Full text of U.S. Financial Data : March 26, 1992

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of St. Louis

US. Financial Data
THE WEEK'S HIGHLIGHTS:
\/ The Ml money stock has risen at a 16.2 percent annual rate from
last September to the four-week period ending March 16, up
sharply from a 7.5 percent rate of increase during the first nine
months of 1991.
New orders for manufactured durable goods fell 0.1 percent in
February to $120.5 billion, after rising 2.4percent in January.
Excluding defense, orders for durable goods rose 1.3 percent in
February.
Real gross domestic product (GDP) grew at a 0.4 percent annual
rate during the fourth quarter, down from the 0.8 percent rate of
increase estimated previously. Real GDP increased at a 1.2
percent rate in the last three quarters of 1991.
The merchandise trade deficit measured a seasonally adjusted
$5.8 billion in January, down slightly from $6 billion in Decem­
ber. For the past 12 months, the deficit has totaled $64.6 billion,
down sharply from the $99 billion deficit for the previous 12
months.
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.

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2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992
Jan

Billions

8

Mar 4

349.9
350.0
353.5
357.8
359.2

S 20 S 20 3 17
Feb

Billions of Dollars

Mar

Apr

1

IS 2) 12 26 10 24 7 21 1
May

Jun

Jul

Aug

16 2
Sep

16 30 13 27 11 2S
Oct

Nov

Dec

22 5
Jan

1991

IS 4 11
Feb

Mar

Apr

1992

Latest data plotted reserve maintenance period ending: March 18, 1992
The adjusted monetary base is the sum of reserve accoynts 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 Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
3/20/91 6/12/91 8/21/91 9/18/91 10/16/91 11/13/91 12/11/91 1/22/92
periods ending:
8/21/91
9/18/91
10/18/91
11/13/91
12/11/91
1/22/92
2/19/92
3/18/92

4.5
5.3
5.3
6.2
6.1
5.9
7.3
7.5


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Federal Reserve Bank of St. Louis

7.1
6.7
7.8
7.5
7.0
8.7
8.8

7.5
9.4
8.4
7.4
9.7
9.8

9.1
7.8
6.8
9.7
9.8

9.2
7.3
10.7
10.6

5.0
10.0
10.1

11.9
11.4

16.7

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Billions of Dollars

1992

Billions of Dollars

Seasonally Adjusted

M1
Billions

- Feb 1 0
17
24
Mar 2
9
16

931.4
_____
935.0
939.6
943.4

TCD (right scale)

Ml (left scale)

TCD
1992
Feb 10
17
''
24
16

4 I!

4 II 1 IS 2! 13 27 10 24 I 22 S II 2 II 30 14 21 II 25

Feb Mar

Apr

May

Jun

Jul
1991

Aug

Sep

Oct

Nov

! 23 I 20
Dec

Jan

Billions
647.5
651.3
I
rpn
6 54.5
— 560
663.4

3 17 2 11 30 13 27
Feb

Mar

Apr

Latest data plotted week ending: March 16, 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 3/18/91 6/17/91 8/19/91 9/16/91 10/14/91 11/18/91 12/16/91 1/13/92
of four weeks
ending:
8/19/91
9/16/91
10/14/91
11/18/91
12/16/91
1/13/92
2/17/92
3/16/92

6.8
7.2
7.4
8.5
8.9
8.9
10.8
11.6


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Federal Reserve Bank of St. Louis

7.4
7.5
9.3
9.8
9.7
12.2
13.2

8.8
11.4
11.7
11.2
14.3
15.3

12.2
12.3
11.6
15.1
16.2

14.2
12.7
16.8
17.8

10.9
17.2
18.4

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1992
— Jan

Billions of Dollars

Billions

8

Feb 5
Mar 4

6 20

Feb

6 20 3 17 1 15 23 12 26 10 26 7 21

Mar

Apr

May

Jun

Jul

Aug

4 10 2 16 30 13 27
Sep

Oct

Nov

11 25 0 22 5 10 4 18 1
Dec

Jan

1991

Feb

Mar

15 20

Apr

1992

Latest data plotted two weeks ending: March 1 8, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
t_

_____ of Compounded
annual rates
of change,
ending:
To the „
average
V20/91 6/12/91
8/21/91
y average
y of two maintenance periods
Ha
9/18/91 10/16/91 11/13/91 12/11/91 1/22/92
two maintenance
periods ending:
8/21/91
9/18/91
10/16/91
11/13/91
12/11/91
1/22/92
2/19/92
3/18/92

3.4
5.5
4.3
6.6
7.1
5.5
9.6
11.4


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Federal Reserve Bank of St. Louis

4.8
3.0
6.7
7.5
5.2
10.8
13.0

6.8
12.7
12.4
7.7
15.2
17.8

10.2
10.7
5.5
14.8
17.7

18.4
8.2
19.2
22.0

1.9
17.5
21.3

19.9
24.1

Prepared by Federal Reserve Bank of St Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
March 16, 1992 from
the four weeks ending:
Mar
18. 1991 3.7
Jun 10, 1991 3.9
Sep
16, 1991 5.6
Oct 14, 1991 6.2
Nov 11, 1991 7.2
Dec
9, 1991 6.7
Jan 20, 1992 7.8

