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RES'"*

•H

Fecic’

LIBRARY

Y

•oserve Bant
°j|i

1SU.,S Fihancial Data
OCT 0 2 T989

SePtember 28,1989

THE WEEK'S HIGHLIGHTS:
s

The trade-weighted exchange rate declined 2.9 percent in the past
two weeks (see p. 12). The daily rate fell 5 percent from September
15 to September 27, with most of the decline occurring since the
G-7 meeting last weekend.

is

Personal income rose at a 5.4 percent annual rate in August, about
the same as its growth rate since April, but much slower than its
10.9 percent rate during the eight months ending in April.

v0

New factory orders for durable goods rose 3.8 percent in August,
but remained lower than in April. Nondefense capital goods orders
fell 9.8 percent in August.
The federal budget deficit for the first 11 months of fiscal year 1989,
which ends this week, was $145.9 billion, down sharply from $165.3
billion during the same period last year. The decline reflected a 10
percent rise in receipts and a 6.3 percent rise in expenditures.

TIIE

lUHKU.

ARESERVE

XlLWkot
«r

st.uh

IS

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

LLIONS OF DOLLARS

ILL IONS OF DOLLARS
------ ---------------------- 296

BILLIONS
289.6
289.5
289.8
293.5

7 21

5 10

SEP

OCT
1988

10 24

2

18 SO 14 21 II

DEC

JAN

25

• 22

8 22

8 10

FEB

S IT SI

14 28 12 20

JUN
1989

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING; SEPTEMBER 20.

0 23

0 20

4

SEP

JUL

OCT

IB

1989

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) AM) 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 PER 1ODS ENDING:
9/21/88

12/14/88

2/22/89

3/22/89

4/19/89

5/17/89

6/14/89

7/26/89

1 .8
3.8
2.5
2.9
2.3
2.6

2.5
1.2
2. 1
1.6
2.0

3.2
3.5
2.5
2.9

1.8
1.0
1.8

2.0
2.7

1.8

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING;
4.3
4.7
3.7
4. 1
3.6
3.6
3.2
3.3

2/22/89
3/22/89
4/19/89
5/17/89
6/14/89
7/26/89
8/23/89
9/20/89

4.6
3.0
3.9
3.0
3.2
2.7
2.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
''
• SL *•;' / - V ’*

^ • ‘

*


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

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

9 19

NOV

2 16 30 IS 27 13 27

DEC

FEB

MAR

10 24

8 22

BILLIONS OF DOLLARS

9 19

3 17 31

APR

14 28 11

AUG

29

9 23

SEP

LATEST DATA PLOTTED WEEK ENDING*. SEPTEMBER 18, 1089
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 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,
0/19/88

12/10/88

2/20/80

AVERAGE OF FOUR WEEKS ENDING:

3/20/80

4/17/80

-7.4
-8.0
-4.7
-3.2
-2.3

-8.0
-3.7
-2.1
-1.2

5/15/80

6/10/80

7/17/80

4.3
3.8

2.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/20/80
3/20/89
4/17/80
5/15/80
6/19/80
7/17/80
8/21/80
0/18/80

1.2
l .3
0.0
-0.8
-1.9
-I.I
-0.7
-0.5


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

-1.2
-2.8
-3.6
-4.6
-3.2
-2.4
-1 .9

-3.2
-4.4
-5.8
-3.5
-2.4
-1.7

-2.3
-0.7
0.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK*/
RATIO
3.0

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
3.0

--------- 1------- 1--------- 1------1989
JUL.
AUG.

2.9

SEP

10
24
7
21
4
18

RATIO
2.686
2.659
2.685
2.663
2.678
2.664

___

2.9

Ml Ml LTIPL IER

2.8

2.8

V

2.7

2.6

0

2.6

'mi
8 22

AUG

1 1 1

1111

5 19 9 17 91

SEP

OCT
1988

J

XLL -LLL

11,1,1

NOV

JAN

M 26 12 26 9 29

DEC

■LI 1

111

in

1111

0 20

0 20

9 17

I

FEB

MAR

APR

MAY

LATEST DATA PLOTTED TWO WEEKS ENDING: SEPTEMBER 18,

1111

111

29 12 20 10 24

15

iii

7 21

4

AUG

SEP

JUN
1989

JUL

111
18

1111
2 16 90

1989

BILL IONS OF DOLLARS
224
-------------1---------- 1------------- 1----------

BILLIONS OF DOLLARS
224
-

COMPOUNDED ANNUAL RAT ES
OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
“ SEPTEMBER 18. 1989 FR OM
___THE FOUR WEEKS ENDING

220

_
216
_

JUL.
JUN.
MAY
APR.
MAR.

17,
19,
15,
17,
20,

1989
1989
1989
1989
1989

3.0
3.5
3.8
3.4
3.5

SEP

19|

1988

s! 2

212

CURRE NCY

y

>

V

_
“

\/

ISJsa

_

a ILLIOI

0

AUG.

