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RE!
Federal Reserve Bank

uf UlS. -Financial Data
MAY 0 1 1984

April 26,1984

Since the beginning of November 1983, short-term interest
rates have drifted upward in a rather steady fashion, resulting in
an increase of about 100 basis points. The magnitude of the
increase in interest rates on long-term Treasury securities has
been about the same as the increase in short-term interest rates.
The yields on long-term corporate Aaa bonds, however, have
increased by about 70 basis points over the same period (see pages
6 and 7).
The recent increase in interest rates, following a period
during which interest rates were relatively unchanged, appears to
be a response to an increase in loan demand. Business loans at
commercial banks, for example, grew at a rate of 15.3 percent
from November 1983 through February 1984, compared with a 5.2
percent growth rate from August through November 1983.
Similarly, the three-month period from May through August 1983
was characterized by fairly rapid growth in business loans (9.7
percent) relative to a preceding decline in business loans from
January through May. As occurred recently, the May through
August period also was characterized by a substantial increase in
interest rates.
—G. J. Santoni

THE

fe:i»ekyi.

A RESERVE
>0 RANK of
ST.UH1S

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
214

1984
MAR.

21

212
206.2
207.2
208] 3

210

210.6
208

209.3

206
204
202
200
198

2

16 30 13 27

APR

II

25

8 22

6 20

5 17 31

MAY

M 28 12 28

SEP

OCT

7 21

J-Ll-LllLl
A 18 V 13 29

DEC

JAN

S 23

14 28

MAR

II

25

0 23

APR

1983
LATEST DATA PLOTTED WEEK ENDINGt APRIL 25,
THE ADJUSTED MONETARY BASE: CONSISTS OF:
OF ( I ) RESERVE ACCOUNTS OF FIINANCIAL
NAN
INSTITUTIONS AT
iFEDERAL ncasmt
* i CURRENCY IN CIRCULATION (CURRENCY ICLD BY
inc ruoi-iu
inc
RESERVE onma,
BANKS. i(2)--------------------~ THE
PUBLIC ww
AND in
IN THE
----------------VAULTS OF ALL
L DEPOSITORY INSTITUTIONS LAW 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 MOMTARY BASE IS AVAIL-----------------------------------------------ABLE FROM THIS BAM
RECENT DATA ARE PRELIMINARY
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDINGt
4/27/83

7/27/83

9/28/83 10/26/83 11/23/83 12/28/83

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/28/83
10/26/83
11/23/83
12/28/83
1/25/B4
2/22/84
3/28/84
4/25/84

1/25/84

2/22/84

.
7.8
7.9
8. 1
7.5
7.8
8. 1
8.7
8.5


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

7.8
8.2
7. 1
7.7
8. 1
8.9
8.6

9.2
7.0
7.9
8.4
9.5
9. 1

6.2
7.6
8.3
9.6
9.1

6.8
8.0
9.6
9.0

10.8
12.0
10.7

12.5
10.6

10.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

545
540

536.0

535

533.4
536.4

530

515
510
505
500
495
490

7 21

4 18

2 18 90 13 27

II 25

8 22

IS

3 17 91

14 28 12 28

NOV
LATEST DATA PLOTTED WEEK ENDING: APRIL 16,

9 23

DEC

8 20

5 19

FEB

MAR

2

18 30 14 28

1984

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml
CONSISTS
OF CURRENCY
HELD
BY THE NONBANK
BANK DEMAND DEPOSITS
HELD
THENONBANK
PUBLIC
CEXCLUDING
THOSE PUBLIC
HELD BYPLUS
FORECOMMERCIAL
I GNBA&S ANDOFFICIAL
INSTITUTIONS
AND OTHER CHECKABLE DEPOSITS OF ALL DEPOSITORY INSTITUTIONS PLUS TRAVELERS' CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
4/18/83
7/18/83 9/19/83 10/17/83 11/14/83 12/19/83 1/16/84 2/13/84
TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/19/83
10/17/83
11/14/83
12/19/83
1/16/84
2/13/84
3/19/84
4/16/84

10.6
9.6
8.8
8.5
8.3
8.5
8.2
7.8


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

5.5
5.2
5.4
5.6
6.2
6. 1
5.9

4. 1
4.9
5.3
6.3
6. 1
5.9

5.3
5.7
6.8
6.5
6.1

6.5
7.6
7.1
6.5

8.5
7.4
6.5

7.7
6.5

4.9

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

RATIO
2.9

----------1—
1
1984
RATIO
MAR. 12 is§8

2.8

APR.
11
Ml Ml LTIPLI

J'

2.4

JlLL

.111. . .1 U l .L1.1.

II II

1 1 1

1 1 1

in -LLL jjlllj -LLL III -1.1 1 1 JJLL

1 1 1 1

LATEST DATA PLOTTED VCEK ENDlNGt APRIL 16. 1984
BILLIONS OF DOLLARS
154
1
1

BILLIONS OF DOLLARS
154

1
ID

150

COMPOUNDED ANNUAL R>
—OF CHANGE, AVERAGE
THE FOUR *EEKS END If4G
“ APRIL 16, 1984 FROM
__ THE FOUR WEEKS END II1
-

_ 9

-

I

146

150

3.!
5.(
8.
7.4
8.2

O

_

13.
984
16,
984
19.
983
14,
983
17,
983
is | 1983

152

-

UJ----

148

FEB.
JAN.
DEC.
NOV.
OCT.
r:

-

V)

152

148

NCY
-

146

8ii
-

144
-

-

-

-

142
140

140

1 281BILLIONS
-

-

MAP .

158

12
19
26
2
9
16
1 i i i
-LI 1 -LLL -LLLL -LLL
APR .

136

!lu_ ILL llll ■i.ii
T 21

4 19 2

MAR

APR

1 1 1

l« 90 19 27 II

MAY

JUN

JUL

llll -LLL i.i 11

29 9 22

9 19

AUG
1983

SEP

9 17 91

OCT

14 H 12 N

NOV

DEC

9 29

JAN

6 20
FEB

S 19

MAR

150.6
151.0
—
151.1
_
150.7
151.2
—
151.8
1i i i i 1i i i!
19 90 14 29

APR

MAY

LATEST DATA PLOTTED WEEK ENDlNGt APRIL 16, 1984
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 BAM< OF ST. LOUIS

138
136

TOTAL CHECKABLE DEPOSITS!/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
390

BILLIONS.
— MAR.

380.4
380.0
377.6
380.2

375

370

365

360

355

350

JUN

JUL

NOV

DEC

FEB

MAR

LATEST DATA PLOTTED WEEK ENDINGt APRIL 16, 1984
1/ DEMAND DEPOSITS PLUS OTHER CHECKABLE DEPOSITS AT ALL DEPOSITORY INSTITUTIONS

TOTAL CHECKABLE DEPOS TS
COMPOUNDED ANNUAL RATES OF CHANGE,
4/18/83

7/18/83

10.9
9.5
8.3
8. 1
7.6
7.8
7.7
7.4

3.6
2.9
3.8
3.7
4.5
4.9
4.7

AVERAGE OF FOUR WEEKS ENDING:

9/19/83 10/17/83 11/14/83 12/19/83

1/16/84

2/13/84

8.5
6.8

5.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/19/83
10/17/83
11/14/83
12/19/83
1/16/84
2/13/84
3/19/84
4/16/84


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

1 .6
3.5
3.4
4.7
5.2
4.9

4.0
3.7
5.2
5.6
5.3

5. 1
6.6
6.8
6. 1

6.6
6.8
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT
15.0

15.0

CORPORATE
lAA BONDS

PRIME BANK
LOAN RATE

MUNICIPAL
BONDS

4 IS

I

15 2fi 13 27 10 24

MAY

6 22

5 10

2 16 30 14 20 II 23

OCT

JUN

0 23

NOV

6 20

3 17

JAN

FEB

1983

2 10 30 13 27 11 23

APR

MAY

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE KEEK ENDING*. APRIL 27, 1984

1984
MAR.

APR.

MAY

2
9
16
23
30
6
13
20
27 3K
4
II
18
25

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BAMCERS*
ACCEPTANCES

CORPORATE
AM BONDS

CORPORATE
BM BONDS

MUNICIPAL
BONDS KX

9.69
9.84
9.99
10.31
10.34
10.40
10.33
10.42
10.47

9.42
9.54
9.73
10.06
10.04
10. 16
10.11
10.23
10.18

9.56
9.68
9.84
10. 16
10. 17
10.23
10.21
10.31
10.33

12.30
12.46
12.58
12.65
12.71
12.74
12.71
12.79
12.93

13.78
13.84
13.97
14. 10
M. 15
14.21
14.22
14.37
14.42

9.86
9.94
9.98
10.01
9.93
10.04
9.97
9.89
N. A.

X AVERAGES OF RATES AVAILABLE.
48K BOND BUYER*S AVERAGE IM>EX 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
14.0 i—

PERCENT
— 14.0

5-YEAR
TREASURY SECURITIES

BILL

23

MAY

JUN

OCT

0 23

NOV

3 20

3 17

JAN

FEB

1983

2 IS 30 13 27

APR

11

25

MAY

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: APRIL 27, 1984

1984
MAR.

2
9
16
23
30
APR.
6
13
20
27 X
MAY
4
11
18
25

FEDERAL
FUNDS tm

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL me*

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

9.62
9.74
9.79
10.04
9.97
10.41
10.13
10.37
9.98

9. 18
9.29
9.43
9.76
9.72
9.74
9.65
9.76
9.64

9.33
9.37
9.52
9.79
9.88
9.83
9.82
9.92
9.74

9.37
9.45
9.60
9.90
9.86
9.96
9.82
9.98
9.98

1 1 .75
11.85
11.98
12. 17
12.20
12.36
12.24
12.38
12.48

12.03
12. 17
12.28
12.42
12.40
12.53
12.45
12.62
12.69

» AVERAGES OF RATES AVAILABLE.

*** New ISSUfc RATE
treaIu$

^ wrjmurjxmmTHAN °*TE

fe?tr^Riass?ic!5syR^.ARE


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

cq",uted by the federal reserve

SHOWN.
BANK OF ST. LOUIS.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
SMALL TIME DEPOSITS^
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
410 Z------- 1---------400
390

=_

1984

E
MAR.
Fapr.

380

12
i

16

billions of dollars

410

E

BILL 1ONS

E

353.0
353.6
354.1
355.0
355.3
355.5

380
z

370

370

z

SMALL TIME ! >EPOS|T S

z

360

-

E

—

-

350

TTTT

350

390

z

z

360

400

z

340

340

E
E

z
330

e'-^"

320

320

E

E
310

310

z

2

300

‘Ell
0

330

111

1 1 l-L 1 1 1

1 1 1

1 1 LL

111

1111

1 1 1

111

1111

1 1 1

11

j

1111 _LLL

300
f
0

LATEST DATA PLOTTED WEEK ENDING* APRIL 16. 1984
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
170 r:------- 1---------- 1--------

--------- ---- =1 ]70

BILLIONS
129.0
128.9

SAVINGS DEPOSITS

I I I 1 I LL
7 21

4 18

MAR

APR

2 16 30 13 27 11 23

JUN

8 22

3 17 91

14 26 12 28

NOV

JUL

DEC

9 23

8 20

S 19

FEB

MAR

2

18 30 14 28

1983
LATEST DATA PLOTTED WEEK ENDING* APRIL 16. 1984
1/ COMMERCIAL BANK TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100.000.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL TIME DEPOSITS 1/
ALL COMMERCIAL BANKS
AVtRAGES OF DAILY FIGURES

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

780 r-------------------- ---------

MAR.

4 18

2 10 90 IS 27

II

29

8 22

9 19

9 17 91

14 28 12 28

NOV

9 29

DEC

1983

12

8 20

9 19

FEB

MAR
l984

714.3
715.0
716.6
717.8
719.3
720.0

2 18 90 14 28

LATEST DATA PLOTTED WEEK ENDINGi APRIL 16, 1984
1/ SAVINGS DEPOSITS PLUS SMALL TIME DEPOSITS PLUS LARGE TIME DEPOSITS

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING;
4/18/83
7/18/83 9/19/83 10/17/83 11/14/83 12/19/83 1/16/84 2/13/84
TO THE AVERAGE
OF FOUR WEEKS
ENDING.
9/19/83
10/17/83
11/14/83
12/19/83
1/16/84
2/13/84
3/19/84
4/16/84

1 .8
2.2
3.6
4.0
3.9
2.9
3.0
3.5


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

7.0
8.4
8.0
7. 1
5.3
5.1
5.6

8.9
7.9
6.7
4. 1
4.1
4.8

9.3
7.3
4.0
4.0
4.8

4.7
1.3
2.0
3.4

-1,7
0.4
2.6

-0.6
2.5

6.5

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

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

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

.

12
232.5
234.0
235.0

7 21

4 18

MAR

APR

2

18 30 13 27 1

JUN

8 22

5 19

3 17 51

14 28 12 29

NOV

JUL

9 23

8 20

3 19

2 18 30 14 28

DEC

LATEST DATA PLOTTED WEEK ENDINGi APRIL 16, 1984
TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE.

MMDAs, MMMFs and SUPER NOWs
(billions of dollars, not seasonally adjusted)
MMDAs 1/
March

April

5
12
19
26
2
9
16

$390.2
391.9
392.7
393.4
396.0
398.8
398.9

MMMFs 2/
$185.5
186.2
186.7
187.2
187.7
188.1
189.0

SUPER NOWs 3/
$41.5
41.6
41.6
41.5
42.1
43.6
44.0

1/ Money market deposit accounts at all depository institutions, effective 12/14/82.
2/ Total money market mutual fund balances.
~3/ NOW accounts at all depository institutions, requiring a $2,500 minimum balance
and eligible to earn more than 5.25 percent, effective 1/5/83.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

/

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

4.5

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
----------------------------ZJ *5

----------T--------- t-----

APR.

2 16

4

30 13 27 II

MAR

APR

25 8 22

MAY

JUN

6 20

3 17 31

JUL

AUG

14 28 12

SEP

OCT

DEC

JAN

1983
LATEST DATA PLOTTED WEEK ENDING, APRIL 25, 1964

BUSINESS LOANS u
(COMMERCIAL AND

INDUSTRIAL)

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

BILLIONS OF DOLLARS
236

26,
28.
31,
27,
29,

1983
1983
1983
1983
1983

5.5
3.9
0.8
1.4
1.8

I DEC . 29'

982

1.2

10 0
■0^

G

2

0 **

^0

VBSS**51
CO

1 11

_

r
.

_

.u_i.

198.}

:

k IILL10 MS

-

NOV. 23
30
DEC. 7

215,480
215,941
216,535

I
_

21
28

216,412
217,937

-

204

iu.
NOV

:

J_LL

2)6

228

M il

OCT.
SEP.
AUG.
JUL.
JUN.

-

1

“
—
“
“
“

BILLIONS OF DOLLARS
236

1

_ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
_ DECEMBER 28, 1983 FR DM
_ THE FOUR WEEKS END IN6«

1 -Ll-L -LLL -LLL J...I IX, -in. -LLL ■LLLL. -L.U., -LLLL -LLL 1 1 1 1 1 1 1 1 1 1 1 1 1 l-LL
26 9 23 9 23

DEC
1982

JAN

FEB

MAR

6 20

4

APR

MAY

16 t

16 29 13 27 10 24

JUN

JUL
1983

AUG

7 21

5 19

SEP

OCT

2 16 30 14 28 11

NOV

DEC

25

JAN
1984

LATEST DATA PLOTTED WEEK ENDING, DECEMBER 28. 1983
1/ BUSINESS LOANS INCLUDE BAKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF 6750 MILLION OR MORE


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

PREPARED BY FEDERAL RESERVE BAT* OF ST. LOUIS

II