Full text of U.S. Financial Data : March 24, 1994

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March 24, 1994
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U.S. Financial Data
THE WEEK'S HIGHLIGHTS:
\/ The yield on long-term Treasury securities averaged 6.85 percent
for the week ending March 25, up 67 basis points from the week
ending February 4. A year ago, the long-term yield was 6.63 percent.
✓ Manufacturers’ new orders for durable goods declined 2.5 percent
in February, after increasing 4.4 percent in January. Total orders
for January and February were up 10.5 percent from the same
period in 1993. Data for manufacturers’ orders are not adjusted
for inflation.
The federal budget deficit for February was $41.63 billion. Thus
far in fiscal year 1994, the deficit has totaled $118.1 billion, down
from $138.9 billion for the same period in 1993.
✓ The January goods and services trade deficit increased to
$6.3 billion, up from $4.1 billion in December. January exports
totaled $54.5 billion and imports totaled $60.8 billion. In January
1993, the goods and services trade deficit was $4.1 billion, and for
all of 1993 it was $76.8 billion.

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) $21
Two years (100 issues) $36
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.
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 ot Daily Mgures
Seasonally Adjusted

Billions of Dollars

19
2
16
Mar 2
Feb

428.2
431.4
433.9
435.9
434.8

3 17 3 17 31 14 28 12 26
Feb

Billions of Dollars

Mar

Apr

May

23 7 21 4 10 1 15 2! 13 27 10 24
Jun

Aug

Sep

Oct

Nov

22 5 19 2 IS 2 If 30 13 27
Dec

Jan

Feb Mar
1994

Apr

Latest data plotted reserve maintenance period ending: March 16, 1994
The adjusted monetary base is the sum of reserve a ccounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public <jnd in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The major sourc$ 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 Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 3/17/g3 6/9/93 8/18/93 9/15/93 10/13/93 11/10/93 12/22/93 1/19/94
two maintenance
periods ending:
8/18/93
9/15/93
10/13/93
11/10/93
12/22/93
1/19/94
2/16/94
3/16/94

10.5
10.7
10.8
10.1
9.2
9.7
10.6
10.5


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

10.0
10.4
9.4
8.2
9.0
10.3
10.1

11.8
9.5
7.6
8.8
10.7
10.4

8.4
6.4
8.2
10.6
10.2

4.3
7.2
10.3
9.9

8.1
11.8
11.0

18.2
14.9

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1994
- Feb 7
14
21
28
Mar 7
14

Billions of Dollars

Billions
1135.6
1139.1
1139.2
1140.1
1140.4
1141.1
M1 (left scale)

•TCD (right scale)
-

1994
Feb 7
IT
21
14

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

799.4
OUZ./
802.0 — 77ft
730
801.9

T~1 I ' r

1 IS 1 15 29 12 28 10 24 7 21 5 19 2 11 30 13 27

25 8 22 6 20 3 17 31 14 28 14 28 11 25

Oct

Nov

Dec

Jan

Feb Mar
1994

Apr

Latest data plotted week ending: March 14, 1994
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
3/15/93 6/14/93 8/16/93 9/13/93 10/11/93 11/15/93 12/13/93 1/17/94
of four weeks
ending:
B/16/93
9/13/93
10/11/93
11/15/93
12/13/93
1/17/94
2/14/94
3/14/94

12.8
12.3
12.0
11.8
11.3
10.7
10.4
9.9


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

10.2
10.2
10.3
9.8
9.2
8.9
8.4

9.8
10.1
9.5
8.6
8.3
7.8

10.5
9.5
8.5
8.1
7.5

9.1
8.0
7.7
7.0

6.5
6.6
6.0

Prepared by Federal Reserve Bank of St Louis

3

750

Billions

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions o1 Dollars

no
1994
Jan
Feb

Billions

5 102.2
19 103.9
2 104.1

Mar 2

106

106.0
102

94

90

!6

3 17 3 17 31 14 28 12 26 3 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5
Feb

Mar

Apr

May

Aug

Jun

Sep

Oct

Nov

2 IS 2 It 30 13 27
Feb Mar
1994

Dec

1993

Apr

Latest data plotted two weeks ending: March 16, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
. Compounded annual rates of change, average of two maintenance periods ending:
TO the average Of 3/17/g3 6/9/93 8/18/93 9/15/93 10/13/93 11/10/93 12/22/93 1/19/94
two maintenance
periods ending:
B/18/93
9/15/93
10/13/93
11/10/93
12/22/93
1/19/94
2/16/94
3/16/94

10.1
10.2
10.5
9.0
6.4
8.7
10.2
8.9


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

6.9
8.1
6.3
3.2
6.6
8.9
7.4

11.6
7.1
2.0
7.2
10.2
8.1

5.3
-0.4
6.4
10.1
7.7

-5.0
4.8
9.7
6.9

7.4
13.0
8.8

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier ’/
Averages of Daily Figures
Compounded annual
rates of change,
average of the four
weeks ending
March 14, 1994 from
the four weeks ending
Mar 15, 1993 -0.4
Jun 7. 1993 -1.5
Sep 13, 1993 -2.2
1993 -2.5
1993 -3.9
Dec 20 1993 -7.6
Jan 17 1994 -8.9

2.666

Feb 14
Mar 1 4

1 15 I 15 29 12 26 10 24
Feb Mar Apr May

.

~t 1 i 1

1 i 1

' i ■

2.643
2.634
2.622
2.615
2.624

■ i ■ i '■ i >

7 21 5 19 2 16 30 13 27 11 25
..
22 _6 „20 3 17 31 14 20 14 20 11 25
Jun
Jul
Aug Sep Oct Nov Dec
Jan
Feb Mar Apr
1993
1994

L

Latest data plotted two weeks ending: March 14, 1994

Currency Component of M12/
Averages of Daily Figures

Billions of Dollars

340

330

320

■

1
1
Compounded annu al
rates of change,
average of the fou
weeks ending
March 14, 1994 fr Dm
the four weeks enc ing:
Mar 15, 1993 1 . 9
Jun 14, 1993 1 .0
Sep 13, 1993 1 . 1
Oct 11, 1993 1( • 9
Nov 15, 993 1e>.0
Dec 13, 993 1*5.4
Jar 17, 994 1<>.1

Billions of Dollars

340

-

330

320

310

310
1994
Feb

7
1
2
28
Mar 7
14

290

15
Feb

Billio 03
328 3
329.3
330.6
331.2
331.7

i~r i 1 f i i i f i i ■ i i i i |
15 29 12 26 10 26 7 21 5 19 2 It 30 13 17 l'l 25
8 22 6 20
17 31 14 28 14 28 11 25
Mar Apr May Jun
Jul
Aug Sep Oct
Nov Dec
Jan
Feb Mar Apr
1993
1994

Latest data plotted week ending: March 14. 1994
1 / Ratio of Ml 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

300

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

9.1

“\

•>

N-

9.0

Cor >orate
Aaa Bonds

--

✓

7.0

\

5.0

7.0

*

**
/ -v/

r
E.O

\

✓

\
'

** r

r ”*•

P ime Bo >k
x/* \ ^ ►an Rat
■N. —

V /-✓

",

Munic pal Bm ds

5.0

/i

—.

5.0

4.0

J.O

3.0
Coi romerck I
Paper

2.0

5 19
Feb

5 19 2 If ID If 21

11 25 9 23 f 20 ] 17 I 15 29 12 2f 10 24 7 21 4 10 4 II I

Mar

Jun

Apr

May

Jul
Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1994

15 19
Apr

Latest data plotted are averages of rates available for the week ending: March 25, 1994

1994

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Dec 31
Jan 7
14
21
28
Feb 4
11
18
25
Mar 4
11
18
25 *

3.35
3.21
3.12
3.13
3.11
3.14
3.41
3.46
3.47
3.57
3.61
3.61
3.67

3.24
3.22
3.13
3.12
3.12
3.20
3.43
3.47
3.57
3.71
3.77
3.75
3.82

3.21
3.16
3.09
3.07
3.07
3.19
3.40
3.43
3.53
3.67
3.75
3.72
3.76

6.94
7.01
6.87
6.92
6.91
6.93
7.03
7.06
7.23
7.36
7.44
7.46
7.48

7.71
7.75
7.61
7.64
7.62
7.61
7.72
7.76
7.92
8.01
8.08
8.10
8.14

5.28
5.34
5.31
5.29
5.28
5.25
5.36
5.42
5.58
5.84
5.88
5.84
NJL

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

2.0

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Treasury Securities

'

y

/

Funds Rots

3-Month

5 1* 5 1» 2 IS 31 14 21 11 25 J 23 6 211 3 17 1 15 29 12 28 10 24 7 21
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

11 4 II
Feb Mar
1994

Latest data plotted are averages of rates available for the week ending: March 25. 1994

1994
Dec 31
Jan 7
14
21
28
Feb 4
11
18
25
Mar 4
11
18
25 *

Federal
Funds **•**

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

2.99
3.00
2.98
3.13
2.97
3.17
3.20
3.25
3.25
3.28
3.25
3.19
3.31

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.02
3.45
5.14
5.77
6.22
3.05
3.46
5.21
5.85
6.30
2.97
3.38
5.03
5.69
6.15
2.96
3.36
5.06
5.74
6.17
2.93
3.35
5.05
5.74
6.16
3.08
3.49
5.14
5.80
6.18
3.25
3.69
5.36
5.94
6.34
3.27
3.70
5.40
5.95
6.39
3.35
3.82
5.60
6.15
6.59
3.47
3.95
5.74
6.29
6.72
3.52
4.09
5.85
6.40
6.80
3.52
4.11
5.91
6.45
6.83
3.50
4.14
5.96
6.48
6.85
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

1994
Feb

Billions of Dollars

M2
Billions

7
14
21
28
Mar 7
14

3567.5
3571.8
3563.0.
3568.8
3577.6
3584.8

Non-M1 M2 (right scale)
Non-M1 M2
1994 Billions
Feb

7
14
21
28
Mar 7
14

I 15
Feb

2431.9
2432.7
2423.8
2428.2
2437.2
2443.2

I 15 2J 12 21 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1993

Feb

Mar

Apr

1994

Latest data plotted week ending: March 14, 1994
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, overniaht 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)
Compounded annual rates of change, average of four weeks ending:
To the average 3/15/93 6/14/93 8/16/93 9/13/93 10/11/93 11/15/93 12/13/93 1/17/94
of four weeks
ending:
8/16/93
9/13/93
10/11/93
11/15/93
12/13/93
1/17/94
2/14/94
3/14/94

3.0
2.7
2.6
2.5
2.6
2.5
2.3
2.3


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

1.5
1.6
1.7
1.9
1.9
1.8
1.7

1.6
1.7
2.0
2.0
1.8
1.7

2.0
2.3
2.2
1.9
1.8

2.4
2.3
1.9
1.8

2.4
1.9
1.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1315 -------- 1----------1--------Savings
1994 Billions

1275

Feb 7 1220.3
14 1222.5
21 1220.4
-

Billions of Dollars
--------- 1---------1 ------1------- 915
Small Time
1994 Billions
Feb 7 774.8
14 773.2
21 772.4

Mar 7 12:.2.3
14 12:.4.6

dar 7
14

770.
769.

Small rime ( ight sc ale)

1235

835

~^
/

1195

8.

1155

3He

Savir

295
osKs(l< ft seal ')

^^,

1 15 1 IS 29 12 26 11 29 7 21 5 19 2 16 JO 13 27 11 25 6 22 6 20 3 17 31 H 28 18 2!
Feb Mar Apr May Jun
Jul
Aug
Sep
Oct Nov Dec Jan
Feb
Mar
,

1993

II 15
Apr

755

1994

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds'^
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

Large Time
1994

Billions

Feb 7
14
21
28
Mar 7
14

336.5
336.7 .
334.8
334.3
333.4
333.3

I 15 1 15 28 12 28 10 24 7 21
Feb Mar Apr May Jun

Money Market
1994 Billions
Feb 7
14
21
28
Mar 7
14

5 19 2 16 30 13 27
Jul
Aug
Sep
1993

9

345.2
345.4 _
344.0
345.6
347.9
350.9

11 25 8 22 6 20 3 17 31 14 28 14 28 11 25
Oct Nov Dec Jan
Feb Mar Apr
1994

Latest data plotted week ending: March 14, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
prepared „y Federa|


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

Billions of Dollars

Bank of s, Loui8

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1.4
199*

Simons

Feb 16
23
Mar 2
9
■
16
23

0.145
0.046
0.044
0.024
0.053 ---0.051

1.2
1.0

0.8
0.6

0.4
0.2

' 3 17 3 17 31 14 21 12 2S 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Feb

Mar

Apr

May

Aug

Jun

Sep

Oct

Nov

Dec

Jan

Feb Mar
1994

0.0

Apr

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

Billions of Dollars

Billions of Dollars

1.4
1994
Feb 16
23
Mar 2
9
16
23

Billions
0.145 — 1.2
0.046
0.044
0.024
0.053 — 1.0
0.051
0.8

0.6
0.4
0.2

3 17 3 17 31 14 28 12 26 9 23 7 21 4 18
Feb

Mar

Apr

May

Jun

Jul
1993

Aug

15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27
Sep

Oct

Nov

Dec

Feb

Mar

Apr

Latest data plotted week ending: March 23, 1994


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinanciai Companies

Billions of Dollars

Billions of Dollars

Not Seasonally Adjusted

23 151.728
155.728

3 17 3 17 31 14 25 12 25
Feb

Mar

Apr

May

23 7 21 4 II 1 15 25 13 17 10 24 I 22 5 15 2 10 2 10 31 13 27

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1994

Apr

Latest data plotted week ending: March 16, 1994

Commercial and Industrial Loans1 /
Billions of Dollars
1
1
1
Compounded annual
rates of change,
average of the four

315
305
195

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars
-------- 1----------1-------1994
-Feb

2
9
16
23
Mar 2
9

March 9, 1994 from
the four weeks ending:
Mar 10. 1993 -0.2
Jun 9, 1993 0.3
Sep 8, 993
1.3
Oct 6. 993 1.1
Nov 10, 993 1.1
Dec 8, 993 3.3
4.5

325

Billions
281.839
280.100
280.946
279.715
281.175
280.765

315
305
295

285

215

275

275

265

14 i'l
17 1 17 3
12 24 1 23 1 21 4 11
Jul
Aug
Mar Apr May Jun

Feb

is 19 11 27 11 24

Sep

1993

Oct

Nov

1

2!

Dec

5

1)
Jan

it
11 31 13 2
Apr
Feb Mar
1994

Latest data plotted week ending: March 9, 1994
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


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

11

265

Dollar's Trade-Weighted Exchange Index

1973=100

Averages of Daily Figures

L224 1.973-1 OP
Feb 16

3 17 3 17 31 14 28 12 21 8 23 7 21 4 18 1 15 2! 13 27 18 24 8 22 5 18 2 16 2 16 30 13 27
Feb

Mar

Apr

May

Jun

Jul
1993

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1994

Apr

Latest data plotted week ending: March 23, 1994
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