View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

nancial Data
JUN 2 4 mt

June 20, 1991

THE WEEK'S HIGHLIGHTS:
✓'

Consumer prices increased at a seasonally adjusted annual rate of
3.6 percent in May. This compares with a 2.7 percent rate of in­
crease in April and 5 percent over the past year. The May accel­
eration reflected increases in the price of energy goods, which rose
at an 18.1 percent rate after falling for five consecutive months.
Excluding food and energy goods, the May rate ofprice increase
was 2.6 percent—the same as in April.
Industrial production rose at an annual rate of 5.8 percent in May.
This was the second consecutive increase, after six straight months
of decline. The rate of increase in April was 3.5 percent. The April
and May production increases both reflected sharp increases in the
output of motor vehicles and parts.

y/

After seasonal adjustment, 982,000 housing units were started in
May, a slight increase over April. The total number of units started
during the first five months of 1991 was 28 percent lower than
during the same period last year.

RESERVE
ILANK of


Views expressed do not necessarily reflect official positions of the Federal Reserve System.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Apr

3
17
_ May 1
15
29
Jun 12

( II

Billions of Dollars

Billions

333.1
333.6
333.3 .
335.4
334.9
335.5

I If JO I] 17 II 25 I 22 5 H 3 17 J| H If 11 If 9 !J f 10 S 10 J 17 I

IS 29 12
Aug
Sep
Oct
Nov
Dec
Jan Feb Mar
Apr
1990
1g91
Latest data plotted reserve maintenance period ending: June 12, 1991
The adjusted monetary base is the mT ,°*furesett? accounts of financial institutions at Federal Reserve t
Sbanks,
currency m circulation (c
held by the public and in trie vaults of all depository institutions! and ai
adjustment for reserve requirement Katl2chKanieSA j f tyajor source of the adjusted monetary base is Federal
ijusted mohetary^as'e'is
!ni rat_______
Reserve credit. Data are computed by this baril A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.
Apr

May

Jun

Jul

Adjusted Monetary Base
To the averooe of Co71P°,un<ied annual rates of change, average of two maintenance periods ending:
two maintenance 6/13/90 9/5/90 11/14/90 12/12/90 W91
2/6/91
W»1
4/17/91
periods ending:
11/14/90
12/12/90
1/9/91
2/6/91
3/6/91
4/17/91
5/15/91
6/12/91

9.2
9.1
10.6
12.0
11.6
10.3
9.7
9.2


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

7.7
10.5
12.7
12.1
10.1
9.4
B.B

14.5
17.2
15.0
11.3
10.2
9.2

22.1
17.4
12.1
10.6
9.4

15.5
9.6
8.3
7.3

4.6
4.5
4.2

2.8
2.9

Prepared by Federal Reserve Bank of St. Louis

2S

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

Billions of Dollars

Billions of Dollars

M1
1991

Billions

May 6
13
20
27
_ Jun 3
10

849.9
851.7
853.0
851.8
856.5

(left scale'

TCD

(right scale)

19£1

2 16 30 14 21 11 25 9 23 6 20 3 12 1 15 2! 12 26 10 24 7 21 4 18 4 16 1
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1990

Mar

Billions

May 6
13
20
27
Jun 3
10

585.5
587.4
588.1
586.3
585.7
591.9

15 2! 13 27 ID 24
Apr

May

Jun

1991

Latest data plotted week ending: June 10, 1991
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)
T

Compounded annual rates of change, average of four weeks ending:
°
average g/n/go g/m/90 11/12/90 12/10/90 1/7/91
2/11/91 3/11/91
4/B/91
of four weeks
ending:
11/12/90
12/10/90
1/7/91
2/11/91
3/11/91
4/8/91
5/13/91
6/10/91

3.6
3.5
3.6
4.1
4.8
5.3
4.9
5.4


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

2.1
2.7
3.6
4.7
5.5
4.9
5.6

3.8
4.9
6.3
7.1
6.0
6.7

5.9
7.4
8.1
6.6
7.3

8.5
9.2
6.9
7.8

10.7
7.0
8.1

Prepared by Federal Reserve Bank of St. Louis

3

4

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

Billions of Dollars

Billions of Dollars

M2
1991

Billions

May 6
13
20
27
Jun 3
10

3391.8
3396.6
3399.7.
3398.5
3389.0
3402.3

(left scale)'

