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rJUL 2 5 1994

Jiily^j, 199.

Feder

kccc-.t

i.

rarancial Data
■IJMBliBl
U.S.F.D. EXPANDS COVERAGE
This issue of U.S. Financial Data introduces expanded coverage of
bank lending. A new chart on page 10 shows total credit and loans
and leases at all commercial banks. The series currently reflect data
from about 1,200 weekly-reporting banks and estimates for others
based on their quarterly call reports. The series for all banks include
foreign-related institutions. The chart “Seasonal and Adjustment
Borrowings at Federal Reserve Banks,” which had appeared in this
space, has been discontinued because extended credit, the remaining
component of total borrowings, is generally zero. For example, it
was zero in the week ending May 12,1993, and continuing through
the week ending July 13, 1994. In the weeks ending May 5, 1993,
and July 20,1994, extended credit equaled $1 million. Whenever
extended borrowings occur in the future, this will be indicated with
the total borrowings data (page 10).
A new chart also has been added on page 11 showing commercial
and industrial loans at all commercial banks, as well as a comparable
series for large weekly-reporting commercial banks. Both series
are constructed by the Board of Governors of the Federal Reserve
System and published in their H.8 release. The series for large weekly­
reporting banks differs slightly from the measure published here
previously because the earlier series was seasonally adjusted by
this Bank.

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.
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 ot Daily Ngures
Seasonally Adjusted

Billions of Dollars

1994

Billions

May 11

Billions of Dollars

438.3
441.9
441.8
444.2

Jun

8

Jul

6

446.7

5 11 2 1$ 30 14 2S 11 25 I 22 S 20 3 17 1 15 2) 12 21 I 23 J 23 I 21 4 II I 15 2) 13 27
May

Jun

Jul

Aug
Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

Apr May
1994

Jun

Jul

Latest data plotted reserve maintenance period ending: July 20, 1994
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
two maintenance
periods ending:
12/22/93
1/19/94
2/16/94
3/16/94
4/13/94
5/25/94
6/22/94
7/20/94

Compounded annual rotes of change, average of two maintenance periods ending:
7/21/93 10/13/93 12/22/93 1/19/94

8.1
9.1
10.7
10.4
9.8
9.3
9.3
9.2


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

7.2
10.3
9.9
9.2
8.6
8.6
8.5

18.2
14.9
12.4
10.6
10.4
10.0

14.9
11.6
9.7
9.6
9.3

2/16/94

3/16/94

4/13/94

5/25/94

6.8
6.5
7.0
7.1

5.7
6.6
6.8

7.2
7.3

8.2

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars
_______ ______

1994
-Jun

Billions of Dollars

M1
Billions

6
13
20
27
Jul 4
11

1145.2­
1146.3
1150.2
1149.3
1146.1
1150.0

M1 (left scale)

TCD (right scale)

TCD
1994
Jun

6
13
20
27
Jul 4
11

May

Jun

Jul

Aug
Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1994

Billions
798.2
798.6
801.7 —
799.2
795.6
800.0

IS 31 13 27 II 25

May

Jun

Latest data plotted week ending: July 11, 1994
Current data appear in the Federal Reserve Board's H.6 release.
9Um

currency

ky 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 Stock (Ml)
Compounded
of change, average
To the average 7/12/93 10/11/93annual rates 1/10/94 2/14/94 of four weeks ending- 5/9/94
12/13/93
3/14/94 4/11/94
of four weeks
ending:
12/13/93
1/10/94
2/14/94
3/14/94
4/11/94
5/9/94
6/13/94
7/11/94

10.0
9.4
8.9
8.4
8.1
6.5
6.5
6.3


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

8.1
7.6
7.0
6.8
4.8
5.0
4.9

6.2
5.6
5.7
3.0
3.6
3.7

5.5
5.6
2.4
3.1
3.4

5.1
0.8
2.2
2.7

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

1H
1994

Billions

Apr 27 104.1
HO —May 11 101.8
25 104.3
Jun 8 102.8
22 104.2
Jul 6 102.1

110

100

102

98

94

5 IS 2 II 30 14 21 11 25 8 22 6 20 3 17 1 15 29 12 28 9 23 9 23
May

Jun

Aug
Sep
1993

Oct

Nov

Feb

Dec

Mar

20 4 II 1 15 2) 13 27
Apr
1994

May

Jun

Latest data plotted two weeks ending: July 6, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
To the average of
two maintenance
periods ending:
12/8/93
1/5/94
2/2/94
3/2/94
3/30/94
5/11/94
6/8/94
7/6/94

Compounded annual rates of change, average of two maintenance periods ending:
7/7/93

6.8
5.7
9.7
10.7
6.0
5.3
5.2
4.3


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

9/29/93

0.4
7.9
9.8
3.2
2.7
2.9
2.1

12/8/93

17.8
18.2
4.9
3.8
3.8
2.6

1/5/94

28.5
6.6
4.6
4.5
3.0

2/2/94

-6.7
-3.5
-1.9
-2.5

3/2/94

-11.3
-7.2
-6.7

3/30/94

2.0
0.0

5/11/94

-0.6

Prepared by Federal Reserve Bank of St. Louis

30

Money Multiplier

1/

Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
July 4, 1994 from
the four weeks ending:
Jul 5, 1993 -2.4
Oct 11, 1993 -3.2
Jan 17, 1994 -5.8
Feb 14, 1994 -3.9
Mar 14. 1994 -4.2
Apr 11, 1994 -5.5
May 9, 1994 -2.2

Ratio
Apr 25
May 9

3 17 31 14 21 12 26 9 23
May

Jun

Jul

20 4 18 1 15 29 13 27 10 24 7 21 7 21

Aug
Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

2.602

18 2 16 30 13 27
Apr
1994

May

Latest data plotted two weeks ending: July 4, 1994

Currency Component of M12/
Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
July 11, 1994 from
the four weeks ending:
Jul 12, 1993 10.8
Oct 11. 1993 10.7
Jan 10, 1994 12.3
Feb 14, 1994 10.9
Mar 14, 1994 10.4
Apr 11, 1994 10.1
May 9, 1994 10.6

1994
Jun

6

Jul

4

Billions
338.9
339.6
340.4
341.9
342.3
341.8

3 17 31 14 28 12 26 9 23 6 20 4 11 1 15 29 13 27 10 24 7 21 7 21 4 18 2 16 30 13 27 11 25
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1993

Feb Mar

Apr

May

Jun

Jul

1994

Latest data plotted week ending: July 11, 1994
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

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate

22 S 1) 3 17 31 14 21 II 25 11 25 I 22
May

Jun

Jul

Aug
Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1994

May

3 17 I 15 2)
Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 22, 1994

1994
Apr 29
May 6
13
20
27
Jun 3

10
17
24
Jul 1
8
15
22 ♦

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers1
Acceptances

Corporate
Aao Bonds

Corporate
Baa Bonds

Municipal
Bonds *
**

3.89
4.05
4.37
4.35
4.33
4.37
4.32
4.34
4.36
4.47
4.53
4.55
4.43

4.12
4.35
4.68
4.53
4.49
4.52
4.43
4.46
4.52
4.71
4.78
4.78
4.62

4.06
4.31
4.63
4.46
4.41
4.44
4.38
4.39
4.46
4.64
4.72
4.69
4.56

7.81
7.97
8.12
7.89
7.9B
7.96
7.85
7.94
8.02
8.11
8.18
8.17
8.02

8.46
8.59
8.74
8.53
8.62
8.61
8.51
8.63
8.73
8.30
8.87
8 86
8.71

6.16
8.18
6.32
6.14
6.13
6.09
5.96
6.04
6.16
6.28
6.27
6.22
NA

Current data oppear 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 Federol Reserve Bank of St. Louis


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

Selected Interest Rates

Percent
t.o

Percent

8.0

7.0

/

---------

7.0

/
s
.

0.0

\

/

✓ *S-

/

r
N.
—A

'1

5.0

_____

5 -Year
Trsasur / Sacur ttw
/
\

✓

/

5.0

1

N/
/'/ V24
S-U onth
jry BM- f—J
✓
A/.
<■* ’«* J
.

