Full text of U.S. Financial Data : January 28, 1993

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Jami^>8, 1^93

TEB

Fe
*>f Et. Lou (s

ttSrFinancial Data
THE WEEK'S HIGHLIGHTS:
✓ Real gross domestic product (GDP) increased at a 3.8 percent
annual rate in fourth quarter 1992, after a 3.4 percent increase in
the third quarter. For 1992, real GDP rose 2.9 percent, compared
with a 0.1 percent increase in 1991.
>/ The GDP deflator rose at a 1.7 percent annual rate during the
fourth quarter. For 1992, the deflator rose 2.4 percent, compared
with a 3.4 percent increase and a 4.5percent increase during 1991
and 1990, respectively.

✓ Housing starts during December 1992 were at a seasonally adjust­
ed annual rate of1,302,000 units, up 5.5 percent from November.
Except for a spike in March 1992, this is the highest level since
March 1990. For all of1992, housing starts totaled 1,201,500
units, up 19 percent from 1,013,900 units in 1991.

✓ The federal budget deficit in December was $38.9 billion, making
the deficit $120.5 billion for the first three months offiscal year
1993. During the same period in fiscal year 1992, the deficit was
$83.8 billion.

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:
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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.
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 or Dally figures

Billions of Dollars

Nov 11
25
Dec 9
23
Jan 6
20

4 18
Dec

Billions of Dollars

Seasonally Adjusted

383.2
384.9
382.4
382.2
389.5
388.7

1 15 2) 12 21 11 25 8 22 8 20 3 17 1 15 29 12 28 ) 23 7 21

4 18 2 II 30 13 27

10 24

Jan

Nov

Feb

Feb

Mar

Apr

May

Jun

1991

Jul

Aug

Sep

Oct

Dec

1992

Jan

1993

Latest data plotted reserve maintenance period ending: January 20, 1993
°vaults o?* l?de^U^'
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks.
-----ency in for reserve 'requirement ralfo chJnges. Thi major'sourc^omisjtiTd —
’ monefa"iy”6ase~it’Fsderal
—
—
gdjustrfteht circulation (currency held by the public andi in the vaults of oil der
istment for reserve requirement ratio chdnges. The major source of thi
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 Baae
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 1/22/92 4/15/92 6/24/92 7/22/92 8/19/92 9/16/92 10/14/92 11/25/92
periods ending:
6/24/92
7/22/92
8/19/92
9/16/92
10/14/92
11/25/92
12/25/92
1/20/93

9.5
8.6
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
10.9

12.4
13.0
14.1
13.8
10.5
12.4

18.0
17.9
16.2
11.8
13.8

15.9
14.6
9.7
12.4

14.7
8.4
12.0

4.9
10.5

8.8

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1993
Dec 14
21
28
Jan 4
11
18

Billions of Dollars

Billions
1021.5
1019.7
1029.2
1028.9
1034.4
1031.6

TCD (right scale)

M1 (left scale)'

2 16 30 13 27 10 24 9 23 6 20 4 18
Dec
1991

Jan

Feb

Mar

Apr

May

1993

Billions

Dec 14
21
28
Jan 4
11
18

721.4
718.8
726.9
725.7
731.4
727.6

1 15 2) 13 27 10 24 7 21 5 19 2 16 30 14 28
Jun

Jul
1992

Aug

Sep

Oct

Nov

Dec

11 25 0 22
Jan
Feb
1993

Latest data plotted week ending: January 18, 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:
To the average 1/20/92 4/20/92 6/15/92 7/20/92 8/17/92
9/21/92 10/19/92 11/16/92
ending:
6/15/92
7/20/92
8/17/92
9/21/92
10/19/92
11/16/92
12/21/92
1/18/93

14.1
11.7
12.5
13.3
14.4
15.2
14.0
13.9


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Federal Reserve Bank of St. Louis

6.8
9.4
11.3
13.2
14.5
12.9
13.0

8.9
12.1
14.7
16.2
13.9
13.8

18.1
19.9
20.7
16.7
16.2

20.7
21.6
16.4
15.9

23.7
15.8
15.2

12.3
12.7

8.2

Prepared by Federal Reserve Bank of St Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

18
98
Nov 11
25
Dec 9
23
Jan 6
20

94.8

98

90.4
95.3
93.8

92
90
88

88

84
82
80
4 IS
Dec

I 15 » 1! » 11 25 I 23 t 20 3 IT 1 15 !! 1! 26 S 23 7 21

4 II 2 15 10 13 27 10 24

Jan

Nov

Feb

Mar

Apr

May

Jun

1991

Jul

Aug

Sep

Oct

Dec

Jan

1992

Feb

1993

Latest data plotted two weeks ending: January 20, 1993
Adjusted reserves is the difference between adjusted monetary base and currency component of tol.

Adjusted Reeetves
_
. Compounded annual rates of change, average of two maintenance periods ending:
lo tbs average Of ^22/92 4/15/92 8/24/92 7/22/92 8/19/92 9/18/92 10/14/92 11/25/92
two maintenance
periods ending:
8/24/92
7/22/92
8/19/92
9/16/92
10/14/92
11/25/92
12/23/92
1/20/93

19.3
14.5
16.5
15.8
17.4
19.3
12.8
16.2


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Federal Reserve Bank of St. Louis

0.4
6.4
7.2
10.6
14.4
6.7
11.5

9.2
9.7
14.8
19.3
7.7
14.0

20.2
23.8
26.6
10.9
18.0

20.6
25.5
7.0
15.8

31.9
5.9
17.0

Prepared by Federal Reserve Bank of St Louis

78

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
January 18, 1993 from
the four weeks ending:
Jan 20, 1992 2.7
Apr 13, 1992 2.0
Jul 20, 1992 2.6
Aug 17. 1992 3.6
Sep 14, 1992 3.9
Oct 12, 1992 3.9
Nov 23, 1992 0.5

Nov 9
Dec 7
Jan

4

2.657
2.647
2.671
2.670
2.642
2.658

2 16 30 13 27 10 24 9 23 6 20 4 10 I 15 2! 13 27 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
1991
1992
Latest data plotted two weeks ending: January 18, 1993

Aug

Sep

Oct

Nov

Dec

Jan
Feb
1993

Currency Component of Ml2/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
January 18, 1993 from
the four weeks ending:
Jon 20, 1992 9.7
Apr 20, 1992 10.8
Jul 20, 1992 12.7
Aug 17, 1992 11.4
Sep 21, 1992 10.2
Oct 19, 1992 9.6
Nov 16, 1992 11.1

1993

Billions
292.2
294.0
294.5

2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 28
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

25 8 22
Jan

Latest data plotted week ending: January 18, 1993
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

6
Yields on Selected Securities

Percent

Averages of Daily Figures

Corporate

in dpal Bond#.

-Commercial -

20 4 18 1

If 3 17 31 14 28
Dec
1991

Jan

Feb

Mar

Apr

May

Jun
Jul
1992

Aug

Sep

Oct

Nov

Dec

15 2) 12 28
Jan
Feb
1993

Latest data plotted are averages of rates available for the week ending: January 29. 1993

1993
Nov

6
13
20
27
Dec 4
11
18
25
Jan 1
8
15
22
29 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers1
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.42
3.52
3.68
3.67
3.73
3.54
3.44
3.35
3.34
3.27
3.20
3.17
3.14

3.25
3.28
3.25
3.22
3.70
3.80
3.75
3.62
3.56
3.34
3.20
3.16
3.14

3.35
3.47
3.60
3.60
3.65
3.48
3.42
3.34
3.31
3.21
3.14
3.12
3.09

8.11
8.14
8.07
8.06
8.06
8.00
7.99
7.93
7.90
7.92
7.96
7.90
7.85

9.02
9.00
8.91
8.91
8.92
8.82
8.82
8.75
8.75
8.74
8.73
8.65
8.57

6.51
6.38
6.28
6.26
6.28
6.22
6.25
6.19
6.17
6.17
6.19
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


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Federal Reserve Bank of St. Louis

1

Selected Interest Rates

Percent

Averages of Doily Figures

6 2# 3 17 31 14 24 13 27 10 24 8 22 5 14 3 17 31 14 24 11 25 9 23 6 20
Feb

Mar

Apr

May

1991

Jun
Jul
1992

Aug

Sep

Oct

Nov

15 29 12 24
1993

Latest data plotted are averages of rates available for the week ending: January 29, 1993

1993
Nov

6
13
20
27
Dec 4
11
18
25
Jan
1
8
15
22
29 *

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

3-Month
Treasury
Bill

6-Month
Treasury
Bill *♦*

3.03
3.08
3.16
3.24
3.30
3.24
3.21
3.18
3.15
3.09
3.00
2.99
2.94

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.27
3.42
5.96
7.44
3.31
3.47
6.00
7.41
3.37
3.56
6.05
7.36
3.45
3.60
6.12
7.38
3.46
3.64
6.20
7.41
3.37
3.55
6.04
7.27
3.43
3.60
6.10
7.28
3.32
3.49
6.03
7.19
3.38
3.46
6.03
7.22
3.28
3.44
5.95
7.21
3.19
3.36
5.90
7.24
3.13
3.33
5.82
7.12
3.09
3.27
5.71
7.02
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


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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

Billions of Dollars

2630
Billions

3500

Dec 14 3506.2
3498.9
- Jan 4 3502.3.
3493.9
3500.8
3493.8

2580
(left scale)

2530

2480

Non-M1 M2 (right scale)

Non-M1 M2
Dec 14 2484.7
2479.2
2473.1
Jan 4 2465.0
2466.4
2462.2

2 If 10 If 21 II 25 « 2!

2 If 30 13 27 10 24 0 23 6 20 f I! I IS 2) 13 27
Feb

Mar

Apr

May

Nov

Jun

2430

2380

Dec

Latest data plotted week ending: January 18, 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. tanks, 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 1/20/92 4/20/92 6/15/92 7/20/92 8/17/92 9/21/92 10/19/92 11/16/92
ending:
6/15/92
7/20/92
8/17/92
9/21/92
10/19/92
11/16/92
12/21/92
1/18/93

2.0
1.0
1.3
1.6
1.9
2.3
2.0
1.6


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Federal Reserve Bank of St. Louis

-1.4
-0.4
0.6
1.1
1.8
1.4
1.0

-0.3
1.2
1.8
2.7
2.0
1.4

3.5
3.6
4.3
3.1
2.2

3.9
4.7
3.1
2.1

5.3
2.8
1.6

2.3
0.8

-1.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1215 Billions
Dec 14
21
28
Jan 4
11
18

11 89.4
1188.6.
1186.1
1183.4
1187.0
1187.8

Money Market (right scale)

Savings Deposits (left scale)

Money Market

1993

Billions

Dec 14
21
28
Jan 4
11
18

347.5
347.1 —
346.0
345.9
348.0
345.3

2 IS JO 13 27 10 24 9 23 S 20 4 II 1 15 2! 13 27 10 24 7 21 5 10 2 IS 30 14 28 11 25 I 22
Dec

Jan

Feb

Mar

Apr

May

1991

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1992

Feb

1993

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1'
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small
1993
Dec 14
21
28
Jan 4
11
18

Time
Billions
874.8
872.7
870.5
868.3 ■
865.6
863.4

Lara* Time (left scale)
Large Time
1993 Billions
365 “Dec 14 387.0
Jan

4

Smdl Time (right scale)

357.8

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1993
Latest data plotted week ending: January 18, 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 Bonk of St. Louis

9

10
Total Borrowings
From Federal Reserve banks
Averages of Daily Figures

Billions of Dollars

1993

Billions

1 S — Dec 23

in
_
13
20
27

0.080
0.096
0.441
0.046
0.357
0.084

4 11 I IS 21 12 21 11 !S
Dec

Billions of Dollars

Jan

Feb

Mar

!! f !l J 17 I IS !) I! J6 9 2J 7 II 4 18 2 16 30 13 27 11 21
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

Billions of Dollars

1993

Billions of Dollars

Billions

Dec 23 0.079
30 0.096
Jan 6 0.441
13 0.046
20 0.356
27 0.081

4 16 1 15 21 12 26 11 25
Feb

Mar

22 6 20 3 1) 1 15 21 12 21 1 23 7 21 4 II 2 16 31 13 27 10 24
Apr

May

Jun

Aug

Sep

Oct

1993

Latest data plotted week ending: January 27, 1993


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

Prepared by Federal Reserve Bank of St. Louis

Billions of Dollars

1993

Commercial Paper of Nonfinancial Companies
Billions of Dollars

Not Seoaonolly Adjusted

Billions

Dec 1 6 152.145
145.018
139.728
Jan 6 144.871
145.109
148.009

4 IB 1 15 2) 12 26 11 25
Deo Jan
Feb Mar

!! i H I 17 1 IS 2) 12 2S ) 21 7 21 ( It 2 It 39 13 27 II 2<
Apr May Jun
Jul
Aug
Sep Oct
Nov

Latest data plotted week ending: January 20, 1993

Commercial and Industrial Loans'7
01111
.„ „
Billion, of Dollar.

350
330
3I0

Weekly Reporting Large Commercial Bonks2/
'
Seasonal!? Adjusted

-------- 1----------,--------Compounded annu ai
rates of change,
average of the fou
weeks ending
January 13, 1993 rom
the four weeks enc ing:
Jan 15, 1992 - 5.3
Apr 15. 1992 -<t.9
Jul 15. 1992 - 2.9
Aug 12. 1992 - 2.1
Sep 16. 1992
2.9
Oct 14, 1992
t.9

Billions of Dollars
----------!------- 370

1.222
11

Jan

2.
3(
1.

Billions
280.084__
280.691
278.963
277.906
276.527
276.462

330
330
310

290

2SS

270

270

250

it

Dec
1991

15 29 12 21 U 25 1 22 ( 20 3 17
15 2) 12 21 i 23 7 21 4 11 Ml 3« 13 27 11 2
Jan
Feb Mar Apr May Jun
Sep Oct
Jul
Aug
Nov Dec
Jan
Feb
19 92
1993

Latest data plotted week ending: January 13, 1993
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1 .A billion
a
, ,
, . _
.
,
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
Averages of Daily Figures

1993 1973=100

4 18 I 15 29 12 28 II 25 i 22 8 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 JO 13 27 10 24
Doc
1991

Jan

Feb

Mar

Apr

May

Jun
Jul
1992

Aug

Sep

Oct

Nov

Dec

Jan
Feb
1993

Latest data plotted week ending: January 27, 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


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Federal Reserve Bank of St. Louis