Full text of U.S. Financial Data : March 21, 1996

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21,1996

RKEA CH UBRARY

THE
FEDERAL

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THE WEEK'S HIGHLIGHTS:
s/ Business inventories rose at a 6.8 percent annual rate in January,
reversing the 4.1 percent rate of decline in December. The rise in
inventories was paced by a 9.3 percent rate of increase at merchant
wholesalers and an 8.9 percent rise at manufacturers. The value of
business inventories, which is not adjusted for inflation, has risen
5.8 percent from a year earlier.
✓ Retail sales rebounded in February, rising 0.8 percent, after falling
0.2 percent in January. Sales at automotive dealers in February
accelerated at their fastest pace in six months, increasing 2 percent.
Excluding automotive sales, retail sales rose 0.4 percent in February,
following a 0.2 percent decline in January. Sales are not adjusted
for inflation.
✓ The consumer price index for all urban consumers (CPI-U) advanced
at a 2.4 percent annual rate in February. Consumer prices rose at
a 2.6percent rate between August 1995 and February 1996, down
slightly from a 2.8 percent rate over the previous six-month period.
✓ Industrial production surged upward at a 16.9 percent annual rate
in February, the largest increase since October 1987 and more
than offsetting January’s 5.7percent decline. Industrial output has
risen 1.6percent over the past 12 months.

All data arc 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).
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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

Jan

Billions
471.7
472.6
471.1
470.6
472.4
472.6

3

Feb 14
Mar 13

4

Billions of Dollars

Seasonally Adjusted

Billions of Dollars

18 1

15
Feb

15 29 12 26 10 24 7 21
Mar

Apr

Moy

5

19 2

16 30 13 27 11 25
Aug

Jun

Sep

22 6 20 3 17 31 14 28 13 27

Oct

The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve bonks,
currency in circulation (currency held by the public ond in the voults of all depository institutions) and an
adjustment for reserve requirement rotio chonges. The major source of the adjusted monetory base is Federal
Reserve credit. Data ore computed by this bonk. A detailed description of the adjusted monetary bose is
available from this bonk.
Recent data ore preliminary.

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

3/15/95

6/7/95

8/16/95

9/13/9510/11/95

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

2/14/96

1.9

0.5

1.2

1.1

1.1

3/13/96

2.1

0.9

1.7

1.6

1.7


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

11/8/95

12/6/95

1/17/96

Prepored 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
119.2
1114.3
1114.2
117.4
1129.8
123.0

1165-

Billions
737.4
732.7
734.4
746.5
739.9

M1 (left scale)

TCD (right scale)

2

IS JO 13 22 13 27 10 2<
May

Jun

Aug

Sep

Oct

1995

1996

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 ot demand deposits ond other checkable deposits at depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M1)
Compounded onnuol rotes of change, average of four weeks ending:
To the average
of four weeks
ending:
8/14/95

3/13/95

6/12/95

8/14/95

9/11/95

10/9/95 11/13/95 12/11/95

1/8/96

-0.4

9/11/95

-0.7

-0.6

10/9/95

-1.7

-2.3

-5.1

11/13/95

-2.2

-3.0

-5.2

-6.4

12/11/95

-2.3

-3.0

-4.6

-5.3

-4.2

1/8/96

-2.5

-3.2

-4.7

-5.3

-4.5

2/12/96

-2.9

-3.7

-5.0

-5.5

-5.0

-4.8

-5.7

3/11/96

-2.3

-2.8

-3.6

-3.8

-3.1

-2.4

-2.3


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

-3.9

-1.1

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions

Jan

3

Feb 14
Mar 13

4

18

1

Jan

15 1

Feb

IS 29 12 26 10 24 7 21

Mar

Apr

May

Jun

5

19 2

Jul

16 30 13 27 11 25 8 22 6 20 3

Aug

Sep

Oct

Nov

Dec

17 31 14 28 13 27

Jan

1995

Feb

Mor

1996

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

Adjusted Reserves
Compounded annuol rotes of chonge, overoge of two maintenance periods ending:
6/7/95

8/16/95

9/13/95 10/11/95

8/16/95

-6.1

9/13/95

-5.4

-5.0

10/11/95

-6.2

-6.4

11/8/95

-7.1

-7.7

-8.8

-12.3

12/6/95

-7.0

-7.5

-8.2

-10.4

1/17/96

-4.9

-4.6

Gi

3/15/95

2/14/96

-5.4

-5.2

*

To the overage of
two maintenance
periods ending:

3/13/96

-4.1

-3.6

-2.6


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

11/8/95

12/6/95

1/17/96

1

-2.2

2.7

1

-10.0

* *

i
1

VJ

**J

-6.3

-4.0

-1.1

-2.8

-1.2

1.8

1.1
4.3

0.7

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Ratio

nrJ.i

Compounded annual rates
of change, average of
the four weeks ending
March 11, 1996, from
the four weeks ending:

Mor
Jun
Sep
Oct
Nov
Dec
Jon

13. 1995
5. 1995
11, 1995
9,1995
6, 1995
4, 1995
15, 1996

Feb

Mor

Jon

Feb 12

-

Apr

1

2.362

2.9

Mor 11

IS 29 12 26 II 25

Moy

Aug

Sep

Oct

Feb

Mor

1996

Ratio of M1 to odjusted monetary base.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded
___ _____ annual rotes
of chonge, overage of
the four weeks ending
March 11, 1996, from
the four weeks ending:
Mor

Jun
Sep
Oct
Nov
Dec
Jon

13,
1 2,
11 .
9.
1 3,
' ‘
8,

1995
1 995
1 995
1995
1 995
‘
1996

3.
2 .
2 .
2.
2 .

Billions

Feb

5

Mor

4

3727

374.2

Jon

Feb

Mor

Apr

Moy

Jun

Jul

Aug

1995
Current dota appear in the Federol Reserve Board's H.6 release.


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

Sep

Oct
1996

Prepared by Federal Reserve Bank of St. Louii

5

360

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial
Paper

Municipal Bonds

6

20

3

17 3
Feb

1995/96

17 31

14 28 12 26 9

23

7

21

4

18

5

15 29 13 27 10 24

19

2

16

is 29

Mor

30-Doy
Commerciol
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boa Bonds

5.83
5.63
5.59
5.57
5.51
5.42
5.28
5.29
5.28
5.30
5.31
5.37
5.43

5.53
5.44
5.45
5.39
5.36
5.23
5.15
5.13
5.14
5.16
5.19
5.31
5.33

5.46
5.37
5.36
5.32
5.28
5.14
5.06
5.05
5.07
5.09
5.11
5.23
5.26

6.76
6.75
6.86
6.80
6.81
6.82
6.87
6.86
7.13
7.20
7.21
7.42
7.45

7.43
7.42
7.52
7.45
7.47
7.46
7.50
7.50
7.77
7.86
7.90
8.10
8.14

Dec 29
Jon
5
12
19
26
Feb
2
9
16
23
Mar
1
8
15
22

Municipal
Bonds ••
5.44
5.37
5.50
5.40
5.46
5.40
5.37
5.33
5.48
5.57
5.59
5.81
NA

Current doto ore from the Federal Reserve Board's H.15 release, and ore overages of rotes available for the
week ending on March 22, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy dota

N A - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bank of St. Louis

T'W

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

10-Yeor
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

6

20

4
Apr

1995/96
Dec 29
Jan
5
12
19
26
Feb
2
9
16
23
Mar
1
15
22 •

18

15 29 13 27 10 24

May

Federal
Funds ••
5.48
5.35
5.53
5.61
5.44
5.53
5.21
5.09
5.17
5.31
5.57
5.24
5.36

Sep

8

22

5

19

2

16

1

15 29

Oct

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Yeor
Treasury
Securities

Long-Term
Treasury

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

4.94
4.91
4.89
4.77
4.79
4.69
4.61
4.57
4.78
4.87
4.89
5.13
5.17

5.44
5.39
5.44
5.30
5.35
5.28
5.27
5.20
5.52
5.65
5.71
6.06
6.12

5.64
5.63
5.74
5.58
5.65
5.64
5.67
5.65
5.97
6.06
6.08
6.37
6.39

5.97
5.96
6.07
5.95
6.00
6.00
6.04
6.03
6.35
6.43
6.46
6.72
6.74

Reserve Board^s” tf l™ reieose1' Securit'M- "hich ore comP‘'>e<< *>y this Bonk, current doto appeor in the Federal
• Averages of rotes available
•• Seven-day averages for week ending two doys eorlier 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

3700Mor

4

Billions of Dollars

3677.4
3682.3
3690.6
3698.7
3719.5
3720.1

(left scale)
3600-

Non-M1 M2 (right scale)

Non-Mi M2
)6
Billions

Feb

5

Mar

2

16 30 13 27 13 27 10 24
Feb

Mor

Apr

8 22 5
May

19

3

17 31 14 28 II 25 9 23 6
Aug

Jun

Sep

20 4

18

I

4

2568.0
2576.4
2581.3
2589.7
2597.1

15 29 12 26 11 25

Oct

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

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

3/13/95

6/12/95

8/14/95

9/11/95

10/9/95 11/13/95 12/11/95

8/14/95

6.1

9/11/95

6.0

7.0

10/9/95

5.7

6.2

4.5

11/13/95

5.2

5.2

3.6

2.8

12/11/95

5.2

5.2

3.9

3.5

3.4

1/8/96

5.2

5.2

4.2

3.9

4.0

2/12/96

5.0

5.0

4.1

3.8

3.8

4.5

4.3

3/11/96

5.5

5.6

5.0

4.9

5.2

6.1

6.4


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

1/8/96

5.2

6.9

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

Savings
1996

Billions
1158.6
163.4
1 168.9
1 165.3
1 174.5
1 182.3

---------- L.

Small Time
Billions
Feb
5
934.9

—

932.8
931.3

1055

1015

975

Small Time (right scale)
935

895

855

Savings Deposits (left scale)

815

16 JO 1J 27 1J 27 10 24 8 22
Apr
Moy

5

19
Jun

14 28 II 25 9 2J 6 20 4
Aug
Sep
Oct

18

15 29 12 26 II 25

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

1996

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

seasonally Adjusted

Large Time
1996
Billions
418.8
421.2
420.8
423.1
427.4
424.8

Billions of Dollars
Retail Money
1996
Feb
464.8
473.9
483.2
483.9
485.5

Retail Money

Large Time

2

16 30 13 27 13 27 10 24 8 22 5

19

15 29 12 26 11 23*

1995
1996
Large time deposits ond retoil money funds are ot oil despository institutions. Large time deposits ore those
issued m denominations of $100,000 or more. Retail money funds were originally called general purpose
ond broker/dealer money market funds.


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Federal Reserve Bank of St. Louis

Preoored bv Federal Reserve Bonk of St. Louis

9

775

Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
0.015
0.016

Feb 14

0.018

4

18

1

15 29 12 26 10 24 7 21

15

5 19 2

16 50 13 27 11 25 8 22 6 20 3
Sep
Oct

17 31 14 28 13 27

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

Bank Loans and Credit

All Commercial Banks in the United Statesy/
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Bonk Credit
Jan 31
Feb 7

Billions
3625.5
3624.6
3635.5
3640.7
3643.1
3618.1

Bonk Credit (left scole)2/

Loons and Leases (right scale)

Loons&Leoses
1996
Jon
31
Feb
7
14
21
28
Mor
6

4

18

15 1

15 29 12 26 10 24 7 21

5

19 2

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

1995
Current dato appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons and leases and securities


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

Billions
2629.4
2629.0
2641.9
2644.0
2642.7
2638.3

1996

Prepared by Federol Reserve Bonk ot St. Louis

2500

Commercial Paper of Nonfinancial Companies
Not Seosonolly Adjusted

Billions o( Dollors

Mar

4

6

Billions of Dollors

Bilions
189.970
188.693
186.701
184.960
186.934
189.396

18

3

17 31 14 28 13 27

1995

Commercial and Industrial Loans
Billions of Dollors
All Bonks
Billions
726.7
F«b 7
728.0
728.8
729.8
728.5
Mar
6
725.4

Seosonolly Adjusted
Billions of Dollors

All Bonks (left scole)^/

Lorge Bonks (right scole)^/

Lorge Bonks
.....- 320
Billions
Jon 31
352.2

352'6
352.0

- 300

351.7

1995

1996

Current doto 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

11

Prepared by Federal Reserve Bonk of St. Louis

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

1973=1uu

115

1973=100
Feb 14

105

95

85

75
4

18

1

15

15 29 12 26 10 24 7 21

5

19 2

16 30 13 27 11 25

1995

22 6

20 3

17 31 14 28 13 27

1996

Current data appear in the Federol Reserve Board's H.10 release. Ooto 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 Federal Reserve Bank of St. Louis

US

J
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