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H^Wnancial Data
'APR'D'6 |9Q7

April 2, 1987

THE WEEK'S HIGHLIGHTS:
Most large commercial banks have raised their prime lending rate
from 7.50 percent to 7.75 percent. This is the first increase in the
prime rate since June 1984.
The yield on 90-day certificates of deposit is 6.32 percent in the most
recent week, up 75 basis points from the week of the last prime rate
cut in late August of last year.
The index of leading economic indicators rose at an 8.7 percent annual
rate in February, more than reversing its decline at a 6.2 percent
rate in January.
New orders for durable goods rose at an annual rate of 117.5 percent
in February, following a decline at a 71.1 percent rate in January.
Construction spending behaved in a similar fashion, increasing at
a 12.2 percent annual rate in February, after declining at an 11.1
percent rate in January.

federal

RESERVE
HANK of

ST. I jOI'IS

Digitized for views
FRASER
expressed do not necessarily reflect official positions of the Federal Reserve System.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
268 ---------- 1---------- 1--------

BILLIONS OF DOLLARS
----------------- ------------- 268

257.9
259.9
259.3
261.0

12 28 12 2e

FEB

MAR

0

r 21

4 18

APR

MAY

JUN

2 16 90 19 27

JUL
1986

AUG

10 24

SEP

8 22

OCT

9 10

NOV

9 17 91

14 28

DEC

II

FEB

29

II

25

8 22

MAR
1987

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGi MARCH 25, 1987
THE_ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
------------------------RESERVE
BANKS. CURRENCY
CURRENCY IN CIRCULATION (CURRENCY HELD
HELD BY Tf-----------*
THE PUBLIC
PUBLH ““
.....................
.............
*
AM) IN
THE VAULTS
OF.....
ALL
................
____
DEPOSITORY INSTITUTIONS) AND AN ADJUSTkCNT 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 ENDINGi
3/26/86

6/18/86

8/27/86

8.0
7.8
8.9
9.4
10.3
9.4
9.1

7.9
10.0
10.4
1 1 .6
10. 1
9.6

9/24/86 10/22/86 11/19/86 12/31/86

1/28/87

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS END 1NGt
8/27/86
9/24/86
10/22/86
11/19/86
12/31/86
1/28/B7
2/25/87
3/25/87

8. 1
8.2
8.0
8.8
9. 1
9.8
9.2
8.9


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

10.6
10.9
12.2
10.4
9.7

12.4
13.7
11.1
10.2

13.4
10.2
9.3

9.5
8.4

4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES

StASUNALLY ADJUSTED

BILLIONS OF DOLLARS
760 ---------- 1------------- ,------

_

FEB.

16

MAR.

BILLIONS OF DOLLARS
------------------------------- 7 60

736.9
738.8
738.3
739.3
740.0
741.0

1 I I I I I I
1

FEB

MAR

APR

MAY

JUN

JUL

13 29 13 27

AUG

OCT

10 24

3 22

NOV

5 10

2 16

JAN

FEB

1986

2 16 30 13 27

1987

LATEST DATA PLOTTED WEEK ENDING. MARCH 23,

1987

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
DEPoilT*ANDMTRAVELERiNCHECKSD BY T*

PUBLIC' DE“"*> DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDING:
3/24/86
6/23/88 8/25/86 9/22/86 10/20/86 11/24/86 12/22/86
1/26/87
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/86
9/22/86
10/20/86
11/24/86
12/22/86
1/26/87
2/23/87
3/23/87

18.2
17.3
16.8
16.8
18.7
18.2
16.7
15.8


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

16.6
15.9
16.1
19.0
18.3
16,3
15. 1

13.0
14.5
19.3
18.2
15.5
14. 1

15.4
21.5
19.5
16.1
14.3

25.2
21.3
16.7
14.5

23.8
16.6
13.7

8.7
7.6

3.4

PREPARED BY FEDERAL RESERVE BAfK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK*/
RATIO
3.0

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

---------- 1------------- 1---------- 1
1987

RATIO

JAN.

12
26

2.873
2.814

MA

23
9
23

2.84<
2.83
2.841

2.9

Ml Ml LTIPLI :r

2.8

2.7

2.6

1111

10 24 10 24

FEB

MAR

m. in .i i ii,. in. -LLL
7 21
5 10
AUG
JUL
APR
MAY
1986

ll IX i 11
SEP

LATEST DATA PLOTTED TWO WEEKS ENDINGt MARCH 23,

OCT

111

i i i i

i i i

111

NOV

DEC

JAN

FEB

..mi
MAR
1987

iii’
APR

1987

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
192

_

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- the FOUR *EEKS ENDING
— MARCH 23, 1987 FROM
THE FOUR'WEEKS ENDINGt
DEC
NOV.
— OCT.
SEP.
JUN.
MAR!

1986

_

24
2(
2 I
2i
24

10.7

1986

CURRENCY

1987
FEB.

BILLIONS

1
187.5
187.5
187.7

MAR.

11111111111
5

17

5 17 51

14 20 12 20

APR

MAY

0 25

7 21

4 10

JUL

AUG

1

15 20 15 27 10 24

OCT

NOV

0 22

5 10

2 16

JAN

FEB

2

16 50 15 27

LATEST DATA PLOTTED WEEK ENDINGt MARCH 23, 1987
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES

5tA50NALLY ADJUSTED

BILLIONS OF DOLLARS
575 ---------- 1------------- 1------

_

FEB.

IG

— MAR.

BILLIONS OF DOLLARS
------------------------------- 575

543.3
544.6
543.9
544.8
546. I

3 17

FEB

3

17 31

MAR

14 2fl 12 20

APR

MAY

0 23

JUN

7 21

4 18

I

JUL

AUG

SEP

13 20 13 27 10 24

OCT

NOV

0 22

DEC

3 10

2 10

JAN

FEB

2

10 30 13 27

1986
LATEST DATA PLOTTED WEEK ENDING* MARCH 23. 1987
DEPOSITORY* HJST I TUT?ONS? 'S

the

SUM OF DEMAW) DEPOSITS AW) OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/86

8/23/SB

S/25/86

AVERAGE OF FOUR WEEKS ENDINGi

9/22/88 10/20/86 11/24/B6 12/22/88

I/26/8T

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
8/25/8C
9/22/86
10/20/86
11/24/86
12/22/86
1/26/87
2/23/87
3/23/87

22.6
21.4
20.6
20.6
23.2
22.2
20.0
18.7


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

20.3
19.2
19.4
23.5
22.1
19.1
17.5

15.3
17.2
24.0
21 .8
17.9
16.0

18.3
26.9
23.4
18.4
16. 1

32.2
25.7
19.0
16.2

28.8
18.5
15.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

11.0

CORPORATE
AM BONDS

9.0

7.0

6.0

4

FEB

MAR

18

2 16 30 13 27

APR

JUN

It

25

8 22

5 19

3 17 31

14 28 12 26

NOV

JUL
1986

DEC

9 23

6 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt APRIL 3,

1987
FEB.

MAR.

APR.

NOTE»

6
13
20
27
6
13
20
27
3 *
10
17
24

8 20

3 17

FEB
MAR
1987

APR

1987.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
Bm BONDS

MUNICIPAL
BONDS **

5.97
6.13
6.21
6. 1 1
6. 10
6. 15
6. 16
6.22
6.32

6.01
6.20
6.20
6.08
6.12
6.20
6.21
6.29
6.36

5.88
6.07
6.07
6.03
5.98
6.08
6. 10
6. 18
6.23

8.38
8.39
8.40
8.36
8.34
8.36
8.36
8.36
8.46

9.65
9.66
9.67
9.64
9.60
9.61
9.58
9.62
9.69

6.57
6.67
6.62
6.59
6.54
6.61
6.68
6.79
N. A.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.

* AVERAGES OF RATES AVAILABLE

** BOND BUYER*S AVERAGE INDEX OF 20 MUNICIPAL BOfCS, THURSDAY DATA
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT
11.0

5-YEAR
TREASURY SECURITIES
7.0

X'~A

DISCOUNT RATE

TREASURY1!

7 21

7 21

4

FEB

MAR

APR

18

2

16 30 19 27

JUN

It 25

9 22

5 19

5 17 91

JUL

14 28 12 20

NOV

DEC

9 29

0 20

0 20

9 17

FEB

MAR

APR

LATEST DATA PLOTTED ARE AVERA6ES OF RATES AVAILABLE FOR THE WEEK ENDING, APRIL 3. 1087.

1987
FEB.

MAR.

APR.

NOTE,

6
13
20
27
6
13
20
27
3 *
10
17
24

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

8-MONTH
TREASURY
BILL **8K

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.22
6.14
6.21
5.95
6.06
6. 12
6.08
6.14
6.21

5.62
5.75
5.55
5.45
5.54
5.66
5.55
5.60
5.60

5.59
5.69
5.70
5.41
5.51
5.59
5.58
5.55
5.80

5.59
5.71
5.64
5.57
5.61
5.72
5.64
5.71
5.82

6.74
6.88
6.81
6.74
6.71
6.77
6.76
6.83
7.05

7.70
7.77
7.73
7.63
7.58
7.63
7.61
7.67
7.92

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
TREASURY 81LL YIELDS ARE ON A DISCOUNT BASIS.

* AVERAGES^^ATE^AVAILABLE0^0160 *Y ™'S *****

ZL**m*&.averages_for_week ending two days earlier than date shown
*** AUCTION AVERAGE < DISCOUNT )


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

PREPARED BY FEDERAL RESERVE SAW OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOS I TS 1/
LARGE TIME DEPOS I TS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 ---------- 1------------- 1-----

IflBZ.
FEB.

BILLIONS OF DOLLARS
------------------------------- 4,0

BILL IQNS

16
362.1

— MAR.
0

361.1

SMALL TIME DEPOSITS

I I I I

I I I I

LATEST DATA PLOTTED WEEK ENDINGt MARCH 23. 1987
BILLIONS OF DOLLARS
305

ififiZ.
-

-

FEB.
MAR.

BILLIONS OF DOLLARS
305

BILLIONS

16
23
2

296.7
296 5
296.8

16
23

298! (
299.

300

"A r

\

cA

1

VV J1 /
-sA /

290

\

1
1

i
i

_*
17

17 31

MAR

111

.1 i-L

APR

MAY

■ till

14 28 12 20

0 23

JUN

111

21
JUL
1986

i

11

4 18

AUG

1111 _LLL -LLL
1

15 29 13 27

SEP

OCT

III" .

i

II

3

1

-

1

'A

290

TS

1

LARGE TIME DEPOS

FEB

/

-

-LLLL .111. ii i -LLLL
8 22
5 10 2 16 2 16 30 13 27
DEC
JAN
FEB
MAR
APR
1987

10 24

NOV

LATEST DATA PLOTTED WEEK ENDINGt MARCH 23. 1987
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
830 ---------- 1------------- 1------

BILLIONS OF DOLLARS
------------------------------- 830

BILLIONS
..

FEB.

16

823.8
823.7
825.4
827. I
827.7

3

17

FEB

3

17 31

MAR

14

APR

12 20

MAY

0 23

JUN

7 21

JUL
1986

I

AUG

IS 20 13 27 10 24

SEP

OCT

NOV

8 22

DEC

5 10

2

JAN

FEB

18

2

18 30 13 27

MAR
1987

LATEST DATA PLOTTED WEEK ENDING: MARCH 23, 1987
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AM) LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/24/86

6/23/86

8/25/86

1.8
0.9
1 . 1
1.7
3.9
3.7
4. 1

0.0
0.7
1.7
4.8
4.5
4.8

9/22/86 10/20/86 11/24/86 12/22/86

1/26/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/86
9/22/86
10/20/86
11/24/86
12/22/86
1/26/87
2/23/87
3/23/87

-0.4

-0.0
-0.3
0.0
0.5
2.2
2.2
2.6


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

0.2
1.6
5.4
4.9
5.2

3.3
7.6
6.5
6.6

10.9
8.3
8.0

9.9
8.9

4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

1481
FEB.

AVERAGES OF DAILY FIGURES

BILLIONS

of

dollars

MILLIONS.

25

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGi APRIL 1. 1987
BILLIONS OF DOLLARS
1987
FEB.
MAR.

BILLIONS OF DOLLARS

MILLIONS
25
4

310
233

ADJUSTMENT + SEASONAL
BORROWINGS

5 IS

2 10 90 M 28 II

29

9 29

8 20

3 17

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING: APRIL I,


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

1

19 29 12 20 10 24

7 21

4 10

4

JAN

FEB

MAR

18

1

13 29

1987

PREPARED BY FEDERAL RESERVE BANK OF ST

LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

FEB. 18
MAR.

BILLIONS OF DOLLARS
05

76.129

4
75,176
76,997

80

5 19
FEB

5 19
MAR

2 16 SO 14 28 II 28
MAY
JUN

9 23

6 20
AUG

3 17
SEP

1

IS 29 12 26 10 24

1986

7 21
JAN

4 18 4 18
FEB
MAR
1987

1

IS 29

LATEST DATA PLOTTED WEEK ENDING: MARCH 25, 1987

BUSINESS LOANS v
( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
MARCH 18, 1987 FROM
“THE FOUR WEEKS ENDING: *
21,
17,
19,
15,
. 17,
I. 18,
. 19,

- DEC

1987
1986
1986
1986
1986
1986
1986

-11 .9

FEB. II
283,744
280,096

5 19
FEB

5 19
MAR

2 16 90 14 28 II 25
MAY
JUN

9 29

6 20
AUG

3 17
SEP

1

15 29 12 26 10 24

1986

■1.11 II 1 11 1 I 1 1 1 1
7 21 4 18 4 18 1 15 29
JAN
FEB
MAR
1987

LATEST DATA PLOTTED WEEK ENDING: MARCH 18. 1987
1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND C0M4ERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11