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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

  Dec                1,024.0             3,430.3           4,215.4
   Dec                1,129.1             3,483.0           4,277.4
  Dec                1,149.7             3,496.0           4,360.1
  Dec                1,126.5             3,639.8           4,625.7
  Dec                1,079.1             3,813.8           4,971.6
  Dec                1,072.2             4,030.5           5,447.5
 : Dec                1,096.5             4,383.9           6,037.7
 : Dec                1,124.4             4,654.2           6,539.6
  : Dec                1,088.9             4,938.6           7,109.9
  : Dec                1,179.3             5,458.6           8,027.0

  : Nov                1,163.8             5,414.4           7,956.5
      Dec                1,179.3             5,458.6           8,027.0

 : 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

 : Dec         11,839.9     14.3      1.6        0.3
 : Dec         12,434.1     10.3      1.5        1.5
 : Dec         13,001.5      1.8      0.4        1.9
 : Dec         13,706.9     -2.0      4.1        6.1
 : Dec         14,440.2     -4.2      4.8        7.5
 : Dec         15,243.1       .6      5.7        9.6
 : Dec         16,285.5      2.3      8.8       10.8
 : Dec         17,377.6      2.5      6.2        8.3
  : Dec         18,250.6     -3.2      6.1        8.7
  : Dec         19,369.2      8.3     10.5       12.9

  : Nov                       8.5     10.7       11.5
      Dec         19,369.2      9.5     10.5       10.9

 : 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

: Dec            4.6
: Dec            4.9
: Dec            4.5
: Dec            5.4
: Dec            5.3
: Dec            5.6
 : Dec            6.8
 : Dec            6.5
  : Dec            4.9
  : Dec            6.1

  : Nov
      Dec            6.4

 : 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)

: Dec        292.2          7.6       339.9       384.4
: Dec        321.6          7.5       385.4       414.6
: Dec        354.1          8.0       383.6       404.1
: Dec        372.1          8.5       389.2       356.7
: Dec        394.0          8.3       401.0       275.8
: Dec        424.4          8.1       393.9       245.8
 : Dec        459.3          8.2       378.4       250.5
 : Dec        516.9          8.3       354.5       244.7
  : Dec        530.1          8.0       309.9       240.9
  : Dec        579.9          7.8       329.9       261.8

  : Nov        575.0          7.8       326.3       254.7
      Dec        579.9          7.8       329.9       261.8

 : 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

: Dec            1,186.8      868.1           351.4       213.8
: Dec            1,219.5      782.0           352.4       217.0
: Dec            1,149.9      816.3           380.0       211.1
: Dec            1,134.1      931.3           447.8       264.2
: Dec            1,272.7      946.9           515.1       322.5
: Dec            1,400.1      968.2           590.1       395.7
 : Dec            1,602.2      951.7           733.6       540.1
 : Dec            1,738.8      955.4           835.7       638.6
  : Dec            1,875.8    1,043.6           930.2       796.6
  : Dec            2,308.0      973.3           997.9     1,206.5

  : Nov            2,268.9      987.2           994.6     1,180.6
      Dec            2,308.0      973.3           997.9     1,206.5

 : 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)

: Dec            350.2        141.6         79.5
: Dec            332.1        172.6         72.8
: Dec            370.4        196.3         86.3
: Dec            429.3        198.4         94.0
: Dec            510.6        210.3        114.5
: Dec            620.2        253.9        147.2
 : Dec            671.4        293.4        148.8
 : Dec            742.4        335.9        168.5
  : Dec            820.1        364.0        190.7
  : Dec            784.3        375.7        201.9

  : Nov            780.8        374.1        206.6
      Dec            784.3        375.7        201.9

 : 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

: Dec        54,332      54,208      54,209      53,178
: Dec        60,460      60,378      60,378      59,390
: Dec        59,369      59,160      59,160      58,209
: Dec        56,430      56,173      56,173      55,140
: Dec        50,149      49,994      49,994      48,733
: Dec        46,848      46,523      46,523      45,163
 : Dec        45,136      45,019      45,019      43,622
 : Dec        41,824      41,504      41,504      40,527
  : Dec        38,535      38,326      38,326      37,108
  : Dec        41,220      41,154      41,154      39,572

  : Nov        40,867      40,783      40,783      39,415
      Dec        41,220      41,154      41,154      39,572

 : 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

: Dec        350,751      124          18           1
: Dec        386,477       82          31           0
: Dec        418,205      209         100           0
: Dec        434,396      257          40           0
: Dec        451,839      155          68           0
: Dec        479,703      324          79           0
 : Dec        513,550      117          15           0
 : Dec        593,121      320          67           0
  : Dec        584,042      210         111           0
  : Dec        634,414       67          33           0

  : Nov        629,374       84          33           0
      Dec        634,414       67          33           0

 : 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

: Dec           2,956.9         843.3      666.3       177.0
: Dec           3,115.7         917.7      732.9       184.8
: Dec           3,322.5         942.4      724.3       218.2
: Dec           3,605.4         986.7      703.8       282.9
: Dec           3,761.8         980.5      700.5       280.0
: Dec       (r) 4,105.4       1,089.1      749.6       339.5
 : Dec           4,546.0   (r) 1,229.8      792.8   (r) 437.0
 : Dec (r)       4,782.4       1,277.6      811.3       466.4
  : Dec (r)       5,234.0       1,345.7      790.5       555.2
  : Dec (r)       5,451.0       1,496.8      855.9       640.9

  : Nov (r)       5,460.4       1,494.9      839.9       655.0
      Dec (r)       5,451.0       1,496.8      855.9       640.9

 : 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

: Dec              2,113.6           599.3     907.3        78.4
: Dec              2,198.0           590.2     948.3        78.0
: Dec              2,380.1           650.2   1,012.0        80.4
: Dec              2,618.7           724.2   1,090.6        84.4
: Dec              2,781.3           787.9   1,142.6        90.7
: Dec              3,016.3           856.5   1,248.5       104.8
 : Dec              3,316.2           951.0   1,339.5       103.9
 : Dec (r)          3,504.8         1,004.4   1,477.7       101.5
  : Dec (r)          3,888.3         1,088.9   1,658.4       129.9
  : Dec (r)          3,954.2         1,031.6   1,784.5       155.5

  : 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

 : 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

: Dec         828.9      356.3       63.2       187.5
: Dec         870.3      387.7       86.4       185.4
: Dec         931.5      448.3       75.8       193.8
: Dec        1006.2      491.4       83.3       229.2
: Dec        1051.8      512.9       75.5   (r) 262.4
: Dec        1143.7      502.5       94.9       313.9
 : Dec        1235.6      497.2      146.5       382.0
 : Dec (r)    1376.3      490.6      151.4       380.7
  : Dec (r)    1528.5      539.5      178.1       423.4
  : Dec (r)    1628.9      557.8      146.2       434.1

  : Nov (r)    1619.8      558.8      154.6       439.2
      Dec (r)    1628.9      557.8      146.2       434.1

 : 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 ), 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

               626.7      465.4    161.3      52.7       27.0
               728.6      510.7    217.9      54.5       21.3
               808.2      566.6    241.6      81.4      -44.9
             1,010.7      619.9    390.8     168.7      -58.3
             1,074.5      676.0    398.5     113.6      -69.5
             1,011.1      727.6    283.5     177.2     -114.4
 1,332.8      716.8    616.0     125.2     -267.0
 1,743.9      756.3    987.6     247.1     -143.5
  1,540.8      741.0    799.8     240.1     -159.7
  1,064.4      777.1    287.3     183.8      -61.8

  : 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

  : 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

 : 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

              25.7          35.5      -9.9        108.7      601.8
              33.2          55.4     -22.2        163.4      841.5
             126.3          32.0      94.3        160.3      850.7
             227.1         102.1     124.9        222.1    1,065.1
             183.1         129.6      53.7        284.9    1,116.7
             291.6         187.0     104.6        106.3    1,032.6
 392.1         241.5     150.7        490.8    1,396.4
 390.5         269.0     121.6        740.6    1,854.9
  399.8         222.4     177.4        559.7    1,718.6
  245.6         394.1    -148.5        103.5    1,082.0

  : 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

  : 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

 : 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)

                 455.8          146.0        24.9
                 508.8          332.7      -112.8
                 575.6          275.1       -42.5
                 638.7          426.4       -54.4
                 662.7          454.0       -42.2
                 760.2          272.4       -21.5
 826.5          569.9       -63.6
 885.0          969.9      -111.0
  957.2          761.4      -177.9
  794.2          287.8       -17.5

  : 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

  : 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

 : 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

: Dec          782.2      278.4         503.7      5.1       14.6
: Dec          838.8      309.9         528.8     56.6       31.5
: Dec          960.4      365.6         594.9    121.6       55.7
: Dee        1,095.8      443.1         652.7    135.4       77.5
: Dec        1,185.1      498.9         686.1     89.3       55.8
: Dec        1,243.0      531.0         712.0     57.9       32.1
 : Dec        1,317.5      562.5         755.0     74.5       31.5
 : Dec        1,416.3      597.7         818.6     98.8       35.2
  : Dee        1,560.6      666.6         894.0    144.3       68.9
  : Dec        1,667.9      699.9         968.1    107.3       33.3

  : 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

 : 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)

: Dec                       -9.6
: Dec                       25.1
: Dec                       66.1
: Dee                       57.8
: Dec                       33.4
: Dec                       25.9
 : Dec                       43.0
 : Dec                       63.6
  : Dee                       75.4
  : Dec                       74.1

  : Oct                       13.1
      Nov                       13.3
      Dec                        9.0

 : 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)

                 3.45      5.30       7.01       7.67         6.41
                 3.02      4.44       5.87       6.59         5.63
                 4.29      6.27       7.09       7.37         6.19
                 5.51      6.25       6.57       6.88         5.95
                 5.02      5.99       6.44       6.71         5.75
                 5.07      6.10       6.35       6.61         5.55
 4.81      5.14       5.26       5.58         5.12
 4.66      5.49       5.65       5.87         5.43
  5.85      6.22       6.03       5.94         5.77
  3.45      4.09       5.02       5.49         5.19

  : Nov            1.93      3.22       4.65       5.12         5.06
      Dec            1.72      3.62       5.09       5.48         5.28

 : 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:
 : 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)

                 8.14          3.80              3.25          6.25
                 7.22          3.30              3.00          6.00
                 7.96          4.93              3.60          7.15
                 7.59          5.93              5.21          8.83
                 7.37          5.42              5.02          8.27
                 7.26          5.62              5.00          8.44
 6.53          *                 4.92          8.35
 7.04          *                 4.62          8.00
  7.62          *                 5.73          9.23
  7.08          *                 3.40          6.91

  : Nov            6.97          *            2.00-1.50     5.50-5.00
      Dec            6.76          *            1.50-1.25     5.00-4.75

 : 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:
 : 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)

                3.52          8.24
                3.02          7.20
                4.21          7.49
                5.83          7.87
                5.30          7.80
                5.46          7.71
 5.35          7.07
 4.97          7.04
  6.24          7.52
  3.88          7.00

  : Nov           2.09          6.63
      Dec           1.82          6.79

 : 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:
 : 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,  = 50,
    Period                        except as noted) (2)

                            Com-                            Transpor-
                           posite        Industrial          tation

                        229.01            284.62            201.09
                        249.58            299.99            242.49
                        254.12            315.25            247.29
                        291.15            367.34            269.41
                        358.17            453.98            327.33
                        456.54            574.52            414.60
 550.26            681.57            468.69
 619.16            774.78            491.60
  643.66            810.63            413.60
  605.07            748.26            443.59

  : Nov                   575.30            715.98            410.05
      Dec                   582.82            727.67            433.70

 : 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:
 : 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,  = 50, except as
                              noted) (2)

                      Utility (3)           Finance

                        198.91            179.26
                        228.90            216.42
                        209.06            209.73
                        220.30            238.45
                        249.77            303.89
                        283.82            424.48
 378.12            516.35
 473.73            530.86
  477.65            553.13
  377.30            595.61

  : Nov                   330.78            577.85
      Dec                   325.33            585.47

 : 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:
 : 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)      = 100) (6)

                      3,284.29            415.74             599.26
                      3,522.06            451.41             715.16
                      3,793.77            460.42             751.65
                      4,493.76            541.72             925.19
                      5,742.89            670.50           1,164.96
                      7,441.15            873.43           1,469.49
 8,625.52          1,085.50           1,794.91
 10,464.88          1,327.33           2,728.15
  10,734.90          1,427.22           3,783.67
  10,189.13          1,194.18           2,035.00

  : Nov                 9,721.82          1,129.68           1,870.06
      Dec                 9,979.88          1,144.93           1,977.71

 : 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:
 : 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

                          2.99              4.22
                          2.78              4.46
                          2.82              5.83
                          2.56              6.09
                          2.19              5.24
                          1.77              4.57
 1.49              3.46
 1.25              3.17
  1.15              3.63
  1.32              2.95
      Nov                     1.38
      Dec                     1.36              2.15
 : 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:
 : 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, = 100. Effective April 27,  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 Superintendent Of Documents
COPYRIGHT Gale Group


 
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