Full text of U.S. Financial Data : February 25, 1988

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Federal
vf-St. to trig

inancial Data
February 25, 1988

EEB
EE-B 22 09 108
WQ8----- ——-------------------

THE WEEK'S HIGHEIGHTS:
The Federal Reserve Board has announced some definitional changes
affecting the way in which vault cash and certain deposits held by thrift
institutions are treated in constructing the monetary aggregates. Under
the new definition, all vault cash held by thrift institutions is excluded
from the currency component. Moreover, demand deposits and other
checkable deposits (OCD) held by thrifts are excluded from these respective
components of the monetary aggregates. Under this new definition, the
treatment of thrift institutions is made identical with that of commercial
banks.
The Board also has announced that automatic transfer (ATS) accounts
at credit unions, like those at commercial banks and all other thrifts, are
now included in the OCD component of Ml rather than the savings
deposit component of M2. This change makes consistent the treatment
of all ATS accounts as transaction deposits. In addition to the redefinitions,
the monetary aggregates reflect benchmark adjustments and seasonal
changes.

THE
FEDERAL
A RESERVE
JA RANK of
Mr SI. UH LS

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

BILLIONS OF DOLLARS
276

BILLIONS
267.3
267.4
270.7
273.0
272. I
272.3

14 28 II

JAN

25 II

FEB

25

8 22

MAR

6 20

3 17

MAY

JUN

I

15 29 12 26

9 23

7 21

4 18

OCT

NOV

2 16 30 13 27

JAN

1987
LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: FEBRUARY 24,

10 24

FEB
1988

9 23

MAR

1988

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUT IONS AT FEDERAL
RESERVE BANKS. CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OFALL
DEPOSITORY INSTITUTIONS) AM> 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.

ADJUSTED MONETARY BASE DATA HAVE BEEN REVISED.

HISTORICAL DATA ARE AVAILABLE ON REQUEST

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
2/25/87

5/20/87

7/29/87

8/26/87

4.8
5.2
4.8
6.8
5.5
7.5
6.8

8.5
6.7
9.5
6.9
9.4
8.3

4.8
9.2
6. 1
9.2
7.9

9/23/87 10/21/87 11/18/87 12/50/87

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
7/29/87
8/26/87
9/23/87
10/21/87
11/18/87
12/30/87
1/27/88
2/24/88

4.5
5.4
5.6
5.3
6.6
5.7
7.1
6.7


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

0.6
5.9
9.7
8.2

7.1
11.7
9.4

9. 1
6.8

12.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

BILLIONS OF DOLLARS
-----------------------------i 780

BILLIONS
759.9
763.1
764.1
761.0
759.9

5 10

2 10

JAN

FEB

2

16 30 13 27 II

MAR

APR

25

MAY

8 22

JUN

8 20

3 17 31

JUL

AUG

14 28 12 28

SEP

OCT

0 23

NOV

4

DEC

18

JAN

1987

I

15 20

14 28

FEB
1988

LATEST DATA PLOTTED 1NEEK ENDINGt FEBRUARY 15, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.

DEPolITiPAND**TRAVELErI^CHECKS? BY THE

PUBUC' DEMAND DEP0S,TS* °THER

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
2/16/87

5/18/87

7/13/87

8/17/87

4.0
4.0
3.8
4. 1
4.8
3.4
3.5
4.3

-1.4
-0.5
0.7
2.4
0.7
1.4
2.5

3.2
4. 1
5.7
2.7
3.2
4.4

4.3
6.4
2.4
3.0
4.6

AVERAGE OF FOUR WEEKS ENDING:

9/14/87,10/12/87 11/16/87 12/14/87

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/13/87
8/17/87
9/M/87
10/12/87
11/16/87
12/M/87
1/18/88
2/15/88


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

8.3
2.4
3.2
5.0

0.7
2.3
4.7

-1.7
2.7

8.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
3.
----------1---------- 1------------- 1---------1988
NOV.
DEC.

RATIO
3.1

RATIO

JAN.

30
14
28
11

2.800
2.805
2.809
2.783

FE 3.

8

2.80

M! Ml LTIPLI R
2.9

\
!!lll

1 u. J-LLL l-LL 1 1 1
12 26 9 23 9 23 9 20
JAN
FEB
MAR
APR

1 1 1 1 ill. 111!
15 29 13 27 10 24
JUN
JUL
AUG
1987

1 .LL III. -LJJ 1
7 21
19
OCT
NOV
SEP

1 1 1
DEC

I 1 1
JAN

1 1 1 1
8 22
FEB
1988

IIIs
7 21

LATEST DATA PLOTTED TWO WEEKS ENDINGt FEBRUARY 8, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-__ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
__ THE FOUR lUfEEKS ENDING
FEBRUARY 15, 1988 FROM
"
THE FOUR WEEKS ENDINGt
- DEC.
—NOV.
_
OCT.
SEP.

14,
16,
12,
14,

1987
1987
1987
1987

12.1
10.7
11.5
11.1
CURRENCY

— FEB.

BILL LAMS
JAN.

ll

198.0

199.4
199.4

5 19
JAN

2 15
FEB

2 16 30 13 27 II 25
APR

8 22

6 20

3 17 31 14 28 12 26

MAY

9 23

I II I I I I ll I 1 I 1 1 I 1

7 21
DEC

4 18
JAN

1

15 29 14 28

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 15, 1988
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
5*0 C--------1---------- 1--------

BILLIONS OF DOLLARS
----------------------------1]

BILLIONS.
549.6
557.0
554.3
553.2

I I I I I I I I
JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

15 29 14 25

OCT

DEC

JAN

1987
LATEST DATA PLOTTED KEEK ENDING. FEBRUARY 15. 1988
TOTAL CHECKABLE DEPOSITS
DEPOSITORY INSTITUTIONS?

IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
2/16/87

5/18/87

7/13/87

8/17/87

9/14/87 10/12/87 11/16/87 12/14/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/13/87
8/17/87
9/M/87
10/12/87
11/16/87
12/M/87
1/18/88
2/15/88

3.0
2.9
2.5
2.9
3.6
1.7
1 .8
2.7


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

-4.1
-3.1
-1.6
0.4
-1.9
-1.3
0.2

1 .5
2.7
4.3
0.4
0.8
2.5

2.8
5. 1
-0.2
0.4
2.5

7.3
-0.3
0.5
2.9

-2.7
-0.9
2.3

-5.9
-0.1

7.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

CORPORATE
AAA BONDS

8.0
90 DAY
CD'S

2 10 30 13 27 13 27 10 24
FEB
MAR
APR

8 22

5 19

3 17 31

M 28 II 25
SEP
AUG

9 23

6 20
NOV

4 18
DEC

1

15 29 12 26 II 25
FEB
MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. FEBRUARY 26, 1988.

1988
JAN.

FEB.

MAR.

1
8
15
22
29
5
12
19
26 *
4
1 1
18
25

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.38
7.03
6.99
6.87
6.77
6.63
6.54
6.64
6.62

7.45
6.85
6.80
6.75
6.66
6.59
6.47
6.61
6.53

7. 17
6.89
6.83
6.73
6.62
6.50
6.43
6.55
6.50

10.06
10.00
10.00
9.88
9.64
9.46
9.42
9.41
9.36

11.24
11.22
11.19
11.02
10.85
10.71
10.62
10.60
10.58

7.86
7.83
7.83
7.61
7.51
7.49
7.40
7.55
N. A.

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

TREASURY

PERCENT
II.0

I TIES

8.0

FEDERAL
FUNDS RA'

3-1
TREASI

6.0

DISCOUNT RATE

2

16 30 13 27

FEB

13 27 10 24

MAR

8 22

5 IB

APR

3 17 31

14 28

AUG

II

25

0 23

SEP

8 20

4 18

NOV

DEC

1

13 29 12

FEB

MAR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. FEBRUARY 26, 1988.

1988
JAN.

FEB.

MAR.

1
8
15
22
29
5
12
19
26 X
4
11
18
25

FEDERAL
FUNDS xx

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECUR1T1ES

LONG-TERM
TREASURY
SECURITIES

6.81
7.02
6.81
6.89
6.66
6.77
6.38
6.65
6.64

5.73
5.86
5.81
5.85
5.74
5.67
5.65
5.72
5.65

6.32
6.35
6.33
6.37
6. 19
6.11
5.85
6.03
5.83

6.66
6.66
6.63
6.45
6.33
6.22
6.16
6.27
6.19

8.38
8.37
8.33
8.08
7.91
7.73
7.67
7.79
7.72

9.05
9.07
9.08
8.79
8.61
8.43
8.42
8.55
8.47

NOTE* CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERAGES^OF^RATES^AVAILABLE°***UT^ BY THIS BANK'
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
mjctTon^average"?DISCOUNT*)


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

EM>INe ™ DAYS EA"LIW

MTE SHOm

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS^
LARGE TIME DEPOSITS v
BILLIONS OF DOLLARS

.1.988.
JAN.
390

II

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS.
36B.8

—FEB
391.6

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 15, 1988
BILLIONS OF DOLLARS
1988

BILLIONS OF DOLLARS
330

BILLIONS
325
321.4
317.7
318.7

320

LARGE TIME DEPOSITS

315

310

5 19
JAN

2 16
FEB

2 16 30 15 27 II 23
APR
MAY

8 22

6 20

3 17 31 14 28 12 26
SEP
OCT

LATEST DATA PLOTTED WEEK ENDING* FEBRUARY 15.

9 23

7 21
DEC

4 18
JAN

I

13 29 14 28

1988

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 9100,000
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

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

_ JAN.

BILLIONS OF DOLLARS

885.8
888.5
885.9
897.9

5 10

2

JAN

FEB

10

2 16 30 IS 27

APR

II

25

8 22

6 20

3 IT 31

MAY

H 28 12 28

SEP

0 23

OCT

1.1 1J .1.LI 1

7 2!

DEC

IS 20 M 28

JAN

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 15, 1988
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*
2/16/87

5/18/87

7/13/87

8/17/87

10.0
9.3
8.6
8.4
9.9
9.6
9.0
8.8

8.8
7.7
7.5
9.9
9.5
8.7
8.5

5.4
5.7
9.8
9.2
8.2
8.0

5.3
n.i
10. 1
8.7
8.4

9/14/87 10/12/87 11/16/87 12/14/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
7/13/87
8/17/87
9/M/87
10/12/87
11/18/87
12/M/87
1/18/88
2/15/88


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

14.3
12.0
9.7
9.1

14.5
10.6
9.8

5.2
5.7

5.2

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
3.0 ---------- 1---------- 1-------1988
JAN.
------ FEB.

ILL IONS OF DOLLARS
—1---------- ------------- 3.0

MILLIONS
20
27
3
10
17
24

593
422
293
280
509
340

TOTAL BORROWINGS

Mil
LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 24, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS

4 18
FEB

4 18
MAR

1

15 20 IS 27 10 24
MAY
JUN

8 22

5 10

LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 24,


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

25
2 18 SO 14 28 I
OCT
NOV

S

25

6 20

1988

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

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

95 --------- ,--------- ,-------_

1968
87,074
85,248

_ FEB.

3
88,847
87,541

JAN

4 18
FEB

4 18
MAR

I

15 20 13 27 10 24 8 22
APR
MAY
JUN
JUL
1987

5 10
AUG

2 16 30 14 28 II 25 0 23
SEP
OCT
NOV
DEC

6 20
JAN

3 17 2 16 30
FEB
MAR
1968

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 17, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
COMPOUNDED ANNUAL RATES
_
OF CHANGE.AVERAGE OF
THE FOUR WEEKS ENDING
DECEMBER 30, 1987 FROM
“
THE FOUR WEEKS ENDINGt —
OCT.
SEP.
SEP.
JUL.
JUL.
APR.
DEC.

28,
30,
2,
29.
1,
1,
31,

1987
1987
1987
1987
1987
1987
1986

3.8
6.2
7.6
4.9 -----1.2
-0.7
0.2
-

MILLIONS
NOV. 25
DEC. 2

276,743
276,566

276,596
5 19

3 17 31

14 28 11 25 II 25
JAN
FEB
MAR

8 22

6 20
MAY

3 17
JUN

I

15 29 12 26

9 23

1.1 1 1 1 I 1 I II I I I I
7 21 4 18 2 16 30 13 27
OCT
NOV

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 30, 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11