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im^

RESEARCH LIBRARY
Fede! c.i|R*J3^i 3a

financial Data

of
^11..^

November 30, 1989

THE WEEK'S HIGHLIGHTS:
s

The growth rate of the nation's real GNP in the third quarter was
revised upward to 2.7 percent from the 2.5 percent estimated
previously. The revision primarily reflects a narrowing of the trade
deficit. Real GNP has expanded at a 2.6 percent annual rate over
the past two quarters, compared with 3.3 percent growth in the
previous year.

**

The third-quarter rate of increase in the GNP implicit price deflator
was revised upward to 3.2 percent from 2.9 percent. The GNP
deflator has risen at a 3.9 percent annual rate since the first quarter
of the year.
After-tax profits of U.S. corporations fell 7.2 percent in the third
quarter. Since the fourth quarter of last year, such profits have
declined at a 14.9 percent annual rate.

is

Personal income rose at an 11.5 percent annual rate in October. It
has increased at a 6 percent rate since March, compared with 9.6
percent growth in the previous year.

THE
FEDERAL
A REfSEK\F
XltWhoi
nr

st. umxs

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

1989
EP.

BILLIONS OF DOLLARS
293

BILLIONS

20

293.4

292.4
294.8

5 19

2 16 30 14 28 11

DEC

29

JAN

LATEST PLOTTED RESERVE

8 22

8 22

5 19

FEB

3 17 31

14 28 12 28

9 23

8 20

4 18

SEP

JUN
JUL
1989

OCT

I

19 29 IS 27

NTENANCE PERIOD EfOINGt NOVEMBER 29, 1989
INSTITUTIONS AT FEDERAL
l)_IN THE VAULTS OF ALL
JOR
data^are^'computed
AILABLE FROM THIS BANK.
BASE IS AVA

SMffi

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PER 1ODS ENDING:
11/30/88

2/22/89

5/3/89

5/S1/89

6/28/89

7/26/89

8/25/89

10/A/89

3.7
2.0
3.2
3.4
3.0

2.0
3.6
3.7
3.2

2.9
3.2
2.7

5.1
3 9

2.5

TO THE AVERAG: OF

5/ 3/89
5/31/89
6/28/69
7/J6/89
8/23/89
10/ 4/89
11/ 1/89
11/29/89

.

3.6
3.0
2.9
3.2
2.7
3. 1
3.2
3.0


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

2.5
2.3
2.9
2.2
2.9
3.0
2.8

0.9
2.4
1.5
2.6
2.9
2.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

iSflfi.
OCT.

10

BILLIONS OF DOLLARS
805

BILLIONS
788.5
788.5
786.3
788.5
785.3
791.0

775

3

17 31

14 28 12 26
NOV
DEC

0 23

6 20
FEB

6 20
MAR

3 17
APR

I

7 21

4 18

AUG

LATEST DATA PLOTTED WEEK END I NGi NOVEMBER 20,

19 20 12 26 10 24

SEP

2 16 30 19 27 II 28
NOV
DEC

1089

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
DEPOSIT^AND*TRAVELErI^CHECKS? BY THE '****** PUIUC’

DEP°8,T°' °THER CHECKABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
11/21/88

2/20/89

4/17/89

5/22/89

AVERAGE OF FOUR WEEKS ENDING*

6/19/89

7/17/89

8/21/89

9/18/89

4.2
3.6
6.3
5.0

2.2
6.1
4.7

8.4
5.6

7.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/17/80
5/22/89
8/19/89
7/17/89
8/21/89
9/18/89
10/23/89
11/20/89

-0.9
-2.8
-3. 1
-2.0
-1.5
-1.1
0.3
0.3


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

-5.9
-5.8
-3.5
-2.4
-1.8
0.2
0.2

-8.0
-3.7
-2. 1
-1.3
1 .3

0.5
1 . 1
1.4
4.0
3,4

1.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

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

RATIO

OCT.

4
18
2
16

NOV

2.9

RATIO
3.0

ft

2.676
2.663
2.693
2.68
2.68
2.69

Ml ML LTIPLI ■R

Yz r—**
2.7

ig 1

1 1-1

XU.. XXX

3 17 31

OCT

1 LI 1

14 28 12 20

NOV
1968

DEC

0 23

JAN

in

0 20
FEB

.it .1.
8 20
MAR

1 1 1

Mil

APR

MAY

LATEST DATA PLOTTED TWO WEEKS ENDINGs NOVEMBER 13,
BILLIONS OF DOLLARS
226
1
1

1

XXL

I I I I

29 12 28 10 24

JUN
JUL
1989

III
21
AUG

1 l I

1 1 1 1

4 16

2 10 SO 13 27

SEP

OCT

III
NOV

XX
11 23
DEC

1989
BILLIONS OF DOLLARS
226

r

-

COMPOUNDED ANNUAL RA1 ES
OF CHANGE. AVERAGE OF
THE FOUR ifrEEKS END INC
” NOVEMBER 20. 1989 FRC>M
___THE FOUR WEfeKS END INC
t
- SEP.
18, 1989
2.7
AUG. 21, 1989
3.3
"
JUL. 17, 1989
2.8
- JUN.
19, 1989
3.2
MAY
22, 1989
3.5
-

_

. 21,
NOV . tv,

1988

222

y

CURRE NCY

218

4.6
-

1asa

X
s

1111
OCT

OCT .

111

111

XXL

1 1 1

NOV
1988

DEC

JAN

FEB

XX XIX
17

MAR

APR

1111 XX 1111
1 IS 20 12 20 10 24
MAY
JUN
JUL
1989

XX

a ILL 101MS

16
23
NOV. *8
13
20
1 1 1 1 1 1 II

7 21

4 18

AUG

SEP

“

219.4
219.8
7
219.5
_
220.0
1 1 1 1 1 1 1 I1

III:

-

2 18 30 13 27 II

OCT

NOV

28

DEC

LATEST DATA PLOTTED WEEK ENDINGs NOVEMBER 20, 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

210

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

OCT.

9 17 91

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

18

14 28 12

NOV

0 29

6 20

6 20

9 17

FEB

DEC

MAR

APR

I

15 20

12 20 10 24

7 21

4 18

2 16 90 19 27

NOV

II

25

DEC

LATEST DATA PLOTTED WEEK ENDING. NOVEMBER 20, 1089
D^POSITORY^NS?ITUT?ONS^ 13 THE SUM * DEMAND DEPOSITS AM) OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
11/21/88

2/20/80

4/17/80

5/22/80

AVERAGE OF FOUR WEEKS ENDING'

6/10/80

7/17/80

8/21/80

9/18/89

5. 1
3.7
7.5
5.8

1.8
7.3
5.2

10.0
6.2

8.8

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
4/17/80
5/22/80
6/10/80
7/17/80
8/21/80
0/16/80
10/29/80
11/20/80

-3.5
-5.8
-6.2
-4.6
-3.7
-3.3
-1.3
-1.3


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

-9.5
-9.4
-6.3
-4.7
-4.0
“I . 1
-1.2

-12.2
-6.4
-4.0
-3.1
0.5
0.2

-0.9
0.4
0.5
4.3
3.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

CORP<

MUNICIPAL
7.0

7 21

4

OCT

NOV
1988

18

2

10 30 13 27

JAN

10 2-1

10 24

7 21

8

APR

FEB

MAY

10

2 16 30 14 28 11

28

8 22

8 20

3 17

OCT

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK END!NOt DECEMBER I,

I960.

90 DAY
CD'S

1989
6
13
20
27
NOV.
3
10
17
24
DEC.
1
8
15
22
29

13 20

1989

OCT.

m

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

8.91
8.63
8.42
8.49
8.53
8.48
8.36
8.32
8.27

8.90
8.69
8.51
8.55
8.63
8.53
8.43
8.40
8.37

8.70
8.40
8.30
8.32
8.34
8.29
8. 18
8.12
8. 15

9.02
8.95
8.88
8.85
8.91
8.90
0.86
8.89
8.90

9.92
9.82
9.77
9.75
9.77
9.80
9.82
9.83
9.83

7.27
7. 19
7.19
7.22
7.24
7.20
7.12
7.08
N. A.

NQTEt
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
J«E 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
1J.0 r—

PERCENT

—I 11.0

treasury"securities

TREAS

DISCOUNT RATE

OCT

NOV
1988

DEC

JAN

FEB

MAR

7 2)
APR

5 19
MAY

2 10 30 14 28 II 25 8 22
JUN
JUL
AUG
SEI
|989

0 20

3 17

OCT

NOV

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING:
l< DECEMBER I,

| 15 29

1989.

FEDERAL
FUNDS K*
OCT.

6

13

20

DEC.

27
3
10
17
24
I *

3-MONTH
TREASURY
BILL

biluske

6-MONTH
TREASURY

l-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
8.51

7.76
7.66
7.50
7.60
7.77
7.74
7.67
7.60
7.68

7.92
7.60
7.42
7.50
7.62
7.49
7.51
7.40
7.45

7.76
7.46
7.33
7.28
7.35
7.35
7.21
7. 13
7.23

8.21
7.95
7.92
7.83
7.86
7.87
7.79
7.75
7.81

8.27
8. 13
8.11
8.02
8.01
8.00
7.99
7.99
8.02

8

15

22
29

&nMYA®E?DliiM ENDIN0 ™° D*YS MLIE" Tt™


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

bate shown

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

1M

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

BILLIONS

3100

3075

3050

3050

S 17 SI

14 20 12 20

NOV

0 23

0 20

0 20

3 17

FEB

DEC

MAR

I

IS 20 12 26 10 24

7 21

4 10

AUG

APR

SEP

2 10 SO IS 27

NOV

11

25

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 20, 1980
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE
IT AC(

MARKET MUTUALFUNftS.

SMALL TIME DEPOSITS, AND GENERAL PURPOSE AND BROKER/DEALER MONEY I
GEM
DETAIL, SEE THE H.6 RELEASE.

FOR

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
11/21/88

AVERAGE OF FOUR WEEKS ENDING:

2/20/89

4/17/89

5/22/89

8/19/89

7/17/89

8/21/89

9/18/89

0.6
1.6
3.2
4.4
4.7
5.2
5.4

0.3
3.3
4.9
5.3
5.8
6.1

7.6
8.2
7.9
8.0
7.9

9.7
8.8
8.7
8.5

8.2
8.3
8.1

7.7
7.6

8.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/17/89
5/22/89
6/19/89
7/17/89
8/21/89
9/18/89
10/23/89
11/20/89

2.3
1.2
1.7
2.6
3.5
3.8
4.3
4.5


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

«

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOS I TS Jy
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1989 -0.6
1989 -0.6
1989
0.5
1989
0.9
1989
2.2
1989
5.3

1

18,
21,
17,
19,
22,
20,

l l

2050

I
SEP.
- AUG.
- JUL.
- JUN.
- MAY
- FEB.

TOTAL TIME DEPOS TS

_LLLjJ

I COMPOUNDED ANNUAL RA1 ES
_ OF CHANGE, AVERAGE OF
___THE FOUR *EEKS END INC
- NOVEMBER 20. 1989 FRC M
_ THE FOUR WE&KS END INC

BILLIONS OF DOLLARS
2140

r~

r

11111

BILLIONS OF DOLLARS
2140 =---------- 1---------- 1---------- 1------------- —

l

l

-

2020

1111

2020
1S«jy
OCT .

16
23
30

2096.5
2100.0
“
2099.5
. 13 2100.9 —
6 2098.4 “
20 2102.0
-LllJ i m 11111111!
NOV

-U-U

111

III -LUl

111

111

_L11

1111

LATEST DATA PLOTTED KEEK ENDING* NOVEMBER 20,

i i,i

1111

1 1 1

1989

BILLIONS OF DOLLARS
590 ------------- 1---------- r—

1M
OCT.

16

BILLIONS ----

BILLIONS OF DOLLARS
------ ---------------------- 590

E1LL1PN5
LARGE TIME DEPOSITS

561.4
562.2
561.0
561.1

3 17 SI

14 2S 12 M

NOV

9 23

DEC

6 20

6 20

3 IT

FEB

MAR

APR

I

LATEST DATA PLOTTED WEEK ENDING* NOVEMBER 20,

13 29 12 2$ 10 24

7 21

4 IS

AUG

SEP

2

IS 30

13 27

NOV

11

25

DEC

1989

1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF $100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1080
OCT.
NOV.

BILLIONS OF DOLLARS
---------------------------- =l 5.5

MILLIONS
25
I
8
15

378
3I4
205
341
TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 28, 1080
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

OCT.

25

ADJUSTMENT + SEASONAL
BORROWINGS

5 10

2

16 30 14 28 11

DEC

JAN

0 22

8 22

5 10

3 17 31

14 28 12 26

JUN

FEB

JUL

0 23

8

4 18

SEP

OCT

1

15 20 13 27

1088
LATEST DATA PLOTTED WEEK ENDING; NOVEMBER 20, 1080


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

4

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
135 p---------,------------- ,------

BILLIONS OF DOLLARS
------ ---------------------- Zi 135

OCT. 18
128,558

— NOV.

128,272

I 1 I I
5 10

2

16 SO 14 2« 11

NOV
1988

DEC

25

JAN

8 22

FEB

8 22

MAR

5 10

3

APR

17 31

MAY

14 28 12 28

JUN
JUL
1989

0 23

8 20

4 18

SEP

AUG

OCT

1

18 20 13 27

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING, NOVEMBER 22, 1888
* 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
330 ---------- ,------------- ,----~
~
-

BILLIONS OF DOLLARS
------------------- T--------- 330

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
NOVEMBER 15. -----------------THE FOUR WE£k
ENDING:

~ SEP. 13,
“ AUG. 16,
“ JUL. 12,
- JUN. 14,
- MAY 17,
- FEB. 15,
_ NOV. 16,

1989
1989
1989
1989
1989
1989
1988

-1.4
5.0
4.1
4.6
5.7
5.3

MILLIONS
OCT. II
322,502
321,623
318,958

5 10

2 18 30 14 28 II

DEC

JAN

28

8 22

8 22

9 10

3 17 31

FEB

14 28 12 26

JUN

LATEST DATA PLOTTED WEEK ENDING, NOVEMBER 15,

0 23

■U I. 1 1 II 1 II I I I
6 20

4 18

I

18 20 13 27

JUL

1989

1/ BUSINESS LOANS INCLUDE BAKERS' ACCEF ■ »NCES AND C0M4ERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN #1.4 BILLION


http://fraser.stlouisfed.org
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

OCT.

5 19

2 16 SO 14 28 It 28

NOV
1988

DEC

JAN

6 22

FEB

6 22

MAR

5 19

APR

3 17 81

MAY

14 28 12 26

JUN JUL
1989

0 23

AUO

25

98.2
98.0

6 20

4 16

I

SEP

OCT

NOV

19 29 13 27

DEC

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 29, 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, COMPUTED USING
10 INDUSTRIAL COUNTRY CURRENCIES.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r*

- -

t

Wo
-

''

,^r

*


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

t

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