Non-M1 M2
L231 Billions

’right scale)

May 6
13
20
27
Jun 3
10

Apr

May

Jun

Jul

Aug
1990

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2541.9
2544.9
2546.7
2546.7
2538.4
2545.8

IS 2) 13 27 10 24

Apr

May

Jun

Latest data plotted week ending: June 10, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, money market deposit accounts, savings and small time deposits, and qeneral
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
6/11/90 9/10/90 11/12/90 12/10/90 1/7/91
2/11/91 3/11/91
4/8/91
of four weeks
ending:
11/12/90
12/10/90
1/7/91
2/11/91
3/11/91
4/8/91
5/13/91
6/10/91

2.7
2.5
2.4
2.7
3.2
3.6
3.4
3.4


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

1.1
1.2
2.0
2.8
3.4
3.1
3.3

1.5
2.6
3.8
4.4
3.9
3.9

3.2
4.6
5.2
4.4
4.3

5.9
6.2
5.0
4.8

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
June 10, 1991 from
the four weeks ending:
Jun 11, 1990 -3.6
Sep 3, 1990 -3.0
Dec 10, 1990 -2.0
Jan 7, 1991 0.0
Feb 4. 1991 3.6
Mar 4, 1991 3.9
Apr 15, 1991 3.4

Ratio
Apr

May

Jun

Jul

2.547
2.527
2.522

2.537

May 13

2.546
2.545

Jun 1 0

18 1 15 2) 1] 27 10 24

25 S 23 6 20 3 17 1 15 2! 12 26 10 24 7 21
Apr

1

Aug

Sep

Oct

Nov

Mar

Dec

1990

Apr

May

1991

Latest data plotted two weeks ending: June 10, 1991

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
June 10, 1991 from
the four weeks ending:
Jun 11, 1990 10.4
Sep 10, 1990 9.7
Dec 10, 1990 9.9
Jan 7, 1991 9.6
Feb 11, 1991 3.4
Mar 11, 1991
1.7
Apr B, 1991 0.7

1991

Jun

2 16 30 14 28 11 25 8 23 6 20
Apr

May

Jun

Jul

Aug

3 17 1 15 28 12 26 10 24 7 21
Sep

Oct

Nov

Dec

1990

Jan

Billions

3

256.5
256.3
256.9
257.4
257.0
256.7

4 18 4 II 1 15 28 13 27

10 24

Feb

Jun

Mar

Apr

May

1991

Latest data plotted week ending: June 10, 1991
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

Averages of Daily Figures

6 2fl 4 11 1 15 II 13 27 10 24 7 21 5 13 2 II 10 14 21 11 25 I 22
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

17 11 14 21
Mar

Apr

May

Jun

Latest data plotted are averages of rates available for the week ending: June 21, 1991

1991
Mar 29
Apr 5
12
19
26
May 3
10
17
24
31
Jun 7
14
21 ***

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal

6.31
6.18
6.00
6.00
6.08
5.91
5.91
5.93
5.91
5.90
6.07
6.12
6.05

6.36
6.25
5.99
6.03
6.07
5.93
5.92
5.93
5.91
5.91
6.02
6.10
6.06

6.14
6.02
5.88
5.89
5.92
5.75
5.75
5.76
5.76
5.76
5.91
5.98
5.93

8.92
8.86
8.B7
8.81
8.89
8.83
8.83
8.89
8.86
8.87
8.93
9.01
9.05

10.06
9.98
9.96
9.93
9.93
9.83
9.83
9.91
9.89
9.85
9.92
10.00
9.98

7.14
7.06
7.02
6.98
7.01
6.95
6.93
6.94
6.98
6.97
7.06
7.19
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

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

3-Month
Treasury Bfll

1 II 1 15 21 13 27 10 24 7 21 5 10 2 18 30 14 20 It 25 1 22
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

22 5 IS
Mar

Apr

17 31 H 28
May

Jun

Latest data plotted are averages of rates available for the week ending: June 21, 1991

1991

Federal
Funds **

3-Month
Treasury
Bill

6-Month
Treasury
Bill **+

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

B.35
5.94
7.79
5.84
5.82
6.10
Mar 29
8.27
5.87
7.69
5.79
5.75
Apr 5
6.00
8.27
7.69
5.84
5.59
5.68
5.90
12
8.20
5.87
7.70
5.63
5.67
5.69
19
8.30
7.74
5.86
5.79
5.66
26
5.92
8.23
5.73
7.64
5.68
5.51
5.92
May 3
7.69
8.29
5.76
5.61
5.48
10
5.79
8.37
5.76
7.76
5.44
5.63
17
5.78
7.73
8.34
5.77
5.66
5.79
5.44
24
8.31
5.76
7.66
5.65
5.72
5.46
31
8.44
5.92
7.86
5.71
5.58
5.91
Jun 7
8.54
6.00
7.97
5.78
5.58
5.75
14
7.97
B.54
5.79
5.98
5.59
5.78
21 *
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

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
440 ---------1----------1--------Savings
1991 Billions

430

430.8
432.2
433.6

Jun

1200

43 5.7
43 8.0

3
10

c ■ight sc ale)

1170

/

May 6
13
20

Billions of Dollars

/ '\

^

---

s

f

420

N N,

N
-----'X

Smc II Time
1991
Billio
May 6 1145.3
13 1143.1
20 1140.9
27 1138.7
Jun 3 1136.3
10 1133.5
I
I
~r~ i 1 i 1 1 1 1 ■ i 1 I

410
(left i cale)

400
..

Apr

..

.T

tv

May

II

1.1

Jun

*

Jul

■

IV

a

II

Aug
1990

Sep

I

IV

Oct

ij

11

19

Nov

IU

Dec

1140

N

f

ll

Jan

1

10

1

Feb

IQ

I

Mar

13

ZJ

IJ

Apr

u

May
7

1991

ID

1110

1090

l

Jun

Total and Large Time Deposits1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

2I3D

2110

2090

2050

May 6
13
20
•
2/
Jun 3
10

(left cale)

—
____ s rr

Tot al
199i
— May 6
13
20
27
Jun 3
10

504.0
502.8
503.2
501 4 —
501 0
500 4

_
“

2070

Billions of Dollars
--------- 1----------1------Large Time
1991 Billions

Tim e
mions

**
*

%_

S(

(ri jht sea e)

20E
207 8.1
207 7.7
207 5.0
207 3.0
207 1.9

it i 14 21 11 25
Apr
May
Jun

S

in'
Jul

i 20
Aug
1990

17
Sep

IS 20 12 21 10 24
Oct
Nov
Dec

1 21
Jan

T-r-T-r1 1 ■ 1 ■ 1
■ i ■
4 18 4 18
IS 2!
n 27 10 2
Feb Mar
Apr
May
Jun
1991

Latest data plotted week ending: June 10. 1991
^/ Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of $100,000 or more.
«__. . _ ,
, n
, ,
Prepared by Federal Reserve Bank of St. Louis


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

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

of Dollars

380

380
Compounded annual
rates of change,
average of the four
weeks ending
June 10, 1991 from
the four weeks ending:
Jun 11, 1990 12.6
Sep 10, 1990
Dec 10. 1990
Jan 7 1991 11.4
Feb 11, 1991
Mar 11, 1991
Apr 8 1991

1991

)

i | ■

!

i | i |'i i ■ i

i ■ i

i i i ■ ‘i ■ i ■

IE 30 II IS II !S S 23 f !0
Apr

May

Jun Jul

1 I 1 T1' I ■ I *■ i 1 i i 1 I '11

IS !S I! !S 10 !l 7 !1 I

Sep

Aug

1 17 I

Oct

Nov

Dec Jan

1 l 1

1 i 1

Billions

May 6
13
20
27
Jun 3
10

363.9
365.1
365.1
365.8
365.4
364.8

1 i ' |1T' ' ' ' '

IS I 11 1 15 1» 11 M
Feb

1990

Mar

Apr

May

J

IS M
Jun

1"1

Money Market Deposit Accounts
Billions of Dollars
I----------1--------- 1
550
Compounded annual
rates of change,
average of the four
weeks ending
June 10, 1991 from
the four weeks ending:
Jun 11.
Sep 10
Dec 10 1990 13.0
Jan 7, 1991 16.3
Feb 11, 1991 20.1
Mar 11 1991 20.9
Apr 8 1991 20.5

All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions c

1991
May

6
13
20
27
10

Billions
532.3
535.9
537.1
537.5
538.6
541.5

I '| | |—r-|—1—|——|—I—|—I—|—>—|—r—|
I.............I
i
.
.
.........................
I I IS I 30 I 14 I 21 11 25 ! 23 S 20 3 i17| ■ 1 ■ 15 21 12 21■ I 10■ i24 i 7 - 21 - . 4 - 10 - 4. - 18 1 15 20 13 27 10 24 .
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar_ Apr

May

Jun

1991

1990
Latest data plotted week ending: June 10, 1991


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

Billions of Dollars
5.0 —I--------- 1---------1991

4.0

_

5.0

Billions

May 15
22
29
Jun 5
12
19

Billions of Dollars

0.321
0.295
0 303
0 218
O 349
0 264

0.0

3.0

3.0

2.0

2.0

I.O

0.0

1.0

1» 2 If 31 11 27 11 25
Apr May
Jun
Jul

1 2! 5 t!
Aug
Sep
1990

J

17 11 14 21 1! !t
Oct
Nov
Dec

I ' I ■' i ' 1 "l r i >1
'Ml*
17' 1
Tii
9 23 S 20 6 20
IS 2!
Jan
Feb Mar
Apr
May
Jun
19 91

Adjustment + Seasonal Borrowings
From Federal Reserve Banks

Billions of Dollars

3.0

Billions of Dollars

i—i—
1991

2.0

-

May 15
22
29
Jun 5
12
19

3.0

Billions
0.189
0.200
0 281
0 204
0 346
O 258

2.0

1.0

1.0

1.2

1.2

0.0

0.0

0.0

~~r"T » i-"* T i ^ l ' l n~ ■ i

Apr

May

Jun

Jul

i i i i1 n i

Aug

Sep

Oct

1990

Nov

Dec

Jan

Feb

S 20 3 17 1 15 2) 12 2(
Mar

Apr

May

Jun

1991

Latest data plotted week ending: June 19, 1991


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

Prepared by Federal Reserve Bank of St. Louis

0.0

Commercial Paper of Nonfinancial Companies
Billions of Dollars
mo
1991

180

Billions

May 8
15
22
29
Jun 5
_
12

,

Billions of Dollars

Not Seasonally Adjusted

154.426
152.950
151.223
148.419
148.901
148.393

.
I ■' !* ■ r ■■ I '■ I I I I ' I ■ ‘ I-r- I ■ ‘I ■ I ' ■ I ■ I*1 I 1 I » H'l ■* I 1 I I 1 I 1 ‘I ' T '
I 1 I 120
4 II 2 16 30 13 27 11 25 B 22 5 19 3 17 31 14 28 12 26 8 23 8 20 i 20 3 17 1 15 2! 12 26
Feb Mar
Apr May Jun
Aug Sep Oct Nov Dec Jan
Apr May Jun
Jul
1991
1990
Latest data plotted week ending: June 12, 1991

Commercial and Industrial Loans1 /
Weekly Reporting Large Commercial Banks 2/
Seasonally Adjusted

Billions of Dollars

355
345
335

June 5, 1991 from
the four weeks ending:
Jun 6, 1990 -5.1
R«n 5. 1990 -7.0
Dec 5. 1990 -8.7
Jan 2, 1991 -8.7
Feb 6. 1991 -8.7
Mar 6, 1991-10.9
Apr 3, ‘ 991 —146.1

Billions ot Dollars

3(5

--------- 1

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

1991
8
15
22
29
Jun 5

Billions
313.639—
312.870
310.611
310.512
309.875
310.139

355
345
335

“

325

325

3I5

315

305

■ i ■ i *■ fr-r i ■ r* i ■ i «•
16 3 13 27 11 25 8 22 5 1) 3 17 1 14 28 12 26 ! H i I! S 21 3 I7
Feb Mar
Nov
Dec
Apr
Jul
Aug
Jan
Sep Oct
May Jun
1991
1990
1 i 1

i ii

Apr

I5 2i 12 2
May

305

Jun

Latest data plotted week ending: June 5, 1991
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

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

1991 1973=100

2 16 30 13 11

w « !! s I! I 17 31 11 !I I! 2f S 2] s 20 6 21 3 17 I
Feb

Mar

Apr

IS 2) 12 2f
May
Jun

Latest data plotted week ending: June 19, 1991
Current data appear in the Federal Reserve Board's H.10 release.
country* Weight?d overa9es
foreign-currency price of fhe U.S. dollar, computed ueing 10 industriol


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

Prepared by Federal Reserve Bank of St. Louis

o
-■0

immj
X
2>
A?
-<

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