Full text of U.S. Financial Data : April 28, 1988

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'MT
research library

corral Reserve Bank

i.Srfiiiiancial Data
Li
April 28, 1988

THE WEEK'S HIGHLIGHTS:
is

Real GNP for the first quarter of 1988 grew at an annual rate of
2.3 percent, down from 4.6 percent in the second half of 1987. Firstquarter GNP reflected increases in personal consumption
expenditures and business investment in durable equipment, a slight
narrowing of the trade deficit, and slowing inventory accumulation
and federal spending.
Personal income in March rose at a 9.5 percent rate, up from a revised
7.1 percent rate in February. Compared with a year earlier, March
personal income was up 6.5 percent.

is

The personal consumption deflator rose at a 2.3 percent rate in the
first quarter and was up 3.8 percent from early 1987.

is

New factory orders for durable goods in March were $114.3 billion,
little changed from their pace in February or January. Orders for
the first three months of 1988, however, were 12.3 percent above
the first three months of 1987.

Tin-:

1IDKKVI

A RESERVE
Mt HANK ol'
Mr 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

BILLIONS OF DOLLARS
278 ---------- 1------------- 1-----

BILLIONS OF DOLLARS
------------------------------- 278

273.6
274.1
276.3

II

25

MAR

8 22

APR

8 20

5

MAY

JUN

17

1

15 28 12 28

JUL

AUG
1987

8 25

SEP

7 21

4 18

OCT

NOV

2 16 50 13 27

DEC

JAN

10 24

FEB

8 23

6 20

4 18

MAR
1988

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt APRIL 20. 1988

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
8.7

7. 1

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
9/23/87
10/21/87
11/18/87
12/18/87
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
6.8


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Federal Reserve Bank of St. Louis

6.4
9.0
7.9
7.5
8. 1
7.4
7.9

10.6
8.0
7.3
8.3
7.2
8.0

10.5
8.8
9.5
8.0
8.7

4.2
7.0
5.7
7.0

8.6
6.5
8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

760.3
766.2
768.2
765.0
766.3
766.6

2 16 90 19 27 11 25

APR

S 22

8 20

3 17 31

MAY

14 28 12 28

SEP

LATEST DATA PLOTTED WEEK ENDING: APRIL 18,

OCT

0 23

7 21

DEC

JAN

MAR

APR

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/20/87

7/20/87

2.0
3.2
3.9
2.0
2.6
3.6
2.8
3.5

5.0
5.9
2.3
3.2
4.5
3.3
4.3

9/21/87 10/19/87 11/16/87 12/21/87

1/18/88

2/15/88

3.7
6.5

3.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/21/87
10/19/87
11/16/87
12/21/87
1/18/88
2/15/88
3/21/88
4/18/88


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Federal Reserve Bank of St. Louis

9.3
1.9
3.3
5.2
3.4
4.7

-1.4
1.4
4.2
2.3
3.9

-1.7
2.8
0.9
3.0

10.8
4.9
6.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

1988
EB.

8
22
7
21
4
18

*R.
— APR.

RATIO

RATIO
2.804
2.794
2.783
2.790
2.797
2.775

Ml MULT I PL

I I I I
0 23

0 20

4 16

APR

MAR

MAY

I

IB 20 13 27 10 24

JUN

JUL
AUG
1987

7 21

3 10

SEP

OCT

2 16 30 14 28 11

NOV

DEC

25

8 22

JAN

FEB

7 21

4 18

MAR
19

APR

2 18 30

MAY

LATEST DATA PLOTTED TWO WEEKS ENDINGt APRIL 18,
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
206

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
— APRIL 18, 1988 FROM
_
THE FOUR WEEKS ENDINGt
_

FEB.
JAN.
DEC.
— NOV.
JUL.

15,
18,
21,
16,

1988
1988
1987
1987

20,

202

8.1
9.2
10.2

1987
CURRENCY

190

1M
MAR.

14

B.ILLIPNS
200.2
202.2
201.8
202. 1
202.2

2 16 30 13 27

APR

11

23

8 22

6

3 17 31

14 28 12 28

9 23

LATEST DATA PLOTTED WEEK ENDINGt APRIL 18,

7 21

4 18

DEC

MAY

I

mi 1111
28

JAN

15 29 14 28 11

9 23

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 BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISM
MAR.

14

BILLIONS OF DOLLARS

BILLIONS
552.8
557.5
558.6
555.9
557.0
557. 1

2 IS SO 13 27 II

25

8 22

8 20

3 IT 31

14

SEP
LATEST DATA PLOTTED WEEK ENDING: APRIL 18,

DEC

OCT

JAN

MAR
1988

APR

1988

TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/20/87

7/20/87

0. 1
1.6
2.3
-0.3
0.3
1.5
0.7
1.6

3.9
4.5
-0.0
0.8
2.5
1.3
2.4

9/21/87 10/19/87 11/16/87 12/21/87

1/18/88

2/15/88

2.5
5.6

1 .9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/21/87
10/19/87
11/16/87
12/21/87
1/18/88
2/15/88
3/21/88
4/18/88


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

8.5
-0.9
0.6
3. 1
1.3
2.7

-5.5
-2.2
1.4
-0.3
1.6

-5.9
-0.1
-1.8
0.7

9.9
3.5
5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
12.0 i—

PERCENT

■PAN R>

J-LJ-1.1 1 I I
4 18

MAR

APR

AUG

2 18 30 15 27 II

SEP

NOV

28

8 22

DEC

3 19

4 18

FEB

MAR

I

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* APRIL 29.

90 DAY
CD'S
MAR.

APR.

4
11
18
25
I

8

15

22

29 i
MAY

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

6.58
6.62
6.61
6.64
6.67
6.82
6.87
7.01
6.98

6.54
6.55
6.56
6.58
6.63
6.73
6.76
6.85
6.84

6.45
6.50
6.51
6.52
6.55
6.70
6.74
6.85
6.84

9.27
9.34
9.36
9.44
9.53
9.61
9.61
9.73
9.74

6

CORPORATE
Baa bonds
10.48
10.50
10.55
10.64
10.73
10.83

10.86

10.98
10.95

18 29 13 2r

1988.

MUNICIPAL
BONDS MB8
7.47
7.67
7.75
7.89
7.90
7.80
7.81
7.87
N.A.

13

20
27

^a&Tof^tes JCJM

the board

* G0VE*N0RS' H-'5

3W BOM) BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

treasury”sIcurITIES

DISCOUNT RATE

4 >»

MAR

APR

MAY

JUN

JUL

AU6

SEP

2 10 SO 13 27

OCT

NOV

II

25

DEC

5 22

JAN

1987

5 15

FEB

4 15

I

IS » 15 2’

MAR
1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi APRIL 28,

FEDERAL
FUNDS KX

1088
MAR.

APR.

MAY

4
11
25
1
8
15
22
29 X
6
13
20
27

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL NOOK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.60
6.51
6.61
6.51
6.62
6.82
6.81
6.93
6.85

5.63
5773
5.64
5.77
5.74
5.99
5.89
5.83
5.87

5.86
5.93
5.78
5.96
6.00
6.21
6. 19
6.14
6.28

6.20
6.28
6.23
6.35
6.36
6.55
6.49
6.58
6.57

7.63
7.78
7.78
7.95
8.03
8. 13
8. 12
8.25
8.24

8.44
6.60
8.63
8.77
8.85
8.86
8.88
9.07
9.05

rA^RA®1®^^^^

kSTJf&ouMTs.

S.nMYA^f?D^go!i^ E,OINO ™° 0AYS «*LI«


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

°*TE "*N

PREPARED BY FEDERAL RESERVE BALK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
3025

2963.8

3000

2977.8
2975

2991.5

2975

2950

2900

2875

2875

2850

2

18 30 13 27

MAR

APR

II

25

8 22

MAY

6 20

3 17 SI

JUL
AUG
1987

14

SEP

LATEST DATA PLOTTED WEEK ENDING: APRIL 18.

12 26

OCT

0 23

7 21

4

DEC

NOV

JAN

18

1

13 29 14 28 II

FEB

25

B 23

MAR
1988

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE
M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL C0M4ERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS. SAVINGS AND
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUN6s. FOR MORE
DETAIL, SEE THE H.B RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
4/20/87

7/20/87

2.9
3.3
3.5
3.0
3.3
4.2
4.5
5. 1

4.9
4.9
3.8
4. 1
5.3
5.5
6.2

AVERAGE OF FOUR WEEKS ENDING:

9/21/87 10/19/87 11/16/87 12/21/87

1/18/88

2/15/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/21/87
10/19/87
11/16/87
12/21/87
1/18/88
2/15/88
3/21/88
4/18/88


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

5.2
3.2
3.8
5.6
5.8
6.7

2.2
3.3
5.7
5.9
6.9

2.5
5.9
6. 1
7.2

9.7
8.5
9.4

9.8
10.6

9.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS i/
LARGE TIME DEPOSITS 2/
BILLIONS OF DOLLARS
1900

z

1
TOTAL TIME 1 >EPOSI TS

z

TT
TT

=
1740

E

1SIift
MAR.

E

1700

APR.
i

1860
1840
1820
1800
1780

=

1760

1720

1880

1

TT TT
TT TT

1780

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

TT
TT

BILLIONS OF DOLLARS
1900
E---------- 1--------- T--------- 1------------E_> COMPOUNDED ANNUAL RAT
1880 — OF CHANGE. AVERAGE OF ES
= THE FOUR WEEKS ENDING
I860 — APRIL 18, 1988 FROM
= THE FOUR WEEKS ENDING t
1840 — FEB. 15, 1988 13.0
= JAN. 18, 1988 13.2
= DEC. 21, 1987
11.5
1820 — NOV. 16, 1987
11.7
z: OCT. 19, 1987
12.8
— JUL. 20. 1987
11.1
1800
Z APR
20, 1987
10.6

1 1 1 1

111

111

1111 _LLL 1111

_U.L _LLL

1111

-LLL 1 1

1...

1 1 II

14
21
28
4
11
18

& ILL IQUS.
1863.
1866. ;
1867.
1872.
1876.
1879.

Illllll

1760
1740

1720

E
1

1700
1680

Lllll

0

LATEST DATA PLOTTED WEEK ENDING* APRIL 18, 1988
BILLIONS OF DOLLARS

1M
MAR.

14

BILLIONS OF DOLLARS

BJLLlflMSl
491.8
491.3
490.6

LARGE TIME DEPOSITS

493.0

2 16 30 13 27 II 25
APR
MAY

6 22

6 20

3 17 31 14 25 12 26
SEP
OCT

9 23

7 21
DEC

4 16
JAN

I 15 29 14 26 II 25
MAR
APR

9 23

LATEST DATA PLOTTED WEEK ENDING* APRIL 18, 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


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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
lfififi

BILLIONS OF DOLLARS

MILLIONS

23

2537

2034

TOTAL BORROWINGS

0.5

V

LATEST DATA PLOTTED WEEK ENDING* APRIL 27, 1068
BILLIONS OF DOLLARS
2.5
_
_

1088
MAR.

23
30
6

APR.

2.0

BILLIONS OF DOLLARS
2.5
“

MILLIONS

20
27

325
220
426

ADJl STMENT + se; SONAL
BORRO KINGS

515
300

L

-

1.5

1111

-

V /

V

1 1 1
MAR

XI 1 1 111 111
APR

MAY

JUN

w

nil
111
8 22 8 10
JUL
AUG
1087

V\f

1111

111

XIX

OCT

NOV

2 16 30 14 28

SEP

LATEST DATA PLOTTED WEEK ENDING* APRIL 27,


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

V"
II

Jl

1111

J 1/ j J J \A
v\

nA

■1111
0 29

XIX
6 20

111
3 17

DEC

JAN

FEB

25

A*
1111

111

XLL

APR

MAY

2 16 30 13 27 II

MAR
1088

25

1988

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

A

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

billions of dollars

I iaas.

MAR. 16
APR.

billions of dollars

89,303
87,895

6

86,795

till
4 18

I

15 29 13 27 10 24

MAY

8 22

5 19

2 16 SO 14 28 II

JUN

OCT

25

9 23

NOV

8 20

3 17

JAN

FEB

2 18 30 13 27 II

APR

1987

28

MAY

1988

LATEST DATA PLOTTED WEEK ENDING: APRIL 20,

1988

* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AM) IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u
BILLIONS OF DOLLARS

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

V

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
DECEMBER 30, 1987 FROM
THE FOUR WEEKS ENDINGi
OCT.
SEP.
SEP.
JUL.
JUL.
APR.
DEC.

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

1987
1987
1987
1987
1987
1987
1986

4.9-----...
-0.7
0.2

MILLIONS
NOV. 25
278,725
276,596
5 19

3 IT 31

14 28 II 25 II

JAN

FEB

MAR

25

8 22

6 20

3 17

MAY

JUN

1986

I

18 29 12 26

9 23

■LJJ.il I
7 21

4 18

OCT
1987

NOV

2 16 SO 13 27

1988

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 30, 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL 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

DOLLAR'S TRADE-WEIGHTED EXCHANGE
AVERAGES OF DAILY FIGURES

INDEX

1873-100

1973-100

4 II

1

MAR

APR

15 20 13 27 10 24

MAY

JUN

8 22

JUL

5 10

AUG
1987

2 18 30 14 28 II 25

SEP

OCT

NOV

8

6 20

3 17

DEC

JAN

FEB

2 16 SO 15 27 II 25

MAR

APR

MAY

LATEST DATA PLOTTED KEEK ENDING* APRIL 27, 1888
NOTE.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.IO 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