Full text of U.S. Financial Data : February 18, 1988

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February 18, 1988

THE WEEK'S HIGHLIGHTS:
^

The merchandise trade deficit decreased to $12.2 billion in December
from $13.2 billion in November.
For 1987> the merchandise trade deficit was $171.22 billion, an
increase of $15.06 billion from the $156.16 billion deficit in 1986.

^

Industrial production increased at a seasonally adjusted 1.8 percent
annual rate in January, and was up 6 percent from a year earlier.

^

Housing starts fell 1.9 percent in January to a seasonally adjusted
annual rate of 1,377,000 units, the lowest level since December 1982.

The Federal Reserve Board recently revised money stock measures and
related items. This revision reflects annual benchmark and seasonal
factor adjustments.

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

268.3
267.5
267.6
271.0
272.9
272.4

I I I I
3 17 31 M 28 II 25 II 25

JAN

FEB

8 22

MAR

8 20

3 17

MAY

JUN

1

15 20 12 28

0 23

7 21

4 18

2 16 30 13 27 10 24

OCT

NOV

JAN

FEB

LATEST PLOTTED RESERVE MAINTENANCE PERIOD EWINGi FEBRUARY 10, 1988
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANC1AL INSTI TUTI ONS 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
2/11/87

5/8/87

7/15/87

8/12/87

9/9/87

2.2
3.9
3.6
5.5
5.2
5.4
6.6

8.8
6.5
8.9
7.6
7.5
8.8

6. 1
9.5
7.7
7.6
9. 1

9.0
6.9
7.0
8.8

0/7/87

11/4/87 12/16/87

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
7/15/87
8/12/87
9/ 9/87
10/ 7/87
11/ 4/87
12/16/87
1/13/88
2/10/88

4.8
5.2
5.9
5.4
6.5
6.2
6.3
7. 1


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Federal Reserve Bank of St. Louis

9.0
8.4
10.4

5.4
8.8

12.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
780 r-----------1--------- ,-----

LLIONS OF DOLLARS
1--------- ----------“I 780

BILLIONS
751 .8
754.0
759.9
763.3
764. I
760.7

DEC
1986

JAN

FEB

MAR

APR

MAY

JUN

JUL
1987

AUG

16 30 14 28

SEP

II

25

8 22

OCT

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 8, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
DEPOSITjPAND**TRAVELEr|NCHECKS? BY THE N°N8ANK PUBL,C' DEMAND DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/9/87

5/11/87

7/6/87

8/10/87

9/7/87

10/5/87

11/9/87

1.3
-0.4
3.2

-7. I
-0.3

12/7/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/ 6/87
8/10/87
9/ 7/87
10/ 5/87
11/ 9/87
12/ 7/87

4.5
4.4
4.0
4.2
5.3
3.6

1/11/88
2/ 8/88

2.8
3.9

-2.2

-1.4

2.8

-0.0

3.7

2.3
0.4

6.2

-0.2

1.6

I .5

2.7
3.4

3.6
7.1
2.4
1 .0
3.3

9.7
2.7
0.9
3.7

5.2

Beginning January 4, 1988, data are on the revised basis and are not comparable to
prior data; therefore, special caution should be taken in interpretinggrowthrates,


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3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

RATIO
1988
NOV.
DEC.
JAN.
FEB.

30
14
28
11
25
8

RATIO

RAT I&
2.815
2.815
2.812
2.780
2.791
2.800

liablenot aval-

Ml MULTIPLIER
January
ted data

Mil
I

15 29 12 26

JAN

9 23

9 23

FEB

6 20

4 18

APR

MAY

l

15 29 13 27

10 24

7 21

5 19

2 16 30 M 28 11

DEC

25

8 22

JAN

LATEST DATA PLOTTED TIM) WEEKS ENDINGi FEBRUARY 8, 1988
BILLIONS OF DOLLARS
206

i

- COMPOUNDED AftJUAL RAT ES
_ OF CHANGE, AVERAGE OF
r_THE FOUR *EEKS ENDING
FEBRUARY 8, 1088 FROM
- the four Seeks ending

- *BTe

aV- 11

set

1.8
4.1
6.8
7.0
7.1
6.9

s

t avail‘d e-

CURRENCY

\98» are

;vise

1 dat

a ¥*i0 C to

:

1

6.8

.es

4

1

1087
1987
1987
1987
1987
1987
1987

jatiuat 7

1

- DEC.
7,
- NOV.
9,
_
OCT.
5,
SEP.
7,
“ AUG. 10
“MAY
11.
— FEB
9.

i

202

i

BILLIONS OF DOLLARS
206 :—i—i—i------------

r<

186
-

i

JAN.

mil JJ_I_ 1 1 1
1

15 29 12 26

9 23

1111

1 1 1 JJ_L 1 1 1 1

111

1 1 LL 1 1 1

1 1 1

4
197.1
_
11
198.0
_
18
198.5
25
199.1
-----FEB.
1
199.8
8
199.4
_
11111111111 Ms
1 ILL

9

JUN
JUL
APR MAY
DEC
JAN FEB
MAR
1987
1986
LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 8. 1988

AUG

SEP

OCT

JAN
FEB
1988

1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.


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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

182

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES

StASUINALLY ADJUSTED

BILLIONS OF DOLLARS
580 i-----------,--------- 1-----

iaea
JAN.

DEC
1986

JAN

BILLIONS OF DOLLARS
----- ---------- ---------- D 58(>

billions
547.6
549.6
554.2
556.9
557.0
554.0

FEB

MAR

APR

MAY

5

JUN
JUL
1987

IS

2 18 30 14 28 II

DEC

25

6 22

JAN

LATEST DATA PLOTTED WEEK EKIINGi FEBRUARY B. 1988
DEPOSITORYKfNSTITUT°ONS? 'S ™E SUU °F DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi

2/9/87

5/11/87

7/6/87

8/10/87

9/7/87

10/5/87

11/9/87

9.3
-0. 1
-1 .6
2.4

-2.4
-3.4
1 .8

-11.3
-2.1

12/7/87

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
7/ 6/87
8/10/87
9/ 7/87
10/ 5/87
11/ 9/87
12/ 7/87
1/11/88
2/ 8/88

3.8
3.6
3.0
3.2
4.4
2.0
1.2
2.7

-5. 1
-4.2
-2.5
0.3
-2.4
-2.8
-0.5

1.2
2.4
5. 1
0.4
-0.7
2. 1

2.0
6.0
-0.3
-1.5
1.9

6.3

Beginning January 4, 1988 data are on the revised basis and are
not comparable to
prior data; therefore, special caution should be taken in Interpreting growth rates.


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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

PERCENT
12.0

CORPORATE
AAA BONDS

MUNIC

5.0

5 10

2

16 90 IS 27

FEB

13 27

MAR

10 24

8 22

S

10

3

17 31

APR

14 28 11

AUG

1986

25

0 23

SEP

6 20

4

NOV

DEC

18

1987

I

15 29 12 26

JAN
FE?
1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt FEBRUARY 19, 1988.

1988
DEC.

4
1 1
18
25
JAN.
1
8
15
22
29
FEB.
5
12
19 X
26

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.61
7.75
7.88
7.61
7.38
7.03
6.99
6.87
6.77
6.63
6.54
6.65

7.28
7.77
8. 18
7.90
7.45
6.85
6.80
6.75
6.66
6.59
6.47
6.65

7.41
7.64
7.69
7.41
7. 17
6.89
6.83
6.73
6.62
6.50
6.43
6.57

10.06
10.14
10. 19
10.08
10.06
10.00
10.00
9.88
9.64
9.46
9.42
9.43

11.23
11.30
11.36
11.28
11.24
11.22
11.19
11.02
10.85
10.71
10.63
10.63

7.90
8. 10
8.01
7.95
7.86
7.83
7.83
7.61
7.51
7.49
7.40
N. A.

NOTEt CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
X AVERAGES OF RATES AVAILABLE
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT
11.0 i—

PERCENT
11.0

—|

TREASURY m ITIES

DISCOUNT RATE

1111111
3 17 31

FEB

MAR

APR

14 20

AUG

II

25

9 23

SEP

6 20

4

NOV

DEC

10

I

13 29 12 20

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt FEBRUARY 19,

FEDERAL
FUNDS**
DEC.

4

11

JAN.

18
25
1

8

15

22

FEB.

29
5
12
19 *
26

6.89
6.84
6.58
6.75
6.81
7.02
6.81
6.89

6.66
6.77
6.38
6.65

1988.

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILLXXft

I-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

5.41
5.86
5.90
5.83
5.73
5.86
5.81
5.85
5.74
5.67
5.65
5.75

6.12
6.42
6.45
6.48
6.32
6.35
6.33
6.37
6. 19

6.55
6.74
6.73
6.71
6.66

8.40
8.54
8.50
8.41
8.38
8.37
8.33
8.08
7.91
7.73
7.67
7.79

9.22
9.39
9.26
9.03
9.05
9.07
9.08
8.79
8.61
8.43
8.42
8.56

6. 1 1

5.85
6.03

6.66
6.63
6.45
6.33

6.22

6. 16
6.30

7LaI^®SJ™te™?


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Federal Reserve Bank of St. Louis

E®,NG ™DAYS EARLIER THAN °ATE

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITSi/
LARGE TIME DEPOSITS v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
400

BiLLlONS.
4

385.6
386.8
387.8
388.9
391.6

SMALL

370

360

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1988
BILLIONS OF DOLLARS
330

315

300
295
290

llll
320

\

315

d <lat

a Prto

r

4,

9«S
re n
*>vai

V

iLLL -LLL -LLL 1111 .LLL -LLL 1 1 1 1 -LLL J_LLL ILL -LLL 1111 -LLL -LLL
l

15 29 12 26

DEC
1986

JAN

9 29

FEB

325

E

mi

305

*

TIME JEPOSI TS

TTTT TTTT TTTT TTTT

310

LARGE

J,.

TTTT

320

z------- 1------ 1--------= 19S& BJLLLil m.
- JAN. 4 322.
11 319.
18 320.
25 316.6
_ FEB
1 317.
8 321.
1
- %

TTTT

325

TTTT

BILLIONS OF DOLLARS
330

9 23

MAR

6 20

4

APR

MAY

18

I

15 29 13 27

JIJN

JUL
1987

10 24

7 21

5 19

AUG

SEP

OCT

2

16 30 14 28 II

NOV

DEC

JAN

-ULii

25

8 22

FEB
1988

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 6, '988
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000
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

310
305
300
295
290

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
900 ------------ 1----------1----1988
JAN.
„
FEB.

DEC
1986

4
II
IB
25
I
8

JAN

BILLIONS OF DOLLARS
----- ---------- ------------ 900

BILLIONS
685.6
885.0
887.5
885.1
887.5
892.8

FEB

MAR

APR

MAY

JUN

JUL
1987

DEC

JAN

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 8, 1988
TOTAL Tile IS THE SIM OF SAVINGS DEPOSITS, SMALL Til* DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
2/9/87

5/11/87

7/6/87

8/10/87

9.6
8.7
7.9
7.4
8.6
9.0
8.6
8.3

8.4
7.0
6.4
8.3
9.0
8.4
8.0

3.9
3.9
7.3
8.4
7.7
7.3

3.3
8.3
9.5
8 4
7.8

9/7/87

10/5/87

11/9/87

12/7/87

8.6
7.3

4.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
7/ 6/87
8/10/87
9/ 7/87
10/ 5/87
11/ 9/87
12/ 7/87
1/11/88
2/ 8/88

10.9
1 1.7
9.7
8.8

15.3
11.5
9.9

Beginning January 4, 1988 data are on the revised basis and are not comparable to
pi-Lor data; therefore, special caution should be taken in interpreting growth rates.


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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
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.0 ------------1--------- 1----1M

BILLIONS OF DOLLARS
-------- -------------------- 3-°

MILLIONS

TOTAL BORROWINGS

I I I I
LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 17, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.0

ADJUSTMENT + SEASONAL
BORROWINGS

------FEB,

3 17 31

14 28 II

JAN

FEB

25 11

MAR

25

8

6 20

3 17

MAY

JUN

I

IS 20 12 20

9 23

7 21

4

OCT

NOV

18

2

16 90 19 27

JAN

10 24

FEB

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 17, 1988


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
BILLIONS OF DOLLARS
95 ------------,--------- ,-----

NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
-------- -------------------- 95

MILLIONS

“ FEB.

9

17 31

DEC
1986

3

87,582
87,074
85,955
85,248
89 085
88,847

14 28 II

JAN

FEB

25 II

25

MAR

8 22

APR

I I I I
8 20

3 17

MAY

JUN

l

15 28 12 26

0 23

JUL
j 987

7 21

4 18

OCT

NOV

2 16 30 13 27

JAN

10 24

FEB

LATEST DATA PLOTTED WEEK ENDING, FEBRUARY 10, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANSu
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
3tA5UNAL.LT ADJUSTED

BILLIONS OF DOLLARS
295 --------- ------------ ------

BILLIONS OF DOLLARS
--------1--------- 1--------- 1------------1-------295
COMPOUNDED ANNUAL RATES I
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
DECEMBER 30. 1987 FROM
“
THE FOUR WEEKS ENDING; — 290
OCT.

28,
30,
c,
29,
1,
I,

1987
1987
iwor
1987
1987
1987

3.8

MILLIONS
NOV. 25
DEC. 2

5 19

NOV

3 17 31

DEC
1936

14 28 11

JAN

25 II

FEB

MAR

25

8 22

APR

6 20

3 17

MAY

JUN

1

4 18

OCT

- 270

276,743
276,725
276,381
276,596
mu

13 29 12

191

-

- 265

2 16 30 13 27

NOV

LATEST DATA PLOTTED WEEK ENDING, DECEMBER 30. 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11