Full text of U.S. Financial Data : May 23, 1991

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Federal
38 rw
of St. Louie

MAY 2

U.S. Financial Data
8

1991

May 23, 1991

THE WEEK'S HIGHLIGHTS:
^ U.S. durable goods orders rose 2.9 percent to $115.5 billion in
April, with increases across all major industries except transporta­
tion equipment. This is the first rise in durable goods orders since
December 1990.
*/ The U.S. federal government budget surplus for April was $30.1
billion, substantially below the $41.8 billion surplus recorded in
April 1990. For the first seven months of the 1991 fiscal year, the
federal government deficit was $121.7 billion, with federal receipts
of $622.9 billion and expenditures of $744.6 billion. For the
comparable period last year, the federal deficit was $109 billion,
with federal receipts and expenditures of $597.8 billion and $706.8
billion, respectively.
✓ The U.S. merchandise trade deficit in March was $4.05 billion,
down $1.45 billion from its $5.50 billion level in February. The
March trade deficit was the smallest since June 1983. For the first
quarter of this year, the U.S. trade deficit was $16.93 billion, down
sharply from $26.18 billion in the first quarter of 1990.

FEDERAL
RESERVE
IU\k of
ST.IXHIS


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2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

_ Apr

Billions of Dollars

Billions

3

May 1

7 !l

Mar

r 18 ! li 30 13 !7 II 25 S 2! 5 1) 3 17 31 U 26 12 26 ! 23 6 20 t 21 3 17 1 15 M
Apr

May

Jun

Jul
Aug Sep
Oct
Nov
Dec
Jan Feb Mar
1990
199Latest 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.
1
1
Recent data are preliminary.

Adjusted Monetary Base
To the average of
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

Compoun ded annual rates of change, average of two maintenance periods ending:
5/16/90 8/8/90 10/17/90 11/14/90 12/12/90 1/9/91
2/20/91 3/20/91

9.9
8.8
8.7
10.1
11.6
11.3
9.9
9.5


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10.6
10.0
12.0
13.7
13.0
11.0
10.3

5.4
10.5
13.7
12.6
9.9
9.2

14.5
16.9
14.9
11.3
10.2

20.7
17.0
12.0
10.6

15.2
9.4
8.4

2.0
2.9

0.4

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot uany ngures

Billions of Dollars

1991

Billions of Dollars

Seasonally Adjusted

M1
Billions

Apr

8
15
22
29
May 6
13

842.0
844.0
841.1
840.0
849.8 .
851.6

M1 (left scale)

TCD

TCD (right scale)

1991 Billions
Apr 8 578.1
15 579.9
22 576.7
29 574.8
May 6 585.4
13 587.4

5 19 2 IB 30 H 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 21 7 21 4 18 1 18 1 15 29 13 27
Mar

Apr

May

Jun

Jul
Aug
1990

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1991

Apr

May

Latest data plotted week ending: May 13, 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)
Compounded annual rates of change, average of four weeks ending:
To the average
5/14/90 8/13/90 10/15/90 11/12/90 12/10/90 1/14/91 2/11/91 3/11/91
ending:
10/15/90
11/12/90
12/10/90
1/14/91
2/11/91
3/11/91
4/15/91
5/13/91

4.4
3.6
3.5
3.4
4.0
4.6
5.2
4.8


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4.7
4.2
3.9
4.8
5.6
6.2
5.5

1.0
1.6
3.5
4.9
5.8
5.0

2.7
4.9
6.3
7.0
5.9

5.9
7.4
8.0
6.5

10.4
10.2
7.7

10.2
7.0

5.3

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

1991
Apr

Billions of Dollars

Billions
B 3388.0

3386.1
3377.3
May 6 3392.2
3397.6

(left scale)

Non-M1 M2

Non-M1 M2 (right scale)

1991
Apr

Billions
8 2546.0

May 6

2537.3

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1 15 29 12 26 10 24
Mar Apr
May
Jun Jul
Aug Sep Oct
Nov Dec
1990
Latest data plotted week ending: May 13, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, ovemiqht 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)
of four weeks
ending:
10/15/90
11/12/90
12/10/90
1/14/91
2/11/91
5/11/91
4/15/91
5/13/91

Compounded annual rates of change. average of four weeks ending:
5/14/90 8/13/90 10/15/90 11/12/90 12/10/90 1/14/91 2/11/91 3/11/91

3.1
2.5
2.3
2.2
2.5
3.1
3.5
3.2


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Federal Reserve Bank of St. Louis

3.0
2.6
2.2
2.8
3.5
4.0
3.7

0.3
0.6
1.8
3.0
3.8
3.3

1.2
2.6
3.9
4.6
4.0

3.2
4.8
5.4
4.5

7.2
7.1
5.5

7.6
5.4

4.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1^
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.1

Ratio

3.2

i—r

Compounded annual
rates of change,
average of the four
weeks ending
May 13, 1991
from
the four weeks ending:
May 14

1991

Ratio

Mar 4
18
Apr 1
15
29
May 13

Nov 12,

2.521
2.495
2.547
2.527
2.522
2.536

Feb 18

1 ' 1
S 1) 2 16 JO H 1! II 25
Mar
Apr May Jun

1 1 i '* i 1 i -l 1 I '
9 2J
6 21 J 12 I
Jul
Aug Sep
1990

1 i 1 i11 i 1 i i 1 r
IS 29 12 26 10 24
Oct Nov Dec

i 1 i ■ 'r ■ i ■ i i ■
i i ■ i i i j 93
7 21 4 18 4 II 1 15 29 13 27
Jan Feb
Mar
Apr Mav
1991

K

*

Latest data plotted two weeks ending: May 13, 1991

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 13, 1991
from
the four weeks ending:
May 14. 1990 11.1
Aug 13, 1990 11.4
Nov 12. 1990 10.0
Dec 10, 1990 11.5
Jan 14, 1991 11.3
Feb 11, 1991 4.0
Mar 11, 1991
1.8

1991
Apr

Billions
8

May 6

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17
Mar
Apr May Jun
Jul
Aug Sep

15 29 12 26 10 24
Nov Dec

1990

255.9
256.2
256.6
257.5
256.5
256.3

15 29 13 27
Apr May

Latest data plotted week ending: May 13, 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

Prim*

Municipal

2 16 30 11 27 11 25 8 22 6 20
Mar

Apr

May

Jun

Jul

3 17 31 14 28 12 26 9 23

Aug
1990

Sep

Oct

Nov

7 21 4 18
Dec

Jan

1 15 1 15 29
Feb

Mar
1991

12 26 10 24
Apr

May

Latest data plotted are averages of rates available for the week ending: May 24, 1991

1991
Mar

1
8
15
22
29
Apr 5
12
19
26
May 3
10
17
24 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

6.71
6.70
6.35
6.35
6.31
6.18
6.00
6.00
6.08
5.91
5.91
5.93
5.92

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

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

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

10.09
10.11
10.05
10.13
10.06
9.98
9.96
9.93
9.93
9.83
9.83
9.91
9.90

7.01
7.06
7.06
7.13
7.14
7.06
7.02
6.98
7.01
6.95
6.93
6.94
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
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

11 25 8 22
Mar

Apr

May

Jun

20 3 17 31 14 28 12 26 9 23 7 21 4 18 1 15
Jul
Aug
Sep
Oct Nov Dec

1990
Latest data plotted are averages of rates available for the week ending: May 24, 1991

1991

Federal
Funds **

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

8.23
6.02
7.65
6.01
6.31
6.04
1
8.35
7.75
6.09
6.47
6.05
6.06
8
7.70
8.31
5.94
6.17
5.83
5.91
15
8.43
6.01
7.85
5.87
5.82
6.10
22
8.35
7.79
5.94
6.10
5.82
5.84
29
8.27
7.69
5.79
5.87
6.00
5.75
Apr 5
8.27
5.84
7.69
5.59
5.68
12
5.90
8.20
5.87
7.70
5.69
5.63
5.67
19
8.30
7.74
5.79
5.86
5.92
5.66
26
8.23
7.64
5.73
5.92
5.51
5.68
May 3
8.29
5.76
7.69
5.79
5.48
5.61
10
8.37
7.76
5.63
5.76
5.78
5.44
17
8.32
7.75
5.79
5.79
5.47
5.66
24 *
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
Mar


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7

8

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

Billions of Dollars

Savings
1991
- Apr

8
15
22

May 6

Billions of Dollars

Small Time (right scale)

Billions
425.2 .
426.6
428.0
430.6

Small Time
1991
Apr

Savings (left scale)

Billions

8 1152.2
15 1150.4

May 6 1143.7
13 1140.6

5 19 2 16 30 14 28 11 25 9 23
20 3 17 I IS 29 12 IS 10 24 7 21 4 18 4 18 1 IS 29 IS V
Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May
1990
1991

Total and Large Time Deposits1/
Billions of Dollars

2130

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
020
Large Time
1991 Billions

----------- 1----------- 1---------

Apr

2110

1 otalTi Tie

8
15
22
y
May 6
3

(left scale)

507.5
507.6
506.6
50*k5 —
50; .3
502 .5

990

'N

2090

—
--------- n

540
\

To tal Tirrie
Bil ions
— Apr
8 20
15 20 84.6
22 20 82.5
29 20 79.1
May 6 20 77.6
13 20 76.1

X

mJL

✓’

»

