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November 5, 1992

^teservs Bank
3=ETT1

TO 0 9 1992

Gjpi Lo«B|»

FKDKKM
KISKKM
ItVVKol

M UM IN

THE WEEK'S HIGHLIGHTS:
\/ The yield on long-term Treasury securities averaged 7.42 percent
for the week ending November 6, up from the 7.05 percent
September average.

t/ Business productivity grew at a seasonally adjusted annual rate of
3 percent during the third quarter, marking a 2.8 percent increase
from a year earlier.
t/ Sales of new one-family houses in September were at a seasonally
adjusted rate of617,000 units, slightly below the August rate of
623,000 units. For the first nine months of the year, 471,000 new
houses were sold, compared with 392,000 units sold during the
same period last year.
The composite index of leading indicators decreased 0.3 percent in
September, the third monthly decline in the last four months.
Sensitive materials prices and the average workweek in manufac­
turing contributed most to the September decline.

Because of the Veterans Day holiday next Wednesday, this
release will be published on Friday, November 13.
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)
Two years (100 issues)

$18
$30

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

Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Aug 19

372.2

30
Oct 14
28

Billions of Dollars

377.3
380.2
381.3

1992
Latest data plotted reserve maintenance period ending: October 28, 1992
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
it
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.^JData 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 10/30/91 1/22/92 4/1/92 4/29/92 5/27/92 6/24/92 7/22/92 9/2/92
two maintenance
periods ending:
4/1/92
4/29/92
5/27/92
6/24/92
7/22/92
9/2/92
9/30/92
10/28/92

9.3
9.5
9.3
8.3
7.8
9.2
10.0
10.3


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Federal Reserve Bank of St. Louis

12.4
11.4
9.5
8.6
10.3
11.4
11.6

9.2
6.6
5.8
9.1
10.7
11.1

4.6
4.3
8.7
10.7
11.1

2.5
9.0
11.4
11.8

12.1
14.4
14.2

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot Daily Hgures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1992
Sep 21
28
Oct 5
12
19
26

Billions
991.0'
991.2
999.7
1006.8
1005.2 .
1009.1

TCD (right scale)
M1 (left scale)

1992

TCD
Billions —

Sep 21
28
Oct 5
12
19
26

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

Oct

Nov

Dec

Jan

Feb

Mar

Apr

696.2
696.0
703.7
709.5
708.0
711.7

25 8 22 6 20 3 17 31 14 28 12 26 9 23

May

Jun

Jul

Aug

Sep

Oct

Nov

1992
Latest data plotted week ending: October 26, 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)
T_ iL.
of four weeks

Compounded annual rates of change, average of four weeks ending:
10/28/91 1/27/92 3/23/92 4/27/92 5/25/92 6/29/92 7/27/92 8/24/92

ending:
3/23/92
4/27/92
S/25/92
6/29/92
7/27/92
8/24/92
9/28/92
10/26/92

17.4
14.5
14.7
12.2
12.2
12.6
13.3
14.2


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Federal Reserve Bank of St. Louis

15.5
15.5
11.5
11.5
12.2
13.2
14.4

8.5
4.9
6.4
8.2
10.2
12.0

5.9
7.7
9.7
11.8
13.8

4.4
8.0
11.0
13.5

14.2
16.1
18.3

Prepared by Federal Reserve Bank of St Louis

610

4
Adjusted Reserves
Billions of Dollars

Soosorally Adjusted

BiHions of Dollars

16
1992
Aug 19
Sep 2
16
30
Oct 14
28

Billions

14

89.7
88.3
90.9
90.8 .
92.1
92.6

92
90

86

84
82

7!

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Latest data plotted two weeks ending: October 28. 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:
10/30/91 1/22/92 4/1/92 4/29/92 5/27/92 6/24/92 7/22/92
9/2/92
two maintenance
periods ending:
4/1/92
4/29/92
5/27/92
6/24/92
7/22/92
9/2/92
9/30/92
10/28/92

18.2
18.9
17.8
13.8
11.4
12.4
13.9
14.6


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Federal Reserve Bank of St. Louis

33.0
27.7
19.3
14.8
15.6
17.3
17.9

16.9
6.2
2.7
7.0
10.4
12.1

-1.5
-3.4
3.7
8.3
10.5

-9.8
1.7
7.7
10.4

8.0
14.2
16.3

24.1
24.0

27.6

Prepared by Federal Reserve Bank of St. Louis

V

Money Multiplier1/7
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
October 26, 1992 from
the four weeks ending:
Oct 28, 1991 3.4
Jan 20, 1992 2.6
Apr 27. 1992 1.8
May 25, 1992 1.4
Jun 22. 1992 1.3
Jul 20, 1992 2.1
Aug 31, 1992 4.3

