Full text of U.S. Financial Data : April 8, 1983

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▼

w

. S. Financial Data
^(ferpfleserve Bank of St. Louis
.IB R ARY

April 8,1983

"

kPR 1 2 1983
The advent of the Money Market Deposit Account
(MMDA) has affected the composition of deposit accounts at
depository institutions substantially. This new account,
introduced on December 14, 1982, is classified as a savings
deposit, but is free of any interest rate ceiling imposed by
Regulation Q and is insured by the Federal Deposit Insurance
Corporation.
These
characteristics
have
motivated
depositors to shift substantial amounts of their savings and
time deposits (which have interest rate ceilings) and money
market mutual funds (which are not insured) to MMDAs.
The existence of the MMDA also has lessened the
attractiveness of the "Super NOW" account, which was
introduced on January 5, 1983. Although this account has
many of the features of the MMDA, there is one major
difference. The number of transfers is unlimited for the
"Super NOW" while some limitations exist for the MMDA.
Because of this, the "Super N OW" is classified as a checkable
deposit and, as such, is subject to a 12 percent reserve
requirement. Personal MMDAs, on the other hand, have no
reserve requirement. Therefore, depository institutions have
to hold a larger portion of their assets in a
non-interest-earning form (to meet reserve requirements) if
they expand deposits through "Super NOW" accounts rather
than through MMDAs. Consequently, these institutions are
wiRing to pay higher interest rates on MMDAs than on
"Super NOW" accounts. For example, a sample of Eighth
District banks revealed that the average spread between the
most common interest rate paid on MMDAs and that paid on
"Super NOW" accounts was about 90 basis points during
February and March. This interest rate differential may be
one reason why "Super NOW" accounts have grown only
modestly compared with MMDAs (see supplementary table on
page 9).


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

—Dallas S. Batten

2
ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
194

BILLIONS

192

189.5
190.0
189.8
190.5
190.0
191 .3

__ APR.

190
188
186
184
182
180
178
176
174
172

I I I I
3

17

3

17

31

14
12
APR 28 MAY 26

0 23

7

21

JAN

FEB

1983

1982
LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

1983

THE ADJUSTED MONETARY BASE CONSISTS OF; < I > RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT
FEDERAL RESERVE BANKS, (2) CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE
VAULTS OF ALL DEP0SIT6RY 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. AVERAGE OF FOUR WEEKS ENDING:
4/7/82

7/7/82

7.8
7.4
7.6
7.3
7.8
8.2
9.4
9.4

5.7
6.5
6.4
7.2
7.9
9.5
9.6

9/8/82

10/6/82

11/3/82

12/8/82

7.3
8.7
9.4
1 1.8
l 1.5

8.6
9.5
12.4
12.0

1 1.6
15.0
13.8

1/S/83

2/9/83

16.4
14.4

16.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
9/
10/
11/
12/
1/
2/
3/
4/

8/82
6/82
3/82
8/82
5/83
9/83
9/83
6/83


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

7. 1
6.6
7.9
8.6
10.7
10.7

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

ADJUSTED RESERVES
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
56 ---------- 1------------- 1--------

BILLIONS OF DOLLARS
--------------------------------- 56

PILLIONS
52.2
53.4
53.3

MAR.

53.3
52.4

3

17

31

MAR

14

28

APR

12

26

MAY

9

23

JUN

7

I

21

15 29

13

27

10 24

8

22

JUL
1982

2

16

2

16

30

13

27

1983

LATEST DATA PLOTTED WEEK ENDING-. MARCH 30,

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,
3/31/82

6/30/82

4.9
4.2
5.0
5.9
6.6
6.4
8.9
9. 1

0.8
3. 1
4.8
6.2
5.8
9.4
9.5

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

5.4
7.5
8.9
7.8
12.5
12.2

10.9
11.8
9.6
14.9
14.2

12. 1
9.2
15.8
14.8

8.3
17.7
15.9

19.5
16.6

25.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILL IONS of dollars

505
500

Z_

E
495
490

billions of dollars

1
1983
FEB.
MAR.

-

=
Z_

23
2

16
23

b

III 1

505
ons

500

492 8
493 3
4
496 7
497 2
T

480
475
~

LLLL

465

z
TTTT

470

490
485

LLLL.

475

495

—

r

E
485
480

f

4

r—
7

=

470
465

460

z

455

E

460
455

E

450

E

445

445

E

440
5 5|
0

450

440
1 1

a 17
FEB

1 1 1 1

j 11

-i.i 1

JJIL ■ll 1

S 17 31 14 28 12 26 S 23
MAR
APR
MAY
JUN

f 21
UUL

1 11
4 18
AUG

J! 1 1
I 15
SEP

i 1 1
29 (3
OCT

1 1 1
27 10
NOV

1 1 1 I
2

8 22
DEC

1982

Latest

data plotted weBk ending,

March

5 19
JAN

2

16

FEB

-Ll 1
2

16

3

MAR

13

2

Apr

19 83
30,

1983

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

MONEY STOCK (Ml )
compounded annual

3/31/82

6/30/82

RATES OF CHANGE . AVERAGE OF FOUR WEEKS end 1 we9/1/82

9/29/82 1 0/27/82

12/1/82 12/29/82

TO the average
OF FOUR WEEKS

2/2/83

ENDING*.

9/ 1/82
9/29/82
10/27/82
12/ 1/82
12/29/82
2/ 2/83
3/ 2/83

5.7
6.8
8.0
8.6
9.3
9.4
10.6
1 1.0


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

9.2

16.8

1 i .3
1 i .a
11.6
13.0
13,3

14.6
13.8
14. 1
13.3
14.9
15. 1

14.3
14.5
13.4
15.2
15.4

13.7
12.6
15.0
15.3

12.6
16.0

16.4

20. I

PREPARED BY FEDERAL RESERVE BANK OF ST.

LSUIS

0

MONEY MULTIPLIER 1/
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO

RATIO

RATIO
.

23

— M>

Ml MULTIPLIER

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

1983
BILLIONS OF DOLLARS
------ ------------------------- 140

BILLIONS OF DOLLARS
M0 ---------- 1------------- 1----COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
Ur onuiwt. nvtrvnut. UI
THE FOUR WEEKS ENDING
~ MARCH 30, 1983 FROM
_ THE FOUR WEEKS ENDING:
_
-

FEB.
2,
DEC. 29,
—DEC.
1,
_ OCT. 27,
SEP. 29,
—JUN. 30,
MAR. 31.

1983
1982
1982
1982
1982
1982
1982

14.9
13.6
12.6
11.0
10.2
9.2
9.4

CURRENCY

1983

I I 1 I I II 1
APR

BILLIONS

I I I 1 I I I I 1 I I I I Ml

MAY

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

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 FEpERAL RESERVE BANK OF ST. LOUIS

5

6
YIELDS ON SELECTED SECURITIES
AVtKAGES OF DAILY RATES ENDED FRIDAY

PERCENT
20.0 r—

PERCENT
20.0

—

19.0
19.0

-PRIME BANK
LOAN RATE

16.0

90 DAY
CD'S
15.0

M.O
13.0
CORPORATE
Aaa BONDS
MUNIC IPBONDS

11.0
I I .0
10.0

COMMERCIAL
PAPEI

11 I 1 I I 1 I
5 19
FEB

5 19 APR
MAR 2 16

30 M 28JUN 25
II
MAY

9
JUL

23

6 20
AUG

5

3 17
SEP

29

12

26

10 24

JAN

1982
LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR

1983
FEB.

4
1 1
18
25
MAR.
4
1 1
18
25
APR.
|
8 *
15
22
29

90 DAY
CD'S

30-DAY
COMMERC1AL
PAPER

BANKERS'
ACCEPTANCES

8.68
8.63
8.54
8.34
8.24
8.55
8.67
8.91
9.05
8.97

8.39
8.37
8.32
8. 14
8. 16
8.44
8.51
8.68
9.04
8.89

8.55
8.49
8.37
8. 19
8. 13
8.46
8.56
8.81
8.88
8.79

FEB

MAR
1983

THE WEEK ENDING: APRIL

CORPORATE
Aaa BONDS
12.06
12.11

12.08
11.82
11.63
11.72
11.79
11.76
11.75
11.67

* AVERAGES OF RATES AVAILABLE.
** BONO BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS. THURSDAY DATA.

CORPORATE
Baa BONDS
14.01
14.02
13.97
13.81
13.67
13.65
13.61
13.58
13.56
13.47

,

1983

MUNICIPAL
BONDS **
9.74
9.72
9.53
9.34
9.04
9.22
9. 19
9. 15
9.38
N.A.

—

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

17.0

17.0

FEDERAL
FUNDS RATE
15.0

14.0

SCOUNT
RATE

12.0

5-YEAR
TREASURY SECURITIES

1 1.0

1 1 .0

3-MONTH
TREASURY BILL

1 1 1 1 I 1 I

1982

1983

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

FEDERAL
FUNDS XX

1983
FEB.

MAR.

APR.

