Full text of U.S. Financial Data : August 15, 1991

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«' &. •

Reserve Bank
v* St. Louis

tJ.S. Financial Data

A!)S 1 9 1991.

August 15, 1991

THE WEEK'S HIGHLIGHTS:
✓ The consumer price index (CPI-U) rose at a seasonally adjusted
annual rate of 2.7 percent in July. Excluding food and energy, both
of which registered declines in July, the CPI-U rose at a 4.3 percent
rate.
»/ Privately owned housing starts were at a seasonally adjusted
annual rate of1,070,000 units in July, slightly higher than the re­
vised June estimate of1,032,000. Thus far in 1991, there have been
591,400 housing starts, 23 percent lower than the 763,800 started
during the same period last year.
✓ Retail sales increased at a seasonally adjusted 6 percent annual
rate in July, after rising at a 1.7percent rate in June. Retail sales
data are not adjusted for inflation.
%/ Sales of durable goods rose at an 8.6 percent annual rate in July,
up from a 3.1 percent rate increase in June, while sales of non­
durable goods rose at a 4.5 percent rate, up from a 1 percent rate
of increase in June.

THE
FEDERAL
A RESERVE
XltWKot

nr ST. EDITS

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


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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
May 29
Jun 1 2
Jul 10
Aug

6 20
Jun

7

4

334.9
335.4
337.5
335.7
339.5
338.0

18 1
Jul

15 29 12 26 10 24
Aug

Sep
1990

Oct

7 21 5 19

2

Nov

Jan

Dec

16 30 13 27 13 27 10 24 8 22 5
Feb

Mar

Apr

May
1991

19 3 17 31 14 28

Jun

Jul

Aug

Latest data plotted reserve maintenance period ending: August 7, 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
8/8/90 10/31/90 1/9/91
2/6/91
3/6/91
4/3/91
5/1/91
6/12/91
two maintenance
periods ending:
1/9/91
2/6/91
3/6/91
4/3/91
5/1/91
6/12/91
7/10/91
8/7/91

12.0
13.6
12.9
12.5
10.5
9.6
9.3
9.3


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Federal Reserve Bank of St. Louis

15.1
13.6
12.9
9.8
8.8
8.5
8.5

15.5
13.4
8.4
7.3
7.1
7.3

9.0
4.0
4.2
4.4
5.1

1.8

2.9
3.5
4.5

0.5
1.9
3.4

4.9
6.0

7.2

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot Daily Ngures
Seasonally Adjusted

Billions of Dollars

1991

Billions of Dollars

M1
Billions

Jul

1
8
15
22
29
Aug 5

861.8
856.7
857.5.
859.9
864.3
867.6

M1 (left

TCD
TCD (right scale)

4

IB 2

30 13 27 10 24 8 22 5
Jul

Aug

Sep

Oct

19 3
Nov

1-99.1

Piiijons

1
8
15
22
29
Aug 5

595.4
591.4
591.7
593.2
596.3
599.7

Jul

17 31 14 28 11 25 11 25 8 22 6 20 3
Dec

Feb

Mar

Apr

May

17 1
Jun

- 565

15 29 12 26
Jul

Aug

Latest data plotted week ending: August 5, 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 (M1)
To the average
of four weeks
ending:
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91
6/3/91
7/8/91
8/5/91

Compounded annual rates of change, average of four weeks ending:
S/6/90
11/5/90
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91
6/3/91

4.6
4.3
5.8
6.3
5.5
6.1
6.5
6.4


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Federal Reserve Bank of St. Louis

3.4
6.2
6.9
5.6
6.5
7.0
6.7

9.0
9.2
6.6
7.8
8.1
7.7

12.2
7.9
9.1
9.2
8.5

4.6
7.1
7.8
7.2

5.6
7.1
6.5

11.1
9.1

7.4

Prepared by Federal Reserve Bank of St. Louis

3

4

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

Billions of Dollars

1991

Billions of Dollars

M2
Billions

Jul

1
8
15
22
29
Aug 5

3396.6
3390.5
3391.1.
3385.7
3386.0
3387.2

M2 (left scale)

