Full text of U.S. Financial Data : May 19, 1994

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., ©f 3t.. Loui

U.S. Financial Data
THE WEEK'S HIGHLIGHTS:
*/ Effective May 17, the Board of Governors of the Federal Reserve
raised the discount rate to 3.50 percent from 3 percent, the first
change since July 1992 and the first increase since February 1989.
Subsequently, most major banks boosted their prime lending rate
to 7.25 percent from 6.75 percent.
i/ Industrial production rose at a 3.2 percent annual rate in April,
down from a 6.1 percent rate of increase posted over the previous
three months. Industrial output continues to be bolstered by strong
gains in output of information processing equipment.
The consumer price index (CPI) rose at a seasonally adjusted
1.6 percent annual rate in April. Over the past two months, consumer
prices have risen at a 2.9percent rate, compared with a 1.7percent
rate over the previous two months.
Privately owned housing starts declined 2.5 percent in April,
following a revised 12.3 percent gain in March. Housing starts
have risen 18.1 percent over the past 12 months. Housing starts
are adjusted for seasonal fluctuations.

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
tronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages oT Daily Figures

Billions of Dollars

1994

Billions

Mar 2
16
30
Apr 13
27
May 11

435.9
434.1
436.1
438.0
439.7
438.3

3 17 31 14 21 12 2S ! 23 7 21 4 II 1 IS 2! 13 27 II 24
Mar

Billions of Dollars

Seasonally Adjusted

Apr

May

22 5 II 2 II 2 II 31 13 27 11 2S

Jun

Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
1993
1994
Latest data plotted reserve maintenance period ending: May 11, 1994
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 Baas
To the average of
two maintenance
periods ending:
10/13/93
11/10/93
12/8/93
1/5/94
2/16/94
3/16/94
4/13/94
5/11/94

Compounded annual rates of change, average of two maintenance periods ending:
5/12/93 8/4/93 10/13/93 11/10/93 12/8/93
1/5/94 2/16/94 3/16/94

11.7
10.6

10.2

10.0

9.4

9.2
8.4

11.0

11.0

10.8

10.7

10.3

10.0

10.0

9.6


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Federal Reserve Bank of St. Louis

5.4
5.3
10.3
9.9
9.2
8.7

5.4
11.8

14.3

11.0
10.0

12.6

10.9

15.8
12.7

6.8

9.3

10.0

11.1

6.5

5.5

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages or Daily Figures

Billions of Dollars

1994
H45 - Apr 4
11
18
25
May 2

1120

Billions of Dollars

Seasonally Adjusted

Billions
1148.01143.7
1137.6
1136.4
1138.3
1141.9

-

Ml (left scale)

TCD
1994 Billions

TCD (right scale)

Apr

4
11
II
18
25
May 2
9

1 15 25 12 21 10 24 7 21 5 IS 2 10 30 13 27 11 25
Mar

Apr

May

Jun

Jul
Aug
1993

Sep

Oct

806.2
801.6
OUI.O
7 9 5.3 — 740
792.9
793.8
797.2

22 i 20 3 17 31 14 21 14 21 11 25 5 23

Nov

Dec

Jan

Feb

Mar
1994

Apr

May

Latest data plotted week ending: May 9, 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.

Moray Stock (Ml)
T.

il_

Compounded annual rates of change, average of four weeks ending:
tne average 5/10/93 8/g/g3 i0/ll/93 11/8/93 12/6/93 1/10/94 2/7/94
3/7/94
of four weeks
ending:
10

10/11/93
11/8/93
12/6/93
1/10/94
2/7/94
3/7/94
4/11/94
5/9/94

12.9
12.6
12.0
11.1
10.6
10.1
9.6
8.2


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Federal Reserve Bank of St. Louis

10.2
9.8
8.9
8.5
8.1
7.6
6.0

9.6
8.1
7.7
7.2
6.8
4.8

7.1
6.8
6.5
6.2
4.0

6.1
5.8
5.7
3.1

5.8
5.6
2.3

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions o< Dollars

114
1394

Billions

110
Apr 13 104.2
May 11

101.9

100

102

98

94

] 17 31 II 21 12 2S ! 23 7 21
Mar

Apr

May

Jun

I II 1 IS 2! 13 27 II 24 I 22 5 IS 2 IS 2 IS 3S 13 27 11 !S

Jul
Aug
1993

Sop

Oct

Nov

Dec

Jan

Feb

Mar
1994

Apr

May

Latest data plotted two weeks ending: May 11, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Receives
Compounded annual rates of change, average of two maintenance periods ending:
To the average Of
2/93
8/4/93 10/13/93 11/10/93 12/8/93
1/5/94 2/16/94 3/16/94
two maintenance
periods ending:
10/13/93
11/10/93
12/8/93
1/5/94
2/16/94
3/16/94
4/13/94
5/11/94

13.7
11.3
9.7
8.5
11.9
10.3
8.1

7.3


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Federal Reserve Bank of St. Louis

9.7
7.5
6.1

11.3
9.2
6.5
5.5

-0.6
-0.4
9.7
6.9
3.6
2.7

0.0

13.0
8.8

4.5
3.4

18.6
11.4
5.5
4.0

16.3
7.1
4.9

Prepared by Federal Reserve Bank of St. Louis

so

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change
average of the four
weeks ending
May 9, 1994 from
the four weeks ending
May 10, 1993 -1.4
1993 -3.1
1993 -4.5
1993 -6.0
1994 -7.7
Feb 14 1994 -5.0
Mar 14, 1994 -6.0

I 15 !!
Mar

1994

Ratio

Feb 28
Mar 14
28
Apr 11
25

2.615
2.624
2.626
2.616
2.587

12 21 11 24 7 21 5 11 2 16 51 1] 27

11 25 I 22 6 20 I 17 II 14 21 14 24

II 25 1 2J

Apr May

Oct

Apr

Jun

Jul

Aug
Sap
1993
Latest data plotted two weeks ending: May 9, 1994

Nov

Dec

Jan

Feb

Mar
1994

Mav

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

345

335

325

I
I
Compounded annu 3l
rates of change,
average of the four
weeks ending
May 9, 1994 from
the four weeks end ng:
May 10, 1993 10 .8
Aug 9, 1993 10 .9
Nov 8. 1993 11 .2
Dec 6. 1993 11 .9
Jan 10. 1 994 13 .2
Feb 7. 1 994 11 .4
Mar 7, 1 994 10 .4

Billions of Dollars

345

335

-4

325

315

315
199 1
Apr

4
1
18
25
May 2
9

305

205

Mi one
33 3.7
33 4.0
33 4.3
33 5.3
33 6.4
33 6.5

___I___ I
1 15 21 12 21
Mar

Apr

10 24 7 21 5 11 2 11 30 13 27 11 25 1 22 6 20 3 17 31 14 21 14 21 II 25 ! 23
May Jun

Jul

Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1994

Apr

May

Latest data plotted week ending: May 9, 1994
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

305

295

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporal*
Bond*

Loan Rat*

7 21 4 II
Mar

Apr

May

Jun

Jul
Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1994

Apr

May

Latest data plotted are averages of rates available for the week ending: May 20, 1994

1994
Feb 25
Mar 4
11

Apr

18
25
1
B
15
22

29
May

6

13
20

♦

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

3.47
3.57
3.61
3.61
3.67
3.68
3.77
3.71
3.88
3.89
4.05
4.37
4.36

3.57
3.71
3.77
3.75
3.81
3.84
3.93
3.90
4.08
4.12
4.35
4.68
4.56

3.53
3.67
3.75
3.72
3.75
3.75
3.88
3.84
4.04
4.06
4.31
4.63
4.50

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds ***

7.23
7.36
7.44
7.46
7.49
7.65
7.90
7.87
7.93
7.81
7.97

7.92

5.58
5.84
5.88
5.84
5.92
6.07
6.34

8.12

7.94

8.01

8.08
8.10

8.15
8.30
8.56
8.51
8.55
8.46
8.59
8.74
8.57

6.22

6.19
6.16
6.18
6.32
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
l.t

Percent
B.O

Averages of Daily Figures

i
4

5 -Year
freasur f Secur ties

✓

6.0

*

✓
/

5.0

\

V

_________ X

.

_

/

l

>

'x

/ i----

✓

✓

-------------- V

_________ C

______

6.0

7\

f—f/
A/.

I •doral

Ft nde Ro •

\J

1

\
-Nn

i

f

n rSl f
a ■count Rate

3—Mor th
1 reasury Bill

2.0

7.0

5 H

3

2 16 30 14 21

Mar Apr

May

11 25 9 23 6 20

3 17 1 15 29 12 26 10 24

7 21 4 18

Jun

Sep

Jan

Jul

Aug

Oct

Nov

Dec

Feb

1993

4 18
Mar

1 15 29 13 27
Apr

May

1994

Latest data plotted are averages of rates available for the week ending: May 20, 1994

1994
Feb 25
Mar 4

Federal
Funds **

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

3.25
3.28
3.25
3.19
3.31
3.49
3.69
3.37
3.59
3.59
3.76
3.70
4.02

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.35
3.82
5.60
6.15
6.59
3.47
3.95
5.74
6.29
6.72
3.52
4.09
5.85
6.40
6.80
18
3.52
4.11
5.91
6.45
6.83
25
6.00
3.49
4.15
6.52
6.90
Apr 1
3.50
4.21
6.19
6.72
7.07
8
3.60
4.49
6.47
6.97
7.31
15
3.57
4.46
6.47
6.93
7.28
22
3.73
4.64
6.60
7.03
7.33
29
3.85
4.72
6.56
6.96
7.24
May 6
4.04
4.96
6.76
7.16
7.42
13
4.19
5.19
6.98
7.37
7.60
20 *
4.18
5.01
6.71
7.10
7.37
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
11


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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

M2
1994 Billions
Apr 4 3582.0
11 3595.2
18 3588.5.
25 3582.6
May 2 3580.8
9 3587.5

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1994 Billions
Apr

4
11
18
25
May 2
9

1 IS ?! 12 28 10 24 7 21 5 IS 2 It 30 13 27 11 25 8 22 t 20 3 17 31 14 28
Mar

Apr

May

Jun

Jul
Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

2434.0
2451.5
2450.9
2446.2
2442.5
2445.6

28 11 25 ) 23
Mar
1994

Apr

May

Latest data plotted week ending: May 9, 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 5/10/93 8/9/93
10/11/93 11/8/93 12/6/93 1/10/94 2/7/94
3/7/94
ending:
10/11/93
11/8/93
12/6/93
1/10/94
2/7/94
3/7/94
4/11/94
5/9/94

2.9
2.7

1.5

2.8

2.0

2.6

1.9

2.5

1.8

2.2

1.5

2.5
2.3

2.1


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Federal Reserve Bank of St. Louis

1.8

2.4
2.0
1.9
1.4
2.2
1.8

2.4
2.1
1.4
2.4
1.9

1.5
0.8
2.1
1.6

0.4
2.4
1.7

2.8

1.8

2.9

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
131S --------- 1--------- I---------Savings
1994 Billions
Apr

Billions of Dollars
I
I
!I5
Small Time
1994 Billions

4 1223.1

Apr

4
II
18
ZO
May 2
9

11 1221.6

1275

18 1222.0
May 2 121 7.6
9 121 6.4

767.9
768.0
767.8
/6 7.1 --76 8.3
76 8.7

C mallTlme (ri<jht sea

1235

175

135

•
->

1115

-

795

.] laving* Depot t»(left scale)

N. ^
— —

1155

I 15 I! I! 16 II 26 7 21 5 19 2 16 50 13 17 II 25 6 11 6 20 5 17 31 16 21 16 2! II IS
Mar

Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1993

) 23

Apr

May

1994

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
400
1
1
Large Time
1994 Billions
Apr

390

4
11
18

May 2
9

Billions of Dollars
1

400

1

Money Market
1994 Billions

325.3
329.0
330.7
33 4^2
33 2.2

Apr

4
11
18

351.1
360.2
364.0

May 2
9

36 3.8
36 6.1

390

/ /

360
Me ney Ma ■ket
-\

N

■
/

•

>

340

360

i—
/
/
-v "

340
Lan • Tlrm

320

I 15 21 12 26 16 24 7 21 5 11 1 16 36 13 27
Mar

Apr May

Jun

Jul

Aug

Sep

II 25 I 21 6 20 3 17 31 14 21 14 21 II 25 ) 23
Oct

1993

Nov

Dec

Jan

Feb

Mar

Apr

1994

Latest data plotted week ending: May 9, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market (unde are general purpoe. and broker/dealer.
Pnlpar.d fay Fed„ral R„<rv, Bdnk


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

May

9

st ^

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1.4

Billions of Dollars
---------- 1--------- 1— 1.4

1.2

1994

Billions

Apr 13

0.096
0.088
0.141
0.183

20

27
May 4

I.D

18

1.2
1.0

0.25

i

0.1

,

O.i

I

O.i

0.6

aJ

0.4

0.4

/ \

0.2
■ 1 ' I • ' 1 f I1 ' i

r

0.2

"T ' 1 "1 » i' i' -

< i « r 1 i 1 i ~r"T tm| i ■ i «

2 12 21 14 !l 1! 26 ) 22 7 21 4 II I IS 2) 12 27 10 24 I 22 S I!
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

rr*r m ■

2 IS 2 16 20 12 27 II 2S
Feb

1993

Mar

Apr

May

1994

Adjustment + Seasonal Borrowings
rrom i-eaerai Keserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994 Billions
Apr 13 0.096 — 1.2
20 0.088
27 0.141
May 4 0.183
•
11 0.156
18 0.255

} 17 31 14 21 12 26 i 23 7 21 4 II 1 IS 2! 13 27 10 24 I 22 5 IS 2 IS 2 16 30 13 27 11 25
Mar

Apr

May

Jun

Jul

Aug

1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

1994

Latest data plotted week ending: May 18, 1994


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Federal Reserve Bank of St. Louis

Prepared by Federal Resen/e Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1.994
Apr

Billions of Dollars

Not Seasonally Adjusted

Billions

6

151.553

Way 4

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Mar

Apr

May

Latest data plotted week ending: May 11, 1994

Commercial and Industrial Loans1 /
Billions of Dollars
______________
1

315
305
205

Weekly R‘P°.rti"9 Largs'Commercial Banks V
Seasonally Adjusted

Billions of Dollars
325
i

1

r

Compounded annu al
rates of change,
average of the fou
weeks ending
May 4, 1994 from
the four weeks end ng:
May 5. 1993
.5
Aug 4, 1993
.3
.8
Nov 3, 1993
Dec 1, 1993
.3
Jan 5. 1994
.5
Feb 2, 1994 1C .8

1994
Apr

1
2
2

Billions
284.829__
285.378
284.338
287.666
287.692
289.548

315
305
205

205

205

275

275

265

.. A

u
Mar

»
Apr

A

,,
May

!

A

, “
Jun

1

'

1

ti

11

,V
.
Jul
Aug
1993

“ “ Oct 11
Sep

» 1

i ■ i 1 i • i * r
" 11 tDec
u i Jan
n i Feb
n i Mar
II JI Apr
IJ II May
II U
Nov
1934
K
y

Latest data plotted week ending: May 4, 1994
1/ Commercial and industrial loans include banker's acceptances and commercial paper.

2/Banks with domestic assets greater than $1.4 billion


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11

„Prepared,.by _Federal Reserve Bank of St. Louis

205

Dollar's Trade-Weighted Exchange Index
1973=100

Averages of Daily Figures

L214 1973-1PP
Apr 13
May

4

3 17 31 14 21 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27 11 25
Mar

Apr

May

Jun

Jul
Aug
1993

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1994

Apr

May

Latest data plotted week ending: May 18, 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