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Week ending: August 12, 1981

.
The volume of business loans (commercial and industrial) at large
wHwSHy-reporting commercial banks has increased substantially in the last
four months. From the four weeks ending April 8 to the four weeks ending
August 5, business loans increased at about a 23 percent rate. This rapid
growth is similar to that experienced in the latter half of 1980: from the four
weeks ending August 6, 1980 to the four weeks ending December 3, 1980,
business loans increased at a comparable rate.
While the growth of business loans is similar in these two periods,
the behavior of the monetary aggregates is quite different. The table below
shows that M1B increased at about a 15 percent rate in the earlier period. In
contrast, M1B grew at only about a 2 percent rate in the most recent period
of rapid growth of business loans.
The fact that money growth was slower in this most recent period
would suggest to many that interest rates, especially short-term, should have
risen more rapidly over the last few months than during the prior period of
sharp increases in business loans. However, money growth is only one of many
factors affecting the supply and demand for credit (and even here a question
exists as to whether rapid money growth leads to lower interest rates or
whether it leads to accelerating inflation expectations and higher interest
rates). The point is that the relationship between money growth and interest
rates is not as predictable as many suggest. A comparison of interest rate
movements over the two periods considered here shows the tenuous nature of
this relationship. Short-term interest rates, in point of fact, rose less in the
period of slow money growth than in the period of rapid money growth. For
example, the 90-day CD rate rose from an average level of 14.43 in
March 1981, to an average level of 17.76 in July 1981. This 333 basis point rise
is less than half the rise experienced from July 1980 to November 1980.
Growth rates of M1B and Business Loans
and changes in the 90-day CD rate
Business loans at
large weekly-reporting
commercial banks *

Period
8/6/80 12/3/80

22.5 %

4/8/81­
8/5/81

22.8

*
**
***

M1B *

Change in
90-day CD
rate

14.7 %

703 **

1.6

333 ***

Compounded annual rates of seasonally adjusted data.
Basis point change from average July 1980 level to average
November 1980 level.
Basis point change from average March 1981 level to average
July 1981 level.
Prepared by Federal Reserve Bank of Si. Louis


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

Released: August 14, 1981

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
174
1

1981
172

JUL.
-

170

_

AUG.

BILLIONS OF DOLLARS
174

1---------

-

BILLIONS
8
15
22
29
5
12

172

166.7
167.2
168.6
IDO.1
168.1
168.5

170

A.

168

/s/

166

-

168

J

166

r

164

s.

162

-

1 r1

164

\

162

-

-

-

-

160

160

J1

158

-

158

-

-

-

-

-

!u-L uiii

-LLl

1 1 1

10 30 13 27

JUL

AUG

10 24

SEP
1980

Mil

III -i.m ■ Ill
5 19

3 17 31

NOV

DEC

LATEST DATA PLOTTED WEEK END INGt AUGUST |2,

in

14 28 II

JAN

111 jin jj j
25

FEB

II 25

MAR

8 22

APR

III

6 20 3

MAY
1981

17

JUN

1 1 1 1 jjj:
I

IS 29 12

JUL

26

AUG

1981

THE ADJUSTED MONETARY BASE CONSISTS OF; <I ) MEMBER BANK RESERVES AT THE FEDERAL RESERVE
BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF
COMMERCIAL BANKS ), AND C3 ) 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.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE
8/13/80

11/12/80

AVERAGE OF FOUR WEEKS ENDING;

1/14/81

2/11/81

3/11/81

4/15/81

5/13/81

6/10/81

4.5
5.0
6. 1
5.9
5.2
5.9

8.8
9.2
8. 1
6.8
7.4

7.6
6.8
5.6
6.5

7.3
5.4
6.6

3.5
5.7

6.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
1/14/81
2/11/81
3/11/81
4/15/81
5/13/81
6/10/81
7/15/81
8/12/81

8.0
6.2
7.0
6.9
7.2
6.9
6.5
6.8


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

1 .2
3.8
4.3
5. 1
5. 1
4.7
5.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED BANK RESERVES!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1981

BILLIONS OF DOLLARS
50

BILLIONS
46.4
45.9
46.7
47.6
46.9
47.0

I I I I
4

18

2

16 30

13 27

AUG

10 24

8 22

5

19

3

17 31

SEP

14 28

JAN

LATEST DATA PLOTTED KEEK ENDING*. AUGUST 5.

II

23

FEB

II

23

• 22

6 20

I

13 29 12 71

MAR

1381

1/ ADJUSTED MONETARY BASE LESS CURRENCY HELD BY THE NONBANK PUBLIC (MEMBER BANK RESERVES AT
FEDERAL RESERVE BANKS < ♦ ) CURRENCY HELD BY COMMERCIAL BANKS).

ADJUSTED BANK RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE
8/6/80

11/5/80

1/7/8I

-1.7
1.3
1 .5
2.6
2.6
1.3
2.9

0.0
0.9
2.7
2.7
0.9
3.0

2/4/81

AVERAGE OF FOUR WEEKS ENDING*.
3/4/81

4/8/81

5/8/81

6/3/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81

8.7
5.4
6.3
5.7
6.0
5.7
4.4
5.4


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

6.5
7.2
6. 1
3. 1
5.3

5. 1
4.4
1.3
4. I

5.7
0.9
4.7

-2.4
3.5

3.8

PREPARED BY FEDERAL RESERVE 8ANK OF ST. LOUIS

3

4
MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

— JUL.

360.9

AUG.

BILLIONS OF DOLLARS
400

360.2
359.8
360.5
363.9

I I I I
4

18

2

IS 30

13 27

AUG

10

I

24

JAN

SEP
1980

FEB

15

29

12

26

MAR

LATEST DATA PLOTTED WEEK ENDING-. AUGUST 5, 1981
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
MIA CONSISTS OF CURRENCY AND COIN PLUS COMMERCIAL BANK DEMAND DEPOSITS HELD BY THE NONBANK
PUBLIC EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS.

MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE
8/6/80

11/5/80

1/7/81

AVERAGE OF FOUR WEEKS ENDING:

2/4/81

3/4/81

4/8/81

5/6/81

6/3/81

-9.3
-5.8
-6.2
-6.1
-5.8

-1.3
-3.2
-4.0
-3.9

-2.6
-3.9
-3.9

-6.6
-5.8

-5.0

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81

4.9
-3.3
-4.9
-4.8
-4. 1
-4.4
-4.6
-4.5


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

-17.8
-17.2
-14.4
-12.0
-11.4
-10.6
-10.0

- 27.5
- 19.3
- 14.6
- 13.3
- 1 1 .9
- 10.9

t

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( MlB )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS
427.4
426.6
428.6
433.7

425
420
415
410
405
400
395
390

«

I®

2

18 30 13 27

AUG

10 24

I 22

5

IS

3

17

31

SEP

14 28

JAN

II

25 11

25

8

22

6 20

FEB

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5, 1981
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
MIB CONSISTS OF MIA PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITARY INSTITUTIONS.

MONEY STOCK (MIB)
COMPOUNDED ANNUAL RATES OF CHANGE
8/6/80

11/5/80

AVERAGE OF FOUR WEEKS ENDING:

1/7/81

2/4/81

3/4/81

11.1
12. 1
14.3
9. 1
6.9
6.0

12.8
15.5
8.8
6.3
5.3

17.3
7.9
5. 1
4.2

4/8/81

5/6/81

6/3/81

-5.7
-4.0

-0.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81

8.8
9.0
9.4
10.0
1 1.1
8.9
7.8
7.2


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

1.5
3.9
6.0
8.3
5.6
4.5
4.0

4.5
2. 1
1 .6

PREPARED BY FEDERAL RESERVE BANK OF 6T. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
22.0

PERCENT

22.0
21 .0

21 .0
ME BANK
AN RATE

20.0
19.0

90 DAY CD'S

18.0
17.0
16.0
15.0
14.0
13.0

12.0
11.0
10.0
9.0
8.0
7.0

6

20

JUN

4

18

I

IS 29

12

10 24

7

21

NOV

JUL

5

19

2

16 30

13 27

FEB

DEC

13 27

MAR

10 24

8 22

5

19

3

1980

JUNE

5
12
19
26
JULY
3
10
17
24
31
AUG.
7
14 X
21
28

14 28

1981

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING, AUGUST 14.

1981

17 31

APR
1981

90 DAY
CD'S

PRIME
COMMERCIAL
PAPER KXX

PRIME
BANKERS'
ACCEPTANCES

CORPORATE
Aaa bonds

CORPORATE
Baa BONDS

MUNICIPAL
BONDS **

17.37
16.72
16.60
16.97
17.10
17.68
17.47
18. 18
17.82
18.04
17.85

16,56
15.91
15.65
15.92
16.07
16.60
16.55
17.13
16.77
17.16
16.93

16.77
16. 17
16. 15
16.26
16.58
17.03
16.86
17.55
17.26
17.41
17.20

13.84
13.73,
13.61
13.77
14,04
14.19
14.25
14.55
14.61
14,82
14.59

15.78
15.76
15.75
15.82
15.97
16.05
16.15
16.30
16.25
16.31
16.20

10.59
10.63
10.73
10.74
10.85
10.97
11.09
11.34
1 1.44
11.63
N. A.

IK AVERAGES OF RATES AVAILABLE.
XX BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONOS, THURSDAY DATA.
X** DATA ARE 4-MONTH COMMERCIAL PAPER RATES.
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

22.0 rr

~Z2 22.0

E

z

21.0

E
20.0

\

E

/ v
/

=
18.0

E

f

E

i

17.0

E
15.0
14.0

r~j~

E

/

13.0

E

r

\

/A

\

/'x.-N J

19.0

E
18.0

=

3-MONT y...
ASURY

17.0

E
16.0

\
A v

A

=

.

,7

E
15.0

f

J

E

\ \

14.0

“w“

a

E
13.0

V

1

E
12.0

E

5-YE>VR
TREASU RY SE<IURITI ES

11.0

A A D1SCOU NT

5

A
1 /
6 20

JUN

10.0

E

v

8.0

K

E

A

9.0

0

'

[\\

E

11.0

7.0

,

/

E

1

\

16.0

10.0

A /X
J
1 v

'V

21 .0
20.0

1*

/

19.0

12.0

E

F EDERA L FUNDS RATE

9.0

E
8.0

E
7.0

HI -LUX XIX .tin .in -ILL 1111 XLL Xl.L. 111 -lux -LLL -LLLL _llL
4

18

JUL

I

15 29

AUG

12 26

SEP
1980

10 24

OCT

7

21

NOV

5

19

DEC

2

16 30

JAN

13

FEB

27

13 27

MAR

10 24

APR

8 22

MAY
1981

5

19

JUN

3

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; AUGUST 14.

1981
JUNE

5
12
19
26
JULY
3
10
17
24
31
AUG.
7
14 *
21
28

FEDERAL
FUNDS »B*
18.40
19.33
19. 10
19.20
18.84
19.93
18.76
19.05
18.54
18.25
18.29

3-MONTH
TREASURY
BILL
15.69
14.79
14.31
14.39
14.34
14.82
14.56
15.50
15.07
15.43
15.19

6-MONTH
TREASURY
BILL ***
14.49
14.00
13.36
13.94
13.62
14.05
14.23
15.32
14.79
15.57
15.12

1-YEAR
TREASURY
BILL
T3.53
13. 15
13.03
13.20
13.30
13.58
13.56
14.40
14.25
14.63
14.38

5-YEAR
TREASURY
SECURITIES
14.06
13.83
13.81
14.05
14.28
14.48
14.53
15. 17
15. 13
15,45
15.02

* AVERAGES OF RATES AVAILABLE.
m SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
*06K NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST.
TREASURY BILL YIELDS ON DISCOUNT BASIS.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
*

7

17 31

JUL

14

28

AUG
1981

LONG-TERM
TREASURY
SECURITIES
12.93
12.73
12.62
12.92
13.22
13.28
13.29
13.74
13.76
14.04
13.75

0

MULTIPLIERS!/
CURRENCY OF MONEY STOCK MEASURES v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

EATIQ
MONEY MULTIPLIERS

AUG.

ill I 1 I I I I I I I I I I I

I I I I

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5, 1981
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
I 24

“

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
-----THE FOUR WEEKS ENDING
AUGUST 5, I
1981 -------FROM
- THE FOUR WEEKS ENDING:
—JUN.
MAY
-APR.
MAR.
- FEB.
NOV.
- AUG.

3,
6,
8,
4,
4,
5,
6,

1981
1981
1981
1981
1981
1980
1980

7.0
6,5
7.7
7.6
7.7
6.8
7.6

CURRENCY

J981
JUL.

BILLION?
1

20.2

1.1 1 I 1 1 1 1 I 1 I I I I I I
4

18

2

16 SO

13 27

AUG

10 24

8

22

5

19

3

17 31

SEP

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5.

14 28

JAN

1

FEB

25

II

25

MAR

8 22

6 20

3

MAY

JUN

17

1

IS 29

12

26

1981

1/ RATIO OF MOhCY STOCK (MIA) OR (MIB) 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

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

billions of dollars

285
BILLIONS

Z

280

236.7
240. 1
235.6
234.6
235. 1
238.6

AUG

275
270
265

260

245

240

235

4

18

2

18 30

13 27

10 24

8 22

5

19

3

17

31

14 28

JAN

I I

25

FEB

11

25

8 22

6 20

3

17

MAR

1980
LATEST DATA PLOTTED WEEK ENDING-. AUGUST 5.

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.

DEMAND DEPOSIT COMPONENT OF MONEY STOCK (MIA)
COMPOUNDED ANNUAL RATES OF CHANGE,
8/6/80

11/5/80

1/7/81

2/4/81

AVERAGE OF FOUR WEEKS ENDING:
3/4/81

4/8/81

-6.6
-8.5
-8.8
-9.1

- 7.5
- 8.3
- 8.8

5/6/81

6/3/81

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81

3.2
-8.0
-10.4
-10.4
-9.6
-9.8
-9.8
-9.9


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

-26.7
-26.2
-22.8
-20.0
-19.0
-17.7
-17.0

-39.3
-29.4
-23.7
-21.7
-19.5
-18.4

-16.9
-12.6
-12.6
-11.9
-11.7

-10.9
-10.7

-9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10
SAV NGS PLUS SMALL T I ME DEPOS TS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
500 r--------- 1------------- 1------

BILLIONS OF DOLLARS
------------------- -------- -j 500

millions

489.5
490.2
490.9
492.8

6 20
4

18

2

16 30 AUG 27
13

10
SEP

24

• 22

S

19

3

17 31

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,

14 28

JAN

II

FEB

23

II

MAR

25

3

17

I

IS 29

12 26

8 22

1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000.

SAVINGS PLUS SMALL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
8/6/80

11/5/BO

1/7/81

AVERAGE OF FOUR WEEKS ENDING:

2/4/81

3/4/81

4/8/81

5/6/81

6/3/81

4.4
3.4
4.0
4.2
4.8

3.9
4.6
4.7
5.3

3.5
4. 1
5. 1

5.5
6.3

6.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/81
4/81
4/81
8/81
6/81
3/81
8/81
5/81

9.8
9. 1
8.2
7.9
7.2
7. 1
6.9
7.0


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

9. 1
7.4
7. 1
6.2
6.2
6.0
6.2

3.9
4.8
3.9
4.3
4.4
4.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4-0 r-------- ,------------- 1----1981

BILLIONS OF DOLLARS
------------------- -------- -i 4.0

M»LL | (MS

— JUL.

I I I I
4

16

2

JUN

16 30

JUL

13 27

AUG

10 24

SEP
1980

8 22

OCT

5

19

3

NOV

17 31

DEC

14

28

JAN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12.

I I

25

FEB

I 1

25

8 22

MAR

APR

6 20

MAY
1981

3

17

JUN

JUL

AUG

1981

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS
186
184
182
180
178
176

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

COMPOUNDED ANNUAL RA IES
— OF CHANGE, AVERAGE 0
- the four Weeks end in G
_ AUGUST 5, 1981 FROM
_ THE FOUR WEEKS END IN G:
— JUN.
- MAY
__APR.
MAR.
“ FEB.
— NOV.
- AUG.

3, 1981
6. 1981
8, 1981
4. 1981
4, 1981
5, 1980
6, 1980

/

r-

22.9
23.3
22.8
16.7
I1.2
12.4
14.2

J

170
168
166
164
162
160

1

z1
-

.

u

_____ j

A
/

-

V-

182

178

~

r---------

184

180

-

174
172

BILLIONS OF DOLLARS
186

~

/

V/

-

176
174
172
170

168
-

166

164
162
8
180,815
15
180,589
160
22
180,696
29
181,375
“
AUG. 5
184,787
^ 158
111111111111111 iis

V _

158
s

1 1 1.

1111

4

2

18

JUN

16

JUL

in
30

13 27

AUG

111
10 24

SEP
1980

1111 -Ll.,1.
8 22

OCT

5

19

NOV

1111
3

17

DEC

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,


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

111 ..u.i.
31

14 28

JAN

11

FEB

25

111 -LI 1 1
11 25
a 22 6 20
APR
MAY
1981

MAR

3

17

JUN

1

15

JUL

29

12 26

AUG

1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
250 r=-------- ,-------------- ,------

2

16 30 IS 27

10 24

8 22

5 19

3 17 31

14 28 I I 25 I I

1980
LATEST DATA PLOTTED WEEK ENDING-. AUGUST 5.

25

ILL IONS OF DOLLARS

8 22

6 20

3 17

I 981
1981

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS'

H.6 RELEASE.

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. LOUIS