Full text of U.S. Financial Data : August 22, 1985

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ederal Reserve Bank

Financial Data
AUG 2?

August 22, 1985
Savings deposits at commercial banks have been growing
since mid-April of this year. From the four weeks ending April 15
through the four weeks ending August 5, savings deposits have
grown at almost a 10.5 percent annual rate. This recent
experience is in stark contrast to that of the preceding 28 months
when passbook savings deposits at commercial banks declined at
an annual rate of 13.3 percent.
Much of this earlier decline may be attributed to innovations
and deregulations occurring since December 1982. These changes
have allowed depository institutions to compete for savers'
deposits with accounts offering interest rates much closer to
those on money market instruments than on passbook savings
accounts.
For example, money market deposit accounts
(MMDAs), and super NOW accounts were introduced, and the
interest rate ceilings were eliminated on small time deposits with
maturities exceeding 31 days. The only change in passbook
savings accounts was the increase in the interest rate ceiling on
savings deposits at commercial banks from 5.25 percent to 5.50
percent. As a result, the passbook yield was about 250 to 450
basis points below yields on short-term money market instruments
during most of 1983. By the middle of 1984, the opportunity cost
of holding a savings deposit had widened to about 450 to 600 basis
points; since mid-1984, however, it has been narrowed to around
150 to 200 basis points as short-term rates have fallen to their
lowest levels of the 1980s. Relative to MMDAs, the opportunity
cost is now about 140 basis points.
-Mack Ott
THE
FEDERAL
A RESERVE
MA RANK of
nr ST. IlH'IS


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
232 ---------- 1---------- 1---------

JUL.
— AUG.

17

LLIONS OF DOLLARS
-I------------- ----------- 232

228.6
227.4
229.7
229.2

JLLI 1 I I I I
JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

B 22

FEB

MAR

9 10

3 17 31

H 28

APR

1984
LATEST DATA PLOTTED WEEK ENDING: AUGUST 21,

1985

lammammmxr
RECENT DATA ARE PRELIMINARY.

ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
8/22/84

11/21/84

1/23/85

7.0
5.8
7.7
7. 1
6.6
8.2
7.8
7.2

6. 1
9.4
8.1
7.2
9.4
8.7
7.8

9.6
7.3
6.1
9.5
8.5
7.4

2/20/85

3/20/85

4/24/85

5/22/85

6/19/85

TO THE AVERAGE
OF FOUR WEEKS

ENDING:
1/23/B5
2/20/85
3/20/85
4/24/85
5/22/85
6/19/85
7/24/85
8/21/85


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Federal Reserve Bank of St. Louis

1 1.0
8.3
12.1
10.2
8.7

3.2
9.5
8.0

6.6

13.2
9.7
7.5

13. 1
9.1

2.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES

SEASONALLY ADJUS ItU

BILLIONS OF DOLLARS
610 rz------- 1------------- 1------

BILLIONS OF DOLLARS
------------------] 610

596.6
591.7
595.5
596.8
602.2
603.1

4 IS

2 16 50 19 27 10 24

AUG

0 22

5 IS

3 17 31

14 28 II

JAN

SEP
1984

23 11

FEB

23

MAR

MAY

JUN

LATEST DATA PLOTTED 1EEK ENDING: AUGUST 12, 1985
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
U1 IS THE SUM OF CURRENCY HELD BY THE NOWANK PUBLIC. DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AM) TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDING:

8/13/84

11/12/84

1/14/85

2/11/65

3/11/85

4/15/85

5/13/85

6/10/85

6.2
6.4
7.7
7.2
7.2
8.6
9.3
9.5

11.3
12.5
10.6
10.0
11.7
12.2
12.2

11 .9
9.0
8.5
11.1
1 1 .9
1 1.9

9.7
8.8
12.0
12.7
12.6

5.5
10.6
1 1 .9
1 1.9

14.7
14.9
14.2

18.7
16.6

15.8

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/14/85
2/11/85
3/11/85
4/15/85
5/13/85
6/10/85
7/15/85
8/12/85


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

PREPARED BY FEDERAL RESERVE BAM( OF ST. LOUIS

3

4
MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RATIO
2.9

i

1

1
1985

RAT 10

JUL.

8

AUG.

5
12

31
Ml MUL TIPLI ER

V"

'y

/

/\

ys
7" y y

y

y

\y
N/
2.5

I.LLL 111

11 i

i 11 i

i 11

i 111

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12,

111

1 1 1

111

11 ii.

_LLL i i i

1 1 11

in’

1985
BILLIONS OF DOLLARS
170

BILLIONS OF DOLLARS

“ COMPOUNDED ANNUAL RATES
___OF CHANGE. AVERAGE OF
.
THE FOUR *EEKS ENDING
- AUGUST 12, 1985 FROM
THE FOUR iVEEKS ENDING:
JUN.
10, 1985
MAY
13, 1985
APR.
15, 1985
—MAR. 11, 1985
_
FEB. 11, 1985
NOV.
12, 1984
— AUG. 13, 1984
-

168

166

9.2
10.2
9.2
7.8
8.2
7.4

164

69

162
CURRENCY

ISfiS

BILLIONS
165.2

156

165.9
166.6
166.7

154

I I I I I I I I I I I I 1 I I I
4

18

2

16 30

19 27

AUG

10 24

SEP

8 22

5 18

9 17 91

14 28

JAN

II

FEB

25

11

23

MAR

8 22

6 20

3 17

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12, 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

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1SS5.

BILLIONS OF DOLLARS
440

B1LL.I QNS

435

425.7
424.2
425.0

430

425

420
415

410
405

400
395
390

4 18

2 18 30 13 27

AUG

10 24

8 22

5

19

3 IT 31

SEP

14

JAN

FEB

MAR

MAY

JUN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12, 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:
8/13/84

11/12/84

1/14/85

2/11/85

3/11/85

4/15/85

5/13/85

6/10/85

6.5
6.6
8.2
7.7
7.7
9.4
10.2
10.4

13.3
14.7
12.4
11.6
13.5
14.2
14.0

13.3
9.9
9.3
12.5
13.5
13.3

11 .0
9.9
13.7
14.6
14.3

5.8
12.0
13.6
13.4

16.7
17.2
16.1

22.0
18.9

15.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/14/85
2/11/85
3/11/85
4/15/85
5/13/85
6/10/85
7/15/85
8/12/85


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
15.0

CORPORATE
AAA bonds

’RIME BANK
.PAN RATE

I I I I
I

15 2B 13 27

10 24

7 21

3 IB

SEP

OCT

Z IB 30 14 28 II

DEC

25

JAN

8 22

8 22

5 IB

3 17 31

14 28 12

FEB
1985

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* AUGUST 23,

1985
JUNE

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

1985.

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS'
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
BAA BONDS

MUNICIPAL
BONDS XX

7.39
7.49
7.29
7.60
7.52
7.51
7.62
7.76
7.83
7.83
7.82
7.81

7.37
7.41
7.13
7.45
7.50
7.48
7.54
7.71
7.75
7.75
7.74
7.69

7.32
7.39
7.21
7.45
7.37
7.42
7.55
7.73
7.74
7.73
7.70
7.67

10.93
10.88
10.86
11.09
10.91
10.85
10.87
11.07
1 1.21
11.20
11.08
10.99

12.36
12.32
12.37
12.56
12.46
12.38
12.35
12.45
12.58
12.59
12.54
12.48

8.60
8.66
8.69
8.80
8.82
8.81
8.73
8.87
9.01
9.02
9.12
N. A.

NOTE*. CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
XX 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
15.0 r—

14.0

TREASURY

•CURITIES

11.0

IERAL
FUNDJIS RATE

3-MONTH
TREASURY BILL

I I I I
1

19 20 13 27

JUN

JUL

10 24

AUG

7 21

SEP
1984

S 10

OCT

2

1 6 50 14 28 II

NOV

DEC

25

JAN

8 22

FEB

8 22

MAR

5

10

APR

3 17 31

MAY
1985

14 28 12 26

JUN

JUL

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING. AUGUST 23,

1985
JUNE

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

0 23

AUG

I98S,

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL *I0K

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.75
7.62
7. 13
7.46
8.06
8.07
7.77
7.88
7.64
7.92
7.88
8.06

7.01
7.03
6.81
6.97
6.90
6.99
7.07
7.22
7.28
7.21
7. 13
7.10

7. 16
7.35
6.90
7.24
7.08
7.00
7.20
7.35
7.40
7.52
7.36
7.28

7.25
7.31
7.14
7.37
7. 13
7. 19
7.29
7.47
7.57
7.58
7.49
7.41

9.45
9.60
9.50
9.85
9.53
9.50
9.64
9.91
10.0!
9.98
9.84
9.72

10.38
10.45
10.41
10.69
10.47
10.46
10.55
10.80
10.90
10.85
10.76
10.62

N0TEl SSnoK,1S¥ GOVERNORS1 H. 15 RELEASE EXCLUDING LONG-TERM TREASURY
M AVERaHsUOFTRA?ESHAVAILABLE0WPUTED BY ™ * BANK'
TREASURY BILL YIELDS are on a discount basis,
S.SAUCTToNYAVERAreEfDISC0UOTK)


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Federal Reserve Bank of St. Louis

™ MYS EARLIER THRN °*TE SH0WN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8
COMMERCIAL BANK
SMALL TIME DEPOSITS v
LARGE TIME DEPOS ITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1SSS

BILLIONS

of dollars

BULLIONS
388.9
388.0
385.5
SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12,

1985

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BILLIONS
265.7
266.1
266.8
266.0
LARGE TIME DEPOSITS

I I I I
4 16

2

16 30 IS 27 10 24

AUG

SEP
1984

8 22

5 19

3 IT 31

14 26 11

JAN

FEB

29 II 2S

MAR

8 22

6 20

MAY
1985

3 17

1

IS 29 12 26

JUN

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12, 1985
1/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF LESS THAN 8100,000
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 6100,000 OR MORE


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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

dollars

777.7
777.9
778.5
777.2
774.7
775.9

— AUG

4 18

billions of

2 16 30 13 27

10 24

8 22

5 10

3 17 31

14 28 II

JAN

FEB

25 11

25

8 22

MAR

6 20

3 17

MAY

JUN

1

15 20 12 28

LATEST DATA PLOTTED WEEK ENDING: AUGUST 12, 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:
8/13/84

11/12/84

4. 1
1.8
2.2
3.4
4. 1
3.5
2.8
2.2

-3.0
-1.3
1.3
2.7
2.0
1.3
0.7

1/14/85

2/11/85

3/11/85

7.9
8.7
6.0
3.9
2.7

10.7
6.5
3.7
2.3

4/15/85

5/13/85

6/10/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
l/M/85
2/11/85
3/11/85
4/15/85
5/13/85
6/10/85
7/15/85
8/12/85


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Federal Reserve Bank of St. Louis

-2.9
2.1
4. 1
2.8
1 .6
0.9

3.9
1.1
-0.0

-2.8
-3.1

-3.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
billions

AVERAGES OF DAILY FIGURES

OF dollars

BILLIONS OF DOLLARS
IO.C

10.0

IMS.
JUL.

MILLIONS
17

1079

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGi AUGUST 21,

19S5
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1M

MILLIONS

ADJUSTMENT + SEASONAL BORROWINGS
AUG.

6 20
JUN

4 18
JUL

1

15 20 12 26 10 24

7 21
NOV

5 10
DEC

2 16 90 13 27 19 27 10 24
FEB
MAR
APR

9 10

3 17 31

14 28

1985

1984
LATEST DATA PLOTTED WEEK ENDING: AUGUST 21,

8 22

1985

1/ 83.120 FOR 6/6/84


http://fraser.stlouisfed.org
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)

MMDAs 1/
$307.8
308.0
309.3
311.2
312.7
313.3
314.3
315.7
316.8

17
24
1
8
15
22
29
5
12

June
July

August

MMMFs 2/

Super NOWs 3/

$242.5
246.4
243.4
239.4
241.7
241.7
239.0
238.3
239.5

$57.0
56.1
56.6
58.4
57.9
57.5
57.0
58.8
59.1

1/ Money market deposit accounts at commercial banks
2/ 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
(COMMERCIAL AND

INDUSTRIAL)

WEEKLY REPORT ING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

- COMPOUNDED ANNUAL RATES
OF unniwc,
CHANGE. ftvcnRoc
AVERAGE ur
OF
ur
- THE FOUR WEEKS ENDING
AUGUST 7, 1985 FROM _
- THE FOUR WEEKS ENDING:
— JUN.
5, 1985
MAY
8, 1985
“ APR. 10, 1985
MAR.
6, 1985
FEB.
6, 1985
_ NOV. 7, 1984
AUG.
8, 1984

-1.0

.
3.7
2.7
3.2

MILLIONS
JUL.

3

AUG.

7

253,198
253,132
253,909
254,536

111.1 1 1 I I I 1 I I I I
6 20

4 10

JUN

JUL

1

15 20 12 26 10 24

7 21

5 10

NOV

DEC

2

16 30 13 27

FEB

13 27

MAR

10 24

8 22

5 10

3 17 31

14 26

APR

LATEST DATA PLOTTED WEEK ENDING: AUGUST 7, 1985
1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN *1.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11