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of 6t. Louie

U.S. Financial Data
THE WEEK'S HIGHLIGHTS:
The Ml money stock increased at a 9.2 percent annual rate during
the last six months, compared with a 16.2 percent rate of increase
six months before that.
t/ The yield on the three-month Treasury bills for the week ending
September 25 fell to 2.92 percent. The T-bill yield was 5.16per­
cent one year ago.

»/ Privately owned housing starts for August were at a seasonally
adjusted annual rate of1,237,000 units, up 10.4 percent from July.
During the first eight months of this year, 822,700 units were
started, up 20.2 percent from the same period a year earlier.
•

t/ The U.S. dollar’s trade-weighted exchange index rose for the week
ending September 23 to 84.5 percent of its 1973 value; this was the
third consecutive weekly increase. The dollar index has now
reached its highest level in 13 weeks.

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.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992
Jul

Billions

8

_ Aug

Billions of Dollars

5

Sep 2

362.7
366.6
372.2
371.4
376.9

7 21

4 18 2 16 30 13 27 11 25 8 22 5 19 4 18 1 15 29 13 27 10 24

Aug

Sep

8 22 5 19 2

16 30 14 28

Oct
Nov
Dec Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
1991
1992
Latest data plotted reserve maintenance period ending: September 16, 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 sourcg 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
T ,,
, Compounded annual rates of change, average of two maintenance periods ending:
I o tne average or g/18/9l 12/11/91 2/19/92 3/18/92 4/15/92 5/13/92 6/10/92 7/22/92
two maintenance
periods ending:
2/19/92
3/18/92
4/15/92
5/13/92
8/10/92
7/22/92
8/19/92
9/16/92

9.7
9.8
8.9
8.9
8.7
7.9
9.0
9.4


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Federal Reserve Bank of St. Louis

11.4
9.6
9.6
9.1
7.9
9.4
9.9

6.8
7.6
7.4
6.1
8.4
9.2

6.3
6.4
5.2
8.1
9.0

8.0
5.7
9.2
10.1

4.2
9.1
10.2

10.1

11.3

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1992

Billions of Dollars

M1
Billions

-Aug 10
17
24
31
‘
Sep “
7

972.2­
975.4
972.5
978.8
983.5
986.3

TCD (rig ht scale)

/

M1 (left scale)

TCD
1992
Aug 10
17
24
31
Sep 7
14

Billions
682.2
684.7
681.7 — 590
687.3
689.4
692.5

5 19 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 28 12 26
Aug

Sep

Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1992

Jul

Aug

Sep

Oct

Latest data plotted week ending: September 14, 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)
T
.u.rnn(1
Compounded annual rates of change, average of four weeks eroding:
lotne average g/16/gi 12/16/91 2/17/92 3/16/92 4/13/92 5/11/92 6/15/92 7/13/92
of four weeks
ending:
2/17/92
3/16/92
4/13/92
5/11/92
6/15/92
7/13/92
8/17/92
9/14/92

15.2
16.2
14.1
14.1
13.1
11.7
12.4
12.7


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Federal Reserve Bank of St. Louis

20.3
15.5
15.2
13.5
11.4
12.4
12.8

11.0
12.0
10.4
8.1
10.0
10.8

7.3
7.1
5.0
7.9
9.2

9.9
6.3
9.5
10.7

3.0
8.3
10.0

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

92
1992
Jul

Billions

8

SO

22

88.2

Aug 5

88.2

Sep 2

88.3

18
16

11

12

10

78

7 21 4 18 2 IS 30 11 27 11 25 8 22 5 1! 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

Mar

Apr

May

1991

Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted two weeks ending: September 16, 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 9/18/91 12/11/91 2/19/92 3/18/92 4/15/92 5/13/92 6/10/92 7/22/92
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

14.8
17.7
15.9
15.3
14.7
10.9
12.4
12.3


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Federal Reserve Bank of St. Louis

24.1
19.5
17.9
16.5
10.9
13.0
12.7

19.0
16.3
14.5
7.1
10.4
10.5

7.7
8.2
1.7
6.4
7.0

10.1
0.9
6.8
7.5

-2.9
5.6
6.7

4.2
6.0

20.2

Prepared by Federal Reserve Bank of St. Louis

76

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Rat'°
1
1992

Compounded annual
rates of change,
average of the four
weeks ending
September 14, 1992 from
the four weeks ending:
Sep 16, 1991 3.0
Mar
Apr
Ma)
Jur
Ju

16.
13.
11.
8,
20.

