View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

April 2,1998
CH library]*

IfN

/

KmjalData
Sis m
m

ITDIKM.

RESERVE
RANK of
N’LIjOLLS

THE WEEK'S HIGHLIGHTS:

■

The current-dollar value of total factory orders for manufactured
durable and nondurable goods fell 0.9 percent in February. After
rising 2.6 percent between February 1997 and August 1997, factory
orders have since declined 0.1 percent over the six months hence.

■

The National Association of Purchasing Managers ’ index of
manufacturing activity measured 54.8 percent in March, its highest
reading in five months. The index has been above the 50 percent
level for 20 consecutive months and eight consecutive quarters.

■

The Conference Board reported that the index of leading
economic indicators rose 0.4 percent in February, its largest
increase in 12 months.

■

Measured in inflation-adjusted dollars, the total value of new
construction spending rose 0.3 percent in February. This rise
followed gains of 0.7 percent in January and 0.9 percent in December.
Measured from February 1997, real construction spending has
increased 1.6 percent.

■

The Conference Board’s index of consumer confidence measured
134.3 percent (1985 = 100) in March, off 3.1 percentage points
from February’s level but still 15.8 percentage points higher than
12 months earlier.

■

New single-family homes sold at an annual rate of893,000 units in
February, up 4.8 percent from January’s pace and the highest rate
on record. New home sales are up 9.3 percent from a year earlier.

_____________________ 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 Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
495.694
498.371
499.273
500.049
500.095
499.793

5

19 5

Feb

19 2

Mar

16 30 14 28 11 25 9 23 6 20 3

Apr

May

Jun

Jul

Aug

17

Sep

1

15 29 12 26 10 24 7 21

4

18 4

Feb

Oct

1997

18 1

15 29

Mor

1998

The adjusted monetary bose is the sum of Federol Reserve deposits ond vault cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
rotios. The monetary bose series was recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Doto ore computed by this bonk. A detailed description of the odjusted monetary
bose is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, overage of two maintenance periods ending:
To the averoge of
two maintenance
periods ending:

3/26/97

6/18/97

8/27/97

9/24/97 10/22/97 11/19/97 12/31/97

8/27/97

5.3

9/24/97

5.1

5.5

10/22/97

5.4

6.0

11/19/97

6.2

7.0

7.7

9.6

12/31/97

6.6

7.5

8.2

9.4

10.2

1/28/98

6.6

7.3

7.8

8.7

9.1

2/25/98

6.6

7.3

7.7

8.4

8.6

7.7

6.5

3/25/98

6.1

6.6

6.7

7.2

7.1

6.1

1/28/98

4.6


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

5.6

8.0

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Feb 16

Billions of Dollars

Billions
1072.3
1077.0
1085.1
1078.5
1081.1
1079.8

Feb 16
Mor

2

Billions
632.7
637.2
644.8
637.9
640.6
639.1

-750

M1 (left scale)

TCD (right scale)

3

17 3 17 31 14 28 12 26 9 23 7 21
Feb
Mar
Apr
May
Jun

4

18
Aug

15 29 13 27 10 24
Sep
Oct

8 22 5

1997

19

2

16 2 16 30 13 27
Feb
Mar
1998

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

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

Compounded annuol rotes of change, average of four weeks ending:
,
,
3/24/97 6/23/97 8/25/97 9/22/97 10/20/97 11/24/97 12/22/97

8/25/97

-1.0

9/22/97

-1.5

0.3

10/20/97

-2.1

-1.0

-4.9

11/24/97

-0.8

0.7

-0.6

1.2

12/22/97

-0.2

1.4

0.7

2.4

6.1

1/26/98

0.0

1.4

1.0

2.2

4.5

3.3

2/23/98

0.2

1.5

1.1

2.2

3.9

2.9

3/23/98

0.6

2.0

1.8

2.8

4.4

1/26/98

3.7


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

Prepared by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seosonolly Adjusted
Billions of Dollors

Billions of Dollors
Jon 14
Feb 11
Uor 11

Billions
69.282
68.435
68.785
67.289
67.185
66.779

15 29
Feb

Mar

Apr

Moy

Aug

Jun

Sep

Feb

Oct

Mar

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The adjusted monetory base series wos recently revised: See the footnote to the monetary base chort for o
description of the change.

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

3/26/97

6/18/97

8/27/97

9/24/97 10/22/97 11/19/97 12/31/97

8/27/97

-2.5

9/24/97

-3.5

-2.6

10/22/97

-3.8

-3.3

11/19/97

-1.2

0.7

1.3

6.8

12/31/97

0.4

2.6

4.1

8.2

14.1

1/28/98

-0.6

0.9

1.3

3.7

6.4

1.3

2/25/98

-1.9

-1.0

-1.3

0.1

1.4

-3.5

-12.5

3/25/98

-3.2

-2.9

-3.8

-3.0

-2.5

-7.0

1/28/98

-14.5


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

-7.1

Prepared by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.0

Ratio

Compounded annual rotes
of change, overage of
the four weeks ending
March 23, 1998, from
the four weeks ending:

2.8

Mar 24,
J u n 16,
Sep

OcT 22

.
.

....
Nov

20
17,

Dec
Jan

2.6-

29.
26 ,

1997
1997
1997
1997
1997
1997
1 998

-5.

-4 .
-4 .

-2
-2

Ratio
2.169
2.153
2.157
2.149
2.163
2.162

1998
Jan 12
26
Feb 9
23
Mar 9
23

.
.

3.0

2.8

2.6

- 1 .
0.

2.4-

2.2

2.2

2.0

3

17 3 17 31 M 28 12 26
Feb Mor
Apr
Moy

9 23
Jun

7 21
Jul

4 18
Aug

1

15 29
Sep

13 27 10 24
Oct
Nov

B 22 5 19 2
Dec
Jon

16 2
Feb

1997
Ratio of M1 to the adjusted monetary base.

16 30 13 27
Mor
Apr

2.0

1998

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

430 -

Mar
Jun
Sep

24.
23.
22.

Nov

24 .

OcT 20.
420-

Seasonally Adjusted

Billions of Dollors

Compounded annual rotes
of change, overage of
the four weeks ending
March 23. 1998, from
lhe *°ur weeks ending:
1997
1997
1997
1997
1 99 7
10 0 7

1998

Billions
Feb 16
432.2
432.4

17 3

7 31 14 28 12 26 9

23

7 21

4

18
Aug

1

15 29 13 27 10 24
Sep

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


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

8

22

5

19 2

16 2

16 30 13 27'

Oct
1998
Prepored by Federol Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent 9.0

Prime Rote
8.0

Corporate
Aaa Bonds
7.0

Commercial Paper

4.0
7

21

4

18

2

16 30 13 27 11 25 8 22

5

19

3

17 31 14 28 12 26 9 23 6

1997

1998
Jan

9
16
23
30
Feb
6
13
20
27
Mar
6
13
20
27
Apr
3

20

6 20 3

17

1998

30-Doy
Commercial
Poper

90-Day
CDs

90-Day
Bankers’
Acceptances

Corporate
Aaa Bonds

5.48
5.44
5.44
5.47
5.46
5.47
5.46
5.49
5.50
5.51
5.50
5.52
5.53

5.58
5.50
5.51
5.53
5.53
5.53
5.53
5.56
5.59
5.58
5.58
5.59
5.60

5.52
5.47
5.45
5.47
5.47
5.45
5.45
5.48
5.51
5.51
5.50
5.50
5.49

6.55
6.55
6.67
6.70
6.68
6.69
6.62
6.71
6.81
6.70
6.66
6.69
6.73

Corporate
Boo Bonds

Municipal
Bonds ••

7.13
5.07
7.14
4.96
7.24
5.03
7.28
5.11
7.27
5.11
7.27
5.08
7.20
5.07
7.28
5.14
7.40
5.25
7.30
5.20
7.27
5.19
7.30
5.20
7.35
N.A.
Current doto ore from the Federal Reserve Board’s H.15 releose, ond ore overoges of rotes available for the week
ending on April 3, 1998 . Beginning September 2, 1997, the commercial paper role reflects new source data,
which is currently available only bock to the first of the year.
•• Bond Buyer's Averoge Index of 20 municipal bonds, Thursday doto
Prepared by Federal Reserve Bonk of St. Louis


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

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

7.0-

30-Yeor
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Gill

7

21

Feb

7

21

Mar

4

18

Apr

2

16 30 13 27 11 25

Moy

8 22 5 19
Aug
Sep

3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

Jon

6

20

Feb

6

20

Mar

3

17

Apr

1998

1998
Jon

9
16
23
30
Feb
6
13
20
27
Mor
6
13
20
27
3 •
Apr

Federal
Funds ••
5.74
5.45
5.53
5.53
5.52
5.43
5.54
5.51
5.60
5.45
5.47
5.43
5.60

3-Month
Treasury
____Bill
5.04
5.00
5.02
5.06
5.05
5.07
5.06
5.16
5.08
4.97
5.02
5.05
5.03

1 -Year
Treasury
Bill

5-Year
Treosury
Securities

10-Year
Treasury
Securities

30-Yeor
Treosury
Securities

4.99
4.92
4.96
5.01
4.99
5.01
5.02
5.14
5.15
5.09
5.08
5.12
5.13

5.38
5.32
5.45
5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.62
5.64

5.49
5.45
5.59
5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.63
5.67

5.75
5.74
5.87
5.89
5.89
5.89
5.84
5.94
6.05
5.93
5.89
5.92
5.94

Current data appear in the Federal Reserve Boord's H.15 release.
• Averages of rotes avoiloble
•• Seven-day averages for week ending two doys earlier thon dote shown


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

Prepared by Federol Reserve Bank of St. Louis

7

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

Billions of Dollors

Feb 16
Mor

2

Billions of Dollars

Billions
4090.9
4106.6
4114.8
4118.9
4122.8
4122.7

M2 (left scale)

Non-M1 M2 (right scale)
Non-M1 M2
Billions
3018.6
3029.6
Mar 2
3029.7
3040.4
3041.7
3042.9
Feb 16

3

17 3 17 31 14 28 12 26 9 23 7 21
Feb
Mar
Apr
Moy
Jun
Jul

4

18 I 15 29 13 27 10 24
Aug
Sep
Oct
Nov

8 22 5 19
Dec
Jon

1997

2

■2800

16 2 16 30 13 27
Feb
Mor
Apr
1998

M2 is the sum of Ml, savings (including money market deposit accounts), small time deposits ond retail money
funds. Current data appear in the Federal Reserve Board's H.6 release.

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

3/24/97

6/23/97

8/25/97

9/22/97 10/20/97 11/24/97 12/22/97

8/25/97

5.1

9/22/97

5.6

6.9

10/20/97

5.5

6.4

6.5

11/24/97

5.8

6.7

6.9

6.3

12/22/97

5.8

6.6

6.8

6.3

7.0

1/26/98

6.1

6.9

7.1

6.8

7.4

2/23/98

6.3

7.1

7.4

7.2

7.7

7.8

3/23/98

6.6

7.4

7.7

7.6

8.1

1/26/98

8.3


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

7.3

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Small Time
1998
Billions
Feb

16

1035- Mar

2

965.7
965.4
964.4
964.4

963.8

Savings Deposits (right scale)

Small Time (left scale)

Savings
1998
Billions
Feb 16
1426.2
1431.2
Mor
2
1432.6
1439.1
1440.6
1440.7

3

17 3 17 31 14 28 12 26
Feb
Mor
Apr
May

9 23 7 21
Jun
Jul

4

18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Aug
Sep
Oct
Nov
Dec
Jon
Feb
Mor
Apr

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

1998

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

Seasonally Adjusted

Large Time
Billions

Billions of Dollars
Retail Money
998
Billions

600.1
601.0
605.9
610.4
616.3
614.1

Feb

16

Mar

2

626.6
633.0
632.6
637.2

638.9

Retail Money

Large Time

Aug

Sep

Oct

1997
1998
Large time deposits and retoil money funds are at all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
ond broker/dealer money market funds.
Prepored by Federol Reserve Bonk of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions

Feb 25
Mar 4

i.oApr

1

0.028
0.016
0.021
0.022
0.045
0.031

5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 4 IB 1
Aug
Sep
Oct
Apr
Moy
Jun

15 29

1997
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States’^
Billions of Dollors

Seasonally Adjusted

Bank Credit
Billions
4175.7
4187.4
4199.1
4213.9
Mor 4
4226.9
4217.3

Billions of Dollars

Bonk Credit (left scale)2/

Loans & Leases

Feb 11
Loans and Leases (right scale)

5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17
1997

Billions
3064.1
3069.5
3074.9
3085.6
3097.9
3094.9

15 29 12 26 10 24 7 21 4 18 4 18 1
Feb
Mar

15 29

1998

Current doto oppeor in the Federoi Reserve Board's H.8 releose.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases ond securities


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

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Feb 18
Mar

220-

Billions of Dollors

Bilions
211.0
212.4
2M.7
215.4
223.3
220.1

4

230

220

210

200

190

5

19

5

19

2

■ . ■

i

180

16 30 14 28

15 29

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

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollors

880-

Billions of Dollors

All Bonks
Billions
Feb 11
868,9
873.9
877.4
881.2
879.0
874.7

All Banks (left scale)1/

Large Banks (right scale)2/
Lorge Bonks
98
Billions
454.5
457.2
459.4
460.4
458.5
459.0

Feb 11
800-

15 29 12 26 10 24

1997

21

4

18

4

18

15 29

1998

Current data appear in the Federol Reserve Board's H.8 releose.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered bonks


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

7

11

Prepored by Federol Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100
1973=100
Feb 25
Mar 4

Apr

5

19 5

1

19 2

16 30 14 28 11 25 9

23 6

20 3 17

Sep

1

15 29 12 26 10 24 7

21

15 29

Oct

Current doto appear in the Federal Reserve Board's H.10 release. Doto are weighted averages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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

Prepared by Federal Reserve Bonk of St. Louis

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