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THE

FEDERAL

JRANK of
X RESERVE
ST. LOUIS

AXi 1 0
THE WEEK'S HIGHLIGHTS:
■ Privately owned housing starts were at an annual rate of 1.62
million units in June, an increase of 5.6 percent from May. For
the second quarter, however, starts averaged 1.56 million units,
1.2 percent below the first-quarter pace, but up 7 percent from
four quarters earlier.

■ The combination of a 1.3 percent drop in exports and a 0.5 percent
rise in imports widened the U.S. goods and services trade deficit
from $14.2 billion in April to $15.7 billion in May. The May trade
deficit, moreover, grew by $6.3 billion from a year earlier.
Through the first five months of 1998, U.S. exports declined 4.5
percent, while imports of goods and services increased 2.2 percent.
Trade data are not adjusted for price changes.

■ The U.S. Treasury Department reported that the federal government
posted a $51.1 billion budget surplus in June. Since October
1997 (the beginning of the 1998 fiscal year), the federal government
has run a $67.1 billion surplus. Over the same period in fiscal year
1997, in contrast, the government ran a deficit of $11.1 billion.
Newly revised estimates by the Congressional Budget Office project
a FY1998 budget surplus of $63 billion.

■ After falling 0.1 percent from the average of the two weeks ending
April 20 to the average of the two weeks ending May 25, savings
deposits have since risen 2.2 percent to the average of the two
weeks ending July 13. Measured from 52 weeks earlier, savings
deposits increased 13.4 percent (See Page 9).

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.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 Dollors

Billions of Dollars

Billions
501.543
503.616
506.092
502.438
505.533
505.927

7 21
Moy

4

18 2
Jun

16 30 13 27 10 24 8 22 5
Aug

Sep

19 3 17 31 14 28 11 25 11 25 8 22 6 20 3
Feb

Oct

Mor

Apr

17

15 29

Moy

The adjusted monetary base is the sum of Federal Reserve deposits and voult cash held by domestic depository
institutions, currency held by the public, and an adjustment for the effect of chonges in reserve requirement
ratios. The monetory base series was recently revised to include Federol Reserve deposits used to sotisfy
clearing bolance contracts. Data ore computed by this bonk. A detailed description of the odjusted monetory
base is available from this bonk. Recent data ore preliminary.

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

7/16/97

10/8/97 12/17/97

1/14/98

2/11/98

3/11/98

4/8/98

12/17/97

7.6

1/14/98

7.8

9.9

2/11/98

7.6

9.2

3/11/98

7.1

8.1

6.3

4.9

4/8/98

6.1

6.4

4.1

2.5

5/20/98

6.1

6.4

4.7

3.7

2.9

2.8

6/17/98

6.0

6.1

4.6

3.8

3.2

3.2

5.4

7/15/98

5.8

5.9

4.5

3.8

3.3

3.3

5/20/98

5.0


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

7.9

0.5

Prepared by Federol Reserve Bank of St. Louis

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

Billions of Dollors

1120Jul

6

Billions of Dollars

Billions
1072.4
1074.6
1071.7
1071.6
1084.8
1059.3

Jun

8

Billions
627.1
628.9
625.3
625.0
637.2
611.6

(left scole)
1090-

1060-

1030-

TCD (right scole)

Moy

Jun

Aug

Sep

Oct

Feb

1997

Mor

Apr

Moy

1998

Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond deposits ond other checkable deposits at depository
institutions. Current data appear in the Federal Reserve Boord's H.6 release.

Money Stock (M1)
Compounded onnuol rotes of chonge, overage of four weeks ending:
To the overage
of four weeks
ending:

7/14/97 10/13/97 12/15/97

1/12/98

2/16/98

3/16/98

12/15/97

2.2

6.0

2/16/98

1.7

4.1

3.1

3/16/98

2.2

4.5

4.1

2.3

4/13/98

1.6

3.2

2.3

0.5

5/11/98

1.7

3.1

2.3

1.0

1.7

-0.5

6/15/98

1.3

2.3

1.4

0.2

0.5

-1.2

7/13/98

0.6

1.3

0.2

-0.9

-1.0

5/11/98

1.1

1/12/98

4/13/98

-2.6


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

1.3

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Moy

6

Jun

Billions
66.284
66.917
68.926
65.120
66.744
66.115

3

65' ...

7 21
Moy

4

18 2

16 30 13 27 10 24 8 22 5
Aug

Jun

Sep

19 3

17 31 14 28 11 25 11 25 8 22 6 20 3
Feb

Oct

Mar

Apr

Moy

17

1

15 29

Jun

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

Adjusted Reserves
Compounded onnuol rotes of change, overage of two maintenance periods ending:
two maintenance

7/16/97

10/8/97 12/17/97

1/14/96

2/11/98

3/11/98

4/8/98

5/20/98

periods ending:
12/17/97

0.1
14.0

1/14/98

2.8

2/11/98

-1.0

4.7

-4.0

3/11/98

-3.9

-1.0

-10.9

-22.8

4/8/98

-5.1

-3.3

-11.9

-20.3

-19.2

5/20/98

-4.1

-2.2

-8.1

-13.2

-10.4

6/17/98

-3.1

-1.1

-5.7

-9.6

-6.5

7/15/98

-3.7

-2.1

-6.4

-9.8

-7.3


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
3.0

i

199
199
199!
199!
199!
199c
19 9 8

.
.
.
.

-----

3.0
1998

Ratio
2.158
2.131
2.139
2 .137
2 .120
2 .119

May
IE
9
4
6
0

Jul

1!
2$
1.

—____

. 3
. 3

2.B

2.6

1

----------

2.6

14.
6.
12.
9.
9.
6 ,
18 .

------

Jul
Oc t
Jon
Feb
Mar
Ap r
Moy

i i i i i i

2.8-

,■
■
■

■
i
Compounded onnuol rotes
of change, overage of
the four weeks ending
July 13, 1998, from
the four weeks ending:

2.4

2.4
-

2.2-

2.0

2.2

—

» i ■ i
9
Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

23

Feb

9

23

6

Mar

20

—-......
4 18

Apr

1997
Rotio of M1 to the adjusted monetory base.

Moy

15 29 13 27
Jun

2.0

Jul

1998

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

440

Billions of Dollars

Compounded annual rotes
of change, overage of
the four weeks ending
July 1 J. 1998. from
the four weeks ending:
Jul
Oct
Jon
Feb
Mor
Apr
May

14
13
12
16
16
13
11

1
1
I
I
1
1
i

420

120
1998

Moy

16 30 14 28 II 25
Jun
Jul
Aug

8 22
Sep

6

20
Oct

Nov

15 29 12 26
Oec
Jon

1997
Current data appeor in the Federol Reserve Board's H.6 reieose.


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

9 23
Feb

9 23
Mor

6

20
Apr

4
May

Billions
437.5
437.9
438.7
439.0
440.0
440.1
IS 29 13 27
Jun
Jul

i998
Prepared by Federal Reserve Bonk of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

7.0-

■7.0

6.0-

Commerciol Poper

Municipal Bonds

3
May

1998
Moy

Jun

Jul

17 31

14 28 12 26 9

1
8
15
22
29
5
12
19
26
3
10
17
24

23 6 20 6
Feb

Jun

20 3
Mor

17
Apr

15 29 12 26 10 24
Moy

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bonkers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.49
5.48
5.49
5.49
5.50
5.50
5.49
5.52
5.54
5.53
5.50
5.50
5.51

5.60
5.58
5.59
5.60
5.59
5.59
5.59
5.59
5.60
5.60
5.59
5.59
5.59

5.47
5.49
5.48
5.48
5.48
5.50
5.50
5.48
5.50
5.53
5.50
5.50
5.49

6.78
6.72
6.74
6.69
6.61
6.59
6.52
6.49
6.53
6.51
6.48
6.58
6.57

7.40
7.34
7.35
7.27
7.21
7.19
7.13
7.10
7.13
7.11
7.09
7.17
7.16

Jun

Municipol
Bonds ••
5.32
5.26
5.23
5.16
5.13
5.13
5.08
5.11
5.14
5.09
5.12
5.17
NA

Current doto ore from the Federol Reserve Boord's H.15 releose, and ore overoges of rotes available for the week
ending on July 24, 1998 . Beginning September 2, 1997, the commercial poper rote reflects new source doto,
which is currently avoiloble only bock to the first of the yeor.
•• Bond Buyer's Averoge Index of 20 municipol bonds, Thursday doto


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

Prepored by Federol Reserve Bonk of St. Louis

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

30-Year
Treasury Securities
Federal
Funds Rote

Discount Rate
3-Month
Treasury Bill

2

16 30 13 27 11 25 8
May

Jun

1998
Moy

1
8
15
22
29
Jun
5
12
19
26
Jul
3
10
17
24 •

22

Aug

Federal
Funds ••
5.40
5.35
5.49
5.60
5.45
5.63
5.43
5.58
5.42
5.88
5.47
5.49
5.50

5

19
Sep

3

17 31

14 28 12 26 9

23 6

20 6

20 3

17

1

15 29 12 26 10 24

Oct

3-Month
Treosury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.91
4.97
5.01
5.08
4.95
4.95
5.00
5.04
4.93
4.94
4.94
5.01
4.97

5.17
5.15
5.18
5.17
5.15
5.14
5.14
5.12
5.13
5.10
5.07
5.08
5.09

5.72
5.63
5.67
5.63
5.57
5.57
5.53
5.51
5.50
5.46
5.41
5.47
5.47

5.75
5.68
5.70
5.64
5.57
5.57
5.51
5.47
5.46
5.44
5.41
5.49
5.46

6.02
5.96
5.98
5.92
5.83
5.80
5.72
5.67
5.65
5.63
5.61
5.71
5.69

Current doto oppeor in the Federol Reserve Board's H.15 release.
• Averages of rotes ovoiloble
•• Seven-doy averoges for week ending two days earlier thon date shown


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

Prepared by Federol Reserve Bonk of St. Louis

8
Money Stock(M2) and Non-M1 Components of M2
4225

4150

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1998
Jun 8
15
22
29
6
Jul
13

Billions
4183.3
4192.2
4195.3
4192.7
4213.8
4199.8

Billions of dollars

3175

3100

M2 (left scale)

3025

4075

2950

4000

■Ml M2 (right scale)
Non-Mi M2
Billions
1998
3110.9
8
Jun
15
3117.6
22
3123.6
29
3121.1
3129.0
6
Jul
13
3140.5

3925

It 30 14 It II 25
Moy

Jun

Aug

8

22

S

20

17
Nov

Sep

1

15 29 12 20 9
Dec

Jon

2J 9

Feb

23

Mor

(

20

Apr

4

It I
Moy

-2875

-2800

15 29 13 27
Jun

Jul

1998

1997

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

Money Stock (M2)
If four0WMki'

Compounded annual rotes of chonge, overage of four weeks ending:
7/14/97 10/13/97 12/15/97 1/12/98 2/16/98 3/16/98 4/13/98

5/11/98

ending:
12/15/97

7.2

1/12/98

7.5

2/16/98

7.5

7.8

8.2

3/16/98

8.0

8.5

9.4

9.4

4/13/98

7.9

8.2

8.7

8.5

9.3

5/11/98

8.0

8.4

8.8

8.7

9.3

7.9

6/15/98

7.4

7.5

7.6

7.3

7.3

5.9

7/13/98

7.3

7.3

7.3

7.0

6.9

5.8


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
1060

Averages of Doily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

1510

Small Time

1020

1998
8
Jun
13
22
79
6
Jul
13

Billions
961.4
961.6
961.3
960.5
959.9
959.9

Savings Deposits (right scale)
—

1470

1430

Small Time (left scale)
1390

Savings
1998
8
Jun
15
22
29
6
Jul
13

900

Moy

16 50 It 28 H 25 8 22 ( 20 2
Jun
Jul
Aug
Sep
Oct
Nov

15 29 12 26 9 25 9 22 8 20 4
Dec
Jon
Feb
Mor
Apr
Moy

1997
Sovings deposits and smoll time deposits ore at oil depository institutions.

Billions
1478.4
1486.3
1489.1
1485.9
1498.0
1506.7

15 29 IJ 2)
Jun

1350

1310

Jul

1998

Large Time Deposits and Retail Money Funds
Averoges of Daily Figures
Billions of Dollors

seasonally Adjusted

Billions of Dollars

Large Time
1998

775 “

Retail Money
1998
671.1

Billions
617.1
620.8
613.4
608.9
597.2
593.7

673.2
674.7
671.1
673.9

Retail Money

Large Time

19

15 29 12 26 9 23 9 23 6 20 4
Apr

16 1

13 29 13 27*

Moy

1997
1998
Large time deposits ond retoil money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
ond broker/dealer money market funds.
Prepored by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Doily Figures

Billions of Dollars

Billions of Dollars
Billions
0.228
0.186
0.382

Jun 17

i.o-

0.200
0.196
0.373

7 21

4

Moy

18 2
Jun

16 30 13 27 10 24 8 22 3
Aug
Sep
Oct

19 3

17 31 14 28

25 11 25 B 22 6 20 3 17 1
Feb
Mor
Apr
May
Jun

1997

15 29

1998

Borrowings include seosonol, adjustment ond extended credit.

Bank Loans and Credit
All Commercial Bonks in the United States
Seasonally Adjusted

Billions of Dollors
Bank

Jun

3

Billions of Dollars

Credit

Billions
4242.2
4236.9
4244.3
4251.6
4261.5
4248.6

Bonk Credit (left scale)2/

4200-

4000-

Loans
Jun

Sc Leases

3

Loons ond Leoses (right scale)

7

21

4

18

2

16 30 13 27 10 24

Sep

8

22

5

19

3

17 31

14 28 11 25 11 25

8

22

6

20 3

17

1

15 29

Oct

1997
Current data oppeor in the Federol Reserve Boord’s H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loans ond leoses and securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Jun 10
225-

Jul

-225

1

215-

205-

3

1997

17

15 29

1998

Note: Beginning September 2. 1997, the volue 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 Bonks
Jun

3

All Bonks (left scale)1/

884.4

887.1
892.0
890.9
894.3
891.0

880-

Large Bonks (right scole)^/

Lorge Banks
>98
Billions
Jun 3
‘
478.0
480.6
482.7
481.8
482.6
480.2
7

21

4

18

2

16 30 13 27 10 24 8

22

1997

1998

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


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Federal Reserve Bank of St. Louis

11

Prepored by Federal Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
1973*100

1973=100

110

Jun 17

Jul

1
105

100

95

90
7

21

4

18

2

16 30 13 27 10 24

1997

8

22

3

19

3

17 31

14 28 11 25 11 25

22

6

20

3

17

15 29

1998

Current doto appear in the Federol Reserve Boord's H.10 release. Doto ore weighted overages of the foreign-currency
price of the U.S. dollor. computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bonk of St. Louis

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