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Federal TToserve Bank

-of St. Louis-------

D rr> 1

ibj^Srfinandal Data
December 13, 1990

THE WEEK'S HIGHLIGHTS:
s

The federal funds rate averaged 7.25 percent during the week ending
December 12, down from 7.60 percent during the previous week
and 8.29 percent in June.

^

The unemployment rate rose to 5.9 percent in November from 5.7
percent in October and September. The rate has trended upward since
June, when it was 5.2 percent.

*

Payroll employment fell by 267,000 in November, following a revised
decline of 178,000 in October. Since June, payroll employment has
declined by a total of 662,000 jobs, or at a 1.4 percent annual rate.

v*

Retail sales declined at a 1.7 percent annual rate in November, after
rising at a 4.9 percent rate between June and October. Retail sales
data are not adjusted for inflation.

*

The U.S. current account trade deficit widened to $25.59 billion
in the third quarter from $22.49 billion in the second quarter. Imports
rose, in part, because of higher prices for imported oil.


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
324 ---------- 1------------- 1------

ILL IONS OF DOLLARS
------ ---------------------- 324

317.8
_

NOV.

I I I I
1

15 28 13 27

10 24

7 21

7 21

4 18

FEB

4 18

MAR

APR

10

2 IB SO 13 27 11

JUN

3 17 31

14 28 12

NOV

JUL

DEC

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt DECEMBER 12, 1990
IAL INSTITUTIONS AT FEDERAL
IS THE SUM
THE ADJUSTED MONETAI
ntgtn,t BAMCS.
..4 CIRCULATION
N THE VAULTS OF ALL
RESERVE oOTw.
DEPOSITORY INSTITUTIONS) AND AN ADJUSTL_.. FOR RESERVE REQUIREMENT_______ CHANGES.
___________ RATIO CH
THE MAJOR
MENT
. CREDIT. DATA ARE COMPUTED BY THIS
SOURCE OF THE ADJUSTED MONETARY BASE IS FL
BASE IS AVAILABLE FROM THIS BAhK.
BANK.
A DETAILED DESCRIPTION OF THE ADJUS’
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
12/13/89

3/7/90

5/16/90

6/13/90

7/11/90

6.2
7.3
7.5
8.4
9.5
8.4
7.9

5.2
6.2
8.1
9.7
8.2
7.5

9.7
11.1
12.1
9.8
8.8

11.0
12.3
9.6
8.4

8/8/00

9/5/90 10/17/90

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
5/16/90
6/13/90
7/11/90
8/ 6/90
9/ 5/90
10/17/90
11/14/90
12/12/90


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

9.5
7.9
8.3
8.3
8.9
9.6
8.8
8.4

14.0
9.9
8.4

8.4
6.9

1.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1M

BILLIONS OF DOLLARS
840

glLLIflNS

825.6
819.0

820

l H SO IJ IT II M

NOV

8 22

5 IB

S IB

2 It 30 M 20 II IS

DEC

MAY

B 25

6 20

5 17

AUG

JUN

SEP

20 12 20 10 24

LATEST DATA PLOTTED WEEK ENDING, DECEMBER 3, 1990
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
DEPOSITS AND TRAVELERS CHECKS.

BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

12/4/89

3/5/90

4/30/90

6/4/90

7/2/90

5.5
4.0
4.5
3.7
4.6
5.0
4. 1
4. 1

1.2
2.8
1.8
3.5
4.2
3.1
3.2

2.3
0.9
3.5
4.5
3. 1
3. 1

2.7
5.8
6.6
4.3
4.2

4.7
6. 1
3.5
3.5

8/6/90

9/3/90

10/1/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/30/90
6/ 4/90
7/ 2/90
8/ 8/90
9/ 3/90
10/ 1/90
11/ 5/90
12/ 3/90


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

11.2
5.4
5.0

2.2
2.6

-0.2

PREPARED BY FEDERAL RESERVE BAM< OF ST.

