Full text of U.S. Financial Data : December 17, 1998

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17,1998

THE^E^K'S HIGHLIGHTS:
■ The U.S. goods and services trade deficit totaled $14.2 billion in
October, $0.2 billion less than September’s reported deficit. U.S.
exports of goods and services rose 2.8 percent in October, reaching
their highest level in nine months, while imports rose 2.2 percent.

■ The consumer price index for all items (CPI-U) rose 0.2 percent in
November, or 2.2 percent at an annual rate. Year-to-date, the CPI
has risen at a 1.6 percent rate.

■ The producer price index for finished goods (PPI) fell 0.2 percent in
November, or 1.8 percent at an annual rate. Measured from a year
earlier, the PP1 has decreased 0.7 percent.

■ Privately owned housing starts were at an annual rate of 1,649,000
units in November, a drop of 2.7 percent from October’s pace.
Single family starts, however, rose 5 percent in November, following
a 3.1 percent rise in October. Total starts are up 8.3 percent from a
year earlier, with single-family starts up 15.9 percent.

■ According to the advance report, retail sales rose 0.6 percent in
November, following an upwardly revised gain of 1.2 percent in
October. In contrast, retail sales fell slightly (less than 0.1 percent)
over the three months ending in September.
Because of the Christmas holiday, USFD will not be published
next week.

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.firb.org/fred.


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Federal Reserve Bank of St. Louis

/

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
519.791
520.499
523.733
523.750
526.151
526.165

5 29

1

12 26

15 29 13 27

10 24

8

22

16 30 14 28
Sep

Oct

1998

1997

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 bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded onnual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

12/17/97

3/11/98

5/20/98

6/17/98

7/15/98

8/12/98

9/9/98

5/20/98

4.7

6/17/98

4.6

3.2

7/15/98

4.5

3.3

4.0

8/12/98

5.3

4.8

6.5

7.7

9/9/98

5.5

5.1

6.6

7.5

9.3

10/21/98

6.5

6.6

8.4

9.4

11.0

10.7

11/18/98

6.8

6.9

8.6

9.4

10.6

10.3

11.7

12/16/98

6.7

6.8

8.2

8.9

9.8

9.4

10.1


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Federal Reserve Bank of St. Louis

10/21/98

7.8

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

4000

4000
1998

Billions

Nov

2
9

3900

3890.2
3897.6

23
30
7

Dec

3900

3915.4
3928.8
3948.8

3800

3800

..... -

3700

3700

3600

3600

3500

3500

3400

3300'

20

3

17

Oct

Nov

1

15 29

12 26

Dec

9

23

9

Feb

23

Mar

6

20

4

Apr

18

1

May

15 29 13 27
Jun

1997

Jul

10 24
Aug

7

21

5

Sep

19

2

Oct

16 30

14 28

3300

Dec

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 overage
of four weeks
ending:
5/4/98

12/8/97

3/9/98

5/4/98

6/8/98

7/6/98

8/10/98

9/7/98

10/5/98

14.1

6/8/98

12.8

13.0

7/6/98

12.4

12.3

8.4

8/10/98

11.8

11.3

8.3

8.9

9/7/98

12.2

12.0

9.9

11.0

10/5/98

13.2

13.5

12.3

13.9

15.1

19.8

11/9/98

14.4

15.1

14.6

16.4

17.9

21.9

24.7

12/7/98

14.5

15.2

14.8

16.3

17.5

20.4

21.8


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Federal Reserve Bank of St. Louis

11.4

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions
Sep
Oct

23
7

66.931
68.096

Nov

4

Dec

2

68.235
66.559
68.095

66.688

-----75

5 29

12 26 10 24

7

2

1

15 29
Apr

13 27 10 24
May

8

22

5

Jun

1997

19

16 30 14 28
Sep

Oct

1998

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 chonge.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods endinq:
To the 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

