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THE

i/ffimal Data
of

at.

II 1)1 KYI.
J KI SI .KM*
JZHWWoi

si; i.oi is

L.*v>l*

JAM 1 6 199S

THE WEEK'S HIGHLIGHTS:
✓ The currency component of the Ml money stock advanced at a
3.7 percent annual rate from the average of the four weeks ending
Oct. 2, 1995, to the average of the four weeks ending Jan. 1, 1996.
Over the previous three-month period, currency rose at a
2.1 percent rate (see page 5).
✓ Commercial and Industrial (C&I) loans at all banks increased
at a 5.5 percent annual rate from the average of the four weeks
ending June 28, 1995, to the average of the four weeks ending
Dec. 27, 1995. From the average of the four weeks ending
Dec. 28, 1994, to the average of the four weeks ending June 28,
C&I loans rose at a 15.7 percent rate (see page 11).
✓ Yields on 90-day CDs averaged 5.44 percent for the week ending
Jan. 5, down 35 basis points from 12 weeks earlier and down
92 basis points from a year earlier (see page 6).
✓ The trade-weighted exchange rate index of the U.S. dollar (TWEX)
averaged 85.4 percent of its 1973 value during the week of Jan. 10,
a slight change from its average of 85.7 percent for the month of
September 1995 (see back page).

All data are seasonally adjusted unless otherwise indicated.

U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank
of St. Louis. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
(314) 444-8808 or (314) 444-8809. Sony, no refunds.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulletin board at (314) 621-1824 or internet World Wide Web server at http://www.stls.ffb.org/fred.


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

2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1996

Billions

Oct 25
Nov 8

Billions of Dollars

469.4
468.2
468.1
470.1
468.9
471.6

Dec

6

Jan

3

2 16

30 14 20 11 25 8 22 8 22 5 19 3 17 31 14 21 12 26 9 23 6 20 4 18

Nov Dec

Jan

Feb

Mar

Apr

May

1994

Jun

Jul

Aug

Sep

Oct

1 15 29 13 27 10 24
Nov

Dec

1995

Jan
1996

Latest data plotted reserve maintenance period ending: January 3, 1996
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:
6/7/95
7/5/95
8/2/95
8/30/95
9/27/95
11/8/95
12/6/95
1/3/96

Compounded annual rates of change, average of two maintenance periods ending:
1/4/95

3/29/95

7.0
4.8
4.3
4.3
4.0
3.4
3.2
3.2

2.6
2.3
2.6
2.4
1.9
1.8
1.9


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

6/7/95

-2.9
-0.6
-0.1
-0.2
0.0
0.4

7/5/95

8/2/95

8/30/95

9/27/95

2.5
2.2
1.4
1.3
1.6

2.7
1.4
1.3
1.7

0.4
0.6
1.2

0.2
1.1

11/8/95

2.1

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures

Billions of Dollars

1105

1

Billions of Dollars

1

1 TCD 1

Ml
1996 Billions

1165

ms

1996

A

Billions

Nov 27
Dec 4

Nov 27 1128.1
Dec 4 1122.3
11 1122.6
18 11 20.4
25 11 25.1
Jar 1 11 25.4

747.6
742.0

18
25
1

73 9.3
74 3.0
74 3.3

Jan

<11 (lefl scale]

/v
VS

' \

A/

9 /x

t

785

A
1

"V

825

Vs*-

\

1125

TOD (ri ght sea «)

■V

\r\

S',

765

V

V

785

M
\

1105

V

1005

725
7 21 5 19 2 li 30 13 27 13 27 10 28 I 22 5 19 3 17 31 18 28 II 25 9 23 S 20 8 18 1 IS 29
Nov Dec
Jan
Feb Mar
Apr May
Aug
Sep
Oct
Nov
Dec
Jun
Jul
Jan
1994
1995
1996
Latest data plotted week ending: January 1, 1996
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)
To the average
of four weeks
ending:
5/29/95
7/3/95
7/31/95
9/4/95
10/2/95
10/30/95
12/4/95
1/1/96

Compounded annual rates of change, average of four weeks ending:
1/2/95
4/3/95
5/29/95
7/3/95
7/31/95
9/4/95
10/2/95 10/30/95

