Full text of U.S. Financial Data : September 16, 1993

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THE WEEK'S HIGHLIGHTS:
\/ Industrial production increased at an annual rate of 2.2 percent in
August, following a 5.6 percent rate of increase in July. August
production was up at a 3 percent rate from December 1992, after
increasing 4 percent during 1992.

«/ Retail sales for August increased at an annual rate of 2.7 percent,
after advancing at a 3.8 percent rate in July. Retail sales have
risen at a 3.9 percent rate thus far this year, which compares with
8 percent growth during all of1992. Retail sales data are not
adjusted for inflation.

✓ The consumer price index (CPI) for all urban consumers in August
increased at an annual rate of 3.4 percent, after rising at a 0.8 per­
cent rate in July. Since December 1992, the CPI has risen at a 2.9
percent rate.
The U.S. merchandise trade deficit narrowed to $10.3 billion in
July from $12.1 billion in June. Thus far in 1993, the merchandise
trade deficit has totaled $67 billion, up from $44 billion during the
first seven months of 1992.

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) $21
Two years (100 issues) $36
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.
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.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1993
Jul

7

Aug

4

Sep

1

Billions of Dollars

Billions
4-06.2
410.9
409.1
413.4
413.7

1 15 29 12 26 9 23 7 21 4 18 2 16 36 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug

Sep

1993

1992

Latest data plotted reserve maintenance period ending: September 15, 1993
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 monetaiy 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 9/16/92 12/9/92 2/17/93 3/17/93 4/14/93 5/12/93 6/9/93 7/21/93
two maintenance
periods ending:
2/17/93
3/17/93
4/14/93
5/12/93
6/9/93
7/21/93
8/18/93
9/15/93

13.2
10.3
9.6
10.1
11.1
11.0
10.8
10.5


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Federal Reserve Bank of St. Louis

8.5
7.8
8.9
10.5
10.4
10.2
9.9

0.3
4.7
8.2
8.7
8.8
8.6

9.6
12.8
11.9
11.4
10.8

16.7
13.8
12.7
11.8

13.8
12.4
11.3

9.6
9.0

8.2

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

-Aug 2
9
16
23
30

Billions of Dollars

1091.3
1091.5
1095.2
1096.1
1097.6
1103.1

TCD fright scale)

TCD
1993 Billion?

M1 (left scale)

Aug

2
9
16
23
30
Sep 6

6 20 3 17 31 H 28 12 28 9 23 7 21 4 18 1 15 1 15 29 12 26 10 24 7 21
Jul

Aug

Sep

Oct

Feb

Mar

Apr

May

Jun

772.6
772.7
775.5 ~
775.3
774.9
780.8

19 2 16 30 13 27
Jul

Aug

Sep

Latest data plotted week ending: September 6, 1993
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)
To the average
of four weeks
ending:
2/8/93
3/8/93
4/5/93
5/3/93
6/7/93
7/5/93
8/9/93
9/6/93

Compounded annual rates of change, average of four weeks ending:
9/7/92
12/7/92 2/8/93
3/8/93
4/5/93
5/3/93
6/7/93
7/5/93

13.6
11.6
10.6
10.5
12.6
12.0
12.2
12.2


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Federal Reserve Bank of St. Louis

5.0
4.8
5.7
9.7
9.2
9.9
10.1

2.6
5.0
11.3
10.3
11.0
11.1

6.9
14.6
12.5
12.9
12.8

19.6
15.3
14.9
14.4

17.8
16.4
15.5

10.5
11.0

13.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

1993
Jun 23
- Jul 7
21

Seasonally Adjusted

Billions of Dollars

Billions

102.1

Aug

4 98.5
18 102.0
Sep 1

1 15 29 12 26 9 23 7 21 4 U 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 26 11 25 I 22
Jul

Aug

Sep
Oct
1992

Nov

Dec

Jan

Feb

Mar

Apr

May
1993

Jun

Jul

Aug

Sep

Latest data plotted two weeks ending: September 1, 1993
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
9/2/92 11/25/92 2/3/93
3/3/93 3/31 /93 4/28/93 5/26/93 7/7/93
periods ending:
2/3/93
3/3/93
3/31/93
4/28/93
5/26/93
7/7/93
8/4/93
9/1/93

14.0
23.1
6.3
11.0
13.0
10.5
13.0
12.5


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Federal Reserve Bank of St. Louis

19.2
-6.0
2.8
6.9
4.7
8.5
8.3

-12.3
5.6
11.8
7.1
12.2
11.4

-20.8
-6.0
-5.4
2.2
2.8

42.5
20.1
25.2
21.6

9.0
18.1
15.5

12.8
11.0

24.2

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.0

Ratio

3.0

Compounded annual
rates of change,
average of the four
weeks ending
August 30, 1993 from
the four weeks ending:
Aug 31, 1992
1.1
Dec 7. 1992 -0.2
Mar 1, 1993 3.3
Apr 12, 1993 1.3
May 10. 1993 2.5
Jun 7. 1993 0.0
Jul 5, 1993 0.0

B 20
Jul

3 17 IIH 28 12 it
Aug
Sep Oct
1992

1993

Ratio

Jun 21
Jul 5
19
Aug 2
16
30

I 23 7 21 8 11 I IS 1 15 21 1! 26
Nov Dec Jan
Feb Mar Apr

2.653
2.651
2.640
2.662
2.645
2.653

10 21 7 21 S 19 2 It 311 U 27 ‘
May Jun
Jul
Aua
SeD
1993

Latest data plotted two weeks ending: August 30. 1993

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

320

310

.

300

•

Billions of Dollars

I----------1--------Compounded anni al
rates of change,
average of the fou r
weeks ending
September 6, 1993 from
the four weeks en ding:
Sep 7, 1992 1 0.7
Dec 7. 1992 1 0.7
Mar 8, 1993 1 1.1
Apr 5. 1993 1 1.1
Ma Y 3. 993 1 1.9
Ju
7, 993 1 2.4
Ju
5, 993 1 1.4

320

310

300

290

200
199.
Aug

Bilik2ns

2
9
6
23
0
Sep 6

270
Jul

Aug

Sep

Oct

1992

Nov

4 18 1 15 1 15 29
Dec Jan Feb
Mar

______

31C .8
31 .0
311.9
313.0
314.9
314.5

J

______ _____

12 26 10 24 7 21 5 19 2 16 30 13 27
Apr May_ Jun
Jul
Aug Sep
1993

Latest data plotted week ending: September 6, 1993
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

280

270

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporati i
|

• ** —.
X

—

' . <*»

x

9.0

9.0

X
*\

«■

*

X

S_____

Mun cipal B >nda
\
\
“

X

Prime 1 kmk
Loan R rta

\
\

5.0

N

x

S.O

\\

/

-------- W
-------

. X ** N

7.0

/

/

7.0

_______ l.___

s.o

X

V/

/ V ““

x „

S.O

\

s
5.0

S.O

3.0

Corrw >erckjl
Pt

2.0

3 17 31 H 29 II 25 1 23 S 20 4 1! 1 15 29 1! 2S 1! 26 9 23 7 21 4 19 2 16 30 13 27 10 24
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1992

1993

Latest data plotted are averages of rates available for the week ending: September 17, 1993

1993

90—Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds +*

Jun 25
Jul 2
9
16
23
30
Aug 6
13
20
27
Sep 3
10
17 *

3.21
3.18
3.16
3.14
3.16
3.17
3.17
3.15
3.13
3.14
3.13
3.11
3.12

3.20
3.20
3.16
3.13
3.14
3.15
3.16
3.15
3.15
3.11
3.14
3.12
3.14

3.16
3.13
3.12
3.10
3.14
3.13
3.12
3.10
3.09
3.08
3.08
3.06
3.08

7.29
7.24
7.22
7.16
7.17
7.14
7.04
6.92
6.79
6.71
6.61
6.51
6.60

8.01
7.96
7.96
7.90
7.93
7.95
7.82
7.69
7.53
7.43
7.34
7.26
7.29

5.57
5.55
5.55
5.50
5.61
5.65
5.61
5.45
5.40
5.35
5.35
5.24
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
Prepared by Federal Reserve Bank of St. Louis


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

2.0

Selected Interest Rates

Percent

Percent

7.0

7.0
5-Year
Tree* ry Sect rifles

i_____
V
\
•s

r/

f
/
V

\ *
\/ ✓

\

/
/
/

\
'A
\
\

/

*s

s
✓

5.0

✓ >* N

5.0

\
V

1.0
\

Fed iral
Fund Rate
t
yv

3.0

Diecoi nt Rate

\

\

s'*

f

1

.

w

/

\

6^

V?

3.0

3-Mo nth
Treaeury Bill

2.0

r

’ i ' r

ri rn~n"

] 17 31 14 21 II 25 } 23 1 20
Jul
Aug Sep Oct Nov
1992

i 1 i *

1 i 1 i * 1 * 1 _r r» i

r T' T'T

I II 1 15 29 1! 2! 1! 21 9 23 7 21 3 11 2 II 30 13 27 10 21
Dec Jan
Feb Mar Apr May Jun
Jul
Aug
Sep
1993

Latest data plotted ore averages of rates available for the week ending: September 17, 1993

1993
Jun 25
Jul 2
9
16
23
30
Aug 6
13
20
27
Sep 3
10
17 ♦

Federal
Funds **
3.00
3.13
3.10
3.01
3.09
3.03
3.10
2.98
3.06
2.98
3.08
2.99
3.03

3—Month
Treasury
Bill

6-Month
Treasury
Bill ***

3.09
3.01
3.02
3.02
3.07
3.06
3.06
3.02
3.00
3.00
2.99
2.96
2.97

3.19
3.14
3.10
3.14
3.15
3.24
3.25
3.18
3.12
3.12
3.11
3.03
3.06

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.37
5.18
6.44
3.29
5.04
6.34
3.28
5.03
6.34
3.27
5.00
6.25
3.37
5.15
6.30
3.43
5.21
6.34
3.40
5.19
6.27
3.33
5.12
6.20
3.26
5.02
6.15
3.24
4.87
6.03
3.21
4.76
5.92
3.18
4.66
5.80
3.23
4.73
5.86
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

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
1993
Aug 2
9
16
23
30
Sep 6

Billions
3527.0
3523.0
3530.7.
3529.7
3522.4
3535.1

M2 (left scale)

Non-Mi M2 (right scale)

Non-Mi M2
1993 Billions
Aug

2
9
16
23
30
Sep 6

2435.7
2431.5
2435.5
2433.6
2424.8
2432.0

6 20 3 17 31 14 28 12 26 S 23 7 21 1 18 1 15 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug
Sep
1992

1993

Latest data plotted week ending: September 6, 1993
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 the average
of four weeks
ending:
2/8/93
3/8/93
4/5/93
5/3/93
6/7/93
7/5/93
8/9/93
9/8/93

Compounded annual rates of change, average of four weeks ending:
9/7/92
12/7/92 2/8/93
3/8/93
4/5/93
5/3/93
6/7/93
7/5/93

0.5
0.1
0.0
0.1
1.4
1.4
1.6
1.6


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

-2.5
-2.2
-1.6
0.7
0.7
1.1
1.2

-1.6
-0.7
2.6
2.3
2.5
2.4

0.0
4.1
3.3
3.3
3.1

6.4
4.7
4.3
3.9

6.4
5.3
4.6

2.2
2.2

2.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1250 —,--------- ,----------Savings
1993 Billions
Aug 2 1199.5
9 1204.0
1220
16 12 05.7
23 12 05.3
30 12 06.7
Sep 6 12 09.1

Billions of Dollars
120

390

1190

300
** — -

w^

/-• Ai _ «
*^ “ s ^
*
*•»

1100
Mon ly Mar tat (rig it seal 0

ms.

« avings Dapos ta (left scale)

Aug

2
9
18
23
30
Sep 6

1130

1100

r *

i 21
Jul

330

Morley Ma rket
199
Billie
337 .0
336.0 —
334.4
335.5
332.1
329.9

T.M 1. .J.,,
' i ' -T-r-T-r1
T-r-r ' ■ 1 ' ~"r T ■ I1
1 ' t T"» 1
J 17 II 14 20 •»"T
12 '•26'1 ! 23 2 21 4 18 1 IS 1 IS 28 12 26 10 24 7 21 S 19 2 16 30 13 2?
Aug
Sep Oct Noy Dec Jan
Feb Mar Apr May Jun
Jul
Aug
SeD
.
1992
1993
y

300

270

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

Billions of Dollars

Small Time
1993
Aug

2
9
16
23
30
Sep 6

Billions
817.9
815.5
814.8
813.7
812.2
811.0

Large Tima (left scale)

Large Time
1993

Billions

Aug 2
9
16
23
30
Sep 6

336.9
337.5
338.2
339.4
339.4
336.5

Small Tima (right scale)

6 20 3 17 31 14 28 12 26 9 23 7 21 4 11 1 IS 1

15 29 12 26 11 24 7 21 5 19 2 16 30 13 27

1992
Latest data plotted week ending: September 6, 1993
1/ Large time deposits are those issued in denominations 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 Keserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1993

Billions

Aug 11
18
25
Sep 1
•
8
15

0.593
0.268
0.254
0.356
0.856
0.231

1 IS 29 12 28 S 23 7 21 4 18 2 IS 30 13 27 10 24 10 24 7 21 5 19 2 IS 30 14 21 11 25 8 22
Jut
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1992
1993

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

Billions of Dollars

Billions of Dollars

Aug 11
18
25
Sep 1
■
8
15

0.593
0.268
0.254
0.356
0.856 —
0.231

1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1992

1993

Latest data plotted week ending: September 15, 1993


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Billions of Dollars

Aug

4 159.083

Sep

1

Commercial Paper of Nonfinancial Companies
Billions of Dollars

Not Seosonolly Adjusted

1 58.222

I 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1993

Latest data plotted week ending: September 8, 1993

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

Billions of Dollars

325

1993
Aug

4
11
18
25
Sep 1

'£

295

I

305

Billions of Dollars

I--------- 1-------- 325

!

315

--------- 1----------1--------Compounded annu 31
rates of change,
average of the four
weeks ending
September 1, 1993
the four weeks end
Sep 2, 1992 -2
Dec 2, 1992 -4
Mar 3, 1993 -2 .7
Mar 31, 1993 -2 .3
Apr 28, 1993 1 .2
Jun 2, 1993 -1 .4

Billions
274.919
272.651
272.764
271.588
272.709

3I5
305
295

285

285

275

275

285

1 15 !! 12 26 9 23 7 21 4 1« 2 II 31 13 27 10 24 10 24 7 21
Jul
Aug Sep Oct Nov Dec
Jan
Feb Mar Apr
1992

5 19 2 10 30 14 2! 11 25 8 22
May Jun
Jul
Auq Sep
1993

265

Latest data plotted week ending: September 1, 1993
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

Dollar's Trade-Weighted Exchange Index
1973=100

100

Averages of Daily Figures

115
11S1 1973=100
Aug 11
Sep

105

1

95

85

I 15 2) 12 21 9 23
Jul

Aug

Sep

7 21 4 11 2 If 30 13 27 10 24 10 24 7 21 5 19 2 If 30 14 21 11 25 8 22
Oct

1992

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

1993

Latest data plotted week ending: September 15, 1993
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

75