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of

St.

LOUIS

rEK'S HIGHLIGHTS:

APR 1 3 1998

The producer price index for finished goods (PPI) fell 0.3 percent
he produ
in March, the fifth decline in as many months. Accordingly, the
PPI fell 1 percent in the first quarter, or 3.9 percent at an annual
rate. This was the largest decline since the second quarter of
1986 and followed a 0.6 percent rate of gain in the fourth quarter
of 1997. '

■

The nominal (current-dollar) value of wholesalers’ sales increased
0.5 percent in February, while their inventories rose 1.2 percent.
Measured from 12 months earlier, sales increased only 1.3 percent,
while inventories rose 6.5 percent.

■

Consumer installment credit outstanding rose $7 billion in
February, or 7 percent at an annual rate. Consumer credit, which
is not adjusted for inflation, was up 4 percent measured from a
year earlier.

■

The yield on 30-year Treasury securities averaged 5.85 percent
for the week ending April 10, down only 4 basis points from eight
weeks earlier, but down 127 basis points from 52 weeks earlier
(see page 7).

■

Nonfarm payroll employment fell 36,000 in March, the first
decline since January 1996. For the first quarter, however, payroll
employment rose at a 3.1 percent annual rate, 0.1 percentage
points faster than the growth registered in the fourth quarter of
1997. The civilian unemployment rate for March was 4.7 percent,
which also happened to be its first-quarter average.
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

Digitized forbulletin board at (314) 621-1824 or internet World Wide Web server at www.stls.frb.org/fred.
FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Billions

498.371
499.273
500.049
500.095
499.749
498.621

5

19 5
Feb

19 2
Mor

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

May

Aug

Jun

17 1

Sep

15 29 12 26 10 24 7 21

4

18 4
Feb

Oct

1997

18

1

15 29

Mor

1998

The odjusled monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond on odjustment for the effect of chonges in reserve requirement
rotios. The monetary base series wos recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Goto ore computed by this bonk. A detoiled description of the odjusted monetary
base is available from this bonk. Recent doto ore preliminary.

Adjusted Monetary Base
To the overage of
two maintenance
periods ending:

Compounded onnuol rotes of change, average of two maintenance periods ending:
4/9/97

7/2/97

9/10/97

10/8/97

11/5/97

2/3/97

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

5.8

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

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Feb 23

Billions of Dollars

Billions
1077.0
1085.1

Billions
Mor

637.2
644.8
637.7
640.3
cm ■*
638.4
634.0

2

1080.9
1074.5

-750

(left scale)

TCD (right scale)

3 17 3 17 31 14 28 12 26 9 23 7 21 4 18
Feb

Mar

Apr

May

Jun

Aug

13 27 10 24 8 22 5 19 2
Sep

Oct

Nov

Dec

16 2 16 30 13 27
Feb

1997

Mar

1998

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

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

Compounded onnuol rotes of chonge, overage of four weeks ending:
3/31/97

6/30/97

9/1/97

9/29/97 10/27/97

12/1/97 12/29/97

9/1/97

-0.8

9/29/97

-2.3

-0.9

10/27/97

-2.2

-1.2

-6.1

12/1/97

-0.8

0.9

-0.9

3.5

12/29/97

-0.1

1.6

0.7

4.3

7.2

2/2/98

-0.1

1.4

0.6

3.1

4.6

2.6

3/2/98

0.1

1.5

0.9

3.0

4.2

2.7

1.2

3/30/98

0.3

1.6

1.1

3.0

3.9

2.7

1.6

2/2/98


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

2.7

Prepored by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
69.282
68.435
68.785
67.289
67.185
66.735

Jon 14
Feb 11
Mor 11

5

19 5
Feb

19 2
Mor

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

Moy

Jun

Jul

Aug

17 1
Sep

15 29 12 26 10 24 7 21
Oct

Nov

Dec

Jon

1997

4

18 4
Feb

18

1

Mar

15 29
Apr

1998

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

Adjusted Reserves
Compounded onnuol rotes of chonge, overage of two maintenance periods ending:
To the averaoe of
two mointenonce
periods ending:
8/27/97

3/26/97

6/18/97

8/27/97

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

1/28/98

-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

3/25/98

-3.3

-2.9

-3.8

-3.0

-2.6

-7.1


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Federal Reserve Bank of St. Louis

-7.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio
Compounded annual rates
of chonge. averoge of
the four weeks ending
March 23, 1998, from
the four weeks ending:

Mar

24,

1997

Ratio

Jon 12
2.153
2.157
2.149

-5.

