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October 19,1995

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NOV 0 3 1995

THE WEEK'S HIGHLIGHTS:
✓ September housing starts were at an annual rate of 1,390,000
units, up 1.2 percent from an average of 1,374,000 starts for the
previous three months, but down 8 percent from a year earlier.

✓ The August goods and services trade deficit totaled $8.8 billion,
$2.4 billion less than in July, and the smallest this year. Through
the first eight months of 1995, the trade deficit totaled $82.1 billion.

✓ Industrial production fell at a 2.9 percent annual rate in September,
the first decline since April. So far this year, industrial output has
risen at a 1 percent rate, compared to a 5 percent rate over the first
nine months of 1994.

✓ The consumer price index (CPI-U) advanced at a 1.6 percent rate
in September, the same as in August. Consumer prices rose at a
2.1 percent rate in the third quarter, the smallest increase in two
years.
s/ Retail sales rose at a 3.2 percent rate in September, the fourth increase
in the lastfive months. Retail sales, which are not adjustedfor infla­
tion, have risen 4.6 percent since September 1994.

All data are seasonally adjusted unless otherwise indicated.

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 $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or to request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at (314) 621-1824.


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

2
Adjusted Monetary Base
Averages ot Daily Mgures
Seasonally Adjusted

Billions of Dollars

1995
Aug

Billions of Dollars

Billions

2

Sep 13

J

17 J1 II 28 12 26 ! 23 7 21
Aug

I

11 I

IS

1

15 28 12 26 10 21

7 21 5

18 2 If 30 13 27

11 25

Sep

Oct Nov Dec
Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Oct
1994
1995
Latest data plotted reserve maintenance period ending: October 11,1995
The ad justed 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.
J
Recent data are preliminary.

Adjusted Monetary Base
To +ha nvarnn* of Compounded annual rates of change, average of two maintenance periods ending:
10/12/94 1/4/95 3/15/95 4/12/95 5/10/95 6/7/95
7/5/95
»/i«/«
two maintenance
periods ending
3/15/95
4/12/95
5/10/95
6/7/95
7/5/95
8/16/95
9/13/95
10/11/95

5.7
6.1
6.1
4.6
4.3
4.2
3.9


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

6.9
7.3
7.0
4.8
4.3
4.1
3.8

6.3
6.1
2.8
2.7
2.6
2.4

7.2
2.4
2.4
2.4
2.1

-0.7
0.6
1.0
1.0

-1.3
-0.3
-0.1

2.4
1.9

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages of Daily Figures

Billions of Dollars

1190

i

Billions of Dollars

r

1

M1
1995 Billions
Sep

1170 _

4
11
18
25
Oct 2
9

M5

1

TCD
1995 Billions

1142.5
1142.8
1140.3
114H.1
11 2.5
115 8.7

Sep

Oct

M

4
11

765.0
765.4

25
2
9

76 3.1
75 3.8
75 0.4

025

(left cale)

1150

805
V

i—'

■N

>

1130

\'

\

A------

785

/s'
\
s
—^

’ rCD (ric ht sea le)

1110

'J V,
765

v\
\
%
\

1090 ■PH T
Aug

745
Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1995

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 9. 1995
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.
r
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
10/10/94 1/9/95
3/6/95
4/10/95
5/8/95
6/12/95 7/10/95
8/7/95
of four weeks
ending:
3/6/95
4/10/95
5/8/95
6/12/95
7/10/95
8/7/95
9/11/95
10/9/95

-0.8
-0.2
-0.3
-0.9
-0.7
-0.6
-0.6
-1.3


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

0.6
0.2
-0.9
-0.6
-0.4
-0.5
-1.4

0.9
-1.1
—0.6
-0.4
-0.5
-1.6

-2.9
-1.7
-1.2
-1.1
-2.3

-2.0
-1.2
-1.1
-2.6

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

1995

Seasonally Adjusted

Billions of Dollars

Billions

Aug

2
16
30
Sep 13
27
Oct 11

99.5
100.6
99.3
100.7
99.7
99.3

3 17 31 14 28 12 26 9 23 7 21 4 18 1 15 1 IS 29 12 26 10 24 7 21 5 19 2 16 30 13 27 II 25
Aug

Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1995

Jul

Aug

Sep

Oct

Latest data plotted two weeks ending: October 11, 1995
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
10/12/94 1/4/95
3/15/95 4/12/95 5/10/95
6/7/95
7/5/95
8/16/95

periods ending:

3.3
-3.8

1

-1.1
-2.1

rri

-0.5
-1.4

-6.9

T

-15.3
-9.3
-11.2
-6.5
-5.7
-5.8

1


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

-3.6
-2.3
-1.2
-3.7
-1.8
-1.7
-2.2

ro

-0.7
-5.9
-4.8
-3.8
-5.3
-3.7
-3.5
-3.7

O

3/15/95
4/12/95
5/10/95
6/7/95
7/5/95
8/16/95
9/13/95
10/11/95

-2.6
-3.4

3.7
0.8

-3.8

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.1

Ratio

—rr—r-

—I

Compounded annu
rates of change,
average of the four
weeks ending
October 9, 1995 fr jm
the four weeks end
Oct 10. 1994 -4 .9
Jan 2. 1995 -4 .9
Apr 10. 1995 -3 .9
May 8, 1995 -3 .7
Jun 5. 1995 -1 .3
Jul
3, 1995 -4 .0
Aug 14, 1 995 -6 .2

2.9

2.7

T“

1995

3.1

Ratio

Jul 31
Aug 14

2.455
2.441

1
>5
9

2.4 K36

Sep
Oct

2

2.4

2.9

33
10

2.7

2.5

2.5

2.3

2.3

I

15 29 12 26 10 24 ; 21 5 19 2 11 30 13 27 13 27
Aug

Sep

Oct
Nov
Dec
Jan
Feb Mar
1994
Latest data plotted two weeks ending: October 9, 1995

10 24 0 2! 5 19 3 17 31 14 21 11 25 9 23
Apr

May
Jun
1995

Jul

Aug

Sep

Oct

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

. .
Billions of Dollars

385 ----------- 1----------- 1------------ —
Compounded annu ll
rates of change,
average of the four
weeks ending
October 9, 1995 fr
the four weeks end ng:
Oct 10. 1994 6 . 1
Jan 9. 1995 5 .5
Apr 10. 1995 3 .0
Mav 8. 1995
1 •9
Jun 12. 1 995
1 .2
Jul 10, 1 995 2 .8
Aug 7, 1 995 3 .3

375

365

385

375

-i

365

355

355
122.5
Sep

4
1
18
25
Oct 2
9

345

Bill!ons
36 8.5
36 8.5
368.9 — 345
369.3
370.1
369.6

335

I

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24
Aug

Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

8 2! 5 19 3 17 31 14 28 11 25 9 23
May
Jun
1995

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 9, 1995
1/ Ratio of Ml 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

335

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Aoa Bonds

•.

IS 30 H 28 11 25 9 23
Aug

Sep

Oct
1994

Nov

Dec

Municipal Bonds

20 3 17 3 17 31 14 28 12 26 9 23 7 21

Jan

Feb

Mar

Apr

May
Jun
1995

Jul

II I 15 2!

Aug

Sep

Oct

Latest data plotted are averages of rates available for the week ending: October 20, 1995

1995

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Jul 28
Aug
4
11
18
25
Sep
1
8
15
22
29
Oct
6
13
20 *

5.84
5.85
5.84
5.87
5.84
5.B4
5.82
5.81
5.80
5.85
5.84
5.82
5.80

5.77
5.75
5.75
5.80
5.77
5.75
5.75
5.71
5.70
5.78
5.79
5.79
5.78

5.66
5.65
5.66
5.70
5.69
5.67
5.66
5.64
5.62
5.70
5.70
5.70
5.70

7.56
7.57
7.59
7.64
7.58
7.41
7.33
7.29
7.31
7.33
7.20
7.14
7.08

8.19
8.19
8.22
8.26
8.20
8.04
7.95
7.91
7.93
7.95
7.82
7.76
7.70

5.97
6.03
6.07
6.12
6.OB
5.98
5.90
5.83
5.91
6.00
5.B8
5.82
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


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

Funds koto

16 30 14 26 11 25 9 23 6 20 3 17 3 17 31 14 28 12 26 9 23 7 21
Aug

Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1995

Jul

Aug

Sep

Oct

Latest data plotted are averages of rates available for the week ending: October 20, 1995

1995
Jul 28
Aug
4
11
IB
25
Sep
1
8
15
22
29
Oct 6
13
20 *

Federal
Funds **
5.75
5.83
5.73
5.74
5.70
5.71
5.77
5.73
5.78
5.80
6.00
5.72
5.71

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.44
5.42
5.40
5.44
5.41
5.31
5.33
5.31
5.22
5.26
5.30
5.30
5.28

5.39
5.36
5.39
5.52
5.48
5.34
5.32
5.29
5.26
5.37
5.30
5.29
5.27

6.21
6.19
6.24
6.36
6.28
6.08
5.99
5.96
5.98
6.08
5.92
5.88
5.81

6.46
6.48
6.50
6.57
6.52
6.31
6.20
6.15
6.17
6.26
6.10
6.05
5.98

6.81
6.83
6.87
6.83
6.71
6.55
6.53
6.38
6.56
6.62
6.47
6.39
6.31

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


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

Prepared by 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

2700

1995
Sep

3775 Oct

Billjons

4 3753.6
3754.3
3759.4.
3760.4
2 3758.5
3753.1

2650

2600

M2 (left scale)

Non-M1 M2 (right scale)

