Full text of U.S. Financial Data : June 26, 1997

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7H#%l£$§ HIGHLIGHTS:

2
According to the advance report, new orders for manufactured
durable goods fell $1.1 billion in May, or 0.6 percent. This decline,
the second in the past three months, followed April ’s 1.9 percent
rise. The value of durable goods orders, which is not adjusted for
inflation, was up 2.9 percent from a year earlier.
•

■

■

The Conference Board’s index of consumer confidence measured
129.6 percent (1985=100) in June, up 1.7 percentage points from
May and the seventh rise in the past eight months.
'P

■

According to the National Association of Realtors, sales of existing
single-family homes were at an annual rate of 4.24 million units
in May, up 4.4 percent from April’s rate and third-highest on
record. Year-to-date, sales averaged 4.12 million units, slightly
above the 1996 average of 4.09 million units.

■

Initial unemployment insurance claims totaled 332,000for the
week ending June 21, down 14,000from the previous week.
Measured on a four-week moving average basis, claims totaled
338,750 for the latest week, down 4.8 percentfrom a year earlier.

■

For the week ending June 20, the inflation-indexed 10-year U.S.
Treasury bond yielded an average of 3.61 percent, while the nominal
yield on 10-year Treasuries averaged 6.40 percent. The implied
financial market inflation forecast over a 10-year horizon was
thus 2.79 percent, the lowest since the Treasury began issuing
indexed bonds the first week of February.
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.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
471.853
468.541
473.391
475.322
477.816
473.709

Moy

Jun

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Moy

Jun

The adjusted monetory bose is the sum of Federal Reserve deposits ond vault cosh held by domestic depository
institutions, currency held by the public, and on adjustment for the effect of changes in reserve requirement
rotios. The monetory base series wos recently revised to include Federol Reserve deposits used to satisfy
clearing balance contracts. Data ore computed by this bank. A detailed description of the adjusted monetary
base is available from this bank. Recent data ore preliminary.

Adjusted Monetary Base
Compounded annual rotes of chonge, overage of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:
11/20/96
12/18/96

6/19/96
4.6
5.2
4.7

9/11/96 11/20/96 12/18/96

1/15/97

2/12/97

3/12/97

4.9
4.2

5.1
7.8

5.3

5.8
5.2

6.2

5.4

7.4

3.8
4.7

3.9
5.1

2.9
4.5

3.2

-0.6

5/21/97

4.3
4.9

5.1

2.9

3.4

6/18/97

4.8

4.6

5.0

4.4

4.9

3.1

3.6

1/15/97
2/12/97
3/12/97

5.7

4/23/97


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Federal Reserve Bank of St. Louis

4/23/97

7.5

7.9

Prepored by Federol Reserve Bonk of St. Louis

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

Billions of Dollors

Moy 12
Jun

2

Billions of Dollars

Billions
1060.5
1060.9
1064.6
1070.3
1060.9
1061.7

Billions
646.4
646.6
650.0
655.7
645.8
645.9

Moy 12

Ml (left scole)

TCD (right scole)

May

Jun

Aug

Sep

Oct

Nov

Dec

Feb

Mor

Apr

May

Jun

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond trovelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
institutions. Current doto appear in the Federol Reserve Boord's H.6 release.

Money Stock (M1)
To the overage
of four weeks
ending:
11/18/96

Compounded annual rates of change, average of four weeks ending:
6/17/96

9/16/96 11/1B/96 12/16/96

1/13/97

12/16/96

-7.2
-6.1

-5.6

1/13/97

-5.3

-4.3

2/17/97

-4.3

-2.8

0.9

1.4

3/17/97

-4.5

-3.4

-0.8

-1.0

4/14/97

-5.2

-4.6

-3.1

-3.7

-4.9

5/19/97

-5.1

-4.5

-3.3

-3.9

-4.7

6/16/97

-4.6

-3.8

-2.6

-2.9

-3.5


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Federal Reserve Bank of St. Louis

2/17/97

3/17/97

4/14/97

0.0
-1.5

Prepared by Federol Reserve Bonk of St. Louis

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Apr

Billions
68.865
66.691
68.005
68.648
70.531
65.851

9

Moy

7

Jun

4

Moy

Jun

Aug

Sep

Feb

Oct

Mar

Apr

May

Jun

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

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

6/19/96

9/11/96 11/20/96 12/18/96

11/20/96

-12.3

12/18/96

-7.8

-6.9

1/15/97

-8.4

-8.2

2/12/97
3/12/97

-6.0

-4.5

6.8

-8.3

-8.1

-2.5

4/23/97
5/21/97

-10.6
-8.9

-11.2

-14.5

-9.0

-8.8
-6.0

6/18/97

-8.5

-8.4

-5.5


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Federal Reserve Bank of St. Louis

1/15/97

2/12/97

3/12/97

4/23/97

3.3
-0.1
-9.5

-8.0

-10.3

-15.0
-9.8

-24.4
-15.6

-11.2

-9.1

-8.5

-12.9

-8.8

4.0

Prepared by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

Ratio

Compounded annual rates
of change, overage of
the four weeks ending
June 16, 1997, from
_ the four weeks ending:
Jun
17. 1996
-9.0
Sep
9, 1996
-8.1
Dec
16. 1996
-7.0
Jan 13. ------*
-Feb ' “
-8. 1
Ma r
-8.2
Ap r
1 997

2.232
2.234

16 30 14 28

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jon

Feb

1996
Ratio of Ml to the odjusted monetary base.

Mar

Apr

Moy

Jun

1997

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

415-1------------ ?------------- t~~---------- i--------------

405-

Billions of Dollars

Compounded annual rob
of change, overoge of
the four weeks ending
June 16, 1997, from
the four weeks ending:
Jun 1 7. 1 996
1
Sep 16
1996
Jan 13
1997
Dun
i J ,
Feb 17. 1997
Mar 17
1997
Apr 1 4 | 1997

Billions
405.9
406.0
406.4
406.5
407.0
407.7

Moy 12
Jun

2

6 30 14 28'

Aug

Sep

Oct

1996
Current doto appear in the Federal Reserve Boord's H.6 release.


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Federal Reserve Bank of St. Louis

Apr
1997

Moy

Jun

Prepored by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

3 17 31 14 28 12 26 9 23
May
Jun

4

18

IS 29 13 27 10 24 7 21

7 21

4 18 2

16 30 13 27 11 25

Corporate
Baa Bonds
8.33
8.36
8.34
8.35
8.26
8.18
8.17
8.22
8.25
8.13
8.06
7.94
7.94

Municipal
Bonds ••
5.88
5.88
5.87
5.87
5.77
5.71
5.67
5.66
5.67
5.60
5.52
5.48
NA

1996

1997
11
18
25
Moy 2
9
16
23
30
Jun 6
13
20
27

30-Day
Commercial
Poper
5.67
5.62
5.60
5.59
5.60
5.60
5.61
5.62
5.60
5.61
5.59
5.60
5.60

90-Day
CDs
5.70
5.70
5.72
5.71
5.73
5.71
5.70
5.71
5.69
5.68
5.68
5.65
5.65

90-Day
Bonkers'
Acceptances
5.60
5.62
5.62
5.63
5.61
5.65
5.63
5.63
5.59
5.61
5.60
5.58
5.58

Corporate
Aoo Bonds
7.71
7.74
7.73
7.75
7.64
7.56
7.55
7.60
7.64
7.51
7.44
7.33
7.33

Current data ore from the Federal Reserve Board's H.15 release, and ore overoges of rotes available for the
week ending on June 27, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy dota
N A - Not Available
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

TT

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rote

Discount Rate
3-Month
Treasury Bill

3

17 31 14 28 12 26 9 23 6 20 4

1997
Apr

4
11
18
25
Moy 2
9
16
23
30
Jun 6
13
20
27 *

Federal
Funds ••
5.86
5.37
5.48
5.48
5.61
5.55
5.49
5.52
5.43
5.54
5.48
5.62
5.42

18

1

15 29 13 27 10 24

7 21

7 21

4

18 2

16 30 13 27 11 25

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.17
5.14
5.16
5.19
5.15
5.06
5.05
5.10
4.94
4.91
4.88
4.91
5.00

5.65
5.65
5.64
5.66
5.60
5.57
5.53
5.51
5.53
5.44
5.40
5.34
5.36

6.75
6.78
6.78
6.79
6.62
6.57
6.54
6.58
6.60
6.48
6.40
6.29
6.32

6.90
6.92
6.89
6.89
6.76
6.70
6.68
6.73
6.75
6.61
6.52
6.40
6.42

7.10
7.12
7.10
7.10
6.98
6.91
6.90
6.96
6.99
6.86
6.80
6.69
6.71

Current data appear in the Federol Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-doy averages for week ending two days earlier thon dote shown


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

7

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

Billions of Dollars

May 12

Billions
3892.5
3900.5
3910.0
3909.4
3910.0
3911.1

Billions of Dollars

•2850
M2 (left scole)

■2700
Non-M1 M2 (right scale)
Non-Mi M2
Billions
May 12
2832.0
2839.6
2845.4
Jun 2
2839.1
2849.1
2849.4
6 20 3 17 I
May
Jun

15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28
Apr
Moy
Jun
Feb Mor
Aug
Sep
Oct

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

Money Stock (M2)
Compounded annual rates of chonge, overoge of four weeks ending:
To the overoge
of four weeks
ending:

6/17/96

9/16/96 11/18/96 12/16/96

1/13/97

11/18/96

4.3

12/16/96

4.7

5.4

1/13/97

4.9

5.5

6.4

2/17/97

5.1

5.7

6.4

6.1

3/17/97

4.9

5.4

5.7

5.3

5.1

4/14/97

5.1

5.9

5.6

5.5

5/19/97

4.7

5.5
5.0

5.1

4.7

4.5

6/16/97

4.7

4.9

4.9

4.6


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

2/17/97

3/17/97

4/14/97

4.4

Prepared by Federol Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
May 12

1375

Billions
949.8
951.4
952.8
954.2
955.0

1335

1295

Small Time (left scale)
1255
Savings
Billions
May 12
1317.0
1320.4
1323.2
1317.2
1321.8

Savings Deposits (right scale)

3 17 I

15 29 12 26 9 23 7 21 4
Aug
Sep
Oct

1175

18
Feb

Mor

Apr

May

Jun

Sovings deposits and smoll time deposits are ot oil depository institutions.

Large Time Deposits and Retail Money Funds
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time
May 12

Retoil Money
1997
Billions
Moy 12
565.2
568.6
570.8
Jun 2
569.1
573.1
570.9

523.1
519.6
518.4
525.2
528.8

600

Retail Money

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mor

Apr

May

Jun

1996
1997
Large time deposits and retail money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of Si00,000 or more. Retail money funds were originally called general purpose
ond broker/dealer money morket funds.


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
May 21

i.o-

Jun

4

Billions of Dollars

Billions
0.208
0.227
0.445
0.214
0.230
0.364

1 13 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 23 9 23
Apr
Moy
Jun
Nov
Oec
Aug
Sep
Oct
Moy
Jun
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Bonks in the United States1^
Seasonally Adjusted

Billions of Dollars
Bank Credit
Billions
3907.2
Moy 7
3909.9
3911.5
3918.3
3915.7
Jun 4
3929.3

Billions of Dollars

Bonk Credit (left scale) 2/

Loons Sc Leases
1997
2886.5
May 7
2891.1
2899.3
2905.5
2906.0
Jun 4
2913.3

Loans and Leases (right scale)

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1996
Current data appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond leases and securities


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Federal Reserve Bank of St. Louis

Feb

May

Mar

Jun

1997

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not seasonally Adjusted

Billions of Dollors
Moy 14
220-

Jun

4

Billions of Dollars

Billions
192.808
193.031
192.126
195.237
193.928
202.881

230

220

210

200

190

180

170
Feb

Mor

Apr

Moy

Jun

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

Billions of Dollors

All Bonks
Moy
805-

7

Bonks (left scale)1/

810.1
814.6
815.6

Lorge Banks (right scole)2/

815.6

819.2

Lorge Bonks
May

7

Jun

4

405.1
407.0
407.7
409.3

1996

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


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Federal Reserve Bank of St. Louis

11

^
Prepored by Federol Reserve Bonk of St. Louis

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

Jun

1973=100

105

4
100

100-

95

90

85
1

15 29 12 26

Current data appear in the Federal Reserve Board's H.10 releose. Dolo ore weighted averoges 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

Prepared by Federal Reserve Bonk of St. Louis