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8, 1996

Federal R

rvo Bank
►KRAI.
iusi-km:
HAN K of
ST.IXM IS

THE WEEK'S HIGHLIGHTS:
✓ The U.S. goods and services trade balance improvedfor the fifth con­
secutive month in November, posting the smallest deficit since March
1994. Exports of goods and services rose 0.9 percent to $67.36 bil­
lion, while imports fell 0.7 percent to $74.41 billion. Trade data are
not adjustedfor inflation.
✓ Nonfarm payroll employmentfell 201,000 in January, or at a 2 per­
cent annual rate. According to the Labor Department, the January
decline, which was the largest one-month drop since April 1991, was
influenced by weather-relatedfactors. The civilian unemployment
rate rose 0.2 percentage points in January to 5.8 percent.
Measures of the money stock have been revised to incorporate
the results of the annual benchmark and seasonal factor review,
as well as a minor redefinition of M2. Beginning immediately,
overnight repurchase agreements and overnight Eurodollars
have been removed from M2; they are now included in non-M2
M3. In addition, the seasonal adjustment procedure for non-Ml
M2 and non-M2 M3 has been changed. For more information,
see the official Federal Reserve release on FRED.

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
Seasonally Adjusted

Billions of Dollars
95/96
Nov 22
Dec 6
Jan

Billions of Dollars

480

Billions
468.1
470.2
469.1
471.7
472.6
471.1

3

470

December 6 1995. are not available.
data prior to
Break in series - revised
460-

460

7 21

4

18

1

15 29 12 26 10 24 7 21

Feb

Mar

Apr

May

5

Jun

T-r-|-r

19 2

16 30 13 27 11 25 8 22 6 20 3

Aug

Sep

17 31 14 28

450

Oct

The adjusted monetary base is the sum of reserve accounts of finonciol institutions at Federal Reserve bonks,
currency in circulation (currency held by the public and in the vaults of all depository institutions) and on
adjustment for reserve requirement rotio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bonk. A detailed description ot the adjusted monetary base is
available from this bonk.
Recent data ore preliminary.

Adjusted Monetary Base
Compounded annual rates of change, averoge of two maintenance periods ending:
«o me average ot
two maintenance
periods ending:

2/1/95

4/26/95

7/5/95

8/2/95

8/30/95

9/27/95 10/25/95

12/6/95

Beginning December 6, 1995, data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

7/5/95

3.6

8/2/95

3.2

1.1

8/30/95

3.3

1.7

2.5

9/27/95

3.1

1.7

2.2

2.7

10/25/95

2.9

1.6

1.9

2.2

1.3

12/6/95

2.5

1.3

1.3

1.4

0.6

1/3/96

2.5

1.5

1.6

1.7

1.2

1.2

1.2

1/31/96

2.7

1.8

2.0

2.1

1.8

1.9

2.1


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

0.3
3.8

Prepored 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
Dec 25

95/96

1121.8
1117.4
1115.2

165-

Billions

1123.8
1124.6
1122.5

7J8.7
735.2

732.6

Break in series - revised data prior to November 6, 1995, are not available.
jk.
M1 ('eft scale)
j

TCD (right scale)

Break in series -- revised data prior to December 4, 1995, are not available.
5 19 2

16 30
Feb

Mor

Apr

Moy

Jun

Aug

Sep

Oct

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond 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 cveroge
of four weeks
ending:

Compounded annuol rotes of change, overage of four weeks ending:
1/30/95

5/1/95

6/26/95

7/31/95

8/28/95

10/2/95 10/30/95 11/27/95

Beginning November 6, 1995, data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

6/26/95

“1.1

7/31/95

-0.9

8/28/95

-0.8

-1.5

10/2/95

-1.4

-2.2

-1.8

-2.7

10/30/95

-2.3

-3.5

-3.7

-5.1

-7.2

11/27/95

-2.1

-3.1

-3.1

-4.0

-5.1

-5.4

1/1/96

-2.5

-3.4

-3.5

-4.2

-5.1

-5.3

-3.0

1/29/96

-2.6

-3.5

-3.7

-4.3

-5.1

-5.2

-3.6


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

-1.9
-0.2

-5.0

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
97.3
97.9
96.1
98.5
98.7
97.7

no- Jon

7 21

4

15 29 12 26 10 24

18

Feb

Mar

Apr

7 21

5

19 2

16 30 13 27 11 25 8 22 6 20 3

Aug

May

Sep

17 31 14 28

Oct

Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml.

Adjusted Reserves
Compounded annual rates of chonge, overoge of two maintenance periods ending:
two maintenance
periods ending:

2/1/95

4/26/95

7/5/95

8/2/95

8/30/95

9/27/95 10/25/95

12/6/95

Beginning December 6,1995, data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

7/5/95

-5.7

8/2/95

-3.7

-2.2

8/30/95

-3.2

-1.7

9/27/95

-2.5

-0.9

3.5

1.3

10/25/95

-3.7

-3.0

-1.0

-3.8

12/6/95

-4.9

-4.6

-4.0

-6.5

-8.3

-12.3

1/3/96

-4.8

-4.6

-4.0

-6.0

-7.3

-10.0

-8.6

1/31/96

-3.5

-3.0

-1.9

-3.4

-4.0

-5.4

-3.0


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

4.0
-5.7

4.1

Prepored by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Rotio

3.1
Compounded annual rates
of change, average of
the four weeks ending
Janucry 29. 1996, from
the four weeks ending:

2.9-

Jan 30,
Apr 24.
Ju
3 1.
U U II
J I ,

95/96
Nov 20
Dec 4
Jan

28,

1

-5.0

1995

Aug

1995
1995
1995
1995

2.402
2.394
2.384

-7.2
-5 . 7

1995

-6

2.370

. 3

-6.8

15 29 12 26
Apr

Moy

Jun

Aug

Sep

Oct

1994
Ratio of Ml to adjusted monetary base.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
390-1---------- ----------- —----------------------

Billions of Dollars

Compounded onnuol rotes
of change, average of
the four weeks ending
January 29, 1996, from
the four weeks ending:
380-

Jan

30 .

Ocl

30;

Nov

27.

1 995

4 .

I 995
I 995

1 995

1 995

Break in series -- revised data prior to December 4,1995, are not available.
/
../.............................

95/96
Dec 25

...........

Billions
373.0
373.5
373.5
374.3
373.2
373.6

16 30 13 27 13 27 10 24 8 22 5 19
1994
1995
Current doto appear in the Federal Reserve Boord's H.6 release.


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

1996
Prepared by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Prime Rate

Corporate
Aaa Bonds

Commercial
Paper
-

Municipal Bonds

2

<6 30 13 27 10 24 10 24

7

21

5

19

1994

1995/96
Nov 17
24
Dec
1
8
15
22
29
Jon 5
12
19
26
Feb
2
9

2

16 30 14 28 11 25

3

17

1995

15 29 12 26
1996

30-Doy
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.81
5.80
5.80
5.83
5.87
5.83
5.83
5.63
5.59
5.57
5.51
5.42
5.28

5.74
5.73
5.73
5.67
5.67
5.60
5.53
5.44
5.45
5.39
5.36
5.23
5.16

5.64
5.64
5.62
5.56
5.57
5.49
5.46
5.37
5.36
5.32
5.28
5.14
5.06

7.02
7.03
6.94
6.81
6.83
6.87
6.76
6.75
6.86
6.80
6.81
6.82
6.88

7.69
7.71
7.61
7.48
7.50
7.54
7.43
7.42
7.52
7.45
7.47
7.46
7.51

Municipal
Bonds ••
5.65
5.65
5.54
5.35
5.51
5.51
5.44
5.37
5.50
5.40
5.46
5.40
NA

Current dato ore from the Federal Reserve Board's H.15 release, and are overages of rotes ovoiloble for the
week ending on February 9, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy doto
NA - Not Avoiloble
_
‘
Prepared by Federal Reserve Bonk of St. Louis


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

6.0

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

10-Year
Treasury Securities

Federal
Funds Rate

Discount Rote
3—Month
Treasury Bill

2

16 30 13 27 10 24 10 24

7 21

5

19

1994

1995/96
Nov 17
24
Dec
1
8
15
22
29
Jon 5
12
19
26
Feb 2
9 •

16 30 14 28 11 25 8 22

6

20

3

17

1995

Federal
Funds ••
5.74
5.81
5.91
5.75
5.73
5.90
5.48
5.35
5.53
5.61
5.44
5.53
5.21

15 29 12 26 9 23
1996

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treosury
Securities

Long-Term
Treosury
Securities

5.38
5.35
5.33
5.32
5.26
5.02
4.89
5.02
5.03
4.98
4.97
4.93
4.83

5.14
5.14
5.11
5.08
5.06
5.01
4.94
4.91
4.89
4.77
4.79
4.69
4.62

5.71
5.70
5.59
5.49
5.55
5.56
5.44
5.39
5.44
5.30
5.35
5.28
5.28

5.96
5.92
5.82
5.68
5.73
5.78
5.64
5.63
5.74
5.58
5.65
5.64
5.68

6.26
6.26
6.17
6.02
6.05
6.1C
5.97
5.96
6.07
5.95
6.00
6.00
6.04

Except for long-term Treasury securities, which ore computed by this Bonk, current doto oppeor in the Federal
Reserve Board's H.15 release.
• Averoges of rotes ovoiloble
•• Seven-doy overoges for week ending two days earlier thon dote shown
Prepored by Federal Reserve Bonk of St. Louis


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

7

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

Billions of Dollars
95/96
Dec 18

3800"

Billions
3780.2

Jon

Billions of Dollars

3786.9
3787.4
3794.6

1

3811.9
3804.0

M2 (left

Non-M1 M2 (right scale)
...Revised and redefined M2 data on
an historical basis are not yet available.

