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s]

April 16,1998
THE
FEDERAL
JRESERVE

nr

HANK of

ST LOUIS

of St. Louis

TH^EEMHIGHUGHTS:
■

The number of housing starts for privately owned residences
totaled 1.59 million units at an annual rate in March, off 2.8 percent
from February’s construction pace. For the first quarter, however,
starts averaged 1.59 million units, up 3.9 percent from the prior
quarter and the most in 1 O'6 years.

■

After rising just $10.8 billion in January, the nominal value of
business inventories (manufacturing and trade) increased at an
annual rate of $70.6 billion in February. Still, the inventory-tosales ratio was unchanged for the second straight month, as sales
rose 0.9percent in February.

■

The consumer price index (CPI) was unchanged in March after
rising just 0.1 percent in February. The CPI rose at a 0.5 percent
annual rate in the first quarter, the smallest rise since the second
quarter of 1986 and well below the 2.1 percent rate posted in the
fourth quarter of 1997.

■

The index of U.S. import prices fell 1 percent in March, as petroleum
prices fell 9.2 percent, and nonpetroleum prices fell 0.2 percent.
Measured from a year earlier, import prices have declined 5.8 percent.

■

Retail sales fell 0.1 percent in March, the first decline since
October 1997. Nevertheless, strong gains in January and
February pushed first-quarter sales 1.8 percent above their
fourth-quarter level. By contrast, sales, which are not adjusted
for price changes, rose only 0.1 percent in the fourth quarter of
1997.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulletin board at (314) 621 -1824 or internet World Wide Web server at www.stls.frb.org/fred.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averoges of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

498.371
499.273
500.049
500.094
499.705
498.734

5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17
Aug
Sep
Moy
Jun
Feb
Mor

15 29 12 26 10 24 7 21
Oct

4 18 4 18 1
Feb
Mor

15 29

The odjusted monetary base is the sum of Federal Reserve deposits ond voult cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetary base series was recently revised to include Federal Reserve deposits used to satisfy
cleoring balance contracts. Dota ore computed by this bank. A detailed description of the odjusted monetary
bose is ovoiloble from this bonk. Recent doto ore preliminary.

Adjusted Monetary Base
Compounded annual rates of change, averoge of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

4/9/97

7/2/97

9/10/97

10/8/97

11/5/97

12/3/97

1/14/98

9/10/97

5.9

10/8/97

5.3

11/5/97

6.0

7.3

6.2

12/3/97

6.7

8.2

8.2

11.4

1/14/98

6.9

8.1

8.1

9.9

9.7

2/11/98

6.9

8.0

7.9

9.2

8.8

7.4

3/11/98

6.6

7.4

7.2

8.1

7.6

6.2

5.0

4/8/98

5.9

6.4

5.9

6.4

5.7

4.3

2.5

2/11/98


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6.4

0.5

Prepored by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

Mor

2

Apr

6

Billions of Dollors

Billions
1085.1
1078.3
1081.6
1079.2
1073.9
1081.6

Mor

2

Apr

6

Billions
644.8
637.7
640.9
638.5
633.4

640.5

.......720

(left scale)

1060-

1030TCD (right scale)

3 17 3 1 H 28 12 26 9 23 7 2 1 4
Feb

Mor

Apr

May

Jun

I
Aug

15 29 13 27 10 24 8 22 5
Sep

19

16 2 16 30 13 27

Oct

Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks. Totol checkable deposits is the sum of demand deposits ond other checkable deposits at depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M1)
...
To the overoge
Of four weeks
ending:

Compounded annual rates of chonge, overage of four weeks endina:
, ,
3
3
*
4/7/97
7/7/97
9/8/97 10/6/97 11/3/97 12/8/97
1/5/98

9/8/97

-0.5

10/6/97

-2.2

-1.4

11/3/97

-1.8

-1.0

-5.3

12/8/97

-0.6

0.7

-0.9

3.9

1/5/98

0.5

2.3

2.0

6.2

8.9

2/9/98

0.1

1.5

0.8

3.6

4.5

3/9/98

0.4

1.7

1.2

3.6

4.3

3.4

-0.1

4/6/98

0.5

1.6

1.2

3.2

3.7

2.8

2/9/98

0.3


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
68.435
68.785
67.289
67.184
66.690

66.102

5

19 5 19 2

16 30 14 28 11 25 9 23 6 20 3

May

Aug

Jun

17

Sep

15 29 12 26 10 24

7 21

4

18 4

Feb

Oct

1997

18

1

15 29

Mar

1998

Adjusted reserves is the difference between the adjusted monetory base and the currency component of Ml.
The adjusted monetory base series was recently revised: See the footnote to the monetory base chart for o
description of the chonge.

Adjusted Reserves
Compounded onnual rotes of change, overage of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

4/9/97

7/2/97

9/10/97

10/8/97

11/5/97

12/3/97

1/14/98

9/10/97

-0.2

10/8/97

-4.3

-0.8

11/5/97

-1.9

2.7

-6.4

12/3/97

0.1

4.9

0.4

15.8

1/14/98

1.7

6.4

4.1

14.0

2/11/98

-0.7

2.3

-1.3

4.8

1.8

-3.3

3/11/98

-2.8

-0.9

-5.0

-1.0

-4.4

-9.4

-22.6

4/8/98

-3.8

-2.4

-6.4

-3.3

-6.4

-10.7

-20.2

2/11/98


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Federal Reserve Bank of St. Louis

13.3

-19.2

Prepared by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
3.0

2.8

_

_

2.6-

Apr
Jun
Oct
Nov
Dec
Jc
Fet

7,
30.
6.
3.
1.
12,
9.

199
199
199
199
199
199
1 99

-5
-4
-3
- 1
- 1
- 1
2

3.0

!
1998
Jan 26
Feb 9
23
Mor
2
Apr

Compounded annual rates
of change, average of
the four weeks ending
April 6, 1998, from
the four weeks ending:
. 1
.4
. 0
. 9
. 5
.6
. 1

R 3tio
.153
2 .157
2 .149
2 .163
2 .162
2 .161

2.6

2.6

2.4

2.4

2.2

2.2

T~»~ l «

Feb

Mar

• i ' r‘>"l"l 1
Apr

'PT»

May

Jun

i ' 1 ' i

Aug

Sep

Jul

T-l-l-l
Oct

8 22
Dec

1 ' 1 ' • i » irn
2.0
5 19 2 16 2 16 30 13 27
Jon
Feb
Mar
Apr

1997
Ratio of M1 to the odjusted monetary base.

1998

Currency Component of M1
Averages of Daily Figures

Billions of Oollors

_________ Seasonally Adjusted

Billions of Dollars
440

Compounded annual rotes
of change, overage of
the four weeks ending
«prn o, 1990, from

the four weeks ending:
Apr

430

1997
1997
1997
1997
1998
1998

420

410

Mar

17 3
Feb

17 31 14 28 12 26 9 23
Mar

Apr

May

Jun

7 21
Jul

4

18
Aug

1

15 2^ 13 27 10 24
Sep

1997
Current doto appear in the Federal Reserve Board's H.6 release


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Oct

Nov

8 22
Dec

5

19 2
Jon

Billions
432.2
432.4
400
432.4
432.5
432.3
433.0
16 30 13 27

2

Apr 6
16 2
Feb

390

Mor

Apr

1998
Prepared by Federoi Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporote
Aaa Bonds

Commerc ol Paper

Municipal Bonds

7

21

7

21

4

18

2

16 30 13 27

8

22

5

19

3

17 31 14 28

9 23

6

20

6

20

3

1998

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds

Jan 23
30
Feb 6
13
20
27
Mor 6
13
20
27
Apr 3
10
17

5.44
5.47
5.46
5.47
5.46
5.49
5.50
5.51
5.50
5.52
5.52
5.49
5.50

5.51
5.53
5.53
5.53
5.53
5.56
5.59
5.58
5.58
5.59
5.58
5.56
5.58

5.45
5.47
5.47
5.45
5.45
5.48
5.51
5.51
5.50
5.50
5.49
5.48
5.48

6.67
6.70
6.68
6.69
6.62
6.71
6.81
6.70
6.66
6.69
6.67
6.64
6.70

7.24
7.28
7.27
7.27
7.20
7.28
7.40
7.30
7.27
7.30
7.30
7.28
7.34

17

5.03
5.11
5.11
5.08
5.07
5.14
5.25
5.20
5.19
5.20
5.19
NA
NA

Current doto ore from the Federal Reserve Board's H.15 release, ond ore averoges of rotes available for the week
ending on April 17. 1998 . Beginning September 2. 1997, the commercial paper rote reflects new source doto.
which is currently ovoiloble only bock to the first of the year.
•• Bond Buyer's Average Index of 20 municipol bonds, Thursday doto


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

1

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

7

21

7

21

1998
Jan 23
30
Feb
6
13
20
27
Mor
6
13
20
27
Apr
3
10
17 •

4

18

16 30 13 27 11 25

Federol
Funds ••
5.53
5.53
5.52
5.43
5.54
5.51
5.60
5.45
5.47
5.43
5.60
5.48
5.47

B 22

5

19

3

17 31 14 28 12 26

9

23

6

20

6

20

3

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.02
5.06
5.05
5.07
5.06
5.16
5.08
4.97
5.02
5.05
5.00
4.95
5.00

4.96
5.01
4.99
5.01
5.02
5.14
5.15
5.09
5.08
5.12
5.09
5.03
5.12

5.45
5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.62
5.58
5.52
5.61

5.59
5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.63
5.61
5.55
5.63

17

5.87
5.89
5.89
5.89
5.84
5.94
6.05
5.93
5.89
5.92
5.89
5.86
5.91

Current doto appear in the Federal Reserve Board's H.15 release.
• Averages of rotes ovoiloble
•• Seven-day averages for week ending two days earlier than date shown


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

7

8
Money Stock(M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollors

Billions

Mar

2

4114.1
4118.8
4122.7
412J.0

4075-

4123.9
Apr

6

M2 (left scale)

Non-M1 M2 (right scale)
Non-I

billions
Mar

2

- 2800

3029.7
3040.5
3041.1
3043.8
3050.0
3064.7

1 14 28 12 26 9 23 7 21 4 18
Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

Feb

1997

Mar

1998

M2 is the sum of Ml, sovings (including money market deposit occounts), small time deposits and retail money
funds. Current data appeor in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rotes of change, overage of four weeks ending:
To the overoge
of four weeks
ending:

4/7/97

9/8/97

7/7/97

9/8/97

10/6/97

11/3/97

12/8/97

1/5/98

2/9/98

5.5

10/6/97

5.3

6.7

11/3/97

5.5

6.7

12/8/97

5.8

6.8

6.1

6.9

1/5/98

6.0

7.0

6.6

7.3

2/9/98

6.1

7.0

6.7

7.2

7.3

7.5

3/9/98

6.5

7.5

7.4

8.0

8.2

8.7

9.0

4/6/98

6.6

7.4

7.3

7.8

8.0

8.2

8.3


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5.6
7.4

9.1

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
Small Time
1998
Billions
Mo r 2
964.4
964.4
96J.8
963.6
962.4
Apr
6
962.2

3illions of Dollars

1475

1435
Savings Deposits (right scole)

1395
Small Time (left scale)
1355
Savings

Apr

Billions
1432.6
1439.2
1440.0
1441.4
1445.9
1460.6

6

1315

1275
Apr

May

Jun

Aug

Sep

Oct

Feb

1997
Savings deposits and small time deposits ore at all depository institutions.

Mor

1998

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Large Time
1998
605.7
610.2
616.0
613.7
618.4
Apr
6
622.3

Billions of Dollars
Retail Money
?98
Billions
632.6
636.9
637.2
638.9
641.7
Apr
6
642.0

Retail Money

Large Time

3 17 3 17 31 14 28 12 26 9 23 7 21 4 18
Apr
Moy
Aug

15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Sep

1997
1998
Large time deposits and retail money funds are at all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originolly called general purpose
and broker/deoler money market funds.
Prepared by Federal Reserve Bonk of St. Louis


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federol Reserve Banks
Averages of Doily Figures

Billions of Dollars

Billions of Dollars

Billions

Mor 11
Apr

1
0.169
0.045

5 19 5

19 2 16 30 14 28 11 25 9 23
May
Jun

20 3 17 1

13 29 12 26 10 24 7 21

18 4 18 1
Feb
Mor

15 29

1998
Borrowings include seasonal, adjustment ond extended credit.

Bank Loans and Credit

All Commercial Banks in the United States'^
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bonk Credit

Apr

1

Billions
4200.1
4214.7
4227.1
4215.3
4229.5
4264.2

Bank Credit (left scole)2/

Loons & Leases
1998
Feb 25
Mor 4

Billions
3075.2
3085.8
3097.8
3093.8
3102.3
3111.1

Loans and Leases (right scale)
Apr
5

19 5

19 2

16 30 14 28 11 25 9 23

Moy

20 3

17

1

4

1

18 4

18

5 29

Jun

1997
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loans and leases and securities


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

15 29 12 26 10 24 7 21

1998

Prepared by Federol Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Mar

Billions of Dollars

Billions
214.7
215.4
223.3

4

220-

220.1

217.1
215.7

5

19 5
Aug

Sep

15 29 12 26 10 24
Oct

7 21

4

16 4

18

15 29

1997

Note: Beginning September 2. 1997, the value of commercial paper outstanding uses new source data. See the
Federol Reserve Board's H.15 release for more information.

Commercial and Industrial Loans
Billions of Dollors

Seosonolly Adjusted

Billions of Dollars

All Bonks
1998
Feb 25
Mor 4

860-

Apr

1

Billions
877.0
880.8
878.5
873.6
872.3
870.3

Banks (left scole)1/

Large Bonks (right scale)^/
Lorge Banks
—
[98
Billions
459.4
460.5
458.6

Feb 25

800-

459.2

Apr

5

19 5

19 2

16 30 14 28 11 25 9 23 6 20 3 17
1997

15 29 12 26 10 24 7 21

1

4

18 4

460.2
461.0

18

1

15 29

1998

Current doto appear in the Federal Reserve Board's H.8 reieose.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

11

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures

1973=100

1973=100

110

105

105-

100

95

90
5

19

5

19

2

16 30 14

11 25 9 23 6

20 3

17

15 29 12 26 10 24

7 21

4

18 4

18

15 29

1998
Current doto oppear in the Federal Reserve Board's H.10 release. Ooto are weighted overages of the foreign-currency
price of the U.5. dollar, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102