Full text of U.S. Financial Data : March 31, 1988

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RESEARCH LIBRARY
Federal j
of

l

APR 0 4 1988

P nariciia 1Data
March 31, 1988

THE WEEK'S HIGHLIGHTS:
s

Personal income rose at an 11 percent annual rate in February,
following a 3.3 percent rate of increase in January. Personal income
was up 6.6 percent from a year earlier.

is

Personal consumption expenditures increased at an 8.9 percent rate
in February, compared with a 1.5 percent rate of increase in January.
Personal consumption expenditures have risen 5.2 percent since
February 1987.
The Commerce Department's composite index of leading indicators
rose 0.9 percent in February, the largest monthly increase since its
1 percent rise last June. Revised data show that the index fell
1.1 percent in January.

v*

Sales of new single-family homes rose 20.3 percent (seasonally
adjusted) in February, the largest monthly increase since March
1986. Through the first two months of this year, new single-family
home sales were down 17.9 percent from the same period last year.

THE
FEDERAL
JRESERVE
HANK of
ST. LOUIS

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

BILLIONS OF DOLLARS

1988
JAN.

II

25

270.7
273.0
272.1
271.5
273.7

MAR.

FEB

BILLIONS OF DOLLARS

BILLIONS

13
27
10

FEB.

SEASONALLY ADJUSTED BY THIS BANK

11

25

6 22

MAR

6 20

3 17

MAY

JUN

I

15 29 12 28

S 23

7 21

4

OCT

NOV

IB

2

16 30 13 27 10 24

JAN

0 23

6 20

FEB

1987

1988

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING. MARCH 23, 1988
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS. CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS) AND 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.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
3/25/87

6/17/87

8/26/87

5. 1
4.6
7. 1
6.4
7.7
7.0
6.5

4.8
9.2
7.6
9.2
8.0
7. 1

9/23/87 10/21/87 11/18/87 12/16/87

1/27/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING.
8/26/87
9/23/87
10/21/87
11/18/87
12/16/87
1/27/88
2/24/88
3/23/88

6. 1
6.2
5.8
7.2
6.8
7.6
7. 1
6.7


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

10.6
8.0
9.7
8.3
7.2

10.5
11.7
9.5
8.0

9.1
7.0
5.7

8.6
6.5

1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

ISM

ILL IONS OF DOLLARS
------ ------------------- -n 780

BILLIONS
759.9
762. 1

“ MAR.

755.9
766.9

I I I I
2 16

FEB

2

16 30 13 27 11

MAR

APR

25

MAY

8 22

6 20

JUL
1987

3 17 31

AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 21,

14

12 26

SEP

OCT

9 23

NOV

7 21

DEC

I

JAN

15 29 14 28 II

25

FEB
MAR
1988

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml If,
BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/23/87

6/22/87

8/24/87

4.3
3.8
4.6
4.3
3.2
3.6
4.3
3.7

1.9
3.7
3.5
1.9
2.7
3.8
3.0

5.5
4.4
1 .8
2.9
4.3
3.2

9/21/87 10/19/87 11/23/87 12/21/87

1/18/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/24/87
9/21/87
10/19/87
11Z23/87
12/21/87
1/1B/88
2/22/88
3/21/88


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

5.8
1.9
3.3
4.9
3.5

-1.4
1.4
3.8
2.4

0.6

4.3
2.3

9.3
5.1

3.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

1988
*N.

11
25
8
22
7
21

EB.
*R.

RATIO
2.783
2.790
2.804
2.794
2.783
2.791

Ml MULTIPLIER

0 23

FEB

0 23

MAR

0

4

APR

MAY

18

1

15 29 IS 27

JUN

JUL
1987

10 24

7 21

5 19

AUG

SEP

OCT

2

10 30 14

NOV

DEC

11 25

JAN

8 22

7 21

FEB
MAR
1988

4 18

APR

LATEST DATA PLOTTED TWO WEEKS ENDINGi MARCH 21, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
206

- COMPOUNDED ANNUAL RATES
- OF CHANGE, AVERAGE OF
___THE FOUR WEEKS ENDING
_ MARCH 21, 1988 FROM
“ THE FOUR WEEKS ENOINGs
_
_
”

JAN.
DEC.
NOV.
OCT.
SEP.
JUN.
R.

18,
21
23,
19,
21,
22,
23,

1988
1987
1987
1987
1987
1987
1987

6.9
8.9
8.4
9.7
9.5
8.8

CURRENCY

IMS.
FEB.

BILLIONS

15
199.5
199.1
200.2
201.4
11111111

2 10

2 10 30 13 27 II

APR

MAY

25

8 22

0 20

3 17 31

14 28 12 20

SEP

9 23

7 21

1

15 29 14 28 11

25

OCT

LATEST DATA PLOTTED WEEK ENDING-. MARCH 21, 1988
1/ RATIO OF MONEY STOCK (Mil 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
580

BILLIONS OF DOLLARS
---------------------------- 580

---------- 1------------- 1------

553. 1
555.3
548.5
549.3
552.9
558.0

MAR.

2

16

FEB

2

16 30 13 27 II 2S

MAR

APR

MAY

8 22

6 20

JUL

3 17 31

AUG

14 28 12 26

SEP

OCT

0 23

NOV

4

DEC

1987

18

JAN

1

15 20 14 28 II

FEB
MAR
1986

25

APR

LATEST DATA PLOTTED WEEK ENDING: MARCH 21, 1988
DEPOSITORYKtNSTITUT?ONSS IS THE SUM 0F DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/23/87

6/22/87

8/24/87

AVERAGE OF FOUR WEEKS ENDING:

9/21/87 10/19/87 11/23/87 12/21/87

1/18/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/24/87
9/21/87
10/19/87
11/23/87
12/21/87
1/18/88
2/22/88
3/21/88

3.2
2.6
3.6
2.9
1.4
1 .8
2.7
1.9


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

-0. 1
2.3
1 .5
-0.5
0.3
1.7
0.9

4.6
2.4
-0.9
0.3
2.2
1 .0

3.9
-0.9
0.6
2.8
1.3

- 5.5
- 2.2
1.2
- 0.3

-2.9
2.0
0.0

8.3
3.6

2.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

12.0

CORPORATI
AAA BONDS

IME BANK
AN RATE

MUNICIPAL
BONDS

90 DAY

0 20
FEB

6 20
MAR

3 17
APR

1

IS 20 12 20 10 24

7.0

7 21
AUG

4 18
SEP

2 10 30 13 27 II 25
NOV
DEC

1987

8 22

5 10 4 18
FEB
MAR
1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 1,

1988
FEB.

MAR.

APR.

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

1

15 20

1988.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS X8K

6.63
6.54
6.64
6.61
6.58
6.62
6.61
6.64
6.66

6.59
6.47
6.61
6.53
6.54
6.55
6.56
6.58
6.62

6.50
6.43
6.55
6.48
6.45
6.50
6.51
6.52
6.55

9.46
9.42
9.41
9.33
9.27
9.34
9.36
9.44
9.51

10.71
10.62
10.60
10.56
10.48
10.50
10.55
10.64
10.69

7.49
7.40
7.55
7.52
7.47
7.67
7.75
7.89
N.A.

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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

I I .0

10.0
TREASURY SECURITIES

FEDERAL.
FUNDS

7.0

DISCOUNT RATE

FEB

MAR

APR

AUG

3-MONTH
TREASURY BILL

SEP

NOV

DEC

1987

1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt APRIL 1,

1988
FEB.

MAR.

APR.

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

1988.

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL aeec

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.77
6.38
6.65
6.64
6.60
6.51
6.61
6.51
6.62

5.67
5.65
5.72
5.63
5.63
5.73
5.64
5.77
5.74

6.11
5.85
6.03
5.83
5.86
5.93
5.78
5.96
6.00

6.22
6. 16
6.27
6.20
6.20
6.28
6.23
6.35
6.36

7.73
7.67
7.79
7.70
7.63
7.78
7.78
7.95
8.03

8.43
8.42
8.55
8.46
8.44
8.60
8.63
8.77
8.84

NOTEt
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
SECURITIES WHICH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
* AVERAGES OF RATES AVAILABLE
** SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
JO0K AUCTION AVERAGE (DISCOUNT)


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS^
LARGE TIME DEPOSITS*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 ---------- 1------------- i-----

_

12fi£
FEB.

15

BILLIONS OF DOLLARS
------------------------------- 410

BILLIONS
393.6
395.3
395.(1
396.0
396.8

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING, MARCH 21,

1988

BILLIONS OF DOLLARS
330 i---------1------------- 1-----

BILLIONS OF DOLLARS

---- ----- ---- =1

324.7
323.9
LARGE TIME DEPOSITS

325.3
325.5
324.4

2

16

FEB

2 16 SO 13 27

MAR

APR

11

MAY

25

8 22

6 20

JUL
1987

3 17 31

AUG

14 28 12 26

SEP

OCT

0 23

NOV

7 21

4 18

I

DEC

JAN

FEB
MAR
1988

15 20 14 28

11

25

LATEST DATA PLOTTED WEEK ENDING, MARCH 21, 1988
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

330

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
920 r--------- 1------------- ,------

FEB.

2 16

15

ILL IONS OF DOLLARS
------------------------- 920

898.9
899.3
902.8
903.7

2 16 30 IS 27 11

APR

25

8 22

6 20

3 17 31

MAY

14 28 12 26

SEP

0 23

OCT

7 21

4 18

DEC

JAN

1

15 29 14 26 11

MAR

25

APR

LATEST DATA PLOTTED WEEK ENDING. MARCH 21, 1988
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/23/87

6/22/87

8/24/87

9.3
8.3
8.4
10. 1
9.7
9.0
9. 1
9.4

6.0
6.6
9.8
9. 1
8.3
8.5
9.0

5.9
1 1.6
10. 1
8.7
9.0
9.6

AVERAGE OF FOUR WEEKS ENDING:

9/21/87 10/19/87 11/23/87 12/21/87

1/18/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/24/87
9/21/87
10/19/87
11/23/87
12/21/87
1/18/88
2/22/88
3/21/88


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

15.6
12.4
10.1
10. 1
10.6

14.0
10.5
10.3
10.9

4. 1
6.4
8.0

6.8
8.8

11.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
3.0 ---------- 1---------- 1--------

1998.

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
—------------- ----------- 3.0

MJLLLlfflfl.

23
30

2537
2405

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING: MARCH 30, 1088
BILLIONS OF DOLLARS

1999

BILLIONS OF DOLLARS
2.5

MILLIONS.
ADJUSTMENT + SEASONAL
BORROWINGS

2.0

1.5

1.0

0.5

4 16

I

15 29 13 27 10 24

6 22

5 19

2 16 30 14 28 It

OCT

NOV

25

9

6 20

3 17

JAN

FEB

2 16 30 13 27

LATEST DATA PLOTTED WEEK ENDING* MARCH 30, 1988


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAKK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

MILLIONS
FEB. 17

94,004

4 18

4 18

FEB

MAR

I

15 20

IS 27 10 24

8 22

5 10

2

16 SO 14

OCT

LATEST DATA PLOTTED WEEK ENDINGt MARCH 23,

II 25

0 23

NOV

6 20

3 17

JAN

FEB

2 16 SO IS 27

1988

* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS OATA.

BUSINESS LOANS u

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
295
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
276,566
278,725
276,381

J 1-1 1 1
5

10

3 17 SI

14 28 II

JAN

FEB

25 II

MAR

8 22

6 20

S 17

MAY

JUN

I

15 20 12 26

0 23

7 21

4 16

OCT

NOV

2 16 SO IS 27

LATEST DATA PLOTTED WEEK ENDINGt DECEMBER 30, 1987
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMrfERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

270