Full text of U.S. Financial Data : November 19, 1998

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r19,1998
FEDERAL

RESERVE
HANK of
SC LOUIS

m 2 5 m8
THE WEEK'S HIGHLIGHTS:
■ On Nov. 17, the Federal Reserve Board of Governors approved a
reduction in the discount rate from 4.75 percent to 4.5 percent. At
the same time, the Federal Open Market Committee announced that
it was reducing the target for the federal funds rate from around 5
percent to around 4.75 percent. In taking this action the Federal
Reserve noted the following:
Although conditions in financial markets have settled down
materially since mid-October, unusual strains remain. With
the 75 basis point decline in the federal finds rate since
September, financial conditions can reasonably be expected
to be consistent with fostering sustained economic expansion
while keeping inflationary pressures subdued.
■ A $1.7 billion rise in exports combined with a $0.2 billion drop in
imports caused the U.S. goods and services trade deficit to narrow
from $15.9 billion in August to $14 billion in September. After
increasing $8.6 billion in the second quarter, the trade deficit only
increased $0.9 billion in the third quarter.
■ The consumer price index (CPI-U) increased 0.2 percent in October
after exhibiting no change in September. The CPI has increased at
a 1.6 percent rate over the first 10 months of the year, nearly the
same as the 1.7 percent increase seen in 1997.
Because of the Thanksgiving holiday, United States Financial Data
_______________ will not be published next week.

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

Millions of Dollars

530

Billions
513.358
516.724
519.836
520.545
523.839 ......
523.981

520

510

500

490

480
15 29 12 26

15 29

2

10 24

16 30 14 28 11 25

1997
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 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 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:
lo the average ot
two maintenance
periods ending:

11/19/97

2/11/98

4/22/98

5/20/98

6/17/98

7/15/98

8/12/98

4/22/98

4.1

5/20/98

5.3

6/17/98

5.2

3.2

8.0

7/15/98

5.0

3.3

6.6

4.0

8/12/98

5.7

4.6

7.9

6.5

7.7

9/23/98

6.1

5.3

8.1

7.3

8.2

10.0

10/21/98

6.7

6.3

9.0

8.4

9.4

11.0

10.7

11/18/98

7.0

6.6

9.1

8.6

9.5

10.7

10.4


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

9/23/98

2.9

11.7

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
Oct

5

Nov

2

3900 *

3818.5
3831.2
3861.3
3889.4
3892.6
3898.5

- 3800

-3700

- 3500

3400 -

1

15 29 13 27 10 24

22 5

19

16 2

16 30 13 27 11 25

22

6

20

3

17 31 14 28 12 26 9 23

1998
MZM is M2 (seasonally adjusted) minus total small 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:

11/10/97

2/9/98

4/6/9B

5/11/98

6/8/98

7/6/98

8/10/98

4/6/98

12.1

5/11/98

13.3

16.2

6/8/98

12.4

14.0

13.0

7/6/98

12.1

13.2

12.1

8/10/90

11.6

12.2

11.0

8.4

9.0

9/7/98

12.0

12.7

11.9

10.1

11.1

11.5

10/12/98

13.1

14.1

13.8

12.8

14.2

15.4

19.6

11/9/98

14.1

15.3

15.4

14.9

16.4

17.9

21.9


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

9/7/98

8.6

24.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Aug 26
Sep
9
Oct

7

Nov

4

66.622
67.708
65.752
65.899
66.633
66.166

70-.....

3

17

1

15 29

2 26 10 24

7 21

4

15 29 13 27 10 24

1997

22 5

19

2

16 30 14 28 11 25

1998

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the change.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:
4/8/98

11/5/97

1/28/

4/8/98

5/6/98

6/3/98

7/1/98

7/29/98

9/9/98

-6.5

5/6/98

-6.9

-15.1

6/3/98

-0.9

-3.8

16.1

7/1/98

-5.4

-9.9

-3.3

-0.2

7/29/98

-4.8

-8.4

-2.3

0.1

-17.8

9/9/98

-1.9

-3.9

2.8

5.7

-4.1

10.7

10/7/98

-3.9

-6.3

-1.7

-0.2

-8.7

-0.2

-0.6

11/4/98

-2.8

-4.6

0.0

1.6

-5.2

2.3

2.8


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Federal Reserve Bank of St. Louis

-7.2

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

Billions

1998

621.7
606.7
616.5

Oct

5
12
19
26
Nov
2

1066.7

1 135-

1086.1
Nov

2

■765

Billions

735

627.8
614.9

1078.7

1105“

705
M1 (left scale)

675

645
TCD (right scale)
1015-

•615

1

15 29 13 27 10 24

22 5

19

16 30 13 27 11 25

1997

22 6 20 3

17 31 14 28 12 26

9

23

585

1998

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
460

Nov
Feb
May
Jun
Jul
Aug
Sep

10,
9,
11,
8,
6,
10,
7,

1997
1998
1998
1998
1998
1998
1998

450

8.4
8.2
9.7
10.3
10.8
11.7
13.4

440

430
Billions

1

15 29 13 27 10 24

5

19

16 30 13 27 11 25

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


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

22

6

20

3

Oct

5

Nov

2

451.5
452.1
453.8
454.5
455.1
455.7

17 31 14 28 12 26 9

1998
Prepared by Federal Reserve Bank of St. Louis

420

23

4 10

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate
8.0-

7.0-

- 7.0

Corporate
Aaa Bonds
-

Commercial Paper

Municipal Bonds

10 24

1998

1998
Aug
Sep

Oct

Nov

28
4
1 1
18
25
2
9
16
23
30
6
13
20

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.50
5.50
5.49
5.49
5.45
5.23
5.25
5.22
5.03
5.05
5.11
5.11
5.04

5.57
5.52
5.46
5.42
5.37
5.22
5.29
5.26
5.14
5.16
5.27
5.31
5.25

5.49
5.47
5.47
5.38
5.34
5.19
5.20
5.17
5.03
5.07
5.13
5.20
5.23

6.52
6.47
6.43
6.42
6.37
6.25
6.25
6.45
6.47
6.44
6.56
6.44
6.44

7.15
7.12
7.08
7.10
7.07
7.01
7.05
7.25
7.28
7.26
7.42
7.34
7.37

Municipal
Bonds **
5.03
5.03
5.00
4.97
4.94
4.82
4.88
4.96
4.99
5.00
5.04
5.04
N.A.

