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Fedei jmuuerve Bank
iof ®t. Louis

U.S. Financial Data
SEPTT1H9D

September 6, 1990

THE WEEK'S HIGHLIGHTS:
ts

Short-term interest rates have declined since early July. The threemonth Treasury-bill rate has declined 35 basis points since the week
ending July 13, while the six-month and one-year Treasury-bill rates
have dropped 39 and 30 basis points, respectively.

is

Long-term rates have risen since early August. The yield on long­
term Treasury securities has increased 56 basis points since the week
ending August 3.

s

Construction spending increased 0.4 percent in July, following a
revised 0.9 percent decline in June. Spending in July was 3.1 percent
above its year-ago level.

V

The productivity (output per hour) of nonfinancial U. S. corporations
increased at a 1.7 percent annual rate in the second quarter, following
a 2.2 percent rate of decline in the first quarter.

THE
FEDERAL
A RESERVE
XlSANKot
nr st. uhls

expressed do not necessarily reflect official positions of the Federal Reserve System.
Digitized Views
for FRASER
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

1990.
JUN.
JUL.
_

27
II

AUG

12 26

0 23

BILLIONS OF DOLLARS
320

BILLIONS
309.0
307.7
310.8
309.8
313.7
313.3

316

6 20

4

SEP

OCT

18

1

15 29 13 27

10 24

7 21

7 21

4 18

FEB

MAR

APR

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: SEPTEMBER 5,

2

16 30 13 27

JUN

JUL

1990

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 AM) IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS) AND 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 MA1 NTENAMCE PER 1ODS ENDING
9/6/89

11Z29/89

2/7/90

3/7/90

4/4/90

5/2/90

5/30/90

7/11/90

5.0
6.5
6.9
8.2

5.0
6.0
7.8

8.4
10.1

l 1.3

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
2/ 7/90
3/ 7/90
4/ 4/90
5/ 2/90
5/30/90
7/11/90
6/ 8/90
9/ 5/90

7.6
6.9
7.3
7.7
6.8
7. 1
7.2
7.7


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

9. 1
9.3
9.5
8.0
8. 1
8. 1
8.7

6.4
7.7
5.7
6.5
6.8
7.7

10. I
6.6
7.3
7.5
8.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

807.5
809.0
813.0
815.0
817.6
815.4

15 20 12

AUG

SEP

NOV

DEC

12 26

FEB

0 23

MAR

7 21

4 16

MAY

JUN

2

16 50 15 27

AUG

10 24

SEP

LATEST DATA PLOTTED WEEK ENDING: AUGUST 27, 1990
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AM) TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
8/28/89

11/27/89

AVERAGE OF FOUR WEEKS ENDING*

1/29/90

2/26/90

3/26/90

4/30/90

5/28/90

6/25/90

8.3
6.4
4.0
4.2
3.6
4.6

4.6
2.0
2.7
2.3
3.6

0.4
1.8
1.5
3.2

0.6
0.7
3.1

2.7
5.3

5.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/29/90
2/26/90
3/26/90
4/30/90
5/28/90
6/25/90
7/30/90
8/27/90

4.4
5.3
5.4
5. 1
4.2
4.3
3.9
4.5


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

6. 1
6.0
5.4
4.0
4. 1
3.7
4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
3.0 -------------1---------- 1---------- 1-----------1990
JUN.

RATIO
3.0

RATIO

11
2.632
25
2.616
9
2.646
23
2.591
6
2.61
2.60
20

JUL.
AUG

2.9

2.8
Ml MUL TIPLI :r

V
s
-LLLL

111

111

10 24

7 21 4 18

JUL

AUG SEP

1111
2

in

111

18 SO 13 27 II

OCT
1989

NOV

1111

28 8 22

DEC

JAN

JXL
5 19

FEB

i

11

8 19

MAR

1111

111

2 18 SO 14 28

APR

MAY
1990

1111
II

23

JUN

9 23

JUL

-Ml

1
-LLL

8 20

3 17

AUG

SEP

LATEST DATA PLOTTED TWO WEEKS ENDING: AUGUST 20, 1990
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
___THE FOUR ifcEEKS ENDING
AUGUST 27. 1990 FROM
“
THE FOUR WEEKS ENDING:
- JUN.
— MAY
_
APR.
_
MAR.
FEB.
“ NOV,
— AUG,

25,
28,
30,
26,
26,
28,

1990
1990
1990
1990
1990

12.5
11.9
10.7
10.4
10.4
"

1989

CURRENCY

mo.
JUL.

BILLIONS

—

23
236.5
237.1
238.3
240.0

3 17 31

14 28 II 28

AUG

9 23

SEP

8 20

4 18

NOV

DEC

■LUlU l I L1..1 1.1 1 I I
FEB

MAR

MAY

JUN

AUG

SEP

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 27, 1990
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

222

TOTAL CHECKABLE DEPOSITS
AVERAGES OP DAILY FIGURES
SEASONALLY ADJUSTED

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

ILL IONS OF DOLLARS
------ ----------- ----------- 585

BILLIONS
563.9
568.7
570. I
571.4
567.6

J IT II

JUL

M 29 II

AUG

25

9 25

SEP
OCT
1989

6 20

4

NOV

DEC

18

1

15 29 12 26

JAN

FEB

12 26

MAR

0 25

APR

4

MAY
1990

18

JUN

2 16 50 15 27

JUL

AUG

10 24

SEP

LATEST DATA PLOTTED WEEK ENDlNGt AUGUST 27, 1990
DEPOSITORY^mS?ITUT?ONSS IS THE SUM

DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
8/28/89

11/27/89

1/29/90

2/28/90

AVERAGE OF FOUR WEEKS ENDlNGt

3/26/90

4/30/90

5/28/90

6/25/90

TO THE AVERAGE
OF FOUR WEEKS
ENDlNGt
1/29/90
2/20/90
3/26/90
4/30/90
5/28/90
6/25/90
7/30/90
8/27/90

3.4
4.4
4.4
4.0
2.7
2.7
2. 1
2.7


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

3.9
4.0
3.4
1.6
1.7
1.1
1 .9

7.3
4.8
1 .8
1 .9
1 .0
2.1

2.6
-0.7
0. 1
-0.5
1 .0

- 2.9
- 1.2
- 1 .6
0.3

-2.6
-2.6
0.1

-0.3
2.6

2.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

—I 12.0

12.0 i—

PRIME BANK
LOAN RATE

10.0

CORPORATE
Aaa BONOS

90 DAY

:RC IAL

MUNICI PAL

JUL

4 18

I

AUG

SEP

IS 20 13 27

OCT
1989

10 24

NOV

8 22

DEC

5 10

2

JAN

FEB

18

2

18 30

MAR

13 27

APR

II

25

MAY
1990

8 22

JUN

8 20

JUL

3

17 31

AUG

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt SEPTEMBER 7,

1990
JULY

AUG.

SEP.

6
13
20
27
3
10
17
24
31
7 *
14
21
28

M 28

SEP
1990.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS WK

8.24
8.25
8.04
7.98
7.89
7.87
7.94
8.09
8.04
7.94

8.23
8.23
8.02
7.97
7.89
7.92
8.01
8.07
8.03
7.96

7.98
7.98
7.82
7.77
7.62
7.65
7.75
7.90
7.80
7.68

9.23
9.26
9.24
9.26
9. 19
9.34
9.37
9.50
9.56
9.59

10.20
10.23
10.19
10. 19
10. 14
10.34
10.36
10.54
10.56
10.57

7.24
7.21
7. 17
7.15
7.08
7.22
7.26
7.56
7.47
N. A.

NOTEt CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
IK AVERAGES OF RATES AVAILABLE
m 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
II.0

10.0

RATE

8.0

TREASt

DISCOUNT RATE

7 21

4

JUL

AUG

18

OCT

NOV

5 18

2

JAN

FEB

16

2

16 50 13 27

APR

II

25

8 22

6 20

3

17 31

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: SEPTEMBER 7,

1990
JULY

AUG.

SEP.

6
13
20
27
3
10
17
24
31
7 *
14
21
28

14 28

MAY
1990.

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.33
8.28
8. 14
8.05
8.03
8.07
8. 13
8.30
8.08
8.25

7.71
7.73
7.57
7.53
7.43
7.37
7.45
7.54
7.46
7.38

7.60
7.75
7.52
7.40
7.37
7.19
7.31
7.45
7.48
7.36

7.49
7.53
7.34
7.33
7. 16
7. 18
7.22
7.39
7.32
7.23

8.36
8.43
8.31
8.30
8. 12
8.36
8.39
8.62
8.56
8.53

8.58
8.67
8.64
8.65
8.52
8.91
8.94
9.12
9.09
9.08

NOTE:
y GOVERNORS* H. 15 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERAGES^^ATES^AVAIL^LE01^^^ BY ™ 8 BAfTREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
mm SEVEN-DAY AVERAGES.FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
wen AUCTION AVERAGE (DISCOUNT)


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
3325

BILLIONS OF DOLLARS

BILLIONS
_ JUL.

3280.7
3280.0
3291.2
3298.9
3305.4
3304.7

3300

3200

3150

3125

3 17 31

14 28 11

AUG

25

0 23

SEP
1989

8 20

4 18

NOV

DEC

I

IS 20 12 26 12 28

0 23

7 21

MAY
1990

4

18

2

16 30

JUN

13 27 10 24

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* AUGUST 27. 1990
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 FUWS.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
8/28/89

11/27/89

AVERAGE OF FOUR WEEKS ENDING*

1/29/90

2/26/90

3/26/90

8.4
5.9
4.0
3.5
3.3
3.7

4.2
2.2
2. 1
2.1
2.8

0.2
0.7
1 .1
2.1

4/30/90

5/28/90

6/25/90

2.0
3.5

4.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING*
1/29/90
2/26/90
3/26/90
4/30/90
5/28/90
6/25/90
7/30/90
0/27/90

6.5
7.0
7.0
6.3
5.4
5.0
4.7
4.9


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

7. 1
7.0
5.9
4.6
4.2
3.9
4.2

-0.2
0.7
2.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

BILLIONS OF DOLLARS

2200

2170

2200

- COMPOUNDED ANNUAL RAT ES
- OF CHANGE, AVERAGE OF
- THE FOUR WEEKS ENDING
—AUGUST 27. 1990 FROM
_
THE FOUR *EEKS ENDING
t
“
JUN. 25,
990 -1.1
~
MAY 28,
990 -1.3
"
APR. 30,
990 -1.3

2170

M il

2 HO

BILLIONS OF DOLLARS

-III

2140
990
989
1989

-1.3
-0.9
-0.6

TOTAL TIME DEPOS1 TS

1

26
27
28,

1

FEB
NOV
AUG

1

-

1

2110

M il
ft

13
2093.6
20
2092,0
27
2089.8
111111111111111

_
_
r

1990
JUL .

2050

*1 III

111

-LLL -LLLL -LLL -LLL -LLLL 1 1 1

-LLL -LLLL -LLL

B ILLIQ

23
30

1

M il

1 1

_

2095.1
2093.

1

2080

2050

LATEST DATA PLOTTED WEEK ENDING* AUGUST 27.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
590

1390. BILLIONS
JUL. 23 530.0
AUG.

6

580

527.

LARGE TIME DEPOSITS

570

580

520

3 17 31

14 28 11 25

B 23

6 20

4 18

NOV

DEC

1

15 20 12 28 12

9 23

7 21

4 18

MAY

JUN

2

16 30 13 27 10 24

AUG

SEP

LATEST DATA PLOTTED WEEK ENDING* AUGUST 27. 1990
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 9100,000 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
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5 r-------- 1------------- 1----1980
AUG.

SEP.

ILL IONS OF DOLLARS
—i------------- -------- -j 4.5

MILLIONS
1
8
15
22
29
5

915
903
653
1592
510
767

TOTAL BORROWINGS

III!
LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 5, 1990
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

lfififl
AUG.

ADJUSTMENT + SEASONAL
BORROWINGS

5 19

2

16 30 15 27

SEP

II

OCT

25

8 22

6 20

5

17 51

14 28 14

FEB

MAR

II

APR

25

9 23

6 20

4 18

JUN

JUL

MILL!.QMS.
1

523

I

15 29 12 26

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 5, 1990


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

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1090

BILLIONS OF DOLLARS
160

MILLIONS

JUL.2S
AUG. 1
8
15
22
20

155

144,058
145,832
147,238
145,064
144,067
144,167

150
145

2

16 30 13 27 11

SEP

25

8 22

8 20

3 17 31

14 28 14 28

II

25

9 23

OCT

0 20

JUN

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 20,

JUL

1900

BUSINESS LOANS u

( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR l&EEKS ENDING

JUN. 20,
MAY 23,
APR. 25,

1990
1990
1990

FEB. 21,
NOV. 22,
AUG. 23,

1990
1989
1

MILLION?
JUL. 18
AUG.

1

322,858
322,877
326,007

5 19

2

18 30 13 27 11

SEP

25

8 22

8 20

3 17 31

OCT

LATEST DATA PLOTTED WEEK ENDlNGi AUGUST 22,

14 26 14 28 II

FEB

MAR

25

9 23

APR

■L
1.J 111 I I 1 I I I I 1
6 20 4 18
5 29

JUN

12 26

JUL

1990

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


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DOLLAR’S TRADE-WEIGHTED EXCHANGE

INDEX

AVERAGES OF DAILY FIGURES

1973-100
06

88.2
87.6
86.0

85.4

5

10

2

16 30 13 Z7

II

25

#22

# 20

9

IT 91

14 28 14 28 II

SEP
OCT
1989

25

9 29

# 20

4

JUN

JUL

18

I

IS 20

12 26

1990

LATEST DATA PLOTTED WEEK ENDING. SEPTEMBER 5. 1900
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
JO INDUSTRIAL COUNTRY CURRENCIES.

...:i: b r a r y


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS