Full text of U.S. Financial Data : June 16, 1994

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2 0 1994

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THE WEEK'S HIGHLIGHTS:
%/ Industrial production rose at a 2.1 percent annual rate in May.
Over the last three months, industrial production has increased at
a 3.9 percent rate, down from an 8 percent rate for the previous
three-month period. The total industry capacity utilization rate
decreased 0.1 percentage point to 83.5 percent in May.
*/ Real retail sales declined at a 5.1 percent rate in May. Despite this
decline, real retail sales have increased at a 0.2 percent rate since
December 1993.
%/ The consumer price index rose at a 2.5 percent rate in May. Over
the last three months, consumer prices have risen at a 2.8 percent
rate, up from a 1.9 percent rate for the previous three-month period
Excluding food and energy, consumer prices rose at a 3.9 percent
rate in May.
«/ The producer price indexfor finished goods decreased at a
1 percent rate in May, the same rate as in the previous month.
Finished goods excluding food and energy prices have risen
at a 3.1 percent rate over the last two months.

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 fear 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 Mgures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Mar 30
Apr 1 3

436.1

Billions of Dollars

May 11
Jun

8

441.9
441.8

7 21 5 19 2 18 30 14 28 11 25 8 22 6 20 3 17 1 15 2) 12 20
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

9 23 9 23 $ 20 4 II 1 15 2)
Feb

Mar

1993

Apr

May

Jun

1994

Latest data plotted reserve maintenance period ending: June 8, 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
T
, Compounded annual rates of change, average of two maintenance periods ending:
To the average of
B/9>)M
9/1/H 11/10/93
12/8/93
1/5/94
2/2/94
3/2/94
4/13/94
two maintenance
periods ending:
11/10/93
12/6/93
1/5/94
2/2/94
3/2/94
4/13/94
5/11/94
6/8/94

9.4
8.8
8.3
9.8
10.5
9.7
9.4
9.3


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

7.6
7.0
9.6
10.6
9.4
9.0
9.0

5.4
10.6
12.1
10.0
9.3
9.3

13.2
14.3
10.9
10.0
9.8

19.2
12.7
11.1
10.7

9.2
8.2
8.4

5.0
6.1

7.4

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1994
-May 2
9
16
23
30
Jun 6

Billions
1138.3
1142.3
1143.4
1144.0
1143.3
1145.1

Ml (left scale)

(right scale)

1994
May

Jun

5 II
Apr

3 17 31 14 2! 1! 2t
May

Jun

Jul

! 23 i 20

4 14

Sep

Oct

Aug
1993

1

15 2) 13 27

111 24 7 21

Dec

Nov

Jan

Feb

7 21

4

793.7
797.6

23
30
6

798.2
796.4
798.4

IS 2

Mar Apr
1994

Billions

2
9

It 30 13 27

May

Jun

Latest data plotted week ending: June 6, 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)
of four weeks
ending:
11/B/93
12/6/93
1/3/94
2/7/94
3/7/94
4/4/94
5/9/94
6/6/94

Compounded annual rates of change, average of four weeks ending:
6/7/93
9/6/93
11/B/93 12/6/93
1/3/94
2/7/94
3/7/94
4/4/94

10.2
9.9
9.4
8.9
8.5
8.3
6.8
6.7


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

9.9
9.0
8.3
7.9
7.6
5.6
5.7

7.4
6.8
6.5
6.4
4.0
4.3

6.1
5.8
5.9
3.2
3.6

5.7
5.8
2.5
3.2

5.6
1.2
2.4

-0.6
1.5

-0.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1994

Billions of Dollars

Billions

Mar 30 103.0
-Apr 13 104.2
27 104.8
May 11 101.8
25 104.3
Jun 8 102.8

7

21

Apr

5

19 2

May

16 30 14 28 11 25 8 22
Jun

Jul

Aug

Sep

6 20 3
Oct

17
Nov

1

15 29 12 26
Dec

Jan

§

23 9

Feb

23

Mar

8

20

Apr

4

18

May

1

15 29
Jun

1994

1993
Latest data plotted two weeks ending: June 8, 1994

Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
3/2/94
4/13/94
9/1/93 11/10/93 12/8/93
1/5/94
2/2/94
6/9/93
periods ending:
11/10/93
12/8/93
1/5/94
2/2/94
3/2/94
4/13/94
5/11/94
6/8/94

6.3
5.3
4.6
8.1
9.2
5.4
4.6
4.5


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

2.2
1.7
7.6
9.3
4.0
3.2
3.2

0.0
11.6
13.4
4.5
3.2
3.3

17.8
18.2
5.5
3.8
3.8

28.5
7.1
4.6
4.5

-3.4
-3.5
-1.9

-11.3
-7.2

0.0

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
LI

Ratio

i

Compounded annual
rates of change,
average of the four
weeks ending
June 6, 1994 from
the four weeks ending:
Jun 7, 1993 -2.4
Aug 30, 1993 -3.0

r

1994

3.0

Ratio

Mar 28
Apr 1 1
25
May 9
23
6

2.626
2.616
2.587
2.602
2.589
2.590

Jan 31,
Feb 28,
Apr 11,

5

11
Apr

3

17 31 14 2!

May

Jun

12 2!

9 23

6

20 4

1!

1

15 29 13 17 10 24 7 21

Jul

Aug
Sep
Oct
Nov
1993
Latest data plotted two weeks ending: June 6, 1994

Dec

Jan

Feb

7 21
Mar

4

II

2

Apr
1994

10
May

30 13 27
Jun

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

345

Billions of Dollars

1-----------1---------Compounded onni al
rates of change,
average of the fou r
weeks ending
June 6, 1994 fronthe four weeks en ding:
Jun 7. 1993 1 0.9
Sep 6, 1993 1 0.9
Dec 6, 1993 1 1.8
Jan 3. 1994 1 2.8
Fe
7, 994 1 1.3
Ma
7, 994 1 0.6
Ap
4. 994
9.7

335

325

345

335

325

315

315
199'
May

2
9
6
23
3O
Jun 6
r-i

305

Billiems
336 .4
33€ .6
337.4 —
337.8
339.0
338.9
t-i j i i ■

255
5

U
Apr

3 1/ 31 14 20 12 26
May
Jun
Jul

0 23
Aug

1993

I 20 4 11
Sep
Oct

I

IS 29 13 27
Nov
Dec

10 24 7 21
Jan Feb

7 21
Mar

4 18 2 16 30 13 27
Apr
May
Jun

1994 ^

Latest data plotted week ending: June 6, 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

305

295

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Corporate

Bonds

Loan Rato
Municipal

i

II 31 14 21 11 25 9 23
Apr
May Jun Jul

$ 20 3 17 1 15 29 12 21 10 24
Aug
Sep
Oct
Nov
Dec

7 21
Jan

4 IS 4 10 1 15 29 13 27
Feb Mar
Apr
May

1993

10 24
Jun

1994

Latest data plotted are averages of rates available for the week ending: June 17, 1994

1994

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Mar 25
Apr
1
8
15
22
29
May
6
13
20
27
Jun
3
10
17 *

3.67
3.68
3.77
3.71
3.88
3.89
4.05
4.37
4.35
4.33
4.37
4.32
4.33

3.81
3.84
3.93
3.90
4.08
4.12
4.35
4.68
4.53
4.49
4.52
4.43
4.45

3.75
3.75
3.88
3.84
4.04
4.06
4.31
4.63
4.46
4.41
4.44
4.38
4.43

Corporate
Aaa Bonds
7.49
7.65
7.90
7.87
7.93
7.81
7.97
8.12
7.89
7.98
7.96
7.85
7.91

Corporate
Baa Bonds
8.15
8.30
8.56
8.51
8.55
8.46
8.59
8.74
8.53
8.62
8.61
8.51
8.60

Municipal
Bonds *•
5.92
6.07
6.34
6.22
6.19
6.16
6.18
6.32
6.14
6.13
6.09
5.96
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


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily FiguresP*rcw't

_______ _____

^
N

l

________

V

4

✓

5
Treaeur
i

%

*

4

fties

/
0*

*

/

_

/V

\

____ V

----------------1-----

\*

ey

3—Mo ith

/

rBW-

F ederal
Fu ids Rati i

.

