Financial Commercial Paper Outstanding

## What this measures

Commercial paper outstanding issued by financial companies, $ billions, weekly, seasonally adjusted.

## Why it matters

How much short-term debt companies are rolling. Falling outstandings can mean issuers lost access to the market (2008) or chose cheaper funding; rising ones mean money funds are buying.

## How to read it

Read the four-week change rather than single weeks, and compare financial with nonfinancial paper.

## What it does not say

Outstanding amounts, not new issuance. Seasonal adjustment smooths quarter-end swings.

## Source

Federal Reserve Board, Commercial Paper Rates and Outstanding (FINCP), via FRED. Public domain.