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Federal Reserve Bank of St. Louis

December 15, 1978

Charts to Accompany Testimony
Of G. William Miller
Chairman, Board of Governors of the Federal Reserve System

Joint Economic Committee
Congress of the United States


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Federal Reserve Bank of St. Louis

Chart 1

GNP PRICES

Change from previous period,
annual rate, per cent

GNP PRICES

Change from previous period,
annual rate, per cent

1974

1975

1976

1977

1978

Chart 2

1972


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Federal Reserve Bank of St. Louis

1974

1976

1978

Chart 3

U.S. MERCHANDISE TRADE


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Federal Reserve Bank of St. Louis

Annual rates, seasonally adjusted,

Chart 4

U.S. and Foreign Consumer Price Inflation
Percentage change at annual rates, 3-month moving average centered on month shown

* Weighted average of G-10 countries plus Switzerland.
Weights are 1972-76 global trade of each of the countries.

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Federal Reserve Bank of St. Louis

Chart 5

* Weighted average of G-10 countries plus Switzerland.
Weights are 1972-76 global trade of each of the countries.


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Federal Reserve Bank of St. Louis

Chart 6

Short-term Interest Rates and Inflation

+ OI

♦ Annual rate of change from previous period.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Chart 7

HOME MORTGAGE INTEREST RATE
AND INFLATION

Average

* Annual rate of change.

Average

Average

Percent

Average

Chart 8

00
08

04

00

96

92

88

84

80

96

92

88

84

80

* Index of weighted average of G-10 countries plus Switzerland.

Weights are 1972-1976 global trade of each of the 10 countries.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Chart 9

Long-term Interest Rates and Stock Prices

Chart 10

Federal Budget

CUMULATIVE GROWTH IN TREASURY DEBT


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Federal Reserve Bank of St. Louis

Billions of dollars

Chart 11

TOTAL FUNDS RAISED IN CREDIT MARKETS

*

Includes debt issued by U. S. Treasury and Government sponsored agencies


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Federal Reserve Bank of St. Louis

Billions of dollars


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Federal Reserve Bank of St. Louis

Chart 1 2

REAL PERSONAL
CONSUMPTION EXPENDITURES

Change from previous period,
annual rate, per cent