Full text of U.S. Financial Data : February 27, 1992

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THE WEEK'S HIGHLIGHTS:
The Ml money stock continued its sharp growth into February
and has increased at a 15.2 percent annual rate since last
September. This is a marked acceleration from the 6.1 percent
increase in the year ending in September 1991.
1/

The yield on long-term Treasury securities fell slightly to
7.83 percent for the week ending February 28. This follows
six consecutive weekly increases totaling 58 basis points since
January 10.

%/ For the week ending February 26, the dollar was valued at
129.12 yen and 1.6479 Deutsch mark. Compared with last July,
the dollar has depreciated against both currencies: 5.8 percent
against the yen and 6.1 percent against the Deutsch mark.
%/ New orders for durable goods rose 1.5 percent in January, after
decreasing 5.1 percent in December. Excluding defense, orders
for durable goods rose 3.6 percent in January.

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)

$18
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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 oT Daily Ngures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Dec 11

349.5
348.8

_ Jan

8

Feb

5

Billions of Dollars

350.0
353.5
357.8

2 If 30 13 27 13 27 10 20 I 22 5 1! 3 17 31 H 21 11 25 J 23 f 21 0 II 1 IS 2) 12 2f II 25
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1991
1992
Latest data plotted reserve maintenance period ending: February 19, 1992
The adjusted monetary base is the sum of resen/p 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
I o the average of
two maintenance
periods ending:
7/24/91
8/21/91
9/18/91
10/16/91
11/13/91
12/25/91
1/22/92
2/19/92

Compounded annual rates of change, average of two maintenance periods ending:
2/20/91 5/15/91 7/24/91 8/21/91 9/18/91 10/18/91 11/13/91 12/25/91

4.0
4.6
5.3
5.3
6.1
6.2
5.9
7.1


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Federal Reserve Bank of St. Louis

6.8
7.5
7.1
8.0
7.7
7.2
8.7

9.2
7.8
9.1
8.4
7.5
9.5

7.5
9.4
8.4
7.4
9.7

9.1
7.9
6.8
9.7

9.1
7.3
10.7

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Billions of Dollars

1992

Billions of Dollars

Seosonolly Adjusted

M1
Billions

Jan 13
20
27
Feb 3
10
17

906.6
910.3­
915.3
921.2
927.1
931.6

TCD (right scale)

Jan 13
20
27
Feb 3
10
17

7 21
Jan

4 18 4 18 1 15 2! 13 21 II 24
Feb

Mar

Apr

May

Jun

629.5
632.7 —
637.0
642. i
647.4
651.2

I 22 5 IS 2 II 31 H 21 11 25 S 23 I 20
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1991
Latest data plotted week ending: February 17, 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 (M1)
Compounded annual rates of change, average of four weeks ending:

To the average 2/18/91
of four weeks
ending:
7/15/91
8/19/91
9/16/91
10/14/91
11/18/91
12/16/91
1/20/92
2/17/92

B.O
7.7
7.9
7.9
8.9
9.2
9.4
10.9


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Federal Reserve Bank of St. Louis

5/20/91

7/15/91

8/19/91

8.2
8.5
8.4
9.8
10.1
10.2
12.2

7.8
7.9
10.0
10.5
10.5
13.0

8.8
11.4
11.7
11.5
14.3

9/16/91

12.2
12.3
11.9
15.2

10/14/91 11/18/91 12/16/91

14.2
13.1
16.8

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

1992

Feb

Seasonally Adjusted

Billions of Dollars

Billions

5

2 11 31 13 27 13 27 10 24 8 22 5 IS 3 17 31 H 21 11 25 S 23 8 28 4 II 1 IS 2) 12 2f 11 2S
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1991

Feb

Mar

1992

Latest data plotted two weeks ending: February 19, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
2/20/91 5/15/91 7/24/91 6/21/91 9/16/91 10/16/91 11/13/91 12/25/91

periods ending:
7/24/9'
8/21/9)
9/18/91
10/16/91
11/13/91
12/25/91
1/22/92
2/19/92

2.1
2.3
4.3
3.4
5.5
6.4
4.6
8.6


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Federal Reserve Bank of St. Louis

8.4
10.4
7.8
10.4
10.7
7.8
12.8

10.3
5.6
10.3
10.8
6.7
13.6

6.8
12.7
12.6
7.3
15.2

10.2
11.1
5.1
14.8

17.4
7.7
19.2

1.3
17.5

21.5

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
February 17, 1 992 from
the four weeks ending:
Feb 18, 1991 3.4

Ratio
Dec

9

2.563
2.575
2.576
2.596
2.598
2.598

Sep 16, 1991
Oct 14, 1991

Feb
1992

Mar

Latest data plotted two weeks ending: February 17, 1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

280

270

ttl

Billions of Dollars

210

--------1---------1----------1---------Compounded annual
rates of change,
average of the four
weeks ending
February 17, 1992 from
the four weeks ending:
Feb 18, 1991 6.7
May 20, 1991
7.6
Aug 19, 1991 8.1
Sep 16, 1991 8.1
Oct 14. 1991 8.1
Nov 18, 1991 7.9

270

ISO

199.l

250

240

20
27
Feb 3
10
17
I ' i ' T* 1 '

7 21
Jan

n-T»

1 i 1 i

i ■ i >"i 1 i 1 i ■ 1 '

Apr

May

Jun

H 1 i

..........
i ' i

Bill] ons
8.9 —
26 9.4
27 0.0
27 0.4
27 .4
27 2.0

L.l

4 II 4 II I IS 21 II 27 11 24 I 22 S II 2 14 JO 14 21 II 25 I !J 4 24 ] 17 2 14 Jl
Feb

Mar

Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1992

Latest data plotted week ending: February 17, 1992
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

Prepared by Federal Reserve Bank of St. Louis

5

250

2U

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate

Corporate

-Ada Bonds-

Uuniclpal Bonds

< II
Jan

1 15 1 15 2)

12 2f 10 24 7 21 5 19

Feb

Apr

Mar

May

Jun

Jul
1991

2 If 31 13 27 11 25 I 22 f 20 3 17 31 H 21 13 27
Aug

Sep

Oct

Nov

Dec

Jan

Feb
Mar
1992

Latest data plotted are averages of rates available for the week ending: February 28, 1992

1991
Dec

6
13
20
27
Jan 3
10
17
24
31
Feb 7
14
21
28 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

4.78
4.48
4.36
4.33
4.15
3.98
4.09
4.06
4.08
4.02
3.96
4.13
4.19

5.12
4.93
4.86
5.05
4.57
4.09
4.10
4.08
4.08
4.07
4.02
4.17
4.19

4.67
4.42
4.35
4.33
4.05
3.92
3.99
3.96
4.00
3.95
3.92
4.05
4.10

8.39
8.35
8.31
8.22
8.17
8.14
8.20
8.22
8.25
8.25
8.27
8.33
8.34

9.37
9.30
9.26
9.14
9.11
9.05
9.11
9.16
9.20
9.18
9.21
9.28
9.29

6.80
6.71
6.66
6.58
6.52
6.40
6.56
6.59
6.65
6.71
6.74
6.75
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
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent
I.P

Averages of Daily Figures

j.i

5—Ye w
Tree •ury S« curitlei

“V •

W

/

■—

✓

s— —

N

V

\

\v

%

\

N

7.0

1 ►N
\'

✓/

s

nr—
\

\

S'

* \#
3—Mon th
T eaeury Bill

,

Fi dsroi
Fun ds ate

t.o

(.0

\ v/ ■%
s

5.1

5.0
\

Jiscour t Rate

\

S

1
\

"N

4.0

/\A

•*

1.0

3.)
Jan

Feb

War

Apr

Way

Jun
Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1992

Mar

Latest data plotted are averages of rates available for the week ending: February 26, 1992

1991
Dec

6
13

Federal
Funds **
4.79
4.54
4.49
4.22
4.19
4.19
4.01
3.87
4.01
4.17
3.93
4.20
3.96

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

4.32
4.16
4.03
3.81
3.87
3.77
3.81
3.77
3.84
3.81
3.76
3.87
3.94

4.39
4.20
4.19
3.85
3.91
3.86
3.87
3.84
3.93
3.93
3.80
3.93
4.08

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury

4.38
6.34
7.71
4.23
6.25
7.65
4.14
7.59
6.21
27
3.97
6.00
7.38
Jan 3
3.93
5.98
7.30
10
3.87
7.27
6.01
17
3.98
6.34
7.47
24
3.95
6.32
7.56
31
4.02
6.41
7.65
Feb 7
3.98
6.44
7.68
14
4.00
6.50
7.74
21
4.16
6.70
7.85
2B *
4.22
6.75
7.83
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

20


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Federal Reserve Bank of St. Louis

7

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3575

I

Billions of Dollars

2§75

I

U2
>992 Billions
Jan 13
20
27
Feb 3
10
17

JDS

3447.1
3452.7
3457.3
3 466.6
3 477.1
3 481.7

MS (left s

2625

2575

JJ7S

/

/

—N

1

r s
X //V

/\

JDS

X

f

/X

2525

i

N >n-M1 42 (rigl it scak )

f

No n-M1 M2
199 2 Bill ons
Jan 13 2540.5
20 2542.4
27 2542.0
Feb 3 2545.6
10 2550.0
17 2550.1

JJ25

3275

7 21
Jan

4 II 4 II
Feb Mar

2475

___ I___ J___ 2425

1

15 2! 13 27 II 24
22 5 1! 2 16 31 H 21 11 25 i 23 6 26 3 17 2 16 31
Apr
May Jun
Jul
Aug Sep
Oct
Nov
Dec Jan
Feb War
1991
1992
Latest data plotted week ending: February 17, 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 2/18/91 5/20/91 7/15/91 8/19/91 9/16/91 10/14/91 11/18/91 12/16/91
ending:
7/15/91
B/19/91
9/16/91
10/14/91
11/18/91
12/16/91
1/20/92
2/17/92

3.8
2.8
2.9
2.7
3.0
3.2
3.0
3.5


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Federal Reserve Bank of St. Louis

0.9
1.4
1.4
2.1
2.5
2.3
3.1

0.8
1.0
2.1
2.7
2.4
3.3

2.2
3.3
3.8
3.2
4.2

3.3
4.0
3.2
4.4

5.2
3.7
5.1

3.0
5.1

4.9

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages at Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1292 BiUifite
_Jan 13
20
27
Feb 3
10
_
17

1057.4.
1062.3
1067.4
1072.9
1080.2
1085.8

Money Market (right scale)

Money Market1992 Billions
Jan 13
20
27
Feb 3
10
17

Savings Deposits (left scale)

358.7
360.5
3 64.0 —
365.2
364.2
364.6

320

7 21 4 IS 4 18 1 IS 2) 13 27 10 21 8 22 5 1! 2 If 31 H 21 11 25 S 21 f 21 3 17 2 If 3S
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
1991
.
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.
.

Large and Small Time Deposits1'
rui uepuanuiy iiiauiuuima
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small Time
1992 Billions

Small Time (right scale)

Jan 13
20
27
Feb 3
10
17

1050.0__
1044.2
1037.9
1032.2
1025.8
1020.6

Large Time (left scale)

_ Large Time
1M2 Billions
Jan 13 427.6
20 427.0
27 426.8
“Feb 3 423.8
10 420.5
17 420.9

7 21
Jan

1

If 1 II 1 15 2! 13 27 10 21 I 22 5 1! 2 If 31 11 21 11 25 9 23
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov Dec
1991

f 20 3 17 2 If 31
Jan
Feb Mar
1992

Latest data plotted week ending: February 17, 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 Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

_ Jan 22
29
Feb 5
12
19
_
26

! If

0.214
0.097
0.161
0.057
0.081
0.067

II I] 27 I] !7 II H I 22 5 1)

Jan

Billions of Dollars

Feb

War

Apr

Way

J 17 ]| 11 J| 11 !i I 71 f 71

Jun

Jul

Aug

Sep

Oct

1 11

Nov Dec

I

IS !) 17

Jan

1991

Feb

n ]!

War

1992

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

Billions of Dollars

1M2

giljipns

Jan 22
29
Feb 5
12
19
26

0.214
0.096
0.158
0.056
0.079
0.064

Billions of Dollars

! II 51 II 77 1J 2) II 21 I 22 5 II ] 17 II II 21 II 2! I 23 I 21 1 II 1 15 21 12 21 11 25
Jan

Feb

Mar

Apr

May

Jun

Jul

1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1992

Latest data plotted week ending: February 26, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

•

1992

•

Commercial Paper of Nonfinancia) Companies

Billions of Dollars

Billions of Dollars

Not Seasonally Adjusted
Billions

Jan 15 132.973
133.332
132.793
135.494
135.285
134.797

Feb

Mar

Latest data plotted week ending: February 19, 1992

Commercial and Industrial Loans’7
Billions ot Dollars
J60 --------- 1---------1---------Compounded annu al
rates of change,
370
average of the fou
weeks ending
February 12, 1992
3(0
the four weeks end Ing:
Feb 13. 1991 -£ .4
350
May 15, 1991 —1C .6
Aug 14, 1991 -7 .6
Sea 11. 1991
340
.4 _|
Oct 9. 1 991 -E .1
Nov 13. 991 -7 .5
991 -f
330

Weekly Reporting Large Commercial Bonks2/
Seasonally Adjusted

Billions ot Dollars
--------- 1------- 300
1992
Jan

Feb

1*
27
2S
17

Billions__
288.509
289.903__
290.622
290.147
290.559
288.4 55

370
300
350
340
330

320

320

310

310

3011

300

!J0

210

-----

1 18 30 13 27 13 27 10 24 (I 22 5 19 3 17 31 11 21 11 25 i 23 8 20
Jan

Feb

Mar

Apr May Jun

Jul
1991

Aug

Sep

Oct

Nov

1 II 1 15 29 12 28 11 25
Dec
Jan
Feb Mar
1992

Latest data plotted week ending: February 12, 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

210
280

Dollar's Trade-Weighted Exchange Index

1973-100

Averages of Daily Figures

1992 1973=100

2 If
Jan

31 13 17 I) 27 II 24 I 22 5 II 3 17 31 14 21 11 25 ! 23 f 21 4 II
Feb

War

Apr

Way

Jun

Jul

1991

Aug

Sep

Oct

Nov

Dec

1 15 2! 12 II 11 25
Jan

Feb

War

1992

Latest data plotted week ending: February 26, 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