Full text of U.S. Financial Data : July 10, 1997

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ouTy-rormr<j
i ? f ' *pv M
* »r;* v
».v.»*w>*
^
>

iaIDafa

V

THE
FEDERAL •
>RESERVE
JXHXNKof
ST LOllS

TH^ WEEK'S HIGHLIGHTS:

■ The nominal value of sales at merchant wholesalers rose 0.2 percent
in May, more than offsetting April’s 0.1 percent decline. By category,
sales of durable goods fell 0.5 percent in May, while sales of nondurable
goods rose 1 percent. The value of wholesale inventories, after falling
0.5 percent in April, rose 0.3 percent in May.

■ Growth of consumer installment debt outstanding slowed from a
10 percent annual rate in April to a 3 percent rate in May. This
slowdown reflected a 5.3 percent annualized drop in automotive
credit, which was the largest since October 1992. In addition,
revolving credit increased at only a 1.7 percent rate, the slowest in
eight months. Measured from a year earlier, consumer credit was
up 6.6 percent.

■ Total automotive sales (domestic plus imported) were at an annual
rate of 7.9 million units in June. For the second quarter, auto
sales also averaged 7.9 million units, which was the smallest number
sold since the third quarter of1982. Measured from the second
quarter of 1996, auto sales have dropped 8.8 percent.

■ Yields on 30-year Treasury securities averaged 6.58 percent for
the week ending July 11, down 22 basis points from four weeks
earlier. Yields on three-month Treasury bills, by contrast, averaged
4.98 percent for the latest week, up 10 basis points from four weeks
earlier. Measured from 52 weeks earlier, long-term rates are down
53 basis points, while short-term rates have dropped 17 basis
points (see page 7).
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.lfb.org/fred.


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

2

Adjusted Monetary Base
Averoges of Daily Figures
Billions of Dollars

seasonally Adjusted

Billions of Dollars

Billions
468.543
473.393
475.325
478.007
473.902
477.732

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mor

16 30 14 28 11 25 9 23
Apr
May

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetary bose series was recently revised to include Federal Reserve deposits used to satisfy
clearing bolonce contracts. Data ore computed by this bonk. A detoiled description of the odjusted monetary
bose is available from this bonk. Recent dota ore preliminary.

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

Compounded onnuol rotes of change, average of two maintenance periods ending:
7/3/96

9/25/96

12/4/96

1/1/97

1/29/97

2/26/97

3/26/97

12/4/96

5.3

1/1/97

5.1

1/29/97

5.4

5.6

2/26/97

5.8

6.3

6.8

8.2

3/26/97

5.1

5.1

4.7

4.9

5/7/97

4.3

4.1

3.4

3.2

2.1

6/4/97

5.3

5.4

5.3

5.6

5.2

4.1

6.4

7/2/97

4.7

4.6

4.3

4.3

3.8

2.7

3.8


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

5/7/97

5.2
5.6

3.8
-0.6
6.9

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Moy 26

Billions of Dollars

1064.7
1070.5
1061.1
1061.8
1059.2
1069.3

May 26

650.2
655.8
646.1
643.3
652.5

Ml (left scale)

TCD (right scale)

6 20 J 17 I 15 29 12 26 9 23 7 21 4 18
Moy
Jun
Jul
Aug
Sep
Oct
Nov

Dec

Feb

Mor

Apr

May

Jun

M1 is the sum of currency held by the nonbank public, demond deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond deposits ond other checkable deposits ot depository
institutions. Current doto oppeor in the Federol Reserve Boord's H.6 release.

Money Stock (M1)
To the avero e
•Itau/SST

Compounded annual rotes of change, overage of four weeks ending:
7/1/96 9/30/96 12/2/96 12/30/96 1/27/97
3/3/97 3/31/97

4/28/97

ending:
12/2/96

-7.3

12/30/96

-6.4

-4.8

1/27/97

-5.4

-3.4

3/3/97

-4.7

-2.7

0.0

0.4

3/31/97

-5.0

-3.5

-1.8

-2.1

-3.6

4/28/97

-5.5

-4.4

-3.5

-4.1

-5.7

-8.9

6/2/97

-5.0

-3.9

-3.0

-3.3

-4.3

-5.8

6/30/97

-4.7

-3.6

-2.8

-3.1

-3.8

-4.8


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

0.2

Prepared by Federal Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
66.692
68.008
68.652
70.723
66.093
69.067

Apr 23

May

7

Jun

4

Jul

2

1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25 9 23
May

Aug

Jun

Sep

Oct

Nov

Feb

Dec

Mor

Apr

May

Jun

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

Adjusted Reserves
Compounded annual rotes of chonge, overage of two maintenance periods ending:
To the average of
two maintenance
periods ending:

7/3/96

9/25/96

12/4/96

1/1/97

1/29/97

2/26/97

3/26/97

12/4/96

-8.4

1/1/97

-7.0

-4.5

1/29/97

-7.1

-5.2

2/26/97

-5.4

-2.8

0.3

0.1

3/26/97

-9.0

-8.6

-9.9

-13.2

-15.9

5/7/97

-10.4

-10.6

-12.4

-15.1

-17.1

6/4/97

-6.2

-4.9

-4.3

-5.2

-4.6

-8.0

5.4

7/2/97

-8.6

-8.2

-8.7

-10.1

-10.5

-14.3

-7.3


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

5/7/97

-3.5

-25.5
2.2

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averoges of Doily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual rate#
of change, overage of
the four weeks ending
June 30, 1997, from
the four weeks ending:

Jul
1.
Sep 23.
Dec 30.
Jon 27.
Feb 24.
Mar 24,
May
5.

Moy

1996
1996
1996
1997
1997
1997
1997

Jun

Apr 21

-9.0
-7.9
-7.0
-7.4
-7.5
-7.6
-7.2

Aug

Sep

Oct

Feb

1996
Ratio of M1 to the adjusted monetary base.

Mar

Apr

Moy

5

Jun

2

May

Jun

1997

Currency Component of M1
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rotes
of change, overoge of
the four weeks ending
June 30, 1997, from
the four weeks ending:

Jul
Sep
Dec
Jon
Mar
Mar
Apr

1 .
30.
30.
27,
3,
31,
28.

1 996
1996
1996
1997
1997
1997
1997

7.
7.
6.
6.
5.
5.
6.

Billions
406.4
406.5
407.0
407.6
407.8
408.7

Moy 26

Sep

Oct

Apr

1996
Current data appear in the Federal Reserve Board's H.6 release.


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

Moy

Jun

1997
Prepared by Federal Reserve Bonk of St. Louis

5

6

Yields on Selected Securities
Averoges of Doily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

14 28 12 26 9 23 6 20 4

1997
Apr 18
25
May 2
9
16
23
30
Jun
6
13
20
27
Jul
4
11

18

15 29 13 27 10 24 7 21
Feb

7 21
Mor

4

18 2

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boa Bonds

5.60
5.59
5.60
5.60
5.61
5.62
5.60
5.61
5.59
5.60
5.61
5.62
5.57

5.72
5.71
5.73
5.71
5.70
5.71
5.69
5.68
5.68
5.65
5.66
5.66
5.61

5.62
5.63
5.61
5.65
5.63
5.63
5.59
5.61
5.60
5.58
5.58
5.58
5.55

7.73
7.75
7.64
7.56
7.55
7.60
7.64
7.51
7.44
7.33
7.36
7.36
7.22

8.34
8.35
8.26
8.18
8.17
8.22
8.25
8.13
8.06
7.94
7.96
7.94
7.82

16 30 13 27 11 25

Municipal
Bonds ••
5.87
5.87
5.77
5.71
5.67
5.66
5.67
5.60
5.52
5.48
5.53
5.53
NA

Current doto ore from the Federal Reserve Board's H.15 release, and ore overoges of rotes ovoiloble for the
week ending on July 11. 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
NA - Not Avoiloble
Prepored by Federal Reserve Bonk of St. Louis


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

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Yeor
Treasury Securities
7.0

Federal
Funds Rote

Discount Rate
3-Month
Treasury Bill

3

17 31 14 28 12 26 9 23 6 20
May
Jun
Aug
Sep
Jul

13 29

Oct

Nov

13 27 10 24
Dec

Feb

1996

1997
Apr 18
25
2
9
16
23
30
Jun 6
13
20
27
Jul 4
11 *

Moy

Federal
Funds ••
5.48
5.48
5.61
5.55
5.49
5.52
5.43
5.54
5.48
5.62
5.42
5.82
5.48

7 21
Mar

2
Apr

16 30 13 27
May
Jun

Jul

1997

3-Month
Treasury
Bill

Hr

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treosury
Securities

5.16
5.19
5.15
5.06
5.05
5.10
4.94
4.91
4.88
4.91
4.99
5.04
4.98

5.64
5.66
5.60
5.57
5.53
5.51
5.53
5.44
5.40
5.34
5.35
5.32
5.24

6.78
6.79
6.62
6.57
6.54
6.58
6.60
6.48
6.40
6.29
6.33
6.31
6.16

6.89
6.89
6.76
6.70
6.68
6.73
6.75
6.61
6.52
6.40
6.45
6.42
6.26

7.10
7.10
6.98
6.91
6.90
6.96
6.99
6.86
6.80
6.69
6.73
6.72
6.58

1 -Year

Current doto appear in the Federal Reserve Board's H.15 releose.
• Averoges of rotes ovoiloble
•• Seven-doy overages for week ending two doys earlier than dote shown


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

Prepored by Federol Reserve Bonk of St. Louis

7

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

Billions of Dollars

Billions of Dollars

Billions
May 26

3910.2
3909.6
3910.1
3911.5
3919.3
3923.8

M2 (left scale)

Non-M1 M2 (right scale)

Non-Ml M2
May 26

Jun

6 20 3 17
May
Jun

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1996

Mar

Apr

May

2845.5
2839.1
2849.0
2849.7
2860.1
2854.5

2

Jun

1997

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

Money Stock (M2)
io me averoge
of four weeks
ending:

Compounded onnuol rates of chonge, overage of four weeks endinq:
*
7/1/96 9/30/96 12/2/96 12/30/96 1/27/97
3/3/97 3/31/97

12/2/96

4.4

12/30/96
1/27/97

4.8
5.0

6.2

6.9

3/3/97

5.0

5.8

6.0

3/31/97

5.0

5.7

5.7

5.2

4.7

4/28/97

5.2

6.0

6.1

5.9

5.7

6/2/97

4.6

5.1

4.9

4.4

4.0

6/30/97

4.6

5.0

4.8

4.4


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

4/28/97

6.1
5.4

4.1
Prepared by Federol Reserve Bonk of St. Louis

^

,

m

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

1375

Small Time
1997
May 26
Jun 2

Billions
951.5
952.8
954.1

1335

956.0
955.8

1295
Small Time (left scale)
1255
Savings
1997
Billions
1323.2
Jun
2
1317.2
1321.8

Sovings Deposits (right scale)

1215

1322.6

6 20 3 17 I

15 79 12 26 9 23 7 21 4
Aug

Sep

18

16 30 13 27 10 24 10 24 7 21 5

Oct

Feb

Mar

Apr

19 2
Moy

16 30 14 28
Jun

Sovings deposits ond smoll time deposits ore at oil depository institutions.

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

Billions of Dollars

Billions of Dollars

Large Time
1997
Moy 26
Jun
2

Retail Money
1997
Moy 26
Jun 2

517.8
522.4
524.0
527.5
537.0
540.8

570.8

569.1
573.1
570.9
572.8
576.0

Retail Money

Large Time

Aug

Sep

Oct

Apr

Moy

Jun

1997
Large time deposits ond 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 generol purpose
ond broker/dealer money market funds.
Prepored by Federal Reserve Bank of St. Louis


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

9

1175

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jun

4

Jul

2

i.o............. 0.8

Moy

Aug

Jun

Sep

Feb

Oct

Mor

Apr

May

Jun

1996
Borrowings include seosonol. adjustment ond extended credit.

Bank Loans and Credit

All Commercial Banks in the United Stotes'^
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Bonk Credit
7
"21
28
4
11
18
25

Billions
3902.1
3909.3
3906.8
3917.8
3920.6
3928.0

Bonk Credit (left scale)2/

Loons ic Leases
1997

Billions
2891.1

Jun

Loans ond Leases (right scale)

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1996
Current doto oppeor in the Federal Reserve Boord's H.B release.
1/ Includes foreign-related institutions
2/ Includes loons ond leases ond securities


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

Jon

Apr

Moy

2897.7
2898.5
2905.0
2914.5

4

Jun

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not seasonally Adjusted

3illions of Dollars

Billions of Doliors

-230

Bilions

192.126
195.237
191928
202.881
197.526
197.267

220-

-

220

■210

■200

■ 190

180

170
May

Jun

Aug

Sep

Oct

Apr

1996

May

1997

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Doliors

Billions of Doliors

423

All Bonks
All Banks (left scale)1/
813.0
817.4
818.6

405
Large Bonks (right scale)^/

385

365

Large Bonks
May 21

406.7
408.0

345

410.0
1

15 29 12 26 10 24 7 21

4 18 2 16 30 13 27 lV23 8 22 3 19 ’ 3 19

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


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

16 30 14 28 l'

Prepared by Federal Reserve Bonk of SI. Louis

325

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

100-~

Jun

4

Jul

2

13 27 11 25

Moy

Jun

Sep

Oct

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14 28 11 25

Apr

Moy

Jun

9

23

Jul

1997
Current dato appear in the Federal Reserve Boord's H.10 release. Doto are weighted averages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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

Prepared by Federol Reserve Bonk of St. Louis

as
<
as

cq

M

J
05