F@d@p®: «#orve Bank f^TTTl U S. Financial Data S

'APB 2 5April 21, 1994

F@d@p®: «#orve Bank

U S. Financial Data Sf^TTTl

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FinuuiJ KISKRU JuWWKoi

«r ST.UM is■ynaMimTHE WEEK'S HIGHLIGHTS:

Housing starts in March rose to a seasonally adjusted annual rate of 1,473,000 units, from 1,314,000 units in February. Starts for the first three months of the year were up 20.6 percent from the same period in 1993.

Industrial production rose at a 6.4 percent annual rate in March, following an increase of 6.5 percent in February. Industrial production has risen 5.1 percent during the past year.

✓ The total industry capacity utilization rate increased to 83.6 percent in March, from 83.4 percent in February. The utilization rate has increased 2.4 percentage points since March 1993.

✓ The February goods and services trade deficit rose to $9.7 billion, up from $6.6 billion in January. The goods portion of the trade deficit totaled $13.9 billion in February, compared with $11.3 billion in January and $8.7 billion in February 1993.

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) $36To 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) electronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824.

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

2

Adjusted Monetary BaseAverages of Daily Figures

Seasonally AdjustedBillions of DollarsBillions of Dollars

1994 Billions

Feb 2 431.4

Mar 2 435.916 434.830 436.1

Apr 13 438.1

3 17 3 17 31 14 28 12 28 9 23 7 21 4 18 1 IS 29 13 27 10 24 8 22 5 19 2 16 2 16 31 13 27Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994Latest data plotted reserve maintenance period ending: April 13, 1994The adjusted monetary base is the sum of reserve accounts of financial institutigns at Federal Reserve bonks, 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:I o the average of 4/14/93 7/7/93 9/15/93 10/13/93 11/10/93 12/8/93 1/19/94 2/16/94two maintenance periods ending:

9/15/93 11.310/13/93 11.4 11.111/10/93 10.5 9.7 8.412/8/93 10.0 9.0 7.5 5.41/19/94 9.9 9.1 8.2 7.2 8.12/16/94 10.9 10.6 10.6 10.3 11.8 14.33/16/94 10.7 10.4 10.2 9.9 11.0 12.64/13/94 10.3 9.9 9.5 9.2 10.0 10.9

Prepared by Federal Reserve Bank of St. Louis


Money Stock (Ml) and Total Checkable DepositsAverages of Daily FiguresBillions of Dollars Billions of DollarsSeasonally Adjusted

M11994 Billions

- Mar 7 1140.414 1141.6 21 1143.3 28 1146.8

Apr 4 1148.1 11 1143.5

M1 (left

(right scale)TCD

1994 BillionsMar 7 801.2

14 801.921 802.9 —28 804.7

Apr 4 806.211 801.4

Feb Mar Apr May Jun Jul A 1993

Latest data plotted week ending: April 11,1994

Feb Mar Apr1994

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:

Compounded annual rates of change, average of four weeks ending:4/12/93 7/12/93 9/13/93 10/11/93 11/8/93 12/13/93 1/10/94 2/14/94

9/13/93 13.010/11/93 12.6 10.611/8/93 12.3 10.6 10.4

12/13/93 11.7 10.0 9.5 9.11/10/94 11.1 9.4 8.6 8.1 7.12/14/94 10.5 8.9 8.1 7.6 6.8 6.23/14/94 10.0 8.3 7.5 7.0 6.3 5.64/11/94 9.7 8.1 7.3 6.8 6.2 5.7


3Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4

Adjusted ReservesBillions of Dollars Seasonally Adjusted Billions of Dollars

1994 Billions

Feb 2 104.616 105.5

Mar 2 105.916 103.330 103.0

Apr 13 104.2

3 17 3 17 31 14 28 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27

110

106

102

98

94

90

86Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

Latest data plotted two weeks ending: April 13, 1994

Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves

To the average of Compounded annual rates of change, average of two maintenance periods ending:4/14/93 7/7/93 9/15/93 10/13/93 11/10/93 12/8/93 1/19/94 2/16/94

periods ending:

