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e-'V3

Oank

vfn^

ancial Data
JUN 2 8 1989
JUN 2 3 W89

June 22, 1989

THE WEEK'S HIGHLIGHTS:
ts

Final data for the first-quarter national income accounts indicate that
real GNP rose at a 4.4 percent annual rate; this compares with the
5.5 percent advance figure and the 4.3 percent preliminary value.
Real growth, less the adjustment for last year's drought, was 1.9
percent. Since the first quarter of 1988, real GNP has risen 3.1
percent.

s

Inflation in the first quarter of 1989, as measured by the GNP
implicit price deflator, was adjusted downward to a 3.6 percent
annual rate from the 3.9 percent advance and preliminary figures.
Since the first quarter of 1988, the deflator has increased 4.8 percent.
The final first-quarter data also showed a downward revision in the
fixed-weight deflator from 5 to 4.5 percent.

w*

The consumer price index for all urban consumers (CPI-U) rose at
a seasonally adjusted 7 percent annual rate in May. The CPI less
the volatile food and energy components increased at a 5.8 percent
rate. Since May of last year, the CPI has risen 5.4 percent.

federal

RESERVE
RANK of
Sr.lXM 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

1M
APR.
MAY

BILLIONS OF DOLLARS
206

fl.l-LL.LQNS

5
19
3

288.0
2W.3
200.2

284

280

e 20
APR

4 18
MAY

I

IS 20 13 27 10 24

7 21
SEP

S 10
OCT

2 10 30 14 20 II 25

DEC

JAN

0 22

0 22

3 10

3 17 31 14 20

FEB

1088
LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING* JUNE 14
_ IS THE SUM OF I
____ N CIRCULATION <0.
■JONS) AND AN ADJUSTMENT FOR Rl
ITED MONETARY BASE IS FEDERAL I
DE8CRI
--------------ION OF THE ADJUSTED l~

1989

IAL INSTITUTIONS AT FEDERAL
AM) IN THE VAULTS OF ALL
RATIO CHANGES.
THE MAJOR
_______ ______
DATA ARE COMPUTED BY THIS
ARY BASE IS AVAILABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING*
8/15/88
TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
11/16/88
12/14/88
1/11/89
2/ 8/89
3/ 8/89
4/19/89
5/17/89
6/14/89

5.3
4.9
5.2
5.8
4.4
4.1
4.4
3.9


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

9/7/88 11/16/88 12/14/88

4.7
5.3
6.2
4.2
3.7
4.2
3.6

5. 1
6.9
3.3
2.9
3.7
3.0

9.0
3.5
3.0
3.9
3.0

1/11/89

1.6
1.7
3.1
2.2

2/8/89

-1 .6
1 .0
0.5

3/8/89

4/19/89

4.2
2.6

3.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1M

4 It

2

BILLIONS

of dollars

B-l.Lil.QNS

It 90 13 27 11

JUN

28

t 22

9 IB

9

17 SI

JUL

14 28 12 20

NOV

0 23

0 20

0 20

3 17

FEB

DEC

MAR

APR

I

19 28 12 20

LATEST DATA PLOTTED WEEK ENDING: JUNE 12, 1089
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
^pilTW^vf^I^k0 BY THE N°NBANK PUBLICl DEMAN° DEP0S,TS> °THER CHECKABLE

MONEY STOCK (Ml)
COMPOUNDED ANNUAL RATES OF CHANGE
6/13/88

9/12/88 11/14/88 12/12/88

AVERAGE OF FOUR WEEKS ENDING:
1/9/89

2/13/89

3/13/89

4/10/89

-1.5
-3.7
-5.0

-7.0
-7.6

-8.0

TO THE AVERAGE
OF FOUR WEEKS
ENDlNGt
II/M/88
12/12/88
1/ 0/89
2/13/89
3/13/89
4/10/89
5/15/89
6/12/89

4. 1
4.3
3.7
2.6
2.7
1.8
0.8
0.0


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

3.5
2.6
1 .1
1.5
0.4
-0.7
-1 .6

2.8
0.2
1 .1
-0.5
-1.8
-2.8

-2.3
-0.4
-1.9
-3. 1
-4.1

-0.5
-2.5
-3.8
-4.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK s
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1989

»R.

RATIO

3
17
1
15
29
12

*Y
JN.

2.723
2.711
2.703
2.870
2.673
2.666

Ml MULTIPLIER

2 16 90 IS 27 11

JUN

25

6 22

S 10

9 17 91

14 28 12 26

NOV

JUL

0 23

6 20

6 20

3 17

FEB

DEC

MAR

APR

IS 20 12 26

LATEST DATA PLOTTED TWO WEEKS ENDING* JUNE 12, 1989
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
“ JUNE 12, 1989 FROM
__ THE FOUR WEEKS ENDING:
-

APR.
MAR.
FEB.
JAN.
DEC.
— SEP.
_ JUN.
~
_

13,

I V,

I SOS
1989

..
12,
12,
13,

____
1988
1988
1988

CURRENCY

1989

BILLIONS

8

215.8
216.0

5

216.7
216.9

216.6

4 18

I I I I
2

16 SO

I 1 I 1 I I 1.1

I I I I
13 27 11

25

8 22

5 10

3 17 31

14 28 12 26

NOV

0 23

6 20

6 20

3 17

I

IS 20 12 26

DEC

LATEST DATA PLOTTED WEEK ENDING. JUNE 12, 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
AVtKAGfcS OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

560 --------- 1------------1-----

----- ------------ ---------- 580

BILLIONS
549.9
549.4
552. I

4 IB

2 IB SO 13 27 II 25
JUN
JUL

B 22

9 IS

9 17 31

14 28 12 2fl
NOV
DEC

B 23
FEB

MAR

APR

LATEST DATA PLOTTED WEEK ENDING* JUNE 12, ISSS
DEPOSITORY^?ITUTKJNS? 'S ^ SUM ^ DEMAND DEP0SITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*

6/13/88

9/12/88 11/14/88 12/12/88

1/9/89

2/13/89

3/13/89

4/10/89

TO THE AVERAGE
OF FOUR WEEKS
ENDING*

11/14/88
12/12/88
1/ 9/89
2/13/89
3/13/89
4/10/89
5/15/89
8/12/89

2.9
3.3
2.5
0.9
1.2
-0.0
-1.2
-2.2


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

2.2
0.9
-1.2
-0.5
-1.9
-3.2
-4.4

1.3
-2.4
-1.0
-3.0
-4.5
-5.8

-5.9
-3.0
-5.0
-6.3
-7.5

-3.0
-5.5
-6.9
-8.3

-3.9
-6.5
-8.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT
12.0

BONDS
7.0

1

15 20 13 27 10 24

MAY

JUN

5 22

5 10

2 16 30 14 28 11

OCT

NOV 25

0 23

8 20

JAN

3 17

FEB

1988

3 17 31 APR 28 MAY 26
14
12

0 23

1989

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END I NOt JUNE 23, 1989.

1989
APR.

7
14
21
28
MAY
5
12
19
26
JUNE
2
9
16
23 *
30

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS ME

10.03
10.02
9.87
9.84
9.83
9.72
9.49
9.41
9.39
9.15
9. 13
9.28

9.83
9.82
9.74
9.72
9.70
9.66
9.50
9.47
9.51
9.32
9.28
9.34

9.75
9.75
9.63
9.60
9.57
9.45
9.26
9. 18
9. 16
8.88
8.95
9.05

9.81
9.80
9.80
9.75
9.73
9.69
9.54
9.41
9.37
9. 16
9.02
9.10

10.60
10.66
10.61
10.59
10.57
10.57
10.46
10.32
10.27
10.06
9.98
10.04

7.56
7.54
7.44
7.40
7.36
7.36
7.18
7.11
7.15
6.95
6.88
N. A.

NOTEj CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE.
« AVERAGES OF RATES AVAILABLE
Ml 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
—1 11.0

11.0 i—

TREASURY SECURITIES

DISCOUNT RATE

1

15 20 13 27

APR

MAY

10 24

JUN

• 22

JUL

5 10

AUG
1988

2

10 30 14 20 II

SEP

OCT

25

NOV

0 23

DEC

0 20

3

JAN

FEB

17

3 17 31

MAR

14 20

APR
1989

12 26

MAY

0 23

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JUNE 23, 1989.

1989
APR.

7
14
21
28
MAY
5
12
19
26
JUNE 2
9
16
23 *
30

FEDERAL
FUNDS MM

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILLMXM

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9.71
9.82
9.95
9.86
9.88
9.86
9.75
9.74
9.84
9.68
9.35
9.48

8.82
8.69
8.55
8.53
8.54
8.43
8.30
8.41
8.54
8. 18
8.14
8.14

8.84
8.78
8.59
8.72
8.64
8.39
8. 19
8.33
8.36
7.99
7.79
8.08

8.74
8.73
8.56
8.52
8.47
8.36
8.23
8.21
8. 16
7.79
7.84
7.94

9.36
9.42
9.25
9. 16
9.09
9.06
8.86
8.73
8.60
8.28
8.30
8,39

9. 19
9.24
9.13
9.08
9.08
9. 12
8.87
8.72
8.68
8.42
8.34
8.45

NOTE* CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
m AVERAaSUWTRATESHAVAILABLE0MPUTED BY ™IS BANK‘ TREASURY 81LL YIELDS ARE ON A DISCOUNT BAS IS.


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

END,N0 ™°0AYS EARLIEB THAN DATE *"«
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
3100

3069.8
3070.6
3072.8
3076.3
3080.0
3084.8

3050

2975

I I I I
4

10

2 16 90 19 27

JUN

11

25

0 22

5 10

9 17 91

JUL

14 26 12 20

NOV

0 29

0 20

6 20

9 17

FEB

DEC

MAR

APR

I

15 20 12 20

1988
LATEST DATA PLOTTED WEEK ENDING* JUNE 12,

1989

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE
ISSUED
M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS, OVERNIGHT EURODOLLARS ._____
TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS, SAVINGS AND
l. i nnnnc i i/tr ira i i nwwun i o, on * i itvjo rw
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER------- ------- -------------------- ~
ER MONEY MARKET MUTUAL FUNDS. --------------FOR MORE
DETAIL, SEE THE H.6 RELEASE.

E

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING*
6/13/88

9/12/88 11/14/88 12/12/88

/9/8B

2/13/89

3/13/89

4/10/89

S.5
1.1
1.4

-0.6
0.3

-0.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
11/14/88
12/12/88
1/ 9/89
2/13/89
3/13/89
4/10/89
5/15/89
6/12/89

3.2
4.0
3.5
2.8
3. 1
3.0
2.4
2.4


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

4.7
3.6
2.6
2.9
2.8
2.0
2.0

4.2
2.2
2.9
2.7
1.7
1.7

-0.4
1.2
1.4
0.5
0.8

1 .7
1 .8
0.5
0.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2130

LD ANNUAL RATES
L. AVERAGE OF
WEEKS ENDING

Z_ OF

2100

I 1.4

2040
DEC.

2040

12

TOTAL TIME DEPOSITS

JM

BILLIONS.

MAY

8
15
22
20
JUN.
5
12

2077.7
2081.8
2085.0
2088.3
2000.0
2086.4

I M I I I I 1 I I M I I I I
LATEST DATA PLOTTED WEEK ENDING. JUNE 12, 1089
BILLIONS OF DOLLARS

ISfiB

ILL IONS OF DOLLARS
-i------------ ------- -t 580

BILLIONS

LARGE TIME DEPOSI

4 18

2 16 90 13 27 II 28

JUN

JUL

8 22

5 18

3 17 31

14 28 12 28

NOV

0 23

6 20

8 20

3 17

I

15 20 12 28

DEC

LATEST DATA PLOTTED WEEK ENDING. JUNE 12, 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 BAW OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
5.5 r;--------1---------- 1--------

1M

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

MILLIONS..

24

1075

14

22!

TOTAL BORROWINGS

I I I I
LATEST DATA PLOTTED WEEK ENDINGt JUNE 21,

>080

BILLIONS OF DOLLARS
2.5 ---------- --------------------

BILLIONS OF DOLLARS
------1------------- 1---------- 2.5
1080

MILLIONS

ADJUSTMENT +
•^SEASONAL
BORROW If

I I I I
e 20
APR

4 18
MAY

1 15 20 IS 27 10 24
JUN
JUL
AUG
1088

7 21
SEP

10
OCT

2 IS SO 14 28 II 25 8 22 8 22 5 10
NOV
DEC
JAN
FEB
MAR
APR
1980

3 17 31 14 28
MAY
JUN

LATEST DATA PLOTTED WEEK ENDINGt JUNE 21, 1080


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
billions

OF

NOT SEASONALLY ADJUSTED

dollars

billions of dollars

05

85
e 20

4 II

APR

MAY

I

13 29 13 27 10 24

7 21

9 10

SEP

OCT

2 19 30 14 20 II 29

DEC

JAN

8 22

8 22

3 10

3 17 31

14 28

FEB

LATEST DATA PLOTTED WEEK ENDING, JUNE 14, 1889
* dashed line represents data using an old reporting panel and is not com-arable to current data.

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATE
_ OF CHANGE. AVERAGE OF
THE FOUR lifEEKS ENDING
- JUNE 7. 1080 FROM
_ THE FOUR WEEKS ENDING,
- APR.

5,

1080

FEB.

8,

1080

DEC.

7,

1088

JUN.

8. I

- JAN.

4,

12.0

1080

MAY

3

JUN. 7
.1 1, I I II II I 1.1.11 11 I I
• 20

4 18

APR

I

19 29 13 27 10 24

MAY

7 21

9 10

SEP

2 18 30 14 20 II

OCT

DEC

JAN

23

9 22

9 22

9 19

17 31

14 28

FEB

LATEST DATA PLOTTED WEEK ENDING, JUNE 7, 1888
1/ BUSINESS LOANS INCLUDE BAMtERS* ACCEPTANCES AND C0UCRC1AL 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

DOLLAR'S TRADE-WEIGHTED EXCHANGE
AVERAGES OF DAILY FIGURES

INDEX

1073-100

1973■100

114

.UKfelM

-

100.4
103.2

110

103.3
102.5
104.7

106

102

98

94

90

B 20

4 IS

APR

MAY

I

15 29 13 27 10 24

LATEST DATA PLOTTED WEEK ENDINGi
NOTE*

CURRENT DATA APPEAR

7 21

5 19

SEP

OCT

JUNE 21,

2 IS 30 14 28 II 25
DEC

JAN

8 22

8 22

3 17 31

14 28

1080

IN THE BOARD OF GOVERNOR'S H.10 RELEASE.

DATA ARE WEIGHTED AVERAGES OF THE FOREIGN-CURRENCY PRICE OF THE U.S. DOLLAR,
10 INDUSTRIAL COUNTRY CURRENCIES.


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

5 19

FEB

COMPUTED USING

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

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