Full text of U.S. Financial Data : December 10, 1998

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federal
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«r ST. LOUIS

TW WEEK'S HIGHLIGHTS:
■ Yields on three-month Treasury bills averaged 4.36 percent for the
week ending Dec. 11, an increase of 52 basis points from eight
weeks earlier. Over the same period, the yield on 30-year Treasury
bonds fell 1 basis point to an average of 5.01 percent (See Page 7).
■ Nonfarm payroll employment increased 267,000 in November,
following gains of 145,000 in October and 172,000 in September.
Year-to-date, monthly employment gains have averaged 226,000,
compared with an average increase of about 277,000 over the first
11 months of 1997. The civilian unemployment rate fell 0.2
percentage points in November to 4.4 percent.
■ The current dollar value of total factory orders fell 1.6 percent in
October. Likewise, the value offactory shipments dropped 0.1 percent
in October, while the value of unfilled orders fell 0.9 percent. The
latter was the largest drop since September 1993.
Beginning with this issue, two new Federal Reserve measures of the
U.S. dollar’s foreign exchange value will be published: The major
currency index (MCI) and the broad index (BI). Until Jan. 1, 1999,
when stage III of EMU will begin, the MCI will be comprised of 16
currencies; the BI includes the MCI plus 19 additional currencies.
After Jan. 1, the euro will replace the 10 euro-area currencies, so
that the MCI will become a seven-currency index and the BI will
have 26 currencies. For more information, see “New Summary
Measures of the Foreign Exchange Value of the Dollar, ” Federal
Reserve Bulletin (October 1998).
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 atwww.stls.ffb.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

516.696
519.791
520.499
523.748
523.753
526.071

520-

—...-500

5 29 12 26 10 24

7

21

4

1

1

15 29 13 27 10 24
Apr

22

5

19

16 30 14 28 11 25

9

23

May

1997

1998

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, and an 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
clearing balance contracts. Data are computed by this bank. A detailed description of the adjusted monetary
base is available from this bank. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
two maintenance
periods ending:

12/3/97

2/25/98

5/6/98

6/3/98

7/1/98

7/29/98

8/26/98

5/6/98

3.8

6/3/98

5.3

4.0

7/1 /98

4.3

2.5

7/29/98

4.8

3.7

6.8

3.1

B/26/98

5.5

4.9

8.0

6.0

10.5

10/7/98

6.3

6.1

9.0

7.8

10.9

11.7

11/4/98

6.7

6.6

9.2

8.2

10.8

11.3

11.0

12/2/98

6.7

6.6

8.9

8.1

10.1

10.3

9.9

10/7/98


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

5.6

8.7

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Billions
3886.3
3890.2
3897.6
3914.0
3915.2
3929.8

Oct 26
Nov
2

6

20

3

17

1

15 29 12 26

23

9

23

20

15 29 13 27 10 24

4

7

21

2

5

16 30 14 28

1998
MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non-M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

12/1/97

3/2/98

4/27/98

6/1/98

6/29/98

7/27/98

8/31/98

4/27/98

14.2

6/1/98

13.0

13.6

6/29/98

12.6

12.9

9.1

7/27/98

11.8

11.5

8.1

8.2

8/31/98

12.0

11.9

9.5

10.2

10.0

9/28/98

13.1

13.5

12.1

13.4

14.3

18.3

11/2/98

14.1

14.8

14.1

15.5

16.7

20.0

23.8

11/30/98

14.4

15.1

14.5

15.8

16.8

19.4

21.8

9/28/98


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

20.6

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions
Sep

23

Nov

4

Dec

2

66.931
68.096

66.688
68.251
66.562
68.016

5 29 12 26 10 24

7

21

4

13 27 10 24

22

5

19

16 30 14 28 11 25

9

23

1997
Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the change.

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annua I rates of change, average of two maintenance periods ending:
12/3/97

2/25/98

5/6/98

6/3/98

7/1/98

7/29/98

8/26/98

5/6/98

-10.5

6/3/98

-3.3

7/1/9B

-7.9

-8.9

-0.2

7/29/98

-6.9

-7.2

0.1

-17.8

8/26/98

-3.7

-2.4

6.5

-4.6

13.7

10/7/9B

-2.6

-1.2

5.9

-1.7

9.6

13.4

11/4/98

-2.5

-1.2

4.9

-1.6

7.2

9.1

2.2

12/2/98

-2.6

-1.4

3.7

-1.9

5.2

6.2

0.6

10/7/98


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

-0.5

-2.1

Prepared by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averages of Daily Figures
1165

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Millions

Oct

26

1998
Oct 26
Nov
2
9
16
23
30

085.9
1091.0
1081.7
1083.0

1086.3
1097.5

Billions
623.5
627.9
618.0
618.8
621.2
631.6

M1 (left scale)

TCD (right scale)
985

6

20

3

Oct

17

1

Nov

15 29 12 26
Dec

Jan

9

23

Feb

9

23

18

1

15 29 13 27 10 24

7

21

5

19

2

16 30 14 28

Mar

1997

1998

M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Com oounded annual rates
of c Tange, average of
the our weeks ending
Nove mber 30, 1998, from
the
Dec
Mar
J u
Jun
J u
Au c
Sep

1,
2 ,
1,
29,

199"
1 9 9£
1998
1998

3 1 ,
28 ,

8
8
9
1 0
1 0
1 2
9

1 998
1 99£

.
.
.
.
.
.
.

2
0
9
3
7
1
8

1998

Bi lions

Oct 2
Nov

4 54.4
4 55.1
455.7'
456.3
457.1
457.9

9
16
23
30

17
Nov

1

15 29
Dec

12 26
Jan

23
Feb

9

23 6

Mar

20

Apr

4

18

May

1

15 29
Jun

13 27 10 24
Jul

Aug

5

19

Oct

2

16 30

Nov

1 4 28

Dec

1998
Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial Paper

....- 5.0

Municipal Bonds

14 28

1998
Sep
Oct

Nov

Dec

18
25
2
9
16
23
30
6
13
20
27
4
11

15 29

12 26

12 26

10 24

4

11

18

30—Day
Commercial
Paper

90—Day
CDs

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.49
5.45
5.23
5.25
5.22
5.03
5.05
5.11
5.11
4.95
4.84
5.09
5.14

5.42
5.37
5.22
5.29
5.26
5.14
5.16
5.27
5.31
5.21
5.18
5.20
5.13

5.38
5.34
5.19
5.20
5.17
5.03
5.07
5.13
5.20
5.18
5.10
5.13
5.08

6.42
6.37
6.25
6.25
6.45
6.47
6.44
6.56
6.44
6.39
6.28
6.18
6.20

7.10
7.07
7.01
7.05
7.25
7.28
7.26
7.42
7.34
7.33
7.28
7.19
7.21

Municipal
Bonds **
4.97
4.94
4.82
4.88
4.96
4.99
5.00
5.04
5.04
5.03
5.01
4.96
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on December 11, 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only back to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data


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

Prepared by Federal Reserve Bank of St. Louis

25

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
Federal
Funds Rate

..- 5.0

Discount
Rate

- 4.0

3-Month
Treasury Bill

31

14 28

1998
Sep
Oct

Nov

Dec

18
25
2
9
16
23
30
6
13
20
27
4
11 *

12 26

Federal
Funds **
5.54
5.42
5.58
5.22
5.14
4.87
4.95
5.22
4.80
4.89
4.54
4.86
4.68

11

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

30-Year
Treasury
Securities

4.62
4.53
4.26
3.96
3.84
3.85
4.12
4.43
4.42
4.35
4.47
4.38
4.36

4.54
4.40
4.22
4.01
3.96
3.84
3.93
4.27
4.34
4.33
4.38
4.26
4.33

4.62
4.48
4.24
4.18
4.22
4.17
4.22
4.45
4.51
4.59
4.62
4.39
4.41

4.83
4.67
4.46
4.41
4.58
4.59
4.63
4.83
4.82
4.85
4.83
4.64
4.62

5.21
5.14
5.00
4.88
5.02
5.08
5.12
5.29
5.27
5.26
5.21
5.05
5.01

Current data appear in the Federal Reserve Board’s H.15 release.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown


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

Prepared by Federal Reserve Bank of St. Louis

7

25

8

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

Billions of Dollars

Billions of Dollars

1998
Oct 26
Nov
2

Billions
4358.0
4360.3
4372.7
4379.6
4376.2

- 3275
M2 (left scale)

Non-M1 M2 (right scale)
Non—M1 M2
[8
Oct

Billions
26

3272.1
3291.0
3296.6
3292.4
3278.7

6

20

3

17

15 29 12 26

9

23

9

23

6

20

4

1

1

15 29 13 27 10 24

7

21

5

19

2

16 30 14 28

1998

1997

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

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

12/1/97

3/2/98

4/27/98

6/1/98

6/29/98

7/27/98

8/31/98

4/27/98

9.1

6/1/98

7.7

6.9

6/29/9B

7.4

6.6

3.6

7/27/98

7.3

6.5

4.3

5.9

8/31/98

7.3

6.7

5.2

6.4

9/28/98

8.1

8.0

7.2

8.8

9.8

11.5

11/2/98

8.6

8.7

8.3

9.7

10.6

12.0

14.7

11/30/98

8.7

8.8

8.5

9.8

10.6

11.6

13.3

9/28/98


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

6.7

11.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
beasonally Adjusted

Billions of Dollars
Small Time
1998
Oct 26

1075- Nov

Billions
963.3
962.5
962.4
961.9
961.3

Savings Deposits fright scale)

Small Time (left scale)
Savings
Billions
Oct

26
1556.9
1576.5
1583.7
1581.4
1567.6

9

23

20

4

1

15 29

13 27

10 24

7

21

5

19

2

16 30

14 28

1997

1998
Savings deposits and small time deposits are at all depository institutions.

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

beasonally Adjusted

of Dollars

Large


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

Retail Money
Billions

Retail Money

Large Time

20

4

1

15 29

13 27

10 24

7

21

5

1

Prepared by 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
Nov

Dec

0.102

4

0.059
0.105
0.107
0.050
0.014

2

-1.0

0.4-

1

15 29 12 26 10 24

7

21

4

18

4

15 29 13 27 10 24

1

1997

22

5

1

2

16 30 14 28 11 25

9

23

1998

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States

Billions
4503.0
4519.1
4517.7
4521.5
4521.2
4539.8

1998
Oct 21

1//

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

3600

3500

Bank Credit (left scale)2/
3400

3300

3200
Loans & Leases
1998

Loans and Leases (right scale)

15 29 13 27 10 24

15 29 12 26 10 24
Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

1997

Jun

Billions
3274.4
3287.5
3292.6
3301.3
3299.4
3308.0

28
4
11
18
25

Aug

Sep

Oct

Nov

Dec

1998

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


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

3000

2900

16 30 14 28 11 25
Jul

3100

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
245-

Oct 28
Nov 4

235-

Dec

232.1
234.3
232.2
235.0
233.4
230.0

2

- 235

- 225

- 205

29

13 27

10 24

14 28

11

25

1997
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 Dollars

Seasonally Adjusted
Bii ions of Pollers

All Banks
Billions
946.8
949.5
948.6
950.6
951.4
953.1

i

Large Banks (right scol

Large Banks
98

Billions

All Bonks (left scole) V
855-

5 29

2 26 10 24

15 29
Apr

T"1 1*6 30 14 28'1'1

13 27 10 24
May

Jun

Jul

Sep

Oct

Nov

1998
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

11

Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
January 1 997-1 00

.. March 1973=100

Nov

Nov

4

4

Dec

2

- 125

115-Dec

2

Broad Index
(Right Scale)

- 120

Major Currency Index
(Left Scale)

1997
1998
At present, the mojor currency index (MCI) is comprised of 16 currencies. The brood index is comprised of the mojor currency
index plus19 additional currencies. After Jan. t, 1999, when Stage III of EMU begins, the euro will replace the 10 euro-areo
currencies in the MCI. See the October 1998 issue of the Federal Reserve Bulletin for further details.


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

Prepared by Federal Reserve Bank of St. Louis

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