Full text of U.S. Financial Data : August 15, 1985

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Of St. L

J

TTSTFinancial Data
AUG

2 0 1385

August 15, 1985

Interest rates typically tend to be higher the longer the term
to maturity. One explanation for this pattern is that longer-term
securities pay a "risk premium" because their prices fluctuate
more with general market fluctuations in interest rates. Another
is that the long-term and short-term markets are segmented, so
that the yield curve—the relationship between interest rates and
the term to maturity, all other things held constant—shifts with
changes in the supply of short-term relative to long-term
securities.
Interest rates declined markedly between July 1984 and June
1985. Moreover, short-term rates have declined faster than
long-term rates, so that the yield curve in June 1985 is somewhat
steeper than it was in July 1984. This suggests that there was
either a significant rise in the risk premium over this period or a
significant increase in the supply (relative to demand) of
long-term securities relative to short-term securities.
Yields on and Basis Point Changes in Selected
Maturities of U.S. Treasury Securities
Maturity
1-year
5-year
10-year
20-year

July 1984
12.03%
13.28
13.36
13.36

June 1985
7.80%
9.60
10.16
10.57

Basis Point Change
-423
-368
-320
-279
—Daniel L. Thornton


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
234

BILLIONS
232

229.3
228.6
227.4
226.9
229.6

230

228

226

224

222
220
218

216

214

212

6 20

4

18

I

IS 20

12 28 10 24

7 21

5 10

NOV

DEC

2

16 50 13 27

FEB

13 27

MAR

1984
LATEST DATA PLOTTED WEEK ENDING; AUGUST 14,

10 24

8 22

5 10

3 17 31

M 28

APR
l985

1985

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BAM<S, CURRENCY IN CIRCULATION (CURRENCY HELD BY THE PUBLIC AND IN THE VAULTS OF ALL
DEPOSITORY INSTITUTIONS) AND 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 AVAILABLE FROM THIS BANK.
RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE.
8/15/84

11/14/84

AVERAGE OF FOUR WEEKS ENDING;

1/16/85

2/13/85

3/13/85

4/17/85

5/15/85

6/12/85

9.3
7.7
5.4
9.4
8.5
7.7

1 1.3
7. 1
1 1 .8
10. 1
9.0

2. 1
9.5
8 2
7.2

12.3
9.3
7.7

14.6
10.8

3.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
1/16/85
2/13/85
3/13/85
4/17/85
5/15/85
6/12/85
7/17/85
8/14/85

6.4
5.4
7.2
6.9
6.0
7.9
7.6
7.2


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Federal Reserve Bank of St. Louis

6.5
9.4
8.4
6.8
9.4
8.8
8. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
605

BILLION?
JUL.

I

600

596.1
596.6
591.7
595.3
596.6

595

— AUG

590
585
560
575
570
565
560
555
550
545

4

18

2

10 SO IS 27 10 24
AUG
SEP
1984

8 22

5 10

3 17 31

14 28 11

JAN

25 11 25

FEB

MAR

8 22

6 20

3 17

MAY

JUN

I

3 29

12 26

1985

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,

1985

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
8/6/84

11/5/84

6.0
5.9
7.5
7. 1
7.0
7.9
9.2
9.0

10.6
12.5
10.7
10.0
10.9
12.3
11.7

AVERAGE OF FOUR WEEKS ENDING:

1/7/85

2/4/85

3/4/85

4/8/85

5/6/85

6/3/85

1 1 .9
9. 1
8.4
10.0
12.0
11.3

10.8
9.4
11.2
13.3
12.2

5.4
8.8
12. 1
1 I .0

1 1.5
15. 1
13.0

19.2
15.1

14.3

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/85
4/85
4/85
8/85
6/85
3/85
8/85
5/85


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PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER 1/
CURRENCY COMPONENT OF MONEY STOCK v
RATIO
2.9 ----------1------------- — 1---------1985

RATIO
2.9

MIIfi

JUL.

1

l 27

G.

^5

8

AU

Vs
!lll

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

Ml MUL TIPLI iR

y s

-/*

y y

y

1 LLL 1 1 1

in. -LLLL

m

1111

_LLL

i 1 1

/ \y k
y

u

111

III!

111

jjj.

Mil

.ILL

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,
BILLIONS OF DOLLARS
168

BILLIONS OF DOLLARS

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
.
THE FOUR WEEKS ENDING
AUGUST 5, 1985 FROM
THE FOUR WEEKS ENDING:
JUN.
MAY
APR.
MAR.
FEB.
— AUG.

3,
6,
8,
4,
4,
5,
6,

1985
1985
1985
1985
1985
1984
1984

166

164

9.2
9.7
8.4
7.4
7.9
7.3
6.8

162
CURRENCY
160

1985

BILL LQN&
165.0
165.2
165.4
165.9
166.6

1111111111111111
4 18

2 16 90 15 27 10 24

AUG

8 22

5 10

3 17 31

SEP

LATEST DATA PLOTTED WEEK ENDING: AUGUST 5,

14 28 I

JAN

FEB

25 I 1

25

MAR

I

0

MAY

15 29 12 20

JUN

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

154

152

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
435

BILLIONS
430

~ JUL
425.7

425

425.0
429.5

420

415

410

405

400

4 18

2 16 30 IS 27 10 24

AUG

8 22

5 IS

5 17 SI

14 28 II 25 11 25

JAN

SEP

LATEST DATA PLOTTED WEEK ENDING; AUGUST 5,

8 22

8

FEB

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:
8/6/84

I1/5/84

1/7/85

2/4/85

3/4/85

4/8/85

5/6/85

13.7
10.0
9.5
11.2
13.8
12.7

12.0
10.6
12.6
15.3
13.9

5.9
9.7
13.8
12.4

13.2
17.6
14.8

22.3
17.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
B/

7/85
4/85
4/85
8/85
6/85
3/85
8/85
5/85

6. 1
6.0
8.1
7.5
7.5
8.6
10.2
9.9


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Federal Reserve Bank of St. Louis

12.4
14.7
12.3
1 1 .5
12.5
14.2
13.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT
15.0

14.0

CORPORATE
AAA BONDS

PR ME BANK
LOAN RATE

90 DAY
CD'S

COKMERCIAL

I

15 29 13 27 10 24

7 21
SEP
1984

5 10
OCT

2 15 50 14 28 II 25 8 22
DEC
JAN
FEB

8 22

5 IB

3 17 31 14 28 12 28
JUN
JUL

B 23

1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 16, 1985.

1985
JUNE

7
14
21
28
JULY
5
12
19
26
AUG.
2
9
16 *
23
30

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS’
ACCEPTANCES

7.39
7.49
7.29
7.60
7.52
7.51
7.62
7.76
7.83
7.83
7.80

7.37
7.41
7.13
7.45
7.50
7.48
7.54
7.71
7.75
7.75
7.71

7.32
7.39
7.21
7.45
7.37
7.42
7.55
7.73
7.74
7.73
7.69

CORPORATE
AAA BONDS
10.93
10.88
10.86
11.09
10.91
10.85
10.87
11.07
1 1.21
11.20
11.10

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

12.36
12.32
12.37
12.56
12.46
12.38
12.35
12.45
12.58
12.59
12.56

8.60
8.66
8.69
8.80
8.82
8.81
8.73
8.87
9.01
9.02
N. A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
** BOND BUYER’S AVERAGE INDEX 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

PERCENT
— 15.0

15.0 r—

TREASURY

'CUR IT IES

FEDERAL.
FUNDS RATE

DISCOUNT
RATE

3-MONTH
TREASURY B

JUN

JUL

AUG

SEP

5 ig
OCT

2 IS 30 14 28 II 25 8 22 8 22
NOV
DEC
JAN
FEB
MAR

5 10
APR

1984

3 IT 31 14 28 12 26 0 23
MAY
JUN
JUL
AUG

|gas

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

1985
JUNE

7
14
21
28
JULY 5
12
19
26
AUG.
2
9
16 *
23
30

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *E*6K

1-YEAR
TREASURY
BILL

7.75
7.62
7.13
7.46
8.06
8.07
7.77
7.88
7.64
7.92
7.88

7.01
7.03
6.81
6.97
6.90
6.99
7.07
7.22
7.28
7.21
7. 1 1

7.16
7.35
6.90
7.24
7.08
7.00
7.20
7.35
7.40
7.52
7.36

7.25
7.31
7.14
7.37
7. 13
7. 19
7.29
7.47
7.57
7.58
7.50

AUGUST 16,

5-YEAR
TREASURY
SECURITIES
9.45
9.60
9.50
9.85
9.53
9.50
9.64
9.91
10.01
9.98
9.89

1985.

LONG-TERM
TREASURY
SECURITIES
10.38
10.45
10.41
10.46
10.55
10.80
10.90
10.85
10.78

NOTE. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TFRM TRFASllRY
* averaMsU&Trate™a$i ^LE^UTED by this banktreasury bill y I elds are onI discou^asis.


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Federal Reserve Bank of St. Louis

EfClt* ™ D*YS EARLIER THAN BATE """

PREPARED BY FEDERAL RESERVE BAI* OF ST. LOUIS

7

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

BILLIONS OF DOLLARS
410 ---------- 1------------- 1------

1985

IONS OF DOLLARS
---------------------- 410

BILLIONS

JUL.

391.2

388.0
385.5
SMALL TIME DEPOSITS

I I I I
LATEST DATA PLOTTED WEEK ENDING-. AUGUST 5,

1985
BILLIONS OF DOLLARS
------------------------------- 280

BILLIONS OF DOLLARS
280 ---------- 1------------- 1------

1985

BILLIONS
8

4 18

2

265.7
266.1
266.8
266.0
265.2

LARGE TIME DEPOSITS

LUlii

10 30 13 27 10 24

AUG

8 22

. I 1 I I 1 -LL
19

3 17 31

SEP

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 5,

14 28 II

JAN

FEB

25 II

25

MAR

8 22

8 20

3 17

MAY

JUN

1985

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 8Y FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
790 ---------- 1------------- .------

BILLIONS OF DOLLARS
------------------------------- 790

ILL ION?
778.9
777.7
777.9
778.5
777.2
774.7

I I I I
4

IS

2 16 SO 13 27 10 24

S 22

5 IS

3 17 31

14 28 11

JAN

25 11

25

8

6 20

3

17

1

15 29 12 26

FEB

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 5, 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:
8/6/84

!1/5/84

1/7/85

2/4/85

3/4/85

4/8/85

5/6/85

6/3/85

-1.3
-2.3

-3.6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/
2/
3/
4/
5/
6/
7/
8/

7/85
4/85
4/85
8/85
6/85
3/85
8/85
5/85

4.5
2.2
2.2
3.2
4.0
3.7
3.0
2.4


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

-2.3
-1.2
1 .0
2.6
2.3
1 .6
0.9

-3.8
I .0
3.4
2.9
I .7
0.9

6. 1
7.7
6. 1
3.9
2.6

10.2
7.2
4.3
2.6

6.0
2.4
0.8

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

10.0

ILL IONS OF DOLLARS
t------------ ,---------

---------- ---

1985
JUL.

10.0

MILLIONS.
10
IT

1396
1171

4

1144

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 14, 1985
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.0 n-----------------------------

----- ,------------ i---------

1M

MILLIONS.

ADJUSTMENT + SEASONAL BORROWINGS

6 20

4 18

JUN

JUL

1

15 20 12 26 10 24

7 21

5 19

NOV

DEC

2 16 30 13 27

FEB

13 27 10 24

MAR

8 22

5 10

3 17 31

14 28

APR

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 14, 1985
1/ 63.120 FOR 6/6/84


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2.0

MMDAS,

MMMFS AND SUPER NOWS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

MMDAs 1/

July

10
17
24
1

August

15
22
29
5

June

1/
2/
3/
“

457.3
57.0
56.1
56.6
58.4
57.9
57.4
57.0
58.8

4239.6
242.5
246.4
243.4
239.4
241.7
241.7
239.0
238.3

4306.1
307.8
308.0
309.3
311.2
312.7
313.3
314.3
315.7

a

Super NOWs 3/

MMMFs 2/

Money market deposit accounts at commercial banks
Total money market mutual fund balances
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
(COMMERCIAL AND INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED BY THIS BANK

e

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
1985 FROM
256

—MAY

29,
1,
“ APR. 3,
MAR. 6,
JAN. 30,
_ OCT. 31,
AUG.
I,

1985
1985
1985
1985
1985
1984
1984

-3.4
-0.8

Mi-LLLQMS
JUN. 26
JUL. 3
253,894

6 20

4 18

12 26 10 24

7 21

5 18

NOV

DEC

LATEST DATA PLOTTED WEEK ENDINGt JULY 31,

2 16 30 19 27

FEB

13 27

MAR

10 24

8 22

11.11. Li1 1 1 I I I
5 19

3 17 31

14 28

APR

1985

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