Ratio
Aug 17

2.626

Sep 14

Oct 12

2.640
2.642

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

Oct

Nov Dec

Jan

Feb

Mar

Apr

May

1991

Jun

Jul

Aug

Sep

Oct

9 23
Nov

1992

Latest data plotted two weeks ending: October 26, 1992

Currency Component of Ml2/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
October 26, 1992 from
the four weeks ending:
Oct 28. 1991 9.0
Jan 27. 1992 9.7
Apr 27, 1992 11.3
May 25, 1992 12.2
Jun 29. 1992 14.3
Jul 27, 1992 14.8
Aug 24. 1992 13.6

Sep 21

Oct

2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27 11 25
Sep

Oct
Nov
1991

Dec

Jan

Feb

Mar

Apr

May

5

286.4 —
286.7
287.4
288.7
288. i
288.8

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

Jul

Aug

Sep

Oct

Nov

Latest data plotted week ending: October 26, 1992
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate
Aaa Bond#

Prime Bank
-Loan Rate-

18 1 15 29 13 27 10 24
Sep

Oct
Nov
1991

Dec

Jan

20 3 17 1 15 29 12 26 10 24 7 21
Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

Oct

Nov

Latest data plotted are averages of rotes available for the week ending: November 6, 1992

1992

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Aug 14
21
28
Sep 4
11
18
25
Oct 2
9
16
23
30
Nov 6 *

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

3.35
3.37
3.39
3.37
3.17
3.18
3.27
3.26
3.15
3.23
3.27
3.26
3.26

3.25
3.26
3.31
3.25
3.05
3.05
3.12
3.04
3.05
3.18
3.31
3.32
3.35

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

8.62
8.62
8.69
8.64
8.54
8.58
8.69
8.64
8.72
8.84
8.93
8.96
9.02

6.05
6.21
6.31
6.24
6.16
6.27
6.33
6.27
6.29
6.34
6.53
6.62
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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Averages of Daily Figures

Federal
Fund's Rats

6 20
Sep

4 18 1 15 2S 13 27 10 24 7 21 6 20 3 17
Oct

Nov

Dec

Jan

Feb

Mar

Apr

1 15 29 12 28 10 24 7 21
May

1991

Jun

Jul

Aug

4 18 2 18 30 13 27
Sep

Oct

Nov

1992

Latest data plotted are averages of rates available for the week ending: November 6, 1992

1992
Aug 14
21
28
Sep 4
11
18
25
Oct 2
9
16
23
30
Nov 6 *

Federal
Funds **

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

3.24
3.33
3.27
3.33
3.09
3.28
3.07
3.41
3.20
3.20
3.05
2.96
3.07

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.11
3.19
3.28
5.53
7.08
3.07
3.18
3.26
5.48
7.11
3.16
3.24
3.38
5.69
7.23
3.10
3.26
3.26
5.48
7.13
2.91
2.95
3.04
5.26
6.95
2.89
2.90
3.03
5.37
7.02
2.89
2.93
3.04
5.46
7.11
2.69
2.85
2.91
5.26
7.02
2.76
2.78
2.97
5.35
7.12
2.90
2.95
3.12
5.52
7.21
2.95
3.10
3.35
5.83
7.35
2.94
3.22
3.36
7.37
5.85
3.02
3.27
3.42
5.95
7.42
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


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

7

8
Money Stock (M2) and Non-Mi Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M2
1992
Sep 21
28
_ Oct 5
12
19
26

Billions
3482.7
3480.7
3488.6.
3498.9
3495.1
3496.2

(left scale)

M2 (right scale)

Non-M1 M2
1_992

Oct Nov

Dec

Jan

Feb

Mar

Apr

2491.7
2489.5
2488.9
2492.1
2489.9
2487.1

T ~1 'I 1 I 1 I

2 16 30 14 20 11 25 I 23 6 20 3 17 2 16 30 13 27 11 25
Sep

Billions

Sep 21
28
Oct 5
12
19
26

0 22 6 20 3 17 31 14 20 12 26 9 23

May

Jun

1991

Jul

Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: October 26, 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)
To
nwnmnfl
Compounded annual rates of change, average of four weeks ending:
loxne average 10/28/gi l/27/g2 3/23/92 4/27/92 5/25/92 6/29/92 7/27/92 8/24/92
of four weeks
ending:
3/23/92
4/27/92
5/25/92
6/29/92
7/27/92
8/24/92
9/28/92
10/26/92

4.3
3.0
2.7
1.9
1.6
1.8
2.0
2.2


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

3.0
2.4
1.2
0.8
1.2
1.6
1.9

-1.0
-1.7
-1.6
-0.6
0.2
0.8

-1.3
-1.3
-0.1
0.7
1.4

-2.1
-0.3
0.8
1.5

1.2
2.2
2.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1190 -------- 1----------1---------

Billions of Dollars

415

Savings
1992

1145

Billions

Sep 21
28
Oct 5
12
19
26

1162.7
1163.2
11C 4.2
111 0.2
11/ 1.9
11/ 3.6
** —

*"*.

k-'

4

"v.

3(5
*

^

1

►

_____ ^ ___

1100 ^ N
* *“

310
Morn y Mark vt (rig it scale )

_

.

>

k/

1055

340
Mo ney Meirket
199 2 SILL ons

Savin )• Dep OftftS (| eft sea e)

Sep 21

1010

965

Oct

T

■

"T ' 1 ■ »

f

5
12
19
26

34 3.9
040. t>
342.8
347.7
350.7
349.4

■ ' 1 ' 1 ' i 1 i ‘'Ml

1 >-r-» i

2 16 30 14 28 It 25 8 23 6 20 3 17 2 16 30 13 27 11 25 I 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

315

290

Nov

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

Large and Small Time Deposits1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

475

Billions of Dollars
---------1----------1--------Small Time
1992 Billions

\

N

**s

Sep 21
28
Oct 5

445

913.7
909.5
904.0

19
26

5Small Tl

89 6.9
89 3.6

s
\S

415
n\

315

355

La •ge Tim s (left scale)

s

Tinne
Bill ons

*
N

376.0
375.5
377.8
373.8
368.9

945

*
i

V

2 14 14 14 21 II 25 I 27 ( 20 3 17 2 11 31 11 27 II 25 I 22 t 20 3 17 31 14 21 12 21 1 23
Sep

Oct Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

Oct

Nov

Latest data plotted week ending: October 26, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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

1075

1010

V
La rge
1992
— Sep
28
Oct 5
12
19
26

1140

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Sep 30
Oct 7
14

0.299
0.184
0.185

28
Nov 4

Billions of Dollars

0.123
0.084

21

4 18

0.112

2 16 30 13 27 11 25 8 22 5 19 4 II 1 15 2! 13 27

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

1991

10 24 8 22 5 19 2 16 30 14 28 11 25
Jun

Jul

Aug

Sep

Oct

Nov

1992

Adjustment + Seasonal Borrowings
from federal Reserve banks
Averages of Daily Figures

Billions of Dollars

1992
Sep 30
— Oct 7
14

Billions of Dollars

Billions
0.299
0.184
0.185

21

0.112

28
Nov 4

0.123
0.084

4 18

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

Sep Oct

Nov
1991

Dec

Jan

Feb

Mar

Apr

May

10 24 8 22 5 19 2 16 30 14 28

11 25

Jun Jul
1992

Nov

Aug

Sep

Oct

Latest data plotted week ending: November 4, 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 Seasonolly Adjusted
Billions

Sep 23
Oct

4 II

136.704
7 145.223
143.113
145.986
146.298

2 IS 30 13 27 11 25 8 22 S IS 4 II 1 15 2) 13 27

Sep Oct

Nov
1991

Dec

Jan

Feb Mar

Apr

May

18 24 I 22 5 IS 2 IS 31 14 21

11 25

Jun Jul
1992

Nov

Aug

Sep

Oct

Latest data plotted week ending: October 28, 1992

Commercial and Industrial Loans'7
Weekly Reporting Large Commercial Banka2/
Seasonally Adjusted

Billions of Dollars

310
3(0
3(0
320

Billions of Dollars
I
300

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

Compounded annu al
rates of change,
average of the fou
weeks ending
October 21, 1992 rom
the four weeks enc ing:
Oct 23, 1991 -i .9
Jan 22, 1992
).7
Apr 22. 1992 - T.2
May 20, 1992 -( . 9
Jun 24. 1992
k6
Jul 22, 1992 -41.6

1992

Billions

276.862__
276.249
277.484
Oct
277.176
1 4- 277.220
2 277.129
1
2
3

3(0
340
320

AU<

300

300

200

280

2(0

4 II

2 16 31 13 27 11 25 1 22 5 IS 4 II I 15 2S 13 27 II 24

Sep Oct

Nov
1991

Dec

Jan

Feb

Mar

Apr

May

I 22 5 IS

Jun Jul
1992

Aug

2 16 30 14 21 It 25
Sep

Oct

260

Nov

Latest data plotted week ending: October 21, 1992
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


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

11

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

1992 1973=100
Sep 30

4 II 2 1$ 30 13 27 It 25 I 22 S IS 4 II 1 15 29 13 27 10 24 8 22 5 1! 2 16 30 14 21
Sep

Oct

Nov

Dec

Jan

1991

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: November 4, 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 using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102