Full text of U.S. Financial Data : February 18, 1999

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February 18,1999

0^3

THE WEEK'S HIGHLIGHTS:
■

In January, prices at the wholesale level, as measured by the producer
price index (PPI) for finished goods, rose 0.5 percent, or 6.6
percent at an annual rate. January’s increase was the largest since
March 1996 and reflected a 1.6 percent rise in food prices and a
1.8 percent jump in energy prices. Excluding these two categories,
the PPI fell 0.1 percent. Measured from a year earlier, the PPI is
up 0.9 percent, while the so-called core measure that excludes food
and energy prices has increased 2.3 percent.

■

Privately owned housing starts were at an annual rate of 1.80 million
units in January, 3.8 percent above December’s pace and 6.3
percent more than the average rate that prevailed during the fourth
quarter of 1998.

■

In January, the Federal Reserve Board’s index of industrial production
fell 0.3 percent at an annual rate. Excluding the 5.6 percent rate of
increase in motor vehicle output, industrial production declined at a
0.6 percent rate. The manufacturing capacity utilization rate fell
0.3 percentage points in January to 79.6 percent—its lowest rate
since August 1993.

■

The index of U.S. import prices rose 0.2 percent in January, just the
third increase in the past 12 months. After falling 21.2 percent over
the last two months of 1998, prices of imported petroleum goods
rose 1.7 percent in January. Measured from a year earlier, total
import prices declined 4.7 percent, while petroleum prices are off
32.6 percent.

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.ffb.org/ffed.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
98/99

Billions of Dollars

Billions
526.219
526.061
527.987
529.480
537.466
537.801

— 520

-510

11

25 11 25

3

17

1

15 29

16 30

13 27

10 24

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 includes 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:
To the overage of
two maintenance
periods ending:

2/11/98

5/6/!

7/15/98

8/12/98

9/9/98

10/7/98

11/4/98

7/15/98

3.3

8/12/98

4.6

7.9

9/9/98

4.9

7.7

9.4

10/7/98

6.0

9.0

11.2

10.9

11/4/98

6.5

9.2

11.0

10.7

12.6

12/16/9B

6.5

8.7

9.8

9.4

10.1

8.1

1/13/99

6.5

8.5

9.3

8.9

9.3

7.7

6.7

2/10/99

7.8

10.0

11.2

11.1

11.9

11.2

11.4


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Federal Reserve Bank of St. Louis

12/16/98

15.1

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
4008.6
3987.7
4003.5
4007.7
4022.7
4030.2

4000-

-3900

3900-

I

15 29

12 26

23

9

23

6

20

4

1

15 29

13 27

10 24

7

21

5

19

2

16 30 14 28

1998

r 3400

11 25

1999

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:
of four weeks
ending:

2/9/98

5/11/98

7/6/98

8/10/98

9/7/98

10/5/98

11/9/98

7/6/98

13.6

8/10/98

12.8

10.7

9/7/98

13.3

12.0

12.6

10/5/98

14.3

13.9

15.4

19.3

11/9/98

15.3

15.5

17.4

20.5

22.3

12/7/98

15.5

15.8

17.4

19.9

21.0

20.5

1/11/99

15.7

15.9

17.3

19.1

19.7

19.1

17.2

2/8/99

14.9

14.9

15.8

17.1

17.2

16.2

13.8


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Federal Reserve Bank of St. Louis

12/7/98

12.0

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
98/99

Jan

13

Feb

10

of Dollars

Billions
67.967
67.359
67.104
67.380
71.262
70.191

75-

3

17 31

14 28

25

11

25

9

1997

12 26

9

23

7

21

4

1

2

16 30

1998

13 27

10 24

1999

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

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

2/11/98

5/6/98

7/15/98

8/12/98

9/9/98

10/7/98

11/4/98 12/16/98

7/15/98

-7.8

8/12/98

-5.9

4.3

9/9/98

-4.2

5.0

6.4

10/7/98

-3.0

5.3

6.6

11/4/98

-2.6

4.6

5.1

4.9

3.7

12/16/98

-1.8

4.3

4.6

4.3

3.5

2.2

1/13/99

-2.3

2.9

2.6

2.0

0.9

-0.8

-1.3

2/10/99

2.9

9.6

11.6

12.5

13.5

15.0

19.5


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Federal Reserve Bank of St. Louis

7.1

33.4

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

Billions

1107.4
1084.0
1086.3
1086.2
1093.6
1081.9

638.7
614.7
615.0
621.2
608.4

1105-

MI (left scale)

1045-

TCD (right scale)

1015“

20

4

18

1997

15 29 13 27

10 24

7

21

5

19

2

16 30 14 28

11

199B

25

1999

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
February 8, 1999, from
the four weeks ending:

Feb
May
Aug
Sep
Oct
Nov
Dec

9, 1 998
11, 1998
10, 1998
7 , 1 9 98
5 , 1998
9.1 998
7. 1998

-460

8 . 4
8.9
9.6
1 0.0
9.0
8 . 6
8.9

Billions
460.9
461.5
462.3
463.5
464.6
465.8

430-

1

15 29

12 26

23

9

23

20

4

18

15 29

13 27

1997
1998
Current dato appear in the Federal Reserve Board's H.6 release.


