FRED-MD#

Back to FRED Datasets

FRED-MD is the monthly national macroeconomic panel used by macroforecast. It is loaded with mf.data.load_fred_md() and returned as a canonical DataBundle.

What This Dataset Is#

Item

Value

Dataset

FRED-MD

Native frequency

Monthly

Package loader

macroforecast.data.load_fred_md()

Metadata dataset

"fred_md"

Current package output

DataBundle(panel, metadata)

Panel index

DatetimeIndex named date

Panel columns

FRED-MD series mnemonics

Official t-codes

Yes

Official groups

Yes, 8 numbered groups

Package default horizons

(1, 3, 6, 12)

Use FRED-MD when the target, predictors, or evaluation unit are monthly. For monthly state analysis with national controls, use load_fred_md_sd().

import macroforecast as mf

bundle = mf.data.load_fred_md()
spec = mf.data.spec(bundle, target="INDPRO", horizons=[1, 3, 6, 12])
processed = mf.preprocessing.reprocess(spec)

Official Sources#

Source

What it provides

URL

FRED-MD/FRED-QD landing page

Current and vintage CSV links, appendix zip, Matlab code

https://www.stlouisfed.org/research/economists/mccracken/fred-databases

FRED-MD appendix zip

Official group labels, t-codes, descriptions, legacy comparable labels

linked from the landing page

FRED-Databases Matlab code

Reference preprocessing/factor code used by the St. Louis Fed distribution

linked from the landing page

FRED API fred/series

Per-series FRED metadata for direct FRED mnemonics, such as frequency and units

https://fred.stlouisfed.org/docs/api/fred/series.html

FRED API fred/series/release

Release metadata for direct FRED mnemonics

https://fred.stlouisfed.org/docs/api/fred/series_release.html

The package does not reconstruct FRED-MD by calling the FRED API series by series. It reads the official St. Louis Fed FRED-MD CSV, because that file is the curated dataset contract. Some FRED-MD columns are adjusted or spliced series, so users should not assume every FRED-MD mnemonic is a raw FRED API series id.

Current Snapshot Checked For This Page#

This page’s counts and catalog were checked against the St. Louis Fed landing page and updated appendix on 2026-06-01.

Item

Checked value

Landing-page current CSV label

2026-04-md.csv

Official data date range in that file

1959-01 through 2026-03

Official data rows

807 monthly observations

Official series columns

126

Official appendix used for groups

FRED-MD_updated_appendix.csv from the appendix zip

Official appendix series count

126

The package records the exact downloaded source in bundle.metadata["artifact"]["source_url"], so users can verify which raw file produced any given run.

Loader#

macroforecast.data.load_fred_md(
    vintage: str | None = None,
    *,
    force: bool = False,
    cache_root: str | pathlib.Path | None = None,
    local_source: str | pathlib.Path | None = None,
    local_zip_source: str | pathlib.Path | None = None,
) -> DataBundle

Input#

Name

Type

Default

Meaning

vintage

`str

None`

None

force

bool

False

Re-download or re-copy the raw file even if it already exists in cache.

cache_root

path-like or None

None

Root directory for raw-file cache and manifest.

local_source

path-like or None

None

Local CSV file to use instead of the online current/vintage CSV.

local_zip_source

path-like or None

None

Optional local historical zip override. If omitted, vintage="YYYY-MM" automatically locates the official FRED-MD historical archive, caches the zip, extracts the requested CSV, and parses it.

Output#

load_fred_md() returns a DataBundle.

Field

Value

bundle.panel

Monthly canonical panel with DatetimeIndex named date.

bundle.metadata["dataset"]

"fred_md"

bundle.metadata["frequency"]

"monthly"

bundle.metadata["version_mode"]

"current" or "vintage"

bundle.metadata["vintage"]

Requested vintage label, or None for current.

bundle.metadata["data_through"]

Last non-missing date parsed from the panel.

bundle.metadata["artifact"]["source_url"]

Exact URL or local path used by the loader.

bundle.metadata["artifact"]["file_sha256"]

SHA-256 hash of the raw file.

bundle.metadata["transform_codes"]

Official FRED-MD t-code map parsed from the CSV transform row.

bundle.panel.attrs["macroforecast_transform_codes"]

Same t-code map for pandas-native handoff.

The loader appends the raw artifact metadata to the raw manifest when cache_root is supplied.

For vintage requests, the loader first searches the official McCracken-Ng FRED-MD/FRED-QD landing page for a historical archive covering the requested month. This is the preferred path because several older vintage CSVs are no longer reliably reachable through direct monthly URLs. The raw CSV used for the panel is still recorded in bundle.metadata["artifact"]["source_url"] as archive.zip#entry.csv, so the exact archive and member file remain auditable.

Frequency Contract#

FRED-MD is monthly. The raw CSV date column is sasdate; the package parses it to a pandas monthly DatetimeIndex named date.

Important consequences:

  • A one-step horizon means one month ahead.

  • Default horizons are (1, 3, 6, 12).

  • FRED-MD should be the default national panel for monthly forecasting.

  • FRED-QD should be preferred for quarterly targets.

  • If FRED-MD is combined into a quarterly panel, the package allows it but records a not-recommended parse note and frequency-conversion metadata.

Official T-Codes#

FRED-MD stores stationarity transform codes in the first row of the official CSV. The package parses that row and stores it in metadata["transform_codes"].

T-code

Formula

Meaning

1

x_t

Level, no transformation.

2

x_t - x_{t-1}

First difference.

3

(x_t - x_{t-1}) - (x_{t-1} - x_{t-2})

Second difference.

4

log(x_t)

Log level.

5

log(x_t) - log(x_{t-1})

First difference of log.

6

(log(x_t) - log(x_{t-1})) - (log(x_{t-1}) - log(x_{t-2}))

Second difference of log.

7

(x_t / x_{t-1} - 1) - (x_{t-1} / x_{t-2} - 1)

First difference of percent change.

mf.preprocessing.reprocess(..., transform="official") applies these codes. FRED-MD t-code 3 is part of the official codebook, but the current official updated appendix has no FRED-MD series assigned to code 3.

Group Summary#

The official updated appendix has 126 series and 8 groups.

Group

Name

Series count

1

Output and income

16

2

Labor market

31

3

Housing

10

4

Consumption, orders, and inventories

10

5

Money and credit

13

6

Interest and exchange rates

22

7

Prices

20

8

Stock market

4

T-Code Summary#

T-code

Series count

1

11

2

19

4

10

5

52

6

33

7

1

T-Codes By Group#

Group

Name

Code 1

Code 2

Code 4

Code 5

Code 6

Code 7

Total

1

Output and income

0

1

0

15

0

0

16

2

Labor market

2

5

0

21

3

0

31

3

Housing

0

0

10

0

0

0

10

4

Consumption, orders, and inventories

0

2

0

8

0

0

10

5

Money and credit

0

1

0

1

10

1

13

6

Interest and exchange rates

8

9

0

5

0

0

22

7

Prices

0

0

0

0

20

0

20

8

Stock market

1

1

0

2

0

0

4

FRED API Source Boundary#

FRED-MD is a curated dataset, not a direct one-call FRED API object.

For direct FRED series, users can query FRED API metadata with the series mnemonic:

https://api.stlouisfed.org/fred/series?series_id=INDPRO&api_key=...
https://api.stlouisfed.org/fred/series/release?series_id=INDPRO&api_key=...

Use this for per-series frequency, units, seasonal adjustment, and release metadata. Use the FRED-MD CSV and appendix for package-level FRED-MD group and t-code truth. If a FRED-MD mnemonic is adjusted, spliced, or otherwise curated, the FRED API series metadata is not sufficient to reconstruct the FRED-MD column.

Full Series Coverage Catalog#

This table joins two sources. Group, T-code, and Description come from the official updated FRED-MD appendix. Latest start, Latest end, and Latest obs. are computed directly from the landing-page current CSV 2026-04-md.csv. These coverage columns can change when a new vintage is released, even if the official appendix table has not changed.

ID

Series

Group

T-code

Latest start

Latest end

Latest obs.

Description

1

RPI

1: Output and income

5

1959-01

2026-03

807

Real Personal Income

2

W875RX1

1: Output and income

5

1959-01

2026-03

807

Real personal income ex transfer receipts

3

DPCERA3M086SBEA

4: Consumption, orders, and inventories

5

1959-01

2026-03

807

Real personal consumption expenditures

4

CMRMTSPLx

4: Consumption, orders, and inventories

5

1959-01

2026-02

806

Real Manu. and Trade Industries Sales

5

RETAILx

4: Consumption, orders, and inventories

5

1959-01

2026-03

807

Retail and Food Services Sales

6

INDPRO

1: Output and income

5

1959-01

2026-03

807

IP Index

7

IPFPNSS

1: Output and income

5

1959-01

2026-03

807

IP: Final Products and Nonindustrial Supplies

8

IPFINAL

1: Output and income

5

1959-01

2026-03

807

IP: Final Products (Market Group)

