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•y

FederaWesenJeBank
of St. Louts

AUGO

?U»S. F tnancial Data
August 2, 1990

THE WEEK'S HIGHLIGHTS:
v*

Real GNP grew at a 1.2 percent annual rate in the second quarter,
while its first-quarter rate of increase was revised downward from
1.9 percent to 1.7 percent. Reflecting the July revisions, output has
grown at a 1.2 percent rate during the past year.

^

The composite index of leading economic indicators was unchanged
in June, after decreasing at a revised 0.2 percent in April and
increasing at a revised 0.7 percent in May.

is

Construction spending was virtually unchanged in June, following
a revised 0.3 percent decline in May. June's level of spending was
3.7 percent above that of a year earlier.

^

Most interest rates have declined recently, after rising earlier in the
year. For example, the weekly rate on five-year Treasury securities
is about 90 basis points below its April peak, while the rate on threemonth Treasury bills is 49 basis points below its March peak.

FEDERAI
RESERVE
HANK of
ST 11)1 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

BILLIONS OF DOLLARS
316

BILLIONS
MAY

16

— JUN,

306.0
305.0
306.9

312

309.1
307.7
310.8
308

304

300

292

14 28 12 26

JUN

9 23

6 20

4

SEP

JUL

OCT

18

I

IS 28 13 27

10 24

7 21

7 21

4 18

FEB

MAR

APR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: JULY 25.

2 18 30 13 27

JUN

11

25

8 22

JUL

1990

THE ADJUSTED MOtETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS. CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT 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 PER 1ODS ENDING:
7/26/89

10/18/89

2/27/89

1/24/90

2/21/90

3/21/90

4/18/90

5/30/90

9.0
8.2
7.7
7. 1
6.8
7.3
7.1

8.9
10.8
8.9
8.0
8.5
8. 1

5.5
4.8
5. 1
6.2
6. 1

9.0
7.5
8.3
7.8

4.7
6.5
6.3

7.8
7.2

8.4

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
12/27/89
1/24/90
2/21/90
3/21/90
4/16/90
5/30/90
6/27/90
7/25/90

4.2
8.3
5.4
6.5
6.2
6. 1
6.5
6.4


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

809.4
817.9
810.6
807.9
808.0

5 19

9 17 91

14 2® II

AUG

25

SEP
1989

9 29

0

4 19

NOV

DEC

I

19 29 12 29 12 26

FEB

9 29

7 21

4

19

2 16 90 19 27

MAR
1990

LATEST DATA PLOTTED WEEK ENDINGt JULY 23. 1990
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.B 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,
7/24/89

10/23/89 12/25/89

AVERAGE OF FOUR WEEKS END 1NG;

1/22/90

2/26/90

3/26/90

4/23/90

5/21/90

5.9
5.8
3.5
3.5
3.7

5.7
2.5
2.8
3.2

0.9
1.9
2.6

0.2
1.6

4.1

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
12/25/89
1/22/90
2/26/90
3/26/90
4/23/90
5/21/90
6/25/90
7/23/90

4.4
4.6
4.8
4.9
5.0
4.2
4. 1
4.1


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

4.4
4.8
5.0
5.1
3.9
3.8
3.9

5.9
5.9
5.8
3.9
3.8
4.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
RATIO
3.0

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

------- 1----------1--------1-------1990
14
28
11
25
9
23

MAY
JUN.
JUL.

RATIO
2.630
2.642
2.633
2.61
2.64
2.601

Ml ML LTIPLI ;r
2.7
"V

2.6

’m
JUN

Mil

111

111

mi

JUl

AUG

SEP

OCT

111

■ 11

NOV

DEC

16 SO IS 27 It 25

1111 -LI 1
6 22

5 10

JAN

FEB

III -U.U- 1 1 1

1 1 1

5 10

2 16 SO 14 26 II

MAR

APR

MAY
1990

25

JUN

1 1 1 1

0 23

JUL

6 20

AUG

LATEST DATA PLOTTED TWO WEEKS ENDINGt JULY 23, 1990
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
238

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
~ THE FOUR *EEKS ENDING
— JULY 23, 1990 FROM
.
_
THE FOUR WEEKS ENDING:
-MAY
_
APR.
MAR.
— FEB.
— JAN.
_
OCT.
JUL.

21,
23,
26,
26,
22,
23,
24,

990
990
990
990
990
989
989

234

9.6
9.0
9.1
9.3
10.1
9.2
7.9

230

CURRENCY

222

1M
JUN.

BILLIONS

18
218

5 19

S 17 31

14 26 11

AUG

SEP

25

9 23

6 20

4 16

NOV

DEC

I

IS 29 12 26 12 26

FEB

9 23

■ill 1.1111
4 16

2

16 SO IS 27

MAR

LATEST DATA PLOTTED «CEK ENDINGt JULY 23. 1990
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
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
580

565.3
564.3
570

5 19

5 17 31

14 28 II 2S
AUG
SEP
1080

0 29

6 20
NOV

4 18
DEC

I

IS 29 12 28 12 28
FEB
MAR

9 29

7 21

4 18

2 18 90 19 27

1090

LATEST DATA PLOTTED WEEK ENDINOt JULY 23.

1000

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,
7/24/89

10/23/89 12/25/89

1/22/90

AVERAGE OF FOUR WEEKS ENDING:

2/26/90

3/26/90

4/23/90

5/21/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/25/80
1/22/00
2/28/00
3/28/00
4/23/00
5/21/00
8/25/00
7/23/00

4.4
4.0
3.9
4.0
4.0
2.8
2.6
2.6


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

3.0
3. 1
3.3
3.4
1.8
1,7
1.8

2.8
3.3
3.5
1 . I
1 . 1
1.4

3.8
3.9
0.9
0.9
1.2

4.2
- 0, 1
0.2
0.7

-2.3
-1.1
-0.1

-3.2
-1.3

1 .8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

PRIME BANK
LOAN RATE

CORPORATE
Aaa BONDS

90 DAY
CD'S

COMMERCIAL
PAPER

MUNICIPAL

2 IB 30 14 26

JUN

JUL

11

AUG

25

6 22

SEP
1989

fl 20

3

OCT

NOV

17

I

15 20 12 26

DEC

JAN

0 23

FEB

0 23

MAR

6 20

4

IB

APR
MAY
1990

I

15 20

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 3,

1990
JUNE

1
8
15
22
29
JULY
6
13
20
27
AUG.
3 *
10
17
24
31

13 27

JUL

10 24

AUG

1990.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

8.25
8.22
8.21
8.24
8.27
8.24
8.25
8.04
7.98
7.90

8.18
8. 17
8. 18
8.24
8.25
8.23
8.23
8.02
7.97
7.88

8.01
7.96
7.99
8.03
8.04
7.98
7.98
7.82
7.77
7.64

9.38
9.27
9.21
9.26
9.27
9.23
9.26
9.24
9.26
9.20

10.29
10.21
10. 19
10.24
10.25
10.20
10.23
10. 19
10. 19
10. 13

7.26
7.21
7.20
7.28
7.27
7.24
7.21
7. 17
7. 15
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

1 1.0

11.0

TREASURY

ITIES

FUK

TREAJ

DISCOUNT RATE

2

16 30 14 29 II

25

8 22

6 20

3 17

OCT

NOV

1

15 29 12 26

9 23

9 23

6 20

APR

1989

4

10

1

15 29 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. AUGUST 3,

1990
JUNE

1
8
15
22
29
JULY
6
13
20
27
AUG.
3 *
10
17
24
31

10 24

MAY
1990
1990.

FEDERAL
FUNDS X*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL »8BK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.19
8.26
8.30
8.28
8.28
8.33
8.28
8.14
8.05
8.03

7.74
7.70
7.70
7.74
7.77
7.71
7.73
7.57
7.53
7.47

7.74
7.62
7.64
7.64
7.67
7.60
7.75
7.52
7.40
7.37

7.61
7.51
7.50
7.57
7.57
7.49
7.53
7.34
7.33
7.18

8.52
8.41
8.39
8.47
8.45
8.36
8.43
8.31
8.30
8. 1 1

8.71
8.58
8.55
8.63
8.63
8.58
8.67
8.64
8.65
8.48

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY
_ *weo»3f£U5JTi£?.rS,HJ££,.,A?£. COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
* AVERAGES OF RATES AVAILABLE
** SEVEN-DAY AVERAGES FOR WEEK END ING TWO DAYS EARLIER THAN DATE SHOWN
**« AUCTI ON 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
3300

BILLIONS OF DOLLARS
3300

BILLIONS
3275

3270.8
3272.2
3277.9
3274.8
3273.9
3268.5

_ JUN

3200

3175

3125

3100

I I II
5 19

3 17 31

14 28 II

AUG

25

SEP
1989

I I I I

9 23

6 20

4 I0

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. JULY 23.

1

15 29 12 20 12 26

FEB

MAR

9 23

7 21

MAY
1990

4 t0

2 16 30 13 27

JUN

1990

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 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.6 RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
7/24/89

10/23/89 12/25/89

AVERAGE OF FOUR WEEKS ENDING:

1/22/90

2/26/90

3/26/90

7.2
5.7
3.9
3.1
2.9

4.1
2.2
1.6
1.7

0.4
0.3
0.7

4/23/90

5/21/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/25/89
1/22/90
2/26/90
3/26/90
4/23/90
5/21/90
8/25/90
7/23/90

7.4
6.8
7.0
6.9
6.4
5.6
5. 1
4.8


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

6.3
6.8
6.7
6.0
5.0
4.3
4.1

5.9
5.9
5. 1
3.8
3. 1
3.0

-0.6
0.3

1 . 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

2200 _

1

BILLIONS OF DOLLARS

2200

II

11 11

NTES
5F
*5
#5:

-1.
-1.
-1.*

-

1990
1989
1989

oi oi -i -i

JA N. 22,
OC T. 23,
JU L. 24,

TOTAL TIME

1EP0SI TS

11

1990
1990
1990

ii

“MAY
21,
”
APR. 23,
“
MAR. 26,

1111

- COMPOUNDED ANNUAL R
- OF CHANGE, AVERAGE
- THE FOUR WEEKS END 1
—JULY 23, 1990 FROM
_
THE FOUR WEEKS END 1

2110

IN I
2080

1111

-LLL -LLL

1111

-LLlJllllllllll

1990

BILLIONS OF DOLLARS
590 ---------- ------------- 1—

ILL IONS OF DOLLARS
590

t------------- 1----------

-L29Q
JUN.

BILLIONS

18
527.2
531.9
532.1
530. 1

LARGE TIME DEPOSITS

9 19

3 17 31

14 28 II

AUG

l" _

1 1 1

1

1 1 1

1

III!

|

111

CWf
2092..
2092.
2091.

1

111

2092.
2089 1

C
9
18
23

1

.in i

LATEST DATA PLOTTED WEEK ENDING: JULY 23,

18
25

.
111

JUh .

1

____

2

BILL 101

1

1 >90

SEP

25

9 23

8 20

4 18

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: JULY 23,

1

15 29 12 28 12 26

FEB

MAR

9

7 21

4

MAY

JUN

18

2

18 30 13 27

1990

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

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS

of

AVERAGES OF DAILY FIGURES

DOLLARS

BILLIONS OF DOLLARS
4.5

4.0
4
25

587
TOTAL BORROWINGS

I'

3.0

2.5

0.0
LATEST DATA PLOTTED WEEK ENDING: AUGUST I, 1090
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS
AUG.

I I I I 1 I I I
5 19

2 IS 50 13 27

SEP

25

• 22

6 20

5 17 31

14 20 14 29 II

25

9 23

0 20

4

19

I

15 29

OCT

LATEST DATA PLOTTED WEEK ENDING: AUGUST I, 1990


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

K

-»

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN. 20
JUL.

BILLIONS OF DOLLARS
160
155

152.042

4
150
145
140
135
130
125

S 10

2 16 30 13 27

SEP

II

25

8 22

6 20

3 17 31

OCT

14 28 14 28 11

FEB

LATEST DATA PLOTTED WEEK ENDING) JULY 25.

MAR

25

0

6 20

4 18

JUN

APR

JUL

I

15 28

1900

BUSINESS LOANS17
( 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
JULY 18. 1990 FROM
THE FOUR WEEKS ENDING; _
MAY
APR.
MAR.
FEB.
JAN.
OCT.
JUL.

16,
18,
21,
21,
17,
18.
19,

1990
1990
1990
1990
1990
1989
1989

-0.3
O.S
1.5
3.5
1.5
-0.7
1.1

-

JUL.

4

322,62
324,942

7 21

5 18

JUN

JUL

2 16 30 13 27 II

SEP

25

6 22

6 20

3 17 31

OCT

14 28 14 28 II

FEB

MAR

APR

1 1 1 I I 1 I 1 I II I I I I
0 23

6 20

4 18

JUN

JUL

I

15 29

LATEST DATA PLOTTED WEEK ENDING: JULY 18. 1990
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

DOLLAR'S TRADE-WEIGHTED EXCHANGE

INDEX

AVERAGES OF DAILY FIGURES
1973-100

1973-100

90.0

86.2

5 10

2 16 30 IS 27 II 25
SEP
OCT

8 22

8 20

9 17 31

14 28 14 28 11 25
FEB
MAR
APR

0 23

8 20
JUN

4 18
JUL

1

15 20

1990
LATEST DATA PLOTTED WEEK END INGt AUGUST 1,
NOTE.

1990

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.

id

LIBRARY


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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