Full text of U.S. Financial Data : May 14, 1998

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May 1^1998
FEDERAL
A RESERVE
JA RANK of
ST. LOUIS

MKUI

THE WEEK'S HIGHLIGHTS:
■ The consumer price index for all urban consumers (CPI-U)
advanced at a 3 percent annual rate in April, its biggest increase in
seven months. Thus far in 1998, the CPI has risen at a 0.9 percent
rate, appreciably slower than the 1.5 percent gain seen over the
same period in 1997.
■ The producer price index for finished goods (PPI) increased at a
2.8 percent annual rate in April, the first increase since September
1997. Year-to-date, however, the PPI has fallen at a 2.5 percent
rate, which matched its rate of decline over the first four months of
1997.

m

Business inventories (manufacturing and trade) rose 0.5 percent in
March after rising 0.7 percent in February. For the first quarter,
inventories increased 1.3 percent, or $55.5 billion at an annual
rate—significantly more than the $41.9 billion rise seen in the
fourth quarter of 1997. The business inventory-to-sales ratio stood
at 1.38 in the first quarter, unchanged from the previous quarter.

■ Following virtually no change in March, retail sales rose 0.5 percent
in April. Revisions indicate that retail sales actually grew at an
8.1 percent annual rate in the first quarter, 0.5 percentage points
faster than the 7.6 percent growth originally estimated.
■ The index of U.S. import prices fell 0.1 percent in April, the sixth
straight decline and the fourteenth drop in the past 16 months.
Import prices have fallen 4.9 percent over the past 12 months.

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
Seosonolly Adjusted

Billions of Dollars
Feb 25

Mar 11
Apr

8

May

6

Billions of Dollars

Billions
500.049
500.094
499.696
498.765
497.992
501.565

485-

n-'T

5 19 2 16 30 14 28 11 25 9 23
May
Jun

Aug

3 17
Sep

' i i i i15 29 12 26 10 24 7 21
Oct

4 18 4 18
Feb
Mar

15 29 13 27
Apr
May

The adjusted monetary base is the sum of Federol Reserve deposits ond voult cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetary base series was recently revised to include Federol Reserve deposits used to satisfy
cleoring balance contracts. Data ore computed by this bonk. A detailed description of the adjusted monetary
base is ovoiloble from this bonk. Recent doto ore preliminary.

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

5/7/97

7/30/!

10/8/97

11/5/97

12/3/97 12/31/97

2/11/98

10/8/97

6.6

11/5/97

7.2

7.2

12/3/97

7.8

8.3

11.4

12/31/97

7.8

8.2

10.2

10.0

2/11/98

7.7

8.0

9.2

8.8

7.4

3/11/98

7.3

7.4

8.1

7.6

6.2

5.7

4/8/98

6.5

6.3

6.4

5.7

4.3

3.4

0.5

5/6/98

6.1

5.8

5.8

5.1

3.8

2.9

0.8


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Federal Reserve Bank of St. Louis

3/11/98

-0.4

Prepared by Federol Reserve Bonk of St. Louis

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

Billions of Dollors

Mor 30
Apr 6

1150Moy

4

Billions of Dollors

Billions
1074.8
1083.5
1075.0
1084.8
1076.9
1081.7

Billions
634.4
642.4
633.3
643.1
634.9
638.9

Mor 30
Apr 6

Moy

1090-

4

(left scale)

TCD (right scale)

3

17 31 1* 28 12 26 9 23 7 21 4
Mor

Apr

Moy

Jun

18
Aug

13 27 11 25
Sep

Oct

Nov

Dec

Feb

Mor

Apr

Moy

Ml is the sum of currency held by the nonbonk public, demond deposits, other checkable deposits ond travelers
checks. Totol checkable deposits is the sum of demond deposits ond other checkoble deposits ot depository
institutions. Current dota appear in the Federal Reserve Boord's H.6 releose.

Money Stock (M1)
Compounded annual rotes of change, averoge of four weeks ending:
of four weeks
ending:

5/5/97

8/4/97

10/6/97

11/3/97

12/1/97

1/5/98

2/2/98

10/6/97

-0.9

11/3/97

-0.7

-1.2

12/1/97

0.4

0.9

4.2

1/5/98

1.7

2.8

6.2

8.9

2/2/98

0.9

1.5

3.4

4.3

2.6

3/2/98

1.2

1.8

3.4

4.1

2.9

-1.0

4/6/98

1.4

2.0

3.4

4.0

3.1

0.7

3.5

5/4/98

1.2

1.7

2.9

3.2

2.4

0.3

2.2


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

3/2/98

1.6

Prepored by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Feb 25
Mor 11
Apr

8

Moy

6

Billions
67.289
67.184
66.681
66.133
65.552

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17
Aug
Sep
Apr
May
Jun

1 1 l 1 I T
15 29 12 26 10 24 7 21
Oct

4 18 4 18
Feb
Mar

15 29 13 27
Apr
May

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

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

5/7/97

7/30/97

10/8/97

11/5/97

12/3/97 12/31/97

2/11/98

10/8/97

0.0

11/5/97

2.3

0.6

12/3/97

4.0

3.8

15.8

12/31/97

4.5

4.5

13.1

2/11/98

2.1

1.2

4.8

1.8

3/11/98

-0.5

-2.2

-1.0

-4.4

-9.4

-15.5

4/8/98

-1.8

-3.7

-3.3

-6.4

-10.7

-15.4

-19.1

5/6/98

-2.4

-4.3

-4.1

-6.9

-10.5

-14.1

-16.0


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Federal Reserve Bank of St. Louis

3/11/98

11.6
-3.3

-12.2

Prepared by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Doily Figures
JO

2.8

2.6'

Seasonally Adjusted

Rotio
Compounded onnual rotes
of change, overage of
the four weeks ending
May 4. 1998, from
the four weeks ending:
Moy
Jut
Nov
Dec
Dec
Feb
Mo r

5,
2B.
3.
1 .
29.
9.
9 .

1997
1997
1997
1997
1997
1998
1998

Ratio

' ■

1998
Feb 23
Mar 9
23
Apr 6
20
Moy 4

-4 . 5
-3 . 7
-1.7
-1.3
-1.2
1 . 0
0.9

Ratio
2.150
2.165
2.164
2.164
2.169
2.152

3.0

2.8

2.6

f
_______ ______

2.4

—

2.2-

'
"

2.0

1*7 3
Mar

14 28 12 26
Apr
Moy

9 23
Jun

7 21
Jul

4

18
Aug

'15'29’13'27' 10'24
Sep

Oct

Nov

8 22
Oec

5

19
Jon

16
Feb

*

16 30 13 27 11 2
Mor
Apr
May

1997
Ratio of M1 to the adjusted monetary bose.

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

440-

seasonally Adjusted

Billions of Dollars

Compounded onnual rotes
of change, overage of
the four weeks ending
May 4, 1998, from
the four weeks ending:
5.
4.
3.
1 ,
5.
2.
2.

1997
1997
1997
1997
1998
1998
1998

420Billioos
Apr

6

Moy

4

433.7

5
Aug

Sep

Oct

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


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Federal Reserve Bank of St. Louis

19

2

16 2

16 30 13 27 II 23
Apr
Moy
1998

Prepared by Federal Reserve Bonk of St. Louis

5

2.2

2.0

6
Yields on Selected Securities
Averages of Daily Figures
.u-

Pe■rcent -9.0

!
I
|

Prim e

1

Rote

-8.0

.0' "S
C<jrpora e
__ Aa a Bone s

■ 7.0

.0-

•
■6.0

.0-J
..........

♦............
*•.

Conimerc

.

J

1.021
Mar

V

4 'is' 2
Apr

' 16
i ***i
3<D

13 27

Moy

Jun

'

**■
Munic:ipal B Dnds

l'l 25 8 22 5
Jul

al Pop er

Aug

19 3
Sep

***•%„.

...........••

-4.0
17 3 t'lVtt 12 26 9 23 6 20 6 20 3 17 1 15 29
Apr
May
Nov
Oec
Jan
Feb
Mor
Oct

___

1997

1998

30-Doy
Commercial
Poper

90-Day
CDs

-5.0

'998

90-0oy
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

Municipal
Bonds ••

5.07
5.45
5.53
5.46
Feb 20
5.14
5.48
5.56
5.49
27
5.25
5.51
5.59
5.50
6
Mor
5.20
5.51
5.58
5.51
13
5.19
5.50
5.58
5.50
20
5.20
5.50
5.59
5.52
27
5.19
5.49
5.58
5.52
3
Apr
5.18
5.48
5.56
5.49
10
5.21
5.48
5.57
5.49
17
5.25
5.48
5.58
5.48
24
5.32
5.47
5.60
5.49
1
Moy
5.26
5.49
5.58
5.48
8
NA
5.48
5.59
5.48
15
Current data ore from the Federal Reserve Board's H. 15 release, ond ore averages of rotes ovoiloble for the week
ending on May 15. 1998 . Beginning September 2. 1997, the commerciol poper rote reflects new source data,
which is currently available only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds. Thursday doto


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Federal Reserve Bank of St. Louis

6.62
6.71
6.81
6.70
6.66
6.69
6.67
6.64
6.67
6.73
6.78
6.72
6.77

7.20
7.28
7.40
7.30
7.27
7.30
7.30
7.28
7.31
7.35
7.40
7.34
7.38

Prepored by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

30-Year
Treasury Securities

Federol
Funds Rate

Discount Rote
3-Month
Treasury Bill

7

21

4

18 2

16 30 1J 27 11 25 8 22 3

19 3

17 31 14 28 12 26 9

23

6 20 6 20 3

17
Apr

1997

1998
Feb 20
27
Mor
6
13
20
27
Apr 3
10
17
24
Moy
1
8
15 •

Federol
Funds ••
5.54
5.51
5.60
5.45
5.47
5.43
5.60
5.48
5.47
5.37
5.40
5.35
5.48

13 29
Moy

1998

3-Month
Treasury

1 -Year

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.06
5.16
5.08
4.97
5.02
5.05
5.00
4.95
4.97
4.94
4.91
4.97
4.99

5.02
5.14
5.15
5.09
5.08
5.12
5.09
5.03
5.11
5.12
5.17
5.15
5.17

5.45
5.60
5.69
5.57
5.54
5.62
5.58
5.52
5.59
5.65
5.72
5.63
5.67

5.50
5.63
5.75
5.62
5.57
5.63
5.61
5.55
5.61
5.67
5.75
5.68
5.71

5.84
5.94
6.05
5.93
5.89
5.92
5.89
5.86
5.90
5.95
6.02
5.96
5.98

Current doto oppeor in the Federol Reserve Board's H.15 release.
• Averoges of rotes ovoilobie
•• Seven-doy overoges for week ending two doys eorlier thon dote shown


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Federal Reserve Bank of St. Louis

Prepored 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 Dollors

Mor 30
Apr 6

Billions
4127.3
4150.2

May

4164.!
4161.6

41254

Billions of Dollars

M2 (left scole)
-JOOO

-----L
Non-Mi M2 (right scale)
Non-M1 M2
Billions
3052.5
Mor 30
Apr 6
3066.7
3076.0
3088.3
3088.0
3079.9
Moy 4
3

17 31 14 28 12 26
Mor
Apr
Moy

9 23
Jun

7

21

4

18
Aug

15 29 13 27 10 24
Sep
Oct
Nov

8 22
Oec

5

19

2

16 2 16 30 13 27 II 25
Feb
Mor
Apr
Moy

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

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

5/5/97

8/4/97

10/6/97

11/3/97

12/1/97

1/5/98

2/2/98

10/6/97

5.4

11/3/97

5.6

7.8

12/1/97

5.8

7.6

1/5/98

6.1

7.7

7.3

7.5

2/2/98

6.2

7.6

7.2

7.3

7.4

3/2/98

6.6

8.0

7.9

8.1

8.4

8.8

4/6/98

6.8

8.0

7.9

8.1

8.3

8.6

9.3

5/4/98

7.0

8.2

8.2

8.4

8.6

8.9

9.5


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Federal Reserve Bank of St. Louis

3/2/98

7.0

8.9

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollors

1075

Billions of Dollors

Small Time
1998
Mor 30
Apr
6
13
1035 20
27
May 4

Billions
962.3
962.1
961.8
960.2
958.7
957.5

Sovings Deposits (riiight

scale)

995 H

Small Time (left scole)
1370

Sovings
1998
Mar
30
Apr
6
13

14 28 12 26 9 23 7 21
Mar

Apr

May

Jun

Jul

15 29 13 27 10 24 8 22 5
Aug

Sep

Oct

Nov

Dec

Billions
1446.5
1460.5
1463.5
1479.0
1476.0
1469.2

1330

16 30 13 27 II 25
Jan

Feb

1997
Sovings deposits and small time deposits ore at oil depository institutions.

Mor

Apr

I290

May

1998

Large Time Deposits and Retail Money Funds
Billions of Dollors

Averages of Daily Figures
Seasonally Adjusted

Lorge Time
1998
Billions
Mar 30
619.9
Apr
6
624.3
13
614.8
20
608.9
27
599.8
May 4
605.5

Billions of Dollors
Retoil Money
1998
Billions
Mor 30
643.7
Apr
6
644.0
13
650.6
20
649.1
27
653.4
653.3

700

650

Retoil Money
600

600

Lorge Time
550

17 31 14 28 12 26 9 23 7 21
Mar
Apr
May
Jun
Jul

15 29 13 27 10 24 8 22 3 19 2 16 2 16 30 13 27 11 25
Sep
Oct
Nov
Dec
Jan
Feb
Mor
May
1997
1998
Large time deposits and retail money funds ore ot oil despository institutions. Large time deposits ore those
issued m denominations of $100,000 or more. Retail money funds were originolly colled general purpose
and broker/dealer money market funds.
Prepored by Federal Reserve Bonk of St Louis


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Federal Reserve Bank of St. Louis

Aug

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Doily Figures

Billions of Dollors

Apr

8

May

6

Billions of Dollors

Billions
0.169
0.045
0.057
0.068
0.093
0.226

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 24 7 21
Sep
Oct
May
Jun
1997
Borrowings include seosonol. adjustment and extended credit.

4

18 4 18 1

15 29 13 27
Apr
Moy

1998

Bank Loans and Credit

All Commerciol Bonks in the United States'^
3375

----------1-----------

4325

Sank Credit
Billions
1998
4211.8
Mor 25
1
4243.3
Apr
4212.9
8
15
4199.7
22
4187.0
29
4206.2
1

4225-

4125-

3275
Bonk Credit (left scale)2/

3175

1

3075

4025

3925-

3825-

Loans & Leases
1998
Billions
Mor 25
3090.5
Apr 1
3103.2
Loons ond Leoses (ri ght scale)

1
3725

5

i

' i'"*~
16 30 14 28 11 25 9 23 6 20 3 17
19
Jul
Aug
Sep
Apr
Moy
Jun
Mor

I

15
22
29

2875

3099.0
3096.0
3096.5

2775
15 29 12 26 10 24 7 21
Oct
Nov
Dec
Jon

1997
Current doto appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases ond securities


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Federal Reserve Bank of St. Louis

{

2975

4 18 4 18 1 15 29 13 2?
Feb
Mor
Apr
Moy
1998

Prepored by Federal Reserve Bonk of St. Louis

*

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

220-

230

220
Moy

6

210

200

190

180
S

19 2

16 30 14 28 11 25 9 23 6 20 3

17

15 29 12 26 10 24

7 21

4

18 4

18

1

15 29 13 27
Apr
Moy

Note: Beginning September 2. 1997, the volue 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 Dollors 5Q0

~i-------r

All Bonks

1998
Mar 25
Apr 1
8

15
22
29

Billions
867.4
864.8
865.7
870.5
871.3
871.6

480
All Bonks (left scoie)1/
460

Lorge Bonks (right scale)^/
Lorge Bonks
1998
Billions
Mor 25
460.9
462.1
Apr 1
8
462.1
15
465.1
22
465.2
29
464.0
,1,
II

800-

780 "|—r—',——T'. ,
5 19 2 16 30 14 28 11 25
Mar
Apr
May
Jun

Jul

Aug

Sep

IS 29 12 26 10 24
Oct
Nov
Dec

Jon

18 4 18 1 15 29 1
Feb
Mor
Apr
Moy

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

11

Prepored by Federal Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
1973=100

Averoges of Doily Figures
1973=100

110

105

100

95

5 19 2

16 30 14 28 11 25 9 23 6 20 3 17
Apr
May
Jun
Aug
Sep

90
15 29 12 26 10 24 7 21 4
Oct

18 4

18 1

15 29 13 27
Apr
Moy

Current dato appear in the Federol Reserve Board's H.10 releose. Doto ore weighted overages of the foreign-currency
price of the U.S. dollor, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bonk of St. Louis