Full text of U.S. Financial Data : March 25, 1993

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March 25, 1993

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THE WEEK'S HIGHLIGHTS:
s/ The Ml money stock grew at a 4.3 percent annual rate from the
four weeks ending December 14, 1992 to the four weeks ending
March 15,1993. Ml grew at a 13.2 percent rate during the
previous nine months.
*

t/ M2 declined at a 2.6 percent annual rate from the four weeks
ending December 14, 1992 to the latest four-week period. This
indicator shad risen at a 1.1 percent rate during the previous
nine months.
t/ The trade-weighted exchange index of the U.S. dollar (TWEX)
averaged 93.1 percent of its 1973 value during the week of
March 24. TWEX has increased 15.9 percent since August 1992.
Manufacturers’ new orders for durable goods rose 2.2 percent
in February after declining 2.3 percent in January. Total orders
for January and February were up 13.3 percent from the same
period in 1992. Data for manufacturers’ orders are not adjusted
for inflation.

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:
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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
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Hgures
Seasonally Adjusted

Billions of Dollars

1993

Billions of Dollars

Billions

— Jan
Feb 3
Mar 3

387.8
387.7
391.2
397.5
395.0
390.9

Latest data plotted reserve maintenance period ending: March 17, 1993
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 fpr reserve requirement ratio changes. The major soufc$ of the adjusted monetary base is Federal
Reserve credit. Qata are computed by this barik. 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 3/18/92
B/10/92 8/19/92 9/16/92 10/14/92 11/11/92 12/23/92 1/20/93
two maintenance
periods ending:
8/19/92
9/16/92
10/14/92
11/11/92
12/23/92
1/20/93
2/17/93
3/17/93

9.0
9.3
10.3
10.7
9.9
9.9
11.1
9.8


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Federal Reserve Bank of St. Louis

10.6
12.0
12.4
10.8
10.7
12.2
10.4

14.1
14.0
11.0
10.9
12.9
10.4

15.5
11.0
10.9
13.2
10.3

8.7
9.1
12.4
9.1

7.3
11.9
8.1

17.2
9.4

9.0

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1993

Billions of Dollars

M1
Billions

Feb 8
15
22
Mar 1
8
15

1030.0­
1031.2
1034.6
1036.0
1032.8
1032.1

TCD (right scale)

1993
Feb 8
io
22
Mar 1
8
15

Billions
726.3
/zo.o — c7ft
729.3
630
729.7
726.8
725.6

] 17 2 1( 31 13 27 11 25 8 22 6 20 3 17 31 14 28 12 28 9 23 7 21 4 18 1 15 1 15 29 12 26
Feb

Mar

Apr

May

Jun

Jul
1992

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1993

Apr

Latest data plotted week ending: March 15, 1993
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)
T ..
Compounded annual rates of change, average of four weeks ending:
I o trie average 3/16/92 6/15/92 8/17/92 9/14/92 10/12/92 11/16/92 12/14/92 1/18/93
of four weeks
ending:
8/17/92
9/14/92
10/12/92
11/16/92
12/14/92
1/18/93
2/15/93
3/15/93

10.1
11.0
12.5
13.6
13.2
12.7
11.7
10.9


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Federal Reserve Bank of St. Louis

12.6
14.8
16.1
15.2
14.1
12.6
11.5

19.2
19.8
17.4
15.3
13.1
11.6

21.5
17.9
15.2
12.6
10.9

15.9
13.2
10.5
8.9

9.2
6.9
5.7

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
I10

1993

Bi lions

Jan

6
>4.0
20
>3.6
Feb 3
>5.8
17 1C>1-4
Mar 3
>7.2
17
>2.6

102

9!

\
\

94

90

82
' I ' i i i i

S 19 4 IS
Feb

Mar

r i i i-i

i i i

i i i

i i i i

i i i

i i ■ ....................

i ■ i

i i i i 'i i i i

i

i '

> i i

i i i

1 IS H 13 27 10 !4 ! 2! 5 1! 2 It 30 14 20 II 25 9 23 S 20 3 17 3 17 31 14 20
Apr

May

Jun

Jul
1992

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1993

Apr

Latest data plotted two weeks ending: March 17. 1993
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 3/18/92 6/10/92 8/19/92 9/16/92 10/14/92 11/11/92 12/23/92 1/20/93
two maintenance
periods ending:
8/19/92
9/16/92
10/14/92
11/11/92
12/23/92
1/20/93
2/17/93
3/17/93

9.5
7.8
10.2
13.6
10.3
10.0
15.2
9.7


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Federal Reserve Bank of St. Louis

5.1
9.8
15.0
10.1
9.7
16.7
9.3

12.1
21.3
11.3
10.6
20.3
9.8

34.6
15.3
13.4
24.7
11.7

10.7
9.7
24.1
9.0

-1.1
19.4
2.8

43.2
7.6

Prepared by Federal Reserve Bank of St. Louis

78

Money Multiplier1/
Averages ot Daily figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
March 15, 1993 from
the four weeks ending:
Mar 16, 1992 0.9
Jun 8, 1992 0.4
Sep 14, 1992 0.2
Oct 12. 1992 -0.5
Nov 9, 1992 -1.7
Dec 21. 1992 -5.3
Jan 18. 1993 -8.2

3 17 2 16 30 13 27 11 25
Feb

Mar

Apr

May

Ratio

22 6 20 3 17 31 14 28 12 26 8 23 7 21
Jun

Aug
Sep
1992
Latest data plotted two weeks ending: March 15, 1993

Oct

Nov

Jan

4

2.655

Mar

1

2.621

15 1 15 29 12 26

Dec

Feb Mar
1993

Apr

Currency Component of M12/
Billions of Dollars

Billions of Dollars

seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
March 15, 1993 from
the four weeks ending:
Mar 16, 1992 9.8
Jun 15, 1992 10.8
Sep 14. 1992 9.8
Oct 12, 1992 9.0
Nov 16, 1992 9.8
Dec 14, 1992 9.8
Jan 18, 1993 9.2

1993

Mar 1

3 17 2 16 30 13 27 11 25
Feb

Mar

Apr

May

22 6 20 3 17 31 14 28 12 26 9 23 7 21
Jun

Jul
1992

Aug

Sep

Oct

Nov

Dec

Billions
296.4
297.2
298.0
298.5

15 1 15 2) 12 26
Jan

Feb Mar
1993

Apr

Latest data plotted week ending: March 15, 1993
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

Averages of Daily Figures

Corporate
Aaa Bonds

.Municipal

_oan Rat*

15 2) 12 26 10 24 7 21
Feb

Mar

Apr

May

Jun

Jul
1992

Aug

II 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30

Sep

Oct

Nov

Dec

Jan

Feb Mar
1993

Apr

Latest data plotted are averages of rates available for the week ending: March 26, 1993

1993
Jan

1
8
15
22
29
Feb 5
12
19
26
Mar 5
12
19
26 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers1
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.34
3.27
3.20
3.17
3.13
3.14
3.12
3.11
3.10
3.11
3.12
3.11
3.10

3.56
3.34
3.20
3.16
3.14
3.16
3.14
3.16
3.11
3.13
3.15
3.16
3.14

3.31
3.21
3.14
3.12
3.08
3.09
3.06
3.05
3.05
3.06
3.08
3.08
3.06

7.90
7.92
7.96
7.90
7.84
7.78
7.75
7.69
7.61
7.56
7.54
7.61
7.57

8.75
8.74
8.73
8.65
8.55
8.50
8.49
8.37
8.22
8.12
8.11
8.16
8.11

6.17
6.17
6.19
6.16
6.10
6.04
5.97
5.85
5.60
5.47
5.58
5.71
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

y

Selected Interest Ra

Percent

Percent

Averages of Daily Figures

Funds Rat

Discount Rats

20 3 17 1 15 29 12 20 10 24
Feb

Mar

Apr

May

Jun

Jul
1992

19 5 19

4 II 2 If 30 13 27 11 25
Sep

Oct

Nov

Feb Mar
1993

Dec

Latest data platted are averages of rates available for the week ending: March 26, 1993

1993

Federal
Funds **

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

7.22
3.46
6.03
3.15
3.38
2.86
1
7.21
3.44
5.95
3.03
3.09
3.28
8
5.90
7.24
3.00
3.19
3.36
15
2.98
7.12
3.33
5.82
2.99
3.13
3.10
22
7.00
5.66
3.09
3.26
29
2.94
2.92
5.55
6.95
3.10
3.26
Feb 5
3.15
2.92
3.32
5.56
6.93
2.93
3.09
2.92
12
6.86
3.22
5.39
2.92
3.08
19
3.06
6.66
3.06
3.17
5.21
2.95
26
2.91
6.55
3.17
5.09
2.95
3.05
Mar 5
3.24
5.24
6.56
3.26
3.02
2.98
3.09
12
5.23
6.66
2.97
3.12
3.22
3.04
19
6.60
5.17
2.93
3.05
3.16
26 *
2.93
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
Jan


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Federal Reserve Bank of St. Louis

7

8
Money Stock (M2) and Non-Mi Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

M2
1993 Billions
Feb 8 3475.2
15 3475.0
22 3477.5.
Mar 1 3476.8
8 3475.6
15 3472.2

Billions of Dollars

M2 (left scale)

Non-M1 M2
1993 Billions
Feb 8
15
22
Mar 1
8
15

3 17 2 16 30 13 27 11 25 8 22 6 20 3 17 31 H 28 12 21 9 23 7 21 4 18 1
Feb

Mar

Apr

May

Jun

Jul
1992

Au<
'