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

10 24

7

21

5

19

2

16 30

14 28

11

25

1999
Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Prime Rate

Corporate
Aaa Bonds

Commercial

Municipal Bonds

8 '22 ' 5
Dec
1997

Jan

Feb

Jul

Jan

1998

1998/99
Nov
Dec

29'12'26

Jun

27
4
11
18
25
1
8
15
22
29
5
12
19

Feb
1999

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

4.84
5.09
5.16
5.26
5.44
5.24
4.81
4.81
4.78
4.79
4.79
4.80
4.81

5.18
5.20
5.13
5.14
5.18
5.09
4.93
4.91
4.87
4.B6
4.88
4.90
4.91

5.10
5.13
5.07
5.04
5.07
5.14
4.85
4.80
4.76
4.78
4.78
4.79
4.78

6.28
6.18
6.18
6.19
6.29
6.26
6.28
6.26
6.22
6.19
6.32
6.38
6.36

7.28
7.19
7.19
7.21
7.30
7.27
7.34
7.30
7.27
7.24
7.34
7.37
7.37

Municipal
Bonds **
5.01
4.96
4.94
4.96
5.03
5.00
5.05
5.02
5.01
5.01
5.02
5.00
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are overoges of rates available for the week
ending on February 19, 1999 . Beginning September 2, 1997, the commercial paper rote 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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
7 Q Percent

Percent

Federal
Funds Rate
30-Year
Treasury Securities

Discount
Rate

3—Month
Treasury Bill

' 19 ‘ 4 ‘ 16 ’ 30'13'27

Dec

Jan

Feb

13 27

14 28

Mar

Jun

1997

Jan

Feb

Nov

1998

1998/99
Nov
Dec

15 29

Jul

27
4
11
18
25
1
8
15
22
29
5
12
19 *

Federol
Funds

**

4.54
4.86
4.68
4.97
4.69
4.48
4.30
4.75
4.64
4.66
4.75
4.77
4.75

Dec

12 26

Jan

Feb
1999

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

30—Year
Treasury
Securities

4.47
4.38
4.36
4.37
4.44
4.44
4.36
4.35
4.26
4.35
4.40
4.40
4.41

4.38
4.26
4.31
4.27
4.41
4.38
4.35
4.30
4.29
4.30
4.40
4.45
4.49

4.62
4.39
4.39
4.36
4.59
4.59
4.63
4.61
4.60
4.56
4.76
4.84
4.94

4.83
4.64
4.60
4.59
4.75
4.70
4.76
4.75
4.70
4.67
4.84
4.95
5.01

5.21
5.05
5.00
5.01
5.16
5.12
5.20
5.17
5.14
5.12
5.26
5.35
5.34

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

7Q

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

Billions of Dollars

Billions of Dollars

Billions
4441.7
4429.8
4435.4
4433.9
4441.6
4441.5

4425-

(left scale)
..... -3250

4200Non-M1 M2 (right scale)

Non-M1 M2
Billions
3334.3

SX-?.-^025
3349.1

4050-

3347.7
3348.0
3359.6
1

15 29

12 26

9

23

9

23

6

20

4

18

5 29

1997

13 27

10 24

7

21

5

1

6 30

14 28

11

1998

25

1999

M2 is the sum of Ml, 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:
of four weeks
ending:

2/9/98

7/6/9B

7.8

5/11/98

7/6/98

8/10/98

9/7/98

10/5/98

11/9/98

8/10/98

7.3

6.0

9/7/98

7.7

6.8

7.3

10/5/98

8.4

8.3

9.5

12.0

11/9/98

9.0

9.2

10.5

12.5

13.8

12/7/98

9.1

9.3

10.4

11.9

12.5

11.7

1/11/99

9.4

9.6

10.7

11.9

12.3

11.7

10.9

2/8/99

8.8

8.8

9.5

10.3

10.4

9.5

8.1


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Federal Reserve Bank of St. Louis

12/7/98

7.3

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1999

Billions

Savings Deposits (right scale)

Small Time (left scale)
■ 1475

Savings
Billions

1622.5

15 29

12 26

9

23

20

4

1

1997

15 29

13 27

10 24

7

21

5

1

2

16 30

14 28

11

1998

-1425

25

1999

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

653.3

Retail Money

-650

15 29

1 2 26

9

23

9

23

1997

6

20

4

1

15 29

13 27

1998

10 24

7

21

5

19

2

16 30

14 28

II

25

1999

Large time deposits and retail money funds are at all despository institutions. Large time deposits ore 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

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of

0.703
0.026
0.110
0.216
0.100
0.107

..... 0.

0.4-......

0.4

7 31

14 28

11

25 11

25

1997

22

6

20

3

17

15 29

12 26

9

23

7

21

4

1

2

16 30 13 27 10 24

1998

1999

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States 1//
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
4520.3
4532.2

Bank Credit (left
4350-

-3250

Loans & Leases

4150-

98/99

Feb
3

17 31

14 28

11

25 11

25

15 29

12 26

Billions

3

16 30

13 27

10 24'

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

255

Billions
218.6

219.6
224.3

245-

- 245

228.7
234.8
235.0

235-

- 235

215-

15 ‘ 29 ' 12'26 ‘ 9 ' 23

1997

16 30

13 27

10 24

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

All Banks
Billions
938.1
9400
941.7
945.1

Large Bonks (right

Large Banks
Billions
530.3
531.3
531.4
532.5
531.5
530.6

All Banks (left seal

23
Apr
1997

May

Jun

Jul
1998

Aug

Sep

7

21

16 30

13 27

10 24

Oct
1999

Current data appeor 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 Federol Reserve Bank of St. Louis

II

Trade - Weighted Exchange Rate Indexes
Averages of Daily Figures
January 1997=100

March 1973=100

130

Jan 13

Jan 13

125
Feb

3

Broad Index
(Right Scale)

Feb

3

120

115

no
Major Currency Index
(Left Scale)

105

100

1997
1998
1999
The major currency index (MCI) is comprised of 7 currencies. The broad index is comprised of the major currency index
plus 19 additional currencies. See the October 1998 issue of the Federal Reserve Bxdletin for further details.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis