Full text of U.S. Financial Data : May 12, 1988

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Rese.-ve Bank

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riancial Data
May 12, 1988

MAY 1 g 1988

THE WEEK’S HIGHLIGHTS:
is

Effective May 11, major U.S. banks raised their prime lending rate
from 8.50 percent to 9 percent.

is

Since February, interest rates on dollar-denominated deposits have
risen sharply relative to rates on Deutsche mark-, yen- and British
pound sterling-denominated deposits. At the end of February, the
interest rate on 3-month Eurodollar deposits was about 340 basis
points higher than the rate on 3-month Euromark deposits; in the
past week, this spread was about 390 basis points. Similarly, the
3-month Eurodeposit rate spread between the dollar and the yen has
risen from 240 to 330 basis points. The rate spread between
Eurodollar and Eurosterling deposits has narrowed from - 240 to
- 90 basis points.
The dollar's trade-weighted exchange rate has continued to fluctuate
around an index value of 89 (1973 = 100), as it has since late March,
supported by rising U.S. interest rates.

THK
FKDERV1.

A RI SI KW
J&nxvkot

nrsr.UHis

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
282 ---------- ,------------- 1------

1988
FEB.
MAR.
APR.
MAY

II 25

24
0
23
6
20
4

S 22

BILLIONS OF DOLLARS

BILLIONS
271.5

276.3

276.5

6 20

9 17

MAY

JUN

I 15

12 26

9 29

7 21

4 IS

2 IS 90 19 27 10 24

OCT

NOV

JAN

9 29

FEB

S 20

4 IS

APR

MAY

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING* MAY 4, 1088

BANK.

ACCOUNTS OF FINANCIAL INSTITUT I ONS AT FEDERAL
.... . ..rRE8ERVEBREQufREicNTCRATIo‘cH>WGES
THE MAJOR
!S"AVAtZABLlPFROfcfTHfs BANK^'S
A DETAILED DESCRIPTION OF THE ADJUSTED

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING*
5/8/87

7/29/87

10/7/87

11/4/87

4.5
5.6
6. 1
5. 1
7.0
6. 1
6.3
6.8

8.7
8.9
6.9
9.2
7.6
7.8
8.3

10.5
6.2
10. 1
7.6
7.9
8.5

3.7
9.7
6.8
7.3
8.1

12/2/87 12/30/87

2/10/88

3/9/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
10/ 7/87
11/ 4/87
12/ 2/87
12/30/87
2/10/88
3/ 9/88
4/ 8/88
5/ 4/88


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

9,7
6.0
6.7
7.8

9.3
9.3
10.0

3. 1
6.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ILL IONS OF DOLLARS
790

768. 1
765.0
766.3
766.3
777.9
776.4
770

760

740

730

2

16 90

19 27

APR

11

25

8 22

6 20

9 17 91

MAY

14 28 12 26

SEP

0 29

OCT

7 21
DEC

4 16
JAN

I

1987

18 20 14 28 11

MAR
1988

25

0 29

APR

LATEST DATA PLOTTED WEEK ENDING; MAY 2, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC,
DEPOSITS AND TRAVELERS CHECKS.

DEMAND DEPOSITS, OTHER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
5/4/87

8/3/87

10/5/87

0.6
2.7
1.2
0.8
2.4
2.0
2.6
3.3

7.5
3.7
2.4
4.6
3.8
4.3
5.1

3.1
1.1
4.8
3.5
4.3
5.3

AVERAGE OF FOUR WEEKS ENDING:

11/2/87 11/30/87

/4/88

2/1/88

2/29/88

3.4
6.0

9.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 5/87
11/ 2/87
11/30/87
1/ 4/88
2/ 1/88
2/29/88
4/ 4/88
5/ 2/88


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

-4.6
1.9
1.0
2.5
3.9

6.4
3.8
4.9
6.2

7.7
7.7
8.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
3. I

RATIO

2.790
2.797
2.774
2.812

Ml MULTIPLIER

2.8

0 23

8 20

4 18

APR

MAY

I

IB

13 27 10 24

7 21

5 10

SEP

OCT

2

10 SO 14 28 II

DEC

25

8 22

JAN

7 21

4 18

MAR

APR

2 18 SO

LATEST DATA PLOTTED TWO WEEKS ENDING-. MAY 2, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
—MAY 2. 1988 FROM
_
THE FOUR WEEKS ENDING:
_

FEB. 29, 1988
FEB.
I, 1988
JAN.
4, 1988
- NOV. 30, 1987
- NOV.
2, 1987
_
AUG.
3, 1987
MAY
4, 1987

9.9
8.1
9.8
9.6
9.8
9.6
9.0

CURRENCY

JM
.

B.liLIQKS

28

201 .8
203.2
203.3

I.u.lJ.l.1 l.i.

i i i i

2 16 SO IS 27

11

25

8 22

8 20

3 17 31

14 26 12 28

SEP

0 23

OCT

7 21

4

DEC

JAN

1987

18

1

15 29 14 28 II

MAR
1988

25

9 23

APR

LATEST DATA PLOTTED WEEK ENDING: MAY 2, 1988
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
AVtrtAGtb UF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
580 ------------- 1---------- ,------

1M
MAR.
APR.

28
4

ILL IONS OF DOLLARS
—|---------- -------------- 580

BILLIONS
558.6
555.9
556.9
565.0

2 16 90 IS 27 II

25

8 22

6 20

9 17 91

14 28

12 20

0 29
DEC

JAN

1987

15 20 14 28 II 25
MAR
APR

0 29

1968

LATEST DATA PLOTTED WEEK ENDING, MAY 2, 1988
DEPOSI?OBYK|NsflTUT?ONSS 'S ™E SUU 0F DEMAND BEP0SITS "*> OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
5/4/87

8/3/87

-1.8
0.8
-1.2
-1.9
0.0
-0.3
0.4
1.3

6.8
1 .6
-0.2
2.5
1 .7
2.3
3.5

10/5/87

AVERAGE OF FOUR WEEKS ENDING:

11/2/87 11/30/87

1/4/88

2/1/88

2/29/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 5/87
11/ 2/87
11/30/87
1/ 4/88
2/ 1/88
2/28/88
4/ 4/88
5/ 2/88


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

0.2
-2.2
2.4
1.2
2.2
3.7

-9.5
-1.6
-2.1
-0.2
1.8

4.3
1.8
3.1
5.0

6.8
6.7
8.4

1.9
5.4

9.8

PREPARED BY FEDERAL RESERVE BAfK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

—i 12.0

MUNICIPAL
BONDS

6 20

3 17

1

MAR

APR

MAY

IS 29 12 26 10 24

JUN

7 21

JUL
AUG
1987

4 18

SEP

2 16 30 13 27 11

OCT

NOV

25

DEC

8 22

JAN

S 19

4 16

FEB

MAR
1988

I

18 29 13 27

APR

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: MAY 13, 1988.

1988
MAR.

APR.

4
1 1
18
25
1
8

15
22
29
MAY

6

13
20
27

X

90 DAY
CD-S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KK

6.58
6.62
6.61
6.64
6.67
6.82
6.87
7.01
6.99
7.09
7.21

6.54
6.55
6.56
6.58
6.63
6.73
6.76
6.85
6.85
6.89
7.05

6.45
6.50
6.51
6.52
6.55
6.70
6.74
6.85
6.85
6.96
7.11

9.27
9.34
9.36
9.44
9.53
9.61
9.61
9.73
9.73
9.78
9.84

10.48
10.50
10.55
10.64
10.73
10.83

7.47
7.67
7.75
7.89
7.90
7.80
7.81
7.87
7.77
7.84
N.A.

10.86

10.98
10.92
10.96
10.98

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
** BOND BUYER’S AVERAGE IIOEX 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 r—

treasury’m ITIES

DISCOUNT RATE

I
MAR

15 20 12 20 10 24

APR

7 21
AUG

4 10
SEP

2 10 30 13 27 li 25
NOV
DEC

8 22

5 19

4 19

I

15 29 15 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING) MAY 13, 1968.

1988
MAR.

APR.

4
1 1
18
Z5
1
15
22
29
13 X
20
27

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL tom

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.60
6.51
6.61
6.51
6.62
6.82
6.81
6.93
6.85
6.82
7.02

5.63
5.73
5.64
5.77
5.74
5.99
5.89
5.83
5.91
6. 16
6.30

5.86
5.93
5.78
5.96
6.00
6.21
6. 19
6.14
6.28
6.41
6.51

6.20
6.28
6.23
6.35
6.36
6.55
6.49
6.58
6.60
6.75
6.87

7.63
7.78
7.78
7.95
8.03
8. 13
8. 12
8.25
8.27
8.39
8.53

8.44


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

8.63
8.85
8.86
8.88
9.07
9. 15
9.23

KtmrMBjn/fcy'mtai feM&iMTs.
EM)ING ™°DAYS EARLIER
MTE **»<
PREPAREO BY FEDERAL RESERVE BAN( OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3025

1M
_ MAR

BILLIONS OF DOLLARS
3025

BILLIONS
2977.2

3000

2982.8

2991.3
2975

— MAY

2925

2875

2825

2 10 90 13 27 11 25
APR

0 22

0 20

3 17 31

MAY

14 20 12 20
SEP
OCT

0 23

7 21
DEC

4 10
JAN

I

15 29 14 28 II 25
MAR
APR

9 23

1987
LATEST DATA PLOTTED WEEK ENDINGt MAY 2,

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 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 AM) BROKER/DEALER MONEY MARKET MUTUAL FUn6s.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
5/4/87

8/3/87

10/5/87

2.8
3.2
2.8
2.7
3.7
4. 1
4.7
5.1

5.0
3.8
3.5
4.8
5.2
5.9
6.3

2.8
2.6
4.8
5.4
6.3
6.7

11/2/87 11/30/87

1/4/88

2/1/88

2/29/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
10/ 5/87
11/ 2/87
11/30/87
1/ 4/88
2/ 1/88
2/29/88
4/ 4/88
5/ 2/88


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

1.3
4.6
5.4
6.5
6.9

6.6
7.1
7.9
8.2

10.2
10.2
10.0

9.3
9.3

9.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS!/
LARGE TIME DEPOSITS*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

COMPOUNDED ANNUAL RATES.
OF CHANGE. AVERAGE OF
THE FOUR llfEEKS ENDING
MAY 2. 1988 FROM
THE F6UR WEEKS ENDINGi
FEB.
— NOV.

29,

1988

4,
30,
2,
3.
4,

1988
1987
1987
1987
1987

11.0
TOTAL TIME DEPOSITS

1760

ISSfi

BILLIONS
1867.4
1872.I
1877.2
1880.7
1882.8
1885.6

-LLL1 1 I I 1 I 1 I I 1 I I I I
LATEST DATA PLOTTED WEEK ENDINGi MAY 2,

1988

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
500

1988.

BILLIONS
490.6
493.0
492.2

LARGE TIME DEPOSITS

470

450

2 10 30 13 27 11
APR
MAY

8 22

8 20

3 17 31

LATEST DATA PLOTTED WEEK ENDINGi MAY 2,

14 28 12 28
SEP
OCT

9 23

7 21
DEC

4 18
JAN

I

IS 29 14 28 II 25
MAR
APR

9 23

1988

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 BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
4.0 ---------- 1------------- 1-----

6

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

31'

20

3672

4
II

241A
2080

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING, MAY 11, 1988
BILLIONS OF DOLLARS

ADJUSTMENT + SEASONAL
BORROWINGS

4 18

I

15 20 13 27 10 24
MAY
JUN

8 22

5 10

2 18 30 14 28 II 25
OCT
NOV

0 23

6 20
JAN

3 17
FEB

2 16 30 13 27 11 25
APR
MAY

LATEST DATA PLOTTED WEEK ENDING, MAY 11, 1988


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1088
95

BILLIONS OF DOLLARS
IOO

MILLIONS

MAR. 30
—APR* ®

84,610
89,437

4

18

1

15 29 13 27 10 24

MAY

8 22

3 19

2 16 30 14 28 II

OCT

JUN

25

9 23

NOV

6 20

3 17

JAN

FEB

2 16 30 13 27 11

APR

29

MAY

LATEST DATA PLOTTED WEEK ENDING* MAY 4, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u
( COMMERCIAL AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
DECEMBER 30, 1987 FROM
THE FOUR WEEKS ENDING*
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

276,743
276,566
278,725
276,596

5 19

3 17 31

14 28 11 25 II

JAN

FEB

MAR

25

8 22

8 20

3 17

MAY

JUN

1

15 29 12

OCT

NOV

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


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

PREPARED BY FEDERAL RESERVE BAT* OF ST. LOUIS

11

DOLLAR'S TRADE-WEIGHTED EXCHANGE INDEX
AVERAGES OF DAILY FIGURES

1973-100
108

”

MAY
69.3

4 16

I

15 29 13 27 10 24

MAY

8 22

8 19

2 16 SO 14 28 II 28

JUN

OCT

NOV

9 23

6 20

3 17

JAN

FEB

1987

2 16 30 13 27 II 28

APR

MAY

1988

LATEST DATA PLOTTED WEEK ENDING, MAY II, 1988
NOTE«

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.10 RELEASE.

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


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS