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MONEY, CREDIT, AND SECURITY MARKETS.

MONEY STOCK AND DEBT MEASURES

In July, M2 growth accelerated, while M3 growth slowed slightly.

[ILLUSTRATION OMITTED]
 [Averages of daily figures, except as noted;
 billions of dollars, seasonally adjusted]

 M1 M2

Period Sum of currency, M1 plus retail
 demand deposits, MMMF balances,
 travelers' checks, savings deposits
 and other (including MMDAs),
 checkable deposits and small time
 (OCDs) deposits

1969: Dec 792.6 3,159.9
1990: Dec 824.6 3,279.1
1991: Dec 896.7 3,379.8
1992: Dec 1,024.4 3,434.0
1993: Dec 1,129.3 3,487.4
1994: Dec 1,149.7 3,502.0
1995: Dec 1,126.7 3,649.1
1996: Dec 1,081.3 3,823.9
1997: Dec 1,074.9 4,046.6
1998: Dec 1,093.4 4,402.0

1998: June 1,077.8 4,198.6
 July 1,075.4 4,216.1
 Aug 1,072.2 4,241.7
 Sept 1,074.7 4,285.5
 Oct 1,080.4 4,326.9
 Nov 1,089.0 4,365.2
 Dec 1,093.4 4,402.0

1999: Jan(r) 1,091.0 4,426.0
 Feb(r) 1,092.6 4,446.8
 Mar(r) 1,102.0 4,456.9
 Apr(r) 1,108.4 4,489.5
 May(r) 1,104.7 4,506.5
 June(r) 1,101.1 4,522.2
 July 1,099.4 4,542.3

 [Averages of daily figures, except as noted;
 billions of dollars, seasonally adjusted]

 M3 Debt

Period M2 plus large Debt of domestic
 time deposits, nonfinancial sectors
 RPs, Euro-dollars, (monthly average of
 and institutional adjacent month-end
 MMMF balances levels)(1)

1969: Dec 4,091.0 10,156.8
1990: Dec 4,155.6 10,823.2
1991: Dec 4,208.6 11,296.2
1992: Dec 4,220.0 11,817.7
1993: Dec 4,279.7 12,405.5
1994: Dec 4,353.9 13,001.0
1995: Dec 4,618.5 13,697.7
1996: Dec 4,955.6 14,392.8
1997: Dec (r)5,403.7 15,094.9
1998: Dec (r)5,996.9 16,026.1

1998: June (r)5,671.3 15,539.8
 July (r)5,691.4 15,619.3
 Aug (r)5,747.5 15,696.2
 Sept (r)5,811.0 15,766.5
 Oct 5,873.1 15,850.3
 Nov (r)5,938.1 15,945.2
 Dec (r)5,996.9 16,026.1

1999: Jan(r) 6,018.0 16,100.6
 Feb(r) 6,066.0 16,169.8
 Mar(r) 6,060.7 16,267.1
 Apr(r) 6,103.8 16,356.6
 May(r) 6,128.9 16,416.2
 June(r) 6,157.2 (p)16,478.9
 July 6,182.0 ....

Period Percent change from year or 6
 months earlier(2)

 M1 M2 M3 Debt

1969: Dec 0.8 5.5 4.0 7.3
1990: Dec 4.0 3.8 1.6 6.6
1991: Dec 8.7 3.1 1.3 4.4
1992: Dec 14.2 1.6 0.3 4.6
1993: Dec 10.2 1.6 1.4 5.0
1994: Dec 1.8 0.4 1.7 4.8
1995: Dec -2.0 4.2 6.1 5.4
1996: Dec -4.0 4.8 7.3 5.1
1997: Dec 0.6 5.8 (r)9.0 4.9
1998: Dec 1.7 8.8 (r)11.0 6.2

1998: June 0.5 7.5 9.9 5.9
 July 0.3 7.1 8.9 6.1
 Aug 0.7 6.9 9.6 6.1
 Sept -1.1 7.7 9.7 5.8
 Oct 0.3 8.3 10.2 5.9
 Nov 2.0 9.1 (r)11.0 6.2
 Dec 2.9 9.7 (r)11.5 6.3

1999: Jan(r) 2.9 10.0 11.5 6.2
 Feb(r) 3.8 9.7 11.1 6.0
 Mar(r) 5.1 8.0 8.6 6.4
 Apr(r) 5.2 7.5 7.9 6.4
 May(r) 2.9 6.5 6.4 5.9
 June(r) 1.4 5.5 5.3 5.7
 July 1.5 5.3 5.5 ....


(1) Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data derived from flow of funds accounts.

(2) Annual changes are from December and monthly changes are from 6 months earlier at a simple annual rate.

NOTE.--See p. 27 for components.

Source. Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted]
 Other
 Nonbank checkable
 travelers Demand deposits
Period Currency checks deposits (OCDs)

1989: Dec 222.6 6.1 278.7 285.1
1990: Dec 247.0 7.0 276.9 293.7
1991: Dec 267.5 7.1 289.7 332.5
1992: Dec 292.5 7.5 340.0 384.4
1993: Dec 322.0 7.3 385.4 414.6
1994: Dec 354.2 7.8 383.6 404.1
1995: Dec 372.3 8.3 389.4 356.7
1996: Dec 394.1 8.0 403.0 276.2
1997: Dec 424.5 7.7 396.5 246.2
1998: Dec 459.2 7.8 377.5 248.8

1998: July 442.3 8.5 379.3 245.3
 Aug 444.8 8.5 374.8 244.0
 Sept 449.6 8.3 374.4 242.4
 Oct 453.3 8.3 374.7 244.2
 Nov 456.5 7.9 377.0 247.6
 Dec 459.2 7.8 377.5 248.8

1999: Jan 462.7 7.8 371.1 249.5
 Feb 467.6 7.7 371.8 245.5
 Mar 472.0 7.8 374.1 248.1
 Apr 476.5 7.8 374.0 250.1
 May 480.9 7.8 369.4 246.5
 June(r) 484.1 8.2 362.9 245.9
 July 487.3 8.6 362.6 241.0

 Savings
 deposits,
 Money market mutual including
 fund balances money market
 deposit accounts
Period Retail Institutional (MMDAs)

1989: Dec 322.3 111.1 893.7
1990: Dec 358.0 139.6 923.2
1991: Dec 373.1 187.7 1,044.4
1992: Dec 354.7 210.5 1,186.7
1993: Dec 357.0 212.5 1,219.1
1994: Dec 385.8 204.7 1,150.0
1995: Dec 455.5 255.9 1,135.1
1996: Dec 522.8 313.3 1,272.3
1997: Dec 602.3 379.9 1,400.2
1998: Dec 751.7 516.2 1,605.0

1998: July 672.5 441.9 1,505.8
 Aug 687.2 454.5 1,522.5
 Sept 708.4 467.8 1,543.7
 Oct 725.5 486.7 1,563.1
 Nov 737.9 503.8 1,582.6
 Dec 751.7 516.2 1,605.0

1999: Jan 765.9 515.0 1,622.7
 Feb 780.3 529.9 1,633.1
 Mar 782.3 529.1 1,636.0
 Apr 790.5 538.4 1,657.1
 May 796.5 544.6 1,675.1
 June(r) 801.7 548.1 1,694.1
 July 802.7 546.0 1,715.6

 Small Large
 denomination denomination
 time time
Period deposits(1) deposits(1)

1989: Dec 1,151.4 541.5
1990: Dec 1,173.4 482.1
1991: Dec 1,065.7 417.6
1992: Dec 868.2 354.5
1993: Dec 782.1 334.5
1994: Dec 816.5 364.5
1995: Dec 931.7 421.1
1996: Dec 947.5 493.2
1997: Dec 969.3 576.1
1998: Dec 952.0 (r)630.0

1998: July 962.4 613.6
 Aug 959.7 620.2
 Sept 956.7 621.3
 Oct 957.9 621.5
 Nov 955.7 625.4
 Dec 952.0 (r)630.0

1999: Jan (r)946.5 (r)637.3
 Feb (r)940.7 (r)626.3
 Mar (r)936.6 (r)617.1
 Apr (r)933.5 (r)623.6
 May (r)930.2 (r)621.5
 June(r) 925.4 618.1
 July 924.7 628.9

 Overnight
 and term Overnight
 repurchase and term
 agreements Euro-dollars
Period (RPs)(net) (net)

1989: Dec 169.1 109.4
1990: Dec 151.5 103.3
1991: Dec 131.1 92.3
1992: Dec 141.6 79.5
1993: Dec 172.6 72.7
1994: Dec 196.4 86.1
1995: Dec 198.7 93.7
1996: Dec 211.3 113.9
1997: Dec 252.8 149.3
1998: Dec (r)297.8 150.7

1998: July (r)270.7 149.2
 Aug (r)277.6 153.5
 Sept (r)282.0 154.4
 Oct (r)282.6 155.5
 Nov (r)289.2 154.5
 Dec (r)297.8 150.7

1999: Jan (r)292.3 147.3
 Feb (r)309.9 153.1
 Mar (r)298.1 159.4
 Apr (r)290.0 (r)162.2
 May (r)295.6 (r)160.6
 June(r) 308.7 160.1
 July 308.6 156.1


(1) Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively.

Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE [Average of daily figures(1); millions of dollars; seasonally adjusted, except as noted by NSA]
 Adjusted for changes in reserve requirements

 Reserves of depository institutions

 Non-borrowed
 plus extended
Period Total Non-borrowed credit Required

1989: Dec 40,469 40,204 40,224 39,528
1990: Dec 41,747 41,422 41,445 40,083
1991: Dec 45,493 45,301 45,301 44,504
1992: Dec 54,388 54,265 54,265 53,235
1993: Dec 60,530 60,448 60,448 59,460
1994: Dec 59,419 59,210 59,210 53,260
1995: Dec 56,454 56,197 56,197 53,164
1996: Dec 50,162 50,008 50,008 48,746
1997: Dec 46,861 46,537 40,537 45,176
1998: Dec 44,902 44,785 44,785 43,319

1998: July 44,895 44,637 44,637 43,524
 Aug 44,983 44,712 44,712 43,453
 Sept 44,540 44,290 44,200 42,846
 Oct 44,405 44,231 44,231 42,831
 Nov 44,497 44,414 44,414 42,873
 Dec 44,902 44,785 44,785 43,319

1999: Jan 45,125 44,920 44,920 43,591
 Feb 44,551 44,435 44,435 43,336
 Mar 43,717 43,652 43,652 42,412
 Apr 43,979 43,812 43,812 42,820
 May 44,360 44,233 44,233 43,105
 June 42,867 42,722 42,722 41,606
 July 41,979 41,669 41,669 40,902

 Adjusted
 for changes Borrowings of depository
 in reserve institutions from the Federal
 requirements Reserve (NSA)

 Monetary Extended
Period base Total Seasonal credit

1989: Dec 267,701 265 84 213
1990: Dec 293,240 326 76 23
1991: Dec 317,512 192 38 1
1992: Dec 350,865 124 18 1
1993: Dec 386,451 82 31 0
1994: Dec 418,072 209 100 0
1995: Dec 434,098 257 40 0
1996: Dec 451,373 155 68 0
1997: Dec 478,877 324 79 0
1998: Dec 512,321 117 15 0

1998: July 494,736 258 215 0
 Aug 497,569 271 242 0
 Sept 502,038 251 178 0
 Oct 505,843 174 107 0
 Nov 509,144 83 37 0
 Dec 512,321 117 15 0

1999: Jan 516,807 206 7 0
 Feb 520,843 116 9 0
 Mar 524,233 65 18 0
 Apr 528,741 166 39 0
 May 534,860 127 89 0
 June (r)537,625 145 127 0
 July 541,164 309 226 0


(1) Data are prorated averages of biweekly (maintenance period) averages of daily figures.

Source: Board of Governors of the Federal Reserve System.

BANK CREDIT AT ALL COMMERCIAL BANKS

Total commercial bank loans and leases fell 0.7 percent in July; commercial and industrial loans rose 0.1 percent.

[ILLUSTRATION OMITTED]
[Billions of dollars, seasonally adjusted(1)]

 Securities in bank credit

 Total U.S.
 bank Total Government Other
Period credit securities securities securities

1989: Dec(r) 2,605.3 585.2 400.8 184.3
1990: Dec(r) 2,751.7 634.3 456.4 177.9
1991: Dec(r) 2,857.4 746.0 566.5 179.5
1992: Dec(r) 2,955.9 841.5 664.8 176.7
1993: Dec(r) 3,115.3 915.0 730.3 184.7
1994: Dec(r) 3,321.3 939.8 721.7 218.1
1995: Dec(r) 3,604.8 984.7 701.8 282.9
1996: Dec(r) 3,761.2 978.7 699.2 279.5
1997: Dec(r) 4,103.2 1,085.9 748.1 337.8
1998: Dec(r) 4,549.5 1,226.3 792.3 434.0

1998: July(r) 4,285.7 1,134.0 763.6 370.3
 Aug(r) 4,345.3 1,159.4 776.0 383.4
 Sept(r) 4,393.6 1,177.6 771.6 406.0
 Oct(r) 4,490.8 1,218.8 777.0 441.8
 Nov(r) 4,530.1 1,222.2 790.5 431.7
 Dec(r) 4,549.5 1,226.3 792.3 434.0

1999: Jan(r) 4,540.1 1,217.2 794.2 423.0
 Feb(r) 4,525.7 1,207.0 791.4 415.7
 Mar(r) 4,494.7 1,188.5 798.7 389.8
 Apr(r) 4,499.9 1,188.1 799.9 388.2
 May(r) 4,505.2 1,186.9 797.8 389.1
 June(r) 4,538.3 1,204.2 811.7 392.5
 July 4,532.5 1,220.7 815.1 405.5

 Loans and leases in bank
 credit

 Commercial
 Total loans and
Period and leases(2) industrial

1989: Dec(r) 2,020.1 643.0
1990: Dec(r) 2,117.4 645.8
1991: Dec(r) 2,111.4 624.3
1992: Dec(r) 2,114.5 600.6
1993: Dec(r) 2,200.3 591.3
1994: Dec(r) 2,381.4 651.4
1995: Dec(r) 2,620.1 723.1
1996: Dec(r) 2,782.5 787.1
1997: Dec(r) 3,017.3 854.5
1998: Dec(r) 3,323.2 952.2

1998: July(r) 3,151.7 906.3
 Aug(r) 3,185.8 914.3
 Sept(r) 3,215.9 921.0
 Oct(r) 3,272.0 943.8
 Nov(r) 3,307.9 954.5
 Dec(r) 3,323.2 952.2

1999: Jan(r) 3,322.9 952.0
 Feb(r) 3,318.6 952.1
 Mar(r) 3,306.2 955.8
 Apr(r) 3,311.8 960.5
 May(r) 3,318.3 955.5
 June(r) 3,334.1 961.3
 July 3,311.8 962.2

 Loans and leases in bank credit

 Real estate

 Revolving
Period Total home equity Other

1989: Dec(r) 768.7 52.8 715.9
1990: Dec(r) 855.6 65.4 790.1
1991: Dec(r) 881.3 73.3 808.0
1992: Dec(r) 903.6 77.4 826.1
1993: Dec(r) 944.9 77.0 867.9
1994: Dec(r) 1,007.9 79.3 928.6
1995: Dec(r) 1,086.5 83.2 1,003.3
1996: Dec(r) 1,137.8 89.4 1,048.4
1997: Dec(r) 1,242.8 103.3 1,139.5
1998: Dec(r) 1,333.6 102.5 1,231.1

1998: July(r) 1,277.8 103.5 1,174.3
 Aug(r) 1,287.4 103.3 1,184.0
 Sept(r) 1,289.6 103.6 1,186.0
 Oct(r) 1,296.8 102.5 1,194.3
 Nov(r) 1,319.3 102.7 1,216.6
 Dec(r) l,333.6 102.5 1,231.1

1999: Jan(r) 1,340.4 102.3 1,238.1
 Feb(r) 1,342.0 101.8 1,240.2
 Mar(r) 1,343.3 102.0 1,241.3
 Apr(r) 1,345.7 103.0 1,242.7
 May(r) 1,353.0 104.1 1,248.9
 June(r) 1,357.4 103.4 1,254.0
 July 1,359.6 97.5 1,262.1

 Loans and leases in bank
 credit

Period Consumer Security Other

1989: Dec(r) 375.4 40.4 192.7
1990: Dec(r) 380.9 44.5 190.6
1991: Dec(r) 363.9 53.8 188.1
1992: Dec(r) 356.2 63.9 190.2
1993: Dec(r) 387.7 88.1 188.2
1994: Dec(r) 448.2 77.7 196.3
1995: Dec(r) 491.3 84.6 234.6
1996: Dec(r) 512.5 76.8 268.2
1997: Dec(r) 502.5 97.0 320.5
1998: Dec(r) 497.8 150.7 388.8

1998: July(r) 489.3 130.6 347.8
 Aug(r) 488.5 136.2 359.5
 Sept(r) 491.3 141.7 372.4
 Oct(r) 493.1 156.5 381.8
 Nov(r) 496.0 150.1 387.9
 Dec(r) 497.8 150.7 388.8

1999: Jan(r) 499.7 146.2 384.5
 Feb(r) 499.3 138.8 386.4
 Mar(r) 498.6 118.8 389.7
 Apr(r) 499.2 121.5 384.9
 May(r) 494.9 126.0 388.9
 June(r) 489.9 129.8 395.7
 July 481.8 121.2 387.0


(1) Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassification of assets and liabilities.

(2) Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States.

Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates]
 Sources

 External

Period Total Internal(1) Total

1989 747.1 399.7 347.4
1990 596.2 412.7 183.5
1991 492.9 425.8 67.1
1992 602.5 441.2 161.3
1993 702.7 484.8 217.9
1994 791.6 550.0 241.6
1995 994.7 603.9 390.8
1996 1,029.4 630.9 398.5
1997 1,012.7 667.1 345.6
1998 1,079.7 692.2 387.5

1996: III 1,027.4 630.6 396.8
 IV 1,017.1 649.8 367.3

1997: I 1,015.3 646.1 369.2
 II 903.0 666.6 236.4
 III 1,183.9 684.3 499.6
 IV 948.7 671.4 277.3

1998: I 1,241.0 690.4 550.6
 II 918.4 686.8 231.6
 III 1,043.7 693.5 350.2
 IV 1,116.0 698.4 417.6

1999: I(p) 1,222.3 716.5 505.8

 Sources

 External

 Funds raised in
 markets

 Total net Net new
 funds equity
Period raised issues

1989 56.8 -124.2
1990 62.1 -63.0
1991 -27.7 18.3
1992 72.6 27.0
1993 68.2 21.3
1994 97.5 -44.9
1995 166.3 -58.3
1996 50.9 -69.5
1997 118.8 -114.4
1998 64.6 -267.0

1996: III 35.9 -138.8
 IV 47.3 -60.0

1997: I 83.6 -90.4
 II 85.0 -100.0
 III 132.0 -124.0
 IV 174.4 -143.3

1998: I 157.6 -139.2
 II 216.4 -129.1
 III 59.8 -308.4
 IV -175.4 -491.3

1999: I(p) 344.8 -46.1

 Sources

 External

 Funds raised in markets

 Credit market instruments

 Securities Loans and
 and short-term
Period Total mortgages paper Other(2)

1989 180.9 88.5 92.4 290.6
1990 125.1 57.2 67.9 121.4
1991 -46.0 70.9 -117.0 94.8
1992 45.6 55.4 -9.9 88.8
1993 46.9 72.0 -25.0 149.7
1994 142.4 51.5 90.8 144.2
1995 224.6 107.5 117.2 224.6
1996 120.4 60.5 59.8 347.6
1997 233.2 105.2 128.0 226.9
1998 331.6 176.5 155.2 322.9

1996: III 174.7 39.6 135.1 360.8
 IV 107.3 110.8 -3.5 319.9

1997: I 174.0 89.0 85.0 285.6
 II 185.0 97.1 87.8 151.3
 III 256.0 141.6 114.3 367.7
 IV 317.7 92.8 224.9 102.9

1998: I 296.8 188.8 108.1 393.0
 II 345.6 203.6 142.0 15.1
 III 368.1 122.7 245.5 290.4
 IV 315.9 190.9 124.9 593.0

1999: I(p) 390.9 196.4 194.5 161.0

 Uses

 Increase
 Capital in financial
Period Total expenditures(3) assets

1989 581.8 394.2 187.6
1990 519.3 387.8 131.5
1991 459.3 370.2 89.1
1992 537.8 385.4 152.4
1993 786.9 444.9 342.0
1994 796.7 513.4 283.3
1995 1,001.8 568.3 433.5
1996 1,012.2 604.5 407.7
1997 974.0 671.1 302.9
1998 1,075.3 707.4 367.9

1996: III 1,011.5 629.4 382.1
 IV 1,038.3 635.2 403.1

1997: I 1,028.7 641.8 386.9
 II 847.6 703.7 143.9
 III 1,090.0 673.0 417.0
 IV 929.6 666.1 263.5

1998: I 1,244.2 731.6 512.6
 II 880.9 686.0 194.9
 III 1,053.6 699.3 354.3
 IV 1,122.7 712.6 410.1

1999: I(p) 1,192.5 718.0 474.5

 Discrepancy
 (sources
Period less uses)

1989 165.2
1990 77.0
1991 33.6
1992 64.7
1993 -84.2
1994 -5.0
1995 -7.1
1996 17.1
1997 38.7
1998 4.3

1996: III 15.9
 IV -21.2

1997: I -13.5
 II 55.4
 III 93.9
 IV 19.1

1998: I -3.2
 II 37.4
 III -9.9
 IV -6.7

1999: I(p) 29.8


(1) Profits before tax (book) less profit tax accruals and dividends plus consumption of fixed capital, foreign earnings retained abroad, and inventory valuation adjustment.

(2) Includes tax liabilities, trade debt, pension fund liabilities, and direct foreign investment in the U.S.

(3) Plant and equipment, residential structures, inventory investment, and access rights from U.S. Government.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT [Billions of dollars; seasonally adjusted]
 Consumer credit outstanding
 (end of period)

Period Total Revolving Non-revolving(2)

1989: Dec(3) 778.8 211.2 567.6
1990: Dec 789.3 238.6 550.7
1991: Dec 777.4 263.7 513.7
1992: Dec 780.3 278.2 502.1
1993: Dec 839.2 310.0 529.2
1994: Dec 960.7 365.6 595.1
1995: Dec 1,096.0 443.2 652.8
1996: Dec 1,182.4 499.5 682.9
1997: Dec 1,234.1 531.3 702.8
1998: Dec 1,300.5 560.7 739.8

1998: June 1,263.8 545.2 718.5
 July 1,268.9 544.4 724.5
 Aug 1,275.5 548.6 726.8
 Sept 1,283.3 551.9 731.4
 Oct 1,292.8 557.2 735.6
 Nov 1,298.3 556.9 741.4
 Dec 1,300.5 560.7 739.8

1999: Jan 1,315.7 565.0 750.6
 Feb 1,325.1 566.9 758.2
 Mar 1,332.1 567.3 764.9
 Apr 1,332.5 569.9 762.6
 May 1,344.2 571.9 772.3
 June(p) 1,347.0 576.0 771.0

 Net change in consumer credit
 outstanding(1)

Period Total Revolving Non-revolving(2)

1989: Dec(3) (4) (4) (4)
1990: Dec 10.5 27.4 -16.9
1991: Dec -11.9 25.1 -37.0
1992: Dec 2.9 14.5 -11.6
1993: Dec 58.9 31.8 27.1
1994: Dec 121.5 55.6 65.9
1995: Dec 135.3 77.6 57.7
1996: Dec 86.4 56.3 30.1
1997: Dec 51.7 31.8 19.9
1998: Dec 66.4 29.4 37.0

1998: June 9.4 4.0 5.3
 July 5.1 -.8 6.0
 Aug 6.6 4.2 2.3
 Sept 7.8 3.3 4.6
 Oct 9.5 5.3 4.2
 Nov 5.5 -.3 5.8
 Dec 2.2 3.8 -1.6

1999: Jan 15.2 4.3 10.8
 Feb 9.4 1.9 7.6
 Mar 7.0 .4 6.7
 Apr .4 2.6 -2.3
 May 11.7 2.0 9.7
 June(p) 2.8 4.1 -1.3


(1) Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month.

(2) Includes automobile loans and all other loans not included in revoling credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

(3) Data newly available in January 1989 result in breaks in many series between December 1998 and subsequent months.

(4) Because of breaks in series, net change not available.

Source: Board of Governors of the Federal Reserve System.

INTEREST RATES AND BOND YIELDS

Interest rates rose in August.

[ILLUSTRATION OMITTED]
[Percent per annum]

 U.S. Treasury security yields

 3-month Constant maturities(2)
 bills (new
Period issues)(1) 3-year 10-year 30-year

1989 8.12 8.55 8.49 8.45
1990 7.51 8.26 8.55 8.61
1991 5.42 6.82 7.86 8.14
1992 3.45 5.30 7.01 7.67
1993 3.02 4.44 5.87 6.59
1994 4.29 6.27 7.09 7.37
1995 5.51 6.25 6.57 6.88
1996 5.02 5.99 6.44 6.71
1997 5.07 6.10 6.35 6.61
1998 4.81 5.14 5.26 5.58

1998: Aug 4.94 5.24 5.34 5.54
 Sept 4.74 4.62 4.81 5.20
 Oct 4.08 4.18 4.53 5.01
 Nov 4.44 4.57 4.83 5.25
 Dec 4.42 4.48 4.65 5.06

1999: Jan 4.34 4.61 4.72 5.16
 Feb 4.45 4.90 5.00 5.37
 Mar 4.48 5.11 5.23 5.58
 Apr 4.28 5.03 5.18 5.55
 May 4.51 5.33 5.54 5.81
 June 4.59 5.70 5.90 6.04
 July 4.60 5.62 5.79 5.98
 Aug 4.76 5.77 5.94 6.07

Week ended:
1999: Aug 7 4.70 5.73 5.95 6.12
 14 4.79 5.87 6.08 6.19
 21 4.68 5.75 5.91 6.03
 28 4.85 5.69 5.81 5.93
 Sept 4 4.88 5.80 5.97 6.08

 High-grade
 municipal Corporate Prime
 bonds Aaa commercial
 Standard & bonds paper,
Period Poor's)(3) (Moody's) 6 months(1)

1989 7.24 9.26 8.80
1990 7.25 9.32 7.95
1991 6.89 8.77 5.85
1992 6.41 8.14 3.80
1993 5.63 7.22 3.30
1994 6.19 7.96 4.93
1995 5.95 7.59 5.93
1996 5.75 7.37 5.42
1997 5.55 7.26 5.62
1998 5.12 6.53 (*)

1998: Aug 5.13 6.52 (*)
 Sept 4.98 6.40 (*)
 Oct 4.90 6.37 (*)
 Nov 5.06 6.41 (*)
 Dec 5.00 6.22 (*)

1999: Jan 5.04 6.24 (*)
 Feb 5.03 6.40 (*)
 Mar 5.10 6.62 (*)
 Apr 5.07 6.64 (*)
 May 5.17 6.93 (*)
 June 5.34 7.23 (*)
 July 5.36 7.19 (*)
 Aug 5.59 7.40 (*)

Week ended:
1999: Aug 7 5.47 7.38 (*)
 14 5.60 7.53 (*)
 21 5.66 7.37 (*)
 28 5.62 7.29 (*)
 Sept 4 5.65 7.44 (*)

 Discount New-home
 rate Prime rate Federal mortgage
 (N.Y.F.R. charged by funds yields
Period Bank)(4) banks(4) rate(5) (FHFB)(6)

1989 6.93 10.87 9.21 10.13
1990 6.98 10.01 8.10 10.05
1991 5.45 8.46 5.69 9.32
1992 3.25 6.25 3.52 8.24
1993 3.00 6.00 3.02 7.20
1994 3.60 7.15 4.21 7.49
1995 5.21 8.83 5.83 7.87
1996 5.02 8.27 5.30 7.80
1997 5.00 8.44 5.46 7.71
1998 4.92 8.35 5.35 7.07

1998: Aug 5.00-5.00 8.50-8.50 5.55 7.09
 Sept 5.00-5.00 8.50-8.25 5.51 6.98
 Oct 5.00-4.75 8.25-8.00 5.07 6.85
 Nov 4.75-4.50 8.00-7.75 4.83 6.80
 Dec 4.50-4.50 7.75-7.75 4.68 6.94

1999: Jan 4.50-4.50 7.75-7.75 4.63 6.96
 Feb 4.50-4.50 7.75-7.75 4.76 6.92
 Mar 4.50-4.50 7.75-7.75 4.81 6.86
 Apr 4.50-4.50 7.75-7.75 4.74 6.85
 May 4.50-4.50 7.75-7.75 4.74 6.89
 June 4.50-4.50 7.75-7.75 4.76 7.03
 July 4.50-4.50 8.00-8.00 4.99 7.29
 Aug 4.50-4.75 8.00-8.25 5.07 ....

Week ended:
1999: Aug 7 4.50-4.50 8.00-8.00 5.06 ....
 14 4.50-4.50 8.00-8.00 4.96 ....
 21 4.50-4.50 8.00-8.00 5.03 ....
 28 4.50-4.75 8.00-8.25 5.02 ....
 Sept 4 4.75-4.75 8.25-8.25 5.34 ....


(1) Bank-discount basis.

(2) Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.

(3) Weekly data are Wednesday figures.

(4) Average effective rate for year; opening and closing rate for month and week.

(5) Daily effective rate; average of the rates on a given day weighted by the volume of transactions at these rates.

(6) Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

(*) Series no longer published by Federal Reserve (FR). See FR release H. 15 Selected Interest Rates, May 12, 1997.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.

COMMON STOCK PRICES AND YIELDS

Stock prices fell in August.

[ILLUSTRATION OMITTED]
 Common stock prices(1)

 New York Stock Exchange indexes
 (Dec. 31, 1965=50, except as noted)(2)

Period Composite Industrial Transportation

1989 180.02 216.23 175.28
1990 183.48 225.78 158.62
1991 206.33 258.14 173.99
1992 229.01 284.62 201.09
1993 249.58 298.99 242.49
1994 254.12 315.25 247.29
1995 291.15 367.34 269.41
1996 358.17 453.98 327.33
1997 456.54 574.52 414.60
1998 550.26 681.57 468.69

1998: Aug 539.16 665.66 441.36
 Sept 506.58 629.51 408.75
 Oct 511.49 636.62 396.61
 Nov 564.26 704.48 442.95
 Dec 576.05 717.00 456.70

1999: Jan 595.43 741.43 479.72
 Feb 588.70 736.20 477.47
 Mar 603.69 751.93 491.25
 Apr 627.75 780.84 523.08
 May 635.62 791.72 337.88
 June 629.53 793.96 520.66
 July 648.83 809.33 528.72
 Aug 621.03 778.82 492.13

Week ended:
1999: Aug 7 618.13 771.93 499.12
 14 611.21 766.06 487.32
 21 624.34 782.43 491.31
 28 633.34 796.09 497.73
 Sept 4 616.39 779.40 474.55

 Common stock prices(1)

 New York Stock
 Exchange indexes
 (Dec. 31, 1965=50,
 except as noted)(2) Dow-Jones
 industrial
Period Utility(3) Finance average(4)

1989 174.87 151.88 2,508.91
1990 181.20 133.26 2,678.94
1991 185.32 150.82 2,929.33

1992 198.91 179.26 3,284.29
1993 228.90 216.42 3,522.06
1994 209.06 209.73 3,793.77
1995 220.30 233.45 4,493.76
1996 249.77 303.89 5,742.89
1997 283.82 424.48 7,441.15
1998 378.12 516.35 8,625.52

1998: Aug 372.48 511.22 8,478.52
 Sept 372.33 454.28 7,909.79
 Oct 390.17 448.12 8,164.47
 Nov 412.59 501.45 9,005.75
 Dec 431.14 510.31 9,018.68

1999: Jan 449.50 523.38 9,345.86
 Feb 436.49 514.75 9,322.94
 Mar 436.23 544.08 9,753.63
 Apr 456.98 564.99 10,443.50
 May 470.40 562.66 10,853.87
 June 482.71 546.43 10,704.92
 July 501.00 557.92 11,052.22
 Aug 483.68 521.59 10,935.47

Week ended:
1999: Aug 7 491.59 519.49 10,701.18
 14 483.17 509.05 10,782.74
 21 482.44 528.69 11,043.94
 28 482.69 535.14 11,239.54
 Sept 4 471.55 509.01 10,920.59

 Common stock
 prices(1)

 Standard & Common stock yields (percent)(6)
 Poor's
 composite index Dividend-price Earnings-price
Period (1941-43=10)(5) ratio ratio

1989 322.84 3.45 7.42
1990 334.59 3.61 6.47
1991 376.18 3.24 4.79
1992 415.74 2.99 4.22
1993 451.41 2.78 4.46
1994 460.42 2.82 5.83
1995 541.72 2.56 6.09
1996 670.50 2.19 5.24
1997 873.43 1.77 4.57
1998 1,085.50 1.49 3.46

1998: Aug 1,074.62 1.48 ....
 Sept 1,020.64 1.59 3.75
 Oct 1,032.47 1.59 ....
 Nov 1,144.43 1.43 ....
 Dec 1,190.05 1.37 3.07

1999: Jan 1,248.77 1.30 ....
 Feb 1,246.58 1.32 ....
 Mar 1,281.66 1.30 2.98
 Apr 1,334.76 1.24 ....
 May 1,332.07 1.24 ....
 June 1,322.55 1.25 2.99
 July 1,380.99 1.20 ....
 Aug 1,327.49 1.25 ....

Week ended:
1999: Aug 7 1,313.91 1.28 ....
 14 1,301.40 1.27 ....
 21 1,333.59 1.25 ....
 28 1,363.16 1.20 ....
 Sept 4 1,330.37 1.25 ....


(1) Average of daily closing prices.

(2) Includes all the stocks (more than 3,000) listed on the NYSE.

(3) Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled the value of the utility index to facilitate trading of options and futures on the index. All indexes shown here reflect the doubling.

(4) Includes 30 stocks.

(5) Includes 500 stocks.

(6) Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.

NOTE.--All data relate to stocks listed on the New York Stock Exchange (NYSE).

Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's.
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Publication:Economic Indicators
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Geographic Code:1USA
Date:Aug 1, 1999
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