Full text of U.S. Financial Data : June 25, 1992
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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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ■ Adjusted Monetary Base Averages of Daily Figures Seasonally Adjusted Billions of Dollars 1 1992 Billions Apr 15 361.1 361.2 362.4 Jun 10 363.1 364.4 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 Billions of Dollars 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 annual rates of change, average of two maintenance periods ending: To the average of Compounded 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 http://fraser.stlouisfed.org 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 http://fraser.stlouisfed.org 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 1 15 88.2 — May 13 27 Jun 10 87.9 89.3 87.4 May Billions of Dollars Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 10Jun24 8 22 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 http://fraser.stlouisfed.org 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. 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 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 http://fraser.stlouisfed.org 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 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 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 http://fraser.stlouisfed.org 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 1115 1070 + 1992 Billions May 11 18 25 Jun 1 8 15 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 Small Time (right scale) Large Time 1992 Billions — May 11 403.6 1992 Billions May 11 972.2 969.0 Large Time (left scale) 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 1 1992 B,ijjign.5 May 20 27 Jun 3 10 17 24 0.139 0.174 0.170 0.133 0.152 0.224 Billions of Dollars 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Commercial Paper of Nonfinancial Companies Billions of Dollars 1 Billions of Dollars Not Seasonally Adjusted 1992 Billions May 13 20 27 Jun 3 10 17 145.973 145.907 144.172 144.229 144.926 148.468 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 ^ http://fraser.stlouisfed.org 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis r i—i to ro 33 > 50 k: