View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

RESEARCH LIBRARY
Federal

AUG

0 3 m7

lancial Data
Ju|y

30»1987

THE WEEK'S HIGHLIGHTS:
Real gross national product increased at a 2.6 percent annual rate
in the second quarter of this year. Over the first half of 1987, real
GNP increased at a 3.5 percent rate, compared with a 2.2 percent
rate for all of 1986.
v*

The implicit price deflator for gross national product rose at an annual
rate of 3.8 percent in the second quarter. Over the first half of 1987,
the deflator rose at a 4 percent rate, compared with a 2.2 percent
increase during 1986.

is

Personal income increased at a 4.3 percent annual rate in June.
Personal income has risen at a 6.6 percent rate over the first half
of 1987.

is

Personal consumption expenditures rose at an 8.7 percent annual
rate in June, following a slight decrease in the previous month. Over
the first half of 1987, personal consumption expenditures rose at
a 4.3 percent rate.

s

The composite index of leading indicators increased 0.8 percent in
June. The June increase followed a revised 0.5 percent increase for
May.

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
268

BILLIONS
MAY
JUN.

20

263.3
264. 1

264.2

256

252

248

244

4 1«

2

16 30 13 27

10 24

8 22

5 19

3 17 SI

14 28 II

JAN

FEB

25 II

25

8 22

MAR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDINGt JULY 29,

6 20

3 17

MAY

JUN

I

15 28 12 26

1987

.MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS
OF_______
FINANCIAL
___
NSTI TUT IONS AT FEDERAL
,
BANKS, CURRENCY IN CIRCULATION (CURRENCY HELD BY_IHE_PUBLJC
-------------- ‘ and
"■ in the vaults of all
SI TORY
INSTITUTIONS
AN ADJUSTMENT
ADJUSTI---------------------------ORY_INST
I TUT IONS )> AM)
AM) AN
FOR RESERVE REQUIREMENT RATIO
CHANGES. .......MAJOR
THE MAJI
'
*..............
IS FEDERAL RESERVE CREDIT.
DATA ARE COMPUTED BY THIS
A DETAILED DESCRIPTION OF THE AOJUSTED MONETARY BASE IS AVAILABLE FROM THIS BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PER 1ODS ENDING:
7/30/86

10/22/86 12/31/86

1/28/87

2/25/87

3/25/87

4/22/87

6/3/87

4. 1
4.6
5.5
4.3
4.2

5.9
6.4
4.8
4.6

6.6
4.3
4.3

3.8
3.9

1 .5

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDINGt
12/31/86
1/28/87
2/25/87
3/25/87
4/22/87
6/ 3/87
7/ 1/87
7/29/87

9.9
10.9
9.7
9.3
8.9
8.7
7.8
7.5


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

13.7
11.0
10. 1
9.4
9.0
7.8
7.4

9.2
8.2
7.6
7.5
6. 1
5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN.

15

BILLIONS OF DOLLARS
780

744.8
750. 1
742.5
750.4
743.5
748.3
740

720

660

2

ie SO 14 28 11

JUL

25

8 22

AUG

8 20

3 17

OCT

NOV

I

15 20 12 28

JAN

LATEST DATA PLOTTED WEEK ENDING* JULY 20,

0 23

0 23

8 20

4

18

I

15 20

13 27 10 24

FEB

1987

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
DEPOSITS^AND^TRAVELErI^CHECKS? BY THE

PUBL,C* DQ*ND DEP0S,TS* °THER CHECKABLE-

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*.
7/21/86

10/20/86 12/22/86

1/19/87

2/23/87

3/23/87

0.9
3.3
6. 1
3.2
2.0

7.0
9.8
4.8
3.1

12.3
4.8
2.6

4/20/87

5/18/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/22/86
1/19/87
2/23/87
3/23/87
4/20/87
5/18/87
6/22/87
7/20/87

19.3
20.1
16.2
14.9
14.2
14.4
12.0
10.7


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

25.0
16.8
14.5
13.7
13.9
10.8
9.2

8.9
7.7
8.0
9.4
6.2
4.8

3.0
0.8

-5.3

PREPARED BY FEDERAL RESERVE BANK OF ST.

3

LOUIS

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1987

RATIO
3.0

RATIO
Ml MULTIPLIER
2.9

2.8

2.7

I I I I
2 16 90 14 M II

28

8

6 20
OCT

9 17
NOV

LATEST OATA PLOTTED TWO WEEKS ENDINGt

I

IB 20 12 26

JAN

JULY 13,

0 29

0 29

FEB

6

4 It

APR

MAY

I

15 29

19 27

10 24

1987

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
196

_

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
- THE FOUR llfEEKS ENDING
—JULY 20. 1987 FROM
_
THE FOUR WEEKS ENDING:
_

MAY
18, 1987
APR. 20, 1987
MAR. 23, 1987
- FEB. 23. 1987
- JAN.
19, 1987
_
OCT. 20, 1986
JUL. 21, 1986

6.2
7.6
6.7
6.5
7.5
8.3
8.2

188
CURRENCY

184

1987
JUN.

BILLIONS

IS

190.6

178
uj-L i.i .i 1111111111
2

16 90 14 28 II 25

JUL

8 22

AUG

8 20
OCT

LATEST DATA PLOTTED WEEK ENDINGt

9 17
NOV

1

JULY 20,

15 29 12 20

JAN

9 23

9 29

8 20

4

18

1

15 29

19 27

10 24

FEB

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
575 ------------- 1---------- ,-----

BILLIONS OF DOLLARS

BILLIONS

552.3
544.6
549.2

2

16 SO 14 28 II 25

JUN

JUL

AUG

8 22

SEP
1986

6 20

5 17

I

OCT

NOV

DEC

IS 20 12 28

JAN

0 29

FEB

0 29

MAR

8 20

4 18

APR

MAY

1

15 20 19 27

10 24

LATEST DATA PLOTTED WEEK ENDING: JULY 20. 1987
DEPOSIToIy^NSTITUT?ONSS 18 THE SUM ** DEMAr'® DEPOSITS AM) OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-.
10/20/86 12/22/86

1/19/87

2/23/87

3/23/87

7.7
11.0
4.3
1.9

14.5
4.2
1.3

4/20/87

5/18/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
12/22/86
1/19/87
2/23/87
3/23/87
4/20/87
5/18/87
6/22/87
7/20/87

23.8
24.5
18.8
17.0
16.4
16.6
13.4
11.6


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

31.1
19.2
16.3
15.5
15.8
11.7
9.5

7.4
6.5
7.5
9.5
5.4
3.5

-2.1
1 .8
5.4
1.6
0.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0 i—

—I 11.0

B 20

4 18

JUN

JUL

I

19 20 12 28 10 24

7 21

5 19

NOV

DEC

2

18 SO 19 27

FEB

19 27 10 24

MAR

8 22

9 10

9

17 91

14 28

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 31, 1987.

1987
JUNE

5
12
19
26
JULY
3
10
17
24
31 X
AUG.
7
14
21
28

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

6.99
6.98
6.88
6.91
6.88
6.73
6.64
6.65
6.72

6.87
6.86
6.85
6.87
6.82
6.65
6.52
6.49
6.55

6.90
6.83
6.79
6.81
6.75
6.63
6.52
6.53
6.62

9.38
9.36
9.30
9.25
9.33
9.31
9.36
9.46
9.54

CORPORATE
Baa BONDS
10.61
10.58
10.48
10.43
10.52
10.52
10.57
10.62
10.72

MUNICIPAL
BONDS xx
7.97
7.83
7.63
7.72
7.81
7.67
7.66
7.72
N.A.

ITCMSW™ available THE board w governors- h',s release­

** 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

PERCENT
11.0

11,0 r—

—

DISCOUNT RATE

1

JUN

JUL

15 29 12 26 10 24
OCT

7 21
NOV

5 10
DEC

2 16 50 15 27 15 27 10 24 8- 22
JAN
FEB
MAR
APR
MAY

5 10
JUN

5 17 51 14 28
JUL
AUG

1987
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt

1987
JUNE

5
12
19
26
JULY
3
10
17
24
31 X
AUG.
7
14
21
28

JULY 31,

1987.

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

BILL***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.65
6.70
6.75
6.79
6.61
8.64
6.52
6.57
6.63

5.70
5.55
5.65
5.77
5.68
5.61
5.58
5.66
5.85

6. 10
5.99
5.95
5.93
6.00
5.68
5.54
N.A.
N. A.

6.44
6.36
6.29
6.32
6.25
6.20
6. 1 1
6.26
6.40

8. 19
8. 10
7.87
7.91
7.96
7.91
7,93
8.05
8. 16

8.85
8.77
8.55

fiSSIt

8.66
8.6?
8.69
8.84
8.95

DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERU TRFARllRY
“UfflTlE^WHICHARE COMPUTED BY THIS BANK. TREASURY BILL YIELDS ARE ONA
SCOUNT^BAsiS.


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

ENDING TWO DAYS EARLIER THAN DATE SHOWN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS^
LARGE TIME DEPOSITS*/
BILLIONS OF DOLLARS
410 -------------1---------- 1---------- 1------------1987

BILLIONS

15

359.8

=

29
6
13
20

381.1
362.1
363.C
363.

-

JUL.

1

1

JUN.

BILLIONS OF DOLLARS
410

-L I

-

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

380

l

=

390

l

►EPOSI TS

1

1

1111

SMALL TIME

370
1 1 1
1

=

360
1

IT T

1111
!llll

LljJ

111. 111!

1 1 1

in

1111

mi

jj_i

111

j

111

111

1 1 1 1

1 1 1

llll’

LATEST DATA PLOTTED WEEK ENDlNGt JULY 20, 1987
BILLIONS OF DOLLARS

1981
JUN.

15
29
8

BILLIONS OF DOLLARS

BILLIONS
315.7
315.7
315.4
312.7
315.0

LARGE TIME DEPOSITS

I I I I
2 16 30 14 28 11

25

9 22

6 20

3 17

OCT

NOV

I

LATEST DATA PLOTTED WEEK ENDlNGt JULY 20,

12 28

15

JAN

9 23

9 23

FEB

6 20

4

APR

MAY

19

1

15 29 13 27 10 24

1987

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000
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
5tA5UNALLY ADJUSTED

BILLIONS OF DOLLARS
865 ------------- 1---------- 1------

BILLIONS OF DOLLARS
------ ------------------------- 865

BILLIONS
_

JUN.

15

850.5

2 16 30 14 M II 25

8 22

6 20

5 IT

OCT

NOV

I

LATEST DATA PLOTTED WEEK ENDINGt JULY 20.
TOTAL TIME

IS 20 12 26 0 23
JAN
FEB

0 23

6 20

4 16

APR

MAY

1

15 20 IS 27 10 24

1987

IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

total

time

DEPOSI TS

COMPOUNDED ANNUAL RATES OF CHANGE,
7/21/86

10/20/86 12/22/86

AVERAGE OF FOUR WEEKS ENDING.

1/19/87

2/23/87

3/23/87

5.4
7.2
8. 1
8.9
8.5

9.0
9.7
10.3
9.5

1 1.2
11.3
10.2

4/20/87

5/18/87

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/22/86
1/19/87
2/23/87
3/23/87
4/20/87
5/18/87
6/22/87
7/20/87

1.5
3.8
3.9
4.2
4.9
5.5
6. 1
6. 1


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

7.5
6.6
6.6
7.3
7.8
8.3
8.2

10.0
9.0
9.5
9.8
10.2
9.7

11.4
9.9

9.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IT

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

JUN.

BILLIONS OF DOLLARS

24

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDlNGi JULY 29,

1987

BILLIONS OF DOLLARS
2.5 ---------- 1------------- ,------

15

BILLIONS OF DOLLARS

411
ADJUSTMENT + SEASONAL
BORROWINGS

90 19 27 10 24

AUG

SEP
1986

0 22

OCT

9 10

NOV

9 17 91

DEC

LATEST DATA PLOTTED WEEK ENDINQt JULY 29,


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

14 20 11

JAN

FEB

25 11

MAR

25

0 22

APR

5 20

9 17

I

15 20 12 26

MAY
1087

1087

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS
95 ---------- ,-------------

JUN

JUL

AUG

NOT SEASONALLY ADJUSTED

SEP
1986

OCT

NOV

DEC

JAN

FEB

II

MAR

25

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

5 22

APR

,

LATEST DATA PLOTTED WEEK ENDING: JULY 22,

S 20

5

MAY

JUN

17

I

15 20 12 25

1987

BUSINESS LOANS y
(COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
290
•
III
_ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
THE FOUR lUfEEKS ENDING
I. JULY 15. 1987 FROM
285

V

-5.3
-5.9
-6.6
-9.2
-6.8
6.3
5.2

\

II M M

987
987
987
987
987
986
986

1111

13,
15,
18,
18.
14,
15,
16,

1111

M il

- MAY
- APR.
- MAR.
- FEB.
J.
.
.

BILLIONS OF DOLLARS
290

1

275

1

_

-L I
1 1

-

1SSZ
-

JUN. 10
17

260

MILLIONS

-

277,332
276,389

I
_

/ u
JUL. 1
!l±l
JUN

LLLLL

111

111

-LI 1 1

1 1 1

1 1 1 1

111

111

111

1II1

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

1986

275,586
8
272,818
15
272,841
» 11 1 1 1 1 1 M 1 1 1 n
15 29

MAY
1987

JUL

1 *
12 26

AUG

LATEST DATA PLOTTED WEEK ENDING: JULY 15, 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COfciCRC I AL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN tl.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

265