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R ^HCHL -ORA'n/
-d^^Reseri Bank
Fe
Reserve

w

of St. Louis

tk3S. F nancial Data

v

fUBl1

February 7, 1991

THE WEEK'S HIGHLIGHTS:
^

The Federal Reserve Board approved a cut in the discount rate
effective February 1 from 6.50 percent to 6 percent. This is the second
drop in the rate since December 18, 1990, when the rate was 7
percent.

y'

The civilian unemployment rate rose to 6.2 percent in January from
6.1 percent in December. The rate has trended upward since June
1990, when it was 5.3 percent.

is

Payroll employment fell by 232,000 in January. Such employment
has declined every month since June for a cumulative loss of
1,044,000 jobs. During the 1981-82 recession, payroll employment
declined by 2,823,000 jobs.

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

fKIMRVI
K1NIKM
HANK of

NT. U MIS


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 ---------- ,------------- ,------

BILLIONS OF DOLLARS

— JAN.

IS 27

DEC
I960

10 24

7 21

JAN

FEB

7 21

4

10

APR

2 16 SO 19 27 II 26

MAY

JUN

JUL

6 22

AUO

16

9 17 SI

SEP

OCT

14 26 12 26

NOV

DEC

1990

6

JAN
FEB
1991

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINO: FEBRUARY 6, 1991
HE SUM OF
IRCULA
in ions )

AN AD
THE ADJUSTED MONETARY
DETAILED DESCRIPTION 0 F THE
O

S AVAILABLE FROM THIS BANK.

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

2/7/90

5/2/90

6.5
6.8
7.7
9.3
8.3
7.4
6.6
10.2

6.0
7.7
10. 1
8.6
7.3
8.9
11.0

7/11/90

8/8/90

9/5/90

17.8
11.7
8.4
10.8
13.8

10.6
6.9
10.2
13.6

10/5/90 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
10/51/90
12/12/90
1/ 0/91
2/ 6/01

11.0
14.5
10.8
8.4
10.4
13.0

1.5
7. I

12. t

9.8
15.6

26.9

Beginning December 12, 1990, 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

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
845

iiiiiiiii

Trrnmi

tf5

A

/
\A
Vv

r
£
795

V
!!i

11

DEC
1989

V

P V,

INI

111

111

1111

111

111

JAN

FEB

MAR

APR

MAY

JUN

1111

p

111

16 30 13 27

JUL
1990

LATEST DATA PLOTTED WEEK ENDlNGt JANUARY 28,

A

/

825

-

805

iiiiiiiii

”

<e
Vy

iiiiiiiii

iiin iiir

835

BILLIONS OF DOLLARS
845

= i
i
r~
- 1SS1 BILLIONS
- DEC. 31 827.8
24
826.8
- JAN. 7 825.0
21
826! 0
1
28
830.

AUG

111

_ II !
■ij6 11 -t.i 10 ■3 111 31 in 29 lll23
22
5 i
17
14

10 24

SEP

OCT

NOV

DEC

JAN
FEB
1991

1991

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
DEPol.TfAND^TRAVELERl^CHECKS? BV

****** PUBUC- DEMAND DEP0S1TS*

CHEC«^

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING.
1/29/90

4/30/90

6/25/90

7/30/90

8/27/90

4.2
3.5
4.5
5.2
4.3
4.4
4.3
3.9

0.7
3.1
4.5
3.2
3.5
3.5
3.1

5.3
6.8
4.3
4.6
4.3
3.7

10.4
5.7
5.8
5. 1
4.3

3.3
4. 1
3.8
3. 1

10/1/90 10/29/90 11/26/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/25/90
7/30/90
8/27/90
10/ 1/90
10/29/90
11/26/90
12/31/90
1/28/91

Beginning November 5, 1990, 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

4

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

RATIO

1991

RATIO
3.0

RATIO

2.8

Ml MULTIPLIER
2.7

2.5

II

25

an

5 10

5 10

FEB

MAR

2 10 90 14 28 II 20

MAY

0 29

0 20

9 17

AUG

JUN

SEP

I

IB 20 12 20 10 24

7 21

4

JAN

FEB

10

LATEST DATA PLOTTED TWO WEEKS ENDING. JANUARY 21, 1901
BILLIONS OF DOLLARS
258 -—1----------- 1------------1---------254
250

- COMPOUNDED ANNUAL R>kTES
—OF CHANGE. AVERAGE
- THE FOUR WEEKS ENDirJG
I JANUARY 28, 1091 PR< )M
THE FOUR WEEKS EM) II

245
242

BILLIONS OF DOLLARS
258

_
—
I

l

AU G! 27;
JU L. 30,
AP
JAN. 29,

ills
I99C
1990
1990

/
V"

a*e ’

234

238

>ece®
“

234

d da-'"
* ae1

ieS''

1 HLL

-V

DEC .

=-* 1

JAK .
222

4 IS

242
“

{evise

230

DEC
1989

246

asja

X0L

CURRE NCY
0* t0’
a ?ici

ia

250
'e’“Z

i c:
13.7
14.
12.4
11.

E

254

/

16.6
111?

238

226

=
“

nil.
I

..m.

■1-U. LLLLL

IB 20 12 20 12 20 0 29

JAN

FEB

MAR

APR

111
7 21

MAY

1 1 1
4 10

JUN

1111

111

AUG

SEP

BILL 1C NS “
246.9
247.3
247.9
240.6
253.2
254.3

JXLL xuJLuii 1

2 10 90 19 27 10 24

JUL
1990

LATEST DATA PLOTTED WEEK ENDING. JANUARY 20,

1 1 1

24
31
7
14
21
28

0 22

OCT

B 10

NOV

9 17 91

DEC

i

n

226
222

Llll

14 20

JAN
FEB
1991

1091

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

230

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
585

572.5

575

555

I

15 29 12 26 12 26

FEB

MAR

9 25

7 21

4

MAY

JUN

16

2

LATEST DATA PLOTTED WEEK ENDING. JANUARY 28.

16 30

15 27

AUG

10 24

8 22

5

19

3 17 31

SEP

14 28

JAN

II

25

FEB

1001

TOTAL(CHECKABLE^DEPOSITS 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.
1/29/90

4/30/90

1.6
1 .0
2.0
2.6
1.2
1.6
1 .6
0.6

-2.8
-0.1
1.3
-0.6
0.2
0.4
-0.7

6/25/90

7/30/90

8/27/90

10/1/90 10/29/90 11/26/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
8/25/90
7/30/90
8/27/90
10/ 1/90
10/29/90
I1/26/90
12/31/90
1/28/91

2.3
3.5
0.3
1.2
1.3
-0.2

7.4
1.6
2.5
2.4
0.3

-1 .7
0.5
0.9
-1.2

-2.7
-1.0
-3.2

3.5
-0.9

-3.7

Beginning December 3, 1990, 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

PERCENT

12.0 i—

—

PRIME BANK
LOAN RATE

CORPORATE

Aaa

bonds

90 DAY

1

IS 29 12 20

DEC
1969

JAN

9 29

FEB

9 29

MAR

6 20

4

APR

MAY

18

I

15 29

19 27

JUN
JUL
1990

10 24

7 21

5 19

AUG

SEP

OCT

2 10 90 14 28 II

NOV

DEC

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: FEBRUARY 8,

JAN.

FEB.

8 22

1991.

90 DAY
CD’S

1991
DEC.

25

JAN
FEB
1991

7
M
21
28
4
11
18
25
1
8 *
15
22

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

Baa BONDS

MUNICIPAL
BONDS KS

7.96
7.54
7.79
8. 13
7.35
7.30
7.33
6.94
6.84
6.46

8.23
7.79
8.23
9.01
7.57
7.22
7.27
6.83
6.90
6.44

7.68
7.33
7.60
7.95
7.08
7.05
7. 13
6.76
6.67
6.28

9. 13
9.03
9.02
9.04
9.02
9.05
9.08
9.05
9.00
8.90

10.46
10.37
10.44
10.47
10.38
10.51
10.51
10.44
10.34
10. 17

7.06
7.05
7. 1 1
7. 14
7.09
7. 15
7. 10
7.06
7.00
N. A.

CORPORATE

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

12.0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

(CENT

11.0

treasury'sIcBrities

FEDERAL
RATE

DISCOUNT RATE

1

15 29 12 28

JAN

9 23

9 23

FEB

6 20

4 18

APR

MAY

1

15 29 13 27 10 24

7 21

5 19

SEP

OCT

2 18 50

14 28 11 25

DEC

JAN

8 22

FEB

1989
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt FEBRUARY 8, 1991.

FEDERAL
FUNDS XX

1991
DEC.

JAN.

FEB.

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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-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

6.99
6.83
6.66
6.48
6.47
6.31
6.07
6. 12
6, 17
5.95

6.96
6.74
6.77
6.57
6.48
6.51
6.21
6.21
6.28
5.94

6.78
6.64
6.53
6.51
6.37
6.30
6.22
6. 19
6.13
5.88

7.80
7.65
7.69
7.79
7.62
7.77
7.77
7.66
7.60
7.41

8.35
8. 16
8.25
8.35
8.21
8.41
8.35
8.25
8.22
8.06

NOTEi
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY
* *VERAGlsl«JTRAfESH/ivJ!lLSlLE0,l*'UTED BY ™'S B"*' TRE*SURY BILLYIElST ARE ON ADISCOUNTBASIS.
AUCtT 0NY AVERAGE^?SCOUNT*


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

™ MYS MLIER THAN MTE «««

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3350 1
II

lffll
-

DEC.

24
31
JAN.
7
14
21
28

BILLIONS OF DOLLARS
3350

billions

3330.9
3334.4
3326.2
332c . 1
3334 .3
333G . 1

rw

/
/

-

J

'Nj
.

3325

-

^

3300

-

-

-

-

te’1
Ve

“
-

- *
3225

!lll
DEC
1989

i n i
JAN

lUI. 111
1 1 1 1
20 12 26 12 26 0 29
FEB
MAR
APR

XI1. XXL Lxixl XXX 11.11 111!

1 1 1

1 1 1

7 21
MAY

4 16 2 16 90 IS 27 10 24 8 22
JUN
JUL
AUG
SEP
OCT
1990

III!

LATEST DATA PLOTTED WEEK ENDING. JANUARY 28.

9 10
NOV

xni

9 17 91 14
DEC
JAN
FEB
1991

1991

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.8 RELEASE

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANSE, AVERAGE OF FOUR WEEKS ENDINGt
1/29/90

4/30/90

6/25/90

7/30/90

8/27/90

3.7
3.4
3.8
4.0
3.7
3.6
3.4
3. 1

0.8
2. 1
2.8
2.5
2.5
2.4
2.2

4.0
4.5
3.7
3.4
3. 1
2.7

5.8
4.3
3.8
3.3
2.9

3.4
3. 1
2.7
2.2

10/1/90 10/29/90 11/26/90

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
6/25/90
7/30/90
8/27/90
10/ 1/90
10/29/90
I1/26/90
12/31/90
1/28/91

1.7
1.7
1.3

2.0
1.5

1.0

Beginning November 5, 1990, 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. LOU 18

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS^
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2185
-—1------------1------------1---------- 1------------

1931

I COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
___THE FOUR *EEKS ENDING
_ JANUARY 28. IS
M
_ THE FOUR WiEKS END 1

o!

o.;
-0.'
-i.(
-i .<
-i.i

“
—
“
“
~
~

1111

1

/

1

2105

tieO®
=

,4 ia

|

2085

„
Z to

,te'J5-3

2085

t*-----

—

ties'
2065

Bte aV_

*

2065

uJ

!lll

-LLL _LLL

.111 1

J-LL

111

1111

LATEST DATA PLOTTED WEEK END I M3, JANUARY 28,

1 1 1

.LLL

JJ..1 1

1BflL BILLIONS
DEC .

24
31
JAh . 7
14
21
28

E

550

LARGE TIME DEPOSI

E

IN I

500

-

— 560
550

530

E
520

Ot

/

4 4a' a

V,

z
510

/

ieS"'"
,teaV- 1 .«

aet

500

z

—

490

f\u

III 1
DEC
1989

570

Z

=

je>

Z

=

540

xot ava

E

L* ■
490

505.0
503.3
506.1
509.2
512.0
515.3

l-V990 a*e

E

i

—

530

510

1 1 1

BILLIONS OF DOLLARS

570

520

i i l

------ 1---- 1--- — 580

§

540

1111

.LLL

1901

BILLIONS OF DOLLARS
580

560

2M5

1 1

a*e

TOTAL TIME )EPOS TS

s \

-

|

ki 1 1 1 1 1 1 1

ta'

JAh .

a
)

2082.8
2076.0
2061.4
2085.1
2088.3
2091.3

TTTT

1990
1990
1990
1990
1990
1990

BILLIONS.

24
31
7
14
21
28

<

2125

I NOV. 26,
— OCT. 29.
T.
1,
G. 27,
L. 30,
R. 30,

DEC .

r*

2M5

BILLIONS OF DOLLARS
2185

■ ------------- 1---------- 1----------

1 1 1

111 -LL1I

1 1 1

1 1 1

JAN

FEB

MAR

MAY

18
IS
10
8
JUN
JUL SO AUQ 27 SEP 24 OCT22
1990

APR

1II1 -LLL -1.1 1 -L1.1 1 -LLL 1111 -LLL -LLL
8 19
NOV

3 IT 81 14 28 II 28
DEC
JAN
FEB
1991

LATEST DATA PLOTTED WEEK END I NOt JANUARY 28, 1991
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TlfcC DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

1981

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

MILLIONS

29

1354

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK EM) I NOi FEBRUARY 6,

1991

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
■
BORROW11NGS

6 20
DEC

a IT 91 14 28 14 28 II 25 0 29
JAN
FEB
MAR
APR
MAY

1969

6 20
JUN

LATEST DATA PLOTTED WEEK ENDING. FEBRUARY 6,


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

4 18

I

19 20 12 20 10 24

7 21

9 10

NOV

JUL

DEC

2 10 90 19 27

1090
1991

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS of dollars

165
DEC. 26
43,547
47,141
45,211
48,395

fl 20

9 17 31 14 28 14 28 II

DEC

JAN

FEB

MAR

25

APR

9 23 fl 20
MAY

JUN

1989

4 IS
JUL

I

IS 29 12

AUG

10 24

7 21
NOV

SEF

3 19
DEC

2 IS 30 19 27

1990

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 30,

1991

BUSINESS LOANS y
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL

BANKS 2/

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
342 ----------1------------- 1---------- 1---------- 1----------

18SLL

21,
24,
26,
22.
25,
25,
24,

990
990
990

-8.2
-6.1
-5.6

990
990
990

MILLIONS

DEC. 19
JAN.

_ NOV.
OCT.
~ SEP.
- AUG.
_ JUL .
APF .
“ JAfv .

BILLIONS OF DOLLARS
342
1 ........... r

i

“ COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
JANUARY 23. 1991 FROM

2
9
16
23

~

322,455

-

320,993
319,142
321,690
320,693

-4.1
-3.5
-2.0

“
“
-

-

330

Sy\

-A

1
1

V-J

1

S\

_

330

326
-

322
-

5m
DEC

1111

1 1 1

111

111

111!

1 1 1

1 1 1

JAN

FEB

MAR

APR

MAY

JUN

JUL

1989
LATEST DATA PLOTTED WEEK ENDINGt

JXLL XI. 1
I
AUG

SEP

1111
OCT

1990
JANUARY 23,

XIX -LLL XII 1 XLL
7 21
5 19 2 16 30 13 27
NOV

DEC

JAN

FEB

1991
1991

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


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

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

11

DOLLAR’S TRADE-WEIGHTED EXCHANGE
AVERAGES OF DAILY FIGURES

INDEX
1973-100
102

83.9
84.8

81 .5

6 20

3 17 31

14 28 14 28 II 23

FEB

MAR

1989

APR

0 23

0 20
JUN

4 18
JUL

1

IS 20 12 26 10 24

1990

7 21
NOV

5 19
DEC

2 18 30 13 27

1991

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 6, 1991
NOTEs

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR’S H.JO RELEASE.

LIB .R R R Y


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

#31

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