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16,1995

UAH 2 0 1995

Floral Rasserve Bank

! ft lou!
FEDERAL
A RESERVE
ISANKot

Mr slums

THE WEEK'S HIGHLIGHTS:
✓

The consumer price indexfor all urban consumers (CPI-U) increased
at a 3.2 percent annual rate in February, down from a 4.1 percent
rate in January. Consumer prices have risen 2.9 percent since
February 1994.

✓

The producer price indexforfinished goods (PPI) rose at a 3.8 percent
rate in February. The PPI has risen at a 4.2 percent rate over the
last three months, after rising at a 0.9 percent rate over the previous
nine months.

/ Industrial production rose at a 6.1 percent rate in February.

Over
the last three months, industrial production has risen at a 7.9 percent
rate, up strongly from the 4.1 percent rate of increase over the previous
three months.

✓

Total retail sales fell at a 6.2 percent rate in February. Since
November 1994, retail sales have advanced at a 0.5 percent rate,
after rising at a 10.2 percent rate over the previous three months.

✓ Nonfarm payrolls expanded by 318,000 in February,

up modestly
from the average monthly increase of298,000posted over the period
from January 1994 to January 1995. The civilian unemployment
rate measured 5.4 percent in February.

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. Sorry, no refunds.
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 Ngures
Seasonally Adjusted

Billions of Dollars

1995
Jan

4

_ Feb

1

Mar

1

5

Billions of Dollars

Billions
456.5
459.1
460.0
461.8
462.4
462.2

19 2 16 2 16 30 13 27 11 25
Jan
Feb Mar Apr
May

8 22
Jun

6 20
Jul

3 17 31 H 28 12 26 9 23 7 21
Aug
Sep
Oct
Nov
Dec

4

II 1 15 1 15 29
Jan
Feb Mar

1994

1995

Latest data plotted reserve maintenance period ending: March 15, 1995
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 Monetaiy Base
two maintenance
periods ending:
8/17/94
9/14/94
10/12/94
11/9/94
12/21/94
1/18/95
2/15/95
3/15/95

Compounded annual rates of change, average of two maintenance periods ending:
6/8/94
8/17/94 9/14/94 10/12/94 11/9/94 12/21/94 1/18/95
3/16/94

6.6
6.5
6.5
6.2
5.9
6.1
6.4
6.2

5.8
5.9
5.5
5.3
5.6
6.0
5.8

6.0
5.3
5.1
5.6
6.1
5.8

5.0
4.8
5.5
6.2
5.8

4.3
5.4
6.2
5.8

5.9
6.8
6.2

8.6
7.0

6.6

Prepared by Federal Reserve Bank of St. Louis

/


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

Money Stock (Ml) and Total Checkable Deposits
Averages of Daily Figures

Billions of Dollars

1180

i

Billions of Dollars
855

r

M1
1995

1160

Billions

Jan 30 1147.0
13
20
27
Mar 6

11
11
11
11

left sc lie)

Ml

835

46.8
45.4
46.0
47.7

1140

815
~\
m ** *'■

V

\

1120

TCD right s cale)

795

Ns

\

'N

f\

Ns - n*

775
TCD
1995

17 31
Jan

H 28 14 28
Feb Mar

11 25 9 23
Apr May

6 20
Jun

4

18
Jul

Jan 3
“ Feb 6
13
20
27
Mar 6
I
................. ... ' i ' i ' i ' i ' I i I i ■ l ■ l1 ■

15 29 12 26 10 24 7 21 5 19
Aug
Sep Oct Nov
Dec

Billie>ns
779 .1
782.7
780.0
778.2
778.7
779.6
I
1 ■ I1 ■ l <

16 30 13 27 13 2
Jan
Feb Mar
1995

Latest data plotted week ending: March 6, 1995
Current data appear in the Federal Reserve Board's H.6 release.
isi,lhe SUm of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
cnecKs.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
To the nvernne
Sfourweeks

Compounded annual rates of change, average of four weeks ending:
3/7/94
6/6/94
8/8/94
9/5/94 10/3/94 n/7/94 ’2/5/94 1/9/95

ending:
8/8/94
9/5/94
10/3/94
11/7/94
12/5/94
1/9/95
2/6/95
3/6/95

3.1
2.2
1.9
1.2
1.2
0.9
1.1
0.7


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

.

2.4
1.8
0.7
0.8
0.5
0.7
0.3

-1.3
-1.9
--1.2
-1.2
-0.6
-1.0

-1.7
-0.9
-0.9
-0.2
-0.7

-1.1
-1.1
-0.3
—O.B

-0.1
O.B
-0.2

0.7
-0.6

Prepared by Federal Reserve Bank of St. Louis

3

755

735

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Dec 21 100.6
— Jan 4- 101.6
18 102.4
Feb 1 101.0
15 103.0
Mar 1 103.6

5

19
Jan

2 16 2 16 30 13 27 11 25
Feb Mar
Apr
May

8 22 6 20
Jun
Jul

3 17 31 14 28
Aug
Sep

12 26
Oct

9 23 7 21
Nov Dec

1994

4 18 1 15 1 15 29
Jan
Feb Mar
1995

Latest data plotted two weeks ending: March 1, 1995
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
5/25/94
8/3/94
8/31/94 9/28/94 10/26/94 12/7/94
1/4/95
two maintenance
periods ending:
8/3/94
B/31/94
9/28/94
10/26/94
12/7/94
1/4/95
2/1/95
3/1/95

-6.3
-5.2
-3.9
-4.2
-5.1
-5.4
-4.4
-2.5


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

-0.7
0.6
-0.7
-2.9
-3.6
-2.4
-0.1

3.2
0.0
-3.6
-4.5
-2.7
0.3

-0.6
-4.9
-5.8
-3.4
0.2

-8.7
-8.7
-5.2
-0.7

-9.7
-5.0
0.6

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily figures

Ratio

Ratio

3.2

.

2.8

1-------- 1— 3.2

Compounded anni a,
rates of change,
average of the fou r
weeks ending
February 27, 1995 from
the four weeks en< ing:
Feb 28, 1994 - 5.0
Jun 6, 1994 - 5.4
Sep 12. 1994 -45.6
Oct 10, 1994 H5.5
Nov 7, 1994
5.1
Dec 5. 1994 - 5.5

1995

Ratio

Dec 19
Jon 2

2.525
2.511

30
Feb 1 3
27

2.4 96
2.488
2.4 78

3.0

2.8

2.8

2.S

2.3

I-1- 1 '

Jan

Feb

Mar

Apr

May

Jun
Jul
1994

Aug

Sep

Oct

Nov

Dec

“r | i |* i | i

Jan

Feb
1995

Latest data plotted two weeks ending: February 27. 1995

Mar

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

365

Billions of Dollars

l---------- 1
Compounded annual
rates of change,
average of the four
weeks ending
March 6, 1995 from
the four weeks ending:
Mar
1994
Jun
1994
Sep
1994
Oct
1994
Nov
1994
Dec
1994
Jan
1995

365

1995

'

' 1 1 1

3

1 1 1 ' 1 1 1 1 11 ' 1 1

12 31 14 2! 14 21 II 25
Feb Mar Apr
Apr

1 ' 1

9 23S
May
May

*' ' • ■ • i

1 i 1

20
4 11 1
Jun
Jul
Jun
Jul
1994

1 i 1 i 1 i 1 i i ' i

i i i i11 i i i

IS 29 12 26 10 24 7 21
Aug
Sep Oct
Nov

5 19
Dec

Billions

Jan 30
Feb 6
13
20
27
Mar 6

359.5
359.2
358.3
358.8
358.8
359.6

i i i i11

i i |i i | i

2 16 30 1J27
Jan
Feb
1995

1! 27
Mar

Latest data plotted week ending: March 6, 1995
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

3

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Corporate
Aaa Bond*

Prime Bank

.Municipal Bonds.

7 21

4

18 4 18 1 15 29 13 27 10 24 8 22
Feb Mar
Apr
May
1994

16 30 14 28 11 25
Sep
Oct
Nov

9 23
Dec

3

17 3 17 31
Feb Mar
1995

Latest data plotted are averages of rates available for the week ending: March 17, 1995

1994

30—Day
Commercial
Paper

90—Day
CDs

90-Day
Bankers'
Acceptances

Dec 23
30
Jan
6
13
20
27
Feb
3
10
17
24
Mar
3
10
17 *

6.05
6.06
5.85
5.75
5.82
5.94
6.08
6.03
6.07
6.03
6.05
6.08
6.08

6.26
6.36
6.36
6.20
6.22
6.22
6.22
6.16
6.17
6.11
6.13
6.20
6.16

6.14
6.23
6.21
6.09
6.12
6.10
6.11
6.05
6.05
6.00
6.03
6.08
6.03

Corporate
Aaa Bonds
8.45
8.43
8.49
8.46
8.44
8.49
8.33
8.28
8.26
8.23
8.17
8.22
8.06

