Full text of U.S. Financial Data : May 16, 1991

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sraWeserva Bank

of St. Louis

US. Financial Data
May 16, 1991

THE WEEK'S HIGHLIGHTS:
✓ Industrial production rose at a 1.1 percent seasonally adjusted
annual rate in April, after six consecutive months of decline. April
production was down at a 8.4 percent rate from September 1990.
✓ Retail sales declined at a seasonally adjusted annual rate ofl
percent in April, after rising at a 4.6 percent rate in March. Sales
were 1.7percent higher than a year ago. Retail sales are not ad­
justed for inflation.
Consumer prices rose in April at a seasonally adjusted annual rate
of 2.7percent, following a 0.9 percent decline in March. Since
January, consumer prices excluding food and energy have risen at a
4.4 percent rate, down from a 5.2 percent increase for all of1990.
✓ Producer prices offinished goods rose at a seasonally adjusted
annual rate of 2 percent in April, after declining for four consecu­
tive months. Excluding food and energy, producer prices rose at a
1.9percent rate and were 3.7percent higher than a year ago.

thi:
FEDERAL
A
JZk RESERVE
lUNKof

Or si: un is

views expressed do not necessarily reflect official positions of the Federal Reserve System.
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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Mar

6

_ Apr

3

May

1

7 21 4

Billions of Dollars

332.0
336.7
333.0
333.6
333.3
335.4

18 2 16 30 13 27

Mar Apr

May

Jun

11 25 8 22

5

Jul

Sep

Aug
1990

19 3

17 31 14 28 12 26
Oct

Nov

Dec

9 23

6

Jan

Feb

20 6 20
Mar
1991

3 17
Apr

1

15 29
May

Latest data plotted reserve maintenance period ending: May 15, 1991
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
T ,,
. Compounded annual rates of change, average of two maintenance periods ending:
lo tne average or 5/16/90
8/8/90 10/17/90 11/14/90 12/12/90 1/9/91
2/20/91
3/20/91
two maintenance
periods ending:
10/17/90
11/14/90
12/12/90
1/9/91
2/20/91
3/20/91
4/17/91
5/15/91

9.9
8.8
8.7
10.2
11.6
11.3
9.9
9.5


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10.6
10.0
12.1
13.8
13.0
11.0
10.3

5.4
10.6
13.8
12.7
9.9
9.2

14.7
17.1
15.0
11.3
10.2

20.9
17.1
12.0
10.6

15.2
9.3
8.2

Prepared by Federal Reserve Bank of St. Louis

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

1991

ot uauy figures
Seasonally Adjusted

Averages

Billions of Dollars

M1
Billions

Apr

1
8
15
22
29
May 6

851.8
841.9
843.9
841.0
839.9 .
849.6

M1 (left scale)

TCD (right scale)'

1991
Apr

TCD
Billions

1
8
15
22
29
May 6

5

19
Mar

2

16 30 14 28 11 25 9 23

Apr

May

Jun

Jul

6 20 3 17 1
Aug

Sep

15 29 12 26
Oct

585.8
578.0
579.8
576.7
574.7
585.2

10 24 7 21

Nov

Dec

Jan

Feb

Mar

Apr

May

1990
Latest data plotted week ending: May 6, 1991
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)
To the average
of four weeks
ending:
10/8/90
11/5/90
12/3/90
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91

Compounded annual rates of change, average of four weeks ending:
5/7/90
8/6/90
10/8/90 11/5/90 12/3/90
1/7/91
2/4/91
3/4/91

4.3
3.3
3.3
3.4
3.3
4.4
4.9
4.4


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Federal Reserve Bank of St. Louis

5.2
4.8
4.6
4.3
5.7
6.3
5.4

0.7
2.0
2.1
4.5
5.5
4.5

3.7
3.4
6.1
6.9
5.6

3.3
7.0
7.7
6.0

8.9
9.1
6.5

12.2
7.8

4.5

Prepared by Federal Reserve Bank of St. Louis

3

4

Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Apr

1

May

6

3382.5
3388.0
3390.5.
3386.2
3377.4
3392.6

(left scale)

Non-M1 M2
1991
Billions

Non-M1 M2 (right scale)

Apr

1
8
15
22
29
May 6

5

19
Mar

2

16 30 H 28 11 25 9 23 6 20

Apr

May

Jun

Jul

Aug
1990

3 17 1
Sep

15 29 12 26 10 2< 7 21 4 18 4
Oct

Nov

Dec

Jan

Feb

18
Mar
1991

1

2530.7
2546.1
2546.6
2545.2
2537.5
2543.0

15 29 13 27
Apr

May

Latest data plotted week ending: May 6, 1991
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, money market deposit accounts, savings and 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
of four weeks
ending:
10/8/90
11/5/90
12/3/90
1/7/91
2/4/91
3/4/91
4/8/91
5/6/91

Compounded annual rates of change, average of four weeks ending:
5/7/90
8/6/90
10/8/90 11/5/90 12/3/90
1/7/91
2/4/91
3/4/91

3.1
2.6
2.3
2.2
2.3
2.9
3.4
3.2


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Federal Reserve Bank of St. Louis

3.4
2.8
2.5
2.5
3.4
4.0
3.7

0.4
0.9
1.3
2.8
3.7
3.3

1.2
1.7
3.5
4.4
3.9

2.1
4.3
5.2
4.4

6.0
6.6
5.3

8.3
6.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.!

Ratio

3.2

Compounded annual
rates of change,
average of the four
weeks ending
April 29, 1991
from
the four weeks ending:
Apr 30, 1990
1990
Nov 12 1990
Dec 10, 1990
1991
1991
1991

5

19
Mar

1991

-4.6
-4.7
-4.4
-4.2
-1.9
2
2.6

2 16 30It 20 II 25

! 23 6 20 3 17 I 15' 2! ’ 12 If if 24 7 ’ !l t 18 t 10

Apr

Jul

May

Jun

Ratio

Feb 18
Mar 4
18
Apr 1
15
29

Aug
Sep
Oct
1990
Latest data plotted two weeks ending: April 29, 1991

Nov

Dec

Jan

Feb

2.514
2.521
2.495
2.547
2.527
2.522

! 15 2! 13 22'

Mar
Apr
1991

Mav

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
May 6, 1991
from
the four weeks ending:
May 7, 1990 11.3
Aug 6, 1990 11.7
Nov 5, 1990 10.3
Dec 3, 1990 11.7
Jan 7, 1991 12.2
Feb 4, 1991
6.0
Mar 4, 1991
2.7

1991
Apr

Billions
1
256.2

May

5

19
Mar

2

16 30 14 28 11 25 9 23 6 20 3

Apr

May

Jun

Jul

Aug
1990

17
Sep

1

15 29 12 26
Oct

Nov

6

15 29 13 27
Apr

May

Latest data plotted week ending: May 6, 1991
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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Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate

Bonds

Municipal Bonds

2 It 30 13 27 11 25 8 22 6 20
Mar

Apr

May Jun

Jul

3 17 31 14 28 12 26 9 23 7 21
Aug

Sep

Oct

Nov

Dec

4 18 1
Jan

15

1

Feb

1990

15 29 12 26 10 24
Mar

Apr

May

1991

Latest data plotted are averages of rates available for the week ending: May 17, 1991

