Full text of U.S. Financial Data : October 22, 1992

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October
22, 1992

Federameserve Bank $CT 2 g 19g2
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B^rRnancial Data

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THE WEEK'S HIGHLIGHTS:
\/ The yield on long-term Treasury securities rose to 7.34 percent for
the week ending October 23, up from 7.21 percent a week earlier.
The average for the month of September was 7.05 percent.
Industrial production fell at a 3.3 percent annual rate in September
following a 4.3 percent rate of decline in August. September pro­
duction was 1.8 percent below its pre-recession peak in September
1990.
✓ Privately owned housing starts rose in September to a seasonally
adjusted rate of1,256,000 units, up from the August rate of
1,239,000 units. Housing starts totaled 929,400 units in the
January-to-September period, up from 771,000 units for the same
period a year earlier.
✓ The U.S. merchandise trade deficit rose in August to $9 billion from
$7.3 billion in July. For the first eight months of this year, the
deficit totaled $51.9 billion, up from $42.7 billion for the same
period in 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 of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Aug 5

368.6
372.2
371.4
376.9
377.4
380.3

_ Sep 2
Oct 14

7 21 4 18 2 16 30 13 27 11 25 8 22
Aug Sep

Oct

Nov

Dec

Jan

5 II 4 18
Feb

Mar

Billions of Dollars

1 IS 2) 13 27 10 24 I 22 5 19 2 IS 30 14 2S
Apr

1991

May

Jun

Jul

Aug

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

10.6
9.5
9.5
9.1
8.1
9.4
9.8
10.3


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Federal Reserve Bank of St. Louis

10.9
10.6
9.9
8.2
9.9
10.4
11.1

6.3
6.4
4.7
8.1
9.0
10.1

8.0
5.2
9.2
10.1
11.2

3.1
9.1
10.2
11.5

10.1
11.3
12.6

16.3
16.7

15.9

Prepared by Federal Reserve Bank of St Louis

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

Billions of Dollars

Billions of Dollars

M1
1992 Billions
“ Sep 7 983.5 '
14 996.3
21 991.8
28 991.8
_ Oct 5 1000.6 .
12 1007.3

TCD (right scale)

M1 (left scale)

1992

TCD
Billions —

Sep 7
14
21
28
Oct 5
12

689.4
692.3
697.1
696.6
704.6
709.9

—

5 1! 2 16 30 14 20 11 25 9 23 6 20 3 17 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 20 12 26
Aug

Sep

Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1992

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 12, 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:
4/13/92 5/11/92 6/15/92 7/13/92 8/10/92

of four weeks
ending:
3/9/92
4/13/92
5/11/92
6/15/92
7/13/92
8/10/92
9/14/92
10/12/92

17.8
15.0
14.9
13.7
12.1
12.6
13.0
14.0


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Federal Reserve Bank of St. Louis

17.4
16.5
14.3
11.7
12.5
13.2
14.4

8.2
7.8
5.7
7.8
9.5
11.5

9.9
6.3
8.9
10.7
13.0

3.2
7.5
10.1
12.8

7.7
11.3
14.6

17.4
20.0

Prepared by Federal Reserve Bank of St. Louis

3

610
590

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions ot Dollars
M

1992

Billions

M

Aug 5

to
Oct 14

18
IS

«<

8!

78

7 21 4 18 2 IS 30 13 27
Aug

Sep

Oct

Nov

25 8 22 S 19 4 18 1 15 2! 13 27 10 21 8 22 5 IS 2 16 30 14 28
Dec

Jan

Feb

Mar

Apr

May

1991

Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted two weeks ending: October 14, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
T ,,
f Compounded annual rates of change, average of two maintenance periods ending:
IO the average or 10/16/91 ,/8/92 3/18/92 4/15/92 5/13/92 6/10/92 7/8/92 8/19/92
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

22.0
19.2
18.0
17.2
12.9
13.9
13.7
14.9


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Federal Reserve Bank of St. Louis

26.3
22.7
20.5
13.7
14.9
14.4
16.0

7.7
8.8
1.5
6.4
7.0
10.0

10.9
0.5
6.8
7.5
10.9

-4.4
5.6
6.7
10.8

3.6
5.6
10.8

Prepared by Federal Reserve Bank of St. Louis

78

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
October 12, 1992 from
the four weeks ending:
Oct 14, 1991 3.2
Jan 6, 1992 2.8
Apr 13, 1992 1.1
May 11, 1992 0.9
Jun 8, 1992 0.7
Jul 6, 1992 1.4
Aug 17, 1992 3.3

