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mti j

Federal Reserve Bank
THE
FEDERAL
a reserve
Ja liAMvnl
ST. IXH IS

THE WEEK'S HIGHLIGHTS:
✓ The dollar’s trade-weighted exchange rate index (TWEX) has fallen
6.8 percent since the week ending December 28, following a 5.2 per­
cent increase over the previous nine weeks. Measured from a year
ago, TWEX has declined 11.7 percent (see back page).

✓ Productivity in the business sector (outputper hour) advanced at a
1.7 percent annual rate in the fourth quarter, up slightly from a
1.5 percent rate of increase over the previous three quarters. Unit
labor costs were up 1.5 percent at an annual rate in the fourth quarter
and have risen 1.7 percent from a year earlier.

✓ Consumer installment credit outstanding rose $3.7 billion in January,
or at a 4.9 percent rate. January’s rate of increase was the smallest
since May 1993.

✓ The composite index of leading indicators was unchanged in January,
following a 0.2 percent increase in December and a 0.1 percent
increase in November.

✓ Total new factory orders increased $1.8 billion in January, or
0.6 percent, down from a 2 percent increase in December.

All data are seasonally adjusted unless otherwise indicated.

U.S. Financial Dam is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or to request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with apersonal 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 Figures
Seasonally Adjusted

Billions of Dollars

1995

Billions

Dec 21
Jan 4

Billions of Dollars

454.8
456.5
459.1
460.0
461.8
462.4

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1994

Feb

Mar

1995

Latest data plotted reserve maintenance period ending: March 1, 1995
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.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
8/3/94
8/31/94
9/28/94
10/26/94
12/7/94
1/4/95
2/1/95
3/1/95

Compounded annual rates of change, average of two maintenance periods ending:
3/2/94

5/25/94

8/3/94

8/31/94

6.2
6.3
6.3
6.2
6.1
5.7
6.2
6.3

7.0
6.9
6.7
6.4
5.8
6.4
6.5

6.6
6.3
6.0
5.2
6.1
6.3

6.1
5.8
4.8
6.1
6.3


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

9/28/94 10/26/94 12/7/94

5.5
4.4
5.9
6.2

3.9
6.0
6.3

1/4/95

6.5
6.7

Prepared by Federal Reserve Bank of St. Louis

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

Averages of Daily Figures
Seasonally Adjusted

1995

Billions

Jan 23
30
Feb 6
13
20
27

1149.1
1147.0
1150.3
1146.8
1145.4
1145.9

Billions of Dollars

(left scale)

(right scale)

TCD
1995

Billions

Jan 23
30
Feb 6
13
20
27

Jan

Feb

Mar

Apr

May

Jun

782.2
779.1 —
782.7
780.0
778.2
778.6

Jul

1994

1995

Latest data plotted week ending: February 27, 1995
Current data appear in the Federal Reserve Board's H.6 release.

checks'!" SUm °f °urr‘ncy held by the nonbank Public, demand deposits, other checkable deposits and travelers
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 endinaof four weeks
ending:
7/25/94
8/29/94
9/26/94
10/24/94
11/28/94
12/26/94
1/30/95
2/27/95

2/ZH/34

5/30/94

3.1
2.4
2.2
1.6
1.2
1.2
1.2
0.9

2.5
2.1
1.2
0.7
0.7
0.8
0.4


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

7/25/94

-0.1
-0.9
-1.0
-0.6
-0.3
-0.6

8/29/94

-1.0
-1.1
-0.6
-0.2
-0.6

9/26/94 10/24/94 11/28/94 12/26/94

-1.9
-1.0
-0.5
-0.8

-0.3
0.2
-0.4

1.1
-0.1

-0.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

114
1995

Billions

Dec 21 100.6
|1fl —Jan 4 101.6

Mar 1

110

103.6

102

99

94

SO
5 I) 2 ti 2 li 11 11 27 11 25 8 22 1 20 1 17 II 14 21 12 21 9 21 7 21 4 It I IS I
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1994

Feb

IS 29
Mar

1995

Latest data plotted two weeks ending: March 1, 1995
Adjusted reserves is the difference between adjusted monetary base and currency component of M1-

Adjusted Reserves
To the average of

Compounded annual rates of change, average of two maintenance periods ending;
1/4/95
3/2/94 5/25/94 8/3/94 8/31/94 9/28/94 10/26/94 12/7/94

periods ending:
B/3/94
8/31/94
9/28/94
10/26/94
12/7/94
1/4/95
2/1/95
3/1/95

-6.3
-5.2
-3.9
-4.2
-5.1
-5.4
-4.4
-2.5


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

-0.7
0.6
-0.7
-2.9
-3.6
-2.4
-0.1

3.2
0.0
-3.6
-4.5
-2.7
0.3

-0.6
-4.9
-5.8
-3.4
0.2

—B.7
-8.7
-5.2
-0.7

-9.7
-5.0
0.6

-0.6
6.5

15.0

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures

Ratio

Ratio

3.2

3.0 .

2.0

1

Compounded annt
rates of change,
average of the fou r
weeks ending
February 27, 1995 from
the four weeks enc ing:
Feb 28, 1994 - 5.0
May 23, 1994 - 5.7
Aug 29. 1994 - 5.5
Sep 26, 1994 - 5.7
Oct 24, 1994 —<5.4
Nov 21, 1994 - 5.0

3.2

l

1995

Ratio

Dec 19
Jan 2

2.525
2.511

30
Feb 1 3
27

2.4 96
2.4 87
2.4 78

2.8

2.6

2.6

2.3

' 1 ' 1 ' 1 • 1 1 1 1 1

Jan

Feb

Mar

Apr

May

Jun

Jul

| 1 | T| 1 | 1 1r7" t 1

Aug

Nov

Sep

Oct

Dec

Jan

1994

1 1 1 1

l '

Feb

Mar

1995

Latest data plotted two weeks ending: February 27, 1995

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
February 27. 1995 from
the four weeks ending:
Feb 28. 1994 9.1
May 30, 1994 8.5
Aug 29, 1994 8.1
Sep 26, 1994 8.2
Oct 24, 1994 8.1
Nov 28, 1994 7.0
Dec 26, 1994 7.6

1995

Billions
359.5
359.2

I I7
Jan

31 H 21 14 21 II 25 9 23 1 21
Feb

Mar

Apr

May

Jun

4 11 I 15 « 12 21
Jul

Aug

Sep

1994

19 2 16 30 13 27 13 27
Feb

Mar

1995

Latest data plotted week ending: February 27, 1995
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

Bank

.Municipal Bonds.

16 30 14 28 11 25 9 23

18 1 15 29 13 27 10 24 8 22
Mar

Apr

May

Jun

Sep

Jul

Oct

Nov

Dec

17 3 17 31
Feb

Mar

Latest data plotted are averages of rates available for the week ending: March 10, 1995

1994
23
30
Jan 6
13
20
27
Feb 3
10
17
24
10 *

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

6.12
6.05
6.06
5.85
5.75
5.82
5.94
6.08
6.03
6.07
6.03
6.05
6.08

6.30
6.26
6.36
6.36
6.20
6.22
6.22
6.22
6.16
6.17
6.11
6.13
6.20

6.20
6.14
6.23
6.21
6.09
6.12
6.10
6.11
6.05
6.05
6.00
6.03
6.09

Corporate
Aaa Bonds
8.46
8.45
8.43
8.49
8.46
8.44
8.49
8.33
8.28
8.26
8.23
8.17
8.29

Corporate
Baa Bonds

Municipal
Bonds **

9.10
9.08
9.08
9.13
9.10
9.06
9.10
8.92
8.87
8.85
8.82
8.76
8.89

6.77
6.74
6.71
6.66
6.53
6.44
6.49
6.40
6.18
6.18
6.11
6.08
NX

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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

18 4 18
Feb

15 29 13 27 10 24 8 22

Mar

Apr

16 30 14 28

May

Sep

Oct
1995

Latest data plotted are averages of rates available for the week ending: March 10, 1995

1994
Dec 16
23
30
Jan 6
13
20
27
Feb 3
10
17
24
Mar 3
10 *

Federal
Funds **

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury

5.48
5.56
5.45
5.40
5.53
5.45
5.42
5.63
5.95
5.93
5.94
5.88
5.93

5.66
6.73
7.78
7.82
7.96
5.49
6.66
7.79
7.82
7.95
5.52
6.74
7.81
7.81
7.93
5.67
6.74
7.86
7.86
7.99
5.66
6.66
7.80
7.80
7.95
5.70
6.58
7.73
7.74
7.90
5.77
6.50
7.74
7.78
7.93
5.82
6.43
7.54
7.62
7.78
5.79
6.37
7.47
7.56
7.72
5.75
6.29
7.40
7.48
7.67
5.72
6.15
7.23
7.36
7.61
5.74
6.07
7.10
7.27
7.53
5.76
6.17
7.24
7.40
7.67
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


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

Prepared by 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

Billions of Dollars

M2
1995
Jan 23
30
_ Feb 6
13
20
27

Billions

(left scale)

3628.6
3623.3
3628.6.
3623.5
3620.7
3622.6

Non-M1 M2 (right scale)

Non-M1 M2
1995
Jan 23
30
Feb 6
13
20
27

3 17 31 M 28 14 28 11 25
Feb

Mar

Apr

Billions
2479.5
2476.3
2478.3
2476.7
2475.3
2476.7

23 6 20 4 18 1 15 29 !2 26 10 24 7 21 5 19 2 16 30 13 27 13 27
May

Jul

Aug

Sep

Oct

Nov

Dec

Feb

1994

Mar

1995

Latest data plotted week ending: February 27, 1995
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)
To the average

Compounded annual rates of change, average of four weeks ending:
2/28/94 5/30/94 7/25/94 8/29/94 9/26/94 10/24/94 11/28/94 12/26/94

ending:
7/25/94
8/29/94
9/26/94
10/24/94
11/28/94
12/26/94
1/30/95
2/27/95

2.0
1.5
1.2
1.0
0.8
0.9
1.2
1.1


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

0.4
0.2
0.0
0.0
0.2
0.7
0.6

-0.7
-0.7
-0.6
-0.1
0.5
0.4

-0.6
-0.5
0.1
0.8
0.6

-0.5
0.3
1.1
0.8

0.7
1.7
1.2

2.8
1.8

1.6

Prepared by Federal Reserve Bank of St. Louis

*

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1300
I
I
Savings
1995 Billions

1260

Jan 23
30
Feb 6
13
20
27

Billions of Dollars
----------1---------1-------- 955
Small Time
1995 Billions

1128.3
1124.4
11 18.9
11 14.5
11 10.6
11 05.9

Jan 23

835.0

Feb

84*5.0
84t5.5
85^L8
85S).9

Sovin< s Depo efts(lef scale)

1220

6
13
20
27

915

___

N

\

875

1180
«<■

✓

835

✓

*

Sm< II Time (right scale)

1HD

**

795

*

1100

3 17 II U 28 U 28 11 25 ! 23 i 20 1 18 1 15 29 12 28 10 24 7 21 5 19 2 It 30 13 27 13 2)
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1994

755

Mar

1995

Note: Savings deposits are at all depository institutions.

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

Billions of Dollars
415 ---------1---------1----------

420

Large
1995
Jan 23
30
Feb 6
13
20
27

Billions of Dollars
1
1
Money Market
1995 Billions

Time
Billions
363.3
366.1 _
3 65.9
3 67.9
3 72.1
3 77.0

Jan 23

392.9

Feb

392 ..5
39C1.3
391 .1
392 ..7

395

s mm

✓

370

6
13
20
27

1

420

395

—

Mon< y Market

445

•

*

370

/
/

——'

345

345
Larg< Time

320
3 17 31 H 28 14 28 tl 25 9 23 8 21 4 II I 15 29 12 28 11 24 7 21 5 19 2 18 30 13 27 13 27
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

1994

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1995

Latest data plotted week ending: February 27, 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Pr(!pared by Federa| Re3<!rve Bank of s, Lou|s


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

9

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1.4

1995

1.2

“Feb

Billions of Dollars

—

1

.4

fl Ilions
.138
.052
.051
.064

1.2

8

1.0

1
8
15
22

C .054

1.0

0.8

0.8

0.8

0.6

0.4

0.4

0.2

Ay

wA
A

Jan

Feb

;

.. __

Mar

J

0.2

7 7.

Apr

May

1 ' 1 ■ "» 1 '

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1 1 1

Mar

.
.
1994
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, $1 million in the week ending July 20, 1994 and was zero in the other weeks shown.

Bank Loans and Credit

V

All Commercial Banks in the United States

Billions of Dollars

3425 -------- 1-------- —
Bank C ■edit
3375
3325

2500

1995
Jan 18
25
Feb 1
8

£ Ilions
3 348.1
3 362.8
3 358.2
3 350.6
22 3 364!3

2450
B ank Cn >drt (le :t scale

i2/

'
r

/

V*"

2400

3275

2350

M
4

2300

\V

\--------

___

3225

•

v-s/

3175
-

nV

3125
3075

Loan s«ScLec ses
_ 199; Bill!
2250
Jan 1 8 2399.0
2 5 2412.9
Feb 1 2419.1
8 2412.6__
2200
1 5 2423.7
2 2 2424.9

bans a id Leas es (rig it seal V
' i '

Jan

ii rr 1 '

Feb

Mar

■Ml1

Apr

T| 1 1 ••1 1 i

May

Jun

T

» 1 ■

Jul

i ■ ■

Aug

t ■ i1

Sep

1994
Latest Wednesday data plotted : February 22, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loans and leases and securities


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

rr 1 I

Oct

Nov

T

' 1 ' r-'

Dec

r

Jan

2150

■

Feb

Mar

1995

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted
Billions

166.634

Jan

Feb

Mar

Apr

May

Jun

18

Ju

1994

1

15 1 IS 29
Feb Mar

1995

Latest data plotted week ending: March 1, 1995

Commercial and Industrial Loans

Billions of Dollars

eso
630

Billions of Dollars
350

1---------1---------All Banks
1995 Billions
Jan 18 657.7
—
25 662.0
Feb 1 668.0
8 667.4
15 669.8
22 670.0
______I______

330

/ 1 tX-"
/ s
Is
V

s—

310

r'

sale)2/
Largs Banks right s

s

m

S

620

290

---

Lar ge
199S
Jan 1 8
25
Feb 1
8
15
22
-■

EDO
/
A IBanki (left cale)^

-----

..

Jan

«

Feb

i

Mar

1'

Apr

May

Jun

Jul

Aug

1994

:

j

Sep

Latest Wednesday data plotted : February 22, 1995
Current data appear in the Federal Reserve Board's H.8 release
1 / Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks


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

Oct

Nov

Dec

1111'1

Jan

Ba nks
amions
32 1.2
32 3.3
270
32 5.6
32 5.3
32 5.9
32 7.6
I ■ l
•■ 1 ■ I

250

Feb

Mar

1995

Prepared by Federal Reserve Bank of St. Louis

11

Dollar's Trade-Weighted Exchange Index

1973*100

1973=100

Averages of Daily Figures

1995 1973=100

Feb 1
Mar

1

5 19 2 16 2 18 30 13 27 11 25 8 22 E 20 3 17 31 14 21 12 20 9 23 7 21 4 11 1 15 1 15 29
Jan

Feb

Mar

Apr

May

Jun
Jul
1994

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1995

Latest data plotted week ending: March 8, 1995
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

<T\ KJ


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102