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resear

t LIBRARY

Fetiejyl R

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THE
IIIHKVI
A RESERVE
JA liVNKot

st. ions

THE WEEK'S HIGHLIGHTS:
✓ Following a 1.7 percent gain in March, the nominal value of new
factory orders for manufactured goods declined 0.1 percent in
April. New orders for durable goods dropped 1.9 percent, while
the value of nondurable goods rose 2 percent—the largest increas
since December 1994.
✓ The real value of new construction put in place rose $5.8 billion
in April, or 1.2 percent. Over the first four months of1996, real
construction spending has risen at an 8 percent annual rate,
compared with a 2 percent decline over the same period last year.
✓ Real disposable personal income fell at a 9.8 percent annual rate
in April, while real personal consumption expenditures fell at a
2.8 percent rate. Measured from a year earlier, real disposable
income has increased 2.7percent, and real consumer spending
has risen 2.8 percent.
%/ The index of leading economic indicators rose for the third
consecutive month in April, as seven of the 11 indicators
contributed positively.
^ The dollar’s trade-weighted exchange rate index measured
88.1 percent (1973 = 100) for the week ending June 5, up
5.5 percent from a year earlier (see back page).
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.stlsirb.org/fred.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seosonolly Adjusted

Billions of Dollars

Billions of Dollors

Billions
475.0
473.1
473.0
470.5
474.3
474.9

5 19 3 17 31 14 28 12 26 9 23 6 20 4 18

Moy

Sep

Jun

15 29 13 27 10 24 7 21

6 20 3 17

Oct

15 29 12 26

Moy

1995

Jun

1996

The adjusted monetory bose is the sum of reserve occounts of finonciol institutions ot Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of oil 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 detoiled description of the adjusted monetary bose is
available from this bonk.
Recent data are preliminary.

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

Compounded annual rates of change, average of two maintenance periods ending:
6/7/95

8/30/95

11/8/95

12/6/95

1/3/96

1/31/96

2/28/96

11/8/95

0.8

12/6/95
1/3/96

0.8
1.1

1.1

2.0

1/31/96
2/28/96

0.9
0.9

0.9

1.3

1.5

1.0

1.5

2.3

1.1
2.7

0.1

4/10/96
5/8/96

0.8
1.7

2.5

3.6

0.9

0.8

1.0

1.0

0.6

0.7

0.9

6/5/96

1.4

1.5

1.9

2.1

1.9

2.3

2.9

4/10/96


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

0.6

0.7

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Billions of Dollars
Billions

Apr 22

Apr 22
1122.9

May

1115.9
1118.6

740.4
727.5
738.2
730.7
7Tn i
732.7

6

1113.!

810

M1 (left scale)

TCD (right scale)

U 27 10 24

Apr

May

Jun

Jul

Aug

Sep

Oct

Apr

May

Jun

Ml is the sum of currency held by the nonbank public, demand deposits, other checkoble deposits and travelers
checks. Totol checkable deposits is the sum of demand deposits and other checkoble deposits ot depository
institutions. Current data appear in the Federal Reserve Board's H.6 releose.

Money Stock (M1)
To the average
of four weeks
ending:
10/30/95

Compounded onnual rotes of chonge, average of four weeks endinq:
. .
.
.
5/29/95 8/28/95 10/30/95 11/27/95 12/25/95 1/29/96 2/26/96

11/27/95

-3.0
-2.9

-5.0

12/25/95

-3.2

-5.1

-4.0

1/29/96

-3.5

-5.0

-4.3

-5.0

2/26/96

-3.4

-4.7

-4.0

-4.4

3/25/96

-1.9

-2.4

-0.8

-0.3

1.3

4/29/96

-2.3

-2.8

-1.7

-1.5

-0.6

1.0

5/27/96

-2.5

-3.0

-2.1

-2.0

-1.4

3/25/96

-0.4


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

-4.0
5.2

Prepared by Federol Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions

Uar 13
Apr 10

no-

May

8

97.4
99.5
97.0
97.5
94.2
97.7

5 19 3 17 31 14 28 12 26 9 23 6 20 4 18 1

Apr

May

Jun

Jul

Aug

Sep

Oct

15 29 13 27 10 24 7 21

Nov

Dec

Jon

Feb

6 20 3 17

Mor

1995

Apr

1

T-r-rr

15 29 12 26

Moy

Jun

1996

Adjusted reserves is the difference between the adjusted monetory base and the currency component of Ml.

Adjusted Reserves
To the overoge of
two maintenance
periods ending:
10/25/95
11/22/95
12/20/95
1/17/96
2/28/96
3/27/96
4/24/96
5/22/96

Compounded annual rotes of change, average of two mointenonce periods ending:
5/24/95 8/16/95 10/25/95 11/22/95 12/20/95 1/17/96 2/28/96 3/27/96
-1.4
-5.5
-3.9
-3.5
-3.0
-1.9
-3.0
-4.1


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

-11.3
-7.6
-6.2
-4.9
-3.2
-4.6
-5.8

-10.6
-7.2
-4.9
-2.4
-4.4
-6.0

3.4
1.9
3.6
0.0
-2.7

0.0
2.7
-1.5
-4.3

3.8
-1.9
-5.2

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
3.0

3.0

Compounded onnuol rates
of change, overage of
the four weeks ending
May 20, 1996, from
the four weeks ending:
1 QQ5
7.
2 8 - Mau 99
Aug 28. 1995
-A .0
Nov 20. 1995
-3 . 5
Jon
-2 1
t . 1996
Jan 29 . 1996
-1 .4
Feb 26 . 1996
-0 4
Mor 25. 1996
-3 5

1996
Mor 11
25
Apr 8
22
May 6
20

Rotio
2.390
2.377
2.382
2.379
2. 377
2. 356

2.8

2.6

2.6

2.4

2.4

2.2-

3

17 I 16 29 12 26 10 24 7 21
Apr
Moy
Jun
Jul
Aug

4 18 2 16 30 13 27 II 25
Sep
Oct
Nov
Dec

8 22 5 19 * 18 I 15 29 13 27 10 24 2.2
Jon
Feb Mor
Apr
Moy
Jun

1995
Ratio of Ml to odjusted monetary bose.

1996

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollors

Compounded annuol rotes
of change, overage of
the four weeks ending
Moy 27, 1996. from
the four weeks ending:
Moy 29. 1995
2.
Aug 28. 1995
3.
Nov 27. 1995
2.
Dec 25. 1995
2.
Jon 29. 1996
2.
Feb 26. 1996
3.
Mar *' ‘1996
'

Apr 22

Aug

Sep

Oct

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


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

Billions
375.8
376.7
375.9
376.3
377.0
378.0

1996
Prepored by Federol Reserve Bonk of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoa Bonds

Commercial
Paper

Municipal Bonds
- 5.0

2 16 30 14 28 11 25 8 22 6 20 3 17

1996
Mar 15
22
29
Apr 5
12
19
26
May 3
10
17
24
31
Jun 7

30-Doy
Commercial
Paper

90-Doy
CDs

5.37
5.44
5.48
5.42
5.42
5.39
5.38
5.40
5.40
5.38
5.36
5.38
5.42

5.31
5.33
5.34
5.34
5.39
5.36
5.34
5.36
5.37
5.36
5.35
5.36
5.40

90-Doy
Bonkers'
Acceptances
5.23
5.26
5.26
5.26
5.31
5.28
5.26
5.29
5.30
5.28
5.27
5.30
5.34

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

Corporate
Aoo Bonds
7.42
7.41
7.39
7.41
7.60
7.50
7.48
7.65
7.72
7.57
7.53
7.61
7.69

Corporate
Baa Bonds
8.10
8.10
8.09
8.12
8.30
8.19
8.16
8.33
8.40
8.25
8.20
8.27
8.35

Municipal
Bonds ••

Current data are from the Federal Reserve Boord's H.15 release, and ore overages of rates available for the
week ending on June 7, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy doto
N A. - Not Avoiioble


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

5.81
5.86
5.90
5.86
6.03
5.94
5.91
6.06
6.08
5.96
5.87
5.94
N.A.

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

- 7.0

10-Year
Treasury Securities
6.0-

Federal
Funds Rote
Discount Rate

3-Month
Treasury Bill

- 4.0

7 21

5

19 2

1996
Mor 15
22
29
Apr 5
12
19
26
Moy 3
10
17
24
31
Jun 7 •

16 30 14 28 11 25 8 22

Federal
Funds **
5.24
5.36
5.22
5.30
5.08
5.24
5.24
5.30
5.22
5.26
5.22
5.19
5.33

6 20 3

17

15 29 12 26

8

22

5

3-Month
Treosury
Bill

1 - Year
Treosury
Bill

5-Year
Treosury
Securities

10-Year
Treasury
Securities

4.97
5.00
5.00
5.01
4.97
4.85
4.96
5.00
5.00
5.01
5.04
5.04
5.08

5.13
5.15
5.13
5.18
5.31
5.21
5.21
5.33
5.35
5.28
5.27
5.39
5.45

6.06
6.08
6.08
6.14
6.42
6.32
6.31
6.46
6.55
6.42
6.41
6.55
6.62

6.37
6.36
6.32
6.35
6.60
6.52
6.53
6.74
6.82
6.68
6.65
6.77
6.85

19

3

17 31

14 28

Long-Term
Treosury
Securities

6.72
6.72
6.70
6.74
6.96
6.88
6.88
7.04
7.11
6.96
6.93
7.02
7.09
Except for long-term Treosury securities, which ore computed by this Bonk, current doto oppeor in the Federol
Reserve Board's H.15 releose.
• Averages of rates ovailoble
•• Seven-doy overoges for week ending two doys eorlier 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 o( Dollars

Apr 22
Moy

6

Billions
3728.1
3706.0
3722.8
3723.1
3721.2
3718.0

Billions of Dollars

M2 (left scale)

Non-Mi M2

Non-M1 M2
Apr 22
May

1
Apr

6

Billions
2603.0
2599.9
2607.2
2602.6
2604.1

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 II 25 8 22 5 19 4 18 1 15 29 13 27 10 24
Feb
Mar
Apr
Moy
Jun
Aug
Sep
Oct
Nov
Oec
Moy
Jun

M2 is the sum of Ml, savings (including money market deposit occounts), smoll time deposits and retail money
funds. Current dato appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
I°fourawMkP

Compounded onnuol rotes of chonge, average of four weeks ending:
5/29/95 8/28/95 10/30/95 11/27/95 12/25/95 1/29/96 2/26/96

3/25/96

ending:
10/30/95
11/27/95

6.1
5.7

3.5

12/25/95

5.7

3.9

1/29/96

5.7

4.4

4.4
5.0

5.7

2/26/96

5.5

4.3

4.7

5.0

3/25/96

6.2

5.4

6.2

6.9

7.4

8.2

4/29/96

5.7

4.8

5.3

5.6

5.7

5.5

5/27/96

5.1

4.1

4.3

4.4

4.2

3.7


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

5.0

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Doily Figures
beasonaily Adjusted

Billions of Dollars
Savings
1996
Billions
1193.7
1189.2
Moy 6
1196.0
1196.9
1197.7

Billions of Dollars
Small Time
1996
Billions
Apr 22
921.4
920.2
May 6
919.6
918.7
918.4
918.3

1055
1015

975

Small Time (right scale)
935

895

855

Savings Deposits (left scale)

815

775
Apr

Moy

Jun

Aug

Sep

Oct

Apr

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

May

Jun

1996

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

Large Time
Billions
Apr 22
431.2
Moy

6

Billions of Dollars
Retail Money
1996
Billions
Apr 22
29
483.5 .
May 6
484.4
491.7
486.6
484.3

435.0
437.6
439.6

Retoil Money

Sep
Oct
Apr
May
1995
1996
Large time deposits and retail money funds ore at oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars
Moy

3

1

Jun

3illions of Dollars

Billions
0.085
0.100
0.119
0.159
0.158
0.154

5

19 3 17 31 14 28 12 26 9 23 6 20 4 18 1
Aug
Sep
Oct

13 29 13 27 10 24 7 21

6 20 3 17 1

13 29 12 26
Moy
Jun

Borrowings include seasonal, adjustment ond extended credit.

Bank Loans and Credit
All Commerciol Banks in the United States
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Bank Credit
16
Apr

17

Moy

1

Billions
3647.9
3651.0
3663.3
3655.3
3652.6
3665.0

Bank Credit (left scale)2/

Loans&Leases

Loans ond Leases (right scale)

1 i ■

■ i ■

■ i ■ i' ■ i

i 1 i

i ■ i ■ ' 1 i 1

3 19 3 17 31 14 28 12 26 9 23 6 20 4 18
Apr
Moy
Jun
Jul
Aug Sep
Oct

1

1

2671.0
2671.4
2677.0
2673.0
2663.1
2676.2

1 ' 1t

1329

Nov

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


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

17

May

3360

Apr

1996

Prepared by Federal Reserve 8onk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollors

Moy

Billions of Oollors

Billions
207.071
209.187
206.866
208.039
202.098
199.635

1

•

200

- 180

5

19 3

17 31 14 28 12 26

23 6 20 4

18

1995

1996

Commercial and Industrial Loans
Seosonolly Adjusted

Billions of Dollors

Billions of Dollors

420

All Bonks
Billions
740-

Apr 17
Moy

1

728.6
728.3
733.1
732.3
736.3
734.5

400

All Bonks (left scole)1/
380

360

Bonks
Billions

Large Banks (right scole)^/
Apr 17

340

355.6
356.1
357.9
356.4
357.6
356.1

320

300
15 29 12 26

1995

1996

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


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Federal Reserve Bank of St. Louis

11

Prepared by Federal Reserve Bonk of St. Louis

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures
i973=100

1973=1uu

110

1996
1973=100
Uoy 1
88.1

100

Jun 5

90

80

70
5

19 3

17 31 14 28 12 26 9 23 6 20 4 18 1
Sep
Oct
1995

15 29 13 27 10 24 7 21

6 20 3

17

15 29 12 26

1996

Current dole appear in the Federal Reserve Board’s H.10 release. Data ore weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.
Prepored by Federal Reserve Bank of St. Louis

C'.:;

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ti
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C’l'

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:

*
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Federal Reserve Bank of St. Louis

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