14

217.7

SEP.

208

28
4
11
18

219.0
218.4
218.8
219.5

_

‘mi XLL 1 1 1 1 XLL XLL -LUX XLL ILL XLL XLLL 111 i i i i 1 i i i 1 i i i 1 i i i i‘
15 29 12 26 10 24
2 16 90 19 27 19 27 10 24
14 28 II 25
AUG

SEP

OCT
1988

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN
1989

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18, 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

0

OCT

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

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

AUG.

14

ILL IONS OF DOLLARS
—|---------- ------------- 585

550.0
554.2
551.2
554. I

1

IS 20 12 26 10 24

7 21

5 10

NOV

DEC

2

16 SO IS 27

FEB

IS 27

MAR

LATEST DATA PLOTTED WEEK ENDING-. SEPTEMBER 18,

10 24

8 22

S 10

S 17 SI

APR

14 26 II

AUG

25

0 23

SEP

1989

DEPOSITORY^^NSTITUT?ONS^ 'S ^ SUM ** DEMAN° DEP0SITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
9/19/88

12/19/88

2/20/89

AVERAGE OF FOUR WEEKS ENDING:

3/20/89

4/17/89

-1 1.0
-12.1
-7.7
-5.4
-4.4

- 12. 1
-6.3
-3.9
-2.9

5/15/89

8/19/89

7/17/89

5.1
4.0

2.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/20/89
3/20/89
4/17/89
5/15/89
6/19/89
7/17/89
8/21/89
9/18/89

-0.8
-0.7
-2.3
-3.2
-4.7
-3.5
-2.9
-2.6


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

-4. 1
-6.0
-6.8
-8.2
-6.2
-5.0
-4.3

-6.3
-7.5
-9.4
-6.3
-4.7
-3.8

-4.7
-2.1
-1.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

12.0

PRIME BANK
LOAN RATE
90 DAY
CORPORATE
AAA BONDS

I I I I
3

18

2

16 30 M 28 II

OCT
1988

NOV

23

9 23

0 20

3 IT

JAN

3 17 31

FEB

14 28 12 26

APR

9 23

7 21

4 18

JUL

MAY

AUG

I

IS 29 13 27

1989

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; SEPTEMBER 29,

1989
AUG.

SEP.

4
1 I
18
25
1
8
15

22
OCT.

29 X
6
13
20
27

1989.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

CORPORATE
BAA BONDS

MUNICIPAL
BONDS **

8.35
8.56
8.76
8.76
8.79
8.78
8.71
8.74
8.86

8.57
8.77
8.87
8.85
8.88
8.87
8.83
8.84
8.90

8.15
8.41
8.57
8.58
8.57
8.57
8.53
8.55
8.68

8.81
8.92
8.99
9.02
9.05
9.02
8.98
8.98
9.04

9.77
9.82
9.90
9.92
9.96
9.94
9.88
9.88
9.94

6.86
7.02
7.09
7.15
7.16
7.15
7.16
7.33
N. A.

J '
j

NOTE;
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
« AVERAGES OF RATES AVAILABLE
mK 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

11.0

5-YEAR
TREASURY SECURITIES

TREAiuRY1!? I LI-

DISCOUNT RATE

6.0

5

19

2

16 30

14 20 11 25

OCT

NOV

9 23

6 20

3 17

JAN

FEB

3

17 31

14 28 12 26

APR

9 23

7 21

4

18

1

15 29 13 27

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 29,

1989
AUG.

SEP.

OCT.

4
1 1
18
25
1
0
15
22
29 X
6
13
20
27

FEDERAL
FUNDS 801

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

8.95
8.98
9.04
9.01
8.96
8.96
8.96
9.05
9.02

7.71
7.92
7.95
7.98
7.90
7.82
7.60
7.73
7.80

7.35
7.70
7.83
7.85
7.88
7.87
7.64
7.64
7.79

7.20
7.56
7.72
7.78
7.72
7.68
7.51
7.61
7.74

7.64
7.99
8.20
8.26
8.26
8. 18
8.07
8. 12
8.31

1989.

LONG-TERM
TREASURY
SECURITIES
7.97
8. 18
8.30
8.33
8.33
8.25
8.23
8.28
8.41 J

N0TE‘
ccrfioTC. JLTJJEtI8A5D 9f GOVERNORS’ H.15 RELEASE EXCLUDING LONG-TERM TREASURY
1
« AVERAGESUOFTRATE<TaVAILABLE°MPUT^D BY THIS BANK>
TREASURY 81LL YIELDS ARE ON A DISCOUNT BASIS.


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

ENDING ™°DAYS EARLIER THAN DATE SH0WN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2)

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3175

AUG.

BILLIONS OF DOLLARS
3175

3133.4
3138.9
3141.8

3125

3100

3100

3075

3050

3025

I

18 20 12 26 10 24

7 21

5 10

2 16 50 13 27 13 27

NOV

DEC

FEB

MAR

LATEST DATA PLOTTED WEEK ENDING*. SEPTEMBER 18,

10 24

6 22

8 10

3 17 31

14 28 11

AUG

APR

28

0 23

SEP

1989

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 AND BROKER/DEALER MONEY MARKET MUTUAL FUNDS. FOR MORE
DETAIL, SEE THE H.fl RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,
9/19/88

12/19/88

2/20/89

3/20/89

AVERAGE OF FOUR WEEKS ENDING:

4/17/89

5/15/89

6/19/89

7/17/89

0.4
3.3
4.9
5.3

6.4
7.4
7.3

9.7
8.8

8.1

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/20/89
3/20/89
4/17/89
5/15/89
6/19/89
7/17/89
8/21/89
9/18/89

2.7
3. 1
2.8
2.0
2.2
2.9
3.6
3.8


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

1.3
1.2
0.3
0.9
2.1
3. 1
3.5

3.0
0.9
1.6
3.2
4.3
4.7

-1.2
0.5
2.7
4.2
4.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

I
_

-

JUL.
17,
JUN.
19,
MAY
15,
_ APR. 17,
--- MAR
- DEC
19,
I SEP
19,

1989
1909
1989
1989

IQRQ
1988
1988

)EPOS TS

1.1
1.7
3.8
5.5

2110

fi S

7.4
7.7

1

I

TOTAL TIME

1111

-

BILLIONS OF DOLLARS
2 MO

TTTT

2110

1
1
1
COMPOUNDED ANNUAL RAT ES
OF CHANGE. AVERAGE OF
THE FOUR llfEEKS ENDING
SEPTEMBER 18, 1989 FF OM
THE FOUR WEEKS ENDING *

111

-

mi

BILLIONS OF DOLLARS
2 MO

z
1990

1111

1990

is ia

1960

AUG.
SEP.

Si

i 11

111

1111

111

-LI 1 1- hi

111

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18,

111

J-LLI. JJLL

Mil

M
4

aILLIPIus.

=

2105.
2I03.J
2100.“
2100.
2101.
2101.

-

1960

-

1

z
ii 1111111Inn1

1930

1989

BILLIONS OF DOLLARS

AUG.

14
21
28
4
11
18

BILLIONS OF DOLLARS
590

570.9

580

LARGE TIME DEPOSITS

565.3
564.6
564.7
564.8

570

560

530

520

1

15 29 12 26 10 24

7 21
NOV

5 19
DEC

2 16 30 13 27

FEB

13 27

MAR

10 24

8 22

APR

3 19

3 17 31

14 28 II 25
AUG
SEP

0 23

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 18, 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.

9

LOUIS

10

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

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

---------------------------- =3 5-5

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 27,

1989
BILLIONS OF DOLLARS
----------1------------1------------ 2.5

BILLIONS OF DOLLARS
2.5 --------------- ------------ -------

1989

MILLIONS

ADJUSTMENT + SEASONAL
BORROWINGS

5 IT 91 M 28 12 26 8 23
AUG
SEP
OCT
NOV

7 21
DEC

4 18
JAN

1 13
FEB

1 15 28 12 26 10 24
MAR
APR
MAY

1986
LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 27,


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

7 21
JUN

3 18
JUL

2 16 30 13 27 II 23
AUG
SEP
OCT

1989
1989

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
135

E

’989

SEP.

130

6

125

126,217

120

100
95

8 23

SEP

7 2!

4 18

!

DEC

OCT

JAN

FES

IS

1

!5 28 12 28 10 24

7 21

JUN

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 20.

18

2 16 30 13 27

JUL

SEP

11

25

OCT

1989

* DASHED LINE REPRESENTS DATA USING AN OLD REPORTING PANEL AND IS NOT COMPARABLE TO CURRENT DATA.

BUSINESS LOANS u
( COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAl RATES
OF CHANGE. AVERA( • OF
— THE FOUR
u.
rm
- gtriuwtnWEEfcS i ENDING:

" MAY

10,

APR. 12,
- DEC. 14,
_ SEP. 14,

AUG.

9

321,761
321,555
322,862

SEP.

6

324,359
320,630

J-U.i.1 1 1 1 1 1 1 I I I I I
3 17 31

14 28 12 26

SEP

OCT

8 23

7 21

4 18

1

DEC

JAN

FEB

LATEST DATA PLOTTED WEEK ENDINGi

15

I

7 21

5

JUN

SEPTEMBER 13,

15 28 12 26 10 24

JUL

18

2 16 30 13 27 II

SEP

28

OCT

1989

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

1073-100
118

i.

23

101.7
101.0

114

103.3

110

102.5

106

3 IT 51

14 28 12 26

SEP

OCT

0 23

7 21

4 18

DEC

JAN

FEB

JUN

JUL

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 27, 1060
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 BAM OF ST. LOUIS

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