Full text of U.S. Financial Data : July 23, 1992

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-------- July 23, 1992 '
RESB

: JUL 2 7 1992

m
ALtrrriftancial Data
Feder

serve Bank

ifTsC'ty.ou'BI1

S

H

THE WEEK'S HIGHLIGHTS:
*/ The trade-weighted value of the U.S. dollar stood at 82.1 percent
of its 1973 value for the week ending July 22. This represents a
9.6 percent decline in the dollar from its 1992 peak, reached on the
week ending March 25.
The U.S. merchandise trade deficit was $7A billion in June, fol­
lowing a May deficit of $7.1 billion. For 1992 to date, the deficit is
$29.1 billion, up from a deficit of $25.8 billion for a similar period
in 1991.
The Ml money stock increased 6.5 percent on an annualized basis
during the three months ending July 13. Over the past year, Ml
increased 11 percent.
t/ The M2 money stock decreased at a 1.7 percent annual rate during
the three months ending July 13. M2 expanded 1.2 percent during
the past year.

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:
One year (50 issues)
Two years (100 issues)

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of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
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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 or uouy Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

May 13

362.4
364.2
363.1
364.3

_ Jun 10
Jul

8

Billions of Dollars

366.4

1 15 28 12 26 10 24 7 21 4 H 2 16 30 13 27 11 25 8 22 5 It 4 18 1 15 26 13 27
May

Jun

Jul Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

10 24 8 22
Jun

Jul

1991
1992
Latest data plotted reserve maintenance period ending: July 22, 1992
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve ban
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 Fe<
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
io tne average ot
two maintenance
periods ending:

12/25/91
1/22/92
2/19/92
3/18/92
4/15/92
5/27/92
6/24/92
7/22/92

Compounded annual rates of change, average of two maintenance periods ending:
7/24/9i 10/16/91 12/25/91 1/22/92 2/19/92 3/18/92 4/15/92 5/27/92

8.4
7.5
9.5
9.6
8.9
9.1
8.4
8.0


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Federal Reserve Bank of St. Louis

7.3
10.7
10.6
9.5
9.6
8.6
8.1

12.7
11.9
9.7
9.8
8.5
7.8

16.7
12.0
11.4
9.5
8.5

6.8
8.2
6.6
6.0

7.3
5.6
5.1

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages ot uany t-igures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

— Jun 8

15
22
29
Jul 6
13

953.2
949.1
____
960.1
956.5

TCD (right scale)

M1 (left seal

TCD
1122

13
22
29
Jul 6
13

Pillions

671.8
ODS. I — ,,A
665.0
5/0
665.4
674.!
670.8

6 20 3 17 I 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1991

Mar

Apr

May

Jun

Jul

1992

Latest data plotted week ending: July 13, 1992
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)
Trt th* nuarnn*
Compounded annual rates of change, average of four weeks ending:
of four weeks 7y/l5/91 10/14/91 12/16/91 1/13/92 2/10/92 3/16/92 4/13/92 5/11/92
ending:
12/16/91
1/13/92
2/10/92
3/16/92
4/13/92
5/11/92
6/15/92
7/13/92

10.5
10.3
12.3
14.0
12.6
12.7
12.1
11.0


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Federal Reserve Bank of St. Louis

12.7
15.8
17.8
15.0
14.9
13.8
12.1

17.7
20.3
15.5
15.2
13.6
11.5

25.5
17.4
16.6
14.4
11.8

13.5
13.7
11.8
9.3

7.3
7.2
5.2

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

92
1992

Billions

Apr 29
May 13
27
— Jun 10
24
‘
‘
Jul 8“

90

87.5
87.9
89.3
87.4- .
88.1
86.2

84

80
78
76

1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 4 18 1 15 29 13 27 10 24 8 22
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1991

Mar

Apr

May

Jun

Jul

1992

Latest data plotted two weeks ending: July 8, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
12/11/91
1/8/92
2/5/92
3/4/92
4/1/92
5/13/92
6/10/92
7/8/92

Compounded annual rates of change, average of two maintenance periods ending:
7/10/91

9.2
7.5
7.4
14.5
13.6
13.5
13.3
10.7


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Federal Reserve Bank of St. Louis

10/2/91

9.1
8.6
19.7
17.5
16.6
15.9
12.2

12/11/91

2.4
24.9
19.9
17.9
16.8
11.7

1/8/92

40.6
28.1
22.7
20.5
13.9

2/5/92

40.4
27.8
23.8
15.3

3/4/92

10.0
10.3
3.7

4/1/92

12.0
3.0

5/13/92

-3.6

Prepared by Federal Reserve Bank of St Louis

74

T

Money Multiplier1/
Averages of Dally Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
July 6, 1992 from
the four weeks ending:
Jul 8, 1991 2.7
Oct 14, 1991 3.8
Jan 6, 1992 3.6
Feb 17, 1992 2.4
Mar 16, 1992 0.5
Apr 13, 1992 0.7
May 11, 1992 0.0

May

Jun

Jul

Aug

Ratio
Apr 27
May 11

Sep

Oct

Nov

Dec

Jan

1991
Latest data plotted two weeks ending: July 6, 1992

Jun

8

Jul

6

2.613
2.630
2.616
2.636
2.61 1
2.632

15 2! 13 21
Feb

Mar

Apr
1992

Currency Component of M12/
Billions of Dollars

285

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

i
i
Compounded annual
rates of change,
average of the four
weeks ending
July 13, 1992 from
the four weeks ending
Jul 15. 1991 7.1
Oct 14, 1991 6.6
Jan 13, 1992
Feb 10, 1992
Mar 16, 1992
Apr 13, 1992
May 11. 1992

285

1992
Jun

8
15
22
29
Jul 6

Nov

Dec

Mar

Apr

Billions
276.2
276.1
276.2
275.9
277.3

May

1992
Latest data plotted week ending: July 13, 1992
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 Doily Figures

-Corporate

Prime Bank

Municipal

3 17 31 14 28 12 26 8 23 i 20 4 18 1 15 29 13 27 10 24 7 21 6 20 3 17
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Latest data plotted are averages of rates available for the week ending: July 24, 1992

1992

90—Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.92
3.85
3.77
3.78
3.89
3.91
3.86
3.83
3.84
3.75
3.37
3.34
3.32

3.92
3.88
3.85
3.83
3.92
3.94
3.91
3.89
3.89
3.80
3.45
3.42
3.41

3.82
3.77
3.71
3.74
3.84
3.84
3.81
3.79
3.79
3.66
3.33
3.28
3.29

8.37
8.35
8.27
8.23
8.25
8.24
8.24
8.22
8.20
8.16
8.08
8.09
8.09

9.23
9.20
9.12
9.07
9.11
9.09
9.08
9.02
9.02
8.98
8.89
8.87
8.86

6.69
6.64
6.54
6.51
6.58
6.57
6.52
6.46
6.42
6.38
6.17
6.16
NA

8
15
22
29
Jun 5
12
19
26
Jul 3
10
17
24 *

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

9.D

9.0

■ '■•N

✓

------/
\

.'N

X

1

________

J

--------------r,

*•*

\

/"
/

/

mJ
V

r *

________

s.o

’X

X

Federt ll
runds R ate

k

5—Y lar

7.0

1

X
___

X

x/
X
k
V.

> \A
r \
\

x

6.0

1
\

4.0

1 reasury Bill c

-✓

C. /

v\
Ola count F ate

3.0

3.0

May

Jun

Jul

Aug

Sep

Oct

15 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 10 24
Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1991
1992
Latest dato plotted ore overages of rates available for the week ending: July 24, 1992

1992
May 1
8
15
22
29
Jun 5
12
19
26
Jul 3
10
17
24 *

Federal
Funds **
3.65
3.77
3.84
3.89
3.80
3.85
3.69
3.73
3.72
3.87
3.24
3.28
3.22

3-Month
Treasury
Bill
3.69
3.63
3.60
3.61
3.71
3.71
3.67
3.63
3.64
3.48
3.22
3.19
3.18

6—Month
Treasury
Bill ***
3.85
3.78
3.74
3.71
3.90
3.90
3.83
3.75
3.77
3.66
3.32
3.31
3.24

1 —Year
Treasury
Bill
4.12
4.06
3.93
3.92
4.06
4.08
3.99
3.93
3.94
3.79
3.48
3.38
3.37

5-Year
Treasury
Securities
6.88
6.78
6.65
6.61
6.70
6.61
6.56
6.44
6.40
6.22
5.93
5.85
5.80

Long-Term
Treasury
7.95
7.87
7.73
7.69
7.79
7.76
7.74
7.67
7.65
7.56
7.42
7.45
7.41

which are computed by this bank. Treasury bill yields are on a discount b^sis^
'reasurysecunx.es
* 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

3550

Billions of Dollars

2S50

n r

M2
1992 Billions

Jun

3500

8 3467.3
15 3465.4

29 34 47.5
Jul 6 34 55.9
13 34 53.4

2600

M2 (left s :ale)

/N-

3450

4*

\

—

2550
C**'

N
X -X

X

-N
-s

-M1 M2

3400

____ V

Nor1-M1 JI2
199:
Billi jns

3350

3300

Jun

8
15
22
29
Jul 6
13

1 !1
May

i 1J 1 15 H 1! !f ) !3 7 !1
Jun
Jul
Aug
Sep Oct

4 11 2 II 30 13 27
Nov Dec
Jan

10 24 1 23 1 20
Feb Mar Apr

1991

4 10
May

I

2511.3
2512.2
2506.0
2498.2
2495.8
2496.9

15 20 13 27
Jun
Jul

2500

2450

2400

1992

Latest data plotted week ending: July 13, 1992
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 7/l5/91 10/U/91 12/16/91 1/13/92 2/10/92 3/16/92 4/13/92 5/11/92
of four weeks
ending:
12/16/91
1/13/92
2/10/92
3/16/92
4/13/92
5/11/92
6/15/92
7/13/92

2.1
1.7
2.4
3.0
2.2
2.1
1.7
1.2


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Federal Reserve Bank of St. Louis

3.1
4.1
4.6
3.2
2.9
2.2
1.5

3.3
4.4
2.4
2.1
1.3
0.6

6.8
3.3
2.7
1.7
0.7

1.5
1.3
0.5
-0.4

-1.6
-1.7
-2.3

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
1992
Jun

8
15
22
29
Jul 6
13

Billions
1125.6
1128.6.
1128.4
1126.0
1130.1
1133.1

Money Market (right scale)

Money Market

1992
Savings Deposits (left scale)

Billions

Jun

8
15
22
29
Jul 6
13

353.7
353.8 —
353.8
352.4
348.3
351.8

Note: Savinas deposits are at all depository institutions. Money market funds are ger
and broker/dealer.

Large and Small Time Deposits1 /
Billions of Dollars
cca
______ ______ ______

A)l Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Small Time
1£92 Billion,s
Jun

Small Time (right scale)

8

961.0
957.6
954.7
950.6 —

Time (left scale)

Large Time
1992 Billions
Jun 8 398.6
15 397.2
22 393.9
29 395.3
Jul 6 392.9
13 392.4

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

15 2$ 13 27
Feb

Mar

Apr

May

Jun

Latest data plotted week ending: July 13, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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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

3.0

Billions

2.5

0.152
0.224
0.416
0.495
0.214
0.217

2.0

1.5
1.0
0.5

I IS IJ 12 21 10 24 7 21 1 11 2 11 JO 11 27
May

Aug

Jun

Sep

Oct

Nov

IS 8 21 S IS 4 11 t IS 2! IS 27 10 24 ! 22
Dec

Jan

Feb

Mar

Apr

May

Jun

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

Billions of Dollars

1992

Billions

Jun 17
24
Jul 1
8
15
22

0.152
0.224
0.415
0.495
0.214
0.217

Billions of Dollars

2.5

2.0

1.5

1.0

0.5

0.0
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1992

Latest data plotted week ending: July 22, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

L222

Billions of Dollars

Not Seasonally Adjusted
Billions

Jun 10 144.926
17 148.468
Jul

I

1 141.595
8 143.508
15 142.950.

15 2! 12 26 10 26 7 21 *

II 2 16 11 1] 27 |1 25 I 22 5 1! 6 II 1

15 21 13 27 II 26 I 2!

Latest data plotted week ending: July 15, 1992

Commercial and Industrial Loans1 /
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

390
370
330
130

Billions of Dollars

—
„ I
I
Compounded annu al
rates of change,
average of the fou
weeks ending
July 8, 1992 from
the four weeks end ng:
Jul 10, 1991 -8 .9
Oct 9, 1991 -8 . 1
Jan 8, 1992 -6 .6
Feb 5, 1992 -8 .1
Mar 11, 1992 -9 .6
Apr 8, 1992-11 .9

390

1
199.

Jul

Billions
3
0
7
4
1
8

283.481__
281.090
281.601
279.913
280.680
278.163

370
330
330

310

310

290

290

270

1 i 1 r "i r i

May

Jun

270
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1991
1992
Latest data plotted week ending: July 8, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
„
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

1992 1973=100

1 15 2! 12 26 10 24 7 21 4 10 2 16 30 13 27 11 25 8 22 5 1! 4 18 1 15 28 13 27 10 24 8 22
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Latest data plotted week ending: July 22. 1992
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

5w
K
<
K

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