Full text of U.S. Financial Data : January 22, 1993

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U.S. Financial Data

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THE WEEK’S HIGHLIGHTS:
\/ The consumer price index (CPI) for all urban consumers and the
CPI less food and energy both increased at a 0.8 percent annual
rate during December. During 1992, the CPI for all urban con­
sumers rose 3 percent (the smallest increase in six years) and the
CPI less food and energy rose 3.7 percent (the smallest increase
in 20 years).
s/ Industrial production increased at a 4.4 percent annual rate during
December, the third consecutive monthly increase. Compared with
a year ago, production has risen 2.9 percent.
%/ Business inventories increased at a 2 percent annual rate from
October to November and were up 1.7 percent from a year earlier.
The inventory-to-sales ratio for November was 1.49, unchanged
from October but down sharply from the 1.53 ratio in November
1991.
\/ The merchandise trade deficit for November was $7.6 billion as
imports fell 1.6 percent to $45.6 billion and exports fell 2.8 percent
to $38 billion. During the first 11 months of 1992, the trade deficit
was $75.5 billion, compared with a deficit of $59.2 billion for the
same period in 1991.
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

Billions of Dollars

Nov 11

383.2

Dec 9
23

Billions of Dollars

382.4
382.2

6 20 4 11 1 15 2) 12 21 11 25 0 22 6 20 3 17 1 15 29 12 21 9 23 7 21 4 18 2 1$ 30 13 27
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1991
1992
1993
Latest data plotted reserve maintenance period ending: January 20, 1993
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 ths adjusted monetary base is
available from this bank.
Recent data are preliminary.

Ad|uitad Monetary Base
_
. Compounded annual rates of change, average of two maintenance periods ending:
TO the average Of }/22/i2 4/15/92 6/24/92 7/22/92 8/19/92 9/16/92 10/14/92 11/25/92
two maintenance
periods ending:
B/24/92
7/22/92
8/19/92
9/16/92
10/14/92
11/25/92
12/23/92
1/20/93

9.5
B.6
10.3
10.7
11.4
11.6
10.0
11.2


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Federal Reserve Bank of St. Louis

5.7
9.1
10.0
11.1
11.5
9.4
11.0

12.4
13.0
14.1
13.8
10.5
12.5

18.0
17.9
16.2
11.8
13.9

15.9
14.6
9.7
12.5

14.7
8.4
12.1

4.9
10.6

9.0

Prepared by Federal Reserve Bank of St. Louie

Money Stock (Ml) and Total Checkable Deposits
Averages ot Dally figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1993 Billions
“Dec 7 1022.7'
14 1021.5
21 1019.7
28 1029.5
_ Jan 4 1028.8.
11 1033.8

TCD (right scale)

1993

TCD
_
Billions

Dec 7
14
21
28
Jan 4
11
4

18 2 U 30 13 27 10 24
Nov
Dec
Feb

9 23
Mar

6 20 4 18 1 15 2§ 13 27 10 24
Apr
May
Jun
Jul
Aug

723.0
721.3
718.9 __
726.9
725.6
730.7

7 21 5 1! 2 16 30 14 28
Nov
Dec
Sep
Oct

Latest data plotted week ending: January 11,1993
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)
Compounded annual rates of change, average of four weeks ending:
! o the average 1/13/92 4/13/92
6/8/92 7/13/92 8/10/92 9/14/92 10/12/92 11/9/92
of four weeks
ending:
6/8/92
7/13/92
8/10/92
9/14/92
10/12/92
11/9/92
12/14/92
1/11/93

15.1
11.7
12.4
13.0
14.3
15.0
14.2
14.0


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Federal Reserve Bank of St. Louis

6.3
8.8
10.6
12.8
14.0
13.0
12.8

6.5
10.1
13.4
15.0
13.5
13.2

17.0
19.7
20.3
17.3
16.3

20.8
21.2
17.2
16.1

24.0
17.4
15.9

13.8
12.9

9.1

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

_ 1222 BiUtoni.
Nov 11
Dec 9

I

21 4 II 1 15 2J 12 21 11 25
Nov
Dec
Jan
Feb
Mar
1991

8 22
Apr

6

20 3 17 1 15 29 12 28
May
Jun
Jul
Aug
1992

9 23 7 21
Sep
Oct

1

18 2 16 30 13 27
Nov
Dec
Jan
1993

Latest data plotted two weeks ending: January 6, 1993
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
6/10/92
7/8/92
8/5/92
9/2/92
9/30/92
11/11/92
12/9/92
1/6/93

Compounded annual rates of change, average of two maintenance periods ending:
1/8/92
4/1/92 6/10/92 7/8/92
8/5/92
9/2/92 9/30/92 11/11/92

20.5
13.7
14.0
14.0
15.7
17.1
15.5
13.7


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Federal Reserve Bank of St. Louis

2.6
5.4
7.0
10.4
13.3
11.6
9.7

-2.2
3.0
9.5
13.9
11.4
9.0

15.1
20.3
22.4
17.6
13.8

22.6
24.2
18.0
13.4

28.5
19.2
13.2

14.5
8.4

Prepared by Federal Reserve Bank of St Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2

Ratio
-\

Compounded annual
rates of change,
average of the four
weeks ending
January 4, 1993 from
the four weeks ending:
Jan 6, 1992 3.4
Apr 13, 1992 2.4
Jul 6, 1992 3.2
Aug 17, 1992 4.5
Sep 14, 1992 5.2
Oct 12, 1992 5.6
Nov 9. 1992 3.7

1993

Ratio

Oct 26
Nov 9
23
Dec 7
21
Jan 4

18 2 16 30 13 27 10 24 ! 23 t 20 1 1! 1 15 29 13 11 10 24
Nov Deo
Jan
Feb Mar
Apr May
Jun
Jul
Aug
1991
1992
Latest data plotted two weeks ending: January 4. 1993

4

7 21
Sep

3.2

2.642
2.657
2.647
2.671
2.670
2.643

5 19 2 16 30 14 29
Oat
Nov
Dec

II 23
Jan
1993

Currency Component of M12/
Billions of Dollars

290

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

300

-------- 1---------- 1---------Compounded annu □I
rates of change,
average of the fou
weeks ending
January 11,1993 ■ rom
the four weeks enc nq:
Jan 13, 1992
.6
Apr 13, 1992 1C .6
Jul 13, 1992 12 .7
Aug 10, 1992 11 .6
Sep 14. 1992 1C .3
Oct 12. 1992
.4

290

280

1 992

260

Billio ns

14
21
28
Jan 4
11

270

291.5
292.2
294.0
294.5
294.5

-

. I . .1
4

IS 2 16 30 13 27 10 24 9 23 6 20
Nov
Dec
Jan
Feb Mar Apr
1991

4 IS
May

I

13 29 13 27 10 24
Jun
Jul
Aug
1992

7 21 3 19 2 IS 30 14 26 11 !5
Sep
Oct
Nov
Dec
Jan
1993

270

260

Latest data plotted week ending: January 11,1993
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

Averages of Doily Figures

Aaa Bonds

Municipal Bonds

Loan Rate-

Commercial

1

15 29 13 27
Nov
Dec
1991

Jan

Feb

Mar

17 1 15 29 12 26 10 24
Apr
May
Jun
Jul
1992

Aug

Sep

Oct

Nov

Dec

Jan
1993

Latest data plotted are averages of rates available for the week ending: January 22, 1993

1993

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Oct 30
Nov 6
13
20
27
Dec 4
11
18
25
Jan 1
8
15
22 *

3.39
3.42
3.52
3.68
3.67
3.73
3.54
3.44
3.35
3.34
3.27
3.20
3.18

3.26
3.25
3.28
3.25
3.22
3.70
3.80
3.75
3.62
3.56
3.34
3.20
3.17

3.32
3.35
3.47
3.60
3.60
3.65
3.48
3.42
3.34
3.31
3.21
3.14
3.12

8.07
8.11
8.14
8.07
8.06
8.06
8.00
7.99
7.93
7.90
7.92
7.96
7.90

8.96
9.02
9.00
8.91
8.91
8.92
8.82
8.82
8.75
8.75
8.74
8.73
8.65

6.62
6.51
6.38
6.28
6.26
6.28
6.22
6.25
6.19
6.17
6.17
6.16
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


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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

5—Year
Treasury

1

15 29 13 27 10 24 7 21 6 20 3 17
Nov
Dec
Jan Feb Mar
Apr
1991

1

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1992

8 22
Jan
1993

Latest data plotted are averages of rates available for the week ending: January 22, 1993

1993
Oct 30
Nov 6
13
20
27
Dec 4
11
18
25
Jan
1
8
15
22 *

Federal
Funds ♦*
2.96
3.07
2.91
2.97
3.10
3.37
2.94
2.93
2.94
2.86
3.03
2.98
3.10

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

2.94
3.03
3.08
3.16
3.24
3.30
3.24
3.21
3.18
3.15
3.09
3.00
3.00

3.22
3.27
3.31
3.37
3.45
3.46
3.37
3.43
3.32
3.38
3.28
3.19
3.13

3.36
3.42
3.47
3.56
3.60
3.64
3.55
3.60
3.49
3.46
3.44
3.36
3.34

5.85
5.96
6.00
6.05
6.12
6.20
6.04
6.10
6.03
6.03
5.95
5.90
5.83

7.37
7.44
7.41
7.36
7.38
7.41
7.27
7.28
7.19
7.22
7.21
7.24
7.13

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


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

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

Billions of Dollars

1993

Billions of Dollars

M2
Billions

Dec 7
14
21
28
Jan 4
11

3510.1
3506.3
3499.1.
3502.8
3493.8
3500.5

(left scale)

v 'x
Non-M1 M2 (right scale)

Non-M1 M2
1993 Billions
Dec 7
14
21
28
Jan 4
11
4

II 2 It 30 13 27 10 24
Nov
Dec
Jan
Feb
1991

9 23
Mar

6

20 4 II 1 15 23 13 27 10 24
Apr
May
Jun
Jul
Aug
1992

7 21
Sep

5

2487.4
2484.8
2479.4
2473.3
2465.0
2466.7

II 2 16 30 14 21 11 25
Oct
Nov
Dec
Jan
1993

Latest data plotted week ending: January 11, 1993
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 1/13/92 4/13/92 6/8/92 7/13/92 8/10/92 9/14/92 10/12/92 11/9/92
ending:
6/8/92
7/13/92
8/10/92
9/14/92
10/12/92
11/9/92
12/14/92
1/11/93

2.1
1.1
1.2
1.5
1.8
2.2
2.0
1.7


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

-1.3
-0.6
0.4
0.9
1.6
1.4
1.1

-0.9
0.7
1.4
2.3
1.9
1.4

2.8
3.2
3.9
3.1
2.3

3.8
4.6
3.3
2.4

5.2
3.2
2.0

2.8
1.4

-0.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages or Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Savings
1993

Billions

Dec 7
14
21
28
Jan 4
11

1185.9
1189.6.
1188.8
1186.2
1183.4
1187.2
Money Market (right

Savings Deposits (left scale)

Money Market

1993

Billions

Dec 7
I4
21
28
Jan 4
II

348.7
347.5 “
347.1
346.0
345.9
348.0

4

11 2 16 30 13 27 10 24 9 23 6 20 4 IS 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 21 11 25
Nov Dec
Jan
Feb
Mar
Apr May
Jun
Jul
Aug Sep Oct
Nov
Dec
Jan
1991 .
1992
1993
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.
.

Large and Small Time Deposits1 f
nil UO^USIlUfJI IM3UIUUUII9

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Small Time
1993 Billions
Dec 7 877.3
14 874.8
21 872.7
28 870.6
Jan 4 868.3
11 865.7

La roe Time (left scale)

Large Time
1993 Billions
-Dec 7 368.2
14 366.9
21 364.7
28 364.7
Jan 4 357.7
11 360.0

4

Small Time (right scale)

11 2 16 30 13 27 10 24
Nov
Dec
Jan
Feb
1991

9 23
Mar

6 20 4 11 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 21 II 25
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1992
1993

Latest data plotted week ending: January 11, 1993
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

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1993

Billions

_ Dec 16
Jan

Billions of Dollars

0.040
0.080
0.096
0.441

6

0.357

8 20 4 18 1 15 2) 12 28 11 25
Nov Dec
Jan
Feb
Mar
1991

8 22 8 20 3 17
Apr May
Jun

1

15 2! 12 28 8 23
Jul
Aug
Sep
1992

7 21 4 18
Oct
Nov

2

18 30 13 27
Dec
Jan
1993

Adjustment + Seasonal Borrowings
l-rom federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1993

Billions

Dec 16

0.038
0.079
0.096
0.441
0.046
0.356

Jan

8

Billions of Dollars

6

20 4 18 I 15 2) 12 28 11 25
Nov Dec
Jan
Feb
Mar
1991

8 22 8 20 3 17
Apr May
Jun

1 15 2) 12 28
Jul
Aug
1992

0 23 7 21
Sep Oct

4 18 2 18 30 13 27
Nov
Dec
Jan
1993

Latest data plotted week ending: January 20. 1993


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

IN I
Nov

_____

______ Not Seosonaliy Adjusted

H 1 15 » H N II IS I 21 t II 3

Dec

Jan

Feb

Mar

Apr

May

Billions of Dollars

_____________

I? I 13 » II II I 2) I II ( II I 11 31 13 I)

Jun

Jul

Aug

Sep

Oct

Latest data plotted week ending: January 13, 1993

Commercial and Industrial Loans17
„ „
Weekly Reporting Lorge Commercial Banks V
Billion* of Dollar*___________________________ Seasonally Adjusted
—1-------- ]---------- H
Compounded anm. ol
rotas of change,
average of the fou r
weeks ending
350
January 6, 1993 f um
the four weeks enc ling:
Jan 8, 1992 - 5.1
Apr 8, 1992 -♦ .6 .
330
Jul 8, 1992 - 2.2
Aug 5, 1992 - 1.5
Sep 9, 1092 - 1.5
Oct 7. 1992 - 3.2

Billions of Dollars
|
j?o
199:

Billions

2
9
16
23
30
Jan 6

2B2.388_ 350
280.084
280.691
278.983
277.906
276.962

330

310

310

190

290

290

270
Thi

250

I II

data reflect the cumulative eff acts of mergei*s and Dther structui*e chanj ;es.
U,
L-r—r. U.

UJUiUJ
II
II

« II I 15 II 12
Nov Dec
Jan
Feb
1991

11 IS
Mar

I
Apr

T-r-'-T

( H 3 17 1 IS II 12 2i I 23 7 II I II 2 II 30 13 27
May
Jun
Jul
Aug
Sep Oct
Nov
Dec
Jan
1992
1993

Latest data plotted week ending: January 6, 1993
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


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

11

250

Dollar's Trade-Weighted Exchange Index
1973=100

Averages of Daily Figures

1973=100

1993 1973=100

6

20 4 18 1 15 29 12 26 11 25 I 22 6 20
Nov Dec
Jan
Feb Mar Apr
May
1991

3 17 1 15 29 12 26
Jun
Jul
Aug
1992

9 23 7 21 4 18 2 16 30 13 27
Sep Oct
Nov
Dec
Jan
1993

Latest data plotted week ending: January 20, 1993
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

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