Full text of U.S. Financial Data : October 15, 1992

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Louis

. Financial Data
THE WEEK'S HIGHLIGHTS:
The Consumer Price Index (CPI) rose at a 2.6 percent annual rate
in September, following a 3.5 percent rate of increase in August.
Since September 1990, consumer prices have risen at a 3.2 percent
rate. The CPI, minus food and energy, has increased at a 3.9 per?
cent rate during the past two years.
/

Producer prices offinished goods rose at a 4 percent annual rate in
September, up 1.7 percent from a year earlier. This marked an
increase ofl percent from the previous year, mostly because of
energy prices.
%/ Retail sales, measured in constant 1982-1984 dollars, grew at a 0.5
percent annual rate during September. Since December 1991, real
sales have risen at a 3 percent rate, compared with a 2.4 percent
rate of decline during the previous nine months.
s/ The ratio of business inventories to monthly sales rose to 1.52 in
August from 1.49 in July. A year ago the ratio was 1.53, following
a recent high of 1.60 in January 1991.

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
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2
Adjusted Monetary Base
Averages or Uaily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Aug

5

_ Sep

2

372.2
371.4
376.9

Oct 14

379.3

7 21 4
Aug

IB
Sep

Billions of Dollars

2

16 30 13 27 11 25
Oct

Nov

Dec

8

22

Jan

5

19 4

Feb

18
Mar

I

15 29 13 27 10 2Apr

May

1991

22

Jun

5

19
Aug

2

16 30 14 28
Sep

Oct

1992

Latest data plotted reserve maintenance period ending: October 14, 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.
1
’
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
3/18/92
4/15/92
5/13/92
6/10/92
7/8/92
8/19/92
9/16/92
10/14/92

Compounded annual rates of change, average of two maintenance periods ending:
10/16/91 1/8/92
3/18/92 4/15/92 5/13/92 6/10/92
7/8/92
8/19/92

10.6
9.5
9.5
9.1
8.1
9.4
9.8
10.2


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Federal Reserve Bank of St. Louis

10.9
10.6
9.9
8.2
9.9
10.4
10.9

6.3
6.4
4.7
8.1
9.0
9.9

8.0
5.2
9.2
10.1
10.9

3.1
9.1
10.2
11.2

10.1
11.3
12.2

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

M1
1992 Billions
Aug 31 978.7 '
Sep 7 983.5
14 986.4
21 991.9
28 992.0 .
Oct 5 1000.6

n

*

TCD (rig ht scale)
M1 (left scale)

1992
Aug 31
Sep 7
14
Oct

5

19
Aug

2

16 30 14 28 II 25
Sep

Oct

Nov

9 23

6 20

Dec

Jan

3

17
Feb

16 30 13 27 11 25
Mar

Apr

May

8

22

Jun

20 3
Jul

28
5

Billions
687.2
689.4
692.3 — 590
696.8
704.5

17 31 14 28 12 26
Aug

Sep

Oct

Latest data plotted week ending: October 5, 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
10/7/91
1/6/92
3/2/92
4/6/92
5/4/92
6/8/92
7/6/92
8/3/92
of four weeks
ending:
3/2/92
4/8/92
5/4/92
6/8/92
7/6/92
8/3/92
9/7/92
10/5/92

17.4
15.7
14.5
14.1
12.2
12.3
12.9
13.6


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19.0
16.0
15.0
12.1
12.2
13.1
14.0

7.9
9.2
6.4
7.6
9.6
11.1

9.5
5.6
7.3
9.8
11.6

5.0
7.4
10.4
12.5

4.8
9.9
12.7

16.1
18.0

20.3

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

94
1992

Billions

92
Jul 22
Aug 5
— Sep

2

86

84

82

78

76
7 21
Aug

4

18
Sep

2

15 30 13 27 11 25
Oct

Nov

Dec

22
Jan

5

19 4
Feb

18

1

Mar

15 29 13 27 10 24
Apr

May

1991

Jun

8 22
Jul

5

19 2
Aug

16 30 14 28
Sep

Oct

1992

Latest data plotted two weeks ending: September 30, 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 10/2/91 12/25/91 3/4/92
4/1/92
4/29/92 5/27/92 6/24/92
8/5/92
two maintenance
periods ending:
3/4/92
4/1/92
4/29/92
5/27/92
6/24/92
8/5/92
9/2/92
9/30/92

19.7
17.5
18.2
17.3
13.8
12.6
12.5
14.0


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Federal Reserve Bank of St. Louis

20.9
21.4
19.4
13.8
12.1
12.2
14.1

14.4
13.2
6.2
5.9
6.8

10.1

16.9
6.2
5.8
7.0
10.7

-1.5
1.3
3.7
8.5

-2.3
1.7
8.0

8.0
14.7

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
September 28, 1992 from
the four weeks ending:
Sep 30, 1991
Jan 6, 1992
Mar 30, 1992
May 11, 1992
Jun 8, 1992
Jul 6, 1992
Aug 3. 1992

5

19 2
Aug

3.1
2.7
0.0
0.4
0.0
0.7
1.0

16 30 14 28 II 25
Sep

Oct

Jul 20
Aug 3

Nov

2.617
2.627

Sep 14

9

23

Dec

6

20

3

Jan

17

2

Feb

16 30 13 27
Mar

Apr

2.629

17 31 14 28 12 26
May

Jun

Aug

Sep

Oct

1992
Latest data plotted two weeks ending: September 28, 1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

295

285

Billions of Dollars

295

I
l
l
Compounded annual
rates of change,
average of the four
weeks ending
October 5, 1992 from
the four weeks ending:
Oct 7, 1991
8 8
Jan 6. 1992 9 5
Apr 6. 1992 11 0
May 4, 1992 11 4
Jun 8, 1992 13 1
Jul
6, 1992 15 6
Aug 3, 1992 15 8

285

275

1992

Billie ns

Sep

7
14
21
28
Oct 5

i 1

5J9
Aug

2

■ i 1 I

Sep

Oct

I .

i ■ i

16 31 H 21 11 21
Nov

286.0
285.7
286.4
286.7
287.4

!_ 23

6 20

Dec

Jan

3

17
Feb

2

18 30 13 27 11 21
Mar

Apr

1991

May

8

2!

6 21

Jun

Jul

3

i

17 31 14 28 12 28
Aug

Sep

Oct

1992

Latest data plotted week ending: October 5, 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

265

255

6

Yields on Selected Securities
Percent

Percent

Averages of Doily Figures

Corporate

Aaa Bonds

Municipal Bonds

2

16 30 13 27 11 25
Aug
Sep
Oct

Prime Bank
-Loan Rate

8 22 5

17 31 14 28 13 27
Feb

May

Mar

19
Jun

3

17 31 14 28
Jul
Aug

Latest data plotted are averages of rates available for the week ending: October 16. 1992

1992

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

3.32
3.32
3.32
3.28
3.28
3.34
3.28
3.08
3.07
3.15
3.10
3.09
3.25

3.40
3.36
3.39
3.35
3.37
3.39
3.37
3.17
3.18
3.27
3.26
3.15
3.23

3.29
3.29
3.28
3.25
3.26
3.31
3.25
3.05
3.05
3.12
3.04
3.05
3.18

Jul

24
31
Aug
7
14
21
28
Sep
4
11
18
25
Oct
2
9
16 *

Corporate
Aaa Bonds
8.06
8.01
7.99
7.93
7.91
7.97
7.93
7.87
7.91
7.96
7.93
7.92
7.97

Corporate
Baa Bonds
8.82
8.71
8.68
8.62
8.62
8.69
8.64
8.54
8.58
8.69
8.64
8.72
8.84

Municipal
Bonds **
6.05
5.89
6.06
6.05
6.21
6.31
6.24
6.16
6.27
6.33
6.27
6.29
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

/ ■

-

-

k.

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

Fund* Rate

2

16 30 13 27 11 25 8 22
Aug
Sep
Oct
Nov
1991

6 20 3 17 31 14 28 13 27 10 24
Dec
Jan
Feb
Mar
Apr

22 5 19 3 17 31 14 26
May
Jun
Jul
Aug
Sep
1992

Oct

Latest data plotted are averages of rates available for the week ending: October 16, 1992

1992
Jul 24
31
7
14
21
28
Sep
4
11
18
25
Oct
2
9
16 *

Aug

Federal
Funds **
3.22
3.18
3.33
3.24
3.33
3.27
3.33
3.09
3.28
3.07
3.41
3.20
3.20

3-Month
Treasury
Bill

6-Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.17
3.18
3.16
3.11
3.07
3.16
3.10
2.91
2.89
2.89
2.69
2.76
2.90

3.24
3.27
3.30
3.19
3.18
3.24
3.26
2.95
2.90
2.93
2.85
2.78
2.95

3.38
3.43
3.39
3.28
3.26
3.38
3.26
3.04
3.03
3.04
2.91
2.97
3.10

5.74
5.70
5.69
5.53
5.48
5.69
5.48
5.26
5.37
5.46
5.26
5.35
5.50

7.36
7.20
7.18
7.08
7.11
7.23
7.13
6.95
7.02
7.11
7.02
7.12
7.20

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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7

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

2650
M2
1992
Aug 31
Sep 7
14
3500 “
21
28
Oct 5

Billions
3473.2
3478.0
3480.5.
3479.3
3477.5
3485.5

(left scale)

2550

2500
Non-M1 M2 (right scale)
Non-M1 M2
Billions
Aug 31
Sep 7
14
21
28
Oct 5

2494.5
2494.5
2494.1
2487.4
2485.5
2484.9

2450

2400
5

19 2 16 30 14 28 11 25
Aug
Sep
Oct
Nov
1991

9 23
Dec

6 20 3 17 2 16 30 13 27 11 25
22
Jan
Feb
Mar
Apr
May
Jun
1992

6

20
Jul

3

17 31 14 28 12 26
Aug
Sep
Oct

Latest data plotted week ending: October 5, 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 10/7/91

1/6/92

3/2/92

4/6/92

5/4/92

6/8/92

-0.8
-0.7
-1.2
-1.1
-0.2
0.2

-0.6
-1.4
-1.1
-0.1
0.4

-1.7
-1.3
0.0
0.6

-1.7
0.3
1.0

7/6/92

8/3/92

1.8
2.3

3.4

ending:
3/2/92
4/6/92
5/4/92
6/8/92
7/6/92
8/3/92
9/7/92
10/5/92

4.6
3.5
3.0
2.5
1.9
1.7
1.9
2.0


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Federal Reserve Bank of St. Louis

3.8
2.7
2.0
1.2
1.0
1.3
1.5

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures

Billions of Dollars

mo

Billions of Dollars

I---------- 1----------Savings
1992 Billions
Aug 31 1148.9
Sep 7 1154.3
14 11 58.4
21 11 62.5
28 11 63.3
Oct 5 11 63.8

1145

—

<15

590
4oney Market [right s cale)

m ^ *■»
v"

✓ ——-

365
“*

* •*.

X.»

X

‘------

1055

340
Mon ey Ma rket
1992 Billio ns

S< vlngs [ eposit i (left { cale)

Aug 3
- Sep 7
14
21
28
Oct 5
^ J_ _

1010

9S5

T“1 ' 1 if * r • i 1 i H ■ 1 r

Aug

Sep

Oct
1991
i»»i .

Nov

Dec

'

Jan

Feb

"

" ••

Mar

...............■.»«**»***

Apr

May
Jun
1992

Jul

i/ ji

Aug

349 .7
346.5 — 315
344.6
342.3
344.1
341.2

_ _ _ I_ _ _ _

n tu

Sep

14

290
4«

Oct

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

Large and Small Time Deposits1 /
All Depository Institutions

Billions of Dollars

Billions of Dollars

475

1----------1—

1140

Small Time
1992 Billions
Aug 31
Sep 7
14
21
8
Oct 5

s

Smal Tim* [right s cale)

445
k

415

s

920.6
917.7
915.0
911 .4 — 1075
907 .1
902 .2

1010

Large Ime (U»ft seal 0
>

La rge Tirne
mu ions

19!12

305 — Aug 31
Sep

7
14
21
28
Oct 5

%

3E
3€ 13.7
3€ 1.4
3E 0.0
3" 6.0
37 5.1

h

355
5

19 2 16 3
Aug
Sep

14 28 11 25
Oct
Nov
1991

945

<

9 23
Dec

6

20 3 17
Jan
Feb

i ' i 1 i 1 i ' i ' i •
16 30 13 27 11 25 8 22 6 20 3 17 3 I4 28 12 26
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
19 32

Latest data plotted week ending: October 5, 1992
1/ Large time deposits are those issued in demoninations of tl 00,000 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

Sep

9
16
23
30
Oct 7
14

7 21
Aug

4

Billions of Dollars

0.214
0.426
0.218
0.299
0.184
0.185

18 2 16
Sep
Oct

13 27 11 25
Nov
Dec

8

22 5

19 4 18 1 15 29 13 27 10 24
Feb
Mar
Apr
May
Jun

22

5

19 2 16 30 14 28
Aug
Sep
Oct

Adjustment + Seasonal Borrowings
hrom l-ederal Keserve banks
Averages of Daily Figures

Billions of Dollars

1992
Sep

9
16
23
30
Oct 7
14

7 21
Aug

4

Billions of Dollars

Billions
0.214
0.426
0.218
0.299
0.184
0.185

18 2 16 30 13 27 11 25
Sep
Oct

22

5

19 4 18 1 15 29 13 27 10 24
Feb
Mar
Apr
May
Jun

1991

8 22

5

19-2
30 14 28
Aug
Sep
Oct

1992

Latest data plotted week ending: October 14, 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

140,428
139.364

_ Oct

143.691
136.704
7 145.223

Latest data plotted week ending: October 7, 1992

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

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
September 30, 1992 from
the four weeks ending:

IS22

Oct 2. 1991 -7.5
Jan 1, 1992 -6.5
Apr
1, 1992 -8.8
Apr 29. 1992 -8.5
May 27, 1992 -8.7
Jul
1, 1992 -6.2
Jul 29. 1992 -3.4

7 21

4

18

2

16 30 13 27 11 25

BjJJion?

.Aug 26 275.547
Sep 2 275.896
9 275.005
16 276.862
23 276.249
30 277.335

15 4

18

1

15 29 13 27 10 24

8

22

5

19

2

16 30 14 28

Latest data plotted week ending: September 30, 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

ten
JDU

Dollar’s Trade-Weighted Exchange Index
1973=100

Averages of Daily Figures

1992 1973=100
Sep

18 2 16 30 13 27 11 25 8 22 5
Aug

Sep

Oct

Nov

Dec

Jan

19 4
Feb

1991

II
Mar

15 29 13 27 10 24
Apr

May

Jun

22 5
Jul

19
Aug

9

16 30 14 26
Sep

Oct

1992

Latest data plotted week ending: October 1 A, 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

fls
M
05 J


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