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March 26,1998

IMScialData

* THE
FEDERAL
J RESERVE
X
RANK of
Mr SX LOUIS

of St. Louis

vmrmeHUGHTS:

■

Real GDP rose at a 3.7 percent annual rate in the fourth quarter of
1997, according to the final estimate. In the advance estimate, by
contrast, real output growth was pegged at 4.3 percent. Downward
revisions to consumer spending, government purchases and net
exports were mostly responsible for this tempering of real growth.

■

Initial claims for state unemployment insurance totaled 313,000
for the week ending March 21. For the most recent four weeks,
though, claims averaged 306,500—a decline of 1.7 percent from a
year earlier.

■

As reported in the advance report, new orders for manufactured
durable goods fell 1.7 percent in February, or by $3.2 billion.
Measured from November 1997, the value of new orders—which
is not adjusted for price changes—has declined 5.5 percent. Over
the same period, however, the value of shipments has increased
2.3 percent.

■

According to the National Association of Realtors, sales of existing
single-family homes were at an annual rate of 4.75 million units
in February, 8.7 percent above January's rate and the highest on
record. Sales were up 13.1 percent measured from February
1997.

■

Thus far in fiscal year 1998, the federal budget deficit, which
measured $41.8 billion in February, totals $56.0 billion. Over the
same period in fiscal year 1997, however, the deficit totaled $89.8
billion.
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
Jon 14
Feb 11

Billions of Dollars

Billions
495.894
498.371
499.273

500.050
Mor 11

500.108
499.754

16 30 14 28 11 25 9 23 6 20 3 17 1

5 19 5 19 2

Feb

Mar

Apr

May

Sep

Jun

15 29 12 26 10 24 7 21

Oct

4 18 4

Feb

18

15 29

Mar

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
rotios. The monetary base series was recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Data are computed by this bank. A detailed description of the odjusted monetary
base is ovoiloble from this bonk. Recent dato ore preliminary.

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

3/26/97

6/18/97

8/27/97

9/24/97 10/22/97 11/19/97 12/31/97

8/27/97

5.3

9/24/97

5.1

5.5

10/22/97

5.4

6.0

11/19/97

6.2

7.0

7.7

9.6

12/31/97
1/28/98

6.6
6.6

7.5
7.3

8.2
7.8

9.4
8.7

10.2
9.1

8.0

2/25/98
3/25/98

6.6
6.1

7.3
6.6

7.7
6.7

8.4
7.1

8.6
7.1

7.7
6.1


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

1/28/98

5.6

6.5
4.6

Prepored by Federol Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

1150-

Feb

9

Mor

2

Billions of Dollars

1070.0
1072.3
1077.0
1085.1
1078.4
1081.5

Feb

9

Mar

2

Billions
632.2
632.8
644.8
637.8
640.9

Ml (left scale)

TCD (right scale)

3

17 3 17 31 14 28 12 26 9 23 7 21 4 18
Feb Mor
Aug
Apr
Moy
Jun

15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Sep
Oct
Feb Mor
1998

M1 is the sum of currency held by the nonbonk public, demond deposits, other checkoble deposits ond trovelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
institutions. Current dota appear in the Federol Reserve Board's H.6 release.

Money Stock (M1)
To the overoge
of four weeks
ending:
8/18/97

Compounded onnuol rotes of change, overoge of four weeks ending:
3/17/97

6/16/97

8/18/97

9/15/97 10/13/97 11/17/97 12/15/97

9/15/97

-1.7
-1.3

1.2

10/13/97

-2.4

-1.3

-4.2

11/17/97

-1.4

0.1

-0.7

-1.5

12/15/97

-0.7
-0.1

0.6
1.5

0.5
1.7

5.0

1/19/98

0.8
1.5

2/16/98

-0.1

1.3

1.4

1.4

3.9

4.9
3.5

3/16/98

0.4

1.8

2.0

2.1

4.3

4.1


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

5.0

1/19/98

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Dec 31
Jon 14

Billions
70.610
68.435
68.785
67.290
67.198

5 19 5 19 2

Feb

Mor

16 30 14 28 11 25 9 23 6 20 3 17 1

Apr

May

Aug

Jun

Sep

15 29 12 26 10 24 7 21

4

18 4

Feb

Oct

1997

18

15 29

Mor

1998

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

Adjusted Reserves
Compounded annual rotes of chonge, overoge of two maintenance periods ending:
To the overage of
two maintenance
periods ending:
8/13/97
9/10/97

3/12/97
-8.0
-3.2

6/4/97

8/13/97

9/10/97

10/8/97

11/5/97 12/17/97

-4.3

10/8/97
11/5/97

-9.2
-5.1

-1.7

-4.0

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

14.0

13.3

2/11/98
3/11/98

-2.3
-4.1

-2.5
-4.7

2.7
-1.2

4.1
-1.3
-5.0

4.8
-0.9

1.8
-4.4

-6.4


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

1/14/98

-3.9
-10.7

-22.6

Prepored by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Doily Figures
Seasonally Adjusted

Ratio
Compounded annual rates
of change, overage of
the four weeks ending
March 9, 1998, from
the four weeks ending:
Mar 10. 1997
-5.
Jun
2, 1997
-4.

Ratio
Dec 29
Jan 12

2.169
2.153
2.157
2.163

1997
1997
1998

1997
Rotio of M1 to the adjusted monetary base.

1998

Currency Component of M1
Averages of Doily Figures

Billions of Dollars

4j0-

420-

400“

Seasonally Adjusted

Billions of Dollors

Compounded annual rotes
of change, average of
the four weeks ending
March 16. 1998, from
the four weeks ending:
Mar 17, 1997
Jun 16, 1997
Sep 15. 1997
OcT 13. 1997
[jov
1 997
1 998

.

Mor

Apr

Moy

Sep

1997
Current dota appear in the Federol Reserve Board's H.6 release.


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

2

Billions
429.7
431.3
431.7
432.2
432.4
432.5

Oct
1998
Prepared by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote
-8.0

Corporate
Aoo Bonds
- 7.0

Commercial Paper
Municipal Bonds
-5.0

7 21

7 21

1998
Jon 2
9
16
23
30
Feb 6
13
20
27
Mor 6
13
20
27

4

18

16 30 13 27

30-Doy
Commercial
Poper

90-Doy
COs
5.74
5.58
5.50
5.51
5.53
5.53
5.53
5.53
5.56
5.59
5.58
5.58
5.58

5.71
5.48
5.44
5.44
5.47
5.46
5.47
5.46
5.49
5.50
5.51
5.50
5.52

8 22 5

19 3

90-Doy
Bonkers'
Acceptances
5.62
5.52
5.47
5.45
5.47
5.47
5.45
5.45
5.48
5.51
5.51
5.50
5.50

17

14 28 12 26 9 23 6 20 6 20 3

Corporate
Aoo Bonds

Corporate
Boo Bonds

6.70
6.55
6.55
6.67
6.70
6.68
6.69
6.62
6.71
6.81
6.70
6.66
6.65

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

17

Municipal
Bonds ••
5.15
5.07
4.96
5.03
5.11
5.11
5.08
5.07
5.14
5.25
5.20
5.19
NA

Current doto ore from the Federol Reserve Board's H.15 release, ond are overages of rotes avoilable for the week
ending on Morch 27, 1998 . Beginning September 2, 1997, the commercial poper rate reflects new source doto,
which is currently avoilable only back to the first of the year.
•• Bond Buyer's Averoge Index of 20 municipal bonds, Thursdoy doto
Prepared by Federal Reserve Bonk of St. Louis


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

*4 -

Selected Interest Rates
Averages of Daily Figures

Percent

Percent

..- 7.0

30-Year
Treasury Securities

6.0-

Federal
Funds Rate

Discount Rate
3—Month
Treasury Bill

7

21

7

21

1998
Jan

2
9
16
23
30
Feb 6
13
20
27
Mor 6
13
20
27 •

4

18

16 30 13 27 11 25

Federal
Funds ••
5.45
5.74
5.45
5.53
5.53
5.52
5.43
5.54
5.51
5.60
5.45
5.47
5.43

5

19

3

17 31 14 28 12 26 9 23 6 20 6 20 3

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.24
5.04
5.00
5.02
5.06
5.05
5.07
5.06
5.16
5.08
4.97
5.02
5.03

5.23
4.99
4.92
4.96
5.01
4.99
5.01
5.02
5.14
5.15
5.09
5.08
5.10

5.71
5.38
5.32
5.45
5.48
5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.58

5.75
5.49
5.45
5.59
5.63
5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.60

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

17

Current data appear in the Federal Reserve Board's H.15 releose.
• Averoges of rotes ovoiloble
•• Seven-doy overoges for week ending two doys earlier than dote shown


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

7

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

Billions of Dollars

Feb

9

Billions of Dollars

Billions
4083.0
4090.9
4106.6
4114.9
4118.9
4123.2

-3025

M2 (left scale)

Non-Mi M2 (right sccle)
Non-Mi M2
Billions
9
3013.0
3018.6
3029.6
Mar 2
3029.8
3040.5
3041.7
Feb

3

-2800

17 3 17 31 H 28 12 26 9 23 7 21 4 18 I 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Feb Mor
Apr
Moy
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon
Feb Mor
Apr
1997

1998

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

Money Stock (M2)
To the overoge
of four weeks
ending:

Compounded onnuol rotes of chonge, overoge of four weeks ending:
3/17/97

6/16/97

8/18/97

9/15/97 10/13/97 11/17/97 12/15/97

8/18/97

4.9

9/15/97

5.6

6.8

10/13/97

5.4

6.2

11/17/97

5.7

6.5

7.2

6.0

12/15/97
1/19/98

5.8
6.1

6.5
6.8

7.0
7.4

6.1
6.8

7.1
7.6

7.6

2/16/98
3/16/98

6.2
6.6

6.8
7.3

7.3
7.9

6.8
7.6

7.5
8.2

7.4
8.4


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

1/19/98

7.0

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Doily Figures
Seosonolly Adjusted

Billions of Dollors

Billions of Oollors

Smoll Time

1998
Feb 9
Mar

2

Billions
966.2
965.7
965.4
964.5
964.5
964.0

Savings Deposits (right scale)

Small Time (left scale)

Savings
1998
Billions
Feb 9
1424.9
1426.2
1431.2
Mor 2
1432.6
1439.1
1440.5

915-

3

17 3 17 31 14 28 12 26 9 23 7 21 4 II
Feb Mar
Apr
Moy
Jun

1

IS 29 13 27 10 24 8 22 S 19 2 16 2 16 30 13 27
Sep
Oct
Feb Mar

1997
Savings deposits and small time deposits are at all depository institutions.

1998

Large Time Deposits and Retail Money Funds
Averages of Daily Figures

Billions of Dollors

Seasonally Adjusted

Large Time
1998
Billions
Feb 9
594.2
600.1
601.0
605.8

Billions of Dollars
Retail Money
1998
Feb 9
621.9
626.6
633.0
Mor 2
632.6
636.9
637.2

610.1

616.3

Retail Money

Large T

3 17 3 17 31 14 28 12 26 9 23 7 21

Moy

4 18

15 29 13 27 10 24 8 22 5 19

16 2 16 30 13 27

Jun

1997
1998
Large time deposits ond retoil money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
ond broker/dealer money market funds.
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federo! Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Feb 18
0.028
Mar

4
0.022

0.2-

5 19 5 1'

2 16 30 14 28 11 25 9 23 6 20 3 17 1

Moy

Aug

Jun

Sep

18 4 18

15 29 12 26 10 24 7 21

15 29

Oct

1997
Borrowings include seasonal, adjustment ond extended credit.

1998

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

Billions of Dollars

Billions of Dollars

Bonk Credit
Feb

4

Mar

4

8

il lions
4174.2
4175.7
4187.4
4199.1
4214.1
4220.8

Bank Credit (left scale)2/

Loons & Leases
Billions
3048.7
4

Feb

Loans and Leases (right scale)

5

19

5

19

2

16 30 14 28 11 25

May

Jun

9

23

6

20

3

7

1

Current data appear in the Federal 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

15 29 12 26 10 24

Mar

7

21

4

18

4

3064.1
3069.5
3074.9
3085.7

4

Prepored by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Feb 11
220-

Mor

4

15 29

1998
Note: Beginning September 2, 1997, the value of commercial poper outstanding uses new source doto. See the
Federal Reserve Board's H. 15 release for more information.

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

All Bonks
Feb

4

Mor

4

Billions
870.0
869.1
874.1
877.6
881.6
879.1

860-

All Banks (left scale)1/

Lorge Bonks (right scole)^/
820-

....

Lorge Bonks
1998
Feb

4

11
18
25

800Mar

4
11

5

19

5

19

2

16 30 14 28

- 400

15 29

1997

1998

Current data appear in the Federal Reserve Board'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

Billions
454.6
454.8
457.4
459.6
460.6
458.7

11

Prepared by Federal Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averoges of Doily Figures
1973=100

1973=100
Feb 18
Mar

4

105-

5 19 5 19 2

16 30 14 28 11 25 9 23 6 20 3 17
1997

15 29 12 26 10 24 7 21 4

18 4

18

1998

Current dato appear in the Federal Reserve Board's H.10 release. Data ore weighted averages 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

Prepored by Federal Reserve Bonk of St. Louis