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■

I

flcialData

the

FEDERAL ’**
JRESERVE
^ HANK of
«r stlouis

THE $Elk¥klGHLIGHTS:
m Yields on corporate Aaa-rated bonds averaged 6.91 percent for
the week ending October 10, while the average yield on Baa-rated
bonds was 7.55 percent—a difference of 64 basis points. This
spread, although up 14 basis points from the previous week, is
little changed from a year earlier.
■ The nominal value of wholesale inventories rose 1 percent in
August, more than offsetting the 0.7percent decline posted in July.
The value of wholesale sales, on the other hand, fell 1.1 percent in
August after rising only 0.1 percent in July. The August drop in
sales was the largest since June 1993.
■ Sales of domestically produced automobiles were at an annual
rate of 6.8 million units in September, a decline of 6 percent from
the August rate. Sales were at an annual rate of 7 million units in
the third quarter, 4.4 percent more than one quarter earlier.
■ Consumer installment credit outstanding rose at a 4.3 percent
annual rate in August. Tempering this rise was a 1.8 percent rate
of decline in automotive credit. The interest rate on new car loans
at auto finance companies averaged 5.93 percent in August, the
second lowest rate on record.
■ Following a rise of40,000 in August, nonfarm payrolls rose
215,000 in September. For the third quarter, payroll employment
rose 685,000, or 2.3 percent at an annual rate—a rate that was
slightly less than the 2.4 percent growth registered in the second
quarter.
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
478.810
480.181
483.011
483.265
482.818
485.028

7 21

Aug

4

18 2

Sep

16 30 13 27 11 25 8 22 5

19 5 19 2

Feb

Oct

Mor

16 30 14 28 11 25 9 23

Apr

May

20 3

Aug

Jun

17

Sep

1

15 29

Oct

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
rotios. The monetary base series wos recently revised to include Federol Reserve deposits used to satisfy
clearing balance contracts. Doto ore computed by this bonk. A detailed description of the adjusted monetary
bose is available from this bank. Recent data ore preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, average of two maintenance periods ending:
To the averoge of
two maintenance
periods ending:

10/9/96

1/1/97

3/12/97

4/9/97

5/7/97

6/4/97

7/2/97

3/12/97

6.1

4/9/97

5.2

5/7/97

4.3

3.3

-0.5

6/4/97

5.7

5.6

5.0

7.5

7/2/97

4.9

4.4

3.1

4.1

6.9

8/13/97

5.1

4.8

4.1

5.0

6.8

3.0

9/10/97

5.5

5.4

5.0

5.9

7.6

5.1

8.2

10/8/97

5.3

5.1

4.7

5.4

6.6

4.4

6.4

8/13/97


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

4.6

6.2

Prepared by Federol Reserve Bonk of St. Louis

I

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

Billions of Dollars

Billions of Dollors

Billions
Aug 25

Billions

1070.4
1079.4
1061.8
1054.8
1054.9
1061.9

Aug 25

Sep

1

649.4
656.9
639.9
631.9
630.7
637.3

Ml (left scale)

TCD (right scale)

S

19 2 16 30 14 28 11 25 9
Aug
Sep
Oct

23 6 20

3

17 3 P 31 14 28 12 26 9 23
Feb
Mar
Apr
May
Jun

7 21 4 18 1 15 29 13 27
Jul
Aug
Sep
Oct

M1 is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits ot depository
institutions. Current data appear in the Federal Reserve Board's H.6 release.

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

Compounded annual rates of chonge, overage of four weeks ending:
9/30/96 12/30/96

3/3/97

3/31/97

4/28/97

5/26/97

3/3/97

-3.4

-2.1

4/28/97

-4.4

-4.1

-9.0

5/26/97

-4.2

-3.9

-6.9

-6.7

6/30/97

-3.8

-3.2

-5.1

-4.4

-1.5

7/28/97

-3.5

-2.9

-4.3

-3.6

-1.3

9/1/97

-2.3

-1.4

-2.0

-1.0

1.3

2.5

9/29/97

-3.2

-2.6

-3.5

-2.9

-1.4

7/28/97

-2.7

3/31/97

6/30/97

-1.1


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Federal Reserve Bank of St. Louis

-0.8

Prepared by Federol Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollors

Billions of Dollors
Jul

Billions
68.813
67.522
67.877
69.070
68.843
67.190

16

Aug 13
Sep 10

»‘i ' f ■
7 21

Aug

4

18 2

Sep

16 30 13 27 11 25 8 22 5

Oct

19 5

Feb

19 2 16 30 14 28 11 25 9 23 6 20 3

Mor

Apr

1996

Moy

Aug

Jun

17

15 29

Sep

Oct

1997

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

Adjusted Reserves
Compounded onnuol rotes of change, average of two maintenance periods ending:
To the overoae of
two maintenance
periods ending:
2/26/97

9/25/96 12/18/96

2/26/97

3/26/97

4/23/97

5/21/97

6/18/97

7/30/97

-2.6

3/26/97

-8.4

-12.3

4/23/97

-10.1

-14.2

-28.0

5/21/97

-7.8

-10.1

-16.7

-6.0

6/18/97

-6.9

-8.4

-12.6

-3.7

7/30/97

-6.5

-7.5

-10.2

-3.7

1.8

8/27/97

-5.5

-6.1

-7.9

-2.0

2.7

0.4

9/24/97

-5.7

-6.4

-8.0

-3.0

0.6

-1.6


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Federal Reserve Bank of St. Louis

6.3
-1.8

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
seasonally Adjusted
Compounded onnual rotes
of chonge. overage of
the four weeks ending
September 22, 1997, fro
the four weeks ending:
Sep
Oec
Mor
Apr
May
Jun
Jul

23.
16,
24.
21,
19.
16.
28.

Sep

1996
1996
1997
1997
1997
1997
1997

Jul

Sep

-7.6
-6.7
"*
-7.2

Oct

Feb

Mor

Apr

May

Jun

14

8

Aug

Sep

Oct

1997
Rotio of Ml to the adjusted monetary bose.

Currency Component of M1
Billions of Dollars

4201--------- 1---------- ----------- ?----------r—
Compounded annual rates
of chonge, overage of
the four weeks ending
September 29. 1997, fro
the four weeks ending:
410-

Sep
Dec
Mor
Apr
Moy
Jun
J U II
Jul

30. 1996
30. 1996
31. 1997
28, 1997
26. 1997
30. 199/
1997
JU ,
28,1997

Averages of Doily Figures
seasonally Adjusted

Billions of Dollars

7.
7.
6.
7.
6.
7.

Billions
Aug 25
Sep

1

416.6
5

19

5 29 13 27

Sep

Oct

Feb

Mar

Sep

Oct

1997
Current doto appear in the Federol Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bonk of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Municipal Bonds

Commercial Paper

5.0

4.0
2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20 4
May
Jun

1997
Jul
Aug

Sep

Oct

18
25
1
8
15
22
29
5
12
19
26
3
10

18

15 29 12 26 10 24

30-Doy
Commercial
Paper

90-Day
COs

90-Day
Bankers*
Acceptances

Corporate
Aao Bonds

Corporate
Boo Bonds

5.47
5.47
5.48
5.47
5.49
5.47
5.48
5.49
5.48
5.49
5.49
5.49
5.47

5.59
5.59
5.58
5.60
5.61
5.58
5.60
5.60
5.60
5.59
5.59
5.64
5.60

5.53
5.51
5.51
5.53
5.53
5.52
5.53
5.53
5.58
5.53
5.52
5.54
5.53

7.15
7.09
7.01
7.15
7.26
7.22
7.28
7.25
7.28
7.09
7.02
7.11
6.91

7.76
7.70
7.62
7.76
7.86
7.85
7.82
7.79
7.8*
7.67
7.63
7.61
7.55

Municipal
Bonds ••
5.32
5.28
5.23
5.33
5.42
5.43
5.45
5.42
5.44
5.33
5.36
5.34
NA

Current data are from the Federal Reserve Board's H.15 release, ond ore overages of rotes available for the week
ending on October 10, 1997 . Beginning September 2, 1997, the commercial paper rote reflects new source doto,
which is currently ovoiloble only bock to the first of the year.
•• Bond Buyer's Averoge Index of 20 municipol bonds, Thursdoy doto
Prepored by Federol Reserve Bonk 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

Federal
Funds Rate

Discount Rate
3-Month
Treosury Bill

2

16 30 13 27

Aug

Sep

S 22

Oct

Nov

6

20 3

Dec

17 31 14 28 14 28 11 25 9

Jon

Feb

Mar

Apr

1996

1997
Jul 18
25
Aug
1
8
15
22
29
Sep 5
12
19
26
Oct
3
10 •

Federol
Funds ••
5.44
5.43
5.57
5.62
5.45
5.59
5.56
5.64
5.48
5.58
5.45
5.58
5.46

23 6 20 4

Moy

Jun

18

Jul

Aug

12 26 10 24
Sep
Oct

1997

3-Month
necsury
5.05
5.08
5.11
5.15
5.17
5.12
5.13
5.03
5.00
4.97
4.85
4.92
4.92

Tnsr

1-Yeor

5-Year
Treasury
Securities

10-Year
Treosury
Securities

30-Yeor
Treosury
Securities

5.24
5.25
5.19
5.25
5.29
5.24
5.29
5.28
5.29
5.19
5.18
5.16
5.12

6.14
6.09
6.00
6.15
6.17
6.12
6.22
6.22
6.23
6.04
6.00
5.94
5.88

6.23
6.18
6.11
6.26
6.33
6.27
6.36
6.34
6.34
6.14
6.08
6.06
5.99

6.52
6.46
6.38
6.52
6.61
6.57
6.63
6.61
6.64
6.43
6.36
6.35
6.29

Current da to appear in the Federol Reserve Boord's H.15 release.
• Averoges of rotes available
•• Seven-day overages for week ending two days eorlier than dote shown


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

7

8

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

Billions of Dollars

Billions of Dollars

3000

Billions
3971.1
Sep

1
3976.9

2925

3992.7
3995.6

M2 (left scole)

2850
Non-M1 M2 (right scole)
2775

Non-Mi M2
[7
Aug 25
Sep 1

Billions
2900.7
2908.9
2915.1
2928.8
2937.8
2933.7

■■■ ■■ i ■ I.................

5

19 2 16 30 14 28 II 25 9 23 6 20 3 17 3 17 31 14 28 12 26 9 23 7 21 4 II I 15 29 13 27
Aug
Sep
Oct
Nov
Dec
Jon
Feb
Mar
Apr
May
Jun
Aug
Sep
Oct

2700

2625

M2 is the sum of Ml, savings (including money market deposit occounts), small time deposits and retail money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
To the overage
of four weeks
ending:

Compounded annual rotes of chonge, overoge of four weeks ending:
9/30/96 12/30/96

3/3/97

3/31/97

4/28/97

5/26/97

6/30/97

3/3/97

6.0

3/31/97

5.8

4/28/97

6.1

6.0

6.5

5/26/97

5.2

4.5

3.7

6/30/97

5.1

4.4

3.9

3.5

1.6

7/28/97

5.0

4.5

4.1

3.8

2.6

4.6

9/1/97

5.6

5.3

5.2

5.2

4.6

6.5

7.7

9/29/97

5.6

5.4

5.3

5.4

4.9

6.4

7.2

7/28/97


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

5.4
3.0

8.3

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

1400

Small Time
1997
Aug 25
Sep
1

Billions
961.9
962.2
962.4
963.1

1360

962.6
1320

Small Time (left scale)
1280

Savings
1997

Savings Deposits (right scale)

Billions
1341.0
1346.8
1356.9
1365.9

1240

1200
Aug

Sep

Oct

Feb

Mar

Apr

May

Aug

Sep

Oct

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

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollors

seasonally Adjusted

Billions of Dollors

Large Time
1997
Billions
Aug 25
1
700-" Sep
567.7
574.8
575.1
570.8

Retail Money
1997
Aug 25
Sep
1

597.8
607.1
606.0
608.8
608.4

Retoil Money

Large Time

15 29 13 27

Aug

Sep

Oct

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

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 generol 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 Federol Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Sep

3
0.434
0.458

Oct

7 21

1

4

Aug

18 2

Sep

16 30 13 27 11 25 8 22 5

19 5

Feb

Oct

19 2

16 30 14 28 11 25 9 23 6 20 3

Mor

May

1996
Borrowings include seosonol. adjustment and extended credit.

Jun

Aug

17

Sep

1997

Bank Loans and Credit
All Commerciol Bonks in the United States
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Bonk Credit
Billions
3970.0
Aug 20
Sep

3

3969.2
3981.8
3992.1
3991.2
3991.0

Bonk Credit (left scale)2/

3900-

Loons & Leoses
Billions

Loans and Leases (right scale)

Aug 20
Sep

7 21

4

18 2

16 30 13 27 11 25 6 22 5 19 5

19 2

1996
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons and leases and securities


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Federal Reserve Bank of St. Louis

3

16 30 14 28 11 25 9 23 6 20 3

2955.9
2941.8
2950.6
2962.2
2965.9
2951.4
17 1

15 29

1997

Prepored by Federol Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollors

220--

Billions of Dollars

230

Aug 27
Sep 3
220

Oct

1
210

200

190

180

170
15 29

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

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

Billions of Dollors

465

All Bonks
Aug 20
Sep

3

815-

445
All Banks (left scole) ^ /

837.4
839.1
840.1

425
Large Bonks (right scale)2/
405

Large Bonks
197
Billions
Aug 20
422.9
424.3
Sep 3
425.7
429.8
430.2
430.4

385

365

345
Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mar

1996
Current dato appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered banks


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Federal Reserve Bank of St. Louis

Apr

May

Jun

Jul

Aug

Sep

15 29
Oct

1997

Prepared by Federol Reserve Bonk of St. Louis

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

1973=100

Sep

100-

3

Oct

1

105

100

95

90

85
7

21

4

18 2

16 30 13 27 11 25 8 22 5

19 5

19 2

16 30 14

11 25 9 23 6 20 3

17

1

15 29

Current dato oppeor in the Federal Reserve Board's H.10 release. Oota are weighted averages oi 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

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