9/15/93 13.010/13/93 12.9 11.311/10/93 10.9 8.4 5.312/8/93 9.6 6.8 3.5 -0.61/19/94 10.0 8.0 6.4 4.8 7.42/16/94 11.6 10.4 10.1 9.7 13.0 18.63/16/94 10.0 8.4 7.5 6.6 8.5 11.0 9.84/13/94 8.1 6.2 4.7 3.6 4.5 5.5 2.1 -8.9



Money Multiplier1 /Averages of Daily Figures

Seasonally AdjustedRatio

Compounded annual rates of change, average of the four weeks ending April 11, 1994 from the four weeks ending: Apr 12. 1993 -0.5 Jul 5, 1993 -1.4 Oct 11, 1993 -2.1 Nov 8, 1993 -3.2 Dec 6, 1993 -4.7 Jan 17, 1994 -6.0 Feb 14, 1994 -1.5

Ratio

Jan 31 2.634Feb 14 2.622

2.615Mar 14 2.625

2.626Apr 11 2.616

1 15 1 15 29 12 26 10 24 7 21 5 1! 2 16 30 13 27 25 8 22 6 20 3 17 31 14 28 14 28 11 25Feb Mar Apr May Jun Jul

1993Aug Sep Oct Nov Dec Jan

Latest data plotted two weeks ending: April 11, 1994

Currency Component of M1z/

Feb Mar 1994

Apr

Billions of Dollars340

Averages of Daily Figures Seasonally Adjusted

330

320

310

300

Billions of Dollars3401 i

Compounded annu rates of change, average of the fou weeks ending

■ April 11, 1994 fron the four weeks end Apr 12. 1993 1 Jul 12, 1993 1 Oct 11, 1993 1 Nov 8. 1993 1

al

ing:.0.0.0.7 -

DecJarFet

13. 10,14.

993 12994 14 994 12

.9

.6

.3

1994

Mar1

Billio

7 3314 331

£L227

21 332.328 334.0

Apr 4 333.711 334.0

___I__

330

320

310

- 300

290 2901 IS 1 15 19 1! if 10 if 7 !1 5 19 2 If 31 13 27 II !5Feb Mar Apr May Jun Jul Aug Sep Oct

1993Latest data plotted week ending: April 11, 1994 1/ Ratio of M1 to adjusted monetary base2/ Current data appear in the Federal Reserve Board's H.6 release.

I 22 f 20 3 17 31 If 21 If 21 11 2S Nov Dec Jan Feb Mar Apr

1994



6

Percent9.0

Yields on Selected SecuritiesAverages of Daily Figures

1.0

7.0

6.0

5.0

3,0

“ X* k\

X-Co,Aaa

X

tcratsBonds

.✓

4*■ -

sX

* /X

-w/1

r

s\

4r

s/

Muntc M| Dmpen DOT ds

Pi\ L-

fme Be Kin Rat

X - -

ik

( \ X__

_ X___Cot nm«rcic

PaparI

Percent9.0

i.O

5.0

4.0

3.0

5 19 5 19 2 16 10 14 28 11 25 9 !J S !0 3 17 1 15 29 12 26 10 24 7 21 4 II 4 II 1 15 2)Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

2.0

Latest data plotted are overages of rates available for the week ending: April 22, 199A

1994

30—Day Commercial

Paper90-Day

CDs

90-DayBankers'

AcceptancesCorporate

Aaa BondsCorporate

Baa BondsMunicipal Bonds * •*♦

Jan 28 3.11 3.12 3.07 6.91 7.62 5.28Feb 4 3.14 3.20 3.19 6.93 7.61 5.25

11 3.41 3.43 3.40 7.03 7.72 5.3618 3.46 3.47 3.43 7.06 7.76 5.4225 3.47 3.57 3.53 7.23 7.92 5.58

Mar 4 3.57 3.71 3.67 7.36 8.01 5.8411 3.61 3.77 3.75 7.44 8.08 5.8818 3.61 3.75 3.72 7.46 8.10 5.8425 3.67 3.81 3.75 7.49 8.15 5.92

Apr 1 3.68 3.84 3.75 7.65 8.30 6.078 3.77 3.93 3.88 7.90 8.56 6.34

15 3.71 3.90 3.84 7.87 8.51 6.2222 * 3.89 4.07 4.06 8.01 8.63 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



Percent7.0 r-

Selected Interest RatesAverages of Daily Figures Percent

7.0

s.o

5.0

4.0

10

2,0

/

Ji

\\

># i X

N__

_/__

5rreaeur

u s 1*.1

km

XN „ ✓ ■ —

%---

------

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X 1

44

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✓

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f

FIFederal mdt Rcc *

\ V77

1

■" V

Irm

I'M

□ ooury E

» I '

i

• i' i

(•count Rat*

1 11 '1 ' 1 ' 1 Tn i5 U i II 2 If 30 14 21 11 25 ! 21 1 20 1 17 1 IS 2! 12 20 10 24 7 21 4 11 4 11 I 15 2!Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

5.0

4.0

3.0

2.0

Latest data plotted are averages of rates available for the week ending: April 22, 1994

1994Federal Funds **

3—Month Treasury

Bill

1—Year Treasury

Bill

5—Year Treasury Securities

10-Year Treasury Securities

Long-TermTreasurySecurities

Jan 28 2.97 2.93 3.35 5.05 5.74 6.16Feb 4 3.17 3.08 3.49 5.14 5.80 6.18

11 3.20 3.25 3.69 5.36 5.94 6.3418 3.25 3.27 3.70 5.40 5.95 6.3925 3.25 3.35 3.82 5.60 6.15 6.59

Mar 4 3.28 3.47 3.95 5.74 6.29 6.7211 3.25 3.52 4.09 5.85 6.40 6.8018 3.19 3.52 4.11 5.91 6.45 6.8325 3.31 3.49 4.15 6.00 6.52 6.90

Apr 1 3.49 3.50 4.21 6.19 6.72 7.078 3.69 3.60 4.49 6.47 6.97 7.31

15 3.37 3.57 4.46 6.47 6.93 7.2822 * 3.59 3.73 4.65 6.67 7.10 7.40

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)



8

Money Stock (M2) and Non-M1 Components of M2Averages of Daily Figures

Seasonally Adjusted Billions of DollarsBillions of Dollars

M21994 Billions

Mar 7 3575.8 14 3583.1 21 3585.7. 28 3586.5

Apr 4 3584.7 11 3597.2

3575 - M2 (left scale)

(right scale)Non-M1 M2

Non-M1 M2 1994 Billions

Mar 7 2435.4 14 2441.5 21 2442.4 28 2439.7

Apr 4 2436.6 11 2453.7

- 2325

25 8 22 6 20 3 17 31 14 21 14 21 11 251 15 1 15 29 12 26 10 24 7 21 5 IS 2 It 30 13 27Jul Aug Sep Oct Nov Dec Jan Feb Mar AprFeb Mar Apr May Jun

1993 1994

Latest data plotted week ending: April 11, 1994 Current data appear in the Federal Reserve Board's H.6 release.M2 is the sum of Ml, 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 averageCompounded annual rates of change, average of four weeks ending:

4/12/93 7/12/93 9/13/93 10/11/93 11/8/93 12/13/93 1/10/94 2/14/94

ending:

9/13/93 3.010/11/93 2.B 2.2

11/8/93 2.6 2.0 1.612/13/93 2.7 2.3 2.3 2.41/10/94 2.6 2.1 2.0 2.0 2.42/14/94 2.4 1.9 1.8 1.7 1.9 1.13/14/94 2.3 1.8 1.7 1.6 1.7 1.1 1.14/11/94 2.6 2.3 2.3 2.3 2.5 2.3 2.7 3.7



Savings and Small Time DepositsAverages ot Daily Hgures

Seasonally AdjustedBillions of Dollars Billions of Dollars

Savings 1994 Billions

Mar 7 1222.4 14 1224.4 21 1222.5 28 1221.3

Apr 4 1223.2 11 1221.6

Small Time 1324 Billion?

Mar 7 770.4769.9769.81275 - 768.9 —

Apr 4768.1

Small Time (right scale)

Savings Dspostts(left scale)

1 15 1 IS 2! 12 26 10 26 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1/All Depository Institutions

Averages of Daily Figures, Seasonally AdjustedBillions of Dollars Billions of Dollars

Large Time Money Market 1994 ililioQs1994 Billions

Mar 7 333.0 Mar 7 346.314 332.7 14 349.221 333.8 21 349.728 332.2 28 348.3

- Apr 4 325.4 Apr 4 351.1 —11 329.1 11 360.2

Money Market.

1 15 1 15 21 12 21 II 21 I 21 S I! 2 If 10 1] 27 II 25 I 22 f 20 3 17 31 If 21 If 21 II 23Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

Latest data plotted week ending: April 11, 19941/ Large time deposits are those issued in denominations of $100,000 or more.Money market funds ore general purpose and broker/dealer. Pr<!pared by Federa| Reserve Bar|k of g,. Uuis


10

Billions of Dollars1.4

Total BorrowingsFrom Federal Reserve Banks

Averages of Daily Figures Billions of Dollars1.41----------1--------

1994 Billions

Mar 1 6 0.05323 0.05130 0.085

Apr 6 0.153

2 0.088

\l\_ VA

A.

1.2

1.0

0.8

0.6

0.4

0.2

1.2

1.0

0.8

0.6

0.4

0.2

3 II 3 17 It 14 21 12 21 9 21 2 21 4 IIFeb Mar Apr May Jun Jul Aug

1993

! IS 21 13 27 10 24 1 22 S 19 2 II 2 11 31 13 27Sep Ocl Nov Dec Jan Feb Mar Apr

1994

Adjustment + Seasonal BorrowingsFrom Federal Reserve Banks

Averages of Daily FiguresBillions of Dollars Billions of Dollars

1994 Billions

Mar 16 0.053 23 0.051 30 0.085

Apr 6 0.15313 0.096 — 20 0.088

3 17 3 17 31 14 28 12 28 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

Latest data plotted week ending: April 20, 1994



Commercial Paper of Nonfinancial CompaniesNot Seasonally AdjustedBillions of Dollars Billions of Dollars

1994 Billions

Apr 6

1 17 1 I) 11 H 21 1! 21 S II 7 !) 1 II 1 IS 21 11 22 II 21 I 22 5 II 2 11 2 11 II 11 27Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

Latest data plotted week ending: April 13, 1994

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

Seasonally AdjustedBillions of Dollars Billions of Dollars

Compounded annual rates of change, average of the four weeks ending April 6, 1994 from the four weeks ending: Apr 7, 1993 1.9Jul 7, 1993 1.5Oct 6. 1993 3.7Nov 3, 1993 4.5Dec 8, 1993 6.9Jan 5. 1994 8.3Feb 9, 994 9.7

1994 Billions

.Mar 2 281.175—9 280.832

16 283.82523 283.74130 284.829

Apr 6 285.690_

3 17 3 17 31 14 21 12 21 1 23 7 21 4 II 1 15 21 13 27 11 24 I 22 5 11 2 11 2 li 31 13 27Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994Latest data plotted week ending: April 6, 19941/ Commercial and industrial loans include banker's acceptances and commercial paper. 2/ Banks with domestic assets greater than $1.4 billion



Dollar’s Trade-Weighted Exchange Index1973=100 Averages ot Daily Figures 1973=100

1994 1973=100

Mar 1

3 17 3 17 31 14 21 12 26 S 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 2 If 38 13 27Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994Latest data plotted week ending: April 20, 1994Current 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.


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