Full text of U.S. Financial Data : August 6, 1992

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\/

'ust 6, 1992

3JRARY
llll

ITIMK.U
A KI .SI KM
Ak ItVNkoi
SI. I(M IS

THE WEEK'S HIGHLIGHTS:
Real disposable personal income fell at a 2.8 percent annual rate
in June, after increasing in three of the previous four months. Real
disposable personal income increased at an annual rate of 0.9 per­
cent during the first six months of this year.
\/ After seasonal adjustment, current-dollar construction spending
fell at a 16.9 percent annual rate during June, following five con­
secutive monthly increases. Compared with a year ago, construc­
tion spending is up 5.7 percent.
The Commerce Department’s composite index of leading economic
indicators fell 0.2 percent during June, the first decline in 1992.
Six of the 11 components of the index declined. The index has
increased at an annual rate of 6 percent during the first six
months of the year.
\/ The yield on three-month Treasury bills averaged 3.21 percent dur­
ing July, the lowest monthly average since February 1972. It has
declined by 4.69percentage points since March 1990, when it
reached its recent peak of 7. 90 percent.

Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is as follows:
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must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages ot Uarly Ngures
Seasonally Adjusted

Billions of Dollars

1992

Billions

May 27
Jun 10

364.2
363.1
364.3

Jul

8

Aug

5

5 19
Jun

Billions of Dollars

366.7
368.9

3 17 31 14 28 11 25 9 23
Jul
Aug
Sep Oct
1991

6 20 4 18
Nov Dec

1

15 29 12 26 11 25 8 22 6 20 3 1) 1 15 29 12 26
Jan
Feb Mar Apr May Jun
Jul
Aug
1992

Latest data plotted reserve maintenance period ending: August 5, 1992
The adjusted monetary base is the sum of reserve accounts of financial institutigns 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 monetaiv 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 Monetaiy Base
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
2/5/92
8/7/91 10/30/91 1/8/92
3/4/92
4/1/92 4/29/92 6/10/92

periods ending:
1/8/92
2/5/92
3/4/92
4/1/92
4/29/92
6/10/92
7/8/92
8/5/92

7.9
8.1
10.1
9.2
9.4
8.9
8.1
8.7


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Federal Reserve Bank of St. Louis

7.3
10.8
9.3
9.5
8.9
7.8
8.6

16.5
11.7
11.4
9.9
8.3
9.3

12.8
12.1
10.1
8.1
9.3

6.5
6.4
4.8
6.8

7.9
5.5
7.8

3.5
7.0

7.6

Prepared by Federal Reserve Bank of St. Louis

T

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

— Jun 22
'*
Jul 6

949.1
949.2
960.0
956.8
961.4
962.8

TCD (right scale)
■M1 (left scale)

TCD
1992
Jun 22
29
Jul 6
13
20
27

3 17 1 15 29 1! 21
Jun Jul
Aug

1 13 7 21
Sep Oct
1991

1 II
Nov

2 16 30 13 27 10 24 9 13 t 20 1 11 I
Dec Jan
Feb Mar Apr May
1992

Billions
665.0
665.4
674.8 —
671.1
674.4
674.9

IS 29 13 27 10 24

Latest data plotted week ending: July 27, 1992
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)
r_ ila ______
Compounded annual rates of change, average of four weeks ending:
To the average 7/29/91 10/28/9l 12/30/91 1/27/92
3/2/92 3/30/92 4/27/92 5/25/92
of four weeks
ending:
12/30/91
1/27/92
3/2/92
3/30/92
4/27/92
5/25/92
6/29/92
7/27/92

10.9
11.8
14.6
14.1
13.0
13.3
11.7
11.7


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Federal Reserve Bank of St. Louis

13.5
18.0
16.6
14.6
14.7
12.3
12.3

23.9
19.6
15.8
15.8
12.3
12.3

21.2
15.6
15.6
11.6
11.7

7.2
10.0
6.6
7.6

9.7
5.4
7.0

6.1
7.9

4.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

Billions

May 13
Jun 10

5

19
Jun

3 17 31 14 28 11 25 9 23
Jul
Aug
Sep Oct
1991

6 20 4 18
Nov Dec

1 15 29 12 26 11 25
Jan
Feb Mar

8 22 6 20
Apr May
1992

3 17 1 15 29 12 26
Jun
Jul
Aug

Latest data plotted two weeks ending: July 22, 1992
Adjusted reserves Is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
12/25/91
1/22/92
2/19/92
3/18/92
4/15/92
5/27/92
6/24/92
7/22/92

Compounded annual rates of change, average of two maintenance periods ending:
7/24/91

10.8
7.0
13.6
16.0
14.7
15.0
12.6
10.8


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Federal Reserve Bank of St. Louis

10/16/91 12/25/91

8.2
19.2
22.0
19.2
18.8
15.0
12.4

21.5
26.0
20.3
19.4
14.1
10.8

1/22/92

50.7
33.4
27.7
19.6
14.8

2/19/92

19.0
18.2
10.9
7.1

3/18/92

11.9
4.8
1.7

4/15/92

4.9
0.9

5/27/92

-9.8

Prepared by Federal Reserve Bank of St. Louis

i

Money Multiplier1//
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
July 20, 1992 from
the four weeks ending:
Jul 22, 1991 3.0
Oct 28, 1991 3.9
Jan 20, 1992 3.0
Mar 2, 1992 1.9
Mar 30, 1992 0.0
Apr 27, 1992 1.7
May 25. 1992 0.2

3 17 1 15 2! 12 26
Jun Jul
Aug

Ratio
May 11

2.630

2.616
2.61 1

2.632

2!616

J 23 7 21 4 H 2 16 J1 1J 27
Sep Oct Nov Dec
Jan

10 21 9 2] f 20 1 11

1991
Latest data plotted two weeks ending: July 20, 1992

—

2.9

—

2.6

15 29 13 27 10 24

1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
July 27, 1992 from
the four weeks ending:
Jul 29. 1991 7.5
Oct 28, 1991 7.1
Jan 27, 1992 7.2
Mar 2, 1992 6.5
Mar 30, 1992 7.9
Apr 27, 1992 7.8
May 25, 1992 8.5

1992

Jul

Billions

6
279.1

3 17
Jun

1

15 29 12 26 9 23 7 21
Jul

Aug

Sep
1991

Oct

4 18 2 1
Nov

30 13 27 10 24 9 23 6 20 4 18

D>

15 29 13 27 10 24
Jul
Aug

Latest data plotted week ending: July 27, 1992
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Percent

Percent

Averages of Doily Figures

Corporate
Aaa Bonds

Municipal Bonds

7 21 5

19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 21 13 27 10 24 8 22
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May

17 31 14 28
Jul
Aug

Latest data plotted are averages of rates available for the week ending: August 7, 1992

1992
May 15
22
29

5
12
19
26
Jul 3
10
17
24
31
Aug 7 ♦

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

3.77
3.78
3.89
3.91
3.86
3.83
3.84
3.75
3.37
3.34
3.32
3.32
3,33

3.85
3.83
3.92
3.94
3.91
3.89
3.89
3.80
3.45
3.42
3.40
3.36
3.39

3.71
3.74
3.84
3.84
3.81
3.79
3.79
3.66
3.33
3.28
3.29
3.29
3.29

Corporate
Aaa Bonds
8.27
8.23
8.25
8.24
8.24
8.22
8.20
8.16
8.08
8.09
8.06
8.01
8.00

Corporate
Baa Bonds
9.12
9.07
9.11
9.09
9.08
9.02
9.02
8.98
8.89
8.87
8.82
8.71
8.69

Municipal
Bonds ***
6.54
6.51
6.58
6.57
6.52
6.46
6.42
6.38
6.17
6.16
6.05
5.89
NA

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
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Ra

Percent

Percent

Averages of Daily Figures

Federal
unde Rate

7 21
Jun

5 19 2 16 30 13 27 11 25 8 22 6 20
Jul
Aug
Sep
Oct
Nov Dec
1991

3 17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28
Jan
Feb
Mar
Apr May Jun
Jul
Aug
1992

Latest data plotted are averages of rates available for the week ending: August 7, 1992

1992
May 15
22
29
Jun 5
12
19
26
Jul 3
10
17
24
31
Aug 7 *

Federal
Funds **
3.84
3.89
3.80
3.85
3.69
3.73
3.72
3.87
3.24
3.28
3.22
3.18
3.33

3-Month
Treasury
Bill

6—Month
Treasury
Bill **♦

3.60
3.61
3.71
3.71
3.67
3.63
3.64
3.48
3.22
3.19
3.17
3.18
3.17

3.74
3.71
3.90
3.90
3.83
3.75
3.77
3.66
3.32
3.31
3.24
3.27
3.30

1—Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.93
6.65
7.73
3.92
6.61
7.69
4.06
6.70
7.79
4.08
6.61
7.76
3.99
6.56
7.74
3.93
6.44
7.67
3.94
6.40
7.65
3.79
6.22
7.56
3.48
5.93
7.42
3.38
5.85
7.45
3.38
5.74
7.36
3.43
5.70
7.20
3.43
5.74
7.20
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-Mi Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

2650
M2
1992
Jun 22
29
_ Jul 6
13
20
27

Billions
3455.2
3447.6
3456.0.
3454.7
3452.1
3454.7

2600

(left scale)

2550

.Non-M1 M2 (right

2500
Non-M1 M2
1992
Jun 22
29
Jul 6
13
20
27

Billions
2506.1'
2498.4
2496.0
2497.9
2490.7
2491.9

] 17 1 15 2! 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 11 1 15 29 13 27 10 24
Jun
Jul
Aug
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
1992
1991

2450

2400

Latest data plotted week ending: July 27, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M2 Is the sum of M1, overnight RPs issued by all 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 7/2g/g-\ 10/28/91 12/30/91 1/27/92 3/2/92 3/30/92 4/27/92 5/25/92
of four weeks
ending:
12/30/91
1/27/92
3/2/92
3/30/92
4/27/92
5/25/92
6/29/92
7/27/92

2.4
2.3
3.4
2.9
2.4
2.2
1.6
1.4


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Federal Reserve Bank of St. Louis

3.1
4.8
3.8
2.9
2.5
1.7
1.4

5.9
3.8
2.4
2.0
1.0
0.6

4.8
2.6
2.1
0.9
0.5

-1.5
-0.8
-1.5
-1.6

-0.8
-1.8
-1.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
11(0 -------- I—1---------Savings
1992 Billions

1115

Jun 22
29
Jul 6
13
20
27

Billions of Dollars

(15

1128.4
1126.1
11 30.2
11 33.3
11 34.9
11 36.8

390
Mone y Martiet (righ t scale i
—. j, — ^ —■a**"

v

365

N

IjT

A. ~ ^ **

X

vV

1025

340
Mo ney M arket
1992 Bill ons

S( vings 1 Depositi (left j cale)

980

935

r-» i ■

Jun

1 i 1 i ' l ' i ■I'M'*~r TT~r T" r 1

Jul
.

Aug

Sep
1991

Oct

■ i ■ i 1 i 1 i 'Ml 'I'M1 1 1 I «

'

Nov

Dec

Jan

Feb

Mar

T-»

1 '

Apr May
1992

Jun 22

35 3.8

Jul

348.3
351.8
349.4
349.7

6
13
20
27

TT-rJ

Jun

315

290
Jul

Auq

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

550

Billions of Dollars
!

j

1170

Small Time

Time

1992

Billions

Jun 22
29
Jul 6

954.7
950.6
947.6

20
27

94 0.7
93 7.0

V

1110

X
x

450

400

350

X

X

X_
\

La rge
L2i12
—
- Jun 22
29
Jul 6
13
20
27

17
Jun

Tirne
Bill ons

1050
>

Large Ime (1 ft sea e)

N

39
39 5.2
39 2.6
39 2.1
38 8.4
38 6.3

15 29 12 26 9 23 7 21 4 18
Jul
Aug
Sep Oct
Nov
1991

N

X

%

990
X
X

1*3' 27

16 30
Dec
Jan

10 24 9 23 6 20 4 18
Feb Mar Apr May
1992

X

*'X

15 29 13 27 10 24
Jun
Jul
Aug

Latest data plotted week ending: July 27, 1992
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

930

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992
_ Jul

1
8
15
22
29
_ Aug 5

5

11

Billions of Dollars

Billions
0.416
0.495
0.214
0.217
0.237
0.243

J 17 J! 14 28 II 28

Jun Jul

Aug

Sep

9 27 6 ID

4 II I

Oct

Dec

Nov

IS 29 12 26 II 25
Jan

Feb

Mar

1991

I 22

6 20

3 17 I

Apr

May

Jun

15 29 12 26
Jul

Aug

1992

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

Billions of Dollars

1992

Billions

8
15
22
29
Aug 5

0.495
0.214
0.217
0.237
0.243

Billions of Dollars

1992
Latest data plotted week ending: August 5, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinanciai Companies

Billions of Dollars

1992

Billions of Dollars

Not Seasonally Adjusted
Billions

Jun 24 145.378
Jul 1 141.595
143.508
142.950
140.593
138.774

5 19 3 17 31 14 28 11 25 J 23 8 20 4 18
Jun Jul
Aug
Sep
Oct Nov Dec

15 29
Jan

12 2$ 11 25 8 22
Feb Mar Apr

6 20 3 17 1 15 29 12 28
May
Jun
Jul
Aug
1992

1991
Latest data plotted week ending: July 29, 1992

Commercial and Industrial Loans'7
__
„
Billions of Dollars
380
■ I
1
Compounded annu al
rates of change,
average of the fou
weeks ending
380
July 22, 1992 from
the four weeks en< ing:
Jul 24, 1991 -fi.5
Oct 23, 1991 -t .4
380
Jan 22, 1992 -* . 3
Feb 19. 1992 -ti.5
Mar 25, 1992—1C ).8
Apr 22, 1992-1 .7

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars
——
1992

Jul

380

Billio ns

7 281. 01_
2 4 279.5 13
280.<iso
3 278.1 30
1 5 279.^191
2 2 277.Ji07

380
340

320

320

280

280

2(0

S

18 1 17 11 14 21 11 28 8 28 6 20 4 11 1 IS 29 12 28 tl 25 I 22 t 20 1 17 1 IS 21 12 2t
Jun Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
1992
1991

Latest data plotted week ending: July 22, 1992
1 / Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.+ billion
Prepared by Federal Reserve Bank of St. Louie


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Federal Reserve Bank of St. Louis

11

260

Dollar's Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

Aug

5 19

3 17 31 14 28 11 25 9 23 6 20

Jun Jul

Aug

Sep
1991

Oct

Nov

5

4 18 1 15 29 12 26 11 25 I 22 6 20

3 17 1

Dec

Jun

Jan

Feb

Mar

Apr

May
1992

15 29 12 26
Jul

Aug

Latest data plotted week ending: August 5, 1992
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


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Federal Reserve Bank of St. Louis