Full text of U.S. Financial Data : August 23, 1990

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RESEARCH

library

Federal Reserve Bank

ofSlK “ linancial Data

augFm^O

August 23, 1990

THE WEEK’S HIGHLIGHTS:
is

There has been a sharp rise in the growth rate of currency and a
sharp slowing in the growth rate of total checkable deposits (TCD)
since December 1989. This has resulted in a similar rise in the
public's holding of currency relative to TCD and a sharp decline
in the money multiplier (see page 4).

is

The seasonally adjusted merchandise trade deficit narrowed to $5.07
billion in June from a revised $7.77 billion in May. The June figure
was the smallest since a $4.17 billion shortfall in December 1983.

^

The federal budget deficit for July was $25.9 billion, bringing the
deficit for the current fiscal year to $189.1 billion compared with
$123.7 billion for the same period in fiscal year 1989.
New factory orders for durable goods rose a seasonally adjusted 2.9
percent in July. For the year thus far, durable goods orders are down
0.6 percent from the same period in 1989.


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Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLION

— JUL

M 26 12 26

306.9
309.0
307.7
310.8
309.8

0 29

4
SEP

OCT

FEB

MAR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: AUGUST 22,

18

2

APR

16 90 15 27 II 25
JUN
JUL

8 22

1990

THE ADJUSTED MONETARY 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 PERIODS ENDING:
8/23/89

11/15/89

1/24/90

2/21/90

3/21/90

4/18/90

5/16/90

6/27/90

7.5
9.1
8. 1
8.5
8.0
7.7
8.0

5.5
4.8
6.3
6.2
6. I
6.7

9.0
9.6
8.3
7.8
8.3

7. 1
6.5
6.3
7.2

7.8
7.2
8.0

5.7
7.2

8.3

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
1/24/90
2/21/90
3/21/90
4/18/90
5/16/90
6/27/90
7/25/90
8/22/90


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Federal Reserve Bank of St. Louis

7.8
6. 1
7.2
6.8
7.2
7.0
6.9
7.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

825

BILLIONS
810.3
807.7
807.5
809. 1
812.9

775

I I I I
5

19

3 17 31

14 28 11 25
AUG
SEP

9 23

6 20
NOV

4 18
DEC

1

15 29 12 26 12 26
FEB
MAR

1989

9 23

7 21

1990

LATEST DATA PLOTTED WEEK ENDING:

AUGUST 13,

1990

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,
8/14/89

11/13/89

AVERAGE OF FOUR WEEKS ENDING:

1/15/90

2/12/90

3/12/90

5.8
5.5
3. 1
3.0
3.6
3. 1

8.5
4.4
4.0
4.5
3.7

0.8
1.3
2.6
2.1

4/16/90

5/14/90

6/11/90

4.5
3.0

3.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/15/90
2/12/90
3/12/90
4/16/90
5/14/90
6/11/90
7/16/90
8/13/90

5.3
4.3
5.4
5.3
4.3
4.2
4.4
4.0


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Federal Reserve Bank of St. Louis

4.2
6.3
5.9
4.3
4. 1
4.4
3.9

-0.9
1.8
1.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

1

1

1990
MAY
JUN.

28
11
25
9
23
6

JU L.
AU G.

RATIO
3.0

1
RATIO
2.642
2.632
2.616
2.64
2.59*
2.61

Ml Ml LTIPLI :r

A,
!lll

XLL J_LL llll

12 26

JUN

10 24

7 21

JUL

AUG

1 l l

111

16 SO 13 27

SEP
1989

OCT

NOV

II

25

DEC

INI XLL 1 1 1 XLL.L 111 XLL 1111
8 22 5 19 5 19 2 16 30 14 28 II 25 9 23
JAN
FEB
MAR
APR
MAY
JUN
JUL
1990

LATEST DATA PLOTTED TWO WEEKS ENDING; AUGUST 6,

•

2.6

in8
6 20

AUG

1990

BILLIONS OF DOLLARS
2« ---------- 1------------- 1------

BILLIONS OF DOLLARS
------------------- ----------- 242

- COMPOUNDED ANNUAL RATES
-__OF CHANGE. AVERAGE OF
___THE FOUR WEEKS ENDING
AUGUST 13. 1990 FROM
“ THE FOUR WEEKS ENDING:
— MAY
_ APR.
_ MAR.

