Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original files from the FOMC Secretariat at the Board of Governors of the Federal Reserve System. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. Content last modified 04/01/2015. Class III FOMC - Internal (FR) January 23, 2009 CURRENT ECONOMIC AND FINANCIAL CONDITIONS Supplemental Notes Prepared for the Federal Open Market Committee by the staff of the Board of Governors of the Federal Reserve System Contents The Domestic Financial Economy .............................................................. 1 Exhibits Selected Financial Market Quotations ........................................................... 1 ii III-T-1 Selected Financial Market Quotations (One-day quotes in percent except as noted) 2007 2008 Change to Jan. 22 from selected dates (percentage points) 2009 Instrument Aug. 6 Oct. 28 Dec. 15 Jan. 22 2007 Aug. 6 2008 Oct. 28 2008 Dec. 15 5.25 1.50 1.00 .13 -5.12 -1.37 -.87 4.74 4.72 .76 1.23 .04 .28 .10 .29 -4.64 -4.43 -.66 -.94 .06 .01 Commercial paper (A1/P1 rates)2 1-month 3-month 5.26 5.29 2.71 2.89 .53 1.35 .43 .62 -4.83 -4.67 -2.28 -2.27 -.10 -.73 Large negotiable CDs1 3-month 6-month 5.34 5.27 3.63 3.73 1.85 2.24 1.07 1.57 -4.27 -3.70 -2.56 -2.16 -.78 -.67 Eurodollar deposits3 1-month 3-month 5.33 5.35 3.75 4.50 1.50 2.55 1.00 1.80 -4.33 -3.55 -2.75 -2.70 -.50 -.75 Bank prime rate 8.25 4.50 4.00 3.25 -5.00 -1.25 -.75 Intermediate- and long-term U.S. Treasury4 2-year 5-year 10-year 4.49 4.52 4.82 1.49 2.81 4.43 .48 1.57 3.08 .63 1.73 3.21 -3.86 -2.79 -1.61 -.86 -1.08 -1.22 .15 .16 .13 U.S. Treasury indexed notes5 5-year 10-year 2.43 2.48 3.64 3.29 2.99 2.66 1.97 2.13 -.46 -.35 -1.67 -1.16 -1.02 -.53 Municipal general obligations (Bond Buyer)6 4.51 5.32 5.85 5.13 .62 -.19 -.72 Private instruments 10-year swap 10-year FNMA7 10-year AA8 10-year BBB8 10-year high yield8 5.44 5.34 6.12 6.57 9.21 4.26 5.36 8.26 9.77 16.27 2.76 3.50 6.86 9.59 18.30 2.69 3.76 6.23 9.07 15.82 -2.75 -1.58 .11 2.50 6.61 -1.57 -1.60 -2.03 -.70 -.45 -.07 .26 -.63 -.52 -2.48 Home mortgages (FHLMC survey rate) 30-year fixed 1-year adjustable 6.59 5.65 6.46 5.38 5.19 4.94 5.12 4.92 -1.47 -.73 -1.34 -.46 -.07 -.02 Short-term FOMC intended federal funds rate Treasury bills1 3-month 6-month Record high 2008 2009 Stock exchange index Dow Jones Industrial S&P 500 Composite Nasdaq Russell 2000 Wilshire 5000 Change to Jan. 22 from selected dates (percent) Level Date Oct. 28 Dec. 15 Jan. 22 Record high 2008 Oct. 28 2008 Dec. 15 14,165 1,565 5,049 856 15,807 10-9-07 10-9-07 3-10-00 7-13-07 10-9-07 9,065 941 1,649 483 9,341 8,565 869 1,508 453 8,664 8,123 828 1,465 443 8,338 -42.65 -47.13 -70.97 -48.25 -47.25 -10.40 -12.02 -11.15 -8.23 -10.74 -5.16 -4.73 -2.84 -2.15 -3.77 1. Secondary market. 2. Financial commercial paper. 3. Bid rates for Eurodollar deposits collected around 9:30 a.m. eastern time. 4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities. 5. Derived from a smoothed Treasury yield curve estimated using all outstanding securities and adjusted for the carry effect. 6. Most recent Thursday quote. 7. Constant-maturity yields estimated from Fannie Mae domestic noncallable coupon securities. 8. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data. _______________________________________________________________________ NOTES: August 6, 2007, is the day before the August 2007 FOMC meeting. October 28, 2008, is the day before the October 2008 FOMC monetary policy announcement. December 15, 2008, is the day before the most recent FOMC monetary policy announcement. Data for the 3-month commercial paper rate on December 15, 2008, are from December 4, 2008, the most recent date for which a sufficient volume of new issues was available to calculate this rate. _______________________________________________________________ -1- 

Federal Reserve (2009, January 28). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_20090129_part2

@misc{wtfs_greenbook_20090129_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {2009},
  month = {Jan},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_20090129_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}