Full text of U.S. Financial Data : January 5, 1995

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| Federal Reserve Bank

U5. Financial Data

FEDERAL
J RESEIDE

RVNKot
0TSLUHJIS

THE WEEK'S HIGHLIGHTS:
✓ Total new factory orders rebounded strongly in November, rising
2.6 percent after falling 0.4 percent in October. Paced by a strong
increase in new orders for transportation equipment, orders for
durable goods rose 3.4 percent. New orders for nondurable goods
rose 1.7 percent in November. Factory orders are not adjusted for
inflation.
✓ Total construction spending rose 0.7percent in November, following
a 0.9 percent increase in October. Over the first 11 months of 1994,
new construction put in place was up 8.8 percent over the same
period in 1993. Construction spending is not adjusted for inflation.
✓ The composite index of leading indicators increased 0.3 percent in
November, after falling 0.1 percent in October. This index has
increased in 10 of the last 11 months.
✓ New single-family home sales in November were at an annual rate
of693,000 units, 2.5 percent below the October rate of 711,000, and
the first decrease since last June.
yf The dollar’s trade-weighted exchange index has risen 4.1 percent
since the week ending October 26, after falling throughout much of
1994 (see back page).

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 of Daily Mgures
Seasonally Adjusted

Billions of Dollars

1995

Billions

Oct 26
Nov 9
Dec

7

451.2
455.3
452.8

Jan

3

Billions of Dollars

4

454.1

17
1 15 2§ 12 21
Nov Dec
Jan
1993

9 23
Feb

9 23
Mar

$ 20
Apr

4 18
May

1

15 29 13 27
Jun
Jul
1994

10 24
Aug

7 21
Sep

5 19 2 10 30 14 21
Oct
Nov
Dec

11 25
Jan
1995

Latest data plotted reserve maintenance period ending: January 4, 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 monetary 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 Monetary Base
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
1/5/94
3/30/94 6/8/94
7/6/94
8/31/94 9/28/94 11/9/94
8/3/94

periods ending:
6/8/94
7/6/94
8/3/94
8/31/94
9/28/94
11/9/94
12/7/94
1/4/95

10.6
10.1
9.9
9.6
9.1
8.2
7.9
7.1


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Federal Reserve Bank of St. Louis

7.6
7.8
7.7
7.3
6.4
6.2
5.4

7.9
7.7
7.0
5.8
5.6
4.6

7.9
6.9
5.4
5.3
4.2

6.1
4.6
4.7
3.4

3.5
3.9
2.6

3.5
1.9

1.4

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Billions of Dollars

Billions of Dollars

seasonally Adjusted

1994

M1
Billions

Nov 21
28
5
12
19
26

Dec

1152.9
1152.01150.0
1148.4
1147.0
1147.6

M1 (left scale)

TCD (right scale)

TCD
1994 Billions
Nov 21
28
Dec 5
12
19
26
1

15 29 13 27 10 24
Nov
Dec Jan
1993

7 21
Feb

7 21
Mar

4 18 2 16 30 13 2
Apr
May
Jun
1!

Jul

Aug

Sep

Oct

Nov

791.6
789.8
787.6
786.8
785.6
786.3

Dec

Jan
1995

Latest data plotted week ending: December 26, 1994
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
12/27/93 3/28/94 5/23/94 6/27/94 7/25/94 8/29/94 9/26/94 10/24/94
of four weeks
ending:
5/23/94
6/27/94
7/25/94
8/29/94
9/26/94
10/24/94
11/28/94
12/26/94

3.0
3.4
3.6
3.0
2.9
2.3
1.9
1.8


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Federal Reserve Bank of St. Louis

1.5
2.2
1.5
1.7
1.0
0.7
0.6

4.9
2.8
2.8
1.6
1.1
1.0

1.6
1.9
0.6
0.2
0.2

0.7
-0.7
-0.8
-0.6

-0.6
-0.8
-0.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

1994

3

Seasonally Adjusted

Billions of Dollars

Billions

17 1 15 29 12 26
Nov
Dec
Jan
1993

9 23
Feb

9 23
Mar

6

20
Apr

4

1! 1 15 29 13 27 10 24
May
Jun
Jul
Aug
1994

7 21
Sep

5

19 2 16 30 14 28
Oct
Nov
Dec

11 25
Jan
1995

Latest data plotted two weeks ending: December 21, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
12/22/93 3/16/94 5/25/94 6/22/94 7/20/94 8/17/94 9/14/94 10/26/94

periods ending:
5/25/94
6/22/94
7/20/94
8/17/94
9/14/94
10/26/94
11/23/94
12/21/94

5.5
5.4
4.9
4.4
3.5
3.3
0.0
-1.5


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Federal Reserve Bank of St. Louis

-4.2
-3.0
-2.2
-2.5
-1.7
-5.3
-6.7

3.2
2.5
0.9
1.2
-4.4
-6.3

1.3
-0.4
0.3
-6.1
-8.0

-1.2
0.0
-7.6
-9.5

-0.5
-10.0
-11.8

-12.4
-14.0

-24.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier V
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
December 19, 1994 from
the four weeks ending:
Dec
Mar
Jun
Aug
Aug
Sep
Oct

20,
28,
20,
1.
29.
26,
24.

1993
1994
1994
1994
1994
1994
1994

Ratio
Oct 10
Nov
Dec

-4.9
-4.4
-3.8
-4.3
-3.0
-3.3
-1.0

1

15 29 13 27 10 24 7 21 7 21 4 18 2 16 30 13 27 11 25
Nov
Dec
Jan Feb
Mar Apr
May
Jun
Jul
1993
1994
Latest data plotted two weeks ending: December 19, 1994

8 22 5 19
Aug Sep

7
5

3 17 31 14 28
Oct
Nov

2.545
2.534
2.536
2.522
2.542
2.536

12 26
Dec

9 23
Jan
1995

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

360

350

Billions of Dollars

360

----------1---------- 1---------Compounded annucil
rates of change,
average of the four
weeks ending
. December 26, 1994
the four weeks end ng:
Dec 27. 1993 10 .0
Mar 28, 1994 8 .5
Jun 27, 1994 7 .8

340

Aug 29, 1 994
Sep 26. 1 994
Oct 24, 1 994

350

340

7 .2
7 .3
7 .2

330

330
199 4
Nov 21
28
Dec 5
12
19
26

320

310

1

15 29 11 22 19 24
Nov
Dec
Jan
1993

7 21 7 21
Feb Mar

4 IS
Apr

2 16 JO 13 27 11 25 ! 22
May
Jun
Jul
Aug
1994

5

Bill] ons
35 2.9
35 3.6
353.9
353.1
353.0
353.0

19 J 1? 31 14 28 12 26
Sep
Oct
Nov
Dec

9 23
Jan
1995

Latest data plotted week ending: December 26, 1994
1 / Ratio of Ml 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

320

310

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Loan Rate

-Municipa Bonds

5

19 3 17 31 14 28
Nov
Dec
Jan
1993

Feb

Mar

Apr

May

17 1 15 29 12 26
Jun
Jul
Aug
1994

Sep

Oct

Nov

Dec

Jan
1995

Latest data plotted are averages of rates available for the week ending: January 6, 1995

1994

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Oct 14
21
28
Nov
4
11
18
25
Dec
2
9
16
23
30
Jan
6 *

5.08
4.96
4.98
5.05
5.24
5.50
5.60
5.79
6.09
6.12
6.05
6.06
5.88

5.49
5.47
5.56
5.59
5.72
5.80
5.87
6.08
6.28
6.30
6.26
6.36
6.39

5.40
5.38
5.45
5.52
5.63
5.74
5.77
5.99
6.17
6.20
6.14
6.23
6.23

8.50
8.54
8.65
8.68
8.74
8.70
8.63
8.57
8.47
8.46
8.45
8.43
8.53

9.14
9.18
9.29
9.32
9.37
9.33
9.26
9.21
9.11
9.10
9.08
9.08
9.17

Municipal
Bonds +***
6.44
6.49
6.64
6.83
6.96
7.06
7.03
6.90
6.88
6.77
6.74
6.71
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

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

3-Month
Treasury Bill
Funds Rate
D scount

5

19 3 17 31 14 21
Nov
Dec
Jan
1993

11 25 11 25
Feb
Mar

8 22
Apr

6

20
May

17 1 15 29 12 2S
Jun
Jul
Aug
1994

9 23
Sep

7

21
Oct

18 2 It 30 13 27
Nov
Dec
Jan
1995**

Latest data plotted are averages of rates available for the week ending: January 6, 1995

1994
Oct 14
21
28
Nov 4
11
18
25
Dec
2
9
16
23
30
Jan
6 *

Federal
Funds **
4.62
4.72
4.72
4.77
4.74
5.22
5.53
5.85
5.47
5.48
5.56
5.45
5.40

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

4.91
4.94
5.01
5.10
5.22
5.34
5.31
5.53
5.70
5.66
5.49
5.52
5.61

5.67
5.76
5.86
5.90
6.00
6.18
6.22
6.45
6.62
6.73
6.66
6.74
6.72

7.30
7.37
7.53
7.61
7.69
7.73
7.74
7.79
7.74
7.78
7.79
7.81
7.85

7.65
7.71
7.86
7.94
8.00
7.97
7.91
7.89
7.79
7.82
7.82
7.81
7.85

Long-Term
Treasury
Securities

7.92
7.97
8.08
8.14
8.19
8.16
8.10
8.06
7.95
7.96
7.95
7.93
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

8

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

Billions of Dollars

Billions of Dollars

M2
1294

Nov 21
28
_ Dec 5
12
19
26

Billion?

3604.0
3600.1
3598.5.
3594.4
3593.5
3606.1

M2 (left scale)

Non-M1 M2
1994

1

15 2! 13 27
Nov
Dec
1993

10 24 7 21
Jan Feb

1 21
Mar

4 18
Apr

2 16 30 13 27 11 25
May
Jun
Jul
1994

8 22
Aug

5 19
Sep

Billions

Nov 21
28
Dec 5
12
19
26

Non-Mi M2 (right scale)

2451.1
2448.1
2448.5
2446.0
2446.5
2458.5

3 17 31 14 28 12 26
Oct
Nov
Dec

9 23
Jan
1995

Latest data plotted week ending: December 26, 1994
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
12/27/93 3/28/94 5/23/94 6/27/94 7/25/94 8/29/94 9/26/94 10/24/94
ending:
5/23/94
6/27/94
7/25/94
8/29/94
9/26/94
10/24/94
11/28/94
12/26/94

1.9
1.2
1.6
1.3
1.1
0.9
0.8
0.9


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

0.5
1.4
0.8
0.7
0.4
0.4
0.5

1.1
0.3
0.2
0.0
0.0
0.2

1.3
0.8
0.4
0.3
0.5

-0.7
-0.8
-0.6
-0.2

-0.6
-0.4
0.1

-0.4
0.1

0.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1994 Billions
Nov 21
28
Dec 5
12
19
26

Small Time
1994 Billions

1161.6
1158.7
1151.2
1146.2­
1146.6
1144.6

Nov 21
28
5

808.8
810.8
813.3

Dec

81612

—

855

Savings Deposits(left scale)

Small Time (right scale)

Nov
Dec
Jan
Feb Mar
Apr
May
Jun
1993
1!
Note: Savings deposits are at all depository institutions.

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Large Time Deposits and Money Market Funds17
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time
1-994 Billions
Nov 21
28
Dec 5
12
19
26

Money Market
1994 Billions

359.2
360.7
361.8
364.5­
366.1
364.9

Nov 21
28
Dec 5
12
19
26

370.3
370.1
370.9
374.2 —
374.5
376.6

Money Market

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Latest data plotted week ending: December 26, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Mon«y market fund, are geaeral purpose and broker/dealer.
Prepared by F(sdera| Reserve Bank p( s, ^


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
~ Nov 30
Dec 7
14
21
28
Jan 4

Billions of Dollars

Billions
0.224
0.208
0.119
0.237
0.183
0.309

3

17 1 15 19 11 21 9 23 9 23 S 20 4 11 1 IS 19 IJ 27 10 14 ? 21 S 19 2 II 31 14 II 11 IS
Nov Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1993
1994
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $1 million in the week ending
July 20. 1994 and was zero in the other weeks shown in the chart.

Bank Loans and Credit

,,

All Commercial Banks in the United States /
Billions of Dollars

3359

2475

--------- 1----------- —
Bank Cr<sdit
1994 fill ions
“ Nov 16 32 92.1
23 33 03.4
30 33 05.8
Dec 7 33 07.7

3390
3250

21

Billions of Dollars

Seasonally Adjusted

2425
B ank Cre dit (lei t scale

33 26L9

?/
*

_/

.

<*“ *■ ✓

3200
_/

3150

2325

4

2275

✓

3100

A

-7
-+
_ -/

3050

/ i/

/

'■'v

Loan s<5cLea ses
1994 Billio
Nov 16 2342.2
23 2353.9
30 2355.7

ana ar d Leases (rig ht scale0

2375

1 4 2358.5
2
2380.1

2225
2175

I
3000

3

17 1 15 29 12 28 9 23 9 23 I 20 4 1! 1 15 29 13 27 10 24 7 21 S 19 2 16 30 14 20 II 25
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1993
1994
1995
Latest Wednesday data plotted : December 21, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loans and leases and securities
„
.L _ J
.
Prepared by Federal Reserve Bank of St. Louis


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

2125

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1994

Billions of Dollars

Not Seasonally Adjusted

Billions

163.281
157.612

1 17 t IS 2! 12 2i S 2) 9 21 f 21 ♦ 11 1 15 2! 1! 22 11 21 7 21 5 1! 2 If JO II 21 11 25
Nov

Dec

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Latest data plotted week ending: December 28. 1994

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars
330

(SO

1
All Ban <S
1994 Bill ions
MO “ Nov 16 6; 59.4
23 6 VO.2
30 6^12.2
Dec 7 6^ H.2

030

21

320

/

s''

646i4

zrS
020
arge B anka ( right sc

ale)2//

✓**

310
300

/f

V
(10
— x • ./

290

w. *
Lar<je Ban ks
1994
Billio

__

too
590

Bankt (left s

309.8
313.8

200

309.4
310.4
310.3

14
21

cale)^ /

Nov 16
23
30

LJ_

270

-r-|—H TT i 1 TT* t" p-rPt H-' i
200
J 17
I 15 2! 12 2f I 23 ! 23 I 21 I II 1 15 2! 13 27 10 21 7 21 5 1! 2 If 30 11 II 11 25
Nov Deo
Jan
Feb
Mar Apr
May
Jun
Jul
Aug Sep
Oct
Nov
Dec
Jan
1993
1994
1995
Latest Wednesday data plotted : December 21,1994
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks
„
, . ^ J
, „
„ ,
„
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
1973=100

Averages of Daily Figures

1995 1973=100

Jan

3

17 1 15 29 12 26
Nov Dec
Jan
1993

9 23
Feb

9 23 6 20 4 18 1 15 29 13 27 10 24
Mar
Apr
May
Jun
Jul
Aug
1994

7 21
Sep

4

5 19 2 16 30 14 28
Oct
Nov
Dec

11 25
Jan
1995

Latest data plotted week ending: January 4, 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


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Federal Reserve Bank of St. Louis

W
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