2550

Non-M1 M2
1995 Billions
Sep

4
11
18
25
Oct 2
9

2611.1
2611.5
2619.1
2619.3
2626.0
2624.4

2500

2450

1

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24
Aug

Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

22 5 19 3 17 31 14 28 11 25 9 23

Apr

May
Jun
1995

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 9. 1995
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
3/6/95
4/10/95 5/8/95
10/10/94 1/9/95
6/12/95 7/10/95
8/7/95
ending:
3/6/95
4/10/95
5/8/95
6/12/95
7/10/95
8/7/95
9/11/95
10/9/95

0.6
1.5
1.7
2.7
3.4
3.7
4.1
4.0


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

2.1
2.3
3.8
4.7
5.0
5.4
5.1

4.3
5.9
6.8
6.8
7.0
6.4

6.3
7.4
7.2
7.4
6.6

9.4
8.5
8.4
7.2

8.2
8.1
6.7

7.3
5.7

5.4

Prepared by Federal Reserve Bank of St Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1325 Billions
— Sep

Small Time
1995

4 1099.3'

4
11
18
25
Oct 2
9

11 1101.6

18
25
— Oct 2
9

1106.0
1107.3
1110.3­
1115.3

15 29 12 26 10 24 7 21
Aug

Sep

Oct

Nov

5 19 2 16 30 13 27 13 27 10 24 8 22 5
Dec

927.6
928.3
929.2
929.7
929.9 —
929.7

Small Tim* (right scale)

Savings Deposit* (left scale)

1

Billions

Sep

Jan

Feb

Mar

Apr

1994

May

19 3 17 31 14 28 II 25 9 23
Jun

Jul

Aug

Sep

Oct

1995

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1 /
Billions of Dollars

Billions of Dollars

Averages oT Daily Figures, Seasonally Adjusted

Large Time
1995
_ Sep
^

4

Oct

2

1

Money Market

1995

Billions
398.4 .
399.1
399.7
401.4
407.4
411.3

Sep

Billions

4
11
18
25
Oct 2
9

462.5 _
462.2
462.5
462.1
464.0
464.8

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 9 23
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1994

Apr

May

Jun

Jul

Aug

Sep

Oct

1995

Latest data plotted week ending: October 9. 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
pr<.pored by Fe(Jera| Reserve Bank of st Louis|


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1995

Billions of Dollars

Bjlljops

_Sep 13
20
27
Oct 4
11
_
18

0.251.
0.257
0.290
0.330
0.345
0.239

Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
. 1994
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, and was zero in the other weeks shown.

Bank Loans and Credit
Billions of Dollars

3600

3540

3480

V

All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

I
Bank Cr<adit
1995 M ions

2080

Aug 30 35 33.6
Sep 6 35 37.7
13 35 46.9
20 35 56.4

2620

Oct

/

/v

4 3549.8
Bank C rodit (I eft see

le)2/

Z'

2560

V"
✓

3420

2500
1 ““*

s

3360
•

3300

2440

■/"*
Loans <8cLea ses
1995

_/■*
Loans and L saaes

3240

✓ k. ✓

Oct

27 2579.7
4 2569.0

3100

3 17 31 14 II 1! IS ) !3 7 II 4 10 1
Aug

Sep

IS I

15 I! I! IS 11 14 7 I! 5 1! I IS 30 13 17 11 15

Oct
Nov
Dec
Jan
Feb
Mar
Apr
1994
Latest Wednesday data plotted : October 4, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

May
Jun
1995

2380

Aug 30 2559.4
Sep 6 2572.6
13 2568.0

right s cale)

Jul

Auq

Sep

Oct

Prepared by Federal Reserve Bank of St. Louis

2320

2260

Commercial Paper of Nonfinancia! Companies
Billions of Dollars

1995
Sep

Billions of Dollars

Not Seasonally Adjusted
Billions

6 181.927

189.551
190.934

Aug

Sep

Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

1995

Latest data plotted week ending: October 11,1995

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

All Banks
1995 Billions
-Aug 30
"

_ Oct

4

697.4
701.3
701.2
704.4
702.5
701.4 .

Large Banks (right scale)
Large Banks__
1995 Billions
Aug 30
Sep 6
13
20
27
Oct 4

All Banks (left scale)

Aug
Sep
Oct
Nov
Dec
Jan
Fei
1994
Latest Wednesday data plotted : October 4. 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks


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

11

Jul

Aug

343.7
345.0
344.8
347.3 —
346.8
345.5

Sep

Oct

Prepared by Federal Reserve Bank of St. Louis

Dollar’s Trade-Weighted Exchange Index
1973-100

1973-100

Averages of Daily Figures

1995 1973-100
Sep 13
Oct

3 17 31 14 28 12 26 9 23 7 21 4 18
Aug

Sep

Oct
1994

Nov

Dec

Jan

1 15 1 15 29 12 2S 10 24 7 21
Feb

Mar

Apr

May Jun
1995

4

5 19 2 16 30 13 27 11 25
Jul

Aug

Sep

Oct

Latest data plotted week ending: October 18, 1995
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


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

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