Full text of U.S. Financial Data : February 3, 1994

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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77fE WEEK'S HIGHLIGHTS:
>/ The composite index of leading economic indicators increased
0.7percent in December, following consecutive 0.5percent
increases in October and November. The largest boost came
from the index of consumer expectations.
Real gross domestic product (GDP) grew at a 5.9 percent
annual rate in the fourth quarter of 1993, according to the
advance estimate, after rising at a 2.9 percent rate in the third
quarter. For 1993, real GDP rose 2.8 percent, compared with
a 3.9 percent increase in 1992.
✓ Prices, as measured by the implicit price deflator for GDP, rose
at a 1.3 percent annual rate in the fourth quarter of1993, after
increasing at a 1.6percent rate in the third quarter. For 1993,
prices rose 2.2 percent, compared with an increase of 2.8 percent
in 1992.

The Federal Reserve Board recently revised money stock
measures and related items. This revision reflects annual
benchmark and seasonal factor adjustments.
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) $21
Two years (100 issues) $36
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.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions of Dollars

Billions

Nov 24
-Dec 8
22
Jan 5

423.4
422.7
423.3
425.0

Feb

432.'

2

December 8, 1993 are

not available.

*Bceak in series—revised

2 It it tl 27 It !t 10 24 7 2t 5 19
Dec

Jan

Feb

Mar

Apr

May

2 11 JO It 2! 11 25

I 12 ( 20 J 17 I 15 20 12 !t

I 23

Jun

Sep

Feb

1992

Jul

Aug

Oct

Nov

Dec

1993

Jan

1994

Latest data plotted reserve maintenance period ending: February 2, 1994
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:
7/7/93
8/4/93
9/1/93
9/29/93
10/27/93
12/8/93
1/5/94
2/2/94

Compounded annual rates of change, average of two maintenance periods ending:
2/3/93 4/28/93 7/7/93
8/4/93
9/1/93 9/29/93 10/27/93 12/8/93

9.9
10.8
10.9
10.8
11.6
10.3
9.7
10.5


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Federal Reserve Bank of St. Louis

12.6
12.4
11.9
12.9
10.9
10.0
11.0

13.9
12.4
13.9
10.7
9.5
10.9

Beginning December 8, 1993 data
are cm the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
Interpreting growth rates.
10.6
13.2
9.5
8.4
10.1

14.0
8.9
7.7
9.9

8.7
7.1
10.0

2.9
7.6

Prepared by Federal Reserve Bank of St. Louis

Money Slock (Ml) and Total Checkable Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

1160

^

Billions of Dollars

——

M1

850

—

^Breal In saries— evised data prior tc Novem Der 1, 1993 ax•e not availat le.

1135
1110

1994
~~ Dec 20
27
Jan 3
10
17
24

Bi lions
11 28.7
11 31.0
11 30.0
11 30.2
11 32.6
11 36.0

830
_ .

810
^/

/*" *

1085
1 (left scale)

1060

770

f
r*

1035

790

/v

A s/'
/

750
TCD

1010

199 4 Billions
Dec 20 799.6
27 801.7
3 799.6 __
0 798.4 7 799.7
24 802.1

TC ) (right scale]

985
960

*Brea c in series— revised data >rior t Novem Der 29

7 21
Dec

1993 are not avail<xble.

4 18 1 15 1 15 29 12 26 10 24 7 21

5 19 2 16 30 13 27 11 25 8 22 6 20

Jan

Jul

Feb

Mar

Apr

1992

May

Jun

Aug

Sep

Oct

Nov

Dec

1993

I

3 17 31 14 28
Jan

Feb

1994

Latest data plotted week ending: January 24, 1994
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)
T II

Compounded annual rates of change, average of four weeks ending:
1/25/93 4/26/93 6/21/93 7/26/93 8/23/93 9/27/93 10/25/93 11/22/93

ending:
6/21/93
7/26/93
8/23/93
9/27/93
10/25/93
11/22/93
12/27/93
1/24/94

10.1
10.1
10.4
11.0
10.8
10.5
10.1
9.7


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Federal Reserve Bank of St. Louis

17.0
15.9
15.5
14.5
13.6
12.6
11.8

11.3
12.3
11.7
10.9
10.2
9.5

13.3
12.1
11.0
10.1
9.3

Beginning November 1, 1993 data
are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
12.0
10.6
9.6
8.7

8.5
7.9
7.2

7.2
6.5

6.0

Prepared by Federal Reserve Bank of St. Louis

3

710
690

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

110
1994

Billions

Nov 10 101.2
24 103.5
Dec 8 102.0
22

Jan

106

102.2

5 103.0
19 103.2

102

90

94

90

86

2 16 30 13 27 10 24 10 24 7 21 5 IS 2 16 30 14 28 11 25 8 22 6 20 3 17
Feb Mar Apr May Jun
Jul
Aug
Sep Oct Nov
1992
1993

15 29 12 26 I 23
1994

Latest data plotted two weeks ending: January 19, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
To the average of
two maintenance
periods ending:
6/23/93
7/21/93
8/18/93
9/15/93
10/13/93
11/24/93
12/22/93
1/19/94

Compounded annual rates of change, average of two maintenance periods ending:
1/20/93

11.7
13.4
12.3
9.4
11.7
10.9
9.6
9.9


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Federal Reserve Bank of St. Louis

4/14/93

24.9
20.2
14.1
16.8
14.7
12.5
12.6

6/23/93

14.0
5.4
11.7
10.1
7.9
8.6

7/21/93

8/18/93

9/15/93 10/13/93 11/24/93

Beginning December 8, 19S3 data
are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
-2.6
8.0
7.4
5.3
6.5

interpreting growth rates.
9.4
8.0
5.3
6.7

16.1
10.1
10.8

2.1
5.2

Prepared by Federal Reserve Bank of St Louis

Money Multiplier1/
Averages ot Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
January 17, 1994 from
the four weeks ending:
Jan 18, 1993 -0.2
Apr 26, 1993 1.5
Jul 19, 1993 0.5
Aug 30, 1993 0.7
Sep 27, 1993 -0.6
Oct 25, 1993 2.5
Nov 22, 1993 0.0

7 21
Dec
1992

Nov 8
Dec 6

2.663
2.664
—

4 18 1 15 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27
Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
1993

2.8

11 25 § 22 6 20
Oct Nov Dec
1994

Latest data plotted two weeks ending: January 31, 1994

Currency Component of Ml2/
Billions of Dollars

Billions of Dollars

beasonany Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
January 24, 1994 from
the four weeks ending:
Jan 25. 1993 10.2
Apr 26, 1993 10.4
Jul 26, 1993 10.1
Aug 23, 1993 9.8
Sep 27, 1993 7.8
Oct 25, 1993 8.7
Nov 22, 1993 8.8

data prior
1994

Billions

Dec 20
27
Jan 3
10
17
24

321.3
321.5
322.5
323.7
325.0
325.9

7 21 4 H I 15 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28
Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb
1992
1993
1994
Latest data plotted week ending: January 31, 1994
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

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

*

**

—

7.0

9.0

Corp orate
Aaa k>ndt

/✓

*

---------- 1------

9.0

\

r

**

s' —

v—

'*•**«.
*

p ime Bo
u x>n Rot

<■

^^,

•
V**' . S ✓ 4

Munic pal Bor da

_ -*■ <

w —. ■

—

5.0

5.0

4.0

3.0

V
Cor nmerck 1
Paper

2.0

4 IB 1 15 29 12 28 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25
Jul
Aug Sep Oct Nov Dec Jan
Feb
Dec
Jan
Feb Mar Apr May Jun
1993
1992
Latest data plotted are averages of rates available for the week ending: February 4, 1994

1994

90—Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Nov 12
19
26
Dec 3
10
17
24
31
Jan 7
14
21
28
Feb 4 *

3.36
3.33
3.36
3.35
3.31
3.23
3.20
3.24
3.22
3.13
3.12
3.12
3.16

3.15
3.14
3.15
3.27
3.41
3.34
3.31
3.35
3.21
3.12
3.13
3.11
3.12

3.30
3.28
3.29
3.30
3.26
3.20
3.18
3.21
3.16
3.09
3.07
3.07
3.12

Corporate
Aaa Bonds
6.92
6.94
6.99
6.95
6.86
6.97
6.95
6.94
7.01
6.87
6.92
6.91
6.89

1994

Corporate
Baa Bonds

Municipal
Bonds **

7.65
7.69
7.74
7.70
7.61
7.72
7.70
7.71
7.75
7.61
7.64
7.62
7.58

5.46
5.46
5.49
5.46
5.33
5.36
5.34
5.28
5.34
5.31
5.29
5.28
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

2.0

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Discount

Nov

Dec

1993
Latest data plotted are averages of rates available for the week ending: February 4, 1994

1994

Federal
Funds **

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

1—Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

Nov 12
19
26
Dec 3
10
17
24
31
Jan 7
14
21
28
Feb 4 *

2.96
3.10
3.28
3.39
5.04
6.17
3.03
3.11
3.26
3.42
5.04
6.20
2.98
3.12
3.30
3.46
5.13
6.30
3.09
3.12
3.26
3.46
5.14
6.25
2.92
3.07
3.27
3.44
5.10
6.14
2.94
3.04
3.26
3.47
5.18
6.26
2.99
3.06
3.25
3.45
5.16
6.24
2.99
3.02
3.21
3.45
5.14
6.22
3.00
3.05
3.29
3.46
5.21
6.30
2.98
2.97
3.18
3.38
5.03
6.15
3.13
2.96
3.15
3.36
5.06
6.17
2.97
2.93
3.14
3.35
5.05
6.16
3.17
3.02
3.16
3.41
5.08
6.14
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)


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

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

Billions of Dollars

3585 ~

Billions of Dollars

2725

I
M2

3560

1994

Billions

Dec 20
27
Jan 3
10
17
24

3566.5
3566.3
3568.6
3‘>68.8
3J>75.4
3f>74.4

m; (left s :ale)

r*

T

2625

r'

0 JL

2525

—*

1

—

3510

-----------

W

3535

• _

\

,e^eS'

r

C-------

No n-M1 M2
MLons

199 4
Dec 20
27
Jan 3
10
17
24

3485

3460

2425

► OX-M1 M2(ri< ht sea e)

4 18
Dec
Jan
1992

15
Feb

2437.8 2435.3
2438.6
2438.6
2442.8
2438.4

2325

___ I___ I___ 2225

15 29 12 26 10 24 7 21 5 19
Jul
Mar Apr May Jun
1993

16 3 13 27 11 25 8 22 6 20 3 17 31 14 2
Aug Sep Oct
Jan
Feb
Nov Dec
1994

Latest data plotted week ending: January 24. 1994
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 1/25/93 4/26/93 6/21/93 7/26/93 8/23/93 9/27/93 10/25/93 11/22/93
of four weeks
Beginning November 1, 1993 data
ending:
6/21/93
7/26/93
8/23/93
9/27/93
10/25/93
11/22/93
12/27/93
1/24/94

2.0
1.5
1.7
1.9
1.8
2.4
2.4
2.4


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Federal Reserve Bank of St. Louis

4.8
4.4
4.2
3.6
4.2
4.0
3.8

0.9
1.8
1.5
2.7
2.7
2.7

3.3
2.4
3.8
3.5
3.3

are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
2.1
4.0
3.6
3.4

4.4
3.7
3.3

5.2
4.2

2.4

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1250

1220

Billions of Dollars

410

I

I
Savings
1994 Billions
Dec 20
27
Jan 3
10
17
24

1215.8
1216.8
12 15.2
12 16.8
12 24.6
12 20.9

380

Sov ngs Dsposits [left sc ale)
O9

1100

350

■ ■ "V \
•Si «—

**

/
v'

>V<* " ^ N

1160

320

Mono y Mark it (righ scale

Mo iey Ma rket
199
Billi<3ns

1130

r

1100 Hr i i
Dec
1992

' r» i »

T~r~l

Jan

Feb
--

■ i » r l"r T ■ 1 1 1 1 1 1 Li 1 i ' mr Tl * 1 -■ i ■ i1 1 1 1 1

1*1 4

Mar
—

Nov

Apr

May,

Jun
Jul
1993

Aug

Sep

Oct

Dec JO
27
3
10
17
24

35C).1
349.4 —
351.1
351.5
349.3
348.5

Jan

nr* i 1

290

1 ~r 1 J ■ i *

Dec

Jan

Feb

1994

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1 /

M Depository Institutions

Billions of Dollars

Billions
of Dollars
^ Averages
of Daily Figures. Seasonally Adjusted

I

I

1005

Small Time
1994

Large Time (left scale)
) November 29,

Billions

Dec 20
27
Jan 3
10
17
24

1993 are not

786.1
785.3
783.6
782.4 —
781.4
780.5

available-

Revised data pci°r
W in 3«'-eS're
2
I
I
~ ---------

310

280

Large
irae
1994
- Dec 20
27
Jan 3
10
17
24

2 21
Dec

Time
Billions
338.5 ■
336.9
339.3
340.5
342.3
342.5

875

—

, __

•

810

Small Tima (right scale)

4 IS 1 15 1 15 29 12 2i 10 24 7 21 S 19 2 11 31 13 27 11 25

1 22 1 20 3 17 31 14 20

Jan

Nov

Feb

940

Mar

1992

Apr

May

Jun

Jul
1993

Aug

Sep

Oct

Dec

Jan

Feb
1994

Latest data plotted week ending: January 24, 199+
1/ Large time deposits are those 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

9

745

10
I Ola uunOWnyo
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994

Billions

Dec 29
Jan 5
12
19
26
Feb 2

0.045
0.237
0.018
0.128
0.039
0.051

2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb
1992
1993
1994

Adjustment + Seasonal Borrowings
Billions of Dollars

From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1994
Dec 29
Jan 5
12
19
26
Feb 2

2 16 30 13 27 10 24 10 2 4 7 21
Dec
Jan
Feb Mar Apr
1992

5 19 2 16 30 14 28 11 25 8 22
May Jun
Jul
Aug Sep
1993

Billions
0.045 —
0.237
0.018
0.128
0.039 —
0.051

6 20 3 1 7 1 15 29 12 2 6 9 23
Oct Nov Dec
Jan Feb
1994

Latest data plotted week ending: February 9, 1994


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinandal Companies

Billions of Dollars

Billions of Dollars

Not Seasonally Adjusted

Billions
Dec 22
Jan

148.612
5 149.414
152.603
154.383
154.731

2 II 3# 13 27 10 24 10 24 7 21 5 1! 2 II 30 14 21 11 25 8 22 I 20 3 17 1 15 2! 12 21 9 23
Dec
Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Jan
Feb
1992
1993
1994
Latest data plotted week ending: January 26, 1994

Commercial and Industrial Loans1/
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars
Compounded annual
rates of change,
average of the four
weeks ending
January 19, 1994 from
the four weeks ending:
Jan 20, 1993 -1.3
Aug
Sep
Oct
Nov

18,
22.
20,
17,

1993
1993
1993
1993

Billions of Dollars

1994
Dec 15
22
29
Jan 5
12
19

Billions
278.850.!—
280.153
278.896
277.784
278.201
280.224.

-1.0
-0.5
-0.1
-■

1992

1994

Latest data plotted week ending: January 19, 1994
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

315

Dollar's Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1994 1973=100
Dec 29

2 It 30 13 27 10 24 10 24 7 21 5 1! 2 16 30 14 28 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
1992

1993

1994

Latest data plotted week ending: February 2, 1994
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

o

s-<

3

3S

O
%
« U


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Federal Reserve Bank of St. Louis