Full text of U.S. Financial Data : July 25, 1996

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fa! Res-evv?. *

Louis
of St. Lou!®

UXFinancial Data
THE WEEK'S HIGHLIGHTS:
✓ Advance new orders for manufactured durable goods fell 0.8 percent
in June to $169.1 billion. Durable goods orders rose 1.4 percent in
the second quarter after rising 0.7 percent in the first quarter. New
orders for nondefense capital goods, by contrast, fell 6.8 percent in
the second quarter, the first decline in two years.

✓ After rising 1.9 percent in May, existing home sales fell 2.3 percent in
June. This was the first drop in five months.

✓ Paced by a 7.4 percent drop in petroleum prices, the index of U.S. import
pricesfell 1.2 percent in June. Import pricesfell 1 percent in the second
quarter—the largest drop in three and a halfyears.

✓ The U.S. dollar’s trade-weighted exchange rate index (TWEX) measured
86.6percent (1973=100) for the week ending July 24. The TWEX
has fallen 2.3 percent since the week ending May 29, when it posted
its highest level since the week ending Jan. 11, 1995 (see back page).
The U.S. Treasury Department reported a $34.1 billion surplus in
June. Thus far in fiscal year 1996, the federal budget deficit totals
$75 billion, down $48.7 billion from the same period in fiscal year 1995.

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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
May

8

Jun

5

Jul

3

7 2!

5

Billions of Dollars

Billions
470.5
474.3
474.7
474.7
477.2
477.6

19 2

16 30 13 27 11 25 8 22 6 20 3

Aug

Sep

17 31 14 28 13 27 10 24 8 22 5

Oct

Apr

1995

May

19 3

17 31 14 28

Jun

1996

The adjusted monetary base is the sum of reserve accounts of financial institutions ot Federal Reserve bonks,
currency in circulation (currency held by the public ond in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio chonges. The major source of the adjusted monetary base is Federal
Reserve credit. Oata are computed by this bank. A detailed description of the odjusted monetary base is
available from this bonk.
Recent doto are preliminary.

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

Compounded onnuol rotes of chonge, overoge of two mointenonce periods ending:
7/19/95 10/11/95 12/20/95

1/17/96

2/14/96

5.2

3/13/96

12/20/95

1.7

1/17/96

1.8

1.6

2/14/96

1.2

0.6

-0.3

3/13/96

1.5
2.0

1.1
2.0

1.0
2.4

0.3
2.4

1.3
1.7
2.2

1.0

0.9

0.6

1.6

0.8

1.6

1.8

1.6
2.5

2.7
3.6

2.4
3.5

4/10/96
5/22/96
6/19/96
7/17/96


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Federal Reserve Bank of St. Louis

2.2

2.5

4/10/96

5/22/96

0.7
2.6

7.1

Prepored by Federol Reserve Bonk of St. Louis

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

Billions of Dollars

Jun 10

1160-

Billions of Dollars

Billions
1114.0

Billions
726.9

1120.2

732.5

1115.1
1118.5
1106.0

729.5
715.2

1102.6

712.5

(left scale)

1120-

TCD (right scale)

1080-

15 29 12 26
Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits ot depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M1)
To the average
of four weeks
ending:
12/18/95

Compounded annual rotes of change, overage of four weeks ending:
7/17/95 10/16/95 12/18/95

1/15/96

2/12/96

3/18/96

4/15/96

-3.9

1/15/96

-3.8

-3.9

2/12/96

-4.3

-4.7

-5.4

3/18/96

-2.5

-1.8

-0.1

1.3

4/15/96

-2.2

-1.4

0.1

1.1

5/13/96

-2.7

-2.3

-1.5

-1.1

1.0

6/17/96

-2.6
-3.0

-2.2

-1.5

0.3

-2.8

-4.3

-2.8

-2.4

-1.1
-2.2

-1.2

-4.0

-5.5

7/15/96

5/13/96


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Federal Reserve Bank of St. Louis

5.2
-3.5
-4.4

Prepored by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Moy

8

Jun

5

Jul

3

7 21

5

94.1

97.4
96.8
95.9
96.8
95.8

19 2

- 110

16 30 13 27 11 25 8 22 6 20 3

Sep

17 31 14 28 13 27 10 24

Oct

Apr

22 5

May

19

3

17 31 14 28

Jun

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

Adjusted Reserves
To the overage of
two maintenance
periods ending:
12/20/95
1/17/96

Compounded onnuol rotes of change, overage of two maintenance periods ending:
, ,
, ,
,
7/19/95 10/11/95 12/20/95 1/17/96 2/14/96 3/13/96 4/10/96 5/22/96
-5.8
-5.1
-5.3

-6.6
-6.5

-3.9

-4.5

-0.9

4/10/96

-4.1
-2.9

-2.6

1.3

-0.7
2.2

5/22/96
6/19/96

-5.3
-4.2

-6.0
-4.5

-4.8
-2.8

-5.5
-3.1

-5.2
-2.4

-9.2
-4.5

-9.2

7/17/96

-4.0

-4.2

-2.6

-2.8

-2.2

-3.8

-7.0

2/14/96
3/13/96


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Federal Reserve Bank of St. Louis

6.9

3.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
3.0-

Compounded annu al rote
of change, averog of
the four weeks enc ing
July 15, 1996, frorn
the four weeks enc ing:
-4
Oct
9. 1995
-5
-4
Jon 15. 1996
Fe
12. 1996
-4
-5
Mor 11. 1996
8. 1996
-7
Apr
20. 1996 -10
Mo

2.8-

3.0
1996
Moy
2C
Jun
17
Jul
15

. 0
. 2
. i
.5
. i
. 0

Rotio
2.377
2.356
2.356
2.354
2 342
2 312

2.8

2.6

2.6

2.4

2.4

2.2

5 19
Jun

3 17 31 14 28 II 25 9 23 6 20 4 18 1 15 29 12 26 II 25 8 22
Jul
Aug
Sep
Oct Nov
Dec
Jon
Feb
Mor
Apr

1995
Ratio of M1 to adjusted monetary base.

6 20
May

3 17 1 15 29 12 26
Jun
Jul
Aug

1996

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Compounded onnuol rotes
of change, overoge of
the four weeks ending
July 15. 1996. from
the four weeks ending:
Jul
17. 1995
3.
Oct
16, 1 995
3 .
Jon
1 5, 1 996
3 .
Feb
12, 1996
5.
Mor
18 . 1 996
5 .
Apr
15. 1996
5.

Jun 10

Billions
378.5
380.4

5

19 3

15 29 12 26

1995
Current doto oppeor in the Federal Reserve Board's H.6 releose.


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Federal Reserve Bank of St. Louis

1996
Prepared by Federal Reserve Bank of St. Louis

5

2.2

6
Yields on Selected Securities
Averages of Daily Figures
Percent

ircent

10.0

9.0

Prime Rate

8.0

Corporate
Aaa Bonds
7.0

Commercial
Paper

Municipal Bonds

2 16 JO 14 28 11 25 8 22 6 20 3 17

1996
May

3
10
17
24
31
Jun 7
14
21
28
Jul 5
12
19
26

5.0

15 29 12 26 9 23 8 22 5 19 3 17 31 14 28 12 26 9 23
Apr
May

30-Doy
Commercial
Paper

90-Doy
COs

90-Day
Bankers’
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.40
5.40
5.38
5.36
5.38
5.42
5.43
5.46
5.50
5.49
5.45
5.44
5.40

5.36
5.37
5.36
5.35
5.36
5.42
5.48
5.47
5.49
5.49
5.57
5.54
5.51

5.29
5.30
5.28
5.27
5.30
5.34
5.40
5.39
5.40
5.43
5.47
5.45
5.44

7.65
7.72
7.57
7.53
7.61
7.67
7.78
7.74
7.66
7.62
7.73
7.61
7.60

8.33
8.40
8.25
8.20
8.27
8.34
8.47
8.44
8.36
8.32
8.42
8.32
8.32

MunicipOl
Bonds **

Current dato are from the Federal Reserve Boord's H.15 release, ond ore overages of rates available for the
week ending on July 26, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy dato
N.A. - Not Available


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Federal Reserve Bank of St. Louis

6.06
6.08
5.96
5.87
5.94
5.94
6.12
6.06
5.97
5.94
6.00
5.88
NA

Prepared by Federol Reserve Bank of St. Louis

4.0

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

- 7.0

10-Year
Treasury Securities

Federal
Funds Rate
Discount Rate

.......... 5.0

3-Month
Treasury Bill

2

16 30 14 28 11 25

8 22 6 20 3 17

15 29 12 26

9

23

5

19

Apr

1996
Moy

3
10
17
24
31
Jun 7
14
21
28
Jul 5
12
19
26 •

Federal
Funds ••
5.30
5.22
5.26
5.22
5.19
5.33
5.24
5.45
5.21
5.53
5.26
5.23
5.25

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

5.00
5.00
5.01
5.04
5.04
5.09
5.11
5.09
5.09
5.13
5.15
5.13
5.16

5.33
5.35
5.28
5.27
5.39
5.46
5.52
5.48
5.47
5.49
5.57
5.47
5.54

6.46
6.55
6.42
6.41
6.55
6.63
6.77
6.73
6.63
6.60
6.72
6.59
6.62

3

17 31 14 28 12 26

9

23

May

10-Yeor
Treasury
Securities

Long-Term
Treasury
Securities

6.74
7.04
6.82
7.11
6.68
6.96
6.65
6.93
6.77
7.02
6.85
7.08
6.99
7.23
6.95
7.18
6.86
7.08
6.85
7.04
6.95
7.16
6.81
7.04
6.84
7.05
Except for long-term Treosury securities, which ore computed by this Bank, current dato oppeor in the Federal
Reserve Boord's H. 15 releose.
• Averages of rotes available
•• Seven-doy overages for week ending two doys earlier than dote shown
Prepored by Federal Reserve Bonk of St. Louis


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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

Jun 10

Billions of Dollars

Billions
3747.2
3755.2
3744.5
3750.3
3754.5
3747.6

M2 (left scale)

Non-Mi M2 (right scole)
Non-M1 M2
Billions
2633.2
2635.0
2628.9
2631.8
2648.5
2645.0

Jun 10

5

19 3 17 31 H 28 11 25 9 23 6 20 4 18 I
Nov
Dec
Aug
Sep
Oct

15 29 12 26 II 25 8 22 6 20 3 17
Feb
Mor
Apr
May

I

15 29 17 26
Jul
Aug

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

Money Stock (M2)
o? four'weeks*

Compounded annual rotes of chonge, overage of four weeks ending:
7/17/95 10/16/95 12/18/95 1/15/96 2/12/96 3/18/96 4/15/96

5/13/96

ending:
12/18/95

4.7

1/15/96

5.1

5.0

2/12/96

4.2

3/18/96

4.6
5.7

6.1

4.4
7.5

7.6

4/15/96

5.7

5.9

7.0

6.9

5/13/96
6/17/96

4.9
4.8

4.8
4.7

5.1
4.9

4.6

9.3
5.5

4.4

5.1

1.3
2.3

7/15/96

4.6

4.4

4.5

4.1

4.5

2.3


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars
1996

Billions of Dollars

Savings

Small Time

Billions
1210.3
1208.8

928.0

Jul

928.2
928.2
929.0
929.5

928.1

24

1207.4

1218.6

1280-

1996
Jun 10
17
1

1215.7

Small Time (right scale)

Savings Deposits (left scale)

Oct

8 22 6 20
Apr
May

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

1996

Aug

Sep

15 29 12 26
Jun

Large Time Deposits and Retail Money Funds
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time

1996
Jun

570Jul

'

10
17
24
1

Retail Money

Billions
441.1

1996
Jun 10

Billions
494.9
498.2

443.6
445.7
447.7

497.3
496.1

450.9

499.8

Retail Money

Large Time

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1995
1996
toi* money funds ore at oil despository institutions. Large time deposits are those
issued ii denominations of $100,000 or more. Retail money funds were originally colled general purpose
■r/Hanlar
Large time deposits
_


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jun 19
Jul

7

21

3

3

0.523
0.293
0.288
0.315

19 2

16 30 13 27

Aug

Sep

25 8 22 6 20 3

Oct

Nov

17 51 14 28 13 27 10 24 8 22 3

0«C

Apr

1995
Borrowings include seosonol, adjustment and extended credit.

May

19 3

17 31 14 28

Jun

1996

Bank Loans and Credit

All Commercial Banks in the United States1^
Seasonally Adjusted
Billions of Dollars
Billions of Dollars
Bonk Credit
Billions
5
3666.1
3651.2
3660.9
3658.1
Jul 3
3659.9

Jun

Bonk Credit (left scale)2/

Loans&Leases
1996
2665.4
Jun 5
2683.2
2679.7
2684.7
Jul 3
2685.7
2684.1

Loans and Leases (right scale)

7 21

5

19

2

16 30 13 27 11 25 8 22 6 20 3

7 31 14 28 13 27 10 24 8 22 5

1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond looses and securities


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Federal Reserve Bank of St. Louis

19 3

7 31 14 28

1996

Prepared by Federol Reserve Bank of St. Louis

2560

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollors
Jun 12
Jul

3

Billions of Dollars

Billions
198.220
205.672
198.505
199.629
196.964
199.933

1995

1996

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

Billions of Dollors

All Banks
740-

1996
Jun 5
733.9
733.7
736.9
734.4
732.6

All Bonks (left scale) */

Large Bonks (right scale)^/
Large Banks
Billions
Jun

5

Jul

3

660-

1995

360^2
360.4
358.5

- 320

1996

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


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Federal Reserve Bank of St. Louis

357.5
357.2

11

Prepared by Federal Reserve Bank of St. Louis

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

1973=100

1973=100

873

7

21

5

19

2

16 30 13 27 11 25

22 6 20 3

17 31 14 28 13 27 10 24 8 22

5

19 3

■ ioo

17 31 14 28

Current data appear in the Federal Reserve Board's H.10 releose. Doto ore weighted overages ol 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

Prepared by Federal Reserve Bank of St. Louis