Full text of U.S. Financial Data : February 21, 1991

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FedeflWieserve Bank
of St. Louis

fEB 5 5 flQt

U.b. hinancial Data
February 21, 1991

THE WEEK'S HIGHLIGHTS:
^

Consumer prices rose at a seasonally adjusted annual rate of 5.5
percent in January, after a 3.6 percent rate of increase in December.
Excluding food and energy, consumer prices rose at a 10 percent
rate in January, mainly reflecting higher federal excise taxes on
alcohol and tobacco.

^

Housing starts dropped 12.8 percent in January to a seasonally
adjusted annual rate of 850,000 units, after declining a revised 13.7
percent in December.

is

Industrial production fell at a seasonally adjusted annual rate of 5.5
percent in January, following a revised decline at a 12.5 percent rate
in December. The total-industry capacity utilization rate fell 0.5
percentage point in January to 79.9 percent, nearly 3 percentage
points below its rate a year earlier.

is

The seasonally adjusted merchandise trade deficit narrowed to $6.25
billion in December from a revised $8.91 billion in November. The
trade deficit totaled $100.41 billion in 1990 compared with $109.40
billion in 1989.

Fci»m

RESERVE
HANK of
NT.UHIS


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 BY THIS BANK

BILLIONS OF DOLLARS

1M
~ DEC,
330

BILLIONS OF DOLLARS
338

BILUJMfi
334

320.2

330

—

331.5
326

322

318

314

310

306

302

298

10 24

4

7 21

FEB

MAR

18

2 16 30 13 27 11

APR

JUN

25

8 22

5 19

3 17 31

14 28 12 26

NOV

JUL

B 23

6 20

6 20

FEB

DEC

MAR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING* FEBRUARY 20, 1991
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTI TUT IONS AT FEDERAL
RESERVE BAWS. 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*
2/21/90

5/16/90

7/25/90

8/22/90

8.7
10.4
9.9
8.8
8.9
11.1
1 1.6

14.7
12.5
10.0
9.7
12.7
13.2

12.2
9.0
9.0
12.7
13.2

9/19/90 10/17/90 11/14/90 12/26/90

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
7/25/90
8/22/90
9/19/90
10/17/90
11/14/90
12/26/90
1/23/91
2/20/91

8.3
9.0
10.0
9.8
9.0
9.0
10.7
11.1


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Federal Reserve Bank of St. Louis

5.5
7.0
11.9
12.6

6.5
13.0
13.7

17.2
16.9

23.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

JL

A

MONEY STOCK (Ml )
BILLIONS OF DOLLARS
850 =
1
1
laai

|-------------

im iim

=

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS

7
14
21

825.0
822.0
826.0

Z

FEB .

4
11

833 2
835 9

111111111

JAN.

im iim

/
7

.

-

V

L llllllll l l l l l l l l l

Z
8-40

l l l l II

r—

'T il
1

11
11

11 1

lllllllll

r

1

JAN

11.1 -L1.J
FEB

MAR

1111

111

i

11

mi

APR

MAY

JUN

JUL

i

111

1 1 1

AUG

SEP

-LI 1 1 -LLL j-i. 11 XIX -LLL
17 31

OCT

DEC

14 28 II

JAN

1990

25

FEB

II

25

MAR

1991

LATEST DATA PLOTTED WEEK ENDING; FEBRUARY II,
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'
depoIitsEawMtraveleh1nchecksD

~Y

siiii

IIIIIII

hy

1991
H.6 RELEASE.

BY THE nonbank public- demand deposits, other checkable

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
2/12/90

5/14/90

4.5
3.7
4.7
4.8
4.0
3.9
3.8
4.2

2.6
4.6
4.7
3.6
3.5
3.4
4.0

7/9/90

AVERAGE OF FOUR WEEKS ENDING.

8/13/90

9/10/90

8.3
4.7
4.2
3.9
4.7

1 .8
2. 1
2.2
3.6

10/8/90 11/12/90 12/10/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 9/90
8/13/90
9/10/90
10/ 8/90
11/12/90
12/10/90
1/14/91
2/11/91


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Federal Reserve Bank of St. Louis

5.2
5.2
3.5
3.4
3.2
4.0

0 7
3.2

4!8

5.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

840

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0 -------------1---------- ---------- 1------------1991

RATIO
3.0

RATIO

NOV.

26

2.570

JAN.

24
7
21
4

2.55­
2.52
2.50
2.501

FEB

2.8

Ml MUL TIPLIf:r

31

1 1 1
8 22
JAN

1 1 1
5 19
FEB

1 1 1
5 19
MAR

II 1 111, III!
1 1 1 1
2 16 50 14 28 11 25 9 23
JUN
JUL
APR
MAY
1990

111
6 20
AUG

i 11
3 17
SEP

1111
111
1111
1 15 29 12 26 10 24
OCT
NOV
DEC

i 11
7 21
JAN

111
4 18
FEB
1991

11
4 18

LATEST DATA PLOTTED TWO WEEKS ENDlNGt FEBRUARY 4, 1991
BILLIONS OF DOLLARS
262
“

BILLIONS OF DOLLARS
262 ------------ ,---------- ,---------- 1------------258
254
250
246
242

_
-

COMPOUNDED ANNUAL RAT ES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
FEBRUARY II. 1991 FROM
the four we£ks ENDING
:
- DEC.
10, 1990 23.2
—NOV. 12, 1990 16.1
Z
OCT.
8, 1990 14.7
- SEP.
10, 1990 14.8
“AUG. 13, 1990 15.1
- MAY
14, 1990 13.5
- FEB.
12, 1990 12.7

258
254
Z
250
“
246
E

CURREN CY

242

238

238
234

Z

~
~

234
-

230

~

JAN.

226
FEB.

222
’llll

1J-L 1 1 1
1111 _L1 1
15 29 12 26 12 26 9 23 7 21

JAN

FEB

MAR

APR

MAY

1111
1 1 1
16 30 15 27 10 24
6 22 5 19

I1X. _LLLL 1 1 1
4 16 2

JUN JUL
1990

AUG

m

SEP

OCT

NOV

B ILL 10 NS

19(91

“

230

247.9
249.6
253.2
254.4
254.6
254.3

_I
_
-

226

1

222

7

14
21
28
4
11

1 1 l-LLl-l-iJ 1 1 I 1 1 LL
17 31 14 28 It 25 II 25

DEC

JAN

FEB
1991

MAR

LATEST DATA PLOTTED WEEK ENDlNGt FEBRUARY 11, 1991
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
585 ------------- 1---------- 1------

BILLIONS OF DOLLARS
------------------------------- 585

568.7
564.0
564.5
567.5
570.2
573.2

1

IS 29 12 26

JAN

FEB

12 26

MAR

9 23

APR

7 21

4

MAY

JUN

18

2

16 30 13 27

JUL

AUG

10 24

8 22

5

19

SEP

3

17 31

14 28

JAN

II

25 11

FEB

25

MAR

1990
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY U, 1991
DEPOSITORY^NSTITOnONS? 'S ™E SU“ °F DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/12/90

5/14/90

7/9/90

8/13/90

9/10/90

10/8/90 11/12/90 12/10/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 9/90
8/13/90
9/10/90
10/ 8/90
11/12/90
12/10/90
1/14/91
2/11/91

2.3
1 . 1
2. 1
2.0
0.9
1 . 1
0.9
0.8


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

-0.6
1.5
1.4
-0.0
0.4
0.2
0. 1

1.5
1.4
-0.7
0.0
-0.2
-0.3

4.8
0.5
1.1
0.6
0.4

-2.9
-1.0
-1.1
-1.0

-2.0
-1,7
-1.5

0.7
0.4

-0.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0

RATE

CORPORATE
AAA BONDS

90 DAY
COMMERCIAL
PAPER

ICI PAL

18

JAN

2 16

2 16 SO IS 27- II

FEB

APR

25

8 22

8 20

7.0

3 17 31

14 28 12 26

SEP

MAY

9 23

OCT

7 21

4

DEC

JAN

I

1990

FEB
1991

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi FEBRUARY 22,

90 DAY
CD'S

1991
JAN.

FEB.

MAR.

NOTEi

1991.

4
1 1
18
25
1
8
15
22 X
1
8
15
22
29

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BOWS

MUNICIPAL
BONDS XX

7.35
7.30
7.33
6.94
6.84
6.45
6.44
6.50

7.57
7.22
7.27
6.83
6.90
6.44
6.47
6.50

7.08
7.05
7.13
6.76
6.67
6.28
6.30
6.35

9.02
9.05
9.08
9.05
9.00
8.87
8.77
8.81

10.38
10.51
10.51
10.44
10.34
10.13
10.00
10.02

7.09
7. 15
7.10
7.06
7.00
6.86
6.81
N. A.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.

* AVERAGES OF RATES AVAILABLE
«X 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

SELECTED

PERtf^^^

INTEREST RATES

AVERAGES OF DAILY RATES
—i 10.0

5-Y
TREASURY S

JRITIES

/V^
j vTv
IERAL.
FUNDS RATE
3-U(
TREASUf

7.0

DISCOUNT RATE

5 19

2

JAN

FEB

10

2

10 90 13 27 II

APR

25

8 22

0 20

3 17 31

MAY

14 28 12 20

SEP

9 23

OCT

7 21

4

DEC

JAN

18

I

15

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 22,

1991
JAN.

4
1 1
18
25
FEB.
1
8
15
22 X
MAR.
1
8
15
22
29

1

15 29

FEB
1991.

FEDERAL
FUNDS **

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XKX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7. 17
6.40
6.77
6.88
7.46
6.32
6.29
6.26

6.47
6.31
6.07
6.12
6. 17
5.94
5.87
5.95

6.48
6.51
6.21
6.21
6.28
5.94
5.85
5.91

6.37
6.30
6.22
6. 19
6. 13
5.87
5.84
5.93

7.62
7.77
7.77
7.66
7.60
7.41
7.39
7.48

8.21
8.41
8.35
8.25
8.22
8.05
8.02
8.07

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
X AVERAGES^^ATE^AVAIL^LE°MPUTED BY TH,S BANK‘
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
W SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
new AUCTI ON AVERAGE < DISCOUNT )


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3375 ------------- 1---------- r—

_

JAN

BILLIONS OF DOLLARS
------ ---------------------- 3375

3326.2
3326.0

3350

3339.3
3352.5
3325

3325

3300

3275

3275

3250

3225

3225

I

15 29

JAN

12 26 12 20

FEB

MAR

9 23

APR

7 21

4

MAY

JUN
JUL
1990

18

2

16 SO 13 27

AUG

10 24

SEP

8 22

OCT

5 19

NOV

3 17 31

DEC

14 28

JAN

II

25 II

25

FEB
1991

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY II, 1991
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* 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 GEI'CRAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUn6s.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

2/12/90

5/14/90

7/9/90

8/13/90

9/10/90

3.9
3.4
4.0
3.8
3.3
3. 1
2.9
3. 1

1 .9
3.3
3. 1
2.6
2.4
2.2
2.5

4.0
3.5
2.6
2.3
2. 1
2.5

5. 1
3.3
2.8
2.3
2.8

1.2
1.2
1 . 1

10/8/90 11/12/90 12/10/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 9/90
8/13/90
9/10/90
10/ 8/90
11/12/90
12/10/90
1/14/91
2/11/91


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

1 .8

0.7
0.8
1.7

1.0
2.3

2.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITSv
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2185

I
1---- 1---- 1----- —
“ COMPOUNDED ANNUAL RAT ES
_ OF CHANGE, AVERAGE OF
_THE FOUR WEEKS ENDING
M
_ THE FOUR WEEKS END FRC
_ FEBRUARY 11, 1991 INC :

I DEC.
—NOV.
- OCT.
- SEP.
- AUG.
- MAY

10,
12,
8,
10,,
13
14,

1990
1990
1990
1990
1990
1990

JAN.

FEB.

1.9
0.7
0.1
-0.8
-1.0
-0.9

7
14
21
28
114

2082.2
2086.3
2089.4
2092.4
2091.1
2092.2

“
—
“
“
-

jTTTT

✓ '—■**.

5
11
11

111 111 111

*i

jin in in mi

LATEST DATA PLOTTED WEEK END INGt FEBRUARY 11,

1 1991 1 1 1 1111
11

ILL

BILLIONS OF DOLLARS
580

jin

J1L

ILL

J1L

BILLIONS OF DOLLARS
580

111
1

|

TTTT

z_

560

550

TTTT

1
1

540

III!

JIL L JJJ1

530

520

z

/

JJJI

T~

z

'1

-

570

jjji
ii

LARGE TIME )EPOS TS

1 1
1 1

515.8

Z
540

=

------- 1------- 1----- z
J2.H BILLION? =
JAN.
7 510.4
14 507.2 —
Z
513.3
FEB. 21
4
28 515.8
11 516.6

570

550

2145

|1
1
1
1

2065

560

2165

TOTAL TIME JEPOS TS

-

1
1
1
1
1

2145

BILLIONS OF DOLLARS
2185

---- 1---- 1---ii BILLIONS -

ll l

JAN

1 1 1 MAR1
11

FEB

INI
APR

1 1 1 111
JUN

T 21
MAY

ii 11 ii i

16 90 19 27

JUL
1990

AUG

111 24 1111 111 1111 91in.28ii i 25111
10
8 22
17
14
II
II 25

SEP

OCT

NOV

DEC

JAN

FEB
1991

MAR

LATEST DATA PLOTTED WEEK END INGt FEBRUARY II, 1991
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AM) LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

510

500

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5

BILLIONS OF DOLLARS
---------------------------- 4.5

r-------------1------------1------

1991

MILLIONS

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 20,

1991

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

laai
ADJUSTMENT + SEASONAL
BORROWINGS

3 17 31

14 28 14 28 11

FEB

MAR

APR

25

9 23

6 20

4 18

JUN

JUL

I

IS 29 12 28 10 24

30

7 21

3 19

NOV

DEC

MILLIONS
256

2 16 30 13 27

FEB

13 27

MAR

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 20. 1991


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

*

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS
165 r----------- 1---------- 1-----

NOT SEASONALLY ADJUSTED

JAN.

9

143,547
147,141

FEB.

6

ILL IONS OF DOLLARS
----------------- -------- ~i 165

150,532
147.865

5 IT 31

14 28 14

FEB

11

MAR

25

0 23

0 20

4

JUN

APR

JUL

15

1

15 29 12

10 24

7 21

5 19

NOV

DEC

2

10 30 13 27

FEB

13 27

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 13, 1991

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
342 ------------- ,---------- ,------

ILL IONS OF DOLLARS
------1---------- 1--------342

COMPOUNDED ANNUAL RATES
- OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
FEBRUARY 6. 1991 FROM
“ THE FOUR WEEKS ENDING: “
_ DEC.
NOV.
“ OCT.
- SEP.
_ AUG.
MAY
” FEB.

3 17 31

JAN

5,
7,
3,
5,
8,
9,
7,

2

FEB.

6

7 21

5 19

2 18 30 IS 27

NOV

DEC

-7.4
-5.7
-4.4

14 28 14 28

FEB

JAN.

MAR

II

25

APR

9 23

MAY

6 20

JUN

29 12 28 10 24

JUL

AUG

SEP

FEB

13 27

MAR

1990
LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 6,

1091

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

DOLLAR'S TRADE-WEIGHTED EXCHANGE

INDEX

AVERAGES OF DAILY FIGURES

1973-100
98

1973-100
98

~

isai
JAN.

r

-

FEB.

V
s

—

1973-10

16
23
30
6
13
20

84.8
83.1
82.5
81.5
80.8
82.2

Q.
:

\

:

V

—

-

A
-w i

-

_

’llll 1 1 1 -ILL ■ 111. 1 1 1.1 -L.U. ■ I.LI. 1 111 111 1111 111 ■J.l 1 11 i.i 111 _LLLi
17 31

JAN

14 28 M 28 II 23

FEB

MAR

APR

6 20

MAY

4 18

I

JUN

JUL

AUG

15 29 12 28 10 24

SEP

21

OCT

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 20,
NOTE*

5 19

2

18 30 IS 27 13 27

JAN

FEB

MAR

1991
1991

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.10 RELEASE.

#31

1990

DATA ARE WEIGHTED AVERAGES OF THE FOREIGN-CURRENCY PRICE OF THE U.S. DOLLAR, COMPUTED USING
10 INDUSTRIAL COUNTRY CURRENCIES.

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