Full text of U.S. Financial Data : January 16, 1992

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Federa^Pservs Bank
of St. Louie

a

„ u,>. Financial Data
----------------------------

rJM 2 2 1092-------------

January 16, 1992

THE WEEK'S HIGHLIGHTS:
✓

The yield on three-month Treasury bills averaged 3.82 percent for
the week ending January 17, its lowest level since May 1972.
Treasury bills were yielding 9.03 percent as recently as March
1989.
Retail sales fell at a 4.5 percent annual rale in December and were
down at a 3.2 percent rale from July. Sales had increased at a 7.4
percent rate during the previous six months.

/

The civilian unemployment rate rose to 7.1 percent in December
from 6.9 percent during the previous two months. Since July, total
employment has not changed, on balance. December employment
was 1.4 percent below its pre-recession peak in May 1990.

t/

The consumer price index for all urban consumers (CPI) rose at a
3.5 percent annual rate during December. For the year ending
December 1991, the CPI rose 3 percent, compared with a 6.2
percent increase during 1990. Energy prices fell 7.4 percent in
1991, after rising 17.9 percent during the previous year.


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 ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Oct 30
Nov 13

Billions of Dollars

345.0
345.9
345.9

Dec 11
Jan

8

350.4

Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1990
1
Latest data plotted reserve maintenance period ending: January 8, 1992
I^i^.ed,moP<itary/ba3e is the sum of reserve accounts of financial institutions at Federal Reserve banks.
me uujuolcu muiicLuiy uuse l
currency in circulation (currei
mency held by the public and in the vaults of all depository institutions} and an
adjustment for reserve requir
julrement 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
i com
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
1/9/91
4/3/91
6/12/91 7/10/91
8/7/91
9/4/91
10/2/91 11/13/91
two maintenance
periods ending:
6/12/91
7/10/91
8/7/91
9/4/91
10/2/91
11/13/91
12/11/91
1/8/92

7.3
7.1
7.3
7.2
7.7
7.4
7.3
7.4


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Federal Reserve Bank of St. Louis

2.0
3.5
4.0
5.2
5.2
5.4
5.7

7.2
6.9
8.2
7.4
7.3
7.5

7.6
9.1
7.8
7.7
7.8

9.2
7.5
7.4
7.6

8.0
7.7
7.8

6.0
6.6

7.6

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

Dec 2
9
16
23
30
Jan 6

901.3
895.4 898.5
898.6
896.1
892.4

TCD (right
M1 (left scale)

1992

TCD
Billions

Dec 2

Jan

5 19 3 17 31 14 28 11 25
Nov
Dec
1990

Feb

25 8 22 6 20
Mar

Apr

17 1

6

626.8
620.9
623.4
623.5
620.6
616.0

16 30 13 27

15 2!

May
1991

1992

Latest data plotted week ending: January 6, 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)
To the average

Compounded annual rates of change, average of four weeks ending:
7/8/91
8/5/91
9/9/91
10/7/91 11/4/91
1/7/91
4/8/91
6/3/91

ending:
6/3/91
7/8/91
8/5/91
9/9/91
10/7/91
11/4/91
12/9/91
1/6/92

7.8
8.1
7.7
7.4
7.5
8.0
8.9
8.5


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Federal Reserve Bank of St. Louis

7.2
6.6
6.4
6.8
7.5
8.8
8.3

7.5
6.8
7.3
8.2
9.8
9.0

5.3
6.3
7.8
9.8
8.8

7.0
8.7
11.0
9.6

10.6
13.1
10.7

15.0
11.4

10.8

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Billions of Dollars

1992

Seasonally Adjusted

Billions of Do||ars

Billions

7 21 5 18 2 11 30 13 27 13 27 10 21 8 22 5 IS 3 17 31 14 28 11 25 9 23 6 20 4 18 1 15 29
Nov
Dec
1990

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan
1992

Latest data plotted two weeks ending: January 8, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
two maintenance
periods ending:
6/12/91
7/10/91
8/7/91
9/4/91
10/2/91
11/13/91
12/11/91
1/8/92

Compounded annual rates of change, average of two maintenance periods endina:
1/9/91
4/3/91
6/12/91 7/10/91
8/7/91
9/4/91
10/2/91 11/13/91

-0.3
1.3
2.7
2.4
4.9
3.2
4.9
5.1


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Federal Reserve Bank of St. Louis

2.9
4.9
4.0
7.6
4.6
6.7
6.9

11.3
7.4
12.6
6.8
9.4
9.3

5.9
13.3
6.0
9.2
9.1

13.8
4.3
8.6
8.5

6.0
11.2
10.5

4.6
5.6

16.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
January 6, 1992 from
the four weeks ending:
Jan 7. 1991 0.9
Apr 1, 1991 2.7
Jul 8, 1991 0.9
Aug 5, 1991 2.2
Sep 2. 1991 2.5
Sep 30, 1991 5.2
Nov 11. 1991 3.1

5 19

Ratio
Oct 28

Nov 11

Dec 9

3 17 31 14 28 11 25 II 25 8 22 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18

Nov Dec
Jan
Feb
Mar Apr May
Jun
Jul
1990
1991
Latest data plotted two weeks ending: January 6, 1992

Aug

Sep

Oct

Nov

2.560
2.558
2.573
2.577
2.580
2.552

2 16 30 13 27
Dec

Jan
1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
January 6, 1992 from
the four weeks ending:
Jan 7. 1991 8.1
Apr 8, 1991 5.5
Jul 8, 1991 7.3
Aug 5. 1991 7.3
Sep 9, 1991 7.1
Oct 7, 1991 6.7
Nov 4, 1991 5.1

1992

Billions

Dec 2

266.3
266.3
266.8
266.8
267.1
268.0

Jan

5 19 3 17 31 14 28 11 25 11 25
Feb
1990

Mar

22 6 20
Apr

May

17 1 15 29 12 26 9 23 7 21
Jun
Jul
1991

Aug

Sep

6

18 2 16 30 13 27

Oct
1992

Latest data plotted week ending: January 6, 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

Yields on Selected Securities

Percent
11.0 i-

Averages of Doily Figures

Percent
-| 11.0

10.0
Prime Bank
Loan Rate

Corporate
Aaa donde

□

9.0

7.0
cipal Bonds

6.0
Commercial
Paper

5.0

4.0

2 16 10 14 28 11 25
Nov
Dec
1990

Jan

8 2! 5 19 3 17 31 14 28 12 26 9 23
Mar

Apr

90-Day
CDs

30—Day
Commercial
Paper

Oct 25
Nov 1
8
15
22
29
Dec 6
13
20
27
Jan 3
10
17 +

5.33
5.21
4.98
4.98
4.90
4.86
4.78
4.48
4.36
4.33
4.15
3.98
4.08

5.28
5.19
4.98
4.99
4.92
4.91
5.12
4.93
4.86
5.05
4.57
4.09
4.09

Jun

1 15 29 13 27 10 24

Jul
Aug
Nov
1991
Latest data plotted are overages of rates available for the week ending: January 17, 1992

1991

May

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate

Dec

Municipal

5.24
8.63
9.61
5.09
8.58
9.52
4.88
8.55
9.50
4.87
8.43
9.42
4.84
8.46
9.44
4.78
8.46
9.46
4.67
8.39
9.37
4.42
8.35
9.30
4.35
8.31
9.26
4.33
8.22
9.14
4.05
8.17
9.11
3.92
8.14
9.05
4.00
8.17
9.07
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


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

Jan
1992

6.69
6.71
6.69
6.75
6.78
6.80
6.66
6.58
6.52
NA

of St, Louis

3.0

Selected Interest Rates
Percent

Percent

Averoges of Daily Figures

-i 9.0

9.0 r-

5-Year
-Treasury Securities
V'

Federal
Funds Rate

3—Month
Treasury' Bill
Discount Rate ^

—i—i—i—t i i i‘i i i i I i i i 1 i ' r» i ■ i ■ i

m

» r 1 i

m

■ i ' i ' i ■ i ■ i ' i ■ i ■ i 1 I 1 i ■ i ■ i ■ i ■ i 1 i

2 IB 10 14 28 11 25 8 22 8 22 5 19 3 17 31 14 28 12 26 9 23 B 20 4 18 1 15 29 13 27 10 24
Nov
Dec
1990

Feb

Mar

Apr

May

Jun
1991

Aug

Sep

Oct

Nov

Dec

Jan
I"2

Latest data plotted are averages of rates available for the week ending: January 17. 1992

1991

Federal
Funds **

3-Month
Treasury
Bill

6-Month
Treasury
Bill *»*

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

7.98
5.09
6.96
5.11
5.01
5.24
7.86
6.79
4.87
5.04
4.85
5.10
7.85
6.71
4.74
4.80
4.68
5.05
7.74
4.70
6.64
4.71
4.62
4.74
7.81
6.56
4.57
4.62
4.49
4.89
7.84
6.54
4.50
4.50
4.39
4.68
7.71
6.34
4.38
4.39
4.32
4.79
7.65
6.25
4.23
4.20
4.16
4.54
13
7.59
6.21
4.14
4.19
4.03
4.49
20
7.38
6.00
3.97
3.85
3.81
4.22
27
7.30
5.98
3.93
3.91
3.87
4.19
7.27
6.01
3.87
3.86
3.77
4.19
10
7.42
6.31
3.99
3.87
3.82
4.01
17 +
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
Oct 25

8
15
22
29


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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

M2
1992 Billions
Dec 2 3424.6
9 3426.2
16 3435.0.
23 3425.8
30 3420.4
Jan 6 3407.6

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Dec 2 2523.3
9 2530.8
16 2536.5
23 2527.2
30 2524.3
Jan 6 2515.2

S » 1 17 31 H 21 It 25 It 25 J 22 f 20 ! 17 1 15 29 12 if
Feb

Mar

Apr

May

Jun

Jul

Aug

23 7 21 1 18 2 If 50 13 27

Sep

Oct

Latest data plotted week ending: January 6, 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 (M2)
To the average
of four weeks
ending:
6/3/91
7/B/91
8/5/91
9/9/91
10/7/91
11/4/91
12/9/91
1/6/92

Compounded annual rates of change, average of four weeks ending:
1/7/91
4/8/91
6/3/91
7/8/91
8/5/91
9/9/91
10/7/91 11/4/91

5.1
4.4
3.4
2.8
2.5
2.9
3.1
2.8


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

2.4
1.0
0.7
0.5
1.3
1.9
1.6

-0.6
-0.5
-0.4
0.8
1.6
1.3

-1.8
-1.3
0.5
1.5
1.3

-0.3
1.7
2.7
2.1

3.1
3.9
2.9

5.7
3.8

2.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1060 --------1----------1--------Savings
1992 Billions

1030

Dec 2
9
16
23
30
Jan 6

1028.5
1034.1
10 39.1
10 38.4
10 38.8
10 41.3

Billions of Dollars

400

380
Mo ney Ua rket (ri ght sea «)
*»*

/

360

✓
«•* ""

970

y

- -v

/

««*

340
Moriey Ma rket
Billi jns

199s

910

jvings

1

Dec

/ Si

S’

940

s (left scale)

S II 1 17 31 14 !l II 25 II 25 0 22 f 20 3 17

35:1.7

2

16 354.1
23 351.4
30 350.7
Jan 6 346.4
_______ l_______ I______

1 IS 29 12 25 9 23 7 21 4 19 2 16 30 13 27

Nov Dec
Jan
Feb Mar
Apr
May
Jun Jul
Aug
Sep Oct
Nov
Dec
1990
1991
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/deafer.

320

300

Jan
1992

Large and Small Time Deposits1'
Billions of Dollars
^

.
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

> ^ ■■ —

■--s

— ITIme
Sma

'^

525

Billions of Dollars

1
1
Small Time

right s cale)

1992
Dec 2
9
16
23
30
Jan 6

V.
v. X
%X
X

1

500
Large Time (1 eft sea «)

X

X

1115
\

>

475
1SL92

450

425

1085

\

BL ions
4 50.8
4 59.9

23
30
Jan 6

X

■\

Tie

Dec 2
9

1145

‘x
t

La rge Ti

Billions
1069.2
1065.4
106 2.6
105 9.5
105 5.7
105 1.0

1175

456.7
452.9
451.5

X

______ I______

19 3 17 31 H 28 11 25 11 25 8 22 6 20 3 17
15 29 12 28 9 23 7 21 4 18
Nov Dec Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep Oct
Nov
M)91
1990

16 30 13 2
Dec Jan
1992

Latest data plotted week ending: January 6, 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

1055

1025

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

Dec 11
18
25
Jan 1
8
15

Billions of Dollars

0.138
0.055
0.177
0.169
0.873
0.057

7 21
Nov

5 19 2 IB 30 13 27 13 27 10 24 0 21

5 19 3 17 31 14 28 II IS 9 13

S 20 4 11

Dec

Jun

Nov

Jan

Feb

Mar

Apr

May

Jul

1990

Aug

Sep

Oct

Dec

1

15 19
Jan

1991

1992

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

Billions of Dollars

1992

Billions

Dec 11
18
25
Jan 1
8
15

Billions of Dollars

0.138
0.054
0.176
0.168
0.873
0.057

7 21 5 15 2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 9 23
Nov

Dec

Jan

Feb

Mar

Apr

May

1990

Jun

Jul

1991

Aug

Sep

Oct

20 4 18 1

Nov

Dec

15 29

Jan

1992

Latest data plotted week ending: January 15, 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

Dec

4 134.830

Jan

131.606
1 124.529
131.085

7 21

Nov

5 19 2 IS 30 13 27 13 27 10 21 8 22
Dec

Jan

Feb

Mar

Apr

May

5 19 3 17 31 11 28 II 25 9 23 6 20 4 18
Jun

1990

Jul

Aug

Sep

Oct

Nov

Dec

1991

1

15 29

Jan

1992

Latest data plotted week ending: January 8, 1992

Commercial and Industrial Loans'7
Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
December 25, 1991 from
the four weeks ending:
Dec 26. 1990-10.0
Mar 27, 1991-11.5
Jun 26, 1991-11.0
Jul 24, 1991-11.2
Aug 28. 1991-10.9
Sep 25, 1991-13.5
Oct 23, 1991-16.9

7 21

Nov

1991
Nov 20
27
Dec 4
1
8
25

5 19 2 16 30 13 27 13 27 10 24 8 22
Dec

Jan

Feb

1990

Mar

Apr

May

5 18 3 17 31 14 28 It 25
Jun

Jul

1991

Aug

Sep

Billions
296.132
294.31 8_
293.833
291.128
291.653.
287.644'

9 23 S 20 4 18
Oct

Nov

Dec

I 15 29
Jan

1992

Latest data plotted week ending: December 25, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than $1.4 billion
_
.. _ , ID
□
•
3
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
Averages of Daily Figures

1992 1973=100

> !1 5 1! 2 II 11 13 !7 IJ 27 III ?l I !! S II 3 17 31 II 71 II !S I !] I !0
Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

II 1 13 !!
Jan ■

Latest data plotted week ending: January 15, 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


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

y

a

Ayyyan 60#
n i m n v a $