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mz.

Federal Reserve Bank

jjjn

2 9 1992

■NlIflMi

UXFmahcial Data

THE WEEK’S HIGHLIGHTS:
t/ The Ml money stock rose at a 7.2 percent annual rate during the
past three months, down from a 16.2 percent rate of increase
during the previous six months.

✓

The yield on three-month Treasury bills averaged 3.65 percent for the
week ending June 26, down from a 4.04 percent average in March.

✓

The dollar’s trade-weighted exchange index declined to 85.6 per­
cent of its 1973 average for the week ending June 24, down from
its recent peak of 90.8 percent in late March and 95.6 percent a
year earlier.

✓

New orders for manufactured durable goods fell 2.4 percent in
May, after rising 1.9 percent in April. Durable goods orders for
the first five months of 1992 were up 4.7 percent from the same
period in 1991.

✓

The federal budget showed a deficit of $46.9 billion in May. The
fiscal 1992 deficit total of $231.7 billion compares with a deficit
of $175.5 billion for the same period in fiscal 1991.

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)

$18
$30

To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
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

■

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

361.1
361.2
362.4

Jun 10

1

Billions

Apr 15

Billions of Dollars

363.1
364.4

15 2! 12 26 10 20
May Jun
Jul

7 21 4 18 2 16 30 13 27 11 25 8 22
Aug Sep
Oct
Nov Dec
Jan
1991

Feb

Mar

Apr

May

Jun

Jul

Latest data plotted reserve maintenance period ending: June 24, 1992
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. TTie 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.
7
Recent data are preliminary.

Adjusted Monetary Base
To the average of Compounded annual rates of change, average of two maintenance periods ending:
6/26/91 9/18/91 11/27/91 12/25/91 1/22/92 2/19/92 3/18/92 4/29/92
two maintenance
periods ending:
11/27/91
12/25/91
1/22/92
2/19/92
3/18/92
4/29/92
S/27/92
6/24/92

7.8
7.8
7.2
9.0
9.1
8.8
8.7
8.2


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Federal Reserve Bank of St. Louis

7.9
6.8
9.7
9.8
9.2
9.1
8.3

5.6
11.2
11.0
9.9
9.6
8.5

12.7
11.9
10.3
9.8
8.5

16.7
12.4
11.4
9.6

8.3
8.2
6.7

7.3
5.7

4.8

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1992

Billions of Dollars

M1
Billions

May 11
18
25
Jun 1
8
15

955.3­
953.9
951.1
958.3
956.0
953.1

TCD (right scale)
M1 (left scale)

TCD
1992 BjHisps
May 11
18
25
Jun 1
8
15

6 20 3 17 1 15 29 12 26 9 23 7 21
May
Jun
Jul
Aug
Sep Oct
1991

672.7
671.5
667.9 —
675.1
671.8
669.0

4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1992

Latest data plotted week ending: June 15, 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)
Compounded annual rates of change, average of four weeks ending:
To the average 6/17/91 g/16/91 11/18/91 12/16/91 1/13/92 2/17/92 3/16/92 4/13/92
of four weeks
ending:
11/18/91
12/16/91
1/13/92
2/17/92
3/16/92
4/13/92
5/18/92
6/15/92

9.3
9.8
9.7
12.2
13.2
12.0
12.2
11.7


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Federal Reserve Bank of St. Louis

12.3
11.6
15.2
16.2
14.1
14.0
13.1

10.9
17.3
18.4
14.9
14.6
13.4

19.5
20.3
15.5
15.0
13.6

25.5
17.4
16.3
14.3

11.0
12.0
10.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

1992
Apr

Seasonally Adjusted

Billions of Dollars

Billions

1
15

88.2

— May 13
27
Jun 10

87.9
89.3
87.4

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

10 24 8 22
Jun

Latest data plotted two weeks ending: June 10, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the averaae of Col71P°unded annual rates of change, average of two maintenance periods ending:
two maintenance 6/12/91
9/+/91 "/'V91 12/11/9, 1/8/92
2/5/92
3/4/92
4/15/92
periods ending:
11/13/91
12/11/91
1/8/92
2/5/92
3/4/92
4/15/92
5/13/92
6/10/92

6.7
7.5
6.2
6.3
12.7
12.2
12.1
12.0


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Federal Reserve Bank of St. Louis

12.7
9.4
8.9
18.2
16.5
15.9
15.4

4.9
5.5
21.5
18.1
16.9
16.1

2.4
24.9
19.5
17.9
16.8

40.6
26.3
22.7
20.5

35.2
27.8
23.8

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
June 8, 1992 from
the four weeks ending:
Jun 10, 1991
3.3
Sep 16, 1991
4.3
Dec 9, 1991
4.3
Jan 20, 1992 4.1
Feb 17, 1992 3.7
Mar 16, 1992
1.5
Apr 13, 1992 2.3

Ratio
Mar 30
Apr 13
May 11
Jun

8

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

2.622
2.605
2.613
2.630
2.616
2.636

15 2! 13 27

1992

1991
Latest data plotted two weeks ending: June 8, 1992

Currency Component of M12/
Billions of Dollars

Billions of Dollars

Seasonally Aajustea

Compounded annual
rates of change,
average of the four
weeks ending
June 15, 1992 from
the four weeks ending:
Jun 17, 1991
7.3
Sep 16, 1991
7.0
Dec 16, 1991
6.9
Jan 13, 1992 6.9
Feb 17, 1992 5.6
Mar 16, 1992 6.2
Apr 13. 1992 7.4

Billions
May 11

274.6

274.5
275.3
275.3

276.2
276.2

6 20 3 17 1 15 29 12 26 9 23 7 21 4 18
May
Jun
Jul
Aug
Sep Oct
Nov

16 30 13 27 10 24 9 23 6 20 4 18
Feb Mar
Apr
May

1991

15 29 13 27

1992

Latest data plotted week ending: June 15, 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

Percent

II. o

11.0

10.0

_

0+

_

N, ^,

9.0

Aaa Bonds

'71

_ X*** —
-

mm

8.0

/'•
N

7.0

•• *■

mm ^ *

.
Munir fpol Bo ids

Prime E ank
Loon R<rte

S.O

6.0

5.0

5.0
Com morel a 1
p a per

4.0

' 1 1

1 1 • 1 rT"i H i i~r
1

May

Jun

Jul

Aug

Sep

Oct

* i ' i 'Ml

I'M Ml* T »Ml 1 i ■

Nov

Jan

Dec

Feb

Mar

1991

Apr

3.0
May

Jun

Jul

1992

Latest data plotted are averages of rates available for the week ending: June 26, 1992
30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate

CDs

Municipal

4.19
4.08
3.93
3.96
3.92
3.85
3.77
3.78
3.89
3.91
3.86
3.83
3.85

4.25
4.11
3.95
3.95
3.92
3.88
3.85
3.83
3.92
3.94
3.91
3.89
3.89

4.12
4.01
3.84
3.87
3.82
3.77
3.71
3.74
3.84
3.84
3.81
3.79
3.80

8.35
8.32
8.28
8.33
8.37
8.35
8.27
8.23
8.25
8.24
8.24
8.22
8.22

9.21
9.19
9.16
9.24
9.23
9.20
9.12
9.07
9.11
9.09
9.08
9.02
9.04

6.73
6.66
6.60
6.68
6.69
6.64
6.54
6.51
6.58
6.57
6.52
6.46
NA

90-Day
1992
Apr

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

* 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

Averages of Daily Figures

Bin ^ n

Discount Rate

3 17 31 14 28 12 26 9 23 S 20 4 II
May Jun
Jul Aug Sep Oct
1991

1

IS 29 13 27 10 24
Nov
Dec Jan

7 21
Feb

6 20 3 17 I IS 2) 12 26 10 24
Mar
Apr May Jun
Jul
1992

Latest data plotted are averages of rates available for the week ending: June 26. 1992

1992
Apr

3
10

17
24
1
8
15
22
29
Jun
5
12
19
26 *

May

Federal
Funds **
4.09
3.98
3.65
3.47
3.65
3.77
3.84
3.89
3.80
3.85
3.69
3.73
3.72

3-Month
Treasury
Bill

6-Month
Treasury
Bill ***

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

4.01
3.80
3.63
3.68
3.69
3.63
3.60
3.61
3.71
3.71
3.67
3.63
3.65

4.19
4.02
3.73
3.86
3.85
3.78
3.74
3.71
3.90
3.90
3.83
3.75
3.77

4.27
4.06
3.95
4.11
4.12
4.06
3.93
3.92
4.06
4.08
3.99
3.93
3.96

6.86
6.69
6.65
6.89
6.88
6.78
6.65
6.61
6.70
6.61
6.56
6.44
6.45

7.84
7.78
7.76
7.94
7.95
7.87
7.73
7.69
7.79
7.76
7.74
7.67
7.68

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


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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

1992

Billions of Dollars

M2
Billions

May 11
18
25
Jun 1
8
15

3477.0
3470.4
3460.1.
3467.1
3467.5
3464.9

(left scale)

Non-M1 M2 (right scale)

Non-M1 M2
1922 BJUjons
May 11
18
25
Jun 1
8
15

6 20 3 17 I
May

Jun

15 29 12 26 9 23 7 21 4
Jul

Aug
Sep
1991

Oct

18 2
Nov

16 30 13 27 10 24 9 23 6 20 4
Dec

Jan

Feb

Mar

Apr
1992

18 1
May

2521.7
2516.5
2509.0
2508.8
2511.5
2511.8

15 29 13 27
Jun

Jul

Latest data plotted week ending: June 15, 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)
T ,,
Compounded annual rates of change, average of four weeks ending:
lotne average 6/17/91 9/,6/91 n/18/91 19/16/91 1/13/92 2/17/92 3/16/92 4/13/92
of tour weeks
ending:
11/18/91
12/16/91
1/13/92
2/17/92
3/16/92
4/13/92
5/18/92
6/15/92

1.3
1.9
1.6
2.5
2.8
2.1
1.9
1.6


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Federal Reserve Bank of St. Louis

3.2
2.3
3.6
3.8
2.7
2.4
2.0

2.3
4.5
4.6
2.9
2.5
1.9

4.2
4.4
2.4
1.9
1.3

6.8
3.3
2.5
1.7

0.3
0.4
-0.1

Prepared by Federal Reserve Bank of St. Louis

T

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1160

Billions of Dollars

410

I---------- 1----------

Savings
1992
May 11
18
25
Jun 1
8
15

1115

1070

+

Billions
1121.9
1125.1
11 22.7
11 23.0
11 25.6
11 28.6

— -J i —'

3)0
Money Markel (right scale)

370

"~\
' “* \

\
+ N

1

1025

s.

350
Mor ey Ma rket
!_99i
Billi<?ns

s<ivfngs

900

Jeposrt i (left { cale)

May 1 1

356 .7

25
1
8
15

353.1
353.6
353.7
353.8

Jun

935

330

—, J...
310
6 20 3 17 1 15 2) 12 26 9 23 7 21 4 10 2 16 30 13 27 10 24 9 23 6 20 4 II I 15 2) 13 27
May Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
1991
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

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

Billions of Dollars

Billions of Dollars

Small Time
1992

Large Time
1992

972.2
969.0

Large Time (left scale)

Billions

— May 11

Billions

May 11

Small Time (right scale)

403.6

20 3 17 1 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 Mar
Apr
May
Jun
Latest data plotted week ending: June 15, 1992
1/ Large time deposits are those issued in demoninations 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

1992

Billions

1 < -May 20
27
Jun 3
10
17
« n
24

I

0.139
0.174
0.170
0.133
0.152
0 224

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

Billions of Dollars

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

I) 4 18 I
Feb

Mar

15 2) 13 27 10 24 8 22
Apr

May

Jun

Jul

1992

1991

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

Billions of Dollars

1992

1

B,ijjign.5

May 20
27
Jun 3
10
17
24

Billions of Dollars

0.139
0.174
0.170
0.133
0.152
0.224

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

Jun

Jul

Aug

Sep

Oct

Nov

1991

Dec

Jan

Feb

Mar

15 29 13 27 10 24 8 22
Apr

May

Jun

Jul

1992

Latest data plotted week ending: June 24, 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

1992

Billions

May 13
20
27
Jun 3
10
17

1

Billions of Dollars

Not Seasonally Adjusted

145.973
145.907
144.172
144.229
144.926
148.468

IS 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25
May
Jun
Jul Aug Sep Oct
Nov Dec
1991

8 22
Jan

5 19 4 18 1 15 29 13 27 10 24
Feb Mar
Apr
May Jun
1992

8 22
Jul

Latest data plotted week ending: June 17, 1992

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

Billions of Dollars
Compounded annual
rates of change,
average of the four
weeks ending
June 10, 1992 from
the four weeks ending:
Jun 12. 1991 -9.1
Sep 11. 1991 -7.2
Dec 11. 1991 -6.8
Jan 8. 1992 -5.3
Feb 12, 1992 -6.9
Mar 11, 1992 -8.4
Apr 8, 1992-11.1

1

15 29 12 26
May Jun

Billions of Dollars

1992

Billions

13
20
27
Jun 3
10

286.332
284.521
283.940
283.481
280.952.

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
Jul Aug
Sep Oct
Nov
Dec Jan
Feb Mar
Apr
May Jun
1991
1992

8 22
Jul

Latest data plotted week ending: June 10, 1992
1 / Commercial and Industrial loans include banker's acceptances and commercial paper.
2/ Bank* with domestic asset* greater than tl.+ billion
Pr(!par(!d by Fed(.ra| Rmwv, Bank of st ^


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Federal Reserve Bank of St. Louis

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

1973=100

1992 1973=100
May 20

1 IS 2i 12 25 10 24 7 21 4 18 2 15 30 13 27
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

22 5 19 4 18 1 15 2) 13 27 10 21 8 22

Jan

Feb

Mar

Apr

May

Jun

Jul

Latest data plotted week ending: June 24, 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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

r to
i—i
ro
33
>
50

k:

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