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Federal Reserve Bank

{^financial Data

THE
FEDERAL
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THE WEEK'S HIGHLIGHTS:
✓ Privately owned housing starts were at an annual rate of 1,263,000
units in June, down 0.1 percent from May and 7.8 percent below a
year earlier. Starts have dropped for five of the past six months.
May exports of $64.8 billion and imports of $76.2 billion resulted
in a goods and services trade deficit of $11.4 billion, virtually
unchanged from April but considerably more than the $9.1 billion
deficit registered a year earlier.
✓ Industrial production rose at a 1 percent annual rate in June,
the first increase since February. Total production declined at a
3.2 percent rate in the second quarter, after rising at a 5.1 percent
rate in the first quarter.
\/ The consumer price index for all urban consumers (CPI-U) rose at
a 1.6 percent rate in June, following a 3.2 percent rate of increase
in May. Excluding food and energy prices, the CPI advanced at a
2.3 percent rate for the second consecutive month.
✓ Total retail sales rose at an 8.3 percent rate in June. Since
December 1994, sales have risen at a 3.8 percent rate, down from
a 6 percent rate for the same period a year earlier. Retail sales are
not adjusted for inflation.

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.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1995

Billions

May 10

467.3
469.3
468.8
466.7
466.4
466.1

Jun

7

Jul

4

Billions of Dollars

5

14 1
May

15 2! 13 27 10 24 7 21
Jun

5

17 31 14 21 12 21

19 2 IS 30 14 28 11 25

Jul

Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1994
1995
Latest data plotted reserve maintenance period ending: July 19, 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 7/20/94 10/12/94 12/21/94 1/18/95 2/15/95 3/15/95 4/12/95 5/24/95
two maintenance
periods ending:
12/21/94
1/18/95
2/15/95
3/15/95
4/12/95
5/24/95
6/21/95
7/19/95

5.2
5.6
6.1
6.0
5.8
6.1
5.5
4.7


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

5.4
6.2
6.0
5.7
6.2
5.3
4.3

8.6
7.4
6.6
7.0
5.7
4.3

7.2
6.1
6.8
5.2
3.7

4.6
6.1
4.4
2.8

6.5
4.2
2.3

4.2
1.8

-2.7

Prepared by Federal Reserve Bank of St Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Doily Figures

Billions of Dollars

1190

1170

I

Billions of Dollars

I

1995
Jun 5
12
19
26
Jul 3
10

~T

Billions
1144.1
1143.9
1144.9
11 K.7
11 1-2.9
1141-3.7

Jul
M1 ( eft sea le)

1150

/V
"S / ^ V

k

rz

845

1

TCD
1995 Billions
Jun 5 767.0
12 767.4
26
3
10

76 7.9
76 7.3
76 8.6

m

805

r~

\
v —“
k
\
> ly/"*

■**

705

//

1130

\

■rCD (ri jht sea e)

>
t

~

1110

1090

■ 1 M1 MM1
May

Jun

S'

r

765

T ■ M~r ■ i i T1 1 » "■Ml ■Ml1
Jul

Aug

Sep

Oct

Nov

745
Dec

Jan

Feb

Mar

1994

Apr
1995

May

Jun

Jul

Latest data plotted week ending: July 10, 1995
Current data appear in the Federal Reserve Board's H.6 release.
checks'* *Um °f CUrrency held by the nonbank 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 Stack (Ml)
To the averaae
, Compounded annual rates of change, average of four weeks ending:
of four weTks 7/11/94
12/12/94 1/9/95 2/15/95 3/13/95 4/10/95 5/8/95
ending:
12/12/94
1/9/95
2/13/95
3/13/95
4/10/95
5/8/95
6/12/95
7/10/95

0.1
-0.3
-0.1
-0.3
0.0
-0.1
-0.5
-0.4


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

-1.0
-0.4
-0.7
-0.2
-0.3
-0.9
-0.7

-0.6
-1.0
-0.1
-0.3
-1.1
-0.8

-0.4
0.6
0.3
-0.8
-0.5

0.3
0.0
-1.4
-0.9

1.0
-1.2
-0.6

-2.9
-1.7

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

1995

Seasonally Adjusted

Billions of Dollars

Billions

Apr 26 100.8
— May 10 100.0
Jun

7

Jul

5

100.6

4 18 1 15 2! 13 27 10 24 7 21 5 19 2 16 30 14 20 11 25 8 22 8 22 5 19 3 17 31 14 28 12 26
May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
1994
1995
Latest data plotted two weeks ending: July 5, 1995
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:
7/6/94
9/28/94 12/7/94
1/4/95
2/1/95
3/1/95
3/29/95 5/10/95

periods ending:
12/7/94
1/4/95
2/1/95
3/1/95
3/29/95
5/10/95
6/7/95
7/5/95

-3.4
-4.0
-2.5
0.1
-2.8
-3.2
-2.6
-3.8


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

-8.7
-5.2
-0.7
-4.8
-5.0
-4.0
-5.4

0.0
7.0
-1.9
-3.0
-2.0
-4.1

15.0
0.0
-2.0
-0.9
-3.5

-3.8
-4.7
-2.8
-5.5

-13.8
-9.0
-10.8

-2.0
-6.5

-6.9

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.1

Ratio

i

Compounded annual
rates of change,
average of the four
weeks ending
July 3, 1995 from
the four weeks ending:
Jul 4, 1994 -5.2
Oct 10, 1994 -5.2
Jan 16, 1995 -5.1
Feb 13 1995 -4.2
Mar 13, 1995
Apr 10, 1995
8. 1995 -3.1

2.9

2

"f 1 ' ' i

16 30 13 27 11 25
May

Jun

r

1995

Ratio

Apr 24
May 8
22
Jun 5
19
Jul 3

i"1 i ' ' 1 ■ ' V- i ■

t

! 22 5 19 3 17 31

■ i-> i‘ ■ i i i

i i i

i i i -r1 t 1 i ■ i

14 21 12 26 9 23 6 20

Jul

Aug
Sep
Oct
Nov
1994
Latest data plotted two weeks ending: July 3, 1995

Dec Jan

6 20 3

Feb Mar

■ i ■ I

17 1

Apr
1995

2.463
2.454
2.436
2.438
2.453
2.453

i i i i1-. | ■ | | . |

15 29 12 26 10 24
May

3.1

?3

Jun Jul

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

380

Billions of Dollars

I
I
—
Compounded annu al
rates of change,
average of the fou
weeks ending
July 10, 1995 from
the four weeks enc ng:
Jul 11. 1994
.6
Oct 10, 1994
.3
Jan 9. 1995
.9
Feb 13. 1995
.7
Mar 13, 1 995
.2
Apr 10, 1 995 3 .3
May 8, 1 995 0 .6

370

300

380

370

3(0

350

350
199 5

Bill! ons

Jun

5 36 8.0
2 36 7.4
19 367.3
26 367.8
Jul 3 366.6
10 366.2
I______ I______

340

330

1

II
May

50 15 27 II 25
Jun

Jul

J 22 5 11 5
Aug Sep
1994

17 31 14 21 1! 2t I 23 t 20 ( 20
Oct

Nov

Dec

Jan

Feb Mar

5 17 1

15 29 1! 2t 10 21

Apr
May
1995

Jun

Jul

Latest data plotted week ending: July 10, 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

340

330

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

10.1

l_

...]

orporat
-----------A ia Bone »

c

0.0

.

✓ .

k _

✓
A

10.0

✓

*
v'

i.O

N
\
v
\
-/

I
IT

Loan

7.0

/

iate
4
s

r\_

4
K

I*

4

»

„ ^

'

(.0

*./

Munidp al Bond i

■V.

/
r
3.0

womme -dal
Pajx r

4.0

■ r t mm MM'

I !0

MM I'M

) 17 I

May

IS 2! 1! If 9 23 7 21 4 II

Jun

Jul

Aug
Sep
1994

Oct

Nov

1 M

2

■ 1

'T TTrpT MM1

If 30 13 27
Dec

Jan

IT'H MM'

10 24 10 24 7 21
Feb

Mar

3

19

Apr
May
1995

' r-r-r

' TT-

2 1f 10 14 10
Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 21. 1995

1995

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds♦*

Apr 2B
May 5
12
19
26
Jun 2
9
16
23
30
Jul 7
14
21 *

6.05
6.07
6.03
6.06
6.05
6.04
6.01
6.05
6.07
6.09
6.01
5.82
5.82

6.09
6.07
6.01
6.03
6.00
5.91
5.88
5.93
5.91
5.91
5.85
5.73
5.74

5.99
5.96
5.91
5.91
5.89
5.82
5.79
5.83
5.81
5.79
5.70
5.62
5.65

8.00
7.89
7.69
7.60
7.51
7.33
7.28
7.37
7.27
7.31
7.29
7.26
7.36

8.57
8.45
8.25
8.15
8.07
7.91
7.87
7.97
7.87
7.91
7.90
7.88
8.00

6.06
6.10
5.96
5.92
5.83
5.79
5.75
5.86
5.82
5.97
5.91
5.81
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
NA. - Not Available
Prepared by Federal Reserve Bank of St. Louis


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

3.0

Selected Interest Rates

Percent
J.O

Percent

9.0
5-Yea r
Treai ury See jrttiee

*

<*•

\
S

7.0

> ««*

7.0

/

v /
V

i
federal
Fu nde Rat e

Ji

\_
“\
A

ionth
. Tr»» jry BHt__
\*>*
■-*

.

sT

A

5.0

4.0

S.O

* /

5.0

J
J

4.0

Dis count R ite

5.0

2.0

2.0

3

t 21

May

Jun

Jul

Aug
Sep
1994

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1995
Latest data plotted are averages of rates available for the week ending: July 21, 1995

Apr 28
May 5
12
19
26
Jun 2
9
16
23
30
Jul 7
14
21 *
-

t I

.. .

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury

5.67
5.65
5.64
5.69
5.69
5.55
5.56
5.48
5.42
5.43
5.43
5.39
5.43

5.85
5.79
5.65
5.64
5.59
5.38
5.37
5.35
5.29
5.33
5.23
5.17
5.27

6.81
6.70
6.41
6.40
6.28
5.98
5.96
5.96
5.86
5.95
5.85
5.81
6.04

7.03
6.93
6.66
6.59
6.49
6.23
6.20
6.21
6.10
6.17
6.12
6.09
6.30

7.33
7.21
6.96
6.89
6.81
6.59
6.55
6.59
6.49
6.53
6.51
6.47
6.68

,

,

'

^ "»* 1 " I

BAblUUIMU IWII'

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


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

Jul

1—Year
Treasury
Bill

5.99
6.05
6.00
6.02
5.99
6.02
6.03
6.02
6.00
5.95
6.21
5.81
5.72
' ' ±

Jun

3—Month
Treasury
Bill

Federal
Funds **

1995

May

-term Treasury securities

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

Billions of Dollars

2600
M2
1995 Billions
Jun

5
12
19
26
Jul 3
10

3679.2
3688.8
3697.2.
3700.7
3700.7
3705.9

2570

2540

2510

M2 (left scale)

Non-M1 M2
1995 Billions
Jun

Non-M1 M2 (right scale)
2 16 30 13 27 11 25 8 22 5 19 3 17 31 14
Aug
Sep Oct
Nov
May Jun
Jul

5
12
19
26
Jul 3
10

2535.1 —
2544.9
2552.3
2556.0
2557.8
2562.2

12 2B 9 23 6 20 6 20 3 17 1 IS 29 12 2fi 10 24
Feb Mar
Apr May
Jun
Dec
Jan

1994

2480

2450

1995

Latest data plotted week ending: July 10, 1995
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RP3 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 y/ll/g4 10/io/94 12/12/94 1/9/95 2/13/95 3/13/95 4/10/95 5/8/95
of four weeks
ending:
12/12/94
1/9/95
2/13/95
3/13/95
4/10/95
5/8/95
6/12/95
7/10/95

0.4
0.6
0.7
0.5
1.0
1.2
1.9
2.5


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

0.7
1.0
0.5
1.4
1.6
2.5
3.3

1.6
0.6
1.9
2.1
3.3
4.2

0.2
2.0
2.2
3.6
4.6

2.2
2.4
4.2
5.3

4.6
6.1
7.0

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures

Billions of Dollars
1340 --------- 1--------Savinc}S
1225 fiii11902
1300 — Jun 5 10
12 10 31.7
19 10 32.7
26 10 31.9
1200 — Jul 3 10 38.5---10 10 '1.0

T1
Snlall Time
12S 5 Billions
Jun

5
12
19
26
— Jul 3
10

914.6
916.4
917.8
918.5
91 9.3 —
92 0.9

1220

005

955

915

Sovi ig« Da K>*tt»( eft sea le)
*

1100
*
✓ V.

075

*

1140

s ■nail Tlr rte

035

(rig ht seal »)

1100
1000

1033

^^"

■ i '

7 I 'I' 1 ■ 1

i • i rr■ i ■

795
' 1 ' 1 TTTT

755

May

Jun
Jul
Aug
Sep
Oct
Nov
Dec
- ,
.
1994
Note: Savings deposits are at all depository institutions.

Jan

Feb

Mar

Apr

May

Jun

Jul

1995

Large Time Deposits and Money Market Funds1 /
Billions of Dollars

535

475

--------- 1--------- 1--------Large Time
1995 Billions
12
19
26
— Jul 3
10

--------- 1--------Mo ney Market
1_2S 5 Billions
Jun

5
12
19
26
— Jul J
10

390.5
390.9
389.8
388.1 —
3<32.5

415.5 —
423.0
426.2
429.9
43 6.4 —
43 7.3

445
**

415

\ oneyk arket

505
475
445
415

^ «■»

385
—

*4. ->

--N

385

«■»

355
Large Time

325

✓

535

355

1 ' 1 1 | 1 | 1 7Vr» i ■ ~1 i 1 i ■*■■1 ' l ■-T-r-t-11325
tl 30 I3 !7 II 25 I 22 S U 3 17 31 It 20 12 2t
9 23 S 20
17 1 15 2) 12 25 10 24
May
Jun
Jul Aug Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1994
1995
Latest data plotted week ending: July 10, 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Q
. , —m ,
Prepared by Federal Reserve Bank of 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

Jun 14

Billions of Dollars

0.133
0.438
0.221

Jul

5

0.451

0.220

0.365

4 11
May

1

15 29 13 27 10 24 7 21
Jun

Jul

Aug

Sep

5

19 2 IS 30 14 28

Oct

Nov

Dec

11 25 8 22 8 22 5 19 3
Jan

Feb

Mar

1994

Apr

17 31 14 28 12 26
May

Jun

Jul

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 the other weeks shown.
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars
Bank
1995
May 31
Jun 7
14
21
28
Jul 5

Billions of Dollars

Credit
Billions
3486.8'
3483.5
3490.6
3483.8
3485.73487.8

Bank Credit (left scale)

Loans&Leases
. 1995 Billions__
May 31 2514.6
Jun 7 2513.2
14 2514.7
21 2516.2__
28 2522.3
Jul 5 2524.3

Loam and Leans (right scale)

t II
May

1 IS 2) 13 27 11 21 7 21

S 19 2 It 30 II 21 II 25 1 22 1 22 5 15 3 17 31 11 21 12 2i

Jun

Oct

Jul

Aug

Sep

1994

Nov

Dec

Jan

Latest Wednesday data plotted : July 5, 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

Feb

Mar

Apr

May

Jun

Jul

1995

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted

Billions
181.053
185.345
182.180

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

1994
Latest data plotted week ending: July 12. 1995

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

All Banks
1995 Billions
- May 31 690.6 ■
Jun 7 689.7
14 692.4
21 694.0
28 693.7
_ Jul 5 695.8 .

Large Banks (right scale)

Large Banks__
1995 Billions
May 31 342.6
Jun 7 341.8
14 341.9
21 342.3 —
28 342.4
Jul 5 344.8

.All Banks (left scale)

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

1994
Latest Wednesday data plotted : July 5. 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

11

Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade-Weighted Exchange Index

1973=100

1973=100

Averages of Daily Figures

1995 1973=100

Jul

4 18

1 15 2! 13 27 10 21 7 21

May Jun

Jul

Aug

Sep

1994

5

5 19 2 II 30 14 28 11 25 8 22 8 22 5 19 3 17 31 14 28 12 21
Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1995

Latest data plotted week ending: July 19. 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

eg

* ££
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(Q
h

M
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to
at


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102