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MONEY, CREDIT, AND SECURITY MARKETS.

MONEY STOCK AND DEBT MEASURES
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES

In February, M2 and M3 rose but slower.

[GRAPH OMITTED]

[Averages of daily figures, except debt; 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

1991: Dec                  895.9                3,376.6
1992: Dec                1,024.0                3,430.7
1993: Dec                1,129.2                3,484.3
1994: Dec                1,149.8                3,498.8
1995: Dec                1,126.2                3,641.7
1996: Dec                1,080.5                3,814.2
1997: Dec                1,073.4                4,030.4
1998: Dec                1,097.0                4,383.4
1999: Dec                1,124.3                4,650.0
2000: Dec(r)             1,090.3                4,943.3

2000: Feb(r)             1,108.8                4,686.4
      Mar(r)             1,113.2                4,717.2
      Apr(r)             1,117.3                4,754.8
      May(r)             1,106.6                4,761.7
      June(r)            1,105.6                4,783.1
      July(r)            1,103.9                4,803.3
      Aug(r)             1,099.7                4,833.4
      Sept(r)            1,095.7                4,865.3
      Oct(r)             1,096.1                4,887.1
      Nov(r)             1,088.5                4,904.1
      Dec(r)             1,090.3                4,943.3

2001: Jan(r)             1,101.2                4,993.8
      Feb                1,101.2                5,038.4

                      M3                   Debt

                                          Debt of
                                         domestic
                M2 plus large          nonfinancial
                time deposits,            sectors
                  RPs, Euro-             (monthly
  Period         dollars, and           average of
                 institution-            adjacent
                   al MMMF               month-end
                   balances             levels)(1)

1991: Dec                4,202.3               11,299.5
1992: Dec                4,213.0               11,823.7
1993: Dec                4,275.1               12,407.6
1994: Dec                4,357.3               12,988.4
1995: Dec                4,622.5               13,694.9
1996: Dec                4,968.5               14,430.8
1997: Dec                5,427.8               15,223.1
1998: Dec                6,027.3            (r)16,277.8
1999: Dec                6,526.8            (r)17,379.9
2000: Dec(r)             7,098.3               18,304.0

2000: Feb(r)             6,601.6               17,510.9
      Mar(r)             6,672.6               17,618.9
      Apr(r)             6,724.1               17,718.0
      May(r)             6,756.4               17,792.7
      June(r)            6,806.8               17,876.0
      July(r)            6,855.3               17,945.0
      Aug(r)             6,913.6               18,006.3
      Sept(r)            6,965.5               18,082.9
      Oct(r)             6,988.4               18,134.9
      Nov(r)             7,015.1               18,216.5
      Dec(r)             7,098.3               18,304.0

2001: Jan(r)             7,194.0            (p)18,362.0
      Feb                7,263.7                    ...

                      Percent change from year or 6
                            months earlier(2)

  Period              M1      M2      M3      Debt

1991: Dec              8.7    3.0     1.3     4.4
1992: Dec             14.3    1.6      .3     4.6
1993: Dec             10.3    1.6     1.5     4.9
1994: Dec              1.8     .4     1.9     4.7
1995: Dec             -2.1    4.1     6.1     5.4
1996: Dec             -4.1    4.7     7.5     5.4
1997: Dec              -.7    5.7     9.2     5.5
1998: Dec              2.2    8.8    11.0     6.9
1999: Dec              2.5    6.1     8.3     6.8
2000: Dec(r)          -3.0    6.3     8.8     5.3

2000: Feb(r)           2.4    5.5    10.3     5.8
      Mar(r)           3.6    6.1    11.7     5.8
      Apr(r)           3.8    6.8    11.5     5.9
      May(r)           -.1    6.0     9.7     6.0
      June(r)         -3.3    5.7     8.6     5.7
      July(r)         -3.4    5.7     8.7     5.6
      Aug(r)          -1.6    6.3     9.5     5.7
      Sept(r)         -3.1    6.3     8.8     5.3
      Oct(r)          -3.8    5.6     7.9     4.7
      Nov(r)          -3.3    6.0     7.7     4.8
      Dec(r)          -2.8    6.7     8.6     4.8

2001: Jan(r)           0.5    7.9     9.9     4.6
      Feb              0.3    8.5    10.1     ...

(1) Consists of outstanding credit market debt of the U.S. Government,
State and local governments, and private nonfinancial sectors; data
derived 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.

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
                           Nonbank     Demand      check-
  Period       Currency   travelers   deposits      able
                           checks                 deposits
                                                   (OCDs)

1991: Dec        267.1          7.1      289.4      332.3
1992: Dec        292.2          7.6      339.9      384.4
1993: Dec        321.6          7.5      385.5      414.7
1994: Dec        354.0          8.0      383.7      404.1
1995: Dec        372.0          8.5      389.2      356.5
1996: Dec        393.9          8.3      402.3      276.0
1997: Dec        424.3          8.1      395.4      245.7
1998: Dec        459.2          8.2      379.4      250.1
1999: Dec        516.7          8.2      355.6      243.7
2000: Dec        530.1          8.0      313.2      239.0

2000: Feb        517.9          8.1      341.0      241.7
      Mar        516.0          8.2      344.4      244.6
      Apr        516.7          8.1      343.5      249.0
      May        518.7          8.3      336.6      243.1
      June       520.9          8.8      333.8      242.1
      July       522.4          9.3      332.3      239.9
      Aug        523.5          9.3      326.5      240.4
      Sept       524.7          8.9      323.6      238.6
      Oct        526.3          8.4      322.0      239.4
      Nov        527.7          8.0      314.8      238.0
      Dec        530.1          8.0      313.2      239.0

2001: Jan     (r)534.5          8.1      317.0      241.7
      Feb        537.3          8.0      314.8      241.1

               Savings                       Money market
              deposits,     Small            mutual fund
              including     denom-            balances
  Period        money       ination
                market       time        Retail     Insti-
               deposit      depos-                 tution-
               accounts     its(1)                   al
               (MMDAs)

1991: Dec      1,043.8      1,065.6      371.3      187.3
1992: Dec      1,186.5        868.1      352.0      210.8
1993: Dec      1,219.3        782.0      353.7      213.2
1994: Dec      1,149.8        816.3      382.8      205.4
1995: Dec      1,134.1        931.5      450.0      258.9
1996: Dec      1,271.0        947.0      515.8      317.6
1997: Dec      1,397.9        968.4      590.6      390.0
1998: Dec      1,599.9        952.2      734.3      530.4
1999: Dec      1,736.2        956.1      833.4      622.4
2000: Dec      1,872.0      1,046.2   (r)934.8      767.4

2000: Feb      1,750.6        970.0      857.1      637.2
      Mar      1,757.2        977.3      869.6      656.2
      Apr      1,766.7        985.7      885.0      660.9
      May      1,774.4        992.6   (r)888.0      672.0
      June     1,783.0      1,003.9   (r)890.6      682.7
      July     1,797.1      1,012.6   (r)889.6      704.7
      Aug      1,816.8      1,021.8   (r)895.2      720.4
      Sept     1,838.7      1,027.2   (r)903.7      737.4
      Oct      1,845.8      1,032.1   (r)913.0      743.8
      Nov      1,856.5      1,039.2   (r)920.0      751.8
      Dec      1,872.0      1,046.2   (r)934.8      767.4

2001: Jan      1,888.2      1,053.3   (r)951.1      801.0
      Feb      1,927.2      1,052.0      958.0      859.0

                            Overnight
                 Large       and term   Overnight
                 denom-       repur-     and term
  Period        ination       chase       Euro-
                 time        agree-      dollars
              deposits(1)     ments       (net)
                              (RPs)
                              (net)

1991: Dec        415.0        131.1       92.3
1992: Dec        350.4        141.6       79.5
1993: Dec        332.2        172.6       72.8
1994: Dec        370.6        196.3       86.2
1995: Dec        429.6        198.4       93.8
1996: Dec        512.0        210.4      114.2
1997: Dec        603.1        254.3      150.0
1998: Dec        664.1        297.5      151.8
1999: Dec        739.9        341.2      173.3
2000: Dec     (r)830.0        360.5   (r)197.1

2000: Feb        748.6        350.8      178.7
      Mar        758.2        349.3      191.7
      Apr        773.5     (r)347.9      187.1
      May        776.1        355.8      190.8
      June       787.7        362.7      190.6
      July       795.9        364.2      187.2
      Aug        808.9        361.3      189.6
      Sept       808.1        362.2      192.5
      Oct        804.4        361.2   (r)191.9
      Nov        807.6        356.8   (r)194.9
      Dec     (r)830.0        360.5   (r)197.1

2001: Jan     (r)846.3        357.3   (r)195.5
      Feb        822.5        348.3      195.6

(1) Small denomination and large denomination deposits are those issued
in amounts of less than $100,000 and more than $100,000, respectively.

Sources: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE

[Average of daily figures(1); millions of dollars; seasonally adjusted,
except as noted by NSA]

                    Adjusted for changes in reserve requirements

                 Reserves of depository institutions

                                        Non-
                                      borrowed
                                        plus                   Monetary
  Period                    Non-      extended    Required       base
               Total      borrowed     credit

1991: Dec      45,493      45,301      45,302      44,504       317,549
1992: Dec      54,391      54,267      54,268      53,237       350,840
1993: Dec      60,532      60,450      60,450      59,463       386,510
1994: Dec      59,420      59,211      59,211      58,261       418,166
1995: Dec      56,452      56,195      56,195      55,162       434,307
1996: Dec      50,154      49,999      49,999      48,738       451,712
1997: Dec      46,848      46,524      46,524      45,164       479,466
1998: Dec      45,183      45,066      45,066      43,669       513,489
1999: Dec      41,778      41,457      41,457      40,480       593,094
2000: Dec      38,507      38,297      38,297      37,182    (r)583,968

2000: Mar      40,306      40,127      40,127      39,097       571,470
      Apr      40,783      40,479      40,479      39,626       572,495
      May      41,003      40,641      40,641      40,031       574,144
      June     39,882      39,403      39,403      38,766       575,307
      July     40,124      39,555      39,555      38,981       576,957
      Aug      39,643      39,064      39,064      38,639       577,531
      Sept     39,386      38,908      38,908      38,267       578,336
      Oct      39,021      38,602      38,602      37,874       579,698
      Nov      39,023      38,739      38,739      37,821       581,398
      Dec      38,507      38,297      38,297      37,182    (r)583,968
2001: Jan      38,827      38,754      38,754      37,574    (r)589,397
      Feb(r)   38,867      38,816      38,816      37,434       591,034
      Mar(p)   38,273      38,215      38,215      36,873       591,692

               Borrowings of depository institu-
                    tions from the Federal
                        Reserve (NSA)
                                        Extended
  Period         Total     Seasonal      credit

1991: Dec         192          38           1
1992: Dec         124          18           1
1993: Dec          82          31           0
1994: Dec         209         100           0
1995: Dec         257          40           0
1996: Dec         155          68           0
1997: Dec         324          79           0
1998: Dec         117          15           0
1999: Dec         320          67           0
2000: Dec         210         111           0

2000: Mar         179          71           0
      Apr         304         120           0
      May         362         276           0
      June        479         389           0
      July        570         510           0
      Aug         579         554           0
      Sept        477         427           0
      Oct         418         299           0
      Nov         283         159           0
      Dec         210         111           0
2001: Jan          73          34           0
      Feb(r)       51          21           0
      Mar(p)       58          20           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 0.6 percent in February;
commercial and industrial loans rose 0.8 percent. (Series revised.)

[GRAPH 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

1991: Dec(r)     2,856.4     746.7     566.7       180.1
1992: Dec(r)     2,954.8     842.7     666.0       176.8
1993: Dec(r)     3,112.8     916.8     732.2       184.6
1994: Dec(r)     3,318.6     941.4     723.6       217.8
1995: Dec(r)     3,601.5     985.5     703.1       282.4
1996: Dec(r)     3,757.4     979.0     699.8       279.2
1997: Dec(r)     4,098.7   1,086.6     748.8       337.7
1998: Dec(r)     4,537.4   1,227.6     793.2       434.4
1999: Dec(r)     4,774.7   1,277.2     810.0       467.3
2000: Dec(r)     5,210.8   1,335.2     788.8       546.5

2000: Feb(r)     4,842.7   1,273.4     815.6       457.8
      Mar(r)     4,887.9   1,279.0     815.2       463.8
      Apr(r)     4,941.7   1,294.0     816.8       477.3
      May(r)     5,005.9   1,311.8     819.1       492.6
      June(r)    5,031.9   1,303.8     817.6       486.3
      July(r)    5,067.9   1,310.0     817.0       493.0
      Aug(r)     5,098.7   1,316.5     810.6       505.9
      Sept(r)    5,151.8   1,332.4     804.7       527.7
      Oct(r)     5,141.6   1,316.8     794.4       522.4
      Nov(r)     5,160.6   1,311.4     786.0       525.3
      Dec(r)     5,210.8   1,335.2     788.8       546.5

2001: Jan(r)     5,261.5   1,356.5     786.8       569.7
      Feb(r)     5,279.2   1,351.6     777.6       574.0

                         Loans and leases in bank credit

                                                  Real estate

                               Commer-             Revolving
                Total loans    cial and              home
       Period  and leases(2)  industrial   Total    equity     Other

1991: Dec(r)      2,109.7         623.2     884.1     74.3      809.8
1992: Dec(r)      2,112.0         599.4     906.3     78.4      827.9
1993: Dec(r)      2,196.1         589.7     947.7     78.0      869.7
1994: Dec(r)      2,377.2         649.7   1,010.9     80.4      930.5
1995: Dec(r)      2,616.0         723.8   1,089.6     84.4    1,005.3
1996: Dec(r)      2,778.4         787.4   1,141.5     90.6    1,050.9
1997: Dec(r)      3,012.1         855.4   1,247.0    104.7    1,142.3
1998: Dec(r)      3,309.8         949.5   1,337.8    103.8    1,234.0
1999: Dec(r)      3,497.4       1,003.0   1,475.6    101.5    1,374.2
2000: Dec(r)      3,875.6       1,094.4   1,658.0    129.4    1,528.6

2000: Feb(r)      3,569.4       1,025.1   1,512.6    106.6    1,406.1
      Mar(r)      3,608.9       1,033.2   1,533.8    108.8    1,425.0
      Apr(r)      3,647.6       1,040.4   1,555.1    112.5    1,442.6
      May(r)      3,694.1       1,059.0   1,577.0    114.2    1,462.7
      June(r)     3,728.1       1,064.8   1,595.3    115.4    1,479.9
      July(r)     3,757.8       1,070.0   1,611.9    119.0    1,492.9
      Aug(r)      3,782.2       1,077.7   1,623.5    119.9    1,503.6
      Sept(r)     3,819.4       1,080.4   1,635.4    121.7    1,513.7
      Oct(r)      3,824.8       1,082.8   1,638.4    125.0    1,513.4
      Nov(r)      3,849.3       1,087.0   1,651.3    127.1    1,524.2
      Dec(r)      3,875.6       1,094.4   1,658.0    129.4    1,528.6

2001: Jan(r)      3,905.0       1,109.6   1,661.2    131.2    1,530.0
      Feb(r)      3,927.7       1,118.2   1,671.6    132.3    1,539.2

               Loans and leases in bank credit

       Period    Consumer  Security  Other

1991: Dec(r)      363.6      53.7    185.2
1992: Dec(r)      355.9      63.0    187.4
1993: Dec(r)      387.2      86.2    185.2
1994: Dec(r)      447.5      75.6    193.5
1995: Dec(r)      490.7      83.0    228.9
1996: Dec(r)      512.0      75.1    262.3
1997: Dec(r)      501.8      93.9    313.9
1998: Dec(r)      496.8     143.8    382.0
1999: Dec(r)      490.9     147.4    380.6
2000: Dec(r)      537.0     163.3    422.8

2000: Feb(r)      501.3     141.3    389.0
      Mar(r)      504.7     143.4    393.8
      Apr(r)      507.9     147.4    396.9
      May(r)      510.5     148.7    398.9
      June(r)     516.8     153.0    398.1
      July(r)     519.4     152.7    403.8
      Aug(r)      527.5     144.6    408.8
      Sept(r)     531.5     160.7    411.3
      Oct(r)      530.1     158.2    415.4
      Nov(r)      533.9     159.3    417.8
      Dec(r)      537.0     163.3    422.8

2001: Jan(r)      540.8     165.0    428.4
      Feb(r)      540.4     167.0    430.5

(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
reclassification of assets and liabilities.

(2) Excludes Federal funds sold to, reverse repurchase agreements
(RPs) with, and loans to commercial banks in the United States.

Note.--Data reflect annual seasonal adjustment revisions. Data also
reflect benchmarking to December 2000 Call Report.

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
                                               Funds raised in market
                          Inter-
              Total       nal(1)
                                     Total     Total      Net new
Period                                          net       equity
                                                funds     issues
                                               raised

 1991             514.6     447.5       67.1     -34.6       18.3
 1992             626.7     465.4      161.3      66.6       27.0
 1993             728.6     510.7      217.9      61.5       21.3
 1994             808.2     566.6      241.6      78.7      -44.9
 1995            1010.7     619.9      390.8     169.2      -58.3
 1996            1074.5     676.0      398.5      79.6      -69.5
 1997            1011.1     727.6      283.5     152.0     -114.4
 1998            1218.0     746.5      471.5     151.1     -267.0
 1999            1640.2     804.5      835.7     338.1     -143.5
2000(p)          1567.4     886.6      680.8     293.7     -153.1

1998: I          1421.2     739.1      682.1     288.4     -139.2
      II         1131.0     738.2      392.8     351.7     -129.1
      III        1261.8     751.3      510.5      51.1     -308.4
      IV         1057.8     757.4      300.4     -86.7     -491.3

1999: I          1673.1     791.8      881.3     574.0      -52.1
      II         1676.4     796.0      880.4      34.4     -338.4
      III        1635.4     802.3      833.1     345.4     -128.4
      IV         1576.0     827.9      748.1     398.6      -55.0

2000: I          1565.1     862.9      702.2     544.1       62.8
      II         1657.9     898.8      759.1     343.6     -248.8
      III        1653.9     914.5      739.4     233.5      -75.6
      IV(p)      1392.5     870.1      522.4      53.7     -350.8

                       Sources

                       External

                       Funds raised in market              Uses

              Credit market instruments

                           Secur-     Loans
              Total        ities      and       Other(2)   Total
Period                     and        short-
                           mort-      term
                           gages      paper

 1991             -52.9      64.1     -117.0     101.7      526.4
 1992              39.6      49.5       -9.9      94.7      616.2
 1993              40.2      65.2      -25.0     156.4      857.5
 1994             123.6      32.8       90.8     162.9      868.1
 1995             227.5     110.3      117.2     221.7    1,090.0
 1996             149.1      92.1       57.0     318.9    1,088.0
 1997             266.5     132.9      133.6     131.4      933.9
 1998             418.1     265.5      152.6     320.3    1,194.2
 1999             481.6     323.0      158.6     497.6    1,598.4
2000(p)           446.8     248.8      198.0     387.0    1,534.6

1998: I           427.6     318.2      109.4     393.6    1,391.3
      II          480.8     332.0      148.8      41.1    1,126.6
      III         359.4     130.1      229.3     459.5    1,249.5
      IV          404.5     282.0      122.5     387.1    1,009.4

1999: I           626.1     367.1      259.0     307.3    1,626.2
      II          372.8     377.9       -5.1     846.0    1,609.5
      III         473.8     287.2      186.6     487.7    1,612.1
      IV          453.6     259.8      193.8     349.4    1,545.8

2000: I           481.3     253.7      227.6     158.1    1,533.7
      II          592.4     235.3      357.1     415.4    1,618.9
      III         309.1     256.6       52.5     505.8    1,623.8
      IV(p)       404.5     249.3      155.2     468.7    1,362.1

                       Uses

               Capital    Increase    Discrep-
Period        expendi-    in finan-    ancy
              tures(3)      cial      (sources
                           asset       less
                                       uses)

 1991             444.1      82.3      -11.7
 1992             471.1     145.1       10.5
 1993             524.9     332.6      128.9
 1994             593.3     274.8      -59.9
 1995             666.4     423.6      -79.2
 1996             684.7     403.3      -13.6
 1997             783.6     150.3       77.1
 1998             847.1     347.1       23.8
 1999             907.0     691.4       41.8
2000(p)         1,021.1     513.5       32.8

1998: I           831.3     560.0       29.9
      II          829.8     296.8        4.4
      III         860.6     388.9       12.4
      IV          866.6     142.8       48.3

1999: I           873.0     753.2       46.9
      II          886.8     722.7       66.8
      III         912.0     700.1       23.3
      IV          956.3     589.5       30.1

2000: I           966.6     567.1       31.4
      II        1,024.8     594.1       39.0
      III       1,056.3     567.5       30.1
      IV(p)     1,036.6     325.5       30.5

(1) Profits before tax (book) less profit tax accruals and dividends
plus consumption of fixed capital, foreign earnings retained abroad,
and inventory valuation adjustment.

(2) Includes tax liabilities, trade debt, pension fund liabilities,
and direct foreign investment in the U.S.

(3) Plant and equipment, residential structures, inventory investment,
and access rights from U.S. Government.

Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT

[Billions of dollars; seasonally adjusted]

                Consumer credit outstanding (end of period)

                                               Non-
    Period           Total     Revolving   revolving(2)

1991: Dec             777.1      263.8        513.3
1992: Dec             782.2      278.4        503.7
1993: Dec             838.8      309.9        528.8
1994: Dec             960.4      365.6        594.9
1995: Dec           1,095.8      443.1        652.7
1996: Dec           1,182.6      499.4        683.1
1997: Dec           1,234.5      531.2        703.3
1998: Dec           1,301.0      560.5        740.5
1999: Dec           1,393.7      595.6        798.0
2000: Dec(r)        1,534.0      663.4        870.6

2000: Feb           1,418.5      608.5        810.0
      Mar           1,429.2      615.5        813.7
      Apr           1,435.6      622.2        813.4
      May           1,447.4      628.8        818.6
      June          1,462.8      634.7        828.2
      July          1,470.8      638.4        832.4
      Aug           1,484.1      645.1        839.0
      Sept          1,492.9      649.3        843.6
      Oct           1,510.4      654.7        855.7
      Nov           1,526.7      660.6        866.1
      Dec           1,534.0      663.4        870.6

2001: Jan(r)        1,550.0      669.8        880.2
      Feb(p)        1,563.5      680.9        882.6

                Net change in consumer credit out-
                           standing(1)

                                          Non-
Period          Total     Revolving   revolving(2)

1991: Dec      -120.0        25.2        -37.5
1992: Dec         5.1        14.6         -9.6
1993: Dec        56.6        31.5         25.1
1994: Dec       121.6        55.7         66.1
1995: Dec       135.4        77.5         57.8
1996: Dec        86.8        56.3         30.4
1997: Dec        51.9        31.8         20.2
1998: Dec        66.5        29.3         37.2
1999: Dec        92.7        35.1         57.5
2000: Dec(r)    140.3        67.8         72.6

2000: Feb         9.4         4.7          4.6
      Mar        10.7         7.0          3.7
      Apr         6.4         6.7          -.3
      May        11.8         6.6          5.2
      June       15.4         5.9          9.6
      July        8.0         3.7          4.2
      Aug        13.3         6.7          6.6
      Sept        8.8         4.2          4.6
      Oct        17.5         5.4         12.1
      Nov        16.3         5.9         10.4
      Dec         7.3         2.8          4.5

2001: Jan(r)     16.0         6.4          9.6
      Feb(p)     13.5        11.1          2.4

(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 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

Interest rates fell in March.

