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M 'iirph 4 1

99

wit.

Wata
mm

Thltfy&m HIGHLIGHTS:

■

Factory orders for manufactured durable and nondurable goods
rose 1.7 percent in January. By category, new orders for durable
goods—powered by a 14.7percent rise in transportation goods—
rose 3.6 percent, while new orders for nondurable goods fell 0.8
percent. The value of total factory orders are up 3.9 percent from
a year earlier.

■

Initial claims for state unemployment insurance benefits totaled
286,000for the week ending Feb. 27, their lowest since the week
ending July 26, 1997.

■

Sales of new single-family homes were at an annual rate of 918,000
units in January, a 5 percent drop from December’s pace and 8.4
percent below the all-time high registered in November 1998.

■

Paced by strong gains in stock prices and factory orders for
nondefense capital goods, January’s index of leading economic
indicators rose 0.5 percent.

■

After rising at a 4.1 percent annual rate over the last three months
of 1998, real personal consumption expenditures (PCE) rose at a
1.1 percent rate in January. Measured from a year earlier, real
PCE is up 4.7 percent.

■

Measured in inflation-adjusted terms, total construction spending
rose 1.8 percent in January. The value of construction spending
in the private sector advanced much less, however, 0.6 percent,
reflecting a sharp 6.2 percent rise in public construction spending.

_____________________ 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

Billions of Dollars

Billions
526.042
528.035
529.533
537.520
537.916
537.518

Dec 16
Jan

13

Feb

10

520-.....

7

21

-520

4

1

15 29

3 27 10 24

22

5

19

16 30 14 28 11 25 9

23 6

20

3

1998

17 3

17 3

1999

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, and an adjustment for the effect of changes in reserve requirement
ratios. The monetary base series includes Federal Reserve deposits used to satisfy clearing balance contracts.
Data are computed by this bank. A detailed description of the adjusted monetary base is available from this
bank. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:
7/29/98

2/25/98

5/20/98

7/29/98

8/26/98

9/23/98

10/21/98

11/18/98

12/30/98

3.7

8/26/98

4.9

9/23/98

5.4

7.2

10.3

10/21/98

6.3

8.4

11.4

11.1

11/18/98

6.7

8.6

10.9

10.6

12/30/98

6.5

8.0

9.4

8.9

9.0

7.1

1/27/99

7.4

9.0

10.6

10.3

10.7

9.9

2/24/99

7.6

9.1

10.6

10.4

10.7

10.1


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

6.9

11.6

10.1
10.3

13.9

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Jon

18

4050 -

3991.4
3995.4
4010.3
4018.5
4030.7
4052.5

3950-

-

-

3850

-

1998

3950

3 750

1999

MZM is M2 (seasonally adjusted) minus total smoll denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non-M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:
of four weeks
ending:

2/23/98

7/20/98

12.6

8/24/98

12.5

11.1

9/21/98

13.4

12.9

10/I9/9B

14.1

14.2

16.5

19.5

11/23/98

15.0

15.5

17.8

20.1

20.6

12/21/98

15.3

15.8

17.8

19.6

19.8

19.7

1/25/99

14.7

15.0

16.4

17.4

17.0

16.2

13.6

2/22/99

14.6

14.8

16.0

16.7

16.3

15.5

13.5


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

5/25/98

7/20/98

8/24/98

9/21/98

10/19/98

11/23/98

12/21/98

15.1

11.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions

Jan
Feb

7

67.291
67.102
67.383
71.265
70.205
67.055

13
10

21

4

1

15 29

13 27

ID 24

22

5

19

2

16 30

14 28

11

25

9

23

3

17

3

17 31

1998
Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

2/25/98

5/20/98

7/29/98

8/26/98

9/23/98

10/21/98

11/18/98

7/29/98

-7.6

8/26/98

-3.0

9/23/98

-2.6

2.1

12.8

10/21/98

-2.0

2.2

9.3

1.6

11/18/98

-1.8

1.8

6.8

0.9

1.1

12/30/98

-1.6

1.3

4.7

0.4

0.4

-0.5

1/27/99

1.9

5.9

10.7

8.0

9.7

11.9

17.2

2/24/99

0.7

3.9

7.3

4.6

5.4

6.0

7.9

12/30/98


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

2.6

14.7

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

795

TCD
1999

Billions
1086.3
1086.2
1094.2
1083.1
1088.3
1099.0

1165

1135

1999
Jan
Feb

Billions
18
25
1
8
15
22

616.2
614.9
621.9
609.6
613.7
622.9

765

735

1105

M1 (left scale)
x—
1075

1045

645

TCD (right scale)