6/3/9B

-3.3

7/1/98

-7.9

-8.9

-0.2

7/29/98

-6.9

-7.2

0.1

8/26/98

-3.7

-2.4

6.5

-4.6

13.7

10/7/98

-2.6

-1.2

5.9

-1.7

9.6

13.4

11/4/98

-2.5

-1.2

4.8

-1.6

7.2

9.1

2.2

12/2/98

-2.5

-1.3

3.8

-1.7

5.3

6.4

0.8


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Federal Reserve Bank of St. Louis

10/7/98

-0.5

-1.8

Prepared by Federal Reserve Bank of St. Louis

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

TCD

1998

Billions

1998

Nov

2

1091.0

Nov

Dec

16
23
30
7

1083.1
1086.4
1096.1
1084.3

1135

Billions
2

627.9
618.0■
618.8
621.3
630.2
618.4

9
16
23
30
Dec

7

M1 (left s cale)

\J\

V,

Vw
. yAy

A J

aAV

V

\
VV
/

T CD (ric ht sea le)
9856

20

3

Oct

17
Nov

1

15 29
Dec

12 26

9

Jan

Feb

23

9

23

6

Mar

20 4
Apr

18
May

1997

1

15 29 13 27
Jun

Jul

10 24

7

Aug

Sep

21 5

19

2

16 30 14 28"

Oct

Nov

Dec

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

Compounded annual rates
of change, average of
the four weeks ending
December 7, 1998, from
the four weeks ending:

Dec
Mar
Jun
Jul

8,
9 ,
8,
'

1 997
1 998
'
1 998
1 998
1 998

8
7
'

1 998

Billions

15 29

12 26

9

23

9

23

6

20

4

1

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


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

15 29

13 27

10 24

7

21

5

Nov

2

Dec

7

19

2

455.1
455.7
456.3
457.1
458.0
458.0

16 30

14 28

1998
Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

- 7.0

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

14 28

12 26

17

1

15 29

12 26 10 24

7

21

4

18

2

16 30

13 27

11

1997

1998
Sep
Oct

Nov

Dec

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

30—Day
Commercial
Paper

90—Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.45
5.23
5.25
5.22
5.03
5.05
5.11
5.11
4.95
4.84
5.09
5.16
5.25

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

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

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

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

Municipal
Bonds **
4.94
4.82
4.88
4.96
4.99
5.00
5.04
5.04
5.03
5.01
4.96
4.94
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 18, 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
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

25

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount
Rate

3-Month

17 31
Oct

14 28 12
Nov

15 29

Dec

Jan

Feb

Mar

12 26
Jun

1997

1998
Sep
Oct

Nov

Dec

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

10 24
Jul

16 30
Aug

Sep

Oct

13 27

11

Nov

Dec

1998

Federal
Funds **
5.42
5.58
5.22
5.14
4.87
4.95
5.22
4.80
4.89
4.54
4.86
4.68
4.97

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

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

4.40
4.22
4.01
3.96
3.84
3.93
4.27
4.34
4.33
4.38
4.26
4.31
4.27

4.48
4.24
4.18
4.22
4.17
4.22
4.45
4.51
4.59
4.62
4.39
4.39
4.36

4.67
4.46
4.41
4.58
4.59
4.63
4.83
4.82
4.85
4.83
4.64
4.60
4.59

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

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


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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

4475

Billions of Dollars

T

3425

M2
I
’ 2

Billions
4360.3
4372.7
4379.7
4378.9
4375.3

9
16
23
30

4400-

3350

4325

3275
M2 (left

4 250

3200

3125
Non-M1 M2 (right scale)

3050
Non -M1 M2

---------

4025

1996

Billions

Nov

3269.3
3291.0
3296.6
3292.5
3279.2
3310.0

2
9
16
23
30
Dec
7

3950+-T
6

20

3

17

Oct

Nov

1

15 29
Dec

12 25
Jan

20
Feb

Mar

4

Apr

18

1

May

15 29
Jun

1997

13 27

10 24

Jul

Aug

7

21

5

Sep

19
Oct

2900

2
Nov

Dec

1998

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:

12/8/97

5/4/98

9.0

6/8/98

7.6

7/6/98

7.5

6.4

8/10/98

7.1

6.1

4.4

9/7/98

7.4

6.6

5.6

7.1

7.2

10/5/98

8.3

8.0

7.6

9.3

10.1

13.4

11/9/98

8.9

8.8

8.8

10.4

11.2

13.7

15.5

12/7/98

8.7

8.7

8.6

10.0

10.5

12.2

12.9


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Federal Reserve Bank of St. Louis

3/9/98

5/4/98

6/8/98

7/6/98

S/10/98

2975

9/7/98

10/5/98

6.2
4.0
5.8

11.1

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1125

Billions of Dollars

1650

Small Time
1998
Nov
1075

2
9
16
23
30

Dec

7

Billions
962.5
962.4
961.9
961.3
960.6
959.3

1600

Savings Deposits (right scale)

1025

1550

975

1500

Small Time (left scale)
925

1450

Savings
1998
Nov
2
9

Billions
1556.9
1576.5
1583.7
1581.4
1568.1
1596.2

MOO

825 +

6

9
Oct

Nov

Dec

Jan

23

15 29

Mar

Jun

13 27

10 24

Jul

Aug

r'l 'Ml

5

19
Oct

16 30
Nov

14 28
Dec

1997
1998
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

Retail Money

Billions

Billions

825-

Retail Money

Large Time

15 29

12 26

20

4

18

15 29

13 27

10 24

7

21

5

19

16 30 14 28

1997
1998
Large time deposits and retail money funds are at all despository institutions. Large time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

1350

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
0.059
0.105
0.107
0.050
0.014
0.038

I

15 29 12 26 10 24

7

21

4

15 29 13 27 10 24

22

5

1

2

16 30 14 28 11
Sep

1997

25

Oct

1998

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States

1998
Oct 28

1//

Seasonally Adjusted

Billions of Dollars

Billions of Dollars
3600

Billions
4519.2
4517.6
4521.5
4521.2
4536.2
4537.5

3500

Bank Credit (left scale)2/
3400

3300

3200

Loans & Leases
Billions

3287.5
3292.5
3301.3
3299.6
3305.9
3305.1

Loans and Leases (right scale)

Dec
1

1 5 29 12 26
Oct

Nov

10 24
Dec

15 29
Jan

Feb

Mar

Apr

13 27 10 24
May

1997
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

Jun

16 30
Jul

Aug

Sep

18
25
2

; i | | , , 9, , 23,

14 28 11 25
Oct

Nov

Dec

1998

Prepared by Federal Reserve Bank of St. Louis

3100

3000

2900

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

255

Billions
Nov

Dec

4

2

235-

234.3
232.2
235.0
233.4
230.0
228.4

245

235

225-......

225

215

205

195

15 29

13 27

10 24

1997

16 30

14 28

11

25

185

1998

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
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

565

All Banks
Billions
Oct

28

540
951.3

Dec

2

515
Large Banks (right

490

Large Banks
98

(left scale)1/

Nov

4

528.3

440

415

4184

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

465

Billions
526.2
525.1

Prepared by Federal Reserve Bank of St. Louis

Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100

January 1 997=1 00

Nov 11

130

Nov 11
125

Dec

2

Dec

Broad Index
(Right Scale)

2

120

115

110

Major Currency Index
(Left Scale)

15 29

1* 26

105

100
19

2

16 30

14 28

11

25

9

23

1997
1998
At present, the major currency index (MCI) is comprised of 16 currencies. The broad index is comprised of the major currency
index plus 19 additional currencies. After Jan. 1, 1999, when Stage III of EMU begins, the euro will replace the 10 euro-area
currencies in the MCI. See the October 1998 issue of the Federal Reserve Bulletin for further detoils.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Ayyyan