[GRAPH OMITTED]

[Percent per annum]

                  U.S. Treasury security yields

                           Constant maturities(2)

                                                      High-
                                                      grade
                                                    municipal
                                                      bonds
               3-month                              (Standard
              bills (new                                &
   Period     issues)(1)  3-year  10-year  30-year  Poor's)(3)

1991            5.42       6.82     7.86     8.14      6.89
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
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

2000: Mar       5.72       6.53     6.26     6.05      5.89
      Apr       5.67       6.36     5.99     5.85      5.76
      May       5.92       6.77     6.44     6.15      6.04
      June      5.74       6.43     6.10     5.93      5.84
      July      5.93       6.28     6.05     5.85      5.72
      Aug       6.11       6.17     5.83     5.72      5.63
      Sept      6.00       6.02     5.80     5.83      5.64
      Oct       6.10       5.85     5.74     5.80      5.65
      Nov       6.19       5.79     5.72     5.78      5.60
      Dec       5.83       5.26     5.24     5.49      5.30

2001: Jan       5.27       4.77     5.16     5.54      5.15
      Feb       4.93       4.71     5.10     5.45      5.21
      Mar       4.50       4.43     4.89     5.34      5.19

Week ended:
2001: Mar 17    4.52       4.43     4.86     5.30      5.17
          24    4.37       4.32     4.78     5.28      5.15
          31    4.20       4.41     4.95     5.44      5.21
      Apr  7    4.13       4.30     4.95     5.49      5.24

                           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)

1991            8.77        5.85           5.45          8.46
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
1998            6.53      (*)              4.92          8.35
1999            7.04      (*)              4.62          8.00
2000            7.62      (*)              5.73          9.23

2000: Mar       7.68      (*)         5.25-5.50     8.75-9.00
      Apr       7.64      (*)         5.50-5.50     9.00-9.00
      May       7.99      (*)         5.50-6.00     9.00-9.50
      June      7.67      (*)         6.00-6.00     9.50-9.50
      July      7.65      (*)         6.00-6.00     9.50-9.50
      Aug       7.55      (*)         6.00-6.00     9.50-9.50
      Sept      7.62      (*)         6.00-6.00     9.50-9.50
      Oct       7.55      (*)         6.00-6.00     9.50-9.50
      Nov       7.45      (*)         6.00-6.00     9.50-9.50
      Dec       7.21      (*)         6.00-6.00     9.50-9.50

2001: Jan       7.15      (*)         6.00-5.00     9.50-9.00
      Feb       7.10      (*)         5.00-5.00     8.50-8.50
      Mar       6.98      (*)         5.00-4.50     8.50-8.00

Week ended:
2001: Mar 17    6.95      (*)         5.00-5.00     8.50-8.50
          24    6.93      (*)         5.00-4.50     8.50-8.00
          31    7.06      (*)         4.50-4.50     8.00-8.00
      Apr  7    7.08      (*)         4.50-4.50     8.00-8.00

                           New
                          home
              Federal   mortgage
               funds     yields
   Period     rate (5)  (FHFB)(6)

1991            5.69       9.32
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
1998            5.35       7.07
1999            4.97       7.04
2000            6.24       7.52

2000: Mar       5.85       7.60
      Apr       6.02       7.63
      May       6.27       7.55
      June      6.53       7.50
      July      6.54       7.51
      Aug       6.50       7.54
      Sept      6.52       7.52
      Oct       6.51       7.53
      Nov       6.51       7.47
      Dec       6.40       7.40

2001: Jan       5.98       7.20
      Feb       5.49       7.10
      Mar       5.31        ...

Week ended:
2001: Mar 17    5.46        ...
          24    5.33        ...
          31    5.00        ...
      Apr  7    5.21        ...

(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 environmental 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 by Federal Reserve (FR). See FR release
II. 15 Selected Interest Rates, May 12, 1997.

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 March.

[GRAPH OMITTED]

Common stock prices(1)

                           Common stock prices(1)

               New York Stock Exchange indexes (Dec. 31, 1965 =
                            50, except as noted)(2)

               Com-               Transpor-
    Period    posite  Industrial   tation    Utility(3)  Finance

1991          206.33    258.14     173.99      185.32    150.82
1992          229.01    284.62     201.09      198.91    179.26
1993          249.58    299.99     242.49      228.90    216.42
1994          254.12    315.25     247.29      209.06    209.73
1995          291.15    367.34     269.41      220.30    238.45
1996          358.17    453.98     327.33      249.77    303.89
1997          456.54    574.52     414.60      283.82    424.48
1998          550.26    681.57     468.69      378.12    516.35
1999          619.16    774.75     491.60      473.73    530.86
2000          643.66    810.63     413.60      477.65    553.13

2000: Mar     622.28    790.35     384.39      509.59    489.90
      Apr     646.82    822.76     406.14      502.78    524.05
      May     640.07    814.75     411.50      487.17    523.22
      June    649.61    819.54     395.09      501.93    544.51
      July    653.27    825.28     410.67      484.19    556.32
      Aug     666.14    837.23     419.84      459.91    597.17
      Sept    667.05    829.99     404.23      464.66    616.89
      Oct     646.53    803.88     401.37      453.68    596.53
      Nov     646.64    800.88     434.92      455.66    600.45
      Dec     645.44    792.66     439.97      444.16    621.62

2001: Jan     650.55    796.74     471.21      440.36    634.17
      Feb     648.05    799.38     482.26      424.53    626.41
      Mar     603.44    744.21     452.36      395.34    583.38

Week ended:
2001: Mar 17  599.12    739.36     444.87      392.80    578.12
          24  580.41    715.24     432.72      383.24    560.66
          31  592.22    726.92     449.82      392.60    577.43
      Apr  7  581.93    713.01     445.49      384.15    571.40

                      Common stock prices(1)

                           Standard &
                          Poor's com-    Nasdaq com-
              Dow Jones   posite index   posite index
              industrial     (1941-        (Feb. 5,
    Period    average(1)  43 = 10)(5)   1971 = 100)(6)

1991            2,929.33      376.18        491.69
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
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

2000: Mar      10,483.39    1,442.21      4,802.99
      Apr      10,944.31    1,461.36      3,863.64
      May      10,580.27    1,418.48      3,528.42
      June     10,582.93    1,461.96      3,865.48
      July     10,662.95    1,473.00      4,017.69
      Aug      11,014.51    1,485.46      3,909.60
      Sept     10,967.87    1,468.05      3,875.82
      Oct      10,440.96    1,390.14      3,333.82
      Nov      10,666.06    1,375.04      3,055.42
      Dec      10,652.41    1,330.93      2,657.81

2001: Jan      10,682.74    1,335.63      2,656.86
      Feb      10,774.57    1,305.75      2,449.57
      Mar      10,081.32    1,185.85      1,986.66

Week ended:
2001: Mar 17   10,065.44    1,173.72      1,948.37
          24    9,612.23    1,138.60      1,893.05
          31    9,819.65    1,159.29      1,881.14
      Apr  7    9,697.64    1,127.09      1,720.03

                 Common stock yields
                    (percent)(7)

               Dividend-    Earnings-
    Period    price ratio  price ratio

1991              3.24         4.79
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
1998              1.49         3.46
1999              1.25         3.17
2000              1.15         3.64

2000: Mar         1.18         3.44
      Apr         1.14          ...
      May         1.17          ...
      June        1.12         3.57
      July        1.10          ...
      Aug         1.09          ...
      Sept        1.10         3.74
      Oct         1.15          ...
      Nov         1.16          ...
      Dec         1.19         3.85

2001: Jan         1.16          ...
      Feb         1.22          ...
      Mar         1.33          ...

Week ended:
2001: Mar 17      1.34          ...
          24      1.39          ...
          31      1.35          ...
      Apr  7      1.41          ...

(1) Average of daily closing prices.

(2) Includes all the stocks (more than 3,500) 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 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.

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard
& Poor's, and the National Association of Securities Dealers, Inc.
COPYRIGHT 2001 Superintendent of Documents
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.

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Publication:Economic Indicators
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 1, 2001
Words:6059
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