Full text of U.S. Financial Data : March 3, 1994

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March 3, 1994

MR 011904'

FederalWs
Federal Hesorve Sank
Loi

ncial Data

KF.IH-.RAI
KISIKW
IVVShol

Si: I JIM IS

THE WEEK'S HIGHLIGHTS:
Real disposable personal income fell at a 5.3 percent annual
rate in January, after rising 7.6 percent in December and
5.7 percent in November. January’s decline reflected many
special factors, including the California earthquake and severe
winter weather.
\/ New construction put in place during January decreased to an
annual rate of $505.5 billion, from $511.7 billion in December.
Compared with a year ago, new construction put in place was
up 12 percent.
Sales of new one-family homes dropped 20.1 percent in January,
totaling 695,000 homes, after rising 13 percent in December.
Compared with a year ago, sales of new one-family homes were
up 13.9 percent.
y Real gross domestic product increased at an annual rate of
7.5 percent in the fourth quarter of 1993, according to the
preliminary estimate, up sharply from the advance estimate
of 5.9 percent. This is the largest quarterly increase since
the first quarter of 1984, when it was 7.9 percent.
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 Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Dec 22

Billions of Dollars

422.3

Jan

Feb

Mar

Apr

May

Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
1993
1994
Latest data plotted reserve maintenance period ending: March 2, 1994
The adjusted monetary base is the sum of reserve accounts of financial inst’tutions 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 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 bonk.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
8/4/93
9/1/93
9/29/93
10/27/93
12/8/93
1/5/94
2/2/94
3/2/94

Compounded annual rates of change, average of two maintenance periods ending:
3/3/93 5/26/93 8/4/93
9/1/93 9/29/93 10/27/93 12/8/93
1/5/94

9.0
9.9
10.0
10.0
9.1
8.7
9.8
10.3


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Federal Reserve Bank of St. Louis

11.4
11.2
10.9
9.4
8.9
10.3
10.9

12.7
11.7
9.2
8.4
10.4
11.3

10.2
7.6
7.0
9.6
10.7

6.4
6.0
9.4
10.8

4.5
9.2
11.0

13.2
14.5

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1994 Billions
Jan 17 1133.3
24 1136.3
31 1136.1
Feb 7 1135.8
14 1139.2.
mi 21 1139.0

ms -

M1 (left scale)

(right scale)

1994

TCD
Billions

Jan 17
24
Feb

7
14

800.4
802.4
800.5
799.5 ~ 710
802.7
801.8

4 18 1 IS 1 15 23 12 25 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28
Jan

Feb

Mar

Apr

May

Jun
Jul
1993

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1994

Mar

Latest data plotted week ending: February 21, 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)
T ..
Compounded annual rates of change, average of four weeks ending:
°
average 2/22/93 5/24/93 7/19/93 8/23/93 9/20/93 10/18/9311/22/9312/20/93
of four weeks
ending:
7/19/93
8/23/93
9/20/93
10/18/93
11/22/93
12/20/93
1/24/94
2/21/94

11.9
11.7
11.6
11.3
11.2
10.8
10.3
9.9


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Federal Reserve Bank of St. Louis

11.7
11.5
10.9
11.0
10.4
9.7
9.3

10.9
10.2
10.4
9.8
9.0
8.6

9.7
10.2
9.4
8.5
8.1

10.0
9.0
8.1
7.7

9.2
7.9
7.4

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

110
1994

Billions

22

Jan

5
19
Feb 2
16

100.4

101.2

106

102.2
103.9
104.6
105.5

102

6 20 3 17 3 17 31 14 21 12 26 9 23 7 21 4 18
Feb

Mar

Apr

May

Jun
Jul
1993

15 29 13 27 10 24

Aug

Sep

Oct

Nov

22 5 19 2 16 2 16 30

Dec

Feb
1994

Mar

Latest data plotted two weeks ending: February 16, 1994
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 2/17/93 5/12/93 7/21/93 8/18/93
9/15/93 10/13/93 11/10/93 12/22/93
periods ending:
7/21/93
8/1 S/93
9/15/93
10/13/93
11/10/93
12/22/93
1/19/94
2/16/94

7.3
8.0
8.4
8.9
7.8
5.5
7.7
9.1


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Federal Reserve Bank of St. Louis

15.0
14.1
13.7
11.3
7.5
10.2
11.9

11.7
11.9
8.4
3.9
8.0
10.5

11.6
7.1
2.0
7.2
10.2

5.3
-0.4
6.4
10.1

-5.0
4.8
9.7

7.4
13.0

31.2

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
February 14, 1994 from
the four weeks ending:
Feb 15 1993
May 24 1993
Aug 16 1993
Sep 27 1993
Oct 25, 1993
Nov 22 1993
Dec 20 1993

