Full text of U.S. Financial Data : August 8, 1985

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Fedej ai Reserve Bank
-----of St. Louis____

AUG 1 2

U.S. financial Data
7985

August 8, 1985

From last September through mid-June of this year, interest
rates declined sharply on private and government securities of all
maturities. This decline, however, has not been unbroken: from
January through mid-March, interest rates rose sharply before
declining again through mid-June. Associated with this general
pattern of interest rate changes has been a corresponding pattern
of acceleration and deceleration in total loan growth at all
commercial banks: from September to January, total loans grew
at an 11.4 percent compounded annual rate, accelerated to a 15.3
percent rate during January to March, and slowed to a 10.7
percent rate during March through June.
As shown in the table on the back page, almost all of the
variation in total loan growth has been in business loans; real
estate and consumer loan growth rates varied comparatively little
over the three periods. Business loans, which account for about a
third of total loans, grew at a moderate 5.6 percent rate
throughout the substantial interest rate decline during September
to January, then accelerated sharply to a 16.4 percent rate during
January to March. During the latter period, interest rates offered
by commercial banks on certificates of deposit to attract loanable
funds rose over 100 basis points, and the prime rate ceased its
four-month descent. From March to June, the business loan
growth rate diminished to a very slow 2.7 percent rate, and
interest rates resumed their decline.
(continued on back page)

KEKKKVK
BANK of

Digitized for Views
FRASER
expressed do not necessarily reflect official positions of the Federal Reserve System.
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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
232

BILLION?

230

226.9
229.3
228.6
227.4
226.9
229.6

228

226

224

222
220

218

216

214

212
210

15 29 12 26 10 24
JUN

JUL

7 21
NOV

5 19
DEC

2 16 SO IS 27 IS 27 10 24

8 22

5 19

S 17 31

14 28

LATEST DATA PLOTTED WEEK ENDING: AUGUST 7, IB85
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE ACCOUNTS OF FINANCIAL INSTITUTIONS AT FEDERAL
RESERVE BANKS, 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
BAM.
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
8/8/84

11/7/84

5.9
5.5
6.7
6.7
6. 1
7. 1
7.5
7.2

7.3
8.9
8.5
7.3
8.5
8.8
8.4

1/9/85

2/6/85

AVERAGE OF FOUR WEEKS ENDING:
3/6/85

4/10/85

5/8/85

6/5/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
1/ 9/85
2/ 6/85
3/ 6/85
4/10/85
5/ 8/85
6/ 5/85
7/10/85
8/ 7/85


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Federal Reserve Bank of St. Louis

9.0
8. 1
6.5
8.4
8.8
8.3

10.2
7.3
9.5
9.8
9.0

4.3
8.0
8.7
8.0

8.8
9.5
8.3

13.4
10.7

7.9

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

MONEY STOCK ( Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
605

ILL I ON?

600

592.2
596. 1
596.6
591 .7
595.4

595
590
585
580
575
570
565
560
555
550

4

la

2

10 SO 13 27

AUG

10 24

a 22

5 IS

S 17 31

SEP
1984

LATEST DATA PLOTTED WEEK ENDING:

JULY 29t

14 28 I 1 25 11 25
JAN
FEB
MAR

8 22

6 20
MAY

3 17
JUN

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 Aft) TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE
7/30/84

10/29/84 12/31/84

1Z28/85

AVERAGE OF FOUR WEEKS ENDING:
3/4/85

4/1/85

5.0
7.9
12.0
11 .0

9.9
14.7
12.7

4/29/85

5/27/85

18.7
14.8

15.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/84
1/28/85
3/ 4/85
4/ 1/85
4/29/85
5/27/85
7/ 1/85
7/29/85

5.3
5.7
7.4
7.0
6.9
7.5
9.0
8.8


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

10.9
12.4
10.8
10. 1
10.6
12.2
1 1.6

12.6
9.9
9.0
9.9
12.2
11.5

10.7
9.3
10.4
13.0
12.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4
MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK
RATIO
2.9 --------- 1------------ — !

1985
■w-

u

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
2.9

RAT JJ1
l

2f

8
Ml MUL TIPLI ■R
/ \y

i i 11

1 11

sm

u

s* y S

111 -Li-LI, 1 1 1

llll

LATEST DATA PLOTTED WEEK ENDING: JULY 29,

111

1 1 1

r ------

V"

y

111 -LLLL _LLL III

i i ii

nr

1985
BILLIONS OF DOLLARS
168

BILLIONS OF DOLLARS
“ COMPOUNDED ANNUAL RATES
___OF CHANGE, AVERAGE OF
.
THE FOUR WEEKS ENDING
_ JULY 29. 1985 FROM
THE FOUft WEEKS ENDING:
MAY
™

27,
T9,
1,
4,
— MAR.
,
J8,
” OCT. 29,
____ IUL. 30,

1985
1985
1985
1985
1985
1984
1984

166

164

8.4
9.2
7.8
7.1
7.7
7.1

162
CURRENCY
160

1985

BILLIONS
164.8
165.0
165.2

154

165.4
165.9

152

II 1 I I I I I 1 I I I 1 I I I
4 18

2

18 30 13 27 10 24

AUG

SEP

8 22

9 18

3 17 91

14 26 11

JAN

29 11

25

FEB

6 22

6 20

9 17

MAY

JUN

I

15 28 12 26

LATEST DATA PLOTTED WEEK ENDING: JULY 29, 1985
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 BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
435

B.LLL.J QN&
430

=" JUN
425.3
421.2
424.3
425. 1

425

420

415

410

405

400

I I I I
4

18

2

16 30 13 27

10 24

8 22

3 IS

3 17 31

14 28

JAN
LATEST DATA PLOTTED WEEK ENDING: JULY 29,

I1

25

FEB

11

25

8 22

MAR

8 20

3 17

MAY

JUN

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
7/30/84

10/29/84 12/31/84

1/28/B5

AVERAGE OF FOUR WEEKS ENDING:
3/4/85

4/1/85

5.3
8.5
13.7
12.4

10.9
17.0
14.5

4/29/85

5/27/85

21.9
17.1

17.9

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/84
1/28/85
3/ 4/85
4/ 1/85
4/29/85
5/27/85
7/ 1/85
7/29/85

5. 1
5.8
7.8
7.4
7.3
8.0
9.9
9.7


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

12.8
14.5
12.5
1 1 .6
12. 1
14. 1
13.4

14.7
1 1.3
10.2
11.1
14. 1
13.1

12.0
10.3
1 1.5
14.9
13.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
5.0

12.0

.PAN RATE
IN ICI PAL
BONDS

10.0

I I I I
1

15 29 13 27 10 24

7 21

5 10

2 10 30 14 28 11

DEC

25

JAN

8 22

8 22

5 10

5 17 31

FEB

14 28

JUN

1984

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: AUGUST 9r

1985
JUNE

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

12 28

0 23

JUL

|985

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
7.85

7.37
7.41
7.13
7.45
7.50
7.48
7.54
7.71
7.75
7.77

7.32
7.39
7.21
7.45
7.37
7.42
7.55
7.73
7.74
7.74

CORPORATE
Aaa bonds
10.93
10.88
10.86
11.09
10.91
10.85
10.87
11.07
1 1.21
11.24

1985.

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

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

mbm

£°;MsR,»2s*
board
gover’*,rs- H-,s releas£BOND BUYER’S AVERAGE INDEX 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

PERCENT

PERCENT

5-YEAR
TREASURY SECURITIES

10.0

FEDERAL.
FUNDS RATE

3-MONTH
TREASURY BILL

SEP

5 19
OCT

2 10 30 14 28 II 25 8 22
DEC
JAN
FEB

8 22

5 19

1984

3 IT 31

14 28 12 26
JUN
JUL

LATEST DATA PLOTTED ABE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING] AUGUST 9,

1985
JUNE

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

9 23

1985

FEDERAL
FUNDS X*

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL XXX

1-YEAR
TREASURY
BILL

7.75
7.62
7.13
7.46
8.06
8.07
7.77
7.88
7.64
7.92

7.01
7.03
6.81
6.97
6.90
6.99
7.07
7.22
7.28
7.24

7.16
7.35
6.90
7.24
7.08
7.00
7.20
7.35
7.40
7.52

7.25
7.31
7.14
7.37
7. 13
7. 19
7.29
7.47
7.57
7.61

5-YEAR
TREASURY
SECURITIES
9.45
9.60
9.50
9.85
9.53
9.50
9.64
9.91
10.01
10.08

1985.

LONG-TERM
TREASURY
SECURITIES
10.38
10.45
10.47
10.46
10.55
10.80
10.90
10.91

1

«£i

IN THE BOARD OF GOVERNORS1 H. 15 RELEASE EXCLUDING LONG-TERM TREASURY
/ERAGE5U0FTRATErAVAILABLE0W,’UTED BY ™IS BAM<TREASURY B ILL Yl ELDS ARE ONA DISCOUNTBASIS.
SAUCT?gNYAVERAGeE?DISCOU^K. ENDING ™° DAYS EARUER THAN DATE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

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

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

BILLIONS OF DOLLARS
—------------- ----------- 410

391.2
391.2
389.0
388.8
388.5
388.1

SMALL TIME DEPOSITS

LATEST DATA PLOTTED WEEK ENDING.

