Greenbook/Tealbook

Prefatory Note

The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.

1

In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.

CONFIDENTIAL (FR) CLASS III - FOMC

December 13,

SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS

Prepared for the

Federal Open Market Committee

By the Staff Board of Governors of the Federal Reserve System

1996

TABLE OF CONTENTS

Page THE NONFINANCIAL ECONOMY

Consumer sentiment Business

. ..

..

inventories

..

Tables University of Michigan Survey Research Center: Survey of Consumer Attitudes . . . . . . . . . Changes in manufacturing and trade inventories . Inventories relative to sales. . . . . . . . . . Selected inventory-sales ratios . . . . . . . . Corrected green sheets: Contributions to growth in real gross domestic product and related items 1996Q4 - 98Q4/97Q4 . . . . . . . . . . . . 1995Q4 - 97Q4/96Q4 . . . . . . . . . . . . Staff projections of federal sector accounts and related items . . . . . . . . . . . . .

. . . .

. . . .

. . . . .

.

. . . .

3 4 4 5

. .

7 8

.

9

.

6

.

10

Chart Inventory-sales ratios, by major sector.

.

.

.

.. .

THE FINANCIAL ECONOMY Inflows into

equity mutual funds--update

.. .

Table Selected financial market quotations

. . . . . .

.

SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Consumer Sentiment According to the preliminary report, the Michigan SRC index of consumer sentiment held at an extremely favorable level in early December.

The sub-index of current conditions remained in a very

positive range, and the sub-index of expected conditions was about unchanged at its highest value since the current expansion began. Among questions not included in the overall index, the index of the expected change in unemployment over the coming year rose somewhat, although its level is still well below the average for the first half of 1996.

Both the car and home buying conditions indexes

remain in generally favorable ranges, although a few more households reported that now is a bad time to buy because prices and interest rates are high. The mean and median values of expected inflation over the coming year held steady at 4 percent and 3 percent, respectively. The mean value of expected inflation over the next five to ten years moved up 0.1 percentage point to 3.8 percent; the median value was unchanged at 3 percent. Business Inventories Retail inventories rose at an annual rate of $24.7 billion (book value) in October; excluding auto dealers, the retail inventory accumulation in October was $16.2 billion, about the same as the rate of increase during the third quarter.

With a

0.3 percent rise in retail sales, the inventory-sales ratio for the retail trade sector was unchanged at 1.52 months in October.

After

moving up at midyear to the middle of its range in recent years, the ratio for non-auto retail trade has been little changed. Inventories expanded at most types of retail establishments in October; lumber and building supply stores were the only category where inventories edged down in that month.

For the broad range of

stores in general merchandise, apparel, and furniture and appliance (GAF) stores, the buildup in inventories picked up significantly in October after little net change during the preceding two months. Although the inventory-sales ratio for GAF stores edged up in October, after trending up since May, the October level of this ratio was still near the low end of the most recent three-year

-2-

range.

For most types of retail stores, inventory-sales ratios in

October were well below their recent highs observed last autumn. For all manufacturing and trade excluding motor vehicles, inventory accumulation picked up in October to an annual rate of $43.1 billion--almost twice the rate of increase during the third quarter.

The more rapid accumulation in October was mainly the

result of buildups in wholesale inventories, especially inventories of farm products, following sizable drawdowns in the third quarter. With shipments and sales rising 0.3 percent, the inventory-sales ratio for all manufacturing and trade excluding motor vehicles was unchanged at 1.36 months in October, the lowest point in recent years.

December 13, 1996 UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER: SURVEY OF CONSUMER ATTITUDES (Not seasonally adjusted) 1996

1996

1996

1996

1996

1996

1996

1996

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

1996

92.7 107.8 83.0

89.4 105.1 79.2

92.4 105.4 84.0

94.7 107.5 86.5

95.3 107.8 87.3

94.7 102.0 90.1

96.5 106.6 89.9

99.2 107.5 93.9

98.9 107.1 93.7

Personal financial situation Now compared with 12 months ago* Expected in 12 months*

