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iSuFil]lancial Data
APR 2 6 1988

April 21, 1988

THE WEEK'S HIGHLIGHTS:
Beginning with this issue, the Federal Reserve Board's index of the tradeweighted exchange value of the dollar (TWEX) will appear on the back
page. TWEX measures the dollar's weighted average price in the currencies
of 10 industrial countries that account for over half of U. S. exports and
imports: BelgiumEuxembourg, Canada, France, Germany, Italy, Japan,
Netherlands, Sweden, Switzerland, United Kingdom. Each of the 10
exchange rates is indexed to its 1973 value and is weighted by that
country's average share of total trade (exports plus imports) over 1972-76.
This exchange rate measure is inclusive enough to reflect most of the
important economic events that affect exchange rate fluctuations, and tends
not to be distorted by incidents peculiar to a single or small group of
currencies.
Over the past two decades, the highest value of TWEX was 162.3 in
February 1985 while the lowest value was 84.4 in July 1980. Over the
past 12 months, TWEX ranged from a high of about 101 in August to
a low of 87 in December.

the

FEDERAL
A RESERVE
X HANK of
OT ST.IXH IS

Views 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

LLIONS OF DOLLARS

BILLIONS OF DOLLARS
------ ------------- ----------- 276

272. I
272.4
_

APR.

II 25 II 25
FEB
MAR

274.0

8 22

0 20
MAY

3 17
JUN

II II
l 13 29 12 20

9 23

7 21
OCT

4 18
NOV

2 ie 30 IS 27 10 24
JAN
FEB

9 23

6 20

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGi APRIL 20, 1988
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTI TUT IONS AT FEDERAL
RESERVE BANKS, CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
DEPOSIT"----------------------------- ““ -------- -------------------------------------------------------------------------- -------SOURCE i
BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING
4/22/87

7/15/87

9/23/87 10/21/87 11/18/87 12/16/87

1/13/88

2/24/88

7.0
8.0

5.9

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING»
9/23/87
10/21/87
11/18/87
12/16/87
1/13/88
2/24/88
3/23/88
4/20/88

5.2
4.9
6.6
6.2
6. 1
6.7
6.3
6.6


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

6.4
9.0
7.9
7.5
8. 1
7.4
7.7

10.6
8.0
7.3
8.3
7.2
7.6

10.5
8.8
9.5
8.0
8.4

4.2
7.0
5.7
6.6

8.6
6.5
7.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
780 r-------- 1------------- ,------

BILLIONS OF DOLLARS
---------------------------- -3 7 80

BILLIONS
755.9
760.4
766.3
768.2
765.1
766.2

2 1«

2

10 30 13 27 II 25
APR
MAY

8 22

8 20

3 17 31

14 28 12 28

SEP

LATEST DATA PLOTTED WEEK ENDING: APRIL II,

0 23

OCT

1

DEC

JAN

15 29 14 28 11 25
MAR
APR

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
DEPollTSE*NDMTnAVELERSNCHeCKSI> BY THE N0NBAf* PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
4/13/87

7/13/87

3.2
3.7
5. 1
2.9
2.8
4.2
3.2
4. 1

4.1
6.6
2.7
2.6
4.6
3.2
4.3

9/14/87 10/12/87

AVERAGE OF FOUR WEEKS ENDING:

11/9/87 12/14/87

1/11/88

2/8/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/14/87
10/12/87
11/ 9/87
12/14/87
1/11/88
2/ 8/88
3/14/88
4/11/88


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

10.5
2.4
2.4
5.3
3.2
4.7

0.7
1.2
5.0
2.6
4.4

-4.4
2. 1
0. 1
2.6

10. 1
4.0
6.5

4.8
7.8

3.4

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCKs
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
RATIO
2.790
2.804

2.794

MAR.

2.790
2.798

Ml MULTIPLIER

9 23

9 23

6 20

4 18

APR

15

10 24

7 21

9 IS

SEP

I

13 27

MAY

OCT

2 10 30 14 28 11

DEC

23

8 22

7 21

4 18

MAR

JAN

APR

LATEST OATA PLOTTED TWO WEEKS ENDINGt APRIL 4, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

- COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
___THE FOUR *EEKS ENDING
APRIL 11, 1988 FROM
“ THE FOUR WEEKS ENDING.
8,

1988

14,
9,
12,
13,
13,

1987
1987
1987
1987
1987

8.1

— JAN,

— AP

CURRENCY

19fi&

BILLIONS.
200.2
201.4

202.2
201.8
202.1

nil 1.1 I I ,1 11 I. LLl

1111
2

18

FEB

2

18 30

MAR

13 27 II 29

APR

MAY

8 22

JUN

8 20

JUL

3 17 31

14 28 12 28

SEP

9 23

OCT

7 21

4 18

DEC

JAN

I

18 29 14 28 11

MAR

28

APR

1987
LATEST DATA PLOTTED WEEK ENDINGt APRIL 11, 1988

1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
580

BILLIONS OF DOLLARS

---------- 1------------- 1------

-------------------------------

MAR.
552.8
557.5
558.6
555.9
556.7

2 16

FEB

2 16 30 IS 27

MAR

APR

11

25

MAY

6 22

6 20

JUL
1987

9 17 31

AUG

LATEST DATA PLOTTED WEEK ENDING*. APRIL II,

DEPOSITORY^NSTITUT?ONS^ IS ™E SUU

14 26 12 26

SEP

OCT

0 23

NOV

DEC

JAN

FEB
MAR
1988

APR

1988

DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE ,
4/13/87

7/13/87

1.7
2.3
3.9
1.0
0.7
2.4
1.3
2.3

2.7
5.6
0.4
0.2
2.6
1 . 1
2.4

9/14/87 10/12/87

AVERAGE OF FOUR WEEKS ENDING*.

11/9/87 12/14/87

1/11/88

2/8/88

3.9
7.0

1 .6

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
9/14/87
10/12/87
11/ 9/87
12/14/87
1/11/88
2/ 8/88
3/14/88
4/11/88


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

10.4
-0.3
-0.5
3.1
1.0
2.7

-2.7
-2.2
2.6
0.2
2.3

-9.3
-1.1
-2.9
0.0

9.0
2.3
5.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

580

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

percent

MUNIC
BONDS

6 20

6 20

S 17

FEB

MAR

APR

I

IS 20 12 26 10 24

7 21

4 18

AUG

SEP

2

16 30 13 27

NOV

11

DEC

1987

25

8 22

5 10

4

18

1

15 20

FEB
MAR
1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDlNGt APRIL 22, 1988.

1988
FEB.

MAR.

APR.

5
12
19
26
4
1 1
18
25
1
8
15
22 X
29

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA bonds

CORPORATE
Baa BONDS

MUNICIPAL
BONDS xx

6.63
6.54
6.64
6.61
6.58
6.62
6.61
6.64
6.67
6.82
6.87
7.01

6.59
6.47
6.61
6.53
6.54
6.55
6.56
6.58
6.63
6.73
6.76
6.85

6.50
6.43
6.55
6.48
6.45
6.50
6.51
6.52
6.55
6.70
6.74
6.86

9.46
9.42
9.41
9.33
9.27
9.34
9.36
9.44
9.53
9.61
9.61
9.72

10.71
10.62
10.60
10.56
10.48
10.50
10.55
10.64
10.73
10.83
10.86
10.97

7.49
7.40
7.55
7.52
7.47
7.67
7.75
7.89
7.90
7.80
7.81
N.A.

NOTEi CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
X AVERAGES OF RATES AVAILABLE
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0 i—

—

TREASURY

■CURITIES

/

DISCOUNT RATE

6 20

e 20

3

FEB

MAR

APR

17

I

IS 20 12 26 10 24

7 21

4 18

AUG

SEP

2 16 30 13 27 11 25

NOV

DEC

8 22

5 10

4

FEB

MAR

18

1

15 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL Z2, 1088.

1088
FEB.

MAR.

APR.

5
12
19
26
4
18
25
1
8
15
22 X
29

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

billkbk

6-MONTH
TREASURY

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.77
6.38
6.65
6.64
6.60
6.51
6.61
6.61
6.62
6.82
6.81
6.93

5.67
5.65
5.72
5.63
5.63
5.73
5.64
5.77
5.74
5.99
5.89
5.83

6. 1 1
5.85
6.03
5.83
5.86
5.93
5.78
5.96
6.00
6.21
6.19
6.M

6.22
6. 16
6.27
6.20
6.20
6.28
6.23
6.35
6.36
6.55
6.49
6.59

7.73
7.67
7.79
7.70
7.63
7.78
7.78
7.95
8.03
8.13
8. 12
8.25

8.43
8.42
8.55
8.44
8.60
8.63
8.77
8.85
8.86
8.88
9.07

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONB-TFRU TRFASIiry
« AVERaIIU& TRATESHAVAILABLE^*JP^T^[^ BY ™ ISBANK^ TREASURY BILL YIELDS ARE OnTd^OUNtI^ IS.
M!^8Mra^»'>EWIN8 ™°DArs EARUER THAN DATE


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

PREPARED BY FEDERAL RESERVE BAM. OF ST. LOUIS

7

11.0

8

MONEY STOCK ( M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

3000

2953.2
2963.9
2973.4
2978.1
2991.2
2950

2925

2850

2

10

2 16 30 13 27 11

APR

25

8 22

0 20

3 IT 3!

14 28 12 26

0 23

LATEST DATA PLOTTED WEEK ENDING*. APRIL 11,

7 21

4

DEC

MAY

JAN

18

1

IS 20 14 28 II

MAR

23

APR

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE

&."U

t!

,'SoTHL IV
OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
IuAiUrSTi5lSp,eIKI?-re
Of U-S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS, savingsMORE
and
DETAIL1 slEDfHESHT6'RELEAsiNeRAL PURP0SE *** BROKER/DEALER MONEY MARKET MUTUAL FUN6S.
FOR

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
4/13/87

7/13/87

3.0
3.4
3.8
3.2
3.2
4.2
4.4
5. 1

4.9
5. 1
3.9
3.8
5.2
5.4
6. 1

9/14/87 10/12/87

AVERAGE OF FOUR WEEKS ENDING:

11/9/87 12/14/87

1/11/88

2/8/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/14/87
10/12/87
11/ 9/87
12/14/87
1/11/88
2/ 8/88
3/14/88
4/11/88


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

5.9
3.6
3.4
5.5
5.7
6.6

2.5
2.7
5.4
5.7
6.7

1.3
5.2
5.6
6.9

8.7
7.9
9.0

10. 1
10.9

9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS 1/
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1900

BILLIONS OF DOLLARS
1900

E------- 1------------- 1---------- 1----------

1880
1860
1840
1820
1800
1780

H—
=
=
—
=

E- FEB.
—
—
r
n_
=
=

____ =

COMPOUNDED ANNUAL R kTES
OF CHANGE. AVERAGE )F
THE FOUR WEEKS END II4G
APRIL 11, 1988 FROM
THE FOUR WEEKS END II4G;
JAN.
DEC.
NOV.
OCT.
JU L.
AP R.

8,
11,
14,
9
12,
13,
13,

1968
1988
1987
1987
1987
1987
1987

13.
12.:
11.:
11.1
12.
10.
10.

/

~

E
=

1820
=
TOTAL TIME

)EPOS

^

'

1800

E

E

E

E

1760
1740
1720
1700

r

“
i3M

Z
1

MAP .

__

1680

1660

E

APR .

BILLIONS

7
14
21
28
4

11
‘ill

1 1 1 1

1 1 1

.Mi

1111

-LLL

1111

i i-i.. ■ 11

1111

111

jjjJ i i i

1858.1
1862.0
1884.9
1866.0
1870.5
1874.7
i1 i i i l

=

1780
1760
1740
1720

“E 1700
r
_z
-=
i i i!

1680
1660
0

LATEST DATA PLOTTED WEEK ENDING; APRIL 11. 19
BILLIONS OF DOLLARS
500
--------- 1----------- 1---------1988
BILLK 2NS.
489. £
490.
489.
488.
491.C
490.2

TTTT TTTT

- MAR.
7
14
21
28
“
APR. 4
11

BILLIONS OF DOLLARS
500

LARGE TIME

r

1EP0S TS

—

=

i

111 .LI 1 1

1 1 1

1 1 1

FEB

APR

MAY

MAR

II 1 1

8 22
JUN

jjjj. J-LL JJ_L 1 1 1 1
S 20 3 17 31 14 28 12 26 9 23
JUL AUG
SEP
OCT
NOV
1987

1 1 1

1 1 1

7 21
DEC

III

4 18
JAN

jjj:
1111 JJ.L.I
1 IS 29 14 28 11 25
FEB
MAR
APR
1988

LATEST DATA PLOTTED WEEK ENDING; APRIL II. 1988
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.0 ---------- 1---------- 1--------

16
23
30
6
13

ILL IONS OF DOLLARS
—|------------- ----------- 4.0

1311
2537
2465
3160
3565

3.0

TOTAL BORROWINGS

I I I I
LATEST DATA PLOTTED WEEK ENDING. APRIL 20. 1988
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
1988

MILLIONS
ADJUSTMENT + SEASONAL
BORROWINGS

2.0 ------APR.

2.0

1.5

1.0

0.5

4 ia

4

18

I

13 M 13 27

MAY

10 24

8 22

5 10

2 16 SO 14 28 11

JUN

25

0 23

6 20

3 17

JAN

FEB

2

16 30 13 27

LATEST DATA PLOTTED WEEK ENDING. APRIL 20, 1988


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

MILLIONS OF DOLLARS

BILLIONS OF DOLLARS
------------------- ----------- 95

95 ---------- 1---------- ,--------

MILLIONS
MAR.

9

APR.

6

4 18

4 18

FEB

MAR

15 29 15 27 10 24

APR

MAY

JUN

8 22

JUL
1987

5 19

AUG

2 16 50 14 28 II

SEP

OCT

29

NOV

9 25

DEC

6 20

3 17

JAN

FEB

2 16 30 13 27

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 13, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AW) IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS 17
( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
_
OF CHANGE. AVERAGE OF
_
THE FOUR WEEKS ENDING
DECEMBER 30, 1987 FROM
”
THE FOUR WEEKS ENDING: —
OCT.
SEP.
SEP.
JUL.
JUL.
APR.
DEC.

28,
30,
2,
29,
1,
1,
31,

1987
1987
1987
1987
1987
1987
1986

NOV. 25
DEC. 2

4.9------

276,743
276,566
278,725

-

111.1 1 I 1
5 19

3 17 31

14 28 II

JAN

FEB

28 II

MAR

28

8 22

8 20

3 17

MAY

I

IS 29 12 26

9 23

JUN

7 21

4 19

OCT

NOV

2 19 90 13 27

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 30, 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

265

DOLLAR'S TRADE-WEIGHTED EXCHANGE INDEX
AVERAGES OF DAILY FIGURES

1973-100
108

.

16
89.0
89.7
88.5

4 18

4 18

I

18 28 13 27 10 24

8 22

8 19

2 18 30 14 28 11 28

OCT

8 23

NOV

8 20

3 17

JAN

FEB

2 18 30 13 27

LATEST DATA PLOTTED WEEK ENDINGi APRIL 20, 1988
NOTE:

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'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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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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