Full text of U.S. Financial Data : July 22, 1993

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July 22, 1993

OUL 2 0 foj

Federal

H I U K VI
KIM KM
ItWkof
SI. MM IS

U.S. Financial Data
THE WEEK'S HIGHLIGHTS:

The federal budget showed an $11.1 billion surplus in June,
compared with $3.8 billion in June 1992. For the first nine
months offiscal 1993, the federal budget deficit totaled
$200.6 billion, down from $227.8 billion for the first nine
months offiscal 1992.
Privately owned housing starts stood at an annual rate of
1,254,000 units in June, unchanged from the revised May
figure. For the first six months of 1993, housing starts were
up 1.1 percent compared with the same period in 1992.
>/ Industrial production declined at an annual rate of 2.2 percent
in June after falling at a 1.1 percent rate in May. Production had
increased at a 6.9percent rate during the previous seven months.
s/ Manufacturing and trade inventories rose at an annual rate
of 2.5 percent in May and were up 3.4 percent from May 1992.
Manufacturing and trade sales increased at a 4.1 percent rate
in May, up 6.4 percent from a year earlier.

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.
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1993

Billions

May 12
26
Jun 9
23
Jul 7
21

399.1
403.7
404.5
404.4
406.2
410.4

6 20 3 I7 1 15 29 12 26 J 23
May Jun
Jul
Aug
Sep
1992

Billions of Dollars

7 21 ♦ 18 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 H 28
Oct Nov Dec
Jan Feb Mar Apr May Jun
Jul
1993

Latest data plotted reserve maintenance period ending: July 21, 1993
The adjusted monetary base i3 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
T ,,
, Compounded annual rates of change, average of two maintenance periods ending:
lo tne average ot 7/22/92 10/14/92 12/23/92 1/20/93 2/17/93 3/17/93 4/14/93 5/26/93
two maintenance
periods ending:
12/23/92
1 /20/93
2/17/93
3/17/93
4/14/93
5/26/93
6/23/93
7/21/93

12.6
12.3
13.8
11.5
10.8
11.5
11.4
11.6


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Federal Reserve Bank of St. Louis

9.1
12.4
9.1
8.5
9.9
9.9
10.2

17.2
9.4
8.4
10.4
10.4
10.8

9.0
7.8
10.5
10.5
10.9

0.3
6.8
7.6
8.5

11.6
11.3
11.7

Prepared by Federal Reserve Bank of St. Louis

;

Money Stock (M1) and Total Checkable Deposits
Billions of Dollars

1993

Averages ot Daily Ngures
Seasonally Adjusted

Billions of Dollars

Billions

-Jun

7 1072.6

Jul

21 1075.3
28 1076.5
5 1077.7
.f

\J

TCD (right scale)

1993
Jun
M1 (left scale)

I II
May

I 15 I! 13 17 ID 11 7 II 5 II 2 If 3D H 1!
Jun

Jul

Aug Sep
1992

Oct

Nov

Dec

II 25 8 22 8 22 5 19 3
Jan

Feb

Mar

Billions

7
14
21
28

759.1
756.2
759.5 —
759.6

17 31 If 18 12 28

Apr
May
1993

Jun

Jul

Latest data plotted week ending: July 12, 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
7/13/92 10/12/92 12/14/92 1/11/93 2/15/93 3/15/93 4/12/93 5/10/93
of four weeks
ending:
12/14/92
1/11/93
2/15/93
3/15/93
4/12/93
5/10/93
6/14/93
7/12/93

17.4
15.9
13.8
12.4
11.9
12.0
13.1
12.8


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Federal Reserve Bank of St. Louis

13.4
10.6
9.0
8.8
9.3
11.2
11.0

5.5
4.5
5.2
6.6
9.6
9.6

2.9
4.3
6.3
9.8
9.9

4.8
7.5
11.8
11.4

10.3
14.9
13.7

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

lOi
1993

Billions

Apr 28
- May 12

Jul

101

7

98

94

90

88

82

6 20 i 17 I 15 29 t! 21 9 23 ? 21 4 li 2 IS 90 13 27 10 24 10 24 7 21 S 19 2 IS 30 14 2!
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1992
1993
Latest data plotted two weeks ending: July 7, 1993
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
12/9/92
1/6/93
2/3/93
3/3/93
3/31/93
5/12/93
6/9/93
7/7/93

Compounded annual rates of change, average of two maintenance periods ending:
7/8/92

19.4
15.5
15.4
22.2
8.9
12.7
15.4
11.8


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

9/30/92

13.3
13.6
24.5
4.9
10.8
14.5
10.0

12/9/92

4.9
27.4
-4.1
6.4
12.0
6.5

1/6/93

46.8
-4.1
8.9
15.3
8.3

2/3/93

-12.3
7.2
15.4
7.1

3/3/93

-14.3
0.4
-5.4

3/31/93

43.7
20.1

5/12/93

6.9

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
July 5, 1993 from
the four weeks ending:
Jul 6, 1992 1.3
Oct 12, 1992 1.0
Jan 18. 1993 -0.7
Feb 15, 1993 2.5
Mar 15. 1993 3.1
Apr 12, 1993 2.3
May 10, 1993 5.0

4 IB I 15 29 13 27 10 24 7 21
May Jun
Jul
Aug Sep
1992

Ratio
Apr 26
May 10

5 19 2 16 30 14 28
Oct
Nov
Dec

11 25 8 22 8 22 5 19
Jan
1993

Jun

7

Jul

5

2.613
2.657
2.643
2.655
2.654

17 31 14 28 12 26
May Jun

Latest data plotted two weeks ending: July 5, 1993

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

320

310 •

300

Billions of Dollars

320

----1------1-----Compounded
annu r
al
rates of change,
average of the fou
weeks ending
July 12, 1993 from
the four weeks en< ing:
Jul 13, 1992 1 .0
Oct 12, 1992
.9
Jan 11, 1993 1C .4
Feb 15. 1993 1C .9
Mar 15, 993 1 . 1
Apr 12, 993 1C .9
Ma> 10, 993 12 .7

310

300

290

290
1993
Jun

7
14
21
28
Jul 5
12

280

BillieUS
305 .3
306 .3
307.7
309.0
308.2
308.6

I

270
May

Jun

Jul

Aug Sep
1992

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1993

May

280

I
Jun

270
Jul

Latest data plotted week ending: July 12, 1993
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

10.0

10.0

s.o

1.0
Cor, >orate
Aaa Bonds

1.0

f

8.0

’

✓

<

Muni :ipal Bo ids

✓
€

S

s„

**»-*..

1

1

n"'

-----------

f.O

\

‘rime E ank
_oan Rc te

— y -s

>

■ •«*.

5.0

5.0

"----- --

V

3.0
c< mmerc al
Paper

2.0

■ Ml"

1 15 29 12 21 10 21 7 21 I 1) 2 18 JO 13 27 11 25 I 22 5 11
May
Jun Jul
Aug Sep Oct Nov Dec Jan
Feb

1-T-T-fJ

5 19 2 10 30 U 28 II 25 9 2!
Mar

1992

Apr
1993

May

Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 23, 1993

1993

90-Day
CDs

30—Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Apr 30
May 7
14
21
28
Jun 4
11
18
25
Jul 2
9
16
23 *

3.08
3.06
3.07
3.12
3.16
3.21
3.25
3.17
3.21
3.18
3.16
3.14
3.15

3.10
3.08
3.09
3.11
3.15
3.18
3.20
3.18
3.20
3.20
3.16
3.13
3.13

3.04
3.03
3.04
3.07
3.12
3.16
3.21
3.13
3.16
3.13
3.12
3.10
3.12

7.40
7.37
7.41
7.48
7.46
7.39
7.38
7.32
7.29
7.24
7.22
7.16
7.14

8.15
8.13
8.18
8.28
8.27
8.16
8.13
8.06
8.01
7.96
7.96
7.89
7.89

5.75
5.71
5.69
5.77
5.73
5.67
5.68
5.61
5.57
5.55
5.55
5.50
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

2.0

Selected Interest Rates

Percent

Percent

t.i

8.0

V-

k
a____
N
\

1.0

r
’\ />
*«»

5—Yec r
Trea wry Set urities
* \ ^ N.

r

\

i

V'

.*

\

a"

>

s.'

5.1

— s

5.0

Fedoral
\ Fund i Rate

c✓

A

V-

Y

y
Di •count fate

’---- s

'..A f\

n

A jS

xsv

i y
■ i—Montf
Tre•asury E ill

2.0
May

Jun

Jul

Aug Sep
1992

Oct

Nov

Dec

Jan

is
Feb

5 19
Mar

Apr
1993

May

Jun

S 23
Jul

Latest data plotted are averages of rates available for the week ending: July 23, 1993

1993
Apr 30
May 7
14
21
28
Jun 4
11
18
25
Jul 2
9
16
23 *

Federal
Funds **
2.87
2.98
2.90
3.01
3.07
3.09
2.96
3.01
3.00
3.13
3.10
3.01
3.09

3—Month
Treasury
Bill

6-Month
Treasury
Bill ♦**

1 -Year
Treasury
Bill

2.91
2.87
2.91
2.99
3.06
3.06
3.10
3.05
3.09
3.01
3.02
3.02
3.05

2.95
2.98
2.99
3.10
3.19
3.22
3.30
3.19
3.19
3.14
3.10
3.14
3.15

3.12
3.11
3.14
3.26
3.39
3.44
3.46
3.33
3.37
3.29
3.28
3.27
3.32

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.14
6.62
5.05
6.55
5.10
6.58
5.28
6.72
5.36
6.71
5.29
6.62
5.32
6.60
5.19
6.51
5.18
6.44
5.04
6.34
5.03
6.34
5.00
6.25
5.08
6.24
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


http://fraser.stlouisfed.org
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

3550

I

Billions of Dollars

2725

I

M2
1993 Billions
Jun

3525 ...

7
14
21
28
Jul 5
12

3518.1
3516.2
3514.4 _
35 03.8
35 01.9
35 15.9

2625

/
—

-------.

M2 (

eft see le)

2525

. «•* ^.
•-S

1

3075

Non -M1 M2

1

2425

Nor -M1 412
1993 Billie ns
Jun 7 2445.5
14 2445.6
21 2439.1
28 2427.3
Jul 5 2424.2
12 2431.2

3450

3425

'"n

^

(right scale)

i 1 '

' l ' i 1 l ' l

i ' i

l 1 l 1

Ml'1

4 11 I 15 » 13 27 10 14 7 21 5 1!
May Jun
Jul
Aug Sep Oct
1992

1' r ■'

2225

■ i ' r 'I'M

2 10 30 14 21 11 25 1 22
Nov
Dec
Jon
Feb

2325

1 2! 5 1) 3 17 31 14 21
Mar Apr May Jun
1993

12 26
Jul

Latest data plotted week ending: July 12, 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. 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)
Tlo the
..
ot

average
Tour weeks

Compounded annual rates of change, average of four weeks ending:
7/13/92 10/12/92 12/14/92 1/11/93 2/15/93 3/15/93 4/12/93 5/10/93

ending:
12/14/92
1/11/93
2/15/93
3/15/93
4/12/93
5/10/93
6/14/93
7/12/93

2.6
1.9
0.8
0.6
0.5
0.8
1.6
1.4


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

1.0
-0.6
-0.6
-0.6
-0.1
1.2
0.9

-3.4
-2.6
-2.1
-1.1
0.8
0.5

-2.9
-2.1
-0.9
1.3
0.9

-0.6
0.7
3.1
2.3

1.5
4.4
3.0

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
1993
Jun

Billions

7
14
21
28
Jul 5

1199.9
1201.3
1197.7
1198.3
1198.7

12 1202.0

Money Market (right scale)

Money Market

1993

Billions

Jun

7
14
21
28
Jul 5
12

Savings Deposits (left scale)

4 18 1 IS 29 1] 27 10 24 7 21 5 19 2 IS 30 14 28
May Jun
Jul
Aug
Sep Oct

25 8 22
Feb

Mar

Apr

337.5
338.3 —
336.1
333.6
333.0
336.3

3 17 31 14 28 12 21
May Jun

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

Large and Small Time Deposits1 >
Billions of Dollars

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Small Time
1993
Jun

7

Jul

5

Billions
833.7
829.3
823.7
822.2

Large Tima (left scale)

Large Time
1993 Billions
— Jun 7 343.8
14 342.5
21 342.2
28 340.4
Jul 5 339.8
12 338.5

Small Time (right scale)

4 18 1 15 29 13 27 10 24 7 21 5 19 2 1$ 30 14 28 II 25
May Jun
Jul
Aug
Sep Oct Nov Dec Jan

Feb

22 5 19 3 17 31 14 28 12 26
Mar Apr May Jun

Latest data plotted week ending: July 12, 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 Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1993
Jun 16
23
30
Jul 7
14
21

May

Jun

Billions
0.135
0.179
0.387
0.234
0.208 ---0.232

IS 2) 12 21 9 23 7 21 4 11 2 IS 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28
Aug
Sep Oct Nov Dec Jan
Feb Mar
Apr May Jun
1992
1993

Adjustment + Seasonal Borrowings
Billions of Dollars

From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1993
Jun 16
23
30
Jul 7
14
21

6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 10 24
May Jun
Jul
Aug
Sep Oct Nov Dec
Jan
Feb Mar
1992

Billions
0.135
0.179
0.387
0.234
0.208 —
0.232

7 21 5 19 2 16 30 14 28
Apr May Jun
Jul
1993

Latest data plotted week ending: July 21,1993


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancia! Companies

Billions of Dollars

Billions of Dollars

Not Seasonally Adjusted

Billions

6 20 3 17 1 15 23 12 26 3 23 7 21 4 18 2 16 30 13 27 10 24 10 24 7 21
May

Jun

Jul

Aug

Sep

Oct

Feb

Mar

Apr

13 2 16 30 14 28

May

Jun

Latest data plotted week ending: July 14. 1993

Commercial and Industrial Loans1/
_....
.
Bi llons of Dollars

315

305

295

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

—
I
I
Compounded anni al
rates of change,
average of the fou r
weeks ending
July 7, 1993 from
the four weeks enciing:
Jul 8. 1992 - 2.3
Oct 7, 1992 - 2.6
Jan 6. 1993 - 2.3
Feb 10, 1993 - 2.6
Mar 10, 1993 - 0.7
Apr 7, 1993 1.9

Billions of Dollars
--------- 1-------- 325
1_99:
2
9
16
23
30
Jul 7

Billions
275.261__ 315
273.708
275.565
274.678
275.802
275.193

305

295

285

285

275

275

265
6 20

3 17 1 15 29 12 29

May Jun

Jul

9 23 7 21 I 18 1 16 30 13 27 10 24 10 24 7 21 5 19

Aug
Sep
1992

Oct

Nov

Dec

Jan

Feb

Mar

Apr May
1993

2 16 30 14 28
Jun

Jul

Latest data plotted week ending: July 7, 1993
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than 11.4 billion
_
,, _
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

265

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1_2£2 1-37.3=1,00

Jul

6 20 3 17
May

Jun

IS 2) 12 26 9 23 7 21 4

Jul

Aug

Sep

Oct

Nov

2 1$ 30 13 27 10 24 10 24 7 21
Dec

Jan

Feb

Mar

Apr

7

19 2 16 30 14 28

May

Jun

Latest data plotted week ending: July 21, 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

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L2

3“

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05
its

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