118 127

114 122

118 128

115 129

119 129

109 130

115 127

121 133

116 134

Expected business conditions Next 12 months* Next 5 years*

118 88

110 86

117 93

122 97

120 102

127 105

131 103

137 108

132 111

Appraisal of buying conditions Cars Large household appliances* Houses

125 162 157

127 159 159

137 155 153

138 164 161

139 161 158

134 155 149

132 161 159

135 158 157

134 161 154

45 64

37 64

54 66

38 67

45 60

40 62

37 62

43 70

46 69

124

121

123

115

114

112

114

110

114

4.5 3.0

4.9 3.0

4.2 2.9

4.3 2.9

4.1 3.0

4.3 3.2

4.2 3.0

4.0 3.0

4.0 3.0

4.1 3.0

4.8 3.2

4.0 3.1

4.2 3.1

4.6 3.2

4.1 3.2

4.2 3.0

3.7 3.0

3.8 3.0

Dec (p)

Indexes of consumer sentiment (Feb. 1966-100) Composite of current and expected conditions Current conditions Expected conditions

Willingness to use credit Willingness to use savings Expected unemployment change - next 12 months Expected inflation - next 12 months Mean Median

Expected inflation - next 5 to 10 years Mean Median * -(p) (f)

Indicates the question is one of the five equally-weighted components of the index of sentiment. -- Preliminary -- Final

Note: Figures on financial, business, and buying conditions are the percent reporting 'good times' (or 'better') minus the percent reporting 'bad times' (or 'worse'), plus 100. Expected change in unemployment is the fraction expecting unemployment to rise minus the fraction expecting unemployment to fall.

CHANGES IN MANUFACTURING AND TRADE INVENTORIES (Billions of dollars at annual rates; based on seasonally adjusted data) 1996 Q1

Q2

1996 Q3

Aug.

Sept.

Oct.

Book value basis Total Excluding wholesale and retail motor vehicles Manufacturing Excluding aircraft Wholesale Excluding motor vehicles Retail Auto dealers Excluding auto dealers

16.7

13.2

36.4

36.4

11.9

59.1

25.0 12.3 6.3 7.3 7.3 -2.9 -8.4 5.5

6.0 -6.2 -10.7 11.3 7.6 8.2 3.5 4.6

22.0 11.3 8.6 -9.2 -6.1 34.3 17.5 16.8

18.5 14.9 12.5 -3.3 -. 9 24.8 20.3 4.5

8.5 12.2 7.1 -22.4 -13.4 22.1 12.4 9.7

43.1 14.5 11.7 19.8 12.5 24.7 8.6 16.2

-5.4 17.5 12.0 3.8 4.0 -21.7 -23.6 3.0

7.9 1.9 -3.9 6.5 3.3 5.2 2.0 3.2

29.3 23.5 12.5 -8.5 -4.4 25.5 10.8 14.6

13.1 14.4 7.9 3.2 4.5 2.0 .2 1.9

14.5 10.7 14.0 -27.9 -15.5 28.7 16.9 11.5

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Chained (1992) dollars basis Total Excluding motor vehicles Manufacturing Wholesale Excluding motor vehicles Retail Auto dealers Excluding auto dealers

INVENTORIES RELATIVE TO SALES (Months' supply; based on seasonally adjusted data)

1996 01

Q2

1996 Q3

Aug.

Sept.

Oct.

Book value basis Total Excluding wholesale and retail motor vehicles Manufacturing Excluding aircraft Wholesale Excluding motor vehicles Retail Auto dealers Excluding auto dealers

1.43

1.40

1.40

1.40

1.39

1.40

1.40 1.45 1.34 1.32 1.30 1.49 1.66 1.44

1.37 1.40 1.29 1.31 1.28 1.49 1.70 1.42

1.36 1.39 1.28 1.28 1.25 1.52 1.78 1.44

1.37 1.39 1.28 1.29 1.26 1.52 1.76 1.44

1.36 1.39 1.27 1.28 1.25 1.52 1.76 1.44

1.36 1.39 1.27 1.28 1.25 1.52 1.77 1.44

1.38 1.36 1.39 1.35 1.33 1.37 1.54 1.34

1.36 1.33 1.35 1.34 1.31 1.37 1.57 1.33

1.35 1.32 1.35 1.31 1.28 1.40 1.62 1.35

1.35 1.33 1.35 1.33 1.29 1.39 1.56 1.34

1.35 1.32 1.34 1.30 1.28 1.39 1.57 1.35

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Chained (1992) dollars basis Total Excluding motor vehicles Manufacturing Wholesale Excluding motor vehicles Retail Auto dealers Excluding auto dealers

Note. Ratio of end-of-period inventories to average monthly sales for the period.

SELECTED INVENTORY-SALES RATIOS (Months' supply, based on Census book-value data, seasonally adjusted)

Cyclical reference points 1990-91 1994-95 High Low

Manufacturing and trade Less wholesale and retail motor vehicles

Range over preceding 12 months High Low

October 1996

1.58

1.40

1.45

1.39

1.40

1.55

1.37

1,41

1.36

1.36

Manufacturing Primary metals Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles Aircraft Nondefense capital goods Textile Petroleum Home goods & apparel

1.75 2.08 2.48 2.08 2.94 .97 5.85 3.09 1.71 .94 1.96

1.39 1.45 1.88 1.52 1.59 .53 4.42 2.33 1.44 .88 1.70

1.46 1.62 1.94 1.60 1.87 .67 5.95 2.58 1.66 .89 1.89

1.39 1.55 1.80 1.51 1.65 .55 4.89 2.39 1.49 .79 1.70

1.39 1.59 1.83 1.50 1.74 .58 5.44 2.45 1.57 .75 1.72

Merchant wholesalers Less motor vehicles Durable goods Nondurable goods

1.36 1.31 1.83 .96

1.28 1.26 1,54 .98

1.34 1.31 1.64 1.03

1.28 1.25 1.58 .95

1.28 1.25 1.59 .96

Retail trade Less automotive dealers Automotive dealers General merchandise Apparel G.A.F.

1.61 1.48 2.21 2.43 2.56 2.44

1.46 1.42 1.60 2.21 2.47 2.24

1.56 1.47 1.82 2.33 2.65 2.36

1.48 1.41 1.64 2.20 2.35 2.23

1.52 1.44 1.77 2.26 2.42 2.27

Inventory-Sales Ratios, by Major Sector (Book value)

Manufacturing

Ratio 2.2

1.95

Total

1.7

1.45 ' **

Excluding aircraft and parts

1.2

1980

1982

1984

1986

1988

1990

1992

1994

1996

Wholesale Excluding Motor Vehicles Ratio 1.5

1.4

1.3

1.2

1.1

1 1980

1982

1984

1986

1988

1990

1992

1994

1996

Retail Ratio 1.7 GAF group (left scale) '

2.5 -

I"',o/ I

'

'

1.6

1~*

xuigats I

9,

I

ca

1.5

1.4

Total excluding autos (right scale)

1980

1982

1984

1986

1988

1990

1992

1994

1996

Strictly Confidential <FR> Class II FOMC

CONTRIBUTIONS TO GROWTH IN REAL GROSS DOMESTIC PRODUCT AND RELATED ITEMS

1996

Item

04

Real GDP

Gross dom.

purchases

Final sales Priv, dom. final

purchases

1997

01

1997 Q2

1997 Q3

1997 04

1998

01

1998

Q2

1998

Q3

December 13, 1996

1998

96Q4/

9704/

98Q4/

Q4

95Q4

96Q4

9704

2.3 1.9

2.1 2.7

2.3 2.7

2.3 3.1

2.2 2.6

2.1 2.3

1.9 2.2

1.9 2.5

1.9 2.0

2.8 3.5

2.3 2.8

1.9 2.2

2.7 2.2

1.9 2.7

2.5 2.7

2.3 2.8

2.3 2.4

2.0 2.3

1.9 2.2

1.9 2.3

2.0 2.2

2.6 2.9

2.2 2.6

1.9 2.2

0-6 0.6 0.0 0.0

0.6 0.6 0.0 0.0

Personal cons. expenditures Durables Nondurables Services Business fixed investment Producers' dur. equip. Nones. structures Residential structures Net exports Exports Imports Government cons. & Invest. Federal Defense Nondefense State and local

0.1 -0.3 -0.2 -0.1 0.4

-0.2 -0.5 -0.5 -0.0 0.3

0.2 -0.1 -0.0 -0.0 0.3

Change in bus. inventories NoDfarm Farm GDP residual

-0.1

Components may not sum to total due to rounding.

0.1

0.0

-0.9 0.3 -1.0

-0.3 1.2 -1.5

-0.2 0.6 -0.8

-0.3 1.1 -1.4

-0.6 0.3 0.9

0.1 1.2 -1.4

0.3 -0.0 0.0 -0.0 0.3

0.2 -0.1 0.1 -0.2 0.3

-0-1 -0.3 -0.3 -0,1 0.3

-0,0 -0.3 -0.3 -0.0 0.3

0.2 -0.1 -0.0 -0.0 0.3

-0.1 -0.4 -0.2 -0.2 0.3

0.1 0.1 0.0

-0.0 0.1 0.1

0.1 0.1 0.0

0.0 0.0 0.0

-0.0 -0.0 0.0

-0.1 -0.1 0.0

0.0

0.0

0.0

0.1

0.1

-0.0

0.0 -0.3

-0.2 -0.1

0.3

0.0

0.1

0.0

Strictly Confidential Class II FOMC

<FR>

CONTRIBUTIONS TO GROWTH IN REAL GROSS DOMESTIC PRODUCT AND RELATED ITEMS

1995

Item

04

Real GDP Gross dom. purchases

0.3 -0.7 1.4 1.2

Final sales Priv. dom. final purchases

December 13, 1996

1996 Q3

1996 Q4

1997 Q1

1997 Q2

1997 Q3

1997 Q4

2.0 3.1

4.7 5.3

2.3 3.7

2.3 1,9

2.1 2.7

2.3 2.7

2.3 3.1

2.2 2.6

1.3 1.0

2.8 3.5

2.3 2.6

3.0 3.9

4.1 3.4

0.5 2.0

2.7 2.2

1.9 2.7

2.5 2.7

2.3 2.8

2.3 2.4

1.9 1.B

2.6 2.9

2.2 2.6

Q1

Personal cons, expenditures Durables Nondurables

5Q4/ 94Q4

96Q4/ 95Q4

97Q4/ 9604

1.3

0.1 0.2 0.9

Services

Business fixed investment Producers dur. equip. Nonres, structures Residential structures

9

1996 Q2

1996

0.2 0.2 0.0 0.2

1.1 0.9 0.2 0.3

0.4 0.5 0.1 0.6

1.7 1.6 0.2 -0.2

0.5 0.5 -0.1 -0.1

0.7 0,7 0.0 -0.1

Net exports Exports Imports

0.9 1.1 -0.2

-1.1 0.2 -1.3

-0.6 0.6 -1.2

-1.4 -0.2 -1,3

-0.6 0.8 -1.3

-0.4 0.9 -1.3

Government cons. & invest. Federal Defense Nondefense State and local

-0.8 -0.9 -0.6

0.3

-0.3 0.2

1.i 0.1 0.3 0.5 -0.5

0.1

-0.2

0.4

-0.3

-0.5

0.2 0.2 -0.1

-0.2 -0.1

-0.5 -0.0

-0 2

0.4

0.3

0.2

-0.4 -0.5 0.1

0.2 0.1 0.1

-0.6

-0.1

0.1

Change in bus. inventories Nonfarm Farm

-1.0 -1.2

-1.0 -0.9

0.1

-0.1

GDP residual

-0.0

Components may not sum to total due to rounding.

0.7 0.5

0.0

0.0

0.1

-0.3 -0,5 -0.3

-0.5 -0.1 0.0

0.1

0.0

0.0

0.0

0.1

STAFF PROJECTIONS OF FEDERAL SECTOR ACCOUNTS AND RELATED ITEMS (Billions of dollars except as noted)

Strictly Confidential (FR) Class II FOMC

Fiscal year

Item

1995

a

1996a

5

1997

1997

1996

1998

Ql

a

Q2

a

Q3

b

Q4

01

Q2

1998

Q3

Q4

Q1

Q2

Q3

Q4

Not seasonally adjusted

UNIFIED BUDGET Receipts1

Outlays Surplus/deficit

December 13, 1996

1

On-budget Off-budget Surplus excluding deposit insurance 2 Means of financing Borrowing Cash decrease Other 3

1355 1519 -164 -226 62

1453 1560 -107 -174 67

1525 1637 -112 181 68

1575 1692 -117 -190 73

322 393 -72 -84 12

446 392 54 14 39

362 395 -33 -36 2

353 412 -59 -67 8

333 413 -80 -93 13

459 405 54 13 41

379 407 -28 -34 6

364 424 -60 -69 9

345 420 -75 -88 13

474 426 48 4 44

392 423 -31 -37 7

384 435 51 -63 12

-182

-116

-120

-119

-75

52

-34

65

-81

53

-29

-60

-75

48

-31

-52

46 10

82 10

-30 -15

3

-18

-3

-12

16

30

20

35

40

30

1709 1814 463 304 159 1352 -106 61

1728 1828 459 302 156 1369 -100 60

171 -2 -5

130 -6 -16

126 4 -18

146 0 -29

80 -1

-23 -16

39 -6

43 13

80 11

-35 -15

37 -5

7

14

0

3

-12

-5

-4

38

44

40

40

22

38

44

32

20

35

40

47 -5

25 10

Cash operating balance, end of period

Seasonally adjusted, annual rate

NIPA FEDERAL SECTOR

Receipts Expenditures Consumption expend. Defense Nondefense Other expenditures Current account surplus Gross investment Current and capital account surplus FISCAL INDICATORs High-employment

303

1610 1741 459 301

-127 66

1583 1704 462 305 157 1242 -120 64

157 1266 -102 63

-220

-193

-184

-246

-233

.1 1.3

1544 1683 458 303 155 1226 -139 63

1626 1749 461 302 159 1288 -123 62

1683 1798 462 305 158 1335 -115 61

1523 1678 454 299 155 1225 -155 65

-236

-202

-185

-177

-263

-236

-242

-245

1459 1629 455 304 151 1175

-171 65

1576 1702 463 307 156

1643 1771 463 303 160 1308 -128 62

1660 1783 463 306 157 1320 -123 63

1671 1792 463 306 157

1282 -131 61

1626 1756 461 301 159 1296 -130 61

-121 62

1690 1802 461 303 158 1341 -112 61

-165

-192

-191

-190

-186

-182

-172

-166

-160

-230

-217

-247

-250

-254

-253

-250

-241

-236

-230

-. 2

0

-. 2

.4

0

0

0

0

-. 1

-. 1

-. 1

1.8

-.2

-1.5

-.2

0

2.4

-1.9

-1.4

-. 4

-2

1239

1625 1727 461

159

1329

4

(HEB)

surplus/deficit

Change in HEB, percent of potential GDP Fiscal impetus (FI), percent, cal. year

-. 4

0

-1.7

-5.6

.1 -3.4

0 -5.5

-1.9

-

1. OMB's July 1996 deficit estimates (assuming the enactment of the President's proposals) are $126 billion in FY97 and $94 billion in FY98. CBO'S April 1996 baseline deficit estimates are $171 billion in FY97 and $194 billion in FY98. Budget receipts, outlays, and surplus/deficit include corresponding Social Security (OASDI) categories. The OASDI surplus is excluded from the on-budget deficit and shown separately as off-budget, as classified under current law. The Postal Service deficit is included in off-budget outlays beginning in FY90. 2. OMB's July 1996 deficit estimates (assuming the enactment of the President's proposals), excluding deposit insurance spending, are $134 billion in FY97 and $96 billion in FY98. CBO'S April 1996 baseline deficit estimates, excluding deposit insurance, are $175 billion in FY97 and $196 billion in FY98. 3. Other means of financing are checks issued less checks paid, accrued items, and changes in other financial assets and liabilities. 4. HEB is the NIPA current and capital account surplus of potential output generated by 1.8 percent real growth FI are not at annual rates. Change in HEB, as a percent changes in federal spending and taxes (in chained (1992) negative values indicate restraint.

in current dollars, with cyclically sensitive receipts and outlays adjusted to the level and an associated unemployment rate of 6 percent. Quarterly figures for change in HEB and of nominal potential GDP, is reversed in sign. FI is the weighted difference of discretionary dollars), scaled by real federal consumption plus investment. For change in HEB and FI,

5. Fiscal 1995 data for the unified budget come from OMB, fiscal 1996 and quarterly data come from the Monthly Treasury Statement and may not sum to OMB fiscal year totals. a--Actual. b--Preliminary.

-10-

THE FINANCIAL ECONOMY Inflows into Equity Mutual Funds--Update As noted in Greenbook Part 2 (page III-5),

preliminary data

indicated that equity mutual funds experienced a small net outflow for the week ending December 4. reinvested dividends.

Such preliminary data exclude

More complete data for that week suggest that

net inflows were slightly positive when reinvested dividends are included.

Preliminary information for the week ending December 11

show larger outflows

(excluding reinvested dividends).

-11Selected Financial Market Quotations' (Percent except as noted) 1996 Instrument

Change to Dec. 12, from:

Feb.

July

FOMC,*

low

high

Nov. 13

Dec. 12

low

5.15

5.39

5.30

5.22

0.07

-0.17

-0.08

4.76 4.67 4.55

5.21 5.40 5.64

5.04 5.08 5.15

4.84 5.00 5.20

0.08 0.33 0.65

-0.37 -0.40 -0.44

-0.20 -0.08 0.05

5.27 5.12

5.50 5.59

5.37 5.40

5.59 5.44

0.32 0.32

0.09 -0.15

0.22 0.04

5.21 5.12 4.99

5.44 5.59 5.83

5.28 5.37 5.43

5.49 5.42 5.48

0.28 0.30 0.49

0.05 -0.17 -0.35

0.21 0.05 0.05

5.13 5.13

5.38 5.56

5.20 5.38

5.44 5.44

0.31 0.31

0.06 -0.12

0.24 0.06

8.25

8.25

8.25

8.25

0.00

0.00

0.00

4.98 5.58 6.02

6.62 7.06 7.19

5.84 6.19 6.44

5.98 6.40 6.64

1.00 0.82 0.62

-0.64 -0,66 -0.55

0.14 0.21 0.20

Municipal revenue (Bond Buyer)'

5.67

6.24

5.92

5.93

0.26

-0.31

0.01

Corporate-A utility, recently offered

7.18

8.23

7.59

7.70

0.52

-0.53

0.11

High-yield corporate 6

9.57

10.36

9.78

9.74

0.17

-0.62

-0.04

6.94 5.19

8.42 6.01

7.67 5.56

7.57 5.52

0.63 0.33

-0.85 -0.49

-0.10 -0.04

Feb.

I

July

FOMC,

high I

Nov. 13

Short-term rates Federal funds2 Treasury bills 3 3-month 6-month 1-year Commercial paper 1-month 3-month Large negotiable CDs3 1-month 3-month 6-month Eurodollar deposits 4 1-month 3-month Bank prime rate Intermediate- and Long-term Rates U.S. Treasury (constant maturity) 3-year 10-year 30-year

Home mortgages 7 FILMC 30-yr fixed rate FHLMC 1-yr adjustable rate

Percentage change to Dec. 12, from:

1996

Record high July

FOMC,*

Record

July

FOMC,

Level

Date

low

Nov. 13

Dec. 12

high

low

Nov. 13

6547.79

11/25/96

5346.55

6266.04

6303.71

-3.73

17.90

0.60

NYSE Composite

398.86

11/25/96

336.07

386.18

384.29

-3.65

14.35

-0.49

S&P 500 Composite

757.03

11/25/96

626.65

729.56

729.33

-3.66

16.39

-0.03

1316.27

12/9/96

1042.37

1256.53

1298.33

-1.36

24.56

3.33

Stock exchange index Dow-Jones Industrial

NASDAQ (OTC)

Wilshire 7295.57 12/2/96 6099.34 7067.63 7091.58 -2.80 16.27 0.34 1. One-day quotes except as noted. 2. Average for two-week reserve maintenance period closest to date shown. Last observation is the average to date for maintenance period ending December 18,1996. 3. Secondary market. 4. Bid rates for Eurodollar deposits at 11 a.m. London time. 5. Most recent observation based on one-day Thursday quote and futures market index changes. 6. Merrill Lynch Master II high-yield bond index composite. 7. Quotes for week ending Friday previous to date shown.except most recent are figures for week ending December 13. * Figures cited are as of the close on November 12.