Full text of U.S. Financial Data : March 21, 1991

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of St. Louis

MR 2 5 193f

U.S. Financial Data
March 21, 1991

THE WEEK'S HIGHLIGHTS:
✓ Consumer prices, as measured by CPI for all urban consumers, rose
at a seasonally adjusted annual rate of 2.7percent in February, fol­
lowing an increase at a 5.5 percent rate in January. February prices
were up 5.4 percent from a year earlier.

✓ Consumer prices for energy items, seasonally adjusted, fell 4 percent
in February, marking the third successive month of decline. Such
prices were still up 6.6 percent from a year earlier.
Consumer credit dropped $2.4 billion on a seasonally adjusted basis,
or at a 4 percent annual rate, in January, after declining $342
million in December. This marks the first back-to-back monthly
decline in such credit since January and February 1987.

✓ Total business inventories, seasonally adjusted, rose 0.4 percent in
January, while sales fell 1.2 percent, ,4s a result, the ratio of inven­
tories to sales rose from 1.53 in December to 1.56 in January, the
highest since January 1987.

tiie

FEDERAL
A

RESERVE

JZk RANK of

ST. UH LS


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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

_ Feb
Mar 6

Billions of Dollars

Billions
327.4
329.5
331.5
333.2
332.0
336.3

3 17 31 14 28 14 28 11 25 9 23 6 20 4 18 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
1990
1991
Latest data plotted reserve maintenance period ending: March 20, 1991
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.
J
7
Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
3/21/90 6/13/90 8/22/90 9/19/90 10/17/90 11/14/90 12/26/90 1/23/91
two maintenance
periods ending:
8/22/90
9/19/90
10/17/90
11/14/90
12/26/90
1/23/91
2/20/91
3/20/91

7.6
8.9
8.8
8.1
8.2
10.1
10.6
10.4


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Federal Reserve Bank of St. Louis

11.5
10.7
9.2
9.2
11.7
12.2
11.7

12.2
9.0
9.0
12.7
13.3
12.5

5.5
7.0
11.9
12.7
11.9

6.5
13.0
13.8
12.5

17.2
17.1
14.8

23.4
17.8

11.8

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages or Daily Ngures
Seasonally Adjusted

Billions of Dollars

1991

Billions of Dollars

Billions
836.4

_Mar 4

839.6

M1 (left scale)

TCD (right scale)
TCD
1991
Billions
Feb 4 570.3
11 573.7
18 575.8
25 571.6
Mar 4 572.9
11 575.5

I 15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27
Feb

Mar

Apr

May

Jun

Jul
1990

Aug

24 8 22 5 19 3 17 31 14 28
Sep

Oct

Nov

Dec

Jan

25 11 25

Latest data plotted week ending: March 11, 1991
Current data appear in the Federal Reserve Board's H.6 release.
Ml 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 (M1)
Tn the nvernn#.
iu

Compounded annual rates of change, average of four weeks ending:

me average 3/12/90

6/11/90

8/13/90

9/10/90

4.9
5.0
3.6
3.5
3.3
4.1
4.7

8.3
4.7
4.2
3.9
4.8
5.5

1.8
2.1
2.2
3.6
4.7

10/8/90 11/12/90 12/10/90

1/14/91

ending:
8/13/90
9/10/90
10/8/90
11/12/90
12/10/90
1/14/91
2/11/91
3/11/91

2.7
4.0
4.2
3.4
3.4
3.3
3.8
4.3


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Federal Reserve Bank of St. Louis

0.7
1.4
3.3
4.6

2.7
4.9
6.2

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

2650
1991

Billions

Feb 4 3345.9
3354.5
3359.4.
Mar 4

3373.3

M2 (left scale)
2550

2500
Non-M1 M2 (right scale)

Non-M1 M2
1991
Feb 4
11
18
25
Mar 4
11

1

15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Feb

Mar

Apr

May

Jun

Jul

Aug

Billions
2512.6
2518.1
2520.7
2525.2
2529.5
2533.7

2450

22 5 19 3 17 31 14 28 11 25 11 25

Sep

Nov

Dec

Jan

1990

Feb

Mar

1991

Latest data plotted week ending:- March 11, 1991
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, money market deposit accounts, savings and small time deposits, and general
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 3/12/90

6/11/90

8/13/90

9/10/90

10/8/90

4.0
3.6
2.8
2.6
2.3
2.7
3.3

5.1
3.3
2.8
2.4
2.9
3.6

1.2
1.2
1.1
2.0
2.9

0.7
0.8
1.9
3.1

11/12/90 12/10/90

1/14/91

ending:
8/13/90
9/10/90
10/8/90
11/12/90
12/10/90
1/14/91
2/11/91
3/11/91

2.6
3.4
3.3
2.8
2.7
2.5
2.7
3.2


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Federal Reserve Bank of St. Louis

1.0
2.5
3.9

3.1
4.7

7.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
March 4, 1991 from
the four weeks ending:
Mar 5, 1990 -5.7
Jun 11. 1990 -6.2
Sep 17, 1990 -6.5
Oct 15, 1990 -6.8
Nov 12, 1990 -7.7
Dec 10. 1990 -8.5
Jan 7, 1991 -6.2

Ratio
Dec 24
Jan 7
Feb

1 15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Feb

Mar

Apr

May

Jul
1990

Aug

4

2.557
2.524
2.502
2.509
2.514
2^521 — 2.9

14 28 11 25 11 25

Sep

Feb
1991

Mar

Latest data plotted two weeks ending: March 4, 1991

Currency Component of M12/
nveiuyca ui uuny nyuics

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
March 11, 1991 from
the four weeks ending:
Mar 12, 1990 12.6
Jun 11, 1990 13.5
Sep 10. 1990 14.0
Oct 8, 1990 13.8
Nov 12, 1990 14.5
Dec 10, 1990 18.8
Jan 14, 1991 22.9

1931
Feb

4

Mar 4

1 15 29 12 26 12 26 9 23 7 21
Jan

Feb

Mar

Apr

May

18 2 16 30 13 27 10 24
Jun

Jul

Aug

Sep

1990

Billion?
254.7
254.4
254.7
256.1
256.6
256.0

17 31 14 28 11 25 11 25
Oct

Nov

Dec

Jan

Feb

Mar

1991

Latest data plotted week ending: March 11,1991
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

Averages of Daily Figures

Loon Rate

-CorporateBonds

3 17 31 14 28

2 16 2 16 30
Feb

Aug

Mar

Sep

1990

1991

Latest data plotted are averages of rates available for the week ending: March 22, 1991

1991
Dec 2B

Jan

4

11
18
25
Feb
1
B
15
22
Mar 1
B
15
22 +

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *
**

8.13
7.35
7.30
7.33
6.94
6.84
6.45
6.44
6.54
6.71
6.70
6.35
6.37

9.01
7.57
7.22
7.27
6.83
6.90
6.44
6.47
6.51
6.71
6.75
6.38
6.35

7.95
7.08
7.05
7.13
6.76
6.67
6.28
6.30
6.38
6.52
6.42
6.14
6.20

9.04
9.02
9.05
9.08
9.05
9.00
8.87
8.77
8.81
8.85
8.92
8.91
8.98

10.47
10.38
10.51
10.51
10.44
10.34
10.13
10.00
10.04
10.09
10.11
10.05
10.15

7.14
7.09
7.15
7.10
7.06
7.00
6.86
6.81
6.97
7.01
7.06
7.06
N.A.

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


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

5-Year
Treasury Securities

Federal
Funds Rate
3—Month
Treasury dill

Discount Rate

1 1 ' '

' 1 ' 11 1 1 1 1 1 1 I 1 1 1 I

S 19 2

IS 2IS 30 13 27

Jan

Feb

1991
Dec 28
Jan 4

11
18
25
1
8
15
22
Mar 1
8
15
22 *
Feb

Mar Apr

Federal
Funds **
7.16
7.17
6.40
6.77
6.88
7.46
6.32
6.29
6.26
6.31
6.47
6.17
6.10

' I 1 I 1 I 1 I"1 I

11 25 8 22
May

Jun

1 I 1 I 1 I * Ii T i I t

6 20 3 17 31 14 28 12 26
Jul

Aug

Sep

Oct

| i |r

| i | i | i | i | i~i" i |

8 23 7 214 18
Nov

Dec

Jan

i | i

1 15 1
f»k
Feb
1991

Si

15 25

U/»r
Mar

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury

6.48
6.47
6.31
6.07
6.19
6.17
5.94
5.87
5.94
6.04
6.05
5.83
5.87

6.57
6.48
6.51
6.21
6.21
6.28
5.94
5.85
5.91
6.01
6.06
5.91
5.82

6.51
6.37
6.30
6.22
6.19
6.13
5.87
5.84
5.93
6.02
6.09
5.94
6.03

7.79
7.62
7.77
7.77
7.66
7.60
7.41
7.39
7.51
7.65
7.75
7.70
7.86

8.35
8.21
8.41
8.35
8.25
8.22
8.05
8.02
8.10
8.23
8.35
8.31
8.45

which are computed by this bank. Treasury bill yields are on a discount basis. y -term Treasury securities
* 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

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

Billions of Dollars
125 --------- 1---------1----------

Billions of Dollars

1175

Savings
1991

Billions

Feb

120

4
11
18
25
Mar 4
1

Sma Time right s :ale)

413.9
414.4
4 5.5
4 6.5
4 8.2
4 8.8

1165

*

**
✓

115

1155

- -'
/

110

1115
Saving! i (left i cale)

105

■ i' i T~r r~F ' i > i r~ i ■ i ~i ■ i

T-r-T' ' J

■ 1 '

' 1 1 1 'I'M T' m T ■ 1 ■

Smc II Tim e
1991
Billions
Feb
116 .8
11 1162.3
18 1162.5
25 1163.0
Mar 4 1162.8
11 1160.9
. , . ,!■ , . ,l. , ,

1135

1 15 !! 12 26 12 26 ! 23 7 21 1 II 2 16 H 1! 27 10 21 1 22 5 1! 3 17 31 11 21 11 25 II 25
Jan

Feb

Mar Apr

May

Jun

Jul
1990

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1991

Total and Large Time Deposits1 /
nn L/eptouuiy insuiuuuiis

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Large Time
1991
Feb

4

Billions
514.4

514.5
515.7 — 590
Mar 4

Total Time (left scale)

Total Time
1991
— Feb 4
11
18
25
Mar 4
11

Billions
2090.1
2091.2
2093.4
2095.2
2095.1
2091.4

Large Time (right scale)

1 15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Feb

Mar

Apr

May

Jun

Jul
1990

Aug

Sep

22 5 19 3 17 31 14 28 11 25 11 25
Oct

Nov

Dec

Feb
1991

Mar

Latest data plotted week ending: March 11, 1991
1/ 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.
pr<jpared by Federa| Re3erv(! Bdnk of $t Lduis


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Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
March 11, 1991 from
the four weeks ending:
Mar 12, 1990 11.7
Jun 11, 1990 16.1
Sep 10, 1990 14.9
Oct 8, 1990 16.7
Nov 12, 1990 19.7
Dec 10, 1990 23.0
Jan 14, 1991 24.0

1991
Feb

Billions
4

Mar 4

I

IS 23 12 26 12 26
Feb Mar

18 2

16 30 13 27 10 24
Aug
Sep

Oct

358.8
359.3
358.4
363.2
364.4
364.8

13 3 17 31 14 28 11 25 11 25
Nov Dec
Feb Mar

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

545

Billions of Dollars

i
r
Compounded annual
rates of change,
average of the four
weeks ending
March 11, 1991 from
the four weeks ending:
Mar 12, 1990 4.2
Jun 11. 1990 3.4
Sep 10. 1990 2.5
Oct 8, 1990 3.2
Nov 12. 1990 4.5
Dec 10. 1990 5.6

545

i

525

505

525

505

1991

485

Feb

4
11
18
25
Mar 4
11
:
1 1 ■ 1 ' 1

Jan

Feb

1 '1 ' 1

1 ■ t ■ 1

Mar

Apr

May

rrT' T ' 1

Jun

Jul
1990

Aug

1 ' 1

Sep

Billions
507.9 —
510.8
511.8
512.2
513.9
516.9

T »'l » 1—r' 1 »' "

Oct

Nov

Dec

Jan

Feb
1991

Mar

Latest data plotted week ending: March 11, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

485

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
1991

Billions

Feb 13
20
27
Mar 6
13
20

Billions of Dollars

0.077
0.282
0.368
0.483
0.148
0.221

3 17 31 14 28 14 28 11 25 9 23 6 20 4 18 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27
Jan

Feb

Mar

Apr

May

Jun

Jul
1990

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1991

Mar

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

Billions of Dollars

3.0

I
1991

3.0

Billions

Feb 13

2.4

Billions of Dollars

I

0.057

27
Mar 6
13
20

0 .308
0 .443
0 .110
0 .165

2.4

1.8

1.2

1.2

0.6

0.6

3 II 31 H it 11 It II IS 9 !! S it
Jan

Feb

Mar

Apr

May

Jun

4 It
Jul
1990

1 15 29 12 26 10 24
Aug

Sep Oct

I ■ l ■

' r > v ■ r~»

7 21 5 19 2 16 30 13 27 13 27
Nov

Dec

Jan

Feb

Mar

Latest data plotted week ending: March 20, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

0.0

Commercial Paper of Nonfinancia! Companies

Billions of Dollars

1991
-Feb

Billions of Dollars

Not Seasonally Adjusted
Billions

6
13
20
27
Mar 6
13

150.532
147.865
145.383
143.306
145.126
146.496

3 17 31 M 28 U 28
Feb

Mar

25 ! 23 6 20 8 18
Apr

May

Jun

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27
Aug

Sep

Oct

Nov

Dec

Feb

1990

Mar

1991

Latest data plotted week ending: March 13, 1991

Commercial and Industrial Loans'7
_
_
BHkons of Dollars

Weekly Reporting Large Commercial Banka2/
Seasonally Adjusted

Billions of Dollars
----------1---------1-------- 356

“I---------1----------1------Compounded annual
rates of change,
average of the four
weeks ending
March 6, 1991 from
the four weeks ending:
Mor 7. 1990 -2.1
Jun 6, 1990 -3.1
Sep 5, 1990 -5.1

316

339

Nov
Dec
Jan

7,
5.
9,

1991

Billions

Jan 30 317.565
Feb 6 318.940
1 319. 26
2C 319. 335
2‘ 318. 533
Mar
319.<>77

316

338

990 -t>. 1
990 -f>.6
991 -:5.8

330

330

322

322
i

1 17 31 H 21 16 21 11 2S ) 21 f !t 6 II I IS 23 12 2f 16 26 7 21
Jan

Feb Mar

Apr

May

Jun

Jul

Aug

1990

Sep

Oct

Nov

S H 2 16 36 13 27 13 27
Dec

Jan

Feb

Mar

1991

Latest data plotted week ending: March 6, 1991
1/ Commercial and industrial loans include bankers acceptances and commercial paper.
2/Banks with domestic assets greater than $1.4 billion
„
.......
„ , ,
.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures
100
991 1973=100

3 17 31 14 28 14 28 II 25 9 23 6 20 4 18
Jan

Feb

Mar

Apr

May

Jun

Jui

1990

Feb

Mar

Latest data plotted week ending: March 20, 1991
Current data appear in the Federal Reserve Board's H.10 release.
countryCcurrenc?es.aVera^eS 0< ^ f°rei9n-curr'noy PriM °< ,h« U.S. dollar, computed using 10 industrial


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

✓V

A:

-<