1983

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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
B1LL XXX

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
9.43

8. 16
8.22
8. 16
7.91
7.97
8.25
8.31
8.55
8.64
8.52

8.23
8.35
8.39
7.97
7.95
8. 17
8.26
8.54
8.71
8.71

8.34
8.41
8.33
8.06
7.98
8.27
8.37
8.55
8.60
8.50

10.38
10.45
10.28
9.95
9.76
10.03
10.08
10.26
10.28
10. 16

1 1.01
1 1 .04
10.91
10.59
10.45
10.67
10.70
10.70
10.71
10.62

X AVERAGES OF RATES AVAILABLE.
XX SEVEN-DAY AVERAGES FOR WEEK ENDING WEDNESDAY TWO DAYS EARLIER THAN DATE SHOWN.
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE.
XXX NEW ISSUE RATE
RATES ON LONG-TERM TREASURY SECURITIES ARE COMPUTED BY THE FEDERAL RESERVE BANK OF ST. LOUIS.
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

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

BILLIONS OF OOLLARS
365 r---------1------------- ,-----

BILLIONS OF DOLLARS

-------------- =1

BILLIONS
FEB.

23

352. I
352.9

357.3
355.5
355.5
355.0

3

IT

31

H

28

12

26

1

15

29

13

27

OCT
LATEST DATA PLOTTED WEEK ENDING: MARCH 30.

10

24

2

16 30

13

27

NOV

1983

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

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE,
3/31/82

6/30/82

4.7
6.2
8.0
9.0
10.0
10.0
11.3
11.7

10.4
12.7
13.3
14. 1
13.5
15.0
15. 1

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

17.8
16.9
17.2
15.7
17.3
17.2

17.7
17.9
15.8
17.8
17.6

16.7
14.4
17. 1
17.0

13.9
17.8
17.5

17.5
17.3

21.7

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

365

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

BILLIONS OF DOLLARS

BILLIONS OF &OLLARS
850

BILLIONS

840

717.8
711.5
707.0
703.3

830
820

698; 3

810
800
790
780
770

760
750
740
730
720
710
700
690
I I I I
3

17

31

14
APR

28

\1
MAY

26

9 23

0
7

21

1983
LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

1983

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

MMDAs, MMRFs and "SUPER MOWS"
(billions of dollars, not seasonally adjusted)
MMDAs 1/
Feb.
Mar.

23
2
9
16
23
30

MMRFs 2/

$289.5
300.5
311.2
319.6
325.0
329.6

$203.2
202.0
199.4
197.8
196.2
193.7

"SUPER NOWs" 3/
$23.5
24.5
25.9
26.5
26.7
27.5

1/ Money market deposit accounts at all depository institutions, pffprtivp iP/ia/R?
U lotal money market mutual fund balances.
3/ nOW accounts at all depository institutions, requiring a $2,500 minimum balance
ana engiDie to earr 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

9

10
SMALL TIME DEPOSITS u
COMMERCIAL BANK SAVINGS DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
450

BILLIONS OF DOLLARS
---------------------------- =1 450

p----------,---------------,------

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
MARCH 30, 1983 FROM
THE FOUR WEEKS ENDING:
FEB.
2,
DEC. 29,
DEC.
I,
OCT. 27,
SEP. 29,
JUN. 30,
MAR. 31,

1983
FEB.

1983 -39.0
1982-47.1
1982-41.0
1982 -33.9
1982 -30.0
1982-16.7
1982 -9.3

SMALL TIME DEPOSITS

BILLIONS

23

LI I I I I I I I
LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

1983

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

190 r---------1-------- —.-------

-------------- =1

Bill IONS
FEB.

1

44.0
43! 7

MAR.
42! 4
1 42! 1

SAVINGS DEPOSITS

3

17

3

17

31

14

28

12

26

1

15

29

13

27

10

24

2

16

1982
LATEST DATA PLOTTED WEEK ENDING: MARCH 23,

2

16 30

13

27

1983
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

190

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1983

BILLIONS of dollars

MILLIONS

LATEST DATA PLOTTED WEEK ENDING: APRIL 6,

1983

BUSINESS LOANS 17
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS
-

SEASONALLY ADJUSTED BY THIS BANK

BILL10NS 0F DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING MARCH 30, 1983 FROM
THE FOUR WEEKS ENDING:

- FEB.
- DEC.
“DEC.
“ OCT.
~ SEP.
_ JUN.
_ MAR.

2, 1983
29, 1982
1, 1982
27, 1982
29, 1982
30, 1982
31, 1982

-0.7
...
3.6
7.7

MILLIONS
FEB. 23

216,870

MAR.

218,724
217,81

2

218,510
217,740
217,383
I 1 I 1 I 1 I 1 1 I I 1 I I I
APR

MAY

LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

1983

1/ BUSINESS LOANS INCLUDE BANKERS’ ACCEPTANCES AND COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS OF $750 MILLION OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

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

ILL IONS OF DOLLARS

BILLIONS

I

10 2«

8 22

5 19

2 16

JAN
LATEST DATA PLOTTED WEEK ENDING: MARCH 30,

15 29 13 27

FEB

2

16 30 13 27

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