Corporate
Baa Bonds

Municipal
Bonds **

9.08
9.08
9.13
9.10
9.06
9.10
8.92
8.87
8.85
8.82
8.76
8.81
8.64

6.74
6.71
6.66
6.53
6.44
6.49
6.40
6.18
6.18
6.11
6.08
6.18
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
Averages of Daily Figures

Percent

5-Year
Treaeury Securities

Treasury

Funds Rate

Discount Rate

1 21
Jan

4 1® * I® 1 15 28 13 27 10 24
Feb Mar
Apr
May
Jun

8

22 5 19
Jul Aug

2 16 30 14 28
Sep
Oct

11 25
Nov

9 23 6 20
Dec Jan

3

17

3

17 31

1994

Latest data plotted are averages of rates available for the week «

1994
Dec

23
30
6
13
20
27
Feb
3
Jan

Mar

17
24
3
10
17 *

Federal
Funds **
5.56
5.45
5.40
5.53
5.45
5.42
5.63
5.95
5.93
5.94
5.88
5.93
5.94

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury

Long-Term
Treasury

5.49
5.52
5.67
5.66
5.70
5.77
5.82
5.79
5.75
5.72
5.74
5.76
5.75

6.66
6.74
6.74
6.66
6.58
6.50
6.43
6.37
6.29
6.15
6.07
6.14
6.02

7.79
7.81
7.86
7.80
7.73
7.74
7.54
7.47
7.40
7.23
7.10
7.18
6.96

7.82
7.81
7.86
7.80
7.74
7.78
7.62
7.56
7.48
7.36
7.27
7.35
7.12

7.95
7.93
7.99
7.95
7.90
7.93
7.78
7.72
7.67
7.61
7.53
7.61
7.42

u-u1 aaxa aPpeQr jn tne hederal Reserve Board's H.15 release excludinq Ion
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


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

Prepared by 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

Billions of Dollars

2520
M2
1995

Billions

(left scale)

Jan 30 3621.4
Feb 6 3626.7
13 3621.6.
3S20 20 3618.9
27 3620.7
Mar 6 3618.2

2495

2470

2445

Non-M1 M2 (right scal<

Non-M1 M2
1_995

Billions

Jan 30 2474.4
Feb 6 2476.3
13 2474.8
20 2473.5
27 2474.7
Mar 6 2470.5

2420

2395
3

17 31 14 28 14 28 11 25
Jan
Feb Mar
Apr

9 23
May

fi

20 4 18
Jun
Jul
1994

1

15 29 12 26 10 24
Aug
Sep
Oct

7 21 5 19 2 16 30 13 27 13 27
Feb Mar
Nov
Dec
Jan
1995

Latest data plotted week ending: March 6, 1995
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, 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

Compounded annual rates of change, average of four weeks ending:
9/5/94
10/3/94 11/7/94 12/5/94
1/9/95
6/6/94
8/8/94
3/7/94

ending:
8/8/94
9/5/94
10/3/94
11/7/94
12/5/94
1/9/95
2/6/95
3/6/95

1.9
1.4
1.2
0.8
0.9
0.9
1.1
0.9


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

0.4
0.3
-0.1
0.2
0.4
0.7
0.4

-0.8
-1.1
-0.4
0.0
0.5
0.2

-0.9
-0.1
0.3
0.9
0.4

-0.1
0.4
1.1
0.5

1.6
2.1
1.2

2.3
1.0

0.7

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
1995

Small Time

Billions

1995

Jan 30 1124.4'
Feb 6 1118.9
13 1114.5
20 1110.6

War

27 1105.76 1101.4

Billions

Jan 30
Feb 6
13
20
27
Mar 6

Savings DepositsQeft scale)

839. ~
i.3
843.0
848.
854.8
860.
866.

Small Tims (right scale)

i

I7 3] U II M II 11 25
Jan

Feb

Mar

.

Apr

9 23 6 20 1 18 I
May

.

Jun

Jul

15 29 12 2$ 10 2* 7 21
Aug

Sep

Oct

Nov

5 19 I
Dec

16 30 13 27 13 2
Jan

Feb

1994

Mar

1995

Note: Savings deposits are at ail depository institutions.

Large Time Deposits and Money Market Funds1 /
All Depository Institutions

Billions of Dollars

Billions of Dollars

445 --------- 1--------- 1----------

1
1
Money Market
1995 Billions

Large Time
1995 Billions
Jan 30
Feb 6
13
20
27
Mar 6

367.9
367.6
3 69.7
3 73.9
3 79.0
3 79.7

Jan 30

392.6

13
20
27
Mar 6

39:
391
39:
38"

I

420

395
— X-

Morn y Mark Bt
*V

370
—

420

395

✓

370

/

''s

445

--" •

345

345
Large Time

Jan

Feb

Mar

Apr

9 23
May

6 20 4 18
Jun
Jul
1994

1

15 29 12 26 10 24
Aug
Sep
Oct

7 21
Nov

I-1" 1 ■ ' 1 '
5 19 2 16 30 13 27 13 27
Dec
Jan
Feb Mar
ig95

Latest data plotted week ending: March 6. 1995
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 Federa| Reserve Bank of $t 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

1995
Feb

5

Billions
0.052
0.051
0.064
0.055
0.054
0.064

8

Mar

Billions of Dollars

1

19 2 16 2 16 30 13 27 11 25
Jan
Feb Mar
Apr
May

8 22 6 20
Jun
Jul

3

17 31 M 21 12 26
Aug
Sep
Oct

9 23 7 21
Nov
Dec

4

18 1 15 1 15 29
Jan
Feb Mar

1994
..
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, $1 million in the week ending July 20, 1994 and was zero in the other weeks shown.

Bank Loans and Credit
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

3425 --------- 1
Bank
iaas
3375 “ Jan 25
Feb 1
8
15

3325

1

Mar

—
Cr edit
ILiops
a
3.563.4
3.558.8
3»551.3
3v559.4

i/
Billions of Dollars

2500

2450
B ank Cnedit (le t scale

)2/

'

3.580.4

J*

*

/

24D0

f

___ /L-

3275
4

3225
*
3175

/

_/■

1 *“*

M

2350

•

2300

*

Loan s&Lecjses
iillion*
199;

/-*

Jan 2 5
Feb 1
8
15
22
Mar 1

>

3125

e)

oana a

2413.2
2419.5
2413.0
2424.4__
2426.3
2441.2

2250

2200
2150

3075
S

19
Jan

I

IS 2

Feb

16 JO IJ 27

Mar

Apr

II 25

0 22 6

10 J

17 II H 20

Jun Jul
Aug
Sep
1994
Latest Wednesday data plotted : March 1, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

May

1! 20

9

Oct

Nov

23 7 21
Dec

4

18

Jan

I

15 1

15 29

Feb
Mar
1995

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted
Billions

166.634
167.462
170.907
167.675

5

19
Jan

2 16 2 18 JO 13 27 II 28
Feb Mar
Apr
May

8 22 6 20
Jun J
1994

3

17 31 » 28 12 28

9

23

7

21

18

1

13 I IS 21
Feb Mar

Latest data plotted week ending: March 8, 1995

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

All Banks
1995
Jan 25
— Feb 1
8
15
22
Mar 1

Billions
662.3
668.4 667.8
670.6
670.8
676.5

Larga Banks (right scale)

Large Banks
1995

All Banka (left scale)

5

19
Jan

2 18 2 IS 30 13 27
Feb Mar
Apr

11 25 8 22 8 20
May Jun
Jul
1994

3

17 31 14 28 12 28
Aug
Sep
Oct

Latest Wednesday data plotted : March 1. 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

11

Billions

Jan 25
Feb 1
8
15
22
Mar 1

324.0
327.4
326.1
327.7
328.5
331.3

9 23 7 21 4 18
Nov
Dec
Jan

1

15

1

15 29

Prepared by Federal Reserve Bank of St. Louis

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1995 1973=100

Mar

5 19
Jan

2 16 2 16 30 13 27 11 25 8 22

6 20 3 17 31 14 21 12 26 9 23 7 21 4

Feb

Jul

Mar

Apr

May

Jun

Aug

Sep

1994

Oct

Nov

Dec

1

18

1

Jan

15
Feb

I

15 29
Mar

1995

Latest data plotted week ending: March 15, 1995
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

p

N
<

33
£-i

O

a1' V

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