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r 25,1997

■it unn*n

ialData

THE
FEDERAL
JRESERVE
HANK of

«r\sT.ij(>uis

THi"WEEICS HIGHLIGHTS:

■

Bolstered by a surge in orders for electronic and transportation
equipment, new orders for manufactured durable goods rose $4.9
billion in August, according to the advance report. This 2.7 percent
increase followed July’s 0.1 percent rise, which was revised up
from last month’s initial estimated decline of 0.6percent. Durable
goods orders rose in four of the five months from April through
August 1997 and were up 11.6 percent from a year earlier.

■

Initial weekly claims for state unemployment insurance benefits
totaled 306,000 for the week ending Sept. 20, their lowest level in
seven weeks. Measured on a four-week moving average basis, initial
claims totaled 312,750 for the latest week, down 8,000 from four
weeks earlier and 17,750 from 52 weeks earlier.

■

The U.S. Department of the Treasury reported that August outlays
of $138.1 billion and revenues of $103.5 billion resulted in a budget
deficit of $34.6 billion. Over the first 11 months offiscal year 1997,
the federal budget deficit totaled $71.3 billion, a decline of $71.4
billion from the same period last year.

■

Yields on 30-year Treasury securities averaged 6.35 percent for
the week ending Sept. 26, down 28 basis points from four weeks
earlier and 60 basis points from a year earlier. At the same time,
yields on three-month Treasury bills averaged 4.87 percent for the
latest week, down 26 basis points from four weeks earlier and 11
basis points from a year earlier (see page 7).

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.ffb.org/fred.


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

2
Adjusted Monetary Base
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollors

Aug 13

Sep 10

Billions of Dollars

490

Billions
478.331
478.810
480.041
482.970
483.145
482.957

480

470

460

450

"T"|T

7 21

4 18 2

Aug

Sep

16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25 8 23 6 20 3 17 1
Oct

Nov

Dec

Jon

Feb

Mor

Apr

1996

Moy

Jun

Jul

Aug

Sep

15 29
Oct

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, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetory base series was recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Doto ore computed by this bank. A detailed description of the adjusted monetory
base is available from this bank. Recent data are preliminary.

Adjusted Monetary Base
Jwo rnainfenance

Compounded annuol rotes of change, overoge of two maintenance periods ending:
9/25/96 12/18/96 2/26/97
3/26/97

4/23/97

5/21/97

6/18/97

7/30/97

periods ending:
2/26/97

6.3

3/26/97

5.1

4/23/97

4.1

2.9

-1.8

5/21/97

5.0

4.6

2.6

4.7

6/18/97

4.9

4.5

3.1

4.6

8.2

7/30/97

4.9

4.6

3.5

4.7

6.7

4.6

8/27/97

5.2

5.0

4.3

5.3

7.1

5.7

6.1

9/24/97

5.1

4.9

4.3

5.1

6.5

5.3

5.6


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

4.5

6.2

Prepared by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Billions
Aug 11

Sep

1

Billions

1063.2
1065.6
1070.6
1079.7
1062.0
1055.4

Aug 11
Sep

643.9
645.7
649.6
657.2
640.1
632.3

1

M1 (left scole)

TCD (right scale)

5

19 2
Aug

16 30 M 28 II 25 9 23 6 20
Sep

Oct

Nov

Dec

17 3 17 31 H 28 12 26 9 23 7 21 i
Feb

Mar

Apr

May

Jun

18
Aug

I

15 29 13 27
Sep

Oct

Ml 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 ond other checkable deposits ot depository
institutions. Current data oppeor in the Federal Reserve Board's H.6 release.

Money Stock (M1)
T
To the overage
Of four weeks
ending:

Compounded onnuol rotes of change, average of four weeks endina:
,
,
*
*
9/16/96 12/16/96 2/17/97 3/17/97 4/14/97 5/12/97 6/16/97

2/17/97

-2.8

3/17/97

-3.3

-1.0

4/14/97

-4.6

-3.7

-9.2

5/12/97

-4.3

-3.4

-6.9

6/16/97

-3.9

-3.0

-5.2

-4.9

-1.5

7/14/97

-3.7

-2.8

-4.6

-4.2

-1.6

8/18/97

-3.0

-2.1

-3.2

-2.7

-0.5

0.0

9/15/97

-2.7

-1.7

-2.6

-2.0

0.0

7/14/97

0.4


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

-7.3

-1.4

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions

Jul

2

Sop 10

69.185
68.813
67.522
67.635
69.029
68.674

7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1
Aug

Sep

Feb

Oct

Mor

Apr

1996

Moy

IS 29

Jun

1997

Adjusted reserves is the difference between the odjusted monetary base ond the currency component of M1.
The adjusted monetary bose series was recently revised: See the footnote to the monetary base chort for o
description of the chonge.

Adjusted Reserves
Compounded onnual rotes of chonge, overoge of two maintenance periods ending:
To the average of
two mointenonce
periods ending:

9/11/96

12/4/96

2/12/97

3/12/97

4/9/97

5/7/97

6/4/97

2/12/97

-4.2

3/12/97

-7.9

4/9/97

-9.4

-9.2

-22.3

5/7/97

-11.4

-12.2

-23.1

6/4/97

-5.9

-4.1

-8.2

-1.4

7/16/97

-6.3

-5.0

-8.4

-4.0

0.6

8/13/97

-7.9

-7.3

-10.9

-7.9

-5.4

1.0

-15.2

9/10/97

-5.6

-4.3

-6.6

-3.2

-0.1

6.3

-4.7

7/16/97


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

-6.3
-21.7
8.5
13.0
-1.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
seasonally Adjusted

Ratio

Ratio

Compounded onnuol rotes
of chonge. overage of
the four weeks ending
September 8, 1997, from
_ . the four weeks ending:

Jun 30
Jul 14

1996
1997

2.6-

-7.3
-6.3
-6.4
-5.9

Sep

8

-5.8
-3.0

u.°y

1997

-2

.

6

...... ... 2.4

Aug

Sep

15 29 13 27

Oct

Apr

1996
Ratio of Ml to the odjusled monetary bose.

May

Jun

Jul

Aug

Sep

Oct

1997

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

420

Compounded onnuol rotes
of change, overoge of
the four weeks ending
September 15. 1997, fro
the four weeks ending:

Sep
Oec
Mar
Apr
May
Jun
Jul

16.
1 6,
1 7.
1 4.
12.
16.
1 4.

1996
1996
1 997
1 997
1997
1997
1 997

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

410

400

Billions
Aug 11

411.6
Sep

19

1

17 1 17 J1 14 28 12 2$ 9 21 7 21 4 18
Feb
Mar
Apr
May
Jun Jul
Aug

1

1996
Current doto appear in the Federol Reserve Boord's H.6 release.


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

15 29 11 J
Sep
Oct

1997
Prepared by Federal Reserve Bank of St. Louis

5

390

412.8
414.5
414.0

380

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

2

16 30 13 27 11 25

8 22 6 20 3

17 31

14 28 14 28 11 25

May
1996

1997
Jul

4
11
18
25
8
15
22
29
12
19
26

15 29 12 26 10 24

9 23 6 20
Jun

1997

30-Doy
Commercial
Poper

90-0ay
CDs

90-Doy
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boa Bonds

5.51
5.47
5.47
5.47
5.48
5.47
5.49
5.47
5.48
5.49
5.48
5.49
5.49

5.66
5.61
5.59
5.59
5.58
5.60
5.61
5.58
5.60
5.60
5.60
5.59
5.59

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

7.36
7.19
7.15
7.09
7.01
7.15
7.26
7.22
7.28
7.25
7.28
7.09
7.03

7.94
7.79
7.76
7.70
7.62
7.76
7.86
7.85
7.82
7.79
7.81
7.67
7.63

Municipal
Bonds ••
5.53
5.38
5.32
5.28
5.23
5.33
5.42
5.43
5.45
5.42
5.44
5.33
NA

Current data are from the Federol Reserve 8oard‘s H. 15 release, and are overages of rates available for the week
ending on September 26, 1997 . Beginning September 2, 1997, the commercial paper rote reflects new source doto.
which is currently available only bock to the first of the year.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday dota


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

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Yeor
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

Aug

Sep

1997
Jul

4
11
18
25
Aug
1
8
15
22
29
Sep 5
12
19
26 •

Oct

Federol
Funds ••
5.82
5.48
5.44
5.43
5.57
5.62
5.45
5.59
5.56
5.64
5.48
5.58
5.57

9 23 G 20 4
Moy
Jun

Apr

18

I

15 29 12 26 10 24
Aug

Sep

Oct

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treasury
Securities

5.04
4.99
5.05
5.08
5.11
5.15
5.17
5.12
5.13
5.03
5.00
4.97
4.87

5.32
5.24
5.24
5.25
5.19
5.25
5.29
5.24
5.29
5.28
5.29
5.19
5.18

6.31
6.15
6.14
6.09
6.00
6.15
6.17
6.12
6.22
6.22
6.23
6.04
5.99

6.42
6.26
6.23
6.18
6.11
6.26
6.33
6.27
6.36
6.34
6.34
6.14
6.07

6.72
6.56
6.52
6.46
6.38
6.52
6.61
6.57
6.63
6.61
6.64
6.43
6.35

Current dato appear In the Federal Reserve Boord's H. 15 release.
• Averages oF rates available
•• Seven-day overages lor week ending two doys earlier than dote shown


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

Prepared by Federol Reserve Bank ol SI. Louis

7

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

Billions of Dollars

Aug 11

Billions
3951.3
3965.9
3971.8
3989.0
3977.6
3984.9

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-Mi M2
Billions .....2700
2888.1
2900.3

Aug 11
Sep

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
Aug

Sep

Feb

Oct

Mor

Apr

May

1

18 1
Aug

Jun

2909.3
2915.6
2929.5

15 29 13 27
Sep

Oct

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

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

9/16/96 12/16/96

2/17/97

3/17/97

4/14/97

5/12/97

2/17/97

5.5

5.5

4/14/97

5.7

5.8

5.2

5/'2/97

5.4

5.4

4.7

5.2

6/16/97

5.0

4.7

3.9

3.9

2.7

7/14/97

5.0

4.8

4.1

4.2

3.4

3.3

8/18/97

5.1

4.9

4.4

4.6

4.1

4.2

9/15/97

5.5

5.5

5.3

5.5

5.3

7/14/97

5.9

3/17/97

6/16/97

5.6


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

Prepared by Federal Reserve Bonk of St. Louis

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

^seasonally Adjusted

Billions of Dollars
MOO

Small Time
1997
Aug 11
Sep

1

Billions
961.5
962.1
962.3
962.6
962.7
964.0

1360

1320

Small Time (left scale)

1280
Savings
Savings Deposits (right scale)

Billions
Aug

11

Sep

1

1240

1200

5 19 2 IS 30 M 2ft II 25 9 23 I 20 3 17
Sep

Oct

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

1996
Savings deposits and small time deposits ore at oil depository institutions.

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

seasonally Adjusted

Large Time
1997

700"
Sep

1

Billions of Dollars
Retail Money

Billions
556.0
555.8
564.1

1997

Billions

Aug 11
Sep

568.6
575.7

1

589.0
595.1
597.8
607.1
606.0
608.8

Retail Money

Large Time

15 29 13 27

Sep

Oct
Feb
Mor
Apr
Moy
Jun
Sep
Oct
1996
1997
Large time deposits ond retoil money funds ore at all despository institutions. Large time deposits ore those
issued m denominations of $100,000 or more. Retoil money funds were originolly colled aenerol 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 Bonks
Averages of Doily Figures

Billions of Dollars

Aug 20
Sep

7

21

3

4

Billions of Dollars

Billions
1.089
0.481
0.573
0.434
0.458
0.396

18

2

Sep

16 30 13 27 11 25

8

22

5

19

5

19

2

16 30 14 28 11 23 9

Moy

Oct

23

6

20

3

Aug

Jun

17

15 29

Sep

1996
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

Bonk Credit
7
” '

Sep

Billions
3990.7
3960.2
3973.5
3973.0
3982.1
3985.0

3

Bor.k Credit (left scale)2/

Loons Sc Leoses
1997
lug 6
13
“

Loans and Leoses (right scale)

Sep

7

21

4

18

2

16 30 13 27 11 25

8

22

5

19

3

19

2

■ ■

16 30 14 28 11 25 9

23

r

6

20

Aug
1996
Current doto appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond leoses and securities


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Federal Reserve Bank of St. Louis

3
3

•2800

Billions
2942.4
2944.2
2959.2
2945.2
2950.7
2957.2
17

Sep

1

15 29

Oct

1997

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Aug 13

220Sep

3

20 3

17

15 29

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
Billions of Dollars

Seasonally Adjusted
Billions of Dollars

465

All Bonks
Billions
824.8
827.1

835-

833.8
Sep
815-

445

All Bonks (left scale) 1/

3
837.2

425

Large Bonks (right scale)^/
405

Large Bonks
Aug

6

Sep

385

3

421.5
422.7
425.8
427.2

365

429.4
345
»7

1

15 29

1996
Current doto oppeor in the Federol Reserve Boord'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 Bonk of St. Louis

11

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

1973*100

1973=100

100-

-

1996

'"7

Current doto appear in the Federal Reserve Board's H.10 release Data ore eeighted overages ol Ihe foreign-currency
price o< the U.S. dollar. computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

>i

OS

a;

12)
j

(7>

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