■2550
Non-Mi M2
Billions

Doc 18

5

19 2

16 30 13 27 13 27 10 24
Feb
Mor
Apr

2? 5 19 3 17 31 H 28 II 25 9 23 6 20 4 18 1
Aug
Sep
Oct
Nov
Dec
Moy
Jun

2659.8
2661.8
2663.0
2677.2
2693.2
2687.6

■2500

15 29 12 26
1996

1995

M2 is the sum of Ml, savings (including money market deposit accounts), smoll time deposits and money funds.
Current data appeor in the Federal Reserve Board’s H.6 release.

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

1/23/95

4/24/95

6/19/95

7/24/95

8/21/95

9/25/95 10/23/95 11/20/95

6/19/95

4.2

7/24/95

4.7

8.0

8/21/95

5.3

8.3

9/25/95

5.3

7.6

7.1

7.1

10/23/95

4.7

6.3

5.3

4.7

2.8

11/20/95

4.3

5.6

4.5

3.8

2.2

0.1

12/25/95

4.5

5.6

4.7

4.2

3.1

2.2

1/22/96

4.7

5.8

5.1

4.8

4.0

3.5


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

7.9

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1340

Billions of Dollors

Sovmgs
95/96
Billions
Dec 25
1135.1
1300 -

Small Time
Dec 25
Jan

1139.2

1150.8

8

1158.7
1154.9

15

22

1152.9

29

936.4
936.0
935.6
934.8
933.8
933.3

Small Time (right scale)

1220

n0t available.

1180

■

or to December 4.1**, are

... .. revised data pf

1140

Savings Deposits (left scale)
1100

1060
5

19
Dec

2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 II 25
Jon
Feb
Mor
Apr
Moy Jun
Jul
Aug
Sep

9 23
Oct

4

18 1 15 29 12 26
Dec
Jan
Feb

1994
1995
Savings deposits and small time deposits ore at all depository institutions.

Large Time Deposits and Retail Money Funds
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Large Time
95/96
Billions
Dec 25
420.4
417.9
420.3
422.5
420.4
420.5

Money Funds
95/96
' *
Billions
Dec 25
476.9
Jan
476.2
483.7
478.9

478.3
Retail Money

Break in series --

revised data prior

.,
to December 4, 1995, are

not available.

Lorge Time

92

16 30 13 27 13 27 10 24

12 26

1994
1995
1996
Lorge time deposits and retail money funds ore at all despository institutions. Lorge time deposits are those
issued in denominations of $100,000 or more. General purpose ond broker/dealer money market funds hove
been renamed to retail money funds.
Preoared bv Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federol Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jon

3
0.008
0.036
0.016
0.015
0.034

i.oFeb

7

0.4-

7 214

Oec

18

I

Jon

II

I

Feb

15 29 12 26 10 24

Mor

Apr

Moy

7 21

5

Jun

19 2

Jul

16 30 13 27 11 25 8 22 6 20 3

Aug

Sep

Oct

Nov

Dec

17 31 14 28

Jon

Feb

1994
1995
1996
Borrowings include seosonol. adjustment and extended credit; extended credit was $19 million in the week ending
Jonuory 25, 1995, ond was zero in the other weeks shown.

Barak Loans and Credit
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

3600 -

Bonk Credit
Billions
Dec 20
3598.1
3593.1
Jon 3
3613.5
3620.0
3616.4
3625.3

Billions of Dollars

Bank Credit (left scale)2/

Loans and Leases (right scale)

Loans&Leases
95/96
Billions
2606.9
2606.4

Oec 20
Jon

3

2626.1

2635.5
2628.5
2632.9
7 21

Dec

4

18

Jan

1

15

Feb

1

15 29 12 26 10 24 7 21

Mar

Apr

Moy

Jun

5

19 2

Jul

1994
1995
Current data appear in the Federol Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans ond leases ond securities


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

16 30 13 27 11 25 8 22 6 20 3 17 31 14 28

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1996

Prepored by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
95/96
Dec 27
Jan 3

Billions of Dollars

Billions
181.722
181.010
182.384
186.850
184.726
186.711

190-

- 170

18

1

15

1995

1994

Commercial and Industrial Loans
3illions of Dollars

720-

700-

All Bonks
95/96
Billions
Dec 20
716.9
718.2
Jon 3
722.2
722.3
724.5
726.8

Seasonally Adjusted

Billions of Dollors

400

380
All Bonks (left scale)'/
360

340
Large Banks (right scole)^/
Large Bonks
95/96
—
Dec 20
349.0
27
349.6
Jon

320

3

300
352.7

7

280

21

1994

17 31

1995

Current doto appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domeeticolly chartered bank*


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Federal Reserve Bank of St. Louis

11

14 28

1996

Prepared by Federal Reserve Bonk of St. Louis

Dollar 's Trade - Weighted Exchange Index
Averoges of Doily Figures
1973=100

1973=100

115

1973=100

Jon 3

105
Feb

7

95

85

7

21

4

18

1

15

15 29 12 26 10 24 7

21

5

19

2

16 30 13 27 11 25 8

1995
Current data appear in the Federal Reserve 8oord's H.10 releose.
Data are 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

22

6

20 3

17 31 14 28

1996

Prepared by Federol Reserve Bonk of St. Louis

75

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