Full text of U.S. Financial Data : February 12, 1987
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RESEARCH LIBRARY Federal sIe=|vC b of 17 1987 financial Data February 12, 1987 Over the past 14 months, total borrowings by depository institutions from the Federal Reserve have been quite stable (see page 10). Total borrowings consists of extended credit and adjustment plus seasonal borrowings. Extended credit is granted to institutions suffering from sustained liquidity problems. Adjustment plus seasonal borrowings are used by institutions experiencing short term reserve deficiencies or seasonal variation in loan demand and deposits. The table on the back page shows that reductions in both categories have contributed to lower total borrowings over the past 14 months. Adjustment plus seasonal borrowings are positively related to the federal fundsdiscount rate spread, as the spread represents the additional cost of meeting reserve needs through the fed funds market instead of the discount window. That relationship is subject to shifts over time, however. The table on the back page indicates a higher average rate spread over the past four months than in some earlier periods when borrowings were higher. —Philip A. Nuetzel (continued on back page) Money stock measures and related items recently were revised by the Federal Reserve Board to incorporate benchmark adjustments and changes in seasonal adjustment factors. KKDKRU. KKSKKVK IIANK of si. ions Digitized forViews FRASER 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 253.9 255.0 256.6 257.9 259.9 258.9 250 234 4 16 I IS 20 12 20 12 26 FEB 9 23 MAR 7 21 4 If MAY JUN 2 16 30 IS 27 10 24 AUG 6 22 5 10 3 17 31 SEP 14 26 11 JAN 25 FEB LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt FEBRUARY II, 1987 THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE BAM<S, 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* 2/12/86 5/7/86 7/16/86 8/13/86 9/10/86 10.2 7.3 9.2 9.6 10.5 10.6 6.5 9.3 9.8 10.8 10.8 8.1 9.3 10.6 10.7 10/8/86 11/5/86 12/17/86 TO THE AVERAGE OF TWO MAINTENANCE PERIODS ENDING: 7/16/86 8/13/86 9/10/86 10/ 8/86 11/ 5/86 12/17/86 1/14/87 2/11/87 8.3 8.4 8.8 7.9 8.7 8.9 9.5 9.6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.6 9.3 7.8 8.9 9.3 9.9 10.0 12.5 13.3 12.8 12.6 12.2 13.2 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONEY STOCK (Ml ) AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS of dollars BILLIONS 750 741 .6 747.2 734.0 730.5 — JAN. 736.9 I I I I 2 16 JO 13 27 JAN 10 24 10 24 FEB 7 2! 5 10 APR MAY 2 10 SO 14 28 II JUL OCT AUG JAN NOV FEB LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1987 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, AVERAGE OF FOUR WEEKS ENDING: 2/3/86 5/5/86 16.9 16.7 17.7 16.8 16.2 17.3 19.0 17.0 19.4 20.5 18.4 17.3 18.7 20.8 18.0 6/30/86 8/4/86 9/1/86 16.9 15.3 18.1 21.7 17.4 1 1.4 16.2 21.1 16. 1 9/29/86 11/3/86 12/1/86 19.2 24.5 17.5 31.7 19.5 15.9 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/30/86 8/ 4/86 9/ 1/86 9/29/86 11/ 3/86 12/ 1/86 1/ 5/87 2/ 2/87 19.8 16.7 15.5 17.7 20.7 17.2 Beginning January 5, 1987, data are on the revised basis and are not comparable prior data; therefore, special caution should be taken in interpreting growth rates. 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 v RATIO 3.0 ------------1—1—1-----------1987 NOV. DEC. 29 12 26 JAN 2.8 1 — *Br RATIO 3.0 RATIO 17 15 2.9 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED «afc j 2.818 2.823 2.831 2.87 2.87 2.81 *\ Ml MULTIPLI :r 2.8 n s6jr evise d dat ra prTc j/l r to Janui ry 5, 1987 ate *lab e. 2.6 2.6 -LU_ ,111 1.111 ■111. -LLL ‘fu_u_ 2 10 SO 19 27 10 24 10 24 7 21 5 10 OEC 1985 JAN FEB MAR APR MAY _LLl! 111 _LLL llll -LLL -LLL I.U.L. -LLL 0 22 0 20 1 10 20 12 20 0 29 JUN JUL AUG SEP OCT NOV DEC JAN FEB 1986 1987 llll 2 10 SO 14 20 11 29 LATEST DATA PLOTTED TWO WEEKS ENDlNGt JANUARY 26. 1987 BILLIONS OF DOLLARS 192 :—i—i—i—i— _ 188 _ _ _ _ BILLIONS OF DOLLARS 192 COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR *EEKS ENDING FEBRUARY 2. 1987 FROM ___ THE FOUR W^EKS ENDING: DEC. 1, 1986 NOV. 3, 1986 SEP. 29, 1986 : i: AUG 1986 MAY 5, 1986 FEB 3, 1986 12.3 10.5 10.5 / 184 9.6 8.7 8.0 ot av‘ CURRENCY _ .alt 1 i set ies"T ■vise 1 dat ry-5’ i P*i0 r to - 1987 &HUP MS. 9Bel 1 1 1 1 1 1 1 1 1 1 JAN FEB MAR 1 1 1 -LLL mi -LLL llll llll -LLL APR SEP 21 DEC 1985 ilab .e- _ 1987 are - "mi * 5 10 2 10 SO 14 28 11 MAY JUN JUL 1986 AUG 29 0 22 “ 184.9 184.6 19 186.0 _ ___ 26 186.4 FEB. 2 186.7 i i i 1 i i i i l i i i l i i i’ 0 20 3 17 I OCT NOV DEC IS 20 12 20 0 29 JAN FEB 1987 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1987 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 JV 1 1 r 1 1 S IT 2. 1 n 1 11 1 NT 1 . 1 * 1 - 2 IT FEB BILLIONS 550.2 556.2 542. f 538. 1 538. 7 543. 8 1 - BILLIONS OF DOLLARS 575 ____ ■s.__ 1S8Z. _ DEC. 29 JAN. 5 12 19 26 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED 1 BILLIONS OF DOLLARS 575 :—i—i—i— °f , 1 1111 1 1 *98? 1 ■ft-© 475 1 1 '°f - l tlal>2 l - 1 1 ! 455 8 1 111 HI 111 mi J-U- -LLL mi JAN FEB MAR 2 le 90 13 27 10 24 10 24 DEC 1985 7 21 APR S 10 MAY 1 1 1 1 1 1 2 16 30 14 28 II 2S JUN JUL 1986 AUG 1111 8 22 SEP Ill 8 20 OCT 111 9 17 NOV II11 I 1 1 1 IS 29 12 28 DEC 9 23 JAN FEB 1987 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1987 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, AVERAGE OF FOUR WEEKS ENDING: 2/3/86 5/5/86 20.9 20.8 21 .9 20.7 19.8 21.3 23.6 20.6 24.3 25.5 22.8 21.1 23.0 26.0 21.7 6/30/86 8/4/86 9/1/86 20.4 18.0 22.0 27.0 20.4 13.2 19.8 26.4 18.8 9/29/86 11/3/86 23.4 30.9 20.4 41.2 22.8 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/30/86 8/ 4/86 9/ 1/86 9/29/86 11/ 3/86 12/ 1/86 1/ 5/87 2/ 2/87 24.2 20.3 18.6 21.6 25.7 20.3 Beginning January 5, 1987, data are on the revised basis and are not comparable to prior data; therefore, special caution should be taken in interpreting growth rates. 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 12.0 11.0 CORPORATE AAA bonds RATE MUNICIPAL BONDS 8.0 7.0 90 DAY 6.0 0 20 3 17 31 14 28 14 28 II 23 FEB MAR APR 0 23 0 20 JUN 4 18 JUL I IS 20 12 NOV 5 IB DEC 2 10 30 13 27 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 13, 1087 DEC. JAN. FEB. 5 12 19 26 2 9 16 23 30 6 13 X 20 27 1987. 00 DAY CD'S 30-DAY COMMERCIAL PAPER 00-DAY BANKERS' ACCEPTANCES CORPORATE Aaa BONDS CORPORATE Baa BONDS MUNICIPAL BONDS XX 5.83 5.88 6.08 6.27 6.22 5.90 5.85 5.82 5.88 5.97 6. 10 6.02 6.03 6.59 7.39 7.31 6.01 5.90 5.87 5.94 6.01 6. 19 5.75 5.84 6.04 6.24 6. 10 5.74 5.73 5.70 5.83 5.88 6.08 8.52 8.48 8.51 8.47 8.49 8.40 8.33 8.31 8.37 8.38 8.37 9.98 9.97 9.97 9.98 9.97 9.82 9.70 9.65 9.68 9.65 9.63 6.77 6.94 6.92 6.83 6.85 6.70 6.65 6.54 6.56 6.57 N. A. NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' 1 H.15 RELEASE. X AVERAGES OF RATES AVAILABLE XX 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 9.0 5-Yl TREASURY SI ITIES DISCOUNT RATE 3-MONTH TREASURY BILL e 20 3 17 31 M 28 14 28 11 FEB MAR 23 9 23 APR 8 20 4 18 1 15 29 12 28 10 24 JUN JUL IS 1985 7 21 NOV DEC 1987 LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 13, 1987. 1987 DEC. 5 12 19 26 JAN. 2 9 16 23 30 FEB. 6 13 X 20 27 FEDERAL FUNDS XX 3-MONTH TREASURY BILL 6-MONTH TREASURY BILL XXX 1-YEAR TREASURY BILL 5-YEAR TREASURY SECURITIES LONG-TERM TREASURY SECURITIES 6.25 5.97 6.30 6.31 9.20 7.62 6.01 6.01 6. 13 6.22 6. 14 5.42 5.49 5.57 5.56 5.65 5.46 5.35 5.35 5.51 5.62 5.80 5.46 5.50 5.58 5.56 5.68 5.55 5.43 5.27 5.43 5.59 5.69 5.47 5.51 5.57 5.59 5.64 5.49 5.45 5.38 5.50 5.59 5.72 6.61 6.62 6.68 6.69 6.79 6.63 6.63 6.58 6.66 6.74 6.84 7.65 7.68 7.70 7.63 7.76 7.58 7.59 7.56 7.69 7.71 7.79 NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE EXCLUDING LONG-TERM TREASURY * AVERAGESUOFTRATESHAVAIlSlE0MPUTED BY ™IS BANK‘ TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS. XX SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN *XX AUCTI ON AVERAGE ( DISCOUNT ) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 7 8 COMMERCIAL BANK SMALL TIME DEPOSITS^ LARGE TIME DEPOSITS 2/ AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED FEB 1 364.! 364.2 363. £ 405 1 19 26 2 .ti se -ies-"1 :evis >d &a ;a IN I 1111 i 375 w 111 1 TTTT janu - v- 1 aot 1 ate 1 ai^ab \9&1 1 SMALL TIME )EPOS TS 1 395 C D 1 - 1987 BILLIONS DEC. 29 363.6 JAN. 5 365.1 1 I BILLIONS OF DOLLARS 415 _U_LL BILLIONS OF DOLLARS 415 1 1 1 1111 -LLL 111 LLLL _LLL 111 1 1 1 1 1 1 1 1 1 1 1111 1 1 1 in' LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1987 BILLIONS OF DOLLARS 1987 BILL 1QNS DEC. 29 287.7 JAN. 5 295.8 12 283. 19 295. £ 26 294.7 FEB 2 293.: II v\&x M il - 1 1 I BILLIONS OF DOLLARS 305 q?,1 'rV vO 1111 N : t° A A IEPOS TS MAR 5 10 APR MAY 2 16 90 14 26 II 25 JUN JUL 1986 AUG 6 22 SEP 6 20 9 17 OCT NOV 1 FEB 7 21 1 JAN .LLL -LLL 1111 -LLL -LLL JI.1L -LLL -LLL I I I l -LLL 1 1 1 1 1 2 16 90 19 27 10 24 10 24 1J 1 5 II 1 1 J_LL 1 1 1 A> 1 \ Lj DEC 1985 TIME 1 ea-V- 1 a _ 1 n pi LARGf 1 Lee"" Jii I 15 20 12 26 0 29 DEC JAN FEB 1987 LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1987 1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 0100,000 2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 OR MORE http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL BANK TOTAL TIME DEPOSITS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED BILLIONS OF DOLLARS 825 ------------ ,--------- 1----- __ DEC. - JAN. 807.3 818.8 — FEB. 819.0 BILLIONS OF DOLLARS ;------ % 2 16 90 13 27 10 24 10 24 JAN FEB 7 21 5 19 APR MAY 2 16 30 14 28 11 28 JUL 8 22 AUG 6 20 OCT 3 17 NOV I 19 28 12 26 8 23 JAN FEB LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 2, 1087 TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS. TOTAL TIME DEPOSITS COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING: 2/3/86 5/5/86 -2.8 -2.3 -1 .6 -1.4 -1.7 -1.1 0.5 2. 1 -3.7 -2.1 -1.8 -2. 1 -1.1 1.0 3. 1 6/30/86 8/4/86 9/1/86 1.4 -0.4 0.9 3.9 6.7 -1.9 0.2 4.0 7.3 9/29/86 11/3/86 12/1/88 TO THE AVERAGE OF FOUR WEEKS ENDING: 6/30/80 8/ 4/86 0/ 1/86 0/29/86 11/ 3/86 12/ 1/86 1/ 5/87 2/ 2/87 1.3 0.8 -0.3 0.6 3. 1 5.6 0.4 5.3 9.2 10.3 14.3 18.7 Beginning January 5, 1987, data are on the revised basis and are not comparable to prior data; therefore, special caution should be taken in interpreting growth rates. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 9 10 BORROWINGS FROM FEDERAL RESERVE BANKS 1 BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS TOTAL BORROWINGS LATEST DATA PLOTTED WEEK ENDING-. FEBRUARY II. 1087 BILLIONS OF DOLLARS BILLIONS OF DOLLARS lflfll MILLIONS ADJUSTMENT + SEASONAL BORROWINGS 12 28 12 26 FEB MAR 0 29 7 21 4 18 MAY JUN 2 16 90 19 27 AUG 10 24 SEP 6 22 9 10 9 17 91 14 28 II JAN 29 FEB LATEST DATA PLOTTED WEEK ENDING' FEBRUARY II, 1987 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS COMMERCIAL PAPER OF NONFINANCIAL COMPANIES NOT SEASONALLY ADJUSTED BILLIONS OF DOLLARS 95 ---------- ,------------- ,-----DEC. 31 JAN. 7 76.086 FEB. 76,161 76,710 4 1 DEC 18 29 12 28 12 26 JAN FEB MAR 9 25 APR 7 21 4 18 2 16 30 13 27 10 24 MAY JUN AUG 1985 JUL 1986 SEP BILLIONS OF DOLLARS ------------------------------- 95 8 22 OCT 5 10 NOV 3 17 31 DEC 14 28 II 23 JAN FEB 1987 LATEST DATA PLOTTED WEEK ENDINGi FEBRUARY 4. 1987 BUSINESS LOANS u ( COMMERCIAL AND INDUSTRIAL ) WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/ SEASONALLY ADJUSTED BILLIONS OF DOLLARS 290 ---------- 1------------- ,------ COMPOUNDED ANNUAL RATES OF CHANGE. AVERAGE OF THE FOUR WEEKS ENDING JANUARY 28, 1987 FROM the FOUR WEEKS ENDINGi ” I NOV. OCT. OCT. AUG. JUL. t- 26, 1986 29, 1986 1, 1986 27, 1986 30, 1986 BILLIONS OF DOLLARS -------------------- ----------- 290 51.2 23.7 ‘®86 986 DEC. 24 JAN. 7 277,642 289,184 286,757 285,008 4 IS I 15 29 12 26 12 26 FEB MAR 0 23 7 21 4 18 MAY JUN 2 18 30 13 27 AUG 10 24 8 22 SEP 5 19 3 IT n nn i i 3111 14i ii28 i I JAN FEB LATEST DATA PLOTTED WEEK ENDINGi JANUARY 28, 1987 1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER. 2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 11 Average Borrowings and the Federal Funds - Discount Rate Spread (dollar amounts in millions) ‘Period Total Extended credit Adjustment plus seasonal 2/6/85-12/4/85 12/11/85-6/25/86 7/2/86-10/8/86 10/15/86-2/11/87 $1,266 828 881 647 $684 541 478 345 $582 287 404 302 Average spread (basis points) 39 37 38 66 Periods exclude weeks of relatively high borrowings that reflected bank operational problems and relatively high borrowings at year-end. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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