Non-M1 M2 (right scale)

Non-M1 M2
1991
Billions
Jul

1
8
15
22
29
Aug 5

8

18

1

Jurt

IS 38 II 27 IS 24 8 22 5

Jul

Aug

Sep
1990

Oct

H
Nov

3

17 31 U 28 II 25 II 25 8 22 6 28
Dec

Jan

Feb

Mar

Apr

May
1991

3 17
Jun

I

2534.8
2533.8
2533.6
2525.8
2521.7
2519.6

IS 29 12 28
Jul

Aug

Latest data plotted week ending: August 5, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, money market deposit accounts, savings and small time deposits, and general
purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
To the average
of four weeks
ending:
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91
6/3/91
7/8/91
B/5/91

Compounded annual rates of change, average of four weeks ending:
8/6/90
11/5/90
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91
6/3/91

2.5
2.5
3.4
3.9
3.6
3.6
3.3
2.8


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Federal Reserve Bank of St. Louis

1.7
3.4
4.2
3.7
3.8
3.3
2.6

5.9
6.2
5.0
4.8
4.1
3.0

7.8
5.8
5.4
4.3
3.0

4.3
4.2
3.3
2.0

2.6

1.9
0.6

2.2
0.4

-1.2

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
August 5, 1991 from
the four weeks ending:
Aug 6, 1990 -2.8
Oct 29, 1990 -2.0
Feb 4, 1991
2.5
Mar 4. 1991
2.5
Apr 1, 1991
3.2
Apr 29, 1991
2.4
Jun 10, 1991
0.3

4

18 2
Jun

Ratio
May 27
Jun 10

16 30 13 27 10 24 8 22 5
Jul

19 3 17 31 14 28 11 25 11 25 8 22 6

Aug

Sep
Oct
Nov
Dec
Jan
1990
Latest data plotted two weeks ending: August 5, 1991

Feb

Mar

Jul

B

Aug

5

20

Apr
May
1991

2.545
2.545
2.546
2.530
2.563

15 2! 12 26

Jun

Jul

Auq

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
August 5, 1991 from
the four weeks ending:
Aug 6, 1990 9.8
Nov 5, 1990 8.3
Feb 4. 1991
5.1
Mar 4, 1991
3.6
Apr 8, 1991
3.3
May 6, 1991
4.3
Jun 3, 1991
5.8

1991

4

18 2
Jun

16 30 13 27 10 24
Jul

Aug

Sep
1990

22 5 19 3 17 31 14 28 11 25 11 25
Feb
Mar
Oct
Nov Dec
Jan

8

22

6

1

Aug

5

20

Apr
May
1991

Billions

Jul

258.7
257.6
258.1
259.0
260.4
260.2

15 29 12 26
Jun

Jul

Aug

Latest data plotted week ending: August 5, 1991
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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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime
Loan Rate

Municipal Bonde

1

15
Jun

25 13 27 10 24 7 21
Jul
Aug Sep

5 15 2 16 30 14 21 11 25
Oct
Nov
Dec
Jan

I 22
Feb

8 22 5 19
Mar Apr

1990

3 17 31 14 28
May
1991

Jun

12 26 9 23
Jul
Aug

Latest data plotted are averages of rates available for the week ending: August 16, 1991

1991

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

May 24
31
Jun
7
14
21
28
Jul
5
12
19
26
Aug
2
9
16 *

5.91
5.90
6.07
6.12
6.03
6.05
6.04
6.02
5.97
5.94
5.90
5.69
5.64

5.91
5.91
6.02
6.10
6.05
6.08
6.06
6.02
5.96
5.93
5.92
5.73
5.69

5.76
5.76
5.91
5.98
5.93
5.94
5.93
5.92
5.90
5.83
5.80
5.56
5.51

Corporate
Aaa Bonds
8.86
8.87
8.93
9.01
9.05
9.04
9.04
9.04
8.99
8.97
8.93
8.82
8.77

Corporate
Baa Bonds

Municipal
Bonds **

9.89
9.85
9.92
10.00
9.98
9.95
9.91
9.96
9.92
9.84
9.80
9.69
9.68

6.98
6.97
7.06
7.19
7.15
7.13
7.10
7.07
7.04
7.00
6.99
6.94
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

D scount

I

15 28 13 27 10 24 7 21 5 IS 2 16 30 14 20
Jul
Aug
Sep Oct
Nov Dec
Jan

Feb

22 5 19 3 17 31 14 28
Mar
Apr May Jun

Latest data plotted ore averages of rates available for the week ending: August 16, 1991

1991
May 24
31
Jun
7
14
21
28
Jul
5
12
19
26
Aug
2
9
16 *

Federal
Funds **
5.79
5.72
5.91
5.75
5.78
5.79
6.34
5.79
5.85
5.75
5.79
5.83
5.62

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

1-Year
Treasury
Bill

5—Year
Treasury

Long-Term
Treasury

5.44
5.46
5.58
5.58
5.58
5.56
5.58
5.57
5.59
5.58
5.53
5.40
5.30

5.66
5.65
5.71
5.78
5.79
5.76
5.71
5.71
5.70
5.72
5.69
5.59
5.39

5.77
5.76
5.92
6.00
5.97
5.96
6.00
5.90
5.92
5.90
5.81
5.54
5.43

7.73
7.66
7.86
7.97
7.95
7.96
7.95
7.97
7.92
7.87
7.76
7.54
7.44

8.34
8.31
8.44
8.54
8.54
8.53
8.49
8.52
8.49
8.45
8.37
8.22
8.16

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)


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Federal Reserve Bank of St. Louis

3-term Treasury securities

Prepared by Federal Reserve Bank of St. Louis

7

8

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

460

Billions of Dollars

1230

I
I----------Savings
1991
Billions
Jul

Aug

1
8
15

440.3
441.4
442.4

29
5

4 1-4.2
4

1180

Small Tim* (r ght sc

> -S,
1*

440

1130
Sm □II Tim e
1991
iiilic ns

420

Jul

1
8
15
22
29
Aug 5

Sovlngs [2•posits (left s cale)
■ i '

-T-TT--I

'• r '•!

■I'M ~rr

fr

4 18 2 16 30 13 27 10 24 8 22 5 IS 3 17 31 14 21 11 25 11 25
Feb
Mar
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
1990

1 1 1 ' 1

'I

■

22 6 20 3
Apr

May

1124.6
1122.6
1119.6
1117.4
1115.9
1112.9

17 1 15 28 12 26
Jun
Jul
Aug

1080

1030

1991

Total and Large Time Deposits1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

2110

2000

Pc

I
T

Billions of Dollars
I
I
Large Time
1991
Billions

n (left scale)

Jul

" **
Aug

-

^

s

s

S

491.4
493.7
493.8

29
5

490 .0
489 .4

s

™ •% <
*

w,

To tal Tirr e
19S_L ML■fin.?
— Jul 1 20
8 20 57.7
15 20 55.8
22 20 50.8
29 20 50.1
Aug 5 20 4-8.0

2030

2030

340

— ’ *“ s

Tim* (r ght sc

2070

1
8
15

U
4

IS 2 If 3« 13 2) II 24 8 2!
Jun Jul
Aug
Sep Oct
1990

S 1! 3 17 31 H 2! II 25 II 25
Nov Dec
Jan
Feb Mar

1 22 6 21 3 17 I 15 29 I! 25
Apr
May
Jun
Jul
Aug
1991

Latest data plotted week ending: August 5, 1991
1/ Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of $100,000 or more.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

420

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
August 5, 1991 from
the four weeks ending:
Aug 6, 1990 8.5
Nov 5, 1990 6.3
Feb 4, 1991 -0.2
Mar 4, 1991 -2.3
Apr 8, 1991 -6.9
May 6, 1991 -6.6
Jun 3, 1991-11.6

1991

4

18 2

IB 30 13 27 10 24 8 22 5 II 3 17 31 14 28 11 25
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
1990

Billions

Jul

1

Aug

5

22 6 20 3 17
Apr
May

362.7
361.6
360.9
359.6
356.6
353.8

Jul

Aug

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

560

Billions of Dollars

560

i
l-----------1
Compounded annual
rates of change,
average of the four
weeks ending
August 5, 1991 from
the four weeks ending
Aug 6, 1990 8.8
Nov 5. 1990 11.0
Feb 4. 1991 17.2
Mar 4, 1991 17.1
Apr 8, 1991 16.0
May 6, 1991 15.2
Jun 3, 1991 11.6

1991

Billions

1
8
15
22
29
Aug 5

* 11
Jun

542.8 —
545.9
548.7
547.2
547.4
547.2

1 « M 13 !7 is 21 I a 5 tl J 17 11 II II 11 25 11 IS I 1! f 10 1 17 i 15 29 12 21 '
Jul

Aug

Sep

1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

199!

7

Jun

Jul

Aua

a

Latest data plotted week ending: August 5, 1991


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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

1M

Billions

Jul 10
17
24
31
Aug 7
14

0.332
0.448
0.489
0.580
1.203
0.602

6 20 4 18 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24 8 22
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May
1990
1991

Billions of Dollars

19 3 17 31 14 21
Jun
Jul
Auq

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

Billions of Dollars

1991

Billions

Jul 10
17
24
31
Aug 7
14

0.329
0.445
0.485
0.394
1.013
0.333

Billions of Dollars

6 20 4 18 I 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Auq
1990
1991
y
Latest data plotted week ending: August 14, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1991

_ Aug

6 20 4

Billions of Dollars

Not Seasonally Adjusted
Billions

7

18 1 15 29 12 2S 10 21 7 21 5 19 2 10 30 13 27 13 27 10 21 8 22 5
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May

19 3 17 31 11 21

Latest data plotted week ending: August 7, 1991

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banka2/
Seasonally Adjusted

Billions of Dollars

370
360
350
340

I---------- 1----------- —
Compounded anni al
rates of change,
average of the fou
weeks ending
July 31, 1991 fron
the four weeks en
Aug 1. 1990 -h6.8
Oct 31, 1990 -l8.4
Jan 30, 1991 - 9.0
Mar 6, 1991-1 0.7
Apr 3. 1991-1 2.4
Ma y 1. 991 -1 1.9
Ma y 29, 991-1 ). 4

Billions of Dollars
1-----------1--------1991
Jun
Jul

Billions
6
3
0
7
4
1

306.910
307.836
307.103—
305.323
303.724
304.191

380
370
360
350
340

330

330

320
310

310

300
290

r~r f » TTT- -1 i ' i ' l ' l 1 I 1 1 ' Lf' I ■' T > 1 ■

Jun

Jul

Aug

Sep
1990

Oct

Nov

Dec

■lil1

Jan

Feb

tth

‘rT~r "T ' "1 ' 1 T

Mar

Apr
May
1991

290
Jun

Jul

Aug

Latest data plotted week ending: July 31, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
.L
„
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar’s Trade-Weighted Exchange Index
1973-100

Averages of Dally Figures

1991 1 973=1 00

Aug

* 20 4 18 1 15 2* 12 28 10 24 7 21 5 15 2 18 30 13 27 13 27 10 24 8 22
Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

7

92^9

- 100

19 3 17 31 14 21
Jun

Jul

Aug

Latest data plotted week ending: August 14, 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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis