Full text of U.S. Financial Data : January 23, 1992

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RE!

SI3LI991ARY

RHrve uanii
of 8t Louie

U.S. Financial Data
rim 9 y «a»

Tiffi WEEK'S HIGHLIGHTS:
»/ 77ie yz'eW o« long-term Treasury securities rose 23 basis points
during the last two weeks to 7.50 percent, after falling during each
of the previous six weeks.
✓ Housing starts for December 1991 totaled a seasonally adjusted
annual rate of1,103,000 units, up 2.6 percent from November’s
level. For the year, housing starts declined 14.9 percent from 1990.
Industrial production for December 1991 decreased at a seasonally
adjusted 2.2 percent annual rate from the previous month. This
matched a revised 2.2 percent rate of decline in November. Pro­
duction has declined in four of the last five months.
The merchandise trade deficit measured a seasonally adjusted
$3.57 billion in November 1991, its lowest monthly figure since
March 1983. During the first 11 months of 1991, the trade deficit
totaled $59.34 billion, down from $95.39 billion for the same
period in 1990.

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)
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$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
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must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1122

Billions of Dollars

Billions
345.9
350.4

7 21 5

19 2

16 30 13 27 13 27 10 24 8 22 5

19 3

17 31 14 28

Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
1990
Latest data plotted reserve maintenance period ending: January 22, 1992
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 monetaiy 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 Monetaiy Base
To the average of
two maintenance
periods ending:
6/26/91
7/24/91
B/21/91
9/18/91
10/16/91
11/27/91
12/25/91
1/22/92

Compounded annual rates of change, average of two maintenance periods ending:
1/23/91 4/17/91 6/26/91 7/24/91 6/21/91 9/18/91 10/16/91 11/27/91

5.9
5.7
5.9
6.5
6.2
6.3
6.6
7.5


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

4.9
5.5
6.5
6.0
6.2
6.7
7.7

5.9
7.7
6.5
6.7
7.3
8.6

9.4
7.3
7.3
7.8
9.3

7.1
7.2
7.9
9.6

5.6
6.9
9.2

8.5
11.0

13.9

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

M1
1992 Billions
Dec 9 895.5
16 898.5­
23 898.6
30 896.1
Jan 6 892.3
13 903.5

TCD (right scale)

M1 (left scale)
TCD
1992 Billions
Dec 9 620.9
16 623.4 —
23 623.5
30 620.6
Jan 6 616.0
13 626.2

5

19 3 17 31 M 28 11 25 II 25 8 22 6 20
Nov Dec
Jan
Feb Mar Apr May
1990

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Latest data plotted week ending: January 13, 1992
Current data appear in the Federal Reserve Board's H.6 release.
checks!" Sum °f currency held by the "onbank public, demand deposits, other checkable deposits and travelers
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 endinq:
To the average
1/14/91 4/15/91 6/10/91 7/15/91 6/12/91 9/16/91 10/14/91 11/11/91
of four weeks
ending:
6/10/91
7/15/91
S/12/91
9/16/91
10/14/31
11/11/91
12/16/91
1/13/92

8.5
8.2
8.2
7.8
7.8
8.6
(9.4
8.7


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

6.3
6.7
6.4
6.7
8.0
9.1
8.3

7.5
6.8
7.1
8.8
10.1
8.9

6.6
7.1
9.3
10.7
9.3

6.7
9.6
11.3
9.5

Prepared by Federal Reserve Bank of St Louis

3

4
Adjusted Reserves
Billions of Dollars

1992

Seasonally Adjusted

Billions of Dollars

Billions

84 - Oct 30
Nov 13

Jan

7 21 5

8

19 2

16 30 13 27 13 27 10 24
Feb

Mar

Apr

22 5
May

IS 3 17 31 H 28
Aug

Jun

25
Sep

8 23 i 20 4 18 I 15 2!
Oct

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
, Compounded annual rates of change, average of two maintenance periods ending:
To the average of
i/9/Q}
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
1/6/92

-0.3
1.3
2.7
2.4
4.9
3.2
4.9
5.2


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

2.9
4.9
4.0
7.6
4.6
6.7
7.0

11.3
7.4
12.6
6.8
9.4
9.5

5.9
13.3
6.0
9.2
9.4

13.8
4.3
8.6
8.8

6.0
11.2
10.9

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
January 6, 1992 from
the four weeks ending
Jan 7, 1991
Apr 15, 1991
Jul 8. 1991
Aug 19. 1991
Sep 16. 1991
Oct 14, 1991
Nov 11. 1991

1992

Ratio

Oct 28
Nov 1 1

25
Dec 9

2.560

2.558
2.573
2.577

's N°,Vrtr,^DeC
U i n ]'l Hjan21 liFebl'i IIMar2S *APrI! i 20 J Jun
17' I ' Jul
15 J9 12 26' 9 ' 23' 7 ' 21 i ' il' ! ' l'|' ]| |J J,
Aug Sep
Oct
1990
Latest data plotted two weeks ending: January 6, 1992

Nov

1991

Dec

Jan
1992

Currency Component of M12/
Averages of Daily Figures

Billions of Dollars

280

Billions of Dollars

“T"1
l
i------Compounded annual
rates of change,
average of the four
weeks ending
January 13, 1992 from
the four weeks ending:
Jan 14. 1991 8 0
Apr 15, 1991 5 8
Jul 15, 1991 7 6
Aug 12, 1991 7 2
Sep 16, 1991
7 3
Oct 14, 1991 6 7
Nov 11. 1991 5 6

270

260

280

270

260

Billie ns

260

210

h Dec

9
16
23
3O
Jan 6
13

S

19 3 17 31 H !! II !5
Nov Dec
Jan
Feb Mar
1990

"i ' l

Apr

266.3 —
266.8
266.7
267.1
267.9
269.0

f ■ i ■

........................
May
Jun
Jul
-|ggi

240
Aug

Sep

Oct

Nov

Dec

Jan
1992

Latest data plotted week ending: January 13, 1992
1/ Ratio of Ml 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

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate
Aaa donde

Mun cfpal Bond*
Commercial

2

16 30 14 28
Nov Dec
Jan
1990

Feb

Mar

Apr

17 31 14 28 12 26
May Jun
Jul
Aug
1991

Sep

II 1 IS 29
Oct
Nov Dec

Jan
1992

Latest data plotted are averages of rates available for the week ending: January 24, 1992

1991
Nov

1
8
15
22
29

Dec

6
13

20
27
Jan 3
10
17
24 *

90-Day
CDs

30-Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

5.21
4.98
4.98
4.90
4.86
4.78
4.48
4.36
4.33
4.15
3.98
4.09
4.04

5.19
4.98
4.99
4.92
4.91
5.12
4.93
4.86
5.05
4.57
4.09
4.10
4.08

5.09
4.88
4.87
4.84
4.78
4.67
4.42
4.35
4.33
4.05
3.92
3.99
3.94

8.58
8.55
8.43
8.46
8.46
8.39
8.35
8.31
8.22
8.17
8.14
8.20
8.20

9.52
9.50
9.42
9.44
9.46
9.37
9.30
9.26
9.14
9.11
9.05
9.11
9.12

6.69
6.71
6.69
6.75
6.78
6.80
6.71

6.66
6.58
6.52
6.40
6.56
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

5-Year

8.0
\

/V

«■

*

v-*\
W

\
\

s-

\

X
>

V

1V
\V
k F#< leral
f\ Fund • Rate

V

S.O

x✓

k \/
\Jm
J-Mor th
1 reasury Bill

\

N
/

V\

6.0
r—-

V/ N
*>

5.0

I Iscoun Rats '
\ '
>

\
\

k.

~\

-----<
V

r*T»

'I'M i1
'' 1 M t'i ' i 1 i ' i T'l 1 »'
1 1 1 1 M'l 'M'l1 T> i
11 25
22
22 5 15 3 17 31 14 28 12 26 9 23
Jan
Feb Mar
Apr
May Jun
Jul
Aug
1991

Nov Dec
1990

Federal
1991
Nov

Funds **

1
8
15

22
29

Dec

6
13

20
Jan

27
3

10
17
24 *

5.10
5.05
4.74
4.89
4.68
4.79
4.54
4.49
4.22
4.19
4.19
4.01
3.87

i ' I ■'
6 20 4 18
Sep
Oct

15 29 13 27 10 24
Dec
Jan
1992

Nov

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

1-Year
Treasury
Bill

5-Year
Treasury

Long-Term
Treasury

4.85
4.68
4.62
4.49
4.39
4.32
4.16
4.03
3.81
3.87
3.77
3.81
3.74

5.04
4.80
4.71
4.62
4.50
4.39
4.20
4.19
3.85
3.91
3.86
3.87
3.84

4.87
4.74
4.70
4.57
4.50
4.38
4.23
4.14
3.97
3.93
3.87
3.98
3.91

6.79
6.71
6.64
6.56
6.54
6.34
6.25

7.86
7.85
7.74
7.81
7.84
7.71
7.65
7.59
7.38
7.30
7.27
7.47
7.50

6.21
6.00
5.98

6.01
6.34
6.28

*hich are oompCted by this bank. Treasu^r bill yieldsare on a discount bSsis 9"
secur",es
* 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

7

3.0

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

Billions of Dollars

Billions of Dollars

2675
M2
1992 Billions
Dec

9
16
23
30
Jan 6
13

3400

(left scale)

3426.3
3435.0
3425.9.
3420.4
3407.6
3422.3

2625

2575

2525
Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
9
16
23
30
Jan 6
13

2530.8 2536.5
2527.3
2524.3
2515.3
2518.8

I8 2

IE 30 13 27

Dec

5

IS 3

17 31 H 28 11 25 11 25 8 22
Feb

Mar

Apr

6 20
May

3

17 1
Jun

15 29 12 26 9 23 7 21
Jul

Aug

Sep

2475

2425

Oct

1990
Latest data plotted week ending: January 13, 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 1/14/91 4/15/91 6/10/91 7/15/91 8/12/91 9/16/91 10/14/91 11/11/91
ending:
6/10/91
7/15/91
8/12/91
9/16/91
10/14/91
11/11/91
12/16/91
1/13/92

5.3
4.3
3.3
2.9
2.6
3.0
3.3
2.8


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

1.6
0.6
0.4
0.5
1.3
1.9
1.4

-1.2
-0.8
-0.4
0.8
1.7
1.1

-1.2
-0.6
1.1
2.1
1.3

0.4
2.3
3.2
2.0

3.7
4.4
2.6

6.0
3.2

1.7

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------------

Billions of Dollars

Savings
1992 Billions
9
16
23
30
Jan 6
13
Dec

1030

_

1034.1
1039.1
10 38.5
10 38.8
10 41.3
10 50.1

Mo ney

Ma ■ket (ri jht sea

e)
'*■ N <

1000

970

360

.. X
X
o' «»o

/

-x.

*

✓

/

340
Mor ey Ma rket
199:
Billie ns
Dec

940

910

/ s avfngs

■ • 1 • ~rl ’

1

1

1

9
16

Deposit> (left scale)

23
30
Jan 6
13

352 .6
354.1 —
351.4
350.7
346.4
351.4

_____ l______ l_____

1 l

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/dealer.

320

300

Jan
1992

Large and Small Time Deposits1 /
AI1 Depository Institutions

’

1
1
Small Time

a

II Time (right

Billions of Dollars

..........

—

1992

1

■-------- —

'

a0

‘

<
/J

ssi

--- --------/ I

Billions of Dollars

/

525

Dec

x

x

ik

X

Jan

X
X

500
Large Time ( eft sea e)

1175

Billions

9 1065.5
>3
30
6
3

105 9.5
105 5.7
105 1.0
104 3.6

X

1145

1115
-x
\
l

475

\

Large Tirne
1992 en ions

<50

_

Dec 9
16

4= 9.9
45 9.1

30
Jan 6
13

452.9
451.9
450.1

425
\

J

.nnn
1990

Jan

>

I0B5

\
vv
V

\
' 1 1 1 ' 1 1 1 1 1 1 1 ' 1 1 1 I 1 1 1 1
« II A3 o zz e
J 1 / 1 IS 29 I! 26 I 23 7 21 4 II 2 If If |] 27
Feb Mar
APr
May Jun
Jul
Aug
Sep Oct
Nov
Dec
Jan
1991
1992

Latest data plotted week ending: January 13, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


http://fraser.stlouisfed.org
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 18
25
Jan 1
8
15
_
22

7 21 5

Billions of Dollars

0.055
0.177
0.169
0.873
0.057
0.214

19 2

22 5 19 3 17 31 H 28
Aug
May
Jun

16 30 13 27 13 27 10 24
Feb Mar
Apr

11 25 9 23 6 20 4 18 1 15 28
Sep Oct Nov
Dec
Jan
1992

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

Billions of Dollars

2.5

2.0

Billions of Dollars

2.5

—1--------1
1992

Billions

Dec 18

0-054

Jan

1
8
15
22

0
0
0
0

2.0

168
873
057
214

1.5

1.5

1

0.5

0.0

li

i

J 71J' V

1.0

SA-

lW
L
I

A'

■ i ■'i * \ 1
7 21 5 19 2 16 30 13 27 13 27 10 24 1 22 5 19 3 17 3
Aug
May
Jun
Jul
Jan
Feb Mar
Apr
Nov Dec
14 28
1991
1990

JL

0.5

V------- a/"
Sep Oct
Nov Dec
11 25 9 23 6 20 4 11

i

Jan
15 29
1992

Latest data plotted week ending: January 22, 1992


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

1992

Billions of Dollars

Not Seasonally Adjusted
Billion?

Dec 11 133.121
134.916
131.606
124.529
131.085
132.973

Nov

Dec

Latest data plotted week ending: January 15, 1992

Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

360
370
300
ISO
340
330

Billions of Dollars

I
1
1
Compounded annual
rates of change,
average of the four
weeks ending
January 8, 1992 from
the four weeks ending:
Jan 9, 1991 -9.4
Apr 10. 1991-12.0
Jul 10, 1991-11.2
Aug 7, 1991 -9.8
Sep 11, 1991 -9.5
Oct 9, 1991-11.1

1

1

1992
Dec

Billions

4
1
8
25
1
8

292.366
291.712__
291.653
289.1 13
290.202
288 527

370
300
350
340
330

320

320

310

310

300

300

250

290
I 1 » 1 » ■ 1 »’l ' 1 ■ hi r

Nov

Dec

Jan

Feb

1990

Mar

Apr

May

Jun

Jul

1991

Aug

Sep

Oct

Nov

Dec

Jan
1992

Latest data plotted week ending: January 8, 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


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

11

Dollar’s Trade-Weighted Exchange Index
1973=100

100

Averages of Daily Figures

no
1992 1973=100

too

90

7 21 5 19 2 16 30 13 27 13 27 10 21
Nov Dec Jan
Feb Mar Apr
1990

0 22 5 10 3 17 31 14 20 11 25 9 23 I 20 4 10
May Jun
Jul
Aug
Sep Oct Nov Dec
1991

1

15 29
Jan
1992

Latest data plotted week ending: January 22, 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

so