Full text of U.S. Financial Data : April 11, 1985

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Federal Reserve Bank
of St. Louis

™i5,9U.S. Financial Data
April 11,1985
The Federal Reserve Board introduced contemporaneous
reserve requirements (CRR) in February 1984. Previously the
required reserves of depository institutions were based on their
deposit liabilities from two weeks earlier, a system known as
lagged reserve requirements (LRR). Under CRR, depository
institutions are more likely to incur unexpected reserve
deficiencies, since they are less certain about their required
reserves for each maintenance period than they were under
LRR. Consequently, they have tended to hold higher excess
reserves on average under CRR. This effect was most
pronounced in the weeks immediately following the introduction
of CRR: in February and March 1984, excess reserves averaged
about 3 percent of total reserves. Although the ratio declined
somewhat following the initial response, the ratio of excess
reserves to total reserves has continued to exceed the ratio prior
to CRR. For example, from April 1984 to March 1985, the ratio
averaged 2 percent. During 1983, in contrast, it averaged only 1
percent.
An alternative explanation for the change in excess
reserve holdings would involve the cost of funds. As the federal
funds rate increases, one might expect the level of excess
reserves to fall since alternative uses of the funds have a higher
return. This explanation does not account for the higher levels
of excess reserves in the last year, however, since the federal
funds rate has been higher on average since the introduction of
CRR than it was in the year prior to CRR.
—A. Steven Holland


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
228
226
224

222
220
218
216
214
212

210
208
206
204

202
1

15 29 M 29 11 25

9 29

9 20

JUN

4 It

I

IS 29 12 29 10 24

JUL
1984

7 21

S 19

NOV

DEC

2 19 90 19 27

19 27 10 24

1965

LATEST DATA PLOTTED WEEK END I M3. APRIL 10, 1985
THE ADJUSTED MONETARY BASE IS THE SUM OF
___ JTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS, CURRENCY IN CIRCULATION 1C
LD BY THE PUBLIC AND IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS > AND AN ADJf---------REQUIREMENT RATIO CHANGES. THE MAJOR
SOURCE OF
.. THE ADJUSTED MONETARY BASE
BAS1 IS FEDERAL
_______
„.........
...........ARE
..............
--------------DATA
COMPUTED BY THIS
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 FOUR WEEKS ENDINGt
4/11/84

7/11/84

6.8
6.6
5.6
6.3
6.3
6.0
7.0
6.7

3.4
2.3
4.2
4.6
4.4
6.0
5.7

9/12/84 10/10/84

11/7/84 12/12/84

1/9/85

2/13/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/12/84
10/10/84
11/ 7/84
12/12/84
1/ 9/85
2/13/85
3/13/85
4/10/85


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

2.1
5.3
5.7
5.2
7.2
6.7

5.2
5.7
5.1
7.5
6.8

8.9
6.9
9.6
8.3

4.9
9.2
7.7

10.2
7.9

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

IMS.
FEB.
MAR.

BILLIONS OF DOLLARS
580

BILLIONS.
575

25
572.6
570.6
570.0
572.8
574.7

570

565

560

555

550

545

540

535

I I II
6 20

5 10

FEB

MAR

2

16 30 M 28 II

25

0 23

6

3 17

AUG

SEP

1

15 20 12 23 10 24

7 21

4

JAN

FEB

IS

4 18

1

15

MAR

LATEST DATA PLOTTED WEEK ENDING: APRIL 1, 1085
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 AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
4/2/84

7/2/84

5.2
5.4
3.4
4.6
5.4
5.6
6.6
6.4

3.2
0.3
2.9
4.3
4.8
6.3
6.0

9/3/84

AVERAGE OF FOUR WEEKS ENDING:

10/1/84 10/29/84

12/3/84 12/31/84

2/4/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 3/84
10/ 1/64
10/29/84
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85


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

-1.3
3.7
5.6
6. 1
7.9
7.3

2.5
5.4
6.0
8.2
7.5

12.2
10.6
12.3
10.7

9.6
12.3
10.2

12.4
9.6

10.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO
2.9 —1--------1 985
£18- 25
’* JJ
AP ,

RATIO
2.9

1
RAT in

4

Ml Ml LTIPL IER

2.6

zr*'

A

ST sT cA

7s

y s

y1

2.5

2.4

2.4

!lll ii i- 1.1 u

l l 1

1111

1 1 1

111

1 1 1

1111

111

INI

1 I.L. j 11

U-L 1 II 1

i

LATEST DATA PLOTTED WEEK ENDING* APRIL I, 1985

BILLIONS OF DOLLARS
166

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
----- OF CHANGE. AVERAGE OF
THE FOUR llifEEKS ENDING

164

- APRIL 1. 1985 FROM
__ THE FOUft WEEKS ENDING*.
-

FEB.
4, 1985
DEC. 31, 1984
- DEC.
3, 1984
™ ~~ 1984
1984
1984
— JU
1984
_ AP

162

7.6
6.4
6.5
6.6
5.7
6.0
6.5

160
CURRENCY

158
156
154
■1.965.

BILLIONS
161.0
161.4
161.1
161.1

150

161.3

148

1111111111111 u
6 20

5 10

FEB

MAR

2 16 SO 14 20 II

MAY

JUN

25

0 23

6 20

3 17

AUG

SEP

1

IS 20 12

10 24

r 21

4 18

4 18

1

15 20

LATEST DATA PLOTTED WEEK ENDING* APRIL 1, 1985
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

152

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
__ FEB.

406.5
405.9
404.2

— APR.

6 20

5 10

FEB

MAR

406.2
407.9

2 16 50 14 28 11

MAY

25

0 25

JUN

6 20

5 17

AUG

SEP

1

IS 20 12 26 10 24

7 21

4 18

JAN

FEB
MAR
1985

1984

4 18

1

15 20

LATEST DATA PLOTTED WEEK ENDINGt APRIL 1, 1985
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/2/84

7/2/84

9/3/84

2.0
-1.5
1.9
3.6
4.5
6.4
6.1

-3. 1
3.2
5.6
6.4
8.7
8.0

10/1/84 10/29/84

12/3/84 12/31/84

2/4/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 3/84
10/ 1/84
10/29/84
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85

4.3
4.6
2.2
3.9
4.9
5.3
6.6
6.4


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

l .8
5.3
6.4
9.1
8.2

14.1
12.3
14.4
12.4

11.1
14.4
11.8

14.7
11.2

12.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
15.0

PERCENT
15.0

14.0

CORPORATE
Aaa BONDS

MUNICIPAL
BONDS

9.0

3 17

2 16 30 13 27

APR

II

25

0 22

6 20

3 17 31

14 28 12 26

SEP

MAY

0 23

OCT

7 21

4 16

1

DEC

JAN

FEB

15

I

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt APRIL 12,

1985
FEB.

MAR.

APR.

1
6
!5
22
1
8
15
22
29
5
12 X
19
26

15 28 12 20

1985.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS KM

8.23
8.56
8.64
8.77
8.91
9.22
9.04
9.01
8.82
8.80
8.74

8. 14
8.40
8.46
8.50
8.55
8.80
8.77
8.72
8.67
8.64
8.57

8. 12
8.40
8.48
8.67
8.82
9. 12
8.92
8.84
8.69
8.66
8.57

11.85
11.95
12.01
12.21
12.47
12.55
12.58
12.64
12.50
12.44
12.45

13. 13
13.14
13. 13
13.21
13.51
13.63
13.70
13.75
13.68
13.61
13.68

9.37
9.52
9.64
9.71
9.71
9.75
9.76
9.82
9.75
9.63
N. A.

NOTE* CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
I*ABOND^UYER* SEWERAGE'^NDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. ~ NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT
15.0

15.0

TREASURY SECURITIES

13.0

FEDI
FUND!

3-MONTH
TREASURY BILL
DISCOUNT
RATE

3 17

2 16 30 13 27 11 25

S 22

6 20

3 17 31 14 28 12 26
SEP
OCT

9 23

7 21
DEC

JAN

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 12. 1985.

1985
FEB.

MAR.

APR.

1
8
15
22
1
8
15
22
29
5
12 X
19
26

FEDERAL
FUNDS K*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XKK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.45
8.59
8.44
8.57
8.40
8.63
8.52
8.75
8.38
8.68
8.45

7.92
8. 17
8.21
8.31
8.47
8.69
8.55
8.51
8.29
8. 17
8. 10

7.97
8.30
8.28
8.25
8.53
8.98
8.79
9.04
8.86
8.55
8.56

8.35
8.47
8.47
8.58
8.84
9.09
9.09
9.15
8.90
8.79
8.71

10.76
10.99
11.00
11.17
11.47
1 1 .51
11.54
11.60
11.43
11.33
1 1.32

11.23
11.40
11.45
11.65
11 .91
11.95
11.92
11.98
11.84
11.79
11 .74

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
SECURITIES WHICH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
II AVERAGES OF RATES AVAILABLE
** SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
JMBK AUCTI ON AVERAGE ( DISCOUNT )


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS 1/
LARGE TIME DEPOS I TS 2/
BILLIONS

of

DOLLARS

1985

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions

of

dollars

BILLLQNS
381.1
381.7
382.0
383.3

SMALL TIME DEPOSITS

I I I I
LATEST DATA PLOTTED WEEK ENDING* APRIL I, 1!
BILLIONS OF DOLLARS

12SS

BILLIONS
266.5
267.7
269.5
270.5
271.5

8 20

5 19

BILLIONS OF DOLLARS

LARGE TIME DEPOSITS

I I I I
2 16 30 14 28 II 25
MAY
JUN

9 23

6 20
AUG

3 17
SEP

I 15 29 12 26 10 24

7 21
JAN

4 18
FEB

4 18
MAR

1

15 29

LATEST DATA PLOTTED WEEK ENDING* APRIL I, 1985
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 6100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISS5.
_ FEB

dollars

BILLIONS.
768.7
769. 1
769.9
771.7
773.4
774.6

— APR

0 20
FEB

billions of

5 10
MAR

2 16 30 14 29 11 25
MAY
JUN

9 23

0 20
AUG

3 17
SEP

1

19 29 12 20 10 24

7 21
JAN

1984

FEB

MAR
1985

LATEST DATA PLOTTED WEEK ENDING: APRIL 1, 1985
TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS. SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/2/84

7/2/84

9/3/84

10/1/84

0/29/84

9.2
8.9
6.9
6.6
3.9
3.7
4.0

8.6
5.5
5.2
1 .8
1 .8
2.5

3.8
4.0
0.2
0.6
1.5

2.3
-1.9
-1.0
0.4

12/3/84 12/31/84

2/4/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/ 3/84
10/ 1/84
10/29/84
12/ 3/84
12/31/84
2/ 4/85
3/ 4/85
4/ 1/85

13.6
12.9
12.2
10.5
9.9
7.5
7. 1
7. 1


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

-3.3
-1.6
0.3

-4.3
-0.9

4.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

6
13
20

BILLIONS OF DOLLARS

TOTAL BORROWINGS

1601
2038
1i

LATEST DATA PLOTTED WEEK ENDING: APRIL 10, 1985
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ADJUSTMENT ♦ SEASONAL BORROWINGS
1 1 1 1 I I 1 1 I U 111 I..1.I I 1 1 I 1 1 I I

I I II
1

15 29 14 29 II

MAR

25

9 29

APR

0

4 IS

JUN

JUL

!

19 29 12 20 10 24

7 21

FEB
MAR
1085

APR

LATEST DATA PLOTTED WEEK ENDING: APRIL 10, 1085
1/ 94.562 FOR 5/16/84j 93.730 FOR 5/23/84j 92.080 FOR 5/30/84j 93.120 FOR 6/6/84


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MMDAS,

MMMFS AND SUPER NOWS

(BILLIONS OF DOLLARS,

NOT SEASONALLY ADJUSTED I

MMDAb 1/
February

4
11
18
25
4
11
18
25
1

March

April

MMMFs 2/

$285,8
288.1
289.5
290.7
292.6
293.5
293.9
294.1
295.1

Super NOWs 3/

$238.0
238.4
237.2
236.8
238.5
238.0
236.2
237.2
237.3

$51.2
52.0
51.7
51.9
53.0
53.3
53.3
52.9
53.6

1/ Money market deposit accounts at commercial banks, effective 12/14/82
21 Total money market mutual fund balances

3/ NOW accounts at all depository institutions, requiring a $1,000 minimum balance
and eligible to earn more than 5.25 percent, effective 1/5/85

BUSINESS LOANS u

( COMMtKCIAL AND INDUSTRIAL )
WEEKLY REPORT ING LARGE COMMERCIAL BANKS

V

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
264 ------------- ,---------- i------

BILLIONS OF DOLLARS
------------------------------- 264

- COMPOUNDED ANNUAL RATES
~ OF CHANGE, AVERAGE OF
- THE FOUR WEEKS ENDING '
- MARCH 27, 1965 FROM
_ THE FOUR WEEKS ENDING'
- JAN.
- DEC.
H NOV.
_ OCT.
- SEP.
- JUN.
- MAR.

30,
26,
28,
24,
26,
27,
28,

1985
1984
1984
1984
1984
1984
1984

20.3
9.7
7.0
8.7
8.3
6.8
10.8

'
’
-

MILLIONS
FEB. 20
MAR.

6
255,979
256,116

10 *4

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

7 81

5 IS

NOV

DEC

1-L-LLl

8 IB 30 IS 87 IS 87

FEB

MAR

10 M

APR

1984
LATEST DATA PLOTTED SEEK ENDING, MARCH 87, 1985
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 11.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAMC OF ST. LOUIS

11