-1.0
-0.5
-0.5
-0.5
-1.0
-1.9
-2.1
-2.1


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

-1.4
-1.1
-1.0
-1.6
-2.8
-3.0
-2.9

0.8
0.2
-1.0
-2.7
-2.9
-2.8

-0.4
-1.9
-3.9
-3.9
-3.6

-2.7
-5.1
-4.7
-4.3

-7.6
-6.2
-5.3

-6.7
-5.3

-3.1

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

114
1996

Billions

Oct 25
jlfl —Nov 8
Dec

6

Jan

98.9
97.2

3
105

102

90

94

2 1f 38 M 28 II 25 8 21 8 12 5 I! 3 II 31 H 28 12 26 9 23 6 20 4 18
Nov
Dec
1994

Jan

Feb

Mar

Apr

May

Jun

Jul
1995

Aug

Sep

Oct

I 15 19 13 27 10 24
Nov

Dec

Jan
1996

Latest data plotted two weeks ending: January 3, 1996
Adjusted reserves is 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
7/5/95
1/4/95
3/29/95
6/7/95
8/2/95
8/30/95 9/27/95 11/8/95
periods ending:
6/7/95
7/5/95
8/2/95
8/30/95
9/27/95
11/8/95
12/6/95
1/3/96

-1.2
-3.7
-2.2
-2.0
-1.5
-3.6
-3.4
-3.5


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

-6.8
-3.7
-3.0
-2.2
-4.9
-4.5
-4.5

-5.1
-3.4
-1.9
-6.0
-5.3
-5.1

4.0
3.5
-3.5
-3.1
-3.2

1.3
-6.5
-5.4
-5.1

-9.0
-6.9
-6.2

— 10.4
-8.6

-2.6

Prepared by Federal Reserve Bank of St. Louis

90

Money Multiplier1^
Averages of Daily Figures
Seasonally Adjusted

Ratio

3

2.9

1.1

Compounded annual

.

Ratio

—

I

rates of change,
average of the four
weeks ending
January 1, 1996 from
the four weeks ending:
Jan 2. 1995 -5.2
Mar 27, 1995 -4.7
Jul 3. 1995 -4.9
Jul 31, 1995 -5.8
Aug 28, 1995 -6.4
Sep 25, 1995 -6.7
4. o

I

1996

3.1

Ratio

Oct 23
Nov 6

2.408
2.412

Dec

2.2 94
2.2 92
2.2 86

4
18
Jan 1

2.9

1.1

2.5

2.5

2.3
7 21 5 19 2 16 31 1] 11 11 11
Nov Dec
Jan
Feb Mar
199+

ID 21 8 22
Apr May

5 1! I 11 11 11 21 11 25
Jun
Jul
Aug
Sep
1995

9 23 6 20 4 18
Oct Nov
Dec

1

15 29
Jan
1996

2.3

Latest data plotted two weeks ending: January 1, 1996

Currency Component of M12/
Billions of Dollars

385

Averages of Daily Figures
Seasonally Adjusted

s of Dollars

I---------- 1-----------[
Compounded annual
rates of change,
average of the four
weeks ending
January 1, 1996 from
the four weeks ending
Jan

1996

Billions

Nov 27
Dec 4

371.6
371.4
371.7
372.2
373.2
373.3

IS
25

2 21 5 19 2 li 10 13 21 13 2? 11 21 1 2! 5 1! 3 I? 31 11 28 II 25 9 23 6 21 1 18 1 15 29
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
1994
1995
1996
Latest data plotted week ending: January 1, 1996
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

6
Yields on Selected Securities

Percent

Averages of Daily Figures

Corporate
Bond*

4 18 2 16 30 13 27
Nov

Dec Jan

10 24 10 24 7 21 5 19 2 18 30 14 28 11 25 8 22 6 20

3 17 1 15 29 12 26

Feb

Nov

Mar

Apr

1994

May

Jun

Jul

Aug

Sep

Oct

Dec

Jan

1995

1996

Latest data plotted are averages of rates available for the week ending: January 12, 1996

1995/96

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Oct 20
27
3
10
17
24
Dec
1
8
15
22
29
Jan
5
12 *

5.80
5.81
5.80
5.81
5.81
5.80
5.BO
5.83
5.87
5.83
5.83
5.63
5.60

5.78
5.79
5.77
5.74
5.74
5.73
5.73
5.67
5.67
5.60
5.53
5.44
5.44

5.71
5.73
5.67
5.64
5.64
5.64
5.62
5.56
5.57
5.49
5.46
5.37
5.36

7.08
7.10
7.05
7.04
7.02
7.03
6.94
6.81
6.83
6.87
6.76
6.75
6.79

7.70
7.73
7.70
7.71
7.69
7.71
7.61
7.48
7.50
7.54
7.43
7.42
7.46

5.72
5.76
5.70
5.68
5.65
5.65
5.54
5.35
5.51
5.51
5.44
5.37
NA.

Nov

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


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Discount Rats

4 18 2 16 30 13 27 10 24 10 24 7 21
Nov Dec
1994

Feb

Mar

Apr

2 16 30 14 28 11 25 8 22 6 20 3 17 1 15 29
May

Jun
Jul
1995

Aug

Sep

Oct

Nov

Dec

Latest data plotted are averages of rates available for the week ending: January 12. 1996

1995/96
Oct 20
27
3
10
17
24
Dec
1
8
15
22
29
Jan
5
12 *

Federal
Funds **
5.71
5.76
5.76
5.71
5.74
5.81
5.91
5.75
5.73
5.90
5.48
5.35
5.53

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5.27
5.24
5.31
5.38
5.38
5.35
5.33
5.32
5.26
5.02
4.89
5.02
5.03

5.28
5.27
5.19
5.16
5.14
5.14
5.11
5.08
5.06
5.01
4.94
4.91
4.91

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.83
5.99
6.31
5.84
6.04
6.34
5.75
5.98
6.28
5.73
5.97
6.27
5.71
5.96
6.26
5.70
5.92
6.26
5.59
5.82
6.17
5.49
5.68
6.02
5.55
5.73
6.05
5.56
5.78
6.10
5.44
5.64
5.97
5.39
5.63
5.96
5.44
5.73
6.05
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
Nov


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

Prepared by Federal Reserve Bank of St. Louis

7

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

Billions of Dollars

3850

~

Billions of Dollars

2750

I

M2
1996 Billions
Nov 27 3768.6

3800

11
18
25
Jar
1

2700

3 768.5
3 777.9
3 785.4
3 787.7

M2 (left s cale)

3750

2650
/
-4'”

.

»— •»

3700
/

r

3850

t*

2600

*
' Non-I 41 M2 [right scale)

-

*

2550

/

z ||

/

n-Ml M2
6 Bill! ons

✓

Z

27
4
11
18
25
Jan 1

l

Dec

/ % -*/
/

. * **■
V

3550

' i r~i ,—r ■

'Ml ' M 1 'Ml T'"l"

1 21

S 19 ! If 30 tJ 27 IJ 27
Nov Dec
Jan
Feb Mar
1994

264 0.5
2644.2
2645.9
2657.5
2660.3
2662.3

8

*

3600

✓

Ml' T ' 1 ' rrr i i

10 24 8 22
Apr May

T i i1 TT 1 1

5 19 ] 17 31 It 28 II 25 9 23
Jun
Jul
Aug
Sep Oct
1995

2500

2450
E 20 4 li
Nov Dec

I

IS 21
Jan
1996

Latest data plotted week ending: January 1, 1996
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)
T

lo

average

Compounded annual rates of change, average of four weeks ending:

1/2/95

4/3/95

5/29/95

7/3/95

7/31/95

9/4/95

2.9
4.6
4.8
5.3
5.2
4.5
4.3
4.5

7.4
7.0
7.4
6.8
5.7
5.2
5.3

9.2
9.0
7.8
6.1
5.4
5.5

7.4
6.2
4.4
3.9
4.3

6.4
4.0
3.5
4.0

10/2/95

10/30/95

1.2
1.6
2.7

of four weeks
ending:
5/29/95
7/3/95
7/31/95
9/4/95
10/2/95
10/30/95
12/4/95
1/1/96


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

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small Time
1996 Billions

Savings
1996

Billions

“Nov 27 1116.5
Dec 4 1121.2
11 1128.2
18 1131.7
25 1132.3
Jan 1 1136.6

Nov 27
Dec 4
11
18
25
Jan 1

930.4
929.7
930.6
932.1
932.6
932.3

Small Tima (right scale)

Savings Deposits (left scale]

7 21

5 IS 2 IS 30 13 27 13 27 10 21 8 22 5 19 3 17 31 H 20 11 25 9 23 6 20 4 18 1

Nov Dec
1994

Jan

Feb

Mar

Apr

May

Jun

Note: Savings deposits are at all depository institutions.

Jul
1995

Aug

Sep

Oct

Nov

Dec

15 29
Jan
1996

Large Time Deposits and Money Market Funds1 /
nil uupusiiviy iiiautuuvns

Billions of Dollars

Billions of Dollars

Averages of Daily Figures. Seasonally Adjusted

Money Market
1996 Bjjjions

Large Time
1996 Billions
_ Nov 27
Dec 4
11
'*
Jan

1

Nov 27
Dec 4
11
18

473.2 _
473.6
474.2
477.5

Jan

415.5.
417.4
415.4
417.8
420.2
419.8

478.5

1

Money Market

7 21 5 19 2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 9 23 8 20 4 18
Nov Dec
1994

Jan

Feb

Mar

Apr

May

Jun
Jul
1995

Aug

Sep

Oct

Nov

Dec

Jan
1996

Latest data plotted week ending: January 1, 1996
1 / Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
prepared by Federal Reserve Bank of St. Louis


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

9

10
Total Borrowings
From hederal Keserve Banks
Averages of Daily Figures

Billions of Dollars

1996

Billions of Dollars

Billions
0.047
0.040

0.008

!
_

tf 30 H !8 11 25 1 2! 8 22 5 19
Nov
Dec
Jan Feb Mar Apr

3 17 31 14 28 1! 28
May
Jun
Jul

1994

8 23 $ 20 4 II I 15 28 13 27 10 24
Aug
Sep Oct
Nov Dec
Jan

igg5

iggg

Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, and was zero in the other weeks shown.

Bank Loans and Credit
3530
3570
3510

--------- 1---------Bank Cr«edit
1995 fiii ions
~~ Nov 22 35 65.8
29 35 60.9
Dec 6 35 53.6
13 35 53.8

2650
2/

Ba ik CrwJit (left scale'
—
X
f

3450
3390

Billions of Dollars

2710

27 35 66.4

-*

*

2590

'

✓

2530

/'

*

2470

Loc ns and Leaaa I (right scale]

3330

v

All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

A ^

Loaris«ScLec3S6S
199 5 Bill
Nov 22
29
Dec 6
13
20
27

t

3270

2590.7
2586.7
2583.3
2578.6
2593.6
2591.3

3210
2 IS 30 14 28 II 25 8 22 8 22 5

18 3 17 31 14 28 12 26 8 23 8 20 4 II 1 15 29 13 27 10 24
Aug
Sep Oct
Nov Dec Jan

Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1994
1995
Latest Wednesday data plotted : December 27, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

1996

Prepared by Federal Reserve Bank of St. Louis

2410
2350
2290

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1996

Billions of Dollars

Not Seosonolly Adjusted
Billions

_ Jan 3

! IS JO 14 21 II 25 I 22 0 21 S IS 3 I? il H IS 12 26 9 21 S 20 4 IS 1 15 29 13 27 10 24
Nov Dec
1994

Jan

Feb

Mar

Apr

May

Jun
Jul
1995

Aug

Sep

Oct

Nov

Dec

Jan
1996

Latest data plotted week ending: January 3, 1996

Commercial and Industrial Loans

Billions of Dollars

740

720

Billions of Dollars

400

I
—
All Ban <s
1995 Bill one
— Nov 22
29
Dec 6
13
20
27

7C
71 0.3
71 0.5
71 0.3
71 0.2
71 0.4

380
Al Banka

(left s

cale)1 /

360
4

__ /•»

arge Bank® ( ight sc

.

— ^ * — ",

340

ole)2/

✓
✓ /

660

1995

640

Billions

Nov 22
29
Dec 6
13
20
27

m «•* “

350.2
348.4
347.5
346.3
347.2
348.0

620
2 I6 30 14 28 11 25 8 22 8 22
Nov Dec
1994

Jan

Feb

Mar

5 19 3 17 31 14 28
Apr

May

Jun

12 26 9 23

Jul
1995

Latest Wednesday data plotted : December 27, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

II

Aug

6 20 4 18 1 15 29 13 27 10 24
Sep

Oct

Nov

Dec

Jan
1996

Prepared by Federal Reserve Bank of St. Louis

Dollar’s Trade-Weighted Exchange Index
Averages of Daily Figures

L296 1973=1 00

2 16 JO M 20 11 25
Nov

Dec

Jan

22 8 22 5 19 J 17 31 14 28 12 26 9 23 6 20

Feb

Mar

Apr

May

1994

Jun

Jul

Aug

Sep

18 1 15 29 13 27 10 24

Oct

Nov

Dec

1995

Jan

1996

Latest data plotted week ending: January 10, 1996
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.


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

Prepared by Federal Reserve Bank of St. Louis

s
PC
pa
M
H?
ON