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RESEARCH LIBRARY
Tfidfirai Reserve

4U&.- Fii lancial Data

i

FEB 0 7 1989

February 2, 1989

THE WEEK'S HIGHLIGHTS:
is

The composite index of leading indicators increased 0.6 percent in
December, following a 0.2 percent decrease in November and a 0.5
percent increase in October.

is

Personal income in December increased 0.9 percent, following a
decline in November. For all of 1988, personal income rose 6.8
percent, down from 8.7 percent in 1987. Personal income figures
are not adjusted for inflation.

v*

Gross national product, adjusted for inflation, expanded at an annual
rate of 2 percent in the fourth quarter, compared with a 2.5 percent
rate of increase in the previous quarter. For 1988, gross national
product grew 2.7 percent, after growing 5 percent in 1987.

ts

Prices, as measured by the GNP-based implicit price deflator, rose
at a 4.7 percent rate in the fourth quarter, the same as in the third
quarter. For 1988, prices rose 4.1 percent, up from a 3.1 percent
increase in 1987.

the

FEDERAL
A RESERVE
JA ILVNKof

st.unis

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
288 ------------- .---------- 1------

1M
NOV.

2 16 SO

DEC
1967

16

BILLIONS
285.0
285.7
284.9
284.9
288.5
290.7

19 27 10 24

JAN

BILLIONS OF DOLLARS
-------- ---------------------- 298

FEB

0 29

MAR

6 20

4

APR

MAY

18

1

19 20 19 27 10 24

JUN
JUL
1986

AUG

7 21

5 10

SEP

OCT

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING? JANUARY 25,

2

16 90 14 28 11 25

NOV

DEC

6 22

JAN
FEB
1989

1989

THE ADJUSTED
MONETARY
BASE
IS THE SUM OF(CURRENCY HEUMJyShE FINANCIAL
RESERVE
.JAWS.
CURRENCY
IN CIRCULATION
PUBLIC AND INSTITUTIONS
IN THE VAULTS
AT OF
FEDERAL
ALL
DLPOSITORY 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
BAFK. 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*
1/27/88

4/20/88

6/29/88

7/27/88

8/24/88

5.9
6.2
5.9
5.9
5.5
5.9
5.2
6.5

7. 1
6.3
6.3
5.6
6.2
5.2
6.9

5.7
5.9
4.9
5.9
4.6
6.9

5.0
3.9
5.5
4.0
6.8

4.0
5.9
4.1
7.4

9/21/88 10/19/88 11/30/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
6/29/88
7/27/88
8/24/88
9/21/88
10/19/88
11/30/88
12/28/88
1/25/89

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

5.8
3.5
7.7

4.1
9.4

10.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1382.

BILLIONS OF DOLLARS
805

BILLIONS
785.7
786.6

786.3

783.6
785.8

785

4

DEC

18

I

15 29 14 28 11

JAN

MAR

25

9 23

APR

8 20

4

JUN

JUL

18

1

15 29 12 26 10 24

7 21

5 19

NOV

DEC

2 16 30 13 27

1989
LATEST DATA PLOTTED WEEK ENDING: JANUARY 23,

1989

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
“IIS.BY THE NONBANK PUBLIC, DEMAM)

deposits,

other checkable

1/trvSI 15 ArO TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/25/88

4/25/88

6/20/88

7/25/88

8/22/88

5.5
6.5
5.8
5.2
4.5
4. 1
4.2
3.9

6.8
5.6
4.6
3.7
3.2
3.5
3.2

6.5
4.7
3.4
2.7
3.2
2.9

1.6
0.8
0.5
1.6
1.5

0.4
0.2
1 .6
1.5

9/26/88 10/24/88 11/21/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/20/88
7/25/88
8/22/88
9/26/88
10/24/88
11/21/88
12/26/88
1/23/89


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

-0.7
1.6
1.5

2.8
2.2

3.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

RATIO
2.740
2.760
2.700
Ml MULTIPLIER

14 28 II

DEC
1087

25

8 22

JAN

FEB

T 2!

4 18

MAR

APR

2 18 50 19 27 II 25

8 22

JUN
JUL
1088

AUG

5 10

SEP

5 17 31

OCT

14 28 12 28

NOV

DEC

9 23

8 20

JAN
FEB
1089

LATEST DATA PLOTTED TWO WEEKS ENDING: JANUARY 23, 1989
BILLIONS OF DOLLARS
218

BILLIONS OF DOLLARS
218

_—1------- 1---------- 1------- 1—

_

_

-

_

210

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR feEKS ENDING
JANUARY 23. 1980 FROU
THE FOU WEEKS END 1 *5*.
NOV. 21 ,
OCT. 24 ,
SEP. 26 ,

- JU L.
_
_

988
988
988
988
988
988
1988

,

25 ,
AP R. 25 ,
JAN. 25 )

~

7/
i:i
CURRE NCY

§:!

~

7A
7.'

206

-

-

,.iii

1989
. 19
26

u
“ill
DEC
1987

billioi

SB. “
211.5
212.1
9
213.1
_
16 212.9
23 213.1
nil 111111111111*
DEC

111
JAN

i

111

111

1 1 1

1 1 1 1

MAR

APR

MAY

15 29 14 28 II 25

FEB

0 23

1 1 1

1 1 1

8 20 4 18
JUN
JUL
1988

1 1 1 1 -LLL 1 1 1 1
1

15 29 12 28 10 24

AUG

SEP

OCT

7 21
NOV

IS
DEC

2 18 SO 13 27
JAN
FEB

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23, 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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

BILLIONS
DEC.

4 18

DEC

566.7
567.0
573.5
565.4
563.0
565.0

1

15 28

JAN

14 28 II

MAR

25

8 25

APR

8 20

4

18

l

15 28 12 28 10 24

JUN
JUL
1988

7 21

5 18

NOV

DEC

2 18 30 13 27

1989

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23. 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, AVERAGE OF FOUR WEEKS ENDING:
1Z25/88

4/25/88

4.7
5.9
5.2
4.3
3.5
2.9
3.1
2.7

6.4
5.2
3.7
2.6
1.9
2.3
1.8

8/20/88

7/25/88

8/22/88

9/26/88 10/24/88 11/21/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/20/88
7/25/88
8/22/88
9/26/88
10/24/88
11/21/88
12/26/88
1Z23/89


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

6.4
3.7
2.1
1.2

1.8
1.3

-0. 1
-l. 1
-1.4
-0. 1
-0.4

-2.1
-2.2
-0.4
-0.7

-2.9
-0.1
-0.6

1.3
0.3

1.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

RATE

4 18

1

15 28 12 26 II

FEB

MAR

25

8 22

6 20

5 17

MAY

JUN

I

15 28 12 26

8 25

7 21

4 18

OCT

NOV

2 16 30

15 27 10 24

JAN

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 3, 1989.

1989
DEC.

2
9
16
23
30
JAN.
6
13
20
27
FEB.
3 X
10
17
24

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Am BONDS

CORPORATE
BM BONDS

MUNICIPAL
BOMJS KX

9.22
9.24
9.32
9.29
9.20
9.20
9.23
9.21
9.17
9. 17

8.82
9.27
9.32
9.39
9.30
9.05
9.04
9.02
9.00
9.03

8.94
8.93
9.02
8.98
8.90
8.93
8.95
8.93
8.92
8.93

9.55
9.52
9.57
9.59
9.60
9.66
9.69
9.61
9.56
9.56

10.61
10.61
10.65
10.68
10.67
10.73
10.70
10.62
10.61
10.58

7.66
7.68
7.66
7.57
7.50
7.44
7.40
7.29
7.27
N.A.

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
WABOND^YER'SAIv!rAGE''INDEX OF 20 MUNICIPAL BOMJS, 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

5-YEAR
TREASURY SECURITIES

y

v

DISCOUNT RATE

6.0

TREASl

I I I I
II

FEB

MAR

25

8 22

8 20

3 17

MAY

JUN

I

15 20 12 26

0 23

7 21

4

OCT

NOV

18

2 16 30 13 27 10 24

JAN

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* FEBRUARY 3, 1080.

1089
DEC.

JAN.

FEB.

2
9
16
23
30
6
13
20
27
3 X
10
17
24

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL mm

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.44
8.59
8.51
8.87
8.86
9.22
9.08
9.13
9.06
9.16

7.94
7.96
8.09
8.11
8. 16
8.24
8.26
8.24
8.29
8.35

8. 13
8.25
8.21
8.29
8.33
8.37
8.48
8.35
8.31
8.39

8. 10
8.23
8.42
8.32
8.38
8.47
8.43
8.28
8.30
8.35

9.00
8.99
9.16
9. 10
9. 18
9.28
9.23
9.09
9.04
9.08

9. 18
9.08
9.13
9.08
9.11
9.21
9.12
8.99
8.94
8.94


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

™'80B*«?BS™E*3UR^BILLEV^P,iSi IMSgoJSPSSTs.
EfCIMG " °AYS «"■'* THAN MTE

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

7

8

MONEY STOCK ( M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3100

3075

__ DEC,

BILLIONS OF DOLLARS
3100

3067.5
3066.7
3070.5
3064.6
3070.4
3072.6

3050

3075

3025

3000

2975

2925

2900

7 21

DEC
1987

4

18

1

15 29 14 28 11

JAN

MAR

25

9 23

APR

0 20

4

18

1

15 29 12 28 10 24

JUN
JUL
1968

7 21

5 19

NOV

DEC

2

16 30 13 27

1989

LATEST DATA PLOTTED WEEK ENDING; JANUARY 23, 1989
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE
M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL C0U4ERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS, SAVINGS AND
SMALL TIME DEPOSITS, AM) 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:

1/25/88

4/25/88

6/20/88

7/25/88

8/22/88

8. 1
7.3
6.7
6.0
5.3
5.4
5.5
5. 1

4.8
4.3
3.8
3.1
3.5
3.9
3.6

3.3
2.9
2.1
2.8
3.5
3.2

2.3
1.4
2.5
3.4
3.0

0.9
2.5
3.6
3. 1

9/26/88 10/24/88 11/21/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING*.
6/20/88
7/25/88
8/22/88
9/26/88
10/24/88
11/21/88
12/28/88
1/23/89


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

2.7
4.2
3.4

6.3
4.6

4.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOS ITS 1/
LARGE TIME DEPOSI TS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2030 ---------- ,---------- 1-----I
_

BILLIONS OF DOLLARS
—|------------- ----------- 2030

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
JANUARY 23, 1089 FROM
THE FOUR WEEKS ENDING:

- NOV.
- OCT.
I SEP.
_ AUG.
—JUL.
- APR.
I JAN.

21,
2A
26,
22,
25,
25,
25,

2000

TOTAL TIME DEPOSITS

1988

10.0

IM
DEC.

BILLIONS

19
1996.4
1996.

JAN.

2002.1
111111

11111111

LATEST DATA PLOTTED WEEK ENDING-. JANUARY 23, 1989
BILLIONS OF DOLLARS
1988
DEC.

BILLIONS OF DOLLARS
550

BILLIONS

19

535.6
535.9
536.1
538.3
LARGE TIME DEPOSITS
520

490

7 21

4

DEC

JAN

18

I

13 29 14 28 11 25

MAR

APR

9 23

8 20

4 18

1

IS 29 12 28 10 24

JUN
JUL
1988

7 21

5 19

NOV

DEC

2

18 30 13 27

LATEST DATA PLOTTED WEEK ENDING: JANUARY 23, 1989
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5
-----------1---------- 1-----im
4
II
18
25

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

MILLIONS
2280
1816
1879
1174

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY l, 1989
BILLIONS OF DOLLARS
2.5

28
438
4 1372
11
309

FEE .

25
1

_
_

453
263

ADJU STMENT ♦ SEA SONAL
BORRO\ 1NGS

1

1

11

n
V-'

■ Jill
2 16

DEC
1987

V

1.5

l» 1

-

1

\J t

u

\AI

TN

V

Aa

V

w

J_LL

111

JAN

FEB

30 13 27

mi

10 24 9 23

MAR

111
6 20

APR

_U_L
4

IS

MAY

LU1.
I

15

JUN

hi

INI

29 13 27 10 24

JUL
1988

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 1,


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

lllll.

-

2.0

i i

-

MILLIONS

DEC.
JAN.

j_ j

1989
:

i

BILLIONS OF DOLLARS

AUG

_LLL

111

7 21

5

SEP

OCT

19

_LLI_L

111

2 16 30

NOV

14

DEC

0.5

—

■i.i i.
28

11

JAN

111
25

8 22

FEB
1989

1989

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
110
-

BILLIONS OF DOLLARS
110
~

MILLION. I

W

“ DEC.
21 101,422
~
28 98,894
_ JAN.
4 99,55‘
11
100,962
18
104,159

/'
=

/

100

m i

r—< y—

1

=
1111

1

r'
•'y~

V

A

_
'

r

1111

A

^ \

'

-LLLL

i
/

l\-

85

i\.
-

\

lux

80
-11.1

-LLL

llll

FEB

MAR

2 10 30 19 27 10 24

DEC
1987

JAN

9 23

1 1 1
0 20

APR

-LLL
4

18

MAY

1 1 1.1.
I

-LLL

15 20 13

JUN

27

JUL
1988

I I I I
10 24

AUG

i i i

11 i

llll

7 21

5 10

2

SEP

OCT

NOV

-LLL

111

10 30 14 20 11

DEC

JAN

25

8 22

w

FEB
1989

LATEST DATA PLOTTED WEEK ENDING* JANUARY 25, 1989
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u
C COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
308

- COMPOUMJED ANNUAL RATES
OF CHANGE, AVERAGE OF
- THE FOUR WEEKS ENDING
JANUARY 18, 1969 FROM
- THE FOUR WEEKS ENDING*
- NOV.
OCT.
“ SEP.
AUG.
“ JUL.
_ APR.
JAN.

16,
19,
21,
17.
20,
20,
20,

1988
1988
1988
1988
1988
1988
1988

4.3

296

302,025
JAN.

4
303,608
305,062

2 10 90 19 27 10 24

JAN

FEB

0 23

0 20

4 18

APR

MAY

1

15 29 13 27

LATEST DATA PLOTTED WEEK ENDING* JANUARY 18,

10 24

7 21

5 10

SEP

OCT

-LLLL1..L1 111 1 I 1 I II
2 16 30 14 28 11

DEC

JAN

25

8 22

FEB

1989

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BAfttS 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

DOLLAR'S TRADE-WEIGHTED EXCHANGE

INDEX

AVERAGES OF DAILY FIGURES

DEC.

28

93.0
95.5

DEC
*987

JAN

FEB

MAR

APR

MAY

15 29 13 27 10 24

JUN
JUL
1988

7 21

5 19

SEP

OCT

2 16 30 M 29 II 25

DEC

JAN

8 22

FEB

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 1, 1989
NOTEj

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


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

,3? F0RE,8N-CURRENCT PRICE

«.«• ««.. COMPUTE® USINS

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS