Full text of U.S. Financial Data : Week Ending: March 14, 1979

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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Week ending: March 14, 1979
LIBRARY
Federal
regulations under

regulators, in a joint action, have amended the
which financial institutions may offer six-month
money market time deposits (MMTDs).
The regulations became
effective March 15 for all financial institutions except credit
unions, which have had their effective date postponed to March 30.
The changes prohibit the compounding of interest on newly-issued
MMTDs by savings banks, savings and loan associations, credit
unions
(together referred to as thrift institutions), and insured
commercial banks. The changes also eliminate the 25-basis-point
differential on MMTDs between thrift institutions and commercial
banks when the auction rate on six-month Treasury bills (to which
the rate on MMTDs is tied) is 9 percent or more. Previously,
thrift institutions had been able to pay 25 basis points more than
commercial banks on MMTDs. Under the new rules, thrifts are able
to pay the full differential only when the auction rate on
six-month Treasury bills is 8.75 percent or less.
When the
auction rate on six-month Treasury bills is between 8.75 and 9
(See
percent, thrifts may pay up to 9 percent on the deposits.
examples in table below.)
This action reduces the effective annual yield on MMTDs
by as much as 75 basis points over what could have been offered
otherwise. Consider an example based on an auction rate of 9.42
percent on six-month Treasury tills (the rate in effect for the
week ending March 9). Commercial banks paying this rate on MMTDs
and compounding interest daily were able to offer an effective
yield of 9.88 percent on an annual basis. Thrift institutions
were able to offer 25 basis points more than the Treasury bill
rate, or 9.67 percent, which, with daily compounding, raised the
effective yield to 10.15 percent.
In this example, the new rules
would limit both commercial banks and thrifts to an interest rate
of 9.42 percent, 73 basis points less than the highest rate
possible at thrifts under the previous rules.

Maximum Rates on MMTDs at Commercial Banks
and Thrift Institutions for Various Auction
Rates of Six-Month Treasury Bills
(Annual Rates; Not Compounded)
Auction Rate

Commercial Banks

Thrift Institutions

8.60 %

8.60 V.

8.85 7.

8.75

8.75

9.00

8.90

8.90

9.00

9.00

9.00

9.00

9.15

9.15

9.15


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

Prepared by Federal Reserve Bank of St. Louis
Released: March 16, 1979

2

MONETARY BASE

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
146 ---------- 1---------- 1--------

BILLIONS OF DOLLARS
------------------------------- 148

1979
~ FEB.

143.7
143.3
143.7
144.2
143.9

MAR.

1

JAN

13

1

13

29

12

26

FEB

10

2A

7

21

JUN

3

18

2

16 30

13 27

II

23

8 22

6

20

3

17 31

H 26

U za

JUL

LATEST OATA PLOTTED WEEK ENDINGt MARCH 14,

1979

TtfEJ!S!!R.T£5r«PASS. C0NS1STS 0F MEMBER bank reserves at the federal reserve banks and currency
IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF COMMERCIAL BANKS) ADJUSTED
FOR RESERVE REQUIREMENT RATIO CHANGES AND SHIFTS IN THE SAME TYPE OF DEPOSITS BETWEEN BANKS
Dl££|5|NT RESERVE REQUIREMENT RATIOS APPLY. THE MAJOR SOURCES OF THE MONETARY BASE ARE
CREDIT AND THE GOLD STOCK. DATA ARE COMPUTED BY THIS BANK. A DETAILED DE­
SCRIPTION OF THE MONETARY BASE IS AVAILABLE FROM THE FEDERAL RESERVE BANK OF ST. LOUIS.

MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
3/15/78

6/14/78

8/16/78

AVERAGE OF FOUR WEEKS ENDINGt

9/13/78 10/11/78 11/15/78 12/13/78

1/17/79

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
8/16/78
9/13/78
10/11/78
11/15/78
12/13/78
1/17/79
2/14/79
3/14/79

8.8
9. 1
9.7
9.7
9.2
9. 1
8.8
8.4


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

9.5
10.5
10.2
9.5
9.3
8.8
8.3

12.4
11.2
9.9
9.5
8.8
8.2

1 1.3
9.6
9. 2
8.4
7.8

7.7
7.9
7.2
6.7

7.2
6.4
6.0

6.7
6.1

4.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MULTIPLIER j/
ADJUSTED FEDERAL RESERVE CREDIT v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

MULTI PLIER

v.

RAT 1C

l979
1

in

i 111

i 11 J..U 1

i 11 JJJ- j j_1.1

111 -U.l

1111

<UJ
-J U .

!lll

J. 31
.
7
14
21
28
MAFt.
7

2.488
2.506
2.514
2.492
2.480
2.497

_

1 1 1 1111111111 m!

LATEST DATA PLOTTED WEEK ENDING. MARCH 7, 1979
BILLIONS OF DOLLARS
128 ----------1---------- 1------------- 1---------126
12-1

“ COMPOUNDED ANNUAL R/kTES
---- OF CHANGE, AVERAGE
THE FOUR WEEKS END 1 JC
" MARCH 14, 1979 FROM
___THE FOUR WEEKS END 1 <ICi ___ __ AD. USTED FEDERA L RES ERVE
-

122
120

BILLIONS OF DOLLARS
128

JA N.
DE C.
— NO V.
_ OC T.
SE P.
----- JU
_ MA r!

17, 1979
13, 1978
15, 1978
11, 1978
13, 1978
15 !

126
^

-

:redit

124

6.1
8.
8.F

122

9.7

-

10. i
1 ol c

i 978

120
.

f*

-

-

/V

1 18

V

116

-

-

114

1sia

112
-

^

110
!s

114

billions

FEE .

l_i 1

-ill

JAN

FEB

I

IS

1111
I

J_LL INI

IS ZB

MAR

12

26

APR

10

24

MAY

111 JJ1 J-LLL j.jj.
IB

2

JUN
JUL
1978

16

AUG

50

15 27

SEP

111
11

OCT

i i i i
25
8 22

NOV

111

7
124.6
14
124.6
—
21
125.2
28
125.2
“
l.
7
125.4
_
14
124.9
1 i i i i l i i i 1 i i i!
3

IT 31

JAN

H

FEB
1979

26

H

26

MAR

LATEST DATA PLOTTED WEEK ENDING. MARCH 14f 1979
1/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.

'

2/ FEDERAL RESERVE CREDIT CONSISTS OF FEDERAL RESERVE HOLDINGS OF SECURITIES, LOANS, FLOAT
n«r£TC!fLrStiIf;»Ai
FEDERAL RESERVE CREDIT IS COMPUTED BY SUBTRACtlNG TREASURY
gEPOS1JS AT FEDERAL RESERVE BANKS FROM THIS SERIES AND ADJUSTING THE SERIES FOR RESER^f REQUIREMENT RATIO CHANGES AND SHIFTS IN THE &AME TYPE OF DEPOSITS BETWEEN BANKS
WHERE DIFFERENT RESERVE REQUIREMENT RATIOS APPLY. DATA ARE COMPUTED BY THIS BANK.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

112
110

4

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
835 p-------- 1---------- ,-------aiu. i
JAN.

MAR.

BILLIONS OF DOLLARS
-------- ------------------- =1 885

qns

873.8
876.9
878.7
876.9
876.6
879.5

-i—LJ_L
3 IT 31
JAN

M ZB

M 28

FEB

1978
LATEST DATA PLOTTED WEEK ENDING. MARCH T,
CURRENT DATA APPEAR

1979
1979

IN THE BOARD OF GOVERNORS' H.C RELEASE.

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
3/8/78

6/7/78

8/9/78

9.0
9.8
10. 1
9.5
9.0
8.1
7.3
7.0

10.3
10.8
9.7
8.8
7.6
6.6
6.3

13.2
10.3
8.9
7.2
5.8
5.6

9/6/78

AVERAGE OF FOUR WEEKS END 1NG:

10/4/78

11/8/7B

12/6/78

1/10/79

5.2
3.9
2.7
2.9

2.8
1.5
2.1

0.3
1.4

1.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 9/78
9/ 6/78
10/ -1/76
11/ 8/78
12/ 6/78
1/10/79
2/ 7/79
3/ 7/79


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

8.8
7.4
5.8
4.4
4.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1979
__ JAN.
FEB.

360. 1
360.3
358.3

MAR.

11 I L
1

JAN

13

1

13 29

1Z

26

10 *4

r 21

1111
3

19

Z

IB 30

13 ZT

|)

23

B

ZZ

6

20

3

IT 31

H ZB

M ZB

FEB
1979

LATEST DATA PLOTTED WEEK ENDING. MARCH 7, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
THE MONEY STOCK CONSISTS OF DEMAND DEPOSITS PLUS CURRENCY AND COIN HELD BY THE NONBANK PUBLIC.

MONEY STOCK (Ml
COMPOUNDED ANNUAL RATES OF CHANGE .
3/8/78

6/7/78

8.8
9.3
9.9
8.4
7.3
6.6
5.3
4.8

7.6
9. 1
6.9
5.5
4.8
3.3
2.8

8/9/78

9/6/78

AVERAGE OF FOUR WEEKS ENDING:

10/4/78

11/B/78

12/6/76

1/10/79

TO THE AVERAGE
OF FOUR WEEKS
END 1NG.
8/ 9/T8
9/ 6/78
10/ 4/78
11/ 8/78
12/ 6/78
1/10/79
2/ 7/79
3/ 7/79


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

12.7
7.5
5.3
4.4
2.4
1.9

5.8
3.4
2.9
0.8
0.5

-1.0
-0. 1
-1 .9
-1.8

0.0
-2.5
-2.2

-2.8
-2.3

-4.6

PREPARED BY FEDERAL RESERVE BANC OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
12.5

-RIME BANK
.OAN RATE

12.0
11 .3

90 DAY CD

11.Cl

10. !i
10.(1
9.5
9.0

:ORPORATE AM BONDS

а.:s
8.0
COMMERCIAL PAPER
7.3
7.0
б.3
6.0
5.5

9

JAN

1 r 31

FEB

14

tl

APR

12 26

8 23

T 21

4

18

1

13 28

13 ?7

OCT

MAY

10 24

8 22

NOV

1978

3

18

JAN

2

It

2

18 30

FEB
1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. MARCH 16, 1979

1979
JAN.

FEB.

MAR.

5
12
19
26
2
9
16
23
2
9
16 X
23
30

90 DAY
CD’s net

PRIME
COfcBCRCIAL
PAPER
4-6 MONTH

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
AM BONDS

MUNICIPAL
BONDS et

10.88
10.71
10. 49
10.44
10.20
10. 13
10. 17
10. 18
10.26
10. 14
10. 16

10.55
10.40
10.36
10.16
10.07
9.99
10.02
10.03
10.03
10.01
10.03

10.65
10.41
10.29
10. 1 1
9.92
10.03
9.96
10.06
10.03
9.97
10.00

9.26
9.26
9.28
9.24
9.19
9.23
9.25
9.28
9.36
9.35
9.38

6.58
6.50
6.48
6.30
6.22
6.31
6.33
6.39
0.42
6.35
N.A.

ft AVERAGES OF RATES AVAILABLE.
ftft BOM) BUYER'S AVERAGE IM>EX OF 20 MUNICIPAL BONDS, THURSDAY DATA.
MB8 SEVEN-DAY AVERAGES OF SECONDARY MARKET RATES FOR THE «CEK ENDING WEDNESDAY TWO DAYS
EARLIER THAN DATES SHOWN. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

FEDERAL FUNDS RATE

DISCOUNT RATE

3-5 YEAR
TREASURY SECURITIES

THREE-MONTH TREASURY
BILL MARKET YIELD

I I I I
fl 20

3

JAN

FEB

IT

J

IT 31

14 28

APR

12

26

9 23

7 21

1

MAY

13 29

13 27

OCT

10 *4

8 22

NOV

3

19

JAN

1978

2

JAN.

FEB.

MAR.

3
12
19
26
2
9
16
23
2
9
16 X
23
30

2

30

1979

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

1-YEAR
TREASURY
BILL

3-3 YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

10.59
9.97
10.05
10.05
10. 12
10.06
10. 15
9.97
10.06
10.07
10.21

9.34
9.30
9.44
9.34
9.28
9.24
9.28
9.41
9.44
9.44
9.51

9.55
9.44
9.53
9.48
9.38
9.31
9.34
9.37
9.50
9.42
9.46

9.61
9.61
9.61
9.46
9.31
9.34
9.35
9.49
9.50
9.40
9.43

9.46
9.46
9.43
9.27
9.02
9.07
9. 16
9.25
9.32
9.24
9.24

8.96
8.97
8.97
8.89
6.81
8.90
8.96
9.00
9.03
8.98
8.98

* AVERAGES OF RATES AVAILABLE.

**

16

1979

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENOINGi MARCH 16,

1979

16

FEB

"ISS ENDING kednesoay two days earlier than date SHOWN.

___ CUSEEtE ,2*1* *RPEAR IN THE BOARD OF SOVERNORS' H.9 RELEASE.
*** NEW ISSUE RATE

?S£§u$


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

C0“’UT“ BV THE FEM*AL reSEBVE

BAMC OF ST. LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

NET TIME DEPOSITS

ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1979
JAN.

MAR.

BILLIONS OF DOLLARS
530

BIUUQNS

525

516.6
516.8
518.4
518.6
520.3
519.5

520
515
510
505
500
495
490
485

I I I I
3

19

2

16 30

15 ZT

n

23

8 22

6

20

3

1T 31

M

28

M 26

1978
LATEST DATA PLOTTED WEEK END ING: MARCH 7, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/8/78

6/7/78

8/9/78

9/6/78

9.2
10. 1
10.3
10.4
10.2
9. 2
8.7
8.7

12. 1
12.0
1 1.7
11.2
9.6
8.9
8.8

13.6
12.4
1 1.5
9.2
8.4
8.3

11.1
10.4
7.9
7. 1
7.2

AVERAGE OF FOUR WEEKS ENDING:

10/4/78

11/8/78

12/6/78

1/10/79

9.7
6.8
6. 1
6.4

4.8
4.5
5.2

2.6
4.2

5.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/ 9/78
9/ 6/78
10/ 4/78
11/ 8/78
12/ 6/78
1/10/79
2/ 7/79
3/ 7/79


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF

DAILY F I GUP'

o I UL,r\

SEASONALLY ADJUSTED

LLIONS OF DOLLARS

BILLIONS OF DOLLARS

------ 1--- 275
— FEB

261.2
261.7
259.5

MAR.

-LL1 1 1 | |
1

JAN

13 29

FEB

12

APR

26

10 24

MAY

3

JUN

IB

JUL

2

16 30

13 27

11

A

23

B 22

6 20

3

LATEST DATA PLOTTED WEEK ENDING: MARCH 7,

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

17 31

M

FEB
1979

1978

28

H 28

MAR

H.6 RELEASE.

DEMAND DEPOS1T COMPONENT OF MONEY STOCK

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/ 9/78
9/ 6/78
10/ 4/78
11/ 8/78
12/ 6/78
1/10/79
2/ 7/79
3/ 7/79

COMPOUNDED ANNUAL RATES OF CHANGE
, AVERAGE OF FOUR WEEKS ENDING,
3/8/78
6/7/78
8/9/78
9/6/78 10/4/78 ll/B/78 12/6/T8 1/10/79

8.9
9.2
9.8
7.8
6.3
5.5
3.6
3.0


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

7.0
8.5
5.7
3.8
3.0
0.8
0.3

12.3
5. 9
3. 1
2. 1
-0.7
-1 . 1

0.2
-2.7
-2.9

-3.3
-6.0
-5.6

-3.2
-6.9
-6.2

-7.1
-6.1

-g.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

CURRENCY COMPONENT
OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1M. 1 QMS.
JAN.
FEB.

98.5
98.9
98.6
98.8

MAR.

99.5

1

13 Z9

IZ 26

10 24

T

Z1

S

19

2

16 50

15 ZT

II

ZS

6 ZZ

1979

1978
LATEST DATA PLOTTED WEEK ENDING, MARCH 7, 1979
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

CURRENCY
COMPOUNDED ANNUAL RATES OF CHANGE . AVERAGE OF FOUR WEEKS END 1NGi
3/8/78

6/7/78

8/9/78

9/6/78

9.4
10.6
10.3
10.2
10.2
10.3
10.0

14.0
12. 1
1 1.6
11.2
11.2
10.6

11.3
11.0
10.8
10.8
10.2

10/4/78

11/8/7S

12/6/78

1/10/79

9.4
9.7
10.0
9.4

10.0
10.4
9.5

10.6
9.4

9.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING,
8/ 9/78
9/ 6/78
10/ 4/78
11/ 8/78
12/ 6/78
1/10/79
2/ 7/79
3/ 7/79

8.3
9. 1
9.8
9.7
9.7
9.8
9.9
9.6


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS

ALL MEMBER BANKS

13Za
— FEB.

IN THE NATION

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

BILLIONS

of dollars

MILLIONS
7

1084

1

JAN

15 29

12

26

10 24

7

21

FEB

FEB

MAR

1978
LATEST DATA PLOTTED WEEK END I NO•. MARCH 14,

1979

BUSINESS LOANS
(COMMERCIAL AND INDUSTR1AL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS
£>tASUNALL Y ADJUSTED

BILLIONS OF DOLLARS
144

ILL IONS OF DOLLARS

---------------i------------,------

r COMPOUNDED ANNUAL RATES
I— OF CHANGE. AVERAGE OF ■
_ THE FOUR WEEKS ENDING
DECEMBER 27, 1978 FROM
“THE FOUR WEEKS END INGt '
__ OCT.
SEP.
~ AUG.
— JUL.
_ JUN.
MAR.
— DEC.

25,
27,
30,
26,
28,
29,
28

13.3

NO NEW DATA AVAILABLE

MILLIONS
NOV. 22
DEC.

2

16 30

14

26

11

23

8 22

8 22

3

10

3

17 31

14 28

JUN

12

26

9 23

6

139,837
139,735
139,776

1.1 1 1 I I I I I I I I I I
1

15 29

13 27

JUL

LATEST DATA PLOTTED WEEK ENDING. DECEMBER 27, 1978


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
CERTIFICATES OF DEPOSIT
LARGE COMMERCIAL BANKS

BILLIONS OF DOLLARS

WEDNESDAY FIGURES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

06
BILLIONS

104
I0Z
100

96
96

JAN

FEB

1978
LATEST OATA PLOTTED WEEK ENDINGi MARCH 7,

1979

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.B RELEASE.


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