View PDF

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

| U.S. Financial Data
•federal Reserve Bank of St. Louis

April 1,1983

3RARY
R 7
1983
Commercial banks create money when they make
loans and purchase securities from the public. When loan
demand declines, banks have a tendency to increase their
holdings of securities relative to loans. This tendency is
intensified when there is an increase in reserve growth
accompanying the decline in business loans.
The rate of growth of Ml has accelerated
dramatically since July 1982. Along with this faster money
growth there has been a marked change in the growth of
certain bank assets. A substantial slowing in the rate of
growth of business loans at commercial banks, for example,
has occurred during this same period. The decline in the rate
of growth of business loan demand has been accompanied by
an increase in reserve growth. Consequently, the structure
of commercial bank asset holdings has exhibited a marked
change since last July. In particular, banks' holdings of
government securities have grown rapidly. None of the
other asset categories—real estate loans, personal loans or
other securities—have demonstrated any comparably
dramatic change.
—Dallas S. Batten
Growth Rates of Monetary Aggregates
and Selected Commercial Bank Assets
(compounded annual rates, seasonally adjusted)

Period
1/82- 7/82

Ml
3.0%

Adjusted
Reserves
6.4%

Business
Loans
16.1%

U.S. Treasury
Securities
4.3%

7/8 2-10/82

13.2

5.8

8.3

21.5

10/82- 2/83

15.0

12.5

-0.1

64.9


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
94
192

188.5
189.5
190.0
189.8
190.5
190.0

190
188
186
184
182
180
178
176
174
172

3 17

3

17 31 APR 26 MAY 26
14
12

9 23

7 21

LATEST DATA PLOTTED WEEK ENDING, MARCH 30.

1983

THE ADJUSTED MONETARY BASE CONS I STS OF: ( I ) RESERVE ACCOUNTS OF FINANCIAL INSTI TUT IONS AT
FEDERAL RESERVE BANKS. (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEPOSITORY INSTITUTIONS). AND ( 3) 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 AVAIL­
ABLE FROM THIS BANK.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
3/31/82

6/30/82

7.8
7.4
7.5
7.4
7.7
7.9
9. 1
9.4

5.3
6.0
6.2
6.7
7.3
8.9
9.3

9/1/82

AVERAGE OF FOUR WEEKS ENDING:

9/29/82 10/27/82

12/1/82 12/29/82

2/2/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 1/82
9/29/82
10/27/82
12/ 1/82
12/29/82
2/ 2/83
3/ 2/83
3/30/83


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

6.7
6.9
7.5
8. 1
10.2
10.6

7.6
8.2
8.7
11.1
11.4

8.2
8.9
11.7
12.0

9.9
13.6
13.5

15.4
14.7

17.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

of

dollars

BILLIONS

MAR.

53.0
52.2
53.4
53.3
53.3

ill 1.
JAN
1982

FEB
1983

LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

ADJUSTED MONETARY BASE (RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL RESERVE
BANKS PLUS CURRENCY IN CIRCULATION! LESS CURRENCY HELD BY THE NONBANK PUBLIC.

ADJUSTED RESERVES
COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/82

6/23/82

8/25/82

4.9
4.2
4.0
5.6
5.8
5.6
7.8
9.7

-0.8
0.0
? .4
4. 1
4. 1
7.3
9.8

1.3
6.6
6.9
6.3
10.3
13.3

AVERAGE OF FOUR WEEKS ENDING:

9/22/82 10/20/82 11/24/82 12/22/82

1/26/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/82
9/22/82
10/20/82
11/24/82
12/22/82
1/26/83
2/23/83
3/23/83


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

9.7
9.2
7.8
12.3
15.5

12.2
9.3
14.6
18.0

5.9
14.2
18.7

17.0
22.1

34.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1983
Z

BILLIONS OF DOLLARS
505

BILLIONS

500

FEB.
492.8

495

498.4
490

497.2

485
480
475
470
465
460
455
450

1983
LATEST DATA PLOTTED WEEK ENDING. MARCH 23,

1983

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml CONSISTS OF CURRENCY HELD BY THE NONBANK PUBLIC PLUS COMMERCIAL BANK DEMAND DEPOSITS
HELD BY THE NONBANK PUBLIC (EXCLUDING THOSE HELD BY FOREIGN BANKS AND OFFICIAL INSTITUTIONS)
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/82

6/23/82

8/25/82

5.0
6.4
7.2
8.4
9.0
8.7
10.2
10.8

7.5
8.6
10.2
10.8
10. 1
12.0
12.6

13.3
14.3
14.3
12.5
14.7
15.2

AVERAGE OF FOUR WEEKS ENDING!

