Full text of U.S. Financial Data : November 19, 1992

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Reserve Bank I NOV 2 3 1992
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THE WEEK'S HIGHLIGHTS:
i/ Industrial production increased at a 3.4 percent annual rate in
October, after falling during the previous two months. Production
showed little net change from May to October after making a
strong gain at a 6.6 percent rate from January to May.
*/ Housing starts fell in October to a seasonally adjusted annual rate
of 1,229,000 units, compared with September’s rate of1,243,000
units. During the first 10 months of this year, 1,039,600 housing
units were started, up 19.1 percent from the same period in 1991.
t/ The merchandise trade deficit for September fell to $8.3 billion, a
$0.6 billion decline from its August level. For the first nine months
of the year, the trade deficit was $60.1 billion, up from $49.2 bil­
lion for the same 1991 period.
Because of the holiday, the next issue ofU.S. Financial Data will
be published Thursday, December 3, 1992.

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:
One year (50 issues)
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$18
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To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
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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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

16
30
Oct 14
28

Billions of Dollars

376.8
377.3
380.2
381.4

Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
1991
1992
Latest data plotted reserve maintenance period ending: November 11, 1992
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
f Compounded annual rates of change, average of two maintenance periods ending:
i o tne average ot 11/n/Ql 2/5/92 a/ia/oo 5/13/92 6/10/92 7 /b /oo
11/13/91 o/A/qo 4/15/92 'i/n/o') R/in/oo 7/8/92
a /*» /ao a /1 c /an
8/5/92 9/16/92
two maintenance
periods ending:
4/15/92
5/13/92
6/10/92
7/8/92
8/5/92
9/16/92
10/14/92
11/11/92

8.8
8.9
8.6
7.5
8.3
9.4
10.1
10.3


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Federal Reserve Bank of St. Louis

11.0
10.0
8.0
9.2
10.5
11.3
11.4

8.0
5.2
7.7
10.0
11.1
11.4

3.1
7.1
10.1
11.5
11.7

7.4
11.2
12.6
12.6

16.1
16.5
15.7

16.9
15.7

15.1

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages oi Daily Ngures
Seasonally Adjusted

Billions of Dollars

1392

Oct

5
12
19
26
Nov 2

Billions of Dollars

Billions.

999.8
1006.!
1005.2
1009.1
1016.9
1018.1

TCD (right

M1 (left scale)
TCD
1992 Billions —
Oct 5 703.7
12 709.5
19 707.9
26 711.7 —
Nov 2 719.6
9 720.7

2 11 30 14 28 11 25 9 23 I 20 3 17 2 IS 30 13 27 11 25 8 22 S 20 3 17 31 14 28 12 21 9 23
Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

1991

Jul

Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: November 9. 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:
1 o the average 11/11/91 2/10/92 4/6/92 5/11/92 6/8/92
7/6/92 8/10/92 9/7/92
of four weeks
ending:
4/6/92
5/11/92
6/8/92
7/6/92
8/10/92
9/7/92
10/12/92
11/9/92

15.9
14.7
14.0
11.8
12.2
12.7
13.8
14.4


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Federal Reserve Bank of St. Louis

13.5
12.5
9.4
10.4
11.3
13.0
13.9

9.5
5.5
8.0
9.6
12.1
13.3

2.9
7.3
9.5
12.6
14.0

6.5
9.7
13.4
14.9

15.8
18.6
19.3

20.8
21.1

23.0

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

1992

Seasonally Adjusted

Billions of Dollars

Billions

Sep 2
16
30
_Oct 14
“
Nov 11

88.2
90.9
90.8
92.1 .
92.7
94.1

4 18 2 16 30 13 27 11 25 8 22 5 18 1 18 1 15 29 13 27 10 21 8 22 5 19 2 16 30 14 28 11 25
Sep

Oct
Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

Jut

Aug

Sep

Oct

Nov

Latest data plotted two weeks ending: November 11,1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
11/13/91 2/5/92 4/15/92 5/13/92 6/10/92 7/8/92
8/5/92
9/16/92
two maintenance
periods ending:
4/15/92
5/13/92
6/10/92
7/8/92
8/5/92
9/16/92
10/14/92
11/11/92

18.1
16.9
16.1
11.5
12.0
12.5
14.0
15.2


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Federal Reserve Bank of St. Louis

27.8
23.8
15.0
15.2
15.3
17.0
18.3

10.9
0.5
4.2
7.2
10.6
13.1

-4.4
2.0
6.4
10.5
13.4

-2.2
5.1
10.5
13.9

15.9
20.1
22.4

21.8
24.2

31.0

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
November 9, 1992 from
the four weeks ending:
Nov 11, 1991 3.7
Feb 3, 1992 2.6
May 11. 1992 2.1
Jun 8, 1992 2.1
Jul 6. 1992 3.0
Aug 3, 1992 3.9
Sep 14, 1992 6.6

Ratio
Aug 31

Sep 14

Oct 12
Nov 9

2 16 30 14 28 11 25 i 23 6 20 3 17 2 It 30 13 27 11 25
Sep

Oct
Nov
Dec
Jan
Feb
Mar
Apr
1991
Latest data plotted two weeks ending: November 9, 1992

May

2.626
2.613
2.627
2.640
2.641
2.657

22 6 20 3 17 31 14 28 12 26 9 23
Jun
1992

Jul

Aug

Sep

Oct

Nov

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

---------- 285

Compounded annual
rates of change,
average of the four
weeks ending
November 9, 1992 from
the four weeks ending:
Nov 11, 1991 8.7
Feb 10, 1992 9.3
May 11, 1992 11.1
Jun 8, 1992 12.1
Jul 6. 1992 13.6
Aug 10, 1992 12.5
Sep 7, 1992 11.1

1992
Oct

Billions

5

Nov 2

287.4 — 265
288.7
288.6
288.8
288.7
289.5

2 16 30 14 28 11 25 8 23 6 20 3 17 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 12 26 8 23
Sep

Oct
Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

Oct

Nov

Latest data plotted week ending: November 9, 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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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

Prim# Bank
n Rat#'

II

1

IS 2! 13 27 10 21 7 21
Nov
Dec
Feb

I 20 3 17 1
Mar
Apr

IS 2) 12 21 10 21
Jun
Jul

7 21
Aug

Latest data plotted are averages of rates available for the week ending: November 20, 1992

1992
Aug 28
Sep 4
11
18
25
Oct 2
9
16
23
30
Nov 6
13
20 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

3.34
3.28
3.08
3.07
3.15
3.10
3.09
3.25
3.38
3.39
3.42
3.52
3.71

3.39
3.37
3.17
3.18
3.27
3.26
3.15
3.23
3.27
3.26
3.25
3.28
3.28

3.31
3.25
3.05
3.05
3.12
3.04
3.05
3.18
3.31
3.32
3.35
3.47
3.62

7.97
7.93
7.87
7.91
7.96
7.93
7.92
7.96
8.04
8.07
8.11
8.14
8.10

Corporate
Baa Bonds
8.69
8.64
8.54
8.58
8.69
8.64
8.72
8.84
8.93
8.96
9.02
9.00
8.92

Municipal
Bonds **
6.31
6.24
6.16
6.27
6.33
6.27
6.29
6.34
6.53
6.62
6.51
6.38
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

Averages of Daily Figures

3—Month—^

H 1 15 29 13 27 10 24 7 21 6 20 3 17 I 15 29 12 26 10 24 7 21
Feb

Mar

Apr

May

Jun

Jul

Aug

Latest data plotted are averages of rates available for the week ending: November 20, 1992

1992

Federal
Funds **

3-Month
Treasury
Bill

6—Month
Treasury
Bill ***

Aug 28
Sep 4
11
18
25
Oct 2
9
16
23
30
Nov 6
13
20 *

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.27
3.16
3.24
3.38
5.69
7.23
3.33
3.10
3.26
3.26
5.48
7.13
3.09
2.91
2.95
3.04
5.26
6.95
3.28
2.89
2.90
3.03
5.37
7.02
3.07
2.89
2.93
3.04
5.46
7.11
3.41
2.69
2.85
2.91
5.26
7.02
3.20
2.76
2.78
2.97
5.35
7.12
3.20
2.90
2.95
3.12
5.52
7.21
3.05
2.95
3.10
3.35
5.83
7.35
2.96
2.94
3.22
3.36
5.85
7.37
3.07
3.03
3.27
3.42
5.96
7.44
2.91
3.08
3.31
3.47
6.00
7.41
2.97
3.15
3.37
3.55
6.05
7.36
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

M2
1992 Billiona
Oct 5 3468.5
12 3499.5
19 3496.4.
26 3497.0
Nov 2 3508.4
9 3515.0

Billions of Dollars

(left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Oct 5 2488.7
12 2492.6
19 2491.2
26 2487.9
Nov 2 2491.5
9 2496.2

2 IB 30 14 28 11 25 8 23 B 20 3 17 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 12 26 9 23
Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

1991

Jul

Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: November 9, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, 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 11/11/91 2/10/92 4/6/92 5/11/92 6/8/92
7/6/92 8/10/92 9/7/92
ending:
4/8/92
5/11/92
6/8/92
7/6/92
8/10/92
9/7/92
10/12/92
11/9/92

3.5
2.9
2.3
1.7
1.6
1.8
2.0
2.3


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Federal Reserve Bank of St. Louis

1.9
1.1
0.3
0.4
0.8
1.3
1.8

-0.5
-1.2
-0.6
0.1
0.8
1.5

-2.1
-1.0
0.1
1.0
1.8

-0.8
0.5
1.5
2.3

2.0
2.8
3.5

3.8
4.5

5.0

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages oi Daily Figures
Seasonally Adjusted

Billions of Dollars

1165 -

Savings
1992 Billions
Oct 5 1164.2
12 1170.2.
19 1171.9
26 1173.6
Nov 2 1176.0
9 1181.2

Billions of Dollars

(right scale)

Money Market
1992 Billions

Saving* Deposits (left scale)

Oct

5

342.6
...
347.7 — 3I5
350.7
349.4
353.2
351.7

■J
12

26
Nov 2
9

2 16 30 14 28 11 25 J 23 6 20 3 1) 2 11 30 13 27 11 25 8 22 I 20 3 17 31 14 28 12 21 > 23
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
1991
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.
.

Nov

Large and Small Time Deposits17

Billions of Dollars
^

.
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars
1
Small
1992
Oct 5
12
19
Nov 2
9

V s

mall T1 Tie (ri< ht sea «)

140

N. >
\\

410

% Ov

935

12 378.1
19 374.6
26 369.2
Nov 2 367.2
9 368.2
______ l______

! K
Sep

s*

30 14 it II 25 0 23 ( 20 3 17 I 10 30 13 27 11 25
Oet

Nov

10(5

La 'ge Tim • (left scale)

La rge Tirne
Bill ons

350

89 D.6
88 5.8

1130

1000

n\

19S.2

380

1
Time
Billions
903.9
900.3
897.3

Dec

Jan

Feb

Mar

Apr

1991

May

1 22 i 20
Jun

Jul

3 17 31 14 20 12 20 0 23
Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: November 9, 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

870

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

3.0

1992

2.5

2.0

Billions of Dollars
3.0

—

I

BL ions

— Oct 1 4
21
28
Nov 4
II
18

0
0
0
0
0
0

185
112
123
084
048
088

2.5

2.0

1.5

1.5

1.0

1.0

0.5

1
V

0.5
V____ _

1 II 2 II 30 11 22
Sep

Oct Nov
1991

11 25 ! 2! 5 19

4 10

Dec

Mar

Jan

Feb

1 15 20 15 27 10 24 0 2! 5 10 2 10 30 U 20 II 25
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

1992

Adjustment + Seasonal Borrowings
l-rom hederal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

Oct 14

0.185

28
Nov 4
11
18

Billions of Dollars

0.123
0.084
0.048
0.088

21

+ IB
Sep

0.112

2 16 30 13 27 11 25 8 22 5 19 4 18 1 15 29 13 27

10 24 8 22 5 19 2 16 30 14 28

11 25 ’

Oct

Jun
Jul
1992

Nov

Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Aug

Sep

Oct

Latest data plotted week ending: November 18, 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
Oct

•
Billions of Dollars

Not Seasonally Adjusted
Billions

7

Nov 4

4 18

2 II 30 13 27 11 25 8 22 5 II 4 II I 15 29 13 27 10 24 8 22 5 19 2 II 30 14 28

Sep Oct

Nov

Dec

Jan

Feb Mar

Apr

May

1991

Jun

Jul

Aug

Sep

Oct

11 25
Nov

1992

Latest data plotted week ending: November 11, 1992

Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annuol
rates of change,
average of the four
weeks ending
November 4. 1992 from
the four weeks ending:
Nov 6, 1991 -6.4
Feb 5, 1992 -5.9
May 6, 1992 -6.2
Jun 3, 1992 -5.8
Jul 1. 1992 -3.4
Aug 5, 1992 -0.5
Sep 2. 1992 2.6

4 18

1992

Billions

Sep 30 277.484__
Oct 7 277.176
14 277.220
21 276.927
28 277.050
Nov 4 278.878.

2 16 30 13 27 11 25 8 22 5 1! 4 18 1 15 28 13 27 18 24 8 22 5 19 2 11 30 14 28

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

1991

May

Jun

Jul

Aug

Sep

Oct

11 25
Nov

1992

Latest data plotted week ending: November 4, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than |1.4 billion
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

Averages of Daily Figures

105- - - - -

1973=100

- - - - -1 115
1992 1973=100

4 18 2 16 31 13 27 II 25
Sep

Oct

Nov

Dec

22 5 19 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25
Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

Oct

Nov

Latest data plotted week ending: November 18, 1992
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 usinq 10 industrial
country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis