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ntsra
Fedeja fe&e fair

lancial Data

or si. louts------.__________
y ugust 11, 1988
Atlfi 1 6 1988

THE WEEK'S HIGHLIGHTS:
t*

Ml increased at a 7.6 percent annual rate from the four weeks ending
February 29 to the four weeks ending August 1. This is nearly double
the 3.9 percent rate for an equal period ending February 29 (see page 3).

is

The Federal Reserve raised the discount rate (the rate it charges
depository institutions when they borrow from the Fed) from 6 to
6.50 percent, effective August 9. The discount rate increase, which
comes after the spread between the federal funds rate and the discount
rate had widened to about 175 basis points, is the first change since
early September 1987.

ts

Commercial banks increased their prime lending rate on August 11
from 9.50 to 10 percent. This is the third increase in the prime since
short- and long-term interest rates began to rise in late March (see
page 6).

v

Payroll employment showed continued strength in July, increasing
at a 3.3 percent rate from the previous month and up 3.8 percent
from the previous year.

THE
FEDERAL
>RESERVE
JZk HANK of
nr

st.

unis


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
286 ---------- ,------------- 1------

ISfifi

BILLIONS OF DOLLARS
------------------------------ 286

BILLIONS.

JUN.

1

276.2

AUG.

10

279.9

I I I I
3 17

II!

JUN

JUL

29 12 26

AUG

9 23

SEP
1987

7 21

4 18

OCT

NOV

2 18 30 13 27 10 24

DEC

JAN

FEB

9 23

MAR

8 20

APR

4 18

MAY
1988

I

13 29

JUN

13 27

JUL

10 24

AUG

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt AUGUST 10, 1988
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERYE_BANKS*_CURRENCY ... _________ ____ ICURRENCY HELD 3Y THE PUBLIC Af«.................. VAULTS OF ALL
ntoLiut oru'Bxo, v.wnnc.m.1 IN.CIRCULATION___________ ....... .....
...... .... .......... IN THE ..
DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT FOR RESERVE REQUIREMENT RATIO CHANGES.
THE MAJOR
SOURCE OF^THE.ADJUSTED_MONETARY_BASE |S FEDERAL.RESERVE CREDIT
------- ARE COMPUTED BY THIS
DATA -------------------BANK.
A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY BASE IS AVAILABLE FROM THISBAf*.
------- ------------------------RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF TWO MAINTENANCE PER 1ODS ENDINGt
8/12/87

11/4/87

1/13/88

2/10/88

9.7
6.8
7.2
8.0
7.1
7.2
T.S,

7.2
7.8
9.0
7.4
7.5
7.6

2.9
6.0
5. 1
5.6
6.0

3/9/88

4/6/88

5/4/88

6/15/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
1/13/88
2/10/88
3/ 9/88
4/ 8/88
5/ 4/88
6/15/88
7/13/88
8/10/88

7.6
9.2
7.5
7.7
8.2
7.5
7.5
7.6


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

10.7
7.4
7,6
7.7

6.8
7.2
7.5

5.2
6.0

8.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
790 r----------- 1---------- 1------

JLSSS.
JUN.
JUL.

27
4

13 27

BILLIONS OF DOLLARS
----------------------------=] 790

BILLIONS
778.9
777.5
784.9
781.8
781.9
784.4

10 24

7 21

S 19

SEP

OCT

2 10 90 14 29 II

DEC

25

8 22

7 21

4 18

2

JAN

10 30 19 27

JUN

II 25

8 22

JUL

LATEST DATA PLOTTED WEEK ENDINGt AUGUST I, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.
^pilT?AaKMT^vi!!SiNSSE^D BY THE N0NBANK PUBL,C* DEMAND DEP0S,TS' 0THER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
8/3/87

11/2/87

2.3
4.6
3.7
4.3
5. 1
4.2
4.8
5.3

1 .8
0.9
2.4
3.9
2.8
3.9
4.6

1/4/88

AVERAGE OF FOUR WEEKS ENDING:

2/1/88

2/29/88

4/4/88

3.3
6.0
3.6
5. 1
6. 1

9.6
5.4
6.8
7.6

4.0
6.4
7.6

5/2/88

5/30/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING'.
1/ 4/88
2/ 1/88
2/29/88
4/ 4/88
5/ 2/88
5/30/88
7/ 4/88
8/ 1/88


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

7.6
7.6
8.7
6.2
7.0
7.6

4.0
6.2

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
3.0

Ml MULTIPLIER

15 29 19 27 10 24

7 21

5 19

2 10 90 14 28 11

DEC

25

8 22

LATEST DATA PLOTTED TWO WEEKS ENDINGt JULY 25,

7 21

4

MAR

JAN

APR

18

2 18 90 19 27

JUN

11

25

1988
BILLIONS OF DOLLARS
212

BILLIONS OF DOLLARS

212

_

208

- COMPOUNDED ANNUAL RAT ES
-__OF CHANGE. AVERAGE OF
___THE FOUR WEEKS END 1NG
.
AUGUST 1, 1988 FROM
“ THE FOUR WEEKS ENDING
1988
1988
1988
1988
1988
1987

m i

- MAY
30 r
- MAY
2,
_
APR. A,
FEB. 29,
"
FEB.
1
“
NOV. 2,

1

208

9.1
7.9
8.1
8.7
8.0
9.2

_
i

1

CURRE NCY

i

^

/

J

i i

----- -

i i

1

8 22

JUL

/

196

111

-

■
“

13!
W:

AUG.

!llll J_LL
I

15 20 19 27

JUN

JUL

1 1 1 1
10 24

AUG

-LLL -LLL III! -LLL -LLL

1 1 1 1

NOV

FEB

7 21

SEP
1987

2 18 90 14 28 II 25

OCT

DEC

JAN

8 22

-LLL -LLL
4 18

MAR

APR

a

p. i

27
4
11
18
25
1

uu i vi

206.1
205.7
206.0
206.3
207.0
207.0

1 1-1. 1 11111111
2 18 90 19 27

MAY
1988

JUN

11

188
Lli i_l.

2

JUL

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 1, 1988
1/ RATIO OF MONEY STOCK (Ml J 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

192

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
580 ------------- 1---------- 1------

BILLIONS OF DOLLARS
------ ----------- ------------- 580

565.6
564.6
571.7
568.0
567.6
570.2

I

15 28 13 27 10 24

JUN

JUL

AUG

7 21

SEP
1987

5 19

OCT

2 IS 30 14 28 11 25

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: AUGUST 1,

JAN

8 22

7 21

4

MAR

FEB

APR

18

2

18 30 13 27

MAY
1988

JUN

11

25

JUL

8 22

AUG

1988

DEPOSITORYKt^TITUT?ONSS 18 THE SUM 0F DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
8/3/87

11/2/87

-0.2
2.5
1 .6
2.3
3.4
2.4
3.3
4.0

-1 .7
-2.2
-0.3
1 .7
0.5
2.0
3. 1

1/4/88

2/1/88

AVERAGE OF FOUR WEEKS ENDING:

2/29/88

4/4/88

5/2/68

5/30/88

2.8
5.7

12.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 4/88
2/ 1/88
2/29/88
4/ 4/88
5/ 2/88
5/30/88
7/ 4/88
8/ 1/88


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

6.7
6.7
8.2
5. 1
6.3
7.1

1.9
5.3
2.2
4.3
5.5

9.6
4. 1
6. 1
7.3

2.6
6.0
7.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

11.0

CORPORATE

t ME BANK
)AN RATE

MUNICIPAL
BONDS

7.0

5 10

JUN

3 IT 31

JUL

14 28 11

AUG

25

SEP
1987

0 23

OCT

6 20

A

NOV

DEC

18

1

15 20 12 26 11

JAN

FEB

25

MAR

8 22

6 20

APR
MAY
1988

3 17

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 12,

1988
JUNE

3
10
17
24
JULY
1
8
15
22
29
AUG.
5
12 X
19
26

AUG

1988.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.50
7.45
7.44
7.55
7.62
7.76
7.91
8.03
8.08
8. 10
8.21

7.38
7.36
7.35
7.43
7.56
7.60
7.68
7.79
7.82
7.85
7.95

7.34
7.33
7.33
7.43
7.48
7.59
7.76
7.86
7.92
7.94
8.09

10.00
9.93
9.80
9.79
9.82
9.84
9.95
10.03
10.03
10.00
10.07

11.09
1 1 .08
10.97
10.94
10.97
11 .02
11.11
11.14
11.20
11.16
11.17

7.87
7.78
7.73
7.77
7.74
7.75
7.77
7.77
7.76
7.69
N. A.

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
* AVERAGES OF RATES AVAILABLE
** 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—

5-YEAR
TREASURY SECURITIES

DISCOUNT RATE

5 tO

JUN

3 IT 31

JUL

14 28 II

AUG

3-MONTH
TREASURY BILL

25

SEP
1987

0 23

OCT

6 20

4 18

I

NOV

DEC

JAN

IS 29 12 28 II

FEB

25

MAR

8 22

6 20

APR
MAY
1988

3 17

JUN

I

IS 29

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDlNGt AUGUST 12,

1988
JUNE

3
10
17
24
JULY
1
8
15
22
29
AUG.
5
12 X
19
26

12 26

AUG

1988.

FEDERAL
FUNDS sat

3-MONTH
TREASURY
BILL

8-MONTH
TREASURY
BILL soot

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.41
7.37
7.43
7.54
7.63
7.81
7.59
7.83
7.80
7.84
7.75

6.45
6.43
6.36
6.50
6.57
6.58
6.70
6.72
6.93
6.89
6.96

6.83
6.72
6.67
6.83
6.75
6.71
6.99
7.09
7.09
7.15
7.26

7.08
6.97
6.91
7.02
7.01
7. 1 1
7.25
7.25
7.31
7.34
7.55

8.61
8.50
8.41
8.52
8.46
8.51
8.67
8.72
8.74
8.67
8.84

9.25
9. 15
9.08
9. 12
9.06
9. 17
9.31
9.35
9.32
9.21
9.37

N0TE‘ SySRI1!*!
APPEAR IN THE BOARD OF GOVERNORS' H. 15 RELEASE EXCLUDING LONG-TERM TREASURY
* *VERAMsUOFTRlfE?HAVAILjBLE0UPUTED 8V ™IS BAI*' TREASURY BILL YIELDS ARE ON A D1SC0UNTBASIS.

sjwwfflmjxjsR™


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

oavs ew,lier

date

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
3050

3000

2900

2850

1

15 29 15 27

10 24

7 21

SEP
1987

5 19

2

10 50 14 25 II

DEC

OCT

25

6 22

7 21

19

2

JAN

19 90 15 27

JUN

II

25

8 22

JUL

LATEST DATA PLOTTED WEEK ENDING: AUGUST I, 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
TCMJ.S^ RESmENTS^BY FgREU^BRANCHES^OF U^.S. J3ANKS,#fsMONEY MARKET DEPOSIT ACCpUNTS^SAVJNOS AND
AND GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUN6S.
__L TIME____ _
DETA
TAIL, SEE THE H
RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
8/3/87

11/2/87

3.5
4.8
5.2
5.9
6.2
6. 1
5.9
5.7

4.6
5.4
6.4
6.8
6.5
6.3
6.0

1/4/88

AVERAGE OF FOUR WEEKS ENDING:

2/1/88

2/29/88

4/4/88

5/2/88

5/30/88

9.3
9. 1
8.0
7.3
6.7

9.6
8.0
7. 1
6.4

6.6
5.9
5.3

4.7
4.3

4.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 4/88
2/ 1/88
2/29/88
4/ 4/88
5/ 2/88
5/30/88
7/ 4/88
8/ 1/88


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

10. 1
10. 1
9.8
8.8
8.0
7.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS^
LARGE TIME DEPOSITS v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1 1

1

-1.111
TOTAL TIME )EPOS TS

1

1111

1

COMPOUNDED ANNUAL RA1 ES
OF CHANGE. AVERAGE OF
THE FOUR iJlEEKS END INC
AUGUST 1, 1988 FROM
THE FOUR WEEKS END INC *
- MAY
30, 1988
8.3
- MAY
2, 1988
8.3
I APR.
4, 1988
8.9
- FEB.
29, 1988
9.4
- FEB.
1. 1988 10.9
- NOV •
2, 1987
11.0
I AUG .
3, 1987
10.5

1 1

1820

19!)?

0 ILL 1 PI

1111

W: 27

AUG.
*1111

u 1

.ini Xl.l

111

mi

111

111

1111

111

111 J 1 1.1

4
11
18
25
1

IS

IN I

1111 -1 1 1 1

1790

1820

1909.€
1909.
1915.
1919.
1921.
1924.C

1111

1850

I
_

M ill

1910

BILLIONS OF DOLLARS
1940
1

BILLIONS OF DOLLARS
1940
-------------1---------- 1------------- 1----------

1790

1760

1730

Lj.h lilllw

LATEST DATA PLOTTED WEEK ENDINGi AUGUST I, 1988
BILLIONS OF DOLLARS
520 ------------- ,---------- r-

4

BILLIONS OF DOLLARS
—I---------- -------------- 520

503.9
503.2
507.6
510.2
510.3
510.5
LARGE TIME DEPOSITS

1

19 29 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 M 28 11

DEC

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 1,

25

JAN

8 22

7 21

4 18

MAR

APR

2 16 30 13 27

JUN

II

25

8 22

JUL

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 FEOERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

13
20

3878
3138

3
10

3502
3178

BILLIONS OF DOLLARS

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING. AUGUST 10, 1988
BILLIONS OF DOLLARS

6
13

1301
1332

3

BILLIONS OF DOLLARS

856

ADJUSTMENT + SEASONAL
BORROWINGS

I I I I
3

17

I

16 29 12 20

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27

JAN

10 24

FEB

fl 23

6 20

4 18

APR

I

18 28 IS 27 10 24

MAY

LATEST DATA PLOTTED WEEK ENDING* AUGUST 10, 1986


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
BILLIONS OF DOLLARS
100 ----------r
i
—
- 13SS.
MILLION5.

,«S A.

r'

A

rJ \

=

-

_LU
1

n

1

‘l 1 1

J

A

1

A

1

r\A.

i'Sv

M

85

7\

1

/—\

1

1

90,65*
91,26
90,225
91,25.
90,95: i
91.51'

1

JJLLL

BILLIONS OF DOLLARS
100

1

_ JUN. 29
- JUL. 6
13
20
27
- AUG. 3

NOT SEASONALLY ADJUSTED

75
1 1 1 1

111

INI

111

111

Mil

1 1 1

111

JUL

AUG

SEP
1987

OCT

NOV

DEC

JAN

FEB

,1 1 1 L _LU_ J_LL -LI 1 1. . 1 1 1 -LLLL
9 29

JUN

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 3,

MAR

6

1

APR

MAY
1988

15 29 19 27

JUN

JUL

10 24

AUG

1988

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

BUSINESS LOANS v

( COMMtKUIAL AND J NDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
305 ---------- ,------------- ,------

BILLIONS OF DOLLARS
------------------------------- 305

“ COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
“ JULY 27
1988 FROM
“ MAY

25,

«rn. cr .

1988
iyoo

MAR. 30,

1988

rto.

i aoo

_ JAN. 27,
! • CO,
~ JUL. 29,

1988
!
1987

JUN. 22
JUL.

6

298,786
300,187
302,815

ULL1 J I I

11.1 ,1 I
4 18

OCT

2

NOV

16 90 19 27

JAN

10 24

FEB

1987
LATEST DATA PLOTTED WEEK ENDING. JULY 27,

9 29

6 20

APR

4

IS

I

-LL.1 1 I I 10

15 29 13 27

24

MAY
]383

1988

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN $1.4 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

INDEX

AVERAGES OF DAILY FIGURES

973-100

1973-100
------- 108

97.4
96.2
97.3

3 17

JUN

1

13 29 12 26

JUL

AUG

9

7 21

4 16

SEP
1987

OCT

NOV

2 16 30 13 27 10 24

DEC

JAN

FEB

9 23

MAR

6 20

APR

4 18

MAY
1988

I

13

JUN

13 27 10 24

JUL

AUG

LATEST DATA PLOTTED WEEK ENDING* AUGUST 10, 1988
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

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