Full text of U.S. Financial Data : December 31, 1992

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Ml 11 1993

RE Decker 31, 1992

Federe
of Si. Louis

TO Financial Data
THE WEEK'S HIGHLIGHTS:
%/ The composite index of leading economic indicators increased
0.8percent in November after a 0.5percent increase in October.
November’s increase was the first consecutive monthly increase
since May 1992.
Real disposable personal income decreased at a 1.4 percent
annual rate in November after a 9.6 percent increase in October.
During the first 11 months of 1992, real disposable income
increased at a 1.6 percent annual rate, compared with a
0.4 percent increase during 1991.
l/ New orders for durable goods fell 1.9 percent during November
after increasing 4.6 percent in October. Orders for the last
six months were up 1.4 percent from the same six-month period
in 1991.
\/ Sales of new one-family houses in November fell to a seasonally
adjusted annual rate of565,000 units. Sales for the first 11
months of 1992 were up 19 percent from the same period in 1991.

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:
One year (50 issues)
Two years (100 issues)

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To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
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 of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Oct 14
28
Nov 11
25

380.2
381.3
383.2
385.0

23

3B2.2

I 21 4 II 1
Nov
Dec
1991

15 2i 12 21 11 25 1 22 S 20 3 17 1
Jan

Feb

Mar

Apr

May

Billions of Dollars

15 2) 12 21 S 23 7 21

Jun
Jul
1992

Aug

Sep

Oct

4 10 2 IS 30 13 27
Nov

Dec

Jan
1993

Latest data plotted reserve maintenance period ending: December 23, 1992
The adjusted monetary base is the sum of reserve accoynts 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. Qata are computed by this bank. A detailed descnption 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 12/25/91 3/18/92 5/27/92 6/24/92 7/22/92 8/19/92 9/16/92 10/28/92
two maintenance
periods ending:
5/27/92
6/24/92
7/22/92
8/19/92
9/16/92
10/28/92
11/25/92
12/23/92

9.8
8.5
7.8
9.4
9.9
10.8
10.9
9.5


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Federal Reserve Bank of St. Louis

5.6
5.2
8.0
9.0
10.4
10.5
8.8

2.5
8.6
10.0
11.8
11.8
9.2

12.4
13.0
14.2
13.8
10.5

18.0
17.4
16.2
11.8

15.6
14.6
9.7

14.7
8.4

Prepared by Federal Reserve Bank of St Louis

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

Billions of Dollars

1015

-

Billions of Dollars

Nov 16 1023.2
Dec

23
30
7
14
21

1014.5
1020.0
1022.6
1021.5
1019.6

TCD (right scale)

TCD

(left scale)

1992
Nov 16
23
30
Dec 7
14
21

4

II 2 II 30 13 27 10 24 S 23 8 20 4
Nov

Dec

Jan

Feb

Mar

Apr

IS 1
May

15 2! 13 27 II 24 7 21 5 II 2
Jun

1991

Jul

Aug

Sep

Oct

Billions -

630

724.5
715.7
720.9
723.0
721.4
718.7

610

-

II 30 14 21 11 25
Nov

Dec

1992

Jan

1993

Latest data plotted week ending: December 21, 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)
Compounded annual rates of change, average of four weeks ending:

To the average 12/23/91

3/23/92

5/18/92

6/22/92

7/20/92

8/24/92

9/21/92

10/19/92

ending:
5/18/S2

15.3

6/22/92

13.1

6.3

7/20/92

11.7

5.6

B/24/92

8.2

8.4

9/21/92

12.5
13.2

9.8

10.7

13.4

10/19/92

14.1

11.6

13.0

15.8

19.9

21.6

11/23/92

14.7

14.3

16.8

21.7

13.8

12.8

14.6

19.9
16.7

21.0

12/21/92

12.8
11.7

16.5

15.7


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Federal Reserve Bank of St. Louis

3.8
10.9
18.1

12.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reseives
Billions of Dollars

S.asonally Adjustod

Billion, 0f Dollars

4 It 1 IS n I! if 11 25 I 22 6 20 3 17 1 15 !! I! 21 » 23 7 21 4 It 2 If Jl 11 V
Nov

Dec

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Latest data plotted two week9 ending: December 23, 1992
Adjusted reserves i9 the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
12/25/91 3/18/92 5/27/92 6/24/92 7/22/92 8/19/92 9/16/92 10/28/92
two maintenance
periods ending:
5/27/92
6/24/92
7/22/92
8/19/92
9/16/92
10/28/92
11/25/92
12/23/92

19.4
13.8
10.6
12.7
12.5
14.8
16.3
10.7


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Federal Reserve Bank of St. Louis

4.4
1.3
6.1
6.8
10.9
13.3
6.5

-10.5
1.5
3.7
10.4
13.8
4.7

9.2
9.7
16.3
19.3
7.7

20.2
24.5
26.6
10.9

22.2
25.5
7.0

31.9
5.9

-9.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier17
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
December 21, 1992 from
the four weeks ending:
Dec
Mar
Jun
Jul
Aug
Sep
Oct

4

H

23,
16,
22.
20,
17.
14,
26.

1991
1992
1992
1992
1992
1992
1992

2 IS 3113 27

Nov Dec

Jan

Ratio
Oct 12

3.7
2.4
3.1
4.0
5.5
6.5
7.4

10 24 9 23

S 2S

4 18 1

Feb

Apr

May

Mar

15 29 13 27 10 24 7 21
Jun

Jul

Aug

Sep

Nov

9

Dec

7

2.640

2.642
2.657

2.647
2.671
2.670

~

2.3

5 19
Oct

1991
1992
Latest data plotted two weeks ending: December 21, 1992

Nov

Dec

Currency Component of Ml2/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

300

of Dollars

I
I
I
Compounded annual
rates of change,
average of the four
weeks ending
December 21, 1992 from
the four weeks ending:
Dec 23,
Mar 23
Jun 22,

1 S92

Aug 24. 1992
Sep 21,

Billions
Mov 16

4 II 2
Nov

If 31 13 27 10 24 9 23
Dec

Jan

Feb

1991

Mar

1

15 29 13 27 II 24
Jun

Jul

1992

Aug

5 19 2
Oct

290.1 —
290.1
290.6
291.0
291.5
292.2

If 30 14 28 11 25
Nov

Dec

Jan

1993

Latest data plotted week ending: December 21, 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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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

Corporate
Bonde

Prime
Loan Rate-

Commercial

I

15 2! 13 27
Nov

Dec

10 24 7 21

6 20 3 17 1

Jan Feb

Mar

Apr

15 2! 12 20
May

1991

Jun

10 24 7 21 4 18 2 II 30 13 27 11 25
Jul

Aug

Sep

Oct

Nov

1992

Dec

8 22
Jan

1993

Latest data plotted are averages of rates available for the week ending: January 1, 1993

1992
Oct

9
16
23
30
Nov
6
13
20
27
Dec
4
11
18
25
Jan
1 *

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

3.09
3.25
3.38
3.39
3.42
3.52
3.68
3.67
3.73
3.54
3.44
3.35
3.34

3.15
3.23
3.27
3.26
3.25
3.28
3.25
3.22
3.70
3.80
3.75
3.62
3.60

3.05
3.18
3.31
3.32
3.35
3.47
3.60
3.60
3.65
3.48
3.42
3.34
3.33

Corporate
Aaa Bonds
7.92
7.96
8.04
8.07
8.11
8.14
B.07
B.06
8.06
8.00
7.99
7.93
7.91

Corporate
Baa Bonds

Municipal
Bonds **

8.72
8.84
8.93
8.96
9.02
9.00
8.91
8.91
8.92
8.82
8.82
8.75
8.75

6.29
6.34
6.53
6.62
6.51
6.38
6.28
6.26
6.28
6.22
6.25
6.19
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 Rates
Percent

Percent

Averages of Daily Figures

Federal

Treasury BKI
1

IS 2) 13 27
Nov

Dec

10 24 7 21 I 20 3
Jan

Feb Mar

17 1
Apr

1991

15 2) 12 20 10 24 7 21 4 II 2 10 30 13 27 11 2S I 22
May

Jun

Jul

Aug

Sep

Oct

Nov

1992

Dec

Jan

1993

Latest data plotted are averages of rates available for the week ending: January 1, 1993

1992
Oct

9
16
23
30
Nov
6
13
20
27
Dec
4
11
18
25
Jan
1 *

Federal
Funds **
3.20
3.20
3.05
2.96
3.07
2.91
2.97
3.10
3.37
2.94
2.93
2.94
2.86

3-Month
Treasury
Bill

6-Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

2.76
2.90
2.95
2.94
3.03
3.08
3.16
3.24
3.30
3.24
3.21
3.18
3.17

2.78
2.95
3.10
3.22
3.27
3.31
3.37
3.45
3.46
3.37
3.43
3.32
3.38

2.97
3.12
3.35
3.36
3.42
3.47
3.56
3.60
3.64
3.55
3.60
3.49
3.46

5.35
5.52
5.83
5.B5
5.96
6.00
6.05
6.12
6.20
6.04
6.10
6.03
6.03

7.12
7.21
7.35
7.37
7.44
7.41
7.36
7.38
7.41
7.27
7.28
7.19
7.21

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 I
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3550

Billions of Dollars

2050

n r

M2
1992 Billions

Nov 16 3513.2
23 3497.7

2(00

7 35 10.0
14 35 06.4
21 34 98.6

3050

M2 (left s< ale)

/'- N

w»- "

2550

t

s

\

Dec

/

-

______ ______

3500

3400

's
V

*

w

N >n-M1 I 42 (riglit scak

3350

3300

1 l 1 l

4 II
Nov

l ■ l"

1 • 1

1 ■" r-r Ml'

2 II 11 11 27 10 24 t 21

f 20

Dec

Apr

Jan

Feb

Mar

4 11

May

1

^ i

MM MM

r ■<1TTT TLrrnJ

15 2! 11 27 II 24 7 21

Jun

Jul

Aug

2500

's

_______ V

\

w—

V 'X
Nor -M1 kH2
Billiens
1992
Nov 16 2490.0 23 2483.2
30 2483.1
Dec 7 2487.4
14 2484.9
21 2479.0
......... l,,|l,i,

5 14 2 If If 14 21 11 25

Sep

Oct

Nov

Dec

1992

1991

2450

2400

Jan

1993

Latest data plotted week ending: December 21, 1992
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, 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 (MS)
Compounded annual rates of change, average of four weeks ending:

To the average l2/23/91
of four weeks
ending:
5/18/92
6/22/92
7/20/92
8/24/92
9/21/92
10/19/92
11/23/92
12/21/92

2.3
1.6
0.9
1.2
1.5
1.7
2.1
1.8


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Federal Reserve Bank of St. Louis

3/23/92

-1.2
-1.7
-0.7
0.1
0.6
1.3
1.0

5/18/92

-2.3
-0.4
0.5
1.2
1.9
1.5

6/22/92

7/20/92

8/24/92

0.1
1.3
2.0
2.7
2.1

3.5
3.6
4.1
3.1

4.1
4.6
3.1

9/21/92

10/19/92

Prepared by Federal Reeerve Bank of St Louis

Savings and Money Market Funds
Averages ot uaiiy Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings

H32

liilioQs

Nov 16
23
30
Dec 7
14
21

1183.8
1181.4.
1181.5
1185.9
1189.5
1188.3

Money Market (right

Savings Deposits (left scale)

Money Market
1992 Billions
Nov 16
23
30
Dec 7
14
21

4

II 1

II ]| || « II 21 I 21 I 21 4

II I

348.5
346.7 —
348.9
348.7
347.5
347.1

15 2! II 2) II 21 7 21 5 II 2 II 31 H 21 II 25

Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
1991
1992
Note: Savings deposits are at all depositary institutions. Money market funds are general purpose
and broker/dealer.
/

Dec

Jan
1993

s1/
Large and Small—
Time Deposits1
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small Time
1992 Billions
Nov 16
23
30
Dec 7
14
21

885.0
882.2
879.8
877.4
875.0
872.9

(left scale)'

Large Time
1992 Billions
— Nov 16
23
30
Dec 7
14
21

4 II 2
Nov

ht seal

Small Til

369.5
370.5
370.3
369.1
367.8
365.5

16 30 13 27 10 24 ! 23 I 20 4
Dec

Jan

Feb

Mar

Apr

18 1
May

15 29 13 27 10 24 7 21 5 19 2 1§ 30 14 21 11 25
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan
1993

Latest data plotted week ending: December 21, 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

10

Total Borrowings
From Federal Ke9erve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

_ Nov 25
Dec 2

( 2!
Nov

Billions of Dollars

0.187
0.160
0.028
0.040
0.080
0.096

* 11 1
Dec

IS II 1! If 11 IS ! !! S 21 i 1)
Jan

Feb

Mar

Apr

May

I

Jun

1991

IS !! 1! II
Jul

Aug

S 2] 7 21 4 II
Sep

Oct

Nov

2 11 II IJ 27
Dec

1992

Jan

1993

Adjustment + Seasonal Borrowings
From Federal Reserve Bank9
Averages of Daily Figures

Billions of Dollars

1992
Nov 25
-Dec 2
9
16
23
30

Nov

Dec

Billions of Dollars

Billions
0.187
0.160
0.028
0.038
0.079
0.096

Jan

Feb

Mar

Apr

May

1991

Jun

Jul

1992

Aug

Sep

Oct

Nov

Dec

Jan

1993

Latest data plotted week ending: December 30, 1992


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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

1992

Billions of Dollars

Not Seasonally Adjusted
Billions

Nov 18 150.025
149.938
Dec 2 150.878
148.877
152.145
145.018

Nov

Dec

Nov

Dec

1992
Latest data plotted week ending: December 23, 1992

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
December 16, 1992 from
the four weeks ending:
Dec
Mar
Jun
Jul
Aug
Sep
Oct

I 20
Nov

18,
18.
17.
15,
19.
16,
14,

4 II 1
Dec

1991
1992
1992
1992
1992
1992
1992

1992
.Nov 11
18
25
Dec 2
9
18

-4.5
-4.6
-2.2
-0.1
2.9
5.3
5.1

15 2! 12 21 11 25 I 22 I 20 3 17
Jan

Feb

Mar

Apr

May

Jun

1991

1

15 20 12 2$
Jul

1992

Aug

Billions
278.310_
279.081
281.089
279.992
277.983
278.588.

0 23 7 21

4 II 2 II 31 13 27

Sep

Nov

Oct

Dec

Jan

1993

Latest data plotted week ending: December 16, 1992
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

■

Dollar's Trade-Weighted Exchange Index
1973-100

Averages of Daily Figures

1992 1973-100

Dec

f 21

f II I 15 2) 12 2f 11 25

Nov Dec
1991

Jan

Feb

Mar

I 22 fi 20 3 17
Apr

May

Jun

2

1 15 23 12 2S 9 23 7 21 4 II 2 If 30 13 27
Jul
1992

Aug

Sep

Oct

Nov

Dec

Jan
1993

Latest data plotted week ending: December 30. 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

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