Full text of U.S. Financial Data : Week Ending: March 30, 1977

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Week ending: March 30r 1977
Interest rates on most securities averaged about the same in
March as they did in February of this year. The averages of short- and
- — --- ----- —
jcai. iixc averages ul snort- ana
intermediate-term yields in March were generally higher than the averages
L i SR A
December 1976 by about 20 basis points or more. As noted in the table
b#ow> the one exception was the Federal funds rate, which averaged only
DEC 2 8 '44>asis points higher in March than in December. The March averages of
short-term yields are still generally below their November 1976 levels,
while the average yields on the intermediate-term (3—5 year) Government
securities and the one-year Treasury bill were higher in March than in
November.
The averages of long-term yields in March were also higher than
the averages in December for corporate AAA bonds and Treasury securities,
but the average yield on municipal bonds was slightly lower. Compared to
their November averages, long-term yields on corporate AAA bonds and
municipal bonds were lower in March, but long-term Treasury yields were
higher.

YIELDS ON SELECTED SECURITIES
(Monthly Average of Daily Rates)
Nov.
1976

Dec.
1976

Jan.
1977

Feb.
1977

Short-Term Securities
Federal Funds

4.95%

4.65%

4.61%

4.68%

4.69%

Prime Commercial Paper
(4-6 Month)

5.05

4.70

4.74

4.82

4.88

Prime Bankers' Acceptances

4.90

4.62

4.81

4.83

4.81

3-Month Treasury Bills

4.75

4.35

4.62

4.67

4.61

1-Year Treasury Bills

5.00

4.64

5.00

5.16

5.20

Intermediate-Term Securities
3-5 Year Government
Securities

6.35

5.96

6.49

6.68

6.72

Long-Term Securities
Corporate AAA Bonds

8.25

7.98

7.96

8.04

8.10

Long-Term Government
Securities*

7.52

7.20

7.35

7.53

7.57

Municipal Bonds**

6.29

5.94

5.87

5.89

5.91

March
1977

* Issues due or callable in ten years or more, excluding issues that
have special Federal estate tax privileges.
** Thursday data.


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

Prepared by Federal Reserve Bank of St. Louis
Released: April 1,1977

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
134

MILLIONS
FEB.
— MAR.

23

132

131,319

130

128

126

124

122

120

16

3

17 31

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27

10 24

5 19

2

JAN

4

16

2

16 30 13 27

FEB

8 22

LATEST DATA PLOTTED WEEK ENDING: MARCH 30, 1977
THE MONETARY BASE CONSISTS OF MEMBER BANK RESERVES AT THE FEDERAL RESERVE BANKS AND CURRENCY
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS), ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
FEDERAL RESERVE CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE SOURCES AND USES OF THE MONETARY BASE IS AVAILABLE AS REPRINT NO. 31 FROM
THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/2/77
9/1/76 9/29/76 10/27/76 12/1/76 12/29/76
6/30/76
3/31/76
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/76
9/29/76
10/27/76
12/ 1/76
12/29/76
2/ 2/77
3/ 2/77
3/30/77

2


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

7. 1
7.2
7.2
7.6
6.9
6.8
6.9
7.1

6.5
6.8
7.4

6.5
6.4
6.5
6.9

7.6
8.4
6.8
6.6
6.7
7. 1

8.7
6.5
6.3

6.5
7.0

6.0
6.0
6.3
6.9

4.0
5.0
6.2

6.6
7.6

8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER ^
ADJUSTED FEDERAL RESERVE CREDIT^
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

MULTIPLIER

BAILS.

— 2.2

LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977
BILLIONS OF DOLLARS
120
— ------ 1-----1----- —r
1 18
1 16

112

120

CO MPOUNDED ANNUAL R MES
-- OF CHANGE, AVERAGE IF ~ TH E FOUR WEEKS END IfsIG
~ MA RCH 30, 1977 FROM
TH E FOUR WEEKS END if
-

IH

BILLIONS OF DOLLARS

FE B.
DE C.
DEL C.
- OC T.
SE P.
— jjj k!
_ MA r.

2,
29,
1,
27,
29,

31;

1977
1976
1976
1976
1976
1 QTfi
1976

8.
7. 3
5.;l
6.1
6.e I
ft
6. I

118

116

IH
AD. USTED FEDER/ L RES ERVE :red1t

112

110

V" V
-

r\ .
V

-

.

110
-

■y r"

108

V

__
* ^V"

106
104

-

V

108

—/=*
2V

•

102

i 1 1 _.i j 11. 11:

111 _LLLL -LLL -LLL -LLLL -LLL _LLL -LLLL

14 28 12 26

FEB

MAR

APR

MAY

MILL 10 NS “

12IL

9 23

JUN

7 21

JUL
1976

4 18

1

AUG

15 29 13 27

SEP

OCT

10 24

NOV

8 22

DEC

FEE1. 23
MAF1.
2
9
16

III;!!
Ili-fl

7

104

9
30
-1.1.1 hillLllll
5 19

JAN

106

“
5

102

-J_LL

2 16

FEB

2 16 30 13 27

MAR

APR

1977

LATEST DATA PLOTTED WEEK ENDING: MARCH 30, 1977
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.
2/

T,1
0F FEDERAL reserve HOLDINGS OF securities, LOANS, FLOAT
AND OTHER ASSETS. ADJUSTED FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACfING TREASURY
DEPOSITS AT FEDERAL RESERVE BANKS FROM THIS SERIES, AND ADJUSTING Tl* SERIES FOR RE­
SERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
765
760

BILLIONS
750.5
750.2
750. 1

755

755. 4

745

750

740
735
730
725
720
715
710
705
700
-3 695
690
-=J 685
680
675
4

18

3

17

31

14 28

12

26

9 23

7

1

21

15 29

13 27

10 24

8 22

5

19

2

16

2

16 30

13 27

1977

1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS ( M 2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/24/76

6/23/76

8/25/76

10. 1
10. 1
10.7
10.9
11.2
11.2
10.7
10.6

10.4
11.4
11.6
11.9
11.8
11.1
10.8

12.3
12.4
12.6
12.4
11.3
1 0. 9

9/22/76 10/20/76 11/24/76 12/22/76

1/26/77

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77
3/23/77

4


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

13.4
13.4
12.9
11.5
11.1

12.9
12.4
10.8
10.4

12.4
10.2
9.9

8.8
8.8

7.1

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

0

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
325 -----1------ 1-

BILLIONS OF DOLLARS
- ------ ----- 325
-

BILLIONS
_

FEB.

313.7
313.2
3M.7
316.4
315.3

— MAR

< 18

3 17 31

FEB

MAR

M

APR

28

12 26 9 23

MAY

7 21

4

1(

JUN

I

15 29 13 27

JUL AUG
1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977

OCT

10 24

8 22

5 19

2

JAN

NOV

FEB

16

2

16 30 13 27

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/24/76
6/23/76 8/25/76 9/22/76 10/20/76 11/24/76 12/22/76 1/26/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77
3/23/77


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

7. 1
6.1

4.4

6.7

5.9
5.4
5.5

4.8

6.2

6. 1

5.2
5.2

4.9
4.9

6.3
6.2
6.6
5.9

5.8

5.4
5. 1

6.8
6.6

4.8

7.4
5.7
5.6

6.5
4.7
4.7

8. 1

5.0
5.0

4.5
4.7

1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
10.0

9.5

9.0

8.5

CORPORATE Aaa BONOS

8.0

7.5

PRIME BANK
LOAN RATE

7.0
N_ /
_

6.5
MUNICIPAL
BONDS xx

COMMERCIAL PAPER

6.0

-

5.5

5.0

4.5

4.0

6 20

5 19

FEB

Z

16 3Q 14 28 11 25

MAR

MAY

JUN

9 23

6 20

3 IT

AUG

1

15 29

12 26 10 24

7 21

-1 18

4

JAN

SEP

FEB

MAR

18

1

15 23

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. APRIL 1, 1977

90 DAY
CD'S XX*

1977
FEB.

4

11
18
25
MAR.
4
I1
18
25
APR.
1 3K
8
15
22
29

6

PRIME
COMMERCIAL
PAPER
4-6 MONTH

PRIME
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS xx

4.90
4.83
4.78
4.79
4.88
4.87
4.83
4.80
4.81

4.88
4,30
4.78
4.84
4.85
4.85
4.88
4.88
4.88

4.90
4.82
4.78
4.84
4.83
4.84
4.81
4.79
4.77

8.03
8.01
8.04
8.08
8. 10
8.12
8.09
8.09
8. 1 1

5.93
5.86
5.83
5.92
5.92
5.92
5.90
5.88
N.A.

* AVERAGES OF RATES AVAILABLE.
XX BOND BUYER’S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
„ „
XX* SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE WEEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
6.5 --

PERCENT
- 6.5

DISCOUNT RATE

FEDERAL FUNDS RATE
THREE-MONTH TREASURyVv^V
BILL MARKET YIELD
\
a

6 20

S

FEB

MAR

19

2

16 30

APR

M 28

MAY

11

25

JUN

9 23

6 20

JUL
AUG
1976

3

IT

SEP

1

15 29

OCT

12 26 10 24

NOV

DEC

7

21

JAN

A

18

FEB

A

18

MAR
1977

1

15 29

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 1, 1977

FEDERAL
FUNDS x***

1977
FEB.

4
1 1
18
25

MAR.

A

1 1
18
25
APR.
1 K
8
15
22
29

4.60
4.66
4.70
4.74
4.68
4.63
4.62
4.77
4.74

3-MONTH
TREASURY
BILLS

1-YEAR
TREASURY
BILL

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

4.71
4.82
4.63
4.71
4.66
4.63
4.59
4.57
4.58

5.24
5. 1 1
5.08
5.22
5.23
5.22
5. 18
5.17
5.16

6.78
6.64
6.60
6.76
6.76
6.77
6.71
6.68
6.71

7.52
7.49
7.51
7.59
7.60
7.60
7.56
7.55
7.57

* AVERAGES OF RATES AVAILABLE.
** SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
RATES ON LONG-TERM GOVERNMENT SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

NET TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
450

BILLIONS

445

435.8
436.5
436.9
438. 1
439.0

440
435
430
425
420
415
410
405
400
395
390
385
380

4 18

3 ir 31

14 28 12 26

9 23

7 21

4 18

1

15 29 13 27

10 24

8 22

5 19

2

JAN

FEB

16

1976

2

16 30 13 27

1977

LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/24/76
6/23/76 8/25/76 9/22/76 10/20/76 11/24/76 12/22/76 1Z26/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77
3/23/77

8

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

12.4
13.3
13.8
14.6
15. 1
14.8
14.5
14.2

15.2
15.7
16.5
16.9
16.3
15.7
15.2

17.8
18.4
18.6
17.2
16.3
15.6

18.5
18.7
17. 1
15.9
15.2

19.2
16.9
15.6
14.8

15.6
14.2
13.5

12.1
11.8

11.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
245

BILLIONS
232.9
231.4
231.1
232.4
234. 1

240

235

230

225

220

4

18

3

17 31

H 28

12

26

9 23

7

21

1

15 29

13 27

10 24

8 22

5

19

2

16

2

16 30

13 27

LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOS T COMPONENT OF MONEY STOCK
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/24/76
6/23/76 8/25/76 9/22/76 10/20/76 11/24/76 12/22/76 1Z26/77
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/76
9/22/76
10/20/76
11/24/76
12/22/76
1/26/77
2/23/77
3/23/77


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

6.4
5.0
5.8
5.3
5.3
5.8
4.8
4.8

3.2
5.0
4.3
4.6
5.4
4. 1
4.2

4. 1
3.4
3.9
5.3
3.5
3.7

6.0
5.9
7.0
4.6
4.6

3.8
6.0
3.3
3.5

8. 1
3.7
3.9

2.8
3.3

-0.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS
WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS CF DOLLARS

4

18

3

17 31

14 28

APR

12 26

9 23

7 21

4

18

1

15 29

13 27

OCT

MAY

10 24

BILLIONS OF DOLLARS

8 22

NOV

5

19

JAN

2 16
FEB

2

16 30

13 27

1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.

1977
FEB.

2
9
16
23
MAR.
2
9
16
23
30
APR.
6
13
20
27

CERTIFICATES CERTIFICATES
OF DEPOSIT
OF DEPOSIT
NOT SEAS. ADJ. SEAS. ADJ.
62.0
61.9
61.7
60.8
60.3
60.6
60.7
60.2

62.8
63.5
63.6
63. 1
62.7
62.5
62.0
61.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

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

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1.5 ----------- -

BILLIONS OF DOLLARS
- 1------ 1----- 1.5
millions

FEB. 23

4 18

3 17 31

FEB

MAR

14 28 12 26 9 23

APR

MAY

JUN

7 21

4 18

JUL AUG
1976

1

15

SEP

29 13 27

OCT

10 24

NOV

8 22

DEC

5 19

2 16

JAN

FEB

2

16 30 13 27

MAR
1977

APR

LATEST DATA PLOTTED WEEK ENDING: MARCH 30, 1977

BUSINESS LOANS
( COMMERCIAL AND INDUSTRIAL )

BILLIONS OF DOLLARS

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
124
122
120
118
116
114
112

110
108
106

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
— THE FOUR WEEKS ENDING
- MARCH 23, 1977 FROM
— THE FOUR WEEKS ENDING:
~ JAN. 26,
— DEC. 22,
— NOV. 24,

1977
1976
1976

104
MILLIONS

13.3
5.2
5.3

FEB. 16

1.1.1 1.1
4 18

3 17 31

14 28 12 26

mill
9 23

1

15 29 13 27 10 24

8 22

5 19

2

JAN

FEB

16

2

16 30 13 27

LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1977


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

FEDERAL RESERVE BANK OF ST LOUIS
P. O. BOX 442
ST. LOUIS, MISSOURI 63166

FIRST CLASS MAIL
U. S. POSTAGE

RETURN POSTAGE GUARANTEED
PERMIT 444

FIRST CLASS mflIL

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS


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

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF THE FOUR WEEKS ENDING
MARCH 23, 1977 FROM THE FOUR
WEEKS ENDING:
CREDIT
CREDIT
PROXY
.-EBflXY
ADJUSTED

=

560

550
26.
22,
24,
20,
22,
23,
24,

OCT.
SEP.
MAR.

1977
1976
1976
1976
1976
1976
1976

0.7
2.9
5.3
6.7
7.2
5.7
5.1

-CREDIT PROXY ADJUSTED 1/

540

^
=

530

520

CREDIT PROXY
510
PILLIONS
CREDIT
PROXY

CREDIT

EMXY

500

ADJUSTED
538.9
540.3
541.0

4

18

3

17 31

14 28

12 26

9 23

7 21

4

18

1

15 29 13 27

10 24

1976
LATEST DATA PLOTTED WEEK ENDING: MARCH 23,
CURRENT DATA APPEAR

8 22

5

19

JAN

2

16

FEB

490

543 5

531.1
532.6
533.3
536. 1

480

2

16 30

13 27

1977
1977

IN THE BOARD OF GOVERNORS’ H.9 RELEASE.

]/ 1l.N£LU2fS.£EM?K SANK DEPOSITS, BANK-RELATED COMMERCIAL PAPERr EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.
•
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS