View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

V ’ 1 If
RESEJ LIBRARY

lancial Data

Feda; |
or St. Louis

___ Q ?cember 7, 1989

^ DEC 1 11989

THE WEEK'S HIGHEIGHTS:
is

The composite index of leading indicators decreased 0.4 percent in
October, primarily reflecting a shorter average workweek and an
increase in initial state unemployment claims. The index rose 0.3
percent in September and 0.6 percent in August.

ts

Sales of new single-family houses fell 0.5 percen t in October. Th rough
the first 10 months of 1989, new one-family home sales totaled
565,000, down 4.4 percent from the same period last year.

s

Construction spending in October rose 1 percent to a $420.1 billion
annual rate, but was down at a 1.2 percent rate from December 1988.

ts

Productivity in the business sector (including farms) rose at a 1.8
percent annual rate in the third quarter and was up at a 1.4 percent
rate from the fourth quarter of 1988.

THE
FEDERAL
JRESERVE
JO RAN K of

nr si x m 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

BILLIONS OF DOLLARS

1969
SEP.
OCT.
NOV.

5 19

20
4
18
I
15
29

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS
293.4
291.6
293.7
293.1
292.4
294.5

2 18 90 14 28

DEC

11

25

JAN

8 22

8 22

9 19

9 17 91

FEB

14

JUN

12 20

9 29

LATEST PLOTTED RESERVE MAINTENANCE PERIOD EMJINGt NOVEMBER 29,

6 20

4 19

SEP

JUL

OCT

I

19 29 19 27

1989

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF
NANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS, CURRENCY IN CIRCULATION (CURRENCY HELD BY THE
1C AND IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT FOR RESERVE REUUII
SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE CRED
'TARY BASE IS AVAILABLE FROM THIS BANK.
BANK.
A DETAILED DESCRIPTION OF THE ADJUSTED I

_______ LKTifcc885?ED Mf"

RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS END 1 NGt
11/30/88

2/22/89

5/3/89

5/31/89

6/28/89

7/26/89

3.7
2.0
3.2
3.4
2.9

2.0
3.6
3.7
3. 1

2.9
3.2
2.6

8/23/89

10/4/89

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS END 1NGt
5/ 3/89
5/31/89
6/28/89
7/26/89
8/23/89
10/ 4/89
11/ 1/89
11Z29/89

3.6
3.0
2.9
3.2
2.7
3. 1

2.5
2.3
2.9
2.2
2.9

3.0

2.8


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

0.9
2.4
1.5
2.6
2.9
2.5

5.1
3.8

2.2

PREPARED BY FEDERAL RESERVE BANK OF ST. L0UI8

MONEY STOCK (Ml)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

785.4
790.8
792.9

3 17 31

14 2S 12 26

NOV
1988

8 23

0 20

6 20

3 17

FEB

DEC

MAR

APR

I

IS 28 12 26 10 24

7 21

4 18

AUG

SEP

2

16 30 13 27 II 23

NOV

DEC

1989

LATEST DATA PLOTTED WEEK ENDING* NOVEJCER 27, 1989
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,
1/28/88

2/27/89

4/24/89

AVERAGE OF FOUR WEEKS ENDING;

5/29/89

6/26/89

7/24/89

8/28/89

9/25/89

3.8
2.4
2.7
4.5
4.3

5.4
4.8
6.5
5.9

1.7
5.0
4.6

7.7
6.3

7.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
4/24/89
5/29/89
6/26/89
7/24/89
8/28/89
9/25/89
10/30/89
11/27/S9

-1 . 1
-3.4
-3.5
-1.8
-1.5
-1.0
0.2
0.4


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

-7. 1
-6.3
-3. 1
-2.4
-1.7

0.1
0.4

-8.7
-2.8
-1.9
-1 .0
1 .2
1.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK 2/
RATIO
3.0

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

--------- 1------- 1------- 1--------1989

RATIO

SEP.
OCT.

18
2

2.663
2.693

NOV

30
13

2.681
2.69
2.691

27

2.8

Ml Ml LTIPLI lR

V

2.7

g LLLL in, in
_

Mil. -LLL -LLL J_LL ■i.l-LL -LLL 1 1 1 1 -LLL -LLL ..LI 1 1

3 17 31 14 28 12 26 8 23
OCT
NOV
DEC
JAN
1988

6 20

6 20

FEB

MAR

3 17
APR

1 15 20 12 26 10 24
MAY
JUN
JUL
1989

7 21
AUG

4 16
SEP

1 II

xlJ

2 16 30 13 27 II 25
OCT
NOV
DEC

LATEST DATA PLOTTED TWO WEEKS ENDINGt NOVEMBER 27, 1989
BILLIONS OF DOLLARS
226
1
1

ONS OF DOLLARS
226

1

COMPOUNDED ANNUAL RA1 ES
OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
-__NOVEMBER 27. I960 FRCIM
___THE FOUR WEtKS ENDING
«

-

222

~
_

SEP.
AUG.
JUL.
JUN.
MAY

25,
28
24,
26,
29,

_

NOV

28,

218

1989
1989
1989
1989
1989
1988

2.1
3.5
3.1
3.0
3.5

_
222

—

S

CURRE NCY

4.6

_

-

1S69
0C1 .

a ILLIOINS

23

"

219.8
—

NOV.

Illll .LLL

in. 1111 -LLL -LLL -LLL
3 17 31 14 26 12 26 0 23 6 20 6 20 8 17
OCT
NOV
DEC
JAN
FEB
MAR
APR
1988

111 -LLL 1 1 II
1 15 20 12 26 10 24
MAY
JUN
JUL
1989

i

-LLL
7 21
AUG

6
13
20
27
i i i 1 i n i

219.7
219.5
220.1
_
221.0
1 i i i 1 i i i1

2 16 30 IS 27 11 25
OCT
NOV
DEC

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 27, 1989
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

210

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

OCT.

3 17 S)

23

561.4
558.6
561.4
558.5
563.3
564.5

14 28 12 M

NOV
1988

BILLIONS OF DOLLARS

0 23

6 20

0 20

3 17

FEB

DEC

MAR

APR

1

13 29 12 26 10 24

7 21

4 18

AUG

SEP

2

16 30

13 27

NOV

II

25

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 27, 1989
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,
11/28/88

2/27/89

4/24/89

-11.1
-10.2
-5.7
-4.6
-3.8
-1.3
-0.9

-13.3
-5.2
-3.8
-2.8
0.3
0.7

AVERAGE OF FOUR WEEKS ENDING:

5/29/89

6/26/89

7/24/89

8/28/89

9/25/89

3.7
2.3
2.2
4.9
4.7

6.9
5.3
7.9
7.0

0.8
5.6
5.1

8.9
7.1

9.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/24/89
5/29/89
6/26/89
7/24/89
8/28/89
9/25/89
10/30/89
11/27/89

-3.8
-6.7
-6.8
-4.3
-3.8
-3.3
-1.5
-1.2


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
—

10.0

7 21
OCT

4 18 2 16 50 IS 27 10 24 10 24
NOV
DEC
JAN
FEB
MAR
1988

7 21
APR

5 10
MAY

2 10 SO 14 28 II 25 0 22
JUN
JUL
AUG
SEP
1989

6 20
OCT

3 17
NOV

I 15 29
DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt DECEMBER 8, 1989.

1989
OCT.

NOV.

DEC.

NOTEt

6
13
20
27
3
10
17
24
1
8 *
15
22
29

90 DAY
CD-S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KK

8.91
8.63
8.42
8.49
8.53
8.48
8.36
8.32
8.27
8.23

8.90
8.69
8.51
8.55
8.63
8.53
8.43
8.40
8.42
8.52

8.70
8.40
8.30
8.32
8.34
8.29
8. 18
8. 12
8. 12
8.08

9.02
8.95
8.88
8.85
8.91
8.90
8.86
8.89
8.88
8.85

9.92
9.82
9.77
9.75
9.77
9.80
9.82
9.83
9.83
9.81

7.27
7.19
7. 19
7.22
7.24
7.20
7. 12
7.08
7.04
N.A.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.

* AVERAGES OF RATES AVAILABLE
m 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

12.0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0

10.0

TREASURY

IRITIES

DISCOUNT RATE

6.0

7 21

4 18

OCT

NOV
1988

2 18 30 13 27

DEC

JAN

10 24 10 24

FEB

MAR

7 21

5 IB

APR

MAY

2 10 30 14 28 I

JUN
JUL
1989

AUO

8 22
SEP

0 20
OCT

3 IT
NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING) DECEMBER 8,

1989.

FEDERAL
FUNDS Mi

1989
OCT.

I 18 28
DEC

6
13
20
27
NOV.
3
10
17
24
DEC.
1
8 *
15
22
29

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL KMX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9. 18
8.93
8.76
8.72
8.80
8.69
8.46
8.46
8.51
8.52

7.76
7.66
7.50
7.60
7.77
7.74
7.67
7.60
7.63
7.58

7.92
7.60
7.42
7.50
7.62
7.49
7.51
7.40
7.45
7.30

7.76
7.46
7.33
7.28
7.35
7.35
7.21
7.13
7.21
7.19

8.21
7.95
7.92
7.83
7.86
7.87
7.79
7.75
7.77
7.72

8.27
8. 13
8. 1 1
8.02
8.01
8.00
7.99
7.99
8.00
7.98

NOTE) CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
« AVERA^SU«ITRATESHAVAILABLE0MPUTED BY THIS BANK‘
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
«K SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN

mm AUCTION

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

BILLIONS OF DOLLARS
3225

3177.0
3180.1
3189.3
3192.4
3200.7
3207.9
3175

3150

3125

3100

3075

3050

3050

3 17 91

14 28 12 26 0 23
NOV
DEC
JAN

6 20

6 20

3 17

I

FEB

MAR

APR

MAY

15 29 12
JUN

1988

10 24

7 21

4 18

JUL

AUG

SEP

2 16 30 13 27

OCT

NOV

11

DEC

19

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 27,

1969

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.fl RELEASE

M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL COMCRCIAL 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,

AVERAGE OF FOUR WEEKS ENDING;

11/28/88

2/27/89

4/24/89

5/29/89

6/26/89

7/24/39

8/28/89

9/25/89

1.9
0.9
1 .6
2.7
3.4
3.8
4.2
4.6

0.4
1.8
3.5
4.4
4.8
5.3
5.6

0.9
4.0
5.2
5.6
6.0
6.4

8.7
8.6
8.3
8.2
8.3

9.6
8.9
8.7
8.7

8.0
8.0
8.2

7.8
8.1

8.3

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/24/89
5/29/89
6/26/89
7/24/89
8/28/89
9/25/89
10/30/89
11/27/89


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

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

I COMPOUNDED ANNUAL RAT ES
_ OF CHANGE, AVERAGE OF
_ THE FOUR WEEKS ENDING
_
_ NOVEMBER 27, 1989 FROM
_ THE FOUR WEEKS ENDING

"71

BILLIONS OF DOLLARS
2140

n

TOTAL TIME DEPOSI TS

-

2110

m i

BILLIONS OF DOLLARS
2140 =---------- 1---------- 1---------- 1-------------

t

I

1111

SEP. 25, 1989 -0.3
AUG. 28, 1989 -0.6
JUL. 24, 1989
0.2
JUN. 26, 1989
0.8
MAY
29, 1989
1.7
FEB. 27, 1989
5.1

-

-

1

n il]

1

2020

IT T
j

1
0C1 .

111

111

II11

111

hi

ILL

1111

l-l-L 11 1.1

25 2100.0
30
2099.5
6 2098.5
13
2101.0
20
2102.6
27
2099.9

~
“
N0\ .
“
—
“
1111111111111’
111 JJJu

1990

1960

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 27,
BILLIONS OF DOLLARS

19fia

BILLIONS OF DOLLARS

BILLIONS

OCT.

23

NOV.

6

LARGE TIME DEPOSITS

562.2
561 .0

550:<

556.6

I I I I
S 17 91

14 28 12 26

NOV

9 23

DEC

6 20

• 20

9 17

FEB

MAR

APR

1

19

12 26 10 24

7 21

4 19

AUG

SEP

2 16 90 13 27 II 25

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 27. 1989
1/ TOTAL TI ME IS THE SUM OF SAVINGS DEPOSITS, SMALL TlfcC 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 BAM< OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
5.5 r;-------- 1------------- 1-----1989

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

Z2

5.5

MILLIONS

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGi DECEMBER 6, 1989
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS

5 10

2

18 30 14 28 II

DEC

JAN

25

8 22

8 22

5 10

3 17 31

FEB

14 28 12

JUN

JUL

0 23

8 20

4

SEP

OCT

18

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 6, 1989


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS
MO c------- 1------------- i-----Z

NOT SEASONALLY ADJUSTED

ILL IONS OF DOLLARS
—1------------- -------- zj MO

IBM
OCT. 25
NOV. I
131,302

3 19

2

IS SO 14 28 II 25

DEC

JAN

8 22

5 22

5 19

3 17 31

FEB

14 28 12 26

JUN

9 23

6 20

4 18

SEP

JUL

OCT

15 29 13 27

LATEST DATA PLOTTED HCEK ENDING* NOVEMBER 29, 1989
* DASHED LINE REPRESENTS DATA USING AN OLD REPORTING PANEL AW) IS NOT COMPARABLE TO CURRENT DATA.

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

~
-

BILLIONS OF DOLLARS
330

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 22, 1989 FROMTHE FOUR WEEKS ENDING*

~ SEP. 20,
- AUG. 23,
~ JUL. 19,
- JUN. 21,
- MAY 24,
™ —
_ NOV. 23,

1989
1989
1989
1989
1989
------I

-2.6
-1.5
4.0“
3.9
4.1
5.3
5.3

_

310

MILLIONS
OCT. 18
321,392
302
320,569
321,099
5 19

2

16 30 14 28 II 25

DEC

JAN

8 22

8 22

5 19

3 17 31

FEB

4 28 12 26

JUN

9 23

JUL

imjXUJJXLLUX
6 20 4 18
13 29 13 27
SEP

OCT

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 22. 1989
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


http://fraser.stlouisfed.org
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

98.0
98.5

96.4

5 10

2 18 SO 14 28 II 25 8 22
DEC
JAN
FEB
1988

8 22

5 10

LATEST DATA PLOTTED KEEK ENDING: DECEMBER 6,
NOTE:

S 17 SI

14
JUN

12 28
JUL

0 23

8 20

4 18

SEP

OCT

I

18 29 IS 27

1989

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.


http://fraser.stlouisfed.org
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