JULY 29,

1985

BILLIONS OF DOLLARS

1985

BILLIONS OF DOLLARS

BILLIONS

— TM!
265.4
265.8
LARGE TIME DEPOSITS

266.8
266.1

I I I I
4 18

2

18 30 IS 27

AUG

10 24

8 22

5 10

3

SEP

LATEST DATA PLOTTED WEEK ENDING. JULY 29,

17 31

14 28 I I

JAN

FEB

25 11

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 BY FEDERAL RESERVE BAfK OF ST. LOUIS

COMMERCIAL BANK
TOTAL TIME DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

JUN.
JUL.

4 1®

LLIONS OF DOLLARS
-|------------- ----------- 790

781 .0
778.9
777.9
778.0
778.6
777.5

2 16 SO 13 27 10 24

AUG

8 22

5 IS

3 17 31

SEP

14 28 11

JAN

25 11

FEB

25

8 22

MAR

8 20

MAY

JUN

1985
LATEST DATA PLOTTED WEEK ENDING: JULY 29,

1985

TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

TOTAL TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE ,
7/30/84

10/29/84 12/31/84

1/2S/85

AVERAGE OF FOUR WEEKS ENDING:
3/4/85

4/1/85

4/29/85

5/27/85

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/31/84
1Z28/85
3/ 4/85
4/ 1/85
4/29/85
5/27/85
7/ 1/85
7/29/85

5.2
3.0
2.4
3.0
4.0
4.0
3.2
2.7


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

-1.2
-0.9
0.6
2.4
2.6
1 .8
1.2

-4.1
-0.6
2.4
2.7
1.6
0.9

3.3
6.1
5.6
3.6
2.4

10.3
8.2
4.7
3. 1

8.4
3.8
2.0

0.0
-1.2

-3.4

PREPARED BY FEDERAL RESERVE BANK OF ST.

9

LOUIS

10

BORROWINGS FROM FEDERAL RESERVE BANKS
10.0

BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

—i------------- .----------

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

1965
JUL.

AUG.

10.0

MILLIONS
3
10
17
24
31
7

1598
1396
1171
884
950
835

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 7,

1985

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1M

HILLLQMS.

ADJUSTMENT + SEASONAL BORROWINGS

'AUG.

6 20

4

JUN

JUL

18

13 29 12 26 10 24

7 21
NOV

5 IB
DEC

LATEST DATA PLOTTED WEEK ENDINGt AUGUST 7.

2 16 30 IS 27 13 27 10 24
FEB
MAR
APR

8 22

5 10

3

17 31

14 28

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/
$303.1
306.1
307.8
308.0
309.3
311.2
312.7
313.3
314.3

3
10
17
24
1
8
15
22
29

June

July

MMMFs 2/

Super NOWs 3/

$238.6
239.6
242.5
246.4
243.4
239.4
241.7
241.7
239.0

$55.7
57.3
57.0
56.1
56.6
58.4
57.9
57.4
57.0

1J Money market deposit accounts at commercial banks
2/ 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

( COMMERCIAL

AND

u

INDUSTRIAL )

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

BILLIONS OF DOLLARS
260 ---------- 1---------- 1--------

BILLIONS OF DOLLARS
------ ------------- ----------- 260

- COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
JULY 24. 1985 FROM
- THE FOUR WEEKS END INGt
- MAY 22,
APR. 24,
MAR. 27,
FEB. 27,
JAN. 23,
_ OCT. 24,
JUL. 25,
25,

“
_

1985
1985
1985
1985
1985
1984
1984

-3.9
.
-3.5
1.4
3.2
3.2
3.4

MILLIONS
JUN. 19
JUL.

3

254,619
252,733
253,198

-

253,882
6 20

4 18

JUN

JUL

1 1 I 1 I I I
19 20 12 26 10 24

7 21

5 10

NOV

DEC

2 16 30 19 27 13 27 10 24

FEB

MAR

6 22

5 10

I I I I I I
5 17 31

14 26

APR

1984
LATEST DATA PLOTTED WEEK END INGt JULY 24,

1985

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND COUERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 61.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

244

Period

Growth Rates of Loans at All Commercial Banks
(compounded annual rates, seasonally adjusted)
Real
Estate
Consumer
Total
Business

9/84 - 1/85
1/85 - 3/85
3/85 - 6/85

11.4%
15.3
10.7


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

5.6%
16.4
2.7

11.3%
13.2
12.6

17.5%
18.5
15.3
—Mack Ott