Full text of U.S. Financial Data : August 22, 1991

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serve Bank
Louie
-"JHT

ttS. Financial Data
August 22, 1991

THE WEEK'S HIGHLIGHTS:
✓

The yield on 90-day CDs averaged 5.55 percent for the week
ending August 23, down from 6.35 percent six months earlier and
7.97percent in August 1990.

✓

The Ml money stock grew at a 7.9percent annual rate during the
last six months, faster than the 4.8 percent rate of increase during
the previous six months.

✓

Industrial production rose at a 5.7 percent annual rate in July, the
fourth consecutive month of increase. July production was still 2.7
percent below its 1990 peak last September.

✓

Total industry capacity utilization was 79.7percent in July, up
from 78.4percent in March.

✓

The seasonally adjusted merchandise trade deficit was $4 billion in
June, down from $4.8 billion in May. The deficit thus far in 1991
has totaled $30.3 billion, substantially less than the $48.3 billion
deficit for the same period in 1990.

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 ot uaiiy ngures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Jun 12
Jul 10
Aug

B

Billions of Dollars

7

20 4 18
Jun
Jul

337.5
335.7
338.0
340.8

I

IS 2) 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24 1 22
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
1990
1991
Latest data plotted reserve maintenance period ending: August 21, 1991

S

19 3 17 31 14 28
Jun
Jul
Aug

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:
1/23/91
2/20/91
3/20/91
4/17/91
5/15/91
6/26/91
7/24/91
8/21/91

Compounded annual rates of change, average of two maintenance periods ending:
8/22/90

12.6
13.2
12.5
10.5
9.8
9.2
8.8
8.7


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Federal Reserve Bank of St. Louis

11/14/90

16.9
14.9
11.3
10.2
9.3
8.7
8.6

1/23/91

12.3
6.6
6.1
5.9
5.7
5.9

2/20/91

3/20/91

4/17/91

5/15/91

6/26/91

2.0
2.8
3.7
3.8
4.3

0.2
2.5
2.9
3.6

5.1
4.9
5.4

5.1
5.7

5.7

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages ot uany Figures
Seasonally Adjusted

Billions of Dollars

1991
Jul

Billions of Dollars

M1
Billions

8
15
22
29
Aug 5
12

856.7
857.5
859.9 .
864.3
867.7
862.4

M1 (left

TCD
1991

TCD (right scale)

18

2

30 13 27 10 24
Aug
Sep

22
Oct

5

8

Aug

4

Jul

5

Bjlljons
591.4
591.7
593.2
596.2
599.8
594.9

—

22 6 20

I9 3 I7 31 14 28
Nov
Dec

Apr

May

Latest data plotted week ending: August 12. 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 8/13/90

n/12/go

1/14/91

2/11/91

3/11/91

4/15/91

5/13/91

4.9
6.3
7.0
5.9
6.7
6.8
6.9

10.4
10.1
7.7
8.5
8.2
8.2

10.1
7.0
8.1
7.9
7.9

5.3
7.3
7.2
7.3

5.8
6.3
6.7

6/10/91

9.2
8.8

of four weeks
ending:
1/14/91
2/11/91
3/11/91
4/15/91
5/13/91
6/10/91
7/15/91
B/12/91

3.9
4.8
5.6
6.1
5.5
6.1
6.2
6.3


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

Prepared by Federal Reserve Bank of St. Louis

3

565

4

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

Billions of Dollars

3450

I

Billions of Dollars

I

2675

M2
1991

Billions

Jul

3400

8
15
_
22
29
Aug 5
12

3390.5
3391.1
3385.7
3: 85.9
33 87.8
33 84.8

2625

M2 (l<»ft seal

3350

2575

/

3300
s'

V
\
—

*

2525

w-

—
N on-MI M2 (ric ht seal 0

✓

Nor -M1 l»12
1991

3250

3200

Jul

ti

Jun

2

16 JO 13 27 10 24
Jul

Aug

Sep
1990

8

22

Oct

5

1*9 3

Nov

17 ’ 3
Dec

'
14 21 11 25 l’l 25 ’ T ' 1 ' T
8 22 6 20
Feb Mar
Apr
May
1991

Jan

8
15
22
29
Aug 5
12
I
I 1 l 1 I »

Billions
2533.8
2533.6
2525.8
2521.6
2520.1
2522.4
I

l » l11 i i I
17 1 15 2) 12 26
Jun
Jul
Aug

2475

2425

Latest data plotted week ending: August 12, 1991
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, money market deposit accounts, savings and small time deposits, and qeneral
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:
of four weeks
ending:
1/14/91
2/11/91
3/11/91
4/15/31
5/13/91
6/10/91
7/15/91
8/12/91

8/13/90

2.1
2.7
3.3
3.9
3.6
3.6
3.1
2.7


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

11/12/90

2.4
3.6
4.5
3.9
3.9
3.2
2.6

1/14/91

2/11/91

3/11/91

4/15/91

5/13/91

6.9
7.1
5.6
5.2
4.1
3.1

7.4
5.4
5.0
3.7
2.6

4.4
4.2
2.8
1.8

2.3
1.2
0.2

1.3
0.0

6/10/91

-1.6

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages ot Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
August 5, 1991 from
the four weeks ending:
Aug 6, 1990 -2.8
Nov 12, 1990 -2.0
Feb 18. 1991
2.9
Mar 18, 1991
3.6
Apr 15, 1991
1.7
May 13, 1991
2.1
Jun 10. 1991
0.3

4

18

2

Jun

Ratio
May 27

Jun 1 0

Aug

18 30 13 27 10 24
Jul

8

22

3

5

Feb

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

2.561
2.530
2.563

5

15 29 12 28

22 6 20

17 31 14 28 11 25

Aug

2.545
2.545

Mar

Apr

Jul

May

Aug

Currency Component of M12//
Averuyes ui uuny nyuica

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
August 12, 1991 from
the four weeks ending:
Aug 13, 1990 9.8
Nov 12. 1990 8.3
Feb 11. 1991
4.5
Mar 11, 1991
3.7
Apr 15. 1991
3.9
May 13, 1991
4.9
Jun 10. 1991
6.7

1991

Billions

Jul

Aug

4

II

2

16 iO 1] 2J 10 !t
Aug

Sep

«

!2

Oct

5

I!
Nov

3

IT II H ill II IS II 25
Feb

Dec

Mar

8

5

257.6
258.1
259.0
260.4
260.2
259.9

8 22 8 20
Apr

May

Jul

Aug

1990
Latest data plotted week ending: August 12, 1991
1 / Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

5

Prepared by Federal Reserve Bank of St. Louis

6

Yields on Selected Securities
Percent

11.0

lil

Prime
Loan

10.0

s

l

\

S
%.

_

9.0

\

.

Corp >rate
Aaa onds

Comm erclal
Pa per
>»

*

/

\
V.

/

" ——

U

*

-

**

<• 1

/v •
\

W
1/

Munk Ipal Boi id***

V

(.0

v^'i

5.0

e.o

i 1 i i i i i i i • rn
Jun

Jul

Aug

Sep
1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr
May
1991

i • i ■ i > i

Jun

"1 ' 1

n n 9Aug
23
Jul

Latest dato plotted ore averages of rates available for the week ending: August 23, 1991

1991

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate

5.90
6.07
6.12
6.03
6.05
6.04
6.02
5.97
5.94
5.90
5.69
5.62
5.55

5.91
6.02
6.10
6.05
6.08
6.06
6.02
5.96
5.93
5.92
5.73
5.69
5.63

5.76
5.91
5.98
5.93
5.94
5.93
5.92
5.90
5.83
5.80
5.56
5.50
5.47

8.87
8.93
9.01
9.05
9.04
9.04
9.04
8.99
8.97
8.93
8.82
8.73
8.69

9.85
9.92
10.00
9.98
9.95
9.91
9.96
9.92
9.84
9.80
9.69
9.62
9.63

May 31

Jun

7

14
21
28
Jul
5
12
19
Aug

2
16
23 *

Municipal

7.06
7.19
7.15
7.13
7.10
7.07
7.04
6.99
6.88
N.A

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


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

Prepared by Federal Reserve Bank of St. Louis

5.0

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

•count

Jun

13 27 10 20 7 21 5 IS 2 16 30 10 28 11 25
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1990

22
Feb

8 22 5 IS 3 17 31 10 28
Mar
Apr
May
Jun
Jul
1991

Aug

Latest data plotted are averages of rates available for the week ending: August 23, 1991

1991
May 31
Jun
7
14
21
28
Jul
5
12
19
26
Aug
2
9
16
23 *

Federal
Funds **
5.72
5.91
5.75
5.78
5.79
6.34
5.79
5.85
5.75
5.79
5.83
5.62
5.68

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.46
5.58
5.58
5.58
5.56
5.58
5.57
5.59
5.58
5.53
5.40
5.29
5.17

5.65
5.71
5.78
5.79
5.76
5.71
5.71
5.70
5.72
5.69
5.59
5.39
5.23

5.76
5.92
6.00
5.97
5.96
6.00
5.90
5.92
5.90
5.81
5.54
5.40
5.23

7.66
7.86
7.97
7.95
7.96
7.95
7.97
7.92
7.87
7.76
7.54
7.40
7.29

8.31
8.44
8.54
8.54
8.53
8.49
8.52
8.49
8.45
8.37
8.22
8.14
8.10

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

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

Billions of Dollars
480 ---------1-----------1-----------

Billions of Dollars

1230

Savings
1991
Billions
Jul

8
15
22
Aug “5
12

460

441.4
442.4
443.2
4< 15.7
4<

Small Tims (r ght sc ule)

1180
*
%

440

1130

%

Smcall Tim e
1991
BiHio ns
Jul 8 1122.6
15 1119.6

420

rJ

400

4

18
Jun

> i ' r ' I ' 1

■ M

1 1 1

2 16 30 13 27 10 24 1 22
Jul
Aug
Sep Oct
1990

J

T' i ■ »

