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-tl.Srfinancial Data

mi.
KKItllUl
A KISIKM
X It VNkol
or st. inns

THE WEEK'S HIGHLIGHTS:
✓ 77ip composite index of leading economic indicators was unchanged
in May for the second consecutive month. The composite index of
coincident indicators, however, increased 0.3 percent in May, its
eighth consecutive monthly rise.
i/ The Commerce Department reported that total construction spending
rose at an 8.4 percent annual rate in May to $419.1 billion
(1987 prices). Over the past 12 months, real total construction
spending has risen 7.9 percent.
✓ The money stock (Ml) has slowed recently, rising at a 1.6 percent
annual rate from the average of the four weeks ending on March 28
to the average of the four weeks ending on June 27 (see page 3).
This is down from a 5.4 percent rate in the previous three-month
period.
s/ Savings deposits at all depository institutions have declined at a
4.7 percent annual rate from the average of the four weeks ending
on March 28 to the average of the four weeks ending on June 27
(see page 9). Over the previous three-month period, savings deposits
rose at a 2.3 percent rate.

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 of Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Apr 27
-May 11
25
Jun 8
22
Jul 6

5 19

2

May

Billions of Dollars

439.7
438.3
441.9
441.8
444.3
444.8

16 30 14 28 11 25 8 22
Jun

Jul

Aug
Sep
1993

6 20 3
Oct

17
Nov

1

15 29 12 26 9 23
Dec

Jan

Feb

9 23
Mar

8 20 4

18

Apr
May
1994

1

15 29 13 27
Jun

Jul

Latest data plotted reserve maintenance period ending: July 6, 1994
The adjusted monetary base is the sum of reservp accounts of financial institutions aj 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 souj'c? 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 the average of Compounded annual rates of change, average of two maintenance periods ending:
,
To .,
7/7H/M
9/29/93 12/8/93
1/5/94

2/2/94

3/2/94

3/30/94

5/11/94

two maintenance
periods ending:
12/8/93

9.0

1/5/9*
2/2/94

8.4
10.1

3/2/94
3/30/94

6.0
13.2

10.8
9.9

9.4
10.6
9.2

11.0

5/11/94

9.5

8.8

10.0

6/8/94

9.4

8.9

7/6/94

9.3

8.8


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

14.3

19.2
13.1

B.9

9.8

11.1
10.7

8.4

5.0
6.1

7.9

9.6

10.3

B.3

6.6

8.0

8.2

8.6

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages

Billions of Dollars

1994

ot

Daily Mgures

Billions of Dollars

Seasonally Adjusted

M1
Billions

-May 23 1144.1 •
1143.5
Jun 6 1145.2
1146.2
11 50.0
1149.0

M1 (left scale)

TCD (right scale)

TCD
1994

3

17 31 H 21 12 28 9 23 6 20 4
May

Jun

Jul

Aug
Sep
1993

18
Oct

1

Billions

May 23
30
Jun 6
13
20
27

798.2
796.4
798.1
798.5
801.5
799.0

IS 29 13 27 10 24
Nov

Dec

Jan

Feb

Mar

Apr
1994

May

Jun

Jul

Latest data plotted week ending: June 27, 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
6/28/93 9/27/93 11/29/93 12/27/93 1/24/94 2/28/94 3/28/94 4/25/94
ending:
11/29/93
12/27/93
1/24/94
2/28/94
3/28/94
4/25/94
5/30/94
8/27/94

10.4
9.9
9.2
8.7
B.4
7.4
6.8
6.6


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

8.8
7.9
7.4
7.1
5.8
5.3
5.2

5.9
5.9
5.7
4.2
3.8
3.9

5.5
5.4
3.7
3.2
3.5

5.5
3.2
2.8
3.2

1.6
1.7
2.4

0.2
1.6

3.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
in

1994

Billions

Apr 13 104.2
27 104.8
May 11 101.8
Jun

8
22

no

102.8
104.3

106

102

98

94

22 9 21 3 17 1

5 19 2 It 3B 14 21 11 25
May

Jun

Aug

Sep

Oct

Nov

15 29 12 29 9 23 9 23 6 20 4
Dec

Jan

Feb

1993

Mar

Apr

18 1
May

15 29 13 27
Jun

1994

Latest data plotted two weeks ending: June 22. 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 6/23/93 9/15/93 11/24/93 12/22/93 1/19/94 2/16/94 3/16/94 4/27/94
periods ending:
11/24/93
12/22/93
1/19/94
2/16/94
3/16/94
4/27/94
5/25/94
6/22/94

6.1
3.5
7.1
9.4
7.8
6.5
4.4
4.5


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

-0.4
6.4
10.1
7.7
5.9
3.2
3.5

10.0
15.B
10.3
6.9
3.0
3.4

31.2
17.9
11.0
5.5
5.6

10.5
5.1
0.0
1.2

-2.9
-6.9
-4.1

-7.7
-3.8

-5.5

Prepared by Federal Reserve Bank of St. Louis

90

Money Multiplier 1/
Averages ot Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
June 20, 1994 from
the four weeks ending:
Jun 21. 1993 -2.3
Sep 27, 1993 -3.4
Dec 20. 1993 -6.0
Jan 31, 1994 -5.4
Feb 28. 1994 -3.8
Mar 28, 1994 -5.5
Apr 25, 1994 -4.9

Ratio
Apr 11
May

Jun

Jul

2.587
2.602

2.589
2.591
2.585

3 17 31 14 2* 12 26 9 23 6 20 4 II 1
May

9

Aug

Sep

Oct

15 25 13 27 10 24 7 21 7 21
Nov

Dec

Jan

Feb

Mar

1993

18 30 13 27 11 25
Apr

May

Jun

Jul

1994

Latest data plotted two weeks ending: June 20, 1994

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

350

340

•

330

■

Billions of Dollars

350

I
I
Compounded annu □I
rates of change,
average of the four
weeks ending
June 27, 1994 fron
the four weeks end ng:
Jun 28, 1993 1G .7
Sep 27, 1993 1C .7
Dec 27, 1993 12 .2
Jan 24. 1994 12 .0
Feb 28. 1 994 1C .6
Mar 28, 1 994 9 .9
Apr 25, 1 994 10 .4

340

_|

330

320

320
1994
May 2 3
30
Jun 6
13
20
27

310

300

Billio ns
337 .8
339 .0
338.9
339.6
340.4
341.9

- 310

___ I___ I__
3

17 31 14 21 12 28 9 23 6 20 4 II 1
May

Jun

Jul

Aug

Sep

Oct

15 2! 13 27 10 24 7 21 7 21 4 II 2
Nov

Dec

Jan

1993

Feb

Mar

Apr

16 30 13 27 11 25
May

Jun

Jul

1994

Latest data plotted week ending: June 27, 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

300

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate

I Municipal Bondi

13 27 10 24
May

Jun

Jul

Aug
Sep
1993

17 31 14 20
Oct

Nov

Dec

Jan

11 25 0 22
Feb

Mar

Apr
1994

17 1
May

Jun

15 20
Jul

Latest data plotted are averages of rates available for the week ending: July 8, 1994

1994

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

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

3.71
3.88
3.89
4.05
4.37
4.35
4.33
4.37
4.32
4.34
4.36
4.47
4.53

3.90
4.08
4.12
4.35
4.68
4.53
4.49
4.52
4.43
4.46
4.52
4.71
4.80

3.84
4.04
4.06
4.31
4.63
4.46
4.41
4.44
4.38
4.39
4.46
4.64
4.73

7.87
7.93
7.81
7.97
8.12
7.89
7.98
7.96
7.85
7.94
8.02
8.11
8.15

8.51
8.55
8.46
8.59
8.74
8.53
8.62
8.61
8.51
8.63
8.73
8.80
8.84

6.22
V 6.19
6.16
6.18
6.32
6.14
6.13
6.09
5.96
6.04
6.16
6.28
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 Resen/e Bank of St. Louis


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

Selected Interest Rates
Percent
s.o

Percent

Averages of Daily Figures

8.0

7.0
X

X

N

___ e._________

___ x

7.0

!

^ --------------------

it

X

tlM

\

/

/

— /'

N

5.0

t
w'

3—k onth

/ /
f /

4.0
Fe ieral
Funr ■ Rate

✓
A/
4

3.D _
y'

2.0

v

XI*A

7 21
May

6.0

/
r

-

X

X

\

_>
N

5
Treasur

\

5.0

/
------7T~
*
✓

___

6.0

•»» /
<

*

3.0

D tocount Rate

4 II 2 11 30 13 27 10 24 8 22 5 II 3 17 31 14 21 11 25 11 25 I 22 6 20 3 17 1 15 2)
Jun
Jul
Aug
Sep Oct
Nov Dec
Jan
Feb
Mar Apr
May
Jun
Jul
1993

1994

Latest data plotted are averages of rates available for the week ending: July 8, 1994

1994
Apr 15
22
29

May

6

13
20
27
Jun
3
10
17
24
Jul
1
8 *

Federal
Funds **
3.37
3.59
3.59
3.76
3.70
4.02
4.22
4.27
4.13
4.21
4.19
4.19
4.38

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.57
3.73
3.85
4.04
4.19
4.16
4.18
4.15
4.11
4.12
4.16
4.16
4.25

4.46
4.64
4.72
4.96
5.19
4.95
5.00
5.04
4.89
4.90
5.00
5.18
5.17

6.47
6.60
6.56
6.76
6.98
6.65
6.73
6.70
6.54
6.65
6.76
6.89
6.93

6.93
7.03
6.96
7.16
7.37
7.06
7.14
7.09
6.97
7.08
7.17
7.27
7.32

7.28
7.33
7.24
7.42
7.60
7.34
7.44
7.39
7.28
7.39
7.47
7.57
7.62

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

Billions of Dollars

Billions of Dollars

2725
1994

Billions

M2 (left scale)

May 23 3597.3
30 3590.1
Jun 6 3584.8.
3582.3
3580.3
3582.0

2625

2525

2425
Non-M1 M2 (right scale)
Non-M1 M2
1_S94

HHions

May 23 2453.2
30 2446.6
Jun 6 2439.6
2436.1
2430.3
2433.0

IS 30 13 27

3 17 31 H 21 12 21 9 23 6 20 4 II I 15 29 13 27
May

Jun

Jul

Aug

Sep

Oct

Nov

2325

2225

Dec
1994

1993
Latest data plotted week ending: June 27, 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:

lo the average 6/28/93

9/27/93

11/29/93 12/27/93

1/24/94

2/28/94

2.2
2.2
1.8
0.8

3/2B/94

4/25/94

4.6
3.1
1.5

of four weeks
ending:
11/29/93
12/27/93
1/24/94
2/28/94
3/28/94
4/25/94
5/30/94
6/27/94

2.0
2.0
2.0
1.5
2.0
2.1
1.9
1.5


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

2.0
2.0
1.2
2.1
2.1
1.9
1.4

2.0
0.7
2.1
2.1
1.9
1.1

0.1
2.1
2.2
1.8
1.0

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

ms i

1275

1235

Billions of Dollars

----------1---------- 1----------Savings
1994 Billions

I
I
Small Time
1994 Billions

May 23 1216.3
30 1215.5
Jun 6 1210.1

May 23
30
Jun 6

20 1 2()8.1
27 1 2()6.4

20
27

769.1
769.3
770.0
.4
771 .0
771 .1

915

175

135

"-

-*» ^

1115

Time

Savirige De| iO«its(l sft seal 0

1155

right s

795

■-K

1 17 31 14 18 1! 76 ) !3 f 28 4 It 1 15 !! 13 17
May
Jun Jul
Aug Sep
Oct
Nov
Dec

11 !4 7 !1 7 !1 4 18 2 16 30 13 17
Jan Feb Mar
Apr
May
Jun

1993

II 25
Jul

755

1994

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

400

I

Billions of Dollars

I

1
1
Money Market

Large Time
1994 Billions

380

1994

400

Bjlliops

May 23
30
Jun 6

331.6
333.5
333.4

May 23
30
Jun 6

366.9
362.7
360.3

20
27

3C 3^9
3212.5

20
27

357 .1
358 .5

380

/' f~\

310

1—

M oney Meirket

310

i
-s

•N
/v

V
.

>

>

340
Lai gellm 1

320

/

17 3 14 21 12 28 9 23 6 26 4 11
May
Jun
Jul Aug
Sep
Oct
1993

15 2
Nov

-V

r

13 27 to 24 7 21 7 21 4 18 2 18 38 13 27 11 2
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1994

Latest data plotted week ending: June 27, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market fund, are general purpose and broker/dealer.
Prepare(J by rederal Reserve Bank of s, Uu|j


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

9

340

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions ol Dollars

1994

Billions

Jun

1
8
15
22
29
Jul 6

5

19
May

2

15 30 14 28 II 25 8 22 6 20

Jun

Jul

Aug

Sep

Oct

3

17 1

15 29 12 26

Nov

Dec

Jan

9 23 9 23

6 20 4

Feb

Apr

Mar

1993

18

0.229
0.207
0.205
0.326
0.385 ----0.750

1

15 29 13 27

May

Jun

Jul

1994

Adjustment + Seasonal Borrowings
f-rom i-ederai Keserve banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994

Billions

Jun

1
8
15
22
■
29
Jul 6

5 19
May

2 16 30 14 28 11 25 8 22

6 20 3

Jun

Oct

Jul

Aug

Sep

17
Nov

1993

1

15 29 12 26 9 23
Dec

Jan

Feb

0.229 —
0.207
0.205
0.326
0.385 —
0.750

9 23 6 20

4 18

1

Mar

May

Jun

Apr

15 29 13 27
Jul

1994

Latest data plotted week ending: July 6, 1994


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonftnancial Companies
Billions of Dollars

1994

Billions of Dollars

Not Seasonally Adjusted
Billions

May 25 154.144
Jun 1 155.529
8 153.132
15 159.455
29 154.238.

5 I! I IS 31 H 21
May

Jun

Jul

22 I 21 3 17 I IS 2! 12 2fi 9 23 » 23 I 26 4 II 1 IS 2! 13 27

Aug

Sop

Oct

Nov

Doc

Jan

Fob

Mar

Apr
1994

May

Jun

Latest data plotted week ending: June 29, 1994

Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks V
'
Seosonally Adjusted

Billion, of Dollars

315
305
295

---------1---------- ,----------Compounded annu al
ratos of change,
average of the fou
weeks ending
June 22. 1994 frorn
the four weeks end mg:
Jun 23. 1993
f.3
Sep 22. 1993
>•5
Dec 22. 993 10.2
Jan 19,
994 12.3
Feb 23. 994 13.8
Mar 23,
994 15.5

Billions o! Dollars
---------- 1--------1994

Billions

8
' 25
Jun 1
8
15
22

_

290.218__
290.993
292.194
290.546
293.023
295.182

315
305
215

215

215

275

275

215

-T-r-r‘ ' • 1 ■

1 1 i 1 ■ i » »

t • r

i i » r i-1 * -T-r-r-r tn » i f l r-r 1 1 1

5 11 1 It 31 14 !l II 25 I 1! i !l
May
Jun
Jul Aug Sep Oct
1993

3

t ■ 1 1 i « i «

17 I 15 il 12 » t 23 1 23 t 21 4 II
Nov Dec
Jan
Feb Mar Apr
May
1994

I

IS 21 13 V
Jun
Jul

215

Latest data plotted week ending: June 22, 1994
1/ Commercial and industrial loans include banker's acceptances and commercial paper
2/ Banks with domestic aseeti greater than $1.4 billion
„
,. _ .
,
.
Prepared by Federal Reoerve Bank of St. Louie


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

11

Dollar’s Trade-Weighted Exchange Index
1973=100

Averages of Dally Figures

1114 1973=1 Op
Jun

5 18
May

2 15 31 11 21 II 25 1 22 6 20 3 17 I 15 29 12 21 9 23
Jun

Jul

Aug Sep
1993

Oct

Nov

Dec

Jan

Feb

9 23 6 20
Mar

1

I 18 1 IS 29 13 27

Apr
May
1994

Jun

Jul

Latest data plotted week ending: July 6, 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.


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

Prepared by Federal Reserve Bank of St. Louis

m O cc

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