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APR 2 7T995

cialData

THE WEEK'S HIGHLIGHTS:
■

After rising 4.7percent between the weeks ending Oct. 29, 1997,
and March 4, 1998, commercial and industrial (C&I) loans have
since fallen 1.2 percent. Measured from one year ago, however,
C&I loans have increased 8.2 percent (see page 11).

m Since the week ending Jan. 9, yields on corporate Baa-rated
bonds have risen 21 basis points to 7.34 percent. Over the same
period, yields on corporate Aaa-rated bonds rose 16 basis points,
yielding 6.71 percent for the week ending April 24 (see page 6).

■

Savings deposits at all depository institutions have risen at a 14.3
percent annual rate since the week ending Dec. 29, 1997. For the
52 weeks prior to that date, savings deposits increased 10.2 percent
(see page 9).

■

The U.S. dollar’s trade-weighted exchange rate index measured
99.7 percent (1973=100) for the week ending April 22. This was
virtually unchanged from 12 weeks earlier but up 3.3 percent from
52 weeks earlier (see back page).

■

The U.S. Treasury Department reported that the federal government
posted a $13.8 billion budget deficit in March, which was $7.5
billion lower than the deficit in March 1997. Thus far in fiscal
year 1998, the federal budget deficit totals $69.9 billion, down
$41.3 billion from the previous fiscal year-to-date total.

■

Initial claims for state unemployment insurance totaled 317,000 in
the week ending April 18, the highest level in eight weeks.

_____________________ 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
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions

499.273
500.049
500.094
499.709
498.775
497.998

Feb 11
Mor 11
Apr

8

♦ 95-

5

19 2

16 30 14 28 11 25 9 23 6 20 3
Apr

May

Jun

Aug

17
Sep

Feb

Oct

Mor

Apr

May

The odjusted monetory 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 monetory base series wos recently revised to include Federol Reserve deposits used to sotisfy
clearing balance contracts. Doto ore computed by this bonk. A detailed description of the odjusted monetary
base is availoble from this bonk. Recent dato are preliminary.

Adjusted Monetary Base
Compounded annual rotes of change, overage of two maintenance periods ending:
To the average of
two maintenance
periods ending:
9/24/97

4/23/97
6.5
6.6

7/16/97

9/24/97 10/22/97 11/19/97 12/17/97

7.3

6.0
7.3

7.5
7.5

7.6
7.5

9.3
8.7

7.4
6.8

7.4
6.7

8.4
7.1

8.6
7.1

8.0
7.7
6.1

7.2
5.3

4/22/98

6.0

5.6

5.6

5.3

4.2

3.2

3.7
1.1

-1.6

10.3

2/25/98
3/25/98

2/25/98

9.6

12/17/97
1/28/98

1/28/98

10/22/97
11/19/97

*


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Federal Reserve Bank of St. Louis

9.1

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Billions

Apr

6

Billions

1078.2
1081.5
1079.1
1073.7
1082.4
1072.2

637.7
640.9
638.5
633.4
641.3
630.5

(left scale)

1030 -

TCD (right scale)

}

17 31 14 28 12 28 9 23 7

Mar

Apr

Moy

21 4

Jun

18

Aug

Sep

Oct

Nov

Dec

1997

Feb

Mar

Apr

Moy

1998

M1 is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond deposits ond other checkoble deposits ot depository
institutions. Current data oppeor in the Federal Reserve Board's H.6 release.

Money Stock (M1)
To the overa e
o? four°weekse

Compounded onnual rotes of change, overage of four weeks ending:
4/14/97 7/14/97 9/15/97 10/13/97 11/10/97 12/15/97 1/12/98

2/16/98

ending:
9/15/97
10/13/97

-0.5
-1.9

-1.5

11/10/97

-1.0

-0.1

-2.5

12/15/97

-0.1

1.1

0.5

5.0

1/12/98

0.7

2.2

2.2

5.9

2/16/98

0.5

1.6

1.4

3.9

3.8

3/16/98

0.9

2.1

2.1

4.3

4.3

4/13/98

0.5

1.4

1.3

2.9

2.7


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

6.6

Prepared by Federal Reserve Bonk of St. Louis

4
Adjusted Reserves
Seosonolly Adjusted
Billions of Dollors

Billions of Dollors
Billions
68.435
68.785
67.289
67.184
66.694
66.142

Jan 28
Feb 1
Mar 11
Apr

5

8

19 2

Mor

MM
16 30 14 28 11 25 9 23 6 20 3 17
Aug
Sep
Moy
Jun

Apr

15 29 12 26 10 24 7 21
Oct

Nov

Dec

4

18 4
Feb

18
Mor

15 29 13 27
Apr

May

Adjusted reserves is the difference between the adjusted monetary base and the currency component of Ml.
The adjusted monetary base series wos recently revised: See the footnote to the monetary bose chart for a
description of the chonge.

Adjusted Reserves
Compounded annual rates of chonge, overage of two maintenance periods ending:
To the overage of
two maintenance
periods ending:
9/10/97

4/9/97

7/2/97

9/10/97

10/8/97

11/5/97

12/3/97

1/14/98

-3.3

10/8/97

-0.2
-4.3

-0.8

11/5/97

-1.9

2.7

-6.4

12/3/97

4.9

0.4

15.8

1/14/98

0.1
1.7

6.4

14.0

2/11/98

-0.7

2.3

4.1
-1.3

4.8

13.3
1.8

3/11/98

-2.8

-0.9

-5.0

-1.0

-4.4

-9.4

-22.8

4/8/98

-3.8

-2.4

-6.4

-3.2

-6.4

-10.6

-20.1

2/11/98


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Federal Reserve Bank of St. Louis

-19.0

Prepored by Federal Reserve Bonk of St. Louis

T------ T

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

J.O

Rotio

Compounded onnu al rotes
of chonge. overog of
the four weeks enc ing
April 6, 1998, frorr
the four weeks enc ing:

2.8

2 6-

Apr
Jun
Oct
Nov
Dec
Jan
Feb

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

1997
1997
1997
1997
1997
1998
1998

1
Rotio
2.153
2.157
2.149
2 163
2 162
2 161

1998
Jon 26
Feb 9
23
Mor 9
23
Apr
6

-5. 1
-4 . 4
-3.0
-1.9
- t . 5
-1.6
2 . 1

3.0

2.8

2.6

|

2.4

...

2.4

“'Ns_

2.2-

2.2

'

2.0
17 31 14 28 12 26
Mar

Apr

May

9

23

Jun

7

21
Jul

4

18
Aug

15 2
Sep

13 27 10 24
Oct
Nov

iDec 5
iY

19

16 ’

Jon

Feb

1997
Ratio of Ml to the odjusted monetary base.

l'l' 30'13'27 ' l'l' 25 2.0
Mor

Apr

May

1998

Currency Component of M1
Averages bf Daily Figures
Seasonally Adjusted

Billions of Dollars

450

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
April 13, 1998, from
the four weeks ending:
Apr
J u 1
Oc t
Nov
Dec
Jan
Feb

430-

1 4
1 4
13
10
1 5
12
1 6

,
.
.
.
.
.
.

1997
1997
1997
1997
1997
1 998
1 998

7.6
7.8
7.8
7.7
6.8
6 . 1
4 . 9

450

430

420-

420
1998
Mor

9
16
23
30
Apr 6
13

410-

.

400I

17 31 14 28 12 26
Mar

Apr

May

9 23
Jun

i ■ i ■
4 18
Aug

15 2
Sep

13 27'10'24
Oct

Nov

8 22
Oec

5

19
Jan

Bill ons
43 2.4
43 2.4
432.5
432.3
433.0
433.7

i
l
18 2' 16 30 13" 27 iV 2 400
Feb

Mor

Apr

Moy

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


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

5

410

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

7

21

4

18

2

16 30 13 27 11 25

5

19

3

17 31 14 28 12 26

6

20

1997

6

20

3

17

15 29

1998

1998

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Baa Bonds

Jon 30
6
Feb
13
20
27
Mor
6
13
20
27
Apr
3
10
17
24

5.47
5.46
5.47
5.46
5.49
5.50
5.51
5.50
5.52
5.52
5.49
5.49
5.48

5.53
5.53
5.53
5.53
5.56
5.59
5.58
5.58
5.59
5.58
5.56
5.57
5.58

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

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

7.28
7.27
7.27
7.20
7.28
7.40
7.30
7.27
7.30
7.30
7.28
7.31
7.34

Municipal
Bonds ••
5.11
5.11
5.08
5.07
5.14
5.25
5.20
5.19
5.20
5.19
5.18
5.21
N A.

Current doto ore from the Federal Reserve Boord's H.15 releose, and ore averages of rotes ovoiloble for the week
ending on April 24, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source doto,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipol bonds, Thursdoy doto


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

. 6.0

Discount Rate
3-Month
Treasury Bill

3

1998
Jon 30
Feb
6
13
20
27
Mor
6
13
20
27
Apr
3
10
24 •

Federal
Funds *•
5.53
5.52
5.43
5.54
5.51
5.60
5.45
5.47
5.43
5.60
5.48
5.47
5.37

17 31

14 28 12 26

9

23

6

20

6

3-Month
Treosury
Bill

1 -Yeor
Treosury
Bill

5-Yeor
Treosury
Securities

10-Yeor
Treasury
Securities

5.06
5.05
5.07
5.06
5.16
5.08
4.97
5.02
5.05
5.00
4.95
4.97
4.94

5.01
4.99
5.01
5.02
5.14
5.15
5.09
5.08
5.12
5.09
5.03
5.11
5.12

5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.62
5.58
5.52
5.59
5.64

5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.63
5.61
5.55
5.61
5.67

20

3

17

15 29

30-Year
Treasury

5.95

Current date appear in the Federal Reserve Board's H.15 releose.
• Averages of rotes available
Seven-doy overages for week ending two days earlier than dote shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

7

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

Billions of Dollars

Mor

Apr

4125-

9

6

Billions of Dollars

Billions
4118.8
4122.6
4123.0
4123.9
4146.7
4146.2

M2 (left scale)

M1 M2 (right scale)
Non—M1 M2
Billions.....
3040.6
3041.1
3050.2
3064.3
3074.0
3

17 3 1

14 28 12 26
May

9

23

7

21

4

18

Aug

Jun

Sep

Nov

Oct

Dec

Feb

Mor

Apr

May

M2 is the sum of M1. savings (including money morket deposit accounts), small time deposits and retail money
funds. Current data appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rotes of change, overoge of four weeks ending:
0° four°weekIe

4/14/97

7/14/97

9/15/97 10/13/97 11/10/97 12/15/97

1/12/98

2/16/98

ending:
9/15/97

5.4

10/13/97

5.2

11/10/97

5.6

7.1

6.0

12/15/97

5.7

6.9

6.1

1/12/98

6.0

7.2

6.8

7.6

2/16/98

6.1

7.2

6.8

7.5

7.3

7.9

3/16/98

6.6

7.7

7.6

8.2

8.3

9.1

4/13/98

6.6

7.5

7.4

7.9

7.9

8.4


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Federal Reserve Bank of St. Louis

6.8

7.1
7.5

Prepared by Federol Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

of Dollors

Small Time
Mor

9

Apr

6

964.5
963.8
963.7
962.4
962.2
961.9

Savings Deposits (right scale)

Small Time (left scale)

Savings
1998
Mor
9

Apr

Moy

Jun

Aug

Sep

Oct

Billions
1439.3
1440.1
1441.4
1445.9
1460.1
1463.6

Apr

May

1998
Sovings deposits and smoll lime deposits ore ot all depository institutions.

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

beosonoiiy Adjusted

Billions of Dollars

Lorge Time
1998
Mor
9
750-

Apr

Retail Money
79B

61 1.0
616.8
614.5
619.2

Billions

636.9
637.2

6

642.0
64B.5

614.0

Retail Money

Large Time

n 25

Aug

Sep

Oct

1997
1998
Large time deposits and retail money funds ore at oil despository institutions. Lorge time deposits ore those
issued in denominations of Si00,000 or more. Retoil money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

3illions of Oollors

Billions

0.022

Mor 18
Apr

0.2-

0.045
0.031
0.169
0.045
0.057

1

I

13 29 12 26 10 24 7 21
Apr

Aug

Moy

Sep

Oct

18 4 18
Feb
Mor

1997

15 29 U 27
Apr
Moy

1998

Borrowings include seasonal, odjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States1^
4325

4225-

Seasonally Adjusted

Billions of Dollars
Bonk Credit
Billions
4205.7
4216.5
4206.1
4211.1
4241.9
4214.7

3illions of Dollars

3375

3275
Bank Credit (left scale)2/
3175

4125-

3075

4025

3925-

Loons 8e Leases
1998

■2975

Billions
3082.4

3025-

3725

3093.2
3085.3
3090.3
3102.7
3098.8

Loons and Leases (right scale)

2

16 30 14 28 11 25 9 23 6 20
Apr

Moy

Jun

Jul

Aug

15 29 12 26 10 24 7 21
Oct

1997
Current doto appear in the Federol Reserve Board's H.8 release.
1 / Includes foreign-related institutions
2/ Includes loons ond leases and securities


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Federal Reserve Bank of St. Louis

Nov

Oec

15 29 13 27

Jon

Prepared by Federal Reserve Bonk of St. Louis

2875

2775

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollors

Billions
Mor 11

220-

215.4
223.3

220.1
Apr

1

217.1
215.7

...... -

220

222.1

- 190

Apr

May

Sep

Oct

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

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollors

All Bonks
1998

Billions

880-

875.8

870.4
860-

Apr

1

Banks (left scale)1/

867.9
865.5
867.2

Large Banks (right scole)^/
Lorge Banks
1998
18

1997

8

461.9
460.1

4607

25
Apr

1

461.1
462.3
462.6

1998

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


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Federal Reserve Bank of St. Louis

4
11

800-

- 420

Billions

Mar

11

_
Prepared by Federal Reserve Bonk of St. Louis

ann

400

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

1973=100

110

Mor 18

105

100

95

90
5

19 2

16 30 14 28 11 25

23

6 20 3

17

1

5 29 12 26 10 24 7

21

4

18 4

IB 1

IS 29 13 27

Current doto appear in the Federal Reserve Board's H.10 release. Doto ore weighted overages of the foreign-currency
price of the U.S. 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