Ratio

Sep

Oct

Nov

2.616

Sep 14

2.627
2.614
2.628
2.640

Oct 12

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27 11 25
Aug

Aug 3

Dec

Jan

Feb

Mar

Apr

22 6 20

May
Jun
1992

2.617

17 31 14 28 12 26
Aug

Sep

Oct

Latest data plotted two weeks ending: October 12, 1992

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
October 12, 1992 from
the four weeks ending:
Oct 14. 1991 8.9
Jan 13, 1992 9.7
Apr 13. 1992 11.2
May 11, 1992 11.8
Jun 15, 1992 13.4
Jul 13, 1992 16.1
Aug 10, 1992 14.8

1992

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Sep

7

Oct

5

Billions

287.4
288.7

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

Jun

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 12, 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

Municipal Bond*
-Loan Rato

2 IS 30 13 27 11 25 8 22
Aug

Sep

Oct

Nov

S 20 3 17 31 14 28 13 27 10 24 8 22 5 IS 3 17 31 14 28 II 25 9 23
Dec

Jan

Feb

Mar

Apr

1991

May

Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted are averages of rates available for the week ending: October 23, 1992

1992

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Jul 31
Aug 7
14
21
28
Sep 4
11
18
25
Oct 2
9
16
23 *

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
3.28

3.29
3.28
3.25
3.26
3.31
3.25
3.05
3.05
3.12
3.04
3.05
3.18
3.32

8.01
7.99
7.93
7.91
7.97
7.93
7.87
7.91
7.96
7.93
7.92
7.96
8.01

8.71
8.68
8.62
8.62
8.69
8.64
8.54
8.58
8.69
8.64
8.72
8.84
8.94

5.89
6.06
6.05
6.21
6.31
6.24
6.16
6.27
6.33
6.27
6.29
6.34

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
NA - Not Available
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

9.0

V

5—Ye nr
Tre< eury S< curftlee

X

■»»
___ V

s.o

//

\

t

1

✓ / s'
/■

N

v. /

i-*
i

/J 7

>
N
___ 2ij

|

__\ ,

Fi ode Ra *

‘

' \ J*

-

y

/

5.0

5.0

1

\
ih '
J—MOf
1 •aeury Bll

4.0

\V

N/

C. /
Xecoun t Rate

A
*V V
T“
\

3.0

2.0 r ■' i t i ■ i ' i1 1 i 1 i

i > i » hi"' i * I'M

2 It 30 13 !7 11 !5 1 22
Aug

Sep

' 1 ' 1 1 1 1 1 MM

i ■ i >T ' 1 ' 1 M 1

S 20 3 17 31 14 21 13 27 10 24 I 22 5 1$

3 17 31 14 20 II 25 9 23

Oct
Nov Dec
Jan
Feb Mar
Apr May Jun
Jul
Aug
1991
1992
Latest data plotted are averages of rates available for the week ending: October 23, 1992

1992
Jul 31
Aug 7
14

Federal
Funds *♦

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

3.18
3.33
3.24
3.33
3.27
3.33
3.09
3.28
3.07
3.41
3.20
3.20
3.05

3.0
✓

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Sep

Oct

Long-Term
Treasury
Securities

3.18
3.27
3.43
5.70
7.20
3.16
3.30
3.39
5.69
7.18
3.11
3.19
5.53
3.28
7.08
21
3.07
3.18
3.26
7.11
5.48
28
3.16
3.24
3.38
5.69
7.23
Sep 4
3.10
3.26
3.26
5.48
7.13
11
2.91
2.95
3.04
5.26
6.95
18
2.89
2.90
3.03
5.37
7.02
25
2.89
2.93
3.04
5.46
7.11
Oct 2
2.69
2.85
2.91
5.26
7.02
9
2.76
2.78
2.97
5.35
7.12
16
2.90
2.95
3.12
5.52
7.21
23 *
2.97
3.10
3.35
5.81
7.34
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

2.0

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

Billions of Dollars

Billions of Dollars

M2
1992

Billions

Sep 7
14
21
28
Oct 5
12

3478.0
3480.4
3479.4.
3477.4
3485.8
3495.3

(left scale)

M2 (right scale)
Non-M1 M2

5 1!

2 16 30 14 20 11 25 9 23 6 20

Aug Sep

Oct
1991

Nov

Dec

Jan

1992

Billions

Sep 7
14
21
28
Oct 5
12

2494.5
2494.1
2487.6
2485.6
2485.2
2488.0

3 17 2 16 30 13 27 11 25 8 22

6 20 3 17 31 14 26 12 26

Feb

Jul

Mar

Apr

May

Jun
1992

Aug

Sep

Oct

Latest data plotted week ending: October 12, 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 10/14/91 1/13/92 3/9/92
4/13/92 5/11/92 6/15/92 7/13/92 8/10/92
ending:
3/9/92
4/13/92
5/11/92
6/15/92
7/13/92
8/10/92
9/14/92
10/12/92

4.8
3.3
3.0
2.4
1.7
1.7
1.9
2.1


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Federal Reserve Bank of St. Louis

3.6
3.0
1.9
1.1
1.2
1.5
1.7

-0.9
-1.1
-1.7
-1.1
-0.3
0.3

-0.4
-1.4
-0.7
0.2
0.8

-2.4
-1.2
0.1
0.8

-1.0
0.7
1.4

2.7
3.0

3.6

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
Sep 7
14
21
28
Oct 5
12

1154.3
1158.4.
1162.5
1 1 63.3
1164.0
1169.9

Market (right scale)

Money Market
1992 Billions

Savings Deposits (left scale)

Sep 7
14
21
28
Oct 5
12

5 15 2 15 30 15 28 11 25 9 23 6 20 3 17 2- 16
30 13 27................
It 25
................
Aug

346.5
344.6 —
342.3
344.1
341.2
346.1

22 5 20 3 17 31 14 28 12 26

Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun Jul
Auq
Sep
.
1"1 .
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Oct

Large and Small Time Deposits1 /
Billions of Dollars
Depository Institutions
______ ______ ___________ Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
Small Time
1992 Billions
Sep 7

Small Time (right scale)

917.7
915.0
907!2 — 1075
902.2

Large Time (left scale)
Large Time
1992 Billions

385

“Sep 7
14
21
28
Oct 5
12

383.7
381.4
379.8
376.1
375.4
377.7

5 19 2 16 30 14 28 11 25 9 23

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

Latest data plotted week ending: October 12, 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

3.1

1122

1.5

_ Sep 1 6
23
30
Oct 7
14
21

0
0 .218
0 .299
0 .184
0 .185
0 .112

1

2.0

’ "

BlJjons

-------------

2.5

Billions of Dollars

—I---------

I
l.t
n

A

i

0.5

V

j \. w

-— -V

' j'jl'i II
Aug

! II 31 1] 27 11 25

Sep Oct

1991

Nov

Dec

I 22 5 t'l

I II t 15 1! 13 17 II 21

I 22 5 I!

Jan

Mar

Jul

Feb

Apr

May

Jun

1992

Aug

K

2 II 31 II 21 "
Sep

Oct

Adjustment + Seasonal Borrowings
hrom hederai Keserve danKs
Averages of Daily Figures

Billions of Dollars

1992

Billions

Sep 16
23
30
Oct 7
14
21

0.426
0.218
0.299
0.184
0.185
0.112

Billions of Dollars

7 21 4 18 2 16 30 13 27 11 25 8 22 5 If 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28
Aug

Sep

Oct

Nov

Dec

Jan

Feb

1991

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted week ending: October 21, 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

139.364
145.680
138.704
145.223
143.1 13

Latest data plotted week ending: October 14. 1992

Commercial and Industrial Loans'7
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
October 7, 1992 from
the four weeks ending:

Billions of Dollars

1992

Billions

Sep 2
O
16
23
30
Oct 7

275.896
97500*
276.862
276.249
277.485
277.159.

icn
J0U

-

Jun 10, 1992

Feb

Mar

Latest data plotted week ending: October 7, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
D
.. _ .
•
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

340

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages ot Daily Mgures

1992 1973=100

Oct

7 21 4 18 2 16 30 13 27 II 25 0 22 5 19 4 IS 1 15 29 13 27
Aug

Sep

Oct

Nov

Dec

Jan

1991

Feb

Mar

Apr

May

7

10 24 S 22 5 19 2 16 30 14 21
Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted week ending: October 21, 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

>9
OS

M
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