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Feder UrS.

.^Financial Data

-------of St. Louis

'NOV ? 0 19SjNovember 24, 1989

THE WEEK'S HIGHLIGHTS:
is

The spread between the federal funds rate and the discount rate has
narrowed to 146 basis points in the week ending November 22 from
295 basis points in the week ending April 19.

is

Housing starts rose 12 percent in October, the largest monthly gain
since December 1986. For the first 10 months of the year, starts
totaled 1,203,800 units, 6 percent below the same period last year.

**

Durable goods orders fell 0.6 percent in October, following a 1.1
percent decline in September and a 3.9 percent increase in August.
Orders in the first 10 months of 1989 were up 6.4 percent from the
same period in 1988.

^

Consumer prices increased at a seasonally adjusted 5.9 percent annual
rate in October. So far in 1989, the CPI has risen at a 4.6 percent
rate, equal to the rate of increase during the same period last year.

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 BAM(

BILLIONS OF DOLLARS

1M

BILLIONS OF DOLLARS
------ ------------- ----------- 298

BlLLiflB.
289.9
291.6
293.1

5 IB
OCT

2 16 SO 14 28 II 23 8 22 8 22
NOV
DEC
JAN
FEB
MAR
1988

3 IB
APR

3 17 31 14 28 12 28 B 23
MAY
JUN
JUL
AUG
1989

8
SEP

4 18
OCT

I IS 20 13 27
NOV
DEC

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDlNGt NOVEMBER 15, 1909

THE_ m
_

ETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FIN
^N&T -------- ICY.IN CIRCULATION ICURRENCY.HELD BY THE I-----

IAL INSTITUTIONS AT FEDERAL
AND IN THE VAULTS OF ALL
.. RATIO CHAN8L-S.
THE MAJOR
. .
DATA ARE COMPUTED BY THIS
IS AVAILABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDlNGt
11/16/88

2/8/89

4/19/89

1.0
0.5
0.3
1.2
1 .5
1.8
».7

3.2
2.0
3.0
2.9
3.1
2.8

5/17/89

6/14/89

7/12/89

2.7
2.7
3.1
2.6

4.0
4.2
3.3

8/9/89

9/20/89

TO THE AVERAGE OF
MAINTENANCE
ODS ENDlNGt

m

4/19/89
5/17/89
8/M/8©
7/12/89
8/ 9/89
9/20/89
10/18/89
11/15/89


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

2.9
3.7
3.0
2.6
2.9
2.9
3.0
2.8

-0.9
1.4
1.8
2.3
2.0

3.4
2.6

2.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of dollars

786.5
788.5
788.5
786.3
788.5
785.0

3

17 31

14 28 12 20

NOV
1988

0 23

0 20

0 20

3 17

FEB

DEC

MAR

APR

I

13 29 12 26 10 24

7 21

4 18

AUG

SEP

2

16 30 13 27

NOV

|1

25

DEC

1989

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 13,

1989

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
^otl^AND^TRAVELERSOCWS? BY THE N0HM,IC PUBUC’ DEMAND DEP0S,TS' 0THER

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
11/14/88

2/13/89

-0.5
-1.8
-2.9
-2.4
-1.6
-1.2
0. 1
0.2

-3.7
-5. 1
-4.0
-2.5
-1 .7
0.1
0.2

4/10/89

5/15/89

AVERAGE OF FOUR WEEKS ENDING;

6/12/89

7/10/89

8/14/89

9/11/89

2.7
2.9
5.2
4.5

3.8
6.5
5.3

7.8
5.7

6.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
4/10/89
5/15/89
6/12/89
7/10/89
8/14/89
9/11/89
10/16/89
11/13/89


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

-8.2
-5.5
-2.9
-1 .8
0.5
0.6

-4.4
-1.2
-0.2
2.4
2.2

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

3

4

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

RATIO
3.0 ------------ 1---------- 1---------- 1------------1989
SEP.

RATIO

4
18

2.676
2.663

16
30
13

NOV

RATIO
3.0

2.69

2.9

1:8

Ml MU LTIPLI :r

V
2.7

2.0

“mi

XLL

111

NOV

DEC

9 17 91

OCT

14 28 12 2d

1111
0 29

JAN

_LLL III
a 20
FEB

8 20
MAR

111

1111

9 17

I

APR

MAY

XLL

1 11 1

JUN

JUL

18 20 12 20 10 24

XLL XLL .1X11 XLL

III’

16 90 19 27 11

21
AUG

OCT

NOV

DEC

LATEST DATA PLOTTED TWO WEEKS ENDINGt NOVEMBER 13, 1989
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR *EEKS ENDING
~ NOVEMBER 13, 1989 FROM
___THE FOUR WEEKS ENDINGt
-

-

SEP.
AUG.

— FEB
_ NOV,

11, 1909
H, 1989
10,
989
12,
989
15,
989
13
1989
14, 1988

3.5
3.3
2.9
3.4
3.5
~ ~

CURRENCY

IM

BILLIONS
9

219.
219.8
219.5

II I 1 I 1

I I I I
9 17 91

14 28 12 26

NOV

fl 29

DEC

6 20

6

9 17

FEB

MAR

APR

1

19 29 12 20 10 24

7 21

4 16

AUG

SEP

2

16 90 19 27 11

NOV

29

DEC

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 13, 1989
1/ RATIO OF MONEY STOCK (Ml > TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.8 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVtKAGLS UF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
585 ------------- 1---------- 1-----

1M
OCT.

BILLIONS OF DOLLARS
------------------------------- 585

BJ Li I ON?
560.2
561.9
561.4
558.6
561.3
558.0

— NOV.

NOV

24

DEC

FEB

MAR

APR

7 21
AUG

4 18
SEP

2 10 90 19 27 II 23
NOV
DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 13, 1989
DEPOSI TORY** W4STI TUT?ONS? IS THE SUM ^ DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
11/14/88

2/13/89

4/10/89

5/15/89

AVERAGE OF FOUR WEEKS ENDING:

6/12/89

7/10/89

8/14/89

9/11/89

2.7
2.9
5.8
4.9

4.5
7.7
6. 1

9. 1
6.5

7.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/10/89
5/15/89
8/12/89
7/10/89
8/14/89
9/11/89
10/16/89
11/13/89

-3.0
-4.5
-5.9
-5.3
-4.0
-3.3
-1.6
-1.5


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

-6.5
-8.4
-7.0
-4.7
-3.7
-1.3
-1.1

-12.3
-8.8
-5. 1
-3.6
-0.6
-0.4

-7.7
-2.9
-1.4
1.8
1.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

MUNICIPAL

7 21
OCT

4 16
NOV

I I II
2 10 30 15 27 10 24 10 24
JAN
FEB

7 21
APR

5 10
MAY

2 16 90 14 20 II 25
JUL
AUG

• 22

0 20
OCT

5 17
NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt NOVEMBER 24. 1989.

1969
OCT.

6
13
20
27
NOV.
3
10
17
24 ft
DEC.
1
8
15
22
29

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS *K

8.91
8.63
8.42
8.49
8.53
8.48
8.36
8.36

8.90
8.69
8.51
8.55
8.63
8.53
8.43
8.43

8.70
8.40
8.30
8.32
8.34
8.29
8.18
8. 15

9.02
8.95
8.88
8.85
8.91
8.90
8.86
8.89

9.92
9.82
9.77
9.75
9.77
9.80
9.82
9.83

7.27
7. 19
7. 19
7.22
7.24
7.20
7.12
N.A.

NOTEi
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
BOND^BUYER'3^AVERAGE*NDEX 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

10.0
treasur?~sIc(jr

I TIES

TREAS

7.0

DISCOUNT RATE

7 21
OCT

4 18 2 18 30 13 27 10 24 10 24
NOV
JAN
FEB
1988

7 21
APR

9 19
MAY

2 18 90 14 28 II 29
JUL
AUG
1989

8 22

8 20
OCT

9 17
NOV

1 19 29

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt NOVEMBER 24,

1989
OCT.

6
13
20
27
NOV.
3
10
17
24 tt
DEC.
1
8
15
22
29

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL mat

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9. 18
8.93
8.76
8.72
8.80
8.69
8.46
8.46

7.76
7.66
7.50
7.60
7.77
7.74
7.67
7.63

7.82
7.60
7.42
7.50
7.62
7.49
7.51
7.40

7.76
7.46
7.33
7.28
7.35
7.35
7.21
7.14

8.21
7.95
7.92
7.83
7.86
7.87
7.79
7.80

8.27
8. 13
8. 1 1
8.02
8.01
8.00
7.99
8.00

NOTEi
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 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
I AUCTION AVERAGE (DISCOUNT)


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

PREPARED BY FEDERAL RESERVE BAhK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3225 ------------- 1---------- r—

BILLIONS OF DOLLARS
------ ---------------------- 3225

3200

3175

3175

3125

3075

S 17 31 14 29 12
NOV
DEC

fl 23

6 20
FEB

6 20
MAR

3 17
APR

I

13 20 12 26 10 24

7 21
AUG

4 18
SEP

2 16 30 13 27 II 23
NOV
DEC

LATEST DATA PLOTTED WEEK ENDINGi NOVEMBER 13, I960
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.0 RELEASE
M2 IS THE SUM OF Ml
to u.r
SMALL
DETA

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
11/14/88

2/13/89

2.6
1.7
1 .7
2.6
3.5
3.8
4.3
4.5

1 . 1
1.3
2.8
4. 1
4.5
5. 1
5.3

4/10/89

AVERAGE OF FOUR WEEKS ENDING;

5/15/89

6/12/89

7/10/89

8/14/89

9/11/80

5.6
7.2
7.2
7.5
7.4

9.5
8.8
8.7
8.4

8.6
8.6
8.2

8.0
7.7

7.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
4/10/89
5/15/80
8/12/8©
7/10/89
8/14/89
9/11/89
10/16/89
11/13/89


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

-0.4
2.5
4.4
4.9
5.6
5.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS^
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

n

=

TOTAL TIME DEPOSI TS

2110

2080
-

1111

~ COMPOUNDED ANNUAL RAT ES
I OF CHANGE. AVERAGE OF
___THE FOUR llfEEKS END 1NG
_ NOVEMBER 13, 1989 FROM
_ THE FOUR WEEKS ENDING t
I
SEP. 11, 1989
-0.5
- AUG. 14 1989
-0.7
- JUL. 10, 1989
0.6
- JUN. 12 1989
1.2
-MAY
15
1989
2.5
- FEB. 13, 1989
5.5

BILLIONS OF DOLLARS
2140

1111

BILLIONS OF DOLLARS
2140 I---------- 1---------- 1---------- 1-------------

2020
1

2020

1 1

-

1

*1111

1 1 1

1 1 1

MM

111

111

111

iii-i. 111

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 13,

ini

1asa
B.i.uirjv.aa
OCT .
9 2097.1
16 2099.5
23 2100.0
“
30 2099.5
—
NOV .
6 2098.4
“
13 2101.1
ii i i 1 i i i 1 i i l!
111 JJ-1-

1989

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1939. BILLIONS

NOV.

3 17 31

6

LARGE TIME DEPOSITS

561.4
562.2
561.0
559!e

14 28 12 26
NOV
DEC
1988

9 23

6 20
FEB

6 20
MAR

3 17
APR

1

15 29 12 2S 10 24

7 21
AUG

4 18
SEP

2 16 30 13 27 II 23
NOV
DEC

1989

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 13, 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 BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
5.5 rz------- 1------------- 1-----

AVERAGES OF DAILY FIGURES

ILL IONS OF DOLLARS

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINOi NOVEMBER 22, 1080
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS

2.0

ADJUSTMENT + SEASONAL
BORROWINGS

1.5

1.0

0.5

2 18 90 14 28 11 25

8 22

8 22

5 19

9 17 91 14 28 12 28
JUN
JUL

9 29

6 20

4 19

1

15 29 19 27

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 22, 1089


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
135
130

OCT. 11
NOV.

1

125

120,463

120
115

110
105

100
95
90
S 18

2 10 30 14 28 11 25 8 22
DEC
JAN
FEB

8 22

5 18

3 17 31 14 20 12 28
JUN
JUL

8 23

8 20
SEP

4 18
OCT

I

13 28 13 27

0

LATEST DATA PLOTTED WEEK END INGt NOVEMBER 15, I960
* DASHED LINE REPRESENTS DATA USING AN OLD REPORTING PANEL AND IS NOT COMPARABLE TO CURRENT DATA.

BUSINESS LOANS v
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
330

COMPOUNDED ANNUAL RATES
*EEKS ENDING
THE FI
:R O, iw
— IWYCKOrn 8. 1989 FROM
- THE FOUR VEEKS
“ AUG.
~ JUL.

9;
1989

_ NOV.

314

OCT.

5 18

2 ! 8 30 14 28 II
DEC
JAN

8 22
FEB

8 22

8 18

3 17 31 14 28
JUN

12

28

4

321,799

i-L-LLJ-Ll I II I 18 I 20 I 13 I 27
I I I
4 IS

8 23~ 8 20

JUL

SEP

OCT

LATEST DATA PLOTTED WEEK END INGt NOVEMBER B. 1989
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN tl.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

1973-100

100
1 18

OCT.

18

IN

98.2
98.0
98.5
98.6

110

106

102

98

94

90

5 IB

2

OCT

NOV
1988

16 50 14 28

DEC

II

JAN

25

8 22

FEB

8 22

MAR

5 IB

APR

3

IT Si

MAY

14 28

12 28

JUN JUL
1989

B 23

AUG

6 20

4 18

SEP

OCT

I

13 20 13 27

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 22, 1989
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, COMMUTED USING
10 IMJUSTRIAL COUNTRY CURRENCIES.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAKK OF ST. LOUIS

0

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