9

IPCONGD

1: Output and income

5

1959-01

2026-03

807

IP: Consumer Goods

10

IPDCONGD

1: Output and income

5

1959-01

2026-03

807

IP: Durable Consumer Goods

11

IPNCONGD

1: Output and income

5

1959-01

2026-03

807

IP: Nondurable Consumer Goods

12

IPBUSEQ

1: Output and income

5

1959-01

2026-03

807

IP: Business Equipment

13

IPMAT

1: Output and income

5

1959-01

2026-03

807

IP: Materials

14

IPDMAT

1: Output and income

5

1959-01

2026-03

807

IP: Durable Materials

15

IPNMAT

1: Output and income

5

1959-01

2026-03

807

IP: Nondurable Materials

16

IPMANSICS

1: Output and income

5

1959-01

2026-03

807

IP: Manufacturing (SIC)

17

IPB51222s

1: Output and income

5

1959-01

2026-03

807

IP: Residential Utilities

18

IPFUELS

1: Output and income

5

1959-01

2026-03

807

IP: Fuels

20

CUMFNS

1: Output and income

2

1959-01

2026-03

807

Capacity Utilization: Manufacturing

21

HWI

2: Labor market

2

1959-01

2026-02

806

Help-Wanted Index for United States

22

HWIURATIO

2: Labor market

2

1959-01

2026-02

805

Ratio of Help Wanted/No. Unemployed

23

CLF16OV

2: Labor market

5

1959-01

2026-03

806

Civilian Labor Force

24

CE16OV

2: Labor market

5

1959-01

2026-03

806

Civilian Employment

25

UNRATE

2: Labor market

2

1959-01

2026-03

806

Civilian Unemployment Rate

26

UEMPMEAN

2: Labor market

2

1959-01

2026-03

806

Average Duration of Unemployment (Weeks)

27

UEMPLT5

2: Labor market

5

1959-01

2026-03

806

Civilians Unemployed - Less Than 5 Weeks

28

UEMP5TO14

2: Labor market

5

1959-01

2026-03

806

Civilians Unemployed for 5-14 Weeks

29

UEMP15OV

2: Labor market

5

1959-01

2026-03

806

Civilians Unemployed - 15 Weeks & Over

30

UEMP15T26

2: Labor market

5

1959-01

2026-03

806

Civilians Unemployed for 15-26 Weeks

31

UEMP27OV

2: Labor market

5

1959-01

2026-03

806

Civilians Unemployed for 27 Weeks and Over

32

CLAIMSx

2: Labor market

5

1959-01

2026-03

807

Initial Claims

33

PAYEMS

2: Labor market

5

1959-01

2026-03

807

All Employees: Total nonfarm

34

USGOOD

2: Labor market

5

1959-01

2026-03

807

All Employees: Goods-Producing Industries

35

CES1021000001

2: Labor market

5

1959-01

2026-03

807

All Employees: Mining and Logging: Mining

36

USCONS

2: Labor market

5

1959-01

2026-03

807

All Employees: Construction

37

MANEMP

2: Labor market

5

1959-01

2026-03

807

All Employees: Manufacturing

38

DMANEMP

2: Labor market

5

1959-01

2026-03

807

All Employees: Durable goods

39

NDMANEMP

2: Labor market

5

1959-01

2026-03

807

All Employees: Nondurable goods

40

SRVPRD

2: Labor market

5

1959-01

2026-03

807

All Employees: Service-Providing Industries

41

USTPU

2: Labor market

5

1959-01

2026-03

807

All Employees: Trade, Transportation & Utilities

42

USWTRADE

2: Labor market

5

1959-01

2026-03

807

All Employees: Wholesale Trade

43

USTRADE

2: Labor market

5

1959-01

2026-03

807

All Employees: Retail Trade

44

USFIRE

2: Labor market

5

1959-01

2026-03

807

All Employees: Financial Activities

45

USGOVT

2: Labor market

5

1959-01

2026-03

807

All Employees: Government

46

CES0600000007

2: Labor market

1

1959-01

2026-03

807

Avg Weekly Hours : Goods-Producing

47

AWOTMAN

2: Labor market

2

1959-01

2026-03

807

Avg Weekly Overtime Hours : Manufacturing

48

AWHMAN

2: Labor market

1

1959-01

2026-03

807

Avg Weekly Hours : Manufacturing

50

HOUST

3: Housing

4

1959-01

2026-03

807

Housing Starts: Total New Privately Owned

51

HOUSTNE

3: Housing

4

1959-01

2026-03

807

Housing Starts, Northeast

52

HOUSTMW

3: Housing

4

1959-01

2026-03

807

Housing Starts, Midwest

53

HOUSTS

3: Housing

4

1959-01

2026-03

807

Housing Starts, South

54

HOUSTW

3: Housing

4

1959-01

2026-03

807

Housing Starts, West

55

PERMIT

3: Housing

4

1960-01

2026-03

795

New Private Housing Permits (SAAR)

56

PERMITNE

3: Housing

4

1960-01

2026-03

795

New Private Housing Permits, Northeast (SAAR)

57

PERMITMW

3: Housing

4

1960-01

2026-03

795

New Private Housing Permits, Midwest (SAAR)

58

PERMITS

3: Housing

4

1960-01

2026-03

795

New Private Housing Permits, South (SAAR)

59

PERMITW

3: Housing

4

1960-01

2026-03

795

New Private Housing Permits, West (SAAR)

64

ACOGNO

4: Consumption, orders, and inventories

5

1992-02

2026-02

409

New Orders for Consumer Goods

65

AMDMNOx

4: Consumption, orders, and inventories

5

1959-01

2026-03

807

New Orders for Durable Goods

66

ANDENOx

4: Consumption, orders, and inventories

5

1968-02

2026-03

698

New Orders for Nondefense Capital Goods

67

AMDMUOx

4: Consumption, orders, and inventories

5

1959-01

2026-03

807

Unfilled Orders for Durable Goods

68

BUSINVx

4: Consumption, orders, and inventories

5

1959-01

2026-02

806

Total Business Inventories

69

ISRATIOx

4: Consumption, orders, and inventories

2

1959-01

2026-02

806

Total Business: Inventories to Sales Ratio

70

M1SL

5: Money and credit

6

1959-01

2026-03

807

M1 Money Stock

71

M2SL

5: Money and credit

6

1959-01

2026-03

807

M2 Money Stock

72

M2REAL

5: Money and credit

5

1959-01

2026-03

806

Real M2 Money Stock

73

BOGMBASE

5: Money and credit

6

1959-01

2026-03

807

Monetary Base

74

TOTRESNS

5: Money and credit

6

1959-01

2026-03

807

Total Reserves of Depository Institutions

75

NONBORRES

5: Money and credit

7

1959-01

2026-03

807

Reserves Of Depository Institutions

76

BUSLOANS

5: Money and credit

6

1959-01

2026-03

807

Commercial and Industrial Loans

77

REALLN

5: Money and credit

6

1959-01

2026-03

807

Real Estate Loans at All Commercial Banks

78

NONREVSL

5: Money and credit

6

1959-01

2026-02

806

Total Nonrevolving Credit

79

CONSPI

5: Money and credit

2

1959-01

2026-02

806

Nonrevolving consumer credit to Personal Income

80

S&P 500

8: Stock market

5

1959-01

2026-03

807

S&P’s Common Stock Price Index: Composite

82

S&P div yield

8: Stock market

2

1959-01

2026-03

807

S&P’s Composite Common Stock: Dividend Yield

83

S&P PE ratio

8: Stock market

5

1959-01

2026-03

807

S&P’s Composite Common Stock: Price-Earnings Ratio

84

FEDFUNDS

6: Interest and exchange rates

2

1959-01

2026-03

807

Effective Federal Funds Rate

85

CP3Mx

6: Interest and exchange rates

2

1959-01

2026-03

806

3-Month AA Financial Commercial Paper Rate

86

TB3MS

6: Interest and exchange rates

2

1959-01

2026-03

807

3-Month Treasury Bill:

87

TB6MS

6: Interest and exchange rates

2

1959-01

2026-03

807

6-Month Treasury Bill:

88

GS1

6: Interest and exchange rates

2

1959-01

2026-03

807

1-Year Treasury Rate

89

GS5

6: Interest and exchange rates

2

1959-01

2026-03

807

5-Year Treasury Rate

90

GS10

6: Interest and exchange rates

2

1959-01

2026-03

807

10-Year Treasury Rate

91

AAA

6: Interest and exchange rates

2

1959-01

2026-03

807

Moody’s Seasoned Aaa Corporate Bond Yield

92

BAA

6: Interest and exchange rates

2

1959-01

2026-03

807

Moody’s Seasoned Baa Corporate Bond Yield

93

COMPAPFFx

6: Interest and exchange rates

1

1959-01

2026-03

806

3-Month Commercial Paper Minus FEDFUNDS

94

TB3SMFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

3-Month Treasury C Minus FEDFUNDS

95

TB6SMFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

6-Month Treasury C Minus FEDFUNDS

96

T1YFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

1-Year Treasury C Minus FEDFUNDS

97

T5YFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

5-Year Treasury C Minus FEDFUNDS

98

T10YFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

10-Year Treasury C Minus FEDFUNDS

99

AAAFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

Moody’s Aaa Corporate Bond Minus FEDFUNDS

100

BAAFFM

6: Interest and exchange rates

1

1959-01

2026-03

807

Moody’s Baa Corporate Bond Minus FEDFUNDS

101

TWEXAFEGSMTHx

6: Interest and exchange rates

5

1973-01

2026-03

639

Trade Weighted U.S. Dollar Index

102

EXSZUSx

6: Interest and exchange rates

5

1959-01

2026-03

807

Switzerland / U.S. Foreign Exchange Rate

103

EXJPUSx

6: Interest and exchange rates

5

1959-01

2026-03

807

Japan / U.S. Foreign Exchange Rate

104

EXUSUKx

6: Interest and exchange rates

5

1959-01

2026-03

807

U.S. / U.K. Foreign Exchange Rate

105

EXCAUSx

6: Interest and exchange rates

5

1959-01

2026-03

807

Canada / U.S. Foreign Exchange Rate

106

WPSFD49207

7: Prices

6

1959-01

2026-03

807

PPI: Finished Goods

107

WPSFD49502

7: Prices

6

1959-01

2026-03

807

PPI: Finished Consumer Goods

108

WPSID61

7: Prices

6

1959-01

2026-03

807

PPI: Intermediate Materials

109

WPSID62

7: Prices

6

1959-01

2026-03

807

PPI: Crude Materials

110

OILPRICEx

7: Prices

6

1959-01

2026-03

807

Crude Oil, spliced WTI and Cushing

111

PPICMM

7: Prices

6

1959-01

2026-03

807

PPI: Metals and metal products:

113

CPIAUCSL

7: Prices

6

1959-01

2026-03

806

CPI : All Items

114

CPIAPPSL

7: Prices

6

1959-01

2026-03

806

CPI : Apparel

115

CPITRNSL

7: Prices

6

1959-01

2026-03

806

CPI : Transportation

116

CPIMEDSL

7: Prices

6

1959-01

2026-03

806

CPI : Medical Care

117

CUSR0000SAC

7: Prices

6

1959-01

2026-03

806

CPI : Commodities

118

CUSR0000SAD

7: Prices

6

1959-01

2026-03

806

CPI : Durables

119

CUSR0000SAS

7: Prices

6

1959-01

2026-03

806

CPI : Services

120

CPIULFSL

7: Prices

6

1959-01

2026-03

806

CPI : All Items Less Food

121

CUSR0000SA0L2

7: Prices

6

1959-01

2026-03

806

CPI : All items less shelter

122

CUSR0000SA0L5

7: Prices

6

1959-01

2026-03

806

CPI : All items less medical care

123

PCEPI

7: Prices

6

1959-01

2026-03

807

Personal Cons. Expend.: Chain Index

124

DDURRG3M086SBEA

7: Prices

6

1959-01

2026-03

807

Personal Cons. Exp: Durable goods

125

DNDGRG3M086SBEA

7: Prices

6

1959-01

2026-03

807

Personal Cons. Exp: Nondurable goods

126

DSERRG3M086SBEA

7: Prices

6

1959-01

2026-03

807

Personal Cons. Exp: Services

127

CES0600000008

2: Labor market

6

1959-01

2026-03

807

Avg Hourly Earnings : Goods-Producing

128

CES2000000008

2: Labor market

6

1959-01

2026-03

807

Avg Hourly Earnings : Construction

129

CES3000000008

2: Labor market

6

1959-01

2026-03

807

Avg Hourly Earnings : Manufacturing

130

UMCSENTx

4: Consumption, orders, and inventories

2

1959-05

2026-03

653

Consumer Sentiment Index

132

DTCOLNVHFNM

5: Money and credit

6

1959-01

2026-02

806

Consumer Motor Vehicle Loans Outstanding

133

DTCTHFNM

5: Money and credit

6

1959-01

2026-02

806

Total Consumer Loans and Leases Outstanding

134

INVEST

5: Money and credit

6

1959-01

2026-03

807

Securities in Bank Credit at All Commercial Banks

135

VIXCLSx

8: Stock market

1

1962-07

2026-03

765

VIX