Full text of U.S. Financial Data : March 19, 1998

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TIIE
FEDERAL
JRESERVE
HANK of
HL LOUIS

THE WEEK'S HIGHLIGHTS:

■

The consumer price index (CPI), following no change in January,
increased at a 0.7 percent annual rate in February. After rising at
a 2.3 percent rate between August and November 1997, the CPI
has since inched upward at a 0.5 percent rate.

■

The U.S. goods and services trade deficit widened from $10.9 billion
in December to $12.0 billion in January. Exports fell $2.1 billion in
January, or 2.6 percent, while imports fell $0.9 billion, or 1 percent.

■

Privately owned housing starts were at an annual rate of1.636 million
units in February, up 6 percent from January’s pace and their highest
level since November 1987. Likewise, buildings permits rose 6.5
percent in February and were up 13 percent over the previous year.

■

The index of industrial production slowed from a 0.1 percent gain
in January to virtually no change in February. Constraining total
output gains in February was a-2.2 percent drop in motor vehicles
and parts production, as production outside of the automotive sector
rose 0.2 percent. Total production has increased 4.9 percent over
the last 12 months.

■

Producer prices for finished goods (PPI) fell 0.1 percent in
February, or 0.9percent at an annual rate. The PPI declined 1.7
percent, measured from February 1997.

■

The current-dollar value of total business inventories, after rising at
an annual rate of $49.4 billion in December, fell at a $0.5 billion
rate in January.

_____________________ 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 Dollars
97/98

Billions of Dollars

Billions

496.812
495.894
498.371
499.274
500.102
500.167

-465

'Ml'

1

15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25
Feb Mar
Sep
Oct
Feb
Mar

1998
The odjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of chonges in reserve requirement
ratios. The monetory base series was recently revised to include Federal Reserve deposits used to satisfy
clearing bolonce contracts. Data are computed by this bank. A detailed description of the odjusted monetory
base is available from this bonk. Recent dota ore preliminary.

Adjusted Monetary Base
Compounded annual rotes of change, overage of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:
8/13/97

3/12/97

6/4/97

8/13/97

9/10/97

6.2

10/8/97

4.1
5.0

5.0

11/5/97

4.6
5.3

4.4
5.5

6.1
7.6

12/17/97

6.0

6.4

8.4

7.9

10.2

1/14/98
2/11/98

6.3
6.3

6.8
6.8

8.5

8.1

9.9

3/11/98

6.1

6.4

8.2
7.6

7.9
7.2

9.2
8.1

9/10/97
10/8/97


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

11/5/97 12/17/97

9.7
8.8

7.9

7.6

6.4

1/14/98

5.1

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Feb

2

1150

Billions of Dollars

Billions
1084.3
1070.0
1072.3
1077.1
1085.0
1076.7

Feb

Billions
647.2
632.2

2

637.2
644.7
636.2

----

1060-

Ml (left scole)

-640

TCD (right scole)
6

20 3

17
Feb

17 31 14 28 12 26 9 23 7 21 4
Mar

Apr

May

Jun

Jul

18
Aug

2
Sep

Oct

Feb

16 30
Mar

M1 is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Totol checkable deposits is the sum of demand deposits and other checkoble deposits at depository
institutions. Current doto appeor in the Federol Reserve Board's H.6 release.

Money Stock (M1)
To the average
of four weeks
ending:

Compounded onnuol rotes of change, overage of four weeks ending:
3/10/97

6/9/97

8/11/97

9/8/97

10/6/97 11/10/97

12/8/97

8/11/97

-2.3

9/8/97

-1.1

2.3

10/6/97

-2.4

-0.9

-2.8

11/10/97

-1.7

-0.1

-0.7

-3.5

12/8/97

-1.0

0.7

0.7

-0.9

3.9

1/12/98

-0.1

1.8

2.2

1.4

5.2

6.6

2/9/98

-0.2

1.4

1.6

0.8

3.6

3.9

3.2

3/9/98

0.0

1.5

1.8

1.2

3.5

3.7

3.2


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

1/12/98

Prepored by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
97/98
Dec 31
Jon 14

Mor 11

Billions
70.610
69.282
68.435
68.786
67.342
67.258

Moy

Aug

Jun

Sep

Feb

Oct

Mor

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

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

3/12/97

6/4/97

8/13/97

9/10/97

10/8/97

11/5/97 12/17/97

8/13/97

-8.0

9/10/97

-3.2

-4.3

10/8/97

-6.4

-9.2

-1.7

11/5/97

-4.0

-5.1

3.8

-6.4

12/17/97

-2.0

-2.1

5.8

0.2

12.2

1/14/98

-0.3

0.3

8.0

4.1

14.0

2/11/98

-2.3

-2.5

2.7

-1.3

4.8

1.8

-3.8

3/11/98

-4.0

-4.6

-1.0

-4.8

-0.8

-4.1

-10.4


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

1/14/98

13.3
-22.2

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averoges of Doily Figures
Seosonolly Adjusted

Rotio

Ratio

Compounded annual rates
of change, overage of
the four weeks ending
March 9, 1998, from
the four weeks ending

97/98

Dec 29
Jon 12

2.157

1997
1997
1997
1997
1997
1997
1998

3

17
Feb

3 17 31 14 28 12 26
Mor
Apr
May

9 23 7 21
Jun
Jul

1

15 29 13 27 10 24
Sep
Oct
Nov

5

19 2
Jon

16 2
Feb

16 30‘
Mar

1997
Ratio of M1 to the adjusted monetory base.

Currency Component of M1
Averoges of Daily Figures
seasonally Adjusted

Billions of Dollars

4JQ-

Billions of Dollars

Compounded annual rotes
of change, overage of
the four weeks ending
March 9, 1998, from
the four weeks ending:
Mor
Jun

..................430

1997

1997
1997
1997
1997
1998

Billions

Feb

2

Mar

2

400-

Jon

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

431.7

Oct

1997
Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aao Bonds

Commercial Paper
Municipal Bonds
-5.0

7 J1 14 28 14 28 11 25 9 23 6 20 4 18
Jan
Feb
Mar
Apr
Moy
Jun
Jul

15 29 12 26 10 24
Aug
Sep
Oct

7

21
Nov

5

19 2 16 30 13 27
Dec
Jan
Feb
Mar

1997

1997/98
Dec 26
Jon
2
9
16
23
30
Feb
6
13
20
27
Mor
6
13
20

1998

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bonkers
Acceptances

Corporate
Aao Bonds

Corporate
Boo Bonds

5.90
5.71
5.48
5.44
5.44
5.47
5.46
5.47
5.46
5.49
5.50
5.51
5.51

5.82
5.74
5.58
5.50
5.51
5.53
5.53
5.53
5.53
5.56
5.59
5.58
5.58

5.76
5.62
5.52
5.47
5.45
5.47
5.47
5.45
5.45
5.48
5.51
5.51
5.50

6.69
6.70
6.55
6.55
6.67
6.70
6.68
6.69
6.62
6.71
6.81
6.70
6.65

7.26
6.91
7.13
7.14
7.24
7.28
7.27
7.27
7.20
7.28
7.40
7.30
7.26

Municipal
Bonds *•
5.14
5.15
5.07
4.96
5.03
5.11
5.11
5.08
5.07
5.14
5.25
5.20
NA

Current data are from the Federal Reserve Board's H. 15 releose, and ore overages of rotes available for the week
ending on March 20, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source data,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy data


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

Prepored by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

■ 7.0

30-Year
Treasury Securities

Federal
Funds Rate

■•*** - 5.0

Discount Rote
3-Month
Treasury Bill

14 28 14 28

1997/98
Dec 26
Jon
2
9
16
23
30
Feb 6
13
20
27
Mar
6
13
20 *

Federal
Funds **
5.44
5.45
5.74
5.45
5.53
5.53
5.52
5.43
5.54
5.51
5.60
5.45
5.47

9 23 6 20 4

18

15 29 12 26 10 24

7

21

5

19

2

16 30 13 27 13 27

3-Month
Treosury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.27
5.24
5.04
5.00
5.02
5.06
5.05
5.07
5.06
5.16
5.08
4.97
5.00

5.26
5.23
4.99
4.92
4.96
5.01
4.99
5.01
5.02
5.14
5.15
5.09
5.07

5.72
5.71
5.38
5.32
5.45
5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.53

5.74
5.75
5.49
5.45
5.59
5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.56

5.90
5.93
5.75
5.74
5.87
5.89
5.89
5.89
5.84
5.94
6.05
5.93
5.89

Current doto appear in the Federal Reserve Board's H.15 release.
• Averoges of rotes available
•• Seven-day averages for week ending two days earlier than date shown


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Federal Reserve Bank of St. Louis

Prepared by Federol 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

2

Mor

2

4079.0
4083.0
4090.9
4106.6
4114.4
4117.7

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)
Non-Ml M2
Billions
2994.7
3013.0
3018.6
3029.5

3 17 3 17 31 14 28 12 28 9 23 7 21 4
Feb

Mar

Apr

May

18 1
Aug

15 29 13 27 10 24 8 22 5
Sep

19 2

Oct

16 2
Feb

-2800

16 30
Mor

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

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

3/10/97

6/9/97

8/11/97

9/8/97

10/6/97 11/10/97

12/8/97

8/11/97

4.5

9/8/97

5.6

6.7

10/6/97

5.4

6.2

8.0

11/10/97

5.7

6.4

7.7

5.9

12/8/97

5.8

6.4

7.4

6.1

6.9

1/12/98

6.0

6.7

7.6

6.7

7.4

7.5

2/9/98

6.1

6.7

7.5

6.7

7.2

7.2

7.5

3/9/98

6.5

7.2

7.9

7.4

7.9

8.1

8.6


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

1/12/98

Prepared by Federal Reserve Bonk of St. Louis

i

r

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

1460

Small Time
Feb

2

Billions
966.3
966.2
965.7
965.-4
964.3

1420

Savings Deposits (right scale)
1380

Small Time (left scale)
1340

Sovings
1998

Mor

Billions
1424.9
1426.2
1431.1
1432.4
1439.1

2

2 16 2
Apr

Moy

Jun

Aug

Sep

Oct

Feb

16 30
Mar

1998
Savings deposits ond smoll time deposits ore ot oil depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
beasonaiiy Adjusted

Billions of Dollars
Large Time

Billions of Dollars
Retail Money

1998

398

592.8
594.2

Billions
621.9
626.6
633.0
632.6
636.9

601.0
605.9
610.3

Retail Money

Lorge Time

Apr

Moy

Jun

Sep

Oct

1997
1996
Lorge time deposits ond retail money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retoil money funds were originally colled general purpose
and broker/dealer money market funds.
Prepored by Federal Reserve Bonk of St. Louis


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

9

1300

1260

10
Total Borrowings
From Federal Reserve Banks
Averages of Dolly Figures

Billions of Dollars

Billions of Dollors

Billions
Feb 11

0.034

Mor

0.090
0.028
0.016

4

0.022
0.022

0.6-

1

15 29 12 26 12 26
Feb
Mar

Sep

Oct
1998

1997
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States1^
Billions of Dollors
Bank Credit
8
Billions
4163.2
Jan 28
4174.1
4175.4
4187.2
4199.3
4214.0
Mor 4

Seasonally Adjusted

Billions of Dollars

Bonk Credit (left scale)2/
3075

Loans and Leases (right scale)

1

Loons & Leases
1998
3052.9
Jon 28
Feb 4
--------11
3063.9
18
3069.4
25
3075.3
Mor 4
3085.6

15 29 12 26 12 28 9 23 7 21 4 18
1998

Current dato appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans ond leases and securities


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

Prepared by Federol Reserve Bank of St. Louis

T

-------X

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3illions of Dollars

Billions of Dollars

206.6
210Mor

4

-

200

- 190

1

15 29 12 26 12 26 9 23 7 21
Jan
Feb
Mar
Apr
May

4

18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
1997

1998

Note: Beginning September 2. 1997. the value 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
3illions of Dollors

Billions of Dollars

All Bonks
Billions

Jon 28

865.2
870.0
874.0
877.9
882.0

850-

All Banks (left scale)'/
- 460

-

Large 8onks (right scale)

Large Banks

—....—.... ........ ..........—

1998
Jan 28
Feb 4
790-

1

15 29 12 26 12 26 9 23 7 21

4

18 2

16 30 13 27 10 24 8 22 5

19

3

Billions

452.0
454.6
454.8
457.4
459.9
460.7

17 31 14 28 11 25 11 25
1998

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

*


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

a

. .

_

.

, _

.

Prepared by Federal Reserve Bonk of St. Louis

'

11

440

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

Feb 11

100-

1

Mor

4
-

15 29 12 26 12 26 9

Jon

Feb

Mor

23 7

Apr

21

May

4

18 2

Jun

16 50 13 27 10 24

Jul

1997

Aug

Sep

8 22 5

Oct

19

Nov

3

17 31

Dec

14 28 11 25 11 25

Jon

Feb

Mor

1998

Current dota oppeor in the Federal Reserve Board's H.10 releose. Dota ore weighted overoges of the foreign-currency
price of the U.S. dollor, computed using 10 industrial country currencies.


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

Prepored by Federol Reserve Bonk of St. Louis

>1

9
os
CQ

100