Full text of U.S. Financial Data : May 7, 1992

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Reserve Bank I MAY

1 1 1992

MfFmncial Data

IHMKYI
KI M KM
ItVVkot
SI. 11)1 IS

THE WEEK'S HIGHLIGHTS:
The Ml money stock rose at a 7.2 percent annual rate for the twomonth period ending April 27, after expanding at a 17.1 percent
rate during the previous five months.
Business loans have been trending downward since early 1991
and have fallen 9.3 percent since April 1991.
Initial jobless claims rose during the week ending April 25 from
404.000 to 415,000, but are still below the weekly average of
460.000 in April 1991.
New construction during March was estimated at an annual rate
of $419.9 billion, up 1.6 percent from the revised February esti­
mate of $413.3 billion and 4.5 percent from March of last year.
1/

Consumer credit posted a 2.7 percent annual rate of decline for
March and was down 0.7 percent from March of last year.

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.

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2
Adjusted Monetary Base
Averages ot Daily Hgures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Feb 19
Mar 4

357.8
357.5
359.2
357.5
361.1
361.2

Apr

6 20
Mar

1

Billions of Dollars

3 17 1 15 29 12 26 10 24 7 21 4 11 2 16 30 13 27 11 25

8 22 5 19 4 18 1 15 29 13 27

Apr

Jan

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

1991

Mar

Apr

May

1992

Latest data plotted reserve maintenance period ending: April 29, 1992
The adjusted .monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
cun-ency 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:
10/2/91
10/30/91
11/27/91
12/25/91
1/22/92
3/4/92
4/1/92
4/29/92

Compounded annual rates of change, average of two maintenance periods ending:
5/1/91
7/24/91 10/2/91 10/30/91 11/27/91 12/25/91 1/22/92 3/4/92

6.5
7.0
7.1
7.2
6.7
8.6
8.0
8.2


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Federal Reserve Bank of St. Louis

8.7
8.4
8.4
7.5
9.9
9.1
9.2

8.6
8.5
7.1
10.7
9.4
9.5

7.8
6.2
10.8
9.3
9.5

5.6
11.8
9.7
9.9

13.3
10.1
10.3

13.1
12.4

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Dally Hgures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

Mar 23
30
Apr 6
13
20
27

938.6
935.7
941.2
940.2
945.9
941.6

TCD (right scale)
M1 (left scale)

TCD

4 18 1
Mar

IS 29 13 27 10 24
Apr

May

Jun

22 5 19 2 16 30 14 28
Jul
Aug
1991

Sep

Oct

1992

Billions

Mar 23
30
Apr 6
13
20
27

658.8
656.0
660.6
658.9
664.1
659.8

25 9 23 6 20 3 17 2
Nov

Dec

Feb

30 13 27
Mar
1992

Apr

May

Latest data plotted week ending: April 27, 1992
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 4/29/91 7/29/91 9/30/91
10/28/91 11/25/91 12/30/91 1/27/92 3/2/92
ending:
9/30/91
10/28/91
11/25/91
12/30/91
1/27/92
3/2/92
3/30/92
4/27/92

8.5
9.2
10.0
10.0
10.6
12.7
12.5
11.8


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Federal Reserve Bank of St. Louis

10.0
11.3
10.9
11.8
14.6
14.1
13.0

14.3
12.5
13.4
17.1
16.0
14.3

12.3
13.5
18.0
16.6
14.6

12.6
18.7
16.8
14.4

23.9
19.6
15.8

21.2
15.6

7.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

SO
1992

Billions

Feb 19
Mar 4
Apr

1
86

84

78

76

74
6 20 3 17 1 15 II II 16 10 11 7 II 4 II I IS 30 13 17 II 25 0 12 S 19 4 10 I 15 20 13 17
Mar Apr May Jun
Jul
Aug Sep Oct
Nov Dec Jan
Feb Mar Apr May
1991

1992

Latest data plotted two weeks ending: April 29, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
_
,. average of, Compounded
annual rates
of change,
To the
5/f/9,
7/z4/91
10/2/91
y average
y of two maintenance periods ending:
10/30/91 11/27/91 12/25/91 1/22/92 3/4/92
two maintenance
periods ending:
10/2/91
10/30/91
11/27/91
12/25/91
1/22/92
3/4/92
4/1/92
4/29/92

7.5
8.4
8.4
9.6
7.1
13.4
12.8
13.4


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Federal Reserve Bank of St. Louis

9.3
9.1
10.8
7.0
15.7
14.6
15.3

11.1
13.7
6.7
19.7
17.5
18.0

13.6
4.4
21.0
18.2
18.7

2.4
24.9
20.5
20.6

27.3
20.9
21.0

37.2
32.5

Prepared by Federal Reserve Bank of St Louis

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
April 27, 1992 from
the four weeks ending:
Apr 29, 1991 3.3
Jul 22, 1991 3.4
Oct 28, 1991 4.9
Nov 25, 1991 4.7
Dec 23. 1991 4.8
Jan 20, 1992 4.1
Mar 2, 1992 2.3

4 18

1 15 23 13 27 10 24

Mar Apr

May

Jun

Ratio
2.598

Mar 2

2.622
2.622
2.605
2.613

Apr 1 3

8 22 5 19

2 16 30 14 28

Jul

Aug
Sep
Oct
1991
Latest data plotted two weeks ending: April 27, 1 992

11 25

9 23 6 20

Nov

Dec

Jan

3 17 2 16 30 13 27 11 25
Feb

Mar
1992

Apr

May

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
April 27, 1992 from
the four weeks ending:
Apr 29. 1991 6.7
Jul 29, 1991 7.4
Oct 28. 1991 6.8
Nov 25. 1991 6.7
Dec 30. 1991 7.1
Jan 27, 1992 6.5
Mar 2, 1992 4.4

1992

Billions

Mar 23

271.8
271.7
272.6
273.3
273.8
273.9

Apr

4 18 1 15 29 13 27 10 24 8 22 5 19
Mar

Apr

May

Jun

Jul

Aug

16 30 14 28 11 25 9 23
Sep

Oct

6

17 2 16 30 13 27
Feb

Mar
1992

Apr

May

Latest data plotted week ending: April 27, 1992
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

-CorporateBonds

Municipal

1 15 M 12 26 ID 24 7 21 5 19 2 16 30 13 27
Mar

Apr

May Jun

Jul

Aug

Sep

Prime Bank

11 25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22
Oct

Nov

Dec

Jan

Feb

Mar

1991

Apr

May

1992

Latest data plotted are averages of rates available for the week ending: May 8, 1992

1992
Feb 14
21
28
Mar 6
13
20
27
Apr 3
10
17
24
May 1
8 *

90-Day
CDs

30—Day
Commercial
Paper

90—Day
Bankers'
Acceptances

3.96
4.13
4.16
4.22
4.24
4.29
4.25
4.19
4.08
3.93
3.96
3.92
3.87

4.02
4.17
4.19
4.27
4.28
4.32
4.27
4.25
4.11
3.95
3.95
3.92
3.91

3.92
4.05
4.08
4.17
4.19
4.21
4.19
4.12
4.01
3.84
3.87
3.82
3.77

Corporate
Aaa Bonds
8.27
8.33
8.31
8.32
8.34
8.38
8.36
8.35
8.32
8.28
8.33
8.37
8.37

Corporate
Baa Bonds

Municipal
Bonds **

9.21
9.28
9.23
9.21
9.23
9.31
9.25
9.21
9.19
9.16
9.24
9.23
9.22

6.74
6.75
6.74
6.71
6.76
6.79
6.77
6.73
6.66
6.60
6.68
6.69
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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Selected Interest Rates
Percent

Percent

Averages of Daily Figures

Treasury Securities

3-Month
Treasury Bill

Discount

17 31 14 28 13 27

1 15 29 12 2E 10 24 7 21 5 19 2 16 30
Mar

Apr

May

Jun

Jul
Aug
1991

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1992

Apr

May

Latest data plotted are averages of rates available for the week ending: May 8. 1992

1992
Feb 14
21
28
Mar 6
13
20
27
Apr 3
10
17
24
May 1
8 *

Federal
Funds **

3—Month
Treasury
Bill

6—Month
Treasury
Bill **♦

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.93
4.20
3.96
4.08
3.95
4.04
3.94
4.09
3.98
3.65
3.47
3.65
3.77

3.76
3.87
3.94
4.04
4.02
4.06
4.03
4.01
3.80
3.63
3.68
3.69
3.63

3.80
3.93
4.08
4.10
4.13
4.27
4.27
4.19
4.02
3.73
3.86
3.85
3.78

4.00
4.16
4.19
4.32
4.43
4.50
4.40
4.27
4.06
3.95
4.11
4.12
4.07

6.50
6.70
6.70
6.79
6.91
7.08
7.00
6.86
6.69
6.65
6.89
6.88
6.79

7.74
7.85
7.79
7.83
7.91
7.98
7.91
7.84
7.78
7.76
7.94
7.95
7.90

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

Billions of Dollars

Billions
Mar 23 3469.6
3462.6
Apr 6 3468.3.
3469.5
3471.2
3461.5

(left scale)

Non-M1 M2 (right scal<
Non-M1 M2
1992 Billions
Mar 23
30
Apr 6
13
20
27

4 18 I
Mar

2531.0
2526.9
2527.1
2529.3
2525.3
2519.9

15 29 13 27 10 24 8 22 5 19 2 16 30 14 28
Apr

May

Jun

Jul
Aug
1991

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1992

Apr

May

Latest data plotted week ending: April 27, 1992
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 4/29/91 7/29/91 9/30/91 10/28/91 11/25/91 12/30/91 1/27/92 3/2/92
ending:
9/30/91
10/28/91
11/25/91
12/30/91
1/27/92
3/2/92
3/30/92
4/27/92

1.3
1.5
2.0
2.1
2.0
2.9
2.5
2.2


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Federal Reserve Bank of St. Louis

1.5
2.3
2.4
2.3
3.4
2.9
2.4

3.6
3.3
2.9
4.4
3.5
2.8

3.8
3.1
4.9
3.8
2.8

2.3
4.9
3.5
2.4

6.0
3.7
2.3

4.7
2.5

-1.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1992 Billions
Mar 23
30
6
13
20
27

Apr

1099.3
1101.4.
1106.8
1111.5
1112.5
1112.3

Money Market (right scale)

Money Market
1992 Billions
Mar 23
30
6

Savings Deposits (left scale)

357.8
JJ/.O
354.8 — 330
352.4

Apr

20
27

4 IS 1 15 29 13 27 10 24 8 22 5 19 2 IS 30 14 28 11 25 9 23 6 20 3 17 2
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

353.4
355.5

30 13 27 11 25

Feb

Mar
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Apr

May

Large and Small Time Deposits1'
mi wcpvauui^ iiisuiuuuiia

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Small
1992
Mar 23
30
Apr 6
13
20
27

Small Time (right scale)

Large Time
_ 1992 Billions
Mar 23

412.3

13
20
27

408.0
407.6
404.1

4 18

Large Time (left scale)

407.9

1 15 29 13 27 10 24 8 22 5 19 2 18 30 14 28

Mar Apr

Time
Billions
999.5 —
994.3
991.7
987.9
983.6 —
979.2

May

Jun

Jul

Aug
1991

Sep

Oct

11 25 9 23 6 20 3 17
Nov

Dec

Jan

Feb

2 16 30 13 27 11 25
Mar
1992

Apr

May

Latest data plotted week ending: April 27, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

— Apr

1
8
15
22
29
_ May 6

6 20
Mar

Billions of Dollars

0.160
0.048
0.064
0.104
0.132
0.110

3 17 I 15 21 12 26 10 24 7 21

4 18 2 16 30 13 27 11 25 8 22

5 19 4 18 1 15 29 13 27

Apr

Sep

Feb

May

Jun

Jul Aug
1991

Oct

Nov

Dec

Jan

Mar
Apr
1992

May

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

Billions of Dollars

1992
Apr

Billions of Dollars

Billions

1
8
15

0.159
0.048
0.063

29
May 6

0.128
0.110

22

0.101

6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 4 18 1 15 29 13 27
Mar

Apr

May

Jun

Jul
Aug
1991

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1992

Apr

May

Latest data plotted week ending: May 6, 1992


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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

1992

Billions of Dollars

Not Seasonally Adjusted

Billions

Mar 25 139.964
138.965
140.351
145.392
145.123
145.842

Apr

May

1992
Latest data plotted week ending: April 29, 1992

Commercial and Industrial Loans17
Billions of Dollars

380 --------1----------1---------- —
370
360
350
340
330

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars
i— 380

Compounded annt al
rates of change,
average of the fou r
weeks ending
April 22, 1992 fror
the four weeks enc ing:
Apr 24. 1991 - 9.3
Jul 24, 1991 - 7.3
Oct 23. 1991 —45.6
Nov 20, 1991 - 5.7 Dec 25. 1991 - 3.4
Jan 22, 1992 - 2.5

1992
Mar 1 8
25
Apr
B
15
22

Billions__ 370
289.265
289.742__ 360
289.590
287.710
287.506
350
287. 342

340
330

320

320

310

310

300

300

200
280

290
' i '

8 20

Mar

i 1 1 1 1

W

-r

'I'M l 'l ■ Ml'1 ■ l ' l

» r ^ f ' 1 T1' T '

3 17 I 15 2! 12 28 10 24 7 21 4 18 2 18 JO 13 27 11 25 8 2! 5 1!
Apr

May

Jun

Jul
Aug
1991

Sep

Oct

Nov

Dec

Jan

Feb

280
4 1! 1 15 20 13 27
Mar
1992

Apr

May

Latest data plotted week ending: April 22, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
„
. . _
. r,
„
,„
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1992 1973=100
Apr

1

May 6

6 20

3 17 1 15 2S 12 21 10 24 7 21 4 11 2 16 30 13 27 11 25 I 22 5 19 4

Mar Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

1991

Dec

Jan

Feb

18 1 15 29 13 27
Mar

Apr

May

1992

Latest data plotted week ending: May 6, 1992
Current data appear in the Federal Reserve Board's H.10 release.
Dato 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

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