Current data are from the Federal Reserve Board's H.15 release, ond are averoges of rates available for the week
ending on November 20, 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only back 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


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

6.0

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30—Year
Treasury Securities
6.0-..........

Federal
Funds Rate
Discount Rate

3-Month
Treasury Bill

- 4.0

17 31

14 28

12 26

15 29

12 26

10 24

7

21

1997

1998
Aug
Sep

Oct

Nov

2B
4
11
18
25
2
9
16
23
30
6
13
20 *

Federal
Funds **
5.48
5.61
5.47
5.54
5.42
5.58
5.22
5.14
4.87
4.95
5.22
4.80
4.89

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

30—Year
Treasury
Securities

4.89
4.76
4.73
4.62
4.53
4.26
3.96

4.85
4.68
4.55
4.54
4.40
4.22
4.01
3.96
3.84
3.93
4.27
4.35
4.32

5.07
4.92
4.72
4.62
4.48
4.24
4.18
4.22
4.17
4.22
4.45
4.51
4.57

5.20
5.05
4.90
4.83
4.67
4.46
4.41
4.58
4.59
4.63
4.83
4.82
4.86

5.42
5.32
5.26
5.21
5.14
5.00
4.88
5.02
5.08
5.12
5.29
5.27
5.28

3.84
3.85
4.12
4.43
4.44
4.35

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

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

Billions of Dollars

Billions of Dollars

Billions
4317.6
4319.7
4343.9
4361.1
4362.3
4373.1

- 3250
M2 (left scale)
-3175

4225-

-3100

4150Non-M1 M2 (right scale)

- 3025

4075 i- M1 M2
3236.5
3253.0
3265.7
3275.0

4000 Nov

-2950

2
3294.4

22 5

5 29 13 27 10 24

19 2

16 2

16 30 13 27 II 25

22

6 20 3

1 7 3 1 14 28 1 2 26

9 23

1997
M2 is the sum of M1, savings (including money market deposit accounts), small 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:
To the average
of four weeks
ending:

11/10/97

2/9/98

4/6/98

5/11/98

6/8/98

7/6/98

8/10/98

4/6/98

8.2

5/11/98

8.4

9.5

6/8/98

7.5

7.6

5.9

7/6/98

7.4

7.5

6.2

8/10/98

7.1

7.0

5.9

4.6

9/7/98

7.4

7.4

6.6

5.8

7.1

7.2

10/12/98

8.2

8.5

8.2

8.0

9.4

10.1

13.0

11/9/9B

8.7

9.2

9.1

9.0

10.4

11.2

13.7


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

9/7/98

4.3
5.9

15.4

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
38

1075-

Billie
962.6
963.2
963.3

Savings Deposits (right scale]
1 025-

Small Time (left scale)
Savings
Billions
1546.8

1556.6

9 13 27 10 24

22

5

19

2

16 30 13 27 11 25

1997

7 31 14 28 12 26

9 23

1998

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

925

Retail Money
1998

Billie

751.6
752.7
754.9

621.2

825

725
Retail Money

Large Time

1

15 2

13 27 10 24

8 22 5

1

16 30 13 27 11 25

3

17 31 14 28 12 26 9

23

1997
Large time deposits and retail money funds are 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/deoler money market funds.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

525

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
Oct

14

0.141
0.103
0.104

0.102
0.059
0.105

0.6-....

3

17

1

15 29 12 26 10 24

7 21

4

18

4

18

1

15 29 13 27 10 24

1997

22

5

19

2

30 14 28

1998

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States

^

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
Sep

30
4468.7

Nov

4

4509.0

Bank Credit (left scale)2/
4275-

4175Loans & Leases

4075 -

3100

Sep 30

3000

Loans and Leases (right scale)

3

17

1

15 29 12

10 24

7 21

4

18 4

18

15 29 13 27 10 24

22

5

19

2

16 30 14 28 11 25

1998
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loans and leases ond securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve 8ank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

255

Billions
Oct

7

Nov

4

235-

244.8
241.4
241.9
232.1
234.3
232.2

245

235

225

215

205

195

6 30

1997

14 28

11

25

185

1998

Note: Beginning September 2, 1997, the value 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
Billions of Dollars

Billions of Dollars
540

All Banks
Sep 30

923.2
931.9
940.4

515

950.3
949.9
490
Large Banks (right scale) 2/

465
Banks
Sep 30

All Banks (left scale)

505.6
440
519.6
521.5

15 29

1997

13 27

10 24

8 '22 ' 5 ' 19' 2

30

14 28

11

1998

Current data appear in the Federal 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

Prepared by Federal Reserve Bank of St. Louis

25

415

Dollar s Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

110
1973=100

Oct

14

Nov

4
105

100

95

90

1997

1998

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

AHVHSn