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leserve Bank
of St. Louis

“co'ltob. Financial Data

7

December 6, 1990

THE WEEK'S HIGHLIGHTS:
s

The Federal Reserve Board announced a reduction in reserve
requirements for non-personal time deposits of original maturity less
than 18 months and for net Eurocurrency liabilities. Both
requirements will drop from 3 percent to zero in the coming weeks.

^

The composite index of leading indicators fell 1.2 percent in October,
after falling 0.8 percent in September and 1.2 percent in August.
The index of coincident indicators declined 1 percent in October,
after falling 0.8 percent in September and 0.2 percent in August.

is

Construction spending in October rose 1.3 percent, after falling
2.8 percent in September. During the first 10 months of this year,
$369.4 billion of new construction was put in place, compared with
$361.4 billion for the same period in 1989.

ts

Business sector output per hour of all persons rose at a 0.4 percent
annual rate in the third quarter, after increasing at a 0.7 percent
rate in the second quarter.


views expressed do not necessarily reflect official positions of the Federal Reserve System.
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Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
324 ---------- I------------- 1------

LLIONS OF DOLLARS
—---------- ----------- 324

BILLIONS.
— OCT.

318.7
317.6
318.8
318.7
319.9

OCT

NOV
1989

DEC

JAN

FEB

MAR

APR

MAY

JUN
JUL
1990

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: NOVEMBER 28,

AUG

SEP

OCT

NOV

DEC

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:
11/29/B9

2/21/90

5/2/90

5/30/90

6/27/90

7/25/90

8/22/90

10/3/90

8.4
9.1
12.5
10.2
9.2

8. 1
12.9
10.0
8.9

15.9
1 1.2
9.6

11.5
9.4

2.3

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
5/ 2/90
5/30/90
6/27/90
7/25/90
8/22/90
10/ 3/90
10/31/90
11/28/90


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

9.5
8.0
8.4
8. 1
8.3
9.8
9.0
8.6

7.5
8.3
7.8
8.2
10.3
9. 1
8.6

5.4
5.5
6.7
10. 1
8.6
8.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
840 i----------- 1---------- 1------

1M
OCT.

??

BILLIONS OF DOLLARS
-----------------------------i 840

BILLIONS
§i§.3

NOV.
820.3
823.7
825.5

2

16 30

13 27 11

NOV
1989

DEC

25

0 22

JAN

5 10

5 10

FEB

MAR

2

10 30 14 28 II

APR

MAY

JUN

25

0 23

JUL
1990

1

AUG

SEP

IS 20

OCT

12 26 10 24

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 26. 1990
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
BY THE NONBANK PUBLIC, DEMAND DEPOSITS. OTHER CHECKABLE
ufcrUol15 AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/27/89

2/26/90

4/23/90

5/28/90

6/25/90

7/23/90

8/27/90

9/24/90

5.9
4.0
4. 1
4.2
4.4
4.8
4.2
4.3

2.0
2.7
3. 1
3.6
4.2
3.5
3.7

0. 1
1.5
2.7
3.7
2.9
3.2

4.8
5.2
5.9
4.4
4.5

5.3
6.2
4.3
4.5

7.0
4.2
4.4

3.4
3.9

2.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/23/90
5/28/90
6/25/90
7/23/90
8/27/90
9/24/90
10/29/90
11/26/90


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK s
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
-------------1---------- 1---------- 1------------

1990
SEP.
OCT.

RATIO

NOV

17

2.573
2.597

29
12
26

1

2.57
2.57
2.57

Ml MUL TIPLI :R

'—

*i 111
2 16

OCT

i..i i. XIL

30 13 27

NOV
1989

II

1 1 1 1 XLL. -LLU 1 1 1 1

25 8 22

DEC

JAN

1 1 1

1 1 1

i.i ii. .ii..i

5 10

5 19

2 16 30 14 28 II

25 9 23

6 20

FEB

MAR

APR

JUL
1990

AUG

MAY

JUN

LATEST DATA PLOTTED TWO WEEKS ENDING: NOVEMBER 26,

J_LL III!
3

17

1

SEP

1 1 1

15 29 12 26

OCT

NOV

111 r
10 24

DEC

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
250

“ COMPOUNDED ANNUAL RATES
-----OF CHANGE, AVERAGE OF
---- THE FOUR iVEEKS ENDING
- NOVEMBER 26. 1990 FROM
- THE FOUR WEtKS ENDING:
- SEP.
AUG.
JUL.
JUN.
MAY
FEB.
NOV.

24,
27,
23,
25,
28,
26,
27,

1990
1990
1990
1990
1990
1990
1989

246

242
I I .7
12.5
238
CURRENCY
234

230

1990
OCT.

BILLIONS.

22

226

245.5

222
245.7
I I I I II I
2 16

OCT

30 13 27

NOV
1989

11

DEC

25 8 22

JAN

5

19

FEB

5 19

2

MAR

APR

16 30 14 28 11

MAY

JUN

25 9 23

5 20

JUL
1990

AUG

3 17

SEP

1

I I I I 1 I I I I

15 29 12 26 10 24

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 26, 1990
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARO OF GOVERNORS1 H.6 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
BILLIONS

of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

DOLLARS

billions of dollars

aiLLI-QNS
565.5
566.2
567.7
571 .0
571.3

2

10 30 13 27

NOV

11

25

8 22

5 IS

5 19

FEB

DEC

MAR

2

10 30 14 28 II

9 23

6 20

3 17

AUG

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 26,

25

SEP

1990

DEPOSITORYKt^TITUT?ONSS ‘S ™E SUM ^ DEMAND DEP0SITS AND °™ER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
1/27/S9

2/26/90

4/23/90

AVERAGE OF FOUR WEEKS ENDING:

5/28/90

6/25/90

2.8
2.5
2.8
0.8
1.5

2.3
2.8
0.3
1.2

7/23/90

8/27/90

9/24/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
4/23/90
5/28/90
6/25/90
7/23/90
8/27/90
9/24/90
10/29/90
11/26/90

4.0
1.5
1 .7
1.0
1.9
2.0
1.2
1.5


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Federal Reserve Bank of St. Louis

-0.8

0. 1
0.6
0.8
1.3
0.2
0.7

-3.3
-1.5
-0.6
0.2
-0.9
-0. 1

2.9
-0.4
0.9

-1.7
0.4

-1

.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

PRIME BANK
LOAN

Aaa B<

90 DAY

COMMERCIAL

MUNICIPAL

I

OCT

15 29 12 26

NOV
1989

JAN

9 23

9 23

0 20

4 18

APR

FEB

MAY

1

15 29 13 27

10 24

7 21

5

SEP

OCT

19

2

16 30 M 28

1990

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: DECEMBER 7,

1990
OCT.

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

1990.

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KX

8.02
8. 1 1
8. 1 1
8.05
7.95
7.98
7.95
7.97
8.23
8.07

8.06
8. 10
8.09
8.02
7.85
7.89
7.87
7.79
7.81
8.32

7.80
7.97
7.92
7.82
7.71
7.78
7.74
7.80
7.99
7.77

9.54
9.59
9.57
9.45
9.47
9.38
9.30
9.25
9.20
9. 15

10.65
10.74
10.79
10.75
10.76
10.75
10.64
10.52
10.53
10.48

7.48
7.56
7.48
7.43
7.29
7.24
7.15
7. 13
7.08
N. A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.I5 RELEASE.
* AVERAGES OF RATES AVAILABLE
** BOND BUYER'S AVERAGE IM)EX 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

1 1.0

5-YEAR
TREASURY SECURITIES
EDERAL
NDS RATE

DISCOUNT RATE

0 20

3 17

I

OCT

NOV
1989

DEC

15

20 12 26 9 23 0 23

JAN

FEB

MAR

6 20

4

APR

MAY

16

1

13

JUN

29 13 27 10 24

JUL
1990

AUG

7 21

5 19

2

SEP

OCT

NOV

16 30 14

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. DECEMBER 7, 1990.

1990
OCT.

NOV.

DEC.

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

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

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

7.13
7. 16
7.20
7. 19
7.1 1
7.08
7.07
7.07
7.04
7.02

7.21
7.21
7.22
7.16
7. 13
7.05
7.02
7.05
6.96
6.96

7.07
7. 12
7.09
7.02
6.93
6.88
6.84
6.82
6.83
6.80

8.33
8.47
8.34
8.24
8.22
8. 13
8.00
7.96
7.93
7.84

8.87
9.07
8.92
8.82
8.82
8.71
8.54
8.50
8.48
8.38

N0TEs SS®",
1 NJ2JE BOARD OF GOVERNORS' H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERAGES^OF^RATES^AVAILABLE°MPUTED BY ™IS BANK>
TREASURY BILL YIELDS *** 0N A DISCOUNT BASIS.
22LsfXI^S&Y4ft^iE?^25!MK EM)ING TW0 DAYS earlier than date shown
*** AUCTI ON AVERAGE ( DISC0UNT )


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
3350
1990
OCT.
NOV.

22
29
5

BILLIONS OF DOLLARS
3350

BILLIONS
3318.9
3316.4
3316.0
3316.5
3319.1
3324.5

3300

3275

3250

3200

3175

3175

I I I I
2

Ifl 30 13 27

NOV
1989

II

25

0 22

DEC

II I I
5

10

FEB

5 16

2 16 30 M 28 II

25

0 23

6 20

3

AUG

MAR

SEP

17

1990

LATEST DATA PLOTTED WEEK ENDING*. NOVEMBER 26, 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 FUNDS.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*.
11/27/89

2/26/90

4/23/90

5/28/90

6/25/90

7/23/90

8/27/90

9/24/90

6.2
4.8
4.4
4.3
4.3
4.5
4. 1
3.7

2.5
2.4
2.7
3.0
3.5
3. 1
2.7

0.3
1.4
2.2
3.0
2.6
2. 1

2.9
3.5
4.2
3.4
2.7

4.1
4.8
3.7
2.8

5.3
3.7
2.6

3.3
2.0

0. 1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/23/90
5/28/90
6/25/90
7/23/90
8/27/90
9/24/90
10/29/90
11/26/90


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

T

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOSITS 1/
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

OCT .

BILL IQ

22
29
5
12
19
26

2078.1
2076.'
2074.
2073.
2070.1
2070.

111 11

N0\ .

11 11

1aSft

I COMPOUNDED ANNUAL RAT ES
_ OF CHANGE, AVERAGE OF
___THE FOUR WEEKS END INC
_ NOVEMBER 26, 1990 FRC>M
_ THE FOUR WEEKS END 1NC i
I
SEP. 24, 1990 -3.6
- AUG. 27, 1990 -3.3
- JUL. 23, 1990 -3.1
- JUN. 25, 1990 -2.7
- MAY
28, 1990 -2.6
- FEB. 26, 1990 -2.1
)EP0SI TS

1 1 1

1

)

TOTAL TIME

TTTT

l

IIM

TTTT

BILLIONS OF DOLLARS
2185

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

E

=

!u_ll

i

11

i li

i

i.i

i

111

111

jjjjj

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 26,

111

111

u.i i

jj i. -L.1.1 .i.i i i

111

w

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
590
1990
OCT.
NOV.

LARGE TIME DEPOSITS

22
29
5
12
19
26

BILLIONS
510.5
508.9
508.3
507.8
504.4
503.6

580
570
560
550
540
530
520
510
500

2

16 30 13 27

NOV

II

25

DEC

22

5 19
FEB

5 19
MAR

2 16 30 14 28 II 25
MAY
JUN

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 26,

9 23

6 20
AUG

3 17
SEP

2 26 10 24

1990

1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF *100,000 OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
4.5 r-------- 1------------- 1-----1990

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
---------------------------- -i 4.5

MILLIONS

Z— OCT
TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 5,

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

JM

MILLIONS

ADJUSTMENT + SEASONAL
BORROWINGS
DEC.

FEB

MAR

4 18
APR

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 5,


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Federal Reserve Bank of St. Louis

2 16 SO 13 27 II 25
JUN
JUL

8 22

5 10

3 17 31

14 28 12 28
NOV
DEC

1990

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
165 r:--------1------------- 1------

BILLIONS OF DOLLARS
----------------------------=1 165

WLU.QM5
OCT. 24
NOV.

7
147,680

OCT

I 15 2fl 13 27 10 24
NOV
DEC
JAN
1969

7 21
FEB

7 21
MAR

4 18
APR

2 16 30 13 27 II 25 8 22
MAY
JUN
JUL
AUG
1990

5 10
SEP

3 17 31 14 28 12 26
OCT
NOV
DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 28, 1990

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
336

BILLIONS OF DOLLARS
336

“ COMPOUNDED ANNUAL RAT =s
_ OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- NOVEMBER 21, 1990 FRO
_ THE FOUR WEtKS ENDING
_

SEP. 19,
AUG. 22,
JUL. 18,
JUN. 20,
MAY 23,

1990
1990
1990
1990
1990

-4.8
-5.5
-2.6
-1.2
-1.8

_ NON ; 22*

989

-

-1.4

~
_

-

-

>N tu

A

f

V \

aA

A

A A T J ^ /V\
isaa

OCT

111

1111

11 1

i

11

111

M 1 1

NOV
1989

DEC

JAN

FEB

MAR

APR

MAY

111

l JI
1111
II 25 8 22
JUN
JUL
AUG
1990

3 21,185

-

31
NOV. 7
14
21
-LLI 1

IILLIO

OCT. 17

-

!si 11

-

320,098
319,898
319,282
319,253

“
_

uni...................................
5
17 31 14 28 12 26
SEP
OCT
NOV
DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 21, 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. LOUIS

11

DOLLAR’S TRADE-WEIGHTED EXCHANGE
AVERAGES OF DAILY FIGURES

INDEX

1973-100

100
106

102

82.2
82.0

98

94

90

86

82

0
OCT

NOV
1989

DEC

JAN

FEB

MAR

APR

MAY

JUN
JUL
1990

AUG

SEP

OCT

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING; DECEMBER 5, 1990
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