Full text of U.S. Financial Data : September 17, 1992
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September 17, 1992 j
Federal
serve Bank
^ I 1392
{KrFmancial Data
THE WEEK'S HIGHLIGHTS:
The consumer price index (CPI) for all urban consumers increased
at an annual rate of 3.5 percent in August. The producer price
index (PPI) for finished goods increased at a 1 percent annual
rate. Compared to a year ago, the CPI and PPI have risen 3.1
percent and 1.6 percent, respectively.
t/ Constant-dollar retail sales fell at an annual rate of 9.3 percent in
August, after rising 10.9percent in July.
t/ Industrial production decreased at an annual rate of 6.4 percent in
August, after increasing 8 percent in July. During the past year,
industrial production has risen by 0.6 percent.
✓ The U.S. merchandise trade deficit was $7.8 billion in July, a 16.2
percent increase over the June deficit. To date in 1992, the mer
chandise trade deficit is $43.4 billion an increase of 20.3 percent
compared to the first seven months of 1991.
Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
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Federal Reserve Bank of St. Louis
2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted
Billions of Dollars
1992
Jul
Billions of Dollars
Billions
8
Sep 2
362.7
366.6
368.6
372.2
371.4
375.7
3 I7 31 14 28 11 25 9 23 6 20 4 18 1 15 29 12 26 11 25 8 22 6 20 3 17 1 15 29 12 2$ 9 23
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
1991
May
Jun
Jul
Aug
Sep
1992
Latest data plotted reserve maintenance period ending: September 16, 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.
Recent data are preliminary.
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
2/19/92
3/18/92
4/15/92
5/13/92
6/10/92
7/22/92
8/19/92
9/16/92
Compounded annual rates of change, average of two maintenance periods ending:
9/18/91 12/11/91 2/19/92 3/18/92 4/15/92 5/13/92 6/10/92 7/22/92
9.7
9.8
8.9
8.9
8.7
7.9
9.0
9.2
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11.4
9.6
9.6
9.1
7.9
9.4
9.6
6.8
7.6
7.4
6.1
8.4
8.9
6.3
6.4
5.2
8.1
8.7
8.0
5.7
9.2
9.7
4.2
9.1
9.7
10.1
10.6
17.0
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
Aug 3 966.3 ■
10 972.2
17 975.4
24 972.5
31 979.0
Sep 7 983.3
TCD (right scale)
M1 (left scale)
TCD
1992
Billions
Aug 3
10
677.7
682.2
24
31
Sep 7
681.7
687.5
689.3
1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Jul
Aug
Sep
Oct
1991
Nov
Dec
Jan
Feb
Mar
Apr
May
1992
Jun
Jul
Aug
Sep
Latest data plotted week ending: September 7, 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)
To the average
of four weeks
ending:
2/10/92
3/9/92
4/6/92
5/4/92
6/8/92
7/6/92
8/10/92
9/7/92
Compounded annual rates of change, average of four weeks ending:
9/9/91
12/9/91 2/10/92 3/9/92
4/6/92
5/4/92
6/8/92
7/6/92
14.1
15.9
14.6
13.7
13.4
11.8
12.1
12.5
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19.6
16.4
14.5
13.9
11.5
12.0
12.6
16.0
13.0
12.5
9.4
10.5
11.4
6.7
8.5
5.7
7.8
9.2
9.5
5.6
8.1
9.8
4.9
8.4
10.4
6.7
10.0
16.2
Prepared by Federal Reserve Bank of St. Louis
3
4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
Billion, of Dollars
82
1992
Billions
90
Aug 5
Sep 2
64
82
80
78
3 17 31 14 28
Jul
Aug
25 9 23 6 20 I 18 I 15 29 12 25 II 25 8 22 I 20 3 17 I 15 29 12 25 9 23
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Latest data plotted two weeks ending: September 2, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.
Adjusted Reserves
To the average of
two maintenance
periods ending:
2/5/92
3/4/92
4/1/92
4/29/92
5/27/92
7/8/92
8/5/92
9/2/92
Compounded annual rates of change, average of two maintenance periods ending:
9/4/91 11/27/91 2/5/92
3/4/92
4/1/92 4/29/92 5/27/92
7/B/92
8.9
18.2
16.5
17.3
16.6
11.9
12.4
12.4
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24.9
20.5
21.0
19.4
12.3
12.9
12.8
40.4
34.4
28.1
15.0
15.4
15.0
14.4
13.2
3.4
5.9
6.8
16.9
2.6
5.8
7.0
-4.6
1.3
3.7
-2.3
1.7
15.1
Prepared by Federal Reserve Bank of St. Louis
76
Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted
Ratio
3.?
2.9
Ratio
Compounded annual
rates of change,
average of the four
weeks ending
August 31, 1992 from
the four weeks ending:
Sep 2, 1991 3.0
~
Dec
*9 1991
2.7
Mar 2, 1992 1.3
Apr 13, 1992 0.5
May 11, 1992 0.1
Jun 8, 1992 -0.7
Jul 6, 1992 0.2
i
r
1992
Ratio
Jun ??
Jul 6
20
Aug 3
1/
31
3.2
2.611
2.631
2.615
2.616
2.617
2.627
- 2.9
2.6
2.3
1 i ' i' ■ • ■ i 11 i 1 i f
I 15 2! 12 28 9 23
Jul
i ' i' "i ' i ■ i
7 21 4 18 2
■ i j
r ■ i m *» i ' i
i ■ i
i ■ i i
18 30 13 27 10 24 9 23 6 20
Aug
Sep
Oct Nov
Dec
Jan Feb
1991
Latest data plotted two weeks ending: August 31, 1992
Mar
Apr
i r '
' i •
1 i ■ i
i • i
4 18 1 15 29 13 27 10 24
May
1992
Jun
Jul
Aug
i i i
7 21
2.3
Sep
Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted
Billions of Dollars
295
Billions of Dollars
295
I----------1
Compounded annual
rates of change,
average of the four
weeks ending
September 7, 1992 from
the four weeks ending
Sep
1992
Aug
Billions
3
10
17
24
31
Sep 7
1 15 29 12 26 9 23 7 21
Jul
Aug
Sep
Oct
1991
4 18 2 15 30 13 27 10 24
9 23
20
Nov
Mar
Apr
Dec
Jan
Feb
280.8
282.2
282.7
282.7
283.5
286.0
4 18 1 15 29 13 27 10 24 7 21
May
Jun
1992
Jul
Aug
Sep
Latest data plotted week ending: September 7, 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
6
Yields on Selected Securities
Percent
Percent
Averages of Daily Figures
Corporate
Aaa Bonds
-Loan Rats-
5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May Jun
Jul
1991
1992
Latest data plotted are averages of rates available for the week ending: September 18, 1992
Aug
Sep
1992
90—Day
CDs
30—Day
Commercial
Paper
90-Day
Bankers'
Acceptances
Corporate
Aaa Bonds
Corporate
Baa Bonds
Municipal
Bonds **
Jun 26
Jul 3
10
17
24
31
Aug 7
14
21
28
Sep 4
11
18 *
3.84
3.75
3.37
3.34
3.32
3.32
3.32
3.28
3.28
3.34
3.28
3.08
3.06
3.89
3.80
3.45
3.42
3.40
3.36
3.39
3.35
3.37
3.39
3.37
3.17
3.17
3.79
3.66
3.33
3.28
3.29
3.29
3.28
3.25
3.26
3.31
3.25
3.05
3.03
8.20
8.16
8.08
8.09
8.06
8.01
7.99
7.93
7.91
7.97
7.93
7.87
7.89
9.02
8.98
8.89
8.87
8.82
8.71
8.68
8.62
8.62
8.69
8.64
8.54
8.55
6.42
6.38
6.17
6.16
6.05
5.89
6.06
6.05
6.21
6.31
6.24
6.16
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 Rote-
Discount Rate
16 30 13 27
Jul
Aug
Sep
25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 5 19 3 17
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Latest data plotted are averages of rates available for the week ending: September 18, 1992
1992
Jun 26
Jul 3
10
17
24
31
Aug 7
14
21
28
Sep 4
11
18 *
Federal
Funds **
3.72
3.87
3.24
3.28
3.22
3.18
3.33
3.24
3.33
3.27
3.33
3.09
3.28
3—Month
Treasury
Bill
6-Month
Treasury
Bill ***
3.64
3.48
3.22
3.19
3.17
3.18
3.16
3.11
3.07
3.16
3.10
2.91
2.90
3.77
3.66
3.32
3.31
3.24
3.27
3.30
3.19
3.18
3.24
3.26
2.95
2.90
1 —Year
Treasury
Bill
5—Year
Treasury
Securities
Long-Term
Treasury
Securities
3.94
6.40
7.65
3.79
6.22
7.56
3.48
5.93
7.42
3.38
5.85
7.45
3.38
5.74
7.36
3.43
5.70
7.20
3.39
5.69
7.18
3.28
5.53
7.08
3.26
5.48
7.11
3.38
5.69
7.23
3.26
5.48
7.13
3.04
5.26
6.95
3.03
5.35
7.01
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
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted
Billions of Dollars
Billions of Dollars
2650
M2
1992 Billions
3500
Aug 3
10
17
24
31
Sep 7
3460.8
3470.1
3468.7.
3465.6
3472.6
3477.3
2600
(left scale)
2550
2500
Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Aug 3
10
17
24
31
Sep 7
2494.5
2497.9
2493.3
2493.1
2493.6
2494.0
1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Jul
Aug
Sep
Oct
1991
Nov
Dec
Jan
Feb
Mar
Apr
May
1992
Jun
Jul
Aug
2450
2400
Sep
Latest data plotted week ending: September 7, 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)
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
9/9/gi
12/9/91 2/10/92 3/9/92
4/6/92
5/4/92
6/8/92
7/6/92
2/10/92
3/9/92
4/6/92
5/4/92
6/8/92
7/6/92
8/10/92
9/7/92
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3.2
3.9
2.9
2.5
2.1
1.7
1.5
1.7
4.7
2.8
2.2
1.7
1.1
1.0
1.2
2.1
1.2
0.8
0.1
0.2
0.6
-1.9
-1.2
-1.6
-1.1
-0.4
-0.4
-1.2
-0.7
0.0
-1.4
-0.7
0.2
-1.0
0.3
Prepared by Federal Reserve Bank of St Louis
Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted
Billions of Dollars
1180
1992
415
Billions
Aug
1135
Billions of Dollars
r
Savings
---------- ----------1----------
3
10
17
24
31
Sep 7
1137.8
1142.4
114 5.8
114 7.1
114 8.9
115 4.2
390
Mon< y Market (r'igh t
scale i
N
1090
✓
“* 1 »«*.«*• —
.
\^
"
v-*
3(5
s
*“
> -N.
■ ““
-
s
1045
340
Moriey Ma rket
199
Sc vings C eposltj
955
' 1 ' l ' i ' i
1 » l Lr» i '
r1
(left i cale)
3
10
17
24
31
Sep 7
-Til*1
• i ' i ttt-t rT"1 1
r» i 1
1 15 !9 1! II J B 7 It 4 11 2 IS JO 13 27 10 24 ! 23 S 20 4 11
Jul
Aug
Sep
Oct
Nov
1991
Dec
Jan
Feb
Billie3ns
Aug
Mar
Apr
1 i 1 i
34$ .1
346.9
348.0
347.6
348.3
345.0
315
-■"i 1 J' i i i J i i i
I 15 2! 13 27 10 24 7 21
May
Jun
1992
Jul
Auq
290
Sep
K
Note: Savings deposits ore ot all depository institutions. Money market funds are general purpose
and broker/dealer.
Large and Small Time Deposits1/
Billions of Dollars
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted
475
Billions of Dollars
1
1
Small Time
1992 Billions
•
E
Smal
F=
s
ight s cale)
Aug
3
10
17
4
1
Sep 7
•s.
445
**►
s. s
\
934.1
929.9
926.5
92* 5.5 —
92( ).7
91f 5.0
.arge Tlme (le ft scale )
415
1140
1075
1010
>
Vw
*
Lar ge Tirr e
199 2 Biilions
385
10
17
24
31
Sep 7
^,
1
384.9
383.7
383.1
380.1
381.0
V
945
>
355
4.»
Jul
Aug
-
*•«
.
H
Sep Oct
1991
T
L
Nov
IV
Dec
aw
IV
LI
Jan
IV
n
Feb
»
iJ
Mar
47
tv
Apr
1
10
May
1992
I
IJ
Jun
L
Jul
Aug
Sep
Latest data plotted week ending: September 7, 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
Aug 12
19
26
Sep 2
9
16
0.229 .
0.268
0.267
0.249
0.214
0.426
Billions of Dollars
3 17 31 14 28 11 25 ! 23 6 20 4 18 1 15 2) 12 28 11 25 8 22 8 20 3 17 1 15 28 12 28 8 23
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
1991
May
Jun
Jul
Aug
Sep
1992
Adjustment + Seasonal Borrowings
from federal Reserve Banks
Averages of Daily Figures
Billions of Dollars
1992
Billions
Aug 12
19
26
Sep 2
9
16
0.229
0.268
0.267
0.249
0.214
0.426
Billions of Dollars
3 17 31 14 28 11 25 8 23 6 20 4 18 1 15 28 12 26 11 25 8 22 6 20 3 17 1 15 28 12 26 8 23
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1991
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
1992
Latest data plotted week ending: September 16, 1992
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Prepared by Federal Reserve Bank of St. Louis
Commercial Paper of Nonfinancia! Companies
Billions of Dollars
Billions of Dollars
Not Seasonally Adjusted
139.513
138.560
138.298
Sep 2 140.428
Latest data plotted week ending: September 9, 1992
Commercial and Industrial Loans’7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted
Billions of Dollars
Billions of Dollars
I
I
I
Compounded annual
rates of change,
average of the four
weeks ending
September 2, 1992 from
the four weeks ending:
Sep 4. 1991 -7.8
Dec 4, 1991 -8.1
Mar 4. 1992 -8.9
Apr 1 1992-10.5
Apr 29 1992-10.5
Jun 3, 1992-11.3
Jul 1. 1992 -9.2
' 1
1 i 1 i 1 I 1 I
l 1 l
I
1992
I
Billions
Jul 29 276.467
Aug 5 277.339
12 276.711
19 276.818
26 275.547
Sep 2 275.680
l 1 l 1 l 1 1 1 1—' l ■ l1 ■ I ■ !*■ I ■ I
I ■ i
r ■............. .... ■ I ■ | i |‘ i i i i 1
3 17 31 14 28 11 25 » 23 6 20 ♦ 18 1 15 2! 12 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
1991
Mar
Apr
May
Jun
Jul
Aug
Sep
1992
Latest data plotted week ending: September 2, 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
Dollar's Trade-Weighted Exchange Index
1973-100
= 100
Averages of Daily Figures
105
1992 1973-100
Aug 12
Sep
2
15
85
3 17 31 14 28 11 25 9 23 6 20 4 18 1 IS 2) 12 26 11 25 8 22 6 20 3 17 1 IS 29 12 26 9 21
Jul Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
1991
Apr
May
Jun
Jul
Aug
Sep
1992
Latest data plotted week ending: September 16, 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
@FedFRASER