0.0
Fe ierai
Fun< Is Rate

V

—

_*2

4.0

3.0

c (•count Rate

2.0

■T '
May

Jun

1 | l |

Jui

■» 1 l 1 1 rr ' i ~T rl i‘
T'» ! ' I'M ^~l ■ I1 f*n i 1 1 1 1 "1 T T T~r~r» r-r-r-o
I 22 I 21 3 17 1
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1993

Apr

May

Jun

15 »
Jul

1994

Latest data plotted are averages of rates available for the week ending: July 22. 1994

1994
Apr 29
May 6
13
20
27
Jun 3
10
17
24
Jul
1
8
15
22 *

Federal
Funds **
3.59
3.76
3.70
4.02
4.22
4.27
4.13
4.21
4.19
4.19
4.38
4.30
4.30

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury

3.85
4.04
4.19
4.16
4.18
4.15
4.11
4.12
4.16
4.16
4.28
4.37
4.27

4.72
4.96
5.19
4.95
5.00
5.04
4.89
4.90
5.00
5.18
5.19
5.18
5.04

6.56
6.76
6.98
6.65
6.73
6.70
6.54
6.65
6.76
6.89
6.95
6.97
6.79

6.96
7.16
7.37
7.06
7.14
7.09
6.97
7.08
7.17
7.27
7.34
7.36
7.20

7.24
7.42
7.60
7.34
7.44
7.39
7.28
7.39
7.47
7.57
7.64
7.65
7.50

which are computed by this bank. Treasury bill yields are on a discount basis.
• Averages of rotes available
•* Seven-day averages for week ending two days earlier than date shown


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

-term Treasury securities

Prepared by Federal Reserve Bank of St. Louis

7

2.0

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

Billions of Dollars

Billions of Dollars

2725
M2

3585 -

1994
Jun 6
13
20
27
Jul 4
11

Billions
3584.7
3582.3
3580.5.
3581.8
3590.6
3591.1

M2 (left scale)

2825

2525

2425
Non-M1 M2 (right scale)

Non-M1 M2
1994

Billions

Jun

6
13
20
27
Jul 4
11

2439.5
2436.0
2430.3
2432.5
2444.5
2441.1

3 17 31 14 21 12 28 9 23 6 20 4 It 1 15 2) 13 27 II 24 7 21 7 21 4 18 2 11 30 13 27 11 25
May

Jun

Jul

Aug
Sep
1993

Oct

Nov

Dec

Feb

Jan

Mar

Apr
1994

May

Jun

2325

2225

Jul

Latest data plotted week ending: July 11,1994
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 Stack (M2)
Compounded annual rates of change, average of four weeks ending:

To the average 7/12/93 10/11/93 12/13/93 1/10/94

2/14/94

3/14/94

3.9
2.3
1.8
1.3

2.9
2.0
1.3

4/11/94

5/9/94

of four weeks
ending:
12/13/93
1/10/94
2/14/94
3/14/94
4/11/94
5/9/94
6/13/94
7/11/94

2.3
2.1
1.9
1.8
2.3
2.0
1.9
1.6


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

2.0
1.7
1.6
2.4
1.9
1.7
1.5

1.0
1.0
2.4
1.7
1.5
1.2

0.9
2.7
1.8
1.6
1.2

-0.1
-0.4

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1315
I
I
Savings
1224 Billions
Jun

Small Time
1994

6 1210.2
13 1207.3
20 1208.2

Jul

1275

Billions of Dollars
915
r

i

4 12<)4i2
11 12<)2.5

Billions

Jun

6
13
20
27
Jul 4
11

769.9
770.4
771.0
771.0 —
770.4
771.4

975

1235
>

1195

.

*

^_

^

Small Time (right scale)

Savii 5» D«f iO*lt*(l sft seal ®)

1155

3 17 J1 II 21 I! 21 ! 23 I 2« I II 1 15 29 13 27 II 21 7 21 7 21 I II 2 If 31 13 27 II 25'
May

Jun
,

Jul
.

Aug Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1994

Note: Savings deposits are at all depository institutions.

May

Jun

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

Billions of Dollars

190

310

Billions of Dollars

---------1--------- I---------Large Time
1994 Billions
Jun 6 334.1
13 334.4
20 334.5
Jul

4
11

1
1
Money Market
1994 Billions
Jun

6
13
20
/
Jul 4
1

3: OA
32 3.0

360

✓
1-----

U4oney M<jrket

. *n

/

w

360

/
>

y

300

1

•s
✓

r"\

360.3
360.2
357.1
JDO
361 .7
363 6

-N-

310

340
--------N
Lai ■g* Tim o

320

900

✓

3 17 31 14 21 12 21 S 23 t 21 4 II 1 15 21 13 27 II 14 7 21 7 21 4 II 2 II 31 13 27 II 25
May

Jun

Jul

Aug
Sep
1993

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1994

May

Jun

Jul

Latest data plotted week ending: July 11,1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

320

10
Total Borrowings
t-rom Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1994

Billions

Jun 15

Billions of Dollars

0.205
0.326
0.385
0.750
0.360
0.462

Jul

5 IS

6

2 IS 30 14 28 11 25 8 22 6 20 3 17 1 15 28 12 21 9 23 ! 23 S 20 4 18 1 15 29 13 27

May Jun

„

•

Jul

Aug

■ .

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1993

Apr

May

Jun

Jul

.1994

Borrowings inc'ude seasonal, adjustment and extended credit; extended credit was $1 million in the week ending
July 20. 1994.

Bank Loans and Credit
3250

3200
3150

V

All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

2400

-------- 1--------- —
Bank Cr edit
1994 Bi lions
~ Apr 27 31 98.0
May 11 31 98.6
25 32 01.7
Jun 8 3 95.4

f

/

2350
2300

6 32 3Tl0

Jul

B(ink Cr»id it (let : scale

)2/

3100

2250

3050

2200
Loan s&Lea ses
1994
Bilik
Apr 27 2232.0
May 11 2232.0
25 2237.3
Jun 8 2234.6
2 2 2234.4
Jul 6 2254.2

—

3000

—"

2050
2900

---

.

y

19 2 It 3
May
Jun

Lex ns and Lsass • (right scale)

14 28 11 25 8 22 t 21
Jul
Aug
Sep
Oct
19S 3

17
Nov

15 21
Dec

1! 28 S 23 ) 23
Jan Feb Mar

Latest Wednes day data plotter : July 6. 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


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

( 21 4

11

Apr May
1994

1

15 29 13 2
Jun
Jul

Prepared by Federal Reserve Bank of St. Louis

2150
2190
2050

Commercial Paper of Nonfinanclal Companies

Billions of Dollars

1994
Jun

Jul

May

Billions of Dollars

Not Seasonally Adjusted
Billions

8 153.132
159.455
156.476
154.238
6 154.132
153.272

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

15 2! 13 27

Jun

Latest data plotted week ending: July 13, 1994

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

(20

1
All Ban ks
1994 Bi lions
010 — Jun 1 6 08.3
8 6 05.3
15 6 09.8
22 6 09.4
29 6 09.6
SOD _ Jul 6 6 12.0

320
310
3D0
All B antes (1eft sea

310
N

300
570
5(0

"s h

s

_

, '/

hO1/
—7~
**

■** ^
2/
Lari ie Banka (righ : scale

i

„/

__ ✓

> v'

^. f

1954 Billions
Jun 1 293.1
8 291.5
15 293.9
^
2 2 295.5 —
2 9 294.9
Jul 6 297.2
______

Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1993
1994
Latest Wednesday data plotted : July 6, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1 / Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks
„
Prepared by Federal Reserve Bank of St. Louis


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

11

2)0

^-

200
270
260

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

UM liZlfzlflQ

5 IS 2 IS 30 14 20 11 25 0 22 8 20 3 17 1 15 20 12 28 0 23 0 23 8 20 4 18 I 15 2! 13 27
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Latest data plotted week ending: July 20, 1994
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

V)

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u
5H W
& >
< y
os as
cq
m in
CO „i f\i

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