Full text of U.S. Financial Data : April 3, 1986

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1/

RESEARCH LIBRARY
Federal

Bailjr

r

Of
APR 0 7 1986

nancial Data
April 3, 1986

Short-term interest rates declined sharply in March, after a period of relative
stability over the preceding nine months. Longer-term interest rates, in con­
trast, have declined substantially in the past nine months, flattening the yield
curve (relative to short-term interest rates) as they have fallen (see table below).
During March, however, short-term rates fell about as much as long-term rates,
so that the yield curve continued to decline without a further flattening. A com­
mon explanation for declining interest rates is that the expected rate of infla­
tion has decreased. Two recent events may help to explain why short-term rates
fell with long-term rates during March: the reduction in the discount rate an­
nounced on March 7 and sharply declining oil prices, which can be expected
to influence the near-term inflation rate.

Spread Between Interest Rates on Selected U.S. Treasury
Securities and the Three-Month Treasury Bill Rate
(basis points)

Week ending

6-month
Treasury
bill

5/31/85
10/25/85
2/28/86
3/28/86

20
10
-4
4

1-year
Treasury
bill
34
25
-2
7

5-year
Treasury
securities
265
241
102
97

Long-term
Treasury
securities
351
335
158
162
—Mack Ott

tuk

ITIIIKU
A RI SI KM
HANK of
ST. mi IN

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
242

240

235.3
235.2
237.8

238

238.8
239. 1
236

234
232

230

228

226

224

222
220
I I I I
3 27

13 27

10 24

8 22

3 10

3 17 31

14

0 20

4

NOV

DEC

18

I

15 29

12 26 12 20

FEB

S 23

MAR

1985
LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: MARCH 26, 1986
THE ADJUSTED MONETARY ____
BASE_______________
IS THE SUM OF_______________________
RESERVE ACCOUNTS OF____________
FINANCIAL . NSTI TUT IONS AT FEDERAL
RESERVE BANKS CURRENCY
------------- ----------------IN CIRCULATION
------- ------------------------<CURRENCY--------HELD““
BY~~
THE 'PUBLIC
* AND
‘
IN THE VAULTS OF ALL
----------------- --- ...----------------------------------------------------------------------- ------------- ------------------- , MAJOR
_ THIS
BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
3/27/85

7/3/85

8/28/85

8.5
7.4
6.8
7.6
6.8
7.9
7.6

5.8
5.4
7.1
6.1
7.6
7.3

9/25/85 10/23/85 11/20/85

1/1/86

1/29/86

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING*
8/28/85
9/25/85
10/23/85
11/20/85
1/1/86
1/20/86
2/26/86
3/26/86

8.7
8.6
8.0
7.6
8.0
7.4
8. 1
7.9


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Federal Reserve Bank of St. Louis

4.3
6.9
5.7
7.6
7.2

8.1
6.2
8.5
7.8

6.9
9.6
8.6

8.9
7.6

10.7

PREPARED BY FEDERAL RESERVE BAW OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

billions of dollars

650 r=r

640

630.5
634. 1
631 .9
637.5
638.3

—

11
4 18 4 18
FEB
MAR

I

15 20 13 27 10 24

MAY

JUN

8 22

5 19

2 16 30 OCT
14

25

NOV

0 23

5 20

3

JAN

FEB

17

3 17 31

14 28

1986

1985

LATEST DATA PLOTTED WEEK ENDINGt MARCH 24, 1986
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,
3/25/85

6/24/85

8/26/85

14.0
13.7
13.3
12.5
12.8
1 1.7
1 1.2
1 1.4

14.4
13.6
12.2
12.7
1 1.2
10.5
10.9

11.3
9.9
11.2
9.4
8.8
9.5

AVERAGE OF FOUR WEEKS ENDING:

9/23/85 10/21/85 11/25/85 12/23/85

1/27/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/26/85
9/23/85
10/21/85
1l/25/85
12/23/85
1/27/B6
2/24/86
3/24/86


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

9.0
11.1
8.9
8.3
9.2

11.2
8.3
7.7
8.9

8.7
7.7
9.3

4.3
7.4

9.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

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

RATIO

RATIO

13S&
JAN.

RATIO

13

2.670
2.668
Ml MULTIPLIER

2.653
2.672

II

FEB

25 II

25

8 22

8 20

5 17

I

15 20 12 26

9 23

MAR

LATEST DATA PLOTTED TWO WEEKS ENDING: MARCH 24.

7 21

4

OCT

NOV

16

2 18 30 13 27

JAN

10 24 10 24

7 21

FEB

1086

BILLIONS OF DOLLARS
176 ---------- 1---------- ,--------

BILLIONS OF DOLLARS
------------------- ----------- 176

COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING
- MARCH 24, 1986 FROM
__ THE FOUR WEEKS ENDING:
JAN.
DEC.
NOV.
— OCT.
_ SEP.
JUN.
— MAR.

27,
23,
25,
21.
23,
24,
25.

-

1986
1985
1985
1985
1985
1985
1985

6.2
7.7
7.4
7.6
7.3
7.7

CURRENCY
7.6.

1986
FEB.

BILLIONS

17

173.0
173.2
172.7
173.6
173.8

174.2

I ii 1111111111
4 16

4

16

FEB

MAR

I

15 20 13 27 10 24

APR

MAY

JUN

6 22

JUL
1065

5 10

AUG

2 16 30

14 26

II

25

0 23

5 20

3

17

3 17 31

14 26

SEF

LATEST DATA PLOTTED REEK ENDING: MARCH 24. IGBfl
1/ RATIO OF MOtCY STOCK I Ml I 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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

ISSfi
FEB.

BILLIONS

17

451.6

MAR.

4

18

FEB

4 18

BILLIONS OF DOLLARS
-=n 470

453.2
458.0
458.6
458. 1

1

19 28 IS 27

MAR

MAY

10 24

8 22

5

10

2 16 SO 14 28 11

JUN

OCT

LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

29

9 23

NOV

6 20
JAN

3 17

3 17 31

14 28

FEB

1986

TOTAL|CHECKA^E|DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
3/25/85

6/24/85

8/26/85

16.2
15.8
15.5
14.3
14.9
13.2
12.5
12.9

16.7
15.9
13.9
14.8
12.5
1 1.5
12.2

13.5
11.2
13.2
10.3
9.4
10.5

9/23/85 10/21/85 11/25/85 12/23/85

1/27/86

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/26/85
9/23/85
10/21/85
11/25/85
12/23/85
1/27/86
2/24/86
3/24/86


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

10. 1
13.0
9.5
8.6
10.0

12.8
8.4
7.6
9.4

8.9
7.6
10.0

2.6
7.1

1 1.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT
— 13.0

RATE

DISCOUNT RATE

TREASUF

■1 1 I I I I I I
I

IS

I

IS 29 12 28 10 24

1J I I I I I
7 21

JUN

5 IQ
JUL

2 18 SO SEP
IS 27 OCT
II 25

8 22

6 20

3 17 31

14 28

FEB

14 28 11

MAR

APR

23

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING; APRIL 4, 1986.

1986
FEB.

7
14
21
28
MAR.
7
14
21
28
APR.
4 *
1 1
18
25

FEDERAL
FUNDSWK

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL 80BK

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.97
7.85
7.84
7.82
7.89
7.52
7.47
7.25
7.39

7.06
7. 1 1
7.05
7.04
6.79
6.59
6.49
6.39
6.34

7.06
7.23
7.03
7.00
6.87
6.54
6.55
6.43
6.32

7.12
7. 17
7. 11
7.02
6.76
6.59
6.57
6.46
6.30

8.52
8.44
8.32
8.06
7.66
7.40
7.46
7.36
7.19

9.46
9.34
9.07
8.62
8.35
8.17
8. 20
8.01
7.62

NOTE* SiSftENT,DATA APPEAR in THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUDING LONG-TERM TREASURY
* AVERA^^^ATE^AwIlLABLE0^0™ BY THIS
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.


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Federal Reserve Bank of St. Louis

Er€>,N6 ™DAYS EARUER THAN DATE •«
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
14.0 t—

PERCENT
—I 14.0

PRIME
LOAN

MUNIC

1.1 I I I I I
2

JUN

JUL

18 30

15 27

SEP

11

23

8 22

8 20

OCT

3 17 31

14 28 14 28 II

FEB

MAR

25

APR

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs APRIL 4, 1986.

1986
FEB.

MAR.

APR.

7
14
21
28
7
14
28
4 X
1 1
18
25

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
AAA BONDS

7.73
7.74
7.67
7.62
7.46
7.19
7. 17
7.16
7.04

7.70
7.73
7.69
7.66
7.52
7.20
7.22
7.25
7.26

7.59
7.62
7.52
7.52
7.29
7.08
7.05
7.03
6.85

9.90
9.84
9.64
9.29
9.08
8.98
9.03
8.94
8.72

ftTMsw,§FNTRfts assay*THE

CORPORATE
BM BONDS

MUNICIPAL
BONDS X»

11.29
11.25
11.10

7.73
7.62
7.44
6.98

10.59
10.50
10.50

6.88

10.30

6.89
7.34
7.21
N. A.

flF sovernors' -,

board
h s release­
** B0M> BUYEB-S AVERAGE INDEX OF 20 MUNICIPAL BOWS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAEK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS v
LARGE TIME DEPOSITS*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

1 .1 -

BILLIONS OF DOLLARS
415

------ —I---------- 1------------- r---------

_
405

1?
24

1

B1LLLQE&

FEB. 17
24
MAR.
3

388.1
388.3
387.9

1

"1986

38:?

388.0

-

-

i

SMALL TIME 1 JEPOSIT s

n

-

r

r

s

till.

_

!!lll IJ-L 1 1 1 1

111

1 1 L 1 ILL 111

I1JL 111

111

1111- 1 1 1 J_LL 1 1 1 1

1 1 1

s

LATEST DATA PLOTTED WEEK ENDING: MARCH 24, I©86
BILLIONS OF DOLLARS
-------------------- -------- 300

BILLIONS OF DOLLARS
BILLIONS
— FEB.
—
MAR.

17
<%A
3

202.0

289.7
287.0

286.6
287.5
286.8

LARGE TIME DEPOSITS

4 it

4 16

FEB

MAR

I

IS 20 IS 27

10 24

8 22

5 10

2 16 SO 14 28 11

OCT

NOV

JAN

FEB

LATEST DATA PLOTTED WEEK ENDING: MARCH 24. 1086

1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 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
810 ---------- 1---------- ,--------

_ FEB.
MAR.

ILL IONS OF DOLLARS
—---------- 810

805.0
803.2
800] 9
800.6
801.6

FEB

MAR

APR

MAY

JUN

JUL

8 20
JAN

AUG

3 17
FEB

3 17 31

14 28

1985
LATEST DATA PLOTTED WEEK ENDING: MARCH 24,

I'

TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS,

SMALL TIME DEPOSITS AND LARGE Tilt DEPOSITS.

TOTAL TIME DEPOS1TS

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
8/26/85
9/23/85
10/21/85
11/2S/85
12/23/85
1/27/B6
2/24/86
3/24/86

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS
ENDING:
3/25/85
6/24/85 8/26/85 9/23/85 10/21/85 11/25/S5 12/23/85
1/27/86

0. 1
0.7
1 .4
1 .8
2.2
4. 1
4.4
3.6


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

-0.6
0.9
1 .7
2.3
4.9
5.3
4. 1

5. 1
4.9
5. 1
8.2
8.2
6.2

5. 1
5.3
9. 1
8.9
6.5

5. 1
10. 1
9.6
6.7

13.2
7.3

7.7

1 .0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
----------- 1--------- 1
1----------1086
MILLIONS.

-

FEB.

26

1038

“*"■

,i
19
26

758
780

-

m
___

-

-

__
A
-

2.0

_v
.LI 1

A
111

TOTAL BORR

'Y \T V r-> Vz Aa
1 1 1

111

1111

ILL-L l-l-L 1 1 1

i i i i

A

V

_LLL 1.1X 1111

_
111

111

1 1 l_L

LATEST DATA PLOTTED WEEK ENDINGi APRIL 2, 1086
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.5 --------- i--------- 1--------

------ ------------------------- 2-5

ADJUSTMENT ♦ SEASONAL BORROWINGS

S 20

0 20

5 17

FEB

MAR

APR

I

15 20 12 26 10 24

7 21

4 IS

AUG

SEP

2 IS 30 IS 27 II

NOV

DEC

25

8 22

5 IS

5 10

FEB

MAR

LATEST DATA PLOTTED WEEK END INGt APRIL 2. 1086
1/ 83.767 FOR 11/27/85


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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

MMDAs 1/
January
February

March

27
3
10
17
24
3
10
17
24

MMMFa 2/

$336.2
335.6
336.6
336.7
337.7
338.4
339.7
340.4
340.6

Super NOWs 3/

$247.9
248.3
248.3
248.1
248.8
249.9
252.6
255.5
258.7

$65.3
65.9
67.4
66.7
66.7
67.4
68.9
68.3
68.0

1/ Money market deposit accounts at commercial banks
2/ Total money market mutual fund balances
3/ NOW accounts at all depository institutions eligible to earn more than 5.25
percent

BUSINESS LOANS y
( COMMERCIAL AND INDUSTRI AL )

WEEKLY REPORT ING LARGE COMMERCIAL BANKS */
BILLIONS OF DOLLARS

_ THE FOUf

JAN. 22.
NOV.
— OCT.
SEP.
- JUN.

20.
18.
f8.
19.

SEASONALLY ADJUSTED BY THIS BANK

£

■D ANNUAL RATES
■.AVERAGE OF
teEKS ENDING

1986
1985
1985
1985
1985

FEB. 12

257.093
MAR.

e 20

e 20

3 IT

FEB

MAR

APR

I

IS 20 12 26 10 24

7 21

4 IS

AUG

SEP

2

16 30 13 27

NOV

II

23

DEC

5

HUM I 111 I

• 22

3 10

3 10

FEB

MAR

2 16 30

LATEST DATA PLOTTED WEEK ENDINGt MARCH 19. 1986
1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN tl.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11