
1995: Dec 372.1 8.5 389.2 356.7
1996: Dec 394.0 8.3 401.0 275.8
1997: Dec 424.4 8.1 393.9 245.8
2005: Dec 459.3 8.2 378.4 250.5
2005: Dec 516.9 8.3 354.5 244.7
2005: Dec 530.1 8.0 309.9 240.9
2005: Dec 579.9 7.8 329.9 261.8
2005: Nov 575.0 7.8 326.3 254.7
Dec 579.9 7.8 329.9 261.8
2005: Jan 586.1 7.8 326.7 262.3
Feb 591.4 7.8 324.0 261.6
Mar 595.1 7.7 323.2 261.7
Apr 599.4 7.7 308.7 260.9
May 605.0 7.8 305.5 265.0
June 611.1 8.2 304.7 266.2
July 615.1 8.6 303.1 270.6
Aug 617.3 8.4 288.2 269.4
Sept 618.0 8.0 292.4 272.9
Oct 619.9 7.7 295.8 276.2
Nov 622.0 7.5 292.8 278.3
Savings
deposits, Money market
including Small mutual fund
money denom- balances
market ination
deposit time Insti-
accounts depos- tution-
Period (MMDAs) its (1) Retail al
1992: Dec 1,186.8 868.1 351.4 213.8
1993: Dec 1,219.5 782.0 352.4 217.0
1994: Dec 1,149.9 816.3 380.0 211.1
1995: Dec 1,134.1 931.3 447.8 264.2
1996: Dec 1,272.7 946.9 515.1 322.5
1997: Dec 1,400.1 968.2 590.1 395.7
2005: Dec 1,602.2 951.7 733.6 540.1
2005: Dec 1,738.8 955.4 835.7 638.6
2005: Dec 1,875.8 1,043.6 930.2 796.6
2005: Dec 2,308.0 973.3 997.9 1,206.5
2005: Nov 2,268.9 987.2 994.6 1,180.6
Dec 2,308.0 973.3 997.9 1,206.5
2005: Jan 2,345.6 958.4 981.4 1,178.7
Feb 2,396.3 947.1 970.6 1,177.1
Mar 2,417.8 938.7 948.6 1,177.3
Apr 2,438.1 931.7 930.0 1,175.5
May 2,484.6 928.6 945.9 1,186.0
June 2,514.2 923.7 948.2 1,196.9
July 2,553.8 917.1 967.2 1,192.3
Aug 2,619.9 910.2 967.0 1,190.8
Sept 2,660.6 900.4 953.1 1,176.6
Oct 2,710.5 891.9 951.8 1,141.1
Nov 2,758.0 885.9 956.1 1,218.0
Overnight
and term
repur-
Large chase Overnight
denom- agree- and term
ination ments Euro-
time (RPs) dollars
Period deposits (1) (net) (net)
1992: Dec 350.2 141.6 79.5
1993: Dec 332.1 172.6 72.8
1994: Dec 370.4 196.3 86.3
1995: Dec 429.3 198.4 94.0
1996: Dec 510.6 210.3 114.5
1997: Dec 620.2 253.9 147.2
2005: Dec 671.4 293.4 148.8
2005: Dec 742.4 335.9 168.5
2005: Dec 820.1 364.0 190.7
2005: Dec 784.3 375.7 201.9
2005: Nov 780.8 374.1 206.6
Dec 784.3 375.7 201.9
2005: Jan 794.1 375.6 202.1
Feb 792.2 379.9 209.0
Mar 792.7 377.9 210.9
Apr 806.0 371.8 208.9
May 814.6 371.6 203.9
June 813.5 373.3 (r) 199.2
July 817.8 372.8 (r) 199
Aug 819.2 398.1 (r) 202.9
Sept (r) 820.2 417.7 (r) 206.8
Oct 827.5 415.9 (r) 209.5
Nov 821.8 436.9 212.9
(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
institution
Non-
borrowed
plus
Non- extended
Period Total borrowed credit Required
1992: Dec 54,332 54,208 54,209 53,178
1993: Dec 60,460 60,378 60,378 59,390
1994: Dec 59,369 59,160 59,160 58,209
1995: Dec 56,430 56,173 56,173 55,140
1996: Dec 50,149 49,994 49,994 48,733
1997: Dec 46,848 46,523 46,523 45,163
2005: Dec 45,136 45,019 45,019 43,622
2005: Dec 41,824 41,504 41,504 40,527
2005: Dec 38,535 38,326 38,326 37,108
2005: Dec 41,220 41,154 41,154 39,572
2005: Nov 40,867 40,783 40,783 39,415
Dec 41,220 41,154 41,154 39,572
2005: Jan 41,735 41,685 41,685 40,340
Feb 41,450 41,420 41,420 40,080
Mar 41,050 40,971 40,971 39,629
Apr 40,806 40,735 40,735 39,594
May 39,164 39,052 39,052 37,902
June 39,313 39,171 39,171 38,075
July 39,679 39,488 39,488 38,305
Aug 40,054 39,721 39,721 38,417
Sept 39,275 39,045 39,045 37,799
Oct (r) 38,918 38,776 38,776 37,368
Nov 39,561 38,289 39,289 37,946
Adjusted
for changes
in reserve Borrowings of depository
require- institutions from the
ments Federal Reserve (NSA)
Monetary Extended
Period base Total Seasonal credit
1992: Dec 350,751 124 18 1
1993: Dec 386,477 82 31 0
1994: Dec 418,205 209 100 0
1995: Dec 434,396 257 40 0
1996: Dec 451,839 155 68 0
1997: Dec 479,703 324 79 0
2005: Dec 513,550 117 15 0
2005: Dec 593,121 320 67 0
2005: Dec 584,042 210 111 0
2005: Dec 634,414 67 33 0
2005: Nov 629,374 84 33 0
Dec 634,414 67 33 0
2005: Jan 640,845 50 17 0
Feb 646,153 30 17 0
Mar 649,629 79 20 0
Apr 653,921 71 50 0
May 657,887 112 105 0
June 664,105 142 136 0
July 668,755 191 176 0
Aug 671,143 333 185 0
Sept 671,568 229 169 0
Oct (r) 673,626 143 120 0
Nov 676,235 272 60 0
(1) Data are prorated averages of biweekly (maintenance period)
averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in November;
commercial and industrial loans fell 0.3 percent.
[GRAPHIC OMITTED]
[Billions of dollars, seasonally adjusted (1)]
Securities in bank credit
U.S.
Treasury
and
Total agency
bank Total securi- Other
Period credit securities ties securities
1992: Dec 2,956.9 843.3 666.3 177.0
1993: Dec 3,115.7 917.7 732.9 184.8
1994: Dec 3,322.5 942.4 724.3 218.2
1995: Dec 3,605.4 986.7 703.8 282.9
1996: Dec 3,761.8 980.5 700.5 280.0
1997: Dec (r) 4,105.4 1,089.1 749.6 339.5
2005: Dec 4,546.0 (r) 1,229.8 792.8 (r) 437.0
2005: Dec (r) 4,782.4 1,277.6 811.3 466.4
2005: Dec (r) 5,234.0 1,345.7 790.5 555.2
2005: Dec (r) 5,451.0 1,496.8 855.9 640.9
2005: Nov (r) 5,460.4 1,494.9 839.9 655.0
Dec (r) 5,451.0 1,496.8 855.9 640.9
2005: Jan (r) 5,428.7 1,491.0 838.8 652.1
Feb (r) 5,438.8 1,488.5 832.4 656.1
Mar (r) 5,433.6 1,487.8 849.3 638.5
Apr (r) 5,450.7 1,504.4 870.2 634.2
May (r) 5,498.7 1,535.5 893.3 642.2
June (r) 5,540.6 1,562.5 908.9 653.6
July (r) 5,591.1 1,594.4 918.3 676.1
Aug (r) 5,672.8 1,632.7 945.7 687.0
Sept (r) 5,729.0 1,642.3 961.9 680.4
Oct (r) 5,753.4 1,637.6 968.7 668.9
Nov 5,836.4 1,687.2 1,000.2 686.9
Loans and leases
in bank credit
Real estate
Commer- Revolving
Total loans cial and home
Period and leases (2) industrial Total equity
1992: Dec 2,113.6 599.3 907.3 78.4
1993: Dec 2,198.0 590.2 948.3 78.0
1994: Dec 2,380.1 650.2 1,012.0 80.4
1995: Dec 2,618.7 724.2 1,090.6 84.4
1996: Dec 2,781.3 787.9 1,142.6 90.7
1997: Dec 3,016.3 856.5 1,248.5 104.8
2005: Dec 3,316.2 951.0 1,339.5 103.9
2005: Dec (r) 3,504.8 1,004.4 1,477.7 101.5
2005: Dec (r) 3,888.3 1,088.9 1,658.4 129.9
2005: Dec (r) 3,954.2 1,031.6 1,784.5 155.5
2005: Nov (r) 3,965.5 1,040.5 1,772.4 152.6
Dec (r) 3,954.2 1,031.6 1,784.5 155.5
2005: Jan (r) 3,937.8 1,022.4 1,781.0 158.7
Feb (r) 3,950.3 1,029.1 1,789.1 162.2
Mar (r) 3,945.8 1,024.0 1,790.3 167.6
Apr (r) 3,946.3 1,008.7 1,794.5 172.1
May (r) 3,963.2 1,001.2 1,816.6 179.6
June (r) 3,978.1 993.6 1,838.4 186.1
July (r) 3,996.7 982.2 1,869.2 192.9
Aug (r) 4,040.1 982.3 1,900.7 197.7
Sept (r) 4,086.7 975.7 1,935.0 201.0
Oct (r) 4,115.8 970.3 1,967.3 205.0
Nov 4,149.2 967.7 1,999.9 207.8
Loans and leases in bank credit
Real
estate
Period Other Consumer Security Other
1992: Dec 828.9 356.3 63.2 187.5
1993: Dec 870.3 387.7 86.4 185.4
1994: Dec 931.5 448.3 75.8 193.8
1995: Dec 1006.2 491.4 83.3 229.2
1996: Dec 1051.8 512.9 75.5 (r) 262.4
1997: Dec 1143.7 502.5 94.9 313.9
2005: Dec 1235.6 497.2 146.5 382.0
2005: Dec (r) 1376.3 490.6 151.4 380.7
2005: Dec (r) 1528.5 539.5 178.1 423.4
2005: Dec (r) 1628.9 557.8 146.2 434.1
2005: Nov (r) 1619.8 558.8 154.6 439.2
Dec (r) 1628.9 557.8 146.2 434.1
2005: Jan (r) 1622.3 560.8 151.5 422.1
Feb (r) 1626.9 564.3 152.8 415.0
Mar (r) 1622.7 563.3 160.7 407.5
Apr (r) 1622.4 567.7 167.9 407.6
May (r) 1637.0 569.9 169.1 406.4
June (r) 1652.4 568.6 169.7 407.7
July (r) 1676.3 564.7 177.4 403.2
Aug (r) 1703.0 574.8 176.0 406.3
Sept (r) 1734.0 582.8 180.7 412.5
Oct (r) 1762.3 584.8 182.1 411.2
Nov 1792.1 585.7 186.1 409.8
(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)
Funds raised in
markets
Total
net Net new
Inter- funds equity
Period Total nal (1) Total raised issues
1992 626.7 465.4 161.3 52.7 27.0
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 1,074.5 676.0 398.5 113.6 -69.5
1997 1,011.1 727.6 283.5 177.2 -114.4
2005 1,332.8 716.8 616.0 125.2 -267.0
2005 1,743.9 756.3 987.6 247.1 -143.5
2005 1,540.8 741.0 799.8 240.1 -159.7
2005 1,064.4 777.1 287.3 183.8 -61.8
2005: I 1,669.2 740.5 928.7 497.8 62.2
II 1,674.6 751.0 923.6 288.9 -245.7
III 1,541.0 743.9 797.1 161.1 -87.8
IV 1,278.3 728.4 549.9 12.7 -367.5
2005: I 1,153.1 710.3 442.8 212.7 -25.0
II 976.0 748.3 227.7 242.8 -70.7
III 1,080.0 789.7 290.3 64.7 -126.6
IV 1,048.7 860.1 188.6 214.8 -25.0
2005: I 1,052.2 815.4 236.8 -1.6 -8.7
II 1,044.6 797.2 247.4 116.8 18.5
III (p) 917.7 783.2 132.5 -128.3 -139.0
Sources
External (Net increase in liabilities)
Funds raised in markets
Credit market instruments
Loans
and
Securities short- Uses
and mort- term
Period Total gages paper Other (2) Total
1992 25.7 35.5 -9.9 108.7 601.8
1993 33.2 55.4 -22.2 163.4 841.5
1994 126.3 32.0 94.3 160.3 850.7
1995 227.1 102.1 124.9 222.1 1,065.1
1996 183.1 129.6 53.7 284.9 1,116.7
1997 291.6 187.0 104.6 106.3 1,032.6
2005 392.1 241.5 150.7 490.8 1,396.4
2005 390.5 269.0 121.6 740.6 1,854.9
2005 399.8 222.4 177.4 559.7 1,718.6
2005 245.6 394.1 -148.5 103.5 1,082.0
2005: I 435.6 240.5 195.1 430.9 1,825.8
II 534.6 198.0 336.6 634.7 1,854.3
III 248.9 200.2 48.7 636.0 1,729.1
IV 380.2 250.9 129.2 537.2 1,465.4
2005: I 237.7 440.4 -202.8 230.1 1,201.7
II 313.5 449.0 -135.3 -15.2 1,005.6
III 191.3 279.7 -88.4 225.5 1,113.0
IV 239.8 407.0 -167.3 -26.1 1,007.7
2005: I 7.1 239.6 -232.5 238.5 996.1
II 98.3 264.3 -166.0 130.5 998.7
III (p) 10.7 29.2 -18.4 260.7 901.7
Uses Discrep-
ancy
Capital Increase (sources
expendi- in finan- less
Period tures (3) cial assets uses)
1992 455.8 146.0 24.9
1993 508.8 332.7 -112.8
1994 575.6 275.1 -42.5
1995 638.7 426.4 -54.4
1996 662.7 454.0 -42.2
1997 760.2 272.4 -21.5
2005 826.5 569.9 -63.6
2005 885.0 969.9 -111.0
2005 957.2 761.4 -177.9
2005 794.2 287.8 -17.5
2005: I 936.5 889.3 -156.6
II 970.3 884.0 -179.7
III 975.3 753.8 -188.0
IV 946.9 518.5 -187.1
2005: I 866.3 335.4 -48.6
II 812.3 193.3 -29.6
III 781.2 331.8 -32.9
IV 717.1 290.6 41.0
2005: I 773.6 222.5 56.1
II 796.3 202.4 45.8
III (p) 813.2 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]
Net change in
Consumer credit outstanding (end consumer credit
of period) outstanding (1)
Re- Non-revol- Re-
Period Total volving ving (2) Total volving
1992: Dec 782.2 278.4 503.7 5.1 14.6
1993: Dec 838.8 309.9 528.8 56.6 31.5
1994: Dec 960.4 365.6 594.9 121.6 55.7
1995: Dee 1,095.8 443.1 652.7 135.4 77.5
1996: Dec 1,185.1 498.9 686.1 89.3 55.8
1997: Dec 1,243.0 531.0 712.0 57.9 32.1
2005: Dec 1,317.5 562.5 755.0 74.5 31.5
2005: Dec 1,416.3 597.7 818.6 98.8 35.2
2005: Dee 1,560.6 666.6 894.0 144.3 68.9
2005: Dec 1,667.9 699.9 968.1 107.3 33.3
2005: Oct 1,643.5 697.7 945.8 12.5 -.6
Nov 1,664.1 704.9 959.1 20.6 7.2
Dec 1,667.9 699.9 968.1 3.8 -5.0
2005: Jan 1,673.8 700.9 972.9 5.9 1.0
Feb 1,680.5 700.6 979.9 6.7 -.3
Mar 1,688.4 703.4 985.0 7.9 2.8
Apr 1,696.3 708.1 988.2 7.9 4.7
May 1,704.6 709.7 994.9 8.3 1.6
June 1,707.5 712.1 995.3 2.9 2.4
July 1,714.8 715.8 999.0 7.3 3.7
Aug 1,717.8 719.5 998.3 3.0 3.7
Sept 1,722.5 721.3 1,001.3 4.7 1.8
Oct (p) 1,724.0 723.7 1,000.3 1.5 2.4
Net change in consumer credit
outstanding (1)
Non-revol-
Period ving (2)
1992: Dec -9.6
1993: Dec 25.1
1994: Dec 66.1
1995: Dee 57.8
1996: Dec 33.4
1997: Dec 25.9
2005: Dec 43.0
2005: Dec 63.6
2005: Dee 75.4
2005: Dec 74.1
2005: Oct 13.1
Nov 13.3
Dec 9.0
2005: Jan 4.8
Feb 7.0
Mar 5.1
Apr 3.2
May 6.7
June .4
July 3.7
Aug -.7
Sept 3.0
Oct (p) -1.0
(1) Change based on data in billions of dollar as shown here. For
year-end data, change from proceeding year-end; for monthly dat, 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 unsercured.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates fell in December.
[GRAPHIC OMITTED]
[Percent per annum]
High-
U.S. Treasury security yields grade
municipal
3-month bonds
bills Constant maturities (2) (Standard
(new is- & Poor's)
Period sues) (1) 3-year 10-year 30-year (3)
1992 3.45 5.30 7.01 7.67 6.41
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
2005 4.81 5.14 5.26 5.58 5.12
2005 4.66 5.49 5.65 5.87 5.43
2005 5.85 6.22 6.03 5.94 5.77
2005 3.45 4.09 5.02 5.49 5.19
2005: Nov 1.93 3.22 4.65 5.12 5.06
Dec 1.72 3.62 5.09 5.48 5.28
2005: 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
Week ended:
2005: Dec 7 1.21 2.44 4.17 * 5.03
14 1.20 2.27 4.04 * 4.87
21 1.20 2.23 4.05 * 4.87
28 1.19 2.08 3.92 * 4.85
Prime
commer-
Corporate cial
Aaa paper, Discount Prime rate
bonds 6 rate (N.Y. charged by
Period (Moody's) months (1) F.R. Bank) (4) banks (4)
1992 8.14 3.80 3.25 6.25
1993 7.22 3.30 3.00 6.00
1994 7.96 4.93 3.60 7.15
1995 7.59 5.93 5.21 8.83
1996 7.37 5.42 5.02 8.27
1997 7.26 5.62 5.00 8.44
2005 6.53 * 4.92 8.35
2005 7.04 * 4.62 8.00
2005 7.62 * 5.73 9.23
2005 7.08 * 3.40 6.91
2005: Nov 6.97 * 2.00-1.50 5.50-5.00
Dec 6.76 * 1.50-1.25 5.00-4.75
2005: Jan 6.55 * 1.25-1.25 4.75-4.75
Feb 6.51 * 1.25-1.25 4.75-4.75
Mar 6.81 * 1.25-1.25 4.75-4.75
Apr 6.76 * 1.25-1.25 4.75-4.75
May 6.75 * 1.25-1.25 4.75-4.75
June 6.63 * 1.25-1.25 4.75-4.75
July 6.53 * 1.25-1.25 4.75-4.75
Aug 6.37 * 1.25-1.25 4.75-4.75
Sept 6.15 * 1.25-1.25 4.75-4.75
Oct 6.32 * 1.25-1.25 4.75-4.75
Nov 6.31 * 1.25-0.75 4.75-4.25
Week ended:
2005: Dec 7 6.33 * 0.75-0.75 4.25-4.25
14 6.20 * 0.75-0.75 4.25-4.25
21 6.23 * 0.75-0.75 4.25-4.25
28 6.14 * 0.75-0.75 4.25-4.25
New-
home
Federal mortgage
funds yields
Period rate (5) (FHFB) (6)
1992 3.52 8.24
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
2005 5.35 7.07
2005 4.97 7.04
2005 6.24 7.52
2005 3.88 7.00
2005: Nov 2.09 6.63
Dec 1.82 6.79
2005: Jan 1.73 6.87
Feb 1.74 6.82
Mar 1.73 6.76
Apr 1.75 6.74
May 1.75 6.59
June 1.75 6.47
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
Week ended:
2005: Dec 7 1.24
14 1.23
21 1.27
28 1.23
(1) Bank-discount basis.
(2) Yields on the more actively traded issues adjusted to constant
maturities by the Treasury Department.
(3) Weekly data are Wednesday figures.
(4) Average effective rate for year; opening and closing rate for month
and week.
(5) Daily effective rate; average of the rates on a given day weighted
by the volume of transactions at these rates.
(6) 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.
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 fell in December.
[GRAPHIC OMITTED]
Common stock prices (1)
New York Stock Exchange indexes (Dec. 31, 1965 = 50,
Period except as noted) (2)
Com- Transpor-
posite Industrial tation
1992 229.01 284.62 201.09
1993 249.58 299.99 242.49
1994 254.12 315.25 247.29
1995 291.15 367.34 269.41
1996 358.17 453.98 327.33
1997 456.54 574.52 414.60
2005 550.26 681.57 468.69
2005 619.16 774.78 491.60
2005 643.66 810.63 413.60
2005 605.07 748.26 443.59
2005: Nov 575.30 715.98 410.05
Dec 582.82 727.67 433.70
2005: Jan 581.74 723.56 446.13
Feb 569.55 715.80 453.51
Mar 600.74 751.79 490.51
Apr 587.58 732.71 470.00
May 575.75 718.12 459.55
June 544.36 677.58 449.42
July 486.11 603.04 416.10
Aug 491.84 611.34 409.96
Sept 471.04 589.14 388.19
Oct 459.88 574.45 383.41
Nov 482.79 597.75 405.03
Week ended:
2005: Dec 7 487.74 604.31 405.84
14 479.92 594.63 403.44
21 479.29 590.66 401.91
28 475.39 585.77 395.70
Common stock prices (1)
New York Stock Exchange indexes
Period (Dec. 31, 1965 = 50, except as
noted) (2)
Utility (3) Finance
1992 198.91 179.26
1993 228.90 216.42
1994 209.06 209.73
1995 220.30 238.45
1996 249.77 303.89
1997 283.82 424.48
2005 378.12 516.35
2005 473.73 530.86
2005 477.65 553.13
2005 377.30 595.61
2005: Nov 330.78 577.85
Dec 325.33 585.47
2005: Jan 322.49 591.94
Feb 301.32 570.18
Mar 316.27 609.72
Apr 300.57 610.24
May 287.10 603.15
June 265.21 577.05
July 230.19 524.01
Aug 225.52 533.60
Sept 210.76 506.05
Oct 207.83 494.06
Nov 229.41 523.50
Week ended:
2005: Dec 7 233.76 526.62
14 229.10 518.46
21 235.68 520.78
28 235.47 515.76
Common stock prices (1)
Standard &
Period Dow Jones Poor's com- Nasdaq com-
industrial posite index posite index
average (4) (1941- (Feb. 5
43 = 10) (5) 1971 = 100) (6)
1992 3,284.29 415.74 599.26
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
2005 8,625.52 1,085.50 1,794.91
2005 10,464.88 1,327.33 2,728.15
2005 10,734.90 1,427.22 3,783.67
2005 10,189.13 1,194.18 2,035.00
2005: Nov 9,721.82 1,129.68 1,870.06
Dec 9,979.88 1,144.93 1,977.71
2005: 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
Week ended:
2005: Dec 7 8,722.48 918.33 1,439.46
14 8,521.78 898.50 1,383.29
21 8,497.25 896.90 1,374.21
28 8,419.45 888.73 1,367.59
Common stock yields
Period (percent) (7)
Dividend- Earnings-
price ratio price ratio
1992 2.99 4.22
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
2005 1.49 3.46
2005 1.25 3.17
2005 1.15 3.63
2005 1.32 2.95
Nov 1.38
Dec 1.36 2.15
2005: 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 3.75
Oct 1.86
Nov 1.73
Week ended:
2005: Dec 7 1.73
14 1.75
21 1.79
28 1.79
(1) Average of daily closing prices.
(2) Includes all the stocks (nearly 3,000) listed on the NYSE.
(3) 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. All indexes shown here reflect the doubling.
(4) Includes 30 stocks.
(5) Includes 500 stocks.
(6) Includes over 4,000 stocks.
(7) Standard & Poor's series. Dividend-price ratios based on
Wednesday closing prices. Earnings-price ratios based on prices at
end of quarter.
Sources: New York Stock Exchange, Dow Jones & Company, Inc.,
Standard & Poor's, and the National Association of Securities
Dealers, Inc.
COPYRIGHT 2005 Superintendent Of Documents
COPYRIGHT 2005 Gale Group
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