M38 BARRON’S February 22, 2021
FEDERALRESERVEDATABANK
Prev. Year
MemberBank Latest Week Ago
ReserveChgs.(Mil.$) Week Change ChangeOneweekendedFeb17:U.S.Gov'tsecurities:Bought outright 6,980,839 + 122,200 +3,143,635Federalagencysecur:
Bought outright 2,347 .... ....Reservebankcredit:
Primary Credit 1,767 + 93 + 1,765Secondary Credit .... .... ....
Seasonal Credit .... .... ....Float -70 -2 + 44
OtherF.R.Assets 40,872 -1,740 + 11,356TotalFedCredit# 7,512,414 + 124,384 +3,367,576
Goldstock 11,041 .... ....SDRCertif.Accounts 5,200 .... ....
Treas.Curr.Outst. 50,539 + 14 + 412Total 7,601,171 + 124,461 +3,369,722
Currencyincirc 2,102,074 + 2,694 + 303,977Treas.CashHldgs 72 + 11 -179
Treas.FedDeposits 1,567,041 -41,865 +1,138,236ForeignFedDeposits 22,302 + 343 + 17,117
OtherFedDeposits 220,683 + 40,907 + 145,613OtherFRliab/cap 53,250 + 1,393 + 9,090
Totalfactors 4,222,264 + 4,474 +1,644,933ReservesF.R.banks 3,378,907 + 119,988 +1,724,789FgnholdU.S.debt 3,549,734 + 14,051 + 87,227ReserveAggr(Mil.$) Latest Prev.Month% YearMonthEnded January: Month Month Chg. AgoTotalReserves: 3,153,600 3,135,000 0.59 1,715,200Nonborrowed Res 3,101,000 3,076,300 0.80 1,715,200
Borrowed Reserves 52,586 58,685 -10.39 6MonetaryBase 5,247,900 5,206,600 0.79 3,442,600GOLD&SILVERPRICES
Year
Handy&Harman 2/19 2/12 AgoGold,troyounce 1786.20 1816.35 1643.30
Silver,troyounce 27.46 27.32 18.52
Baseforpricinggoldandsilvercontentsofshipmentsandfor
makingrefiningsettlement.
Price Premium Premium
Coins $ %Krugerrand 1850.58 71.18 4.00
MapleLeaf 1868.37 88.97 5.00
MexicanPeso 2153.42 8.00 0.37
AustriaCrown 1747.17 3.00 0.17
AustriaPhil 1868.37 88.97 5.00
U.S.Eagles 1868.37 88.97 5.00
Premiumistheamountoverthevalueofthegoldcontentinthe
coin.SourceManfra,Tordella&Brookes,Inc.
Bullionspotgoldprice1779.40BARRON'SGOLDMININGINDEX
12-Month Year Week%
High Low 2/18 2/11 Ago Chg.1019.26391.56 Gold mining 941.69 954.29614.99 –1.32INVESTORSENTIMENTREADINGS
High bullish readings in the Consensus stock index or in the
Market Vane stock index usually are signs of Market tops; low
ones, market bottoms.
Last 2Weeks 3Weeks
Week Ago AgoConsensusIndex
Consensus Bullish Sentiment 71% 71% 70%
Source:ConsensusInc.,P.O.Box520526,Independence,Mo.
Historicaldataavailableat(816)[email protected]AAIIIndex
Bullish 47.1% 45.5% 37.4%
Bearish 25.4 26.3 35.6
Neutral 27.6 28.3 27.1
Source:AmericanAssociationofIndividualInvestors,
625N.MichiganAve.,Chicago,Ill.60611(312)280-0170.MarketVane
Bullish Consensus 52% 53% 51%
Source:MarketVane,P.O.Box90490,
Pasadena,CA91109(626)395-7436.TIMGroupMarketSentiment
Indicator 47.5% 47.7% 44.5%
Source:TIMGroup,3ColumbusCircle,Suite1592
NewYork,NY10019(844)[email protected]WEEKLYBONDSTATISTICS
Last Prev. YrAgo
Week Week WeekNewOfferings,(mil$)(v)
Corporate (z) 7,823 r21,337 29,464
Municipal (z) 4,263 r10,962 5,835BestGradeBonds-y(Barron's index of 10 high-grade
corporate bonds.)
1.40 1.41 2.28Interm-GradeBonds-y(Barron's index of 10
medium-grade corporate bonds.)
2.68 2.64 3.20ConfidenceIndex(High-grade index divided by inter-
mediate-grade index; decline in latter vs. former generally
indicates rising confidence, pointing to higher stocks.)
52.3 53.4 71.5OtherConfidenceIndicators:
BloombergBarclaysUSLongTreasury*(This
index measures the performance of fixed-rate, nominal US
Treasuries with at least 10 years to maturity. Jan. 1, 1973=100.)
4298.60 4409.91 4361.52BloombergBarclaysUSCredit(This index
includes all publicly issued, fixed-rate, non-convertible, invest-
ment-grade, dollar-denominated, SEC-registered corporate
debt. All issues have at least one year to maturity and outstand-
ing par value of at least $250 million. Jan. 1, 1973=0.) (v)
3318.31 3340.08 3179.20RyanLabsTreasuryIndex(Index of total return from
active Treasury notes and bonds. Dec. 31, 1996=100.)
318.47 322.12 309.88Last Prev. YrAgo
Week Week WeekBondBuyer20BondIndex(Index of yields of 20
general obligation municipal bonds.)2.17 2.10 2.46BondBuyerMunicipalBondIndex(Index of 40
actively-traded tax-exempt bonds; component issues are
changed regularly to keep the index a current picture of the
market. Source: The Bond Buyer3.43 3.39 3.48Stock/BondYieldGap-s(Difference between yield on
highest-grade corporate bonds and yield on stocks on the DJIA.)+.48 +.47 –.07YieldonDJEqualWeightUSCorpBondIdx:
Corp Bonds, (y) 2.12 2.06 2.55v-WeekendedThursday.y-Yieldtomaturity,weekendedThursday.
z-Source:Refinitiv.*BarclaysT-BondIndexdiscontinuedbyfirm.MONEYSUPPLY
GOLD PERFORMANCE
-40-20020406080M A M J J A S O N D JFBarron's Gold Mining Index (941.69)sHandy & Harman Gold PricesIn a Rut:Gold turned briefly higher on
a weaker dollar, but fell again for the
week to $1,780, down 2.43%.
ARMSINDEX
TheArmsindex,alsoknownastheshorttermtradingindex,isanumber
derivedbydividingonequotientintoanotherquotient.Thenumeratorin
the index is the number of advancing stocks divided by the number of
declining stocks. As of 3/14/11, the denominator in the index is now the
compositevolumeofadvancingstocksdividedbythecompositevolumeof
decliningstocks.Daily 2/15 2/16 2/17 2/18 2/19NYSE ... .56 .92 1.50 .88
NYSEAmerican ... .57 .43 1.55 .70
Nasdaq ... .63 .78 .70 .69SouthKorea(Won) .0009041 .0009055 1106.06 1104.37
SriLanka(Rupee) .0051 .0051 195.5200 194.2800
Sweden(Krona) .1208 .1204 8.2767 8.3047
Switzerland(Franc) 1.1152 1.1213 .8967 .8918
Taiwan(Dollar) .03581 .03568 27.926 28.030
Thailand(Baht) .03337 .03343 29.970 29.910
Turkey(New Lira)-d .1436 .1421 6.9636 7.0369
Ukraine(Hryvnia) .0358 .0358 27.9500 27.9500
U.K.(Pound) 1.4012 1.3856 .7137 .7217
Uruguay(Peso) ...... .. ...... .. ...... .. ...... ..
Financial .02339 .02344 42.755 42.665
----
Euro 1.2119 1.2119 .8251 .8251
SpecialDrawingRights(SDR)arebasedonexchangeratesfortheU.S.,
British,andJapanesecurrencies.Source:InternationalMonetaryFund.
a-RussianCentralBankrate.b-governmentrate.d-rebasedasofJan.1,
2005.y-floatingrate.Market Laboratory
MONEYRATES
Latest Prev. YrAgo
Week WeekDiscountRate(NY) 0.25 0.25 2.25
PrimeRate(base) 3.25 3.25 4.75
FedFundsRate
Avg effective offer 0.07 0.08 1.60
Avg weekly auction-c 0.08 0.08 1.58
T-BillsRate
13 weeks, Coupon Yield 0.041 0.035 1.577
13 weeks, Auction Rate 0.040 0.035 1.545
26 weeks, Coupon Yield 0.061 0.051 1.547
26 weeks, Auction Rate 0.060 0.050 1.510
Avg weekly auction-c 0.05 0.05 1.55
BrokerCallRate 2.00 2.00 3.50
BankersAcceptances
1 month 0.12 0.12 1.60
2 months 0.13 0.13 1.63
3 months 0.15 0.15 1.70
6 months 0.20 0.20 1.75
EuroLiborRate
1 month -0.578 -0.580 -0.520
3 months -0.550 -0.550 -0.441
6 months -0.529 -0.543 -0.398
12 months -0.493 -0.500 -0.314
LiborInterbankRate
1 month 0.12 0.11 1.63
3 months 0.18 0.19 1.68
6 months 0.20 0.20 1.67
12 months 0.29 0.30 1.73
ForeignPrimeRates
Canada 2.45 2.45 3.95
Germany 0.00 0.00 0.00
Japan 1.475 1.475 1.475
Switzerland 0.00 0.00 0.50
Britain 0.10 0.10 0.75
OtherMoneyRates
Fannie Mae Home Loan:
30-Year Fixed Conv 2.21 1.99 2.92
Bank money market-z 0.08 0.08 0.21
Interest Checking-z 0.04 0.04 0.07
6-Month Certif-z 0.14 0.14 0.49
12-Month Certif-z 0.19 0.19 0.76
30 Month Accounts-z 0.19 0.19 0.79
5-Year Certificates-z 0.33 0.33 1.13
U.S. Savings EE Bonds:
Long-Term (5yrs+) 0.10 0.10 0.10
c-Annualizedyields,adjustedforconstantmaturity,reportedby
theFederalReserveonaweeklyaveragebasis.
Sources:TullettPreboninformation,Ltd.
Factset.z-Bankrate.com.
1.100.950.800.650.500.354.904.003.102.201.300.40S&P 100 CBOEFM A M J J A S O N D J FCBOE PUT/CALL RATIO vs S&P 100
Source:CBOEReadings in the CBOE equity put-call ratio of 60:100
and in the S&P 100 of 125:100 are considered bullish,
for instance. Bearish signals flash when the equity
put-call level reaches the vicinity of 30:100 and the
index ratio hits 75:100.S&P 100s
sCBOEFOREIGNEXCHANGE
Friday,February19,2021
TheNewYorkforeignexchangemid-rangeratesarequotedat5
p.m. Eastern time by Tullett Prebon. Retail transactions pro-
vide fewer units of foreign currency per dollar.
Foreign Foreign U.S.$in U.S.$in
Currency Currency Foreign Foreign
inU.S.$ inU.S.$ Currency Currency
Country Fri. LastFri. Fri. LastFri.Argentina(Peso)-y .0112 .0113 89.0688 88.4642
Australia(Dollar) .7870 .7760 1.2706 1.2887
Bahrain(Dinar) 2.6521 2.6524 .3771 .3770
Brazil(Real) .1858 .1862 5.3825 5.3700
Bulgaria(Lev) .6196 .6187 1.6140 1.6162
Canada(Dollar) .7925 .7879 1.2618 1.2693
Chile(Peso) .001411 .001385 708.70 721.80
China(Renminbi) .1542 .1548 6.4869 6.4582
Colombia(Peso) .0002800 .0002860 3571.80 3496.50
Croatia(Kuna) .1600640 .1600077 6.25 6.25
Czech.Rep.(Koruna) ...... .. ...... .. ...... .. ...... ..
Commercial rate .04681 .04710 21.361 21.233
Denmark(Krone) .1629 .1630 6.1369 6.1360
EcuadorUS Dollar 1.0000 1.0000 1.0000 1.0000
Egypt(Pound)-y .0639 .0640 15.6396 15.6183
HongKong(Dollar) .1290 .1290 7.7530 7.7530
Hungary(Forint) .003381 .003380 295.77 295.85
Iceland(Krona) .007788 .007789 128.41 128.39
India(Rupee) .01378 .01378 72.556 72.593
Indonesia(Rupiah) .0000711 .0000716 14065 13973
Israel(Shekel) .3056 .3075 3.2722 3.2522
Japan(Yen) .009485 .009532 105.43 104.92
Kazakhstan(Tenge) .002395 .002386 417.47 419.09
Kuwait(Dinar) 3.3059 3.3059 .3025 .3025
Macau(Pataca) .1251 .1251 7.9920 7.9915
Malaysia(Ringgit)-b .2476 .2474 4.0395 4.0425
Mexico(Peso) ...... .. ...... .. ...... .. ...... ..
Floating rate .0489 .0501 20.4342 19.9487
NewZealand(Dollar) .7297 .7219 1.3704 1.3852
Norway(Krone) .1181 .1182 8.4640 8.4620
Oman(Rial) 2.5976 2.5976 .3850 .3850
Pakistan(Rupee) .00629 .00629 158.983 158.883
Philippines(Peso) .02062 .02081 48.489 48.061
Poland(Zloty) .2702 .2695 3.7013 3.7108
Qatar(Rial) .2746 .2746 3.6418 3.6413
Russia(Ruble)-a .01351 .01358 74.033 73.655
SaudiArabia(Riyal) .2666 .2666 3.7506 3.7508
Singapore(Dollar) .7552 .7549 1.3241 1.3247
SouthAfrica(Rand) .0681 .0687 14.6915 14.5514Foreign Foreign U.S.$in U.S.$in
Currency Currency Foreign Foreign
inU.S.$ inU.S.$ Currency Currency
Country Fri. LastFri. Fri. LastFri.