Full text of U.S. Financial Data : September 29, 1988

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UrS,"Fidancial Data
OCT 0 3 1988

September 29, 1988

THE WEEK'S HIGHLIGHTS:
is

Since the four weeks ending April 18, Ml has grown at a 5.3 percent
annual rate, somewhat faster than the 4.6 percent rate registered
from December 1986 to April 1988.

^

Personal income grew at a 5.4 percent rate from the end of 1987
to August, down from 8.7 percent during the previous year.

^

Corporate profits increased at a 7.7 percent rate from the third quarter
of 1987 to the second quarter of 1988, down from a 20.3 percent
increase over the previous year. After-tax profits rose at an 11.9
percent rate in the most recent period, following a 12.7 percent
increase earlier.

is

The Federal budget deficit totaled $165.3 billion for the first 11
months of the fiscal year that ends September 30, about the same
as last year's $164.7 billion for the same period. The deficit totaled
$149.5 billion in fiscal 1987.

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

BILLIONS OF DOLLARS
286

BILLIONS.
279.0
281.4
280.2
281.8
281. I
283.4

— AUG,

282

262

12 26

0 23

7 21

4

OCT
1987

NOV

18

2

16 90 19 27 10 24

JAN

FEB

0 29

6 20

4 18

APR

MAY

1

15 29 19 27

10 24

7 21

5 19

SEP

OCT

1988

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: SEPTEMBER 21, 1988
THE ADJUSTED MONETARY BASE S THE SUM OF RESERVE ....
.......... .........
S OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS CURRENCY IN CIRCULATION (CURRENCY HELI BY THE PUBLIC AND IN THE VAULTS OF ALL
unr«w, .........................
DEPOSITORY INSTITUTIONS) AND AN ADJUSTMENT FOR RESER’
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*
9/23/87

12/18/87

2/24/88

3/23/88

4/20/88

5/18/88

8/15/88

7/27/88

6.9
6.0
6.0
7.0
6.5
6.5

8.4
7.5
8.3
7.4
7.2

5.1
7. 1
6.3
6.3

8.2
6.9
6.7

7.3
7.0

5.0

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
2/24/88
3/23/88
4/20/88
5/18/88
8/15/88
7/27/88
8/24/88
9/21/88

8.3
7.2
7.9
7.5
7.3
7.6
7.3
7.2


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

6.5
7.8
7.2
7.0
7.5
7. 1
7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
790 ------------- ----------- ,------

ILL IONS OF DOLLARS

fl.i.LL.IQNS
780.2
783.3
782.7
783.0
782.4
784.9

3

17 31

AUG

14 28 12 26

SEP

OCT
1987

9 23

NOV

7 21

4 18

I

DEC

JAN

FEB

IS 29 14 28 II

MAR

25

APR

9 23

6 20

4 16

JUN

MAY

JUL

I

IS 29 12 28 10 24

1

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 19, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.8 RELEASE.
DEPOSITS^ANd“TRAVELErI^HECKS? BY THE ^ PUBUC' DEMAN° DEP0SITS' 0THER ^KABLE

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
9/21/87

12/21/87

AVERAGE OF FOUR WEEKS ENDING:

2/22/88

3/21/88

4/18/88

5/16/88

6/20/88

7/18/88

4.0
6.5
5.0
6.3
5.5
5.0

12.4
8.0
9.0
7.4
6.5

5.9
7.7
6.2
5.3

6.0
4.7
3.9

6.6
4.9

1 .9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/22/88
3/21/88
4/18/88
5/18/88
6/20/88
7/18/88
8/22/88
9/19/88

4.8
3.4
4.6
5.4
4.9
5.5
5.2
4.9


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

4.8
6.7
7.7
6.4
7.2
6.5
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST.

3

LOUIS

4
MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED
1988
UL.
JG.
EP.

RATIO

II
25
8
22
5
10

2.801
2.778
2.795
2.775
2.785
2.766
Mi MULTIPLIER

10 34

7 31

5 19

3

90 14 39 II 35

0 33

7 31

4 10

3 10 90 19 37 II 35

0 33

5 19

9 17 91

LATEST DATA PLOTTED TOO PEEKS EJOINCt SEPTEMBER 19, 1988
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES

OF CHANGE. AVERAGE OF
THE FOUR

JUL.

18,

— APR.

18,

JUN. 20,

ENDING
FROM-

1

1

DEC. 21, 1987
SEP. 21

IM BILLIONS
206.7

207.5
206.7
9 17 91

14 30 13 15

9

J-LlLiJ I ill i ilmi
7 31

4

15 39 14 38 II

1987

O 30

4

1986

LATEST DATA PLOTTED «E£K END I MGt SEPTEMBER 10, 1988
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 BAMC OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

580 ----------- 1---------1-----

------------------------------

566.4
568.7
567.4
568.3
567.4
568.9

3

17 31

AUG

14 2ft 12 26

SEP

OCT

0 23

NOV

7 21

DEC

14 28 II

JAN

FEB

MAR

APR

25

9 23

MAY

1987

6 20

4

JUN

JUL

18

IS 29 12 26

AUG

SEP

10 24

OCT

1988

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 19.

1988

DEPOSITORYKt^TITUT?ONSS IS THE SUM W DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS END 1NGj
9/21/87 12/21/87 2/22/88 3/21/88 4/18/88 5/16/88 6/20/88 7/18/88
TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
2/22/88
3/21/88
4/18/88
5/18/88
6/20/88
7/18/88
8/22/88
9/19/88

2.7
1.2
2.6
3.9
3.3
4.2
3.9
3.5


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

3.3
5.3
6.9
5.5
6.4
5.8
5.0

2.4
6.0
4. 1
5.7
5.0
4. 1

13.0
7.8
8.9
7.3
5.9

5.7
7.8
6. 1
4.8

5.4
4.1
2.9

6.5
4.1

0.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

580

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

MUNICIPAL

7 21

4 18

2

AUG

SEP

OCT
1987

10 30 13 27

NOV

II

DEC

25

6 22

JAN

9 19

4 18

FEB

MAR

15 29 IS 27 10 24

APR

MAY
JUN
1988

8 22

JUL

5 19

AUG

2 10 90 14 28

SEP

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE VEEK ENDINGi SEPTEMBER 30. 1988.

90 DAY
CD-S

1988
AUG.

SEP.

5
12
IS
26
2
9

16
23
30 X
OCT.
7
14
21
28

30-DAY
C0MCRC1AL
PAPER

90-DAY
BANKERS"
ACCEPTANCES

CORPORATE
AAA BONDS

8.10
8.28
8.49
8.48
8.41
8.26
8. 19
8. 16
8.22

7.85
8.04
8.23
8. 18
8.20
8.09
8.05
8.03
8.10

7.94
8.15
8.31
8.30
8.24
8.09
8.04
7.99
8.08

10.00
10.10
10.15
10.16
10.14
9.95
9.84
9.73
9.68

CORPORATE
Baa BONDS
11.16
11.20
11.23
11.25
11.21
11.13
11.02
10.78
10.66

MUNICIPAL
BONDS *«
7.69
7.83
7.85
7.80
7.76

7,67

7.59
7.62
N.A.

* AVERAGES OF RATES AVAILABLE
*
W BOND BUYER'S AVERAGE IMJEX OF 20 MUNICIPAL BOWS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAftt OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

TREASURY

ITIES

RATE

DISCOUNT RATE

BILL

AUG

SEP

NOV

W

DEC

MAY

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE OEEK

FEDERAL
FUNDS«l
AUG.

5
12
19
26
SEP.
2
9
16
23
30 X
OCT.
7
14
21
28

7.84
7.75
8.19

8.02

8.15
8.15
8.13
8.17
8.24

5 IB

2 16 90 14 20

JUN
ENDINSt SEPTEMBER 30. 1988.

5-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL OH

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.89
6.98
7.03
7.20
7.28
7.30
7.18
7.19
7.32

7.15
7.26
7.51
7.51
7.50
7.40
7.41
7.34
7.48

7.34
7.59
7.68
7.69
7.65
7.52
7.45
7.51
7.62

8.67
8.94
9.05
9.06
8.92

9.21
9.43
9.52
9.51
9.35
9.11
9.10
9.14
9.19

8.68
8.64
8.67
8.77

liM&ISPSSTs.
mSS®N8ftT*VER5oiEfB^icoSwfl E'®"*! ™° DAYS EABLIER THAN DATE SHOW


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3075 ------------- 1---------- r—

1333.
3050

BILLIONS OF DOLLARS
—|---------- -------------- 3075

BILLIONS

3028.8

_ AUG
_

3034.1
3033.0
3036.2

3037.6

3000

3000

2975

2950

2875

3

17 31

14 26 12

OCT
1987

9 23

NOV

7 21

4 16

I

DEC

JAN

FEB

15 29 14 26 11

MAR

APR

25

9 23

MAY

6 20

JUN
1988

4 16

JUL

15 29

AUG

12 26 10 24

SEP

OCT

LATEST DATA PLOTTED WEEK ENDINGi SEPTEMBER 19, 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.B RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGi
9/21/87

12/21/87

2/22/88

3/21/88

4/18/88

5/16/88

6/20/88

7/18/88

9. 1
7.7
7.3
6.7
5.9
5.4

8.5
7.6
6.8
5.9
5.3

5.6
5.2
4.5
4.1

5.3
4.4
4.0

3.3
3.1

2.6

TO THE AVERAGE
OF FOUR WEEKS
ENDINGi
2/22/aa
3/21/88
4/18/88
5/16/88
6/20/88
7/18/88
8/22/88
9/19/88

5.8
5.8
6.6
6.4
6.4
6.2
5.8
5.6


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

8.5
9.3
8.5
8.0
7.5
6.8
6.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSI TORY INSTI TUT IONS
TOTAL TIME DEPOS ITS i'
LARGE TIME DEPOS I TS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2000

2000

Z

COWWINDED ANNUAL RATES
THE FOUR
TIE FOUR BEE&S ENDINGi

1940

988
JUN. 20,
MAY
16,
APR. 18,

1967

10.0

1988

SEP. 21,

1910

TOTAL TIME DEPOSITS
11.1

1850

1966

BILLIONS

AUG.

15

SEP.

S

1942.1

I I I I I I I I I I I I I I I I I
LATEST DATA PLOTTED

ENDING, SEPTEMBER 10, l<

BILLIONS OF DOLLARS

=

IM

— AUG.

15

BILLIONS OF DOLLARS

BILLIONS
5M.0
517.8
523.7

LARGE TIME DEPOSITS

3 17 91

14 M 12 26

0 33

7 21

4 18

DEC

JAN

I

IS 30 14

II 39

0 33

0 30

4 10

IS 30 13 30 10 34

LATEST DATA PLOTTED SEEK EWING, SEPTEMBER 10, I0B8
1/ TOTAL THE IS Tie SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AW LARGE THE OEPOSITS.
2/ TIIE DEPOSITS ISSUES IN DENOMINATIONS OF *100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
1088
AUG.
SEP.

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5

MILLIONS
24
31
7
14

3222
3342
2844
3031

TOTAL BORROWINGS
3.5

3.0

2.5

2.0

1.0

0.5

0.0
LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 28, 1088
BILLIONS OF DOLLARS
1088

BILLIONS OF DOLLARS
2.5

MILLIONS

7
14

ADJUSTMENT ♦ SEASONAL
BORROWINGS

577
552

2.0

1.5

SO 14 28 II

8 20
JAN

3 17
FEB

2 18 SO IS 27

11

23

8 22

6 20

S 17 SI

14 28 12 28

SEP

OCT

LATEST DATA PLOTTED WEEK ENDINGt SEPTEMBER 28, 1088


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
BILLIONS OF DOLLARS

r-\
/ 1
AA \

\

/

,*\ y*. ,^"S V A

i'V

11
1

—A £3

A

si 11 Mil --LU. 1 1 1
AUG

of doi

90

80

i1

jTTTT

-

BILLIONS

n

85

NOT SEASONALLY ADJUSTED

_----1------ 1
- 1988 MILLION&
I AUG. 17 90,321
24 90,33<
F"
31 91,92
- SEP. 14 90,824
7
21 90,34.
92,32$

jTTTTjTTTTjTTTT

too

SEP

OCT
1987

m

NOV

M _ii i 111 1 Ml 1 1 1 111 M M XI 1 1111 XII
3

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

xlL

SEP

OCT

1988

LATEST DATA PLOTTED WEEK ENDING) SEPTEMBER 21, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUS I NESS LOANS

C COMMERCIAL AND INDUSTRIAL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
505 ---------- 1------------- 1---------- 1---------- 1-----------_
r
“
_

BILLIONS OF DOLLARS
505

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
M FOUR WEEKS ENDING
SEPTEMBER 14. IG88 FROM
THE FOUR WEfifcs ENDING:

- JUL. 15.
_ JUh*. 15,
MAI
11,
- APft. 13,
_ MAf . 16,
DEC:. 16,
“ SEF . 16,

1988
988
988
988
988
987
987

-0 5
2.8
3.1
6.7
7.7
5.3
5.3

-

--------

r-

A/A A
T

-

JT

-

290

_

/

:

,

—

A

V

,i 111

AUG

SEP

XU, X1.I
OCT
1887

NOV

1111

..i 11

DEC

JAN

111 XU 1

111

111

FEB

APR

MAY
JUN
1988

MAR

MM

u ILL 10 ss

-

17
24
51
SEP. 7
14

!ljx

1986

501,695
500,554
299,724
501,447
500,106

“
_

285

...................................................
JUL

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK EM)IMG. SEPTEMBER 14, 1988
1/ BUSINESS LOANS INCLUDE BAITERS’ ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOieSTIC ASSETS GREATER THAN *1.4 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
110

1973-100

no
1

lflfift

1973-10

1
1

AUG.
SEP.

-

24
31
7
14
21
28

98.7
97.9
97.7
97.5
98.0
98.4

fi -

A

-

)
-

J

V

-

\/
!lll llll
8 10

AUG

1 1 1 -LLL II 1 1

2 II 90 14 20 11 28

SEP

OCT
1987

NOV

0 28

DEC

l l l

.r

A

-

-

\A
TV

ILL -LLLL 1 1 1

1 1 1

llll

111

llll

111

111

FEB

MAY

JUN

JUL

AUG

SEP

J

OCT

8 20

JAN

MAR

APR

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 28, 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.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS