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Federa

eserva Bank pEF 0 8 1992
nil

H IM KYI
A Kl M K\l ■

AIIWKol
I
SI IOI IS ■

THE WEEK'S HIGHLIGHTS:
*/ The composite index of leading indicators increased 0.1 percent in
July to 149.6 (1982=100), after decreasing 0.3 percent in June.
The leading indicators index has posted a gain in six of the first
seven months of 1992.
t/ Real personal income (PI) rose at a 1.6 percent annual rate in
July, following a 0.3 percent annual rate of decline in June. Real
disposable personal income (DPI), which is personal income less
personal tax and nontax payments, rose at a 1.2 percent annual
rate in July, after falling 0.1 percent in June. Real PI and real DPI
have risen 1.5 and 2.1 percent, respectively, in the past year.
Real personal consumption expenditures (PCE) grew at an annual
rate of 2.1 percent in July, the third consecutive monthly increase.
In the past year, real PCE has risen 1.4 percent.
*/ Sales of new one-family houses fell 2.6 percent in July to a season­
ally adjusted annual rate of563,000 units. New home sales rose
5.3 percent in June.

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

Jun 24

Billions of Dollars

364.2
362.7
366.6

Aug 5
Sep 2

372.2
372.0

3 17 31 14 28 11 25 9 23 6 20
Jul

Aug

Sep

Oct

Nov

4 18 1 15 28 12 26 11 25 I 22 6 20 3 17 1 15 29 12 26

9 23

Dec

Sep

Jan

Feb

Mar

Apr

1991

May

Jun

Jul

Aug

1992

Latest data plotted reserve maintenance period ending: September 2, 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:
2/5/92
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 7/8/92

7.9
10.2
9.2
9.3
9.2
8.0
8.6
9.2


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

11.8
9.7
9.9
9.6
7.8
8.6
9.5

12.8
12.1
11.0
8.0
9.2
10.2

6.5
7.0
4.8
6.7
8.2

9.2
5.4
7.6
9.3

3.4
6.7
9.0

6.3
9.3

16.4

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages ot Dally Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1992 Billions
- Jul 20
27 962.3
Aug 3 966.3
10 972.1
17 975.3
24 972.1

TCD (right scale)

M1 (left scale)

TCD
1992

1 15 2) 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Jul

Aug

Sep Oct
1991

Nov

Dec

Jan

Feb

Billions

Jul 20
27
Aug 3
10
17
24

674.0
674.5
677.7
682.2
684.7
681.6

9 23

6 20 4 18 1 15 29 13 27 10 24 7 21

Mar

Apr

May
Jun
1992

Jul

Aug

Sep

Latest data plotted week ending: August 24, 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 surn 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 B/26/91
11/25/91 1/27/92 2/24/92 3/23/92 4/27/92 5/25/92 6/22/92
ending:
1/27/92
2/24/92
3/23/92
4/27/92
5/25/92
6/22/92
7/27/92
B/24/92

12.1
15.1
15.2
13.4
13.6
12.4
11.8
12.2


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Federal Reserve Bank of St. Louis

18.5
17.8
14.4
14.5
12.7
11.8
12.4

24.0
15.6
15.6
12.7
11.6
12.3

8.7
10.7
8.5
8.1
9.4

8.5
6.3
6.4
8.3

8.3
7.7
9.8

4.4
8.1

11.2

Prepared by Federal Reserve Bank of St Louis

Adjusted Resetves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

92
1992

Billions

90

Jun 10
Jul

B

Aug 5

80

84
82

78

3 17 31 14 28 11 25 J 23 6 20 4 II 1 15 29 12 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Jul

Aug

Sep
Oct
1991

Nov

Dec

Jan

Feb

Mar

Apr

May
1992

Jun

Jul

Aug

Sep

Latest data plotted two weeks ending: August 19, 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 8/21/91 11/13/91 1/22/92 2/19/92 3/18/92 4/15/92 5/13/92 6/24/92
periods ending:
1/22/92
2/19/92
3/18/92
4/15/92
5/13/92
6/24/92
7/22/92
8/19/92

7.7
15.2
17.8
16.1
15.6
13.3
11.4
12.8


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

17.5
21.3
18.1
16.9
13.6
11.0
12.8

50.7
33.4
27.4
19.3
14.8
16.7

19.0
16.3
10.6
7.1
10.4

7.7
4.4
1.7
6.4

4.3
0.9
6.8

-2.9
5.6

10.0

Prepared by Federal Reserve Bank of St. Louis

76

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2
Compounded annual
rates of change,
average of the four
weeks ending
August 17, 1992 from
the four weeks ending:
Aug 19, 1991 2.8
Nov 25, 1991 2.9
Mar 2, 1992 1.1
Mar 30, 1992 -0.6
Apr 27, 1992 0.5
May 25, 1992 -0.8
Jun 22. 1992 -2.0

Ratio

Jul
Aug

2.636
2.61 1
2.631
2.615
2.616
2.617

6
3

2.5

2.5

l IS 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

15 29 13 27 10 24 7 21

Apr

Jul

Aug

2.3

Sep

1992
Latest data plotted two weeks ending: August 17, 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
August 24, 1992 from
the four weeks ending:
Aug 26. 1991 8.0
Nov 25. 1991 8.2
Feb 24. 1992 8.0
Mar 23, 1992 9.2
Apr 27. 1992 10.1
May 25, 1992 11.2
Jun 22, 1992 13.5

1992
Jul 20
Aug

3

Billions
280.0
282.7
282.7

1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27
Jul

Aug

Sep

Oct

Nov

Dec

Jan

24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 24, 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

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Municipal Bond*

Prime Bank
-Loon Rate.

8 22 5 19 3 17 31
Jut

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

1991

May

Jun

Jul

Aug

Sep

1992

Latest data plotted are averages of rates available for the week ending: September 4, 1992

1992

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Jun 12
19
26
Jul 3
10
17
24
31
Aug 7
14
21
28
Sep 4 *

3.86
3.83
3.84
3.75
3.37
3.34
3.32
3.32
3.32
3.28
3.28
3.34
3.33

3.91
3.89
3.89
3.80
3.45
3.42
3.40
3.36
3.39
3.35
3.37
3.39
3.41

3.81
3.79
3.79
3.66
3.33
3.28
3.29
3.29
3.28
3.25
3.26
3.31
3.30

8.24
8.22
8.20
8.16
8.08
8.09
8.06
8.01
7.99
7.93
7.91
7.97
7.95

9.08
9.02
9.02
8.98
8.89
8.87
8.82
8.71
8.68
8.62
8.62
8.69
8.68

Municipal
Bonds +***
6.52
6.46
6.42
6.38
6.17
6.16
6.05
5.89
6.06
6.05
6.21
6.31
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

Percent

Averages of Daily Figures

3-Month

Discount Rate

IB 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
Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Jun

Jul

Aug

Latest data plotted are averages of rates available for the week ending: September 4. 1992

1992
Jun 12
19
26
Jul 3
10
17
24
31
Aug 7
14
21
28
Sep 4 *

Federal
Funds **

3-Month
Treasury
Bill

6—Month
Treasury
Bill *♦*

3.69
3.73
3.72
3.87
3.24
3.28
3.22
3.18
3.33
3.24
3.33
3.27
3.33

1-Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.67
3.83
3.99
6.56
7.74
3.63
3.75
3.93
6.44
7.67
3.64
3.77
3.94
6.40
7.65
3.48
3.66
3.79
6.22
7.56
3.22
3.32
3.48
5.93
7.42
3.19
3.31
3.38
5.85
7.45
3.17
3.24
3.38
5.74
7.36
3.18
3.27
3.43
5.70
7.20
3.16
3.30
3.39
5.69
7.18
3.11
3.19
3.28
5.53
7.08
3.07
3.18
3.26
5.48
7.11
3.16
3.24
3.38
5.69
7.23
3.15
3.26
3.31
5.54
7.17
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

Billions of Dollars

M2
1992

Billions

Jul 20
27
icnn _Aug 3
J:,uu
10
17
24

3457.5
3459.3
3460.7.
3470.0
3468.3
3464.6

(left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Jul 20
27
3
10
17
24

Aug

1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

9 23 6 20 4 18
Mar

Apr

May

1991

2496.5
2497.0
2494.4
2497.9
2493.0
2492.5

1 15 29 13 27 10 24 7 21
Jun

Jul

Aug

Sep

1992

Latest data plotted week ending: August 24, 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 8/26/91

11/25/91 1/27/92

2/24/92

3/23/92

4/27/92

5/25/92

6/22/92

of four weeks
ending:
1/27/92
2/24/92
3/23/92
4/27/92
5/25/92
6/22/92
7/27/92
6/24/92

2.5
3.7
3.5
2.6
2.4
2.0
1.6
1.6


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

4.7
4.1
2.5
2.2
1.7
1.2
1.3

6.1
2.6
2.2
1.5
0.8
1.0

-0.7
-0.2
-0.5
-0.9
-0.4

-1.2
-1.2
-1.5
-0.8

-0.3
-1.0
-0.2

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

usa
1135

1090

Billions of Dollars

415

--------- 1----------1--------Savings
1992 Billions
Jul 20
27
3
10
17
24

Aug

1134.8
1136.8
113 7.8
114 2.4
114 5.8
114 7.0

390
Mont y Market (rigt t scale

N
✓

365

S^
-s

__ > - V.

• — •**

1045

li!

340

t

Sc vings C •posits (left cale)

1000

955

iey Me rket
l Mill ons
.0

34<3.4

Aug

3 349.1
10 346.9
17 348.0
24 347.6
______ I______ I_____

is 29 I2 26 9 IJ 7 21
9 11
Aug Sep Oct Nov

Jul

1991

11 3 13 27 10 2* 9 21 i 20
Dec Jan
Feb Mar Apr
.

...

i 11
May

IS 20 13 27 10 24 7 11
Jun
Jul
Aug Sep

315

290

1992

Note: Savings deposits are at ail depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1/
rwi ucpusnuiy iiiauiuuuiia

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Small Time
1992
Jul 20
27
Aug 3
10

Small Time (right scale)

Billions
941.2
937.5
934.1
929.9 —
926.2
923.1

Large Time (left scale)
Large Time
1992 Billions
— Jul 20 386.9
27 384.9
Aug 3 386.7
10 384.9
17 383.8
24 383.3

1 IS 29 12 26 9 23 7 21 I 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 Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1991
1992
Latest data plotted week ending: August 24, 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

_ Jul 29
.
12
19
26
2

0.237
0.243
0.229
0.268
0.267
0.249

] 17 31 14 28 11 25 8 23 6 20 4 18 1 15 29 12 26 11 25 8 22 6 20 3 17 1 15 29 12 21 9 23
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep
1991

1992

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

Billions of Dollars

1992
Jul 29
-Aug 5
12
19
26
Sep 2

Billions of Dollars

Billions
0.237
0.243
0.229
0.268
0.267
0.249

3 17 31 14 28 11 25 9 23 6 20 4 18 1 15 29 12 26 11 25
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar
1991

22 6 20 3 17 1 15 29 12 26 9 23
Apr May Jun
Jul
Aug Sep
1992

Latest data plotted week ending: September 2, 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

Jul 22 140.593
138.774
Aug 5 139.513
138.560
138.298
136.339

3 I7 31 14 28 11 25 9 23
Jul
Aug Sep Oct
1991

6 2B 4 18 1 15 29 12 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Nov Dec Jan
Feb Mar Apr May Jun
Jul
Aug
Sep
1992

Latest data plotted week ending: August 26, 1992

Commercial and Industrial Loans'/
Billions of Dollars

38G
360
340
320

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

---------1--------- 1--------Compounded annu al
rates of change,
average of the fou
weeks ending
August 19, 1992 fr om
the four weeks ent ing:
Aug 21. 1991 -t .0
Nov 20, 1991 -€ .2 _
Feb 19, 1992 -E .7
Mar 18, 1992 -« .9
Apr 22. 1992-1 .2
May 20, 1992-1 .8

Billions of Dollars

----- ,----199.
Jul
Aug

380

Billions
5 279.491__

12 278.028

>9
5
2
9

276.467
277.339
276.711
276.982

3(0
340
320

300

200
2(0

280

3 17 31 14 21 11 25 ! 23 i 20 4 18 1 15 20 12 20 11 25 8 22 0 20 3 17 1 15 2! 1! 20
Jul
Aug Sep Oct Nov
Dec
Jan Feb Mar Apr May Jun
Jul
Aug
1991
1992

0 23
Sep

Latest data plotted week ending: August 19, 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


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Federal Reserve Bank of St. Louis

11

260

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages ot Daily figures

1992 1973=100
Aug 5
Sep 2

3

17 31 14 21 11 25 § 23 i 20
Jul
Aug Sep Oct
Nov
1991

4 18 1 15 29 12 26
Dec
Jan
Feb
-

11 25 I 22 6 20 3 17
Mar Apr May Jun
1992

I

15 2) 12 21 9 23
Jul
Aug
Sep

Latest data plotted week ending: September 2. 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

K

<
Pi
P
M

a> J


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