Ratio
Jan

6

Feb

3

2.576
2.596
2.598
2.597
2.614
2.622

Mar 2

4 18 4 18 I 15 21 13 27 10 24 8 22 5 IS 2 16 30 14 28 11 25 1 23 6 20 3 17 2 16 30 13 27
Jun

Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Mar
Feb
1992

Apr

Latest data plotted two weeks ending: March 16, 1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

280

Billions of Dollars

210

I----------1
i
Compounded annual
rates of change,
average of the four
weeks ending
March 16, 1992 from
the four weeks ending:
Mar 18. 1991 6.3
Jun 17, 1991
Sep 16, 1991
Oct 14, 1991
Nov 18, 1991
Dec 16, 1991
Jan 13. 1992

Billions
Feb 10
17
24
Mar 2
9
16
~r~*

4 18
Feb

1 1 ■

1 1 ■ ■ i ■

'

' ■ i

i' ■ i

■i 1 i ■

I II 1 IS 29 13 27

10 24 I 22

5 I!

Mar

Jun

Aug

Apr May

Jul

■ i 1

■ i 1 i i ■ i

i ' i

i ■

m

2 If 30 I* 20 II 25 9 23 f 20
Sep

Oct Nov

1991

Dec

Jan

■ i . ‘i

271.4
272.0
271.6
271.6
271.8
271.9
■ i i i‘ ■ i i

250

3 17 1If 30 13 21
Feb

Mar Apr

1992

Latest data plotted week ending: March 16, 1992
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

Averoges of Daily Figures

Loan Rate
-CorporateBonds

1 15 1 15 29
Feb

Mar

Apr

May

Jun

Jul
1991

n

If 30 Sep
13
Aug

11Oct25 Nov

Dec

Jan

14 2! 13 27

Feb Mar
1992

Apr

Latest data plotted are averages of rates available for the week ending: March 27, 1992

1991

Jan

3

10
17
24
31
Feb 7
14
21
28

Mar

6
13
20
27 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

4.15
3.98
4.09
4.06
4.08
4.02
3.96
4.13
4.16
4.22
4.24
4.29
4.27

4.57
4.09
4.10
4.08
4.08
4.07
4.02
4.17
4.19
4.27
4.28
4.32
4.28

4.05
3.92
3.99
3.96
4.00
3.95
3.92
4.05
4.08
4.17
4.19
4.21
4.21

8.17
8.14
8.20
8.22
8.25
8.25
8.27
8.33
8.31
8.32
8.34
8.38
8.36

9.11
9.05
9.11
9.16
9.20
9.18
9.21
9.28
9.23
9.21
9.23
9.31
9.27

6.52
6.40
6.56
6.59
6.65
6.71
6.74
6.75
6.74
6.71
6.76
6.79
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


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

5—Year

Federal
.Funds Rate.

Discount Rate

1

15 1
Feb

15 2! 12 26 10 24 7 21
Mar

Apr

May

Jun

5 IS 2
Jul

16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27
Sep
Oct
Feb
Mar
Nov Dec

Aug

Latest data plotted are averages of rates available for the week ending: March 27, 1992

1991
Jan

3
10
17
24
31
Feb 7
14
21
28
Mar 6
13
20
27 *

Federal
Funds **

3-Month
Treasury
Bill

6—Month
Treasury
Bill ***

4.19
4.19
4.01
3.87
4.01
4.17
3.93
4.20
3.96
4.08
3.95
4.04
3.94

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.87
3.91
3.93
5.98
7.30
3.77
3.86
3.87
6.01
7.27
3.81
3.87
3.98
6.34
7.47
3.77
3.84
3.95
6.32
7.56
3.84
3.93
4.02
6.41
7.65
3.B1
3.93
3.98
6.44
7.68
3.76
3.80
4.00
6.50
7.74
3.87
3.93
4.16
6.70
7.85
3.94
4.08
4.19
6.70
7.79
4.04
4.10
4.32
6.79
7.83
4.02
4.13
4.43
6.91
7.91
4.06
4.27
4.50
7.08
7.98
4.05
4.27
4.43
7.02
7.91
Cun-ent 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


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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

3550

~

Billions of Dollars

2675

I

M2
1992 Billions
Feb 10
17
24
Ma 2
9
16

3500

3473.4
3478.0
3477.5
3-*t78.7
3'1-82.5
3*1-78.2

2625

M2 (left sc ale)

3(50

2575
**

3400

*

S -\

\✓

*^7 V

\

*•

t

~\

.

*,

2525

K on-MI M2 (ri< ht sea «)

ga

No i-M1
199:
Bjlllc

3350

3300

Feb 10 2546.3
17 2546.6
24 2543.3
Mar 2 2543.7
9 2542.9
16 2534.8
______I______ I_____

4

18 4 18 I 15 2! 13 27 11 21 1 22 5 11 2 16 30 14 21 11 25 ! 23 1 20 3 17 2 If 30 13 27
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
1991

2475

2425

1992

Latest data plotted week ending: March 16, 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)
Compounded annual rates of change, average of four weeks ending:
To the average
3/18/91 6/17/91 8/19/91 9/16/91 10/14/91 11/18/91 12/16/91 1/13/92
of four weeks
ending:
8/19/91
9/16/91
10/14/91
11/18/91
12/16/91
1/13/92
2/17/92
3/16/92

1.8
2.0
1.7
2.0
2.4
2.1
2.7
2.9


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Federal Reserve Bank of St. Louis

0.6
0.5
1.3
1.9
1.6
2.5
2.8

1.4
2.5
3.1
2.4
3.5
3.7

2.3
3.2
2.3
3.7
3.8

4.7
3.1
4.5
4.5

2.3
4.6
4.6

4.3
4.4

6.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
Savings
L£9£ Billion?
Feb 10 1080.5
17 1086.0 .
24 1087.3
Mar 2 1088.6
9 1095.0
16 1098.6

Billions of Dollars

Money Market (right scale)

Money Market
1992 Billions

Savings Deposits (left scale)

Feb 10
17
24
Mar 2
9
16

363.5
363.8 —
363.4
363.9
360.2
358.3

Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
.
.
1991
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Apr

Large and Small Time Deposits1 /
Billions of Dollars

_______ AIID.pository Institution,..............
Averages of Daily Figures, Seasonally Adjusted

Small Time
Billion?
Feb 10 1023.6.
17 1018.7
24 1015.1
Mar 2 1012.0
9 1007.7
16 1002.4

L22Z

Small Time (right scale)

_ Large Time
1992 Billions

4 18 4 18 1 15 2) 13 27
Feb Mar
Apr
May

Billions of Dollar,

Time (left scale)

10 24 8 22 5 19
Jun Jul
Aug
1991

Feb

Mar

Apr

Latest data plotted week ending: March 16, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

1145

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions of Dollars

Billions

H _ Feb 19
26
Mar 4
11
18
! n _
25

0.081
0.067
0.059
0.040
0.110
0.074

6 20 6 20 3 17 1 IS 29 12 26 10 21 7 21 4 II 2 16 30 13 27 11 25 8 22
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Dec

5

19 4 18 1 15 29
Feb Mar
Apr
1992

1991

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

Billions of Dollars

2.5

2.0

I

Billions of Dollars

2.5

I

1992

Billions

Feb 19

0.079

Ma r 4
11
18
25

.057
.038
.108
.073

2.0

1.5

1.5

1.0

0.5

0.0

/ V,

6 2!
Feb

VV

t

I

—

A'

^—

\
'L

0.5
V-l
0.0

6 21 J 17 I 15 21 12 2f 10 20 7 21 0 11 2 IE JO 13 27 It 25 0 22
Mar
Apr May
Jun Jul
Aug
Sep Oct
Nov Dec
Jan
1991

5 10 0 11
Feb Mar

1

15 2!
Apr

1992

Latest data plotted week ending: March 25, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinandal Companies

Billions of Dollars

1992

_________________

Not Seasonally Adjusted

Billions of Dollars

Billions

Feb 12 135.285
134.797
135.672
Mar 4 135.827
139.445
141.443

6 20 I 20 3 17 1 IS 2) 12 26 10 24 7 21
Feb Mar
Apr
May
Jun
Jul
Aug

18 2 16 30 13 27
25 I 22
Sep
Oct
Nov Dec
Jan

1991

18 4 II
Feb Mar

Apr

1992

Latest data plotted week ending: March 18, 1992

Commercial and Industrial Loans’/
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

360
370
360
350
340
330

—I

Billions of Dollars

----- ,------,----- 380

I--------- i--------

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

370
Feb 5
12
19
26
Mar 4
1

the four weeks ending:
Mar 13. 1991 -9.5
Jun 12, 1991 -9.2
Sep 11, 1991 -6.4
Oct 9,
Nov 13, 1991 -6.1
Dec 11, 1991 -5.0

290.559
288.325
289.724
288.876
290.247
289. 760

360
350
340
330

320

320

310

310

300

300

290

290

280

20 6 20 3 17
Feb Mar
Apr

15 28 12 26 10 24 7 21
May
Jun
Jul
Aug
1991

4 18
Sep

16 30 13 27 11 25 8 22
Oct
Nov Dec
Jan

5 19 4 18
Feb Mar
1992

15 2
Apr

Latest data plotted week ending: March 11,1992
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

Dollar’s Trade-Weighted Exchange Index
Averages of Daily Figures

1992 1973=100

S 20 6 20 3 17 1 15 2! 12 26 10 24 7 21 4 II 2 16 30 13 27 11 25
Feb

Mar

Apr

May

Jun

Jul
1991

Aug

Sep

Oct

Nov

Dec

22 5 10 4 II 1 15 20
Jan

Feb Mar
1992

Apr

Latest data plotted week ending: March 25, 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.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis