THE WEEK'S HIGHLIGHTS:

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Shauna Woods
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Decei Si ll IE er 1, *ARY I HE I EDI ItVI. j reserve HANK of SI.KU IS nrr 0?= THE WEEK'S HIGHLIGHTS: According to the preliminary estimate, real GDP increased at a 3.

1 Decei Si ll IE er 1, *ARY I HE I EDI ItVI. j reserve HANK of SI.KU IS nrr 0?= THE WEEK'S HIGHLIGHTS: According to the preliminary estimate, real GDP increased at a 3.9 percent annual rate in the third quarter, 0.5 percentage points above last month s advance estimate. Inventory investment declined in the third quarter as real final sales (GDP less inventory accumulation) rose at a 4.2 percent rate. Real disposable personal income rose at a strong 16.4 percent rate in October. Real personal consumption expenditures (PCE) also posted a strong increase, rising at a 7 percent rate. Data revisions indicate that real PCE rose at a 3.1 percent rate over the June- September period, up from the original 2.6 percent rate. The Conference Board reported that its index of consumer confidence jumped 12.2 percentage points in October to (1985=100). This is the largest monthly increase in nearly two years. t/ The National Association of Realtors reported that existing singlefamily home sales rose 0.5 percent in October, the first increase in two months. On a year-to-date basis, existing home sales are up 7.3 percent over the same period last year. All data are seasonally adjusted unless otherwise indicated. U.S. Financial Data is published weekly by the Research and Public Information Division of the. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues). For more information or to request an order form, please call (314) or (314) Sorry, no refunds. 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)

2 Adjusted Monetary Base Averages ot Dairy f igures Sep 14 Billions 450.5 Oct 12 451.7 453.5 Nov 9 451.3 455.

2 2 Adjusted Monetary Base Averages ot Dairy f igures Sep 14 Billions Oct Nov S 9 23 S Latest data plotted reserve maintenance period ending: November 23, 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 ail 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. To the average of two maintenance periods ending: Adjusted Monetary Base Compounded annual rates of change, average of two maintenance periods ending: 11/24/93 2/16/94 4/27/94 5/25/94 6/22/94 7/20/94 8/17/94 9/28/94 4/27/ /25/ /22/ /20/ /17/ /28/ /26/ /23/ Prepared by

3 Money Stock (Ml) and Total Checkable Deposits Averages ot Daily Hgures Oct Nov M1 (left scale) TCD (right scale) TCD Oct Nov Latest data plotted week ending: November 21, Current data appear in the Federal Reserve Board's H.6 release. Ml 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 (M l) T.. Compounded annual rates of change, average of four weeks ending: 10 tne average ^/22/g.j 2/2l/94 4/18/94 5/23/94 6/20/94 7/18/94 8/22/94 9/19/94 of four weeks ending: 4/18/ /23/ /20/ /18/ /22/ /19/ /24/ /21/ Prepared by 3

4 4 Adjusted Reserves 114 Sop Oct Nov I If ! 90 Latest data plotted two weeks ending: November 23, Adjusted reserves is the difference between adjusted monetary base and currency component of M1. To the average of periods ending: Adjusted Reserves Compounded annual rates of change, average of two maintenance periods ending: 11/24/93 2/16/94 4/27/94 5/25/94 6/22/94 7/20/94 8/17/94 9/26/94 4/27/ /25/ /22/ /20/ B/17/ /28/ /26/ /23/ Prepared by

5 Money Multiplier1/ Ratio I Compounded annu 0, rates of change, average of the fou weeks ending November 21, from, the four weeks ending: Nov 22, S Feb 14, -4 May 23, H Jun 20, -5 Jul 18. Aug 15, bep. 1 _ l I Ratio Sep Nov Ratio I 0 II 1 IS!! H n 1 i i * i ' i i ' 1 ' IS II 25 I 22 S S Oct Nov Dec Jan Feb Mar Apr May Jun Jul Auq Sep Oct Nov Dec Latest data plotted two weeks ending: November 21, Compounded annu al rates of change, average of the fou weeks ending November 21, the four weeks en< ing: Nov C.5 Feb 21,.9 May 23,.3 Jun Jul Aug Sef 1 18, 22, 19, Oct Nov Dec Jan Feb Mar Apr Currency Component of Ml2/ 300 Billiem Oct Nov i S May Jun Jul Aug Sep Oct Nov Dec Latest data plotted week ending: November 21, 1/ Ratio of M1 to adjusted monetary base 2/ Current data appear in the Federal Reserve Board's H.6 release. Prepared by 5

6 Percent Yields on Selected Securities Percent -Ana Bonds- 1 IS 2) 12 26 10 24 7 21 i 18 4 18 1 IS 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 2S 9 23 Latest data plotted are averages of rates

6 6 Percent Yields on Selected Securities Percent -Ana Bonds- 1 IS 2) i IS S 9 23 Latest data plotted are averages of rates available for the week ending: December Day Commercial Paper 90-Day CDs 90-Day Bankers' Acceptances Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds ** Sep Oct B Nov Dec 2 * 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

Percent Selected Interest Rates Percent Funds Rate 1 15 29 12 21 10 24 7 21 4 11 4 18 1 15 29 13 27 10 24 8 22 5 19 2 11 31 14 28 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Latest data plotted

7 Percent Selected Interest Rates Percent Funds Rate Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Latest data plotted are averages of rates available for the week ending: December 2. Federal Funds ** 3-Month Treasury Bill 1 Year Treasury Bill 5-Year Treasury Securities 10-Year Treasury Securities Long-Term Treasury Securities Sep Oct Nov S Dec 2 * 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 Prepared by 7

$5 Money Stock (M2) and Non-M1 Components of M2 M2 (left see le) 2500 2475 3570 A 'n f V ' - V /N / ' / A 1 ' 1 1 A / > V V V -'n \ J 2450 3595 > ~\ V Non- M1 M2 (right cale) 2425 3520 Nor -M1 A2$

8 ^ M2 ^ Oct ,8.. Nov Money Stock (M2) and Non-M1 Components of M2 M2 (left see le) A 'n f V ' - V /N / ' / A 1 ' 1 1 A / > V V V -'n \ J > ~\ V Non- M1 M2 (right cale) Nor -M1 A2 Billie ns Oct Nov i l ' * 1 «1 rrr i 1 i i ' i i i» 4 II Oct Nov Dec Jan Feb Mar Apr May Jun Ju! Aug Sep Oct Nov Dec 1993 Latest data plotted week ending: November 21, 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 To the average ending: Money Stock (M2) Compounded annual rates of change, average of four weeks ending: 11/22/93 2/21/94 4/18/94 5/23/94 6/20/94 7/18/94 8/22/94 9/19/94 4/16/ /23/ /20/ /16/ /22/ /19/ /24/ /21/ N Prepared by

9 Savings 1934 Billions Oct Nov Savings and Small Time Deposits Savings Dsposit8(left scale) Small Time Oct Nov Small Tims (right scale) 4 18 I Note: Savings deposits are at all depository institutions. Large Time Deposits and Money Market Funds1 / Large Time Oct Nov rui ucpuaiiuiy iiiauiuuuna, Money Market 1_9 4 Billions Oct Nov Feb Mar Apr May Jun Jul Aug Sep Nov Dec Latest data plotted week ending: November 21, 1/ Large time deposits are those issued in denominations of $100,000 or more. Money morket funds are general purpose and broker/dealer. Prepared by 9

10 \ 10 Total Borrowings From Federal Reserve Banks Nov I Borrowings include seasonal, adjustment and extended credit; extended credit was $1 million in the week ending July 20, and was zero in the other weeks shown in the chart I Bank Cr edit Bil lions Oct Nov y Bank Loans and Credit All Commercial Banks in the United States B ank Cnsdrt (!e t scale ^ s. r' < /V + + id lea *»» (ri< ht sea V \W /- N Loan s&lec ses Billi ons Oct Nov ,l, ! IS Oct Nov Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 Latest Wednesday data plotted : November 16, Current data appear in the Federal Reserve Board's H.8 release. 1 / Includes foreign related institutions 2/ Includes loans and leases and securities Prepared by

Commercial Paper of Nonfinancial Companies Not Oct 19 158.314 26 160.325 Nov 2 161.721 9 157.522 16 155.958 23 165.

11 Commercial Paper of Nonfinancial Companies Not Oct Nov Nov Dec Latest data plotted week ending: November 23, Nov Dec (40 1 All Ban ks fii lions ( Commercial and Industrial Loans Oct Nov _ r ** ^ * v/ 31.3 A J Lar( Bank» (right scale r r'" / * Biltiona of Dollars 320 w 199' : Billions ^ * Oct Nov / MM1 rt l I I1 r t» ' 1 ' 1 U Ml Ban)(M (left scale) i i «i i» i T r 1 t 1993 Latest Wednesday data plotted : November 16, Current data appear in the Federal Reserve Board's H.8 release. 1/ Includes foreign-related institutions 2/ Weekly reporting, domestically chartered banks Prepared by

12 Dollar's Trade-Weighted Exchange Index 1973= = =100 Oct 26 Nov 2 t t I Nov Dec Feb Mar Apr May Jun Jul Aug Sep Latest data plotted week ending: November 30, Current data appear in the Federal Reserve Board s H.10 release. 1! 2 It Nov Dec Data are weighted averages of the foreign currency price of the U.S. dollar, computed using 10 industrial country currencies. Prepared by a OS J w3s M w >U & in cv

ncia THE WEEK'S HIGHLIGHTS:

December 17, 1992 U.S. Fk>EC vo Bank [ 982Data 2 1 ncia THE WEEK'S HIGHLIGHTS: Privately owned housing starts rose from a seasonally adjusted annual rate of1,224,000 units in October to 1,242,000 units