16 30
Feb

Mar

13 27

11 25

Apr

May

17 31

14 28

12 26

15

Jun

1

Feb

15 29
Mar

1998
1999
M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
February 22. 1999. from
the four weeks ending:

Feb
May

23
25

Sep
Oct
Nov
Dec

2 1
19
23
2 1

Aug

1 998
1 998
1 998
1998
1998
1998
1 998

24

1999

Billions

Jan

18
25
Feb
1
8
15
22

5

19
Jon

2

16
Feb

2

16 30
Mar

13 27

11

Apr

May

25

8

22

Jun

6

20
Jul

i

17 31
Aug

1998
Current data oppeor in the Federal Reserve Board's H.6 release.


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

14 28
Sep

12 26
Oct

9

23

Nov

7

21

Dec

462.4
463.5
464.7
465.9
467.0
468.5

I—*" 1 ' 1 (“I 1 1 i 1 r
4 18 1 15 1 15
1
Jan
Feb
1999

Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent r

Percent

9.0

Prime Rate

Corporate
Aaa Bonds

Commercial Paper

5.0-

- 5.0

Municipal Bonds

30

13 27

13 27

10 24

17 31

14

28 " n ' 25

20

4

18

1998

1998/99
Dec

Jan

Feb

Mar

11
18
25
1
8
15
22
29
5
12
19
26
5

15 29

12

26

12 26

1999

30—Day
Commercial
Paper

90—Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aao Bonds

Corporate
Baa Bonds

5.16
5.26
5.44
5.24
4.81
4.81
4.78
4.79
4.79
4.80
4.81
4.81
4.84

5.13
5.14
5.18
5.09
4.93
4.91
4.87
4.86
4.88
4.90
4.91
4.92
4.94

5.07
5.04
5.07
5.14
4.85
4.80
4.76
4.78
4.78
4.79
4.78
4.81
4.82

6.18
6.19
6.29
6.26
6.28
6.26
6.22
6.19
6.32
6.38
6.37
6.51
6.67

7.19
7.21
7.30
7.27
7.34
7.30
7.27
7.24
7.34
7.37
7.38
7.47
7.60

Municipal
Bonds **
4.94
4.96
5.03
5.00
5.05
5.02
5.01
5.01
5.02
5.00
5.01
5.08
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on March 5, 1999 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only bock to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
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

Federal
Funds Rate
30-Year
Treasury Securities

Discount
Rate

Month
Treasury Bill

3.0 I-, i ■
2 16 30
Jan

13 27

13 27

Feb

Mar

10 24

17 31
Jun

Jul

14 28

11

Aug

Sep

25

9

23

Oct

6

15'29'12 26'12 26

20
Nov

Jan

1998

1998/99
Dec

Jan

Feb

Mar

11
18
25
1
8
15
22
29
5
12
19
26
5 *

Federal
Funds **
4.68
4.97
4.69
4.48
4.30
4.75
4.64
4.66
4.75
4.77
4.75
4.75
4.85

Feb

Mar

1999

3 —Month
Treasury
Bill

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

30-Year
Treasury
Securities

4.36
4.37
4.44
4.44
4.36
4.35
4.26
4.35
4.40
4.40
4.42
4.53
4.52

4.31
4.27
4.41
4.3B
4.35
4.30
4.29
4.30
4.40
4.45
4.49
4.58
4.61

4.39
4.36
4.59
4.59
4.63
4.61
4.60
4.56
4.76
4.84
4.96
5.11
5.28

4.60
4.59
4.75
4.70
4.76
4.75
4.70
4.67
4.84
4.95
5.03
5.18
5.36

5.00
5.01
5.16
5.12
5.20
5.17
5.14
5.12
5.26
5.35
5.36
5.49
5.65

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


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

Prepared by Federal Reserve Bank of St. Louis

7

7Q

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

Billions of Dollars

Billions of Dollars

Billions
4423.3
4421.6 ......
4429.1
4430.1
4443.9
4459.2

4425-

- 3400

M2 (left scale)

- 3250

-3175
-M1 M2 (right
4125Non—M1 M2
Billions
Jan

18

3337.0
3335.4
3334.9
3347.0
3355.6
3360.2

4050-

5

19

2

1

2

16 30 13 27

22 6

20

3

17 31 14 28 12 26

9 23

7 21

4

1

5

1

- 3025

15 29

1999
M2 is the sum of M1. savings (including money market deposit accounts), smoll 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 change, average of four weeks ending:
of four weeks
ending:

2/23/98

5/25/98

7/20/98

8/24/98

9/21/98

10/19/98

11/23/98

7/20/98

7.1

8/24/98

7.0

6.2

9/21/98

7.7

7.7

9.0

10/19/98

8.1

8.4

9.8

12.1

11/23/98

8.7

9.2

10.5

12.2

12.1

12/21/98

8.8

9.3

10.4

11.6

1 1.4

11.2

1/25/99

8.7

9.1

9.9

10.8

10.4

10.0

8.8

2/22/99

8.4

8.7

9.3

9.9

9.5

9.0

7.7

12/21/98


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

6.7

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

Small Time
1999

Billions
945.8

Savings Deposits (right scale)
939.7

1000-

Small Time (left seal'
Savings
1622.5
1619.8

850-

5

...

19

2

1

2

16 30

13 27

11 25

20

3

17 3 1

14 28

12 26

9

23

7

Feb

21

4

1

1998

1

15

1

15 29

1999

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 Dollars

Billions of Dollars

Large Time

Retail Money

950-

750 -

Retail Money

Large Time
16 30

13 27 11

25

22

6

20

3

17 31

14 28

12 26

9

23

7

21

4

1,

15 29

Large time deposits and retail money funds ore at all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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

9

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
Jan
Feb

27
3

0.110
0.216

0.100
Mar

0.107
0.117
0.026

3

.....0.2

0.2H

7

21

1

4

15 29

13 27

10 24

8

22

5

16 30

19

H

28

11 25

9

23

6

20

1998

3

17

3

17 31

1999

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States

4550-

ly/

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
9
Billions
13
4527.0

Bank Credit (left scale)2/
4512.2
4498.5

4250 -

Loans & Leases

4 1 50- -

1999
Ian 13

Loans and Leases (right scale)

Billions
3307.1
3301.4

15 29

13 27

10 24

22

5

19

1998

2

16 30

14 28

11

25

9

23

20

3

17

3

17 31

1999

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


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

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

255

Billions
Jon 20
Feb

3

224.3
228.7
234.8
235.0
235.9
234.9

245

235-

235

225-

225

215

205-

205

15 29

13 27

195

10 24

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

Commercial and Industrial Loans
Seasonally Adjusted
1000

Billions of Dollars

Billions of Dollars

565

All Banks
941.3
944.7
942.8

540

Large Banks (right scale'
515

490

Banks
All Banks (left seal

465

532.2
440
531.5

22

415

^ ' 19
Jan

1998

1999

Current data 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

Prepared by Federal Reserve Bank of St. Louis

Trade - Weighted Exchange Rate Indexes
Averages of Daily Figures
January 1 997=100

March 19/3=1UU

Jan 27

Jan 27

Feb

130

Feb

3
92.7

3

125

Broad Index
(Right Scale)
120

115

110

Major Currency Index
(Left Scale)

105

100

The major currency index (MCI) is comprised of 7 currencies. The broad index is comprised of the major currency index
plus 19 additional currencies. See the October 1998 issue of the Federal Reserve Bulletin for further details.

Prepared by Federal Reserve Bonk of St. Louis

9
LIBRARY


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Federal Reserve Bank of St. Louis


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102