Full text of U.S. Financial Data : October 17, 1991

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federal Reserve Bank

nancial Data
OCT 2 1 1991

October 17, 1991

THE WEEK'S HIGHLIGHTS:
Industrial production increased at a seasonally adjusted annual rate
of LI percent in September, following no change in August. Indus­
trial production has risen in five of the last six months.
%/ Retail sales rose at a seasonally adjusted 8.8 percent annual rate in
September and have risen at a 3.2 percent rate since January.
Consumer prices in September rose at a seasonally adjusted annual
rate of 4.5 percent. Since January, consumer prices have risen at a
2.9 percent rate.
Producer prices for finished goods increased at a seasonally ad­
justed annual rate of 1 percent in September, but are down at a
0.9 percent rate since January.
The U.S. merchandise trade deficit in August widened to a season­
ally adjusted $6.8 billion from $5.9 billion in July. Thus far this
year, the deficit has totaled $42.7 billion, down from $66.9 billion
for the same period in 1990.

THE
FEDERAL

> RESERVE

Jfk RANK ill'

or NT. IXU xs

Views
expressed do not necessarily reflect official positions of the Federal Reserve System.

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

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Aug 7

338.0
341.0
339.8
344.8
342.0
343.3

_ Sep 4
Oct

1

2

IS 29 12 26 10 24 7 21 5 19

2

16 30 13 27 13 27 10 24 8 22

Billions of Dollars

5 19 3 17 31 14 28 11 2S 9 23

Aug

Sep Oct
Nov
Dec
Jan
Feb Mar
Apr
May Jun
Jul
Aug
Sep Oct
1990
1991
Latest data plotted reserve maintenance period ending: October 16, 1991
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
3/20/91
4/17/91
5/15/91
6/12/91
7/10/91
8/21/91
9/18/91
10/16/91

Compounded annual rates of change, average of two maintenance periods ending:
10/17/90 1/9/91
3/20/91 4/17/91 5/15/91 6/12/91 7/10/91 8/21/91

12.6
9.9
9.2
8.4
8.1
8.1
8.3
7.8


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Federal Reserve Bank of St. Louis

9.4
8.3
7.3
7.1
7.2
7.6
7.0

0.2
1.2
2.3
3.7
4.8
4.4

3.8
4.4
5.5
6.5
5.7

4.4
5.8
7.0
6.0

6.9
8.1
6.6

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot uany i-igures
Seasonally Adjusted

Billions of Dollars

1991

Billions of Dollars

M1
Billions

Sep 2
9
16
23
30
Oct 7

867.0
867.2
869.6
870.8
875.1
875.8

M1 (left scale)

TCD

TCD (right scale)

6 20
Aug

3

17 1
Sep

15 28 12 26 10 24 7 21 4
Oct

Nov

Dec

18
Feb

4 18

1

Mar

1991

Billions

Sep 2
9
16
23
30
Oct 7

597.5
598.4
599.9
600.2
603.6
604.9

16 30 14 28

15 29
Apr

May

Sep

Jun

Oct

Latest data plotted week ending: October 7, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average 10/8/90
8/5/91
7/8/91
5/6/91
6/10/91
1/7/91
3/4/91
4/8/91
of four weeks
ending:
3/4/91
4/8/91
5/6/91
6/10/91
7/8/91
8/5/91
9/9/91
10/7/91

4.6
5.5
4.6
5.6
6.0
5.9
5.9
6.1


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Federal Reserve Bank of St. Louis

9.1
6.5
7.7
8.1
7.7
7.4
7.6

4.5
7.1
7.8
7.2
7.0
7.2

5.9
7.2
6.6
6.5
6.8

11.2
9.2
8.3
8.3

7.5
6.9
7.3

5.4
6.4

7.2

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Billions of Dollars

1991
Aug

Seasonally Adjusted

Billions of Dollars

Billions
7

Sep 4

Aug

Sep

Oct
1990

Nov

Dec

Jan

Feb

War

Apr

May

Jun

Jul

Aug

II 25 9 23
Sep
Oct

Latest data plotted two weeks ending: October 2, 1991
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenan ce periods ending:
10/3/90 12/26/90 3/6/91
4/3/91
5/1/91
5/29/91 6/26/91
8/7/91
two maintenance
periods ending:
3/6/91
4/3/91
5/1/91
5/29/91
6/26/91
8/7/91
9/4/91
10/2/91

4.8
6.7
3.0
5.7
6.6
6.0
5.5
7.3


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Federal Reserve Bank of St. Louis

11.2
3.9
8.0
8.9
7.6
6.7
9.0

-1.7
7.5
9.1
7.2
6.1
9.2

2.5
6.2
4.9
4.0
7.8

21.1
12.6
9.7
13.4

6.8
4.8
10.3

1.3
9.2

14.8

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
September 30, 1991 from
the four weeks ending:
Oct 1, 1990 -2.3
Jan 7, 1991 -0.5
Apr 1, 1991
1.4
May 13, 1991 0.2
Jun 10, 1991 -1.1
Jul 8, 1991 -3.7
Aug 5, 1991 -2.5

Ratio
Jul 22
Aug 5
Sep 2

( M J I? I IS 29 12 29 10 29 7 21 9 IS 9 IS I 15 29 1J 27 10 29
Aug

Sep

Oct

Nov

Dec

Feb

Mar

1990
Latest data plotted two weeks ending: September 30, 1991

Apr

2.556
2.519

IS SO 19 21

May

Sep

Oct

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

m

260

i

Billions of Dollars

i---------- 1—

270

Compounded annual
rates of change,
average of the four
weeks ending
October 7, 1991 from
the four weeks ending:
Oct 8, 1990 8 5
Jon 7, 1991
8 6
Apr 8, 1991
4 9
May 6, 1991
5 8
Jun 10, 1991
7 2
Ju 1 8, 1991
8 0
Aug 5. 1991 8 1

260

250

199 .
*— Sep

Oct

230
Aug

Sep

Oct
1990

Billi jns

2
9
6
3
0
7

26 .7 —
26 .0
26.l. 0
26. 2.8
26.5.7
26. 5.1

230

____ ___
Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1991

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 7. 1991
1/ Ratio of Ml to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

290

6
Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

4*rim« Bank-

Corporate
Aaa Bonds

Municipal Bonds

3

17 31 14 28 12 26
Aug
Sep
Oct

23 7 21 4

1

15 1 15 29 12 26 10 24 7 21 5
May
Jun
Feb Mar
Apr

19

16 30 13 27 11 25
Aug
Sep
Oct

Latest data plotted are averages of rates available for the week ending: October 18, 1991

1991

90—Day
CDs

30-Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

5.94
5.90
5.69
5.62
5.58
5.63
5.60
5.50
5.41
5.41
5.43
5.32
5.28

5.93
5.92
5.73
5.69
5.64
5.72
5.72
5.58
5.50
5.51
5.44
5.25
5.27

5.83
5.80
5.56
5.50
5.49
5.54
5.49
5.40
5.34
5.32
5.31
5.21
5.15

8.97
8.93
8.82
8.73
8.69
8.70
8.67
8.63
8.60
8.56
8.49
8.50
8.52

9.84
9.80
9.69
9.62
9.62
9.60
9.58
9.54
9.50
9.47
9.42
9.43
9.42

7.00
6.99
6.94
6.88
6.86
6.85
6.86
6.81
6.78
6.73
6.64
6.66

26
2
9
16
23
30
Sep 6
13
20 .
27
Oct 4
11
18 *

Aug

N.A.

Current data appear in the Federal Reserve Board's H.15 release.

* Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Discount Rato

Treasury Bill

3

17 31 H 28 12 26
Aug
Sep
Oct
1990

10 24 7 21 5 19 2 16 30
May
Jun
Jul
Aug

Latest data plotted are averages of rates available for the week ending: October 18, 1991

1991
Jul 26
Aug 2
9
16
23
30

Federal
Funds **
5.75
5.79
5.83
5.62
5.68
5.58
5.60
5.56
5.44
5.29
5.33
5.19
5.28

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

5.58
5.53
5.40
5.29
5.24
5.34
5.32
5.23
5.19
5.16
5.07
5.01
4.97

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.72
5.90
7.87
8.45
5.69
5.81
7.76
8.37
5.59
5.54
7.54
8.22
5.39
5.40
7.40
8.14
5.23
5.30
7.29
8.10
5.47
5.41
7.35
8.09
Sep 6
5.39
5.37
7.30
8.06
13
5.30
7.18
5.27
7.99
20
5.22
7.10
5.25
7.91
27
5.23
5.20
7.04
7.86
Oct 4
5.14
5.11
7.78
6.88
11
5.08
5.07
6.85
7.83
18 *
5.03
5.00
6.80
7.80
Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven—day averages for week ending two days earlier than date shown
*** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

7

8

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

Billions of Dollars

1991

Billions of Dollars

M2
Billions

Sep 2
9
16
23
30
Oct 7

3J87.6
3391.2
3395.4.
3392.7
3388.6
3393.1

M2 (left scale)

Non-M1 M2
1991 Billions

Non-M1 M2 (right scale)

Sep 2
9
16
23
30
Oct 7

6 20 3
Aug

17
Sep

15 29 12 26 10 24

Oct
1990

Nov

Dec

1Jan21

4

18 4

Feb

IB 1

Mar

15 29 13 27 10 24 8 22 5

Apr

May
Jun
1991

Jul

2
Aug

2520.6
2524.0
2525.8
2521.9
2513.5
2517.3

16 30 14 28
Sep

Oct

Latest data plotted week ending: October 7, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by ail commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change average of four weeks ending:
To the average 10/8/90
1/7/91
3/4/91
4/8/91
5/6/91
6/10/91
7/8/91
8/5/91
ending:
3/4/91
4/8/91
5/6/91
6/10/91
7/8/91
8/5/91
9/9/91
10/7/91

2.6
3.5
3.2
3.3
3.1
2.5
2.2
2.1


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Federal Reserve Bank of St. Louis

6.5
5.3
5.0
4.4
3.4
2.9
2.6

4.7
4.5
3.8
2.4
2.0
1.8

2.9
2.4
1.0
0.8
0.7

2.9
0.9
0.7
0.6

-1.1
-0.6
-0.4

-1.5
-1.0

0.2

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1991
Sep 2
9
16
23
30
Oct 7

Billions
998.2
1000.9
1003.0
1003.8­
1003.7
1008.0

Money Market (right scale)

Money Market

Savings Deposits (left scale)
6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 4 18 1 15 29 13 27 10 24 8 22
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May Jun
Jul
1990.
...
1991

5

1991

Billions

Sep 2
9
16
23
30
Oct 7

351.1
350.4
350.3
348.9
346.7
347.2

-

330

19 2 16 30 14 28
Aug
Sep
Oct

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1/
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small Time
1991 Billions
Sep

2
9
16
23
30
Oct 7

Small Time (right scale)

1107.3
1106.0
1103.7
1100.7 —
1097.4
1093.9

Large Tima (left scale)
Large Time
1991 Billions
— Sep 2 481.8
9 478.6
16 477.7
23 472.7
30 472.3
Oct 7 472.0

6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 4 18 1 15 29 13 27 10 24
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
1990

8 22
Jul

5

19 2 16 30 14 28
Aug
Sep
Oct

Latest data plotted week ending: October 7, 1991
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1

1991

Billions

Sep 11
18
25
Oct 2
9
16

0.793
0.862
0.421
0.344
0.259
0.321

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24
Aug
Sep Oct
Nov Dec
Jan
Feb Mar Apr
1990

Billions of Dollars

22 5 13 3 17 31 14 28 11 25 9 23
May Jun
Jul
Aug
Sep Oct
1991

Adjustment + Seasonal Borrowings
From Federal Reserve banks
Averages of Daily Figures

Billions of Dollars

1221

Billions

Sep 11
18
25
Oct 2
9
16

0.352
0.312
0.340
0.343
0.254
0.313

Aug

Sep

Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

May Jun
1991

Billions of Dollars

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 16, 1991


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

Prepared by Federal Reserve Bank of St. Louis

T

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1991

Billions of Dollars

Not Seasonally Adjusted
Billions

Sep 4

134.811
137.276
135.328

Aug

Sep

Oct

Nov

Dec

Jan

1990

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

Latest data plotted week ending: October 9, 1991

Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
October 2, 1991 from
the four weeks ending:
Oct 3, 1990 -7.7
Jan 2. 1991 -8.6
Apr 3, 1991-10.4
May 1, 1991 -9.8
Jun 5, 1991 -8.4
Jul 3, 1991 -8.2
Jul 31. 1991 -6.6

Aug

Sep

Oct

Nov

1991

Billions
-

Aug 28 301.308
Sep 4 302.987
11 301.471 —
18 303.616
25 299.069
Oct 2 301.797.

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 2, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than 11.4 billion
„
Prepared by Federal Reserve Bank of St. Louis


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

11

370

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

Sep 11
Oct 2

1 15 29 12 25 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 9 23
Aug

Sep Oct Nov
1990

Dec

Jan

Feb

Mar

Apr

May

Jun
1991

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 16, 1991
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign-currency price of the U.S. dollar, computed using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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

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td

7i

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