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pr RE ARCH LIBWBV
'or.

I I

APR 7 1 1988

April 7, 1988

THE WEEK'S HIGHLIGHTS:
Several changes have been made in this publication beginning with this
issue.
Weekly data on M2 (seasonally adjusted) are now charted on p. 8. M2
is the monetary aggregate that consists of Ml plus savings and smalldenomination time deposits (time deposits—including retail repurchase
agreements—in amounts of less than $100,000), overnight (and
continuing contract) repurchase agreements issued by all commercial banks
and overnight Eurodollars issued to U.S. residents by foreign branches
of U.S. banks worldwide, money market deposit accounts and balances
in both taxable and tax-exempt general purpose and broker/dealer money
market mutual funds.
Weekly data on total and large-denomination time deposits at all depository
institutions are now charted on p. 9. These series replace the previous
time deposit series that covered only commercial banks.

THE
FEDERAL
A RESERVE
XlUNKol
or scums

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 AOJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

billions

lsaa

*73.0

271.5

— MAR

273.6

274.1

I II I
II

25 11

FEB

25

8 22

MAR

8 20

3 17

MAY

1

15 20 12 28

0 23

7 21

4 18

OCT

JUN

NOV

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING* APRIL 6,

2

18 SO 19 27 10 24

JAN

0 23

6 20

FEB

1988

ADJUSTEDI MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTI TUT IONS AT FEDERAL
IS, CURRENCY IN
“RVE BANKS ------------- ------- CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
n4AO JUSTI__________
THE MAJOR
--TofYthe' t I TUT I ONS ) AND AN ADJUSTMENT FOR RESERVE REOUI RELENT RATIO CHANGES.
E ADJUSTED MONETARY BASE IS FEDERAL RESERVE CREDIT.
DATA ARE COMPUTED BY THIS
--------------------------------A DETAILED DESCRIPTIONOF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THIS BAN<.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
4/8/87

7/1/87

9/9/87

10/7/87

11/4/87

6.2
5.9
6.6
6.9
6.0
7.6
6.7
8.9

6. 1
7.3
7.7
6.2
8.3
7.0
7.3

7.7
8,3
5.7
8.9
7.0
7.4

10.5
6.2
10.1
7.6
7.9

3.7
9.7
6.8
7.3

2/2/87 12/30/87

2/10/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
9/ 9/87
10/ 7/87
11/ 4/87
12/ 2/87
12/30/87
2/10/88
3/ 9/88
4/ 6/88

f*

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

9.7
6.0
6.7

9.3
9.3

3.1

PREPARED BY FEDERAL RESERVE BALK OF ST. LOUIS

V

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

762.1
754.9
755.9
766.3
768.3

25

APR

8 22

8 20

3 17 31

MAY

14 26 12 28

SEP

0 23

OCT

7 21

DEC

JAN

MAR

APR

LATEST DATA PLOTTED WEEK ENDING. MARCH 28, 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:
3/30/87

6/29/87

8/31/87

4.0
3.5
5. 1
3.7
2.9
3.8
3.7
3.9

2.9
5.8
3.4
2.3
3.6
3.5
3.8

9/28/87 10/26/87 11/30/87 12/28/87

8. !
3. 1
1.5
3.6
3.5
3.7

1/25/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/31/87
9/28/87
10/26/87
11/30/87
12/28/87
1/2S/88
2/29/88
3/28/88


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

4. 1
1.7
4.2
3.9
4.2

-4.0
0.9
1.5
2.2

4.4
3.8
4.2

7.2
6.7

4. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

1989

RATIO
2.790
2.804
2.783
2.790

Ml MULTIPLIER

9 23

9 23

6 20

4 18

APR

MAY

I

IS 29 13 27 10 24

7 21

5 19

SEP

OCT

2 18 30 14 28 11

DEC

25

JAN

1987
LATEST DATA PLOTTED TWO WEEKS ENDING: MARCH 21,

8 22

7 21

MAR
1988

4 18

APR

19
BILLIONS OF DOLLARS
206

BILLIONS OF DOLLARS

- COMPOUNDED ANNUAL RATES
-__OF CHANGE, AVERAGE OF
___THE FOUR WEEKS END ING
MARCH 28, 1988 FROM
”
THE FOUR WEEKS ENDING:
- JAN.
- DEC.
_
NOV.

25,
28,
30,

1988
1987
1987

P.
'J.
— MAR.

28,
29,
30;

1987
1987
1987

I OCT. 26, 1987

7.8
9.7
9.4
CURRENCY

FEB.

22

199.5
199.1
199.2
200.2
201.4

202.2
1111111
APR

MAY

SEP

OCT

DEC

11 i.l i.u

JAN

MAR

APR

LATEST DATA PLOTTED WEEK ENDING: MARCH 28, 1988
1/ RATIO OF MONEY STOCK (MI > TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS" H.8 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

laaa

BILLIONS OF DOLLARS
580

rill ions

555.3
552.9

557.6
558.7

2

10

2

16 30 13 27

APR

25

8 22

6 20

3 17 31

MAY

14 26 12

SEP

LATEST DATA PLOTTED WEEK ENDING: MARCH 28,

8 23

OCT

7 21

DEC

JAN

MAR

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:
3/30/87

6/29/87

8/31/87

2.0
2. 1
4. 1
2.0
1 .0
2.0
1 .9
2. 1

1 . 1
4.9
1.3
-0. 1
1.5
1.5
1 .0

7.8
0.6
-1.4
1.1
1.2
1 .6

9/28/87 10/26/87 11/30/87 12/28/87

1/25/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/31/87
9/28/87
10/28/87
11/30/87
12/28/87
1/25/88
2/29/88
3/28/88


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

1.7
-1.2
1.9
1.8
2.2

-8.9
-2.8
-1.6
-0.6

2.0
1.8
2.4

6.3
5.7

2.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
12.0

CORPORATE
WA BONDS

>RIME fit
PAN RA'

MUNICIPAL
BONDS

90 DAY
CD’S

I 1 I I
6 20

0 20

3 17

FEB

MAR

APR

1

15 20 12 25 10 24

7 21

4 18

AUG

SEP

2 16 30 IS 27 11

NOV

DEC

25

8 22

5 Ifl

4

FEB

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. APRIL 8,

1988
FEB.

MAR.

APR.

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

18

I

15 29

1988.

90 DAY
CD'S

30-DAY
COMMERC1AL
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
6.81

6.59
6.47
6.61
6.53
6.54
6.55
6.56
6.58
6.63
6.70

6.50
6.43
6.55
6.48
6.45
6.50
6.51
6.52
6.55
6.69

9.46
9.42
9.41
9.33
9.27
9.34
9.36
9.44
9.53
9.61

10.71
10.62
10.60
10.56
10.48
10.50
10.55
10.64
10.73
10.84

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

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS" H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
*8K BOM) 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

11.0

5-YEAR
TREASURY SECURITIES

FEDERAL.
FUNDS RATE

DISCOUNT RATE

I

FEB

MAR

15 20

12 26 10 2 4

APR

7

21

AUG

3-MONTH
TREASURY BILL

4 18

2

SEP

16 30 13 27

NOV

II

DEC

25

8 22

5 10

4 18

FEB

MAR

I

15 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* APRIL 8, 1088.

1988
FEB.

MAR.

APR.

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

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

l-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
6.51
6.62
6.82

5.67
5.65
5.72
5.63
5.63
5.73
5.64
5.77
5.74
5.97

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

6.22
6. 16
6.27
6.20
6.20
6.28
6.23
6.35
6.36
6.56

7.73
7.67
7.79
7.70
7.63
7.78
7.78
7.95
8.03
8. 19

8.43
8.42
8.55
8.46
8.44
8.60
8.63
8.77
8.85
8.90

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY
. AvcBASPSTifWni&l.flii COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
* AvfcKAUfco Ur HATES AVAILABLE

SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
W» AUCTION AVERAGE (DISCOUNT)


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

3000

3000

BILLIONS
2953.7

2948.0

2955.0
2966.0
2974.9
2979.5

2900

2825

2825

2 16

2 16 30 19 27 II 25
APR
MAY

I I I I
8 22

6 20

3 17 31

14 28 12 26

9 23

7 21
DEC

4 18
JAN

1

15 29 14 28 II 25

LATEST DATA PLOTTED WEEK ENDING: MARCH 28. 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE
M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
TO U.S. RESIDENTS B* FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS. SAVINGS AND
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUNDS.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
3/30/87

6/29/87

8/3S/87

3.0
3.3
3.6
3.3
3.2
3.6
4.3
4.7

4. 1
4.6
3.8
3.5
4.2
5.0
5.5

5.5
3.9
3.4
4.4
5.5
6. 1

AVERAGE OF FOUR WEEKS ENDING:

9/28/87 10/26/87 11/30/87 12/28/87

1/25/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/31/87
9/28/87
10/26/87
11/30/87
12/28/87
1/25/8S
2/29/68
3/28/88


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

3.5
3.0
4.2
5.6
6.2

1.6
3.6
5.4
6.2

5. 1
7.1
7.7

9.4
9.6

10. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOSITS i'
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLi ons OF DOLLARS
1880 z—1------------ 1----------- 1---------I860
1840
1820
1800
1780

BILLIONS OF DOLLARS
=

Z_ COMPOUNDED ANNUAL R ATES
Z OF CHANGE, AVERAGE [)F
— THE FOUR *EEKS END 1 MG
— MARCH 28, 1988 FROM
Z
THE FOUR WEEKS END 1 MG;
— JAN.
=
DEC.
=
NOV.

25,
28,
30,

- SEP'. 28;
z_ JU N. 29,
_ uan. JO,

1988
1987
1987

12!
11.
10.

1840

/

15.
12.
11.

1987
1987
1987

1860
=
=

--

=
*

----- TOTAL TIME

/"

1EP0S

'
=
z

1760

z

E

1740

z

z

1740

1720

1720
z

L988

1700

FEB .

z
1680
1660

.

r

111
0

1111

XI1

111

1111

111

1111

111

XLL 1 1 1 l

1 1 1

xll]

B ILL 101

=

22
1850.3
Z
29
1855.9
Z
7
1860.0
—
14
1864.2
Z
21
1866.3
Z
28
1867.4 —
i i i i 1 i i i 1 i i i!

BILLIONS OF DOLLARS
500 ---------- 1------------- r-

FEB.

22

489.0

7

489.6
490.2
489.0
LARGE TIME DEPOSITS

2 10

FEB

2 16 SO 13 27

MAR

APR

1660

BILLIONS OF DOLLARS
------ ---------------------- 500

BILLIONS

MAR.

1680

0

LATEST DATA PLOTTED WEEK ENDING. MARCH 28, 1988

1936

1700

It

MAY

25

8 22

JUN

6 20

JUL
1987

3

17 31

AUG

14 28 12 26

SEP

OCT

9 23

NOV

7 21

4 18

DEC

JAN

1

15 29 14 26 II

25

FEB
MAR
1988

LATEST DATA PLOTTED WEEK ENDING. MARCH 28, 1988
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
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

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.5
i---------- 1--------

135ft

30

BILLIONS OF DOLLARS
------ ------------- ----------- 3.5

MILLIONS

2465

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING* APRIL 6, 1986
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

---- ---------- -------- 2.5

ADJUSTMENT + SEASONAL
BORROWINGS

I I I I
4 18

4 18

I

FEB

MAR

APR

15 29 13 27 10 24

MAY

JUN

8 22

JUL
1987

5 10

AUG

2 16 50 14 28 11

SEP

OCT

NOV

25

0 23

DEC

8 20

3 17

JAN

FEB

2 16 30 13 27

MAR
1988

APR

LATEST DATA PLOTTED WEEK ENDING* APRIL 8, 1988


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS

I FEB. 17
24
- MAR. 2
U
9
16
_
23

NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

r
—
MILLION! 5.
87,54
88.55S
91 62!
91,91!
94,004
92.46C

__

A

r\‘

-

N

1 *** Nr

^

m il
pTTT

'

JL

Kj

-

*

A/
rJ

^o

at

d

80

—

\ '

UH

-------

1Lable

too

H ill

*
- 1988

11111

100

°N.

75

80

75
!m

111

-LLl .1

1 1 1

1 1 1

1 111

111

MAR

APR

MAY

JUN

JUL
1987

AUG

INI -LLL- -LI 1

1 1 1 1

-LLL -LLL .mi

0 23

FEB

SEP

OCT

NOV

0 20

3 17

JAN

DEC

FEB MAR
1988

-LLL

2 16 30 13 27

APR

LATEST DATA PLOTTED WEEK ENDINGt MARCH 23, 1988
* CASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u
AND
INDUSTRIAL

. ( COMMERCIAL

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
295 ---------- --------------------

)

BILLIONS OF DOLLARS
------1------------- 1---------- 295
COMPOUNDED ANNUAL RATES
_
OF CHANGE. AVERAGE OF
THE FOUR ftEEKS ENDING
“
DECEMBER 30, 1987 FROM
~
THE FOUR WE^KS ENDINGt —
OCT.
SEP.
SEP.
JUL.
JUL.
APR.
l\Cr

28,
30,
2,
29,
1,
1,
»1 '
31,

1987
1987
1987
1987
1987
1987
• nae
1986

NOV. 25
DEC. 2

-0.7

276,743
276,566
277,744
276,596

II 1 I I
NOV

DEC
1986

JAN

FEB

MAR

APR

MAY

9 23

JUN
,9|

7 21

4 16

OCT

.11111

NOV

2 16 30 13 27

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 30, 1987
1/ BUSINESS LOANS INCLUDE BANKERS1 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

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