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’■’C8ZARCH LIBRARY
|eaerai,Resa«^ Bank"

•

i

rv

U.&* ilriahcial Data
JAN 1 1 1988 January 7, 1988

THE WEEK'S HIGHLIGHTS:
y'

The Ml money stock averaged $752.5 billion for the four weeks
ending December 28, down $3.9 billion from the previous four-week
period. Ml has grown at a 2.4 percent annual rate since January
1987.

y'

Yields on 90-day certificates of deposit averaged 7.03 percent for the
week ending January 8, down 85 basis points from the recent peak
of 7.88 percent in mid-December.

y*

The composite index of leading indicators decreased 1.7 percent in
November, largely because of a decline in stock prices.

s

New factory orders for durable goods fell a seasonally adjusted 0.4
percent in November and were up 10.7 percent from November 1986.

y*

Construction spending rose 2.2 percent in November, following a
decline of 0.1 percent in October. November spending was 7.4 percent
above the pace of a year earlier.

RESERVE
RANK of

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

272

nr. 21
268

256

5

19

3 17 31

14 28 II

JAN

29

FEB

II

25

8 22

6 20

3 17

MAY

MAR

JUN

I

15 29 12 28

LATEST PLOTTED RESERVE MAINTENANCE PERIOD END INO< DECEMBER SO,

BANK.

9 23

7 21
OCT

4 18
NOV

2

16 30

15 27

1087

OF FINANCIAL INSTITUTIONS AT FEDERAL
THE PUBLIC AND IN THE VAULTS OF ALL
(TMENT FORa RESERVE REQUIREMENT RATIO CHANGES.
THE MAJOR
IS FEDERAL RESERVE CREDIT.
DATA ARE COMPUTED BY THIS
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 ENDlNGt
12/31/86

3/25/87

8/3/87

5.6
5.2
6.1
5.7
6.9
6.7
6.0

0.8
3.9
3.8
6.0
5.9
5.1

7/1/87

7/29/87

8/26/87

9/23/87

11/4/87

6.9
9.1
8.2
6.7

8.6
7.6
5.8

9.2
6.5

2.5

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING.
8/ 3/87
7/ 1/87
7/20/87
8/26/87
9/23/87
11/ 4/87
12/ 2/87
12/30/87

8.2
6.5
6. 1
6.6
6.3
7. 1
6.9
6.4


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

7.0
5.8
7.9
7.3
6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

A

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

3 17

I

18 20 12 26 S 23
JAN
FEB

0 23

3 20
APR

4 IS
MAY

I

15 29 13 27

1986

10 24

BILLIONS OF DOLLARS

7 21

5 19

2 16 30 14 28 11 25
DEC
JAN

1987

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 28,

1987

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
12/29/86
Sf0

3/30/87

5/25/87

8/29/87

7/27/87

8/31/87

7.5
4.0
3.9
4. 1
3.6
4.7
3.7
2.9

3.1
3.2
3.8
3.0
4.7
3.3
2.3

-4.0
-0.9
-0.8
2.2
0.9
“0.1

4.3
2.8
5.9
3.4
1.8

2.5
6.7
3.4
1.5

7.8
2.8
0.5

9/28/87 10/28/87

W

ENDING.
5/25/87
5/29/87
7/27/87
8/31/87
9/28/87
10/28/87
11/30/87
12/28/87


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

4.3
0.9

-5.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^/
CURRENCY COMPONENT OF MONEY STOCK

2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1987
OCT.
NOV.
DEC.

19
2
16
30
14
28

RATIO
2.855
2.857
2.840
2.815
2.815
2.811
Ml MULTIPLIER

3

17

1

19

12 20

JAN

9 23

9 23

4 18

APR

FEB

0 20

I I I I
1 18 29 13 27

MAY

7 21

9 19

SEP

LATEST DATA PLOTTED TOO WEEKS ENDINGi DECEMBER 28,

10 24

OCT

2

10 30 14 28 11

DEC

28

JAN

1987

ILL IONS OF DOLLARS
------ ----------- ----------- 202

LLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR ifrEEKS ENDING
—DECEMBER 28, 1987 FROM
_
THE FOUR WEEKS ENDING:

_

OCT.
SEP.
AUG.
—JUL.
- JUN.
_ MAR.
DEC.

26,
28,
31,
27,
29,
30,
29,

1987
1987
1987
1987
1987
1987
1986

11.1
10.9
10.1
9.3
9.1
8.4
8.8

CURRENCY

1SSL
NOV.

BILLIONS

23

DEC. 3?

198.6

199.2
199.3
200.7
1111111
9 23

JAN

FEB

9 23

0 20

4 18

APR

I

18 29 13 27 10 24

MAY

7 21

8 19

SEP

OCT

2 18 30 14 28 11

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 28, 1987
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

580 --------- 1------------ 1-----

iSfil
NOV.

BILLIONS

29

DEC.

545.2

544.5

3 IT
NOV

I IS 20 12 26 0 23 0 23
DEC
JAN
FEB
MAR

6 20
APR

A 18
MAY

1

1086

15 20 13 27
JUN

JUL

10 24
AUG

7 21
SEP

3 10
OCT

1987

LATEST DATA PLOTTED WEEK ENDING
TOTAL CHECKABLE DEPOSITS
DEPOSITORY INSTITUTIONS.

DECEMBER 28.

2 16 30 H 28 11 23
NOV
DEC
JAN
198

1087

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

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING!
12/29/86

3/30/87

5/25/87

8/29/87

7/27/87

8/31/87

6.8
2.3
2.3
2.6
1.9
3.4
1.9
0.8

1.8
1.9
2.4
1 .5
3.7
1.5
0.2

-7.4
-3.4
-3.4
0.4
-1.8
-3.0

3.2
1.2
5.2
1.3
-0.7

0.7
6. 1
1.2
- 1.2

7.4
0.1
-2.6

9/28/87 10/26/87

TO THE AVERAtSE
OF FOUR WEEKS
ENDING:
5/25/87
6/20/87
7/27/87
8/51/87
0/28/87
10/26/87
11/50/87
12/28/87


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

1.6
-2.5

-10.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

CORPI

7.0

5.0

7 21

5 19

NOV

DEC

2 10 30 13 27

FEB

13 27

MAR

10 24

6 22

5 19

3

17 31

M

II

AUG

APR

SEP

25

9 23

0 20

4

NOV

DEC

10

I

IS 29

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JANUARY 8, 1988.

1988
NOV.

DEC.

JAN.

6
13
20
27
4
1 1
18
25
1
8 X
15
22
29

90 DAY
CD*S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.26
7.13
7. 18
7.26
7.61
7.75
7.88
7.61
7.38
7.03

6.78
6.72
6.79
6.75
7.28
7.77
8. 18
7.90
7.45
6.85

7.05
6.94
7.06
7.14
7.41
7.64
7.69
7.41
7. 17
6.89

10.08
9.97
9.97
10.01
10.06
10.14
10. 19
10.08
10.06
10.01

11.28
11.18
11.22
11.22
11.23
11.30
11.36
11.28
11.24
11.21

7.90
8.03
7.91
7.96
7.90
8. 10
8.01
7.95
7.86
N. A.

Aaa BONDS

NOTE*
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


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

treasury’s!!

DISCOUNT RATE

NOV

DEC

JAN

FEB

MAR

APR

1986

MAY

JUN

JUL

AUG

SEP

9 23
OCT

1987

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

FEDERAL
FUNDS**

NOV.

6

6.43

13

6.68

20

DEC.

JAN.

27
4
1 1
18
25
1

8

6.77
6.78
6.89
6.84
6.58
6.75
6.81
7.02

15

0 20
NOV

4 19
DEC

I

15 29

JANUARY

3-MONTH
TREASURY
BILL

8-MONTH
TREASURY
BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

5.62
5.78
5.78
5.72
5.41
5.86
5.90
5.83
5.73
5.88

6.24
6.24
6.33

6.42
6.49
6.54
6.56
6.55
6.74
6.73
6.71

8.32
8.30
8.35
8.41
8.40
8.54
8.50
8.41
8.38
8.32

9.02
9.00
9.05
9.14
9.22
9.39
9.26
9.03
9.05
9.03

6. 1 1

6.12
6.42
6.45
6.48
6.32
6.35

6.66
6.65

22
29

1** s.r^JuwiiMH* wmunm.

SiSAu!TToNY*VER*OEEfDISCOUNT) ENDIN<S ™ DAYS «»■'«


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

™E SHOWN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOS I TS 1/
LARGE TIME DEPOSITS v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 —----- 1--------------1------------

Ififil

.I
§o
21
28

BLLLLJJ!N&

Z
400

m\

H3:S

=

385.C
385.6

lim

11111

- DEC-nov-

ILL IONS OF DOLLARS
410

350

z

—

11111

360

A

SMALL TIME DEPOS TS

/

11111

-

Z

!lll

.11 LI 1.11

1 1 1

1 1 1 1

in

111

1 I.LL 1 1 L 1 1 1 1

1 1 1

111

III!

1 1 1

t
_LLL

LATEST DATA PLOTTED WEEK ENDlNGt DECEMBER 28, 1987
BILLIONS OF DOLLARS
330

BILLIONS OF DOLLARS

13BZ.
NOV.
DEC.

23
30
7

BILLIONS
325

323.1
323.6
322.8

LARGE TIME DEPOSITS

320

315
310

305

300

295

S 17

I

15 29 12 26

JAN

9 25

FEB

9 25

6 20

4 19

APR

I

18 29 13 27 10 24

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 28,

7 21

8 19

SEP

MAY

OCT

2

16 30 14 28 11 25

DEC

JAN

1987

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

SfcASONALLY ADJUSTED

BILLIONS OF DOLLARS
895

ILL IONS OF DOLLARS
----- ---------- ---------- 885

r---------- 1--------------- ,------

881.9

886.4
886.4

s 17

I

19 20 12 26

JAN

0 23

FEB

0 23

6 20

4 16

APR

MAY

I

LATEST DATA PLOTTED WEEK ENDING* DECEMBER 28,
TOTAL TIME

15 20 13 27

10 24

7 21
SEP

9 10
OCT

2

16 30 14 26 II

DEC

25

JAN

1987

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 ENDINGt
12/29/88

3/30/87

5/25/87

6/29/87

7/27/87

8/31/87

9.7
10.1
9.3
8.7
8.0
8.2
9.6
9.3

11.9
9.9
8.8
7.8
8. 1
10.0
9.5

8.4
7.2
6. 1
6.8
9.5
9.0

4.5
3.9
5.3
9.0
8.4

3.9
5.8
10.1
9.2

9/28/87 10/26/87

6.3
12.2
10.5

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
5/25/87
6/29/87
7/27/87
8/31/87
9/28/87
10/26/87
11/30/87
12/28/87


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
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

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

MILLIONS

6

2908

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINOt JANUARY 6,

1988

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS
6

8 10

9

17 SI

2400

14 28 II 25 II 25
JAN
FEB
MAR

8 22

8 20
MAY

LATEST DATA PLOTTED KEEK ENDING. JANUARY 6.


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

I 1 I I
I 13 20 12 26

9 17
JUN

0 23

7 21
OCT

4 18
NOV

2 16 90 18 27

1988

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
IOO

_ NOV. 25
— DEC. 2

80,710

95

80,974
78,287
90

85

80

75

5 19

3 17 31

14 28 11 25 11 25
JAN
FEB
MAR

8 22

8 20
MAY

3 17
JUN

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 30,

I

15 29 12 28

8 23

7 21

4

OCT

18

0

NOV

2

16 30

13 27

1987

BUSINESS LOANS

CCOMMERCIAL AND

u

INDUSTRIAL)

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SfcASUNALLY ADJUSTED

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

BILLIONS OF DOLLARS
-------1--------------- 1-----------COMPOUNDED ANNUAL RATES
_
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
DECEMBER 23, 1987 FROM
“
THE FOUR WEEKS ENDING: —
OCT.
SEP.
AUG.
JUL.
JUN.
MAR.
DEC.

21,
23,
26,
22,
24,
25,
24,

1987
1987
1987
1987
1987
1987
1986

NOV. 18
DEC.

2

4.5
8.3
7.8
3.5 ------0.7
-1.0
2.0
-

276,502
276,743
276,566

276,245
5 19

3

17 31

14
JAN

II 25 II 25
FEB
MAR

8 22

6 20

3 17

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: DECEMBER 23.
1/ BUSINESS LOANS INCLUDE BANKERS*

1

15 29 12 26

9 23

i-LUl I 1 I I I 1 I I 1
7 21
OCT

4 18
NOV

2

16 30 13 27

1987

ACCEPTANCES AND COMnERCIAL PAPER.

2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 91.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

295

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