Full text of U.S. Financial Data : March 9, 1989

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Federal Reserve
of

Bank

ffiSSnancial Data
March 9, 1989

WAR 1 3 1989-------------------------------

THE WEEK'S HIGHLIGHTS:
is

Short-term interest rates have continued to increase faster than long­
term rates over the last two months. The spread between 5-year
Treasury securities and 3-month Treasury bills has decreased from
104 basis points for the week ending January 6 to 75 basis points
for the week ending March 10. The federal funds rate has risen 61
basis points since the week ending January 6.

^

Sales of new single-family homes rose 4.9 percent in January. The
rate of sales for the last three months was 13.6 percent above the
same period a year earlier.

is

Factory orders for durable goods (not adjusted for inflation) fell 2.7
percent in January after rising 7.4 percent in December. Orders for
the last three months were up 13.5 percent from a year earlier.

is

The newly revised composite index of leading indicators rose a strong
0.6 percent in January, following a 0.7 percent increase in December.

FEDERAL
KESEKIK
HANK of
NT. UHLS

expressed do not necessarily reflect official positions of the Federal Reserve System.
Digitized forViews
FRASER
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
294

BILLIONS
DEC.

28

285.2
288.5
287.4
287.4
287.5

282

274

I I I I
IS 27

JAN

10 24

0 23

FEB

6 20

4 10

APR

MAY

I

15 20 IS 27

10 24

7 21

5 10

SEP

OCT

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING; MARCH 8,

2 10 SO 14 20 I

DEC

JAN

0 22
FEB

0 22

1989

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAI
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*.
3/9/88

6/1/88

8/10/88

9/7/88

10/5/88

7.9
7.3
6.9
T.O
6.4
6.5
6.9
5.7

6.2
5.7
6. 1
5.4
5.7
6.3
4.8

4.2
5.4
4.6
5. 1
6.0
4. 1

5.9
4.7
5.3
6.3
4. 1

4.9
5.6
6.8
4. 1

1/2/88 12/14/88

1/11/89

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*.
8/10/88
0/ 7/88
10/ 5/88
11/ 2/88
12/14/88
1/11/89
2/ 8/89
3/ 8/89


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

4.8
6.6
3.3

9.2
3.4

1.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

786. 1
786.5
787.2
784.2
789.2
789.2

1

15 20 M 28 II

25

9 23

6 20

A

16

1

IS 29

12 26 10 2A

7 21

5 19

NOV

DEC

2

16 SO 13 27

FEB

13 27

MAR

LATEST DATA PLOTTED WEEK ENDINGt FEBRUARY 27, 1989
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,
2/29/88

5/30/88

7/25/88

8/29/88

7.2
6.0
5.4
5. 1
4.7
4.8
3.7
3.6

6.3
5.2
4.6
4. 1
4.4
3.0
2.9

1.5
1 .7
1 .8
2.6
1 . 1
1.3

2.0
2.0
3.0
1 . 1
1.3

AVERAGE OF FOUR WEEKS ENDINGt

9/26/88 10/24/88 11/28/88

2/26/88

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
7/25/88
8/29/88
9/26/88
10/24/88
11/28/88
12/26/88
1/30/89
2/27/89


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

2. 1
3.4
0.9
1.2

3.9
0.5
1.0

-0.3
0.6

-1 .9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0

1

1

1989
DEC.

RATIO
3.0

1
RATIO

12
2.772
26
2.770
9
2.734
23
2.700

JAN.
2.9

20

2i73

Ml Ml LTIPLI :r

2.8

V

2.7

_LLL -Li. .11.
II

25

JAN

111

111

8 22

7 21

4 18

2 16 30 13 27 II

FEB

MAR

APR

MAY

1111

-LLL -LLL -LLJ.1.
JUN

28

JUL
1988

i

11

8 22 5 10

AUG

SEP

I.UI
3 17 31

OCT

LLL LLL.

1111 -LLL

14 28 12 26 0 23

NOV

DEC

JAN

xlL

8 20

FEB
1989

LATEST DATA PLOTTED TWO WEEKS ENDING: FEBRUARY 20. 1989
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

220

220

--------- 1------------- 1---------- 1---------- —
-

_
216

COMPOUNDED ANNUAL R \JES
OF CHANGE. AVERAGE )F
THE FOUR *EEKS END It4G
— FEBRUARY 27. 1989 Ff
_
THE FOUR WEEKS END II4G:
_

212

—

_
_

DEC.
NOV.
OCT.
5E P.
AU G.
MA Y
FE B.

26,
28,
24,
26,
29,
30,
29,

1988
1988
1988
1968
1988
1988
1988

216

7.<
7.
6.(
6.
7.
7.
7.

—

CURRE NCY

-

_
1989
-

JAIN .

6 ILLIOIbia

23
30

213.7
214.0

13
20
27

214.0
214.2
215.0

-

200

_
-

Ill 1111 -LLL -LLL 1111 -LLL LLL I.LLL -LLL 1 1 1 1 -LLL 111111111111111 r
16
JAN

19 20 14 26 11

FEB

MAR

APR

25

0 23

MAY

8 20

4 18

JUN
JUL
1988

1

15 20 12 26 10 24

AUG

SEP

OCT

21
NOV

5 10

DEC

2 16 30 13 27 13 27

JAN

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 27, 1989
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

212

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
575 ---------- ,------------- r—

BILLIONS OF DOLLARS
------------------------------- 575

564.8
564.9
562.5
567.3
566.5

1

JAN

15 29

FEB

M

MAR

28

I I

25

APR

9 23

8 20

4

18

JUN
JUL
1988

18 29

AUG

12 26

SEP

10 24

7

OCT

NOV

21

5

19

DEC

2

18 30

JAN

IS 27

FEB

13 27

MAR

LATEST DATA PLOTTED WEEK ENDINGj FEBRUARY 27, 1989
DEPOSITORYKtNSTITUT?ONSS 'S THE SUM ^ DEMAND DEP0SITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
2/29/88

5/30/88

6.8
5.4
4.6
4. 1
3.7
3.8
2.3
2.2

6. 1
4.4
3.6
3. 1
3.4
1 .4
1.4

7/25/88

8/29/88

AVERAGE OF FOUR WEEKS END 1NG t

9/26/88 10/24/88 11/28/88 12/26/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
7/25/88
8/29/88
9/26/88
10/24/88
11/28/88
12/26/88
!/30/89
2/27/89


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

-0.5
-0.2

0. 1

1 . 1
-1 . 1
-0.8

-0.2
0.2
1.5
-1.3
-0.9

0.7
2.2
- 1.4
- 0.9

3.0
-1.9
-1.2

-3.5
-2.0

-5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

12.0

PRIME
LOAN RA'

I I I I
1

15 29 12 28

FEB

11

25

8 22

MAR

8 20

3 17

MAY

JUN

1

15 20 U 28

0 23

7 21

JAN

LATEST DATA PLOTTED ARE AVERAGES OF RATFS AVAILABLE FOR THE WEEK ENDING-. MARCH 10,

1989
JAN.

FEB.

MAR.

6
13
20
27
3
10
17
24
3
10 *
17
24
31

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPFR

90-DAY
BANKERS'
ACCEPTANCES

9.20
9.23
9.21
9. 17
9. 19
9.34
9.53
9.66
10.00
9.91

9.05
9.04
9.02
9.00
9.04
9. 14
9.28
9.41
9.02
9.76

8.93
8.95
8.93
8.92
8.95
9.09
9.29
9.47
9.74
9.67

FEB
1989.

CORPORATE
BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

9.66
9.69
9.61
9.56
9.56
9.56
9.65
9.70
9.75
9.73

10.73
10.70
10.62
10.61
10.56
10.53
10.64
10.68
10.69
10.66

7.44
7.40
7.29
7.27
7.29
7.38
7.54
7.55
7.56
N. A.

AAA

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

11.0

5-YEAR
TREASURY SECURITIES

FEDERAL.
FUNDI

DISCOUNT RATE

3-MONTH
TREASURY BILL

1

13 29 FEB
12 20 MAR
11 25

8 22

0 20
MAY

3 17
JUN
1988

OCT

4 18
NOV

2

16 30 JAN
13 27 FEB
10 2A

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MARCH 10,

1989
JAN.

FEB.

MAR.

6
13
20
27
3
10
17
24
3
10 *
17
24
31

10 24

1989
1989.

FEDERAL
FUNDS X*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL mm

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECUR1T1ES

9.22
9.08
9.13
9.06
9. 16
9. 10
9.27
9.39
9.80
9.83

8.24
8.26
8.24
8.29
8.38
8.52
8.52
8.57
8.67
8.60

8.37
8.48
8.35
8.31
8.39
8.53
8.54
8.50
8.77
8.66

8.47
8.43
8.28
8.30
8.38
8.46
8.56
8.67
8.67
8.63

9.28
9.23
9.09
9.04
9.07
9. 14
9.32
9.43
9.42
9.35

9.21
9. 12
8.99
8.94
8.94
9.01
9.21
9.28
9.30
9.22

NOTE: 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
*» AUCTI ON AVERAGE ( DISCOUNT )


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DA ILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3100

BILLIONS OF DOLLARS
3100

3066.7
3067.3
3064.4
3066.5
3073.5
3077.5

3075

3025

3025

3000

2975

I I I I
4

18

JAN

13 29
FEB

14 28
MAR

11

25

23

APR

4

18

1

FEBRUARY 27,

IN THE BOARD OF GOVERNORS*

I I I I

15 29 12 28 10 24

AUG

JUN
JUL
1988

LATEST DATA PLOTTED WEEK ENDING:
CURRENT DATA APPEAR

6 20

SEP

OCT

T 21

NOV

DEC

FEB
1989

1989
H.fl RELEASE

M2 IS THE SUM OF Ml. OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS. SAVINGS AND
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUN6S.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
2/29/88

5/30/88

7/25/88

8/29/88

6.0
5.3
4.9
4.6
4.8
4.8
4.2
4.0

3.9
3.5
3.2
3.8
4.0
3.3
3.1

2.2
2.2
3.4
3.7
2.8
2.7

2. 1
3.7
4. 1
2.9
2.7

AVERAGE OF FOUR WEEKS ENDING:

9/26/88 10/24/88 11/28/88 12/26/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
7/25/88
8/29/88
9/26/88
10/24/88
11/28/88
12/26/88
1/30/89
2/27/89


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

4.6
4.8
3. 1
2.9

5.9
3.4
3.0

1.7
1.7

0.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INST I TUT ONS
TOTAL TIME DEPOSITS v
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2040

BILLIONS OF DOLLARS
2040

FE BRUARY 27. 1989 FROM
TH E FOUR WEtKS ENDING:

— DE C.
26, 1988
- NOV.
28, 1988
I OC T.
24, 1988
_ SE P.
26, 1988
— AU
- MA Y 30, 1988
I FE B. 29, 1988

1 11

COMPOUNDED ANNUAL RATES
OF.CHANGE ,_AVERAGE. OF

I
_

m il

“

J

-—1---------- 1-----------1--------- 1-----------

TOTAL TIME DEPOSI TS
8.6—

8.1
8.1
8.5

H ill

E

8.*
9.

jT T T T

E
1111
ILL 1111

111

111

li-L 1

-LLL

111 _Ll LL -LLL 1 1 1 1

LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 27.

1 1 1

1989

B ILL .1 PI!£

-

JAN . 23
30
FEE .
6
13
20
27

2009.9
2014.7
2018.0
2020.7
2024.3
2027.3

-

-LuJ1111111111111:

1989

BILLIONS OF DOLLARS
560 ---------- 1------------- r—

1M
JAN.

_I
_
_

ILL IONS OF DOLLARS
—1---------- ----------- 560

BILLIONS

23
6

545.8
545. 1
548.0
549.7
551 .8

552.0

4 18

1

IS

LARGE TIME DEPOSITS

14 28 11

MAR

APR

25

9 29

6 20

4

18

I

15

12 28 10 24

JUN
JUL
19B8

LATEST DATA PLOTTED WEEK ENDING*. FEBRUARY 27.

7 21

5 19

NOV

DEC

2 16 90 19 27

FEB

19 27

MAR

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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS

of

AVERAGES OF DAILY FIGURES

DOLLARS

M

BILLIONS OF DOLLARS
4.5

MILLIONS.
4.0

Z—MAR.

15
22
I
8

1220
1733
1507
2093

3.5

3.0

2.0
TOTAL BORROWINGS

0.5

0.0
LATEST DATA PLOTTED WEEK ENDINGt MARCH 8,

1989

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS

0 20

3 17

JAN

FEB

2 16 30 IS 27 11

MAR

APR

MAY

25

8 22

JUN

6 20

JUL
1988

3 17 31

AUG

14 28 12 26

SEP

OCT

9 23

NOV

7 21

4

DEC

JAN

18

I

15

FEB
1989

1

15 29

MAR

LATEST DATA PLOTTED WEEK ENDINGt MARCH 8, 1989


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
115

MILLIONS
FEB.

1

110

106,398
107,395
107,867
110,209

105
100

95

90

85

80

6 20

3

JAN

FEB

17

2 16 30 13 27

APR

II

25

6 22

0 20

3 17 31

MAY

M 20 12 20

SEP

0 23

OCT

7 21

4

DEC

JAN

18

1988

1

15

I

IS 2S

FEB
1989

LATEST DATA PLOTTED WEEK ENDINGt MARCH I, 1989

* Break in series.
Beginning March 1, 1989, data reflect a new reporting panel.
No historical data will be made available.

BUSINESS LOANS u
( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS V
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF

DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WFEKS ENDING
FEBRUARY 22. 1989 FROM
THE FOUR WEEKS ENDING: _
DEC.
NOV.
OCT.
SEP.
AUG.
MAY
FEB.

21,1988
23, 1988
19, 1988
21, 1988
24,1988
25,1988
24,1988

9.4
5.2
3.2
2.4
1.4
3.2
5.4

“

JAN. 18
308,110
FEB.

1
309,380

0 20

3 17

JAN

FEB

2 10 30 IS 27 11

APR

25

0 22

0 20

3 17 31

MAY

LATEST DATA PLOTTED WEEK ENDING: FEBRUARY 22,

14 28 12 20

SEP

B 23

OCT

7 21

111JJ.1 1 1 1
4

18

JAN

I

IS

I

15 20

FEB

1989

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 01.4 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

INDEX

AVERAGES OF DAILY FIGURES

05.3
04.0

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

1988
LATEST DATA PLOTTED WEEK ENDING: MARCH 8.
NOTE:

CURRENT DATA APPEAR

FEB

1989

IN THE BOARD OF GOVERNOR’S H.IO RELEASE.

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

COMPUTED USING

PREPARED BY FEDERAL RESERVE BANK OF ST.

-J

§#.

........*v


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

MAR

1989

LOUIS