< 18

r • i

1994

Ratio

Dec

6
20
dan 3
17

i ■ i

2.674
2.671
2.666
2.643

i

1 15 1 15 2! 1! 21 II 21 I 21 S 19 2 16 ID 11 27 11 25 8 21 6 20 3 17 11 H 21 16 2l"

Jan
Feb Mar Apr
May Jun
Jul
Aug
1993
Latest data plotted two weeks ending: February 14, 1994

Sep

Oct

Nov

Dec

Jan

Feb
1994

Mar

Currency Component of M12/
Billions of Dollars

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
February 21, 1994 from
the four weeks ending:
May 24, 1993 10.8
Sep 20. 1993 10.8
Nov 22, 1993 12.2
Dec 20, 1993 14.3

1994

Billions

Jan 17

325.0
326.0
327.6
328.3
328.5
329.3

Feb
1994

1993

Mar

Latest data plotted week ending: February 21, 1994
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
Aoa bonds

Loan Rote

19 3 17 31 14 28 11 25 11 25

18 2 16 30 13 27

1 15 29

Jul

Nov

Aug

Dec

Jan

Feb
1994

Mar

Latest data plotted are averages of rates available for the week ending: March 4, 1994

1994

30-Day
Commercial
Paper

90-Day
CDs

90—Day
Bankers'
Acceptances

Dec 10
17
24
31
Jan 7
14
21
28
Feb 4
11
18
25
Mar 4 *

3.41
3.34
3.31
3.35
3.21
3.12
3.13
3.11
3.14
3.41
3.46
3.47
3.54

3.31
3.23
3.20
3.24
3.22
3.13
3.12
3.12
3.20
3.43
3.47
3.57
3.68

3.26
3.20
3.18
3.21
3.16
3.09
3.07
3.07
3.19
3.40
3.43
3.53
3.63

Corporate
Aaa Bonds
6.86
6.97
6.95
6.94
7.01
6.87
6.92
6.91
6.93
7.03
7.06
7.23
7.25

Corporate
Baa Bonds

Municipal
Bonds **

7.61
7.72
7.70
7.71
7.75
7.61
7.64
7.62
7.61
7.72
7.76
7.92
7.92

5.33
5.36
5.34
5.28
5.34
5.31
5.29
5.28
5.25
5.36
5.42
5.58
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

Fund* Rat*

Latest data plotted are averages of rates available for the week ending: March 4, 1994

1994
Dec 10
17
24
31
Jan 7
14
21
28
Feb 4
11
18
25
Mar 4 *

3-Month
Federal
Treasury
Funds *****
Bill
2.92
2.94
2.99
2.99
3.00
2.98
3.13
2.97
3.17
3.20
3.25
3.25
3.28

1 -Year
Treasury
Bill

3.07
3.04
3.06
3.02
3.05
2.97
2.96
2.93
3.08
3.25
3.27
3.35
3.44

5—Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.44
5.10
5.71
6.14
3.47
5.18
5.82
6.26
3.45
5.16
5.79
6.24
3.45
5.14
5.77
6.22
3.46
5.21
5.85
6.30
3.38
5.03
5.69
6.15
3.36
5.06
5.74
6.17
3.35
5.05
5.74
6.16
3.49
5.14
5.80
6.18
3.69
5.36
5.94
6.34
3.70
5.40
5.95
6.39
3.82
5.60
6.15
6.59
3.91
5.69
6.24
6.68
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


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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

1994

Billions

Jan 17
24
31
Feb 7
14
21

3577.5
3575.5
3570.3.
3569.5
3573.7
3564.3

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-M1 M2
Jan 17
24
31
Feb 7
14
21

2444.2
2439.2
2434.2
2433.7
2434.5
2425.3

4 IB 1 15 1 15 29 12 26 10 24 7 21 5 19 2 10 30 13 27 11 25 8 22 5 20 3 17 31 14 20 14 28
Jan

Feb

Mar

Apr

May

Jun
Jul
1993

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1994

Mar

Latest data plotted week ending: February 21, 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, 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 2/22/93 5/24/93 7/19/93 8/23/93 9/20/93 10/18/93 11/22/93 12/20/93
ending:
7/19/93
8/23/93
9/20/93
10/18/93
11/22/93
12/20/93
1/24/94
2/21/94

2.5
2.5
2.4
2.3
2.4
2.4
2.4
2.1


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Federal Reserve Bank of St. Louis

2.4
2.2
2.1
2.2
2.3
2.3
1.9

2.3
2.0
2.2
2.3
2.4
1.9

1.6
2.0
2.2
2.3
1.7

2.1
2.3
2.4
1.7

2.8
2.7
1.8

2.7
1.5

0.9

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
1994 Billions

1275

Jan 17
24
31
“Feb 7
14
21

Small Time
1994 Billions

1225.2
1221.1
1219.7
1220.2
1222.5
1220.0

Jan 17
24
31
"Feb 7
14
21

780.0
778.8
777.9
777.1
775.6
775.0

Small Time (right scale)

Savings Deposits (left scale)

4 II 1 15 1 15 2! 12 26 10 24 7 21 5 19 2 18 30 13 27
Feb

Mar

Apr

May

Jun
Jul
Aug
1993
Note: Savings deposits are at all depository institutions.

Sep

25 8 22 6 20 3 17 31 14 28 14 21
Oct

Nov

Dec

Jan

Feb

Mar

Large Time Deposits and Money Market Funds1 /
Ail Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars
Large
1994
Jan 17
24
31
Feb 7
14
21

Billions of Dollars

Time
Billions
343.2
343.2 .
339.2
336.6
336.8
334.7

Money Market
1994 Billions
Jan 17
24
31
Feb 7
14
21

349.3
348.5 __
345.5
344.9
344.9
343.3

4 II 1 15 1 15 2) 12 28 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28
Jan

Feb

Mar

Apr

May

Jun
Jul
1993

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1994

Mar

Latest data plotted week ending: February 21, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funde ere general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994

Billions

Jan 26
Feb 2
9
16
23
Mar 2

6 20 3 17 3 17 31 H 2! 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0.039
0.051
0.045
0.145
0.046 ---0.044

22 5 19 2 16 2 16 30
Dec

Feb

1993

Mar

1994

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

Billions of Dollars
1.4

Billions of Dollars

1.4

I
1994 .

1.2

Billions

6
2
9
6

Mar 2

1.0

o!c )44

1

0.8

0.2
0.0

A
VI 77

A I
l\y v
A- J

0.6

0.4
N_

.—.

6 20

Jan

1.0
0.8

O.S
0.4

1.2

0.039
0.051
0.045
0.145

Jan
Feb

VA

0.2

3 17 3 17 31 H 2! 11 28 9 23 7 21 4 10 1

15 29

13 27 10 24 1 22 3 19 1 It 1 I! 30

Feb

Sep

Oct

Mar

Apr

May

Jun

Jul

1993

Aug

Nov Dec

Jan

Feb

Mar

1994

Latest data plotted week ending: March 2. 1994


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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

1994

Billions

Jan 19
26
Feb 2
9
16
23

154.383
154.039
159.243
154.923
155.276
151.728

8 20 3 1? 3 17 31 11 21 12 21 9 23 7 21 4 II 1 15 2) 13 27 10 24 I 22
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

19 2 II 2 IS 30

Oct

Feb

Mar

Latest data plotted week ending: February 23. 1994

Commercial and Industrial Loans'7
. _ ..
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

--------1---------1----------1--------Compounded annual
rates of change,
average of the four

3I5
305
295

1

Billions of Dollars
1
325

19.9.4

February 16, 1994 from
the four weeks ending:
Feb 17. 1993 -0.6
May 19, 1993 0.9 .
Aug 1B, 1993 0.5
Sep 15, 1993 1.4
Oct 13. 1993 1.9
Nov 17. 1993 1.7
1993

Billions

Jan 12
19
26
Feb 2
9
16

278.201
280.173
279.939
281.839
280.100
280.964

315
— 305
295

285

285

275

275

265

»
Jan

3

17 3 17 31 14 21 1! 2S
Feb Mar
Apr
May

9 23 7 21
Jun
Jul
1993

4

11
Aug

IS 29 13 27 10 24
Sep
Oct
Nov

1 22
Dec

5

IS
Jan

16
Feb
1994

11 3
Mar

Latest data plotted week ending: February 16, 1994
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

265

Dollar's Trade-Weighted Exchange Index

1973=100

1973=100

Averages of Daily Figures

L224 1973=190
Feb 2

6 20 3 17 ] 17 31 14 20 12 26 0 23 7 21 4 18 1 15 29 13 27 10 24 8 22
Feb

Mar

Apr

May

Jun
Jul
1993

Aug

Sep

Oct

19 2 16 2 16 30
Feb
1994

Mar

Latest data plotted week ending: March 2, 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


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Federal Reserve Bank of St. Louis