1991

90-Day
CDs

30-Day
Commercial
Paper

6.54
6.71
6.70
6.35
6.35
6.31
6.18
6.00
6.00
6.08
5.91
5.91
5.93

6.51
6.71
6.75
6.38
6.35
6.36
6.25
5.99
6.03
6.07
5.93
5.92
5.93

Feb 22
Mar
1
8
15
22
29
Apr 5
12
19
26
May
3
10
17 ♦

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

6.38
6.52
6.42
6.14
6.19
6.14
6.02
5.88
5.89
5.92
5.75
5.75
5.76

8.81
8.85
8.92
8.91
8.97
8.92
8.86
8.87
8.81
8.89
8.83
8.83
8.87

Corporate
Baa Bonds

Municipal
Bonds **

10.04
10.09
10.11
10.05
10.13
10.06
9.98
9.96
9.93
9.93
9.83
9.83
9.91

6.97
7.01
7.06
7.06
7.13
7.14
7.06
7.02
6.98
7.01
6.95
6.93
N.A.

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

5-Year
reasury Securities

Funds
3-Month
Treasury Bi

Discoun

2 16 30 13 27 11 25
Mar

Apr

May

22 6 20 3 17 31 14 28 12 26 9 23 7 21 4 18 1
Jun

Jul

Aug

Sep

Oct

Nov

15

Dec

Latest data plotted are averages of rates available for the week ending: May 17, 1991

1991
Feb 22
Mar
1
8
15
22
29
Apr
5
12
19
26
May
3
10
17 *

Federal
Funds **
6.26
6.31
6.47
6.17
6.10
6.10
6.00
5.90
5.69
5.92
5.92
5.79
5.78

3-Month
Treasury
Bill

6—Month
Treasury
Bill ***

1—Year
Treasury
Bill

5-Year
Treasury
Securities

5.94
6.04
6.05
5.83
5.87
5.82
5.75
5.59
5.63
5.66
5.51
5.48
5.47

5.91
6.01
6.06
5.91
5.82
5.84
5.79
5.68
5.67
5.79
5.68
5.61
5.63

5.93
6.02
6.09
5.94
6.01
5.94
5.87
5.84
5.87
5.86
5.73
5.76
5.75

7.51
7.65
7.75
7.70
7.85
7.79
7.69
7.69
7.70
7.74
7.64
7.69
7.75

Long-Term
Treasury
Securities

8.10
8.23
8.35
8.31
8.43
8.35
8.27
8.27
8.20
8.30
8.23
8.29
8.37
Cur-rent 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

8

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
Savings
1991
Billions
8
15
22
29
_ May 6

Billions of Dollars

1175

Small Tim® (right scale)

1165

425.5
426.9
428.3
429.4
431.0

1155

1145

Small Time —
1991
Billions
1 1152.9
8 1152.4
15 1150.6 —
22 1148.0
29 1145.7
May 6 1143.8

1135

Apr

Saving® (left scale)

25 9 23 6 20 3 17 1

5 19 2 16 30 14 28
Mar

Apr

May

Jun

Jul

Aug

Sep

15 29 12 26 10 24 7 21 1

18 I
Feb

Oct

Total and Large Time Deposits

15 29 13 27

18
Mar

Apr

1115

May

1/

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

1125

Billions of Dollars
Large Time
1991
Billions
Apr

1

May

6

4 18 4

18

1

Feb

Mar

506.0
507.2
506.2 —

Total Time (left

Total Time
19?1
gillions
-Apr

1
8
15
22
29
May 6

2082.0
2085.1
2084.8
2082.5
2079.0
2077.6

30 14 28 11 25 9 23 6 20 3 17 1

5 19 2
Mar

Large Time (right scale)

Apr

May

Aug

Sep

15 29 12 26 10 24 7 21
Oct

Nov

Dec

15 29 13 27
Apr

May

Latest data plotted week ending: May 6, 1991
1 / Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of $100,000 or more.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
May 6, 1991
from
the four weeks ending:
May 7. 1990 12.0
Aug 6, 1990 15.2
Nov 5, 1990 15.1
Dec 3, 1990 16.7
Jan 7. 1991 16.3
Feb 4. 1991 10.1
Mar 4, 1991
8.9

Billions

9 23 6 20
Apr

May

Jun

Apr

1

May

6

366.5
367.4
366.9
366.7
366.2
366.9

15 29 12 26 10 24 1 21

Jul
Aug
1990

Apr

May

Money Market Deposit Accounts
/"ui L/cpuoiiui y mauiuuuiia

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
May 6, 1991
from
the four weeks ending:
May 7. 1990 5.8
Aug 6, 1990 6.6
Nov 5. 1990 8.8
Dec 3, 1990 10.4
Jan 7. 1991 14.6
Feb 4, 1991 19.0
Mar 4, 1991 19.7

1991

25 9 23 6 20 3
Apr

May

Jul
Aug
1990

15 29 12 26 10 24
Nov

Dec

Billions

Apr

1

May

6

521.4 —
523.6
526.9
526.4
528.0
532.1

15 29 13 11
Apr

May

Latest data plotted week ending: May 6, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

10

Total Borrowings
From Federal Keserve Hanks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Apr 10
17
24
May 1
8
15

0.174
0.272
0.214
0.273
0.307
0.321

13 27 11 25
Mar

Apr

May

Jun

Jul

Billions of Dollars

22 5 IS 3 17 31 14 28 12 26 9 23 6 20 6 20 3 17 1
Aug

Sep

Oct

Nov

Dec

Jan

Feb

1990

Mar

Apr

15 29
May

1991

Adjustment + Seasonal Borrowings
From Federal Keserve Hanks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Apr 10
17
24
May 1
8
15

0.102
0.193
0.124
0.158
0.184
0.189

7 21
Mar

4

18 2 16 31 13 27 11 IS

Apr

May

Jun

Jul

Billions of Dollars

1 !!

5 1) 3 17 31 H 21 12 28 9 23

8 21 6 20

Aug

Sep

Feb

1990

Oct

Nov

Dec

Jan

Mar

3

17 1
Apr

15 29
May

1991

Latest data plotted week ending: May 15, 1991


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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

1991

Billions

Apr

3

May

1

7 21

4

Mar

Billions of Dollars

Not Seosonolly Adjusted

M 2
Apr

16 30 13 27 11 25 8 22 5 IS 3 17 31 14 28 12 28 9 23 6 20
May

Jun

Jul
Aug
1990

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1991

Apr

May

Latest data plotted week ending: May 8, 1991

Commercial and Industrial Loans17

o*™
362
351

316

336

weekiy R'pSonL:;rAd“rcio1 BanksV

Billions of Dollars

I
I
Compounded ann al
rates of change,
average of the foil r
weeks ending
May 1, 1991 from
the four weeks en ding:
May 2. 1990 Aug 1, 1990 - 5.1
Oct 31. 1990 - 6.6
Nov 28, 1990 - 7.2

—

i---------

199
Mar
Apr

Billions

7
3
0
; 7

May

362

318.328
319.157
314.865
316.631

1 313. 639

361
316
336

Ja n 30, 1991 - 6.0
Fe > 27, 1991 - 7.4

330

330

322

322

311

311

306

7 21
Mar

4

18 2

Apr

16 30 13 27
May

Jun

11 25

8 22 5 19 3 17 31 14 28 12 26

Jul
Aug
1990

Sep

Oct

Nov

Dec

9 23 6 20 6 20 3
Jan

Feb

17

Mar
Apr
1991

1

15 2!
May

Latest data plotted week ending: May 1, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than tl .4 billion
„
, „
_
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

306

Dollar's Trade-Weighted Exchange Index
1973=100

Averages of Daily figures

19-91. 1,9.73=100
Apr 10

May

7 21
Mar

4

II 2
Apr

1$ 30 13 27 11 25
May

Jun

Jul

22 5 IS 3 17 31 14 28 12 28 9 23
Aug

Sep

Oct

Nov

Dec

Jan

1

20 6 20 3
Feb

Mar

17 1
Apr

15 29
May

Latest data plotted week ending: May 15, 1991
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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis