Full text of U.S. Financial Data : March 27, 1997

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■ch 27,1997

Federal l.e&erve unmc

ialData

HIGHLIGHTS:
March 25, the Federal Open Market Committee (FOMC)
decided to tighten money market conditions slightly, a move that is
expected to cause the federal funds rate to increase 25 basis points
to around 5.50 percent. According to the FOMC, “This action was
taken in light ofpersisting strength in demand, which is progressively
increasing the risk of inflationary imbalances developing in the
economy that would eventually undermine the long expansion. ”

■

Following a 4.1 percent gain in January, new orders for manufactured
durable goods rose 1.5 percent in February. By contrast, orders rose only
0.6 percent in the fourth quarter of1996. The February increase was
tempered by a 3.6 percent drop in new orders for transportation equipment;
excluding transportation, durable goods orders rose 3.1 percent.

■

Sales of existing single-family homes were at an annual rate of
4.26 million units in February, up 9 percent from January’s pace
and 5.2 percent more than a year earlier.

■

The Conference Board’s index of consumer confidence fell 0.4
percentage points in March to 118.5 (1985=100). For the first
quarter, though, the index measured 118.7, the highest since the
fourth quarter of 1969.

■

U.S. import prices fell 0.7 percent in February, as prices ofpetroleum
imports dropped 7.2 percent —the largest one-month decline since
September 1994. Import prices were up 0.6 percent from February 1996.

__________________ 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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic

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for FRASER
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
468.700
472.600
472.300
473.800
471.900
473.400

7 21
Feb

6 20 3 17 1 15 29 12 26 10 24 7 21
Mar
Apr
May
Jun
Jul
Aug

4 18 2 16 30 13 27 11 23 8 22 5 19 5 19 2 16 30
Sep
Oct
Nov
Dec
Jon
Feb
Mor
Apr

1996

1997

The adjusted monetary base is the sum of Federal Reserve deposits ond vault cash held by domestic depository
institutions, currency held by the public, and an adjustment for the effect of chonges in reserve requirement
ratios. The monetary base series was recently revised to include Federol Reserve deposits used to satisfy
clearing balance contracts. Dota ore computed by this bonk. A detoiled description of the adjusted monetary
base is ovoiloble from this bonk. Recent doto ore preliminary.

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

3/27/96

6/19/96

8/28/96

9/25/96 10/23/96 11/20/96

1/1/97

8/28/96

3.9

9/25/96

3.9

10/23/96

3.7

5.4

11/20/96

3.9

5.4

4.1

4.0

1/1/97

4.3

5.6

4.8

5.0

1/29/97

5.0

6.4

6.1

6.5

7.7

8.5

2/26/97

5.1

6.4

6.2

6.6

7.5

8.0

9.3

3/26/97

4.6

5.6

5.2

5.3

5.9

5.9

5.7

1/29/97


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Federal Reserve Bank of St. Louis

6.2
3.3
6.1

2.8

Prepored by Federal Reserve Bank of St. Louis

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

Billions of Dollars
Billions
1083.1
1076.8
1080.3
1079.4
1077.5
1072.3

Feb 10

1170Mor

Billions of Dollars

3

Billions
674.6
667.7
670.2
669.3
666.3
661.5

Feb 10
Mar

3

M1 (left scale)

TCD (right scale)

5

19 4
Feb

18
Mar

I

15 29 13 27 10 24 8 22 5 19
Apr

May

Aug

16 30 14 28 11 25 9 23 6 20 3 17 3 17 31 14 28
Sep

Oct

Feb

Mor

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

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

Compounded onnuol rotes of change, overoqe of four weeks endina:
,
#
’
*
3/18/96 6/17/96 8/19/96 9/16/96 10/14/96 11/18/96 12/16/96

8/19/96

-4.2

9/16/96

-4.9

-6.6

10/14/96

-6.1

-8.3

-10.9

11/18/96

-5.7

-7.2

-8.1

12/16/96

-5.1

-6.1

-6.3

-5.6

-2.0

1/20/97

-4.5

-5.1

-4.9

-4.0

-1.2

2/17/97

-4.0

-4.3

-3.8

-2.9

-0.4

0.9

VI7/97

-4.2

-4.5

-4.1

-3.4

-1.5

1/20/97

-0.9


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Federal Reserve Bank of St. Louis

-8.0

0.1

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions

Jon

1

Feb 12
Mor 12

7 21
Feb

72.300
72.200
72.600
73.100
71.900
70.400

6 20 3 17 1 15 29 12 26 10 24 7 21
Mor
Apr
May
Jun
Jul
Aug

4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30
Sep
Ocl
Nov
Oec
Jon
Feb
Mor
Apr

1996

1997

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

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

3/13/96

6/5/96

8/14/96

9/11/96

10/9/96

11/6/96 12/18/96

8/14/96

-5.7

9/11/96

-5.1

-7.6

10/9/96

-8.1

-11.9

-14.4

11/6/96

-7.7

-10.7

-11.4

-15.9

12/18/96

-6.2

-7.9

-6.8

-8.3

-0.4

1/15/97

-5.9

-7.3

-6.1

-7.0

-1.0

2/12/97

-4.6

-5.4

-3.6

-3.9

1.6

3.7

4.1

3/12/97

-6.4

-7.7

-7.0

-7.8

-4.2

-4.0

-7.3

1/15/97


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Federal Reserve Bank of St. Louis

0.7
-9.5

Prepored by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual rates
of change, averoge of
the four weeks ending
March 10, 1997, from
the four weeks ending:

Mar
Jun
Sep
OcT
Nov
Dec
Jan

5

11.
3.
9.
7,
4,
16.
13.

19 4

1996
1996
1996
1996
1996
1996
1997

Ratio
96/97
Dec 30
Jan 13

Feb 10

-8.
-9.
-8.
-8.
-6.
-6.
-7.

18 1

Mor 10

I 14 28
Apr

May

Jun

Aug

Sep

Oct

1996
Ratio of M1 to the adjusted monetary base.

1997

Currency Component of M1
Billions of Dollars

410-1--------T---------T—------1----------7—

Averages of Daily Figures
beasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
March 17, 1997, from
the four weeks ending:
400-

Mor
Jun
Nov
"U »
Dec

18 .
17,
16.
14.
18 ,
lO
16.

1 996

7 .

199
199
1996
i 9vU
1996

Feb 10
Mor

Apr

Moy

Jun

Aug

Sep

1996
Current doto oppear in the Federal Reserve Board's H.6 releose.


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Federal Reserve Bank of St. Louis

3

Billions
399.8
400.5
401.5
401.5
402.5
402.1

Oct
1997
Prepored by Federol Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Doily Figures
Percent

Prime Rote

Corporote
Aao Bonds

Municipal Bonds

Commercial Paper

2

16

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 14 28 11 25

1996

1997
Jon

3
10
17
24
31
Feb
7
14
21
28
Mar
7
14
21
28

1997

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.71
5.43
5.43
5.42
5.44
5.42
5.38
5.37
5.38
5.43
5.41
5.50
5.64

5.45
5.42
5.44
5.42
5.42
5.40
5.36
5.34
5.37
5.44
5.46
5.54
5.64

5.34
5.34
5.34
5.33
5.33
5.32
5.29
5.27
5.28
5.35
5.35
5.44
5.60

7.29
7.42
7.39
7.41
7.48
7.34
7.26
7.23
7.38
7.47
7.52
7.61
7.59

7.99
8.11
8.07
8.10
8.12
7.98
7.89
7.87
8.01
8.10
8.15
8.22
8.21

Municipal
Bonds ••
5.70
5.71
5.72
5.72
5.73
5.70
5.62
5.56
5.65
5.70
5.75
5.78
NA

Current doto ore from the Federal Reserve Board's H.15 release, ond are averoges of rotes available for the
week ending on March 28, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
NA - Not Available
_
_
,„
„
,„
.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
- 7.0

Federal
Funds Rate

Discount Rate
3-Month
Treosury Bill

2

16

15 29 12 26 10 24

1997
Jon

3
10
17
24
31
Feb
7
14
21
28
Mor
7
14
21
28 •

Federal
Funds ••
5.37
5.28
5.19
5.19
5.18
5.30
5.05
5.22
5.16
5.36
5.19
5.26
5.40

7 21

5

19

16 30 13 27 11 25 B 22 6 20

3

17 31

14 28 14 28 11 25

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.05
5.03
5.03
5.04
5.04
4.99
5.00
4.97
5.05
5.09
5.08
5.17
5.25

5.25
5.31
5.30
5.30
5.30
5.24
5.20
5.18
5.29
5.39
5.40
5.48
5.56

6.22
6.33
6.33
6.34
6.36
6.20
6.14
6.13
6.31
6.42
6.46
6.58
6.62

6.45
6.57
6.56
6.58
6.62
6.46
6.37
6.33
6.50
6.59
6.63
6.73
6.76

6.67
6.80
6.81
6.84
6.89
6.74
6.65
6.60
6.75
6.85
6.89
6.97
6.96

Current data appear in the Federol Reserve Board's H.15 release.
• Averages of rates available
•• Seven-day averages for week ending two days earlier than dote shown


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Federal Reserve Bank of St. Louis

Prepored by Federal 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

Feb 10

Mor

3

Billions
3862.1
3868.0
3869.1
3870.5
3875.3
3876.9

Billions of Dollars

2925

2850

M2 (left scole)

2775

2700

Non-M1 M2 (right scale)

Non-Mi M2
Billions
2779.0
2791.2
2788.8
2791.1
2797.8
2804.6

Feb 10
Mor

5 19 4
Feb

18 I
Mar

15 79 13 27 10 24 8 22 5
Apr

May

Jun

Jul

19 2 16 30 14 28 1 1 25 9 23 6 20 3
Aug

Sep

Oct

Nov

Dec

Jan

1996

3

.

17 3 17 31 14 28
Feb

Mar

2625

2550

Apr

1997

M2 is the sum of M1. savings (including money market deposit accounts), small time deposits and retail money
funds. Current doto appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rotes of change, overage of four weeks ending:
To the overoae
of four weeks
ending:

3/18/96

6/17/96

8/19/96

9/16/96 10/14/96 11/18/96 12/16/96

8/19/96

3.4

9/16/96

3.6

4.0

10/14/96

3.3

3.4

11/18/96

3.9

4.3

4.9

4.8

12/16/96

4.2

4.7

5.3

5.4

7.3

1/20/97

4.4

5.0

5.5

5.6

6.9

6.5

2/17/97

4.6

5.1

5.6

5.7

6.7

6.4

3/17/97

4.5

4.9

5.3

5.4

6.1

1/20/97

5.7


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Federal Reserve Bank of St. Louis

3.2

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Small Time

1997
Feb 10

Mor

Billions
946.6
946.8
946.9
946.2
945.9
945.9

3

Small Time (left scale)

Savings

Savings Deposits (right scale)

1997
Feb 10

Billions
1293.7
1296.4
1293.1
1295.4
1303.4

5 19 <

18 1

15 29
Apr

Moy

Jun

Aug

Sep

Oct

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

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

Billions of Dollors
Large Time
1997
Billions
Feb 10
495.9
500.7
610501.8
504.4
507.8
507.7

Billions of Dollors
Retail Money
1997
Billions
Feb 10
548.6
550.8 .
Mor

3

551.9
556.6
555.7

Retail Money

Larae Time

5

19 4

18

1

15 29 13 27 10 24 8 22 5

May

19 2

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

3

17 31

Jun

1996
1997
Lorge time deposits ond retoil money funds ore ot all despository institutions. Large 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.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Doily Figures

Billions of Dollars

Billions of Dollars

Billions

Feb 19
Mar

7

21

5

0.039
0.060
0.042
0.028
0.334
0.054

6 20 3

17

15 29 12 26 10 24

1

7 21

4

Aug

18 2

Sep

16 30 13 27 11 23 8 22 5 19 5 19 2

16 30

Oct
1997

1996
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States1^
Seasonally Adjusted

Billions of Dollars
Bonk Credit
Feb

5

Mor

5

Billions
3834.1
3841.8
3852.1
3849.5
3851.7
3849.8

Billions of Dollars

.... 2860

Bank Credit (left scale)2/

Loons & Leases
1997
Feb 5

Loans and Leases (right scale)

7 21

6 20 3

17

1

15 29 12 26 10 24

7 21

4

18

2

1996

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


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Federal Reserve Bank of St. Louis

16 30 13 27 11 25 8 22 5

2814.4
2817.5
2824.4

2829.6

19 5

19 2

16 30

1997

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
--------1----------1997
Bilions
Feb 12
184.927
19
85.957
26
183.883
Mar 5
83.743
12
85.536
19
88.250

190

7 21
Feb

6 20 3 17
Mor
Apr

15 29 12 26 10 24
May
Jun
Jul

7 21
Aug

y

18 2 16 30 13 27 11 25 8 22 5 19 5 19
Sep
Oct
Nov
Dec
Jon
Feb
Mor

1996

2

16 30
Apr

1997

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Oollors

Billions of Dollors

420

All Bonks
Feb

All Bonks (left scole)1/

5
797.3

800-

400

804.5
802.4

Large Bonks (right scole)2/
380

360

Large Bonks
Feb

5

Mor

5

387.2
387.5

340

320
Feb

Mor

Apr

May

Jun

Jul

Aug

Sep

1996

Nov

Dec

Jon

Feb

Mor

Apr

1997

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


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Federal Reserve Bank of St. Louis

Oct

11

Prepared by Federal Reserve Bank of St. Louis

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

105

Feb 19

100

95

90

85
7

21

Feb

6 20 3

Mor

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul
1996

7

21

Aug

4

18 2

Sep

16 30 13 27 11 25 8 22 5

Oct

Nov

Dec

Jon

19 5

Feb

19 2

Mor

16 30

Apr

1997

Current doto appear in the Federol 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

Prepared by Federol Reserve Bonk of St. Louis