II,
14,
ID,
12,
12,
13,

1990
1990
I
1990
1990
1989

11.2

CURRENCY

129&

BILLION?
235.9

236.9
237. 1
1.1 1 I 1 I I I I I I I I I I I
S 19

JUN

3

IT 31

JUL

14 23

AUG

11

23

SEP
1989

9 23

OCT

8 20

4 18

NOV

DEC

LATEST DATA PLOTTED KEEK ENDING: AUGUST IS,

I

15 29 12 28 12 28

JAN

FEB

MAR

9 23

7 21

APR
MAY
1990

JUN

JUL

AUG

1990

1/ RATIO OF MONEY STOCK (Ml I TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B 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
580 ---------- 1------------- 1------

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

568.5
565.0
563.9
568.6
569.6

5 IS

JUN

3 17 31

JUL

14 28 II

AUG

25

SEP
1989

S 23
OCT

8 20
NOV

4 18
DEC

I 15 20 12 26 12 28 8 23
JAN
FEB
MAR
APR

7 21
MAY

JUN

JUL

AUG

1990

LATEST DATA PLOTTED WEEK END INGt AUGUST

13,

1990

DEPOSITORY^NSTITUT?ONSS ‘S ™E SUM °F DEMAND 0EP0SITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
8/14/89

11/13/89

1/15/90

2/12/90

3.3
3.0
0.3
0. 1
1 .0
0. 1

7.7
2.6
1.9
2.5
1.2

AVERAGE OF FOUR WEEKS ENDING:

3/12/90

4/16/90

5/14/90

6/11/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
1/15/90
2/12/90
3/12/90
4/16/90
5/14/90
6/11/90
7/16/90
8/13/90

5. 1
3.2
4.6
4.3
3.0
2.7
2.9
2.2


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Federal Reserve Bank of St. Louis

1 .9
4.7
4.2
2.2
1.9
2.3
1.5

- 2.3
- 1.7
0.0
- 1.0

-4.4
-1.0
-2.0

2.4
-0.1

0. 1

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
BONDS

OCT

NOV

JAN

APR

FEB

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, AUGUST 24,

1990
JUNE

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

1990.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS K*

8.25
8.22
8.21
8.24
8.27
8.24
8.25
8.04
7.98
7.89
7.87
7.94
8.05

8. 18
8. 17
8. 18
8.24
8.25
8.23
8.23
8.02
7.97
7.89
7.92
8.01
8.06

8.01
7.96
7.99
8.03
8.04
7.98
7.98
7.82
7.77
7.62
7.65
7.75
7.87

9.38
9.27
9.21
9.26
9.27
9.23
9.26
9.24
9.26
9. 19
9.34
9.37
9.43

10.29
10.21
10. 19
10.24
10.25
10.20
10.23
10. 19
10.19
10. 14
10.34
10.36
10.50

7.26
7.21
7.20
7.28
7.27
7.24
7.21
7. 17
7. 15
7.08
7.22
7.26
N. A.

NOTE,
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
** BOND 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
11

PERCENT

11 .0

.0

5-YEAR
TREASURY SECURITIES

3-MONTH
TREASURY BILL
7.0

DISCOUNT RATE

I I I I
2

10 30

14 28

II

25

8 22

6 20

3 17

OCT

NOV

I

15 29 12 20

JAN

9 23

9 23

0 20

4

18

FEB

1989

1990

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING*. AUGUST 24, 1990.

1990
JUNE

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

FEDERAL
FUNDS ##

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL xuet

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
8.07
8.13
8.30

7.74
7.70
7.70
7.74
7.77
7.71
7.73
7.57
7.53
7.43
7.37
7.45
7.56

7.74
7.62
7.64
7.64
7.67
7.60
7.75
7.52
7.40
7.37
7. 19
7.31
7.45

7.61
7.51
7.50
7.57
7.57
7.49
7.53
7.34
7.33
7. 16
7. 18
7.22
7.37

8.52
8.41
8.39
8.47
8.45
8.36
8.43
8.31
8.30
8. 12
8.36
8.39
8.56

8.71
8.58
8.55
8.63
8.63
8.58
8.67
8.64
8.65
8.52
8.91
8.93
9.05

NOTEt
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
w___SECURITIES WHICH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
* AVERAGES OF RATES AVAILABLE
SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
AUCTI ON AVERAGE ( DISCOUNT )


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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
3325

BILLIONS OF DOLLARS
3325

ILL IONS
3300

— JUL

3275

— AUG

3285.7
3280.8
3281.0
3299.8

3225

3225

3200

3175

3150

3100

II I I
5 19

3

17 31

14 28 II 25

AUG

SEP

9 23

6 20

4

NOV

DEC

18

1

15 29

12 26

FEB

12 26

9 23

MAR

7 21

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING* AUGUST 13, 1990
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.6 RELEASE.

MONEY STOCK ( M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
8/14/89

11/13/89

AVERAGE OF FOUR WEEKS ENDING:

/15/90

2/12/90

3/12/90

7.4
6. 1
4.6
3.4
3.6
3.3

6.2
4. 1
2.8
3.2
2.9

2. 1
1 .0
2.0
1.8

4/16/90

5/14/90

6/11/90

1.9
1.7

3. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/15/90
2/12/90
3/12/90
4/16/90
5/14/90
6/11/90
7/16/90
8/13/90

6.9
6.8
7. 1
6.6
5.9
5.2
5. 1
4.8


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Federal Reserve Bank of St. Louis

6.7
7.2
6.5
5.4
4.5
4.5
4.1

-0.9
1.2
1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
2200 ---------- 1------------- r-

2170

_

ILLIONS OF DOLLARS

-i---------------------- 2200

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
AUGUST 13. 1990 FROM
.
THE FOUR WEEKS ENDING:

"
JUN.
“
MAY
“
APR.
- MAR.
- FEB.
- NOV.
- AUG.

II,
14,
16,
12,
12,
13,
14,

1990
1990
1990
1990
1990
1989
1989

2170

-0.8
-1.0
-1.2
-1.3
-1.1
-0.7
-0.4

TOTAL TIME DEPOSITS

2110

2080

2080

12912

BILLION?

_

2096.6
2096.6
2095.2
2092.6
2094.3
2094.I

2050

1111111111111111
LATEST DATA PLOTTED WEEK ENDING: AUGUST 13,

1990

IILL IONS OF DOLLARS
590 ----------------------------r-

ILLIONS OF DOLLARS
-l--------------- 1-----------

1222

BILLION?
532.2
532.5
530.4
527.4
527.5
526.2

LARGE TIME DEPOSITS

5 19

3 17 31

14 28 11

AUG

25

9 23

SEP

LATEST DATA PLOTTED WEEK ENDING:

6 20

4 18

NOV

DEC

AUGUST 13,

I

IS 29 12 28 12 28

FEB

MAR

9 23

4

MAY

18

2

16 30 13 27

JUN

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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

590

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5 r----------1------------1----------

BILLIONS OF DOLLARS

---------------------------- 4-5

MILL LONS.

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 22,

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1920.

MILLIONS. _

ADJUSTMENT + SEASONAL
BORROWINGS

5

JUN

19

JUL

2

16 30

AUG

13 27

SEP

II

OCT

25

8 22

NOV

8 20

DEC

3

IT 31

JAN

1989
LATEST DATA PLOTTED WEEK ENDINGt AUGUST 22,


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

14 28

FEB

M 28

MAR

II

25

APR

9 23

MAY

6 20

4

JUN

JUL

18

I

IS 29

AUG

1990
1990

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
160 r---------1---------- 1--------

BILLIONS OF DOLLARS
------ ----------- -----------160

MILLIONS.
JUL. 11

AUG.

I

146,805
144,058
145,064

7 21

5 IB

JUN

JUL

2

IS 30 IS 27 II

AUG

25

SEP
1989

8 22

NOV

6 20

DEC

LATEST DATA PLOTTED WEEK ENDING: AUGUST 15,

3 17 31

JAN

14 28 14 28 11

FEB

MAR

APR

25

B 23

MAY
1990

6 20

4

JUN

JUL

18

I

IS 2B

AUG

1990

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
StASONALLY ADJUSTED

BILLIONS OF DOLLARS

336

ILL IONS OF DOLLARS
—i---------- -------------- 336

---------- 1---------- 1-------COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING

JUN. 6,
9,
APR. 11

1990
1990

7,
i,
9,

1990
1989
1969

AUG.

-0.5

JUL.

4
323,515

AUG.

7 21

5 IB

JUN

JUL

2 16 30 13 27 II

SEP
1989

25

8 22

6 20

3 17 31

OCT

LATEST DATA PLOTTED WEEK ENDING: AUGUST 8,

14 28 14 28 11

FEB

MAR

23

1

B 23 6
mill

APR

20

JUN

li-i1 111
15 2B

4 18

JUL

1990
1990

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST.

11

LOUIS

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

1973-100
106

1SZ3-1QQ
90.0
89.3

5 IB

JUN

JUL

2 IS SO 13 27 II 25
SEP
OCT
1989

8 22

6 20

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 22,
NOTE-.

3 17 SI

14 28 14 28 II 25

FEB

MAR

B 23

S 20

A

IS

I

15 29

APR

1990

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