/
/

/

Ay
✓

<*■

•p

„A

-i>

2

IS

“ *■»

30 H 28 11 25 9

Apr May

Jun

23

Jul

S 20 3
Aug

17
Sep

Diteoui t Rata

1

15 2) 12 2S 10 24 7
Oct

Nov

Dec

21 4

Jan

18
Feb

4

10

1

Mar

1993

15 20 13 27
Apr

May

II 24
Jun

1994

Latest data plotted are averages of rates available for the week ending: June 17, 1994

1994
Mar 25
1
Apr
8
15
22
29
May
6
13
20
27
Jun
3
10
17 ♦

Federal
Funds **
3.31
3.49
3.69
3.37
3.59
3.59
3.76
3.70
4.02
4.22
4.27
4.13
4.21

3-Month
Treasury
Bill

1-Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.49
3.50
3.60
3.57
3.73
3.85
4.04
4.19
4.16
4.18
4.15
4.11
4.12

4.15
4.21
4.49
4.46
4.64
4.72
4.96
5.19
4.95
5.00
5.04
4.89
4.90

6.00
6.19
6.47
6.47
6.60
6.56
6.76
6.98
6.65
6.73
6.70
6.54
6.64

6.52
6.72
6.97
6.93
7.03
6.96
7.16
7.37
7.06
7.14
7.09
6.97
7.06

6.90
7.07
7.31
7.28
7.33
7.24
7.42
7.60
7.34
7.44
7.39
7.28
7.36

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

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

Billions of Dollars

1994

Billions of Dollars

M2
Billions

May 2
9
16
23
30
Jun 6

3579.2
3586.2
3589.2.
3594.6
3587.3
3582.3

M2 (left scale)'

Non-U 1 M2 (right scale)
Non-M1 M2
1994 Billions
May 2
9
16
23
30
Jun 6

5

13
Apr

1

17 31 14 21 12 26

May

Jun

S

Jul

23

Aug

6

20 4

Sep

18 1
Oct

15 2S 13 27 10 24
Nov

Dec

Jan

7

21

Feb

7 21 4
Mar

1993

It
Apr

2

2440.9
2443.9
2445.8
2450.6
2444.0
2437.2

IS 30 13 27
May

Jun

1994

Latest data plotted week ending: June 6, 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)
To the average
of four weeks
ending:
11/B/93
12/6/93
1/3/94
2/7/94
3/7/94
4/4/94
5/9/94
6/6/94

Compounded annual rates of change , average of four weeks ending:
6/7/93
9/6/93
11/8/93 12/6/93
1/3/94
2/7/94
3/7/94
4/4/94

1.7
2.0
1.9
1.8
1.6
2.0
1.8
1.8


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

2.4
2.2
2.0
1.6
2.2
1.9
1.8

2.7
2.1
1.4
2.4
1.9
1.8

1.5
0.8
2.1
1.6
1.6

0.3
2.2
1.5
1.6

2.8
1.6
1.6

2.7
2.4

0.6

Prepared by Federal Reserve Bank of St Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1994 Billions
May 2
9
16
23
30
Jun 6

Small Time
1994 Billions

1217.6
1216.4
1215.3
1216.3­
1215.5
1210.2

May 2
9
16
23
30
Jun 6

768.9
769.3
769.2
769.2 —
769.3
770.0

Small Tima (right scale)

Savings Deposits (I eft scale)

5

10 24 1 21 7 21 4 18 2 15 30 13 27
Jan
Feb Mar
Apr
May
Jun
1994

15
Apr

3 17 31 H 28 12 28 9 23 6 20 4 18 I 15 29 13 27
May
Jun
Jul
Aug Sep
Oct
Nov
Dec
.
.
1993
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

Billions of Dollars

--------1----------1--------Large Time

380

I
I
Money Market
1994 Billions

1994

Billions

May 2
9
16

334.4
333.3
333.3

May 2
9
16

363.4
365.7
366.1

30
6

3 Ha
3 33.3

Jun

0
6

365 .7
36C .3

Jun

/

3(0

Mo ley Me rk*t
/. y

"\

r* x
.4

^ ««•

~i—

s

400

300

3(0

/
/

/’**

S
>

-v '

340

340
Lai g« Ttm »

320

19 3 17 3 14 28 12 25 9 23 8 20 4 18
Apr
May
Jun
Jul Aug Sep
Oct
1993

15 29 13 27 10 24
Nov
Dec
Jan

7 21
Feb

1 21 4 11 2 If 11 11 !
Mar
Apr
May
Jun
1994

Latest data plotted week ending: June 6, 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
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

7 21
Apr

5

19 2 16 30 14 28 11 25
May
Jun
Jul
Aug
1993

8 22
Sep

6

20 3 17 1 15 29 12 21
Oct
Nov
Dec
Jan

Billions of Dollars

1994

Billions

May 11
18
25
Jun 1
8
15

0.156
0.255
0.178
0.229
0.207
0.205

—

1.2

9 23 9 23 $ 20 4 18 1 15 29
Feb Mar
Apr
May
Jun
1994

Adjustment + Seasonal Borrowings
Billions of Dollars

l-rom t-ederai Keserve banks
Averages of Daily Figures

Billions of Dollars

1994
May 11
18
25
Jun 1
8
15

7 21
Apr

5 19 2 18 30 14 28 11 25
May
Jun
Jul
Aug
1993

8 22 6 20
Sep Oct

3 17 1 15 29 12 28
Nov
Dec
Jan

9 23
Feb

9 23 0 20
Mar Apr
1994

Billions
0.156
0.255
0.178
0.229
0.207 —
0.205

4 18 1 15 29
May
Jun

Latest data plotted week ending: June 15, 1994


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinandal Companies
Billions of Dollars

1994
May

Billions of Dollars

Not Seasonally Adjusted

Billions

4

7 11 5 U J II ID 14 ID 11 IS I 22 C 20 } 17 1 IS U 12 2S ) 2J ! 13 i 21 4 II 1 IS 2)
Apr

May

Jun

Jul

Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar
Apr
1994

May

Jun

Latest data plotted week ending: June 8, 1994

Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

325
315
305
235

Billions of Dollars

1
1
1
Compounded annual
rates of change,
average of the four

"

I

325

I

1994

Billions

Apr 97 9ft7 fiQ9
May 4 289.392
11 289.351
18 290.218
25 290.993
Jun 1 292.372

June 1, 1994 from
the four weeks ending:
Jun 2, 1993 3.9
Sep 1, 1993 5.4
Dec 1, 1993 8.6
Dec 29. 1993 10.3
Feb 2. 1994 12.1
Mar 2, 1994 15.4

315
305
235

285

285

275

275

255

21
Apr

5

13
May

11 ID 14 it 11 25
Jun

Jul

Aug

1

22

Sep

(

21 3 17
Oct
Nov

1993

15 21 12 2(
Jan
Dec

J

23

Feb

i'li'

i

20

Mar
Apr
1994

4

11
May

15 2
Jun

Latest data plotted week ending: June 1, 1994
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


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

11

255

Dollar’s Trade-Weighted Exchange Index
1973-100

1973=100

Averages of Daily Figures

1224 1273" 100
May 1 1

7 21 5
Apr

19 2

May

IS 30 14 20 11 25 8 22
Jun

Jul

Aug

Sep

I 20 3 17
Oct

Nov

1

15 20 12 10 0 23
Dec

1993

Jan

Feb

0 23 I 20

4 II 1

Mar

May

Apr

15 20
Jun

1994

Latest data plotted week ending: June 15, 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

m

&
M
>* t—i
« >
«s M
(K K
PQ

in