1997
1997
1997
1998

1997
Ratio of M1 to the adjusted monetary bose.

1998

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

440-1----------1---------- F—-------!----------- r-

4JQ-

Seasonally Adjusted

Billions of Dollars

Compounded annual rotes
of change, overoge of
the four weeks ending
March 30, 1998, from
the four weeks ending:

Mo r
Jun
Sep

3 1.
30 ,
29.
1 .

1997
1997

199
1998

Billions

Feb 23

Mor

Aug

Sep

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


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

2

431.7
432.2
432.4
432.4
432.5
432.3

Oct
1998
Prepared by Federol Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
9.0

Percent

Percent

9.0

Prime Rote
8.0

Corporote
Aaa Bonds
7.0

7.0

6.0

Commercial Paper

5.0

5.0

4.0
7

21

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
Jon

16
23
30
Feb
6
13
20
27
Mor
6
13
20
27
Apr
3
10

20

6

20

3

17

1998

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds

5.44
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

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

6.55
6.67
6.70
6.68
6.69
6.62
6.71
6.81
6.70
6.66
6.69
6.67
6.61

7.14
7.24
7.28
7.27
7.27
7.20
7.28
7.40
7.30
7.27
7.30
7.30
7.25

4.96
5.03
5.11
5.11
5.08
5.07
5.14
5.25
5.20
5.19
5.20
5.19
NA

Current data are from the Federol Reserve Board's H.15 release, and are averages of rotes available for the week
ending on April 10, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source dato,
which is currently available only back to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy data


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

Prepared by Federol Reserve Bonk of St. Louis

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

r... -5.0

Discount Rate
3-Month
Treasury Bill

7

21

7

21

1998
Jon

16
23
30
Feb
6
13
20
27
Mor
6
13
20
27
Apr
3
10 •

4

18

2

16 30 13 27 11 25

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

8 22

5

19

3

17 31

14 28 12 26

6

20

6

20

3

3-Month
Treasury
Bill

1 -Yeor
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treosury
Securities

30-Year
Treasury
Securities

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

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

5.32
5.45
5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.62
5.58
5.51

5.45
5.59
5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.63
5.61
5.54

17

5.74
5.87
5.89
5.89
5.89
5.84
5.94
6.05
5.93
5.89
5.92
5.89
5.85

Current data oppear in the Federol Reserve Board's H.15 release.
• Averoges of rotes available
•• Seven-doy averages for week ending two days earlier thon date shown


http://fraser.stlouisfed.org
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
Averages of Daily Figures
4150

i

"

J

3100

1

M2
1998
Feb 23
Mar
2
9

4075

23
30

Billions
4106.6
4114.8
4118.8

3025

4123.1
4123.€

M2 (1 eft sc( ile)

2950

4000

2875

3925
Non -Ml M 2 (rig it SCO e)

2
Nor -Ml
Bill ons ......
998
2800
Feb
23
3029.6
Mor
2
3029.7
9
3040.5
16
3041.7
23
3043.9
30
3049.3

3850

3775

]

11 ■ i 1
1 » i ' r* f'! TT
» l "T ' I • 1
1 ■ 1 ■'
17 3 17 31 14 28 12 28 9 23 7 21 4 18 1 15 29 13 27 10 24
Jul
Aug
Sep
Oct
Nov
Feb
Mar
Apr
May
Jun

1 ''"I'T

8 22 5 19
Dec Jan

2

16 2 16 30 13 27
Feb
Mar
Apr

2725

1998

1997

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

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

3/31/97

6/30/97

9/1/97

9/29/97 10/27/97

12/1/97 12/29/97

9/1/97

5.4

9/29/97

5.4

6.8

10/27/97

5.4

6.5

5.6

12/1/97

5.7

6.8

6.4

6.8

12/29/97

5.9

6.8

6.5

6.8

2/2/98

6.1

6.9

6.8

7.1

7.4

7.3

3/2/98

6.4

7.3

7.3

7.7

8.1

8.2

8.8

3/30/98

6.5

7.4

7.4

7.7

8.0

8.1

2/2/98

8.5


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
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

1460

Small Time
1998
Feb 23
Mor
2

Billions
965.4
964.5
964.5
963.8
963.6
962.3

1420

Savings Deposits (right scale)

1380

Small Time (left scale)
1340
Savings
1998
Feb 23

Billions
1431.2
1432.6
1439.2
1440.7
1441.4
1445.2

1300

1260
Feb

Mor

Apr

May

Jun

Aug

Sep

Oct

Feb

Mor

Savings deposits and small time deposits are at all depository institutions.

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

Billions of Dollars

Billions of Dollars

Large Time
1998
Feb 23

Retail Money

----600.8
605.7
610.2
616.0
613.7
618.6

1998
Feb 23

Billions
633.0
632.6
636.9
637.2
638.9
641.7

Retail Money

Large Time

Apr

May

Aug

15 29 13 27 10 24 8 22 5
Sep
Oct

19 2

16 2
Feb

16 30 13 27
Mor

1997
1998
Large time deposits and retail 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 colled 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 Dollors

Billions of Dollars

Billions

Mor

Feb

0.016

4

Mor

29 12 26 10 24 7 21
Apr

May

Jun

Jul

Aug

Sep

Oct

4

18 4 18
Feb
Mor

15 29

1997
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States1^
3375

4325 -------- 7----------- •

4225

Credit
Billions
4188.2
4199.9
4214.4
4226.9
4215.1
4228.5

3275

c

Cred t (left scale

o

C
D

Bonk
1998
Feb 18
25
Mor 4
11
18
25

)2/

r-

3175

4125

3075

4025

3925

3825

sons and Le oses

3725 5 19
Feb

right icale)

L
5 19 2 16 30 14 28 11 25 9 23 6 20
Mor
Apr
May
Jun
Jul
Aug

3

17 1 15 29 12 26 10 24
Sep
Oct
Nov
Dec

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


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

2975

Loons & Leases
1998
Billions
Feb 18
3069.6
25
3074.9
Mar 4
3085.5
11
3097.6
18
3093.5
25
3101.0
i * ‘r~r
21 ■ 18
Feb
Jon

2875

l

■—
15 29
Apr

Prepared by Federol Reserve Bonk of St. Louis

2775

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Feb 25
Uor

Apr

214.7

4

1

220-

15 29

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

Commercial and Industrial Loans
Billions of Dollors

Seasonally Adjusted
Billions of Dollars

All Bonks
lillions
880-

Feb 18

873.2

876.7
All Bonks (left scale)1/

878.1
873.2
873.1

860-

Large Bonks (right scale)2/
Large Banks
98
Billions
“
456.7
458.8
Mar 4
459.9
458.0
458.6
459.5
5

19 5

19

2

16 30 14 28 11 25

9 23 6

20 3

17

15 29 12 26 10 24

7

21

4

18

4

18

1

15 29

1997
Current data oppeor in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered banks


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Federal Reserve Bank of St. Louis

11

«
Prepored by Federal Reserve Bank of St. Louis

230

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

4

105-

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
Feb
Mor
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon
1997

4

18 4 18 1 15 29
Feb
Mar
Apr
1998

Current data oppeor in the Federal Reserve Board's H.10 release. Data ore weighted averages 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

Prepored by Federal Reserve Bank of St. Louis

3w

to
to
CG

®J

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