5 19

1
Ratio

Jul

6
20
Aug 3
17
31

2.631
2.615
2.616
2.617
2.627

992
).5
992
).5
992
3.2
992 -<).4
992
).0

2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28

12 26

Sep

Aug

Oct

Oct
Nov
Dec
Jan
Feb
Mar
Apr
1991
Latest data plotted two weeks ending: September 14, 1992

May Jun
1992

Jul

Aug

Sep

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

235

Billions of Dollars

295

I--------- 1----------f
Compounded annual
rates of change,
average of the four
weeks ending
September 14, 1992 from

the four weeks ending:
Sep 16,

1991

Dec
Mar
Apr
May
Jun
Jul

1992
1992
1992
1992
1992

16,
16.
13
11.
15,
13.

10.8
11.4
13.4
17.2

1992
Aug 10
17
24

................. I 1 I ^ T 1 1

5 19
Aug

2 16 30 14 28 11 25 9 23
Sep Oct
1991

Nov

Dec

l ■ I ■

6 20
Jan

■ I ■

3 17
Feb

1 I '

2

' 1 ' II i I

I i I

I i I i

16 30 13 27 11 25 8 22 6 20
Mar

Apr May Jun
1992

Jul

Billions
282.2 —
282.7
2B2.7
283.5
286.0

i I i f i I ■ I1

3 17 31 14 28 12 26
Aug Sep

Oct

Latest data plotted week ending: September 14, 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

I

6

1
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Aaa Bonds

-Loan Ratr

8 22 5 1!

13 27 11 25 8 22
Aug

Sep

Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1992

17 31 14 28
Jul

Aug

Sep

Oct

Latest data plotted are averages of rates available for the week ending: September 25, 1992

1992
Jul

3
10
17
24
31
Aug 7
14
21
28
Sep 4
11
18
25 *

90-Day
CDs

30-Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.75
3.37
3.34
3.32
3.32
3.32
3.28
3.28
3.34
3.28
3.08
3.07
3.14

3.80
3.45
3.42
3.40
3.36
3.39
3.35
3.37
3.39
3.37
3.17
3.18
3.25

3.66
3.33
3.28
3.29
3.29
3.28
3.25
3.26
3.31
3.25
3.05
3.05
3.12

8.16
8.08
8.09
8.06
8.01
7.99
7.93
7.91
7.97
7.93
7.87
7.91
7.96

8.98
8.89
8.87
8.82
8.71
8.68
8.62
8.62
8.69
8.64
8.54
8.58
8.67

6.38
6.17
6.16
6.05
5.89
6.06
6.05
6.21
6.31
6.24
6.16
6.27
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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

2 IB 30 13 11
Aug

25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28

Sep

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: September 25, 1992

1992
Jul

3
10
17
24
31
Aug 7
14
21
28
Sep 4
11
18
25 *

Federal
Funds **
3.87
3.24
3.28
3.22
3.18
3.33
3.24
3.33
3.27
3.33
3.09
3.28
3.07

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

3.48
3.22
3.19
3.17
3.18
3.16
3.11
3.07
3.16
3.10
2.91
2.89
2.92

3.66
3.32
3.31
3.24
3.27
3.30
3.19
3.18
3.24
3.26
2.95
2.90
2.93

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Sep

Oct

Long-Term
Treasury
Securities

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
5.37
7.02
3.07
5.51
7.13
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

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

Billions of Dollars

1992

Billions of Dollars

M2
Billions

Aug 10
17
24
31
Sep 7
14

3470.1
3468.7
3465.6.
3472.3
3477.3
3479.4

M2 (left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Aug 10
17
24
31
Sep 7
14

5 IS
Aug

2 16 30 14 20 11 25 9 23 6 20
Sep

Oct
1991

Nov

Dec

Jan

3 17 2 16 30 13 27 11 25 8 22
Feb

Mar

Apr

May Jun
1992

2497.9
2493.3
2493.1
2493.5
2493.8
2493.1

6 20 3 17 31 14 28 12 26
Jul

Aug

Sep

Oct

Latest data plotted week ending: September 14, 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 9/16/91 12/16/91 2/17/92 3/16/92 4/13/92 5/11/92 6/15/92 7/13/92
ending:
2/17/92
3/16/92
4/13/92
5/11/92
6/15/92
7/13/92
8/17/92
9/14/92

3.6
3.8
2.7
2.5
2.1
1.5
1.6
1.7


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

4.4
2.4
2.1
1.5
0.8
1.0
1.2

0.3
0.5
0.1
-0.6
-0.1
0.4

-1.6
-1.3
-1.9
-1.0
-0.3

-0.1
-1.2
-0.3
0.4

-2.1
-0.6
0.3

-0.5
0.7

2.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1992 Billions
Aug 10
17
24
31
Sep 14

11 42.4
11 45.8
1147.0
1148.9
1158^4

Money Market (right scale)

Money Market

1992

Savings Deposits (left scale)

Billions

Aug 10
17
24
31
Sep 7
14

5 IS

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

Aug

346.9
348.0 —
347.6
348.3
345.0
343.2

8 22 6 20 3 17 31 14 28 12 26

Sep

Oct
Nov
Dec Jan Feb
Mar
Apr
May Jun Jul
Aug
Sep
1991
1992
Note: Savinas deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.
.

Oct

Large and Small Time Deposits17
All Depository institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1992
Aug 10
17
24
31
Sep 7
14

(right scale)

Billions
929.9
926.5
923.5
920.7 —
918.0
914.9

Large Time (left scale)

Large Time
1992 Billions
— Aug 10 384.9
17 383.7
24 383.1
31 380.1
Sep 7 381.0
14 378.8

5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27 11 25 8 22
Aug

Sep

Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1992

20 3 17 31 14 28 12 26
Aug

Sep

Oct

Latest data plotted week ending: September 14, 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

1992

Billions of Dollars

Billions

_ Aug 19
26
Sep 2
9
16
23

0.268 .
0.267
0.249
0.214
0.426
0.218

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

Sep

Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
Jun
1992

Jul

Aug

Sep

Oct

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

Billions of Dollars

2.5

—1

2.5

1992

Billions

Aug 19

2.0

Billions of Dollars

1

0.268

2
9
16
23

0 .249
0 .214
0 .426
0 .218

Sep

2.0

1.5

1.5

1.0

0.5

0.0

0.5

' 1 ' lT-'"T

r -T- l-r-T

frf'J

rrt

7 21

4 18 I 16 30 13 27 II 25 8 22 5 19 4 18 1 15 29 13 27

Aug

Sep

Oct
1991

Nov

Dec

Jon

Feb

Mar

Apr

10 24 0 22 5 19 2 IE 30 14 21

May
Jun
1992

Jul

Aug

Sep

Oct

Latest data plotted week ending: September 23. 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

0.0

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1992

Billions of Dollars

Not Seasonolly Adjusted

Billions

Aug 12
Sep 2

7 21 4 18 2 16 30 13 27
Aug

Sep

Oct

Nov

25 8 22 5 19 4 18 1 15 29 13 27 10 24 I 22 5 19 2 16 30 14 28

Dec

Jan

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

Latest data plotted week ending: September 16, 1992

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
7 H Seasonal!? Adjusted

Billions of Dollars

340
320

Billions of Dollars

--------1—i— 390

—I---------(----------Compounded ann jal
rates of change,
average of the foL r
weeks ending
September 9. 1992 from
the four weeks en ding:
Sep 11. 1991 -7.9
Dec 11. 1991 -7.9
Mar 11, 1992 -9.3
Apr 8, 1992-1 0.5
May 6, 1992-1 0.5
Jun 10, 1992-1 0.2

1992

Billions

12
19
26
Sep 2
9

276.711
276.818
275.547
275.896
274.843

360

-

320

280
260

340

280
'

l

7 21
Aug

'

"1 i 1 i ■

l

■ i TT-tT* "~T~I -| 4

Ml'1

II 23 0 22

6 1! 4 10 1

Sep

Dec

Feb

Oct
1991

Nov

Jan

^ i ' r

1T1 •

4 18 ! IS 30 13 27

Mar

IS 29 13 27
Apr

T~r 1 i

10 24 I 22 5 11 2 14 30 14 28

May
Jun Jul
1992

Aug

Sep

Oct

Latest data plotted week ending: September 9, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than t1.+billion
n
r .
1Q
■
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

1973*100

Averages of Daily Hgures

1992 1973=100

Aug 19
Sep

2

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

Sep

Oct

Nov

1991

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

1992

Latest data plotted week ending: September 23, 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

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