S I! i 17 31 14 28 II 25 II 25
Nov
Dec
Jan
Feb
Mar

t ■ 1

8 22 f 20 3 17 1 15 2! 12 26
Apr
May
Jun
Jul
Aug
1991

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

Billions of Dollars

29 1115.8
5 1113.3
12 1111.6
1 ' 1 ' 1 r^r. I.
Aug

So zings D BposItS (left s cale)

V
Billions of Dollars

Large Time
1991

Total Time (left scale)

Billions

Jul

8

Aug

5

493.7
493.8
490.2
490.0 —
489.1
486.7

Time (right scale)

Total Time
1291
- Jul

8
15
22
29
Aug 5
12

Billions
2057.7
2055.8
2050.8
2050.1
2048.1
2044.9

Jul

Aug

Sep

Oct

Feb

Mar

Apr

May

Jun

I5 29 12 26
Jul
Aug

Latest data plotted week ending: August 12, 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

1030

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

Billions of Dollars

Billions of Dollars

390

390

370

.

330

"

Compounded annu> 1
rates of change,
average of the four
weeks ending
August 12, 1991 fr am
the four weeks end
Aug 13, 1990 7 .5
Nov 12. 1990 5 .5
Feb 11, 1991 -1 .7
Mar 11, 1991 -4 .3
Apr 15, 1991 -7 .9
Mav 13. 1991 -0 .6
Jur 10, 1 991-13 .8

370

350

Billiems

199

330

310

330

Jul

8 361.6
15 360.9
22 359.6
29 356.6
Aug 5 353.8
12 353.8
______l_____
' r1" 1 i 1

■ i ■ i

Jun

Aug

Jul

r > i

Sep
1990

310

i ■ i » i ■ i 1 i 1 » ■

Oct

Nov

Dec

Jan

Feb

Mar

Apr
May
1991

Jun

Jul

Aug

Money Market Deposit Accounts
All Depository Institutions

Billions of Dollars

Billions of Dollars

560

540

520

560

—l----------1------------1
Compounded annual
rates of change,
average of the four
weeks ending
August 12, 1991 from
the four weeks ending:
13. 1990 8 7
12. 1990 11 0
11, 1991 16 5
11. 1991 16 3
15. 1991 14 8
13, 1991 13 3
9 9
10, 1991

540

520

122.
B
5
.2
.9
Aug 5
2

500

400

Billie
545.9 —
548.7
547.2
547.4
547.2
548.7

500

4 is 1 IS 31 IJ 27 11 24 8 22 5 I! 3 17 31 H 2! II 25 11 25 1 22 6 20 3 17 1 15 20 12 20
Jun

Jul

Aug

Sep
1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr
May
1991

Jun

Jul

Aug

Latest data plotted week ending: August 12, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

480

10

Total Borrowings
From t-eaerai Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Jul 17
24
31
Aug 7
14
21

Billions of Dollars

0.448
0.489
0.580
1.203
0.602
0.757

Jun

Jul

Aug

Sep
1990

Oct

Nov

Dec

Jan

I9
Feb

Mar

Apr

May

3

17 31 H 21
Jul
Aug

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

Billions of Dollars

1991

Billions

Jul 17
24
31
Aug 7
14
21

Billions of Dollars

0.445
0.485
0.394
1.013
0.333
0.464

Jul

Aug

Sep

Oct

Nov

Dec

Jan

13 27 13 27 10 24
Feb Mar
Apr

8 22
May

5

19 3 17 31
Jun
Jul
Aug

Latest data plotted week ending: August 21, 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

20 4

Billions of Dollars

Not Seasonally Adjusted
Billions

7

If 1
Jul

15 21 12 2i 10 21
Aug
Sep
Oct

7 21
Nov

S

19 2 If 20 12 27 12 27 10 21
Dec
Jan
Feb Mar
Apr

toon

22
May

..

5

I)

2

'

17 21 11 20
Jul
Aug

Latest data plotted week ending: August 14. 1991

Commercial and Industrial Loans17
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
August 7, 1991 from
the four weeks ending:

Billions of Dollars

1991

Billions
-

Jul

Aug B, 1990 -7.0
Nov 7. 1990 -8.8
Feb 6, 1991 -9.5
Mar 6. 1991-10.9
Apr 10. 1991-12.8
May 8. 1991-12.4
Jun 5, 1991-10.9

Aug

3 307.836
10 307.103
17 305.323—
31 304.217
7 303.194_

Latest data plotted week ending: August 7, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

370

Dollar’s Trade-Weighted Exchange Index
1973-100

Averages ot Daily Figures

1991 1973-10,0

Aug

S 20 4
Jun

18 1
Jul

IS 29 12 28 10 21 7 21 5 19

2

Aug

Jan

Sep
1990

Oct

Nov

Dec

If 30 13 27 13 27 10 21 8 22
Feb

Mar

Apr

May
1991

5

7

19 3

Jun

17 31 11 28
Jul

Aug

Latest data plotted week ending: August 21. 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


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Federal Reserve Bank of St. Louis