Full text of U.S. Financial Data : March 14, 1996

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ftfciinancial Data

IIDIRM
reskru;

BANK of
ST.IjOIIS

of St. Louis

✓ After accelerating at a 4.8 percent annual rate between October
1995 and January 1996, the producer price index for finished
goods (PPI)fell 1.8 percent at an annual rate in February. Prices
for intermediate materials fell at a 4.7 percent rate in February
and have fallen at a 0.4 percent annual rate since June 1995. By
contrast, intermediate prices rose 6.5 percent between June 1994
and June 1995.

✓ After falling 188,000 in January, nonfarm payrolls surged 705,000
in February — the largest monthly gain since September 1983.
Measured from February 1995, nonfarm employment has risen
1.5 percent, or by an average of 146,000per month.

✓ New home sales rebounded strongly in January, rising 4.2 percent
from December’s pace to an annual rate of693,000 units. January’s
sales rate was up 10.5 percent from a year earlier. The inventory
of unsold new homes totaled 381,000 units in January, the largest
in 16 years.

✓ Long-term Treasury securities yielded an average of 6.69 percent
for the week ending March 15, up 74 basis points from the week
ending Jan. 19. Over this same period, yields on three-month
Treasury bills fell 2 basis points to 4.96 percent (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. 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
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
3

Billions
471.7
472.6

Feb 14

470.6

Jan

4 18 1

15 1

15 29 12 26 10 24 7 21 5 19 2

Feb

Mar

Apr

Moy

Jun

Billions of Dollars

16 30 13 27 11 25
Aug
Sep
Oct

22 6 20 3 17 31 14 28 13 27

The adjusted monetory base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions) and on
adjustment for reserve requirement rotio changes. The mojor source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detoiled description of the odjusted monetory base is
available from this bonk.
Recent data ore preliminary.

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

3/15/95

6/7/95

8/16/95

9/13/95 10/11/95

11/8/95

12/6/95

8/16/95

2.7

9/13/95

2.6

-0.4

10/11/95

2.4

-0.1

1.5

11/8/95

2.1

-0.2

0.9

0.3

12/6/95

1.9

0.0

0.9

0.5

0.3

1/17/96

2.4

1.0

2.1

2.1

2.5

3.6

2/14/96

1.9

0.5

1.2

1.1

1.1

1.5

1.8

3/13/96

2.0

0.8

1.5

1.4

1.5

1.9

2.2


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Federal Reserve Bank of St. Louis

1/17/96

-0.1

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Jon 29
Feb 5

1165Mar

4

Billions of Dollars

Billions
1114.7
1119.2
1114.3
1114.1
1117.2
1130.1

Jon 29
Feb 5

Mor

4

Billions
732.1
737.4
732.7
732.1
734.2
746.8

TCD (right scale)

2

16 30 13 27 13 27 10 24
Feb
Mor
Apr

8 22
May

5

19
Jun

Jul

Aug

Sep

Oct

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

Money Stock (M1)
of four weeks
ending:
8/7/95
9/4/95
10/2/95
11/6/95
12/4/95
1/1/96
2/5/96
3/4/96

Compounded onnual rates of change, overoge of four weeks ending:
3/6/95
6/5/95
8/7/95
9/4/95 10/2/95 11/6/95 12/4/95

1/1/96

-0.4
-0.8
-1.2
-2.0
-2.2
-2.5
-2.8
-2.5

-2.3


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

-0.8
-1.6
-2.8
-2.9
-3.3
-3.5
-3.1

-3.4
-4.7
-4.5
-4.7
-4.7
-4.0

-5.6
-5.0
-5.2
-5.1
-4.2

-5.5
-5.5
-5.3
-4.2

-4.7
-4.7
-3.4

-5.1
-3.3

Prepared by Federol Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
95/96
Dec 20
Jan 3
17
31
Feb 14
28

Billions
96.1
98.4
98.6
97.6
97.8
98.8

114

no

106

102

98

94

11 25 8 22 6 20 3 17 31

15 1 15 29 12 26 10 24 7 21
Apr
May
Feb Mar
Jun

Nov

Dec

Jon

iV 28 13’27
Feb

90

Mor

1996

1995

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

Adjusted Reserves
To the overage of
two mointenonce
periods ending:
8/2/95
8/30/95
9/27/95
10/25/95
11/22/95
1/3/96
1/31/96
2/28/96

Compounded onnual rates of change, overoge of two mointenonce periods ending:
1/3/96
8/2/95 8/30/95 9/27/95 10/25/95 11/22/95
3/1/95 5/24/95
-7.6
-5.7
-5.5
-6.3
-8.0
-6.7
-5.3
-4.7


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

-3.6
-3.7
-5.3
-7.9
-6.2
-4.4
-3.7

0.7
-3.8
-8.5
-5.8
-3.4
-2.6

-8.1
-12.7
-8.1
-4.9
-3.8

-16.9
-9.3
-5.1
-3.7

-8.1
-3.0
-1.7

5.5
4.7

6.9

Prepared by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded onnuol rotes
of change, overage of
the four weeks ending
February 26, 1996, from
the four weeks ending:

Feb 27 .
Jun
5.
Aug 28,
Ocf
9.
Nov
6,
Oec
4,
Jon
1 ,

1 995
1995
1 995
1995
1995
1995
1 996

95/96

Dec 18
Jan

2.375

-4 . 7
-4.1
-6.0
-6.0
-5.8
-6.8
-6 . 1

Feb 12

13 27 13 27 10 24 8 22 5
Apr

1

May

19 3 17 31 14 28 II 25 9 23 6 20 4
Aug

Sep

18

2.373
2.362

2.9

15 29 12 26 II 25

Oct
1996

Ratio of M1 to adjusted monetary base.

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
March 4, 1996, from
the four weeks ending:
Mar
6. 1995
4.0
Jun
"
' 1995
1995

1995
1995

1995
1996

Jon 29

Feb

5

Billions
373.7’ ..left
372.9
360
373.0

5 29 12 26 11 25
Sep
1995
Current doto appear in the Federal Reserve Board’s H.6 release.


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

Oct
1996

Prepared by Federal Reserve Bank of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

10.0

Prime Rate

9.0

8.0

Corporate
Aaa Bonds

Municipal Bonds

4.0
6 20

3

17

1995/96
Dec 22
29
Jon
5
12
19
26
Feb 2
9
16
23
Mor
1
8
15

3

17 31 14 28 12 26 9 23 7 21

30-Day
Commercial
Paper
5.83
5.83
5.63
5.59
5.57
5.51
5.42
5.28
5.29
5.28
5.30
5.31
5.35

4

10 24

18

8

22

5

90-Day
CDs

90-Day
Bonkers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boa Bonds

5.60
5.53
5.44
5.45
5.39
5.36
5.23
5.15
5.13
5.14
5.16
5.19
5.30

5.49
5.46
5.37
5.36
5.32
5.28
5.14
5.06
5.05
5.07
5.09
5.11
5.22

6.87
6.76
6.75
6.86
6.80
6.81
6.82
6.87
6.86
7.13
7.20
7.21
7.40

7.54
7.43
7.42
7.52
7.45
7.47
7.46
7.50
7.50
7.77
7.86
7.90
8.08

19 2

16

Municipal
Bonds ••
5.51
5.44
5.37
5.50
5.40
5.46
5.40
5.37
5.33
5.48
5.57
5.59
N.A.

Current doto ore from the Federal Reserve Board's H.15 release, and ore overoges of rotes ovoiloble for the
week ending on March 15, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
NA - Not Avoilobie


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Federal Reserve Bank of St. Louis

1

Prepored by Federal Reserve Bonk of St. Louis

—t------- —r

•

•

Selected Interest Rates
Averages of Daily Figures

Percent

Percent

10-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3—Month
Treasury Bill

6 20

3

17 3

1995/96
Dec 22
29
Jon
5
12
19
26
Feb
2
9
16
23
Mor
1
8
15 •

17 31 14 28 12 26 9 23

7 21

15 29 13 27 10 24

8 22

5

19

15 29

Federal
Funds

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treosury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.90
5.48
5.35
5.53
5.61
5.44
5.53
5.21
5.09
5.17
5.31
5.57
5.24

5.02
4.89
5.02
5.03
4.98
4.97
4.93
4.81
4.79
4.82
4.87
4.89
4.96

5.01
4.94
4.91
4.89
4.77
4.79
4.69
4.61
4.57
4.78
4.87
4.89
5.11

5.56
5.44
5.39
5.44
5.30
5.35
5.28
5.27
5.20
5.52
5.65
5.71
6.02

5.78
5.64
5.63
5.74
5.58
5.65
5.64
5.67
5.65
5.97
6.06
6.08
6.35

6.10
5.97
5.96
6.07
5.95
6.00
6.00
6.04
6.03
6.35
6.43
6.46
6.69

Except for long-term Treosury securities, which ore computed by this Bonk, current doto oppeor in the Federal
Reserve Board's H. 15 release.
• Averages of rotes ovoiloble
•• Seven-day averages for week ending two days earlier thon dote shown
Prepared 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 of Dollars

Feb

3700-

5

3670.0
3677.5

4

3690.5
3698.5
3719.7

Billions of Dollars

3682.3

Mor

M2 (left scale)

Non-M1 M2 (right scale)

Non-Mi M2
Billions
2555.3
Feb 5
2558.3
2568.0
2576.4
2581.3
Mor 4
2589.6

Jon 29

2

16 30 13 27 13 27 10 24 8 22 5
Feb

Mar

Apr

19 3

17 3

May

14 28 II 25 9 23 6 20 4
Aug

Sep

18 1

15 29 12 26 II 25

Oct

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

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

3/6/95

6/5/95

8/7/95

9/4/95

10/2/95

11/6/95

12/4/95

8/7/95

6.2

9/4/95

6.1

10/2/95

5.9

6.8

11/6/95

5.4

5.8

4.0

12/4/95

5.3

5.6

4.1

3.6

1/1/96

4.9

5.0

3.6

3.1

2.7

3.0

2/5/96

4.9

5.0

3.9

3.6

3.4

3.8

3.6

3/4/96

5.1

5.3

4.4

4.1

4.1

4.6

4.7


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

1/1/96

7.6
5.2
3.2
3.2

6.1

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Sovings
1996
Feb

5

Mor

4

1055

Small Time

Billions

1996
— Jon 29
Feb 5

158.6
163.4
168.9
165.3

Billions
934.6
934.9
934.4
933.6
932.8
931.1

1015

975

Small Time (right scale)
935

895

855

Sovings Deposits (left scale)

815

8
Apr

May

Jun

Aug

Sep

I

15 29 12 26 II 25

Oct

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

1996

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

seasonally Adjusted

Billions of Dollars

Large Time
1996
Jon 29

Retail Money

Billions
416.0
420.2
422.5
422.2
424.4
428.7

1996
Jon 29
Feb "

Billions
464.8
470.3
473.9
483.2
483.9

Retail Money

Large Time

18 1
Sep

IS 29 12 26 11 25

Oct

1995
1996
Large time deposits ond retail money funds ore ot oil dcspository institutions. Large time deposits ore those
issued m denominations of $100,000 or more. Retail money funds were originally colled general purpose
ond broker/dealer money market funds.
Preoored bv Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

775

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
Feb

7

Mar

6

Billions of Dollars

Billions
0.0J4
0.015
0.016
0.077
0.018

0.012

4 18 1

15 29 12 26 10 24 7 21

15

5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27
Sep
Oct

1995
1996
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
Jonuory 25. 1995. and was zero in the other weeks shown.

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

Billions of Dollars

Billions of Dollars

Bonk Credit

Feb

7

Billions
3628.6
3623.4
3622.7
3633.7
3638.3
3640.7

Bank Credit (left scole)2/

Loans and Leases (right scole)

Loans&Leoses
Jon 24
Feb

4

18 1

15 1

15 29 12 26 10 24 7 21

5

92

16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27

1995
Current data oppeor in the Federal Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

7

Billions
2636.9
2629.2
2628.8
2641.1
2643.9
2642.4

1996

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jan 31

Billions of Dollars

210

Billions
186.711
189.970
188.693
186.701
184.960
186.934
190

170

4

150

18

14 28 13 27

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

400

All Bonks

Feb
700-

7

Billions
726.8
726.7
727.9
728.8
729.8
728.8

380
All Banks (left scale)1/

360

340
Large Bonks (right scale)^/

Large Bonks
Jon 24

352'0
352.4

25 8 22 6 20 3
1995
Current data oppeor in the Federal Reserve Boord's H.8 reieose.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

320

352.5

17 31 14 28 13 27
1996

Prepored by Federal Reserve Bonk of St. Louis

300

280

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

1973=100

1996 1973=100
Feb 7
87.0

Mar 6

15 29 12 26 10 24

7

21

5

19

2

16 30 13 27 11 25 8 22

1995

6

20

3

- 105

17 31 14 28 13 27

1996

Current doto appear in the Federol Reserve Boord's H.10 release. Doto are weighted overages 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 Federol Reserve Bonk of St. Louis

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