9/22/82 10/20/82 11/24/82 12/22/82

1/26/83

TO THE AVERAGE
OF FOUR WEEKS
END 1NG:
8/25/82
9/22/82
10/20/82
11/24/82
12/22/82
1/26/83
2/23/83
3/23/83


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

14.3
14.2
12. 1
14.7
15.2

15. 1
12.0
15.3
15.8

9.9
15.1
15.8

15.5
16.3

22.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

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

RATIO

1983
FEB.

RATIO
2.9

RATIO
I

2.602

jK 614

MAR.

2,603
2.623
2: 61 7
2.610

Ml

MULTIPLIER

-1111
LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

BILLIONS OF DOLLARS
Mo ---------- ,------------- ,-----

BILLIONS OF DOLLARS
------------------- ----------- 140

COMPOUNDED ANNUAL RATES
-----OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
“ MARCH 23, 1983 FROM
-----THE FOUR’WEEKS ENDING:
-

JAN.
DEC.
NOV.
- OCT.
SEP.
—JUN.
_ MAR.

26,
22,
24,
20,
22,
23,
24,

1983
1982
1982
1982
1982
1982
1982

13.8
13.3
11.8

10.6
CURRENCY

JLSaa
FEB.

BILLIONS

1

MAR.

1 I 1 I I I I I
3

17

3

17

31

14

28

12

26

9 23

7

2

5

29

IS

27

10 24

5

19

JAN

2

16

2

16

30

13 27

FEB
1983

LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

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

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY
20.0

20.0

19.0

18.0

PR ME BANK
LOAN RATE
16.0
90 DAY
CD’S

14.0

13.0

CORPORATE
Aaa BONDS

12.0
MUNICIPAL
BONDS
I I .0

COMMERCIAL
PAPER

1.1 Lilli

1111
5

10

5

FEB

19

2

16 30

14

MAY

MAR

28

II

25

9 23

6 20

3

Ll.ll.l .1

17

JUN
1983

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. APRIL I.

1983
FEB.

MAR.

APR.

4
1 1
18
25
4
1 1
18
25
1 *
8
15
22
29

1983

90 DAY
CD’S

30-DAY
COMMERC1AL
PAPER

90-DAY
BANKERS’
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS K*

8.68
8.63
8.54
8.34
8.24
8.55
8.67
8.91
9.05

8.39
8.37
8.32
8. 14
8. 16
8.44
8.51
8.68
9.01

8.55
8.49
8.37
8. 19
8. 13
8.46
8.56
8.81
8.86

12.06
12.11
12.08
11.82
11.63
11.72
11.79
11.76
11.75

14.01
14.02
13.97
13.8!
13.67
13.65
13.61
13.58
13.57

9.74
9.72
9.53
9.34
9.04
9.22
9. 19
9. 15
N. A.

* AVERAGES OF RATES AVAILABLE.
#* 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 ENDED FRIDAY

PERCENT
18.0 r—

PERCENT
— 18.0

17.0

16.0

FEDERAL
FUNDS RATE

14.0

13.0

12.0

SCOUNT
RATE

„
5-YEAR
TREASURY SECURITIES

I I .0

11.0

10.0

10.0

3-MONTH
TREASURY BILL

5

19

5

19

2

16

30

M 28

MAY

I 1

25

9 23

6 20

3

17

1

15 29

12

26

10 24

7

21

JUN
1982

1983
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 1, 1983

FEDERAL
FUNDS**

1983
FEB.

MAR.

APR.

4
18
25
4
1 1
18
25
1 *
8
15
22
29

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL ***

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.53
8.50
8.62
8.47
8.44
8.59
8.57
8.75
8.88

8. 16
8.22
8. 16
7.91
7.97
8.25
8.31
8.55
8.64

8.23
8.35
8.39
7.97
7.95
8. 17
8.26
8.54
8.71

8.34
8.41
8.33
8.06
7.98
8.27
8.37
8.55
8.59

10.38
10.45
10.28
9.95
9.76
10.03
10.08
10.26
10.29

11.01
11.04
10.91
10.59
10.45
10.67
10.70

* AVERAGES OF RATES AVAILABLE.
** S?MlfcMY„K!R'iSII.£t,R.,*lES ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
ffi2RfBL,2AI^PPEAR IN ™E B0ARD 0F GOVERNORS' H.I5 RELEASE.
Nun I ooUl rlA 1 C

^ff-SERrDiR^S^syc^STUR^^I.ARE C°MPUTED BV ™E FEDERAL RESERVE BANK °F ST'


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10.71

E0UIS'

8
TOTAL CHECKABLE DEPOS TS 1/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
365

BILUC>N$
360

350. 1
352. 1
MAR.

355
355.7
355.5
350

345
340
335
330
325

320
315

LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOS TS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/24/82

6/23/82

8/25/82

3.7
5.7
6.8
8.7
9.5
9.0
10.9
1 1.5

8.2
9.6
12.0
12.8
11.5
13.8
14.4

15.8
17.6
17.5
14.6
17.3
17.6

AVERAGE OF FOUR WEEKS ENDING:

9/22/82 10/20/82 11/24/82 12/22/82

1/26/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/25/82
9/22/82
10/20/82
11/24/82
12/22/82
1/26/83
2/23/83
3/23/83


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

17.8
17.5
14.0
17.3
17.6

19.0
13.9
18.0
18.2

10.4
17.0
17.6

17.0
17.7

26.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

TOTAL TIME DEPOSITS 1/
ALL COMMERCIAL BANKS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
850 rz--------1------------- 1-----

BILLIONS OF DOLLARS
------------------- -------- 850

BILL I Q.NS
722.9
717.8
711.5
707.0
703.3
700.5

-LI.. 1 I
3

17

FEB

3

17 31

MAR

14

28

APR

12

26 9 23

MAY

JUN

7

21

4

JUL

18

I

15

AUG

LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

30

13

27

SEP
1983

1982

1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

MMLAs, MMMFs and "SUPER NOWs"
(billions of dollars, not seasonally adjusted)
MMDAs
Feb.

16
23

Mar.
9
16
23

MMMFs 2/

$276.2
289.6
300.5
311.2
319.5
325.3

$204.4
203.2
202.0
199.4
197.8
196.2

"SUPER NOWs" 3/
$22.7
23.5
24.5
25.9
26.4
27.2

1/ Money market deposit accounts at all depository institutions, effective 12/14/R?
2/ total money market mutual fund balances.
NOW accounts at all depository institutions, requiring a $2,500 minimum balance
and eligible to earr more than 5.25 percent, effective 1/5/83.

y


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

SMALL TIME DEPOSITS v
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
450 =—1------------ 1-----------1---------440
430
420
410
400
390
380

=~
E
—
=
—

COMPOUNDED ANNUAL R/
OF CHANGE, AVERAGE )F
THE FOUR WEEKS END 1
MARCH 23, 1983 FROM
THE FOUR WEEKS END 1

=—
x
—
=
—
=

JAN.
DEC.
NOV.
OCT.
SEP.
JUN.

E

"

26,
22,
24,
20,
22,
23,

1983
1982
1982
1982
1982
1982

SMALL TIME DEPOSI TS

-43.
-47.
-40.;
-33.
-29.
-I5.‘

\
\

*

370
360

=
5-"-

350
340

=
=

330
320
310

1983
FEB.

16

338.3

=
=
=

MAR.

2
9
16
23

331.9
329.4
327.4
326.5

300
0

BILLIONS

E

8i i i

i

i i i i

i

i i i

i

i i i

i

111

.in. XI

1

LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

IU 1

.111

.1 1 IX 111

1983

BILLIONS OF DOLLARS
1983

XU

BILLIONS OF DOLLARS
450
X
440
=
430
1
420
E
410
i
400
i
390
=
380
=
370
=
360
|
350
X
340
X
330
=
320
1
310
1
.300
111
1II1
111
0
BILLIONS OF DOLLARS
190

BILLIONS

185

45.3
z

MAR.

180

1 43 ’ 2

175
170
SAVINGS DEPOSITS
165
160
155
150
145
I 40
135
0

LATEST DATA PLOTTED WEEK ENDING: MARCH 16,

1983

1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN *100,000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
iMi

BILLIONS OF DOLLARS
4.5

MILLIONS
4.0

FEB. 23

3.5
3.0
2.5

2.0
1.5

1.0
0.5

3 17

3 17 31

14 28 12 26
APR
MAY

B 23

7 21

LATEST DATA PLOTTED WEEK ENDING: MARCH 30.

I

15 29 13 27 10 24
OCT
NOV

8 22

5 19
JAN

2 16 2 16 30 13 27
FEB
1983

1983

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
228

- COMPOUNDED ANNUAL RATES
- OF CHANGE. AVERAGE OF
- the four Weeks ending
- MARCH 23. 1983 FROM
THE FOUR'WEEKS ENDING:
JAN. 26.
DEC. 22.
“ NOV. 24.
— APT 1A
OCT. 20,
SEP. 22,
JUN. 23,
MAR. 24

1983
1982
1982
1982
IASI
1982
1982
1982

224

220
-0.5

216

212
208

204

MILLIONS
FEB. 16
MAR.

217,055
216,870

2
217,81 I
217,724

3 17

3 17 31

14 28 12 26
APR
MAY

9 23

11 1 1.1 1.1.1 1 l.l 1 1 1 I I
2 16 2 16 30 13 27

7 21
1982

LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983
1983

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 1750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

12
LARGE TIME DEPOSITS
ALL COMMERCIAL BANKS
billions of

dollars

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of

dollars

BILLIONS

I I I I
1982
LATEST DATA PLOTTED WEEK ENDING! MARCH 23,

I I I I
1983

1983

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

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