LOUIS

4

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK s
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0 -------------,---------- ,---------- 1------------1990

RATIO
3.0

RATIO

SEP.
OCT.

17
1

2.573
2.507

NOV

29
12
26

2.57
2.57
2.57 3

2.8
Ml MUL TIPLI ■R
2.7

Ay
iLLL

..Li i

_LLL

I i 1 1

10 30 IS 27 11

OCT

NOV

'—

LI 1

V
-LLL -LI LI

8 19

9 19

FEB

DEC

MAR

_LLL

i n. -Li 11

2 10 90 14 26 II

APR

MAY

25

9 23

JUN
JUL
1990

i.i i
0
AUG

in- _L1 1 1
3 IT
I 15
OCT

SEP

I.I 1
12 20 10 24

NOV

DEC

LATEST DATA PLOTTED TWO WEEKS ENDING; NOVEMBER 26, 1990
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
250

~
-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
the four Greeks ending
DECEMBER 3, 1990 FROM
THE FOUR WEEKS ENDING:

-

OCT.
SEP.
AUG.
JUL.
JUN.
MAR.
DEC.

1,
3,
6,
2,
4,
5,
4,

990
990
990
990
990
990
989

246

7.6
10.4
11.8
11.7
11.5
10.7
11.1

242

238
CURRENCY
234

230

IM

BILLIONS

226

244.1
245.7

in .1.1 1 I 1.1 1 111111
2 10 30 13 27 11

NOV

25

8 22

DEC

5 19

5 19

FEB

MAR

2 16 30 14

MAY

11

25

9 23

JUN

6 20

3 17

AUG

SEP

1

15 29 12 20 10 24

LATEST DATA PLOTTED WEEK EWING: DECEMBER 3, 1990
1/ RATIO OF MONEY STOCK CMl ) 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

222

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
585

BILLIONS
566.2
569.1
567.7
570.9
571.6
565.4

555

2 16 90 IS 27

NOV

II

25

6 22

5 10

5 10

FEB

DEC

MAR

2 16 30 14 28 II

MAY

LATEST DATA PLOTTED WEEK ENDING? DECEMBER 5,
DEPOSITORY^!ITUT?ONSS IS THE SUM

25

0 23

6 20

3 17

AUG

JUN

SEP

I

15 20 12 26 10 24

1000

DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING?
12/4/80

3/5/00

4/30/00

6/4/00

7/2/00

-0.5
2.9
3.6
0.5
1 . 1

1 .0
2.4
-0.9
0.0

8/6/00

0/3/00

10/1/00

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/30/00
8/ 4/00
7/ 2/00
8/ 8/00
0/ 3/00
10/ 1/00
11/ 5/00
12/ 3/00

3.3
1.4
2.2
0.9
1.9
2.3
1.0
1.3


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

-1.9
0.2
-1.3
0.5
1.2
-0.4
0.1

-0.4
-2.6
0.3
1.3
-0.7
-0.1

8.3
1.3
2.0

-2.8
-0.7

-3.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

12.0

PRIME

CORPORATE
AAA BONOS

90 DAY

MflAL

S 20

9 17

OCT

NOV

I

15 29 12 26

JAN

9 25

9 29

6 20

4 18

APR

FEB

MAY

1

15 29 19 27 10 24

7 21

5 19

SEP

OCT

2

16 90 14

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. DECEMBER 14, 1990.

1990
OCT.

NOV.

DEC.

5
12
19
26
2
9
16
23
30
7
14 X
21
28

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

CORPORATE
BM BONDS

MUNICIPAL
BONDS MW

8.02
8. 1 1
8. 1 1
8.05
7.95
7.98
7.95
7.97
8.23
7.96
7.52

8.06
8. 10
8.09
8.02
7.85
7.89
7.87
7.79
7.81
8.23
7.75

7.80
7.97
7.92
7.82
7.71
7.78
7.74
7.80
7.99
7.68
7.27

9.54
9.59
9.57
9.45
9.47
9.38
9.30
9.25
9.20
9. 13
9.06

10.65
10.74
10.79
10.75
10.76
10.75
10.64
10.52
10.53
10.46
10.36

7.48
7.56
7.48
7.43
7.29
7.24
7.15
7.13
7.08
7.06
N. A.

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
K AVERAGES OF RATES AVAILABLE
MW 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

11.0

10.0

TREASURY II

>S RATE

7.0

DISCOUNT RATE

I

OCT

NOV

15 2S 12 20

JAN

B 23

9 23

B 20

4 18

APR

FEB

MAY

1

15 20 13 27 10 24

7 21

5 19

SEP

OCT

2 16 30 14 28

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 14, 1990.

1990
OCT.

NOV.

DEC.

5
12
19
26
2
9
16
23
30
7
M *
21
28

FEDERAL
FUNDS **

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.23
8.20
7.96
7.99
8. 17
7.97
7.94
7.80
7.56
7.60
7.25

7.13
7. 16
7.20
7.19
7. 1 1
7.08
7.07
7.07
7.04
6.99
6.83

7.21
7.21
7.22
7. 16
7.13
7.05
7.02
7.05
6.96
6.96
6.74

7.07
7.12
7.09
7.02
6.93
6.88
6.84
6.82
6.83
6.78
6.63

8.33
8.47
8.34
8.24
8.22
8. 13
8.00
7.96
7.93
7.80
7.61

8.87
9.07
8.92
8.82
8.82
8.71
8.54
8.50
8.48
8.35
8.13

NOTE:
~ iv/Co*2f£U5JTJffe!,HJS£,.,A?f. computed
* AVERAGES OF RATES AVAILABLE


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

y GOVERNORS*
by this bank,

h. is release excluding long-term treasury
treasury bill yields are on a discount BASIS.

ENmNG ™ d*ys "*li“ than datc shown
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK (M2)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3350

1111
3325

1

/

./

2
3225

II

f

r

1

3250

1)11 T T T T

/--X '\ _

2

M il

7

3200

V

1 1 1 1

1

/

1 1 1

3200

/

>

3275

...UX1

3325

BILLIONS OF DOLLARS
3350

1
1
—
isaa
aiuJONS
- OCT. 29 33IC .3
- NOV. 5 3315
12 3316 .5
19 3316 .0
26 3324 .7
- DEC. 3 331 .8

!l±xl XXL .1.1. Ll -Lin XI1 XXL 1111 111 XI 1 -LUX XI 1 lLLX 11IJ- 111
B 22
5 19 9 19
2 19 90 14 29 11 29 9 29
9 20 9 17
2

10 90 13 27 11 2

OCT

NOV

DEC

I

JAN

FEB MAR

APR

MAY

JUN

JUL
1990

AUG

SEP

1 U 1.

19 29 12 29 10 24

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3, 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 TlBE 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,

AVERAGE OF FOUR WEEKS ENDING:

12/4/89

3/5/90

4/30/90

6/4/90

7/2/90

8/6/90

9/3/90

5.9
4.3
4.4
3.9
4.4
4.4
3.9
3.5

1.8
2.4
2. 1
3. 1
3.2
2.7
2.4

1.0
1 .0
2.7
3.0
2.3
2.0

2.8
4.5
4.4
3.3
2.7

4.4
4.3
3.0
2.4

6.4
3.8
2.8

1.7
1.1

10/1/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/30/90
6/ 4/90
7/ 2/90
8/ 6/BO
9/ 3/90
10/ 1/90
11/ 5/90
12/ 3/90


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

-0.3

PREPARED BY FEDERAL RESERVE BAMt OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS^
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1990
1990
1990
1990
1990
1990

-3.2
-3.2
-3.3
-2.7
-2.6
-2.2

DEC .

6

2076.
2074.5
2074.
2071.
2070.
2069.!

“
2145

u ll

1,
3,
6,
2,
4,
5,

aiLLIQI

29
5
12
19
26
3

TTTT

2125

I
OCT.
- SEP.
- AUG.
- JUL.
- JUN.
- MAR.

SSI .
.

L

2145

i39Q.

I COMPOUNDED ANNUAL RAT ES
_ OF CHANGE. AVERAGE OF
___THE FOUR WEEKS ENDING
_ DECEMBER 3, 1990 FROK
_
THE FOUR WEEKS ENDING

-

2165

BILLIONS OF DOLLARS
2185

------------- 1----------

111!

BILLIONS OF DOLLARS
2185 =---------- 1---------- 1---------- 1-------------

TOTAL TIME JEPOSI TS

2125

=
TTTT

L

TTTT

_____

2085

2065
*1111

111

111

■ 1.11.1.

-111

111

IIM

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 9,

-LLL .m.

11 i.i

111

iiii

\ 11

111

-LI .11.1

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
590

19.9Q.

DEC.

LARGE TIME DEPOSITS

BILLIONS

5

509.2
508.5
506.1
504.6
504.5
503.6

580
570
560
550
540
530
520
510
500

2 16 30 IS 27 II 25
NOV
DEC
1989

8 22

5 19
FEB

5 19
MAR

2 16 90 14 28 II 25 9 23
MAY
JUN
1990

8 20
AUG

3 17
SEP

I

15 29 12 26 10 24

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 3. 1990
1/ TOTAL TIKE IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 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 DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

4.5 r--------1------------1-----

---- ----- ---TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 12, 1900
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.5
1980.

MILLIOEB,

ADJU3TMENT + SEASONAL
►
N6S
BORROWIr

2.0

1.5

0.5

I

15 29 19 27 10 24

7 21

7 21

4 IB

2 18 30 19 27

JUN

11

JUL

25

6 22

5 IB

3 17 31

14 28

NOV

12 20

DEC

LATEST DATA PLOTTED WEEK ENDINSt DECEMBER 12. 1990


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

PREPARED BY FEDERAL RESERVE BANK CF ST. LOUIS

0.0

T

ft

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
165

OCT. 31
- NOV. 7

160
155

DEC.

5

147,708
150
145
140
135
130

4 18

I

18 M IS 27 10 24

7 21

7 21

4 18

FEB

MAR

APR

2 18 30 IS 27 11

JUN

25

8 22

5 18

3 17 31

JUL

14 28 12 26

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING-. DECEMBER 5, 1000

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL
BILLIONS OF DOLLARS
336 ----------1------------- 1---------- 1-------------

332

328

BANKS

BILLIONS OF DOLLARS
336

—

-----,------MILLIONS---,----- 1- 1990

- COMPOUNDED ANNUAL RAT :$
_ OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- NOVEMBER 28. 1990 FROI
_ THE FOUR WEEKSENDING
- SEP.
AUG.
“ JUL.
_ JUN.
MAY

26, 1990
29, 1990
25, 1990
27, 1990
30, 1990

_ NOV ! 291

989

2/

SEASONALLY ADJUSTED

OCT. 24
31

-5.6
-6.3
-3.9
-2.0
-1.9

320,932
320,098

14
21
28

3 19,28 2
19,26
16,32 5

“
“

-

-1.4
-

>S

LJ
V\

320

VA

V

-

siu

1111

JA\ M

A

111

1111

111

Mr A A
i

11 ILL -mi

-LLL

-

1 1 1

16 30 13 27 11

OCT

NOV
1989

DEC

JAN

FEB

MAR

APR

MAY

/V\

JUN
JUL
1990

1111
25

AUG

111
8
SEP

II1 1
OCT

i

-LLL -LLL

3 17 31

14 28 12 28

NOV

DEC

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 28, 1900
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
AVERAGES OF DAILY FIGURES

INDEX

1973-100

1973- 100
106
.1973" IPO
102

82.0
81 .8
82.0

98

94

90

86

82

0
FEB

MAR

APR

JUN

JUL

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 12, 1990
NOTE.

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.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2
J>
7j

<

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