Full text of U.S. Financial Data : January 26, 1995

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26.1995
federal fteaor

T

FEDERAL
A RESERVE
Ja RANK of
Mr SL LOUIS

THE WEEK'S HIGHLIGHTS:
✓ Advance new orders for manufactured durable goods rose 1.4 percent
in December after increasing 3.2 percent in November. Excluding
defense, new orders fell 0.8 percent, led by a 5 percent decline in
new orders for industrial machinery and equipment.

✓ Privately owned total housing starts in December were at an annual

rate of1,529,000 units, down 1 percent from November. Housing
starts in 1994 totaled 1,453,100 units, an increase of 12.9 percent
from 1993 and the highest total since 1988. Single-family starts rose
6.2 percent in 1994, while multi-family starts (two units or more)
surged up 58.9percent.

✓ According to the National Association of Realtors,

existing home
sales increased 1.8 percent in December, compared with a 2.3 percent
decrease in November. Existing home sales in 1994 totalled
3.97 million, up 4.3 percent from 1993.

✓ The federal budget deficit for December measured $4.06 billion.
Thus far in fiscal year 1995, the deficit has totaled $73.98 billion,
down 19.2 percent from the $91.51 billion deficit posted for the
same period in fiscal year 1994.

All data are seasonally adjusted unless otherwise indicated.
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 $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or to request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
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 ot Uaily Ngures
Seasonally Adjusted

Billions of Dollars

1995

Billions

Nov 9

451.2
455.2
452.8

_ Dec

7

Jan

4

Billions of Dollars

460.0

1 15 29 12 26 9 23 9 23 6 20 4 II 1 15 29 13 22 10 24 7 21 5 19 2 16 30 14 21 11 25 I 22
Dec

Jan

Feb

Mar

Apr

May

Jun

1993

Jul

Aug

Sep

Oct

Nov

Dec

1994

Jan

Feb

1995

Latest data plotted reserve maintenance period ending: January 18, 1995
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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 1/19/94 4/13/94 6/22/94 7/20/94 8/17/94 9/14/94 10/12/94 11/23/94
periods ending:
6/22/94
7/20/94
8/17/94
9/14/94
10/12/94
11/23/94
12/21/94
1/1B/95

9.5
9.4
9.1
8.6
8.3
7.5
6.8
7.3


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Federal Reserve Bank of St. Louis

7.5
7.4
7.1
6.8
6.1
5.2
6.0

7.9
7.0
6.6
5.6
4.5
5.6

6.3
6.0
4.9
3.8
5.2

5.3
4.3
3.0
4.8

3.9
2.3
4.7

1.2
4.5

5.7

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1995

M1
Billions

Dec 12
19
26
Jan 2
9
16

Billions of Dollars

(left scale)

1148.3
1147.0­
1147.9
1141.8
1146.1
1151.1

TCD (right scale)

TCD
1995
Dec 12
I-c.
19
26

s

20 3 17 31 11 21 11 21 11 25
Feb

Mar

Apr

1993

Billions
786.7
/OU./
,,c
7 85.4 — 755
786.3

23 6 20 1 18 1 15 29 12 26 10 21 7 21 5 19 2 If 30 13 27

May

Jun
1994

Aug

Sep

Oct

Nov

Dec

Jan
1995

Latest data plotted week ending: January 16, 1995
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
nv«mn«
Compounded annual rates of change, average of four weeks ending:
of four weeks
1/17/94 4/18/94 6/13/94 7/18/94 8/15/94 9/19/94 10/17/94 11/14/94
ending:
6/13/94
7/18/94
8/15/94
9/19/94
10/17/94
11/14/94
12/19/94
1/16/95

2.9
3.2
3.3
2.8
2.3
1.5
1.7
1.4


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

1.7
2.3
1.8
1.1
0.2
0.7
0.3

4.2
2.7
1.5
0.2
0.8
0.4

1.8
0.6
-0.9
0.1
-0.4

-1.0
-2.5
-0.8
-1.2

-3.9
-1.1

-1.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1995

Billions of Dollars

Billions

Nov 9
23 102.5
Dec 7

no

18 103.4

106

100

9!

94

1 15 29 12 26

23 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 20 11 25 0 22
Feb

Mar

Apr

May

Aug

Jun
1994

Sep

Oct

Nov

Dec

Jan

Latest data plotted two weeks ending: January 18, 1995
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 1/19/94 4/13/94 6/22/94 7/20/94 8/17/94 9/14/94 10/12/94 11/23/94
two maintenance
periods ending:
6/22/94
7/20/94
8/17/94
9/14/94
10/12/94
11/23/94
12/21/94
1/18/95

1.2
1.2
1.0
0.6
0.9
-2.6
-4.0
-1.2

0.0
0.0
-0.5
0.2
-4.5
-6.1
-2.3

0.6
-0.4
0.6
-6.3
-8.1
-2.8

-1.2
0.4
-7.9
-9.7
-3.4

0.6
-10.0
-11.8
-4.1

-12.9
-14.3
-4.4

-20.6
-6.6

7.3

Prepared by Federal Reserve Bank of St. Louis

«r


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

90

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2

3.0

2.0

.

Ratio

1

Compounded annual
rates of change,
average of the four
weeks ending
January 16, 1995 from
the four weeks ending:
Jan 17. 1994 -5.5
Apr 11, 1994 -5.3
Jul 18, 1994 -5.0
Aug 15, 1994 -5.4
Sep 12, 1994 -5.4
Oct 10, 1994 -5.0

1

1995

Ratio

Nov 7
21

2.536
2.523

9
2
6

2.5 36
2.5 21
2.4 97

Jan

3.0

2.8

2.6

2.4

3.2

2.6

■ l ' r-y-r * -*"» 1 L' i ■ i1

2.4

Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1993
1994
Latest data plotted two weeks ending: January 16, 1995

Aug

Sep

Oct

Nov

Dec

Jan
Feb
1995

Currency Component of M12/
Averages of Daily Figures

Billions of Dollars

368

355

345

Billions of Dollars

--------1----------1---------1---------Compounded annual
rates of change,
average of the four
week9 ending
January 16, 1995 from
the four weeks ending:
Jan 17. 1994 9.9
Apr 18, 1994 8.6
Jul 18, 1994 7.9
Aug 15, 1994 7.6
Se 19, 994 7.6
Oc 17, 994 7.9
No 14. 994 5.7

365
.

t

355

345

335

335
199!
Dec

Billiems

2
9
26
Jan 2
9
16

325

315
Dec
1993

Jan

Feb

Mar

Apr

May

Jun
Jul
1994

1 I_ 1 l 1 l 1 1

l i l M i i i1T ' 1 '

Aug

Oct

Sep

Nov

Dec

352 .2
352 .1
352 .1
35E .0
35S .9
357 .3
' l ' i
■’ 1 i

Jan
Feb
1995

Latest data plotted week ending: January 16, 1995
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

325

315

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate
Aaa Bond*

is Bank

3 17 31 14 20 11 25 11 25
Dec
1993

Jan

Feb

Mar

13 27 10 24

17 1 15 29 12 26
Apr

May

Jun
Jul
1994

Aug

Sep

Oct

Nov

Dec

Jan
Feb
1995

Latest data plotted are averages of rates available for the week ending: January 27, 1995

1994
Nov

4
11
18
25
Dec 2
9
16
23
30
Jan 6
13
20
27 *

30—Day
Commercial
Paper

90-Day
CDs

90—Day
Bankers'
Acceptances

5.05
5.24
5.50
5.60
5.79
6.09
6.12
6.05
6.06
5.85
5.75
5.82
5.92

5.59
5.72
5.80
5.87
6.08
6.28
6.30
6.26
6.36
6.36
6.20
6.22
6.25

5.52
5.63
5.74
5.77
5.99
6.17
6.20
6.14
6.23
6.21
6.09
6.12
6.10

Corporate
Aaa Bonds
8.68
8.74
8.70
8.63
8.57
8.47
8.46
8.45
8.43
8.49
8.46
8.44
8.54

Corporate
Baa Bonds

Municipal
Bonds **

9.32
9.37
9.33
9.26
9.21
9.11
9.10
9.08
9.08
9.13
9.10
9.06
9.16

6.83
6.96
7.06
7.03
6.90
6.88
6.77
6.74
6.71
6.66
6.53
6.44
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-Yeor

TrtgjynMWM

Fund* Rate
scount

3 17 31 14 21 11 25 11 25
Feb

17 1 15 29 12 28

Mar

Jul
1994

1993

Aug

23 7 21 4 18
Sep

Oct

13 27 10 24

Nov
1995

Latest data plotted are averages of rates available for the week ending: January 27. 1995

1994
Nov

4
11
18
25
Dec 2
9
16
23
30
Jan 6
13
20
27 *

Federal
Funds **
4.77
4.74
5.22
5.53
5.85
5.47
5.48
5.56
5.45
5.40
5.53
5.45
5.42

3-Month
Treasury
Bill

1-Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.10
5.22
5.34
5.31
5.53
5.70
5.66
5.49
5.52
5.67
5.66
5.70
5.78

5.90
7.61
7.94
8.14
6.00
7.69
8.00
8.19
6.18
7.73
7.97
8.16
6.22
7.74
7.91
8.10
6.45
7.79
7.89
8.06
6.62
7.74
7.79
7.95
6.73
7.78
7.82
7.96
6.66
7.79
7.82
7.95
7.81
6.74
7.81
7.93
6.74
7.86
7.86
7.99
6.66
7.80
7.80
7.95
6.58
7.73
7.74
7.90
6.56
7.80
7.83
7.98
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


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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-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

JH5

3620

I

M2

Billions of Dollars

2520

I

1995

Billions

Dec 12
19
26
Jan 2
9
16

3594.8
3593.9
3606.0
36 06.1
3€ 07.7
36 15.9

2495

Ml (left scale)

1970

3596
1 ✓
/
/

s
f\ /'
-

\

• «■*

V

i

1

.

k

* \

/

2995
No i-M1 42
mmms

199

Y on-M1 M2 (ric ht sea e)

3595

3520

V

7^ 1

1

/s xj

7\

l

/

3570

Dec 12
19
26
Jan 2
9
16

20 3 17 31 14 2 14 28 11 25 3 23 6 20 4 18
Dec Jan
Feb Mar Apr May Jun
Jul

1920

__I__I_ 2395

15 29 12 26 10 24 7 21 5 19 2 16 30 13 2
Aug
Sep Oct Nov Dec Jan
Feb
1995

1994

1993

2446.5
2446.9
2458.1
2464.3
2461.6
2464.8

Latest data plotted week ending: January 16, 1995
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 ^7/94
of four weeks

4/18/94

6/13/94

7/18/94

8/15/94

9/19/94 10/17/94 11/14/94

ending:
6/13/94
7/1B/94
8/15/94
9/19/94
10/17/94
11/14/94
12/19/94
1/16/95

1.5
1.4
1.4
1.0
0.9
0.5
0.8
1.0


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

0.7
0.9
0.4
0.3
-0.1
0.3
0.7

1.4
0.4
0.2
-0.3
0.2
0.7

0.0
-0.2
-0.8
0.0
0.7

-1.0
-1.5
-0.4
0.5

-1.7
0.0
1.0

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

Savings
1995
Dec 12
19
26
—Jan 2
9
16

Billions of Dollars

Small Time

Billions

1995

1146.2
1146.6
1144.5
1138.8­
1133.6
1132.0

Dec 12
Jan

Billions

2

820.5
822.4 —

Savings D«posits(left scale)

Small Time (right scale)

8 20 3 17 31 14 28 14 28 11 25
Dec Jan
Feb
Mar Apr

9 23 6 20 4 18 1 15 29 12 28 10 24 7 21 5 19 2 18 30 13 27
May Jun
Jul
Aug
Sep Oct Nov Dec
Jan
Feb

1993
1994
Note: Savings deposits are at all depository institutions.

1995

Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

Large Time
1995
Dec 12
19
26
— Jan 2
9
16

Billions of Dollars

Money Market

Billions

1995

364.2
365.8
364.4
359.9 ■
360.4
363.1

Dec 12
19
26
Jan 2
9
16

Billions

374.2
374.5
376.6
375.8 —
375.1
379.2

Money Market

Large Time

6 20 3 17 II 11 28 11 28 II 25 9 2] S 20 1 II I IS 21 12 28 11 21 7 !l
Dec Jan
Feb Mar Apr May Jun
Jul
Aug
Sep Oct
Nov

1993

1994

19 2 18 38 13 27
Dec Jan
Feb
1995

Latest data plotted week ending: January 16, 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Pr0pored by Federa| Reserve Bank „f st Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1995

Billions

Dec 21

0.237
0.183
0.309
0.055
0.079

Jan

4

Billions of Dollars

0.212

1 15 29 12 26 3 23 9 23 5 20 4 18 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 28 11 25 1 22
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
1993
1994
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, $1 million in the week; ending July 20, 1994 and was zero in th
the other weeks shown.

Rant' I none onH P.roHit

All Commercial Banks in tne united states
Seasonally Adjusted

Billions of Dollars
Bank
1995
7
14
21
28
- Jan 4
11

3325 - Dec
3275

Credit
Billions
3308.8'
3313.9
3330.5
3333.8
3337i23343.1

Bank Credit (left scale)

Loans&Leases
1995 Billions
Dec 7 2361.3
14 2361.2
21 2382.0
28 23B0.5.
Jan 4 2387.3
1 1 2390.5

Loans and Leases (right scale)

1 15 29 12 26 9 23 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Feb

Billions of Dollars

Mar

Apr

May

Jun

Jul

Aug

Latest Wednesday data plotted : January 11, 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

I9 2 I6 30 !4 28 II 25 8 22

Sep

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted
Bjljjopg

1 15 29 12 28 9 23 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22
Dec

Jan

Feb

Mar

Apr

May

1993

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1994

Feb

1995

Latest data plotted week ending; January 18. 1995

Commercial and Industrial Loans

Billions of Dollars

Seasonally Adjusted

Billions of Dollars

All Banks
1995 Billions
Dec 7
14
21
28
Jan 4
11

641.5
642.8
646.8
645.1 '
646.6
650.8

.Large Banka (right scale)

Large
1995
Dec 7
14
21
28
Jan 4
11

All Banka (left scale)

1 15 29 12 26 9 23 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Feb

Mar

Apr

May

Jun

Jul

Aug

Latest Wednesday data plotted : January 11,1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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Federal Reserve Bank of St. Louis

11

Banks
Billions
310.4 —
310.7
315.0
314.5
316.4
318.2

19 2 16 30 14 28 11 25 8 22

Sep

Prepared by Federal Reserve Bank of St. Louis

1973=100

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

1973=100

1995 1.973=1 PQ

Jan 4

I IS !! II U 9 IS 9 IS I 20 4 II 1 15 2! IS 27 IS 24 7 II
Dec
Jan Feb Mar Apr May Jun
Jul Aug Sep
1993

1994

5 I! I 16 SO 14 II
Oct Nov
Dec

II 25 I II
Jan Feb
1995

Latest data plotted week ending: January 25, 1995
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

>*

m H

< Hi

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w

1-4
i™1

03 CM