2445.2
2443.8
2442.9
2440.8
2442.8
2440.1

15 1 15 29 12 21
Feb

Mar

Apr

Latest data plotted week ending: March 15, 1993
Current data appear in the Federal Reserve Board’s H.6 release.
M2 is the sum of M1, ovemiaht RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposrt 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
3/16/92 6/15/92 8/17/92 9/14/92 10/12/92 11/16/92 12/14/92 1/18/93
of four weeks
ending:
8/17/92
9/14/92
10/12/92
11/16/92
12/14/92
1/18/93
2/15/93
3/15/93

0.0
0.4
0.7
1.2
1.1
0.8
0.3
0.2


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Federal Reserve Bank of St. Louis

1.3
1.7
2.3
2.0
1.3
0.6
0.4

2.8
3.3
2.6
1.5
0.6
0.3

3.6
2.6
1.3
0.2
0.0

2.4
0.8
-0.4
-0.6

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Dairy Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1993
Feb 8
15
22
Mar 1
8
15

Billions
1182.3
1183.5
1183.7
1180.7
1180.2
1178.4

Money Market (right scale)

Savings Deposits (left scale)

Money Market
1 993 Billion a
Feb

8
15
22
Mar 1
8
15

334.7
333.2 —
334.0
334.4
335.1
334.0

3 17 2 IS 30 13 27 11 25 I 22 6 20 3 17 31 H 21 12 21 ! 23 7 21 4 II 1 15 1 15 20 12 2$
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Feb
Mar
Apr
May
Jun
1992
1993
Note: Savings deposits are at all depository institutions. Money market funds are general purpose

Apr

1 ,
Large and Small Time Deposits17

and broker/dealer.

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars
Small Time
1993 Billions
Feb

8
15
22
Mar 1
8
15

856.4
855.5
854.5
853.4 —
852.4
851.2

Large Time (left scale)

Large Time
1993

Billions

Feb 8
15
22
Mar 1
8
15

348.6
347.6
347.1
345.4
346.2
344.4

Small Time (right scale)

3 17 2 10 30 13 27 11 25 0 22
Feb

Mar

Apr

May

Jun

20 3 17 31 14 20 12 20 J 23 7 21 4 10 1 15 1 15 20 12 20
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Latest data plotted week ending: March 15, 1993
1/ Lorge time deposits are those issued in denominations of $100,000 or more.
Prepared by Federal Reserve Bonk of St. Louis


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

9

10
Total Borrowings
From reaerai Keserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
-Feb 17

0.033

Mar 3

0.066
0.025
0.162
0.044

5 19 4 IS 1 15 29
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

17 3 17 31 14 21
Feb

Mar

Apr

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

Billions of Dollars

1993

Billions

Feb 17
24
Mar 3
10
17
24

0.033
0.046
0.066
0.025
0.162
0.044

Billions of Dollars

5 19 4 18 1 15 29 13 27 10 24 8 22 5 19 2 IS 30 14 28 II 25 9 23
Feb

Mar

Apr

May

Jun

Aug

Sep

Nov

Dec

20 3 17 3 17 31 14 28
Feb

Mar

Apr

Latest data plotted week ending: March 24, 1993


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

Billions of Dollars

Not Seasonally Adjusted

Billions

150.541

5 1f 4 IS 1 15 2) 13 27 10 24 I 22 5 19 2 If 30 14 20
Feb

Mar

Apr

May

Jun

25 3 23 I 20 3 17 3 17 31 14 20
v

Dec

Jan

Feb Mar
1993

Apr

Latest data plotted week ending: March 17. 1993

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

370

Compounded annual
rotes of change,
average of the four

350
330
310

Billions of Dollars
1

March 10. 1993 from
the four weeks ending:
Mar 11. 1992 -4.7
Jun 10, 1992 -3.6
Sep 9, 992 -2.8
Oct 7. 1992 -4.1
Nov 11. 1992 -5.7
Dec 9, 1992 -8.2

370

1

1993

Billions

10
17
24
Mar 3
10

277.035
276.235
275.399
276.029
276.173

350
330
310

200 Spvmr

200

270

270

250

10 4 It
Feb
Mar

is
Apr

a

11 27 11 24
May
Jun

I 22 5 1!
Jul
Aug
1992

i<
Sep

j

14 28 11 25
Oct
Nov

9 23
Dec

Ti 1 1 I'M l1 T","l 4
f 28
17 3 17 3
Jan
Feb Mar
1993

14 2
Apr

Latest data plotted week ending: March 10, 1993
1/ Commercial and industrial loans include banker's 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

250

Dollar's Trade-Weighted Exchange Index
1973-100

Averages or Daily Figures

1993 1973—100
Feb 17
Mar 3

5 If 4 18 1 15 2) 13 27 It 24 8 22 5 1f 2 It 30 11 21 11 25 J 23 6 20 3 17 3 17 31 11 21
Feb

Mar

Apr

May

Jun

Jul

1992

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

1993

Latest data plotted week ending: March 24, 1993
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

V)
&
>. w
M

cw
IX)
I—H

05


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Federal Reserve Bank of St. Louis