Full text of U.S. Financial Data : October 1, 1998

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ffl^’vl/EEK'S HIGHLIGHTS:
■ The Federal Reserve Board of Governors issued the following
press release on Tuesday, Sept. 29:
“The Federal Open Market Committee decided today to ease the
stance of monetary policy slightly, expecting the federal funds
rate to decline 0.25 percentage point to around 5.25 percent. The
action was taken to cushion the effects on prospective economic
growth in the United States of increasing weakness in foreign
economies and of less accommodative financial conditions
domestically. The recent changes in the global economy and
adjustments in U.S. financial markets mean that a slightly lower
federal funds rate should now be consistent with keeping inflation
low and sustaining economic growth going forward. ”

■ The index of leading indicators was unchanged in August. The
index of coincident indicators, though, which is meant to gauge
the current strength of economic activity, rose 0.6 percent, the
largest increase in 30 months.

■ Sales of new single family homes were at an annual rate of
838.000 units in August, down 4.4 percent from July’s rate and off
9.1 percent from June. Still, sales through the first eight months
of 1998 are up 9.6 percent from the same period a year earlier.

■ Initial claims for state unemployment insurance benefits totaled
289.000 for the week ending Sept. 26. Measured on a four-week
moving average basis, claims totaled 299,250, the lowest since
February 1989.
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
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
525

Jul

15

Aug 12
Sep

9

Billions
505.933
508.680
511.388
512.040
513.292
516.606

515

505

495

'485

6

20

15 29

15 29 12 26 10 24

■475
16 30 14 28

3 27 10 24

1998
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:
To the average of
two maintenance
periods ending:

9/24/97

12/17/97

2/25/98

3/25/98

4/22/98

5/20/98

6/17/98

2/25/98

8.4

3/25/98

7.1

5.2

4/22/98

5.6

3.1

-1.7

5/20/98

6.3

4.7

2.7

3.7

6/17/98

6.1

4.6

3.0

3.9

8.0

7/29/98

6.0

4.7

3.7

4.4

6.9

4.9

8/26/98

6.5

5.5

4.9

5.7

8.0

6.8

7.9

9/23/98

6.6

5.8

5.4

6.1

8.1

7.2

8.1


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

7/29/98

10.2

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
Aug

17

3718.9
3721.1
3740.6
3774.5
3781.2
3800.4

- 3800

3700 -

-3600

3500-

-3400

1

15 29 13 27 10 24

22

5

19

2

16

1997
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)
T „
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks endinq:
*
9/22/97 12/22/97
2/23/98
3/23/98
4/20/98
5/18/98
6/22/98

2/23/98

10.5

3/23/98

11.2

4/20/98

12.2

14.2

16.9

5/18/98

12.1

13.7

15.0

6/22/98

11.9

13.0

13.6

13.2

10.8

7/20/98

11.2

12.0

12.0

11.3

9.1

8/24/98

11.3

12.0

12.0

11.4

9.9

9/21/98

12.1

13.0

13.3

13.1

12.1


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Federal Reserve Bank of St. Louis

7/20/98

12.9

14.9

Prepared by Federal Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Jul

Billions
66.121
65.625
67.734
66.607
67.741
66.941

15

Aug 12
Sep

20

9

3

17

1

15 29 12 26 10 24

7

21

15 29 13 27 10 24

4

22

5

19

2

16 30 14 28

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
two maintenance'

Compounded annual rates of change, average of two maintenance periods ending:
9/24/97 12/17/97 2/25/98
3/25/98
4/22/98
5/20/98
6/17/9B
7/29/98

periods ending:
2/25/98

0.1

3/25/98

-3.1

-10.8

4/22/98

-5.6

-13.0

-19.6

5/20/98

-3.1

-8.1

-8.7

6/17/98

-2.0

-5.8

-4.8

0.5

12.7

7/29/98

-3.7

-7.3

-7.3

-4.5

0.5

8/26/98

-1.3

-3.9

-2.5

0.9

6.2

9/23/98

-1.0

-3.2

-1.7

1.2


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

-3.1

5.7
Prepared by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averages of Daily Figures
Ml
199£
Aug 17
24
31
Sep
7
14
21

TCD
Billions
1061.4
1065.4
1075.7
1065.0
1065.7
1075.7

1998
Aug

Billions
610.2
613.3•
623.9
609.8
609.8
618.0

17
24
31
Sep
7
14
21

M1
/ fc---------

,

'left scale)

\j v-^

Vo\

7 VW

j\

.

V V/V7

TCO (r ght scale)
1015-

9851
Aug

2
Sep

Oct

Nov

Dec

Jan

16
Feb

2

16 30 13 27 11 25
Mar

Apr

May

8

22

6

Jun

20
Jul

3

17 31 14 28 12 26
Aug

Sep

585

Oct

1997
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

Compounded annual rates
of change, average of
the four weeks ending
September 21, 1998, fro
the four weeks ending:

22
22

.,

1 8
20

,

23 ,

22
20

,
,,

450

1997
1997
1998
1998
1998
1998
1998

440

Aug 17

Billions
443.5
444.5
444.1
447.6
448.3

420

450.2

Aug

15 29 13 27 10 24
Sep
Oct
Nov

Dec

Jan

Feb

16 30 13 27 11 25
Mar
Apr
May

1997

Jun

Jul

17 31 14 28 12 26
Aug
Sep
Oct

1998

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


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

Prepared by Federal Reserve Bank of St. Louis

5

410

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

- 7.0

Corporate
Aaa Bonds

Commercial Paper

- 5.0
Municipal Bonds

1997

1998
Jul

Aug

Sep

Oct

10
17
24
31
7
14
21
28
4
11
18
25
2

1998

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.50
5.50
5.51
5.52
5.51
5.50
5.50
5.50
5.50
5.49
5.49
5.45
5.23

5.59
5.59
5.59
5.60
5.59
5.58
5.58
5.57
5.52
5.46
5.42
5.37
5.23

5.50
5.50
5.49
5.49
5.50
5.49
5.49
5.49
5.47
5.47
5.38
5.34
5.21

6.48
6.58
6.56
6.60
6.54
6.52
6.52
6.52
6.47
6.43
6.42
6.37
6.36

7.09
7.17
7.15
7.20
7.15
7.14
7.14
7.15
7.12
7.08
7.10
7.07
7.10

.

Municipal
Bonds **
5.12
5.17
5.16
5.16
5.16
5.11
5.09
5.03
5.03
5.00
4.97
4.94
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 October 2, 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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30—Year
Treasury Securities

Federal
Funds Rate

3-Month
Treasury Bill

Discount Rate

......................
1

15 29

Aug

I ■ I ' I . i
12 26 10 24

Sep

16 30 13 27

Oct

13 27'10 ’ 24 ’ 8

Mar

Apr

22 ’ 5

May

1997

1998
Jul

Aug

Sep

Oct

10
17
24
31
7
14
21
28
4
11
18
25
2 *

Federal
Funds **
5.47
5.49
5.50
5.54
5.61
5.50
5.59
5.48
5.61
5.47
5.54
5.42
5.58

19 ’ 3
Jun

17 31
Jul

14 28 11 25
Aug

Sep

9

23

Oct

1998

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.94
5.01
4.96
4.95
4.93
4.89
4.92
4.89
4.76
4.73
4.62
4.53
4.35

5.07
5.08
5.08
5.09
5.04
4.97
4.97
4.85
4.68
4.55
4.54
4.40
4.29

5.41
5.47
5.47
5.51
5.43
5.36
5.32
5.07
4.92
4.72
4.62
4.48
4.34

5.41
5.49
5.46
5.50
5.43
5.40
5.39
5.20
5.05
4.90
4.83
4.67
4.55

5.61
5.71
5.68
5.73
5.66
5.60
5.53
5.42
5.32
5.26
5.21
5.14
5.08

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

8

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

Billions of Dollars

Billions of Dollars

Billions
4236.1
4240.4
4253.8
4277.9
4289.0
4308.4

Aug 17
Sep

7

M2 (left scole)

4175-

- 3050

4100M2 (right scale)

4025Non-M1 M2
If}
Billions
3174.7 ... -2900
Aug 17
3175.0
3178.1
Sep
7
3223.3

3950-.

15 29 13 27 10 24

22

5

19

2

16

2

16 30 13 27 11 25

22

6

20

3

17 31 14 28 12 26

1998
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:
2/23/98

9/22/97

12/22/97

2/23/98

3/23/98

4/20/98

5/18/98

6/22/98

7/20/98

7.4

3/23/98

7.8

9.3

4/20/98

8.1

9.3

9.9

5/18/98

7.6

8.4

8.1

7.0

6/22/98

7.3

7.8

7.2

6.3

4.9

7/20/98

7.1

7.4

6.8

5.9

4.8

8/24/98

7.0

7.3

6.7

6.1

5.3

5.5

5.8

9/21/98

7.7

8.1

7.9

7.5

7.2

7.7

8.8


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

5.0

10.6

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
1998
Aug 17

Savings Deposits (right scale)

1050*
Sep

7

Small Time (left scali

Savings

15 29 U 27 10 24

22

5

19

2

1

16 30 13 27 11 25

22

6

20

Aug

17

Sep

7

3

1521.1
1514.8
1512.2
1536.4
1538.3
1542.3

17 31 14 28 12 26

1997
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
Aug

Retail Money
1998
Aug 17

17

Sep

7

775-

Billie
69;
705.1
715.6
728.4

-775

725 -......
Retail Money

f... t
Lorge Til

575 -,

15 29 13 27 10 24

22

5

19

2

16

2

16 30 13 27 11 25

22

6

20

3

17 31 14 28 12 26'

1997
1998
Large time deposits and retail money funds are at all despository institutions. Large time deposits are 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


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Aug

26

Sep

2

Billions
0.258
0.246
0.247
0.194
0.185
0.310

0.4-

20

3

17

1

15 29 12 26 10 24

7

21

4

18

4

18

22

15 29 13 27 10 24

5

19

2

16 30 14 28

1997
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
1998
Aug 12

Billions
4312.4
4319.9
4358.0
4373.9
4366.2
4372.9

3400
Bank Credit (left scale)2/
3300

3200

4175

Loans & Leases
Billions

1998
Aug 12

3174.7
3178.3
3196.4
3210.3
3204.4
3213.8

Loans and Leases (right scale)

6

20

3 17

Aug

Sep

1

15 29 12 26 10 24
Oct

Nov

Dec

7

21

Jan

4

18 4
Feb

18
Mar

1997
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

15 2 9 13 27 10 24 8
Apr

May

Jun

Jul

22

5

19

Aug

2

16 30 14 28

Sep

Oct

1998

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Aug

19

Sep

2

245-

235-

226.6
227.6
230.7
232.4
247.1
246.9

215-

- 215

- 205

30

14 28

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
Rillinn«s rif flnUi-irc

Billions
899.7
903.3
906.6
910.4
910.3
917.3

Large Banks (right seal

All Banks (left scaled

Large Banks

13 27
Aug

Sep

Oct

May

1997

10 24
Jun

16 30
Aug

Sep

14
Oct

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

11

2

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

1973=100
1973=100
Aug 26
Sep 2
105-

15 29

12 26 10 24

1997

7

21

4

1

1998

Current data appear in the Federal Reserve Board’s H.10 release. Dato 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