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:serve Bu>ik

Feder
of St. Louis

U.SrFinancial Data
FEB 1 9 1991

February 14, 1991

THE WEEK'S HIGHLIGHTS:
^

Yields on 3-month Treasury bills averaged 5.86 percent for the week
ending February 15, down sharply from 6.47 percent for the week
ending January 4. Yields on long-term Treasury securities averaged
8.01 percent during the latest week, down from 8.21 percent in early
January.

ts

Retail sales declined 0.9 percent in January, following a decline of
1.5 percent in December and no change in November. Excluding
automobiles, retail sales were unchanged in January.

is

Consumer installment credit fell $1.45 billion in December, or at
a 2.3 percent compounded annual rate. This was the first decline
in credit outstanding since February 1989.

The monetary aggregate figures reported in this issue incorporate
new benchmark and seasonal revisions.

THE
FEDERAL
A RESERVE

AltWkol
0r sT.im 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
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
336 ---------- 1------------- 1----_

ISfll

~
_
_
-

NOV,
DEC.
JAN.
FEB.

13 27

28
12
28
0
23
6

10 24

BILLIONS OF DOLLARS
------------------- ----------- 336

BILLIONS
320.2
323.4
327.4
329.5
331.5

7 21

7 21

4 18

2 16 30 13 27 II

2S

LATEST PLOTTED RESERVE MAINTENANCE PER 100 END INO

8 22

5 10

3 17 31

14 28 12 28

0 23

6 20

FEBRUARY 6,

MONETARY BASE IS THE SUM OF

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING;
2/7/90

5/2/90

8.6
8. 1
9.4
9.9
9.2
8.9
9.9
10.8

6.0
8.7
9,5
8.6
8.2
9.6
10.9

7/11/90

8/8/90

9/5/90

16. 1
1 1.8
10.0
12. 1
13.6

8.6
7.7
10.6
12.7

10/3/90 10/31/90 12/12/90

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING;
7/11/90
8/ 8/90
9/ 5/90
10/ 3/90
10/31/90
12/12/90
1/ 9/91
2/ 6/91


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

11.7
12.3
10.1
9. 1
1 1 .0
12.4

5.4
9.8
12.5

12.3
15.1

22.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
845 Z
1
II

z

iaai

Z
-

dec.

=

BILLIONS OF DOLLARS
845

z

BILLIONS

JAN.

31
7
14

826.8
825.0
822.0

FE B.

28
4

830 2
833. 5

r
A

-1111111 M

fr

805

V_________

iiiiim i

r V zr

/

iiiiiiin llillllll llillllll

iiim iii

825

_

/
V

795

y
-in

_L_L.11

4 10

DEC
1989

111

111

im j-ii.

MAR

21
MAY

I

JAN

FEB

APR

in. .ini
4 I0

■ 11

111 J-LLL .1 1 1 ..ini.

2 10 30 IS 27 IQ 24

JUN
JUL
1990

AUG

SEP

0 22

OCT

5 10
NOV

3 17 31

DEC

in

5

11.1.

14 20

II 23

JAN
FEB
1991

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 4, 1991
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
D^olITfAND^TRAVELERl^CHEWS0 °Y

N0NBWI( WBUC- DEMM® DeP08,™‘ 0THER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE

AVERAGE OF FOUR WEEKS ENDING:

2/5/90

5/7/90

7/2/90

8/6/90

9/3/90

10/1/90

11/5/90

12/3/90

5. 1
3.8
4,8
5. 1
4.3
4.2
4.2
4.0

1.4
3.8
4.4
3.3
3.3
3.4
3.3

4.3
5.2
3.3
3.4
3.5
3.3

9.5
5.2
4.8
4.6
4.3

2.4
2.7
3. 1
3.0

0.8
2.0
2. 1

3.8
3.4

3.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

2/90
6/90
3/90
1/90
5/90
3/90
7/91
4/91


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
3.0
1991
OV.
EC.
AN.
EB.

RATIO
26
10
24
7
21
4

2.570
2.569
2.557
2.524
2.502
2.510

2.9

2.8

Ml MULTIPLIER

2.6

II 29

8 22

5 18

5 18

FEB

MAR

2 18 90 M 28

MAY

11

25

8 25

6 20

9 17

AUG

JUN

SEP

15 28 12 20

10 24

7 21

4 18

JAN

0

FEB

LATEST DATA PLOTTED TWO WEEKS END I NOt FEBRUARY 4, 1991
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
258

- COMPOUNDED ANNUAL RATES
—OF CHANGE, AVERAGE OF
- the four Weeks ending
I FEBRUARY 4, 1991 FROM
___THE FOUR WtEKS ENDING*
3,
5.
1,
3,
6,
7,
5,

— OCT
— MAY
I FEB

1990
1990
1990
1990
1990
1990
1990

254
250

20.4
14.8
14.1
14.5
14.6
13.1
12.5

246
242
CURRENCY
238
234

.1.991.

BILLIONS

m

226

247.9

4

222

254.7

J-Lii.LLXl. Ill 1 I 1 I I
4 18

I

15 28 12 26 12 28

FEB

MAR

1989

8 29

7 21

4 IB

MAY

JUN

2 16 90 19 27

AUG

10 24

SEP

8 22

5 IB

9 17 91

14 28 II 25

JAN

FEB

1990

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 4,

1991

1/ RATIO OF MONEY STOCK (MI ) 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

230

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
BILLIONS

OF

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

DOLLARS

BILLIONS of DOLLARS

571 . I
568.7
564.0
564.5
567.5

4

18

4

FEB

18

2 16 50 13 27

MAR

AUG

10 24

8 22

5 10

3

17 31

SEP

14 28 11

JAN

25

FEB

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 4. 1991
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
2/5/90

AVERAGE OF FOUR WEEKS ENDING:

5/7/90

7/2/90

8/6/90

9/3/90

-2.0
0.6
1 .2
-0.4
0.1
0.3
-0.7

0.6
1 .6
-0.9
-0. 1
0.2
-1 .0

6.6
1 . 1
1.7
1.7
-0.0

-2.4
-0.6
0. 1
-1.7

10/1/90

11/5/90

12/3/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/
8/
9/
10/
11/
12/
1/
2/

2/90
6/90
3/90
1/90
5/90
3/90
7/91
4/91

3.0
1.2
2.3
2.4
1.2
1.4
1.4
0.6


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

-2.4
-1.0
-2.9

2.6
-1.2

-3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

—I 12.0

PRIME
LOAN RA*

CORPORATE
Aaa bonds

ICIAL

DEC
1989

12 20 S 23 0 23
JAN
FEB
MAR

0 20
APR

4 18
MAY

I

15 20 13 27 10 24
JUN
JUL
AUG
1990

7 21
SEP

5 10
OCT

2 16 30 14 28 II 25 8 22
NOV
DEC
JAN
FEB
1991

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 15, 1991.

90 DAY
CD'S

1991
DEC.

JAN.

FEB.

7
14
21
28
4
11
18
25
1
8
15 X
22

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.96
7.54
7.79
8. 13
7.35
7.30
7.33
6.94
6.84
6.45
6.43

8.23
7.79
8.23
9.01
7.57
7.22
7.27
6.83
6.90
6.44
6.46

7.68
7.33
7.60
7.95
7.08
7.05
7.13
6.76
6.67
6.28
6.29

9.13
9.03
9.02
9.04
9.02
9.05
9.08
9.05
9.00
8.87
8.77

10.46
10.37
10.44
10.47
10.38
10.51
10.51
10.44
10.34
10.13
10.01

7.06
7.05
7. 1 1
7. 14
7.09
7.15
7.10
7.06
7.00
6.86
N. A.

NOTE.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
X AVERAGES OF RATES AVAILABLE
3BK 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

PERCl

TREASURY

IRITIES

-FUNDS RATE

3TREAS

DISCOUNT RATE

I

IS 29 12 26 9 23
JAN
FEB

9 23

6 20
APR

4 18
MAY

I

15 29 13 27 10 ZA

7 21
SEP

5 10
OCT

2 16 30 14 28 II 23 8 22
DEC
JAN
FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 15, 1991.

1991
DEC.

7
14
21
28
JAN.
4
1 1
18
25
FEB.
1
8
15 *
22

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.60
7.25
7.29
7. 16
7. 17
6.40
6.77
6.88
7.46
6.32
6.29

6.99
6.83
6.66
6.48
6.47
6.31
6.07
6. 12
6. 17
5.94
5.86

6.96
6.74
6.77
6.57
6.48
6.51
6.21
6,21
6.28
5.94
5.85

6.78
6.64
6.53
6.51
6.37
6.30
6.22
6. 19
6. 13
5.87
5.84

7.80
7.65
7.69
7.79
7.62
7.77
7.77
7.66
7.60
7.41
7.39

8.35
8. 16
8.25
8.35
8.21
8.41
8.35
8.25
8.22
8.05
8.01

NOTE* CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERAGES*^ ^RATES^AVAI LAB' £0MPUTED BY THIS BANK’
TREASURY BILL YIELDS ARE ONA DISCOUNTBASIS.


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

ENDINS

™ °AYS EW,UER THAN DATE ^
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
3375

DEC

3350

3325

3300

3300

3275

3225

3225

1

15 29 12 28

FEB

12 26

MAR

9 23

7 21

4

MAY

JUN

1989

18

2

16 90 19 27

AUG

10 24

6 22

5 IB

9 17 91

SEP

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 4,

14 26

11 29

JAN
FEB
1991

1990
1991

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 B* FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS, SAVINGS AND
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER MOtEY MARKET MUTUAL FUn6s. FOR MORE
DETAIL, SEE THE H.6 RELEASE,

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING*

2/5/90

5/7/90

7/2/90

8/6/90

9/3/90

10/1/90

11/5/90

12/3/90

4.2
3.6
4.0
4.0
3.6
3.3
3. 1
3.0

1 .7
3.0
3. 1
2.6
2.4
2.3
2.3

3.7
3.6
2.8
2.5
2.3
2.3

5.4
3.6
2.9
2.6
2.5

2.0
1.6
1 .6
1.7

0.8
1 . 1
1.3

1.2
1.5

I .8

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
7/
8/
9/
10/
11/
12/
1/
2/

2/90
6/90
3/90
1/90
5/90
3/90
7/91
4/91


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS
2185
_
I
III
I
_
_
_

DE C.
NO V.
OC T.
SE P.
AU G.
MA Y
FE

1231 BILLIONS
2079.1
Rif . 31

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR iftfEEKS ENDING
FE BRUARY 4, 1991 FR()M
THE FOUR wtEKS END If4G;

I
-

2165

BILLIONS OF DOLLARS
2185

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

0.(
0.
-0.«

FEE .

2081.4
2085.4
2088.4
2091.4
2089.7

“
—
“
~
1 1 1 1

1990
1990
1990
1990
1990
1990

7
14
21
28
4

|

3,
5,
1,
3,
6,
7,

JAr< .

-1,;
-1.

2125
TOTAL TIME

)EPOS TS

1111

_____

1111

J

1

.

2085

i

m l
j!lll

E

III!

-LL.L _L.ll 1111 -LLL -LLL 1111 .LLL -LLL 1 1 1 1 _1_LL 1111 -LLL in'

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 4.

1991

3 ILL IONS OF DOLLARS

BILLIONS OF DOLLARS
580

1231
EC.

31

BILLIONS
570

503.6
509.5
512.3
515.6
514.3

LARGE TIME DEPOSITS

560
550
540
530
520
510

4 18

I

15 29 12 26 12 20

9 23

7 21
MAY

4 18
JUN

2 18 30 13 27 10 24
AUG
SEP

8 22

5 19

3 17 31

14 28 II 23
JAN

FEB

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 4. 1991
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AM) 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
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

— JAN.

0

BILLIONS OF DOLLARS
------ ------------- -------- =1 4.5

324
TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY I3(

1091

BILLIONS OF DOLLARS
2.5 ---------- --------------------

ILL IONS OF DOLLARS
-T------------- 1---------- 2.5

ADJUSTMENT + SEASONAL
BORROWINGS

6 20

DEC
1989

3 17 31

JAN

14 29 14 20 II

FEB

MAR

APR

25

0 23

MAY

0 20

4 It

JUN
JUL
1990

I

13 29 12 20 10 24

AUG

SEP

OCT

7 21

3 19

NOV

DEC

2 10 30 13 27

JAN
FEB
1991

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 13, 1991


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

BILLIONS OF DOLLARS
165
160

147,141
155
FEB.

6

125

8 20

DEC
1989

3 17 31

JAN

14 28 14

FEB

I

MAR

APR

MAY

IS 20 12 28 10 24

7 21

5 10

NOV

JUN
JUL
1990

DEC

2

18 30 13 27

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY fl, 1991

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 30, 1991 FROM
THE FOUR WtEKS ENDING* "
NOV.
OCT.
OCT.
AUG.
AUG.
MAY
JAN.

6 20

28, 1990
31, 1990
3, 1990
29, 1990
1, 1990
2, 1990
31, 1990

3

17 31

14

FEB

-8.6
-7.1
-6.1
-5.6
-4.6
-3.9
-2.3

14 28

MAR

BILLIONS OF DOLLARS

DEC. 26
JAN. 2

-

II

APR

25

0 23

8 20

4 18

JUN

JUL

1

15 29 12 28 10 24

7 21

NOV

19

2

16 30 13 27

DEC

LATEST DATA PLOTTED WEEK ENDING* JANUARY 30, 1991
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND C0M4ERCIAL 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 INDEX
AVERAGES OF DAILY FIGURES

1873-100
102

1973-100
102

—

1991
JAN.

FEB.
r

\A

1973-1CSL

9
16
23
30
6
13

—S'

83.9
84.8
83.1
82.5
81.5
80.8

-

-

y\
\

:

y

V"

~■

Vj

J
S

DEC
1989

A

-

aa2
_ii i.i
JAN

i.i

i -u i

FEB

-LLL
APR

1111
MAY

III

111 -LI 1 1
III
18 I IS 28 12
JUN
JUL
AUG
SEP
1990

10 24
OCT

-LLL -LLL
7 21

5 18

1111
2 16 30 13 27
JAN
FEB
1991

m i

si 11

,

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 13, 1991
NOTE*

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.10 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

L IB R R R Y

DATA ARE WEIGHTED AVERAGES OF THE FOREIGN-CURRENCY PRICE OF THE U.S. DOLLAR, COMPUTED USING
10 INDUSTRIAL COUNTRY CURRENCIES.

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