Large Time ( 'ight sc ale)

_

*

**

-N

X

------- >

460

s 19 2 If SO 14 It II IS 9 IS 6 20 3 11 I 15 19 II If 10 24 1 11 4 If 4 IS 1 15 19 1J 21
Mar Apr May Jun Jul Aug Sep Oct
Nov Dec Jan
Feb Mar Apr
May
1990
1991
Latest data plotted week ending: May 13, 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.
n
.
*
,
M.uic.
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 13, 1991
from
the four weeks ending:
May 14, 1990 12.1
Aug 13, 1990 14.7
Nov 12, 1990 15.2
Dec 10. 1990 16.2
Jan 14. 1991 14.7
Feb 11, 1991 9.1
Mar 11, 1991 7.0

Apr

8

May 6

It it It 21 11 25 9 23 6 21
Apr

Way

Jun

Jul

IS 29 12 2S 19 It

IS 2! 19 22
Apr May

21 t 18

Aug

1990

367.4
366.9
366.7
366.2
366.9
368.1

1991

Money Market Deposit Accounts
Billions of Dollars

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
May 13, 1991
from
the four weeks ending:
May 14. 1990 6.2
Aug 13, 1990 7.3
Nov 12. 1990 9.9
Dec 10, 1990 11.6
Jan 14, 1991 16.6
Feb 11, 1991 19.8
Mar 11, 1991 20.8

1991
Apr

Billions
8

May 6

5 19 2 16 30 H 28 11 25 9 23
Mar Apr May Jun
1990

15 29 12 26 10 24

523.9
527.2
526.7
528.3
532.3
536.0

15 29 13 27
Apr May

21 4 18
1991

Latest data plotted week ending: May 13, 1991


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Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks

Billions of Dollars
5.0
I
I

4.0

-

5.0

1991

Billions

Apr 17
24
1
8
15
22

0.272
0.214
.273
.307
.321
.295

Ma

4.0

3.0

3.0

2.0

2.0

1.0

1.0
r' r '1 r> i i
-■ i ■ r -*•• i ■ i

i ■ i ■ i ■ i ■* i 1 i 1

Mar

Jul

Apr

May

Jun

Aug

Sep

—

Oct

Nov

Dec

1990

Jan

Feb

Mar
1991

Apr

May

Adjustment + Seasonal Borrowings
From Federal Reserve Banks

Billions of Dollars

3.0

2.4

Billions of Dollars

1--------- 1---------

-

1991

Billions

Apr 17
24
1
B
15
22

0.193
0.124
.158
.184
.189
.200

Ma

3.0

2.4

1.2

1.2

0.6

0.0

0,f

I'l'1 r ■ i ■

rr-i-r

Mar

May

Apr

’■ i ' i ~r ■ i » i • i »
Jun

Jul
Aug
1990

Sep

Oct

Nov

Dec

Feb

Mar
1991

Apr

May

Latest data plotted week ending: May 22, 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 of Dollars

Not Seasonally Adjusted
Billions

Apr 10 150.154
154.020
151.772
May 1 153.166
154.426
152.950

7 21
Mar

4 18 2 16 30 13 27 11 25
Apr May
Jun
Jul

8 22 5 18 3 17 31 14 28 12 26 9 23 6 20 6 20 3 17 1 15 29
Aug
Sep Oct Nov
Dec Jan Feb Mar
Apr May

1990

1991

Latest data plotted week ending: May 15, 1991

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
May 8, 1991 from
the four weeks ending:
May 9, 1990 -4.5
Aug 8, 1990 -5.2
Nov 7, 1990 -7.0
Dec 5, 1990 -7.4
Jan 9, 1991 -6.4
Feb 6, 1991 -6.5
Mar 6, 1991 -8.8

7 21

Mar

1991
Apr

3
10
17
24
■May 1
8

4 18 2 IS 30 13 27 11 25 8 22 5 19 3 17 31 14 21 12 26 9 23 6 20 6 20
Apr

May

Jun

Jul

Aug

1990

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Billions
319.15'
314.865
316.631
314.336
313.639—
312.786

3 17 1
Apr

15 2)

May

1991

Latest data plotted week ending: May 8, 1991
1 / Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than $1.4 billion
n
..
•
'
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

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

1991 1973=100
Apr 17
May

1

7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 3 17 31 H 28 12 28 9 23 o 20 6 20 3 17 1 15 29
Mar
Apr
May
Jun
Jul
Aug
S
1990

Feb

Mar

Apr

May

Latest data plotted week ending: May 22, 1991
Current data appear in the Federal Reserve Board's H.10 release.
country6 Weight*d avera9es of the foreign-currency price of the U.S. dollar, computed using 10 industrial


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Prepared by Federal Reserve Bank of St. Louis