Full text of U.S. Financial Data : April 24, 1997

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al 24,1997

cialData

THE
FEDERAL
J
X RESERVE
RANK of
fir SX LOUIS

hWm&K'S HIGHLIGHTS:
■

According to the U.S. Census Bureau, there was a reporting error
in last week’s release of the February U.S. goods and services
trade data. The corrected numbers, which will be released on
Friday, April 25, are expected to lower last week’s reported trade
deficit ($11.6 billion) by about $1.2 billion.

■

Initial claims for unemployment insurance totaled 324,000 for
the week ending April 19, a drop of8,000 from the previous week,
but unchanged from two weeks earlier. Measured from 52 weeks
earlier, claims are down 47,000, or 12.7percent.

■

The index of U.S. import prices, which are not seasonally adjusted,
fell 1.4 percent in March, the third consecutive decline. Consequently,
prices fell 2.5 percent in the first quarter, the largest decline in six
years. Measured from four quarters earlier, import prices have
dropped 1.6 percent.

■

The federal government posted a $21.3 billion deficit in March,
following a $44 billion shortfall in February. Through the first
half offiscal year 1997 (October 1996 to March 1997), the federal
budget deficit measured $111.3 billion—$16.4 billion less than
that over the same period in fiscal year 1996.

■

The M2 money stock increased at a 6.2 percent annual rate from
the average of the four weeks ending Oct. 14, 1996, to the average
of the four weeks ending April 14. This was a modest acceleration
from the 2.9 percent growth posted over the prior six-month period
(see page 8).
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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100
issues). For more information on data, please call (314) 444-8590. To request an order form,
please call (314) 444-8808 or (314) 444-8809. Sorry, no refunds.
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 http://www.stls.frb.org/fred.


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

2
Adjusted Monetary Base
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
Billions
471.470
471.533
471.077
470.926
471.844
468.498

6 20 3 17
Apr

May

Jun

Aug

Sep

Feb

Oct

Mor

Apr

May

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

Adjusted Monetary Base
iSomoInfenance'

Compounded annuol rotes of change, overage of two maintenance periods ending:
4/24/96 7/17/96 9/25/96 10/23/96 11/20/96 12/18/96 1/29/97 2/26/97

periods ending:
9/25/96

4.8

10/23/96

4.6

11/20/96

4.7

4.4
4.5

4.5

12/18/96

5.2

5.3

5.8

6.8

1/29/97

5.2

5.3

5.6

6.2

6.6

2/26/97

5.5
4.9

5.7
4.9

6.3

6.8
5.3

7.3

6.8

5.3

4.4

4.2

4.1

3.9

4.4
2.9

3/26/97
4/23/97


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

5.1
4.0

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1160Apr

7

Billions of Dollars

Billions
1077.2
1072.1
1067.6
1076.5
1065.3
1056.4

Billions
666.2
661.5
656.4
665.5
654.0
645.3

Mar 10

Apr

7

M1 (left scale)

TCD (right scale)

Apr

May

Jun

Ju!

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Totol checkable deposits is the sum of demand deposits and 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 onnuol rotes of change, average of four weeks ending:
4/15/96

7/15/96

10/14/96

-6.3
-7.4

-9.5

11/11/96

-7.0

-8.2

-8.8

12/16/96

-6.0

-6.5

-5.6

-2.0

1/13/97

-5.4

-5.5

-4.3

-1.4

2/17/97

-4.6

-4.3

-2.9

-0.4

0.7

1.2

3/17/97

-4.7

-4.5

-3.4

-1.5

-0.9

4/14/97

-5.3

-5.4

-4.6

-3.2

-3.1

-1.1
-3.9

9/16/96


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

9/16/96 10/14/96 11/11/96 12/16/96

1/13/97

2/17/97

-0.2
-1.7
-5.1

-9.3

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Jon 29
Feb 12
Mar 12
Apr

9

Billions
71.093
71.974
70.537
69.220
68.734
68.856

6 20 3 17 1
May

Jun

Aug

Sep

Feb

Oct

Mor

Apr

May

Adjusted reserves is the difference between the odjusted monetory bose and the currency component of Ml.
The odjusted monetary base series was recently revised: See the footnote to the monetary base chort for o
description of the change.

Adjusted Reserves
Compounded annual rates of change, overoge of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

10/9/96

11/6/96

-9.7
-8.2

1.1
-1.5

0.9

-5.2
-7.8

-4.5
-8.2

1.7
-4.0

4.5
-3.3

-8.9

-9.6

-6.4

-6.2

9/11/96

4/10/96

7/3/96

10/9/96

-7.4
-10.9

-13.4

11/6/96

-10.4

-12.1

-18.4

12/4/96

-8.4

1/15/97

-8.2
-7.7

-7.7

2/12/97
3/12/97

-5.9
-7.8

4/9/97

-8.7

9/11/96


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Federal Reserve Bank of St. Louis

12/4/96

2.3
-6.8
-9.5

1/15/97

-8.3
-11.8

2/12/97

-22.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded onnuol rates
of change, average of
the four weeks ending
April 7, 1997, from
the four weeks ending:

Apr
J uI
Oct
Nov
Dec
Jan
Feb

8.
1,
7.
4,
2.
13.
10.

1996
1 996
1996
1996
1996
1997
1997

Apr

May

Jan 27
Feb 10

-9.1
-9.6
-8.1
-6.9
-6.7
-8.5
-8.4

Jon

2.302
2.287
2.289

Mor 10

Apr

Aug

Sep

Oct

Feb

1996
Ratio of M1 to the adjusted monetary base.

Mar

7

Apr

May

1997

Currency Component of M1
Billions of Dollars

410-1--------- 1------ -------- ------ »---------- r-

Averages of Daily Figures
beosonaiiy Adjusted

Billions of Dollars

Compoundad annual rates
of change, average of
the four weeks ending
April 14, 1997, from
the four weeks ending:
400““ Apr 1
1 996
1 996
Oc 1 1

Nov

Oec
Jan
Feb

11,
16.
13.
17|

1996

1996
1997

Billions
402.4
402.0
402.7
402.7
403.0

May

Jun

Aug

Sep

Oct

1996
Current data appear in the Federal Reserve Boord's H.6 release.


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

Feb

Mor
1997

Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aoa Bonds

Municipal Bonds
-

Commercial Paper

1

15 29 12 26 10 24 7 21

5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23
Aug
Sep

1997

30-Doy
Commercial
Paper

90-Doy
CDs

Jon 31
Feb 7
14
21
28
Mor 7
14
21
28
Apr 4
11
18
25

5.44
5.42
5.38
5.37
5.38
5.43
5.41
5.50
5.66
5.67
5.62
5.60
5.59

5.42
5.40
5.36
5.34
5.37
5.44
5.46
5.54
5.65
5.70
5.70
5.72
5.70

90-Doy
Bankers'
Acceptances
5.33
5.32
5.29
5.27
5.28
5.35
5.35
5.44
5.58
5.60
5.62
5.62
5.60

Corporate
Aoa Bonds

Corporate
Boa Bonds

7.48
7.34
7.26
7.23
7.38
7.47
7.52
7.61
7.63
7.71
7.74
7.73
7.72

8.12
7.98
7.89
7.87
8.01
8.10
8.15
8.22
8.24
8.33
8.36
8.34
8.33

Municipol
Bonds ••
5.73
5.70
5.62
5.56
5.65
5.70
5.75
5.78
5.81
5.88
5.88
5.87
NA

Current data ore from the Federal Reserve Board’s H.15 release, ond ore overages of rotes ovoilable for the
week ending on April 25, 1997
•• Bond Buyer's Average Index of 20 municipol bonds, Thursday doto

NA - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

6.0

•

•

Selected Interest Rates
Averages of Daily Figures

q

rci t.c

p ercent

3 0-Yea r
Treas ury Se curiti«JS

/X

o...—....

/-A
0.... -

....... ■

Fed*iral
Funds Rate

VV

aA \J

/■

V aA V V V
w
a’

Disc:ount Rate

3- Month
Trea sury B II

)-H-t ■ i-'*~l ' 1 1 ' 1
1 15 29 12 26 10 24 7 21 5i ■ 19i •
Mar

Apr

May

Jun

Jul

1 i 1 r
T» i r
16 3C 13 27 i'i 25 8 22 T6 1 201 1
Aug

Sep

Oct

Nov

Dec

17 v
Jon

■ I'I

• i'i

Feb

Mar

1996

1997
Jan 31
Feb 7
14
21
28
Mar 7
14
21
28
Apr 4
11
18
25 •

Federal
Funds ••
5.18
5.30
5.05
5.22
5.16
5.36
5.19
5.26
5.40
5.86
5.37
5.48
5.48

V
4
i • i
Apr

May

,997

3-Month
Treasury
Bill

1 -Yeor
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury

5.04
4.99
5.00
4.97
5.05
5.09
5.08
5.17
5.25
5.17
5.14
5.16
5.20

5.30
5.24
5.20
5.18
5.29
5.39
5.40
5.48
5.59
5.65
5.65
5.64
5.63

6.36
6.20
6.14
6.13
6.31
6.42
6.46
6.58
6.66
6.75
6.78
6.78
6.76

6.62
6.46
6.37
6.33
6.50
6.59
6.63
6.73
6.79
6.90
6.92
6.89
6.87

6.89
6.74
6.65
6.60
6.75
6.85
6.89
6.97
7.00
7.10
7.12
7.10
7.08

Current dota appear In the Federal Reserve Board's H. 15 release.
• Averages of rates available
•• Seven-day overoges for week ending two doys eorlier than dote shown


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

7

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

Billions of Dollars

Billions of Dollars

Billions
Mor 10

Apr

7

3874.8
3876.8
3880.5
3893.2
3897.0
3895.8

M2 left scale)

i-M1 M2 (right scale)

Non-Ml M2
Billions
2797.6
2804.7
2812.9
2816.7
Apr 7
2831.7
2839.4

Mor 10

Apr

Moy

Aug

Jun

Sep

Feb

Oct

Mor

Apr

Moy

M2 is the sum of Ml, savings (including money market deposit occounts), smoll time deposits and retoil money
funds. Current dota appear in the Federal Reserve Board's H.6 release.

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

4/15/96

7/15/96

9/16/96 10/14/96 11/11/96 12/16/96

9/16/96

3.1

10/M/96

2.9

3.4

11/11/96

3.5
4.0

4.4
5.0

4.5

12/16/96

5.4

7.3

1/13/97

4.2

5.5

2/17/97
3/17/97

4.4
4.3

5.1
5.3
5.1

5.7
5.4

6.8
8.7
6.1

4/14/97

4.5

5.2

5.5

6.2


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

1/13/97

2/17/97

6.5
6.5
5.8
5.9

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Small Time

1997
Mar 10

Billions
945.8

Apr

945.4
944.9
945.1

7

1350

1310

1270

Small Time (left scale)
1230

Savings

Savings Deposits (right scale)

Mar 10

Apr

7

Billions
1295.5
1303.5
1309.3
1308.5
1319.6
1323.0

1190

1150
Apr

Moy

Jun

Aug

Sep

Oct

Apr

1996
Savings deposits and small lime deposits ore at oil depository institutions.

Moy

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time
1997
Mar 10
505.0
17
505.0
65024
507.1
31
511.0
Apr
7
14
519.1

Retail Money
1997
Billions
Mar 10
556.6
555.7
558.2
563.4
Apr 7
566.9
570.2

Retail Money

Large Time

May

Jun

Sep
Oct
Apr
Moy
1996
1997
Large time deposits and retoil money funds ore ot oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally called generol purpose
and broker/deoler money market funds.
Prepared by Federal 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

Billions of Dollars

Billions

Mor 19
Apr

2

0.623
0.065
0.127

6 20 3 17 1

15 29 12 26 10 24 7 21 4 18 2 16 JO 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28

May

Jun

Aug

Sep

Apr

Oct

1996
Borrowings include seosonol, adjustment and extended credit.

Moy

1997

Bank Loans and Credit
All Commercial Banks in the United States
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Bonk Credit
Billions
3861.8
3862.3
3886.1
3872.0
3894.4

Bank Credit (left scale)2/

Loans Sc Leases
Mor

5

2847.5
2849.4
2852.6
2866.0

Apr

2

2853.2

Loans and Leases (right scale)

6 20 3 17 1

15 29 12 26 10 24 7 21

4 18 2

1996
Current data appear in the Federal Reserve Board’s H.8 releose.
1/ Includes foreign-related institutions .
2/ Includes loons ond looses and securities


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Federal Reserve Bank of St. Louis

2860.2

16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28

1997

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3illions of Dollars

220-

Billions of Dollars

Bilions
185.536
188.250
185.491
186.910
187.813
195.598

~

25 8 22 5

Apr

May

Sep

19 5

19 2

16 30 14 28

Oct
1997

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

420

All Bonks
1997
Mar 5
800-

Apr

2

802.1
801.8
802.0
806.4
800.7
806.2

All Bonks (left scale)
400

Large Banks (right scale)^/
380

360

Large Bonks
[97

Apr

2

Billiona
393.1
392.8
393.8
397.8
395.8
395.9

340

320
1996
Current data appeor in the Federol Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domesticolly chartered banks


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Federal Reserve Bank of St. Louis

1997

Prepored by Federal Reserve Bonk of St. Louis

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

1973=100

105

Mor 19

100

100-

95

90

85
6 20 3 17

15 29 12 26 10 24 7 21

4

18 2 16 30 13 27 11 25 8 22 5

19 5

19 2

16 30 14 28

Current dato oppeor in the Federal Reserve Board's H.10 release. Dota ore weighted averages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.
Prepared by Federal Reserve Bank of St. Louis

J
a>


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Federal Reserve Bank of St. Louis