Full text of U.S. Financial Data : October 29, 1992

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

r!29J 39921Y

\

of 8t. Louis

U.S. Financial Data
THE WEEK'S HIGHLIGHTS:
t/ Real gross domestic product (GDP) increased at a 2.7percent
annual rate in the third quarter of this year, finally surpassing its
pre-recession peak, which was reached in the second quarter of
1990. The real GDP has expanded for six consecutive quarters,
although the rate of increase has been a relatively slow 1.8 percent.
%/ Prices, as measured by the implicit price deflator for GDP, rose at
a 2 percent annual rate in the third quarter, marking a 2.5 percent
increase from a year earlier.
\/ Real disposable personal income advanced at a 2.3 percent annual
rate in September, following a 0.5 percent rate of decline in August.
During the past year, real disposable income has expanded 2 per­
cent, compared with a 0.1 percent increase from September 1990 to
September 1991.
The federal budget registered a $290.2 billion deficit for fiscal year
1992, up from a $268.7 billion deficit in 1991. Outlays rose 4.5
percent in 1992, and receipts increased 3.5 percent.

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.

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

2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Aug 19
Sep 2

372.2
371.4
376.9
377.4
380.3

Oct 14

4 1!
Sep

Billions of Dollars

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 IS 30 14 28

11 25

Oct

Jun

Nov

Nov

Dec

Jan

Feb

Mar

Apr

May

1991

Jul

Aug

Sep

Oct

1992

Latest data plotted reserve maintenance period ending: October 28, 1992
The adjusted .monetary base is the sum of reserve accounts of financial institutigns 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
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
10.1
10.4


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

12.4
11.4
9.5
8.6
10.3
11.4
11.7

9.2
6.6
5.8
9.1
10.8
11.2

4.6
4.3
8.7
10.8
11.3

2.5
9.0
11.5
12.0

12.1
14.5
14.5

19.2
17.7

17.4

Prepared by Federal Reserve Bank of St. Louis

•

•

Money Stock (M1) and Total Checkable Deposits

Billions of Dollars

Billions of Dollars

seasonally Adjusted
M1
1992 Billions
Sop 14 986.3 ‘
21 991.8
28 992.0
Oct 5 1000.7
12 1007.8 .
19 1005.9

TCD (right scale)

1192

TCD
Billions

Sep 14
21
28
Oct 5
12
19

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

892.3
697.1
696.8
704^6
710.4
708.7

Oct

Nov

Latest data plotted week ending: October 19, 1 992
Current data appear in the Federal Reserve Board's H.6 release.
Ml 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
10/21/91 1/20/92 3/16/92 4/20/92 5/18/92 6/22/92 7/20/92 8/17/92
of four weeks
ending:
3/16/92
4/20/92
5/18/92
6/22/92
7/20/92
8/17/92
9/21/92
10/19/92

17.9
14.8
14.7
13.1
12.1
12.7
13.3
14.1


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

16.8
16.2
13.3
11.7
12.6
13.5
14.5

7.6
6.3
5.7
7.9
9.9
11.6

8.3
6.8
9.5
11.5
13.4

3.8
8.2
11.0
13.3

10.8

13.8
16.1

18.6
20.3

21.1

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Ssasonally Adjusted

Billions of Dollars

Billions
Aug

5

Sep 2

4 18 2 18 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
Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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
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

22.0
19.2
18.0
17.2
12.9
13.9
13.7
14.9


http://fraser.stlouisfed.org
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

16.5
20.6

20.6

Prepared by Federal Reserve Bank of St. Louis

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 20, 1992 2.4
Apr 13, 1992 1.2
May 25, 1992 0.9
Jun 22. 1992 0.7
Jul 20, 1992 1.5
Aug 17, 1992 3.5

Aug

3

Sep 14
Oct 12

Sep
Oct
Nov
Dec
Jan
Feb Mar
Api
1991
Latest data plotted two weeks ending: October 12, 1992

Jul

Aug

Sep

2^642 —

Oct

2.9

Nov

1992

Currency Component of M12/
Averages of Daily Figures

Billions of Dollars

295

J85

275

Billions of Dollars

---------1----------1--------- —
Compounded annu al
rates of change,
average of the fou r
weeks ending
October 1 9, 1992 :rom
the four weeks enc ing:
Oct 21. 1991
J.O
Jan 20, 1992
i.7
Apr 20, 1992 1 .4
May 18, 1992 151.1
Jun 22, 1992 1C . 9
Jul 20. 1992 1f . 9
Au<

295

285

275

199.2

2(5

255

1 1 1
Sep

Oct
Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

1 ' 1 '
Jul

Biliions

^ Sep 14
21
28
Oct 5
12
19
I
1 i 1 ■ i 1 r» i
Aug

Sep

28 5.7 —
28 5.4
28 B.7
28 7.4
28 3.7
28 3.6
'

Oct

m

"t ■' 1
Nov

Latest data plotted week ending: October 19, 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

265

255

6

Yields on Selected Securities
Percent

Averages of Daily Figures

Corporate

Municipal Bond*

Prime Bank
-Loan Rate-

15 29 12 26

18 1 15 29 13 27 ID 21 7 21 6 20
Nov

Dec

Jan

Feb

May

Mar

Jun

Latest data plotted are averages of rates available for the week ending: October 30, 1992

1992

90-Day
CDs

30-Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

7
14
21
28
Sep 4
11
18
25
Oct 2
9
16
23
30 *

3.32
3.28
3.28
3.34
3.28
3.08
3.07
3.15
3.10
3.09
3.25
3.38
3.40

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

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

7.99
7.93
7.91
7.97
7.93
7.87
7.91
7.96
7.93
7.92
7.96
8.04
8.08

Aug

Corporate
Baa Bonds
8.68
8.62
8.62
8.69
8.64
8.54
8.58
8.69
8.64
8.72
8.84
8.93
8.96

Municipal
Bonds **
6.06
6.05
6.21
6.31
6.24
6.16
6.27
6.33
6.27
6.29
6.34
6.53
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

9.0

V/

*• s

■

»
*»»

6.0

\

7.0

ury Seci jrftiea

/

/ *

1

__ /-V
✓
^

>

___ Z

7.0

/

/

— y -----------

8.0

9.0

1

\
L

6.0
N

/
/

\^/i
* 1^r>

Fed eral
^Fund i Rate
>

✓

L.

N 1

/\A

T ■eatury Bill

‘ .

v
\VV
“nr

3.0
OlKO jnt Rob

2.0

• i »*

n i »

m

' i 'MM1

I'M T' 1 ' r»"i »

'Ml T'T ' 1 1 r 1 1 1

■i 1 i ' T-r-| i

Sep

Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Aug
Sep
Jul
1991
1992
Latest data plotted are overages of rates available for the week ending: October 30, 1992

1992
Aug

7
14

28
Sep 4
18
25
Oct 2
16
23
30 *

Federal
Funds **
3.33
3.24
3.33
3.27
3.33
3.09
3.28
3.07
3.41
3.20
3.20
3.05
2.96

\ *

Oct

Nov

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury

3.16
3.11
3.07
3.16
3.10
2.91
2.89
2.89
2.69
2.76
2.90
2.95
2.93

3.30
3.19
3.18
3.24
3.26
2.95
2.90
2.93
2.85
2.78
2.95
3.10
3.22

3.39
3.28
3.26
3.38
3.26
3.04
3.03
3.04
2.91
2.97
3.12
3.35
3.35

5.69
5.53
5.48
5.69
5.48
5.26
5.37
5.46
5.26
5.35
5.52
5.83
5.86

7.18
7.08
7.11
7.13
6.95
7.02
7.12
7.21
7.38

* 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-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M2
1992

Billions

Sep 14
21
28
Oct 5
12
19

3480.4
3479.4
3477.3.
3485.8
3496.0
3491.0

(left scale)

Non-M1 M2 (right scale)

Non-M1 M2

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Billions

Sep 14
21
28
Oct 5
12
19

2494.1
2487.6
2485.3
2485.1
2488.2
2485.1

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

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

1992

May

Jun

Jul

Aug

Sep

Oct

Nov

1992

1991
Latest data plotted week ending: October 19, 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:
10 the average 10/21/gi 1/20/92 3/16/92 4/20/92 5/18/92 6/22/92 7/20/92 8/17/92
of four weeks
ending:
3/16/92
4/20/92
5/18/92
6/22/92
7/20/92
8/17/92
9/21/92
10/19/92

4.7
3.2
2.9
2.2
1.6
1.7
1.9
2.1


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

3.5
2.8
1.8
0.9
1.2
1.5
1.8

-1.1
-1.3
-1.8
-1.0
-0.1
0.4

-0.6
-1.5
-0.5
0.4
0.9

-2.5
-0.8
0.4
1.0

-0.3
1.2
1.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures

Billions of Dollars
1190
I----------1--------Savings
1992 Billions

1145

_

415

Sep 14 1158.4
21 1162.5

Oct

1100

Billions of Dollars

190

28 11 53.0

5 11 54.0
12 11'70.0
19 ir71.6

*" "* N

— -.

Mon iy Mark rt (rig it scale )

^

5(5

k-'

'-N.

\

■“

s

1055
Savin pDep osits (1 eft sea e)

Sep

1010

Oct

965

r■ i ■ /

' i ■ r •2"! ' n i ■ i

540

Mo ney Me rket
199 2 Bill!one
4
21
28

34 i.6
342.3 —
344.1

5

341.2

12
19

346.1
349.1

515

______I______ I______

i « i » r» i »

Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
•
,
1992
Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.
r ^

Nov

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

Billions of Dollars

♦75

Billions of Dollars

1140
Sep 14
21

Small Time (right scale)

Large Time (left scale)

Large Time
1992 Billions
-Sep 14
21
28
Oct 5
12
19

1 c'1
Sep

n

915.0
911.5

381.4
379.8
376.1
375.5
377.7
373.7

II !5 n !1 5 11 1 ,J ! 11 311 13 11 " 25 1 22 t 20 ] 17 51 11 II UK 9 H

Oct
Nov
1991

Dec

Jon

Feb

Mar

Apr

May

Jun Jul
1992

Aug

Sep

Oct

Nov

r

Latest data plotted week ending: October 19, 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

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 of Dollars

Billions

_ Sep 23
Oct 7

0.218
0.299
0.184
0.185
0.112

0.123

4 18 2 If 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
Sep

Oct
Nov
1991

Dec

Jan

Feb

Mar

Apr

May

Jun
1992

Jul

Aug

Sep

Oct

Nov

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

2.5

2.0

Billions of Dollars

2.5

-------- 1----------1--------1992

Billions

Sep 23

0.218

7
14
21
28

0. 184
0. 185
0. 112
0. 123

Oct

2.0

t.5

1.5

1.0

1.0

0.5

0.5

4 11
Sep

2 1C JO 1J 17 11 !! 8 !! 5 1! 4 11

1 15 29 13 27

10 24 8 22

Oct

Apr

Jun

Nov

Dec

Jan

Feb

Mar

1991

May

Jul

5 19 2 IS 30 14 28 11 25
Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: October 28, 1992


http://fraser.stlouisfed.org
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

Sep 16 145.680
143.691
136.704
Oct 7 145.223
143.113
145.986

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Latest data plotted week ending: October 21. 1992

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

Billions of Dollars

380
300
380
320

„ I
I
Compounded annt al
rates of change,
average of the fou r
weeks ending
October 14, 1992 From
the four weeks enc ing:
Oct 16, 1991 - 7.1
Jan 15, 1992 - 5.7
Apr 15, 992 - 7.9
May 13, 992 - 7.4
Jun 17, 992 - 5.8
Jul 15, 992 - 3.5

----------1------1992

380

Billions

P1 9
6
23
30
Oct 7
14

275.005__
276.862
276.249
277.484
277.176
277.267

340
320

300

300

280

280

280

~T1 1
Sep

Oct

Nov

Dec

Feb

Mar

Apr

1991

May

Jun

■ i i r~ » I ■ L| 1 ■ I1 1 '

i 22 5 19 2 IS 30 14 28 11 25
Jul

Aug

Sep

Oct

Nov

1992

Latest data plotted week ending: October 14, 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


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

11

260

Dollar’s Trade-Weighted Exchange Index
1973=100

>100

Averages of Daily Figures

105
1992 1973=100
Sep 23

85

85

4 II 2 If 31 13 27 11 25 I 22 5 19 4 II 1 15 2) 13 27
Sep Oct

Nov

Dec

1991

Jan

Feb

Mar

Apr

May

10 24 I 22 5 IS 2 16 30 14 21
Jun

Jul

Aug

Sep

Oct

11 25
Nov

1992

Latest data plotted week ending: October 28, 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


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

75